Frada Fine Scholarship Fund — Form 990PF, tax year 2011

View Frada Fine Scholarship Fund on 990iQ →
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 04-01-2011 , and ending 03-31-2012
G
Check all that apply:
Name of foundation
FRADA FINE SCHOLARSHIP FUND
 

Number and street (or P.O. box number if mail is not delivered to street address)148 SOUTH QUEEN STREET   Room/suite
City or town, state, and ZIP code
MARTINSBURG, WV25401
A Employer identification number

55-6164208
B Telephone number (see page 10 of the instructions)

(304) 264-2263
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$4,720,689J 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 61,826 61,826  
4 Dividends and interest from securities...... 110,514 110,514  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment 97,102
b Gross sales price for all assets on line 6a 2,113,518
7 Capital gain net income (from Part IV, line 2)... 34
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule).......      
12 Total. Add lines 1 through 11........ 269,442 172,374  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc.        
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment 347     347
b Accounting fees (attach schedule)....... Click to see attachment 5,994 2,997   2,997
c Other professional fees (attach schedule).... Click to see attachment 57,513 28,757   28,756
17 Interest...............        
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 3,029 3,029    
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 215 189   26
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 67,098 34,972   32,126
25 Contributions, gifts, grants paid........ 303,331 303,331
26 Total expenses and disbursements. Add lines 24 and 25 370,429 34,972   335,457
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -100,987
b Net investment income (if negative, enter -0-) 137,402
c Adjusted net income (if negative, enter -0-)...  
For Privacy Act and Paperwork Reduction Act Notice, see page 30 of the instructions.
Cat. No. 11289X Form 990-PF (2011)
Form 990-PF (2011)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............... 169 82 82
2 Savings and temporary cash investments.......... 112,312 102,173 102,173
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see page 15 of the
instructions)....................      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges...........      
10a Investments—U.S. and state government obligations (attach schedule) 808,225 Click to see attachment601,381 649,246
b Investments—corporate stock (attach schedule)........ 2,022,981 Click to see attachment1,895,447 2,499,784
c Investments—corporate bonds (attach schedule)........ 1,031,223 Click to see attachment1,164,123 1,221,281
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 138,425 Click to see attachment249,142 248,123
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) 4,113,335 4,012,348 4,720,689
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.........    
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds 4,113,335 4,012,348
30 Total net assets or fund balances (see page 17 of the
instructions).................... 4,113,335 4,012,348
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 4,113,335 4,012,348
Part III Analysis of Changes in Net Assets or Fund Balances
1 Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree
with end-of-year figure reported on prior year’s return)............... 1 4,113,335
2 Enter amount from Part I, line 27a..................... 2 -100,987
3 Other increases not included in line 2 (itemize) bullet 3  
4 Add lines 1, 2, and 3.......................... 4 4,012,348
5 Decreases not included in line 2 (itemize) bullet 5  
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 4,012,348
Form 990-PF (2011)
Form 990-PF (2011)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1a
b
c
d
e
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a
b
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l) Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i) F.M.V. as of 12/31/69 (j) Adjusted basis
as of 12/31/69 		(k) Excess of col. (i)
over col. (j), if any
a
b
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 34
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 297,761 4,772,562 0.062390
2009 300,007 4,652,830 0.064478
2008 336,527 4,526,052 0.074353
2007 271,410 5,335,798 0.050866
2006 203,660 5,173,949 0.039363
2 Total of line 1, column (d) ...................... 2 0.291450
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 0.058290
4 Enter the net value of noncharitable-use assets for 2011 from Part X, line 5..... 4 4,639,689
5 Multiply line 4 by line 3....................... 5 270,447
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 1,374
7 Add lines 5 and 6......................... 7 271,821
8 Enter qualifying distributions from Part XII, line 4.............. 8 335,457
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 1,374
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2  
3 Add lines 1 and 2............................ 3 1,374
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 1,374
6 Credits/Payments:
a 2011 estimated tax payments and 2010 overpayment credited to 2011 6a 1,200
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 1,200
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 174
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 taxBullet0 Refunded Bullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of
the instructions for definition)?............................
1b
 
No
If the answer is “Yes” to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If “Yes,” attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If “Yes,” attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If “Yes,” has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
 
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
     
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see page 19 of the
    instructions)bulletWV
    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
     
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2011 or the taxable year beginning in 2011 (see instructions for Part XIV on
    page 27)? If “Yes,” complete Part XIV..........................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If “Yes,” attach a schedule listing their names and addresses.
    10
     
    No
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see page 20 of the instructions) .......
    11
     
    No
    12
    Did the foundation acquire a direct or indirect interest in any applicable insurance contract before August 17, 2008?
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletMARTIN KEESECKER Telephone no.bullet (304) 264-2263
    Located atbullet148 S QUEEN STMARTINSBURGWV 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
     
     
    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
     
     
    .........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
     
     
    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
     
     
    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
     
     
    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 & TRUST COMPANYClick to see attachment TRUST OFFICE
    10.00     		0 0 0
    148 SOUTH 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  
    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
    BRANCH BANKING & TRUST CO TRUST MANAGEMEN 57,513
    148 SOUTH QUEEN STREET
    MARTINSBURG,WV25401
    Total number of others receiving over $50,000 for professional services.............bullet1
    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 AWARDING OF SCHOLARSHIPS TO SHEPHERD UNIVERSITY TO GRADUATES OF MARTINSBURG HIGH SCHOOL 249,930
    2 GRANT TO EASTERN WEST VIRGINIA COMMUNITY FOUNDATION - FRADA FINE EDUCATION FUND FOR EDUCATIONAL SCHOLARSHIPS. 41,110
    3 CHARITABLE GIFT TO MARTINSBURG HIGH SCHOOL FOR SUPPLIES. 6,291
    4 SCHOLARSHIP AWARD TO BLUE RIDGE CTC 6,000
    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 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.)
    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
    4,584,678
    b
    Average of monthly cash balances.......................
    1b
    125,666
    c
    Fair market value of all other assets (see page 24 of the instructions)............
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    4,710,344
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
     
