Form990-PF

Department of the Treasury
Internal Revenue Service
Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter Social Security numbers on this form as it may be made public. By law, the IRS cannot redact the information on the form.
bulletInformation about Form 990-PF and its instructions is at www.irs.gov/form990pf.
OMB No. 1545-0052
2013
Open to Public Inspection
For calendar year 2013, or tax year beginning 07-01-2013 , and ending 06-30-2014
Name of foundation
THE ISABEL FOUNDATION
 

Number and street (or P.O. box number if mail is not delivered to street address)111 EAST COURT STREET NO 3D   Room/suite
City or town, state or province, country, and ZIP or foreign postal code
FLINT, MI485021649
A Employer identification number

38-2853004
B Telephone number (see instructions)

(810) 767-0136
C bullet
G Check all that apply:

D 1. bullet
2. bullet
E bullet
H Check type of organization:
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$70,740,265J Accounting method:
 
(Part I, column (d) must be on cash basis.)
F bullet
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet
3 Interest on savings and temporary cash investments 249 249  
4 Dividends and interest from securities...... 1,093,549 1,091,836  
5a Gross rents.............. 6,916 6,916  
b Net rental income or (loss) 4,375
6a Net gain or (loss) from sale of assets not on line 10 2,486,133
b Gross sales price for all assets on line 6a 17,858,267
7 Capital gain net income (from Part IV, line 2)... 2,486,133
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).......      
12 Total. Add lines 1 through 11........ 3,586,847 3,585,134  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 30,000 1,500   28,500
14 Other employee salaries and wages...... 37,080 0   37,080
15 Pension plans, employee benefits....... 11,847 265   11,582
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 90,000 85,500   4,500
c Other professional fees (attach schedule).... Click to see attachment 60,230 60,230   0
17 Interest...............        
18 Taxes (attach schedule) (see instructions) Click to see attachment 100,290 26,286   5,004
19 Depreciation (attach schedule) and depletion... Click to see attachment 3,156 2,541  
20 Occupancy..............        
21 Travel, conferences, and meetings....... 13,056 653   12,403
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 151,404 147,856   3,548
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 497,063 324,831   102,617
25 Contributions, gifts, grants paid........ 2,872,900 2,872,900
26 Total expenses and disbursements. Add lines 24 and 25 3,369,963 324,831   2,975,517
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 216,884
b Net investment income (if negative, enter -0-) 3,260,303
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2013)
Form 990-PF (2013)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............... 14,021 89,080 89,080
2 Savings and temporary cash investments.......... 3,045,874 394,214 394,214
3 Accounts receivable bullet55,349
Less: allowance for doubtful accounts bullet     55,349 55,349
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges...........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........ 28,295,914 Click to see attachment32,669,437 42,935,877
c Investments—corporate bonds (attach schedule)........ 7,122,168 Click to see attachment5,066,567 5,410,066
11 Investments—land, buildings, and equipment: basis bullet101,010
Less: accumulated depreciation (attach schedule) bullet47,531 56,020 Click to see attachment53,479 53,479
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 14,926,994 Click to see attachment16,300,697 21,801,893
14 Land, buildings, and equipment: basis bullet922
Less: accumulated depreciation (attach schedule) bullet615 0 Click to see attachment307 307
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 53,460,991 54,629,130 70,740,265
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable...................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet) Click to see attachment1,256,724 Click to see attachment2,207,979
23 Total liabilities (add lines 17 through 22).......... 1,256,724 2,207,979
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......... 0 0
28 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
29 Retained earnings, accumulated income, endowment, or other funds 52,204,267 52,421,151
30 Total net assets or fund balances (see page 17 of the
instructions).................... 52,204,267 52,421,151
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 53,460,991 54,629,130
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 52,204,267
2 Enter amount from Part I, line 27a..................... 2 216,884
3 Other increases not included in line 2 (itemize) bullet 3 0
4 Add lines 1, 2, and 3.......................... 4 52,421,151
5 Decreases not included in line 2 (itemize) bullet 5 0
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 52,421,151
Form 990-PF (2013)
Form 990-PF (2013)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1 a ANRP (EPE AIV) LP SCHEDULE K-1 P    
b ANRP INTERNATIONAL HOLDINGS LP SCHEDULE K-1 P    
c SANDS TECHNOLOGY PARTNERS P    
d INTEGRAL CAPITAL PARTNERS VI, LP - SCHEDULE K-1 P    
e DRAPER FISHER JURVETSON GROWTH FUND - SCHEDULE K-1 P    
CROSSLINK VENTURES VI, LP - SCHEDULE K-1 P    
CROSSLINK VENTURES VI, LP - SCHEDULE K-1 P    
FROM MFO WESTFIELD FUND B JOINT VENTURE STMT P    
FROM MFO WESTFIELD FUND B JOINT VENTURE STMT P    
FROM MFO TOWLE FUND JOINT VENTURE STMT P    
FROM MFO TOWLE FUND JOINT VENTURE STMT P    
FROM MFO NORTHPOINTE FUND B JOINT VENTURE STMT P    
FROM MFO NORTHPOINTE FUND B JOINT VENTURE STMT P    
WORLD ASSET MGMT. INTL. EQUITY FUND - SCHEDULE K-1 P    
WORLD ASSET MGMT. INTL. EQUITY FUND - SCHEDULE K-1 P    
WORLD ASSET MGMT. INTL. EQUITY FUND - SCHEDULE K-1 P    
WORLD ASSET MGMT. INTL. EQUITY FUND - SCHEDULE K-1 P    
300.853 SHS VANGUARD FIXED INCOME SECS FD STRM INVGRA AD P 2013-02-28 2013-10-09
302.959 SHS VANGUARD FIXED INCOME SECS FD STRM INVGRA AD P 2013-04-30 2013-10-09
347.807 SHS VANGUARD FIXED INCOME SECS FD STRM INVGRA AD P 2013-01-31 2013-10-09
327.264 SHS VANGUARD FIXED INCOME SECS FD STRM INVGRA AD P 2013-03-28 2013-10-09
96.978 SHS VANGUARD FIXED INCOME SECS FD STRM INVGRA AD P 2013-03-28 2013-10-09
329.724 SHS VANGUARD FIXED INCOME SECS FD STRM INVGRA AD P 2013-03-28 2013-10-09
110443.948 SHS VANGUARD FIXED INCOME SECS FD STRM INVGRA AD P 2013-05-30 2013-10-09
109960.409 SHS VANGUARD FIXED INCOME SECS FD STRM INVGRA AD P 2013-05-30 2014-03-21
575.864 SHS VANGUARD FIXED INCOME SECS FD STRM INVGRA AD P 2013-05-30 2014-03-21
324.522 SHS VANGUARD FIXED INCOME SECS FD STRM INVGRA AD P 2013-05-31 2014-03-21
546.014 SHS VANGUARD FIXED INCOME SECS FD STRM INVGRA AD P 2013-11-29 2014-03-21
514.581 SHS VANGUARD FIXED INCOME SECS FD STRM INVGRA AD P 2014-02-28 2014-03-21
123.428 SHS VANGUARD FIXED INCOME SECS FD STRM INVGRA AD P 2013-10-31 2014-03-21
