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
2012
Open to Public Inspection
For calendar year 2012, or tax year beginning 01-01-2012 , and ending 12-31-2012
Name of foundation
THE KENTLAND FOUNDATION INC
 

Number and street (or P.O. box number if mail is not delivered to street address)KENTLAND FARMS PO BOX 879   Room/suite
City or town, state, and ZIP code
BERRYVILLE, VA22611
A Employer identification number

52-6070323
B Telephone number (see instructions)

(540) 955-1082
C bullet
G Check all that apply:

D 1. bullet
2. bullet
H Check type of organization:
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$25,186,717J 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 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) 2,509,997
2 Check bullet
3 Interest on savings and temporary cash investments 9 9  
4 Dividends and interest from securities...... 155,111 150,627  
5a Gross rents.............. 2,597,317 718,362  
b Net rental income or (loss) 1,062,331
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment 71,811
b Gross sales price for all assets on line 6a 861,443
7 Capital gain net income (from Part IV, line 2)... 38,515
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)....... Click to see attachment 4,165 2,123  
12 Total. Add lines 1 through 11........ 5,338,410 909,636  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 731,699 248,778   373,166
14 Other employee salaries and wages...... 333,000 124,009   159,040
15 Pension plans, employee benefits....... 153,856 54,209   76,569
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 7,210 3,605   3,605
c Other professional fees (attach schedule).... Click to see attachment 9,729 9,729    
17 Interest............... 497,142      
18 Taxes (attach schedule) (see instructions) Click to see attachment 346      
19 Depreciation (attach schedule) and depletion... Click to see attachment 58,024    
20 Occupancy.............. 64,264 21,850   32,774
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see list of attachments 1,552,698 467,742   7,389
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 3,407,968 929,922   652,543
25 Contributions, gifts, grants paid........ 53,880 53,880
26 Total expenses and disbursements. Add lines 24 and 25 3,461,848 929,922   706,423
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 1,876,562
b Net investment income (if negative, enter -0-) 0
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2012)
Form 990-PF (2012)
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............... 79,544 88,148 88,148
2 Savings and temporary cash investments..........      
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) 202,854 976,559 992,167
b Investments—corporate stock (attach schedule)........      
c Investments—corporate bonds (attach schedule)........ 342,487 Click to see attachment407,543 419,715
11 Investments—land, buildings, and equipment: basis bullet24,781,084
Less: accumulated depreciation (attach schedule) bullet13,477,302 11,992,707 Click to see attachment11,303,782 17,963,991
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 376,778 Click to see attachment1,628,418 1,739,788
14 Land, buildings, and equipment: basis bullet4,242,628
Less: accumulated depreciation (attach schedule) bullet313,396 3,987,256 Click to see attachment3,929,232 3,950,000
15 Other assets (describe bullet) Click to see attachment44,674 Click to see attachment32,908 Click to see attachment32,908
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 17,026,300 18,366,590 25,186,717
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)...... 8,123,491 Click to see attachment7,588,038
22 Other liabilities (describe bullet) Click to see attachment31,577 Click to see attachment30,758
