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.
bulletInformation about Form 990-PF and its instructions is at www.irs.gov/form990pf.
OMB No. 1545-0052
2014
Open to Public Inspection
For calendar year 2014, or tax year beginning 2014, and ending , 20
Name of foundation
QUAIL HILL FOUNDATION
 

Number and street (or P.O. box number if mail is not delivered to street address)128 BEAVER CREEK COURT   Room/suite
City or town, state or province, country, and ZIP or foreign postal code
SEWICKLEY, PA15143
A Employer identification number

25-1616338
B Telephone number (see instructions)

(412) 635-7344
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$317,070J 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
Sch. B ...............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities...... 4,832 4,832 4,832
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 134,453
b Gross sales price for all assets on line 6a 392,676
7 Capital gain net income (from Part IV, line 2)... 134,453
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........ 139,285 139,285 4,832
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0 0 0
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 13,308 7,208 0 0
c Other professional fees (attach schedule).... Click to see attachment 2,410 2,410 0 0
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 83 83 0 0
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 169 0 0 0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 15,970 9,701 0 0
25 Contributions, gifts, grants paid........ 17,250 17,250
26 Total expenses and disbursements. Add lines 24 and 25 33,220 9,701 0 17,250
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 106,065
b Net investment income (if negative, enter -0-) 129,584
c Adjusted net income (if negative, enter -0-)... 4,832
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2014)
Form 990-PF (2014)
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............... 8,909 8,250 8,250
2 Savings and temporary cash investments.......... 20,900 14,372 14,372
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges...........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........ 192,777 Click to see attachment256,622 245,467
c Investments—corporate bonds (attach schedule)........ 0 Click to see attachment49,407 48,981
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)...........      
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 222,586 328,651 317,070
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 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......... 317,540 317,540
28 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
29 Retained earnings, accumulated income, endowment, or other funds -94,954 11,111
30 Total net assets or fund balances (see instructions)...... 222,586 328,651
31 Total liabilities and net assets/fund balances (see instructions).. 222,586 328,651
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)............... 1 222,586
2 Enter amount from Part I, line 27a..................... 2 106,065
3 Other increases not included in line 2 (itemize) bullet 3 0
4 Add lines 1, 2, and 3.......................... 4 328,651
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. 6 328,651
Form 990-PF (2014)
Form 990-PF (2014)
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 50 SHS VALEANT PHARMACEUTICALS P 2014-01-16 2014-04-23
b 200 SHS YAHOO P 2013-12-05 2014-06-26
c 100 SHS CARRIZO OIL & GAS P 2014-05-06 2014-10-09
d 100 SHS ACTAVIS PLC P 2013-12-19 2014-10-31
e 200 SHS LUXOFT HOLDINGS P 2013-11-22 2014-10-31
100 SHS LUXOFT HOLDINGS P 2014-02-12 2014-10-31
105 SHS APPLE INC P 2014-05-19 2014-10-31
50 SHS BAIDU INC P 2014-06-11 2014-10-31
50 SHS PIONEER NATURAL RESOURCES CO P 2014-06-26 2014-10-31
81 SHS MATERIALS SELECT SECTOR SPDR FUND P 2014-10-31 2014-12-01
4 SHS TECHNOLOGY SELECT SECTOR SPDR FUND P 2014-10-31 2014-12-01
12.572 SHS AMERICAN BEACON INTL EQUITY FUND P 2014-10-31 2014-12-04
15.709 SHS ARTISAN INTL FUND P 2014-10-31 2014-12-04
3 SHS COLUMBIA ACORN INTL FUND P 2014-10-31 2014-12-04
10.34 SHS DODGE & COX INTL STOCK FUND P 2014-10-31 2014-12-04
23.472 SHS EATON VANCE FLOATING-RATE FUND P 2014-10-31 2014-12-04
14.514 SHS GOLDMAN SACHS MID CAP VALUE FUND P 2014-10-31 2014-12-04
18.743 SHS GOLDMAN SACHS GROWTH OPPORTUNITIES FUND P 2014-10-31 2014-12-04
12.778 SHS HARDING LOEVNER INTL EQUITY PORTFOLIO P 2014-10-31 2014-12-04
68.81 SHS MFS VALUE FUND P 2014-10-31 2014-12-04
40.542 SHS MAINSTAY EPOCH GLOBAL EQUITY YIELD FUND P 2014-10-31 2014-12-04
17.95 SHS METROPOLITAN WEST UNCONSTRAINED BOND FUND P 2014-10-31 2014-12-04
27.925 SHS T ROWE PRICE GROWTH STOCK FUND P 2014-10-31 2014-12-04
65.466 SHS T ROWE PRICE VALUE FUND P 2014-10-31 2014-12-04
19.224 SHS T ROWE PRICE REAL ESTATE FUND P 2014-10-31 2014-12-04
