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
ELSTER FOUNDATION
 

Number and street (or P.O. box number if mail is not delivered to street address)35 WATERGATE DRIVEROOM/SUITE 1504Room/suite
City or town, state, and ZIP code
SARASOTA, FL342364501
A Employer identification number

16-6054742
B Telephone number (see instructions)

(941) 308-3081
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$5,449,960J 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 60,393 60,393 60,393
4 Dividends and interest from securities...... 83,760 83,760 83,760
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 44,979
b Gross sales price for all assets on line 6a 1,117,447
7 Capital gain net income (from Part IV, line 2)... 44,979
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 1,496 219 1,496
12 Total. Add lines 1 through 11........ 190,628 189,351 145,649
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 36,000 3,600   32,400
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 1,075 900 175  
c Other professional fees (attach schedule).... Click to see attachment 44,044 44,044    
17 Interest...............        
18 Taxes (attach schedule) (see instructions) Click to see attachment 2,172 2,172    
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 1,382 1,132   250
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 84,673 51,848 175 32,650
25 Contributions, gifts, grants paid........ 300,000 300,000
26 Total expenses and disbursements. Add lines 24 and 25 384,673 51,848 175 332,650
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -194,045
b Net investment income (if negative, enter -0-) 137,503
c Adjusted net income (if negative, enter -0-)... 145,474
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...............      
2 Savings and temporary cash investments.......... 385,657 170,505 170,505
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) 109,076 Click to see attachment116,010 116,010
b Investments—corporate stock (attach schedule)........ 3,647,841 Click to see attachment4,079,269 4,079,269
c Investments—corporate bonds (attach schedule)........ 1,156,762 Click to see attachment1,084,176 1,084,176
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)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 5,299,336 5,449,960 5,449,960
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable...................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)..........   0
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted....................    
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds.........    
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds 5,299,336 5,449,960
30 Total net assets or fund balances (see page 17 of the
instructions).................... 5,299,336 5,449,960
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 5,299,336 5,449,960
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 5,299,336
2 Enter amount from Part I, line 27a..................... 2 -194,045
3 Other increases not included in line 2 (itemize) bulletClick to see attachment 3 344,669
4 Add lines 1, 2, and 3.......................... 4 5,449,960
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 5,449,960
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 LEUTHOLD ASSET ALLOACTION-20114.235 P 2008-04-18 2012-01-17
b WASTE MANAGEMENT INC.-1845 P 2008-06-20 2012-02-21
c SBC COMM. 5.875% DUE 8/15/12-65 P 2008-12-18 2012-03-30
d THE OAKMARK INTERNATIONAL FD-3013.99 P 2011-06-07 2012-04-09
e DODGE & COX INTERNATIONAL STOCK-1756 P 2006-08-01 2012-04-09
APPLE COMPUTER INC.-50 P 2011-08-03 2012-04-24
TJX COMPANIES INC.-620 P 2009-11-17 2012-07-12
BUNGE LIMITED-800 P 2011-04-19 2012-07-12
AFFILIATED MANAGERS GROUP INC.-555 P 2010-01-27 2012-07-12
HUSSMAN STRATEGIC GROWTH-8143.322 P 2012-01-17 2012-07-12
OXFORD CT 6.50% DUE 11/01/12-50 P 2007-10-18 2012-11-01
RAINIER MID CAP EQUITY I-3406.242 P 2007-03-14 2012-12-14
MONSANTO COMPANY-590 P 2005-11-10 2012-12-14
ALCOA, INC.-3285 P 2011-04-25 2012-12-14
FEDERATED HIGHT YIELD TRUST 38-1839 P 2011-04-20 2012-12-14
(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 204,562   213,400 -8,838
b 64,869   71,551 -6,682
c 66,325   66,862 -537
d 56,000   60,853 -4,853
e 56,000   69,204 -13,204
28,110   19,537 8,573
27,141   11,990 15,151
49,121   57,218 -8,097
58,738   35,312 23,426
93,974   100,150 -6,176
50,000   52,514 -2,514
148,751   126,178 22,573
52,949   19,261 33,688
28,553   55,715 -27,162
117,000   112,723 4,277
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       -8,838
b       -6,682
c       -537
d       -4,853
e       -13,204
      8,573
      15,151
      -8,097
      23,426
      -6,176
      -2,514
      22,573
      33,688
      -27,162
      4,277
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 44,979
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 -2,456
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 333,391 5,593,871 0.059599
2010 328,469 5,469,790 0.060051
2009 314,855 4,977,375 0.063257
2008 353,363 6,052,507 0.058383
2007 382,423 6,854,438 0.055792
2 Total of line 1, column (d) ...................... 2 0.297082
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 0.059416
4 Enter the net value of noncharitable-use assets for 2012 from Part X, line 5..... 4 5,445,408
5 Multiply line 4 by line 3....................... 5 323,544
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 1,375
7 Add lines 5 and 6......................... 7 324,919
8 Enter qualifying distributions from Part XII, line 4.............. 8 332,650
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 1,375
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2  
3 Add lines 1 and 2............................ 3 1,375
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-). 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 1,375
6 Credits/Payments:
a 2012 estimated tax payments and 2011 overpayment credited to 2012 6a 5,497
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 5,497
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 4,122
11 Enter the amount of line 10 to be: Credited to 2013 estimated taxBullet4,122 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
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)
    bulletNY
    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 ofbulletSYDNEY E GOLDSTEIN Telephone no.bullet (941) 308-3081
    Located atbullet35 WATERGATE DRIVE - 1504SARASOTAFL ZIP+4bullet342364501
    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
     