23 Total liabilities (add lines 17 through 22).......... 8,155,068 7,618,796
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 8,871,232 10,747,794
30 Total net assets or fund balances (see page 17 of the
instructions).................... 8,871,232 10,747,794
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 17,026,300 18,366,590
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 8,871,232
2 Enter amount from Part I, line 27a..................... 2 1,876,562
3 Other increases not included in line 2 (itemize) bullet 3  
4 Add lines 1, 2, and 3.......................... 4 10,747,794
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 10,747,794
Form 990-PF (2012)
Form 990-PF (2012)
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 3,830.439 SHS AMER BALANCED FD P   2012-07-18
b 427.531 SHS LAZARD EMERGING MKTS P 2011-10-11 2012-06-25
c 359.577 SHS NORTHERN SMALL CAP VALUE P 2008-10-21 2012-05-23
d 1,220.703 SHS AMER BALANCED FD P   2012-12-12
e 1,197.554 SHS PIMCO PIMS FOREIGN P 2011-10-11 2012-02-29
1,414.91 SHS PIMCO COMMODITY REAL RE P 2008-10-21 2012-02-29
481.603 SHS CAPITAL INCOME BLDR P   2012-07-18
499.202 SHS WESTCORE SELECT FUND P 2011-10-11 2012-06-25
164.747 SHS PIMCO COMMODITY REAL RET P 2009-06-16 2012-05-23
466.331 SHS CAPITAL INCOME BLDR P   2012-12-12
43.159 SHS ALLIANZ AGIC OPPORTUNITY P 2008-10-21 2012-02-29
13,399.324 SHS PIMCO PIMS FOREIGN P 2009-06-16 2012-02-29
2,936.858 SHS CAPITAL WORLD GROWTH & P   2012-07-18
175.128 SHS ALLIANZ AGIC OPPORTUNITY P 2008-10-21 2012-06-18
25,000 U.S. TREASURY NOTE P 2006-11-15 2012-02-15
670.961 SHS CAPITAL WORLD GROWTH & I P   2012-12-12
223.771 SHS ALLIANZ AGIC OPPORTUNITY P 2008-10-21 2012-12-17
50,000 US BANCORP DTD 5/12/2009 P 2011-02-17 2012-05-15
3,765.06 SHS PIMCO FDS PAC INVT P   2012-12-12
370.115 SHS ALLIANZ NFJ LARGE CAP P 2008-10-21 2012-02-29
25,000 VERIZON VIRGINIA INC P 2004-03-30 2012-12-10
50,000 FAIRFAX CNTY VA ECON P   2012-09-04
1,079.548 SHS ALLIANZ NFJ LARGE CAP P 2008-10-21 2012-06-18
89.605 AMERICAN CENTURY P 2012-02-29 2012-06-18
135.416 SHS ALLIANZ NFJ LARGE CAP P 2008-10-21 2012-12-17
89.686 AMERICAN CENTURY P 2012-02-29 2012-06-25
539.078 SHS ARTISAN MID CAP VALUE P 2008-10-21 2012-05-23
2,204.289 SHS DOUBLELINE TOTAL RETUR P 2012-02-29 2012-06-18
50,000 CHEVRON CORP P 2009-04-28 2012-12-28
435.304 SHS STERLING CAPITAL INTERME P 2012-02-29 2012-12-17
25,000 FED HOME LOAN BANK P 2010-10-15 2012-08-22
358.748 SHS STERLING CAPITAL TOTAL P 2012-02-29 2012-06-25
361.915 SHS HARBOR INTERNATIONAL P 2008-10-21 2012-12-17
61.757 SHS COHEN & STEERS REALTY P 2011-10-11 2012-05-23
50.518 SHS LAZARD EMERGING MKTS P 2008-10-21 2012-06-25
23.217 SHS COHEN & STEERS REALTY P 2011-10-11 2012-06-18
113.318 SHS NORTHERN SMALL CAP VALUE P 2008-10-21 2012-02-29
(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 75,000   74,923 77
b 7,413   7,687 -274
c 5,491   3,277 2,214
d 25,000   23,877 1,123
e 12,814   12,730 84
9,989   10,697 -708
25,000   24,523 477
8,252   9,016 -764
1,040   1,222 -182
25,000   23,746 1,254
984   553 431
143,373   133,817 9,556
100,000   102,790 -2,790
3,473   2,245 1,228
25,000   25,000  
25,000   23,484 1,516
4,455   2,681 1,774
50,000   50,000  
25,000   24,624 376
5,489   4,386 1,103
25,282   24,790 492
50,000   50,190 -190
15,470   12,793 2,677
1,001   993 8
2,102   1,605 497
1,002   994 8
10,760   7,100 3,660
24,732   24,644 88
52,050   51,795 255
4,680   4,719 -39
25,000   25,000  
3,946   3,939 7
22,175   14,900 7,275
2,630   2,169 461
876   680 196
1,006   815 191
1,826   1,228 598
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       77
b       -274
c       2,214
d       1,123
e       84
      -708
      477
      -764
      -182
      1,254
      431
      9,556
      -2,790
      1,228
       
