Form990-PF
Click to see attachment

Department of the Treasury
Internal Revenue Service
Return of Private Foundation
or Section 4947(a)(1) Nonexempt Charitable Trust
Treated as a Private Foundation
Note. The foundation may be able to use a copy of this return to satisfy state reporting requirements.
OMB No. 1545-0052
2012
Open to Public Inspection
For calendar year 2012, or tax year beginning 09-01-2012 , and ending 08-31-2013
Name of foundation
WILLIAM F WELCH &
LORENE W WELCH FOUNDATION

Number and street (or P.O. box number if mail is not delivered to street address)PO BOX J   Room/suite
City or town, state, and ZIP code
SHERIDAN, WY82801
A Employer identification number

83-6033434
B Telephone number (see instructions)

(307) 674-1770
C bullet
G Check all that apply:

D 1. bullet
2. bullet
H Check type of organization:
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$3,658,616J Accounting method:
 
(Part I, column (d) must be on cash basis.)
E bullet
F bullet
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet
3 Interest on savings and temporary cash investments 4 4  
4 Dividends and interest from securities...... 135,290 135,290  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 13,840
b Gross sales price for all assets on line 6a 1,385,901
7 Capital gain net income (from Part IV, line 2)... 13,840
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 45,408 45,408  
12 Total. Add lines 1 through 11........ 194,542 194,542  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 15,000 7,500   7,500
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 6,200 5,200   1,000
c Other professional fees (attach schedule).... Click to see attachment 40,657 40,657    
17 Interest...............        
18 Taxes (attach schedule) (see instructions)        
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 931 931    
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 62,788 54,288   8,500
25 Contributions, gifts, grants paid........ 180,500 180,500
26 Total expenses and disbursements. Add lines 24 and 25 243,288 54,288   189,000
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -48,746
b Net investment income (if negative, enter -0-) 140,254
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2012)
Form 990-PF (2012)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing...............      
2 Savings and temporary cash investments.......... 245,028 13,363 13,363
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see page 15 of the
instructions)....................      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges...........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........ 2,462,808 Click to see attachment2,645,727 3,301,583
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)...........      
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment40,975 Click to see attachment40,975 Click to see attachment343,670
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 2,748,811 2,700,065 3,658,616
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable...................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)..........   0
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted....................    
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds.........    
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds 2,748,811 2,700,065
30 Total net assets or fund balances (see page 17 of the
instructions).................... 2,748,811 2,700,065
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 2,748,811 2,700,065
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 2,748,811
2 Enter amount from Part I, line 27a..................... 2 -48,746
3 Other increases not included in line 2 (itemize) bullet 3  
4 Add lines 1, 2, and 3.......................... 4 2,700,065
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 2,700,065
Form 990-PF (2012)
Form 990-PF (2012)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1 a COAL P   2013-03-25
b 1000-AMERICAN REALTY CAPITAL P 2013-03-05 2013-08-26
c 1000-BANK OF AMERICA CORP PREF P 2011-08-22 2013-05-01
d 600-ENERGY TRANSFER PARTNERS P 2011-12-15 2012-10-04
e 4000-SIRIUS XM RADIO INC P 2008-02-26 2012-12-27
1000-AMERICAN CAPITAL AGENCY CO P 2012-02-16 2013-05-28
300-ANNALY CAPITAL MGT P 2009-11-05 2012-12-27
1000-BANK OF AMERICA CORP PREF P 2012-04-11 2013-05-01
600-EV ENERGY PARTNERS P 2010-07-06 2013-04-30
1212-SOUTHERN COPPER CORP P 2011-11-10 2013-04-03
1000-AMERICAN CAPITAL AGENCY CO P 2012-06-07 2013-05-28
1000-ANNALY CAPITAL MGT P 2010-08-09 2012-12-27
500-BOEING, CO P 2011-08-11 2013-01-28
100-EV ENERGY PARTNERS P 2010-08-11 2013-04-30
800-SOUTHERN COPPER CORP P 2012-12-03 2013-04-03
600-AMERICAN CAPITAL AGENCY CO P 2012-06-20 2013-05-28
700-ANNALY CAPITAL MGT P 2011-08-11 2012-12-27
1000-BREITBURN ENERGY PARTNERS P 2011-04-15 2013-08-26
