TY 2011 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Nonexempt Charitable Trust
Treated as a Private Foundation

Note. The foundation may be able to use a copy of this return to satisfy state reporting requirements.

OMB No. 1545-0052

2011

For calendar year 2011, or tax year beginning 01-01-2011 , and ending 12-31-2011

Check all that apply:Initial returnInitial return of a former public charityFinal return

Amended returnAddress changeName change

Name of foundation
GALEN COLE FAMILY FOUNDATION

Number and street (or P.O. box number if mail is not delivered to street address)359 PERRY ROAD Room/suite

City or town, state, and ZIP code
BANGOR, ME044016723

A Employer identification number

23-7425774

B Telephone number (see page 10 of the instructions)

(207) 262-9910

C If exemption application is pending, check here bullet

D 1. Foreign organizations, check here . bullet

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trustOther taxable private foundation 2. Foreign organizations meeting the 85% test,
check here and attach computation bullet

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) bullet

$25,107,613J Accounting method: Cash Accrual
Other (specify)MODIFIED CASH
(Part I, column (d) must be on cash basis.)

E If private foundation status was terminated
under section 507(b)(1)(A), check here bullet

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here bullet

	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)


1	Contributions, gifts, grants, etc., received (attach schedule)		3,264
2	Check
3	Interest on savings and temporary cash investments		10		10	10
4	Dividends and interest from securities......		334,121		334,121	334,121
5a	Gross rents..............		14,508		14,508	14,508
b	Net rental income or (loss) 14,508
6a	Net gain or (loss) from sale of assets not on line 10			-34,653
b	Gross sales price for all assets on line 6a 7,597,708
7	Capital gain net income (from Part IV, line 2)...				51,002
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances	9,451
b	Less: Cost of goods sold....	9,769
c	Gross profit or (loss) (attach schedule).....			-318		-318
11	Other income (attach schedule).......			69,958		69,958
12	Total. Add lines 1 through 11........		386,890		399,641	418,279
13	Compensation of officers, directors, trustees, etc.		26,000				26,000
14	Other employee salaries and wages......		147,412				147,412
15	Pension plans, employee benefits.......		56,855				56,855
16a	Legal fees (attach schedule).........			7,358			7,358
b	Accounting fees (attach schedule).......			15,331	1,600		13,731
c	Other professional fees (attach schedule)....			21,884			21,884
17	Interest...............
18	Taxes (attach schedule) (see page 14 of the instructions)			15,158
19	Depreciation (attach schedule) and depletion...			71,239
20	Occupancy..............		41,670				41,670
21	Travel, conferences, and meetings.......		7,020				7,020
22	Printing and publications..........		3,019				3,019
23	Other expenses (attach schedule).......			522,057	51,594	69,640	427,254
24	Total operating and administrative expenses.
	Add lines 13 through 23..........		935,003		53,194	69,640	752,203
25	Contributions, gifts, grants paid........		0				0
26	Total expenses and disbursements. Add lines 24 and 25		935,003		53,194	69,640	752,203
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements		-548,113
b	Net investment income (if negative, enter -0-)				346,447
c	Adjusted net income (if negative, enter -0-)...					348,639

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	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing...............	48,813	129,372	129,372
	2	Savings and temporary cash investments..........		2,173,629	2,173,629
	3	Accounts receivable
		Less: allowance for doubtful accounts	350
	4	Pledges receivable
		Less: allowance for doubtful accounts
	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)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use...............	68,660	63,121	63,121
	9	Prepaid expenses and deferred charges...........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule)........	22,182,545	19,595,908	19,551,774
	c	Investments—corporate bonds (attach schedule)........
	11	Investments—land, buildings, and equipment: basis 228,979
		Less: accumulated depreciation (attach schedule)	228,979	228,979	384,677
	12	Investments—mortgage loans..............
	13	Investments—other (attach schedule)...........	60,226
	14	Land, buildings, and equipment: basis 1,866,162
		Less: accumulated depreciation (attach schedule) 763,608	1,259,448	1,102,554	1,387,258
	15	Other assets (describe )	1,417,782	1,417,782	1,417,782
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	25,266,803	24,711,345	25,107,613
	17	Accounts payable and accrued expenses..........	15,501	8,156
	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 )
	23	Total liabilities (add lines 17 through 22)..........	15,501	8,156
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted....................	25,251,302	24,703,189
	25	Temporarily restricted................
	26	Permanently restricted................
		Foundations that do not follow SFAS 117, check here
		and complete lines 27 through 31.
	27	Capital stock, trust principal, or current funds.........
	28	Paid-in or capital surplus, or land, bldg., and equipment fund
	29	Retained earnings, accumulated income, endowment, or other funds
	30	Total net assets or fund balances (see page 17 of the
		instructions)....................	25,251,302	24,703,189
	31	Total liabilities and net assets/fund balances (see page 17 of
		the instructions)..................	25,266,803	24,711,345