      1,516
      1,774
       
      376
      1,103
      492
      -190
      2,677
      8
      497
      8
      3,660
      88
      255
      -39
       
      7
      7,275
      461
      196
      191
      598
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 38,515
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 instructions). If (loss), enter -0-
in Part I, line 8 . . . . . . . . . . . . . . . . 		Bracket 3 -230
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))
2011 646,907 15,346,166 0.042154
2010 753,519 14,203,405 0.053052
2009 779,370 12,468,783 0.062506
2008 670,689 9,612,575 0.069772
2007 759,313 8,415,683 0.090226
2 Total of line 1, column (d) ...................... 2 0.317710
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 0.063542
4 Enter the net value of noncharitable-use assets for 2012 from Part X, line 5..... 4 20,040,707
5 Multiply line 4 by line 3....................... 5 1,273,427
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6  
7 Add lines 5 and 6......................... 7 1,273,427
8 Enter qualifying distributions from Part XII, line 4.............. 8 706,423
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.
Form 990-PF (2012)
Form 990-PF (2012)
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 0
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  
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-). 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5  
6 Credits/Payments:
a 2012 estimated tax payments and 2011 overpayment credited to 2012 6a  
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  
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  
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 2013 estimated taxBullet   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
 
 
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If “Yes,” attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If “Yes,” attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
Yes
 
b
If “Yes,” has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If “Yes,” attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If “Yes,” complete Part II, col. (c), and Part XV.
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see 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 2012 or the taxable year beginning in 2012 (see instructions for Part XIV)?
    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 instructions) .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement (see instructions).................
    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 ofbulletLEO J WALKER Telephone no.bullet (540) 955-1082
    Located atbulletKENTLAND FARMS PO BOX 879BERRYVILLEVA ZIP+4bullet22611
    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 2012, 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 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 (2012)
    Form 990-PF (2012)
    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 2012?.............
    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 2012, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2012?...............
    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 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 2012 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 2012.)....................
    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 2012?
    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 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 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 (2012)
    Form 990-PF (2012)
    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 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
    LEO J WALKERClick to see attachment PRESIDENT
    40.00     		200,150 14,909 0
    PO BOX 879
    BERRYVILLE,VA22611
    SHEILA O STEDMANClick to see attachment VICE PRESIDE
    40.00     		200,150 16,798 0
    PO BOX 879
    BERRYVILLE,VA22611
    ALEXANDRA W HOFFMANClick to see attachment SECRETARY
    40.00     		175,312 14,027 0
    PO BOX 879
    BERRYVILLE,VA22611
    WILLIAM B WALKERClick to see attachment TREASURER
    40.00     		156,087 13,993 0
    PO BOX 879
    BERRYVILLE,VA22611
    2 Compensation of five highest-paid employees (other than those included on line 1—see 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
    JULIANA M MACDOWELLClick to see attachment ASST TREASUR
    40.00     		112,122 7,924  
    PO BOX 879
    BERRYVILLE,VA22611
    HELENE W MCCARRONClick to see attachment ASST TO PRES
    40.00     		99,542 13,993  
    PO BOX 879
    BERRYVILLE,VA22611
    CELESTE W BARSTISClick to see attachment ASST SECRETA
    40.00     		96,575 8,884  
    PO BOX 879
    BERRYVILLE,VA22611
    Total number of other employees paid over $50,000...................bullet  
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet  
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1
     
    2  
    3  
    4  
    Form 990-PF (2012)
    Form 990-PF (2012)
    Page 7
    Part IX-B
    Summary of Program-Related Investments (see 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 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
    2,762,766
    b
    Average of monthly cash balances.......................
    1b
    72,598
    c
    Fair market value of all other assets (see instructions)................
    1c
    25,098,569
    d
    Total (add lines 1a, b, and c).........................
    1d
    27,933,933
    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
    7,588,038
    3
    Subtract line 2 from line 1d.........................
    3
    20,345,895
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see
    instructions) .............................
    4
    305,188
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    20,040,707
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    1,002,035
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    1,002,035
    2a
    Tax on investment income for 2012 from Part VI, line 5......
    2a
     
    b
    Income tax for 2012. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
     
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    1,002,035
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    1,002,035
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,
    line 1................................
    7
    1,002,035
    Part XII
    Qualifying Distributions (see 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
    706,423
    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
    706,423
    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 instructions).................
    5
     
