Form990-PF

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

Number and street (or P.O. box number if mail is not delivered to street address)111 EAST COURT STREET NO 3D   Room/suite
City or town, state, and ZIP code
FLINT, MI485021649
A Employer identification number

38-2853004
B Telephone number (see page 10 of the instructions)

(810) 767-0136
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$61,438,530J 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 675 675  
4 Dividends and interest from securities...... 1,246,464 1,246,464  
5a Gross rents.............. 6,916 6,916  
b Net rental income or (loss) 4,375
6a Net gain or (loss) from sale of assets not on line 10 2,660,745
b Gross sales price for all assets on line 6a 5,346,340
7 Capital gain net income (from Part IV, line 2)... 2,660,745
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........ 3,914,800 3,914,800  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 30,000 0   30,000
14 Other employee salaries and wages...... 37,080 0   37,080
15 Pension plans, employee benefits....... 15,210 0   15,210
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 120,150 114,500   5,650
c Other professional fees (attach schedule).... Click to see attachment 29,815 29,815   0
17 Interest...............        
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 118,866 27,734   5,132
19 Depreciation (attach schedule) and depletion... Click to see attachment 2,541 2,541  
20 Occupancy..............        
21 Travel, conferences, and meetings....... 12,420 0   12,420
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 110,300 107,172   3,128
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 476,382 281,762   108,620
25 Contributions, gifts, grants paid........ 2,538,100 2,538,100
26 Total expenses and disbursements. Add lines 24 and 25 3,014,482 281,762   2,646,720
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 900,318
b Net investment income (if negative, enter -0-) 3,633,038
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 (2010)
Form 990-PF (2010)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............... 7,601 21,441 21,441
2 Savings and temporary cash investments.......... 1,668,454 252,788 252,788
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see page 15 of the
instructions)....................      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges...........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........ 33,028,830 Click to see attachment32,821,767 38,928,598
c Investments—corporate bonds (attach schedule)........ 11,384,258 Click to see attachment11,324,226 11,864,325
11 Investments—land, buildings, and equipment: basis bullet101,010
Less: accumulated depreciation (attach schedule) bullet39,906 63,644 Click to see attachment61,104 61,104
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 7,131,270 Click to see attachment9,382,241 10,310,274
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 53,284,057 53,863,567 61,438,530
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable...................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet) Click to see attachment848,500 Click to see attachment527,692
23 Total liabilities (add lines 17 through 22).......... 848,500 527,692
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......... 0 0
28 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
29 Retained earnings, accumulated income, endowment, or other funds 52,435,557 53,335,875
30 Total net assets or fund balances (see page 17 of the
instructions).................... 52,435,557 53,335,875
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 53,284,057 53,863,567
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 52,435,557
2 Enter amount from Part I, line 27a...................... 2 900,318
3 Other increases not included in line 2 (itemize) bullet 3 0
4 Add lines 1, 2, and 3.......................... 4 53,335,875
5 Decreases not included in line 2 (itemize) bullet 5 0
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.. 6 53,335,875
Form 990-PF (2010)
Form 990-PF (2010)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1 a DRAPER FISHER JURVETSON GROWTH FUND - SCHEDULE K-1 P    
b FROM MFO NORTHPOINTE FUND B JOINT VENTURE STMT P    
c FROM MFO NORTHPOINTE FUND B JOINT VENTURE STMT P    
d FROM MFO TOWLE FUND JOINT VENTURE STMT P    
e FROM MFO TOWLE FUND JOINT VENTURE STMT P    
FROM MFO WESTFIELD FUND B JOINT VENTURE STMT P    
FROM MFO WESTFIELD FUND B JOINT VENTURE STMT P    
INTEGRAL CAPITAL PARTNERS VI - SCHEDULE K-1 P    
SANDS TECHNOLOGY PARTNERS - SCHEDULE K-1 P    
SANDS TECHNOLOGY PARTNERS - SCHEDULE K-1 P    
SANDS TECHNOLOGY PARTNERS - LIQUIDATION BASIS ADJ. P    
31.72 SHS FREEPORT-MCMORAN COPPER P    
4396.688 SHS. AMERICAN CAPITAL STRATEGIES, LTD P 2009-08-07 2010-07-13
3603.312 SHS. AMERICAN CAPITAL STRATEGIES, LTD P 2006-01-09 2010-07-13
88.345 SHS. FRONTIER COMMUNICATIONS CORPORATION P 2008-04-11 2010-07-13
408.068 SHS. FRONTIER COMMUNICATIONS CORPORATION P 2008-05-05 2010-07-13
4600.000 SHS. REGIONS FINANCIAL CORPORATION P 2008-04-21 2010-07-26
4600.000 SHS. REGIONS FINANCIAL CORPORATION P 2008-04-21 2010-07-27
0.000 SHS. CONAGRA FOODS, INC. P 2009-09-05 2010-09-07
1800.000 SHS. EMC CORPORATION P 2007-03-01 2010-09-13
3600.000 SHS. EMC CORPORATION P 2006-12-07 2010-09-13
0.000 SHS. INTERNATIONAL RECTIFIER CORPORATION P 2009-09-18 2010-09-20
2100.000 SHS. HAIN CELESTIAL GROUP, INC (THE) P 2008-07-23 2010-09-22
1700.000 SHS. HAIN CELESTIAL GROUP, INC (THE) P 2008-04-11 2010-09-22
200.000 SHS. HAIN CELESTIAL GROUP, INC (THE) P 2005-11-03 2010-09-22
900.000 SHS. HAIN CELESTIAL GROUP, INC (THE) P 2005-11-04 2010-09-22
500.000 SHS. AIR PRODUCTS AND CHEMICALS, INC. P 2010-02-19 2010-09-23
0.000 SHS. AMERICAN INTERNATIONAL GROUP, INC. P 2009-09-21 2010-09-23
