Form990-PF
Click to see attachment

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
RICHARD AND ETHEL HERZFELD FOUNDATION
INC

Number and street (or P.O. box number if mail is not delivered to street address)219 N MILWAUKEE STREET 7 FL   Room/suite
City or town, state, and ZIP code
MILWAUKEE, WI53202
A Employer identification number

23-7230686
B Telephone number (see instructions)

(414) 727-1136
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$73,739,206J 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 Check bullet
3 Interest on savings and temporary cash investments 331 331  
4 Dividends and interest from securities...... 1,431,658 1,431,658  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 562,894
b Gross sales price for all assets on line 6a 15,421,449
7 Capital gain net income (from Part IV, line 2)... 562,894
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 -32,555 -116,275  
12 Total. Add lines 1 through 11........ 1,962,328 1,878,608  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 305,900 26,560   279,340
14 Other employee salaries and wages...... 144,750 2,378   142,372
15 Pension plans, employee benefits....... 12,521 212   12,309
16a Legal fees (attach schedule)......... Click to see attachment 789 789    
b Accounting fees (attach schedule)....... Click to see attachment 10,200 10,200    
c Other professional fees (attach schedule).... Click to see attachment 159,623 159,623    
17 Interest...............        
18 Taxes (attach schedule) (see instructions) Click to see attachment 84,443 18,973    
19 Depreciation (attach schedule) and depletion...      
20 Occupancy.............. 44,883     44,883
21 Travel, conferences, and meetings....... 5,176     5,176
22 Printing and publications.......... 2,027     2,027
23 Other expenses (attach schedule)....... Click to see list of attachments 105,576 5,181   97,964
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 875,888 223,916   584,071
25 Contributions, gifts, grants paid........ 3,004,195 3,004,195
26 Total expenses and disbursements. Add lines 24 and 25 3,880,083 223,916   3,588,266
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -1,917,755
b Net investment income (if negative, enter -0-) 1,654,692
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............... 60,368 117,936 117,936
2 Savings and temporary cash investments.......... 1,494,901 3,973,480 3,973,480
3 Accounts receivable bullet101,593
Less: allowance for doubtful accounts bullet     101,593 101,593
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see page 15 of the
instructions)....................      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges...........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........ 40,073,467 40,106,308 40,106,308
c Investments—corporate bonds (attach schedule)........ 14,642,967 14,849,925 14,849,925
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)...........      
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment13,230,201 Click to see attachment14,589,964 Click to see attachment14,589,964
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 69,501,904 73,739,206 73,739,206
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......... 69,501,904 73,739,206
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds    
30 Total net assets or fund balances (see page 17 of the
instructions).................... 69,501,904 73,739,206
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 69,501,904 73,739,206
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 69,501,904
2 Enter amount from Part I, line 27a..................... 2 -1,917,755
3 Other increases not included in line 2 (itemize) bulletClick to see attachment 3 6,155,057
4 Add lines 1, 2, and 3.......................... 4 73,739,206
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 73,739,206
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 FSP Phoenix Tower Corp. P 2006-01-01 2012-01-01
b Publicly Held Securities P 2010-01-01 2012-01-01
c Publicly Held Securities P 2012-01-01 2012-10-01
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 101,593   100,000 1,593
b 12,255,870   11,571,194 684,676
c 3,062,986   3,187,361 -124,375
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       1,593
b       684,676
c       -124,375
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 2 562,894
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 -123,375
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 3,601,518 73,866,147 0.04876
2010 3,481,082 70,389,810 0.04945
2009 3,571,288 63,266,293 0.05645
2008 3,082,810 74,901,282 0.04116
2007 4,400,178 86,350,955 0.05096
2 Total of line 1, column (d) ...................... 2 0.24678
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 0.04936
4 Enter the net value of noncharitable-use assets for 2012 from Part X, line 5..... 4 70,825,737
5 Multiply line 4 by line 3....................... 5 3,495,604
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 16,547
7 Add lines 5 and 6......................... 7 3,512,151
8 Enter qualifying distributions from Part XII, line 4.............. 8 3,588,266
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 16,547
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 16,547
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 16,547
6 Credits/Payments:
a 2012 estimated tax payments and 2011 overpayment credited to 2012 6a 46,841
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 46,841
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. Click to see attachment 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 30,294
11 Enter the amount of line 10 to be: Credited to 2013 estimated taxBullet30,294 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
 
