Form990-PF

Department of the Treasury
Internal Revenue Service
Return of Private Foundation
or Section 4947(a)(1) Nonexempt Charitable Trust
Treated as a Private Foundation
Note. The foundation may be able to use a copy of this return to satisfy state reporting requirements.
OMB No. 1545-0052
2011
For calendar year 2011, or tax year beginning 01-01-2011 , and ending 12-31-2011
G
Check all that apply:
Name of foundation
DULANEY FA AND JF CHAR
 

Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 2907 - TRUST TAX DEPT   Room/suite
City or town, state, and ZIP code
WILSON, NC278942907
A Employer identification number

54-6487683
B Telephone number (see page 10 of the instructions)

C bullet
D 1. bullet
H Check type of organization:
2. bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$4,240,177J 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 30,775 30,775  
4 Dividends and interest from securities...... 106,759 106,759  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 70,155
b Gross sales price for all assets on line 6a 1,333,955
7 Capital gain net income (from Part IV, line 2)... 70,155
8 Net short-term capital gain......... 0
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... 204,625 204,625  
12 Total. Add lines 1 through 11........ 412,314 412,314  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 51,604 51,604    
14 Other employee salaries and wages......   0 0 0
15 Pension plans, employee benefits.......   0 0  
16a Legal fees (attach schedule).........       0
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... 5 5   0
17 Interest...............       0
18 Taxes (attach schedule) (see page 14 of the instructions) 6,401     0
19 Depreciation (attach schedule) and depletion... 0 0  
20 Occupancy..............        
21 Travel, conferences, and meetings.......   0 0  
22 Printing and publications..........   0 0  
23 Other expenses (attach schedule)....... 137 137    
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 58,147 51,746 0 0
25 Contributions, gifts, grants paid........ 207,800 207,800
26 Total expenses and disbursements. Add lines 24 and 25 265,947 51,746 0 207,800
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 146,367
b Net investment income (if negative, enter -0-) 360,568
c Adjusted net income (if negative, enter -0-)... 0
For Privacy Act and Paperwork Reduction Act Notice, see page 30 of the instructions.
Cat. No. 11289X Form 990-PF (2011)
Form 990-PF (2011)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............... 111 9,711 9,711
2 Savings and temporary cash investments.......... 199,896 182,197 182,197
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet     0 0
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see page 15 of the
instructions)....................      
7 Other notes and loans receivable (attach schedule) bullet150,000
Less: allowance for doubtful accounts bullet0 150,000 Click to see attachment150,000 150,000
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges...........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........      
c Investments—corporate bonds (attach schedule)........      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 3,187,448 Click to see attachment3,345,771 3,898,269
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) 3,537,455 3,687,679 4,240,177
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable...................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)..........   0
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted....................    
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds......... 3,537,455 3,687,679
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).................... 3,537,455 3,687,679
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 3,537,455 3,687,679
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 3,537,455
2 Enter amount from Part I, line 27a..................... 2 146,367
3 Other increases not included in line 2 (itemize) bulletClick to see attachment 3 3,857
4 Add lines 1, 2, and 3.......................... 4 3,687,679
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 3,687,679
Form 990-PF (2011)
Form 990-PF (2011)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1 a 50000. BANK AMER CORP MTN 6.650% 2/15/11   2005-12-20 2011-02-15
b 50000. WAL-MART STORES DTD 2/18/04 4.125% 02/15   2005-04-08 2011-02-15