    3
    Subtract line 2 from line 1d.........................
    3
    4,710,344
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ...........................
    4
    70,655
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    4,639,689
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    231,984
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    231,984
    2a
    Tax on investment income for 2011 from Part VI, line 5......
    2a
    1,374
    b
    Income tax for 2011. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    1,374
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    230,610
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    230,610
    6
    Deduction from distributable amount (see page 25 of the instructions)...........
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,
    line 1................................
    7
    230,610
    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
    335,457
    b
    Program-related investments—total from Part IX-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    335,457
    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
    1,374
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    334,083
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 8
    Part XIII
    Undistributed Income (see page 26 of the instructions)
    (a)
    Corpus     		(b)
    Years prior to 2010     		(c)
    2010     		(d)
    2011
    1 Distributable amount for 2011 from Part XI, line 7 230,610
    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....... 51,115
    b From 2007....... 68,580
    c From 2008....... 112,964
    d From 2009....... 69,831
    e From 2010....... 61,275
    fTotal of lines 3a through e......... 363,765
    4Qualifying distributions for 2011 from Part
    XII, line 4: bullet$ 335,457
    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..... 230,610
    e Remaining amount distributed out of corpus 104,847
    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 5 468,612
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		 
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable
    amount—see page 27 of the instructions ...     		 
    e Undistributed income for 2010. Subtract line
    4a from line 2a. Taxable amount—see page 27
    of the instructions ...........     		 
    f Undistributed income for 2011. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2011 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (see page 27
    of the instructions) ...........     		 
    8Excess distributions carryover from 2006 not
    applied on line 5 or line 7 (see page 27 of the
    instructions) .............     		51,115
    9Excess distributions carryover to 2012.
    Subtract lines 7 and 8 from line 6a ......     		417,497
    10 Analysis of line 9:
    a Excess from 2007.... 68,580
    b Excess from 2008.... 112,964
    c Excess from 2009.... 69,831
    d Excess from 2010.... 61,275
    e Excess from 2011.... 104,847
    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
    BLUE RIDGE COMMUNITY COLLEGE
    400 W STEPHENS ST
    MARITNSBURG,WV25401     		NONE 509(A)1 TUTION 6,000
    EASTERN WV COMMUNITY FOUN
    229 EAST MARTIN ST SUITE
    MARTINSBURG,WV25401     		NONE 509(A)2 CHARITABLE EDUCATION 41,110
    SHEPHERD UNIVERSITY
    OFFICE OF FINANCIAL AID
    SHEPHERDSTOWN,WV254433210     		NONE 509(A)1 TUTION 119,411
    MARTINSBURG HIGH SCHOOL
    QUEEN STREET
    MARTINSBURG,WV25401     		NONE 509(A)1 INSTRUCTION SUPPLIES 6,291
    SHEPHERD UNIVERSITY
    OFFICE OF FINANCIAL AID
    SHEPHERDSTOWN,WV254433210     		NONE 509(A)1 TUTION 8,331
    SHEPHERD UNIVERSITY
    OFFICE OF FINANCIAL AID
    SHEPHERDSTOWN,WV254433210     		NONE 509(A)1 TUTION 122,188
    Total .................................bullet 3a 303,331
    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     25 61,826  
    4 Dividends and interest from securities....     25 110,514  
    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         97,102
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   172,340 97,102
    13Total. Add line 12, columns (b), (d), and (e)..................
    13269,442
    (See worksheet in line 13 instructions on page 28 to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the organization’s exempt purposes (other than by providing funds for such purposes). (See
    page 28 of the instructions.)
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 12
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section
    Yes
    No
    501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is “Yes,” complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If “Yes,” complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    SignHere
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer or fiduciary) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    Signature of officer or trustee Date Title
    PaidPreparersUseOnly Preparer's SignatureBullet Date PTIN
    Firm's namebullet



    Firm's addressbullet







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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2011 AccountingFeesSchedule
    Name:
    FRADA FINE SCHOLARSHIP FUND
    EIN: 55-6164208
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 5,994 2,997   2,997

    TY 2011 CompensationExplanation
    Name:
    FRADA FINE SCHOLARSHIP FUND
    EIN: 55-6164208
    Person Name Explanation
    BRANCH BANKING TRUST COMPANY  