No
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
     
    No
    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)
    bulletWI
    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 ofbulletRITZ HOLMAN LLP Telephone no.bullet (414) 271-1451
    Located atbullet330 E KILBOURN AVENUE STE 550MILWAUKEEWI ZIP+4bullet53202
    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
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 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
     
    No
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?.........................
    b
    If “Yes,” did it have excess business holdings in 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
     
    No
    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
     
    No
    .........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
     
    No
    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
    CARMEN HABERMAN Vice President
    40.00     		128,100    
    219 N MILWAUKEE ST 7TH FLOOR
    MILWAUKEE,WI53202
    FRED HABERMAN Director
    2.00     		7,500    
    219 N MILWAUKEE ST 7TH FLOOR
    MILWAUKEE,WI53202
    RICHARD WEISS Treasurer/Dir
    2.00     		10,000    
    219 N MILWAUKEE ST 7TH FLOOR
    MILWAUKEE,WI53202
    GORDON MILLER Secretary/Dir
    2.00     		7,500    
    219 N MILWAUKEE ST 7TH FLOOR
    MILWAUKEE,WI53202
    F WILLIAM HABERMAN President
    40.00     		132,800    
    219 N MILWAUKEE ST 7TH FLOOR
    MILWAUKEE,WI53202
    EDWARD HINSHAW Vice Pres/Dir
    2.00     		10,000    
    219 N MILWAUKEE ST 7TH FLOOR
    MILWAUKEE,WI53202
    sarah haberman Director
    2.00     		10,000    
    219 N MILWAUKEE ST 7TH FLOOR
    MILWAUKEE,WI53202
    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
    LESLIE SEIB GRANTS DIRECTOR
    40.00     		65,500 7,692  
    219 N MILWAUKEE ST 7TH FLOOR
    MILWAUKEE,WI53202
    LAURA GEMBOLIS PROGRAM DIR
    40.00     		79,250 6,429  
    219 N MILWAUKEE ST 7TH FLOOR
    MILWAUKEE,WI53202
    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  
    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
    69,133,469
    b
    Average of monthly cash balances.......................
    1b
    2,770,833
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    71,904,302
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
     