12.575 SHS TEMPLETON GLOBAL BOND FUND P 2014-10-31 2014-12-04
85.072 SHS TOUCHSTONE SANDS CAPITAL SELECT GROWTH FUND P 2014-10-31 2014-12-04
58.195 SHS VANGUARD TOTAL BOND MARKET INDEX FUND P 2014-10-31 2014-12-04
5 SHS ISHARES CORE US AGGREGATE BOND ETF P 2014-10-31 2014-12-04
4 SHS ISHARES MSCI EMERGING MARKETS ETF P 2014-10-31 2014-12-04
5 SHS HEALTH CARE SELECT SECTOR SPDR FUND P 2014-10-31 2014-12-04
8 SHS TECHNOLOGY SELECT SECTOR SPDR FUND P 2014-10-31 2014-12-04
8 SHS UTILITIES SELECT SECTOR SPDR FUND P 2014-12-01 2014-12-04
12.39 SHS EATON VANCE FLOATING-RATE FUND P 2014-10-31 2014-12-18
17.199 SHS METROPOLITAN WEST UNCONSTRAINED BOND FUND P 2014-10-31 2014-12-18
3 SHS UTILITIES SELECT SECTOR SPDR FUND P 2014-12-01 2014-12-18
100 SHS SEADRILL LTD P 2010-12-07 2014-01-28
100 SHS SEADRILL LTD P 2010-12-07 2014-01-29
300 SHS SEADRILL LTD P 2010-12-07 2014-01-31
50 SHS IBM P 2008-04-18 2014-05-19
200 SHS ALKERMES PLC P 2013-04-23 2014-06-11
200 SHS COGNIZANT TECHNOLOGY SOLUTIONS P 2014-12-05 2014-10-31
200 SHS EBAY INC P 2009-09-16 2014-10-31
100 SHS EPAM SYSTEMS P 2013-06-18 2014-10-31
200 SHS EPAM SYSTEMS P 2013-10-10 2014-10-31
30 SHS GOOGLE SERIES A P 2007-10-01 2014-10-31
30 SHS GOOGLE SERIES C P 2007-10-01 2014-10-31
50 SHS IBM P 2008-04-18 2014-10-31
500 SHS MASTERCARD P 2011-08-10 2014-10-31
250 SHS MASTERCARD P 2011-09-16 2014-10-31
200 SHS NOBLE ENERGY P 2012-01-10 2014-10-31
25 SHS PRICELINE.COM P 2012-02-15 2014-10-31
200 SHS QUALCOMM P 2012-03-16 2014-10-31
100 SHS TRIPADVISOR P 2013-05-03 2014-10-31
100 SHS TRIPADVISOR P 2013-05-10 2014-10-31
100 SHS VISA INC P 2012-01-03 2014-10-31
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 6,745   6,650 95
b 6,660   7,747 -1,087
c 4,772   5,770 -998
d 24,429   16,557 7,872
e 7,944   7,482 462
3,972   3,808 164
11,286   9,081 2,205
12,036   8,874 3,162
9,260   11,507 -2,247
3,935   3,894 41
168   162 6
246   245 1
484   476 8
135   136 -1
463   459 4
211   211 0
598   706 -108
518   621 -103
234   234 0
2,496   2,416 80
834   822 12
215   215 0
1,607   1,587 20
2,504   2,432 72
512   501 11
165   167 -2
1,650   1,631 19
633   632 1
550   550 0
164   169 -5
352   338 14
338   324 14
369   371 -2
110   112 -2
205   206 -1
140   139 1
3,706   3,274 432
3,607   3,273 334
10,716   9,820 896
9,340   6,249 3,091
9,511   6,377 3,134
9,750   7,007 2,743
10,464   8,709 1,755
4,825   2,660 2,165
9,650   7,382 2,268
16,986   8,648 8,338
16,681   8,670 8,011
8,195   6,249 1,946
41,903   15,560 26,343
20,951   8,576 12,375
11,360   9,863 1,497
29,775   14,454 15,321
15,656   13,107 2,549
8,937   5,472 3,465
8,937   5,350 3,587
24,001   10,291 13,710
10,785     10,785
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       95
b       -1,087
c       -998
d       7,872
e       462
      164
      2,205
      3,162
      -2,247
      41
      6
      1
      8
      -1
      4
      0
      -108
      -103
      0
      80
      12
      0
      20
      72
      11
      -2
      19
      1
      0
      -5
      14
      14
      -2
      -2
      -1
      1
      432
      334
      896
      3,091
      3,134
      2,743
      1,755
      2,165
      2,268
      8,338
      8,011
      1,946
      26,343
      12,375
      1,497
      15,321
      2,549
      3,465
      3,587
      13,710
      10,785
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 2 134,453
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 12,451
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 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))
2013 16,500 299,664 0.055062
2012 16,315 269,788 0.060473
2011 17,169 288,732 0.059463
2010 18,000 303,265 0.059354
2009 15,600 271,887 0.057377
2 Total of line 1, column (d) ...................... 2 0.291729
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 0.058346
4 Enter the net value of noncharitable-use assets for 2014 from Part X, line 5..... 4 320,614
5 Multiply line 4 by line 3....................... 5 18,707
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 1,296
7 Add lines 5 and 6......................... 7 20,003
8 Enter qualifying distributions from Part XII, line 4.............. 8 17,250
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 (2014)
Form 990-PF (2014)
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 2,592
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 2,592
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 2,592
6 Credits/Payments:
a 2014 estimated tax payments and 2013 overpayment credited to 2014 6a 2,445
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 2,445
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 147
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet   RefundedBullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see 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
 