1300.000 SHS. EMC CORPORATION P 2006-12-07 2010-09-23
1900.000 SHS. EMC CORPORATION P 2006-12-01 2010-09-23
600.000 SHS. HAIN CELESTIAL GROUP, INC (THE) P 2005-11-03 2010-09-23
300.000 SHS. MOSAIC COMPANY P 2008-10-14 2010-09-23
800.000 SHS. SCHLUMBERGER LIMITED P 2008-09-30 2010-09-23
1000.000 SHS. UNITED PARCEL SERVICE, INC. P 2005-01-25 2010-09-23
600.000 SHS. UNITED PARCEL SERVICE, INC. P 2005-04-06 2010-09-23
300.000 SHS. UNITED PARCEL SERVICE, INC. P 2005-01-28 2010-09-23
100.000 SHS. UNITED PARCEL SERVICE, INC. P 2005-01-27 2010-09-23
3500.000 SHS. CISCO SYSTEMS, INC. P 2007-11-08 2010-09-28
1200.000 SHS. E.I. DU PONT DE NEMOURS AND COMPANY P 2008-07-29 2010-09-28
2300.000 SHS. E.I. DU PONT DE NEMOURS AND COMPANY P 2005-10-25 2010-09-28
900.000 SHS. FREEPORT-MCMORAN COPPER & GOLD INC. P 2008-11-07 2010-09-28
2500.000 SHS. QUALCOMM INCORPORATED P 2008-01-25 2010-09-28
1500.000 SHS. QUALCOMM INCORPORATED P 2007-08-08 2010-09-28
3400.000 SHS. TARGET CORPORATION P 2008-03-11 2010-09-28
600.000 SHS. TARGET CORPORATION P 2008-07-29 2010-09-28
900.000 SHS. APACHE CORPORATION P 2009-04-28 2010-10-04
100.000 SHS. APACHE CORPORATION P 2009-04-28 2010-10-05
900.000 SHS. APACHE CORPORATION P 2009-02-20 2010-10-05
100.000 SHS. E.I. DU PONT DE NEMOURS AND COMPANY P 2005-10-25 2010-10-14
0.000 SHS. AVIS BUDGET GROUP, INC. P 2009-10-16 2010-10-18
622.400 SHS. JPMORGAN CHASE & CO. P 2003-06-25 2010-10-19
2777.600 SHS. JPMORGAN CHASE & CO. P 1994-01-01 2010-10-19
3400.000 SHS. JPMORGAN CHASE & CO. P 1994-01-01 2010-10-20
1745.217 SHS. VANGUARD ADMIRAL SHORT-TERM INVESTMENT GR P 2010-09-30 2010-10-25
1835.685 SHS. VANGUARD ADMIRAL SHORT-TERM INVESTMENT GR P 2010-07-30 2010-10-25
1995.367 SHS. VANGUARD ADMIRAL SHORT-TERM INVESTMENT GR P 2010-06-30 2010-10-25
1027.878 SHS. VANGUARD ADMIRAL SHORT-TERM INVESTMENT GR P 2010-04-21 2010-10-25
1869.577 SHS. VANGUARD ADMIRAL SHORT-TERM INVESTMENT GR P 2010-03-31 2010-10-25
1799.853 SHS. VANGUARD ADMIRAL SHORT-TERM INVESTMENT GR P 2010-08-31 2010-10-25
1698.852 SHS. VANGUARD ADMIRAL SHORT-TERM INVESTMENT GR P 2010-02-26 2010-10-25
32307.191 SHS. VANGUARD ADMIRAL SHORT-TERM INVESTMENT GR P 2010-01-20 2010-10-25
1634.062 SHS. VANGUARD ADMIRAL SHORT-TERM INVESTMENT GR P 2010-01-29 2010-10-25
2200.000 SHS. COACH, INC. P 2008-04-22 2010-10-26
700.000 SHS. COACH, INC. P 2008-03-05 2010-10-26
0.000 SHS. EL PASO CORPORATION P 2009-11-28 2010-11-30
1600.000 SHS. NEWFIELD EXPLORATION COMPANY P 2006-06-12 2010-12-02
1400.000 SHS. NEWFIELD EXPLORATION COMPANY P 2006-03-23 2010-12-02
1100.000 SHS. NEWFIELD EXPLORATION COMPANY P 2006-08-23 2010-12-02
126.915 SHS. GOOGLE INC. CLASS A P 2008-11-24 2010-12-17
2492.647 SHS. TESLA MOTORS INC P 2009-05-11 2010-12-28
1200.000 SHS. UNITED TECHNOLOGIES CORPORATION P 2008-10-17 2010-12-29
1400.000 SHS. UNITED TECHNOLOGIES CORPORATION P 2008-10-14 2010-12-29
1800.000 SHS. UNITED TECHNOLOGIES CORPORATION P 2009-08-14 2010-12-29
1400.000 SHS. BED BATH & BEYOND INC. P 2007-07-16 2011-01-06
3600.000 SHS. EMC CORPORATION P 2006-12-01 2011-01-06
1100.000 SHS. FREEPORT-MCMORAN COPPER & GOLD INC. P 2008-11-07 2011-01-06
500.000 SHS. FREEPORT-MCMORAN COPPER & GOLD INC. P 2008-11-07 2011-01-06
1200.000 SHS. JUNIPER NETWORKS, INC. P 2008-01-24 2011-01-06
1700.000 SHS. JUNIPER NETWORKS, INC. P 2006-01-27 2011-01-06
1000.000 SHS. SCHLUMBERGER LIMITED P 2008-09-30 2011-01-06
800.000 SHS. BP P.L.C. P 2010-05-12 2011-01-24
3300.000 SHS. BP P.L.C. P 2008-02-08 2011-01-24
1900.000 SHS. HAIN CELESTIAL GROUP, INC (THE) P 2005-11-03 2011-02-08
800.000 SHS. HAIN CELESTIAL GROUP, INC (THE) P 2005-09-02 2011-02-08
3300.000 SHS. JUNIPER NETWORKS, INC. P 2006-01-27 2011-03-01
1255.877 SHS. FRONTIER COMMUNICATIONS CORPORATION P 2008-04-11 2011-03-09
744.123 SHS. FRONTIER COMMUNICATIONS CORPORATION P 2008-07-18 2011-03-09
846.854 SHS. TESLA MOTORS INC P 2009-05-11 2011-03-09
400.000 SHS. QUALCOMM INCORPORATED P 2007-08-08 2011-03-28
1100.000 SHS. HAIN CELESTIAL GROUP, INC (THE) P 2005-09-07 2011-03-28
1000.000 SHS. HAIN CELESTIAL GROUP, INC (THE) P 2005-09-02 2011-03-28
1400.000 SHS. HAIN CELESTIAL GROUP, INC (THE) P 2005-09-06 2011-03-28
3300.000 SHS. PENTAIR, INC. P 2006-11-30 2011-04-01
1700.000 SHS. PENTAIR, INC. P 2006-12-15 2011-04-01
1900.000 SHS. PENTAIR, INC. P 2007-04-25 2011-04-04
700.000 SHS. PENTAIR, INC. P 2006-11-30 2011-04-04
200.000 SHS. TYCO INTERNATIONAL LTD. P 2006-06-12 2011-04-13
650.000 SHS. TYCO INTERNATIONAL LTD. P 2007-06-11 2011-04-13
2000.000 SHS. TYCO INTERNATIONAL LTD. P 2007-11-19 2011-04-13
325.000 SHS. TYCO INTERNATIONAL LTD. P 2002-02-04 2011-04-13
300.000 SHS. TYCO INTERNATIONAL LTD. P 2002-01-30 2011-04-13
175.000 SHS. TYCO INTERNATIONAL LTD. P 2005-10-20 2011-04-13
800.000 SHS. SCHLUMBERGER LIMITED P 2008-09-30 2011-05-04
3200.000 SHS. HAIN CELESTIAL GROUP, INC (THE) P 2005-09-01 2011-05-04
1500.000 SHS. HAIN CELESTIAL GROUP, INC (THE) P 2005-09-07 2011-05-04
1571.877 SHS. VANGUARD ADMIRAL SHORT-TERM INVESTMENT GR P 2010-12-31 2011-06-29
1459.076 SHS. VANGUARD ADMIRAL SHORT-TERM INVESTMENT GR P 2011-05-31 2011-06-29
1454.974 SHS. VANGUARD ADMIRAL SHORT-TERM INVESTMENT GR P 2011-04-29 2011-06-29
1500.687 SHS. VANGUARD ADMIRAL SHORT-TERM INVESTMENT GR P 2011-03-31 2011-06-29
1594.420 SHS. VANGUARD ADMIRAL SHORT-TERM INVESTMENT GR P 2011-03-22 2011-06-29
1384.905 SHS. VANGUARD ADMIRAL SHORT-TERM INVESTMENT GR P 2011-02-28 2011-06-29
1546.691 SHS. VANGUARD ADMIRAL SHORT-TERM INVESTMENT GR P 2010-11-30 2011-06-29
1741.987 SHS. VANGUARD ADMIRAL SHORT-TERM INVESTMENT GR P 2010-10-29 2011-06-29
1574.840 SHS. VANGUARD ADMIRAL SHORT-TERM INVESTMENT GR P 2011-01-31 2011-06-29
326.864 SHS. VANGUARD ADMIRAL SHORT-TERM INVESTMENT GR P 2010-12-30 2011-06-29
549.800 SHS. VANGUARD ADMIRAL SHORT-TERM INVESTMENT GR P 2011-03-22 2011-06-29