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

    TY 2011 GainLossSaleOtherAssetsSch
    Name:
    FRADA FINE SCHOLARSHIP FUND
    EIN: 55-6164208
    Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
    ABB LTD SPONS ADR 2010-05 PURCHASE 2011-06   7,975 3,630   9 4,336  
    ABB LTD SPONS ADR 2010-08 PURCHASE 2011-09   13,635 9,148   23 4,464  
    ABBOTT LABORATORIES COMMON 2010-11 PURCHASE 2011-12   10,888 9,850   6 1,032  
    ACTUANT CORP CL A NEW 2011-06 PURCHASE 2011-06   5,608 5,184   7 417  
    AGILENT TECHNOLOGIES INC 2011-09 PURCHASE 2011-09   7,293 7,310   6 -23  
    AGRIUM INC 2010-08 PURCHASE 2011-09   5,071 2,302   2 2,767  
    ALBEMARLE CORP COMMON 2011-09 PURCHASE 2011-09   11,458 12,462   8 -1,012  
    ALCOA INC COMMON 2011-12 PURCHASE 2011-12   16,164 26,322   49 -10,207  
    ALCOA INC COMMON 2012-02 PURCHASE 2012-02   5,212 6,192   15 -995  
    AMERICAN EXPRESS COMPANY COMMON 2010-11 PURCHASE 2011-12   5,354 4,505   3 846  
    AMGEN INC COMMON 2012-02 PURCHASE 2012-02   6,109 5,344   68 697  
    ANIXTER INTERNATIONAL INC CO 2011-09 PURCHASE 2011-09   8,265 9,987   5 -1,727  
    ANSYS INC COMMON 2010-05 PURCHASE 2011-06   5,073 2,375   3 2,695  
    AON CORPORATION 2011-09 PURCHASE 2011-09   10,176 12,447   7 -2,278  
    AON CORPORATOIN 2011-12 PURCHASE 2011-12   8,283 9,336   5 -1,058  
    APACHE CORPORATION COMMON 2010-05 PURCHASE 2011-06   6,127 3,305   2 2,820  
    APACHE CORPORATION COMMON 2010-08 PURCHASE 2011-09   8,412 5,949   3 2,460  
    APPLE COMPUTER CORPORATION COMMON 2011-01 PURCHASE 2012-02   7,346 4,230     3,116  
    APPROACH RESOURCES INC 2011-09 PURCHASE 2011-09   4,334 5,720   7 -1,393  
    ARCH CAPITAL GROUP LTD 2010-08 PURCHASE 2011-09   10,873 6,108     4,765  
    ARCH COAL INC 2011-06 PURCHASE 2011-06   9,653 10,672   10 -1,029  
    ASSOCIATED ESTATE REALITY CP 2012-02 PURCHASE 2012-02   6,108 6,904   12 -808  
    AVAGO TECHNOLOGIES LTD 2012-02 PURCHASE 2012-02   5,292 5,098   5 189  
    AVERY DENNISON CORP COMMON 2010-08 PURCHASE 2011-09   6,047 4,690   7 1,350  
    AVERY DENNISON CORP COMMON 2010-05 PURCHASE 2011-06   4,990 2,446   4 2,540  
    B. F. GOODRICH COMMON 2011-06 PURCHASE 2011-06   11,180 10,696   4 480  
    BANK OF AMERICA CORP COMMON 2011-09 PURCHASE 2011-09   4,411 7,201   19 -2,809  
    BASF AG SPONSORED ADR COMMON 2010-11 PURCHASE 2011-12   5,073 5,090   2 -19  
    BE AEROSPACE INC COMMON 2011-12 PURCHASE 2011-12   10,752 10,321   8 423  
    BIO-RAD LABS CLASS A 2011-09 PURCHASE 2011-09   10,203 10,035   4 164  
    BIO-RAD LABS CLASS A 2010-08 PURCHASE 2011-09   928 657   4 267  
    BNP PARIBAS 2010-11 PURCHASE 2011-12   4,436 7,332   6 -2,902  
    BRUKER BIOSCIENCES CORP COMM 2011-09 PURCHASE 2011-09   7,523 8,549   17 -1,043  
    CARDTRONICS INC COMMON 2012-02 PURCHASE 2012-02   7,442 7,658   8 -224  
    CARMAX INC COMMON 2012-02 PURCHASE 2012-02   11,461 10,394   12 1,055  
    CARNIVAL CORP COMMON 2011-09 PURCHASE 2011-09   9,303 10,936   9 -1,642  
    CARNIVAL PLC 2012-02 PURCHASE 2012-02   5,140 5,380   5 -245  
    CASH AMERICAN INVESTMENT INC 2012-02 PURCHASE 2012-02   9,748 10,719   7 -978  
    CATALYST HEALTH SOLUTIONS INC 2011-12 PURCHASE 2011-12   10,315 10,480   6 -171  
    CENOVUS ENERGY INC 2011-09 PURCHASE 2011-09   5,096 6,038   5 -947  
    CENOVUS ENERGY INC 2010-11 PURCHASE 2011-12   8,985 7,540   8 1,437  
    CHECKPOINT SOFTWARE TECHNOLOGY 2011-09 PURCHASE 2011-09   6,324 5,791   4 529  
    CHECKPOINT SOFTWARE TECHNOLOGY 2011-01 PURCHASE 2012-02   5,254 3,866     1,388  
    CHEVRON CORP COMMON 2010-08 PURCHASE 2011-09   5,703 3,881   2 1,820  
    CISCO SYSTEMS COMMON 2011-01 PURCHASE 2012-02   11,178 10,776   17 385  
    CIT GROUP INC COMMON 2011-09 PURCHASE 2011-09   3,886 5,218   4 -1,336  
    CNOOC LTD 2011-12 PURCHASE 2011-12   5,877 5,210   2 665  
    CNOOC LTD 2010-11 PURCHASE 2011-12   3,918 4,175   1 -258  
    COMCAST CORP CLASS A 2010-05 PURCHASE 2011-06   4,922 4,181   6 735  
    CONOCOPHILLIPS 2010-08 PURCHASE 2011-09   8,982 3,789   4 5,189  
    COOPER TIRE & RUBBER CO 2011-09 PURCHASE 2011-09   7,795 15,900   21 -8,126  
    CORNING INC COMMON 2011-01 PURCHASE 2012-02   5,033 3,382   11 1,640  
    CORNING INC COMMON 2011-12 PURCHASE 2011-12   5,249 5,202   15 32  
    CORNING INC COMMON 2010-11 PURCHASE 2011-12   1,796 1,177   15 604  
    COVIDEN PLC 2011-06 PURCHASE 2011-06   15,379 11,193   8 4,178  
    COVIDIEN PLC 2010-11 PURCHASE 2011-12   5,311 4,800     511  
    CROWN HOLDINGS INC COMMON 2010-08 PURCHASE 2011-09   19,059 16,164   18 2,877  
    CVS CAREMARK CORP COMMON 2011-01 PURCHASE 2012-02   5,253 3,625   4 1,624  
    DESARROLLADORA HOMEX S.A. DE C.V 2010-05 PURCHASE 2011-06   5,721 5,017   7 697  
    DILLARD DEPT STORES INC 2011-09 PURCHASE 2011-09   9,371 11,201   6 -1,836  
    DISCOVER FINANCIAL SERVICES COM 2010-11 PURCHASE 2011-12   26,953 19,571   33 7,349  
    DOLBY LABORATORIES INC 2011-09 PURCHASE 2011-09   3,160 5,094   7 -1,941  
    DOLBY LABORATORIES INC CL A COMM 2010-08 PURCHASE 2011-09   4,740 5,291   8 -559  
    DOW CHEMICAL COMMON 2011-12 PURCHASE 2011-12   7,502 7,039   8 455  
    DREAMWORKS ANIMATION SKG INC COM 2010-05 PURCHASE 2011-06   5,309 4,184   7 1,118  
    ENSCO INTERNATIONAL PLC 2011-12 PURCHASE 2011-12   6,984 6,660   4 320  
    ENSTAR GROUP LTD 2010-08 PURCHASE 2011-09   4,728 3,135     1,593  
    ENSTAR GROUP LTD 2010-05 PURCHASE 2011-06   6,031 3,762     2,269  
    EQT CORPORATION COMMON 2012-02 PURCHASE 2012-02   5,512 6,385   3 -876  
    EVERCORE PARTNERS INC CL A 2012-02 PURCHASE 2012-02   5,540 7,205   6 -1,671  
    EXPEDIA INC COMMON 2011-12 PURCHASE 2011-12   6,730 6,858   7 -135  
    EXXON MOBIL CORPORATION COMMON 2010-05 PURCHASE 2011-06   18,979 15,828   7 3,144  
    FEDEX CORPORATION COMMON 2011-01 PURCHASE 2012-02   5,704 5,275     429  
    FEI COMPANY COMMON 2010-11 PURCHASE 2011-12   15,722 8,285   11 7,426  
    FIDELITY NATIONAL INFORMATION 2011-06 PURCHASE 2011-06   16,567 16,110   15 442  
    FISERV COMMON 2010-08 PURCHASE 2011-09   9,284 6,422     2,862  
    FLOWERS FOOD INC 2012-02 PURCHASE 2012-02   9,827 10,134   16 -323  
    FOCUS MEDIA HOLDING LIMITED 2010-11 PURCHASE 2011-12   4,704 5,713     -1,009  
    FOMENTO ECONOMICO MEXICANO S.A. 2010-11 PURCHASE 2011-12   5,449 2,386     3,063  
    FOSSIL INC COM 2010-08 PURCHASE 2011-09   4,749 1,701     3,048  
    FOSSIL INC COM 2010-05 PURCHASE 2011-06   6,212 2,041     4,171  
