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 03-01-2011 , and ending 02-29-2012
G
Check all that apply:
Name of foundation
CHARLES E FAHRNEY EDUCATION FOUNDATION
 

Number and street (or P.O. box number if mail is not delivered to street address)C/O US BANK NA P O BOX 2043   Room/suite
City or town, state, and ZIP code
MILWAUKEE, WI532019668
A Employer identification number

42-6295370
B Telephone number (see page 10 of the instructions)

(641) 683-2045
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$4,833,127J 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) 288,780
2 Check bullet
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities...... 93,412 95,484  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 107,046
b Gross sales price for all assets on line 6a 2,445,137
7 Capital gain net income (from Part IV, line 2)... 107,387
8 Net short-term capital gain......... 0
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 9,394 2,153  
12 Total. Add lines 1 through 11........ 498,632 205,024  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 46,784 27,764   16,961
14 Other employee salaries and wages......   0 0 0
15 Pension plans, employee benefits.......   0 0  
16a Legal fees (attach schedule).........       0
b Accounting fees (attach schedule)....... Click to see attachment 750 0 0 750
c Other professional fees (attach schedule)....       0
17 Interest...............       0
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 4,211 2,126   0
19 Depreciation (attach schedule) and depletion... 0 323  
20 Occupancy..............        
21 Travel, conferences, and meetings.......   0 0  
22 Printing and publications.......... 294 0 0 294
23 Other expenses (attach schedule)....... Click to see attachment 492 115    
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 52,531 30,328 0 18,005
25 Contributions, gifts, grants paid........ 205,000 205,000
26 Total expenses and disbursements. Add lines 24 and 25 257,531 30,328 0 223,005
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 241,101
b Net investment income (if negative, enter -0-) 174,696
c Adjusted net income (if negative, enter -0-)... 0
For Privacy Act and Paperwork Reduction Act Notice, see page 30 of the instructions.
Cat. No. 11289X Form 990-PF (2011)
Form 990-PF (2011)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing...............      
2 Savings and temporary cash investments.......... 46,563 23,928 23,928
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet     0 0
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 bullet0      
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges...........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........      
c Investments—corporate bonds (attach schedule)........      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 4,682,027 Click to see attachment4,806,060 4,806,060
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment2,729 Click to see attachment3,139 Click to see attachment3,139
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 4,731,319 4,833,127 4,833,127
Liabilities 17 Accounts payable and accrued expenses.......... 4,123 6,664
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).......... 4,123 6,664
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......... 4,727,196 4,826,463
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).................... 4,727,196 4,826,463
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 4,731,319 4,833,127
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 4,727,196
2 Enter amount from Part I, line 27a..................... 2 241,101
3 Other increases not included in line 2 (itemize) bullet 3 0
4 Add lines 1, 2, and 3.......................... 4 4,968,297
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 141,834
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 4,826,463
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 6722.938 AMERICAN CENTY INTL BOND FD INSTL   2009-07-22 2011-08-24
b 15545.471 AMERICAN CENTY SMALL CP GROWTH INSTL   2010-07-21 2011-08-24
c 2558.906 DODGE & COX STOCK FUND   2010-07-09 2011-08-24
d 14701.562 EATON VANCE LARGE CAP VAL I   2010-07-09 2011-08-24
e 6543.926 AMERICAN GRW FD OF AMER F2   2010-07-09 2011-08-24
4406.384 NUVEEN HIGH INCOME BOND FD CL I   2005-02-22 2011-08-24
32001.569 NUVEEN INTERNATIONAL FUND CL I   2005-02-22 2011-08-24
9314.669 NUVEEN LARGE CAP SELECT FD CL I   2005-07-14 2011-08-24
17615.422 NUVEEN INTL SELECT FD CL I   2007-05-31 2011-08-24
8673.78 NUVEEN SMALL CAP SELECT FD CL I   2002-11-04 2011-08-24
3981.332 ROWE T PRICE MID-CAP GROWTH FD #64   2010-07-23 2011-08-24
6990.147 TEMPLETON INSTL EMERGING MKT SER ADV   2010-07-14 2011-08-24
9812.356 VANGUARD STRATEGIC EQUITY   2010-07-09 2011-08-24
886.981 GOLDMAN SACHS M C VALUE CL INST   2010-07-09 2011-11-01
1109.848 NEUBERGER BERMAN GENESIS INSTL FD   2010-07-21 2011-11-01
1364.258 NUVEEN CORE BOND FD CL I   2004-05-28 2011-11-01
1891.947 NUVEEN SHORT TERM BOND FUND CL I   2003-06-17 2011-11-01
698.126 NUVEEN MID CAP GRWTH OPP FD CL I   2000-12-20 2011-11-01
11099.479 NUVEEN CORE BOND FD CL I   2007-01-29 2011-12-12
CAPITAL GAIN DIVIDENDS P    
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 102,592   98,558 4,034
b 117,835   98,558 19,277
c 250,210   246,352 3,858
d 242,282   246,355 -4,073
e 184,212   172,722 11,490
37,322   43,183 -5,861
360,018   314,036 45,982
102,834   129,927 -27,093
157,834   197,117 -39,283
107,295   107,891 -596
215,430   197,058 18,372
87,167   88,821 -1,654
170,539   149,344 21,195
29,607   26,308 3,299
52,074   41,775 10,299
15,689   15,521 168
18,711   19,601 -890
30,257   23,199 7,058
126,201   121,424 4,777
      268
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       4,034
b       19,277
c       3,858
d       -4,073
e       11,490
      -5,861
      45,982
      -27,093
      -39,283
      -596
      18,372
      -1,654
      21,195
      3,299
      10,299
      168
      -890
      7,058
      4,777
       