2213.755 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2013-04-30 2014-04-03
2131.654 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2014-02-28 2014-04-03
2313.757 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2013-05-31 2014-04-03
2327.016 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2013-03-28 2014-04-03
2356.041 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2013-01-31 2014-04-03
2345.813 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2014-03-31 2014-04-03
2358.935 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2012-12-31 2014-04-03
2122.033 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2013-02-28 2014-04-03
2300.234 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2012-11-30 2014-04-03
2362.636 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2012-10-31 2014-04-03
2282.874 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2012-09-28 2014-04-03
2377.783 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2012-08-31 2014-04-03
2411.426 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2012-07-31 2014-04-03
2278.237 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2012-02-29 2014-04-03
2353.428 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2012-04-30 2014-04-03
2337.194 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2012-06-29 2014-04-03
2382.92 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2011-04-29 2014-04-03
2463.352 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2011-05-31 2014-04-03
2457.231 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2012-03-30 2014-04-03
1117.548 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2008-04-30 2014-04-03
2298.445 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2011-02-28 2014-04-03
2470.091 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2011-07-29 2014-04-03
2504.478 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2012-01-31 2014-04-03
2600.624 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2011-03-31 2014-04-03
2447.617 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2010-10-29 2014-04-03
2427.176 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2011-01-31 2014-04-03
2478.63 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2012-05-31 2014-04-03
1167.133 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2008-05-30 2014-04-03
2448.614 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2011-06-30 2014-04-03
2556.052 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2011-10-31 2014-04-03
2377.786 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2010-09-30 2014-04-03
2471.728 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2010-12-31 2014-04-03
2541.968 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2011-12-30 2014-04-03
2411.028 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2010-11-30 2014-04-03
176991.15 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2008-03-11 2014-04-03
765.253 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2008-03-31 2014-04-03
2453.137 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2010-04-30 2014-04-03
2538.93 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2010-07-30 2014-04-03
2587.977 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2011-08-31 2014-04-03
2529.321 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2010-08-31 2014-04-03
2518.594 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2011-11-30 2014-04-03
1188.468 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2008-06-30 2014-04-03
2548.259 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2010-03-31 2014-04-03
1033.429 SHS VANGUARD FIXED INCOME SECS FD HIYLD CORP ADM P 2010-01-29 2014-04-03
500.93 SHS VANGUARD FIXED INCOME SECS FD STRM INVGRA AD P 2013-10-31 2014-04-03
567.588 SHS VANGUARD FIXED INCOME SECS FD STRM INVGRA AD P 2014-01-31 2014-04-03
573.277 SHS VANGUARD FIXED INCOME SECS FD STRM INVGRA AD P 2013-12-17 2014-04-03
512.767 SHS VANGUARD FIXED INCOME SECS FD STRM INVGRA AD P 2014-03-31 2014-04-03
59.811 SHS VANGUARD FIXED INCOME SECS FD STRM INVGRA AD P 2014-03-31 2014-04-03
18346.008 SHS VANGUARD FIXED INCOME SECS FD STRM INVGRA AD P 2006-10-17 2014-04-03
64514.246 SHS VANGUARD FIXED INCOME SECS FD STRM INVGRA AD P 2007-06-29 2014-04-03
3750 SHS ADT CORP P 2013-06-20 2013-07-11
150 SHS AIR PRODUCTS&CHEM P 2009-05-14 2013-08-01
1050 SHS AIR PRODUCTS&CHEM P 2009-02-20 2013-08-01
900 SHS KELLOGG CO P 2012-01-04 2013-08-14
1400 SHS KELLOGG CO P 2012-09-11 2013-08-14
250 SHS YUM BRANDS INC COM P 2011-08-24 2013-08-14
1200 SHS YUM BRANDS INC COM P 2011-09-22 2013-08-14
700 SHS YUM BRANDS INC COM P 2011-08-23 2013-08-14
1000 SHS AUTODESK INC COM P 2012-09-11 2013-10-01
2700 SHS AUTODESK INC COM P 2011-08-26 2013-10-01
2700 SHS AUTODESK INC COM P 2011-08-23 2013-10-01
2500 SHS EBAY INC COM P 2010-10-28 2013-10-01
1400 SHS EBAY INC COM P 2010-11-30 2013-10-01
1100 SHS AMER EXPRESS COMPANY P 2010-10-20 2013-10-25
1300 SHS AMER EXPRESS COMPANY P 2003-06-25 2013-10-25
900 SHS WASTE MANAGEMENT INC NEW P 2010-04-29 2013-10-25
1200 SHS WASTE MANAGEMENT INC NEW P 2010-04-21 2013-10-25
2400 SHS UNITED TECHS CORP COM P 2010-12-29 2013-10-25
150 SHS DU PONT E I DE NEMOURS P 2005-10-25 2013-10-25
550 SHS DU PONT E I DE NEMOURS P 2005-09-21 2013-10-25
1500 SHS BARRICK GOLD CORP COM P 2011-02-22 2013-11-13
1500 SHS BARRICK GOLD CORP COM P 2011-02-25 2013-11-13
1400 SHS BARRICK GOLD CORP COM P 2011-03-15 2013-11-13
1800 SHS BARRICK GOLD CORP COM P 2011-06-07 2013-11-13
1900 SHS BARRICK GOLD CORP COM P 2012-09-11 2013-11-13
2487 SHS SOLARCITY CORPORATION P 2007-08-10 2013-11-19
550 SHS MOSAIC CO NEW COM P 2008-10-14 2014-01-15
750 SHS MOSAIC CO NEW COM P 2009-04-28 2014-01-15
5900 SHS WEATHERFORD INTL LTD P 2010-02-03 2014-01-15
5900 SHS WEATHERFORD INTL LTD P 2010-02-04 2014-01-15
550 SHS MOSAIC CO NEW COM P 2009-04-28 2014-01-17
1800 SHS MOSAIC CO NEW COM P 2008-10-23 2014-01-17
3400 SHS AT&T INC P 2006-05-12 2014-01-17
2300 SHS AT&T INC P 2008-10-10 2014-01-17
2950 SHS DARDEN RESTAURANTS INC P 2013-03-26 2014-02-07
5100 SHS GENERAL MILLS INC P 2004-03-19 2014-02-19
450 SHS GOLDMAN SACHS GROUP INC P 2013-08-07 2014-03-21
450 SHS GOLDMAN SACHS GROUP INC P 2013-06-20 2014-03-21
2371 SHS SOLARCITY CORPORATION P 2007-08-10 2014-05-12
275 SHS BLACKROCK INC P 2012-10-19 2014-06-13
500 SHS ORACLE CORP P 2014-02-20 2014-06-13
1300 SHS WASTE MANAGEMENT INC NEW P 2010-04-21 2014-06-13
400 SHS WASTE MANAGEMENT INC NEW P 2010-08-24 2014-06-13
100 SHS COCA COLA COM P 2008-09-08 2014-06-13
600 SHS COCA COLA COM P 2008-07-30 2014-06-13
1100 SHS REGAL ENTMT GROUP CL A P 2010-05-10 2014-06-13
200 SHS SCHLUMBERGER LTD P 2008-09-30 2014-06-13
2600 SHS FRANKLIN RESOURCE INC P 2002-10-07 2014-06-16
1177 SHS SOLARCITY CORPORATION P 2007-08-10 2014-06-24
9017.133 SHS TEMPLETON INST FDS INC FGN EQUITY SER P 2008-01-28 2013-10-10
QUEST SOFTWARE INC. P 2011-09-18 2013-07-01
MAXIM INTEGRATED PRODS INC P 2011-11-26 2013-07-01
JUNIPER NETWORKS, INC P 2012-10-14 2013-10-15
WASHINGTON MUTUAL, INC P 2012-10-27 2013-10-28