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    706,423
    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 (2012)
    Form 990-PF (2012)
    Page 8
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2011     		(c)
    2011     		(d)
    2012
    1 Distributable amount for 2012 from Part XI, line 7 1,002,035
    2 Undistributed income, if any, as of the end of 2012:
    a Enter amount for 2011 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2012:
    a From 2007.......  
    b From 2008....... 138,035
    c From 2009....... 156,329
    d From 2010....... 47,252
    e From 2011.......  
    fTotal of lines 3a through e......... 341,616
    4Qualifying distributions for 2012 from Part
    XII, line 4: bullet$ 706,423
    a Applied to 2011, but not more than line 2a  
    b Applied to undistributed income of prior years
    (Election required—see instructions)......     		 
    c Treated as distributions out of corpus (Election
    required—see instructions).........     		 
    d Applied to 2012 distributable amount..... 706,423
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2012. 295,612 295,612
    (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 46,004
    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 instructions ...........     		 
    e Undistributed income for 2011. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2012. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2013 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (see
    instructions) .............     		 
    8Excess distributions carryover from 2007 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2013.
    Subtract lines 7 and 8 from line 6a ......     		46,004
    10 Analysis of line 9:
    a Excess from 2008....  
    b Excess from 2009....  
    c Excess from 2010.... 46,004
    d Excess from 2011....  
    e Excess from 2012....  
    Form 990-PF (2012)
    Form 990-PF (2012)
    Page 9
    Part XIV
    Private Operating Foundations (see 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 2012, 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) 2012 (b) 2011 (c) 2010 (d) 2009
             
