TY 2013 Form 990PF

- TIN:

Form990-PF
Click to see list of attachments

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Trust Treated as Private Foundation

Do 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.
bullet

Information 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
James Lee Sorenson Family Foundation

Number and street (or P.O. box number if mail is not delivered to street address)299 S Main Street Room/suite

City or town, state or province, country, and ZIP or foreign postal code
Salt Lake City, UT84111

A Employer identification number

45-6794415

B Telephone number (see instructions)

(801) 490-1000

C If exemption application is pending, check here bullet

G Check all that apply: Initial returnInitial return of a former public charity
Final returnAmended return
Address changeName change

D 1. Foreign organizations, check here ............. bullet

2. Foreign organizations meeting the 85% test,
check here and attach computation ........... bullet

E If private foundation status was terminated
under section 507(b)(1)(A), check here ......... bullet

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trustOther taxable private foundation

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) bullet

$47,210,114J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here ......... bullet

	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	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check
3	Interest on savings and temporary cash investments	5,125		5,125
4	Dividends and interest from securities......	940,333		940,333
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		192,527
b	Gross sales price for all assets on line 6a 8,002,624
7	Capital gain net income (from Part IV, line 2)...			1,455,399
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).......			29,162
12	Total. Add lines 1 through 11........	1,137,985		2,430,019
13	Compensation of officers, directors, trustees, etc.
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......		20,333
c	Other professional fees (attach schedule)....		204,043	204,043
17	Interest...............
18	Taxes (attach schedule) (see instructions)		36,244	1,244
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......	15,294
22	Printing and publications..........
23	Other expenses (attach schedule).......		209
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	276,123		205,287	0
25	Contributions, gifts, grants paid........	510,610			510,610
26	Total expenses and disbursements. Add lines 24 and 25	786,733		205,287	510,610
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	351,252
b	Net investment income (if negative, enter -0-)			2,224,732
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
Part II		Balance Sheets		(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing...............		325	2,630	2,630
	2	Savings and temporary cash investments..........		6,455,610	2,629,568	2,629,568
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	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)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use...............
	9	Prepaid expenses and deferred charges...........
	10a	Investments—U.S. and state government obligations (attach schedule)		1,484,003	1,017,586	1,017,586
	b	Investments—corporate stock (attach schedule)........		14,210,625	19,402,306	19,402,306
	c	Investments—corporate bonds (attach schedule)........		3,693,194	3,515,182	3,515,182
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans..............
	13	Investments—other (attach schedule)...........		14,007,135	19,184,095	19,184,095
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )		1,893,588	1,458,747	1,458,747
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)		41,744,480	47,210,114	47,210,114
		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 )
23		Total liabilities (add lines 17 through 22)..........			0
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted....................
	25	Temporarily restricted................
	26	Permanently restricted................
		Foundations that do not follow SFAS 117, check here
		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		41,744,480	47,210,114
	30	Total net assets or fund balances (see page 17 of the
		instructions)....................		41,744,480	47,210,114
	31	Total liabilities and net assets/fund balances (see page 17 of
		the instructions)..................		41,744,480	47,210,114

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	41,744,480
2	Enter amount from Part I, line 27a.....................	2	351,252
3	Other increases not included in line 2 (itemize)	3	5,114,382
4	Add lines 1, 2, and 3..........................	4	47,210,114
5	Decreases not included in line 2 (itemize)	5
6	Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.	6	47,210,114

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.)
1a
b
c
d
e

(e) Gross sales price		(f) Depreciation allowed (or allowable)	(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a
b
c
d
e

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69
(i) F.M.V. as of 12/31/69	(j) Adjusted basis as of 12/31/69	(k) Excess of col. (i) over col. (j), if any
a
b
c
d
e

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	1,455,399
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 . . . . . . . . . . . . . . . .		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? Yes No

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	12,804	1,359,626	0.00942
2011
2010
2009
2008

2	Total of line 1, column (d) ......................	2	0.00942
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	0.00942
4	Enter the net value of noncharitable-use assets for 2013 from Part X, line 5.....	4	43,128,151
5	Multiply line 4 by line 3.......................	5	406,138
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6	22,247
7	Add lines 5 and 6.........................	7	428,385
8	Enter qualifying distributions from Part XII, line 4..............	8	1,388,702
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)

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	Exempt operating foundations described in section 4940(d)(2), check hereand enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Domestic foundations that meet the section 4940(e) requirements in Part V, check	1	22,247
	hereand 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	22,247
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	22,247
6	Credits/Payments:

a	2013 estimated tax payments and 2012 overpayment credited to 2013	6a	67,250
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	67,250
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.		8
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	45,003
11	Enter the amount of line 10 to be: Credited to 2014 estimated tax45,003	Refunded	11

Part VII-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of

the instructions for definition)?............................