COMPUTER ASSOCIATES P 2012-12-30 2013-12-31
RIVERSTONE NETWORKS INC. P 2013-01-02 2014-01-03
EL PASO CORPORATION P 2013-02-26 2014-02-27
WACHOVIA CORPORATION P 2013-03-24 2014-03-25
CAPITAL GAINS DIVIDENDS P    
(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       4,701
b       -557
c       -611
d       896
e       -35,544
      -63
      1,380
372,973   343,292 29,681
1,361,680   931,050 430,630
348,481   360,685 -12,204
1,908,016   1,439,285 468,731
3,929,967   3,690,067 239,900
1,083,028   894,009 189,019
544   519 25
3,869   3,494 375
      4,040
      1,695
3,219   3,258 -39
3,242   3,281 -39
3,722   3,763 -41
3,502   3,538 -36
1,038   1,048 -10
3,528   3,564 -36
1,181,750   1,189,481 -7,731
1,177,676   1,184,274 -6,598
6,167   6,202 -35
3,476   3,495 -19
5,848   5,875 -27
5,511   5,537 -26
1,322   1,327 -5
13,526   13,725 -199
13,024   13,067 -43
14,137   14,160 -23
14,218   14,265 -47
14,395   14,419 -24
14,333   14,333 0
14,413   14,413 0
12,966   12,966 0
14,054   13,939 115
14,436   14,294 142
13,948   13,743 205
14,528   14,219 309
14,734   14,372 362
13,920   13,442 478
14,379   13,815 564
14,280   13,719 561
14,560   13,964 596
15,051   14,435 616
15,014   14,350 664
6,828   6,504 324
14,043   13,377 666
15,092   14,376 716
15,302   14,576 726
15,890   15,084 806
14,955   14,172 783
14,830   14,029 801
15,144   14,326 818
7,131   6,734 397
14,961   14,128 833
15,617   14,621 996
14,528   13,553 975
15,102   14,089 1,013
15,531   14,464 1,067
14,731   13,646 1,085
1,081,416   1,000,000 81,416
4,676   4,324 352
14,989   13,787 1,202
15,513   14,218 1,295
15,813   14,493 1,320
15,454   14,114 1,340
15,389   14,029 1,360
7,262   6,608 654
15,570   14,168 1,402
6,314   5,663 651
5,370   5,385 -15
6,085   6,096 -11
6,146   6,151 -5
5,497   5,502 -5
641   642 -1
196,669   193,000 3,669
691,593   678,690 12,903
159,879   149,775 10,104
16,458   9,165 7,293
115,206   55,054 60,152
59,227   45,403 13,824
92,132   70,549 21,583
18,161   12,910 5,251
87,172   61,635 25,537
50,850   35,391 15,459
40,461   32,215 8,246
109,245   71,825 37,420
109,245   67,617 41,628
139,438   73,362 66,076
78,085   40,828 37,257
89,893   43,658 46,235
106,237   49,305 56,932
39,051   31,788 7,263
52,068   42,269 9,799
256,771   190,525 66,246
9,215   6,094 3,121
33,787   21,397 12,390
27,020   77,524 -50,504
27,020   77,170 -50,150
25,218   68,893 -43,675
32,424   82,548 -50,124
34,225   76,033 -41,808
121,894   5,973 115,921
27,058   23,101 3,957
36,897   29,357 7,540
85,843   94,553 -8,710
85,843   91,044 -5,201
26,702   21,528 5,174
87,388   50,601 36,787
114,658   88,954 25,704
77,563   52,417 25,146
140,560   148,910 -8,350
251,901   118,423 133,478
75,592   73,645 1,947
75,592   70,667 4,925
126,347   5,694 120,653
84,952   51,974 32,978
20,962   19,132 1,830
57,143   45,792 11,351
17,583   13,351 4,232
4,039   2,637 1,402
24,232   15,541 8,691
22,540   18,065 4,475
21,553   15,796 5,757
143,358   24,560 118,798
82,150   2,827 79,323
200,000   233,363 -33,363
282     282
50     50
72     72
1,045     1,045
11     11
252     252
22     22
9     9
43,129     43,129
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       4,701
b       -557
c       -611
d       896
e       -35,544
      -63
      1,380
      29,681
      430,630
      -12,204
      468,731
      239,900
      189,019
      25
      375
      4,040
      1,695
      -39
      -39
      -41
      -36
      -10
      -36
      -7,731
      -6,598
      -35
      -19
      -27
      -26
      -5
      -199
      -43
      -23
      -47
      -24
      0
      0
      0
      115
      142
      205
      309
      362
      478
      564
      561
      596
      616
      664
      324
      666
      716
      726
      806
      783
      801
      818
      397
      833
      996
      975
      1,013
      1,067
      1,085
      81,416
      352
      1,202
      1,295
      1,320
      1,340
      1,360
      654
      1,402
      651
      -15
      -11
      -5
      -5
      -1
      3,669
      12,903
      10,104
      7,293
      60,152
      13,824
      21,583
      5,251
      25,537
      15,459
      8,246
      37,420
      41,628
      66,076
      37,257
      46,235
      56,932
      7,263
      9,799
      66,246
      3,121
      12,390
      -50,504
      -50,150
      -43,675
      -50,124
      -41,808
      115,921
      3,957
      7,540
      -8,710
      -5,201
      5,174
      36,787
      25,704
      25,146
      -8,350
      133,478
      1,947
      4,925
      120,653
      32,978
      1,830
      11,351
      4,232
      1,402
      8,691
      4,475
      5,757
      118,798
      79,323
      -33,363
      282
      50
      72
      1,045
      11
      252
      22
      9
      43,129
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 2,486,133
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 . . . . . . . . . . . . . . . . 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see page 18 of the instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2012 2,769,948 60,096,593 0.046092
2011 2,848,093 56,664,041 0.050263
2010 2,646,720 58,448,881 0.045283
2009 2,477,881 53,206,313 0.046571
2008 3,307,952 48,624,086 0.068031
2 Total of line 1, column (d) ...................... 2 0.256240
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 0.051248
4 Enter the net value of noncharitable-use assets for 2013 from Part X, line 5..... 4 64,497,602
5 Multiply line 4 by line 3....................... 5 3,305,373
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 32,603
7 Add lines 5 and 6......................... 7 3,337,976
8 Enter qualifying distributions from Part XII, line 4.............. 8 2,976,439
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See
the Part VI instructions.
Form 990-PF (2013)
Form 990-PF (2013)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)
1a Bulletand enter “N/A" on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 65,206
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 0
3 Add lines 1 and 2............................ 3 65,206
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-). 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 65,206
6 Credits/Payments:
a 2013 estimated tax payments and 2012 overpayment credited to 2013 6a 72,191
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 72,191
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. Click to see attachment 8 36
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 6,949
11 Enter the amount of line 10 to be: Credited to 2014 estimated taxBullet6,949 RefundedBullet 11 0
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$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c), and Part XV.
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletMI
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2013 or the taxable year beginning in 2013 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names and addresses.
    10
     