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 2 107,387
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 210,428 4,267,740 0.049307
2009 225,471 3,878,705 0.05813
2008 263,728 4,244,682 0.062131
2007 250,408 5,389,381 0.046463
2006 236,549 4,782,462 0.049462
2 Total of line 1, column (d) ...................... 2 0.265493
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 0.053099
4 Enter the net value of noncharitable-use assets for 2011 from Part X, line 5..... 4 4,681,333
5 Multiply line 4 by line 3....................... 5 248,574
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 1,747
7 Add lines 5 and 6......................... 7 250,321
8 Enter qualifying distributions from Part XII, line 4.............. 8 223,005
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 3,494
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2............................ 3 3,494
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-). 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 3,494
6 Credits/Payments:
a 2011 estimated tax payments and 2010 overpayment credited to 2011 6a 1,232
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868) 6c 0
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 1,232
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 2,262
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2012 estimated taxBullet   Refunded Bullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of
the instructions for definition)?............................
1b
 
No
If the answer is “Yes” to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (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
Yes
 
b
If “Yes,” has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If “Yes,” attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If “Yes,” complete Part II, col. (c), and Part XV.
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see page 19 of the
    instructions)bulletIA
    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 ofbulletUS BANK NA Telephone no.bullet (641) 683-2045
    Located atbullet123 EAST THIRD STOTTUMWAIA ZIP+4bullet525018003
    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
     