    FREEPORT MCMORAN CPR & GOLD CL B 2011-12 PURCHASE 2011-12   5,274 5,431   4 -161  
    FUJIFILM HOLDINGS CORPORATION 2011-06 PURCHASE 2011-06   4,855 5,732   5 -882  
    FUJIFILM HOLDINGS CORPORATION 2012-02 PURCHASE 2012-02   5,306 5,328   13 -35  
    FUJIFILM HOLDINGS CORPORATION 2011-01 PURCHASE 2012-02   4,824 5,162     -338  
    GARDNER DENVER MACHINE COMMON 2012-02 PURCHASE 2012-02   10,194 11,528   4 -1,338  
    GARTNER INC COMMON 2011-12 PURCHASE 2011-12   8,927 9,234   7 -314  
    GLAXOSMITHKLINE PLC SPONSORED 2010-08 PURCHASE 2011-09   8,121 5,802     2,319  
    GRAFTECH INTERNATIONAL LTD 2011-09 PURCHASE 2011-09   8,440 11,516   17 -3,093  
    GRAPHIC PACKAGING HOLDING CO 2012-02 PURCHASE 2012-02   9,209 9,271   53 -115  
    GRUPO TELEVISA SA DE CV 2010-05 PURCHASE 2011-06   6,314 5,368     946  
    GUESS INC COMMON 2011-09 PURCHASE 2011-09   7,245 10,516   7 -3,278  
    HARRIS CORPORATION COMMON 2011-09 PURCHASE 2011-09   9,054 11,062   7 -2,015  
    HASBRO INC COMMON 2011-06 PURCHASE 2011-06   12,947 12,823   8 116  
    HASBRO INC COMMON 2011-09 PURCHASE 2011-09   3,930 5,038   3 -1,111  
    HELMERICH & PAYNE INC COMMON 2010-11 PURCHASE 2011-12   19,397 14,134     5,263  
    HEWLETT PACKARD COMPANY COMMON 2010-05 PURCHASE 2011-06   11,706 14,464     -2,758  
    HONDA MTR LTD ADR 2011-09 PURCHASE 2011-09   4,178 5,053   5 -880  
    HONDA MTR LTD ADR 2010-08 PURCHASE 2011-09   895 841     54  
    HOSPIRA INC COMMON 2011-06 PURCHASE 2011-06   12,114 13,029   7 -922  
    HSBC HLDGS PLC SPONSORED ADR 2011-12 PURCHASE 2011-12   5,612 5,527   4 81  
    HUBBELL INCORPORATED CL B 2011-09 PURCHASE 2011-09   9,966 9,734   5 227  
    HUNTINGTON BANCSHARES INC COMMO 2011-09 PURCHASE 2011-09   8,124 11,491   51 -3,418  
    IAC/INTERACTIVE CORP COMMON 2012-02 PURCHASE 2012-02   5,508 4,782   4 722  
    ICON PLC SPONS ADR 2011-09 PURCHASE 2011-09   8,131 8,562   13 -444  
    IHS INC COMMON 2010-05 PURCHASE 2011-06   11,382 5,291     6,091  
    IHS INC COMMON 2010-08 PURCHASE 2011-09   5,248 2,849     2,399  
    ILLUMINA INC COM 2011-12 PURCHASE 2011-12   5,879 9,941   6 -4,068  
    INFINEON TECHNOLOGY COMMON 2011-12 PURCHASE 2011-12   7,604 9,879   28 -2,303  
    INGERSOLL-RAND PLC 2011-09 PURCHASE 2011-09   7,591 9,059   7 -1,475  
    INTEL COMMON 2010-05 PURCHASE 2011-06   7,778 6,275     1,503  
    INTERCONTINENTALEXCHANGE INC COMM 2011-01 PURCHASE 2012-02   11,955 9,217     2,738  
    INTERNATIONAL BUSINESS MACHINES 2010-08 PURCHASE 2011-09   6,483 4,674     1,809  
    INTERNATIONAL PAPER COMPANY COMM 2010-11 PURCHASE 2011-12   5,711 5,028     683  
    INTERNATIONAL PAPER COMPANY COMM 2011-09 PURCHASE 2011-09   11,431 10,797   13 621  
    INTERPUBLIC GROUP COMMON 2011-09 PURCHASE 2011-09   9,814 15,235   39 -5,460  
    INTERVAL LEISURE GROUP COMMON 2010-08 PURCHASE 2011-09   8,452 4,908     3,544  
    J P MORGAN CHASE & CO COMMON 2012-02 PURCHASE 2012-02   10,600 12,797   9 -2,206  
    J P MORGAN CHASE & CO COMMON 2011-01 PURCHASE 2012-02   1,893 2,109     -216  
    JOHN WILEY & SONS INC CLASS A 2011-01 PURCHASE 2012-02   5,489 5,160     329  
    KBR INC COMMON 2011-09 PURCHASE 2011-09   13,224 14,812   13 -1,601  
    KOHLS CORP COMMON 2012-02 PURCHASE 2012-02   5,093 5,057   3 33  
    KONINKLIJKE KPN NV COMMON 2012-02 PURCHASE 2012-02   4,339 5,049   29 -739  
    KONINKLIJKE KPN NV COMMON 2011-01 PURCHASE 2012-02   5,475 6,530     -1,055  
    KRAFT FOODS INC-A COMMON 2011-01 PURCHASE 2012-02   5,002 4,205     797  
    LANDSTAR SYSTEM INC COMMON 2011-09 PURCHASE 2011-09   6,029 6,411   4 -386  
    LIBERTY MEDIA CORP 2012-02 PURCHASE 2012-02   5,316 4,672   2 642  
    LIBERTY MEDIA CORP 2012-01 PURCHASE 2012-01   64 65     -1  
    LIFE TECHNOLOGIES CORP COMMON 2011-09 PURCHASE 2011-09   8,089 11,176   6 -3,093  
    LOCKHEED MARTIN CORP COMMON 2011-09 PURCHASE 2011-09   10,203 9,991   4 208  
    LOWE'S COMPANIES INC COMMON 2011-09 PURCHASE 2011-09   5,881 6,594   9 -722  
    MDC PARTNERS INC CLASS A COMMON 2012-02 PURCHASE 2012-02   6,983 7,893   16 -926  
    MEDNAX INC COMMON 2011-01 PURCHASE 2012-02   5,172 4,121     1,051  
    MEDTRONIC INC COMMON 2011-01 PURCHASE 2012-02   5,342 6,531     -1,189  
    MEDTRONIC INC COMMON 2010-05 PURCHASE 2011-06   4,045 4,942     -897  
    METLIFE INC COMMON 2010-01 PURCHASE 2011-12   7,545 9,246     -1,701  
    MICROCHIP TECHNOLOGY INC COMMON 2011-01 PURCHASE 2012-02   5,930 5,169     761  
    MICROCHIP TECHNOLOGY INC COMMON 2011-09 PURCHASE 2011-09   6,315 6,132   6 177  
    MICROCHIP TECHNOLOGY INC COMMON 2011-06 PURCHASE 2011-06   11,704 9,682   9 2,013  
    MICROSEMI CORP 2011-09 PURCHASE 2011-09   5,791 7,841   11 -2,061  
    MICROSOFT CORP COMMON 2011-01 PURCHASE 2012-02   5,149 4,558     591  
    MICROSOFT CORP COMMON 2011-12 PURCHASE 2011-12   1,533 1,553   6 -26  
    MICROSOFT CORP COMMON 2010-11 PURCHASE 2011-12   3,578 3,886     -308  
    MONOTYPE IMAGING HOLDINGS INC CO 2011-01 PURCHASE 2012-02   4,784 1,307     3,477  
    MOODY'S CORPORATION COMMON 2011-09 PURCHASE 2011-09   6,940 9,131   7 -2,198  
    MORGAN STANLEY COMMON 2010-11 PURCHASE 2011-12   9,849 14,767     -4,918  
    NIELSON HOLDINGS NV 2012-02 PURCHASE 2012-02   10,474 10,234   11 229  
    NOBLE ENERGY INC 2010-05 PURCHASE 2011-06   10,114 6,947     3,167  
    NOVARTIS A G ADR 2010-08 PURCHASE 2011-09   5,502 3,625     1,877  
    NRG ENERGY INC W/I COMMON 2012-02 PURCHASE 2012-02   4,950 6,670   9 -1,729  
    ORACLE CORP COMMON 2012-02 PURCHASE 2012-02   5,366 5,230   6 130  
    OSHKOSH TRUCK B CL B 2011-06 PURCHASE 2011-06   18,502 20,137   20 -1,655  
    PALL CORPORATION COMMON 2010-08 PURCHASE 2011-09   9,913 5,603     4,310  
    PALL CORPORATION COMMON 2010-05 PURCHASE 2011-06   17,052 7,855     9,197  
    PFIZER INC DTD 3/24/09 2009-03 PURCHASE 2011-12   75,793 79,132     -3,339  
    PIMCO COMMODITY REAL RETUR 2010-08 PURCHASE 2011-09   19,319 16,203     3,116  
    PIMCO COMMODITY REAL RETURN 2012-02 PURCHASE 2012-02   4,993 5,508     -515  
    PLANTRONICS INC COMMON 2011-12 PURCHASE 2011-12   11,346 11,465   10 -129  
    PLEXUS CORP COMMON 2011-09 PURCHASE 2011-09   3,491 4,253   4 -766  
    PLEXUS CORP COMMON 2011-06 PURCHASE 2011-06   14,062 11,544   11 2,507  
    PRECISION DRILLING TRUST 2011-12 PURCHASE 2011-12   8,356 10,218   23 -1,885  
    PROCTER AND GAMBLE COMMON 2012-02 PURCHASE 2012-02   5,161 5,212   2 -53  
