Form990-PF

Department of the Treasury
Internal Revenue Service
Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter Social Security numbers on this form as it may be made public. By law, the IRS cannot redact the information on the form.
bulletInformation about Form 990-PF and its instructions is at www.irs.gov/form990pf.
OMB No. 1545-0052
2013
Open to Public Inspection
For calendar year 2013, or tax year beginning 01-01-2013 , and ending 12-31-2013
Name of foundation
THE SCHERMAN FOUNDATION INC
 
% THE SCHERMAN FOUNDATION INC
Number and street (or P.O. box number if mail is not delivered to street address)16 EAST 52ND STREETSuite 601Room/suite
City or town, state or province, country, and ZIP or foreign postal code
NEW YORK, NY10022
A Employer identification number

13-6098464
B Telephone number (see instructions)

(212) 832-3086
C bullet
G Check all that apply:

D 1. bullet
2. bullet
E 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$121,038,255J Accounting method:
 
(Part I, column (d) must be on cash basis.)
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) 0
2 Check bullet
3 Interest on savings and temporary cash investments 170 229  
4 Dividends and interest from securities...... 946,160 1,606,232  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 2,223,262
b Gross sales price for all assets on line 6a 5,145,086
7 Capital gain net income (from Part IV, line 2)... 3,838,824
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 14,294 -24,073  
12 Total. Add lines 1 through 11........ 3,183,886 5,421,212  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 237,951 11,898   226,053
14 Other employee salaries and wages...... 250,941 12,547   238,394
15 Pension plans, employee benefits....... 77,783 3,889   73,894
16a Legal fees (attach schedule)......... 3,500     3,500
b Accounting fees (attach schedule)....... Click to see attachment 57,901 28,951 0 28,950
c Other professional fees (attach schedule).... Click to see attachment 360,972 353,620   7,352
17 Interest...............        
18 Taxes (attach schedule) (see instructions) Click to see attachment 99,481 1,457   27,674
19 Depreciation (attach schedule) and depletion... Click to see attachment 7,224 361  
20 Occupancy.............. 96,618 4,831   91,787
21 Travel, conferences, and meetings....... 16,794 840   15,954
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 127,240 6,093   121,115
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 1,336,405 424,487 0 834,673
25 Contributions, gifts, grants paid........ 4,239,425 4,239,425
26 Total expenses and disbursements. Add lines 24 and 25 5,575,830 424,487 0 5,074,098
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -2,391,944
b Net investment income (if negative, enter -0-) 4,996,725
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2013)
Form 990-PF (2013)
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............... 118,246 117,331 117,331
2 Savings and temporary cash investments.......... 603,315 2,322,823 2,322,823
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 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)........ 44,936,795 Click to see attachment38,053,478 43,563,783
c Investments—corporate bonds (attach schedule)........      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 50,627,966 Click to see attachment53,317,769 74,912,362
14 Land, buildings, and equipment: basis bullet155,288
Less: accumulated depreciation (attach schedule) bullet127,452 22,782 Click to see attachment27,836 27,836
15 Other assets (describe bullet) Click to see attachment12,664 Click to see attachment94,120 Click to see attachment94,120
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 96,321,768 93,933,357 121,038,255
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) Click to see attachment1,622 Click to see attachment5,155
23 Total liabilities (add lines 17 through 22).......... 1,622 5,155
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted.................... 96,320,146 93,928,202
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    
30 Total net assets or fund balances (see page 17 of the
instructions).................... 96,320,146 93,928,202
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 96,321,768 93,933,357
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 96,320,146
2 Enter amount from Part I, line 27a..................... 2 -2,391,944
3 Other increases not included in line 2 (itemize) bullet 3  
4 Add lines 1, 2, and 3.......................... 4 93,928,202
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 93,928,202
Form 990-PF (2013)
Form 990-PF (2013)
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 SEE PART IV SCHEDULE P    
b SEE PART IV SCHEDULE P    
c
d
e
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 410,634   368,447 42,187
b 4,734,452   937,815 3,796,637
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l) Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i) F.M.V. as of 12/31/69 (j) Adjusted basis
as of 12/31/69 		(k) Excess of col. (i)
over col. (j), if any
a       42,187
b       3,796,637