3898.530 SHS. VANGUARD ADMIRAL SHORT-TERM INVESTMENT GR P 2010-01-20 2011-06-29
CAPITAL GAINS 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       -101
b       275,311
c       216,436
d       1,922
e       457,487
      74,957
      347,010
      212,237
      67,302
      -43,147
    24,020 -24,020
      39
22,755   14,157 8,598
18,649   132,443 -113,794
636   813 -177
2,938   4,110 -1,172
31,962   97,620 -65,658
34,006   97,620 -63,614
3,337     3,337
36,507   25,071 11,436
73,014   48,090 24,924
4,837     4,837
51,552   53,893 -2,341
41,733   45,469 -3,736
4,910   4,079 831
22,094   18,584 3,510
41,265   34,957 6,308
398     398
26,845   17,366 9,479
39,234   24,880 14,354
14,702   12,237 2,465
18,039   12,601 5,438
46,204   63,185 -16,981
66,048   76,130 -10,082
39,629   44,376 -4,747
19,814   22,110 -2,296
6,605   7,335 -730
76,371   104,361 -27,990
54,472   52,200 2,272
104,404   93,435 10,969
77,564   24,623 52,941
109,789   100,114 9,675
65,873   59,760 6,113
184,501   173,389 11,112
32,559   27,128 5,431
87,395   61,375 26,020
9,792   6,819 2,973
88,126   58,443 29,683
4,659   4,062 597
1,002     1,002
23,442   17,601 5,841
104,617   50,096 54,521
128,679   61,321 67,358
19,005   18,971 34
19,991   19,844 147
21,730   21,410 320
11,194   11,039 155
20,360   20,023 337
19,600   19,528 72
18,501   18,178 323
351,825   345,041 6,784
17,795   17,484 311
109,182   68,425 40,757
34,740   21,191 13,549
462     462
110,242   65,629 44,613
96,461   56,112 40,349
75,791   45,036 30,755
74,972   28,632 46,340
64,720   7,515 57,205
94,984   62,827 32,157
110,815   76,473 34,342
142,477   102,164 40,313
67,941   50,471 17,470
84,636   47,140 37,496
127,940   26,464 101,476
58,154   13,680 44,474
45,868   31,672 14,196
64,980   29,494 35,486
80,198   78,981 1,217
38,124   38,635 -511
157,261   211,330 -54,069
55,155   38,751 16,404
23,223   14,904 8,319
142,523   57,252 85,271
10,006   11,557 -1,551
5,929   6,807 -878
20,964   2,553 18,411
21,129   15,936 5,193
35,593   20,429 15,164
32,357   18,631 13,726
45,300   26,069 19,231
125,220   105,042 20,178
64,507   54,373 10,134
73,940   60,218 13,722
27,241   22,282 4,959
10,315   8,392 1,923
33,525   34,546 -1,021
103,153   80,095 23,058
16,762   16,931 -169
15,473   13,467 2,006
9,026   7,103 1,923
67,509   63,185 4,324
112,071   59,054 53,017
52,533   27,857 24,676
16,898   16,929 -31
15,685   15,758 -73
15,641   15,685 -44
16,132   16,087 45
17,140   17,140 0
14,888   14,943 -55
16,627   16,751 -124
18,726   18,988 -262
16,930   17,008 -78
3,514   3,517 -3
5,910   5,910 0
41,909   41,636 273
81,979     81,979
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       -101
b       275,311
c       216,436
d       1,922
e       457,487
      74,957
      347,010
      212,237
      67,302
      -43,147
      -24,020
      39
      8,598
      -113,794
      -177
      -1,172
      -65,658
      -63,614
      3,337
      11,436
      24,924
      4,837
      -2,341
      -3,736
      831
      3,510
      6,308
      398
      9,479
      14,354
      2,465
      5,438
      -16,981
      -10,082
      -4,747
      -2,296
      -730
      -27,990
      2,272
      10,969
      52,941
      9,675
      6,113
      11,112
      5,431
      26,020
      2,973
      29,683
      597
      1,002
      5,841
      54,521
      67,358
      34
      147
      320
      155
      337
      72
      323
      6,784
      311
      40,757
      13,549
      462
      44,613
      40,349
      30,755
      46,340
      57,205
      32,157
      34,342
      40,313
      17,470
      37,496
      101,476
      44,474
      14,196
      35,486
      1,217
      -511
      -54,069
      16,404
      8,319
      85,271
      -1,551
      -878
      18,411
      5,193
      15,164
      13,726
      19,231
      20,178
      10,134
      13,722
      4,959
      1,923
      -1,021
      23,058
      -169
      2,006
      1,923
      4,324
      53,017
      24,676
      -31
      -73
      -44
      45
      0
      -55
      -124
      -262
      -78
      -3
      0
      273
      81,979
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 2,660,745
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))
2009 2,477,881 53,206,313 0.046571
2008 3,307,952 48,624,086 0.068031
2007 3,192,358 68,707,087 0.046463
2006 3,039,047 67,824,162 0.044808
2005 2,866,287 62,958,034 0.045527
2 Total of line 1, column (d) ...................... 2 0.251400
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 0.050280
4 Enter the net value of noncharitable-use assets for 2010 from Part X, line 5..... 4 58,448,881
5 Multiply line 4 by line 3....................... 5 2,938,810
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 36,330
7 Add lines 5 and 6......................... 7 2,975,140
8 Enter qualifying distributions from Part XII, line 4.............. 8 2,646,720
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See
the Part VI instructions on page 18.
Form 990-PF (2010)
Form 990-PF (2010)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)
1a Bulletand enter “N/A” on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 72,661
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 72,661
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 72,661
6 Credits/Payments:
a 2010 estimated tax payments and 2009 overpayment credited to 2010 6a 88,161
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 88,161
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. Click to see attachment 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 15,500
11 Enter the amount of line 10 to be: Credited to 2011 estimated taxBullet15,500 Refunded Bullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of
the instructions for definition)?.............................
1b
 