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.

Did the foundation file Form 1120-POL for this year?.....................

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

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers. bullet

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If "Yes," attach a detailed description of the activities.

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....

Did the foundation have unrelated business gross income of $1,000 or more during the year?........

If "Yes," has it filed a tax return on Form 990-T for this year?...................

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If "Yes," attach the statement required by General Instruction T.

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?................

Yes

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.

Yes

Enter the states to which the foundation reports or with which it is registered (see instructions)

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 .

Yes

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.............................

Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names and addresses.

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) .............

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).................

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address bullet

N/A

The books are in care of bullet

Paul Ludlow Telephone no. bullet

(801) 490-1013

Located at bullet

299 S Main Street Suite 2200Salt Lake CityUT ZIP+4 bullet

84111

Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —Check here......... bullet

and enter the amount of tax-exempt interest received or accrued during the year ...... bullet

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?

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 (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

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? YesNo

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person?.........................YesNo

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? YesNo

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? YesNo

(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)?.................YesNo

(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.).........YesNo

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)?...

Organizations relying on a current notice regarding disaster assistance check here......... bullet

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?.............

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)):

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?...............YesNo

If "Yes," list the years bullet

20, 20, 20, 20

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.) ..............

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at

any time during the year?.........................YesNo

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.)....................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

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?

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))? YesNo

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive?...............YesNo

(3) Provide a grant to an individual for travel, study, or other similar purposes? YesNo

(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)........YesNo

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals?........YesNo

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)? ......

Organizations relying on a current notice regarding disaster assistance check here......... bullet

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?............YesNo

If "Yes," attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on

a personal benefit contract?........................YesNo

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....

If "Yes" to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction? YesNo

If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....

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
James Lee Sorenson	Trustee 5.00	0
299 S Main Street Suite 2200 Salt Lake City,UT84111	Trustee 5.00	0

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...................

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
Merrill Lynch Wealth Management	Investment advice	204,043
101 California Street Ste 2100 San Francisco,CA94111	Investment advice	204,043

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 (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	NY Social Impact Bond: To lessen the burdens of government by reducing recidivism and increasing employment of formerly incarcertated individuals.	253,092
2	Impact Assets Loan: Identifies early stage social purpose ventures that address poverty alleviation and environmental sustainability.	250,000
All other program-related investments. See page 24 of the instructions.
3		375,000

Total. Add lines 1 through 3......................... bullet

878,092

Part X

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
see instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

Average of monthly cash balances.......................

Fair market value of all other assets (see instructions)................

Total (add lines 1a, b, and c).........................

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see

instructions) .............................

Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4

Minimum investment return. Enter 5% of line 5..................

Part XI

Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here bullet

and do not complete this part.)

Minimum investment return from Part X, line 6....................

2,156,408

Tax on investment income for 2013 from Part VI, line 5......

22,247

Income tax for 2013. (This does not include the tax from Part VI.)...

Add lines 2a and 2b............................

22,247

Distributable amount before adjustments. Subtract line 2c from line 1............

2,134,161

Recoveries of amounts treated as qualifying distributions................

Add lines 3 and 4............................

2,134,161

Deduction from distributable amount (see instructions).................

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,

line 1................................

2,134,161

Part XII

Qualifying Distributions (see instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

Program-related investments—total from Part IX-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4

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).................

Adjusted qualifying distributions. Subtract line 5 from line 4..............

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)

Page 8

Part XIII

Undistributed Income (see instructions)