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 3,838,824
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  
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))
2012 3,196,835 100,942,364 0.03167
2011 3,157,842 98,227,963 0.032148
2010 3,133,402 91,511,355 0.034241
2009 2,418,970 61,023,113 0.03964
2008 4,686,955 73,002,982 0.064202
2 Total of line 1, column (d) ...................... 2 0.201901
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 0.04038
4 Enter the net value of noncharitable-use assets for 2013 from Part X, line 5..... 4 115,792,536
5 Multiply line 4 by line 3....................... 5 4,675,703
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 49,967
7 Add lines 5 and 6......................... 7 4,725,670
8 Enter qualifying distributions from Part XII, line 4.............. 8 5,074,098
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 (2013)
Form 990-PF (2013)
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 49,967
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 49,967
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 49,967
6 Credits/Payments:
a 2013 estimated tax payments and 2012 overpayment credited to 2013 6a 53,547
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868) 6c 40,000
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 93,547
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 43,580
11 Enter the amount of line 10 to be: Credited to 2014 estimated taxBullet43,580 RefundedBullet 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? Click to see list of attachments....................
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$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
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 changesClick to see list of attachments....
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.Click to see list of attachments
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 2013 or the taxable year beginning in 2013 (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 addressbulletSCHERMAN.ORG
    14
    The books are in care ofbulletTHE SCHERMAN FOUNDATION INC Telephone no.bullet (212) 832-3086
    Located atbullet16 EAST 52ND STREETNEW YORKNY ZIP+4bullet10022
    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 2013, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country?
    16Yes  
    See instructions for exceptions and filing requirements for Form TD F 90-22.1. If "Yes", enter the name of the
    foreign country bulletBD
    Form 990-PF (2013)
    Form 990-PF (2013)
    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 2013?.............
    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 2013, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2013?...............
    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 2013 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 2013.)....................
    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 2013?
    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 (2013)
    Form 990-PF (2013)
    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
    GORDON N LITWIN DIRECTOR
    2.0     		0 0 0
    C/O THE SCHERMAN FOUNDATION INC
    NEW YORK,NY10022
    KAREN R SOLLINS CHAIRPERSON
    2.0     		0 0 0
    C/O THE SCHERMAN FOUNDATION INC
    NEW YORK,NY10022
    MARCIA THOMPSON DIRECTOR
    2.0     		0 0 0
    C/O THE SCHERMAN FOUNDATION INC
    NEW YORK,NY10022
    JOHN J O'NEIL DIRECTOR
    2.0     		0 0 0
    C/O THE SCHERMAN FOUNDATION INC
    NEW YORK,NY10022
    SUSANNA BERGTOLD SECRETARY
    2.0     		0 0 0
    C/O THE SCHERMAN FOUNDATION INC
    NEW YORK,NY10022
    MITCHELL PRATT PRESIDENT & TREASURER
    40.0     		237,951 36,077 0
    C/O THE SCHERMAN FOUNDATION INC
    NEW YORK,NY10022
    HILLARY BROWN DIRECTOR
    2.0     		0 0 0
    C/O THE SCHERMAN FOUNDATION INC
    NEW YORK,NY10022
    JOHN WROCLAWSKI DIRECTOR
    2.0     		0 0 0
    C/O THE SCHERMAN FOUNDATION INC
    NEW YORK,NY10022
    DAVID R JONES DIRECTOR
    2.0     		0 0 0
    C/O THE SCHERMAN FOUNDATION INC
    NEW YORK,NY10022
    MIRIAM BUHL DIRECTOR
    2.0     		0 0 0
    C/O THE SCHERMAN FOUNDATION INC
    NEW YORK,NY10022
    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
    ALEXA M AVILES PROGRAM OFFICER
    40.0     		118,266 17,627 0
    C/O SCHERMAN FOUNDATION
    NEW YORK,NY10022
    NANCY T HANDLER ADMINISTRATOR
    40.0     		76,405 11,470 0
    C/O SCHERMAN FOUNDATION
    NEW YORK,NY10022
    Total number of other employees paid over $50,000...................bullet 0
    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
    HECHT AND COMPANY PC ACCOUNTING SERVICES 57,901
    350 FIFTH AVENUE 68TH FL
    NEW YORK,NY10118
    CAMBRIDGE ASSOCIATES LLC INVESTMENT COUNSEL 133,992
    100 SUMMER STREET
    BOSTON,MA02210
    WELLINGTON TRUST COMPANY NA INVESTMENT COUNSEL 63,842
    280 CONGRESS STREET
    BOSTON,MA02210
    FIRST STATE INVESTMENTS GLOBAL EMERG FD INVESTMENT COUNSEL 60,576
    C/O NORTHERN TRUST 50 S LASALLE ST
    CHICAGO,IL60675
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1
     