No
If the answer is “Yes” to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If “Yes,” attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If “Yes,” attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If “Yes,” has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If “Yes,” attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If “Yes,” complete Part II, col. (c), and Part XV.
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see page 19 of the
    instructions)bulletMI
    b
    If the answer is “Yes” to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If “No,” attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2010 or the taxable year beginning in 2010 (see instructions for Part XIV on
    page 27)? If “Yes,” complete Part XIV...........................
    9
     
    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 addressbulletWWW.ISABEL.ORG/
    14
    The books are in care ofbulletC EDWARD WHITE Telephone no.bullet (810) 767-0136
    Located atbullet111 EAST COURT STREET SUITE 3DFLINTMI ZIP+4bullet485021649
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16
    At any time during calendar year 2010, did the foundation have an interest in or a signature or other authority over
    a bank, securities, or other financial account in a foreign country? .................
    16
    Yes
     
    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 bulletEI
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 5
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the “Yes” column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?.........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check “No”
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is “Yes” to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions)?...
    1b
     
    No
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2010?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2010, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2010?...............
    If “Yes,” list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer “No” and attach statement—see page 20 of the instructions.) .........
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business
    enterprise at any time during the year?.....................
    b
    If “Yes,” did it have excess business holdings in 2010 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2010.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2010?
    4b
     
    No
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see page 22 of the instructions)...
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    If any answer is “Yes” to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see page 22 of the instructions)?
    5b
     
     
    .........bullet
    c
    If the answer is “Yes” to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?............
    If “Yes,” attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay
    premiums on a personal benefit contract?....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If “Yes” to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 6
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see page 22 of the instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to
    employee benefit plans
    and deferred compensation     		(e) Expense account,
    other allowances
    CLAIRE M WHITE PRESIDENT & TREASURER
    0.00     		0 0 0
    111 EAST COURT STREET SUITE 3D
    FLINT,MI485021649
    WILLIAM S WHITE VICE PRESIDENT & SECRETARY
    0.00     		0 0 0
    111 EAST COURT STREET SUITE 3D
    FLINT,MI485021649
    TIFFANY W LOVETT TRUSTEE & PROGRAM OFFICER
    15.00     		30,000 15,210 0
    111 EAST COURT STREET SUITE 3D
    FLINT,MI485021649
    RIDGWAY H WHITE TRUSTEE
    0.00     		0 0 0
    111 EAST COURT STREET SUITE 3D
    FLINT,MI485021649
    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
    MFO MANAGEMENT COMPANY ACCOUNTING/INVESTMENT ADVICE 117,500
    111 E COURT ST SUITE 3D
    FLINT,MI48502
    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 THE FOUNDATION CONDUCTED NO DIRECT CHARITABLE ACTIVITIES DURING ITS FISCAL YEAR. 0
    2  
    3  
    4  
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 7
    Part IX-B
    Summary of Program-Related Investments (see page 23 of the instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1 THE FOUNDATION DOES NOT MAKE ANY PROGRAM RELATED INVESTMENTS 0
    2  
    All other program-related investments. See page 24 of the instructions.
    3  
    Total. Add lines 1 through 3...........................bullet0
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see page 24 of the instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    48,898,430
    b
    Average of monthly cash balances.......................
    1b
    1,707,253
    c
    Fair market value of all other assets (see page 24 of the instructions)............
    1c
    8,733,282
    d
    Total (add lines 1a, b, and c).........................
    1d
    59,338,965
    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
    59,338,965
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ............................
    4
    890,084
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    58,448,881
    6
    Minimum investment return. Enter 5% of line 5...................
    6
    2,922,444
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    2,922,444
    2a
    Tax on investment income for 2010 from Part VI, line 5......
    2a
    72,661
    b
    Income tax for 2010. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    72,661
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    2,849,783
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4.............................
    5
    2,849,783
    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
    2,849,783
    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
    2,646,720
    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
     
    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
    2,646,720
    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
    2,646,720
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 8
    Part XIII
    Undistributed Income (see page 26 of the instructions)
    (a)
    Corpus     		(b)
    Years prior to 2009     		(c)
    2009     		(d)
    2010
    1 Distributable amount for 2010 from Part XI, line 7 2,849,783
    2 Undistributed income, if any, as of the end of 2010:
    a Enter amount for 2009 only....... 2,538,471
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2010:
    a From 2005.......  
    b From 2006.......  
    c From 2007.......  
    d From 2008.......  
    e From 2009.......  
    fTotal of lines 3a through e......... 0
    4Qualifying distributions for 2010 from Part
    XII, line 4: bullet$ 2,646,720
    a Applied to 2009, but not more than line 2a 2,538,471
    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 2010 distributable amount..... 108,249
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2010. 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 2009. Subtract line
    4a from line 2a. Taxable amount—see page 27
    of the instructions ...........     		0
    f Undistributed income for 2010. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2011 ..........     		2,741,534
    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 2005 not
    applied on line 5 or line 7 (see page 27 of the
    instructions) .............     		0
    9Excess distributions carryover to 2011.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2006....  
    b Excess from 2007....  
    c Excess from 2008....  
    d Excess from 2009....  
    e Excess from 2010....  
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 9
    Part XIV
    Private Operating Foundations (see page 27 of the instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2010, enter the date of the ruling.......bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2010 (b) 2009 (c) 2008 (d) 2007
             
