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
CARLSON FAMILY FOUNDATION INC
C/O MARY N OWEN
% JOHN A NORTON
Number and street (or P.O. box number if mail is not delivered to street address)206 BROOKGREEN DRSuiteRoom/suite
City or town, state or province, country, and ZIP or foreign postal code
CHAPEL HILL, NC27516
A Employer identification number

31-1678303
B Telephone number (see instructions)

(919) 604-0842
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$22,535,651J 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).............. 0
2 Check bullet
Sch. B ...............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities...... 463,655 463,655  
5a Gross rents.............. 424,484 424,484  
b Net rental income or (loss) 324,664
6a Net gain or (loss) from sale of assets not on line 10 82,774
b Gross sales price for all assets on line 6a 1,505,286
7 Capital gain net income (from Part IV, line 2)... 82,774
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........ 970,913 970,913  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 154,000 46,200   107,800
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 9,075 4,538 0 4,537
c Other professional fees (attach schedule).... Click to see attachment 5,500 5,500    
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 16,216      
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 17,927 5,378   12,549
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 99,894 99,857   37
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 302,612 161,473 0 124,923
25 Contributions, gifts, grants paid........ 783,250 783,250
26 Total expenses and disbursements. Add lines 24 and 25 1,085,862 161,473 0 908,173
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -114,949
b Net investment income (if negative, enter -0-) 809,440
c Adjusted net income (if negative, enter -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...............      
2 Savings and temporary cash investments.......... 158,607 146,292 146,292
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...........   766 766
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........ 12,309,925 Click to see attachment12,157,172 16,572,968
c Investments—corporate bonds (attach schedule)........ 91,045 Click to see attachment91,045 65,625
11 Investments—land, buildings, and equipment: basis bullet5,750,000
Less: accumulated depreciation (attach schedule) bullet   5,750,000 5,750,000 5,750,000
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)...........      
14 Land, buildings, and equipment: basis bullet1,789
Less: accumulated depreciation (attach schedule) bullet1,789      
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 18,309,577 18,145,275 22,535,651
Liabilities 17 Accounts payable and accrued expenses.......... 51,569 2,216
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).......... 51,569 2,216
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......... 18,258,008 18,143,059
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds    
30 Total net assets or fund balances (see instructions)...... 18,258,008 18,143,059
31 Total liabilities and net assets/fund balances (see instructions).. 18,309,577 18,145,275
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 18,258,008
2 Enter amount from Part I, line 27a..................... 2 -114,949
3 Other increases not included in line 2 (itemize) bullet 3  
4 Add lines 1, 2, and 3.......................... 4 18,143,059
5 Decreases not included in line 2 (itemize) bullet 5  
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 18,143,059
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 PUBLICLY TRADED SECURITIES      
b PUBLICLY TRADED SECURITIES      
c PUBLICLY TRADED SECURITIES      
d
e
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 16,006   16,441 -435
b 187,462   168,805 18,657
c 1,301,818   1,237,266 64,552
d
e
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       -435
b       18,657
c       64,552
d
e
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 82,774
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 910,431 20,231,872 0.045
2012 904,498 18,742,718 0.048259
2011 884,388 18,737,528 0.047199
2010 880,683 18,007,194 0.048907
2009 958,279 17,534,053 0.054652
2 Total of line 1, column (d) ...................... 2 0.244017
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 0.048803
4 Enter the net value of noncharitable-use assets for 2014 from Part X, line 5..... 4 22,016,231
5 Multiply line 4 by line 3....................... 5 1,074,458
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 8,094
7 Add lines 5 and 6......................... 7 1,082,552
8 Enter qualifying distributions from Part XII, line 4.............. 8 908,173
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 16,189
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2  
3 Add lines 1 and 2........................... 3 16,189
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 16,189
6 Credits/Payments:
a 2014 estimated tax payments and 2013 overpayment credited to 2014 6a 14,000
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 14,000
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8 27
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 2,216
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$   (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)
    bullet
    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 addressbullet  
    14
    The books are in care ofbulletJOHN A NORTON Telephone no.bullet (919) 604-0842
    Located atbullet1610 SKYE DRIVECHAPEL HILLNC ZIP+4bullet27516
    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
    JOHN A NORTON TREASURER
    0     		22,000    
    1610 SKYE DRIVE
    CHAPEL HILL,NC27516
    MICHAEL A NORTON SECRETARY
    0     		22,000    
    75 CEDAR RUN
    PITTSBORO,NC27312
    MARY N OWEN DIRECTOR
    0     		22,000    
    206 BROOKGREEN DR
    CHAPEL HILL,NC27516
    PAUL S NORTON PRESIDENT
    0     		22,000    
    39 DOLPHIN COVE QUAY
    STAMFORD,CT06902
    JAMES M NORTON DIRECTOR
    0     		22,000    
    4614 HARRISON ST
    CHEVY CHASE,MD20815
    LENORE TRILBY NORTON VICE PRESIDENT
    0     		22,000    
    28200 S L DEL EL ESCORIAL APT 130
    MADRID    
    SP
    ELAINE BOYLEN DIRECTOR
    0     		22,000    
    28873 BONIFACE DRIVE
    MALIBU,CA90265
    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
     
    Total number of other employees paid over $50,000...................bullet  
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
     
    Total number of others receiving over $50,000 for professional services.............bullet  
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1
     
    2  
    3  
    4  
    Form 990-PF (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
    16,322,807
    b
    Average of monthly cash balances.......................