    2  
    3  
    4  
    Form 990-PF (2013)
    Form 990-PF (2013)
    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 NONE  
    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
     
    b
    Average of monthly cash balances.......................
    1b
     
    c
    Fair market value of all other assets (see instructions)................
    1c
     
    d
    Total (add lines 1a, b, and c).........................
    1d
     
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
     
    3
    Subtract line 2 from line 1d.........................
    3
     
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
     
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
     
    6
    Minimum investment return. Enter 5% of line 5..................
    6
     
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    5,789,627
    2a
    Tax on investment income for 2013 from Part VI, line 5......
    2a
    49,967
    b
    Income tax for 2013. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    49,967
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    5,739,660
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    5,739,660
    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
    5,739,660
    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
     
    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
     
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see instructions).................
    5
     
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
     
    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 (2013)
    Form 990-PF (2013)
    Page 8
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2012     		(c)
    2012     		(d)
    2013
    1 Distributable amount for 2013 from Part XI, line 7 5,739,660
    2 Undistributed income, if any, as of the end of 2013:
    a Enter amount for 2012 only....... 0
    b Total for prior years:2011, 2010, 2009 0
    3 Excess distributions carryover, if any, to 2013:
    a From 2008....... 260,887
    b From 2009....... 2,418,970
    c From 2010....... 3,133,402
    d From 2011....... 3,157,842
    e From 2012....... 3,196,835
    fTotal of lines 3a through e......... 12,167,936
    4Qualifying distributions for 2013 from Part
    XII, line 4: bullet$ 5,074,098
    a Applied to 2012, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see instructions)......     		0
    c Treated as distributions out of corpus (Election
    required—see instructions).........     		Click to see attachment5,074,098
    d Applied to 2013 distributable amount.....  
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2013. 5,739,660 5,739,660
    (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 11,502,374
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2012. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2013. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2014 ..........     		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 2008 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2014.
    Subtract lines 7 and 8 from line 6a ......     		11,502,374
    10 Analysis of line 9:
    a Excess from 2009.... 0
    b Excess from 2010.... 73,599
    c Excess from 2011.... 3,157,842
    d Excess from 2012.... 3,196,835
    e Excess from 2013.... 5,074,098
    Form 990-PF (2013)
    Form 990-PF (2013)
    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 2013, 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) 2013 (b) 2012 (c) 2011 (d) 2010
             
    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).)
    KAREN R SOLLINS
    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 address of the person to whom applications should be addressed:
    MITCHELL PRATT
    C/O SCHERMAN FDN 16 EAST 52ND ST
    NEW YORK,NY10022
    (212) 832-3086
    bThe form in which applications should be submitted and information and materials they should include:
    ATTACHMENT 18
    cAny submission deadlines:
    ATTACHMENT 18
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    ATTACHMENT 18
    Form 990-PF (2013)
    Form 990-PF (2013)
    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
    SEE ATTACHMENT 19
    VARIOUS
    NEW YORK,NY10022     		NONE PUBLIC CHARITIES UNRESTRICTED CHARITABLE PURPOSES 4,239,425
    Total .................................bullet 3a 4,239,425
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2013)
    Form 990-PF (2013)
    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....          
    3
    Interest on savings and temporary cash investments ............     		    14 170  
    4 Dividends and interest from securities....     14 946,160  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6
    Net rental income or (loss) from personal property .............     		         
    7 Other investment income.....          
    8
    Gain or (loss) from sales of assets other than inventory .............     		    18 2,223,262  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aOTHER INCOME     14 14,294  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   3,183,886  
    13Total. Add line 12, columns (b), (d), and (e)..................
    133,183,886
    (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 (2013)
    Form 990-PF (2013)
    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 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political
    Yes
    No
    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 (2013)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2013 AccountingFeesSchedule
    Name:
    THE SCHERMAN FOUNDATION INC
    EIN: 13-6098464
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    MAINTENANCE OF INVESTMENT        
    RECORDS 28,951 28,951    
    PREPARATION OF AUDITED        
    FINANCIAL STATEMENTS,        
    FORM 990PF AND STATE        
    ATTORNEY GENERAL REPORTS 28,950 0   28,950