    No
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see instructions) .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement (see instructions).................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletWWW.ISABEL.ORG
    14
    The books are in care ofbulletROBERT T BROWNLEE JR Telephone no.bullet (810) 767-0136
    Located atbullet111 EAST COURT STREET SUITE 3DFLINTMI ZIP+4bullet485021649
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16 At any time during calendar year 2013, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country?
    16Yes  
    See instructions for exceptions and filing requirements for Form TD F 90-22.1. If "Yes", enter the name of the
    foreign country bulletEI
    Form 990-PF (2013)
    Form 990-PF (2013)
    Page 5
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?.........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions)?...
    1b
     
    No
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2013?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2013, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2013?...............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?.........................
    b
    If "Yes," did it have excess business holdings in 2013 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2013.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2013?
    4b
     
    No
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see instructions)........
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see instructions)? ......
    5b
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?............
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?........................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2013)
    Form 990-PF (2013)
    Page 6
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to
    employee benefit plans
    and deferred compensation     		(e) Expense account,
    other allowances
    CLAIRE M WHITE DECEASED PRESIDENT & TREASURER
    0.00     		0 0 0
    111 EAST COURT STREET SUITE 3D
    FLINT,MI485021649
    WILLIAM S WHITE VICE PRESIDENT & SECRETARY
    0.00     		0 0 0
    111 EAST COURT STREET SUITE 3D
    FLINT,MI485021649
    TIFFANY W LOVETT TRUSTEE & PROGRAM OFFICER
    15.00     		30,000 11,847 0
    111 EAST COURT STREET SUITE 3D
    FLINT,MI485021649
    RIDGWAY H WHITE TRUSTEE
    0.00     		0 0 0
    111 EAST COURT STREET SUITE 3D
    FLINT,MI485021649
    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 0
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    MFO MANAGEMENT COMPANY ACCOUNTING/INVESTMENT ADVICE 90,000
    111 E COURT ST SUITE 3D
    FLINT,MI48502
    NANTUCKET CAPITAL MANAGEMENT LLC INVESTMENT ADVICE 60,230
    40950 WOODWARD AVENUE SUITE 307
    BLOOMFIELD HILLS,MI48304
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1 THE FOUNDATION CONDUCTED NO DIRECT CHARITABLE ACTIVITIES DURING ITS FISCAL YEAR. 0
    2  
    3  
    4  
    Form 990-PF (2013)
    Form 990-PF (2013)
    Page 7
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1 THE FOUNDATION DOES NOT MAKE ANY PROGRAM RELATED INVESTMENTS 0
    2  
    All other program-related investments. See page 24 of the instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
     
    b
    Average of monthly cash balances.......................
    1b
     
    c
    Fair market value of all other assets (see instructions)................
    1c
     
    d
    Total (add lines 1a, b, and c).........................
    1d
     
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
     
    3
    Subtract line 2 from line 1d.........................
    3
     
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
     
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
     
    6
    Minimum investment return. Enter 5% of line 5..................
    6
     
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    3,224,880
    2a
    Tax on investment income for 2013 from Part VI, line 5......
    2a
    65,206
    b
    Income tax for 2013. (This does not include the tax from Part VI.)...
    2b
    107
    c
    Add lines 2a and 2b............................
    2c
    65,313
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    3,159,567
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    3,159,567
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,
    line 1................................
    7
    3,159,567
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
     
    b
    Program-related investments—total from Part IX-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
     
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see instructions).................
    5
     
