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
ELAINE F STEPANEK FOUNDATION AGENCY
 

Number and street (or P.O. box number if mail is not delivered to street address)P O BOX 64713 TRUST TAX SERVICES   Room/suite
City or town, state or province, country, and ZIP or foreign postal code
ST PAUL, MN551640713
A Employer identification number

20-5632706
B Telephone number (see instructions)

(651) 466-8710
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$39,881,833J 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 1,021,695 1,021,695  
4 Dividends and interest from securities......      
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 382,916
b Gross sales price for all assets on line 6a 21,439,039
7 Capital gain net income (from Part IV, line 2)... 382,916
8 Net short-term capital gain......... 0
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........ 1,404,611 1,404,611  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 3,000 300   2,700
14 Other employee salaries and wages......   0 0 0
15 Pension plans, employee benefits.......   0 0  
16a Legal fees (attach schedule)......... Click to see attachment 750 375 0 375
b Accounting fees (attach schedule)....... Click to see attachment 1,500 750 0 750
c Other professional fees (attach schedule).... Click to see attachment 230,021 184,017   46,004
17 Interest...............       0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 43,894 21,294   0
19 Depreciation (attach schedule) and depletion... 0 0  
20 Occupancy..............        
21 Travel, conferences, and meetings.......   0 0  
22 Printing and publications..........   0 0  
23 Other expenses (attach schedule)....... Click to see attachment 9,537 1,561   7,976
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 288,702 208,297 0 57,805
25 Contributions, gifts, grants paid........ 1,449,000 1,449,000
26 Total expenses and disbursements. Add lines 24 and 25 1,737,702 208,297 0 1,506,805
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -333,091
b Net investment income (if negative, enter -0-) 1,196,314
c Adjusted net income (if negative, enter -0-)... 0
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............... 6,650 10,684 10,684
2 Savings and temporary cash investments.......... 290,660 676,782 676,782
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet     0 0
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 bullet0      
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)........ 5,159,634 Click to see attachment19,359,687 24,314,609
c Investments—corporate bonds (attach schedule)........ 10,495,658 Click to see attachment11,638,548 11,789,665
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 18,623,766 Click to see attachment2,585,256 3,054,721
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment68,452 Click to see attachment35,372 Click to see attachment35,372
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 34,644,820 34,306,329 39,881,833
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 attachment6,282  
23 Total liabilities (add lines 17 through 22).......... 6,282 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......... 17,893,403 17,893,403
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds 16,745,135 16,412,926
30 Total net assets or fund balances (see instructions)...... 34,638,538 34,306,329
31 Total liabilities and net assets/fund balances (see instructions).. 34,644,820 34,306,329