c 140. BANCO BRADESCO S A     2011-02-18
d 15295.259 FEDERATED MORTGAGE INSTITUTIONAL CLASS FUND #835     2011-03-25
e 120. HOSPIRA INC   2010-04-08 2011-03-25
140. IHS INC COMMON   2009-04-27 2011-03-25
12884.076 PIMCO PIMS FOREIGN BOND FUND     2011-03-25
40. SPDR GOLD TRUST   2008-11-19 2011-03-25
230. SOLUTIA INC COMMON   2010-01-25 2011-03-25
40. STERICYCLE INC   2009-07-13 2011-03-25
220. VIRGIN MEDIA INC COMMON   2010-11-02 2011-03-25
120. VODAFONE GROUP PLC NEW SP ADR   2009-07-13 2011-03-25
100. AT&T INC   2008-11-19 2011-04-07
100. ABBOTT LABORATORIES   2010-01-25 2011-04-07
140. BANCO BRADESCO S A   2010-11-02 2011-04-07
190. BAXTER INTERNATIONAL INCORPORATED   2009-07-13 2011-04-07
15. CME GROUP INC COMMON   2010-11-02 2011-04-07
240. CAMPBELL SOUP COMPANY   2009-10-27 2011-04-07
80. CANON INC COMMON   2010-01-25 2011-04-07
100. DESARROLLADORA HOMEX S.A DE C.V.   2010-11-02 2011-04-07
160. E ON AG SPONSORED ADR   2009-04-27 2011-04-07
170. FRANCE TELECOM SPONS ADR COMMON   2009-04-27 2011-04-07
190. FUJIFILM HOLDINGS CORPORATION   2009-04-27 2011-04-07
675. GENERAL ELECTRIC COMPANY   2004-03-16 2011-04-07
20. B. F. GOODRICH COMMON   2010-11-02 2011-04-07
110. HASBRO INC   2010-11-02 2011-04-07
90. HOSPIRA INC   2010-04-08 2011-04-07
120. ICON PLC SPONS ADR   2010-04-08 2011-04-07
210. INERCONTINENTAL HOTELS GROUP PLC ADR   2010-11-02 2011-04-07
60. INTERCONTINENTALEXCHANGE INC COMMON   2010-01-25 2011-04-07
410. KROGER COMPANY COMMON   2010-01-25 2011-04-07
275. MERCK & CO INC   2006-05-31 2011-04-07
130. MORGAN STANLEY DEAN WITTER DIS CO   2010-04-08 2011-04-07
1559.461 PIMCO PIMS FOREIGN BOND FUND   2008-10-06 2011-04-07
110. RWE AG   2009-04-27 2011-04-07
270. STATE STR CORP   2010-01-25 2011-04-07
80. TENARIS S.A.   2010-01-25 2011-04-07
270. THOMPSON CREEK METALS INC COMMON   2010-01-25 2011-04-07
270. TOKIO MARINE HOLDINGS INC   2009-04-27 2011-04-07
170. FINA S A SPONSORED   2009-04-27 2011-04-07
160. VIRGIN MEDIA INC COMMON   2010-11-02 2011-04-07
150. WAL MART STORES INCORPORATED   2010-01-25 2011-04-07
120. CENTRAL EUROPEAN MEDIA ENT   2009-10-27 2011-04-07
10. APPLE COMPUTER CORPORATION COMMON   2011-04-07 2011-04-08
210. BARCLAYS PLC ADR   2009-07-13 2011-04-08
10. CME GROUP INC COMMON   2010-11-02 2011-04-08
200. CHICO'S FAS INC COMMON   2011-04-07 2011-04-08
650. CISCO SYSTEMS     2011-04-08
30. GAZPROM   2011-04-07 2011-04-08
50. B. F. GOODRICH COMMON   2010-11-02 2011-04-08
210. INTEL CORPORATION   2006-05-31 2011-04-08
190. METLIFE COMMON   2010-04-08 2011-04-08
225. MICROSOFT CORPORATION   2004-03-16 2011-04-08
10. MITSUI & CO LTD   2010-01-25 2011-04-08
170. NALCO HOLDING CO COMMON   2010-01-25 2011-04-08
190. NISSAN COMMON STOCK   2010-01-25 2011-04-08
660. SOUTHWEST AIRLINES   2010-11-02 2011-04-08
100. AMERICAN EXPRESS COMPANY   2010-11-02 2011-04-14
160. BARRICK GOLD CORP. EFF. 1-18-95   2010-04-08 2011-04-14
180. CVS CORP COMMON   2008-11-19 2011-04-14
810. COMCAST CORP NEW CL A   2007-10-31 2011-04-14
220. DOLBY LABORATORIES INC CL A COMMON   2009-04-27 2011-04-14
410. EBAY INC   2010-01-25 2011-04-14
80. HASBRO INC   2010-04-08 2011-04-14
190. NATIONAL GRID GROUP-SPON ADR   2009-04-27 2011-04-14
560. PFIZER INCORPORATED   2010-04-08 2011-04-14
290. PLEXUS CORP COMMON   2010-11-02 2011-04-14
170. ROCHE HOLDING LTD ADR   2009-04-27 2011-04-14
270. SEI INVESTMENTS CO   2009-10-27 2011-04-14
70. SIGMA ALDRICH CORPORATION   2010-04-08 2011-04-14
260. SUNCOR ENERGY, INC   2010-04-08 2011-04-14
670. TURKCELL ILETISIM HIZMETLERI AS (TURKCEL   2009-04-27 2011-04-14
150. WELLS FARGO & CO NEW   2005-04-07 2011-04-14
150. AMETEK INC COMMON   2009-04-27 2011-05-26
40. ANADARKO PETE CORP.   2005-09-29 2011-05-26
160. BRUKER BIOSCIENCES CORP COMMON   2010-11-02 2011-05-26
20. CNOOC LTD - ADR   2010-04-08 2011-05-26
80. FEI COMPANY COMMON   2010-01-25 2011-05-26
30. FOSSIL INC COM   2010-01-25 2011-05-26
50. IHS INC COMMON   2009-04-27 2011-05-26
220. INTERVAL LEISURE GROUP COMMON   2009-04-27 2011-05-26
40. NOBLE ENERGY INC   2010-04-08 2011-05-26
50. ROCK TENN COMPANY A   2009-10-27 2011-05-26
60. ROVI CORPORATION COMMON   2009-10-27 2011-05-26
190. SLM CORPORATION COMMON   2010-11-02 2011-05-26
310. SOLUTIA INC COMMON     2011-05-26
80. SWISS REINSURANCE CO ADR   2010-11-02 2011-05-26
80. WHITING PETROLEUM CORP COMMON   2010-04-08 2011-05-26
270. AEROPOSTALE INC   2010-01-25 2011-06-17