    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:
    TIMOTHY C SANFORD FAX 810 767-1207
    C/O MFO MANAGEMENT COMPANY 111 E
    COURT STREET SUITE 3D
    FLINT,MI485021649
    (810) 767-0136
    bThe form in which applications should be submitted and information and materials they should include:
    INITIAL SUBMISSION SHOULD BE IN THE FORM OF A LETTER EXPLAINING THE ORGANIZATION AND THE PURPOSE OF THE REQUEST.
    cAny submission deadlines:
    A FORMAL SUBMISSION DEADLINE HAS NOT BEEN ESTABLISHED BUT GRANTS ARE MADE PRIMARILY IN JUNE.
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    THE ORGANIZATION WAS FORMED TO MAINTAIN A FUND OR FUNDS SO THAT THE INCOME THEREFROM AND THE PRINCIPAL THEREOF CAN BE USED TO PROVIDE FINANCIAL SUPPORT TO RELIGIOUS, CHARITABLE, SCIENTIFIC, LITERARY, OR EDUCATIONAL ACTIVITIES EITHER DIRECTLY, OR THROUGH DIRECT CONTRIBUTIONS, GIFTS AND GRANTS TO OTHER ORGANIZATIONS, WHICH CARRY ON SUCH ACTIVITIES AND ARE TAX-EXEMPT UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE MAJORITY OF, AND AT LEAST SEVENTY-FIVE PERCENT OF, CONTRIBUTIONS, GIFTS AND GRANTS MADE ANNUALLY ARE TO BE MADE TO OTHER TAX-EXEMPT CHARITABLE AND RELIGIOUS ORGANIZATIONS DEDICATED TO SUPPORTING OR CONTRIBUTING TO THE CAUSE OF CHRISTIAN SCIENCE.
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 10
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    ADVENTURE UNLIMITED
    5201 SOUTH QUEBEC STREET
    GREENWOOD VILLAGE,CO80111     		NONE PUBLIC CHARITY GENERAL OPERATING 250,000
    ADVENTURE UNLIMITED
    5201 SOUTH QUEBEC STREET
    GREENWOOD VILLAGE,CO80111     		NONE PUBLIC CHARITY BUILDING/RENOVATION 50,000
    AMERICAN CORPORATION FOR THE ARTS
    6233 HOLLYWOOD BOULEVARD
    LOS ANGELES,CA90028     		NONE PUBLIC CHARITY GENERAL OPERATING 5,900
    ARTSCONNECTION INC
    520 EIGHTH AVENUE SUITE 321
    NEW YORK,NY10018     		NONE PUBLIC CHARITY GENERAL OPERATING 2,500
    BERKELEY HALL SCHOOL
    16000 MULHOLLAND DRIVE
    LOS ANGELES,CA900491196     		NONE PUBLIC CHARITY SCHOLARSHIP FUNDS 5,000
    BRANCH SCHOOL THE
    1424 SHERWOOD FOREST STREET
    HOUSTON,TX77043     		NONE PUBLIC CHARITY GENERAL OPERATING 5,000
    BROADVIEW INC
    4570 GRIFFIN AVENUE
    LOS ANGELES,CA90031     		NONE PUBLIC CHARITY GENERAL OPERATING 50,000
    CAMPERSHIP FUND FOR CHRISTIAN SCIENTISTS IN THE
    SOUTHEAST THE 9 INDIAN HILL POINT
    HILTON HEAD ISLAND,SC29926     		NONE PUBLIC CHARITY GENERAL OPERATING 4,000
    CAMPS LEELANAU & KOHAHNA FOUNDATION INC
    1653 PORT ONEIDA ROAD
    MAPLE CITY,MI49664     		NONE PUBLIC CHARITY GENERAL OPERATING 50,000
    CAMPS NEWFOUNDOWATONNA CORPORATION
    4 CAMP NEWFOUND ROAD
    HARRISON,ME040409987     		NONE PUBLIC CHARITY GENERAL OPERATING 75,000
    CANTERBURY CREST INC
    P O BOX 19147
    PORTLAND,OR972800147     		NONE PUBLIC CHARITY BUILDING/RENOVATION 7,000
    CEDARS CAMPS THE
    1314 PARKVIEW VALLEY DRIVE
    MANCHESTER,MO630114201     		NONE PUBLIC CHARITY GENERAL OPERATING 50,000
    CENTER THEATER GROUP
    601 W TEMPLE STREET
    LOS ANGELES,CA90012     		NONE PUBLIC CHARITY PERFORMANCE/PRODUCTION COSTS 3,000
    CHESTNUT HILL BENEVOLENT ASSOCIATION
    910 BOYLSTON STREET
    CHESTNUT HILL,MA024672400     		NONE PUBLIC CHARITY DEBT REDUCTION 90,000
    CHRISTIAN SCIENCE NURSING NETWORK
    5103 SOUTH SHERIDAN ROAD SUITE 403
    TULSA,OK741457627     		NONE PUBLIC CHARITY CONFERENCES/SEMINARS 20,000
    CHRISTIAN SCIENCE VISITING NURSE SERVICE FOR MICHIGAN
    P O BOX 702072
    PLYMOUTH,MI48170     		NONE PUBLIC CHARITY GENERAL OPERATING 11,000
    CLAIRBOURN SCHOOL
    8400 HUNTINGTON DRIVE
    SAN GABRIEL,CA917751154     		NONE PUBLIC CHARITY SCHOLARSHIP FUNDS 5,000
    CLEARVIEW HOME CORPORATION
    P O BOX 180198 935 MAIN STREET
    DELAFIELD,WI53018     		NONE PUBLIC CHARITY GENERAL OPERATING 35,000
    CLIFTON HOUSE INC
    3440 BELTLINE BOULEVARD SUITE 102
    ST LOUIS PARK,MN55416     		NONE PUBLIC CHARITY GENERAL OPERATING 30,000
    COMMISSION THE
    P O BOX 231
    ELSAH,IL62028     		NONE PUBLIC CHARITY GENERAL OPERATING 25,000
    COMMISSION THE
    P O BOX 231
    ELSAH,IL62028     		NONE PUBLIC CHARITY CONFERENCES/SEMINARS 5,000
    COUNCIL OF MICHIGAN FOUNDATIONS
    ONE SOUTH HARBOR AVENUE
    GRAND HAVEN,MI49417     		NONE PUBLIC CHARITY GENERAL OPERATING 6,700
    CRISLER LIBRARY IN EPHESOS
    P O BOX 31162
    RALEIGH,NC276221162     		NONE PUBLIC CHARITY GENERAL OPERATING 15,000
    CRYSTAL LAKE CAMPS INC
    1676 CRYSTAL LAKE ROAD
    HUGHESVILLE,PA17737     		NONE PUBLIC CHARITY BUILDING/RENOVATION 50,000
    DAYSTAR INC
    3800 SOUTH FLAMINGO ROAD
    FORT LAUDERDALE,FL333301699     		NONE PUBLIC CHARITY BUILDING/RENOVATION 55,000
    FERN LODGE INC
    18457 MADISON AVENUE
    CASTRO VALLEY,CA945461699     		NONE PUBLIC CHARITY BUILDING/RENOVATION 45,000
    FIRST CHURCH OF CHRIST SCIENTIST BOSTON THE
    210 MASSACHUSETTS AVENUE P05-10
    BOSTON,MA021153195     		NONE PUBLIC CHARITY GENERAL OPERATING 150,000
    FIRST CHURCH OF CHRIST SCIENTIST FLINT THE
    901 HARRISON STREET
    FLINT,MI48502     		NONE PUBLIC CHARITY GENERAL OPERATING 145,000
    FLINT INSTITUTE OF ARTS THE
    1120 E KEARSLEY STREET
    FLINT,MI485031991     		NONE PUBLIC CHARITY BUILDING/RENOVATION 125,000
    FOX RIVER COUNTRY DAY SCHOOL
    1600 DUNDEE AVENUE
    ELGIN,IL60120     		NONE PUBLIC CHARITY GENERAL OPERATING 5,000
    FRIENDS OF CAMP BOW-ISLE INC
    16880 SE 56TH PLACE
    BELLEVUE,WA980065524     		NONE PUBLIC CHARITY SCHOLARSHIP FUNDS 20,000
    FRIENDS OF MAITI NEPAL
    63-3 COMMERCIAL WHARF