    PROGRESS SOFTWARE COMMON 2011-09 PURCHASE 2011-09   10,932 14,582   18 -3,668  
    QUEST SOFTWARE INC 2011-06 PURCHASE 2011-06   8,246 9,705   11 -1,470  
    RALCORP HOLDINGS INC COMMON 2011-12 PURCHASE 2011-12   13,147 13,596   5 -454  
    REINSURANCE GROUP OF AMERICA COM 2010-08 PURCHASE 2011-09   5,602 3,332     2,270  
    ROCHE HOLDING LTD ADR 2010-05 PURCHASE 2011-06   7,902 5,278     2,624  
    ROCK-TENN COMPANY "A" 2011-01 PURCHASE 2012-02   14,399 10,353     4,046  
    ROCK-TENN COMPANY "A" 2010-05 PURCHASE 2011-06   6,782 4,437     2,345  
    ROPER INDS INC COMMON 2010-11 PURCHASE 2011-12   5,871 2,924     2,947  
    ROVI CORPORATION COMMON 2010-05 PURCHASE 2011-06   8,016 4,202     3,814  
    SAFEWAY INC COMMON 2011-09 PURCHASE 2011-09   5,128 6,352   9 -1,233  
    SAFEWAY INC COMMON 2011-06 PURCHASE 2011-06   7,264 6,790   9 465  
    SEI INVESTMENTS COMPANY COMMON 2010-05 PURCHASE 2011-06   6,480 5,155     1,325  
    SIEMENS AG SPONSORED ADR 2011-12 PURCHASE 2011-12   1,011 898   2 111  
    SIEMENS AG SPONSORED ADR 2010-11 PURCHASE 2011-12   4,043 4,568     -525  
    SLM CORPORATION COMMON 2011-01 PURCHASE 2012-02   7,825 5,916     1,909  
    SOCIETE GENERALE FRANCE 2011-06 PURCHASE 2011-06   6,687 6,960   17 -290  
    SOLERA HOLDINGS INC COMMON 2011-12 PURCHASE 2011-12   12,887 16,046   8 -3,167  
    SOLUTIA INC COMMON 2011-01 PURCHASE 2012-02   6,160 2,655     3,505  
    SOLUTIA INC COMMON 2010-05 PURCHASE 2011-06   6,657 3,451     3,206  
    SOLUTIA INC COMMON 2010-08 PURCHASE 2011-09   5,117 4,033     1,084  
    SONY CORPORATION AMERICAN SHARES 2011-12 PURCHASE 2011-12   4,806 5,070   8 -272  
    SOUTHWEST AIRLINES 2010-11 PURCHASE 2011-12   10,680 17,238     -6,558  
    SOUTHWEST AIRLINES COMMON 2011-12 PURCHASE 2011-12   7,006 6,804   62 140  
    ST JUDE MEDICAL INC COMMON 2012-02 PURCHASE 2012-02   13,500 13,313   9 178  
    STAPLES 2010-05 PURCHASE 2011-06   13,278 16,804     -3,526  
    STAPLES INC COMMON 2011-12 PURCHASE 2011-12   7,402 7,017   15 370  
    STATOIL ASA ADR COMMON 2010-05 PURCHASE 2011-06   7,413 5,143     2,270  
    STRYKER CORP COMMON 2011-09 PURCHASE 2011-09   7,554 7,899   5 -350  
    SUNCOR ENERGY INC 2010-11 PURCHASE 2011-12   5,713 6,230     -517  
    SWISS REINSURANCE CO 2011-05 PURCHASE 2011-05   6,292 5,294     998  
    SYSCO CORPORATION COMMON 2012-02 PURCHASE 2012-02   11,680 11,692   12 -24  
    TARGET CORP COM COMMON 2011-09 PURCHASE 2011-09   7,574 7,800   5 -231  
    TARGET CORP COM COMMON 2012-02 PURCHASE 2012-02   1,560 1,516   3 41  
    TARGET CORP COM COMMON 2011-01 PURCHASE 2012-02   3,641 3,642     -1  
    TE CONNECTIVITY LTD 2010-11 PURCHASE 2011-12   5,596 5,401     195  
    TELECOMUNICACOES DE SAO PAULO 2011-07 PURCHASE 2011-07   6,999 4,968   7 2,024  
    TELECOMUNICACOES DE SAO PAULO 2011-06 PURCHASE 2011-06   15 11     4  
    TELEDYNE TECHNOLOGIES INC COM 2010-08 PURCHASE 2011-09   11,645 7,233     4,412  
    TELEFONICA S A 2010-05 PURCHASE 2011-06   5,766 4,694     1,072  
    TERADATA CORP COMMON 2012-02 PURCHASE 2012-02   5,647 4,680   3 964  
    TESCO CORP 2011-12 PURCHASE 2011-12   4,539 5,015   11 -487  
    TESCO CORP 2010-11 PURCHASE 2011-12   259 250     9  
    THE TRAVELERS COMPANIES INC COMM 2010-08 PURCHASE 2011-09   5,378 4,360     1,018  
    THE WALT DISNEY COMPANY COMMON 2010-08 PURCHASE 2011-09   4,986 3,162   5 1,819  
    THERMO FISHER SCIENTIFIC INC COM 2011-12 PURCHASE 2011-12   9,350 11,039   6 -1,695  
    THOMPSON CREEK METALS INC COMMON 2010-05 PURCHASE 2011-06   8,800 10,564     -1,764  
    TIDEWATER INC COMMON 2011-06 PURCHASE 2011-06   4,798 5,598   2 -802  
    TIM HORTONS INC COMMON 2012-02 PURCHASE 2012-02   9,308 9,676   6 -374  
    TOKIO MARINE HOLDINGS INC 2011-01 PURCHASE 2012-02   9,032 8,844     188  
    TOWERS WATSON & COMPANY COMMON 2012-02 PURCHASE 2012-02   5,056 4,568   2 486  
    TREEHOUSE FOODS INC COMMON 2011-09 PURCHASE 2011-09   13,618 15,171   7 -1,560  
    TRIPADVISOR INC COMMON 2012-02 PURCHASE 2012-02   5,450 5,241   6 203  
    TURKCELL ILETISIM HIZMETLERI 2010-05 PURCHASE 2011-06   5,381 4,604     777  
    TURKCELL ILETISIM HIZMETLERI 2010-08 PURCHASE 2011-09   4,940 4,967     -27  
    TYCO INTERNATIONAL LTD 2010-11 PURCHASE 2011-12   23,414 19,110     4,304  
    TYCO INTERNATIONAL LTD 2011-06 PURCHASE 2011-06   5,251 4,201   3 1,047  
    UBS AG 2010-11 PURCHASE 2011-12   3,705 5,103     -1,398  
    UNILEVER PLC SPONSORED ADR 2010-08 PURCHASE 2011-09   7,664 4,663     3,001  
    UNITED RENTALS INC 2011-09 PURCHASE 2011-09   5,053 9,216   9 -4,172  
    FED NATL MTG ASSN 2001-11 PURCHASE 2011-11   200,000 193,154     6,846  
    US BANCORP COMMON 2010-08 PURCHASE 2011-09   6,148 2,989     3,159  
    UTILITIES SELECT SECTOR 2012-02 PURCHASE 2012-02   5,211 5,254   5 -48  
    V F CORP COMMON 2010-05 PURCHASE 2011-06   6,913 5,066     1,847  
    V F CORP COMMON 2010-11 PURCHASE 2011-12   12,366 7,523     4,843  
    VALSPAR CORP COMMON 2010-08 PURCHASE 2011-09   4,948 3,635     1,313  
    VARIAN SEMICONDUCTOR EQUIPMENT 2011-06 PURCHASE 2011-06   6,753 5,007   3 1,743  
    VERISIGN INC COMMON 2011-09 PURCHASE 2011-09   8,242 9,761   8 -1,527  
    VOLVO AKTIEBOLAGET ADR B 2011-12 PURCHASE 2011-12   335 299   13 23  
    VOLVO AKTIEBOLAGET ADR B 2010-11 PURCHASE 2011-12   4,580 5,556     -976  
    WABCO HOLDINGS INC COMMON 2011-12 PURCHASE 2011-12   14,148 14,745   9 -606  
    WALMART STORES COMMON 2011-09 PURCHASE 2011-09   10,799 11,325   6 -532  
    WALMART STORES COMMON 2011-01 PURCHASE 2012-02   5,576 4,848     728  
    WELLS FARGO & CO COMMON 2010-08 PURCHASE 2011-09   5,128 2,393     2,735  
    WEYERHAEUSER COMPANY COMMON 2012-02 PURCHASE 2012-02   8,170 8,577   12 -419  
    WHITING PETROLEUM CORP COMMON 2010-05 PURCHASE 2011-06   11,875 4,648     7,227  
    WHITING PETROLEUM CORP COMMON 2011-09 PURCHASE 2011-09   8,854 10,050   8 -1,204  
    WHITING PETROLEUM CORP COMMON 2010-08 PURCHASE 2011-09   3,542 2,066     1,476  
    WILLIS GROUP HOLDINGS 2011-12 PURCHASE 2011-12   5,255 5,019   4 232  
    WOLVERINE WORLD WIDE INC COMMON 2010-05 PURCHASE 2011-06   5,019 3,312     1,707  
    WOLVERINE WORLD WIDE INC COMMON 2011-01 PURCHASE 2012-02   5,093 3,312     1,781  
    WYNDHAM WORLDWIDE CORPORATION 2011-12 PURCHASE 2011-12   5,011 4,796   4 211  
    XL CAPITAL LTD 2011-06 PURCHASE 2011-06   8,315 7,574   11 730  
    ZURICH PINANCIAL SVCS ADR 2010-08 PURCHASE 2011-09   5,809 4,945     864  