300-EV ENERGY PARTNERS P 2010-08-11 2013-05-03
1000-STARWOOD PROPERTY TRUST P 2013-05-09 2013-08-26
250-AMERICAN CAPITAL AGENCY CO P 2012-07-18 2013-05-28
1000-ANNALY CAPITAL MGT P 2011-08-01 2013-06-26
800-CLEAN ENERGY FUELS CORP P 2012-05-22 2012-12-27
200-JOHNSON & JOHNSON P 1998-10-08 2013-04-30
0.021-TORTOISE ENERGY CAPITAL P 2010-03-22 2013-02-21
150-AMERICAN CAPITAL AGENCY CO P 2012-07-18 2013-05-30
175-APPLE COMPUTER P 2010-08-25 2013-04-30
400-CLEAN ENERGY FUELS CORP P 2012-06-07 2012-12-27
1000-PIONEER SOUTHWEST ENERGY P 2010-07-09 2012-12-27
750-VANGAURD NATURAL RESOURCES P 2011-01-11 2012-12-27
1000-AMERICAN CAPITAL AGENCY CO P 2012-10-09 2013-05-30
125-APPLE COMPUTER P 2010-08-25 2013-05-16
1000-CONSTELLATION ENERGY P 2008-11-10 2013-06-17
1000-PIONEER SOUTHWEST ENERGY P 2010-08-10 2012-12-27
250-VANGAURD NATURAL RESOURCES P 2011-04-11 2012-12-27
275-AMERICAN CAPITAL AGENCY CO P 2012-10-31 2013-05-30
25-APPLE COMPUTER P 2012-05-03 2013-05-16
500-CSX CORP P 2011-07-18 2012-12-27
2000-RADIOSHACK CORP P 2013-01-18 2013-07-11
900-VOLCANO P 2007-10-09 2012-12-27
725-AMERICAN CAPITAL AGENCY CO P 2012-10-31 2013-06-11
1000-BANK OF AMERICA 8.625% PREF P 2008-11-10 2013-05-28
500-CSX CORP P 2011-10-19 2012-12-27
2000-RARE ELEMENT RES LTD P 2010-10-14 2013-01-30
800-WELLS FARGO CAPITAL XII P 2008-03-10 2013-03-15
700-AMERICAN CAPITAL AGENCY CO P 2012-11-07 2013-06-11
1000-BANK OF AMERICA 8.625% PREF P 2011-08-22 2013-05-28
1000-EATON VANCE ENHANCED EQUITY P 2013-05-20 2013-08-26
1000-REGIONS FING TR III P 2010-09-15 2012-12-03
100-WELLS FARGO CAPITAL XII P 2008-11-10 2013-03-15
1000-AMERICAN CAPITAL MORTGAGE P 2012-07-24 2013-05-28
1000-BANK OF AMERICA 8.625% PREF P 2011-09-27 2013-05-28
2000-EATON VANCE TAX MANAGED P 2013-05-20 2013-08-26
1000-REGIONS FING TR III P 2010-11-17 2012-12-03
600-WESTPORT INNOVATIONS INC. P 2012-02-22 2012-09-26
750-AMERICAN CAPITAL MORTGAGE P 2012-08-28 2013-05-28
1000-BANK OF AMERICA 8.625% PREF P 2011-11-04 2013-05-28
2000-EATON VANCE TAX MANAGED P 2013-05-20 2013-08-26
500-REGIONS FING TR III P 2010-11-19 2012-12-03
300-WESTPORT INNOVATIONS INC. P 2012-03-07 2012-09-26
250-AMERICAN CAPITAL MORTGAGE P 2012-08-28 2013-06-11
900-BANK OF AMERICA 8.625% PREF P 2012-05-16 2013-05-28
800-ENBRIDGE ENERGY PARTNERS P 2009-08-03 2013-03-05
1000-REGIONS FING TR III P 2011-08-11 2012-12-03
100-WESTPORT INNOVATIONS INC. P 2012-03-28 2012-09-26
500-AMERICAN CAPITAL MORTGAGE P 2012-11-02 2013-06-11
1000-BANK OF AMERICA CORP PREF P 2008-11-10 2013-05-01
1200-ENBRIDGE ENERGY PARTNERS P 2010-08-25 2013-03-05
4000-SIRIUS XM RADIO INC P 2003-12-02 2012-12-27
100-AMERICAN CAPITAL MORTGAGE P 2013-02-14 2013-06-11
500-BANK OF AMERICA CORP PREF P 2010-05-26 2013-05-01
1000-ENERGY TRANSFER PARTNERS P 2011-11-08 2012-10-04
2000-SIRIUS XM RADIO INC P 2005-10-19 2012-12-27
(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 25,000     25,000
b 13,451   13,368 83
c 25,000   21,892 3,108
d 24,802   26,734 -1,932
e 11,680   12,485 -805
26,275   30,220 -3,945
4,233   5,154 -921
25,000   25,178 -178
28,020   19,027 8,993
43,075   36,344 6,731
26,275   32,690 -6,415
14,110   17,393 -3,283
37,124   28,532 8,592
4,670   3,392 1,278
28,432   29,293 -861
15,765   19,297 -3,532
9,877   12,506 -2,629
17,702   21,337 -3,635
12,150   10,176 1,974
24,759   28,302 -3,543
6,569   8,575 -2,006
12,970   17,866 -4,896
10,024   11,064 -1,040
17,062   7,902 9,160
1   1  
4,021   5,145 -1,124
76,811   42,018 34,793
5,012   5,410 -398
21,459   25,279 -3,820
19,461   21,456 -1,995
26,808   33,730 -6,922
54,590   30,013 24,577
25,000   22,265 2,735
21,459   25,633 -4,174
6,487   7,754 -1,267
7,372   9,009 -1,637
10,918   14,553 -3,635
9,730   12,614 -2,884
4,595   4,479 116
21,065   17,945 3,120
17,632   23,751 -6,119
25,000   21,051 3,949
9,730   10,594 -864
6,205   16,484 -10,279
20,000   20,117 -117
17,024   21,548 -4,524
25,000   22,626 2,374
11,750   12,066 -316
25,000   26,042 -1,042
25,000   24,544 456
21,141   24,491 -3,350
25,000   23,004 1,996
20,620   21,587 -967
25,000   24,904 96
15,615   26,435 -10,820
15,856   18,532 -2,676
25,000   24,723 277
18,981   19,890 -909
12,500   11,576 924
7,808   12,977 -5,169
5,021   6,177 -1,156
22,500   22,690 -190
22,247   19,205 3,042
25,000   25,286 -286
2,603   4,145 -1,542
10,042   12,835 -2,793
25,000   22,650 2,350
33,371   32,921 450
11,680   8,823 2,857
20,084   26,001 -5,917
12,500   12,386 114
41,337   43,956 -2,619
5,840   12,013 -6,173
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       25,000
b       83
c       3,108
d       -1,932
e       -805
      -3,945
      -921
      -178
      8,993
      6,731
      -6,415
      -3,283
      8,592
      1,278
      -861
      -3,532
      -2,629
      -3,635
      1,974
      -3,543
      -2,006
      -4,896
      -1,040
      9,160
       