    BOSTON,MA02110     		NONE PUBLIC CHARITY GENERAL OPERATING 5,000
    FRIENDS OF SUNRISE IN AFRICA INC
    5520 FREMONT AVE N
    BROOKLYN CENTER,MN55430     		NONE PUBLIC CHARITY INCOME DEVELOPMENT 30,000
    GLENMONT
    4599 AVERY ROAD
    HILLIARD,OH430269786     		NONE PUBLIC CHARITY BUILDING/RENOVATION 60,000
    GREATER LOS ANGELES ZOO ASSOCIATION
    5333 ZOO DRIVE
    LOS ANGELES,CA90027     		NONE PUBLIC CHARITY GENERAL OPERATING 10,000
    HARMONY AT HOME FOUNDATION
    627 BAKEWELL LANE
    NAPERVILLE,IL60565     		NONE PUBLIC CHARITY GENERAL OPERATING 12,000
    HIGH RIDGE HOUSE INC
    5959 INDEPENDENCE AVENUE
    RIVERDALE,NY104711299     		NONE PUBLIC CHARITY GENERAL OPERATING 50,000
    HILL TOP CENTER
    502 NORTH WAUKEGAN ROAD
    LAKE BLUFF,IL600441597     		NONE PUBLIC CHARITY GENERAL OPERATING 35,000
    HOBART COLLEGE
    615 S MAIN STREET
    GENEVA,NY14456     		NONE PUBLIC CHARITY GENERAL OPERATING 100,000
    INSTITUTE FOR GLOBAL ETHICS THE
    91 CAMDEN STREET SUITE 403
    ROCKLAND,ME04841     		NONE PUBLIC CHARITY GENERAL OPERATING 50,000
    LEAVES INC THE
    1230 WEST SPRING VALLEY ROAD
    RICHARDSON,TX750807709     		NONE PUBLIC CHARITY BUILDING/RENOVATION 45,000
    LINK SCHOOL THE
    18885 COUNTY ROAD 367
    BUENA VISTA,CO81211     		NONE PUBLIC CHARITY STUDENT AID 30,000
    LONGYEAR MUSEUM
    1125 BOYLSTON STREET
    CHESTNUT HILL,MA02467     		NONE PUBLIC CHARITY GENERAL OPERATING 3,000
    LYNN HOUSE OF POTOMAC VALLEY INC
    4400 WEST BRADDOCK ROAD
    ALEXANDRIA,VA223041010     		NONE PUBLIC CHARITY GENERAL OPERATING 45,000
    METROPOLITAN OPERA ASSOCIATION INC
    LINCOLN CENTER
    NEW YORK,NY10023     		NONE PUBLIC CHARITY GENERAL OPERATING 10,000
    MORNING LIGHT FOUNDATION INC
    P O BOX 7604
    ATLANTA,GA30357     		NONE PUBLIC CHARITY GENERAL OPERATING 15,000
    OLIVE GLEN FOUNDATION INC THE
    P O BOX 1482
    CARMICHAEL,CA956091482     		NONE PUBLIC CHARITY GENERAL OPERATING 20,000
    PEACE HAVEN ASSOCIATION
    12630 ROTT ROAD
    ST LOUIS,MO631271214     		NONE PUBLIC CHARITY GENERAL OPERATING 50,000
    PHILANTHROPY ROUNDTABLE THE
    1150 17TH STREET NW SUITE 503
    WASHINGTON,DC20036     		NONE PUBLIC CHARITY GENERAL OPERATING 5,000
    PRINCIPIA THE
    13201 CLAYTON ROAD
    ST LOUIS,MO631311099     		NONE PUBLIC CHARITY BUILDING/RENOVATION 200,000
    PRINCIPLE FOUNDATION THE
    2405 GRAND BOULEVARD SUITE 1040
    KANSAS CITY,MO64108     		NONE PUBLIC CHARITY CONFERENCES/SEMINARS 3,000
    RESOURCE GENESEE
    1401 S GRAND TRAVERSE
    FLINT,MI48503     		NONE PUBLIC CHARITY GENERAL OPERATING 1,000
    SECOND CHURCH OF CHRIST SCIENTIST
    2715 HURD AVE
    EVANSTON,IL60201     		NONE PUBLIC CHARITY CONFERENCES/SEMINARS 5,000
    SMITH COLLEGE
    33 ELM STREET
    NORTHAMPTON,MA01063     		NONE PUBLIC CHARITY GENERAL OPERATING 25,000
    STUDENT CENTER FOUNDATION
    315 NORTH MILLS STREET
    MADISON,WI53715     		NONE PUBLIC CHARITY GENERAL OPERATING 1,000
    SUNLAND HOME FOUNDATION
    691 SPARTA DRIVE
    ENCINITAS,CA92024     		NONE PUBLIC CHARITY GENERAL OPERATING 35,000
    SUNRISE HAVEN
    P O BOX 6057
    KENT,WA98064     		NONE PUBLIC CHARITY GENERAL OPERATING 30,000
    TENTH CHURCH OF CHRIST SCIENTIST - LOS ANGELES
    1133 SOUTH BUNDY DRIVE
    LOS ANGELES,CA90049     		NONE PUBLIC CHARITY GENERAL OPERATING 35,000
    TROPICAL RAINFOREST FOUNDATION
    C/O ACT PRODUCTIONS 407 LINCOLN
    ROAD SUITE 302
    MIAMI BEACH,FL331393038     		NONE PUBLIC CHARITY GENERAL OPERATING 5,000
    TWELVEACRES INC
    595 MILLICH DRIVE SUITE 104
    CAMPBELL,CA950080550     		NONE PUBLIC CHARITY GENERAL OPERATING 50,000
    VILLAGE INC THE
    17881 VILLAGE ROAD
    SPRINGDALE,AR72764     		NONE PUBLIC CHARITY BUILDING/RENOVATION 20,000
    VISITING NURSE SERVICE FOR CHRISTIAN SCIENTISTS IN LOS ANGELES COUNTY INC
    P O BOX 9745
    GLENDALE,CA912260745     		NONE PUBLIC CHARITY GENERAL OPERATING 5,000
    WELLSPRINGS OF FLORIDA
    700 EAST WELCH ROAD
    APOPKA,FL327122921     		NONE PUBLIC CHARITY GENERAL OPERATING 50,000
    WIDE HORIZON INC
    8900 WEST 38TH AVENUE
    WHEAT RIDGE,CO80033     		NONE PUBLIC CHARITY BUILDING/RENOVATION 100,000
    WORLDWIDE IMPACT NOW (WIN)
    831 BURGUNDY LANE
    BALLWIN,MO63011     		NONE PUBLIC CHARITY GENERAL OPERATING 3,000
    Total .................................bullet 3a 2,538,100
    bApproved for future payment
    Total ..................................bullet 3b 0
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 11
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See page 28 of
    the instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3Interest on savings and temporary cash investments     14 675  
    4 Dividends and interest from securities....     14 1,246,464  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....     16 4,375  
    6Net rental income or (loss) from personal property          
    7 Other investment income.....          
    8Gain or (loss) from sales of assets other than inventory     18 2,660,745  
    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).. 0 3,912,259 0
    13Total. Add line 12, columns (b), (d), and (e)...................
    133,912,259
    (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 (2010)
    Form 990-PF (2010)
    Page 12
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section
    Yes
    No
    501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash....................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements............................
    1b(4)
     