    3
    Subtract line 2 from line 1d.........................
    3
    71,904,302
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see
    instructions) .............................
    4
    1,078,565
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    70,825,737
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    3,541,287
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    3,541,287
    2a
    Tax on investment income for 2012 from Part VI, line 5......
    2a
    16,547
    b
    Income tax for 2012. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    16,547
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    3,524,740
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    3,524,740
    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
    3,524,740
    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
    3,588,266
    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
    3,588,266
    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
    16,547
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    3,571,719
    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 3,524,740
    2 Undistributed income, if any, as of the end of 2012:
    a Enter amount for 2011 only....... 173,586
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2012:
    a From 2007.......  
    b From 2008.......  
    c From 2009.......  
    d From 2010.......  
    e From 2011.......  
    fTotal of lines 3a through e.........  
    4Qualifying distributions for 2012 from Part
    XII, line 4: bullet$ 3,588,266
    a Applied to 2011, but not more than line 2a 173,586
    b Applied to undistributed income of prior years
    (Election required—see instructions)......     		 
    c Treated as distributions out of corpus (Election
    required—see instructions).........     		0
    d Applied to 2012 distributable amount..... 3,414,680
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2012.    
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5  
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		 
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see 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 ..........     		110,060
    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 ......     		 
    10 Analysis of line 9:
    a Excess from 2008....  
    b Excess from 2009....  
    c Excess from 2010....  
    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).)
    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 or e-mail of the person to whom applications should be addressed:
    RICHARD AND ETHEL HERZFELD FOUNDATI
    219 N MILWAUKEE ST
    MILWAUKEE,WI53202
    (414) 727-1136
    bThe form in which applications should be submitted and information and materials they should include:
    PRELIMINARY APPLICATIONS CAN BE OBTAINED FROM HERZFELDFOUNDATION.ORG AND SHOULD BE E-MAILED TO MAIL@HERZFELDFOUNDATION.ORG
    cAny submission deadlines:
    FEBRUARY 1, MAY 1, AND AUGUST 1
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    FUNDING IS RESTRICTED TO WISCONSIN-BASED ORGANIZATIONS WITH AN EMPHASIS ON THOSE THAT BENEFIT THE PEOPLE OF THE GREATER MILWAUKEE AREA.
    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
    YMCA of Greater Milwaukee
    161 W Wisconsin Ave 4000
    MILWAUKEE,WI53203     		None 501(c)(3) Creative Curriculum Implementation 12,000
    Storyville Center for the Spoken Wo
    481 Broadway 3rd Floor
    NEW YORK,NY10013     		None 501(c)(3) The MOTH Milwaukee 35,000
    Sharon Lynne Wilson Center for the
    19085 W Capitol Dr
    BROOKFIELD,WI53045     		None 501(c)(3) Program Support 15,000
    Rocketship Education Inc
    420 Florence St
    Palo Alto,CA94301     		None 501(c)(3) Milwaukee Start-Up 20,000
    Radio For Milwaukee
    5312 W Vliet St
    MILWAUKEE,WI53208     		None 501(c)(3) Community Stories 10,000
    Public Policy Forum Inc
    633 W Wisconsin Ave 406
    MILWAUKEE,WI53203     		None 501(c)(3) Research on Developing a Citywide Arts Education Initiative 58,125
    Next Act Theatre
    PO Box 394
    MILWAUKEE,WI53201     		None 501(c)(3) Rental Subsidy Program & General Operations 15,000
    Early Music Now Inc
    759 N Milwaukee St 420
    Milwaukee,WI53202     		None 501(c)(3) Program Support 10,000
    Menomonee Valley Partners
    301 W Wisconsin Ave 400B
    MILWAUKEE,WI53203     		None 501(c)(3) General Operations 15,000
    Milwaukee Art Museum
    700 N Art Museum Dr
    MILWAUKEE,WI53202     		None 501(c)(3) Photography Endowment 50,000
    Milwaukee Debate League
    PO Box 342146
    MILWAUKEE,WI53234     		None 501(c)(3) Research Project 10,000
    Milwaukee Film Inc
    229 E Wisconsin Ave 200