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
     
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2013)
    Form 990-PF (2013)
    Page 8
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2012     		(c)
    2012     		(d)
    2013
    1 Distributable amount for 2013 from Part XI, line 7 3,159,567
    2 Undistributed income, if any, as of the end of 2013:
    a Enter amount for 2012 only....... 2,870,216
    b Total for prior years:20, 20, 20 0
    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......... 0
    4Qualifying distributions for 2013 from Part
    XII, line 4: bullet$ 2,976,439
    a Applied to 2012, but not more than line 2a 2,870,216
    b Applied to undistributed income of prior years
    (Election required—see instructions)......     		0
    c Treated as distributions out of corpus (Election
    required—see instructions).........     		0
    d Applied to 2013 distributable amount..... 106,223
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2013. 0 0
    (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 0
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2012. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2013. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2014 ..........     		3,053,344
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (see
    instructions) .............     		0
    8Excess distributions carryover from 2008 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2014.
    Subtract lines 7 and 8 from line 6a ......     		0
    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)
    Form 990-PF (2013)
    Page 9
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2013, enter the date of the ruling.......bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2013 (b) 2012 (c) 2011 (d) 2010
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used
    directly for active conduct of exempt activities ...........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
    TIMOTHY C SANFORD FAX 810 767-1207
    C/O MFO MANAGEMENT COMPANY 111 E
    COURT STREET SUITE 3D
    FLINT,MI485021649
    (810) 767-0136
    bThe form in which applications should be submitted and information and materials they should include:
    INITIAL SUBMISSION SHOULD BE IN THE FORM OF A LETTER EXPLAINING THE ORGANIZATION AND THE PURPOSE OF THE REQUEST.
    cAny submission deadlines:
    A FORMAL SUBMISSION DEADLINE HAS NOT BEEN ESTABLISHED BUT GRANTS ARE MADE PRIMARILY IN JUNE.
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    THE ORGANIZATION WAS FORMED TO MAINTAIN A FUND OR FUNDS SO THAT THE INCOME THEREFROM AND THE PRINCIPAL THEREOF CAN BE USED TO PROVIDE FINANCIAL SUPPORT TO RELIGIOUS, CHARITABLE, SCIENTIFIC, LITERARY, OR EDUCATIONAL ACTIVITIES EITHER DIRECTLY, OR THROUGH DIRECT CONTRIBUTIONS, GIFTS AND GRANTS TO OTHER ORGANIZATIONS, WHICH CARRY ON SUCH ACTIVITIES AND ARE TAX-EXEMPT UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE MAJORITY OF, AND AT LEAST SEVENTY-FIVE PERCENT OF, CONTRIBUTIONS, GIFTS AND GRANTS MADE ANNUALLY ARE TO BE MADE TO OTHER TAX-EXEMPT CHARITABLE AND RELIGIOUS ORGANIZATIONS DEDICATED TO SUPPORTING OR CONTRIBUTING TO THE CAUSE OF CHRISTIAN SCIENCE.
    Form 990-PF (2013)
    Form 990-PF (2013)
    Page 10
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    ADVENTURE UNLIMITED
    5201 SOUTH QUEBEC STREET
    GREENWOOD VILLAGE,CO80111     		NONE PC GENERAL OPERATING 250,000
    ADVENTURE UNLIMITED
    5201 SOUTH QUEBEC STREET
    GREENWOOD VILLAGE,CO80111     		NONE PC ENDOWMENT FUNDS 100,000
    AMERICAN CORPORATION FOR THE ARTS
    6233 HOLLYWOOD BOULEVARD
    LOS ANGELES,CA90028     		NONE PC PROGRAM DEVELOPMENT 6,100
    ARDEN WOOD INC
    445 WAWONA STREET
    SAN FRANCISCO,CA94116     		NONE PC GENERAL OPERATING 90,000
    ARTSCONNECTION INC
    520 EIGHTH AVENUE SUITE 321
    NEW YORK,NY10018     		NONE PC GENERAL OPERATING 2,500
    ASHER HOUSE LOS ANGELES
    950 HILGARD AVENUE
    LOS ANGELES,CA900243026     		NONE PC BUILDING/RENOVATION 15,000
    ASSOCIATION OF ORGANIZATIONS FOR CHRISTIAN SCIENCE
    SUNLAND HOME FOUNDATION 691 SPARTA
    DRIVE
    ENCINITAS,CA92024     		NONE PC FACULTY/STAFF DEVELOPMENT 3,000
    BEACON HAVEN
    1200 LONG LAKE ROAD
    NEW BRIGHTON,MN551126430     		NONE PC GENERAL OPERATING 25,000
    BERKELEY HALL SCHOOL
    16000 MULHOLLAND DRIVE
    LOS ANGELES,CA900491196     		NONE PC SCHOLARSHIP FUNDS 5,000
    BRANCH SCHOOL THE
    1424 SHERWOOD FOREST STREET
    HOUSTON,TX77043     		NONE PC SCHOLARSHIP FUNDS 10,000
    BROADVIEW INC
    4570 GRIFFIN AVENUE
    LOS ANGELES,CA90031     		NONE PC GENERAL OPERATING 90,000
    CAMPERSHIP FUND FOR CHRISTIAN SCIENTISTS IN THE
    SOUTHEAST THE 9 INDIAN HILL POINT
    HILTON HEAD ISLAND,SC29926     		NONE PC SCHOLARSHIP FUNDS 10,000
    CAMPS LEELANAU & KOHAHNA FOUNDATION INC
    1653 PORT ONEIDA ROAD
    MAPLE CITY,MI49664     		NONE PC BUILDING/RENOVATION 50,000
    CAMPS NEWFOUNDOWATONNA CORPORATION
    4 CAMP NEWFOUND ROAD
    HARRISON,ME040409987     		NONE PC GENERAL OPERATING 60,000
    CANTERBURY CREST INC
    P O BOX 19147
    PORTLAND,OR972800147     		NONE PC GENERAL OPERATING 5,000
    CEDARS CAMPS THE
    1314 PARKVIEW VALLEY DRIVE
    MANCHESTER,MO630114201     		NONE PC GENERAL OPERATING 55,000
    CHESTNUT HILL BENEVOLENT ASSOCIATION
    910 BOYLSTON STREET
    CHESTNUT HILL,MA024672400     		NONE PC ANNUAL CAMPAIGN 90,000
    CHRISTIAN SCIENCE NURSING NETWORK
    5103 SOUTH SHERIDAN ROAD SUITE 403
    TULSA,OK741457627     		NONE PC GENERAL OPERATING 8,000
    CHRISTIAN SCIENCE VISITING NURSE SERVICE FOR MICHIGAN
    P O BOX 702072
    PLYMOUTH,MI48170     		NONE PC GENERAL OPERATING 10,000
    CLAIRBOURN SCHOOL
    8400 HUNTINGTON DRIVE
    SAN GABRIEL,CA917751154     		NONE PC SCHOLARSHIP FUNDS 5,000
    CLEARVIEW HOME CORPORATION
    P O BOX 180198 935 MAIN STREET
    DELAFIELD,WI53018     		NONE PC GENERAL OPERATING 25,000
    COUNCIL OF MICHIGAN FOUNDATIONS
    ONE SOUTH HARBOR AVENUE
    GRAND HAVEN,MI49417     		NONE PC GENERAL OPERATING 8,300
    CRYSTAL LAKE CAMPS INC
    1676 CRYSTAL LAKE ROAD