    TY 2011 InvestmentsCorpBondsSchedule
    Name:
    FRADA FINE SCHOLARSHIP FUND
    EIN: 55-6164208
    Name of Bond End of Year Book Value End of Year Fair Market Value
    GOLDMAN SACHS GROUP INC DTD 11/15/02 97,373 107,075
    WALT DISNEY COMPANY DTD 12/22/08 4.5 102,680 106,702
    PIMCO FOREIGN BOND FUND - CLASS I NO 363,050 399,058
    PFIZER INC DTD 03/24/09 4.45% 03/15/    
    BEAR STEARNS CO INC 10/31/05 5.3% 80,351 82,792
    CHEVRON CORP DTD 03/03/09 3.95% 183,636 186,387
    DODGE & COX INCOME FUND 147 337,033 339,267

    TY 2011 InvestmentsCorpStockSchedule
    Name:
    FRADA FINE SCHOLARSHIP FUND
    EIN: 55-6164208
    Name of Stock End of Year Book Value End of Year Fair Market Value
    ABB LTD SPONS ADR 6,118 11,021
    ABBOTT LABORATORIES COMMON    
    ACACIA RESEARCH COMMON 7,629 8,348
    ACTUANT CORP CL A NEW    
    ACUITY BRANDS INC., COMMON    
    ADR AXA-UAP F/K/A AXA SA SPONS ADR    
    AEROPOSTALE INC    
    AGILENT TECHNOLOGIES 5,299 5,341
    AGRIUM INC 4,608 10,364
    ALBEMARLE CORP COMMON    
    ALCOA INC COMMON    
    ALLIANZ COMMON 10,346 12,868
    ALLIED WORLD ASSURANCE HOLDINGS LTD 10,427 15,794
    AMERICAN EXPRESS COMPANY COMMON 5,737 8,100
    AMERICAN MEDICAL SYS HLDGS    
    AMETEK INC COMMON 8,298 13,098
    AMGEN INC COMMON 8,419 9,516
    AMPHENOL CORP CL A 11,731 22,115
    ANADARKO PETE CORP. COMMON 9,914 9,793
    ANGLO AMERICAN PLC UNSPONSORED ADR 5,217 5,788
    ANSYS INC COMMON 8,308 14,304
    AON CORPORATION COMMON    
    APACHE CORPORATION COMMON    
    APPLE COMPUTER CORPORATION COMMON 21,453 42,568
    APPLIED MATERIALS COMMON    
    ARCELORMITTAL    
    ARCH CAPITAL GROUP LTD    
    ARCH COAL INC COMMON    
    ASPEN TECH COMMON 6,724 8,417
    ASTRAZENECA PLC 7,703 10,233
    AT&T INC 15,105 16,552
    ATLAS COPCO AB SPONS 7,887 12,035
    AVAGO TECHNOLOGIES LTD 5,316 6,625
    AVERY DENNISON CORP COMMON    
    AVNET INC COMMON 12,665 13,464
    B. F. GOODRICH COMMON    
    BAE SYS PLC SPONSORED ADR 5,308 4,792
    BAIDU.COM INC 7,026 7,289
    BAKER HUGHES INC COMMON 7,627 6,291
    BANCO SANTANDER CENT HISPANO S A ADR    
    BANK OF AMERICA CORP COMMON    
    BARCLAYS PLC- SPONS ADR COMMON 5,214 8,333
    BARRICK GOLD CORP COMMON 5,079 4,348
    BASF AG SPONSORED ADR COMMON 14,209 17,469
    BAXTER INTERNATIONAL INC COMMON    
    BAYER A G SPONSORED ADR 5,256 7,023
    BAYERISCHE MOTOREN WERKE UNSPONS ADR 10,185 11,673
    BE AEROSPACE INC COMMON 9,070 12,547
    BERKSHIRE HATHAWAY INC DEL CL B COMM 8,420 12,173
    BHP BILLITON PLC 11,821 11,662
    BIO-RAD LABS CLASS A 5,943 9,332
    BNP PARIBAS    
    BOC HONG KONG HOLDINGS LTD 5,426 10,498
    BORGWARNER AUTOMOTIVE 9,956 12,651
    BRIGGS & STRATTON CORP COMMON    
    BRITISH AMERICAN TOB COMMON 22,664 36,439
    BROADRIDGE FINANCIAL SOLUTIONS LLC    
    BROOKFIELD ASSET MANAGEMENT INC 5,271 5,998
    BRUKER BIOSCIENCES CORP COMMON    
    BT GROUP PLC ADR 13,157 16,634
    CAMPBELL SOUP CO COMMON    
    CANON INC COMMON 13,203 13,821
    CAPELLA EDUCATION CO COMMON    
    CENOVUS ENERGY INC 8,946 11,501
    CENTRAL EUROPEAN DISTRIBUTION CORP    
    CENTRAL EUROPEAN MEDIA ENT    
    CEPHEID INC COMMON 7,865 10,458
    CHARTER COMUNICATIONS INC A COMMON 8,058 8,249
    CHECKPOINT SOFTWARE TECHNOLOGY COMMO 5,207 7,661
    CHEVRON CORP COMMON 10,354 17,154
    CHINA MOBILE HK LTD SP ADR 5,335 6,059
    CHURCH & DWIGHT CO., INC COMMON 6,238 6,887
    CISCO SYSTEMS COMMON 7,894 10,364
    CIT GROUP INC COMMON    
    CNOOC LTD-ADR    
    COCA COLA COMPANY COMMON 13,321 15,542
    COMCAST CORP CLASS A 17,375 24,908
    COMERICA INC COMMON 7,871 9,708
    COMTECH TELECOMMUNICATIONS CORP COMM    
    CONOCOPHILLIPS 5,554 15,582
    COOPER TIRE & RUBBER CO.COMMON    
    CORNING INC COMMON    
    COVIDIEN PLC    
    CROWN HOLDINGS INC COMMON    
    CULLEN/FROST BANKERS INC COMMON 8,707 9,892
    CVS CAREMARK CORP COMMON 11,986 14,784
    DAVITA INC 11,998 14,427
    DBS GROUP HLDGS LTD SPONSORED ADR 15,451 20,751
    DESARROLLADORA HOMEX SA DE CV    
    DIAGEO PLC SPONSORED ADR 3,209 6,755
    DISCOVER FINANCIAL SERVICES 3,709 7,001
    DISCOVERY COMMUNICATIONS A COMMON    
    DISH NETWORK CORP A COMMON 12,381 15,477
    DOLBY LABORATORIES INC CL A COMMON    
    DOW CHEMICAL COMMON 4,698 6,235
    DREAMWORKS ANIMATION SKG INC COMMON    
    E I DUPONT DE NEMOURS COMPANY 10,674 15,341
    E ON AG SPONSORED ADR F/K/A VEBA AG    
    EBAY INC    
    EDISON INTL COM    
    EMC CORPORATION COMMON 11,013 14,044
    EMERSON ELECTRIC COMPANY COMMON 2,558 4,696
    ENEL S.P.A. UNSPON ADR 4,953 4,190
    ENSTAR GROUP LTD    
    EVERCORE PARTNERS INC-CL A COMMON 6,434 7,849
    EXCO RESOURCES INC COMMON    
    EXELON CORP    
    EXPEDIA INC COMMON 5,246 6,186
    EXPRESS SCRIPTS COMMON 15,964 18,963
    EXXON MOBIL CORP 22,964 27,754
    FEDEX CORPORATION COMMON 9,995 11,955
    FEDERAL REALTY INVESTORS COMMON 6,775 6,775
    FEI COMPANY COMMON 2,838 6,384
    FIDELITY NATIONAL INFORMATION SERV    
    FIFTH THIRD BANCORP COMMON 5,509 5,758
    FINANCIAL SELECT SECTOR SPDR FUND 9,588 12,952
    FISERV COMMON    
    FLIR SYSTEMS INC COMMON    
    FLOWERS FOOD INC WI COMMON    
    FOCUS MEDIA HOLDING LIMITED    
    FOMENTO ECONOMICO MEXICANO SA DE CV 4,175 11,518
    FOREST CITY ENTERPRISES-CL A 7,430 9,553
    FOSSIL INC COM    
    FOSTER WHEELER AG    
    FREEPORT MCMORAN CPR & GOLD CLASS B 11,984 10,651
    FTI CONSULTING INC    
    FUJIFILM HOLDINGS CORPORATION    
    GARDNER DENVER MACHINE COMMON 5,766 4,411
    GENERAL ELECTRIC COMPANY 15,367 30,105
    GENUINE PARTS COMPANY COMMON 4,232 6,903
    GLAXOSMITHKLINE PLC SPONSORED ADR    
    GOOGLE INC COMMON 12,599 18,596
    GRAPHIC PACKAGING HOLDING CO COMMON 8,373 11,206
    GRUPO TELEVISA SA DE CV SPONS    
    GUESS INC COMMON    
    HANOVER INSURANCE GROUP INC COMMON    
    HASBRO INC COMMON    
    HELMERICH & PAYNE INC COMMON    
    HEWITT ASSOCIATES INC CL A COMMON    
    HEWLETT PACKARD COMPANY COMMON    
    HITACHI LTD.-ADR-10 COMMON 14,727 18,113
    HONDA MTR LTD ADR 10 ORD 6,447 8,839
    HONEYWELL INTERNATIONAL INC 18,290 23,810
    HOSPIRA INC COMMON    
    HSBC HLDGS PLC SPONSORED ADR NEW 5,417 5,327
    HUBBELL INCORPORATED CL B    
    HUNTINGTON BANCSHARES INC COMMON    
    IAC/INTERACTIVE CORP COMMON 12,649 16,200
    ICON PLC SPONS ADR    
    IHS INC COMMON    
    INDEX LABORATORIES COMMON    
    INFINEON TECHNOLOGY COMMON    
    INGERSOLL - RAND PLC    
    INTEL COMMON 9,329 14,901
    INTERCONTINENTALEXCHANGE INC COMMON 6,054 6,871
    INTERCONTINENTAL HOTELS GROUP PLC AD 5,044 6,037