20. CME GROUP INC COMMON   2010-11-02 2011-06-17
140. DREAMWORKS ANIMATION SKG INC COMMON   2009-04-27 2011-06-17
90. FEI COMPANY COMMON   2010-01-25 2011-06-17
180. FOCUS MEDIA HOLDING LIMITED   2010-11-02 2011-06-17
50. INTERCONTINENTALEXCHANGE INC COMMON   2010-01-25 2011-06-17
520. OSHKOSH TRUCK B CL B   2010-11-02 2011-06-17
50. ROCK TENN COMPANY A   2009-10-27 2011-06-17
600. SOCIETE GENERALE FRANCE   2010-11-02 2011-06-17
40. WHITING PETROLEUM CORP COMMON   2010-04-08 2011-06-17
430. XL CAPITAL LTD   2010-11-02 2011-06-17
70. TYCO INTERNATIONAL LTD   2010-04-08 2011-06-17
140. ACTUANT CORP CL A NEW   2010-11-02 2011-08-19
110. AMETEK INC COMMON   2009-04-27 2011-08-19
420. BANK OF AMER CORP COMMON   2010-11-02 2011-08-19
240. BRUKER BIOSCIENCES CORP COMMON   2010-11-02 2011-08-19
80. DENDREON CORP COMMON   2011-06-17 2011-08-19
160. DISCOVER FINL SVCS   2010-11-02 2011-08-19
110. FEI COMPANY COMMON   2010-01-25 2011-08-19
70. HARMAN INTERNATIONAL INDUSTRIES COMMON   2011-05-26 2011-08-19
220. HUMAN GENOME SCIENCES INC   2011-05-26 2011-08-19
130. INTERNATIONAL PAPER COMPANY   2010-11-02 2011-08-19
310. INTERVAL LEISURE GROUP COMMON   2009-04-27 2011-08-19
320. MERIDIAN BIOSCIENCE INC   2009-04-27 2011-08-19
382.572 PIMCO COMMODITY REAL RETURN STRATEGY INS   2009-07-16 2011-08-19
70. ROCK TENN COMPANY A   2009-10-27 2011-08-19
70. ROVI CORPORATION COMMON   2009-10-27 2011-08-19
240. SLM CORPORATION COMMON   2010-11-02 2011-08-19
440. ST MICROELETRONICS N.V.   2011-05-26 2011-08-19
160. TELEFONICA S A   2009-04-27 2011-08-19
210. UNILEVER PLC-SPONSORED ADR   2009-07-13 2011-08-19
70. WHITING PETROLEUM CORP COMMON   2010-01-25 2011-08-19
70. COVIDIEN PLC   2010-11-02 2011-08-19
190. INVESCO LTD   2010-04-08 2011-08-19
60. ALLIED WORLD ASSURANCE COMPANY HOLDINGS   2010-01-25 2011-08-19
110. TE CONNECTIVITY LTD   2010-11-02 2011-08-19
580. AEGON N V ORD   2009-07-13 2011-09-13
610. ALCOA INC     2011-09-13
360. ADR AXA-UAP F/K/A AXA SA SPONSORED ADR   2009-04-27 2011-09-13
520. BANK OF AMER CORP COMMON   2010-11-02 2011-09-13
130. DESARROLLADORA HOMEX S.A DE C.V.   2009-04-27 2011-09-13
190. DREAMWORKS ANIMATION SKG INC COMMON   2009-04-27 2011-09-13
240. E TRADE FINANCIAL CORP COMMON   2011-06-17 2011-09-13
180. EXCO RESOURCES INC COMMON   2009-10-27 2011-09-13
140. EMCOR GROUP INC   2011-05-26 2011-09-13
180. FLOWERS FOOD INC WI   2009-04-27 2011-09-13
330. GAZPROM     2011-09-13
300. HANOVER INSURANCE GROUP INC COMMON   2009-04-27 2011-09-13
410. HARMONIC INC COM   2011-05-26 2011-09-13
270. HEWLETT PACKARD COMPANY   2009-07-13 2011-09-13
240. IDEXX LABORATORIES INC COMMON   2009-04-27 2011-09-13
90. INTERDIGITAL INC COMMON   2011-06-17 2011-09-13
440. INTERVAL LEISURE GROUP COMMON   2009-04-27 2011-09-13
320. J P MORGAN CHASE & CO   2009-10-27 2011-09-13
170. LOWES COMPANIES INCORPORATED   2010-04-08 2011-09-13
240. MERIT MEDICAL SUSTEM INC COMMON   2011-06-17 2011-09-13
100. METLIFE COMMON   2010-11-02 2011-09-13
190. NALCO HOLDING CO COMMON   2010-01-25 2011-09-13
120. PROGRESS SOFTWARE COMMON   2010-11-02 2011-09-13
210. REINSURANCE GROUP OF AMERICA COMMON   2009-04-27 2011-09-13
1290. SOUTHWEST AIRLINES     2011-09-13
120. SUN HYDRAULICS CORPORATION COMMON   2011-05-26 2011-09-13
110. TECHNE CORP   2009-04-27 2011-09-13
40. TECK CORPORATION CL B COMMON   2011-05-26 2011-09-13
200. TELEDYNE TECHNOLOGIES INC COM   2009-04-27 2011-09-13
320. VALSPAR CORP COMMON   2009-04-27 2011-09-13
300. VOLVO AKTIEBOLAGET ADR B   2010-11-02 2011-09-13
110. WABTEC CORP COMMON   2010-01-25 2011-09-13
180. ABB LTD SPONSORED ADR   2008-11-19 2011-12-15
150. ADMIRAL GROUP PLC   2011-09-13 2011-12-15
80. AMETEK INC COMMON   2009-04-27 2011-12-15
80. AMPHENOL CORP CL A   2009-04-27 2011-12-15
130. CENOVUS ENERGY INC.   2011-06-17 2011-12-15
100. CROWN HOLDINGS INC COMMON   2009-10-27 2011-12-15
80. CTRIP.COM INTERNATIONAL LTD   2011-09-13 2011-12-15
380. DISCOVER FINL SVCS   2010-11-02 2011-12-15
120. DOW CHEMICAL COMPANY   2011-08-19 2011-12-15
340. ERSTE BK DER OESTER SPAR-ADR   2011-09-13 2011-12-15
140. FUEL SYSTEMS SOLUTIONS INC COMMON   2011-09-13 2011-12-15
350. GAFISA S.A.   2011-08-19 2011-12-15
70. GREEN MOUNTAIN COFFEE ROASTERS INC COMMO     2011-12-15
20. INTERCONTINENTALEXCHANGE INC COMMON   2010-01-25 2011-12-15
110. INTERNATIONAL PAPER COMPANY   2010-11-02 2011-12-15
10. MITSUI & CO LTD   2009-04-27 2011-12-15