     
    .........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
    SYDNEY E GOLDSTEINClick to see attachment TRUSTEE
    5.50     		7,200 0 0
    35 WATERGATE DRIVE - 1504
    SARASOTA,FL342364501
    JEROME E GOLDSTEINClick to see attachment TRUSTEE
    5.50     		7,200 0 0
    35 WATERGATE DRIVE
    SARASOTA,FL342364501
    AMY GEROME-ACUFFClick to see attachment TRUSTTE
    5.50     		7,200 0 0
    10 BATTLE RIDGE DRIVE
    ATLANTA,GA30342
    DOUGLAS R GOLDSTEINClick to see attachment TRUSTEE
    5.50     		7,200 0 0
    816 MULBERRY ROAD
    MARTINSVILLE,VA24112
    ELIZABETH GEER GOLDSTEINClick to see attachment TRUSTEE
    5.50     		7,200 0 0
    816 MULBERRY ROAD
    MARTINSVILLE,VA24112
    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
    NONE
    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
    5,219,609
    b
    Average of monthly cash balances.......................
    1b
    308,724
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    5,528,333
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
     
    3
    Subtract line 2 from line 1d.........................
    3
    5,528,333
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see
    instructions) .............................
    4
    82,925
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    5,445,408
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    272,270
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    272,270
    2a
    Tax on investment income for 2012 from Part VI, line 5......
    2a
    1,375
    b
    Income tax for 2012. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    1,375
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    270,895
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    270,895
    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
    270,895
    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
    332,650
    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
    332,650
    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
    1,375
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    331,275
    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 7 270,895
    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....... 57,555
    b From 2008....... 52,012
    c From 2009....... 68,126
    d From 2010....... 56,915
    e From 2011....... 55,273
    fTotal of lines 3a through e......... 289,881
    4Qualifying distributions for 2012 from Part
    XII, line 4: bullet$ 332,650
    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..... 270,895
    e Remaining amount distributed out of corpus 61,755
    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 5 351,636
    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) ...     		57,555
    9Excess distributions carryover to 2013.
    Subtract lines 7 and 8 from line 6a ......     		294,081
    10 Analysis of line 9:
    a Excess from 2008.... 52,012
    b Excess from 2009.... 68,126
    c Excess from 2010.... 56,915
    d Excess from 2011.... 55,273
    e Excess from 2012.... 61,755
    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 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
    ALGONQUIN CAMERSHIP FUND
    500 EAST AVENUE
    ROCHESTER,NY14607     		NONE PUBLIC CHARITABLE 500
    ALLIANCE THEATER
    1280 PEACHTREE ST NE
    ATLANTA,GA30309     		NONE PUBLIC CHARITABLE 2,500
    ATLANTA BALLET
    1400 W PEACHTREE ST NW
    ATLANTA,GA303099651     		NONE PUBLIC CHARITABLE 5,000
    AMERICA JEWISH COMMITTEE
    165 EAST 56TH ST
    ROOM 614
    NEW YORK,NY101260103     		NONE PUBLIC CHARITABLE 1,000
    ATLANTA SYMPHONY ORCHESTRA
    1280 PEACHTREE ST NE
    ATLANTA SYMPHONY HALL
    ATLANTA,GA30309     		NONE PUBLIC CHARITABLE 5,000
    CAROLINA OPERA VERDI SOCIETY
    TWO WELLS FARGO CENTER
    301 SOUTH TRYON ST 1500
    CHARLOTTE,NC28285     		NONE PUBLIC CHARITABLE 2,500
    CHASTAIN PARK CONSERVANCY
    1001 POWERS FERRY RD
    ATLANTA,GA30342     		NONE PUBLIC CHARITABLE 1,000
    CHATHAM HALL
    800 CHATHAM HALL CIRCLE