      -1,124
      34,793
      -398
      -3,820
      -1,995
      -6,922
      24,577
      2,735
      -4,174
      -1,267
      -1,637
      -3,635
      -2,884
      116
      3,120
      -6,119
      3,949
      -864
      -10,279
      -117
      -4,524
      2,374
      -316
      -1,042
      456
      -3,350
      1,996
      -967
      96
      -10,820
      -2,676
      277
      -909
      924
      -5,169
      -1,156
      -190
      3,042
      -286
      -1,542
      -2,793
      2,350
      450
      2,857
      -5,917
      114
      -2,619
      -6,173
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 13,840
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 -78,088
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If “Yes,” the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see page 18 of the instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2011 185,914 3,723,029 0.049936
2010 167,492 3,644,186 0.045961
2009 61,400 2,922,997 0.021006
2008 64,450 2,598,583 0.024802
2007 175,120 3,794,515 0.046151
2 Total of line 1, column (d) ...................... 2 0.187856
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 0.037571
4 Enter the net value of noncharitable-use assets for 2012 from Part X, line 5..... 4 3,708,989
5 Multiply line 4 by line 3....................... 5 139,350
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 1,403
7 Add lines 5 and 6......................... 7 140,753
8 Enter qualifying distributions from Part XII, line 4.............. 8 189,000
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See
the Part VI instructions.
Form 990-PF (2012)
Form 990-PF (2012)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)
1a Bulletand enter “N/A” on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 1,403
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2  
3 Add lines 1 and 2............................ 3 1,403
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-). 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 1,403
6 Credits/Payments:
a 2012 estimated tax payments and 2011 overpayment credited to 2012 6a 124
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868) 6c 2,100
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 2,224
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. Click to see attachment 8 28
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 10 793
11 Enter the amount of line 10 to be: Credited to 2013 estimated taxBullet793 Refunded Bullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of
the instructions for definition)?............................
1b
 