     
    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
     
     
    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
    US BANK NA TRUSTEE
    40     		46,784    
    123 E THIRD ST
    OTTUMWA IA,IA525018003
    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 0
    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.............bullet0
    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
    4,599,065
    b
    Average of monthly cash balances.......................
    1b
    140,822
    c
    Fair market value of all other assets (see page 24 of the instructions)............
    1c
    12,735
    d
    Total (add lines 1a, b, and c).........................
    1d
    4,752,622
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    4,752,622
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ...........................
    4
    71,289
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    4,681,333
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    234,067
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    234,067
    2a
    Tax on investment income for 2011 from Part VI, line 5......
    2a
    3,494
    b
    Income tax for 2011. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    3,494
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    230,573
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    230,573
    6
    Deduction from distributable amount (see page 25 of the instructions)...........
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,
    line 1................................
    7
    230,573
    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
    223,005
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    0
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    223,005
    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
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    223,005
    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 7 230,573
    2 Undistributed income, if any, as of the end of 2011:
    a Enter amount for 2010 only....... 31,605
    b Total for prior years:2009, 20, 20 0
    3 Excess distributions carryover, if any, to 2011:
    a From 2006....... 0
    b From 2007....... 0
    c From 2008....... 0
    d From 2009....... 0
    e From 2010....... 0
    fTotal of lines 3a through e......... 0
    4Qualifying distributions for 2011 from Part
    XII, line 4: bullet$ 223,005
    a Applied to 2010, but not more than line 2a 31,605
    b Applied to undistributed income of prior years
    (Election required—see page 26 of the instructions)    		 0
    c Treated as distributions out of corpus (Election
    required—see page 26 of the instructions)...     		0
    d Applied to 2011 distributable amount..... 191,400
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2011. 0 0
    (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 0
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		0
    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......     		0
    d Subtract line 6c from line 6b. Taxable
    amount—see page 27 of the instructions ...     		0
    e Undistributed income for 2010. Subtract line
    4a from line 2a. Taxable amount—see page 27
    of the instructions ...........     		0
    f Undistributed income for 2011. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2011 ..........     		39,173
    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) ...........     		0
    8Excess distributions carryover from 2006 not
    applied on line 5 or line 7 (see page 27 of the
    instructions) .............     		0
    9Excess distributions carryover to 2012.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2007.... 0
    b Excess from 2008.... 0
    c Excess from 2009.... 0
    d Excess from 2010.... 0
    e Excess from 2011.... 0
    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).)
    NONE
    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.
    NONE
    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:
    USBANK NA TRUST DEPARTMENT
    123 E THIRD ST
    OTTUMWA,IA52501
    (641) 683-2053
    bThe form in which applications should be submitted and information and materials they should include:
    COMPLETE A SCHOLARSHIP APPLICATION FORM. E-MAIL REQUEST TO: TERESA.LAWSON@USBANK.COM. INCLUDE AN OFFICIAL HIGH SCHOOL OR COLLEGE/UNIVERSITY TRANSCRIPT, ALONG WITH A SIGNED PERSONAL LETTER.
    cAny submission deadlines:
    ANNUALLY BY FEBRUARY 15TH
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    SEE FOOTNOTE FOR RESTRICTIONS OR LIMITATIONS ON AWARDS.
    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
    EMILEE KAY COOK
    AIB COLLEGE OF BUSINESS
    2500 FLEUR DR
    DES MOINES,IA50321     		NONE N/A SCHOLARSHIP AWARDED 2,500
    KIRSTEN RAE BROWN
    BUENA VISTA UNIVERSITY- STORM LAKE
    610 W FOURTH ST
    STORM LAKE,IA50588     		NONE N/A SCHOLARSHIP AWARDED 2,500
    MITCHELL LEE BLOOMQUIST
    CENTRAL COLLEGE
    812 UNIVERSITY AVE
    PELLA,IA50219     		NONE N/A SCHOLARSHIP AWARDED 2,500
    TYLER PAUL CROUSE
    CENTRAL COLLEGE
    812 UNIVERSITY AVE
    PELLA,IA50219     		NONE N/A SCHOLARSHIP AWARDED 2,500
    MYCAELA CAROL CROUSE
    CENTRAL COLLEGE
    812 UNIVERSITY AVE
    PELLA,IA50219     		NONE N/A SCHOLARSHIP AWARDED 2,500
    CHELSEA MAE GREINER
    CENTRAL COLLEGE
    812 UNIVERSITY AVE
    PELLA,IA50219     		NONE N/A SCHOLARSHIP AWARDED 2,500
    SARAH EILEEN PAULSON
    CENTRAL COLLEGE
    812 UNIVERSITY AVE
    PELLA,IA50219     		NONE N/A SCHOLARSHIP AWARDED 2,500
    MICHELLE ALLISON GRAY
    DRAKE UNIVERSITY
    2507 UNIVERSITY AVE
    DES MOINES,IA50311     		NONE N/A SCHOLARSHIP AWARDED 2,500
    TYLER LAWRENCE GRANNEMAN
    DRAKE UNIVERSITY
    2507 UNIVERSITY AVE
    DES MOINES,IA50311     		NONE N/A SCHOLARSHIP AWARDED 2,500
    JACQUELINE MARIE VONDERHAAR
    DRAKE UNIVERSITY
    2507 UNIVERSITY AVE
    DES MOINES,IA50311     		NONE N/A SCHOLARSHIP AWARDED 2,500
    AMANDA JO STEELE
    DRAKE UNIVERSITY
    2507 UNIVERSITY AVE
    DES MOINES,IA50311     		NONE N/A SCHOLARSHIP AWARDED 2,500
    JULIE KRISTIN HEMMINGS
    FAITH BAPTIST BIBLE COLLEGE
    1900 NW 4TH ST
    ANKENY,IA50023     		NONE N/A SCHOLARSHIP AWARDED 2,500
    MEGAN ELIZABETH CROSSETT
    GRAND VIEW UNIVERSITY
    1200 GRANDVIEW AVE
    DES MOINES,IA50316     		NONE N/A SCHOLARSHIP AWARDED 2,500
    ALEXIS MORGAN BRANDT
    INDIAN HILLS COMMUNITY COLLEGE
    525 GRANDVIEW AVE
    OTTUMWA,IA52501     		NONE N/A SCHOLARSHIP AWARDED 2,500
    TAYLOR JOANN MURRAY
    INDIAN HILLS COMMUNITY COLLEGE
    525 GRANDVIEW AVE
    OTTUMWA,IA52501     		NONE N/A SCHOLARSHIP AWARDED 2,500
    DEVIN NICOLE JONES
    INDIAN HILLS COMMUNITY COLLEGE
    525 GRANDVIEW AVE
    OTTUMWA,IA52501     		NONE N/A SCHOLARSHIP AWARDED 2,500
    BRYCE ANTHONY CARNAHAN
    IOWA STATE UNIVERSITY
    0210 BEARDSHEAR HALL
    AMES,IA50011     		NONE N/A SCHOLARSHIP AWARDED 2,500
    AUSTIN WAIN CASSAT
    IOWA STATE UNIVERSITY
    0210 BEARDSHEAR HALL
    AMES,IA50011     		NONE N/A SCHOLARSHIP AWARDED 2,500
    ETHAN CHRISTOPHER CONRAD
    IOWA STATE UNIVERSITY
    0210 BEARDSHEAR HALL
    AMES,IA50011     		NONE N/A SCHOLARSHIP AWARDED 2,500
    DEREK RYAN DAVID
    IOWA STATE UNIVERSITY
    0210 BEARDSHEAR HALL
    AMES,IA50011     		NONE N/A SCHOLARSHIP AWARDED 1,250
    MICHAEL ADAM DONLIN
    IOWA STATE UNIVERSITY
    0210 BEARDSHEAR HALL
    AMES,IA50011     		NONE N/A SCHOLARSHIP AWARDED 2,500
    NICHOLAS ADAM DONLIN
    IOWA STATE UNIVERSITY
    0210 BEARDSHEAR HALL
    AMES,IA50011     		NONE N/A SCHOLARSHIP AWARDED 2,500
    LYNSEY MARIE FENTON
    IOWA STATE UNIVERSITY
    0210 BEARDSHEAR HALL
    AMES,IA50011     		NONE N/A SCHOLARSHIP AWARDED 2,500
    PAUL HOWARD FENTON
    IOWA STATE UNIVERSITY
    0210 BEARDSHEAR HALL
    AMES,IA50011     		NONE N/A SCHOLARSHIP AWARDED 2,500
    ERIN NICOLE FRANKLIN
    IOWA STATE UNIVERSITY
    0210 BEARDSHEAR HALL
    AMES,IA50011     		NONE N/A SCHOLARSHIP AWARDED 2,500
    BROOKE ALLISON HANDY
    IOWA STATE UNIVERSITY
    0210 BEARDSHEAR HALL
    AMES,IA50011     		NONE N/A SCHOLARSHIP AWARDED 2,500
    NICHOLAS RYAN JAEGERS
    IOWA STATE UNIVERSITY
    0210 BEARDSHEAR HALL
    AMES,IA50011     		NONE N/A SCHOLARSHIP AWARDED 2,500
    PETER WALLACE LASLEY
    IOWA STATE UNIVERSITY
    0210 BEARDSHEAR HALL
    AMES,IA50011     		NONE N/A SCHOLARSHIP AWARDED 2,500
    SUSAN MARKROSE
    IOWA STATE UNIVERSITY