    INTERNATIONAL BUSINESS MACHINES COMM 9,348 16,692
    INTERNATIONAL PAPER COMPANY COMMON    
    INTERVAL LEISURE GROUP COMMON    
    INTESA SANPAOLO    
    ITC HOLDINGS CORP COMMON 9,598 10,002
    J. B. HUNT 13,724 19,030
    J P MORGAN CHASE & CO COMMON 10,966 11,955
    JOHN WILEY & SONS INC CLASS A 9,301 13,325
    JOHNSON & JOHNSON COMMON 12,135 16,160
    KBR INC COMMON    
    KELLOGG COMPANY COMMON 7,948 8,581
    KEPPEL CORP LTD SPONS ADR 15,822 28,791
    KOHLS CORP COMMON 6,071 6,004
    KONINKLIJKE KPN NV COMMON    
    KRAFT FOODS INC CLASS A COMMON 7,981 11,023
    KROGER COMPANY COMMON    
    LABORATORY CORP OF AMERICAN HOLDINGS 9,241 13,731
    LANDSTAR SYSTEM INC COMMON    
    LASALLE HOTEL PPTYS COM SH BEN INT 5,260 8,161
    LAZARD EMERGING MKTS PORTFOLIO INST 215,785 287,305
    LAZARD LTD    
    LEUCADIA NATIONAL CORP COMMON    
    LIBERTY MEDIA CORP - LIBERTY CAPITAL 7,011 7,845
    LIBERTY MEDIA STARZ SERIES A COMMON    
    LIFE TECHNOLOGIES CORP COMMON    
    LOCKHEED MARTIN CORP COMMON    
    LOWE'S COMPANIES INC COMMON 10,437 15,376
    LUKOIL COMMON 10,378 12,100
    LVMH MOET-HENNESSEY UNSPON ADR 5,396 6,177
    MARKEL CORPORATION COMMON    
    MCKESSON CORPORATION 2,819 7,022
    MEDNAX INC COMMON 7,653 9,668
    MEDTRONIC INC. COMMON 8,089 9,406
    MERCK & CO INC 12,402 14,208
    MERIDIAN BIOSCIENCE INC COMMON    
    METLIFE INC COMMON 15,123 14,567
    MICROCHIP TECHNOLOGY INC COMMON    
    MICROSOFT CORP COMMON 18,739 29,191
    MID-AMERICA APARTMENT COMM INC REIT 6,129 6,033
    MITSUBISHI UJF FINANCIAL GROUP INC    
    MITSUI & CO LTD 15,278 18,138
    MONOTYPE IMAGING HOLDINGS INC COMMON 3,881 14,155
    MONSANTO CO COMMON    
    MORGAN STANLEY COMMON    
    MSC INDUSTRIAL DIRECT INC CLASS A CO 11,541 14,158
    MTN GROUP LTD ADR    
    MYLAN LABORATORIES COMMON 5,130 5,159
    NALCO HOLDING CO COMMON    
    NASDAQ OMX GROUP COMMON    
    NATIONAL BANK OF GREECE ADR    
    NATIONAL GRID GROUP-SPON ADR 6,039 6,058
    NESTLE SA ADR 19,162 32,678
    NIPPON TELEG & TEL CORP SPONSORED AD 5,202 4,750
    NISSAN 15,258 17,985
    NOBLE CORPORATION    
    NOBLE ENERGY INC    
    NORTHERN TRUST GROUP COMMON    
    NOVARTIS A G ADR 10,150 15,515
    OCEANEERING INTERNATIONAL INC    
    OIL STATES INTERNATIONAL INC COMMON 11,073 12,490
    ORACLE SYS CORP COMMON 6,075 10,789
    ORIX SPONSORED ADR 5,039 6,273
    OSHKOSH TRUCK B CL B    
    PALL CORPORATION COMMON 5,117 4,770
    PATTERSON COMPANIES INC COMMON    
    PENSKE AUTOMOTIVE GROUP INC COMMON    
    PEPSICO INC COMMON 20,406 24,550
    PETROLEO BRASILIER PREFERENCE SHARE 14,828 14,314
    PFIZER INC COMMON 12,535 16,304
    PHASE FORWARD INC COMMON    
    PLANTRONICS INC COMMON 6,965 8,857
    PLEXUS CORP COMMON    
    POLARIS INDUSTRIES INC 2,742 3,608
    PROASSURANCE CORP COMMON 5,134 8,811
    PROCTER AND GAMBLE 7,155 10,418
    PROGRESS SOFTWARE COMMON    
    QUALCOMM INC 8,901 11,570
    QUEST SOFTWARE INC    
    RAYONIER INC COMMON 5,777 9,259
    REINSURANCE GROUP OF AMERICA COMMON    
    RELIANCE STEEL & ALUMINUM 7,963 9,037
    RESPOL YPF, S.A. COMMON 6,210 5,761
    RIO TINTO PLC ADR    
    ROCHE HOLDING LTD ADR 5,266 5,214
    ROCHESTER MEDICAL CORP COMMON    
    ROCK-TENN COMPANY "A" 5,440 6,756
    ROPER INDS INC COMMON 4,178 9,916
    ROSETTA RESOURCES INC COMMON 11,145 12,678
    ROVI CORPORATION COMMON    
    ROYAL DUTCH SHELL PLC ADR CL A 8,575 8,416
    RUDDICK CORPORATION COMMON    
    RWE AG    
    SAFEWAY INC COMMON    
    SANOFI SYNTHELABO SA-ADR 20,973 24,413
    SBERBANK OF RUSSIA 7,183 7,087
    SCHLUMBERGER LTD COMMON 15,796 24,476
    SEI INVESTMENTS COMPANY COMMON    
    SHIRE PHARMACEUTICALS GROUP PLC 5,525 5,685
    SIEMENS AG SPONSORED ADR 10,306 11,092
    SIGNET JEWELERS LTD 5,091 5,201
    SLM CORPORATION COMMON 7,124 9,298
    SOCIETE GENERALE FRANCE SPONSORED    
    SOLERA HOLDINGS INC COMMON    
    SOLUTIA INC COMMON 3,258 7,544
    SOTHEBY'S HOLDINGS - CL A 7,507 9,442
    SOUTHWEST AIRLINES COMMON    
    ST JUDE MEDICAL INC COMMON 17,581 20,383
    STAPLES INC COMMON    
    STATE STREET CORP COMMON    
    STATOIL ASA ADR COMMON    
    STEEL DYNAMICS INC COMMON    
    STERICYCLE INC COMMON    
    STERLITE IND LTD    
    STRYKER CORP COMMON 13,868 16,089
    SUNCOR ENERGY INC 12,686 14,061
    SWISS REINSURANCE CO ADR    
    SYNOPSYS INC    
    SYSCO CORPORATION COMMON    
    T ROWE PRICE GROUP INC 9,362 10,448
    TARGET CORPORATION COMMON 12,662 14,568
    TE CONNECTIVITY LTD 18,427 21,315
    TEAM HEALTH HOLDINGD, INC. COMMON 5,289 6,168
    TECHINE CORP    
    TELEDYNE TECHNOLOGIES INC COM    
    TELEFONICA S A    
    TENARIS S A    
    TERADATA CORP COMMON 6,763 8,860
    TESCO CORP 7,254 8,230
    TEVA PHARMACEUTICAL INDS LTD ADR COM    
    TEXAS INSTRUMENTS COMMON 15,126 17,813
    THE TRAVELERS COMPANIES INC COMMON 12,558 15,392
    THE WALT DISNEY COMPANY COMMON 10,587 25,392
    THERMO FISHER SCIENTIFIC INC COMMON    
    THOMPSON CREEK METALS INC COMMON    
    TIDEWATER INC COMMON 12,509 12,965
    TOKIO MARINE HOLDINGS INC    
    TOTAL S A SPONSORED 10,078 10,735
    TOWERS WATSON & COMPANY COMMON 5,142 5,946
    TOYOTA MOTOR CORPORATION ADR    
    TRANSOCEAN LTD 5,919 6,564
    TURKCELL ILETISIM HIZMETLERI    
    TYCO INTERNATIONAL LTD    
    UBS AG    
    UNILEVER PLC-SPONSORED ADR 3,171 5,619
    UNION PACIFIC CORP COMMON 8,151 8,598
    UNITED HEALTH GROUP INC COMMON 12,599 13,556
    UNITED RENTALS INC    
    US BANCORP - COMMON    
    UTILITIES SELECT SECTOR SPDR FUND 6,307 6,659
    V F CORP COMMON 3,344 5,839
    VAIL RESORTS COMMON 7,528 7,785
    VALE SA SP PREF ADR 5,949 9,984
    VALEO SA SPON ADR 5,010 5,236
    VALSPAR CORP COMMON    
    VARIAN SEMICONDUCTOR EQUIPMENT ASSOC    
    VERISK ANALYTICS INC COMMON 11,897 14,561
    VERIZON COMMUNICATIONS INC. 7,805 9,175
    VIVO PARTICIPACOES S A    
    VODAFONE GROUP PLC COMMON 10,331 11,898
    VOLVO AKTIEBOLAGET ADR B 4,789 6,683
    WABTEC CORP COMMON    
    WAL-MART STORES COMMON 10,037 11,016
    WASHINGTON FEDERAL INC    
    WASTE CONNECTIONS COMMON 8,725 16,590
    WELLPOINT INC COMMON    
    WELLS FARGO & CO. COMMON 6,553 19,631
    WEYERHAEUSER COMPANY COMMON 5,881 7,453
    WHITING PETROLEUM CORP COMMON    
    WILLIS GROUP HOLDINGS 5,741 5,597
    WOLVERINE WORLD WIDE INC COMMON 5,859 8,551
    WYNDHAM WORLDWIDE CORPORATION COMMON 12,828 19,534
    XL CAPITAL LTD    
    XYLEM INC COMMON 17,102 18,870
    ZENITH NATIONAL INSURANCE GROUP COMM    
    ZURICH PINANCIAL SVCS ADR 5,455 6,442