No
If the answer is “Yes” to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If “Yes,” attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If “Yes,” attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If “Yes,” has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If “Yes,” attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If “Yes,” complete Part II, col. (c), and Part XV.
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletWY
    b
    If the answer is “Yes” to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If “No,” attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2012 or the taxable year beginning in 2012 (see instructions for Part XIV)?
    If “Yes,” complete Part XIV.............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If “Yes,” attach a schedule listing their names and addresses.
    10
     
    No
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see instructions) .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement (see instructions).................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletCYPRESS CAPITAL MANAGEMENT Telephone no.bullet (307) 674-1770
    Located atbullet312 WHITNEY LANESHERIDANWY ZIP+4bullet82801
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16
    At any time during calendar year 2012, did the foundation have an interest in or a signature or other authority over
    a bank, securities, or other financial account in a foreign country? .................
    16
     
    No
    See instructions for exceptions and filing requirements for Form TD F 90-22.1. If "Yes", enter the name of the foreign country bullet  
    Form 990-PF (2012)
    Form 990-PF (2012)
    Page 5
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the “Yes” column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?.........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check “No”
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is “Yes” to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions)?...
    1b
     
    No
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2012?.............
    1c
     
     
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2012, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2012?...............
    If “Yes,” list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer “No” and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?.........................
    b
    If “Yes,” did it have excess business holdings in 2012 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2012.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2012?
    4b
     
    No
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see instructions)........
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    If any answer is “Yes” to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see instructions)? ......
    5b
     
     
    .........bullet
    c
    If the answer is “Yes” to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?............
    If “Yes,” attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?........................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If “Yes” to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2012)
    Form 990-PF (2012)
    Page 6
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to
    employee benefit plans
    and deferred compensation     		(e) Expense account,
    other allowances
    FRANK ROTELLINIClick to see attachment CO-TRUSTEE
    2.00     		5,000 0 0
    PO BOX J
    SHERIDAN,WY82801
    WILLIAM B EBZERYClick to see attachment CO-TRUSTEE
    2.00     		5,000 0 0
    PO BOX J
    SHERIDAN,WY82801
    RICHARD M DAVIS JRClick to see attachment CO-TRUSTEE
    2.00     		5,000 0 0
    PO BOX J
    SHERIDAN,WY82801
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE.”
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet  
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet  
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1
     