    0210 BEARDSHEAR HALL
    AMES,IA50011     		NONE N/A SCHOLARSHIP AWARDED 2,500
    KATELYN NICOLE MORETT
    IOWA STATE UNIVERSITY
    0210 BEARDSHEAR HALL
    AMES,IA50011     		NONE N/A SCHOLARSHIP AWARDED 2,500
    KEVIN C RUTLEDGE
    IOWA STATE UNIVERSITY
    0210 BEARDSHEAR HALL
    AMES,IA50011     		NONE N/A SCHOLARSHIP AWARDED 2,500
    JACOB DONALD SWANSON
    IOWA STATE UNIVERSITY
    0210 BEARDSHEAR HALL
    AMES,IA50011     		NONE N/A SCHOLARSHIP AWARDED 2,500
    SARA ELIZABETH TANNER
    IOWA STATE UNIVERSITY
    0210 BEARDSHEAR HALL
    AMES,IA50011     		NONE N/A SCHOLARSHIP AWARDED 2,500
    KALEY BRIANNE VANVELSOR
    IOWA STATE UNIVERSITY
    0210 BEARDSHEAR HALL
    AMES,IA50011     		NONE N/A SCHOLARSHIP AWARDED 2,500
    JAY RODNEY OLSON
    IOWA WESLEYAN COLLEGE
    601 N MAIN STREET
    MT PLEASANT,IA52641     		NONE N/A SCHOLARSHIP AWARDED 1,250
    ELISABETH ANNE ARCHER
    LUTHER COLLEGE
    700 COLLEGE DR
    DECORAH,IA52101     		NONE N/A SCHOLARSHIP AWARDED 1,250
    RILEY MITCHELL MCDOWELL
    LUTHER COLLEGE
    700 COLLEGE DR
    DECORAH,IA52101     		NONE N/A SCHOLARSHIP AWARDED 2,500
    RACHEL LEA BEADLE
    SIMPSON COLLEGE
    701 NORTH C ST
    INDIANOLA,IA50125     		NONE N/A SCHOLARSHIP AWARDED 2,500
    AMBER ELIZABETH ELDER
    SIMPSON COLLEGE
    701 NORTH C ST
    INDIANOLA,IA50125     		NONE N/A SCHOLARSHIP AWARDED 2,500
    ZACHARIAH SCOTT HUEBENER
    SIMPSON COLLEGE
    701 NORTH C ST
    INDIANOLA,IA50125     		NONE N/A SCHOLARSHIP AWARDED 2,500
    COURTNEY RAE KLYN
    SIMPSON COLLEGE
    701 NORTH C ST
    INDIANOLA,IA50125     		NONE N/A SCHOLARSHIP AWARDED 2,500
    GRANT MICHAEL RODGERS
    SIMPSON COLLEGE
    701 NORTH C ST
    INDIANOLA,IA50125     		NONE N/A SCHOLARSHIP AWARDED 2,500
    PATRICK JOHN SHAEFFER
    SIMPSON COLLEGE
    701 NORTH C ST
    INDIANOLA,IA50125     		NONE N/A SCHOLARSHIP AWARDED 2,500
    ANDREW CHASE ARDUESER
    SIMPSON COLLEGE
    701 NORTH C ST
    INDIANOLA,IA50125     		NONE N/A SCHOLARSHIP AWARDED 2,500
    BRITTNI LRAE LONGER
    SIMPSON COLLEGE
    701 NORTH C ST
    INDIANOLA,IA50125     		NONE N/A SCHOLARSHIP AWARDED 2,500
    MARK DANIEL STANEK
    SIMPSON COLLEGE
    701 NORTH C ST
    INDIANOLA,IA50125     		NONE N/A SCHOLARSHIP AWARDED 1,250
    KATELYNN MICHELLE WELLMAN
    ST AMBROSE UNIVERSITY
    518 LOCUST STREET
    DAVENPORT,IA52803     		NONE N/A SCHOLARSHIP AWARDED 2,500
    COURTNEY NICHOLE WAGNER
    SOUTHWESTERN COMMUNITY COLLEGE
    1501 W TOWNLINE ST
    CRESTON,IA50801     		NONE N/A SCHOLARSHIP AWARDED 1,250
    JACQUELINE KAY THOMPSON
    UNIVERSITY OF DUBUQUE
    2000 UNIVERSITY AVE
    DUBUQUE,IA52001     		NONE N/A SCHOLARSHIP AWARDED 2,500
    NATALIE MICHELLE BERTO
    UNIVERSITY OF IOWA
    208 CALVIN HALL
    IOWA CITY,IA52242     		NONE N/A SCHOLARSHIP AWARDED 2,500
    TORRIE NICOLE CENTENO
    UNIVERSITY OF IOWA
    208 CALVIN HALL
    IOWA CITY,IA52242     		NONE N/A SCHOLARSHIP AWARDED 2,500
    ZACH JOSEPH BAKER
    UNIVERSITY OF IOWA
    208 CALVIN HALL
    IOWA CITY,IA52242     		NONE N/A SCHOLARSHIP AWARDED 2,500
    JANETTE OSORIO CORDOVA
    UNIVERSITY OF IOWA
    208 CALVIN HALL
    IOWA CITY,IA52242     		NONE N/A SCHOLARSHIP AWARDED 2,500
    CHELSEA MICHELLE CREMER
    UNIVERSITY OF IOWA
    208 CALVIN HALL
    IOWA CITY,IA52242     		NONE N/A SCHOLARSHIP AWARDED 2,500
    RACHEL KATHLEEN DOGGETT
    UNIVERSITY OF IOWA
    208 CALVIN HALL
    IOWA CITY,IA52242     		NONE N/A SCHOLARSHIP AWARDED 2,500
    SARAH ANNE DOGGETT
    UNIVERSITY OF IOWA
    208 CALVIN HALL
    IOWA CITY,IA52242     		NONE N/A SCHOLARSHIP AWARDED 2,500
    PAUL WILLIAM FOTHERGILL
    UNIVERSITY OF IOWA
    208 CALVIN HALL
    IOWA CITY,IA52242     		NONE N/A SCHOLARSHIP AWARDED 2,500
    HANNA LEE FREDRICKSON
    UNIVERSITY OF IOWA
    208 CALVIN HALL
    IOWA CITY,IA52242     		NONE N/A SCHOLARSHIP AWARDED 2,500
    ESTEFANY GARCIA
    UNIVERSITY OF IOWA
    208 CALVIN HALL
    IOWA CITY,IA52242     		NONE N/A SCHOLARSHIP AWARDED 2,500
    ELLIOT W HIGGINS
    UNIVERSITY OF IOWA
    208 CALVIN HALL
    IOWA CITY,IA52242     		NONE N/A SCHOLARSHIP AWARDED 2,500
    MELISSA SUE JAY
    UNIVERSITY OF IOWA
    208 CALVIN HALL