    TY 2011 InvestmentsGovtObligationsSch
    Name:
    FRADA FINE SCHOLARSHIP FUND
    EIN: 55-6164208
    US Government Securities - End of Year Book Value:

    601,381
    US Government Securities - End of Year Fair Market Value:

    649,246
    State & Local Government Securities - End of Year Book Value:


     
    State & Local Government Securities - End of Year Fair Market Value:


     


    TY 2011 InvestmentsOtherSchedule2
    Name:
    FRADA FINE SCHOLARSHIP FUND
    EIN: 55-6164208
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    ISHARES SILVER TRUST AT COST    
    PIMCO COMMODITY REAL RETURN STRATEGY AT COST 143,688 127,348
    SPDR GOLD TRUST AT COST 2,675 4,864
    COHEN & STEERS REALTY SHARES INST AT COST 102,779 115,911

    TY 2011 LegalFeesSchedule
    Name:
    FRADA FINE SCHOLARSHIP FUND
    EIN: 55-6164208
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 347      


    TY 2011 OtherExpensesSchedule
    Name:
    FRADA FINE SCHOLARSHIP FUND
    EIN: 55-6164208
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXPENSES        
    ADVERTISING 26     26
    ADR FEES 189 189    


    TY 2011 OtherProfessionalFeesSchedule
    Name:
    FRADA FINE SCHOLARSHIP FUND
    EIN: 55-6164208
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FIDUCIARY FEES 57,513 28,757   28,756


    TY 2011 TaxesSchedule
    Name:
    FRADA FINE SCHOLARSHIP FUND
    EIN: 55-6164208
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAX PAID 334 334    
    FOREIGN TAXES ON QUALIFIED FOREI 534 534    
    FOREIGN TAXES ON NON- QUALIFIED 117 117    
    FEDERAL INOCME TAX 2,044 2,044