    TY 2013 AllOthProgRltdInvestmentsSch
    Name:
    THE SCHERMAN FOUNDATION INC
    EIN: 13-6098464
    Category Amount
    NONE  

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

    TY 2013 DepreciationSchedule
    Name:
    THE SCHERMAN FOUNDATION INC
    EIN: 13-6098464
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
    OFFICE EQUIPMENT 1993-09-21 2,612 2,612 M5          
    OFFICE FURNITURE 1994-07-01 8,037 8,037 M7          
    OFFICE EQUIPMENT 1995-01-11 11,681 11,681 M5          
    OFFICE EQUIPMENT 1996-02-22 3,719 3,718 M5          
    FURNITURE 1996-03-26 2,313 2,313 M7          
    OFFICE EQUPMENT 1997-09-10 5,504 5,504 M5          
    OFFICE FURNITURE 1997-02-01 578 578 M7          
    COMPUTER EQUIPMENT 1998-06-30 18,963 18,963 M5          
    FURNITURE 1998-11-13 1,560 1,560 M7          
    FURNITURE 1999-02-05 1,949 1,949 M7          
    COMPUTER EQUIPMENT 1999-07-01 1,641 1,641 M5          
    FURNITURE 2000-07-01 2,281 2,281 M7          
    COMPUTER EQUIPMENT 2000-07-01 3,248 3,248 M5          
    EQUIPMENT 2001-06-01 7,089 7,089 M5          
    SOFTWARE 2002-06-01 12,678 12,678 M3 3        
    COMPUTER EQUIPMENT 2003-06-01 2,038 2,038 M5          
    COMPUTER EQUIPMENT 2004-06-30 6,663 6,663 M5          
    EQUIPMENT 2005-07-16 4,616 4,616 M5          
    COMPUTER EQUIPMENT 2007-07-15 3,770 3,770 M5          
    EQUIPMENT 2008-12-31 6,168 6,168 SL 5        
    COMPUTER 2009-07-13 1,593 1,593 SL 5        
    COMPUTERS 2010-04-30 4,264 2,275 SL 5 853      
    OFFICE FURNITURE 2011-02-25 2,324 852 SL 5 465      
    OFFICE FURNITURE 2011-03-03 8,603 3,155 SL 5 1,721      
    FIXTURES 2011-08-01 4,860 1,377 SL 5 972      
    OFFICE FURNITURE 2011-08-02 2,211 626 SL 5 442      
    FIXTURES 2011-05-15 7,952 2,451 SL 5 1,590      
    PRINTER 2011-11-14 398 90 SL 5 80      
    COMPUTER 2011-05-11 1,746 538 SL 5 349      
    COMPUTER EQUIPMENT 2012-07-10 1,635 164 SL 5 327      
    COMPUTER 2013-03-04 1,299   SL 5 217      
    COMPUTER EQUIPMENT 2013-05-06 327   SL 5 44      
    REFRIGERATOR 2013-06-04 499   SL 5 58      
    FURNITURE 2013-08-26 140   SL 5 9      
    COMPUTERS 2013-11-26 4,797   SL 5 80      
    FIXTURES 2013-11-05 533   SL 5 17      
    LEASEHOLD IMPROVE. 2013-12-31 5,000   SL 27        

    TY 2013 DistributionFromCorpusElection
    Name:
    THE SCHERMAN FOUNDATION INC
    EIN: 13-6098464
    Election:
    THE SCHERMAN FOUNDATION, INC. HEREBY ELECTS TO TREAT $5,074,098 OF QUALIFYING DISTRIBUTIONS OF THE FOUNDATION FOR THE YEAR ENDED DECEMBER 31, 2013 AS BEING MADE OUT OF CORPUS IN ACCORDANCE WITH INTERNAL REVENUE REGULATION 53.4942(A) - 3(D) (2).