    CHATHAM,VA245313085     		NONE PUBLIC CHARITABLE 6,000
    CHILDREN'S HEALTHCARE OF ATLANTA
    1687 TULLIE CIRCLE
    ATLANTA,GA30329     		NONE PUBLIC CHARITABLE 25,000
    ELON COLLEGE
    2600 CAMPUS BOX
    ELON,NC27244     		NONE PUBLIC CHARITABLE 2,500
    FIRST PRESBYTERIAN CHURCH
    1901 PATRICK HENRY AVE
    MARTINVILLE,VA24112     		NONE PUBLIC CHARITABLE 1,000
    FLORIDA STUDIO THEATER
    1241 NORTH PALM AVE
    SARASOTA,FL34236     		NONE PUBLIC CHARITABLE 21,000
    GLASSER HUMAN SERVICES CENTER
    1750 17TH STREET BLDG J1
    SARASOTA,FL34234     		NONE PUBLIC CHARITABLE 5,000
    GULF COAST COMMUNITY FOUNDATION
    601 TAMIAMI TRAIL SOUTH
    VENICE,FL34285     		NONE PUBLIC CHARITABLE 15,500
    ATLANTA HABITAT FOR HUMANIT
    519 MEMORIAL DRIVE SE
    ATLANTA,GA303122218     		NONE PUBLIC CHARITABLE 1,000
    JEWISH FAMILY AND CHILDREN'S CENTER
    2688 FRUITVILLE RD
    SARASOTA,FL34237     		NONE PUBLIC CHARITABLE 2,000
    NORTH CAROLINA STATE STUDENT AID
    PO BOX 7001
    RALEIGH,NC27695     		NONE PUBLIC CHARITABLE 500
    PIEDMONT PARK CONSERVANCY
    PO BOX 7795
    ATLANTA,GA30357     		NONE PUBLIC CHARITABLE 1,000
    PRESBYTERIAN HEALTHCARE FOUNDATION
    PO BOX 33549
    CHARLOTTE,NC282333549     		NONE PUBLIC CHARITABLE 2,500
    RON CLARK ACADEMY
    228 MARGARET ST
    ATLANTA,GA30315     		NONE PUBLIC CHARITABLE 18,000
    SARASOTA BALLET
    5555 NORTH TAMIAMI TRAIL
    SARASOTA,FL34243     		NONE PUBLIC CHARITABLE 125,000
    SARASOTA ORCHESTRA
    709 NORTH TAMIAMI TRAIL
    SARASOTA,FL34236     		NONE PUBLIC CHARITABLE 11,500
    SIGMA ALPHA MU FOUNDATION
    ROBERT S ELSTER SCHOLARSHIP
    9245 NORTH MERIDIAN
    STE 105
    INDIANAPOLIS,IN462601812     		NONE PUBLIC CHARITABLE 500
    SPCA OF MARTINSVILLE & HENRY COUNTY
    PO BOX 326
    COLLINSVILLE,VA24078     		NONE PUBLIC CHARITABLE 5,000
    THE AMERICAN CANCER SOCIETY
    SOUTH ATLANTIC DIVISION
    PO BOX 2483
    SARASOTA,FL34237     		NONE PUBLIC CHARITABLE 1,000
    THE PARK SCHOOL OF BUFFALO
    4625 HARLEM RD
    BUFFALO,NY14226     		NONE PUBLIC CHARITABLE 5,000
    THE SALVATION ARMY
    PO BOX 551
    MARTINSVILLE,VA24114     		NONE PUBLIC CHARITABLE 500
    TREES ATLANTA
    96 POPLAR ST NW
    ATLANTA,GA303032142     		NONE PUBLIC CHARITABLE 1,000
    UNIVERSITY OF WISCONSIN FOUNDATION
    1848 UNIVERSITY AVENUE
    MADISON,WI537264090     		NONE PUBLIC CHARITABLE 1,000
    WAKE FOREST UNIVERSITY
    BABCOCK FUND
    PO BOX 7227
    REYNOLDA STATION
    WINSTONSALEM,NC271992221     		NONE PUBLIC CHARITABLE 1,000
    WDAV DAVIDSON COLLEGE
    PO BOX 8990
    DAVIDSON,NC280358990     		NONE PUBLIC CHARITABLE 1,000
    WEDDINGTON MIDDLE SCHOOL PTO
    5903 DEAL ROAD
    MATTHEWS,NC28104     		NONE PUBLIC CHARITABLE 500
    WUSF PUBLIC RADIO
    USF SARASOTA-MANATEE
    8350 NORTH TAMIAMI TRAIL
    SMC C305
    SARASOTA,FL342432049     		NONE PUBLIC CHARITABLE 2,500
    YMCA OF MARTINSVILLE
    3 STARLING AVENUE
    MARTINSVILLE,VA24165     		NONE PUBLIC CHARITABLE 20,000
    CHARLOTTE SYMPHONY
    TWO WELLS FARGO CENTER
    301 SOUTH TRYON ST 1500
    CHARLOTTE,NC28285     		NONE PUBLIC CHARITABLE 2,500
    BLUMENTHAL PERFORMING ARTS CENTER
    130 N TRYON STREET
    CHARLOTTE,NC28202     		NONE PUBLIC CHARITABLE 2,500
    CORNELL UNIVERSITY
    DAY HALL
    ITHACA,NY14853     		NONE PUBLIC CHARITABLE 1,000
    Total .................................bullet 3a 300,000
    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 60,393  
    4 Dividends and interest from securities....     14 83,760  
    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.....     18 219  
    8Gain or (loss) from sales of assets other than inventory     18 44,979  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aKINDER MORGAN ENERGY PTNRS LP 211110 1,140      
    bKINDER MORGAN - IDC 211110 137      
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 1,277 189,351  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13190,628
    (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