    1b
    278,697
    c
    Fair market value of all other assets (see instructions)................
    1c
    5,750,000
    d
    Total (add lines 1a, b, and c).........................
    1d
    22,351,504
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    22,351,504
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    335,273
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    22,016,231
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    1,100,812
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    1,100,812
    2a
    Tax on investment income for 2014 from Part VI, line 5......
    2a
    16,189
    b
    Income tax for 2014. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    16,189
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    1,084,623
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    1,084,623
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    1,084,623
    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
    908,173
    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
    908,173
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see instructions).................
    5
     
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    908,173
    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 1,084,623
    2 Undistributed income, if any, as of the end of 2014:
    a Enter amount for 2013 only....... 714,559
    b Total for prior years:2012, 2011, 2010  
    3 Excess distributions carryover, if any, to 2014:
    a From 2009.......  
    b From 2010.......  
    c From 2011.......  
    d From 2012.......  
    e From 2013....... 0
    fTotal of lines 3a through e......... 0
    4Qualifying distributions for 2014 from Part
    XII, line 4: bullet$ 908,173
    a Applied to 2013, but not more than line 2a 714,559
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions).........     		 
    d Applied to 2014 distributable amount..... 193,614
    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 ...........     		 
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		 
    e Undistributed income for 2013. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2014. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2015 ..........     		891,009
    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) .......     		 
    8Excess distributions carryover from 2009 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2015.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2010....  
    b Excess from 2011....  
    c Excess from 2012....  
    d Excess from 2013....  
    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).)
    NONE
    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.
    NONE
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (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
    ASOCIACION CYD SANTA MARIA
    SANTA LUCIA 1-10-3
    MALAGA   29004
    SP     		NONE PC DISCRETIONARY 3,000
    BROTHER'S BROTHER FOUNDATION
    1200 GALVESTON AVENUE
    PITTSBURGH,PA15233     		NONE PC DISCRETIONARY 865
    CATHOLIC CHARITIES DEVELOPMENT OFFICE
    715 NAZARETH STREET
    RALEIGH,NC27606     		NONE PC DISCRETIONARY 865
    CHAPEL HILL CARRBORO YMCA
    980 MARTIN LUTHER KING JR BLVD