    2  
    3  
    4  
    Form 990-PF (2012)
    Form 990-PF (2012)
    Page 7
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1 N/A  
    2  
    All other program-related investments. See page 24 of the instructions.
    3  
    Total. Add lines 1 through 3..........................bullet  
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    3,182,570
    b
    Average of monthly cash balances.......................
    1b
    226,800
    c
    Fair market value of all other assets (see instructions)................
    1c
    356,101
    d
    Total (add lines 1a, b, and c).........................
    1d
    3,765,471
    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
    3,765,471
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see
    instructions) .............................
    4
    56,482
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    3,708,989
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    185,449
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    185,449
    2a
    Tax on investment income for 2012 from Part VI, line 5......
    2a
    1,403
    b
    Income tax for 2012. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    1,403
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    184,046
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    184,046
    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
    184,046
    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
    189,000
    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
    189,000
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see instructions).................
    5
    1,403
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    187,597
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2012)
    Form 990-PF (2012)
    Page 8
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2011     		(c)
    2011     		(d)
    2012
    1 Distributable amount for 2012 from Part XI, line 7 184,046
    2 Undistributed income, if any, as of the end of 2012:
    a Enter amount for 2011 only....... 63,665
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2012:
    a From 2007.......  
    b From 2008.......  
    c From 2009.......  
    d From 2010.......  
    e From 2011.......  
    fTotal of lines 3a through e.........  
    4Qualifying distributions for 2012 from Part
    XII, line 4: bullet$ 189,000
    a Applied to 2011, but not more than line 2a 63,665
    b Applied to undistributed income of prior years
    (Election required—see instructions)......     		 
    c Treated as distributions out of corpus (Election
    required—see instructions).........     		 
    d Applied to 2012 distributable amount..... 125,335
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2012.    
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5  
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		 
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		 
    e Undistributed income for 2011. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2012. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2013 ..........     		58,711
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (see
    instructions) .............     		 
    8Excess distributions carryover from 2007 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2013.
    Subtract lines 7 and 8 from line 6a ......     		 
    10 Analysis of line 9:
    a Excess from 2008....  
    b Excess from 2009....  
    c Excess from 2010....  
    d Excess from 2011....  
    e Excess from 2012....  
    Form 990-PF (2012)
    Form 990-PF (2012)
    Page 9
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2012, enter the date of the ruling.......bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2012 (b) 2011 (c) 2010 (d) 2009
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ....     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets” alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment” alternative test— enter 2⁄3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support” alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or e-mail of the person to whom applications should be addressed:
    WELCH FOUNDATION
    PO BOX J
    SHERIDAN,WY82801
    (307) 674-1770
    bThe form in which applications should be submitted and information and materials they should include:
    WRITTEN REQUEST
    cAny submission deadlines:
    NONE
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    NONE
    Form 990-PF (2012)
    Form 990-PF (2012)
    Page 10
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    CENTER FOR A VITAL
    COMMUNITY
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 7,500
    HOLY NAME CATHOLIC CHURCH
    260 E LOUCKS
    SHERIDAN,WY82801     		NONE CHURCH CHARITABLE 2,500
    SHERIDAN COLLEGE
    FOUNDATION
    SHERIDAN,WY82801     		NONE PUBLIC EDUCATIONAL 10,000
    SHERIDAN COUNTY LIBRARY
    FOUNDATION
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 5,000
    WYO THEATRE INC
    42 N MAIN
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 60,000
    WYOMING PUBLIC RADIO
    UNIV OF WY
    LARAMIE,WY82801     		NONE PUBLIC CHARITABLE 1,000
    CHILD DEVELOPMENT CENTER
    345 SOUTH LINDEN AVENUE
    SHERIDAN,WY82801     		NONE PUBLIC EDUCATIONAL 500
    SENIOR CITIZENS COUNCIL
    211 SMITH STREET
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 5,000
    SHERIDAN HEALTH CENTER
    1428 W 5TH STREET
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 1,500
    HABITAT FOR HUMANITY
    OF EASTERN BIGHORNS
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 3,000
    CHILDREN HORSES AND
    ADULTS IN PARTNERSHIP
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 1,000
    SHERIDAN COUNTY
    HISTORICAL SOCIETY
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 1,000
    SHERIDAN COUNTY MEMORIAL
    HOSPITAL FOUNDATION
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 77,500
    SHERIDAN COUNTY CHAMBER
    OF COMMERCE FOUNDATION
    SHERIDAN,WY82801     		NONE EXEMPT CHARITABLE 1,000
    DOWNTOWN SHERIDAN
    ASSOCIATION
    SHERIDAN,WY82801     		NONE EXEMPT CHARITABLE 1,000
    FAMILY PLANNING OF THE
    BIG HORNS
    SHERIDAN,WY82801     		NONE EXEMPT CHARITABLE 3,000
    Total .................................bullet 3a 180,500
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2012)
    Form 990-PF (2012)
    Page 11
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3Interest on savings and temporary cash investments     14 4  
    4 Dividends and interest from securities....     14 135,290  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6Net rental income or (loss) from personal property          
    7 Other investment income.....          
    8Gain or (loss) from sales of assets other than inventory     18 13,840  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aPTP DISTRIBUTIONS     14 45,408  
    bNON-DEDUCTIBLE PTP UBTI LOS     14 36,005  
    cKINDERMORGAN ENERGY PARTNER 900003 -4,960      
    dENTERPRISE PRODUCTS PARTNER 900003 -3,989      
    eLEGACY RESERVES LP 900003 -1,604      
    fENBRIDGE ENERGY PARTNERS LP 900003 -7,559      
    gENERGY TRANSFER PARTNERS LP 900003 -5,208      
    hPIONEER SW ENERGY PARTNERS 900003 4,692      
    iEV ENERGY PARTNERS LP 900003 -1,319      
    jLINN ENERGY LLC 900003 -7,554      
    kVANGUARD NAT RESOURCES LLC 900003 -2,056      
    lBREITBURN ENERGY PARTNERS L 900003 -4,643      
    mMARTIN MIDSTREAM PARTNERS L 900003 -1,032      
    nBUCKEYE PARTNERS LP 900003 -140      
    oLRR ENERGY LP 900003 -145      
    pQR ENERGY LP 900003 -488      
    12 Subtotal. Add columns (b), (d), and (e).. -36,005 230,547  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13194,542
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2012)
    Form 990-PF (2012)
    Page 12
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section
    Yes
    No
    501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is “Yes,” complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If “Yes,” complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer or fiduciary) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's namebullet