    TY 2012 AccountingFeesSchedule
    Name:
    ELSTER FOUNDATION
    EIN: 16-6054742
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING & TAX PREPARATION FEE 1,075 900 175  

    TY 2012 CompensationExplanation
    Name:
    ELSTER FOUNDATION
    EIN: 16-6054742
    Person Name Explanation
    SYDNEY E GOLDSTEIN  
    JEROME E GOLDSTEIN  
    AMY GEROME-ACUFF  
    DOUGLAS R GOLDSTEIN  
    ELIZABETH GEER GOLDSTEIN  

    TY 2012 InvestmentsCorpBondsSchedule
    Name:
    ELSTER FOUNDATION
    EIN: 16-6054742
    Name of Bond End of Year Book Value End of Year Fair Market Value
    SBC COMMUNICATIONS 5.875% DUE 05/15/    
    JP MORGAN CHASE & CO 5.750% DUE 01-0    
    TARGET CORP. 5.125% DUE 01-15-13-600    
    DUPONT E.I. DENENIOURS 5.0% DUE 07-1    
    GENERAL ELECTRIC CAP COR 2.1% DUE 01    
    PFIZER INC. GLOBAL SR NT 4.50% DUE 0    
    BELLSOUTH CORP. 5.20% DUE 09-15-14-6    
    GOLDMAN SACHS GROUP NOTES 5.50% DUE    
    JP MORGAN CHASE SR NT 5.25% DUE 05-0    
    DONNELLY RR & SONSCO 6.125% DUE 1/15    
    INTERNATIONAL BUSINESS MACHINE 8.375    
    JP MORGAN CHASE & CO 5.750% DUE 01-0 100,000 100,000
    TARGET CORP. 5.125% DUE 01-15-13-600 60,095 60,095
    DUPONT E.I. DENENIOURS 5.0% DUE 07-1 61,488 61,488
    GENERAL ELECTRIC CAP COR 2.1% DUE 01 152,462 152,462
    PFIZER INC. GLOBAL SR NT 4.50% DUE 0 261,290 261,290
    BELLSOUTH CORP. 5.20% DUE 09-15-14-6 64,447 64,447
    GOLDMAN SACHS GROUP NOTES 5.50% DUE 107,814 107,814
    JP MORGAN CHASE SR NT 5.25% DUE 05-0 108,783 108,783
    DONNELLY RR & SONSCO 6.125% DUE 1/15 96,750 96,750
    INTERNATIONAL BUSINESS MACHINE 8.375 71,047 71,047

    TY 2012 InvestmentsCorpStockSchedule
    Name:
    ELSTER FOUNDATION
    EIN: 16-6054742
    Name of Stock End of Year Book Value End of Year Fair Market Value
    FEDERATED HIGH YIELD TRUST 38-37446    
    PIMCO ALL ASSET INSTL-17836.402    
    ABSOLULE STRATEGIES INSTL FUND-12371    
    DODGE & COX INTERNATIONAL STOCK-5896    
    FEDERATED KAUFMANN SMALL CAP FUND-53    
    FEDERATED STRATEGIC VALUE FUND I-292    
    GOLDMAN SACHS MID CAP VALUE INSTITUT    
    LAZARD EMERGING MKTS PORTFOLIO-5632.    
    LEUTHOLD ASSET ALLOCATION-20114.235    
    PARADIGM VALUE-3637.529    
    PERMANENT PORTFOLIS-2931.192    
    RS EMERGING MARKETS-9684.722    
    RAINIER MID CAP EQUITY I-3406.242    
    THE OAKMARK INTERNATIONAL FUND-12768    
    ABBOTT LABORATORIES-1900    