    HUGHESVILLE,PA17737     		NONE PC DEBT REDUCTION AND GENERAL OPERATING 105,000
    DOMINION FOUNDATION THE
    P O BOX 17855
    RICHMOND,VA23226     		NONE PC FACULTY/STAFF DEVELOPMENT 45,000
    FERN LODGE INC
    18457 MADISON AVENUE
    CASTRO VALLEY,CA945461699     		NONE PC GENERAL OPERATING 60,000
    FIRST CHURCH OF CHRIST SCIENTIST BOSTON THE
    210 MASSACHUSETTS AVENUE P05-10
    BOSTON,MA021153195     		NONE PC GENERAL OPERATING 150,000
    FIRST CHURCH OF CHRIST SCIENTIST FLINT THE
    901 HARRISON STREET
    FLINT,MI48502     		NONE PC GENERAL OPERATING 145,000
    FLINT INSTITUTE OF ARTS THE
    1120 E KEARSLEY STREET
    FLINT,MI485031991     		NONE PC BUILDING/RENOVATION AND ENDOWMENT FUNDS 440,000
    FOUNDATION FOR THE UPTOWN REINVESTMENT CORP
    519 S SAGINAW ST SUITE 200
    FLINT,MI48502     		NONE PC GENERAL OPERATING 100,000
    FRIENDS OF CAMP BOW-ISLE INC
    16880 SE 56TH PLACE
    BELLEVUE,WA980065524     		NONE PC BUILDING/RENOVATION 25,000
    FRIENDS OF SUNRISE IN AFRICA INC
    5520 FREMONT AVE N
    BROOKLYN CENTER,MN55430     		NONE PC FACULTY/STAFF DEVELOPMENT 30,000
    GLENMONT
    4599 AVERY ROAD
    HILLIARD,OH430269786     		NONE PC BUILDING/RENOVATION 65,000
    GREATER FLINT ARTS COUNCIL
    816 S SAGINAW ST
    FLINT,MI48502     		NONE PC GENERAL OPERATING 10,000
    GREATER LOS ANGELES ZOO ASSOCIATION
    5333 ZOO DRIVE
    LOS ANGELES,CA90027     		NONE PC GENERAL OPERATING 2,000
    HARMONY AT HOME FOUNDATION
    627 BAKEWELL LANE
    NAPERVILLE,IL60565     		NONE PC GENERAL OPERATING 10,000
    HIGH RIDGE HOUSE INC
    5959 INDEPENDENCE AVENUE
    RIVERDALE,NY104711299     		NONE PC GENERAL OPERATING 45,000
    INSTITUTE FOR GLOBAL ETHICS THE
    91 CAMDEN STREET SUITE 403
    ROCKLAND,ME04841     		NONE PC GENERAL OPERATING 10,000
    LEAVES INC THE
    1230 WEST SPRING VALLEY ROAD
    RICHARDSON,TX750807709     		NONE PC BUILDING/RENOVATION 55,000
    LINK SCHOOL THE
    18885 COUNTY ROAD 367
    BUENA VISTA,CO81211     		NONE PC GENERAL OPERATING 25,000
    LONGYEAR MUSEUM
    1125 BOYLSTON STREET
    CHESTNUT HILL,MA02467     		NONE PC GENERAL OPERATING 4,000
    LYNN HOUSE OF POTOMAC VALLEY INC
    4400 WEST BRADDOCK ROAD
    ALEXANDRIA,VA223041010     		NONE PC BUILDING/RENOVATION 45,000
    METROPOLITAN OPERA ASSOCIATION INC
    LINCOLN CENTER
    NEW YORK,NY10023     		NONE PC GENERAL OPERATING 10,000
    MORNING LIGHT FOUNDATION INC
    P O BOX 7604
    ATLANTA,GA30357     		NONE PC GENERAL OPERATING 10,000
    NEW TEACHER CENTER
    725 FRONT STREET SUITE 400
    SANTA CRUZ,CA95060     		NONE PC GENERAL OPERATING 10,000
    NEW VISIONS FOUNDATION
    3131 OLYMPIC BOULEVARD
    SANTA MONICA,CA90404     		NONE PC GENERAL OPERATING 10,000
    OLIVE GLEN FOUNDATION INC THE
    P O BOX 1482
    CARMICHAEL,CA956091482     		NONE PC GENERAL OPERATING 30,000
    PEACE HAVEN ASSOCIATION
    12630 ROTT ROAD
    ST LOUIS,MO631271214     		NONE PC GENERAL OPERATING 55,000
    PHILANTHROPY ROUNDTABLE THE
    1150 17TH STREET NW SUITE 503
    WASHINGTON,DC20036     		NONE PC GENERAL OPERATING 5,000
    PRINCIPIA THE
    13201 CLAYTON ROAD
    ST LOUIS,MO631311099     		NONE PC GENERAL OPERATING 100,000
    PRINCIPLE FOUNDATION THE
    2405 GRAND BOULEVARD SUITE 1040
    KANSAS CITY,MO64108     		NONE PC GENERAL OPERATING 5,000
    SMITH COLLEGE
    33 ELM STREET
    NORTHAMPTON,MA01063     		NONE PC GENERAL OPERATING 35,000
    SUNLAND HOME FOUNDATION
    691 SPARTA DRIVE
    ENCINITAS,CA92024     		NONE PC GENERAL OPERATING 40,000
    SUNRISE HAVEN
    P O BOX 6057
    KENT,WA98064     		NONE PC GENERAL OPERATING 35,000
    TENTH CHURCH OF CHRIST SCIENTIST - LOS ANGELES
    1133 SOUTH BUNDY DRIVE
    LOS ANGELES,CA90049     		NONE PC GENERAL OPERATING 25,000
    THIRD CHURCH OF CHRIST SCIENTIST
    4423 ST ANDREWS DRIVE SE
    GRAND RAPIDS,MI48546     		NONE PC GENERAL OPERATING 5,000
    THE ALBERT BAKER FUND
    1510 J STREET SUITE 150
    SACRAMENTO,CA95814     		NONE PC GENERAL OPERATING 20,000
    TROPICAL RAINFOREST FOUNDATION
    C/O ACT PRODUCTIONS 407 LINCOLN
    ROAD SUITE 302
    MIAMI BEACH,FL331393038     		NONE PC GENERAL OPERATING 5,000
    TWELVEACRES INC
    595 MILLICH DRIVE SUITE 104
    CAMPBELL,CA950080550     		NONE PC GENERAL OPERATING 60,000
    UCLA GRADUATE SCHOOL OF EDUCATION
    2403 MOORE HALL BOX 951521
    LOS ANGELES,CA900951521     		NONE PC GENERAL OPERATING 10,000
    VILLAGE INC THE
    17881 VILLAGE ROAD
    SPRINGDALE,AR72764     		NONE PC GENERAL OPERATING 20,000
    VISITING NURSE SERVICE FOR CHRISTIAN SCIENTISTS IN LOS ANGELES COUNTY INC
    P O BOX 9745
    GLENDALE,CA912260745     		NONE PC GENERAL OPERATING 5,000
    WIDE HORIZON INC
    8900 WEST 38TH AVENUE
    WHEAT RIDGE,CO80033     		NONE PC GENERAL OPERATING 80,000
    WORLDWIDE IMPACT NOW (WIN)
    831 BURGUNDY LANE
    BALLWIN,MO63011     		NONE PC GENERAL OPERATING 4,000
    Total .................................bullet 3a 2,872,900
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2013)
    Form 990-PF (2013)
    Page 11
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3
    Interest on savings and temporary cash investments ............     		    14 249  
    4 Dividends and interest from securities.... 900099 1,713 14 1,091,836  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....     16 4,375  
    6
    Net rental income or (loss) from personal property .............     		         
    7 Other investment income.....          
    8
    Gain or (loss) from sales of assets other than inventory .............     		    18 2,486,133  
    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).. 1,713 3,582,593 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    133,584,306
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2013)
    Form 990-PF (2013)
    Page 12
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political
    Yes
    No
    organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If "Yes," complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer or fiduciary) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's namebullet