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
     
    No
    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)
    bulletPA
    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 2014 or the taxable year beginning in 2014 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
     
    No
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    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 addressbulletNONE
    14
    The books are in care ofbulletSTUART L BELL Telephone no.bullet (412) 635-7344
    Located atbullet128 BEAVER CREEK COURTSEWICKLEYPA ZIP+4bullet15143
    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 2014, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country?
    16   No
    See instructions for exceptions and filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If "Yes", enter the name of the foreign country bullet  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 6
    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 instructions)? ........
    1b
     
     
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2014?.............
    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 2014, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2014?...............
    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 2014 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 2014.)....................
    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 2014?
    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 4945(d)(4)(A)? (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 (2014)
    Form 990-PF (2014)
    Page 7
    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
    CAROLYN M KNUTSON CHMN & PRES.
    1.00     		0 0 0
    116 GOMEZ ROAD
    HOBE SOUND,FL33455
    SARAH G FLANAGAN VICE PRES.
    1.00     		0 0 0
    56 EAST MAIN STREET
    YARMOUTH,ME04096
    ANNE K HARGRAVE TREASURER
    1.00     		0 0 0
    30 EAST LANE
    MADISON,NJ07940
    TODD M KNUTSON VICE PRES.
    1.00     		0 0 0
    707 DARLINGTON ROAD
    ATLANTA,GA30305
    STUART L BELL SECRETARY
    3.00     		0 0 0
    128 BEAVER CREEK COURT
    SEWICKLEY,PA15143
    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
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1
     