60. PALL CORPORATION COMMON   2009-04-27 2011-12-15
130. PETROLEO BRASILEIR COMMON   2009-04-27 2011-12-15
170. QUEST SOFTWARE INC   2010-04-08 2011-12-15
40. RIO TINTO PLC SPONSORED ADR   2009-10-27 2011-12-15
120. ROVI CORPORATION COMMON   2009-10-27 2011-12-15
390. SLM CORPORATION COMMON   2010-11-02 2011-12-15
200. SELECT COMFORT CORP COMMON   2011-06-17 2011-12-15
340. SOLUTIA INC COMMON   2009-10-27 2011-12-15
270. STERLITE IND LTD.   2009-07-13 2011-12-15
120. SUNCOR ENERGY, INC   2011-05-26 2011-12-15
320. TELEFONICA S A   2009-04-27 2011-12-15
60. UNIVERSAL DISPLAY CORPORATION COMMON   2011-09-13 2011-12-15
120. VODAFONE GROUP PLC NEW SP ADR   2009-07-13 2011-12-15
70. WHITING PETROLEUM CORP COMMON     2011-12-15
90. WOLVERINE WORLD WIDE INC COMMON   2009-10-27 2011-12-15
80. COVIDIEN PLC   2010-11-02 2011-12-15
100. TE CONNECTIVITY LTD   2010-11-02 2011-12-15
220. TYCO INTERNATIONAL LTD     2011-12-15
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 50,000   53,059 -3,059
b 50,000   48,582 1,418
c 14     14
d 150,352   149,801 551
e 6,487   6,693 -206
12,444   5,750 6,694
133,737   126,626 7,111
5,559   2,907 2,652
5,545   2,944 2,601
3,576   1,972 1,604
6,004   5,724 280
3,414   2,246 1,168
3,029   2,556 473
5,030   5,499 -469
2,951   3,084 -133
10,239   10,195 44
4,601   4,348 253
7,989   7,716 273
3,408   3,338 70
2,825   3,465 -640
5,088   5,157 -69
3,833   3,667 166
5,555   5,133 422
13,673   20,517 -6,844
1,737   1,669 68
5,220   5,186 34
5,054   5,020 34
2,634   3,247 -613
4,399   4,100 299
7,361   6,123 1,238
9,881   8,942 939
9,108   9,072 36
3,615   3,883 -268
16,203   15,252 951
7,339   7,523 -184
12,452   11,888 564
3,890   3,632 258
3,618   3,386 232
7,160   7,574 -414
10,416   8,493 1,923
4,448   4,163 285
7,958   7,951 7
2,615   3,136 -521
3,373   3,378 -5
4,082   4,043 39
3,061   2,899 162
3,038   3,086 -48
11,421   12,942 -1,521
1,044   1,016 28
4,280   4,171 109
4,194   3,794 400
8,487   8,379 108
5,879   5,678 201
3,495   3,080 415
4,683   4,192 491
3,165   3,126 39
7,748   9,233 -1,485
4,597   4,240 357
8,576   6,454 2,122
6,408   5,148 1,260
19,545   16,956 2,589
10,146   8,248 1,898
12,554   9,660 2,894
3,557   3,061 496
9,291   7,746 1,545
11,463   9,582 1,881
9,576   8,706 870
6,327   5,374 953
6,215   4,809 1,406
4,452   3,827 625
11,364   8,697 2,667
9,943   8,072 1,871
4,522   4,499 23
6,363   3,239 3,124
3,107   1,951 1,156
3,032   2,390 642
4,801   3,493 1,308
3,083   1,735 1,348
3,140   1,017 2,123
4,276   2,054 2,222
2,965   1,452 1,513
3,629   2,998 631
3,832   2,249 1,583
3,447   1,677 1,770
3,133   2,246 887
7,480   3,861 3,619
4,576   3,934 642
5,254   3,361 1,893
4,728   6,127 -1,399
5,547   5,798 -251
2,983   2,647 336
3,307   1,952 1,355
4,833   4,727 106
5,907   5,103 804
13,726   15,536 -1,810
3,179   2,249 930
6,637   7,098 -461
2,168   1,680 488
9,142   9,039 103
3,266   2,724 542
2,502   3,219 -717
3,859   2,375 1,484
2,869   4,788 -1,919
3,067   3,586 -519
960   3,058 -2,098
3,669   2,877 792
3,168   2,386 782
2,223   3,261 -1,038
3,014   5,925 -2,911
3,077   3,264 -187
3,494   2,046 1,448
5,402   5,654 -252
3,432   2,655 777
3,254   3,148 106
3,032   1,957 1,075
3,055   2,837 218
2,680   4,886 -2,206
3,125   3,102 23
6,934   4,960 1,974
3,087   2,451 636
3,345   2,789 556
3,068   4,201 -1,133
3,062   2,718 344
3,113   3,520 -407
2,204   3,219 -1,015
6,978   9,615 -2,637
4,242   5,447 -1,205
3,641   5,928 -2,287
2,306   2,642 -336
3,525   3,592 -67
2,578   3,283 -705
2,142   3,174 -1,032
2,886   4,171 -1,285
3,309   2,844 465
3,554   5,032 -1,478
10,418   8,855 1,563
1,862   3,261 -1,399
6,081   10,101 -4,020
17,622   9,670 7,952
5,907   3,179 2,728
5,246   2,904 2,342
10,483   14,094 -3,611
3,220   4,304 -1,084
3,201   4,303 -1,102
3,012   4,031 -1,019
6,686   4,685 2,001
2,226   3,078 -852
10,593   6,077 4,516
10,682   14,344 -3,662
2,884   3,761 -877
7,632   5,936 1,696
1,565   1,994 -429
10,056   6,304 3,752
9,813   7,529 2,284
3,066   4,206 -1,140
6,221   4,346 1,875
3,184   1,814 1,370
1,824   3,102 -1,278
3,196   1,727 1,469
3,335   2,625 710
3,865   4,353 -488
3,307   2,648 659
1,851   3,043 -1,192
8,759   6,832 1,927
3,094   3,154 -60
2,557   4,828 -2,271
2,222   3,160 -938
1,877   3,056 -1,179
3,113   6,530 -3,417
2,346   2,041 305
3,027   2,762 265
3,013   2,226 787
3,347   1,532 1,815
3,007   3,413 -406
3,170   3,064 106
1,871   1,872 -1