    Firm's addressbullet







         		Firm's EINbullet
    Phone no.
    Form 990-PF (2013)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2013 AccountingFeesSchedule
    Name:
    THE ISABEL FOUNDATION
    EIN: 38-2853004
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    MFO MANAGEMENT FEE 90,000 85,500   4,500

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

    TY 2013 DepreciationSchedule
    Name:
    THE ISABEL FOUNDATION
    EIN: 38-2853004
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
    BUILDING 1995-10-23 101,010 44,988 SL 39.000000000000 2,541 2,541    
    SAMSUNG AIO COMPUTER 2013-08-29 922   200DB 3.000000000000 615 0    

    TY 2013 InvestmentsCorpBondsSchedule
    Name:
    THE ISABEL FOUNDATION
    EIN: 38-2853004
    Name of Bond End of Year Book Value End of Year Fair Market Value
    BLACKROCK FLOATING RATE INC PORTFOLIO, 123742.944 SHS. 1,299,307 1,304,251
    TEMPLETON GLOBAL BOND FUND, 99213.619 SHS 1,301,704 1,320,533
    VANGUARD ADMIRAL HIGH YIELD CORPORATE FD, 224702.606 SHS. 1,111,454 1,384,168
    VANGUARD ADMIRAL SHORT-TERM INVESTMENT GR, 130094.171 SHS 1,354,102 1,401,114

    TY 2013 InvestmentsCorpStockSchedule
    Name:
    THE ISABEL FOUNDATION
    EIN: 38-2853004
    Name of Stock End of Year Book Value End of Year Fair Market Value
    AGRIUM INC, 1600 SHS. 141,505 146,608
    AIR PRODUCTS AND CHEMICALS, INC., 1350.00 SHS. 61,802 173,637
    AMERICAN EXPRESS COMPANY, 2900.00 SHS. 109,988 275,123
    ANADARKO PETROLEUM CORPORATION, 2600.00 SHS. 108,010 284,622
    APPLE INC, 3220 SHS. 240,689 299,235
    BB&T CORPORATION, 8900.00 SHS. 289,846 350,927
    BLACKROCK INC, 825 SHS. 147,345 263,670
    COCA-COLA COMPANY (THE), 6400.00 SHS. 162,339 271,104
    CONOCOPHILLIPS, 2800.00 SHS. 116,882 240,044
    COGNIZANT TECHNOLOGY SOLUTIONS CL A, 6500 SHS. 223,553 317,915
    DISNEY (WALT) CO COM STK, 2200 SHS. 141,863 188,628
    E.I. DU PONT DE NEMOURS AND COMPANY, 3750.00 SHS. 144,461 245,400
    EMC CORPORATION, 9100.00 SHS. 134,476 239,694
    EBAY INC., 5350.00 SHS. 285,559 267,821
    EOG RESOURCES INC 2500 SHS. 214,021 292,150
    FRANKLIN RESOURCES, INC., 4600.00 SHS. 43,453 266,064
    FREEPORT-MCMORAN COPPER & GOLD INC., 4500.00 SHS. 98,382 164,250
    HOME DEPOT, INC. (THE), 4700.00 SHS. 91,747 380,512
    JONES LANG LASALLE INC COM, 1650.00 SHS. 147,273 208,544
    JP MORGAN CHASE & CO, 4550 SHS. 221,517 262,171
    KANSAS CITY SOUTHERN, 1650 SHS. 161,600 177,392
    LOWES COS INC COM 4600.00 SHS. 145,884 220,754
    MCDONALD'S CORPORATION, 2850.00 SHS. 215,993 287,109
    MONDELEZ INTERNATIONAL, 6900 SHS. 222,477 259,509
    NORFOLK SOUTHERN CORPORATION, 3200.00 SHS. 212,216 329,696
    OLD DOMINION FGHT LINE INC, 4850 SHS 232,539 308,848
    ORACLE CORP, 7700 SHS 290,161 312,081
    PEPSICO, INC., 3650.00 SHS. 209,193 326,091
    PROCTER & GAMBLE COMPANY, THE, 3700.00 SHS. 170,504 290,783
    QUALCOMM INCORPORATED, 3250.00 SHS. 112,551 257,400
    REGAL ENTERTAINMENT GROUP, 14100.00 SHS. 221,968 297,510
    SCHLUMBERGER LIMITED, 2500.00 SHS. 66,583 294,875
    STANLEY BLACK AND DECKER, INC., 2800.00 SHS. 181,074 245,896
    UNITED TECHNOLOGIES CORPORATION, 2200.00 SHS. 169,242 253,990
    VANGUARD INDEX FDS 500 ADMIRAL, 38120.569 SHS 5,653,521 6,893,342
    VERIZON COMMUNICATIONS INC., 4350.00 SHS. 144,726 212,846
    VISA INC CLA A SHS, 700 SHS. 149,729 147,497
    WASTE MANAGEMENT INC., 3700.00 SHS. 122,643 165,501
    TRANSOCEAN LTD., 2900.00 SHS. 202,512 130,587
    TWENTY-FIRST CENTURY FOX INC CLASS A, 7200 SHS. 233,849 253,080
    TYCO INTERNATIONAL LTD., 4500.00 SHS. 73,799 205,200
    DREYFUS TOTAL EMERGING MARKETS CL I, 270959.34 SHS. 3,249,905 3,351,767
    WORLD ASSET MGMT INTERNATIONAL FUND, 150181.33 SHS. 1,234,406 1,674,541
    TEMPLETON INSTL. FOREIGN EQUITY FUND, 155026.439 SHS. 3,481,133 3,652,423
    VANGUARD ADMIRAL EUROPEAN STOCK INDEX FUND, 18472.308 SHS. 1,302,039 1,384,684
    VANGUARD INTL ADM EMERGING MKTS INDEX FD,94722.662 SHS. 3,010,925 3,401,491
    MFO - NORTHPOINTE FUND B, 2045263.5801027 SHS. 2,507,955 3,395,768
    MFO - WESTFIELD FUND B, 98219.8989270 SHS. 1,778,085 3,346,596
    MFO - TOWLE FUND, 579995.8416573 SHS. 2,038,630 3,537,260
    VANGUARD ADMIRAL REIT INDEX FUND, 20577.200 SHS. 1,748,884 2,183,241