    Firm's addressbullet







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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2012 AccountingFeesSchedule
    Name:
    WILLIAM F WELCH &
    LORENE W WELCH FOUNDATION
    EIN: 83-6033434
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TAX PREPARATION 2,000 1,000   1,000
    BOOKKEEPING 4,200 4,200    

    TY 2012 CompensationExplanation
    Name:
    WILLIAM F WELCH &
    LORENE W WELCH FOUNDATION
    EIN: 83-6033434
    Person Name Explanation
    FRANK ROTELLINI  
    WILLIAM B EBZERY  
    RICHARD M DAVIS JR  

    TY 2012 GeneralExplanationAttachment
    Name:
    WILLIAM F WELCH &
    LORENE W WELCH FOUNDATION
    EIN: 83-6033434
    Identifier Return Reference Explanation
    GENERAL ELECTIONS   YEAR ENDING: AUGUST 31, 2013 83-6033434 WILLIAM F. WELCH & LORENE W. WELCH FOUNDATION P.O. BOX J SHERIDAN, WY 82801 NOL CARRYBACK ELECTION UNDER IRC SECTION 172(B)(3), THE TAXPAYER ELECTS TO RELINQUISH THE ENTIRE CARRYBACK PERIOD WITH RESPECT TO ANY REGULAR TAX AND AMT NET OPERATING LOSS INCURRED DURING THE CURRENT TAX YEAR.

    TY 2012 InvestmentsCorpStockSchedule
    Name:
    WILLIAM F WELCH &
    LORENE W WELCH FOUNDATION
    EIN: 83-6033434
    Name of Stock End of Year Book Value End of Year Fair Market Value
    800-3D SYSTEMS 25,487 41,120
    500-ADOBE SYSTEMS 23,149 22,875
    5500-ALTRIA GROUP INC. 105,181 186,340
    2000-AMERICAN CAPITAL MORTGAGE    
    2000-AMERICAN REALTY CAP 27,697 26,820
    700-ANADARKO PETROLEUM CORP 37,825 63,994
    3000-ANNALY CAPITAL MGT    
    150-APPLE INC 88,425 73,082
    500-BOEING    
    3000-BREITBURN ENERGY PARTNERS LP 54,889 53,010
    300-BUCKEYE PARTNERS LP 10,767 21,000
    1000-CSX CORP    
    300-CATERPILLAR INC. 17,954 24,762
    600-CELGENE CORP 26,682 83,988
    1000-CERNER CORP 49,380 46,060
    800-CHEVRON CORP 57,621 96,344
    1200-CLEAN ENERGY PARTNERS LP    
    2000-COLGATE PALMOLIVE 36,690 115,540
    1000-CONOCOPHILLIPS 61,567 66,300
    1400-ENBRIDGE ENERGY PARTNERS, LP 42,014 41,748
    600-ENERGY TRANSFER PARTNERS 30,193 30,762
    1500-ENTERPRISE PRODS PARTNERS LP 48,587 89,130
    1000-EV ENERGY TRANSFER PARTNERS    
    1200-EXXON MOBIL 76,206 104,592
    1000-GILEAD SCIENCE 42,905 60,270
    1000-JOHNSON & JOHNSON 39,511 86,410
    1150-KINDER MORGAN ENERGY PARTNERS 75,035 93,794
    1280-KINDER MORGAN INC WTS 2,172 6,733
    837-KINDER MORGAN INC 23,889 31,747
    1500-KODIAK OIL & GAS CORP 15,000 14,985
    2500-LEGACY RESERVES LP 66,052 67,450
    2500-LINN ENERGY LLC 78,345 60,275
    500-LORILLARD 22,233 21,150
    2000-LRR ENERGY 37,073 30,100
    500-MCDONALDS CORP 29,210 47,180
    800-MERCK & CO 23,480 37,832
    750-NIKE INC 39,503 47,115
    1000-OMEGA HEALTHCARE INC 32,944 28,400
    1350-PHILIP MORRIS INTERNATIONAL 40,071 112,644
    1000-PHILIPS 66 58,054 57,100
    2000-PIONEER SOUTHWEST ENERGY    
    1800-QR ENERGY 34,511 29,628
    600-QUALCOMM INC 38,338 39,768
    1000-QUEST DIAGNOSTICS INC. 32,580 58,620
    2000-RARE ELEMENT RESOURCES LTD 22,519 4,040
    1500-REYNOLDS AMERICAN 53,359 71,445
    1500-SALESFORCE.COM, INC 62,608 73,695
    3000-SEADRILL LTD 104,352 138,780
    10000-SIRUS XM RADIO    
    1212-SOUTHERN COPPER CORP    
    700-STARTBUCKS CORP 38,560 49,364
    500-VANGUARD NATURAL RESOURCES 14,344 13,725
    275-VECTOR GROUP LTD 40,666 40,711
    900-VOLCANO CORP    
    600-WHOLE FOODS MARKETS, INC 26,250 31,650
    1000-WESTPORT INNOVATIONS INC    
    4000-AMERICAN CAPITAL AGENCY 100,299 101,040
    2000-ARES CAPITAL CORP    
    3500-BANK OF AMERICA CORP 8.2%    
    4900-BANK OF AMERICA CORP 8.625%    
    2000-BARCLAYS BANK PLC 7.75% 48,712 50,200
    1000-CONSTELLATION ENERGY GRP    
    2000-DUPONT FABROS 50,379 49,300
    2000-NORTHSTAR REALTY FIN 49,539 48,960
    2000-RAIT FINANCIAL TRUST 49,631 49,839
    2000-RAIT INVESTMENT TRUST 51,261 48,160
    3500-REGIONS ASSET MGT    
    1800-WELLS FARGO CAPITAL MGT    
    5800-ZIONS BANCORP 144,213 144,884
    1000-EATON VANCE ENHANCED EQ INC 12,066 11,590
    500-ENERGY SEL SECT SPDR FD 29,940 40,785
    1200-HEALTH CARE SEL SECT SPDR FD 56,724 59,064
    1678-TORTOISE ENERGYCAP CORP 40,449 54,283
    2000-ARES CAPITAL CORP 48,545 50,560
    2000-ML PFD CAPITAL TRUST III 50,091 50,840