2,927   3,355 -428
5,197   4,610 587
3,772   3,126 646
5,215   4,072 1,143
1,912   3,227 -1,315
3,189   5,015 -1,826
5,392   6,204 -812
2,009   3,374 -1,365
3,266   2,246 1,020
3,035   2,243 792
3,139   2,382 757
3,486   3,188 298
3,020   3,200 -180
9,889   8,552 1,337
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       -3,059
b       1,418
c       14
d       551
e       -206
      6,694
      7,111
      2,652
      2,601
      1,604
      280
      1,168
      473
      -469
      -133
      44
      253
      273
      70
      -640
      -69
      166
      422
      -6,844
      68
      34
      34
      -613
      299
      1,238
      939
      36
      -268
      951
      -184
      564
      258
      232
      -414
      1,923
      285
      7
      -521
      -5
      39
      162
      -48
      -1,521
      28
      109
      400
      108
      201
      415
      491
      39
      -1,485
      357
      2,122
      1,260
      2,589
      1,898
      2,894
      496
      1,545
      1,881
      870
      953
      1,406
      625
      2,667
      1,871
      23
      3,124
      1,156
      642
      1,308
      1,348
      2,123
      2,222
      1,513
      631
      1,583
      1,770
      887
      3,619
      642
      1,893
      -1,399
      -251
      336
      1,355
      106
      804
      -1,810
      930
      -461
      488
      103
      542
      -717
      1,484
      -1,919
      -519
      -2,098
      792
      782
      -1,038
      -2,911
      -187
      1,448
      -252
      777
      106
      1,075
      218
      -2,206
      23
      1,974
      636
      556
      -1,133
      344
      -407
      -1,015
      -2,637
      -1,205
      -2,287
      -336
      -67
      -705
      -1,032
      -1,285
      465
      -1,478
      1,563
      -1,399
      -4,020
      7,952
      2,728
      2,342
      -3,611
      -1,084
      -1,102
      -1,019
      2,001
      -852
      4,516
      -3,662
      -877
      1,696
      -429
      3,752
      2,284
      -1,140
      1,875
      1,370
      -1,278
      1,469
      710
      -488
      659
      -1,192
      1,927
      -60
      -2,271
      -938
      -1,179
      -3,417
      305
      265
      787
      1,815
      -406
      106
      -1
      -428
      587
      646
      1,143
      -1,315
      -1,826
      -812
      -1,365
      1,020
      792
      757
      298
      -180
      1,337
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 70,155
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see pages 13 and 17 of the instructions).
If (loss), enter -0- in Part I, line 8 . . . . . . . . . . . . . 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If “Yes,” the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see page 18 of the instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2010 200,225 4,205,849 0.047606
2009 212,519 4,020,741 0.052856
2008 234,029 4,289,754 0.054555
2007 228,777 4,745,934 0.048205
2006 233,717 4,665,375 0.050096
2 Total of line 1, column (d) ...................... 2 0.253318
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 0.050664
4 Enter the net value of noncharitable-use assets for 2011 from Part X, line 5..... 4 4,342,111
5 Multiply line 4 by line 3....................... 5 219,987
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 3,606
7 Add lines 5 and 6......................... 7 223,593
8 Enter qualifying distributions from Part XII, line 4.............. 8 207,800
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See
the Part VI instructions on page 18.
Form 990-PF (2011)
Form 990-PF (2011)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)
1a Bulletand enter “N/A” on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 7,211
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 7,211
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 7,211
6 Credits/Payments:
a 2011 estimated tax payments and 2010 overpayment credited to 2011 6a 2,496
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868) 6c 0
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 2,496
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 4,715
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2012 estimated taxBullet   Refunded Bullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of
the instructions for definition)?............................
1b
 