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 34,638,538
2 Enter amount from Part I, line 27a..................... 2 -333,091
3 Other increases not included in line 2 (itemize) bulletClick to see attachment 3 882
4 Add lines 1, 2, and 3.......................... 4 34,306,329
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 34,306,329
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 1210. CIGNA CORP COM   2013-04-26 2014-01-09
b 1400. CATERPILLAR INC.   2013-08-16 2014-01-09
c 215. CITIGROUP INC   2011-06-22 2014-01-09
d 10. GOOGLE INC CL A   2012-12-20 2014-01-09
e 3365. SYMANTEC CORP COM   2013-01-18 2014-01-09
100. GILEAD SCIENCES INC   2012-05-09 2014-01-31
3225. MONDELEZ INTERNATIONAL W I   2012-05-09 2014-01-31
1150. UNITEDHEALTH GROUP INC COM   2012-11-01 2014-01-31
1775. NIELSEN NV   2012-05-09 2014-01-31
1645. AGILENT TECHNOLOGIES INC COM   2013-10-22 2014-05-02
310. APPLE COMPUTER INC COM   2013-12-18 2014-05-02
280. BOEING COMPANY   2011-06-22 2014-05-02
445. CVS CORP COM   2014-01-09 2014-05-02
580. CHEVRONTEXACO CORP COM   2013-07-29 2014-05-02
1035. LINCOLN NATL CORP IND COM   2013-06-11 2014-05-02
3005. MARATHON OIL CORPORATION   2012-08-30 2014-05-02
1200. PITNEY BOWES INC COM   2013-10-22 2014-05-02
470. PRUDENTIAL FINL INC   2011-06-22 2014-05-02
3920. STAPLES INC COM   2014-01-09 2014-05-02
4980. STAPLES INC COM   2013-03-07 2014-05-02
.5454 VERITIV CORP   2013-03-07 2014-08-07
2015. AMERICAN AIRLINES GROUP INC   2014-05-02 2014-08-18
8010. BANK OF AMERICA CORP   2012-08-30 2014-08-18
1915. BANK OF AMERICA CORP   2014-01-09 2014-08-18
1700. BORG WARNER INC   2013-04-26 2014-08-18
1795. BRUNSWICK CORP   2013-10-22 2014-08-18
885. CARLISLE COS INC   2014-05-02 2014-08-18
10. GOOGLE INC CL A   2014-01-31 2014-08-18
185. GOOGLE INC CL A   2012-12-20 2014-08-18
185. GOOGLE INC CL C   2012-12-20 2014-08-18
10. GOOGLE INC CL C   2014-01-31 2014-08-18
1195. KOHLS CORP COM   2013-06-19 2014-08-18
595. KOHLS CORP COM   2014-01-09 2014-08-18
480. LIBERTY MEDIA CORP DELAWARE   2012-11-01 2014-08-18
190. LIBERTY MEDIA CORP DELAWARE   2014-01-31 2014-08-18
380. LIBERTY MEDIA CORP C   2014-01-31 2014-08-18
960. LIBERTY MEDIA CORP C   2012-11-01 2014-08-18
1510. LINCOLN NATL CORP IND COM   2013-05-17 2014-08-18
1590. MICROSOFT CORP   2013-06-11 2014-08-18
4040. NAVIENT CORP W D   2011-06-22 2014-08-18
1195. STRYKER CORP   2013-10-22 2014-08-18
1185. EATON CORP PLC   2012-11-30 2014-08-18
. NET SETTLEMENT FROM CLASS ACTION SUIT     2014-08-29
9319.664 P I M C O FDS TOTAL RETURN FD   2010-12-28 2014-09-26
12979.521 SCOUT INTERNATIONAL FUND   2013-03-01 2014-10-08
23893. IPATH DOW JONES UBS COMMODITY   2013-12-19 2014-10-21
111265.647 CREDIT SUISSE COMM RET ST CO   2013-07-30 2014-10-21
905. ISHARES CORE TOTAL US BOND MARKETETF   2013-12-19 2014-10-21
15318.628 LOOMIS SAYLES GLBL BOND INST   2013-12-19 2014-10-21
117831.074 MAINSTAY FLOATING RATE I   2013-12-19 2014-10-21
70484.582 NUVEEN STRATEGIC INCOME I   2012-12-04 2014-10-21
124285.714 OPPENHEIMER SENIOR FLOATING RATE I   2013-12-19 2014-10-21
2631.579 ROWE T PRICE INTL FDS INC INTL BD FD   2013-07-29 2014-10-21
7240. SPDR DOW JONES INTERNATIONAL ETF   2011-06-22 2014-10-21
8714. SPDR BARCLAYS INTRNTNL TREASURY ETF   2013-12-19 2014-10-21
40899.796 SCOUT INTERNATIONAL FUND   2013-06-25 2014-10-21
. NET SETTLEMENT FROM CLASS ACTION SUIT     2014-11-25
82979.751 ABERDEEN FDS EMRGN   2013-06-25 2014-12-15
800. IPATH GSCI TOTAL RETURN   2013-06-25 2014-12-15