    No
    (5) Loans or loan guarantees..............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is “Yes,” complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If “Yes,” complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    SignHere
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer or fiduciary) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    Signature of officer or trustee Date Title
    PaidPreparersUseOnly Preparer's SignatureBullet Date PTIN
    Firm's namebullet



    Firm's addressbullet







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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2010 AccountingFeesSchedule
    Name:
    THE ISABEL FOUNDATION
    EIN: 38-2853004
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    AUDIT FEES 2,650 0   2,650
    MFO MANAGEMENT FEE 117,500 114,500   3,000

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

    TY 2010 DepreciationSchedule
    Name:
    THE ISABEL FOUNDATION
    EIN: 38-2853004
    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
    BUILDING 1995-10-23 101,010 37,365 SL 39.000000000000 2,541 2,541    

    TY 2010 InvestmentsCorpBondsSchedule
    Name:
    THE ISABEL FOUNDATION
    EIN: 38-2853004
    Name of Bond End of Year Book Value End of Year Fair Market Value
    VANGUARD ADMIRAL HIGH YIELD CORPORATE FD, 416707.559 SHS 2,191,299 2,404,403
    VANGUARD ADM INTERM INVEST GRADE BOND FD, 324352.789 SHS 3,024,015 3,220,823
    VANGUARD ADMIRAL SHORT-TERM INVESTMENT GR, 580381.31 SHS 6,108,912 6,239,099

    TY 2010 InvestmentsCorpStockSchedule
    Name:
    THE ISABEL FOUNDATION
    EIN: 38-2853004
    Name of Stock End of Year Book Value End of Year Fair Market Value
    AT&T INC., 12400 SHS 339,268 389,484
    AIR PRODUCTS AND CHEMICALS, INC., 3200 SHS 166,951 305,856
    AMERICAN EXPRESS COMPANY, 5300 SHS 202,950 274,010
    AMERIPRISE FINANCIAL, INC., 6200 SHS 290,999 357,616
    ANADARKO PETROLEUM CORPORATION, 2800 SHS 116,318 214,928
    APACHE CORPORATION, 1900 SHS 0 0
    APACHE CORP PFD 6% CONV SER D, 3500 SHS 206,036 230,720
    BB&T CORPORATION, 8900 SHS 289,846 238,876
    BP P.L.C., 4100 SHS 0 0
    BANK OF NEW YORK MELLON CORPORATION, 12600 SHS 370,269 322,812
    BARRICK GOLD CORPORATION, 6200 SHS 306,136 280,798
    BED BATH & BEYOND INC., 2900 SHS 98,915 169,273
    BEST BUY CO., INC., 4700 SHS 207,324 147,627
    CAL-MAINE FOODS, INC., 7900 SHS 213,392 252,484
    CISCO SYSTEMS, INC., 13800 SHS 298,358 215,418
    COACH, INC., 2700 SHS 81,738 172,611
    COCA-COLA COMPANY (THE), 6800 SHS 352,533 457,572
    CONOCOPHILLIPS, 4300 SHS 234,576 323,317
    DOW CHEMICAL COMPANY (THE), 5800 SHS 146,798 208,800
    E.I. DU PONT DE NEMOURS AND COMPANY, 5900 SHS 230,856 318,895
    EMC CORPORATION, 9300 SHS 121,779 256,215
    EBAY INC., 7100 SHS 211,013 229,117
    FEDEX CORPORATION, 2800 SHS 205,931 265,580
    FRANKLIN RESOURCES, INC., 2400 SHS 68,014 315,096
    FREEPORT-MCMORAN COPPER & GOLD INC., 2400 SHS 28,869 126,960
    GENERAL ELECTRIC COMPANY, 13400 SHS 341,846 252,724
    GENERAL MILLS, INC., 6400 SHS 148,609 238,208
    HAIN CELESTIAL GROUP, INC (THE), 16400 SHS 0 0
    HOME DEPOT, INC. (THE), 13800 SHS 331,166 499,836
    ILLINOIS TOOL WORKS INC., 4500 SHS 147,769 254,205
    INTEL CORPORATION, 18000 SHS 411,438 398,880
    JPMORGAN CHASE & CO., 6800 SHS 0 0
    JUNIPER NETWORKS, INC., 6200 SHS 0 0
    KIMBERLY-CLARK CORPORATION, 4700 SHS 199,761 312,832
    MARSH & MCLENNAN COMPANIES, INC., 13100 SHS 392,283 408,589
    MASCO CORPORATION, 13000 SHS 292,289 156,390
    MCDONALD'S CORPORATION, 3000 SHS 227,433 252,960
    MICROSOFT CORPORATION, 15400 SHS 398,355 400,400
    MONSANTO COMPANY, 4500 SHS 338,618 326,430
    MOSAIC COMPANY, 4600 SHS 168,215 311,558
    NEWFIELD EXPLORATION COMPANY, 2000 SHS 78,482 136,040
    PEABODY ENERGY CORPORATION, 5200 SHS 201,734 306,332
    PENTAIR, INC., 7600 SHS 0 0
    PEPSICO, INC., 6000 SHS 353,061 422,580
    PETROHAWK ENERGY CORPORATION, 11000 SHS 213,759 271,370
    PROCTER & GAMBLE COMPANY, THE, 6100 SHS 306,804 387,777
    QUALCOMM INCORPORATED, 5800 SHS 207,632 329,382
    REGAL ENTERTAINMENT GROUP, 15200 SHS 240,033 187,720
    REGIONS FINANCIAL CORPORATION, 9200 SHS 0 0
    RYLAND GROUP, INC. (THE), 8600 SHS 250,446 142,158
    SCHLUMBERGER LIMITED, 2700 SHS 82,379 233,280
    SPRINT NEXTEL CORPORATION, 24700 SHS 379,137 133,133
    SUNCOR ENERGY INC., 5200 SHS 165,497 203,320
    SYMANTEC CORPORATION, 21500 SHS 371,580 423,980
    TARGET CORPORATION, 6100 SHS 233,886 286,151
    UNILEVER N.V., 10300 SHS 197,993 338,355
    UNITED PARCEL SERVICE, INC., 3900 SHS 277,082 284,427
    UNITED TECHNOLOGIES CORPORATION, 4600 SHS 359,767 407,146
    VERIZON COMMUNICATIONS INC., 10400 SHS 352,231 387,192
    WASTE MANAGEMENT INC., 9100 SHS 312,354 339,157
    WESTERN UNION CO. (THE), 14800 SHS 304,507 296,444
    WEATHERFORD INTERNATIONAL LTD., 11800 SHS 185,597 221,250
    TRANSOCEAN LTD., 2000 SHS 160,694 129,120
    TYCO INTERNATIONAL LTD., 4500 SHS 148,458 222,435
    HANSBERGER INSTL. EMERGING MARKETS FUND, 151273.387 SHS 2,692,708 1,916,634
    TEMPLETON INSTL. EMERGING MARKETS FUND, 110989.582 SHS 974,427 1,870,174
    TEMPLETON INSTL. FOREIGN EQUITY FUND, 245944.838 SHS 5,985,105 5,231,247
    VANGUARD ADM EMERGING MKTS INDEX FD, 49037.158 SHS 1,449,835 1,971,784
    MFO - NORTHPOINTE FUND B, 3598844.4083141 SHS 3,219,549 4,693,885
    MFO - WESTFIELD FUND B, 156316.9798082 SHS 2,005,261 3,611,022
    MFO - TOWLE FUND, 839346.1011488 SHS 2,600,696 3,188,772
    VANGUARD ADMIRAL REIT INDEX FUND, 5509.615 SHS 324,422 469,254