    IOWA CITY,IA52242     		NONE N/A SCHOLARSHIP AWARDED 2,500
    AARON MILES KEITH
    UNIVERSITY OF IOWA
    208 CALVIN HALL
    IOWA CITY,IA52242     		NONE N/A SCHOLARSHIP AWARDED 2,500
    SARA KATHRYN LANE
    UNIVERSITY OF IOWA
    208 CALVIN HALL
    IOWA CITY,IA52242     		NONE N/A SCHOLARSHIP AWARDED 2,500
    KEVIN GENE LEWIS
    UNIVERSITY OF IOWA
    208 CALVIN HALL
    IOWA CITY,IA52242     		NONE N/A SCHOLARSHIP AWARDED 2,500
    KYLE J NICHOLSON
    UNIVERSITY OF IOWA
    208 CALVIN HALL
    IOWA CITY,IA52242     		NONE N/A SCHOLARSHIP AWARDED 2,500
    ASHELY LYNN OWENS
    UNIVERSITY OF IOWA
    208 CALVIN HALL
    IOWA CITY,IA52242     		NONE N/A SCHOLARSHIP AWARDED 2,500
    SADIE ANASTASIA RANDALL
    UNIVERSITY OF IOWA
    208 CALVIN HALL
    IOWA CITY,IA52242     		NONE N/A SCHOLARSHIP AWARDED 2,500
    ADNREA KAY ROSE
    UNIVERSITY OF IOWA
    208 CALVIN HALL
    IOWA CITY,IA52242     		NONE N/A SCHOLARSHIP AWARDED 2,500
    SHAYLA DANAE STATER
    UNIVERSITY OF IOWA
    208 CALVIN HALL
    IOWA CITY,IA52242     		NONE N/A SCHOLARSHIP AWARDED 2,500
    LYNDSEY LEANN VANDELLO
    UNIVERSITY OF IOWA
    208 CALVIN HALL
    IOWA CITY,IA52242     		NONE N/A SCHOLARSHIP AWARDED 2,500
    HILARY PAIGE BRUNER
    UNIVERSITY OF NORTHERN IOWA
    116 GILCHRIST HALL
    CEDAR FALLS,IA50614     		NONE N/A SCHOLARSHIP AWARDED 2,500
    ISAAC WILSON CAMPBELL
    UNIVERSITY OF NORTHERN IOWA
    116 GILCHRIST HALL
    CEDAR FALLS,IA50614     		NONE N/A SCHOLARSHIP AWARDED 2,500
    MIRANDA MARIE CAUDILL
    UNIVERSITY OF NORTHERN IOWA
    116 GILCHRIST HALL
    CEDAR FALLS,IA50614     		NONE N/A SCHOLARSHIP AWARDED 2,500
    ROBERT JAMES CROSBY
    UNIVERSITY OF NORTHERN IOWA
    116 GILCHRIST HALL
    CEDAR FALLS,IA50614     		NONE N/A SCHOLARSHIP AWARDED 2,500
    ELIZABETH ROSEMARY HOIUM
    UNIVERSITY OF NORTHERN IOWA
    116 GILCHRIST HALL
    CEDAR FALLS,IA50164     		NONE N/A SCHOLARSHIP AWARDED 2,500
    KAROLYN RUTH INGLE
    UNIVERSITY OF NORTHERN IOWA
    116 GILCHRIST HALL
    CEDAR FALLS,IA50164     		NONE N/A SCHOLARSHIP AWARDED 2,500
    MEGAN BLAIR ORMAN
    UNIVERSITY OF NORTHERN IOWA
    116 GILCHRIST HALL
    CEDAR FALLS,IA50614     		NONE N/A SCHOLARSHIP AWARDED 2,500
    NICHOLE RAE REESE
    UNIVERSITY OF NORTHERN IOWA
    116 GILCHRIST HALL
    CEDER FALLS,IA50614     		NONE N/A SCHOLARSHIP AWARDED 2,500
    SAMANTHA MERCEDES ROBERTSON
    UNIVERSITY OF NORTHERN IOWA
    116 GILCHRIST HALL
    CEDAR FALLS,IA50614     		NONE N/A SCHOLARSHIP AWARDED 2,500
    JAIME LEIGH STERLING
    UNIVERSITY OF NORTHERN IOWA
    116 GILCHRIST HALL
    CEDAR FALLS,IA50614     		NONE N/A SCHOLARSHIP AWARDED 2,500
    VICTORIA ELIZABETH SWANSTROM
    UNIVERSITY OF NORTHERN IOWA
    116 GILCHRIST HALL
    CEDAR FALLS,IA50164     		NONE N/A SCHOLARSHIP AWARDED 1,250
    KALEIGH KARR WHITE
    UNIVERSITY OF NORTHERN IOWA
    116 GILCHRIST HALL
    CEDAR FALLS,IA50164     		NONE N/A SCHOLARSHIP AWARDED 2,500
    KAITLIN ELAINE MCELROY
    WARTBURG COLLEGE
    100 WARTBURG BLVD
    WAVERLY,IA50677     		NONE N/A SCHOLARSHIP AWARDED 2,500
    JUSTIN LEE RUSCH
    WARTBURG COLLEGE
    100 WARTBURG BLVD
    WAVERLY,IA50677     		NONE N/A SCHOLARSHIP AWARDED 2,500
    TORIE LYNN HOLLINGSWORTH
    WARTBURG COLLEGE
    100 WARTBURG BLVD
    WAVERLY,IA50677     		NONE N/A SCHOLARSHIP AWARDED 2,500
    Total .................................bullet 3a 205,000
    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          
    4 Dividends and interest from securities....     14 93,412  
    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..... 211110 7,241 15 2,153  
    8Gain or (loss) from sales of assets other than inventory     18 107,046  
    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).. 7,241 202,611  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13209,852
    (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.)
    11 0
    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
    Schedule B
    (Form 990, 990-EZ,
    or 990-PF)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors
    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    OMB No. 1545-0047
    2011
    Name of organization
    CHARLES E FAHRNEY EDUCATION FOUNDATION
     