27105. IPATH GSCI TOTAL RETURN   2014-10-21 2014-12-15
1655. HALLIBURTON CO COM   2014-05-02 2014-12-15
15325. ISHARES JPMORGAN USD EMERG ETF   2014-10-21 2014-12-15
37276.342 LOOMIS SAYLES STRATEGIC ALPHA FUND Y   2013-07-29 2014-12-15
4633.205 NEUBERGER BERMAN LONG SH INS   2013-10-24 2014-12-15
225225.225 NUVEEN HIGH INCOME BOND FD CL I   2014-10-21 2014-12-15
169925.874 NUVEEN HIGH INCOME BOND FD CL I   2012-12-04 2014-12-15
45436.225 OPPENHEIMER DEVELOPING MARKETS I   2013-12-19 2014-12-15
7931.262 ROBECO BOSTON PARTNERS L S RSRCH   2013-10-24 2014-12-15
4690. STANDARD & POORS DEPOSITARY RECEIPTS   2012-05-10 2014-12-15
19470. SPDR DOW JONES INTERNATIONAL ETF   2013-06-25 2014-12-15
11454.754 SCOUT INTERNATIONAL FUND   2011-06-24 2014-12-15
CAPITAL GAIN 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 109,053   79,690 29,363
b 125,354   121,582 3,772
c 11,842   8,598 3,244
d 11,288   7,223 4,065
e 78,425   69,622 8,803
8,081   2,526 5,555
105,772   81,593 24,179
83,032   61,318 21,714
75,027   51,528 23,499
89,602   83,761 5,841
183,327   160,915 22,412
36,312   20,280 16,032
32,573   31,146 1,427
72,583   73,435 -852
51,327   36,607 14,720
109,498   82,023 27,475
31,940   21,576 10,364
38,547   28,618 9,929
50,263   60,913 -10,650
63,855   75,667 -11,812
21   19 2
81,479   73,599 7,880
123,191   63,760 59,431
29,452   32,249 -2,797
106,409   66,521 39,888
76,300   79,593 -3,293
72,883   73,410 -527
5,926   5,911 15
109,638   59,935 49,703
107,751   59,744 48,007
5,824   5,892 -68
68,553   62,725 5,828
34,133   33,040 1,093
23,606   16,526 7,080
9,344   8,571 773
18,658   16,528 2,130
47,136   31,867 15,269
78,647   53,287 25,360
71,215   55,933 15,282
70,301   42,936 27,365
96,918   87,714 9,204
81,459   59,071 22,388
75     75
101,305   99,782 1,523
455,658   433,657 22,001
807,804   887,785 -79,981
751,043   800,000 -48,957
100,009   96,552 3,457
249,694   247,243 2,451
1,106,434   1,130,000 -23,566
802,115   768,534 33,581
1,020,386   1,044,000 -23,614
24,789   24,503 286
300,309   286,346 13,963
506,741   503,745 2,996
1,415,542   1,325,433 90,109
1,952     1,952
1,121,056   1,175,454 -54,398
17,728   25,192 -7,464
600,658   756,539 -155,881
62,911   104,825 -41,914
1,636,746   1,749,798 -113,052
374,627   373,136 1,491
59,815   57,822 1,993
1,869,369   2,000,000 -130,631
1,410,385   1,488,747 -78,362
1,530,746   1,672,000 -141,254
119,841   109,372 10,469
936,713   640,584 296,129
796,975   740,039 56,936
394,273   367,583 26,690
      176,795
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       29,363
b       3,772
c       3,244
d       4,065
e       8,803
      5,555
      24,179
      21,714
      23,499
      5,841
      22,412
      16,032
      1,427
      -852
      14,720
      27,475
      10,364
      9,929
      -10,650
      -11,812
      2
      7,880
      59,431
      -2,797
      39,888
      -3,293
      -527
      15
      49,703
      48,007
      -68
      5,828
      1,093
      7,080
      773
      2,130
      15,269
      25,360
      15,282
      27,365
      9,204
      22,388
      75
      1,523
      22,001
      -79,981
      -48,957
      3,457
      2,451
      -23,566
      33,581
      -23,614
      286
      13,963
      2,996
      90,109
      1,952
      -54,398
      -7,464
      -155,881
      -41,914
      -113,052
      1,491
      1,993
      -130,631
      -78,362
      -141,254
      10,469
      296,129
      56,936
      26,690
       