    TY 2012 OtherAssetsSchedule
    Name:
    WILLIAM F WELCH &
    LORENE W WELCH FOUNDATION
    EIN: 83-6033434
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    COINS & BULLION 32,251 32,251 70,160
    MINERALS 8,724 8,724 8,724
    COAL     264,786


    TY 2012 OtherExpensesSchedule
    Name:
    WILLIAM F WELCH &
    LORENE W WELCH FOUNDATION
    EIN: 83-6033434
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXPENSES        
    BANK CHARGES 97 97    
    SAFE DEPOSIT BOX 160 160    
    STORAGE EXPENSE 674 674    


    TY 2012 OtherIncomeSchedule2
    Name:
    WILLIAM F WELCH &
    LORENE W WELCH FOUNDATION
    EIN: 83-6033434
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    PTP DISTRIBUTIONS 45,408 45,408  
    NON-DEDUCTIBLE PTP UBTI LOSS 36,005    
    KINDERMORGAN ENERGY PARTNERS -4,960    
    ENTERPRISE PRODUCTS PARTNERS -3,989    
    LEGACY RESERVES LP -1,604    
    ENBRIDGE ENERGY PARTNERS LP -7,559    
    ENERGY TRANSFER PARTNERS LP -5,208    
    PIONEER SW ENERGY PARTNERS LP 4,692    
    EV ENERGY PARTNERS LP -1,319    
    LINN ENERGY LLC -7,554    
    VANGUARD NAT RESOURCES LLC -2,056    
    BREITBURN ENERGY PARTNERS LP -4,643    
    MARTIN MIDSTREAM PARTNERS LP -1,032    
    BUCKEYE PARTNERS LP -140    
    LRR ENERGY LP -145    
    QR ENERGY LP -488    


    TY 2012 OtherProfessionalFeesSchedule
    Name:
    WILLIAM F WELCH &
    LORENE W WELCH FOUNDATION
    EIN: 83-6033434
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT MGMT. - CYPRESS CAPIT 33,904 33,904    
    ACCOUNT FEES - MORGAN STANLEY 6,753 6,753