    TY 2013 InvestmentsCorpStockSchedule
    Name:
    THE SCHERMAN FOUNDATION INC
    EIN: 13-6098464
    Name of Stock End of Year Book Value End of Year Fair Market Value
    MUTUAL FUNDS:    
    OAKMARK SELECT FUND 3,529,611 4,376,680
    BRIDGEWAY BLUE CHIP 35 INDEX 4,350,161 6,180,136
    VANGUARD DEVELOPED MARKETS 2,671,038 3,201,711
    IVA WORLDWIDE FUND CLASS 4,998,598 6,231,224
    MANNING & NAPIER OVERSEAS FD 5,650,146 6,111,683
    VANGUARD INTEREMEDIATE BOND 4,954,134 4,549,676
    PIMCO TOTAL RETURN INSTITUT. 4,259,019 4,035,711
    DSM LARGE CAP GROWTH FUND 4,602,125 5,975,702
    VANGUARD EMERGING MARKETS FD 512,386 481,199
    PIMCO UNCONSTRAINED BOND FD 2,526,260 2,420,061

    TY 2013 InvestmentsLandSchedule2
    Name:
    THE SCHERMAN FOUNDATION INC
    EIN: 13-6098464
    Category/ Item Cost/Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value

    TY 2013 InvestmentsOtherSchedule2
    Name:
    THE SCHERMAN FOUNDATION INC
    EIN: 13-6098464
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    ANCHORAGE CAPITAL PARTNERS   2,000,000 2,727,874
    OFFSHORE, LTD. AT COST    
    AXIOM GLOBAL EQUITY FUND AT COST 4,062,685 6,332,976
    DAVIDSON KEMPNER INSTITUTIONAL      
    PARTNERS LP AT COST 2,700,000 4,993,164
    ELLIOTT INTERNATIONAL LIMITED AT COST 3,000,000 3,899,636
    FIRST STATE INVESTMENTS GLOBAL      
    EMERGING MARKETS LEADERS FD AT COST 3,526,002 5,583,492
    MASON CAPITAL LTD AT COST 2,000,000 2,626,663
    SSGA S&P 500 INDEX CTF AT COST 7,172,478 10,819,168
    WELLINGTON DIVERSIFIED      
    INFLATION HEDGES PORTFOLIO AT COST 5,710,805 7,011,609
    PERMIT CAPITAL MORTGAGE FUND      
    L.P. - SERIES K AT COST 206,582 1,922,769
    SOMERSET EMERGING MARKETS      
    SMALL CAP FUND LLC AT COST 1,000,000 1,070,543
    SOMERSET SMALL MID CAP EM ALL      
    COUNTRY FUND LLC AT COST 1,100,000 1,305,321
    THE HIGHCLERE INTERNATIONAL      
    INVESTORS SMID FUND AT COST 2,417,589 3,447,118
    PERMIT CAPITAL MORTGAGE FUND      
    L.P. - SERIES M AT COST 493,700 478,633
    POST LIMITED TERM HIGH YIELD AT COST    
    OFFSHORE FUND LTD AT COST 3,500,000 3,957,055
    STANDARD LIFE INVESTMENTS      
    GLOBAL ABSOLUTE RETURN AT COST 3,300,000 3,509,577
    EATON VANCE INSTITUTIONAL      
    SENIOR LOAN TRUST AT COST 2,628,637 2,645,262
    AETHER REAL ASSETS II, LP AT COST 473,984 520,018
    LL OPPORTUNISTIC MORTGAGE      
    FUND, LP - 2014 AT COST 100,000 99,224
    BARLOW PARTNERS OFFSHORE LTD AT COST 3,500,000 4,994,463
    GENERATION IM GLOBAL EQUITY FD AT COST 4,187,886 6,740,975
    MERCED PARTNERS IV, LP AT COST 237,421 226,822

    TY 2013 LandEtcSchedule2
    Name:
    THE SCHERMAN FOUNDATION INC
    EIN: 13-6098464
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    OFFICE EQUIPMENT 2,612 2,612    
    OFFICE FURNITURE 8,037 8,037    
    OFFICE EQUIPMENT 11,681 11,681    
    OFFICE EQUIPMENT 3,719 3,718 1  
    FURNITURE 2,313 2,313    
    OFFICE EQUPMENT 5,504 5,504    
    OFFICE FURNITURE 578 578    
    COMPUTER EQUIPMENT 18,963 18,963    
    FURNITURE 1,560 1,560    
    FURNITURE 1,949 1,949    
    COMPUTER EQUIPMENT 1,641 1,641    
    FURNITURE 2,281 2,281    
    COMPUTER EQUIPMENT 3,248 3,248    
    EQUIPMENT 7,089 7,089    
    SOFTWARE 12,678 12,678    
    COMPUTER EQUIPMENT 2,038 2,038    
    COMPUTER EQUIPMENT 6,663 6,663    
    EQUIPMENT 4,616 4,616    
    COMPUTER EQUIPMENT 3,770 3,770    
    EQUIPMENT 6,168 6,168    
    COMPUTER 1,593 1,593    
    COMPUTERS 4,264 3,128 1,136  
    OFFICE FURNITURE 2,324 1,317 1,007  
    OFFICE FURNITURE 8,603 4,876 3,727  
    FIXTURES 4,860 2,349 2,511  
    OFFICE FURNITURE 2,211 1,068 1,143  
    FIXTURES 7,952 4,041 3,911  
    PRINTER 398 170 228  
    COMPUTER 1,746 887 859  
    COMPUTER EQUIPMENT 1,635 491 1,144  
    COMPUTER 1,299 217 1,082  
    COMPUTER EQUIPMENT 327 44 283  
    REFRIGERATOR 499 58 441  
    FURNITURE 140 9 131  
    COMPUTERS 4,797 80 4,717  
    FIXTURES 533 17 516  
    LEASEHOLD IMPROVE. 5,000   5,000  