    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 instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    NONE
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    NONE
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number of the person to whom applications should be addressed:
    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 (2012)
    Form 990-PF (2012)
    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
    BOY SCOUTS OF AMERICA-DELMARVA COUN
    400 SOUTH HANSON STREET
    EASTON,MD21601     		NONE 509(A)(1) UNRESTRICTED USE FOR YOUTH ACTIVITIE 1,500
    BRIGHTER DAY CARE
    4611 LOUDOUN PARK LANE
    STERLING,VA20164     		NONE 509(A)(1) UNRESTRICTED FOR OPERATING EXPENSES 3,000
    CARDINAL'S APPEAL ARCHDIOCESE OF W
    PO BOX 98076
    WASHINGTON,DC200908076     		NONE 509(A)(1) GENERAL CHARITABLE ACTIVITY OF ARCHD 1,000
    CATHOLIC DISTANCE UNIVERSITY
    120 EAST COLONIAL HIGHWAY
    HAMILTON,VA201589012     		NONE 509(A)(1) FOR UNRESTRICTED GENERAL SCHOOL USE 1,000
    CLARK COUNTY SHERIFF'S OFFICE
    100 NORTH CHURCH STREET
    BERRYVILLE,VA226111110     		NONE 509(A)(1) FOR LOCAL GOVT PUBLIC SAFETY PROGRAM 500
    FAUQUIER FAMILY SHELTER SERVICES IN
    PO BOX 3599
    WARRENTON,VA20188     		NONE 509(A)(1) FOR LOCAL HOUSING ASSISTANCE 500
    FISH OF CLARKE COUNTY
    PO BOX 1154
    BERRYVILLE,VA22611     		NONE 509(A)(1) FOR UNRESTRICTED LOCAL ELDERLY ASST 1,000
    FORDHAM UNIVERSITY
    3A HERITAGE CREST
    SOUTHBURY,CT06488     		NONE 509(A)(1) FOR TUITION ASSISTANCE 2,500
    HARMONY UNITED METHODIST CHURCH
    380 EAST COLONIAL HIGHWAY
    HAMILTON,VA201589016     		NONE 509(A)(1) FOR UNRESTRICTED GENERAL SCHOOL USE 1,500
    HELP WITH HOUSING INC
    PO BOX 124
    BERRYVILLE,VA22611     		NONE 509(A)(1) UNRESTRICTED LOCAL HOUSING ASSISTANC 1,000
    HOLY CROSS ABBEY
    901 COOL SPRING LANE
    BERRYVILLE,VA22611     		NONE 509(A)(1) FOR UNRESTRICTED OPERATING EXPENSES 2,500
    JOHN H ENDERS FIRE CO & RESCUE SQUA
    9 SOUTH BUCKMARSH STREET
    BERRYVILLE,VA22611     		NONE 509(A)(1) FOR LOCAL GOVT PUBLIC SAFETY PROGRAM 500
    NATIONAL CHRIST CHILD SOCIETY INC
    4340 EAST WEST HIGHWAY
    BETHESDA,MD20814     		NONE 509(A)(1) FOR UNRESTRICTED YOUTH ASSISTANCE 1,500
    SHADY GROVE PREGNANCY CENTER
    16220 SOUTH FREDERICK AVE
    GAITHERSBURG,MD20877     		NONE 509(A)(1) FOR THE INTERESTS OF WOMEN 1,000
    SOME
    71 O STREET NW
    WASHINGTON,DC20001     		NONE 509(A)(1) FOR FOOD ASSISTANCE 1,000
    ST FRANCIS DE SALES CATHOLIC CHURC
    37730 ST FRANCIS CT
    PURCELLVILLE,VA20132     		NONE 509(A)(1) FOR UNRESTRICTED SCHOOL USE 4,000
    ST JOHN'S CATHOLIC PREP
    889 BUTTERFLY LANE
    FREDERICK,MD21702     		NONE 509(A)(1) RESTRICTED FOR BUILDING FUND 15,000
    ST MARTIN'S CHURCH
    201 SOUTH FREDERICK AVE
    GAITHERSBURG,MD20877     		NONE 509(A)(1) FOR UNRESTRICTED OPERATING EXPENSES 2,000
    ST MARTIN'S SCHOOL
    115 SOUTH FREDERICK AVE
    GAITHERSBURG,MD20877     		NONE 509(A)(1) FOR UNRESTRICTED OPERATING EXPENSES 2,000
    THE WASHINGTON MIDDLE SCHOOL FOR GI
    1901 MISSISSIPPI AVE SE
    WASHINGTON,DC20020     		NONE 509(A)(1) FOR UNRESTRICTED GENERAL SCHOOL USE 1,500
    WAKEFIELD SCHOOL
    PO BOX 107
    THE PLAINS,VA20198     		NONE 509(A)(1) FOR UNRESTRICTED OPERATING EXPENSES 5,000
    WASHINGTON JESUIT ACADEMY
    900 VARNUM STREET NE
    WASHINGTON,DC20017     		NONE 509(A)(1) FOR UNRESTRICTED GENERAL SCHOOL USE 1,500
    ST JANE DE CHANTAL CYO
    9601 OLD GEORGETOWN ROAD
    BETHESDA,MD20814     		NONE 509(A)(1) FOR GENERAL YOUTH ACTIVITES 500
    BLUE RIDGE HOSPICE
    333 W CORK ST
    WINCHESTER,VA22601     		NONE 509(A)(1) FOR CANCER PATIENT ASSISTANCE 500
    CARE CODE INC
    4 CORNWALL ST NE
    LEESBURG,VA20176     		NONE 509(A)(1) ASSISTANCE FOR PEOPLE WITH DISABILIT 1,000
    FIDELITY CHARITABLE GIFT FUND
    6826 BLACK HORSE PIKE
    EGG HARBOR TWP,NJ08244     		NONE 509(A)(1) FOR YOUTH PATIENT ASSISTANCE 500
    ST FRANCIS DE SALES CATHOLIC CHURC
    37730 ST FRANCIS CT
    PURCELLVILLE,VA20132     		NONE 509(A)(1) FOR GENERAL OPERATING EXPENSES 380
    Total .................................bullet 3a 53,880
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2012)
    Form 990-PF (2012)
    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 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 9  
    4 Dividends and interest from securities....     14 155,111  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property...... 531120 1,086,419      
    bNot debt-financed property.....     16 -24,088  
    6Net rental income or (loss) from personal property          
    7 Other investment income.....     14 2,123  
    8Gain or (loss) from sales of assets other than inventory   33,296 14 38,515  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aMISCELLANEOUS     1 1,145  
    bESTATE OF WILLIAM H LOREN     1 103  
    cKEBO     1 794  
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 1,119,715 173,712  
    13Total. Add line 12, columns (b), (d), and (e)..................
    131,293,427
    (See worksheet in line 13 instructions 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 foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2012)
    Form 990-PF (2012)
    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
    Sign Here
    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
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's namebullet



    Firm's addressbullet







         		Firm's EINbullet
    Phone no.
    Form 990-PF (2012)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description
    Schedule B
    (Form 990, 990-EZ,
    or 990-PF)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors
    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    OMB No. 1545-0047
    2012
    Name of the organization
    THE KENTLAND FOUNDATION INC
     
    Employer identification number

    52-6070323
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ





    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......................... Arrow Bullet   $    
    Caution. An organization that is not covered by the General Rule and/or the Special Rules does not file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2 of its Form 990; or check the box on line H of its
    Form 990-EZ or on Part I, line 2 of its Form 990-PF, to certify that it does not meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2012)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2012)
    Page 2
    Name of organization
    THE KENTLAND FOUNDATION INC
          		Employer identification number