    AFFILIATED MANAGERS GROUP INC.-555    
    ALCOA, INC.-3285    
    ANHEUSER BUSCH CO., INC.-600    
    APPLE COMPUTER, INC.-160    
    BERKSHIRE HATHAWAY INC. CL B HLDG. C    
    BUNGE LIMITED-800    
    CATERPILLAR, INCORPORATED-700    
    CHURCH & DWIGHT INC.-1180    
    DANAHER CORP-700    
    EMC CORP-2150    
    EXXON MOBIL-850    
    FRAWLEY CORP.-20    
    IBM CORPORATION-420    
    KINDER MORGAN ENERGY-1700    
    MCDONALD'S-910    
    MONSANTO COMPANY-590    
    STRYKER CORP-1500    
    SUNCOR ENERGY INC.-1280    
    TJX COMPANIES INC-1295    
    TEVAPHAMIINDUSTRY-1575    
    WASTE MANAGEMENT INC.-1845    
    ABBOTT LABORATORIES-1900 124,450 124,450
    ANHEUSER BUSCH CO., INC.-600 52,446 52,446
    APPLE COMPUTER, INC.-110 58,539 58,539
    BERKSHIRE HATHAWAY INC. CL B HLDG. C 42,159 42,159
    CATERPILLAR, INCORPORATED-700 62,726 62,726
    CHURCH & DWIGHT INC.-1180 63,213 63,213
    COSTCO WHOLESALE-550 54,302 54,302
    DANAHER CORP-700 39,130 39,130
    DOVER CORP-1000 65,710 65,710
    EMC CORP-2150 54,395 54,395
    EXXON MOBIL-850 73,568 73,568
    FRAWLEY CORP.-20    
    GENERAL MILLS-1370 55,375 55,375
    IBM CORPORATION-420 80,451 80,451
    KINDER MORGAN ENERGY-1700 135,643 135,643
    MCDONALD'S-910 80,271 80,271
    MONDELEZ INTERNATIONAL, INC.-2170 55,233 55,233
    STRYKER CORP-1500 82,230 82,230
    SUNCOR ENERGY INC.-1280 42,214 42,214
    TJX COMPANIES INC-1970 83,627 83,627
    TEVAPHAMIINDUSTRY-1575 58,811 58,811
    VADAFONE GROUP PLC-2300 57,937 57,937
    DOUBLELINE TOTAL RETURN BOND FUND-23 267,334 267,334
    FEDERATED HIGH YIELD TRUST 38-19049 121,157 121,157
    PIMCO ALL ASSET INSTL-17836.402 224,382 224,382
    ABSOLULE STRATEGIES INSTL FUND-14255 157,952 157,952
    DODGE & COX INTERNATIONAL STOCK-4140 143,413 143,413
    FEDERATED KAUFMANN SMALL CAP FUND-53 126,707 126,707
    FEDERATED STRATEGIC VALUE FUND I-292 146,109 146,109
    GOLDMAN SACHS MID CAP VALUE INSTITUT 212,716 212,716
    LAZARD EMERGING MKTS PORTFOLIO-5632. 110,064 110,064
    MAINSTAY MARKETFIELD FUND CLASS I-10 166,594 166,594
    PARADIGM VALUE-3637.529 205,411 205,411
    PERMANENT PORTFOLIS-3388.089 164,797 164,797
    PRINCIPLE MID-CAP BLEND FUND CLASS A 117,650 117,650
    RS EMERGING MARKETS-9684.722 231,271 231,271
    THE OAKMARK INTERNATIONAL FUND-9754. 204,150 204,150
    ISHARES DOW JONES US HOME CONSTRUCTI 57,132 57,132