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	25,251,302
2	Enter amount from Part I, line 27a.....................	2	-548,113
3	Other increases not included in line 2 (itemize)	3
4	Add lines 1, 2, and 3..........................	4	24,703,189
5	Decreases not included in line 2 (itemize)	5
6	Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.	6	24,703,189

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	CAUSEWAY FUNDS	P	2000-01-01	2011-03-24
b	VANGUARD-MID-CAP INDEX	P	2000-01-01	2011-03-28
c	CAUSEWAY FUNDS	P	2000-01-01	2011-09-29
d	VANGUARD-MID CAP INDEX	P	2000-01-01	2011-09-27
e	MASTERS INT'L FUND	P	2000-01-01	2011-03-24
	VANGUARD-LONG-TERM TREASURY ADM	P	2011-01-01	2011-03-14
	MASTERS INT'L FUND	P	2000-01-01	2011-09-29
	VANGUARD-LONG-TERM TREASURY ADM	P	2000-01-01	2011-03-14
	LM BFM EMERGING MARKETS TRUST	P	2000-01-01	2011-03-22
	VANGUARD-TOTAL BOND MKT	P	2000-01-01	2011-10-27
	LM BFM EMERGING MARKETS TRUST	P	2000-01-01	2011-09-28
	VANGUARD-TOTAL BOND MKT	P	2000-01-01	2011-12-01
	VANGUARD-INFLATION PROTECT SEC	P	2000-01-01	2011-12-16
	PA STABLE VALUE FUND	P	2000-01-01	2011-12-31
	VANGUARD-INSTITUTIONAL INDEX FUND	P	2000-01-01	2011-01-24
	BARCLAY WEALTH-STRATEGIC COMMODITIES	P	2000-01-01	2011-12-31
	VANGUARD-INSTITUTIONAL INDEX FUND	P	2000-01-01	2011-03-25
	ALEX BROWN-PICIS SOLUTIONS, INC.	P	2000-01-01	2011-06-01
	VANGUARD-INSTITUTIONAL INDEX FUND	P	2000-01-01	2011-03-28
	VANGUARD-INSTITUTIONAL INDEX FUND	P	2000-01-01	2011-05-03
	VANGUARD-INSTITUTIONAL INDEX FUND	P	2000-01-01	2011-07-28
	VANGUARD-INSTITUTIONAL INDEX FUND	P	2000-01-01	2011-09-27
	VANGUARD-INSTITUTIONAL INDEX FUND	P	2000-01-01	2011-09-27
	VANGUARD-INSTITUTIONAL INDEX FUND	P	2000-01-01	2011-12-01

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	200,000	174,823	25,177
b	250,000	211,543	38,457
c	500,000	532,473	-32,473
d	325,000	315,961	9,039
e	300,000	257,375	42,625
	1,745	1,978	-233
	475,000	512,946	-37,946
	776,194	879,337	-103,143
	200,000	223,644	-23,644
	100,000	97,208	2,792
	100,000	141,395	-41,395
	50,000	48,382	1,618
	100,000	76,683	23,317
	2,173,629	2,000,000	173,629
	75,000	74,583	417
	400,000	337,470	62,530
	75,000	73,025	1,975
	39,050	60,226	-21,176
	250,000	244,105	5,895
	75,000	70,938	4,062
	75,000	73,969	1,031
	775,000	842,571	-67,571
	225,000	244,617	-19,617
	50,000	51,454	-1,454