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 2 382,916
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 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 1,338,184 37,857,723 0.035348
2012 924,451 31,782,152 0.029087
2011 116,784 15,102,680 0.007733
2010 81,505 4,210,597 0.019357
2009 664,138 4,044,213 0.164219
2 Total of line 1, column (d) ...................... 2 0.255744
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 0.051149
4 Enter the net value of noncharitable-use assets for 2014 from Part X, line 5..... 4 40,179,230
5 Multiply line 4 by line 3....................... 5 2,055,127
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 11,963
7 Add lines 5 and 6......................... 7 2,067,090
8 Enter qualifying distributions from Part XII, line 4.............. 8 1,506,805
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 23,926
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 23,926
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 23,926
6 Credits/Payments:
a 2014 estimated tax payments and 2013 overpayment credited to 2014 6a 26,735
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 26,735
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8 0
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 2,809
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet2,809 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 Instructions
for definition)?.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletMN
    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
     
     
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbullet  
    14
    The books are in care ofbulletUS BANK NATIONAL ASSOCIATION Telephone no.bullet (651) 466-8710
    Located atbullet101 EAST FIFTH STREETSAINT PAULMN ZIP+4bullet55101
    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
     
    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 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
    ANNA F LAYNOR PRESIDENT
    2     		3,000    
    147 CENTER STREET
    YARMOUTH PORT,MA026751314
    DANIEL H GAINEY VICE PRESIDENT & TREASURER
    2     		0    
    256 NORTH REFUGIO ROAD
    SANTA YNEZ,CA93460
    JOHN R WICKS VICE PRESIDENT & SECRETARY
    2     		0    
    1206 MOUNT CURVE AVENUE
    MINNEAPOLIS,MN554031006
    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.........................bullet  
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    40,791,096
    b
    Average of monthly cash balances.......................
    1b
    0
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    40,791,096
    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
    40,791,096
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    611,866
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    40,179,230
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    2,008,962
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    2,008,962
    2a
    Tax on investment income for 2014 from Part VI, line 5......
    2a
    23,926
    b
    Income tax for 2014. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    23,926
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    1,985,036
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    1,985,036
    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
    1,985,036
    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
    1,506,805
    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
    0
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    1,506,805
    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
    1,506,805
    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 1,985,036
    2 Undistributed income, if any, as of the end of 2014:
    a Enter amount for 2013 only....... 1,190,342
    b Total for prior years:2012, 20, 20 0
    3 Excess distributions carryover, if any, to 2014:
    a From 2009....... 0
    b From 2010....... 0
    c From 2011....... 0
    d From 2012....... 0
    e From 2013....... 0
    fTotal of lines 3a through e......... 0
    4Qualifying distributions for 2014 from Part
    XII, line 4: bullet$ 1,506,805
    a Applied to 2013, but not more than line 2a 1,190,342
    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..... 316,463