    52-6070323
    Part I
    Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
    		     
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    1
     
     

    ESTATE OF WILLIAM H LOREN    
    834 KENTLANDS LANE
       
    BERRYVILLE, VA   22611

    		$2,509,997


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

         
     
       

    		$  


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

         
     
       

    		$  


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

         
     
       

    		$  


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

         
     
       

    		$  


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

         
     
       

    		$  


    (Complete Part II if there is a noncash contribution.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2012)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2012)
    Page 3
    Name of organization
    THE KENTLAND FOUNDATION INC
          		Employer identification number

    52-6070323
    Part II
    Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
    		     
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    Schedule B (Form 990, 990-EZ, or 990-PF) (2012)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2012)
    Page 4
    Name of organization
    THE KENTLAND FOUNDATION INC
          		Employer identification number

    52-6070323
    Part III
    Exclusively religious, charitable, etc., individual contributions to section 501(c)(7), (8), or (10) organizations
    that total more than $1,000 for the year. Complete columns (a) through (e) and the following line entry.
    For organizations completing Part III, enter the total of exclusively religious, charitable, etc.,
    contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a) No.
    from
    Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
           
     
    (a) No.
    from
    Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
           
     
    (a) No.
    from
    Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
           
     
    (a) No.
    from
    Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
           
     
    Schedule B (Form 990, 990-EZ, or 990-PF) (2012)

    Additional Data


    Software ID:  
    Software Version:  

    TY 2012 AccountingFeesSchedule
    Name:
    THE KENTLAND FOUNDATION INC
    EIN: 52-6070323
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INDIRECT ACCOUNTING FEES 7,210 3,605   3,605

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

    TY 2012 AmortizationSchedule
    Name:
    THE KENTLAND FOUNDATION INC
    EIN: 52-6070323
    Description of Amortized Expenses Date Acquired, Completed, or Expended Amount Amortized Deduction for Prior Years Amortization Method Current Year Amortization Net Investment Income Adjusted Net Income Total Amount of Amortization
    PROTECTIVE LIFE REFI 2007-11-27 195,915 53,333 15 13,061     66,394

    TY 2012 CompensationExplanation
    Name:
    THE KENTLAND FOUNDATION INC
    EIN: 52-6070323
    Person Name Explanation
    LEO J WALKER  
    SHEILA O STEDMAN  
    ALEXANDRA W HOFFMAN  
    WILLIAM B WALKER  

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    TY 2012 DepreciationSchedule
    Name:
    THE KENTLAND FOUNDATION INC
    EIN: 52-6070323
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
    LAND 2006-05-21 1,216,800              
    MAIN HOUSE 2006-05-21 1,390,864 198,540 S/L 39.0000 35,663      
    LAND 2009-06-02 762,914              
    MAIN HOUSE 2009-06-02 872,050 56,832 S/L 39.0000 22,361      

    TY 2012 EmployeeCompensationExpln
    Name:
    THE KENTLAND FOUNDATION INC
    EIN: 52-6070323
    Employee Explanation
    JULIANA M MACDOWELL  
    HELENE W MCCARRON  
    CELESTE W BARSTIS  

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    TY 2012 GainLossSaleOtherAssetsSch
    Name:
    THE KENTLAND FOUNDATION INC
    EIN: 52-6070323
    Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
    LONG-TERM GAIN/LOSS FROM PASS-THROUGH ENTITY         33,296       33,296  

    TY 2012 InvestmentsCorpBondsSchedule
    Name:
    THE KENTLAND FOUNDATION INC
    EIN: 52-6070323
    Name of Bond End of Year Book Value End of Year Fair Market Value
    VARIOUS CORPORATE BONDS 407,543 419,715

    TY 2012 InvestmentsLandSchedule2
    Name:
    THE KENTLAND FOUNDATION INC
    EIN: 52-6070323
    Category/ Item Cost/Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
      24,781,084 13,477,302 11,303,782 17,923,991
            40,000

    TY 2012 InvestmentsOtherSchedule2
    Name:
    THE KENTLAND FOUNDATION INC
    EIN: 52-6070323
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    CASH AT COST 92,181 92,181
    PRIME MONEY MARKET AT COST    
    PIMCO COMMODITY REAL RETURN STRATEGY AT COST    
    COHEN & STEERS REALTY SHARES AT COST    
    VARIOUS MUTUAL FUNDS AT COST 1,535,637 1,647,007
    KEBO OIL & GAS AT COST 600 600