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			25,177
b			38,457
c			-32,473
d			9,039
e			42,625
			-233
			-37,946
			-103,143
			-23,644
			2,792
			-41,395
			1,618
			23,317
			173,629
			417
			62,530
			1,975
			-21,176
			5,895
			4,062
			1,031
			-67,571
			-19,617
			-1,454

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	51,002
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 . . . . . . . . . . . . .		3	-233

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? Yes No

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	739,869	21,478,399	0.034447
2009	707,338	18,917,432	0.037391
2008	807,399	23,353,669	0.034573
2007	954,420	26,978,398	0.035377
2006	844,719	24,575,483	0.034372

2	Total of line 1, column (d) ......................	2	0.176160
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	0.035232
4	Enter the net value of noncharitable-use assets for 2011 from Part X, line 5.....	4	23,236,967
5	Multiply line 4 by line 3.......................	5	818,685
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6	3,464
7	Add lines 5 and 6.........................	7	822,149
8	Enter qualifying distributions from Part XII, line 4..............	8	752,203
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)

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	Exempt operating foundations described in section 4940(d)(2), check hereand enter “N/A” on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Domestic foundations that meet the section 4940(e) requirements in Part V, check	1	6,929
	hereand enter 1% of Part I, line 27b...................
c	All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2
3	Add lines 1 and 2............................	3	6,929
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-).	4
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	6,929
6	Credits/Payments:

a	2011 estimated tax payments and 2010 overpayment credited to 2011	6a	7,782
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	7,782
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.		8
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	853
11	Enter the amount of line 10 to be: Credited to 2012 estimated tax853	Refunded	11

Part VII-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of

the instructions for definition)?............................

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.

Did the foundation file Form 1120-POL for this year?.....................

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

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers. bullet

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If “Yes,” attach a detailed description of the activities.

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....

Did the foundation have unrelated business gross income of $1,000 or more during the year?........

If “Yes,” has it filed a tax return on Form 990-T for this year?...................

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If “Yes,” attach the statement required by General Instruction T.

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?................

Yes

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.

Yes

Enter the states to which the foundation reports or with which it is registered (see page 19 of the

instructions) bullet

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 .

Yes

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..........................

Yes

Did any persons become substantial contributors during the tax year? If “Yes,” attach a schedule listing their names and addresses.

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) .......

Did the foundation acquire a direct or indirect interest in any applicable insurance contract before August 17, 2008?

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address bullet

WWW.COLEMUSEUM.ORG

The books are in care of bullet

MORGAN KNOX Telephone no. bullet

(207) 262-9910

Located at bullet

359 PERRY ROADBANGORME ZIP+4 bullet

04401

Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —Check here......... bullet

and enter the amount of tax-exempt interest received or accrued during the year ...... bullet

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? .................

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)

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

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? YesNo

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person?.........................YesNo

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? YesNo

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? YesNo

(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)?.................YesNo

(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.).........YesNo

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)?...

Organizations relying on a current notice regarding disaster assistance check here......... bullet

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?.............

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)):

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?...............YesNo

If “Yes,” list the years bullet

20, 20, 20, 20

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.) .........

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business

enterprise at any time during the year?.....................YesNo

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.)....................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

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?

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))? YesNo

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive?...............YesNo

(3) Provide a grant to an individual for travel, study, or other similar purposes? YesNo

(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)...YesNo

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals?........YesNo

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)?

Organizations relying on a current notice regarding disaster assistance check here......... bullet

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?............YesNo

If “Yes,” attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay

premiums on a personal benefit contract?....................YesNo

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....

If “Yes” to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction? YesNo

If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....