    2  
    3  
    4  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 8
    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  
    2  
    All other program-related investments. See 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
    299,281
    b
    Average of monthly cash balances.......................
    1b
    26,215
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    325,496
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    325,496
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    4,882
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    320,614
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    16,031
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    16,031
    2a
    Tax on investment income for 2014 from Part VI, line 5......
    2a
    2,592
    b
    Income tax for 2014. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    2,592
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    13,439
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    13,439
    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
    13,439
    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
    17,250
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    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
    17,250
    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
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    17,250
    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 (2014)
    Form 990-PF (2014)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2013     		(c)
    2013     		(d)
    2014
    1 Distributable amount for 2014 from Part XI, line 7 13,439
    2 Undistributed income, if any, as of the end of 2014:
    a Enter amount for 2013 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2014:
    a From 2009....... 2,048
    b From 2010....... 3,166
    c From 2011....... 4,394
    d From 2012....... 3,196
    e From 2013....... 1,936
    fTotal of lines 3a through e......... 14,740
    4Qualifying distributions for 2014 from Part
    XII, line 4: bullet$ 17,250
    a Applied to 2013, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions).........     		0
    d Applied to 2014 distributable amount..... 13,439
    e Remaining amount distributed out of corpus 3,811
    5 Excess distributions carryover applied to 2014. 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 18,551
    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 2013. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2014. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2015 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8Excess distributions carryover from 2009 not
    applied on line 5 or line 7 (see instructions) ...     		2,048
    9Excess distributions carryover to 2015.
    Subtract lines 7 and 8 from line 6a ......     		16,503
    10 Analysis of line 9:
    a Excess from 2010.... 3,166
    b Excess from 2011.... 4,394
    c Excess from 2012.... 3,196
    d Excess from 2013.... 1,936
    e Excess from 2014.... 3,811
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 10
    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 2014, 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) 2014 (b) 2013 (c) 2012 (d) 2011
             