	(a) Corpus	(c) 2012	(d) 2013
1 Distributable amount for 2013 from Part XI, line 7			2,134,161
2 Undistributed income, if any, as of the end of 2013:
a Enter amount for 2012 only.......		1,346,822
b Total for prior years:20, 20, 20
3 Excess distributions carryover, if any, to 2013:
a From 2008.......
b From 2009.......
c From 2010.......
d From 2011.......
e From 2012.......
fTotal of lines 3a through e.........
4Qualifying distributions for 2013 from Part
XII, line 4: $ 1,388,702
a Applied to 2012, but not more than line 2a		1,346,822
b Applied to undistributed income of prior years (Election required—see instructions)......
c Treated as distributions out of corpus (Election required—see instructions).........	0
d Applied to 2013 distributable amount.....			41,880
e Remaining amount distributed out of corpus
5 Excess distributions carryover applied to 2013.
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5
b Prior years’ undistributed income. Subtract line 4b from line 2b ...........
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........
e Undistributed income for 2012. Subtract line 4a from line 2a. Taxable amount—see instructions .............
f Undistributed income for 2013. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2014 ..........			2,092,281
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 ......
10 Analysis of line 9:
a Excess from 2009....
b Excess from 2010....
c Excess from 2011....
d Excess from 2012....
e Excess from 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 section4942(j)(3) or4942(j)(5)

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	(e) Total

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).)

James Lee Sorenson

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

if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. (see instructions) to individuals or organizations under
other conditions, complete items 2a, b, c, and d.

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 (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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
Cause For Hope Foundation 10421 S Jordan Gateway 660 South Jordan,UT84095		Public	Orphanage support	10,610
The Church of Jesus Christ of LDS 50 E North Temple Salt Lake City,UT84150		Public	General support	500,000
Total ................................. 3a				510,610

bApproved for future payment

Total ................................. 3b

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	(e) Related or exempt function income (See instructions.)
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	5,125
4 Dividends and interest from securities....			14	940,333
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	192,527
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				1,137,985

13Total. Add line 12, columns (b), (d), and (e)..................

131,137,985

(See worksheet in line 13 instructions to verify calculations.)

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	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)

Page 12

Part XVII

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

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

organizations?

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

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

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?...........YesNo

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.
				May the IRS discuss this return with the preparer shown below (see instr.)? Yes No
	Signature of officer or trustee	Date	Title

Paid Preparer Use Only	Print/Type preparer's name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name Firm's address			Firm's EIN
				Phone no.

Form 990-PF (2013)

Additional Data

Software ID:	13000170
Software Version:	2013v3.1

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2013 AccountingFeesSchedule

Name:

James Lee Sorenson Family Foundation

EIN: 45-6794415

Software ID:13000170

Software Version:2013v3.1

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Accounting & tax fees	20,333	0	0	0

- TIN:

TY 2013 AllOthProgRltdInvestmentsSch

Name:

James Lee Sorenson Family Foundation

EIN: 45-6794415

Software ID:13000170

Software Version:2013v3.1

Category	Amount
Worldhaus: Addresses affordable housing in undeveloped countries.	250,000
Liberty & Justice: Increasing employment opportunities and access to education and healthcare in developing countries.	125,000

- TIN:

TY 2013 ContractorCompensationExpln

Name:

James Lee Sorenson Family Foundation

EIN: 45-6794415

Software ID:13000170

Software Version:2013v3.1

Contractor	Explanation
Merrill Lynch Wealth Management	The foundation paid fees to Merrill Lynch for investment advisory services. The fees were determined at arms length and represent fair market value for the services rendered.

- TIN:

TY 2013 GeneralExplanationAttachment

Name:

James Lee Sorenson Family Foundation

EIN: 45-6794415

Software ID:13000170

Software Version:2013v3.1

Identifier	Return Reference	Explanation
	General Explanation Supplemental Information for Form 990-PF	Part I, Line 11 column (b)Explanation: Investment income from K-1 passthrough

- TIN:

TY 2013 InvestmentsCorpBondsSchedule

Name:

James Lee Sorenson Family Foundation

EIN: 45-6794415

Software ID:13000170

Software Version:2013v3.1

Name of Bond	End of Year Book Value	End of Year Fair Market Value
Comcast Corp	293,893	293,893
Wachovia Corp	294,260	294,260
General Electric	347,324	347,324
AT&T Inc	285,691	285,691
Boeing Co	298,879	298,879
JPMorgan Chase & Co	298,038	298,038
Newmont Mining Corp	314,971	314,971
Goldman Sachs Group	287,312	287,312
Kinder Morgan Energy Partners	279,681	279,681
Waste Management Inc	270,166	270,166
Hewlett-Packard Co	309,756	309,756
Watson Pharmaceuticals	235,211	235,211

- TIN:

TY 2013 InvestmentsCorpStockSchedule

Name:

James Lee Sorenson Family Foundation

EIN: 45-6794415

Software ID:13000170

Software Version:2013v3.1

Name of Stock	End of Year Book Value	End of Year Fair Market Value
Advent Software Inc	47,604	47,604
Albemarle Corp	91,724	91,724
Alexander & Baldwin Inc	59,256	59,256
Alleghany Corp	19,997	19,997
American Eagle Outfitters	24,955	24,955
Atwood Oceanics Inc	84,249	84,249
Cabelas Inc	128,854	128,854
Columbia Sportswear Co	51,581	51,581
Corrections Corp of America	77,609	77,609
Eaton Vance Corp	110,313	110,313
Energizer Holdings Inc	24,246	24,246
First India Realty Trust Inc	66,258	66,258
Hatteras Financial Corp	18,579	18,579
Kaman Corp	31,069	31,069
Kraton Performance Polymers
Martin Marietta Materials	30,981	30,981
Matson Inc	41,489	41,489
MBIA Inc	56,249	56,249
Micrel Inc	22,385	22,385
Montpelier RE Holdings	45,949	45,949
Newmarket Corp	120,294	120,294
Nu Skin Enterprises	108,226	108,226
Old Dominion Freight Lines	124,650	124,650
Pricesmart Inc	111,612	111,612
Ritchie Brothers Auctioneers	25,521	25,521
Service Corp Intl	87,894	87,894
Sturm Ruger & Co	72,213	72,213
Tejon Ranch Co	46,612	46,612
Tenet Healthcare Corp	75,353	75,353
Tredegar Corp Virginia	54,422	54,422
Valueclick Inc	34,938	34,938
White Mtns Insurance Group	52,468	52,468
World Fuel Services Corp	30,644	30,644
Allergan Inc
Amazon.com Inc	109,667	109,667
American Tower Reit Inc	38,553	38,553
Apple Inc	76,299	76,299
Biogen Idec Inc	63,183	63,183
Blackrock Inc	50,319	50,319
Borg Warner Inc	39,584	39,584
Cabot Oil & Gas Corp
CBS Corp	42,706	42,706
Celgene Corp	91,750	91,750
Cerner Corp	33,500	33,500
Coach Inc
Concho Resources Inc
Costco Wholesale Corp	28,922	28,922
Covidien PLC
CVS Caremark Corp	35,356	35,356
Danaher Corp	82,064	82,064
Dollar General Corp	48,678	48,678
EMC Corporation Mass
Ebay Inc	44,880	44,880
Ecolab Inc	32,115	32,115
Edwards Lifesciences Corp
Express Scripts Holding Co
Facebook Inc	51,589	51,589
Flour Corp
FMC Techs Inc
Franklin Res Inc
Gilead Sciences Inc	63,910	63,910
Glaxosmithkline PLC
Google Inc	127,761	127,761
HCA Holdings
Home Depot Inc
Intl Business Machines
Intuit Inc
Intuitive Surgical Inc
Las Vegas Sands Corp
Lauder Estee Cosmetics Inc	31,785	31,785
Lenmar Corp
Mastercard Inc	50,963	50,963
MCGraw Hill Companies
Michael Kors Holdings LTD
Monsanto Co	89,977	89,977
Precision Castparts	54,129	54,129
Priceline.com Inc	106,941	106,941
Qualcomm Inc	40,169	40,169
Ralph Lauren Corp	29,840	29,840
Range Resources Corp	30,689	30,689
Ross Stores Inc	31,770	31,770
Salesforce.com Inc	77,763	77,763
SBA Communcations Corp	33,420	33,420
Sirius XM Radio Inc
Starbucks Corp	74,471	74,471
Teradata Corp
Ulta Salon Cosmetics	24,227	24,227
Union Pacific Corp	106,008	106,008
United Technology Corp	39,147	39,147
Unitedhealth Group Inc
Visa Inc	115,571	115,571
VMWare Inc
W W Grainger Inc
Wells Fargo & Co
Williams Companies
Yum Brands Inc
Altera Corp	83,716	83,716
AON PLC	312,490	312,490
Apache Corp
Berkshire Hathaway Inc	352,716	352,716
Coca Cola	190,026	190,026
Comcast Corp	209,496	209,496
Ecolab Inc	218,967	218,967
Fidelity National Info Svcs	115,412	115,412
Goldman Sachs Group Inc	141,808	141,808
Google Inc	184,917	184,917
Liberty Global Inc A	26,700	26,700
Liberty Global Inc C	202,368	202,368
Loews Corp	150,750	150,750
Mcdonalds Corp
Microsoft Corp	284,316	284,316
Mondelez International	150,025	150,025
Morgan Stanley	213,248	213,248
Nestle SA	128,783	128,783
News Corp	22,525	22,525
News Corp B	2,675	2,675
Noble Energy Inc	252,007	252,007
Oracle Corp	388,339	388,339
Pepsico Inc	136,851	136,851
Praxair Inc	152,785	152,785
Thermo Fisher Scientific	130,836	130,836
Unitedhealth Group Inc	195,780	195,780
W R Berkley Corp	101,967	101,967
Wal-Mart Stores Inc	180,987	180,987