    TY 2010 InvestmentsLandSchedule2
    Name:
    THE ISABEL FOUNDATION
    EIN: 38-2853004
    Category/ Item Cost/Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    BUILDING 101,010 39,906 61,104 0

    TY 2010 InvestmentsOtherSchedule2
    Name:
    THE ISABEL FOUNDATION
    EIN: 38-2853004
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    FINE ART AT COST 1,241,129 1,901,500
    AMERICAN CAPITAL STRATEGIES, LTD, 8000 SHS FMV 0 0
    VANGUARD ARBITRAGE FUND, 31654.012 SHS FMV 409,179 413,718
    ARES CAPITAL CORPORATION, 10800 SHS FMV 721,937 173,556
    DRAPER FISHER JURVETSON GROWTH FUND LP, 1402637.65 SHS FMV 1,246,271 1,413,016
    CROSSLINK VI VENTURE FUND, 250000 SHS FMV 245,929 243,238
    ARCHIPELAGO HLDGS LTD-OFFSHORE, 60972.821 SHS FMV 1,200,000 1,307,410
    OTTER CREEK INTL SERIES 1-09, 508.515 SHS FMV 956,000 1,187,470
    OZ OVERSEAS FUND II E-PRIME/36, 1000 SHS FMV 1,000,000 1,212,290
    WEXFORD OFFSHORE SPECTRUM C-000E17, 1000 SHS FMV 0 0
    INTEGRAL CAPITAL PARTNERS VI, 3000000 SHS FMV 361,796 225,731
    WEXFORD OFFSHORE SPECTRUM C-0000-E, 191.5669 SHS FMV 1,000,000 1,215,792
    TACONIC OFFSHORE 1.5 LTD CL A-NR SER 1, 506.227 SHS FMV 1,000,000 1,016,553

    TY 2010 OtherExpensesSchedule
    Name:
    THE ISABEL FOUNDATION
    EIN: 38-2853004
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    STATE FILING FEE 20 0   20
    COUNCIL OF MI FOUNDATIONS 500 0   500
    PAYROLL PROCESSING 1,381 0   1,381
    MEALS 470 0   470
    DRAPER FISHER JURVETSON GROWTH FUND - SCHEDULE K-1 935 935   0
    DRAPER FISHER JURVETSON GROWTH FUND - SCHEDULE K-1 36,832 36,830   2
    FROM MFO WESTFIELD FUND B JOINT VENTURE STMT 16,344 16,344   0
    SANDS TECHNOLOGY PARTNERS - SCHEDULE K-1 2,043 2,043   0
    FROM MFO TOWLE FUND JOINT VENTURE STMT 20,972 20,972   0
    INTEGRAL CAPITAL PARTNERS VI - SCHEDULE K-1 451 451   0
    FROM MFO NORTHPOINTE FUND B JOINT VENTURE STMT 25,507 25,507   0
    CROSSLINK VENTURES VI, L.P. - SCHEDULE K-1 4,090 4,090   0
    COMMUNICATIONS 630 0   630
    WEBSITE & DOMAIN NAME 125 0   125


    TY 2010 OtherLiabilitiesSchedule
    Name:
    THE ISABEL FOUNDATION
    EIN: 38-2853004
    Description Beginning of Year - Book Value End of Year - Book Value
    CAPITAL COMMITMENT - DFJ GROWTH 606,000 324,142
    CAPITAL COMMITMENT - CROSSLINK VI VENTURE FUND 242,500 203,550


    TY 2010 OtherProfessionalFeesSchedule
    Name:
    THE ISABEL FOUNDATION
    EIN: 38-2853004
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    NANTUCKET CAPITAL MGMT 29,815 29,815   0


    TY 2010 TaxesSchedule
    Name:
    THE ISABEL FOUNDATION
    EIN: 38-2853004
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES WITHHELD 27,678 27,678   0
    FEDERAL EXCISE TAXES 86,000 0   0
    PAYROLL TAXES 5,132 0   5,132
    FROM MFO WESTFIELD FUND B JOINT VENTURE STMT 56 56   0