    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:
    MR STUART L BELL
    128 BEAVER CREEK COURT
    SEWICKLEY,PA15143
    (412) 635-7344
    STUARTBELL@COMCAST.NET
    bThe form in which applications should be submitted and information and materials they should include:
    CONTRIBUTION REQUESTS SHOULD BE MADE THROUGH A LETTER TO MR. STUART L. BELL OF THE QUAIL HILL FOUNDATION. SUCH LETTER SHOULD INCLUDE THE NAME, IDENTIFICATION NUMBER, AND PURPOSE OF THE ORGANIZATION, AS WELL AS THE NAME AND TELEPHONE NUMBER OF THE INDIVIDUAL TO CONTACT REPRESENTING YOUR ORGANIZATION.
    cAny submission deadlines:
    NONE
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    I.R.C. SECTION 501(C)(3) ORGANIZATIONS ONLY.
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 11
    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
    GRACE COUNSELING CENTER
    16 MADISON AVENUE
    MADISON,NJ07940     		NONE 501 C 3 CHARITY 250
    317 MAIN STREET COMMUNITY MUSIC CENTER
    317 MAIN STREET
    YARMOUTH,ME04096     		NONE 501 C 3 CHARITY 250
    SESRAA SQUASH
    3370 VALLEY CIRCLE NW
    ATLANTA,GA30305     		NONE 501 C 3 CHARITY 500
    WAYFINDER SCHOOLS
    PO BOX 65
    NEW GLOUCHESTER,ME04260     		NONE 501 C 3 CHARITY 250
    UNITED NATIONS FOUNDATIONNOTHING BUT NETS
    PO BOX 96539
    WASHINGTON,DC200777639     		NONE 501 C 3 CHARITY 250
    MERRILL MEMORIAL LIBRARY
    215 MAIN STREET
    YARMOUTH,ME04096     		NONE 501 C 3 CHARITY 250
    COVENANT HOUSE AUXILIARY
    42 HILLCREST ROAD
    MADISON,NJ07940     		NONE 501 C 3 CHARITY 250
    MADISON EAGLE CHRISTMAS FUND
    PO BOX 2
    MADISON,NJ07940     		NONE 501 C 3 CHARITY 250
    NATURAL RESOURCES DEFENSE COUNCIL
    40 WEST 20TH STREET
    NEW YORK,NY10011     		NONE 501 C 3 CHARITY 1,000
    WNYC RADIO
    PO BOX 1550
    NEW YORK,NY101161550     		NONE 501 C 3 CHARITY 250
    MARKET STREET MISSION
    9 MARKET STREET
    MORRISTOWN,NJ07960     		NONE 501 C 3 CHARITY 500
    COLGATE UNIVERSITY
    13 OAK DRIVE
    HAMILTON,NY133461398     		NONE 501 C 3 CHARITY 250
    DARDEN SCHOOL FOUNDATION
    PO BOX 400807
    CHARLOTTESVILLE,VA229073015     		NONE 501 C 3 CHARITY 250
    ENVIRONMENTAL WORKING GROUP ACTION FUND
    1436 U STREET NW 101
    WASHINGTON,DC20009     		NONE 501 C 3 CHARITY 250
    FIREHOUSE ARTS
    20 CENTER STREET
    YARMOUTH,ME04096     		NONE 501 C 3 CHARITY 275
    FRIENDS OF MADISON PUBLIC LIBRARY
    39 KEEP STREET
    MADISON,NJ07940     		NONE 501 C 3 CHARITY 250
    FRIENDS OF MADISON SHADE TREE
    PO BOX 632
    MADISON,NJ07940     		NONE 501 C 3 CHARITY 250
    LA NAPOULE ARTS FOUNDATION
    799 SOUT STREET
    PORTMOUTH,NH03801     		NONE 501 C 3 CHARITY 425
    MADISON AREA YMCA
    1 RALPH STODDARD DRIVE
    MADISON,NJ07940     		NONE 501 C 3 CHARITY 1,000
    MADISON EDUCATIONAL FOUNDATION
    PO BOX 1093
    MADISON,NJ07940     		NONE 501 C 3 CHARITY 1,000
    MAINE COAST HERITAGE TRUST
    1 MAINE STREET SUITE 201
    TOPSHAM,ME04086     		NONE 501 C 3 CHARITY 250
    MAINE PUBLIC BROADCASTING NETWORK
    PO BOX 3480
    LEWISTON,ME04243     		NONE 501 C 3 CHARITY 650
    NANTUCKET CONSERVATION FOUNDATION
    PO BOX 1313
    NANTUCKET,MA025540013     		NONE 501 C 3 CHARITY 3,500
    NATURAL RESOURCES COUNCIL OF MAINE
    3 WADE STREET
    AGUSTA,ME043309913     		NONE 501 C 3 CHARITY 250
    OHIO UNIVERSITY FOUNDATIONART
    PO BOX 869
    ATHENS,OH457019917     		NONE 501 C 3 CHARITY 250
    PORTLAND MUSEUM OF ART
    SEVEN CONGRESS SQUARE
    PORTLAND,ME04101     		NONE 501 C 3 CHARITY 300
    PUBLIC BROADCASTING ATLANTA
    740 BISMARK ROAD
    ATLANTA,GA30324     		NONE 501 C 3 CHARITY 1,000
    SAFE PASSAGE
    PO BOX 712849
    CINCINNATI,OH452712849     		NONE 501 C 3 CHARITY 600
    SHADY SIDE ACADEMY
    423 FOX CHAPEL ROAD
    PITTSBURGH,PA15238     		NONE 501 C 3 CHARITY 250
    ST ANTHONY TRUST OF HARTFORD
    PO BOX 876
    ITHACA,NY148510876     		NONE 501 C 3 CHARITY 250
    THE BALDWIN SCHOOL
    701 MONTGOMERY AVENUE
    BRYN MAWR,PA190103597     		NONE 501 C 3 CHARITY 250
    THE TELLING ROOM
    225 COMMERCIAL STREET
    PORTLAND,ME04096     		NONE 501 C 3 CHARITY 250
    TRINITY COLLEGE
    300 SUMMIT STREET
    HARTFORD,CT06106     		NONE 501 C 3 CHARITY 750
    WORLD WILDLIFE FUND
    PO BOX 963
    FREDERICK,MD217059759     		NONE 501 C 3 CHARITY 250
    YARMOUTH EDUCATION FOUNDATION
    101 MCCARTNEY ROAD
    YARMOUTH,ME04096     		NONE 501 C 3 CHARITY 250
    YARMOUTH HISTORICAL SOCIETY
    215 MAIN STREET
    YARMOUTH,ME04096     		NONE 501 C 3 CHARITY 250
    Total .................................bullet 3a 17,250
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 12
    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 ............     		         
    4 Dividends and interest from securities....         4,832
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6
    Net rental income or (loss) from personal property .............     		         
    7 Other investment income.....          
    8
    Gain or (loss) from sales of assets other than inventory .............     		        134,453
    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).. 0 0 139,285
    13Total. Add line 12, columns (b), (d), and (e)..................
    13139,285
    (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.)
    4 PROVIDED FUNDS FOR GRANTS
    8 PROVIDED FUNDS FOR GRANTS
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 13
    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) 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 (2014)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2014 AccountingFeesSchedule
    Name:
    QUAIL HILL FOUNDATION
    EIN: 25-1616338
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING & ADMINISTRATIVE FEES 13,308 7,208 0 0