    e Remaining amount distributed out of corpus 0
    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 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 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 ..........     		1,668,573
    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) ...     		0
    9Excess distributions carryover to 2015.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2010.... 0
    b Excess from 2011.... 0
    c Excess from 2012.... 0
    d Excess from 2013.... 0
    e Excess from 2014.... 0
    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:
    ELAINE F STEPANEK FOUNDATION
    C/O US BANK NA 101 E 5TH ST 14TH
    ST PAUL,MN551011860
    (651) 466-8724
    bThe form in which applications should be submitted and information and materials they should include:
    LETTER FORMAT
    cAny submission deadlines:
    NONE
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    SUPPORTS PUBLICLY SUPPORTED CHARITABLE ORGANIZATIONS AND 501(C)(3) ORGANIZATIONS. THE FOUNDATION MAY ALSO PROVIDE SCHOLARSHIPS WITH THE SCHOOL AND GEOGRAPHICAL AREA TO BE DETERMINED.
    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
    OWATONNA SCHOOL DISTRICT
    P O BOX 463
    OWATONNA,MN55060     		NONE PUBLIC PROGRAM SUPPORT 5,000
    SANTA BARBARA BOWL FDN
    1122 N MILPAS STREET
    SANTA BARBARA,CA93103     		NONE PUBLIC PROGRAM SUPPORT 50,000
    SANTA YNEZ VALLEY - COTTAGE HOSPITAL FDN
    2050 VIBORG ROAD
    SOLVANG,CA93463     		NONE PUBLIC PROGRAM SUPPORT 80,000
    SANTA BARBARA COTTAGE HEALTH SYSTEM
    P O BOX 689
    SANTA BARBARA,CA93102     		NONE PUBLIC PROGRAM SUPPORT 220,000
    CAPE SYMPHONY & CONSERVATORY
    1060 FALMOUTH ROAD SUITE A
    HYANNIS,MA02601     		NONE PUBLIC PROGRAM SUPPORT 50,000
    SCHOOL DISTRICT 761 FOUNDATION
    PO BOX 463
    OWATONNA,MN55060     		N/A PUBLIC PROGRAM SUPPORT 80,000
    MUSICAL INSTRUMENT MUSEUM
    4725 EAST MAYO ROAD
    PHOENIX,AZ85050     		N/A PUBLIC PROGRAM SUPPORT 50,000
    SCHOLARSHIP FUND OF SANTA BARBARA
    P O BOX 3620
    SANTA BARBARA,CA93130     		NONE PUBLIC PROGRAM SUPPORT 112,000
    OPERA SANTA BARBARA
    1330 STATE ST STE 209
    SANTA BARBARA,CA93101     		NONE PUBLIC PROGRAM SUPPORT 50,000
    MUSIC ACADEMY OF THE WEST
    1070 FAIRWAY ROAD
    SANTA BARBARA,CA931082899     		NONE PUBLIC PROGRAM SUPPORT 50,000
    BRAILLE INSTITUTE OF AMERICA INC
    SANTA BARBARA REGIONAL CENTER
    2031 DE LA VINA STREET
    SANTA BARBARA,CA93105     		NONE PUBLCI PROGRAM SUPPORT 200,000
    SANTA BARBARA MUSEUM OF ART
    1130 STATE STREET
    SANTA BARBARA,CA93101     		NONE NONE PROGRAM SUPPORT 50,000
    COMMUNITY ARTS MUSIC ASSOCIATION
    2060 ALAMEDA PADRE SERRA ST 201
    SANTA BARBARA,CA93103     		NONE PUBLIC PROGRAM SUPPORT 52,000
    LOBERO THEATRE FOUNDATION
    33 EAST CANON PERIDO ST
    SANTA BARBARA,CA93101     		NONE PUBLIC PROGRAM SUPPORT 50,000
    SANTA BARBARA SYMPHONY
    ORCHESTRA ASSOCIATION
    1330 STATE ST STE 102
    SANTA BARBARA,CA93101     		NONE PUBLIC PROGRAM SUPPORT 50,000
    CANCER FOUNDATION OF
    SANTA BARBARA
    601 WEST PUEBLO STREET
    SANTA BARBARA,CA93105     		NONE PUBLIC PROGRAM SUPPORT 300,000
    Total .................................bullet 3a 1,449,000
    bApproved for future payment
    Total .................................bullet 3b  
    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 ............     		    14 1,021,695  
    4 Dividends and interest from securities....          
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6
    Net rental income or (loss) from personal property .............     		         
    7 Other investment income.....          
    8
    Gain or (loss) from sales of assets other than inventory .............     		    18 382,916  
    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)..   1,404,611  
    13Total. Add line 12, columns (b), (d), and (e)..................
    131,404,611
    (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 (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:
    ELAINE F STEPANEK FOUNDATION AGENCY
    EIN: 20-5632706
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TAX PREPARATION 1,500 750   750