    TY 2012 InvestmentsGovtObligationsSch
    Name:
    ELSTER FOUNDATION
    EIN: 16-6054742
    US Government Securities - End of Year Book Value:

     
    US Government Securities - End of Year Fair Market Value:

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


    116,010
    State & Local Government Securities - End of Year Fair Market Value:


    116,010


    TY 2012 OtherExpensesSchedule
    Name:
    ELSTER FOUNDATION
    EIN: 16-6054742
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXPENSES        
    NYS DEPT. OF LAW FEES 250     250
    KINDER MORGAN - INVEST. EXPEN 127 127    
    KINDER MORGAN - IDC 1,005 1,005    


    TY 2012 OtherIncomeSchedule2
    Name:
    ELSTER FOUNDATION
    EIN: 16-6054742
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    NET SECTION 1231 GAIN - KINDE 219 219 219
    KINDER MORGAN ENERGY PTNRS LP 1,140   1,140
    KINDER MORGAN - IDC 137   137


    TY 2012 OtherIncreasesSchedule
    Name:
    ELSTER FOUNDATION
    EIN: 16-6054742
    Description Amount
    INCREASE IN UNREALIZED GAINS 344,669


    TY 2012 OtherProfessionalFeesSchedule
    Name:
    ELSTER FOUNDATION
    EIN: 16-6054742
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTSMENT MANAGEMENT FEES 44,044 44,044    


    TY 2012 TaxesSchedule
    Name:
    ELSTER FOUNDATION
    EIN: 16-6054742
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES PAID 1,815 1,815    
    NYS DEPT. OF TAXATION 357 357    
    FOREIGN TAXES PAID - KINDER MORG