    CHAPEL HILL,NC27514     		NONE PC DISCRETIONARY 1,000
    CHRISTIAN SOCIAL SERVICE CENTER INC
    P O BOX 1111
    OWINGVILLE,KY40360     		NONE PC DISCRETIONARY & MAJOR 28,500
    CRESTED BUTTE LAND TRUST
    P O BOX 2224
    CRESTED BUTTE,CO81224     		NONE PC DISCRETIONARY 865
    DURHAM RESCUE MISSION
    507 EAST KNOX ST
    DURHAM,NC27703     		NONE PC DISCRETIONARY 855
    LHASA HAPPY HOMES RESCUE INC
    1158 26TH ST SUITE 190
    SANTA MONICA,CA90403     		NONE PC DISCRETIONARY 1,000
    MUSIC MAKER RELIEF FOUNDATION
    224 WEST CORBIN ST
    HILLSBOROUGH,NC27278     		NONE PC MAJOR 7,500
    NATIONAL MS SOCIETY
    1800 M STREET NW SUITE 750 SOUTH
    WASHINGTON,DC20036     		NONE PC DISCRETIONARY 400
    OPEN DOOR DENTAL CLINIC OF ALAMANCE COUNTY
    P O BOX 1744
    BURLINGTON,NC272161744     		NONE PC DISCRETIONARY 1,000
    SECU FAMILY HOUSE
    123 OLD MASON FARM ROAD
    CHAPEL HILL,NC27517     		NONE PC DISCRETIONARY 2,000
    SPECIAL OLYMPICS ORANGE COUNTY
    200 PLANT RD
    CHAPEL HILL,NC27514     		NONE PC DISCRETIONARY 910
    TABLE
    205 W WEAVER ST
    CARRBORO,NC27510     		NONE PC DISCRETIONARY 1,500
    UNC-TV
    P O BOX 14900
    RESEARCH TRIANGLE PARK,NC277094900     		NONE PC DISCRETIONARY 1,000
    WUNC RADIO
    P O BOX 8880
    CHAPEL HILL,NC27515     		NONE PC DISCRETIONARY 500
    ACHIEVEMENT ACADEMY OF DURHAM
    400 WEST MAIN ST SUITE 103
    DURHAM,NC27701     		NONE PC MAJOR 15,000
    ASOCIACION ANIDAN AYUDA NINOS DE AFRICA
    C/JULIAN HERNANDEZ 9 2 4
    MADRID   24043
    SP     		NONE PC MAJOR 30,000
    BATH COUNTY AGRICULTURAL EXTENSION FOUNDATION INC
    2914 E HWY 60
    OWINGSVILLE,KY403608815     		NONE PC DISCRETIONARY 5,000
    BIG BROTHERS BIG SISTERS OF TRIANGLE
    909 AVIATION PKWY SUITE 1500
    MORRISVILLE,NC27560     		NONE PC MAJOR 25,000
    BLUE GRASS COMMUNITY FOUNDATION
    250 WEST MAIB STREET SUITE 1220
    LEXINGTON,KY405071714     		NONE PC MAJOR & DISCRETIONARY MEMORIAL LIBRARY, PARKS AND RECREATION 38,000
    CACAPON AND LOST RIVERS LAND TRUST
    RR1 BOX 328
    HIGH VIEW,WV26808     		NONE PC MAJOR 20,000
    CAROLINA SAILING CLUB FOUNDATION
    6004 BUNCHBERRY CT
    RALEIGH,NC27616     		NONE PC MAJOR 6,000
    CENTER FOR FOOD ACTION NJ
    192 W DEMEREST AVENUE
    ENGLEWOOD,NJ07631     		NONE PC MAJOR 10,000
    CHILDREN'S AID AND FAMILY SERVICES INC
    200 ROBIN ROAD
    PARAMUS,NJ07652     		NONE PC MAJOR 20,000
    EQUALITY NOW INC
    250 WEST 57TH ST SUITE 1527
    NEW YORK,NY10107     		NONE PC MAJOR 15,000
    GOD'S LOVE WE DELIVER
    166 AVENUE OF THE AMERICAS
    NEW YORK,NY10013     		NONE PC DISCRETIONARY 6,000
    GREENWICH BOYS & GIRLS' CLUB ASSOC INC
    4 HORSENECK LANE
    GREENWICH,CT06830     		NONE PC MAJOR 5,000
    INTER-FAITH COUNCIL FOR SOCIAL SERVICE
    110 WEST NAIN ST
    CARRBORO,NC27510     		NONE PC MAJOR 15,000
    JOHN AVERY BOYS AND GIRLS CLUB
    P O BOX 446
    DURHAM,NC27702     		NONE PC MAJOR 15,000
    LEUKEMIA & LYMPHOMA SOCIETY NORTHERN NJ
    14 COMMERCE DR SUITE 301
    CRANFORD,NJ07016     		NONE PC MAJOR & DISCRETIONARY 27,500
    MEDICOS SIN FRONTERAS ESPANA
    72-1 A MELENDEZ VALDES
    MADRID   28015
    SP     		NONE PC MAJOR 24,000