No
If the answer is “Yes” to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If “Yes,” attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If “Yes,” attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
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)bulletVA
    b
    If the answer is “Yes” to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If “No,” attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2011 or the taxable year beginning in 2011 (see instructions for Part XIV on
    page 27)? If “Yes,” complete Part XIV..........................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If “Yes,” attach a schedule listing their names and addresses.
    10
     
    No
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see page 20 of the instructions) .......
    11
     
    No
    12
    Did the foundation acquire a direct or indirect interest in any applicable insurance contract before August 17, 2008?
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbullet  
    14
    The books are in care ofbulletBRANCH BANKING AND TRUST Telephone no.bullet (540) 665-4345
    Located atbullet148 S QUEEN STREETMARTINSBURGWV ZIP+4bullet25401
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16
    At any time during calendar year 2011, did the foundation have an interest in or a signature or other authority over
    a bank, securities, or other financial account in a foreign country? .................
    16
     
    No
    See page 20 of the instructions for exceptions and filing requirements for Form TD F 90-22.1. If "Yes", enter the name of the foreign country bullet  
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 5
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the “Yes” column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?.........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check “No”
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is “Yes” to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions)?...
    1b
     
    No
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2011?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2011, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2011?...............
    If “Yes,” list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer “No” and attach statement—see page 20 of the instructions.) .........
    2b
     
    No
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business
    enterprise at any time during the year?.....................
    b
    If “Yes,” did it have excess business holdings in 2011 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2011.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2011?
    4b
     
    No
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see page 22 of the instructions)...
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    If any answer is “Yes” to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see page 22 of the instructions)?
    5b
     
     
    .........bullet
    c
    If the answer is “Yes” to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?............
    If “Yes,” attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay
    premiums on a personal benefit contract?....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If “Yes” to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 6
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see page 22 of the instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to
    employee benefit plans
    and deferred compensation     		(e) Expense account,
    other allowances
    BRANCH BANKING AND TRUST TRUSTEE
    10     		51,604    
    148 S QUEEN STREET
    MARTINSBURG,WV25401
    2 Compensation of five highest-paid employees (other than those included on line 1—see page 23 of the instructions).
    If none, enter “NONE.”
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    3 Five highest-paid independent contractors for professional services (see page 23 of the instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1
     
    2  
    3  
    4  
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 7
    Part IX-B
    Summary of Program-Related Investments (see page 23 of the instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See page 24 of the instructions.
    3  
    Total. Add lines 1 through 3..........................bullet  
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see page 24 of the instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    4,040,035
    b
    Average of monthly cash balances.......................
    1b
    218,200
    c
    Fair market value of all other assets (see page 24 of the instructions)............
    1c
    150,000
    d
    Total (add lines 1a, b, and c).........................
    1d
    4,408,235
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    4,408,235
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ...........................
    4
    66,124
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    4,342,111
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    217,106
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    217,106
    2a
    Tax on investment income for 2011 from Part VI, line 5......
    2a
    7,211
    b
    Income tax for 2011. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    7,211
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    209,895
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    209,895
    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
    209,895
    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
    207,800
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    0
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    207,800
    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
    207,800
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 8
    Part XIII
    Undistributed Income (see page 26 of the instructions)
    (a)
    Corpus     		(b)
    Years prior to 2010     		(c)
    2010     		(d)
    2011
    1 Distributable amount for 2011 from Part XI, line 7 209,895
    2 Undistributed income, if any, as of the end of 2011:
    a Enter amount for 2010 only....... 207,797
    b Total for prior years:2009, 20, 20 0
    3 Excess distributions carryover, if any, to 2011:
    a From 2006....... 0
    b From 2007....... 0
    c From 2008....... 0
    d From 2009....... 0
    e From 2010....... 0
    fTotal of lines 3a through e......... 0
    4Qualifying distributions for 2011 from Part
    XII, line 4: bullet$ 207,800
    a Applied to 2010, but not more than line 2a 207,797
    b Applied to undistributed income of prior years
    (Election required—see page 26 of the instructions)    		 0
    c Treated as distributions out of corpus (Election
    required—see page 26 of the instructions)...     		0
    d Applied to 2011 distributable amount..... 3
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2011. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable
    amount—see page 27 of the instructions ...     		0
    e Undistributed income for 2010. Subtract line
    4a from line 2a. Taxable amount—see page 27
    of the instructions ...........     		0
    f Undistributed income for 2011. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2011 ..........     		209,892
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (see page 27
    of the instructions) ...........     		0
    8Excess distributions carryover from 2006 not
    applied on line 5 or line 7 (see page 27 of the
    instructions) .............     		0
    9Excess distributions carryover to 2012.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2007.... 0
    b Excess from 2008.... 0
    c Excess from 2009.... 0
    d Excess from 2010.... 0
    e Excess from 2011.... 0
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 9
    Part XIV
    Private Operating Foundations (see page 27 of the instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2011, enter the date of the ruling.......bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2011 (b) 2010 (c) 2009 (d) 2008
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ....     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets” alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment” alternative test— enter 2⁄3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support” alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see page 27 of the instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 10
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    CONGREGATIONAL COMMUNITY ACTION
    PROGRAM OF WINCHESTER
    PO BOX 2112
    WINCHESTER,VA22604     		NONE EXEMPT CHARITABLE 41,560
    BLUE RIDGE AREA FOOD BANK
    ATTN LAWRENCE ZIPPIN CEO
    P O BOX 937
    VERONA,VA24482     		NONE EXEMPT CHARITABLE 41,560
    1ST BAPTIST CHURCH OF WINCHESTER
    ATTN JOHN D BEAVERS TREASURER
    205 WEST PICCADILLY ST
    WINCHESTER,VA22601     		NONE EXEMPT CHARITABLE 41,560
    FREE MEDICAL CLINIC OF WINC
    ATTN VICKI MCCLELLAND EXEC DIR
    301 N CAMERON ST - SUITE 100
    WINCHESTER,VA22601     		NONE EXEMPT CHARITABLE 41,560
    ADULT CARE CENTER OF THE
    NORTHERN SHENANDOAH VALLEY
    115 WOLFE STREET
    WINCHESTER,VA22601     		NONE EXEMPT CHARITABLE 41,560
    Total .................................bullet 3a 207,800
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 11
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See page 28 of
    the instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3Interest on savings and temporary cash investments     14 30,775  
    4 Dividends and interest from securities....     14 106,759  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6Net rental income or (loss) from personal property          
    7 Other investment income.....          
    8Gain or (loss) from sales of assets other than inventory     18 70,155  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aINSURANCE PROCEEDS     14 204,625  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   412,314  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13412,314
    (See worksheet in line 13 instructions on page 28 to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the organization’s exempt purposes (other than by providing funds for such purposes). (See
    page 28 of the instructions.)
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 12
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section
    Yes
    No
    501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is “Yes,” complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If “Yes,” complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    SignHere
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer or fiduciary) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    Signature of officer or trustee Date Title
    PaidPreparersUseOnly Preparer's SignatureBullet Date PTIN
    Firm's namebullet