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
GARRET E COLE	CHAIRMAN 30.00	26,000	0	0
39 WOODBURY STREET BANGOR,ME04401	CHAIRMAN 30.00	26,000	0	0
SUZANNE E COLE	VICE PRESIDE 0.00	0	0	0
71 NORWAY ROAD BANGOR,ME04401	VICE PRESIDE 0.00	0	0	0
LANCE MACMASTER	TREAS/SECRET 0.00	0	0	0
178 PIONEER FARM WAY ELLSWORTH,ME04605	TREAS/SECRET 0.00	0	0	0
GALEN L COLE	FOUNDER & TR 30.00	0	0	0
71 NORWAY ROAD BANGOR,ME04401	FOUNDER & TR 30.00	0	0	0
CARROLL LEE	TRUSTEE 0.00	0	0	0
25 LOCKSEY LANE BREWER,ME04412	TRUSTEE 0.00	0	0	0
RALPH LEONARD	TRUSTEE 0.00	0	0	0
PO BOX 261 STILLWATER,ME04489	TRUSTEE 0.00	0	0	0
DONALD FOSTER	TRUSTEE 0.00	0	0	0
87 VALLEY VIEW ROAD HOLDEN,ME04429	TRUSTEE 0.00	0	0	0

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...................

3 Five highest-paid independent contractors for professional services (see page 23 of the instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
NONE

Total number of others receiving over $50,000 for professional services............. bullet

Part IX-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.		Expenses
1	TRANSPORTATION MUSEUM: TO COLLECT, CONSTRUCT, RESTORE, DISPLAY AND MAINTAIN ANTIQUE EQUIPMENT AND FACILITIES THEMATIC TO EARLY MAINE LIFE, TRANSPORTATION AND INDUSTRY.	549,472
2	TO DEVELOP AND PRESENT PROGRAMS TO ASSIST SCHOOL CHILDREN IN ACQUIRING KNOWLEDGE IN AREAS NOT OFFERED IN THE REGULAR SCHOOL CURRICULUM AND OTHER ACTIVITIES AS DETERMINED BY THE BOARD OF DIRECTORS.	215,405
3	VETERANS PROGRAMS: THESE PROGRAMS ARE DESIGNED TO HONOR VETERANS BY DISPLAYS AT THE MUSEUM AND OTHER LOCATIONS AND TO ORGANIZE AND SUPPORT VARIOUS EVENTS FOR VETERANS IN THE COMMUNITY.	23,285
4	TO OFFER ORTHODONTIC CARE TO NEEDY CHILDREN. A COMMITTEE OF THE FOUNDATION REVIEWS AND EVALUATES APPLICATIONS FOR ORTHODONTIC CARE AND ARRANGES AND PAYS FOR THAT CARE THROUGH ORTHODONTISTS RECOMMENDED BY THE MDA.	6,850

Form 990-PF (2011)

Page 7

Part IX-B

Summary of Program-Related Investments (see page 23 of the instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.		Amount
1	N/A
2


All other program-related investments. See page 24 of the instructions.
3

Total. Add lines 1 through 3.......................... bullet

Part X

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
see page 24 of the instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

23,070,609

Average of monthly cash balances.......................

135,543

Fair market value of all other assets (see page 24 of the instructions)............

384,677

Total (add lines 1a, b, and c).........................

23,590,829

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

23,590,829

Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25

of the instructions) ...........................

353,862

Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4

23,236,967

Minimum investment return. Enter 5% of line 5..................

1,161,848

Part XI

Distributable Amount (see page 25 of the instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here bullet

and do not complete this part.)

Minimum investment return from Part X, line 6....................

Tax on investment income for 2011 from Part VI, line 5......

Income tax for 2011. (This does not include the tax from Part VI.)...

Add lines 2a and 2b............................

Distributable amount before adjustments. Subtract line 2c from line 1............

Recoveries of amounts treated as qualifying distributions................

Add lines 3 and 4............................

Deduction from distributable amount (see page 25 of the instructions)...........

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,

line 1................................

Part XII

Qualifying Distributions (see page 25 of the instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

752,203

Program-related investments—total from Part IX-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4

752,203

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)............

Adjusted qualifying distributions. Subtract line 5 from line 4..............