    Employer identification number

    42-6295370
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ





    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......................... Arrow Bullet   $    
    Caution. An Organization that is not covered by the General Rule and/or the Special Rules does not file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its
    Form 990-EZ or on Part I, line 2, of its Form 990-PF, to certify that it does not meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2011)

    Page 2
    Schedule B (Form 990, 990-EZ, or 990-PF) (2011)
    Name of organization
    CHARLES E FAHRNEY EDUCATION FOUNDATION
          		Employer identification number

    42-6295370
    Part I
    Contributors (see Instructions). Use duplicate copies of Part I if additional space is needed.
    		     
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    1
    BLANCHE PECK CHARITABLE REMAINDER
    UNITRUST

         
    US BANK NA
    123 E THIRD ST  
    OTTUMWA, IA   52501

    		$288,780




    (Complete Part II if there is a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

         
     
       

    		$  




    (Complete Part II if there is a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

         
     
       

    		$  




    (Complete Part II if there is a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

         
     
       

    		$  




    (Complete Part II if there is a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

         
     
       

    		$  




    (Complete Part II if there is a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

         
     
       

    		$  




    (Complete Part II if there is a noncash contribution.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2011)

    Page 3
    Schedule B (Form 990, 990-EZ, or 990-PF) (2011)
    Name of organization
    CHARLES E FAHRNEY EDUCATION FOUNDATION
          		Employer identification number

    42-6295370
    Part II
    Noncash Property (see Instructions). Use duplicate copies of Part II if additional space is needed.
    		     
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions).     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions).     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions).     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions).     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions).     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions).     		(d)
    Date received
     
    		$    
    Schedule B (Form 990, 990-EZ, or 990-PF) (2011)

    Page 4
    Schedule B (Form 990, 990-EZ, or 990-PF) (2011)
    Name of organization
    CHARLES E FAHRNEY EDUCATION FOUNDATION
          		Employer identification number

    42-6295370
    Part III
    Exclusively religious, charitable, etc., individual contributions to section 501(c)(7), (8), or (10) organizations
    that total more than $1,000 for the year. Complete columns (a) through (e) and the following line entry.
    For organizations completing Part III, enter the total of exclusively religious, charitable, etc.,
    contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet $  
    Use duplicate copies of Part III if additional space is needed
    (a) No.
    from
    Part I    		 (b)
    Purpose of gift    		 (c)
    Use of gift    		 (d)
    Description of how gift is held
     
    (e)
    Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
           
     
    (a) No.
    from
    Part I    		 (b)
    Purpose of gift    		 (c)
    Use of gift    		 (d)
    Description of how gift is held
     