    TY 2013 OtherAssetsSchedule
    Name:
    THE SCHERMAN FOUNDATION INC
    EIN: 13-6098464
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    SECURITY DEPOSITS 12,664 12,664 12,664
    DUE FROM BROKER 0 67,224 67,224
    PAYROLL TAXES WITHHELD 0 14,132 14,132
    403B PENSION PLAN 0 100 100


    TY 2013 OtherExpensesSchedule
    Name:
    THE SCHERMAN FOUNDATION INC
    EIN: 13-6098464
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    STATIONERY, SUPPLIES & POSTAGE 2,793 140   2,653
    COMPUTER/WEBSITE EXPENSE 7,702 385   7,317
    TELEPHONE 4,352 218   4,134
    EMPLOYEE BENEFITS 92,676 4,634   88,042
    DUES AND PUBLICATIONS 3,732 0   3,732
    MAINTENANCE & REPAIRS 2,185 109   2,076
    SUNDRY 12,133 607   11,526
    NYS FILING FEE 1,500 0   1,500
    PUBLIC INSPECTION AD 135 0   135
    PENALTIES 32 0   0


    TY 2013 OtherIncomeSchedule2
    Name:
    THE SCHERMAN FOUNDATION INC
    EIN: 13-6098464
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    EATON VANCE INSTITUTIONAL SENIOR LOAN TR 597 597  
    INCOME (LOSS) FROM CTF/PARTNERSHIPS:      
    SSGA S&P 500 INDEX SL QP CTF   -491  
    DAVIDSON KEMPNER INSTITUTIONAL PTNRS   -85,009  
    WELLINGTON TRUST COMPANY   -41,036  
    FIRST STATE INVESTMENTS GLOBAL      
    EMERGING MARKETS LEADERS FUND   -24,493  
    AXIOM GLOBAL EQUITY FUND   85,169  
    SOMERSET EMERGING MARKETS SMALL      
    CAP FUND LLC   -21,331  
    THE HIGHCLERE INT'L INVESTORS SMID FD   12,890  
    PERMIT CAPITAL MORTGAGE FD-SERIES K   -9,128  
    SOMERSET SMALL MID CAP EM ALL COUNTRY   -10,467  
    AETHER REAL ASSETS II, LP   61,039  
    PERMIT CAPITAL MORTGAGE FD-SERIES M   -4,760  
    LL OPPORTUNISTIC MORTGAGE FD, LP-2014   -750  
    OTHER INCOME 13,697 13,697  


    TY 2013 OtherLiabilitiesSchedule
    Name:
    THE SCHERMAN FOUNDATION INC
    EIN: 13-6098464
    Description Beginning of Year - Book Value End of Year - Book Value
    CAFETERIA PLAN FUNDS WITHHELD   3,036
    FICA TAXES WITHHELD   2,119


    TY 2013 OtherProfessionalFeesSchedule
    Name:
    THE SCHERMAN FOUNDATION INC
    EIN: 13-6098464
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT ADVISORY FEES 219,101 219,101   0
    INVESTMENT RELATED EXPENSES 134,132 134,132   0
    CONSULTANTS 7,739 387   7,352


    TY 2013 TaxesSchedule
    Name:
    THE SCHERMAN FOUNDATION INC
    EIN: 13-6098464
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FEDERAL EXCISE TAX 70,000 0   0
    FEDERAL INCOME TAX 16 0   0
    NYS CORPORATE TAX 335 0   0
    PAYROLL TAXES 29,130 1,457   27,674