752,203

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)

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
2 Undistributed income, if any, as of the end of 2011:
a Enter amount for 2010 only.......
b Total for prior years:20, 20, 20
3 Excess distributions carryover, if any, to 2011:
a From 2006.......
b From 2007.......
c From 2008.......
d From 2009.......
e From 2010.......
fTotal of lines 3a through e.........
4Qualifying distributions for 2011 from Part
XII, line 4: $
a Applied to 2010, but not more than line 2a
b Applied to undistributed income of prior years (Election required—see page 26 of the instructions)
c Treated as distributions out of corpus (Election required—see page 26 of the instructions)...
d Applied to 2011 distributable amount.....
e Remaining amount distributed out of corpus
5 Excess distributions carryover applied to 2011.
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5
b Prior years’ undistributed income. Subtract line 4b from line 2b ...........
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......
d Subtract line 6c from line 6b. Taxable amount—see page 27 of the instructions ...
e Undistributed income for 2010. Subtract line 4a from line 2a. Taxable amount—see page 27 of the instructions ...........
f Undistributed income for 2011. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2011 ..........
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (see page 27 of the instructions) ...........
8Excess distributions carryover from 2006 not applied on line 5 or line 7 (see page 27 of the instructions) .............
9Excess distributions carryover to 2012. Subtract lines 7 and 8 from line 6a ......
10 Analysis of line 9:
a Excess from 2007....
b Excess from 2008....
c Excess from 2009....
d Excess from 2010....
e Excess from 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 section4942(j)(3) or4942(j)(5)

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	(e) Total
	348,639	386,388	442,020	469,365	1,646,412
b 85% of line 2a .........	296,343	328,430	375,717	398,960	1,399,450
c Qualifying distributions from Part XII, line 4 for each year listed .....	752,203	744,478	711,354	807,399	3,015,434
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 ....	752,203	744,478	711,354	807,399	3,015,434
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...	774,565	715,947	630,581	778,455	2,899,548
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).)

GALEN L COLE

GARRET E COLE

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

if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. (see page 28 of the instructions) to individuals or organizations
under other conditions, complete items 2a, b, c, and d.

aThe name, address, and telephone number of the person to whom applications should be addressed:

GARY COLE
359 PERRY ROAD
BANGOR,ME04401
(207) 262-9910

bThe form in which applications should be submitted and information and materials they should include:

NO SPECIFIC FORM

cAny submission deadlines:

NONE

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

NONE

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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year

Total ................................. 3a

bApproved for future payment

Total ................................. 3b

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
aTICKET SALES					43,527
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments....
3Interest on savings and temporary cash investments			14	10
4 Dividends and interest from securities....			14	334,121
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....			16	14,508
6Net rental income or (loss) from personal property
7 Other investment income.....
8Gain or (loss) from sales of assets other than inventory			18	51,002	-85,655
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..					-318
11 Other revenue: aREFUND OF FEDERAL EXCISE TAXE			1	26,431
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				426,072	-42,446

13Total. Add line 12, columns (b), (d), and (e)..................

13383,626

(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.	Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to the accomplishment of the organization’s exempt purposes (other than by providing funds for such purposes). (See page 28 of the instructions.)
1A	TO RECOVER PART OF THE COST OF SERVING THE GENERAL PUBLIC
8	DISPOSAL OF ASSETS THAT HAVE BEEN SCRAPPED DURING THE YEAR
10	SALE OF GIFT AND SOUVENIER ITEMS AT A MARGIN OVER COST IN

Form 990-PF (2011)

Page 12

Part XVII

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

Did the organization directly or indirectly engage in any of the following with any other organization described in section

Yes

501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

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

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?...........YesNo

If “Yes,” complete the following schedule.

(a) Name of organization	(b) Type of organization	(c) Description of relationship

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.

	Signature of officer or trustee	Date	Title

Preparer's Signature	Date	Check if self- employed	PTIN
Firm's name Firm's address		Firm's EIN
		Phone no.