    TY 2012 LandEtcSchedule2
    Name:
    THE KENTLAND FOUNDATION INC
    EIN: 52-6070323
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
      2,262,914 313,396 1,949,518 3,950,000
      1,979,714   1,979,714  


    TY 2012 MortgagesAndNotesPayableSch 
    Name:
    THE KENTLAND FOUNDATION INC
    EIN: 52-6070323
    Total Mortgage Amount:  

    Item No. 1
    Lender's Name PROTECTIVE LIFE INSURANCE CO
    Lender's Title  
    Relationship to Insider  
    Original Amount of Loan 8000000
    Balance Due 6123301
    Date of Note 2007-11
    Maturity Date 2022-11
    Repayment Terms MONTHLY PRINCIPAL & INTERE
    Interest Rate 0.0638
    Security Provided by Borrower REAL ESTATE
    Purpose of Loan REFINANCE EXISTING LOANS
    Description of Lender Consideration  
    Consideration FMV  

    Item No. 2
    Lender's Name SUN LIFE ASSURANCE CO
    Lender's Title  
    Relationship to Insider  
    Original Amount of Loan 2000000
    Balance Due 1464737
    Date of Note 2007-05
    Maturity Date 2022-05
    Repayment Terms MONTHLY PRINCIPAL & INTERE
    Interest Rate 0.0603
    Security Provided by Borrower REAL ESTATE
    Purpose of Loan REFINANCE EXISTING LOANS
    Description of Lender Consideration  
    Consideration FMV  


    TY 2012 OtherAssetsSchedule
    Name:
    THE KENTLAND FOUNDATION INC
    EIN: 52-6070323
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    LOAN ESCROW ACCOUNTS 44,584 32,818 32,818
    UTILITY DEPOSIT 90 90 90
    NET INTANGIBLE ASSETS      


    TY 2012 OtherExpensesSchedule
    Name:
    THE KENTLAND FOUNDATION INC
    EIN: 52-6070323
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    COMMERCIAL REAL ESTATE        
    OFFICE EXPENSE 1,621      
    PROFESSIONAL FEES 2,095      
    REPAIRS 35,929      
    INSURANCE 33,456      
    CLEANING & MAINTENANCE 182,316      
    REAL ESTATE TAXES 287,165      
    UTILITIES 42,763      
    COMMISSIONS 37,637      
    MANAGEMENT FEES 153,421      
    ASSOCIATION FEES 11,371      
    INVESTMENT DEPRECIATION 641,982      
    FARM        
    SUPPLIES 4,806 4,806    
    INSURANCE 4,117 4,117    
    OFFICE EXPENSES 7,102 7,102    
    REAL ESTATE TAXES 4,934 4,934    
    REPAIRS 4,164 4,164    
    UTILITIES 6,509 6,509    
    WAGES 24,761 24,761    
    PAYROLL TAXES 1,894 1,894    
    INVESTMENT DEPRECIATION 29,469 29,469    
    EXPENSES        
    OFFICE SUPPLIES AND EXPENSE 1,921 653   979
    INSURANCE 10,468 3,559   5,338
    TELEPHONE 2,101 714   1,072
    EMPLOYEE FUNCTION 3,222 1,095    
    RENTAL EXPENSES   373,965    


    TY 2012 OtherIncomeSchedule2
    Name:
    THE KENTLAND FOUNDATION INC
    EIN: 52-6070323
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    ESTATE OF WILLIAM H LOREN 2,123 2,123  
    MISCELLANEOUS 1,145    
    ESTATE OF WILLIAM H LOREN 103    
    KEBO 794    


    TY 2012 OtherLiabilitiesSchedule
    Name:
    THE KENTLAND FOUNDATION INC
    EIN: 52-6070323
    Description Beginning of Year - Book Value End of Year - Book Value
    RENTAL DEPOSITS 31,577 30,694
    PAYROLL LIABILITIES   64


    TY 2012 OtherProfessionalFeesSchedule
    Name:
    THE KENTLAND FOUNDATION INC
    EIN: 52-6070323
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT MANAGEMENT FEES 9,729 9,729    


    TY 2012 TaxesSchedule
    Name:
    THE KENTLAND FOUNDATION INC
    EIN: 52-6070323
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXCISE TAX 346