    TY 2014 InvestmentsCorpBondsSchedule
    Name:
    ELAINE F STEPANEK FOUNDATION AGENCY
    EIN: 20-5632706
    Name of Bond End of Year Book Value End of Year Fair Market Value
    CREDIT SUISSE COMM RET ST CO    
    NUVEEN FUNDS CORE BD FD 100,000 111,591
    NUVEEN HIGH INCOME BD FD    
    ISHARES IBOXX HIGH YIELD CORP 4,284,848 4,415,936
    DRIEHAUS ACTIVE INCOME FD 775,000 767,633
    NUVEEN SHORT TERM BOND FUND CL 1,507,027 1,494,446
    PIMCO TOTAL RETURN FUND INST    
    T ROWE PRICE INTL BOND FUND    
    NUVEEN STRATEGIC INCOME 928,285 981,321
    ISHARES CORE TOTAL US BOND MAR 916,767 946,261
    LOOMIS SAYLES GLBL BOND INST 2,334,757 2,285,360
    LOOMIS SAYLES STRATEGIC ALPHA 791,864 787,117
    MAINSTAY FLOATING RATE FD I    
    OPPENHEIMER SR FLOAT RATE Y    
    SPDR BARCLAYS INTERNATIONAL TR    

    TY 2014 InvestmentsCorpStockSchedule
    Name:
    ELAINE F STEPANEK FOUNDATION AGENCY
    EIN: 20-5632706
    Name of Stock End of Year Book Value End of Year Fair Market Value
    KROGER CO 94,478 120,394
    NIELSEN HOLDINGS N V    
    MICROSOFT CORP 174,552 229,928
    BANK OF AMERICA CORP    
    CVS HEALTH CORPORATION 97,286 133,871
    DOW CHEM CO 80,097 114,025
    SPDR S&P 500 ETF TRUST 880,974 1,325,733
    MONSANTO CORP 90,652 106,328
    ISHARES CORE S&P SMALL CAP ETF 971,083 1,535,248
    ISAHRES MSCI EAFE VALUE INDEX 1,491,379 1,603,363
    LOWES CO INC 82,525 158,584
    MARATHON OIL CORPORATION    
    LIBERTY MEDIA CORP    
    ROCKWELL AUTOMATION INC 72,594 87,292
    J P MORGAN CHASE & CO 132,610 205,262
    AGILENT TECHNOLOGIES INC    
    CITIGROUP INC 103,595 175,858
    E TRADE FINANCIAL CORP 118,309 132,554
    MCKESSON CORP 103,881 123,510
    PFIZER 102,244 181,916
    GILEAD SCIENCES INC 71,493 170,611
    BEST BUY CO INC 57,285 109,729
    APPLE INC 314,138 413,483
    CATERPILLAR INC    
    LINCOLN NATL CORP IND    
    EXXON MOBIL CORP 48,780 110,385
    GOOGLE INC CL A    
    MYLAN INC 91,962 104,285
    STRYKER CORP    
    WALGREEN CO    
    SCHLUMBERGER LTD 54,505 110,179
    VERITIV CORP 1,060 1,608
    ALLERGAN INC 137,817 173,261
    AMERICAN TOWER CORP    
    ANADARKO PETROLEUM CORP 99,124 116,738
    AUTODESK INC 62,254 106,607
    BORG WARNER INC    
    BOEING CO 59,391 106,584
    CHEVRON CORPORATION    
    BRUNSWICK CORP    
    CIGNA CORP    
    CENTURYLINK INC 118,791 116,167
    CITIGROUP INC    
    HARLEY DAVIDSON INC 89,502 89,638
    HEWLETT PACKARD CO 121,154 194,430
    ILLINOIS TOOL WORKS INC 83,317 112,220
    ELECTRIC ARTS INC 82,050 133,523
    INTERNATIONAL PAPER CO 75,170 88,407
    KOHLS CORP    
    EATON CORP    
    FIFTH THIRD BANCORP 77,794 82,417
    FOOT LOCKER INC 41,837 97,753
    MEDTRONIC INC 109,079 137,180
    ISHARES MSCI EAFE GROWTH INDEX 1,481,192 1,642,289
    MOHAWK INDS INC 87,831 116,520
    JARDEN CORP 43,732 142,347
    MORGAN STANLEY 81,979 134,054
    MACYS INC 61,323 123,939
    MASTERCARD INC 61,869 155,519
    P P G INDS INC 86,784 110,952
    SOUTHWEST AIRLINES CO 103,124 206,945
    OCCIDENTAL PETROLEUM CORP 83,768 68,922
    PITNEY BOWES INC 47,322 66,165
    POLARIS INDS INC 66,316 116,455
    PRUDENTIAL FINANCIAL INC 78,972 110,361
    SLM CORP 92,456 118,051
    SEMPRA ENERGY 107,407 120,826
    SCOUT INTERNATIONAL FUND 771,265 804,893
    UNITED HEALTH GROUP INC    
    UNITED TECHNOLOGIES CORP 47,210 111,550
    VERIZON COMMUNICATIONS INC 178,794 171,215
    WESTERN DIGITAL CORP 109,653 120,110
    WELLS FARGO CO 117,855 220,376
    WHITING PETROLEUM CORP    
    ACE LTD 53,708 94,776
    E O G RES INC 91,112 100,356
    SYMANTEC CORP    
    SIGNET JEWELERS LTD 97,810 121,044
    MIDCAP SPDR TRUST SERIES ETF 1,962,674 2,988,140
    MONDELEZ INTERNATIONAL W I    
    NRG ENERGY INC 71,171 82,871
    STAPLES INC    
    XILINX INC 101,430 104,329
    EMERSON ELEC CO 107,507 111,423
    XEROX CORP 73,941 93,209
    INVESCO LTD 112,084 125,871
    ROYAL CARIBBEAN CRUISES LTD 74,684 164,860
    CA INC 82,389 88,762
    CALIFORNIA RESOURCES CORP 3,025 1,884
    ISHARES MSCI EMERGING MARKETS 4,243,732 4,406,570
    NEUBERGER BERMAN LONG SH INS 1,117,178 1,176,853
    ROBECO BOSTON PARTNERS LS RES 1,065,628 1,183,101