Form 990-PF (2011)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2011 AccountingFeesSchedule

Name:

GALEN COLE FAMILY FOUNDATION

EIN: 23-7425774

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
BEATHAM, BERNIER, SEEKINS & COLP	8,206	1,600		6,606
CPA SOLUTIONS, LLC	7,125			7,125

- TIN:

TY 2011 CompensationExplanation

Name:

GALEN COLE FAMILY FOUNDATION

EIN: 23-7425774

Person Name	Explanation
GARRET E COLE
SUZANNE E COLE
LANCE MACMASTER
GALEN L COLE
CARROLL LEE
RALPH LEONARD
DONALD FOSTER

- TIN:

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

TY 2011 DepreciationSchedule

Name:

GALEN COLE FAMILY FOUNDATION

EIN: 23-7425774

Description of Property	Date Acquired	Cost or Other Basis	Prior Years' Depreciation	Computation Method	Rate / Life (# of years)	Current Year's Depreciation Expense
FULLY DEPRECIATED	1999-07-01	8,941	8,941	S/L	5.0000
RCA TV	2000-05-23	1,799	1,799	S/L	5.0000
ACE PENTIUM COMPUTER	2000-11-07	1,401	1,401	S/L	5.0000
DIGITAL CAMERA	2001-06-12	3,282	3,282	S/L	5.0000
COMPUTER KIOSK	2001-10-01	3,000	3,000	S/L	5.0000
PANASONIC COPIER	2002-06-24	1,745	1,745	200DB	7.0000
COMPUTER KIOSK	2002-11-01	4,500	4,500	200DB	7.0000
COMPUTER KIOSK	2003-05-26	2,700	2,700	S/L	7.0000
FULLY DEPRECIATED	1998-03-01	13,141	13,141	S/L	7.0000
TORO PROLINE 120	1994-08-01	4,888	4,888	S/L	7.0000
MUSIC PA SYSTEM	1998-06-19	6,043	6,043	S/L	7.0000
SCOOTER LIFT	2000-10-04	1,850	1,850	S/L	5.0000
LAWN AERATOR	2002-08-20	1,725	1,725	200DB	7.0000
CLOSED CIRCUIT TV	2003-08-18	4,391	4,391	S/L	5.0000
997 MID ZTRAK LAWN TRACTOR	2005-11-15	11,721	11,721	S/L	5.0000
OFFICE EQUIPMENT	2007-11-01	2,583	1,675	200DB	7.0000	260
WINDOW CURTAIN	2008-03-07	1,840	1,136	200DB	7.0000	201
DEHUMIDIFIERS	2008-10-16	2,675	1,359	200DB	7.0000	376
PERRY ROAD LAND	1991-01-01	137,000
PERRY ROAD LAND	1993-01-01	61,133
MUSEUM LAND	1993-01-01	84,936
MUSEUM FLOOR	1994-01-01	14,958	14,958	S/L	10.0000
569 PERRY OUTSIDE	2007-11-01	82,556	23,129	150DB	15.0000	5,942
FULLY DEPRECIATED	1983-01-01	17,371	17,371	S/L	10.0000
PAVING	1995-06-01	965	965	S/L	10.0000
IRRIGATION SYSTEM	2003-07-25	9,500	4,696	S/L	15.0000	633
MUSEUM BUILDING	1993-01-01	730,770	482,747	S/L	31.5000	23,199
HOULTON MUSEUM	1999-07-01	101,355	30,843	S/L	39.0000	2,599
STORAGE GARAGE	1999-07-01	21,391	6,505	S/L	39.0000	548
BUILDING 359 PERRY	2000-11-05	315,300	73,769	S/L	39.0000	8,085
359 PERRY INSIDE	2007-11-01	81,752	6,550	S/L	39.0000	2,097
SECURITY SYSTEM	2008-01-07	5,905	448	S/L	39.0000	151
NEW DUCT WORK	2008-05-29	2,440	164	S/L	39.0000	63
1996 FORD PU	1998-06-19	10,449	10,449	200DB	5.0000
JOHN DEERE TRACTOR	1998-06-22	17,000	17,000	200DB	5.0000
2005 GMC CANYON	2005-07-07	12,995	12,995	S/L	5.0000
2002 BUICK CENTURY	2006-07-31	5,300	4,963	200DB	5.0000	337
LAND 359 PERRY ROAD	2001-11-05	51,700
SOUND SYSTEM	2009-03-25	16,120	4,030	S/L	7.0000	2,303
CARPETING - GS SECTION	2009-11-30	5,706	883	S/L	7.0000	815
PERRY ROAD LAND	2009-08-19	92,501
WINDOWS 359 PERRY RD	2010-10-26	601	3	S/L	39.0000	16
TELEPHONE & COMPUTER SYSTEM	2010-12-28	43,504	1,554	200DB	7.0000	11,986
HVAC SYSTEM	2010-12-31	12,350		S/L	39.0000	317
SECURITY SYSTEM MONITORS	2010-12-13	1,194	60	200DB	5.0000	453
TREENO SOFTWARE PROGRAM	2010-12-22	18,654	518		3.0000	5,700
COPIER/FAX/SCANNER	2010-12-22	9,450	473	200DB	5.0000	3,591
2 COMPUTERS	2010-12-28	1,990	100	200DB	5.0000	756
SOFTWARE PROGRAMS	2010-12-28	1,415	39		3.0000	472
HARD DRIVE	2010-12-28	699	35	200DB	5.0000	266
IMPROVEMENTS	2010-04-17	2,859	52	S/L	39.0000	73