3M Company	73,631	73,631
Aegon NV	1,550	1,550
Montpelier RE Holdings	43,965	43,965
Morgan Stanley Cap VIII	27,274	27,274
Albemarle Corp	185,859	185,859
Altria Group	193,025	193,025
Berkshire Hathaway Inc
Blackrock Inc	164,248	164,248
Bristol-Myers Squibb	236,305	236,305
Chevron Corp	134,778	134,778
Cinn Fincial Corp	146,165	146,165
Cisco Systems Inc	116,232	116,232
Coca Cola	110,752	110,752
ConocoPhillips	151,898	151,898
Dominion Res Inc	136,819	136,819
Duke Energy Corp	82,812	82,812
Federated Investors B	168,451	168,451
General Dynamics Corp	175,621	175,621
Hasbro Inc	208,488	208,488
Hatteras Financial Corp	60,965	60,965
Hershey Company
Intel Corp	170,498	170,498
Intl Business Machines	88,533	88,533
Johnson And Johnson	73,180	73,180
Kinder Morgan Managment	157,751	157,751
Lorillard Inc	198,362	198,362
Lowe's Companies Inc	181,452	181,452
Meadwestvaco Corp	101,705	101,705
Microsoft Corp	99,398	99,398
Newmarket Corp	155,046	155,046
Paychex Inc	140,460	140,460
Pfizer Inc	184,393	184,393
Philip Morris Intl Inc	81,292	81,292
Reynolds American Inc	97,181	97,181
Verizon Communications	104,423	104,423
Wal-Mart Stores Inc
Wells Fargo & Co	213,108	213,108
Ansys Inc	70,458	70,458
Accenture PLC	162,138	162,138
Affiliated Managers Group	211,675	211,675
EMC Corporation	231,455	231,455
Expeditors Intl Wash Inc
Express Scripts Holding Co
Hospira Inc	243,511	243,511
Mastercard Inc	103,597	103,597
Qualcomm Inc
Roberthalf Intl Inc	221,371	221,371
Scripps Networks	193,472	193,472
Stanley Black & Decker	295,245	295,245
Starwood Hotels	325,268	325,268
Suncor Energy Inc
Waters Corp	158,500	158,500
Wynn Resorts Ltd	243,345	243,345
BB&T Corporation
Capital One Financial
Coresite Realty Corp	56,500	56,500
First Republic Bank
JP Morgan Chase & Co
Maiden Holdings LTD
Protective Life Corp
State Street Corp
Suntrust Banks Inc
Wells Fargo & Co	128,600	128,600
Alliant Techsystems Inc	56,460	56,460
Deckers Outdoors Corp	92,990	92,990
Temper Sealy Intl Inc	84,555	84,555
Tejon Ranch WT	1,032	1,032
Alexion Pharms Inc	37,872	37,872
American Express Company	37,290	37,290
Amgen Inc	56,013	56,013
Applied Material Inc	26,821	26,821
Arm Holdings PLC	40,665	40,665
Baidu Inc	36,999	36,999
Brystol-Myers Squibb Co	25,406	25,406
Catamaran Corp	22,972	22,972
Chipotle Mexican Grill	19,180	19,180
Cognizant Tech Solutions	36,151	36,151
Delta Air Lines Inc	18,130	18,130
Walt Disney Co	34,609	34,609
Hilton Worldwide Holdings	23,007	23,007
JPMorgan Chase & Co	29,006	29,006
Kansas City Southern	15,107	15,107
Liberty Global PLC	36,935	36,935
LinkedIn Corp	21,683	21,683
Lowe's Companies Inc	35,775	35,775
McKesson Corporation	20,336	20,336
Morgan Stanley	43,026	43,026
Nike Inc	43,567	43,567
Noble Energy Inc	34,123	34,123
NXP Semiconductors NV	26,134	26,134
Schlumberger LTD	40,550	40,550
Charles Schwab Corp	21,190	21,190
Servicenow Inc	15,123	15,123
Twenty-First Century Fox Inc	57,608	57,608
Whole Foods Mkt Inc	8,328	8,328
Workday Inc	3,160	3,160
Wynn Resorts LTD	30,491	30,491
Zoetis Inc	37,038	37,038
Anadarko Petroleum Corp	55,524	55,524
Constellation Brands Inc	133,722	133,722
Dish Network Corporation	133,216	133,216
Twenty-First Century Fox A	175,850	175,850
Twenty-First Century Fox B	20,760	20,760
Winthrop Realty	9,960	9,960
Carnival Corp	158,993	158,993
Corning Inc	161,324	161,324
Corrections Corp of America	124,079	124,079
Ametek Inc	278,045	278,045
Aon PLC	175,666	175,666
T Rowe Price Group	120,713	120,713
Towers Watson & Co	78,353	78,353
Trimble Nav LTD	210,525	210,525
Twenty-First Century Fox Inc	183,025	183,025
Wabtec	213,749	213,749
Allstate Corp	64,125	64,125
Citigroup Inc 7.125	129,700	129,700
Citigroup Inc 6.875	63,350	63,350
Morgan Stanley	125,150	125,150