    Firm's addressbullet







         		Firm's EINbullet
    Phone no.
    Form 990-PF (2011)
    Additional Data


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    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2011 InvestmentsOtherSchedule2
    Name:
    DULANEY FA AND JF CHAR
    EIN: 54-6487683
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    BEGINNING BOOK VALUE      
    ABB LTD SPONS ADR      
    AT&T INC      
    ABBOTT LABORATORIES      
    ACTUANT CORP CL A NEW      
    ACUITY BRANDS, INC.      
    AEROPOSTALE, INC      
    AEGON NV ORD      
    AGILENT TECHNOLOGIES      
    AGRIUM INC      
    AMERICAN EXPRESS CO      
    AMETEK INC      
    AMPHENOL CORP CL A      
    ANADARKO PETE CORP      
    ANGLO AMERICAN PLC      
    ANSYS INC      
    APACHE CORP      
    APPLIED MATERIALS      
    ASTRAZENECA PLC      
    ATLAS COPCO AB SPONS      
    AVERY DENNISON CORP      
    ADR AXA-UAP F/K/A/ AXA SA      
    BHP FINANCE USA LTD 5.5% 3/09      
    BAKER HUGHES INC      
    BANCO BRADESCO SA      
    BANCO SANTANDER CENT HISPANO      
    BANK OF AMERICA CORP      
    BANK OF AMER 6.65% 2/15/11      
    BARCLAYS PLC - SPONS ADR      
    BARRICK GOLD CORP      
    BAXTER INTERNATIONAL INC      
    BERKSHIRE HATHAWAY 4.85% 2015      
    BERKSHIRE HATHAWAY, INC. COM      
    BIO-RAD LABS CLASS A      
    BOC HONG KONG HOLDINGS LTD      
    BRITTISH AMERICAN TOB COM      
    BROADRIDGE FINANCIAL SOLUTIONS      
    BRUNKER BIOSCIENCES CORP      
    CME GROUP INC      
    CNOOC LTD - ADR      
    CVS CAREMARK CORP      
    CAMPBELL SOUP CO      
    CANON INC      
    CENOVUS ENERGY INC      
    CHEVRON CORP      
    CISCO SYSTEMS COM      
    COMCAST CORP CL A      
    CONOCOPHILLIPS      
    CONOCOPHIL AU 5.5% 4/15/13      
    CORNING INC COM      
    CROWN HOLDINGS INC      
    DBS GROUP HLDGS SPONS ADR      
    DESARROLLADORA HOMES SA DE CV      
    DIAGEO PLC SPONSORED ADR      
    THE WALT DISNEY CO COMMON      
    DISCOVER FINANCIAL SVCS COMMON      
    DISCOVERY COMMUNICATIONS      
    DOLBY LABORATORIES INC CL      
    DREAMWORKS ANIMATION SKG INC      
    E I DUPONT DE NEMOURS CO      
    E ON AG SPONS ADR F/K/A VEBA      
    EXCO RESOURCES, INC      
    EBAY INC      
    EMERSON ELECTRIC CO      
    EXXON MOBIL CORP      
    FEI COMPANY COMMON      
    FED HOME LOAN BK 4.5% 11/15/12      
    FED HOME LOAN BK 5.375%5.2016      
    FED HOME LOAN BK 4% 9/6/12      
    FED HOME LOAN BK 5% 7/15/14      
    FED NAT MTG 5% 4/15/15      
    FED MTG INST CLASS FD #835      
    FISERV COMMON      
    FLOWERS FOOD INC      
    FOCUS MEDIA HOLDING LTD      
    FOMENTO ECONOMICO MEX SA DE CV      
    FOSSIL INC COMMON      
    FRANCE TEL SPONS ADR      
    FUJIFILM HOLDINGS CORP      
    GENERAL ELECTRIC CO      
    GENERAL ELECTRIC CO 5% 2/1/13      
    GENUINE PARTS CO      
    GLAXOSMITHKLINE PLC      
    GOLDMAN SACH 5.7% 9/1/12      
    B F GOODRICH COMMON      
    GOOGLE INC      
    HANOVER INSURANCE GROUP      
    HASBRO INC      
    HEWLETT PACKARD CO      
    HONDA MTR LTD ADR 10 ORD      
    HOSPIRA INC      
    ICON PLC SPONS ADR      
    INDEX LABORATORIES      
    IHS INC COMMON      
    INTEL COMMON      
    INERCONTINENTAL HOTELS      
    INTERCONTINENTALEXCHANGE INC      
    INTERNATIONAL BUSINESS MACHINE      
    INTERNATIONAL PAPER CO COMMON      
    INTERVAL LEISURE GROUP      
    ISHARES SILVER TRUST      
    J P MORGAN CHASE & CO      
    JOHNSON & JOHNSON      
    KEPPEL CORP LTD SPONS ADR      
    KRAFT FOODS INC      
    KROGER COMPANY      
    LABORATORY CORP OF AMER HLDGS      
    LAZARD EMERGING MKTS #638      