    TY 2014 InvestmentsOtherSchedule2
    Name:
    ELAINE F STEPANEK FOUNDATION AGENCY
    EIN: 20-5632706
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    ISHARES MSCI EAFE VALUE INDEX      
    IPATH DOW JONES UBS COMMODITY AT COST 775,239 731,300
    AMERICAN TOWER CORP AT COST 84,365 129,988
    OPPENHEIMER DEV MKTS FD CL Y      
    MIDCAP SPDR TRUST SERIES I ETF      
    ABERDEEN FDS EMRGN MKT INSTL      
    IPATH GSCI TOTAL RETURN      
    ISHARES DJ US REAL ESTATE ETF AT COST 864,344 1,058,471
    NEUBERGER BERMAN LONG SH INS      
    NUVEEN REAL ESTATE SECURITIES AT COST 861,294 1,134,948
    SCOUT INTERNATIONAL FUND      
    SPDR DJ WILSHIRE INTERNATIONAL      
    SPDR S&P 500 ETF TRUST      
    ISHARES CORE S&P SMALL CAP ETF      
    ISHARES MSCI EAFE GROWTH INDEX      
    VARIOUS MINERAL INTERESTS AT COST 14 14
    ROBECO BOSTON PARTNERS LS RES      

    TY 2014 LegalFeesSchedule
    Name:
    ELAINE F STEPANEK FOUNDATION AGENCY
    EIN: 20-5632706
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    DORSEY & WHITNEY 750 375   375


    TY 2014 OtherAssetsSchedule
    Name:
    ELAINE F STEPANEK FOUNDATION AGENCY
    EIN: 20-5632706
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    ACCRUED INCOME 68,452 35,372 35,372


    TY 2014 OtherExpensesSchedule
    Name:
    ELAINE F STEPANEK FOUNDATION AGENCY
    EIN: 20-5632706
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ADR FEES 25 25   0
    CHARITABLE FILING FEES 25 0   25
    D&O INSURANCE 6,414 0   6,414
    MISCELLANEOUS 3,073 1,536   1,537


    TY 2014 OtherIncreasesSchedule
    Name:
    ELAINE F STEPANEK FOUNDATION AGENCY
    EIN: 20-5632706
    Description Amount
       


    TY 2014 OtherLiabilitiesSchedule
    Name:
    ELAINE F STEPANEK FOUNDATION AGENCY
    EIN: 20-5632706
    Description Beginning of Year - Book Value End of Year - Book Value
    RETURN OF CAPITAL 6,282  


    TY 2014 OtherProfessionalFeesSchedule
    Name:
    ELAINE F STEPANEK FOUNDATION AGENCY
    EIN: 20-5632706
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT MGMT FEES-SUBJECT T 230,021 184,017   46,004


    TY 2014 TaxesSchedule
    Name:
    ELAINE F STEPANEK FOUNDATION AGENCY
    EIN: 20-5632706
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 25 25   0
    FEDERAL TAX 22,600 0   0
    FOREIGN TAXES ON QUALIFIED FOR 20,068 20,068   0
    FOREIGN TAXES ON NONQUALIFIED 1,201 1,201   0