- TIN:

TY 2013 InvestmentsGovtObligationsSch

Name:

James Lee Sorenson Family Foundation

EIN: 45-6794415

Software ID:13000170

Software Version:2013v3.1

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:

1,017,586

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

1,017,586

- TIN:

TY 2013 InvestmentsOtherSchedule2

Name:

James Lee Sorenson Family Foundation

EIN: 45-6794415

Software ID:13000170

Software Version:2013v3.1

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
Eaton Vance Capital SMID Cap Fund	FMV	2,344,956	2,344,956
IVA Worldwide Fund	FMV	2,518,983	2,518,983
First Eagle Global	FMV	2,526,819	2,526,819
Matthews Asian Growth and Income Fund	FMV	588,994	588,994
Matthews Pacific Tiger	FMV	579,053	579,053
Oppenheimer Developing Markets	FMV	1,147,012	1,147,012
PIMCO Fixed Income Shares C F	FMV
PIMCO Fixed Income Shares M F	FMV
Templeton Global Bond Fund	FMV	1,651,834	1,651,834
Ridgeworth High Income Fund	FMV	437,389	437,389
Eaton Vance Floating Rate Fund	FMV	416,469	416,469
First Eagle Gold Fund	FMV
PIMCO Commodity Real Return	FMV	654,138	654,138
iShares Russell 1000	FMV	576,204	576,204
CSP III Distressed Opp Fund	FMV	201,810	201,810
iShares MSCI EAFE	FMV	403,912	403,912
PIMCO All Asset Fund	FMV	191,783	191,783
Vanguard REIT ETF	FMV	163,337	163,337
PIMCO Total Return Fund	FMV	254,326	254,326
Sirios Access LTD	FMV	225,000	225,000
iShares Gold	FMV	181,040	181,040
Czech II Senior Loan Trust	FMV	126,956	126,956
Ascend Access LTD	FMV	608,970	608,970
Brevan Howard Multi-Strategy	FMV	813,695	813,695
Carlson Double Black Diamond	FMV	834,834	834,834
OZOFII Access LTD	FMV	1,323,158	1,323,158
ML Winton Futures Access	FMV	363,423	363,423
SLP IV Technology Fund	FMV	50,000	50,000

- TIN:

TY 2013 OtherAssetsSchedule

Name:

James Lee Sorenson Family Foundation

EIN: 45-6794415

Software ID:13000170

Software Version:2013v3.1

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
Mediconnect escrow	1,890,750	580,655	580,655
Program related investements		878,092	878,092

- TIN:

TY 2013 OtherExpensesSchedule

Name:

James Lee Sorenson Family Foundation

EIN: 45-6794415

Software ID:13000170

Software Version:2013v3.1

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Bank charges	201
Postage	8

- TIN:

TY 2013 OtherProfessionalFeesSchedule

Name:

James Lee Sorenson Family Foundation

EIN: 45-6794415

Software ID:13000170

Software Version:2013v3.1

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Investment advisory fees	204,043	204,043	0	0

- TIN:

TY 2013 TaxesSchedule

Name:

James Lee Sorenson Family Foundation

EIN: 45-6794415

Software ID:13000170

Software Version:2013v3.1

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Federal taxes	35,000
Foreign taxes	1,244	1,244