    LEUCADIA NATIONAL CORP      
    LOWE'S COMPANIES INC      
    MARKEL CORPORATION      
    MCKESSON CORP      
    MEDNAX INC      
    MERCK & CO INC      
    MERIDIAN BIOSCIENCE INC      
    METLIFE INC      
    MICROSOFT CORP      
    MICROCHIP TECHNOLOGY      
    MITSUI & CO LTD      
    MONOTYPE IMAGING HLDGS      
    MORGAN STANLEY      
    NALCO HOLDING CO      
    NASDAQ OMX GROUP      
    NATIONAL GRID GROUP-SPON ADR      
    NESTLE SA ADR      
    NISSAN      
    NOBLE ENERGY INC      
    NOVARTIS A G ADR      
    O'REILLY AUTOMOTIVE INC      
    OCEANEERING INTERNATIONAL      
    LUKOIL COMMON      
    ORACLE SYS CORP      
    ORIX-SPONSORED ADR      
    OSHKOSH TRUCK B CL B      
    PIMCO FOREIGN BD FD #103      
    PALL CORP      
    PEPSICO INC      
    PETROLEO BRASILEIR PREFERENCE      
    PFIZER INC      
    PIMCO COMMODITY REAL RET FD 45      
    PLEXUS CORP      
    PROASSURANCE CORP      
    PROGRESS SOFTWARE      
    QUEST SOFTWARE INC      
    RWE AG      
    RAYONIER INC      
    REINSURANCE GROUP OF AMERICA      
    RIO TINTO PLC ADR      
    ROCHE HOLDING LTD ADR      
    ROCK-TENN COMPLANY A      
    ROPER INDS INC      
    ROVI CORP      
    KONINLIJKE KPN NV      
    SEI INVESTMENTS CO      
    SLM CORP      
    SPDR GOLD TRUST      
    ST JUDE MEDICAL INC      
    SANOFI SYNTHELABO SA-ADR      
    SCHLUMBERGER LTD      
    FINANCIAL SELECT SECTOR SPDR      
    SIGMA ALDRICH CORP      
    SNAP-ON INC      
    SOCIETE GENERALE FRANCE SPONS      
    SOLERA HOLDINGS INC      
    SOLUTIA INC      
    SOUTHWEST AIRLINES      
    STAPLES INC      
    STATE STREET CORP      
    STATOIL ASA ADR      
    STERICYCLE INC      
    STERLITE IND LTD      
    SUNCOR ENERGY, INC      
    SWISS REINSURANCE CO ADR      
    SYNOPSYS INC      
    TECHNE CORP      
    TELEDYNE TECHNOLOGIES      
    TELEFONICA S A      
    TENARIS S A      
    TESCO CORP      
    THOMPSON CREEK METALS INC      
    TOKIO MARINE HOLDINGS INC      
    TOTAL S A SPONSORED      
    THE TRAVELERS COMPANIES      
    TURKCELL ILETISIM      
    UNILEVER PLC-SPONSORED ADR      
    US TREASURY BD DTD 4.25% 8/13      
    US TREASURY BD DTD 4.25% 8/15      
    VF CORP      
    VALE SA SP PREF ADR      
    VALSPAR CORP      
    VIRGIN MEDIA INC      
    VODAFONE GROUP PLC      
    VOLVO AKTIEBOLAGET ADR B      
    WABTEC CORP      
    WACHOVIA CORP 5.25% 8/1/14      
    WAL-MART STORES      
    WAL-MART STORES 4.125% 2/11      
    WASTE CONNECTIONS      
    WELLPOINT INC      
    WELLS FARGO & CO      
    WHITTING PETROLEUM CORP      
    JOHN WILEY & SONS INC      
    WOLVERINE WORLD WIDE INC      
    ZURICH FINANCIAL SVC ADR      
    SUN LIFE ASSURANCE CO      
    HARTFORD LIFE ANN 3.5%      
    ARCH CAPITAL GROUP LTD      
    CENTRAL EUROPEAN MEDIA      
    COVIDIEN PLC      
    ENSTAR GROUP LTD      
    INVESCO LTD      
    XL CAPITAL LTD      
    ALLIED WORLD ASSURANCE CO      
    TYCO INT'L LTD      
    TYCO ELECTRONICS LTD      

    TY 2011 OtherIncreasesSchedule
    Name:
    DULANEY FA AND JF CHAR
    EIN: 54-6487683
    Description Amount
    ACCRUED INTEREST 527
    MUTUAL FUND ADJUSTMENT 3,330


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    TY 2011 OtherNotesLoansRcvblLongSch
    Name:
    DULANEY FA AND JF CHAR
    EIN: 54-6487683

    Borrower's Name Relationship to Insider Original Amount of Loan Balance Due Date of Note Maturity Date Repayment Terms Interest Rate Security Provided by Borrower Purpose of Loan Description of Lender Consideration Consideration FMV
    WILLIAM M HENKEL DEMAND NOTE   150,000   1998-12   INTEREST PAYMENTS ONLY 7.000 % UNSECURED