    MILWAUKEE,WI53202     		None 501(c)(3) Milwaukee Children's Film Festival 6,000
    PUBLIC POLICY FORUM
    633 W WISCONSIN AVE SUITE 406
    MILWAUKEE,WI53203     		None 501(c)(3) Research on YoungStar and Milwaukee's After-School Workforce 50,000
    Milwaukee Public Museum
    800 W Wells St
    MILWAUKEE,WI53233     		None 501(c)(3) Museum Class Research Project 10,800
    Milwaukee Public Schools Foundation
    PO Box 2181
    MILWAUKEE,WI53201     		None 501(c)(3) Integrated Data Evaluation & Action System 75,000
    Milwaukee Repertory Theater
    108 E Wells St
    MILWAUKEE,WI53202     		None 501(c)(3) Program Support 100,000
    DONORS FORUM OF WISCONSIN
    759 N MILWAUKEE ST 514
    MILWAUKEE,WI53202     		None 501(c)(3) GENERAL OPERATIONS 5,000
    Neighborhood House of Milwaukee
    2819 N Richardson Pl
    MILWAUKEE,WI53208     		None 501(c)(3) Early Childhood Education 10,000
    MILWAUKEE YOUTH SYMPHONY ORCHESTRA
    325 W WALNUT STREET
    MILWAUKEE,WI53212     		None 501(c)(3) Progressionsand Beyond and Fran's Fund 40,000
    ARTS AT LARGE
    908 S 5TH STREET
    MILWAUKEE,WI53204     		None 501(c)(3) IMAGINE Initiative 10,000
    WOODLAND PATTERN
    720 E LOCUST STREET
    MILWAUKEE,WI53212     		None 501(c)(3) GENERAL OPERATIONS 10,000
    Creative Alliance Milwaukee Inc
    648 N Plankinton Ave 425
    MILWAUKEE,WI53203     		None 501(c)(3) Program Support 50,000
    Community Reinvestment Fund
    801 Nicolet Mall Ste 1700 West
    Minneapolis,MN55402     		None 501(c)(3) Milwaukee Programming 15,000
    BizStarts Milwaukee
    10437 Innovation Dr 202
    milwaukee,WI53226     		None 501(c)(3) Venture Track Program 40,000
    Bel Canto Chorus
    158 N Broadway St
    MILWAUKEE,WI53202     		None 501(c)(3) General Operations 7,500
    BOYS GIRLS CLUB OF GREATER MILWAUKE
    1558 N 6TH STREET
    MILWAUKEE,WI53212     		None 501(c)(3) SPARK EARLY LITERACY INITIATIVE 15,000
    WISCONSIN COUNCIL ON CHILDREN FAMIL
    555 W WASHINGTON SUITE 200
    MADISON,WI53703     		None 501(c)(3) Research on the YoungStar Quality Rating System's Implementation 30,000
    WISCONSIN CONSERVATORY OF MUSIC
    1584 N PROSPECT
    MILWAUKEE,WI53202     		None 501(c)(3) CONSERVATORY CONNECTIONS 25,000
    WILD SPACE DANCE COMPANY
    820 E KNAPP STREET
    MILWAUKEE,WI53203     		None 501(c)(3) Project Dance Makers 5,000
    WALKERS POINT CENTER FOR THE ARTS
    911 W NATIONAL AVE
    MILWAUKEE,WI53204     		None 501(c)(3) Hands On Arts Education 20,000
    VERY SPECIAL ARTS WISCONSIN
    4785 HAYES ROAD
    MADISON,WI53704     		None 501(c)(3) MILWAUKEE PROGRAMMING 5,000
    UWM Research Foundation Inc
    1440 E North Ave
    MILWAUKEE,WI53202     		None 501(c)(3) Innovation Campus & Catalyst Grant Program 250,000
    URBAN ECOLOGY CENTER RIVERSIDE PARK
    1500 EAST PARK PLACE
    MILWAUKEE,WI53211     		None 501(c)(3) RIVER CONNECTIONS 15,000
    UNITED PERFORMING ARTS FUND
    929 N WATER STREET
    MILWAUKEE,WI53202     		None 501(c)(3) 2012 General Operations 15,000
    UEC MVP PROJECT INC
    301 W WISCONSIN AVE SUITE 400B
    MILWAUKEE,WI53203     		None 501(c)(3) MENOMONEE VALLEY - FROM THE GROUND UP INITIATIVE 200,000
    SKYLIGHT OPERA THEATER
    158 N BROADWAY
    MILWAUKEE,WI53202     		None 501(c)(3) ENLIGHTEN PROGRAM 20,000
    SHARP LITERACY INC
    750 N LINCOLN MEMORIAL DR STE 311
    MILWAUKEE,WI53202     		None 501(c)(3) PROGRAMMING AT FOREST HOME ELEMENTARY SCHOOL 25,000
    RENAISSANCE THEATERWORKS INC
    158 N BROADWAY
    MILWAUKEE,WI53202     		None 501(c)(3) GENERAL OPERATIONS 20,000
    REDLINE MILWAUKEE INC
    1422 W 4TH ST
    MILWAUKEE,WI53212     		None 501(c)(3) PUBLISHED 6,000
    PUBLIC POLICY FORUM
    633 W WISCONSIN AVE SUITE 406
    MILWAUKEE,WI53203     		None 501(c)(3) Education Research Fund 175,000
    PRESENT MUSIC
    158 N BROADWAY
    MILWAUKEE,WI53202     		None 501(c)(3) Creation Project 15,000
    PEARLS FOR TEEN GIRLS
    2100 N PALMER STREET
    MILWAUKEE,WI53212     		None 501(c)(3) GENERAL OPERATIONS 25,000
    NEXT DOOR FOUNDATION
    2545 N 29TH STREET
    MILWAUKEE,WI53210     		None 501(c)(3) EDUCARE OF MILWAUKEE 100,000
    MILWAUKEE WATER COUNCIL
    301 W WISCONSIN AVENUE SUITE 300
    MILWAUKEE,WI53202     		None 501(c)(3) General Operations 50,000
    MILWAUKEE SYMPHONY ORCHESTRA
    700 N WATER STREET SUITE 700
    MILWAUKEE,WI53202     		None 501(c)(3) YOUTH CONCERT SERIES 25,000
    MILWAUKEE SYMPHONY ORCHESTRA
    700 N WATER STREET SUITE 700
    MILWAUKEE,WI53202     		None 501(c)(3) General Operations & Marketing 125,000
    MILWAUKEE REPERTORY THEATER
    108 E WELLS STREET
    MILWAUKEE,WI53202     		None 501(c)(3) Arts in Education Program 14,900