    TY 2014 InvestmentsCorpBondsSchedule
    Name:
    QUAIL HILL FOUNDATION
    EIN: 25-1616338
    Name of Bond End of Year Book Value End of Year Fair Market Value
    EATON VANCE FLOATING-RATE FUND 5,729 5,666
    METROPOLITAN WEST UNCONSTRAINED BOND FUND 5,632 5,613
    TEMPLETON GLOBAL BOND FUND 5,886 5,508
    VANGUARD TOTAL BOND MARKET INDEX FUND 16,101 16,116
    ISHARES CORE US AGGREGATE BOND FUND 16,059 16,078

    TY 2014 InvestmentsCorpStockSchedule
    Name:
    QUAIL HILL FOUNDATION
    EIN: 25-1616338
    Name of Stock End of Year Book Value End of Year Fair Market Value
    ISHARES CORE S&P 500 ETF 18,671 18,618
    ISHARES MSCI EMERGING MARKETS ETF 8,965 8,329
    ISHARES S&P SMALL CAP 600 VALUE ETF 2,981 3,066
    ISHARES S&P SMALL CAP 600 GROWTH ETF 2,999 3,060
    HEALTH CARE SELECT SECTOR SPDR ETF 3,862 3,898
    TECHNOLOGY SECTOR SPDR ETF 3,851 3,928
    UTILITIES SECTOR SPDR ETF 3,707 3,778
    AMERICAN BEACON INTL EQUITY FUND 6,021 5,682
    ARTISAN INTL FUND 8,861 8,765
    COLUMBIA ACORN INTL FUND 2,890 2,654
    DODGE & COX INTL STOCK FUND 8,985 8,531
    GOLDMAN SACHS MID CAP VALUE FUND 9,886 8,453
    GOLDMAN SACHS GROWTH OPPORTUNITY FUND 9,971 8,346
    HARDING LOEVNER INTL EQUITY PORTFOLIO 5,819 5,580
    MFS VALUE FUND 33,116 33,114
    MAINSTAY EPOCH GLOBAL EQUITY YIELD FUND 14,943 14,383
    T ROWE PRICE GROWTH STOCK FUND 32,850 30,259
    T ROWE PRICE VALUE FUND 36,838 34,565
    T ROWE PRICE REAL ESTATE FUND 8,578 8,838
    TOUCHSTONE SANDS CAPITAL SELECT GROWTH FUND 32,828 31,620

    TY 2014 OtherExpensesSchedule
    Name:
    QUAIL HILL FOUNDATION
    EIN: 25-1616338
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    BANK CHARGES 36 0 0 0
    MISCELLANEOUS 118 0 0 0
    PA FILING FEES 15 0 0 0


    TY 2014 OtherProfessionalFeesSchedule
    Name:
    QUAIL HILL FOUNDATION
    EIN: 25-1616338
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    MANAGEMENT FEES 1,685 1,685 0 0
    AGENCY FEES 725 725 0 0


    TY 2014 TaxesSchedule
    Name:
    QUAIL HILL FOUNDATION
    EIN: 25-1616338
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES ON DIVIDENDS 83 83 0 0