- TIN:

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

TY 2011 GainLossSaleOtherAssetsSch

Name:

GALEN COLE FAMILY FOUNDATION

EIN: 23-7425774

Name	Date Acquired	How Acquired	Date Sold	Basis	Total (net)	Accumulated Depreciation
FULLY DEPRECIATED	1999-07	PURCHASE	2011-12	8,941		8,941
RCA TV	2000-05	PURCHASE	2011-12	1,799		1,799
ACE PENTIUM COMPUTER	2000-11	PURCHASE	2011-12	1,401		1,401
DIGITAL CAMERA	2001-06	PURCHASE	2011-12	3,282		3,282
COMPUTER KIOSK	2001-10	PURCHASE	2011-12	3,000		3,000
PANASONIC COPIER	2002-06	PURCHASE	2011-12	1,745		1,745
COMPUTER KIOSK	2002-11	PURCHASE	2011-12	4,500		4,500
COMPUTER KIOSK	2003-05	PURCHASE	2011-12	2,700		2,700
FULLY DEPRECIATED	1998-03	PURCHASE	2011-12	13,141		13,141
MUSIC PA SYSTEM	1998-06	PURCHASE	2011-12	6,043		6,043
LAWN AERATOR	2002-08	PURCHASE	2011-12	1,725		1,725
CLOSED CIRCUIT TV	2003-08	PURCHASE	2011-12	4,391		4,391
HOULTON MUSEUM	1999-07	PURCHASE	2011-12	101,355	-67,913	33,442
SECURITY SYSTEM	2008-01	PURCHASE	2011-12	5,905	-5,306	599
2002 BUICK CENTURY	2006-07	PURCHASE	2011-12	5,300		5,300
TREENO SOFTWARE PROGRAM	2010-12	PURCHASE	2011-12	18,654	-12,436	6,218

- TIN:

TY 2011 InvestmentsCorpStockSchedule

Name:

GALEN COLE FAMILY FOUNDATION

EIN: 23-7425774

Name of Stock	End of Year Book Value	End of Year Fair Market Value
LEGG MASON EMERGING MARKET	1,544,048	1,113,408
MASTERS SELECT	956,302	884,315
VANGUARD INDEX FUND	3,864,640	3,783,812
POINTER OFFSHORE	2,200,000	2,416,156
CAUSEWAY FUND	975,939	917,068
LEHMAN BROTHERS FUND	1,863,425	1,955,365
VANGUARD MID-CAP INDEX FUND	799,050	859,863
VANGUARD INFLATION VAIPX	774,568	991,484
VANGUARD LONG TERM VUSUX
VANGUARD TOTAL BOND MKT INDEX FD	2,423,327	2,515,818
COLCHESTER GLOBAL BOND FD	1,485,436	1,658,182
PA STABLE BOND FD
PA STABLE VALUE FUND	200,000	194,152
CHILTON GLOBAL NATURAL RESOURCE	1,000,000	707,911
CHILTON GLOBAL NATURAL RESOURCE	200,000	140,679
VAN ECK GLOBAL FUND	1,309,173	1,413,561