    MILWAUKEE PUBLIC MUSEUM
    800 W WELLS STREET
    MILWAUKEE,WI53233     		None 501(c)(3) 2012 Annual Campaign 50,000
    MILWAUKEE PUBLIC LIBRARY FOUNDATION
    814 W WISCONSIN AVENUE
    MILWAUKEE,WI53233     		None 501(c)(3) READY TO READ WITH BOOKS2GO 50,000
    MILWAUKEE INSTITUTE OF ART DESIGN
    273 E ERIE STREET
    MILWAUKEE,WI53202     		None 501(c)(3) SCHOLARSHIP PROGRAM 40,000
    MILWAUKEE FILM INC
    229 E WISCONSIN AVE SUITE 200
    MILWAUKEE,WI53202     		None 501(c)(3) GENERAL OPERATIONS 60,000
    MILWAUKEE FILM INC
    229 E WISCONSIN AVE SUITE 200
    MILWAUKEE,WI53202     		None 501(c)(3) COLLABORATIVE CINEMA 50,000
    MILWAUKEE CHILDREN'S CHOIR
    158 N BROADWAY
    MILWAUKEE,WI53202     		None 501(c)(3) HARMONY PROGRAM 6,000
    MILWAUKEE CHAMBER THEATRE
    158 N BROADWAY
    MILWAUKEE,WI53202     		None 501(c)(3) GENERAL OPERATIONS 20,000
    MILWAUKEE BALLET
    504 W NATIONAL AVENUE
    MILWAUKEE,WI53204     		None 501(c)(3) ResiDANCE 25,000
    MILWAUKEE BALLET
    504 W NATIONAL AVENUE
    MILWAUKEE,WI53204     		None 501(c)(3) General Operations 120,000
    MILWAUKEE ART MUSEUM
    750 N LINCOLN MEMORIAL DRIVE
    MILWAUKEE,WI53202     		None 501(c)(3) Color Rush Exhibition & Photography Collection Acquisitions 102,000
    MILWAUKEE ART MUSEUM
    750 N LINCOLN MEMORIAL DRIVE
    MILWAUKEE,WI53202     		None 501(c)(3) Junior Docent Program 29,870
    MARQUETTE UNIVERSITY
    750 N 18TH STREET
    MILWAUKEE,WI53233     		None 501(c)(3) 2012 Milwaukee Summer Reading Project 10,000
    Medical College of Wisconsin
    8701 W Watertown Plank Rd
    MILWAUKEE,WI53226     		None 501(c)(3) Reach Out and Read 5,000
    JOHN MICHAEL KOHLER ARTS CENTER
    608 NEW YORK AVE
    SHEBOYGAN,WI53081     		None 501(c)(3) The Kids Are Alright Photo Exhibition & General Operations 20,000
    Harmony Foundation of Milwaukee Inc
    504 W National Ave
    MILWAUKEE,WI53204     		None 501(c)(3) Harmony Initiative 200,000
    Greater Milwaukee Committee
    301 W Wisconsin Ave 300
    MILWAUKEE,WI53203     		None 501(c)(3) West Wisconsin Avenue Renovation 15,000
    FRIENDS OF SCHLITZ AUDUBON NATURE C
    1111 E BROWN DEER ROAD
    MILWAUKEE,WI53217     		None 501(c)(3) Early Childhood Education 15,000
    FLORENTINE OPERA COMPANY
    700 N WATER SUITE 950
    MILWAUKEE,WI53202     		None 501(c)(3) ARTS IN EDUCATION 20,000
    FIRST STAGE CHILDREN'S THEATER
    325 WEST WALNUT STREET
    MILWAUKEE,WI53212     		None 501(c)(3) Connections Program 40,000
    DANCEWORKS
    1661 N WATER STREET
    MILWAUKEE,WI53202     		None 501(c)(3) MAD HOT BALLROOM AND TAP AND TECHNOLOGY UPGRADE 30,000
    College Possible
    1555 N Rivercenter Dr 211
    MILWAUKEE,WI53202     		None 501(c)(3) Milwaukee Programming 50,000
    COA YOUTH AND FAMILY CENTERS
    909 E NORTH AVENUE
    MILWAUKEE,WI53212     		None 501(c)(3) HOME INSTRUCTION FOR PARENTS OF PRESCHOOL YOUNGSTERS (HIPPY) 25,000
    CITY YEAR
    322 E MICHIGAN STREET SUITE 300
    MILWAUKEE,WI53202     		None 501(c)(3) Whole School, Whole Child Program 50,000
    CENTRO LEGAL
    614 W NATIONAL AVENUE FLOOR 2
    MILWAUKEE,WI53204     		None 501(c)(3) General Operations 10,000
    BETTY BRINN CHILDREN'S MUSEUM
    929 E WISCONSIN AVENUE
    MILWAUKEE,WI53202     		None 501(c)(3) FAMILY FOCUS 52,000
    BETTY BRINN CHILDREN'S MUSEUM
    929 E WISCONSIN AVENUE
    MILWAUKEE,WI53202     		None 501(c)(3) FOCUSED FIELD TRIPS 14,000
    ARTISTS WORKING IN EDUCATION
    2819 W HIGHLAND BLVD
    MILWAUKEE,WI53208     		None 501(c)(3) In-School Visual Artist Residencies 25,000
    AMERICAN PLAYERS THEATRE
    PO BOX 819
    SPRING GREEN,WI53588     		None 501(c)(3) POTENCY OF POETRY - MILWAUKEE 5,000
    African American Children's Theatre
    325 W Walnut St
    MILWAUKEE,WI53212     		None 501(c)(3) Be Art Smart 5,000
    Total .................................bullet 3a 3,004,195
    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     14 331  
    4 Dividends and interest from securities....     14 1,431,658  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6Net rental income or (loss) from personal property          
    7 Other investment income.....          
    8Gain or (loss) from sales of assets other than inventory     18 562,894  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aPASSTHROUGH K-1s     14 -116,275  
    bNONTAXABLE DIVIDEND     14 24,324  
    cMunicipal Bond Interest     14 59,396  
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   1,962,328  
    13Total. Add line 12, columns (b), (d), and (e)..................
    131,962,328
    (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: 12000229
    Software Version: 2012v2.0