    TY 2013 InvestmentsLandSchedule2
    Name:
    THE ISABEL FOUNDATION
    EIN: 38-2853004
    Category/ Item Cost/Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    BUILDING 101,010 47,529 53,481  

    TY 2013 InvestmentsOtherSchedule2
    Name:
    THE ISABEL FOUNDATION
    EIN: 38-2853004
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    FINE ART FMV 1,241,129 1,901,500
    ARES CAPITAL CORPORATION, 10800.00 SHS. FMV 721,937 192,888
    STEELPATH MLP SELECT 40 CL A, 166476.856 SHS. FMV 1,668,953 2,279,068
    DRAPER FISHER JURVETSON GROWTH FUND LP FMV 1,033,869 2,721,950
    DRAPER FISHER JURVETSON GROWTH 2013 FUND LP FMV 594,896 584,879
    CROSSLINK VI VENTURE FUND FMV 200,087 269,227
    ARBORETUM VENTURES III FMV 279,959 211,424
    ARCHIPELAGO HLDGS LTD-OFFSHORE FMV 1,500,000 2,084,966
    ELLIOTT INTERNATIONAL LIMITED FMV 1,500,000 1,500,000
    OTTER CREEK INTL SERIES 1-09 FMV 956,000 1,339,398
    OTTER CREEK INTL SERIES 2-11 FMV 300,000 335,967
    OZ OVERSEAS FUND II E-PRIME/36 FMV 1,300,000 1,901,217
    PERSHING SQUARE HOLDINGS LTD FMV 650,000 900,261
    WEXFORD OFFSHORE SPECTRUM C-0000-E FMV 1,300,000 1,860,515
    YORK CREDIT OPPTN - A/8 SERIES FMV 1,000,000 1,414,799
    TACONIC OFFSHORE 1.5 LTD CL A-NR SER 1 FMV 1,300,000 1,591,385
    APOLLO NATURAL RESOURCE PARTNERS LP FMV 17,347 17,346
    ANRP (AIV II) LP FMV 1,917 1,916
    ANRP (EPE AIV) LP FMV 28,345 54,497
    ANRP APEX ENERGY FMV 9,220 9,696
    ANRP CAELUS FMV 11,675 11,675
    ANRP DE HOLDINGS LP FMV 12,262 12,262
    ANRP DOUBLE EAGLE ENERGY HOLDING LLC FMV 22,678 37,497
    ANRP INTERNATIONAL HOLDINGS LP FMV 373,232 366,769
    ANRP JUPITER RESOURCES FMV 5,400 5,400
    INTEGRAL CAPITAL PARTNERS VI, 3000000.00 SHS. FMV 271,791 195,391

    TY 2013 LandEtcSchedule2
    Name:
    THE ISABEL FOUNDATION
    EIN: 38-2853004
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    SAMSUNG AIO COMPUTER 922 615 307 307


    TY 2013 OtherExpensesSchedule
    Name:
    THE ISABEL FOUNDATION
    EIN: 38-2853004
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    STATE FILING FEE 20 0   20
    PAYROLL PROCESSING 1,782 40   1,742
    MEALS 815 41   774
    DFJ GROWTH 2013, LP - SCHEDULE K-1 INVESTMENT INTEREST EXPENSE 89 89   0
    DFJ GROWTH 2013, LP - SCHEDULE K-1 PORTFOLIO EXPENSE 5,230 5,230   0
    DFJ GROWTH 2013, LP - SCHEDULE K-1 NON DEDUCTIBLE EXPENSE 10 10   0
    DRAPER FISHER JURVETSON GROWTH FUND - SCHEDULE K-1 37,531 37,531   0
    FROM MFO WESTFIELD FUND B JOINT VENTURE STMT 18,517 18,517   0
    FROM MFO TOWLE FUND JOINT VENTURE STMT 28,703 28,703   0
    INTEGRAL CAPITAL PARTNERS VI - SCHEDULE K-1 335 335   0
    FROM MFO NORTHPOINTE FUND B JOINT VENTURE STMT 21,535 21,535   0
    CROSSLINK VENTURES VI, L.P. - SCHEDULE K-1 4,373 4,373   0
    WEBSITE & DOMAIN NAME 125 0   125
    MISCELLANEOUS 887 0   887
    WORLD ASSET MGMT. INTL. EQUITY FUND - SCHEDULE K-1 3,854 3,854   0
    ARBORETUM VENTURES III - SCHEDULE K-1 7,098 7,098   0
    FROM ANRP (AIV II) LP CARRYING COST 169 169   0
    FROM SCH K-1: ANRP (EPE AIV) LP - CHARITABLE CONTRIBUTIONS 2 2   0
    FROM ANRP (AIV II) LP SCHEDULE K-1 73 73   0
    FROM ANRP (EPE AIV) LP SCHEDULE K-1 12,069 12,069   0
    FROM ANRP DE HOLDINGS LP SCHEDULE K-1 1,365 1,365   0
    FROM ANRP INTERNATIONAL HOLDINGS LP SCHEDULE K-1 6,822 6,822   0


    TY 2013 OtherLiabilitiesSchedule
    Name:
    THE ISABEL FOUNDATION
    EIN: 38-2853004
    Description Beginning of Year - Book Value End of Year - Book Value
    ARBORETUM VENTURES III-CAPITAL COMMITMENT 160,800 90,000
    APOLLO NATURAL RESOURCE - CAPITAL COMMIT 359,433 302,559
    ELLIOTT INTL LTD CAPITAL COMMITMENT 0 1,350,000
    DFJ GROWTH FUND - CAPITAL COMMITMENT 51,717 0
    CROSSLINK VI VENTURE FUND - CAPITAL COMM. 84,774 32,520
    DFJ GROWTH 2013 FUND - CAPITAL COMMITMENT 600,000 432,900


    TY 2013 OtherProfessionalFeesSchedule
    Name:
    THE ISABEL FOUNDATION
    EIN: 38-2853004
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    NANTUCKET CAPITAL MGMT 60,230 60,230   0


    TY 2013 TaxesSchedule
    Name:
    THE ISABEL FOUNDATION
    EIN: 38-2853004
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES WITHHELD 26,132 26,132   0
    FEDERAL EXCISE TAXES 69,000 0   0
    PAYROLL TAXES 5,132 128   5,004
    FROM ANRP (EPE AIV) LP SCHEDULE K-1 26 26   0