    (e)
    Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
           
     
    (a) No.
    from
    Part I    		 (b)
    Purpose of gift    		 (c)
    Use of gift    		 (d)
    Description of how gift is held
     
    (e)
    Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
           
     
    (a) No.
    from
    Part I    		 (b)
    Purpose of gift    		 (c)
    Use of gift    		 (d)
    Description of how gift is held
     
    (e)
    Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
           
     
    Schedule B (Form 990, 990-EZ, or 990-PF) (2011)

    Additional Data


    Software ID:  
    Software Version:  

    TY 2011 AccountingFeesSchedule
    Name:
    CHARLES E FAHRNEY EDUCATION FOUNDATION
    EIN: 42-6295370
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    U.S. BANK, N.A., TAX PREP FEE 750     750

    TY 2011 CompensationExplanation
    Name:
    CHARLES E FAHRNEY EDUCATION FOUNDATION
    EIN: 42-6295370
    Person Name Explanation
    US BANK NA TRUSTEE FEES

    TY 2011 InvestmentsOtherSchedule2
    Name:
    CHARLES E FAHRNEY EDUCATION FOUNDATION
    EIN: 42-6295370
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    NUVEEN LARGE CAP SELECT FD      
    NUVEEN EQUITY INCOME FUND FMV 622,029 622,029
    NUVEEN INTERNATIONAL FUND      
    NUVEEN SMALL CAP SELECT FD      
    NUVEEN MID CAP GROW OPP FD FMV 192,527 192,527
    NUVEEN INTERMEDIATE TERM BOND FMV 256,791 256,791
    NUVEEN INFLATION PRO SEC FMV 177,700 177,700
    NUVEEN SHORT TERM BOND FD FMV 93,232 93,232
    NUVEEN HIGH INCOME BOND FD FMV 184,518 184,518
    VARIOUS MINERAL INTERESTS FMV 29,610 29,610
    NUVEEN REAL ESTATE SECURITIES FMV 244,613 244,613
    NUVEEN CORE BOND      
    T ROWE PRICE MID CAP GROWTH      
    EATON VANCE LARGE CAP VALUE CI      
    NUVEEN INTL SELECT FD      
    CREDIT SUISSE COMM RET ST CO FMV 205,468 205,468
    AMERICAN CENTY INTL BD FDS      
    AMERICAN GRW FD OF AMER F2 GFF      
    TEMPLETON INSTL EMERGING MKT      
    PIMCO TOTAL RETURN FUND FMV 173,526 173,526
    AMERICAN CENTY SMALL CP GROWTH      
    DODGE & COX STOCK FUND      
    GOLDMAN SACHS M C VALUE FMV 198,833 198,833
    HARBOR APPRECIATION INST FMV 528,154 528,154
    NEUBERGER BERMAN GENESIS INSTL FMV 187,139 187,139
    SCOUT INTERNATIONAL FMV 383,250 383,250
    VANGUARD STRATEGIC EQUITY      
    T ROWE PRICE INTL BOND FD FMV 125,663 125,663
    ABERDEEN FDS EMERGING MKT FMV 240,133 240,133
    AMERICAN EUROPACIFIC GRTH F2 FMV 376,045 376,045
    NUVEEN SANTA BARBARA DIV GRWTH FMV 407,586 407,586
    TURNER SPECTRUM FUND INSTL FMV 179,243 179,243

    TY 2011 OtherAssetsSchedule
    Name:
    CHARLES E FAHRNEY EDUCATION FOUNDATION
    EIN: 42-6295370
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    ACCRUED INCOME 2,729 3,139 3,139


    TY 2011 OtherDecreasesSchedule
    Name:
    CHARLES E FAHRNEY EDUCATION FOUNDATION
    EIN: 42-6295370
    Description Amount
    UNREALIZED G/L ON SECURITIES 141,834


    TY 2011 OtherExpensesSchedule
    Name:
    CHARLES E FAHRNEY EDUCATION FOUNDATION
    EIN: 42-6295370
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    OIL PRODUCTION COSTS 492 115   0


    TY 2011 OtherIncomeSchedule2
    Name:
    CHARLES E FAHRNEY EDUCATION FOUNDATION
    EIN: 42-6295370
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    ROYALTY INCOME 9,394 2,153  


    TY 2011 TaxesSchedule
    Name:
    CHARLES E FAHRNEY EDUCATION FOUNDATION
    EIN: 42-6295370
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    BALANCE DUE PRIOR YR 990-PF 2,979 0   0
    ESTIMATE TAX PYMTS 990-PF 1,232 0   0
    FOREIGN TAXES PD ON DIVIDENDS   2,126   0