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2012 AccountingFeesSchedule
    Name:
    RICHARD AND ETHEL HERZFELD FOUNDATION
    INC
    EIN: 23-7230686
    Software ID:12000229
    Software Version:2012v2.0
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    RITZ HOLMAN LLP 10,200 10,200 0 0

    TY 2012 LegalFeesSchedule
    Name:
    RICHARD AND ETHEL HERZFELD FOUNDATION
    INC
    EIN: 23-7230686
    Software ID:12000229
    Software Version:2012v2.0
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 789 789 0 0


    TY 2012 OtherAssetsSchedule
    Name:
    RICHARD AND ETHEL HERZFELD FOUNDATION
    INC
    EIN: 23-7230686
    Software ID:12000229
    Software Version:2012v2.0
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    WEATHERLOW OFFSHORE FUNDS 1,975,221 2,142,661 2,142,661
    SHW ENTERPRISE LLC 21,253 10,886 10,886
    PROTEGE PARTNERS QP FUNDS 2,298,911 2,369,801 2,369,801
    PLUCIOUS 2,119,436 2,319,904 2,319,904
    MINDFUL INVESTORS 118,066 117,891 117,891
    GREENLIGHT MASTERS 1,712,884 1,876,149 1,876,149
    FRONTIER MARKET 1,039,527 1,165,851 1,165,851
    FRANKLIN STREET PROPERTIES 1,137,522 1,108,985 1,108,985
    CCI HEALTHCARE 465,288 502,176 502,176
    CAPITAL MIDWEST 135,601 125,948 125,948
    BHC III INTERIM FUNDING 1,469,984 1,178,555 1,178,555
    BHC II INTERIM FUNDING 736,508 685,170 685,170
    Aurelian Global   985,987 985,987