- TIN:

TY 2011 InvestmentsLandSchedule2

Name:

GALEN COLE FAMILY FOUNDATION

EIN: 23-7425774

Category/ Item	Cost/Other Basis	Accumulated Depreciation	Book Value	End of Year Fair Market Value
LAND-KELLEY ROAD	15,302		15,302	150,000
LAND-ORRINGTON	213,677		213,677	234,677

- TIN:

TY 2011 InvestmentsOtherSchedule2

Name:

GALEN COLE FAMILY FOUNDATION

EIN: 23-7425774

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
ALEX BROWN	AT COST

- TIN:

TY 2011 LandEtcSchedule2

Name:

GALEN COLE FAMILY FOUNDATION

EIN: 23-7425774

Category / Item	Cost / Other Basis	Accumulated Depreciation	Book Value	End of Year Fair Market Value
OFFICE EQUIPMENT	1,438,892	763,608	675,284	52,911
MISCELLANEOUS EQUIPMENT				1,443
BUILDING AND IMPROVEMENTS				905,634
LAND	427,270		427,270	427,270

- TIN:

TY 2011 LegalFeesSchedule

Name:

GALEN COLE FAMILY FOUNDATION

EIN: 23-7425774

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
RUDMAN & WINCHELL, LLC	7,358

- TIN:

TY 2011 OtherAssetsSchedule

Name:

GALEN COLE FAMILY FOUNDATION

EIN: 23-7425774

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
MUSEUM ARTIFACTS	1,417,782	1,417,782	1,417,782

- TIN:

TY 2011 OtherExpensesSchedule

Name:

GALEN COLE FAMILY FOUNDATION

EIN: 23-7425774

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
EXPENSES
INVESTMENT MANAGEMENT FEES	51,594	51,594
ADVERTISING	11,932			11,932
BANK & CREDIT CARD FEES	945			945
DISPLAYS	2,842			2,842
DUES & MEMBERSHIPS	946			946
FOOD & BEVERAGE	3,724			3,724
MAINTENANCE CONTRACTS	7,777			7,777
MISCELLANEOUS	129			129
SUPPLIES	19,845			19,845
POSTAGE	6,258			6,258
VEHICLE EXPENSE	1,739			1,739
VOLUNTEER FUNCTION EXPENSE	9,306			9,306
INSURANCE	14,780			14,780
REPAIRS & MAINTENANCE	96,171			96,171
SIGNS	6,110			6,110
HUMANITARIAN EXPENSE	14,929			14,929
LITERACY VOLUNTEER PROGRAM	17,488			17,488
VETERAN PROGRAMS	23,286			23,286
SCHOLARSHIPS	10,000			10,000
YOUTH PROGRAMS	6,850			6,850
SCHOOL PROJECTS	215,406			215,406
ACTIVITY RELATED EXPENSES			43,209	-43,209
EXCISE TAX REFUND			26,431

- TIN:

TY 2011 OtherIncomeSchedule2

Name:

GALEN COLE FAMILY FOUNDATION

EIN: 23-7425774

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
TICKET SALES	43,527		43,527
REFUND OF FEDERAL EXCISE TAXE	26,431		26,431

- TIN:

TY 2011 OtherProfessionalFeesSchedule

Name:

GALEN COLE FAMILY FOUNDATION

EIN: 23-7425774

Category	Amount	Disbursements for Charitable Purposes
PAYROLL PROCESSING FEES	1,265	1,265
MISC. PROFESSIONAL FEES	1,639	1,639
MANAGEMENT CONSULTING	18,980	18,980

- TIN:

TY 2011 SalesOfInventoryList

Name:

GALEN COLE FAMILY FOUNDATION

EIN: 23-7425774

Category	Gross Sales	Cost of Goods Sold	Net (Gross Sales Minus Cost of Goods Sold)
COUNTER SALES	9,451	9,769	-318

- TIN:

TY 2011 TaxesSchedule

Name:

GALEN COLE FAMILY FOUNDATION

EIN: 23-7425774

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FEDERAL EXCISE TAX	12,500
REAL ESTATE TAX	2,100
SALES TAX	558