    TY 2012 OtherExpensesSchedule
    Name:
    RICHARD AND ETHEL HERZFELD FOUNDATION
    INC
    EIN: 23-7230686
    Software ID:12000229
    Software Version:2012v2.0
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    WORKERS COMP PREMIUMS 4,894 314   4,580
    TRAINING 225     225
    SUPPLIES AND EQUIPMENT 7,008     7,008
    REPAIRS - EQUIPMENT 75     75
    POSTAGE AND DELIVERY 455     455
    PAYROLL TAXES 31,606 3,244   28,362
    PAYROLL PROCESSING FEES 1,696     1,696
    PARKING 5,225     5,225
    Operation Expenses 250     250
    NON DEDUCTIBLE EXPENSE THRU K-1 2,431      
    MISCELLANEOUS 450     450
    LICENSES AND FEES 10     10
    INSURANCE 5,668     5,668
    INFO TECH FEES 17,631     17,631
    grantee events 18,295     18,295
    EQUIPMENT RENTAL 488     488
    DUES AND SUBSCRIPTIOJS 7,482     7,482
    Bank Charges 64     64
    AMORTIZATION OF PREMIUM 1,623 1,623    


    TY 2012 OtherIncomeSchedule2
    Name:
    RICHARD AND ETHEL HERZFELD FOUNDATION
    INC
    EIN: 23-7230686
    Software ID:12000229
    Software Version:2012v2.0
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    PASSTHROUGH K-1s -116,275 -116,275  
    NONTAXABLE DIVIDEND 24,324    
    Municipal Bond Interest 59,396    


    TY 2012 OtherProfessionalFeesSchedule
    Name:
    RICHARD AND ETHEL HERZFELD FOUNDATION
    INC
    EIN: 23-7230686
    Software ID:12000229
    Software Version:2012v2.0
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    OTHER PROFESSIONAL FEES 159,623 159,623 0 0


    TY 2012 TaxesSchedule
    Name:
    RICHARD AND ETHEL HERZFELD FOUNDATION
    INC
    EIN: 23-7230686
    Software ID:12000229
    Software Version:2012v2.0
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN 18,973 18,973    
    2012 ESTIMATES 65,470