    NEIGHBORS LINK STAMFORD CORP
    75 SELLECK STREET
    STAMFORD,CT06902     		NONE PC MAJOR 10,000
    NEW COVENANT HOUSE
    P O BOX 10883
    STAMFORD,CT06904     		NONE PC MAJOR 20,000
    NORTH CAROLINA COASTAL FEDERATION
    3609 HIGHWAY 24 OCEAN
    NEWPORT,NC28570     		NONE PC MAJOR & DSICRETIONARY 21,500
    ORPHANAID AFRICA
    268 BUSH STREET SUITE 3100
    SAN FRANCISCO,CA94104     		NONE PC MAJOR 10,000
    PARALYZED VETERANS OF AMERICA
    801 18TH ST NW
    WASHINGTON,DC20006     		NONE PC MAJOR 5,000
    RONALD MCDONALD HOUSE
    101 OLD MASON FARM RD
    CHAPEL HILL,NC27517     		NONE PC MAJOR 10,000
    SCHOLARSHIP FUND FOR INNER CITY CHILDREN
    P O BOX 9500
    NEWARK,NJ071049500     		NONE PC MAJOR 10,000
    STAMFORD SAILING FOUNDATION
    151 HARVARD AVE
    STAMFORD,CT06902     		NONE PC MAJOR & DISCRETIONARY 41,000
    THE PORTABLE PLAYHOUSE INC
    425 MAIN ST
    FOREST CITY,PA18421     		NONE PC MAJOR 10,000
    THE WATERSIDE SCHOOL
    770 PACIFIC ST
    STAMFORD,CT06902     		NONE PC MAJOR 10,000
    THE WOMEN'S CENTER
    P O BOX 1057
    CHAPEL HILL,NC27514     		NONE PC MAJOR 10,000
    TOUCH FOUNDATION INC
    875 THIRD AVE 5TH FLOOR
    NEW YORK,NY10022     		NONE PC MAJOR 7,000
    UNC LINEBERGER COMPREHENSIVE CANCER CENTER
    SCHOOL OF MEDICINE CB 7295
    CHAPEL HILL,NC275997295     		NONE PC MAJOR 27,900
    WOMEN FOR WOMEN FOUNDATION INC
    P O BOX 50403
    COLORADO SPRINGS,CO80949     		NONE PC MAJOR & DISCRETIONARY 20,000
    ASOCIACION PROTECTOR DE ANIMALES PATES
    P O BOX 627
    MOJACAR PLAYA,ALMERIA04638
    SP     		NONE PC DISCRETIONARY 1,500
    ASSOCIACION JAMBO VOLUNTEERS
    MARIA DE MOLINA 32 7A
    MADRID   28006
    SP     		NONE PC MAJOR 20,000
    C & O CANAL TRUST INC
    1850 DUAL HIGHWAY STE 100
    HAGERSTOWN,MD21740     		NONE PC MAJOR 25,000
    CHATHAM COUNTY OUTREACH ALLIANCE
    P O BOX 1326
    PITTSBORO,NC27312     		NONE PC major 10,000
    FOOD FOR THE POOR
    6401 LYONS ROAD
    COCONUT CREEK,FL33073     		NONE PC DISCRETIONARY 865
    FUNDACION ANADE
    CLARA CAMPOAMOR 20
    MADRID,COLLADO VILLABA28400
    SP     		NONE PC DISCRETIONARY 3,000
    POTOMAC RIVERKEEPER INC
    1100 15TH ST NW 11TH FLOOR
    WASHINGTON,DC20005     		NONE PC MAJOR 11,000
    SAMARPAN
    13645 CATAWBA DR
    POWAY,CA92064     		NONE PC MAJOR 5,600
    THE ARC OF ORANGE COUNTY
    208 N COLUMBIA ST SUITE 100
    CHAPEL HILL,NC27514     		NONE PC DISCRETIONARY 865
    SILVER HILL HOSPITAL
    208 VALLEY RD
    NEW CANAAN,CT068403899     		NONE PC DISCRETIONARY 1,000
    WOMEN'S LINK WORLDWIDE
    120 SPRING STREET
    NORTHFIELD,VT05663     		NONE PC DISCRETIONARY 1,500
    AVANTE
    RUA MIQUEL DE JULIETA/TOMBA SURRAO
    LENCOIS,BAHIA46960000
    BR     		NONE PC DISCRETIONARY 2,000
    INSPIRICA INC
    C/O CAROLE SCHWARTZ
    141 FRANKLIN ST
    STAMFORD,CT06901     		NONE PC MAJOR 20,000
    REBUILDING TOGETHER INC
    1899 L ST NW SUITE 1000
    WASHINGTON,DC200363810     		NONE PC MJOR 28,000
    THE SALVATION ARMY
    P O BOX 1330
    DURHAM,NC27702     		NONE PC DISCRETIONARY 865
    ROCHESTER INSTITUTE OF TECHNOLOGY
    116 LONG MEMORIAL DRIVE
    ROCHESTER,NY146235608     		NONE PC DISCRETIONARY 1,000
    ACHIEVEMENT ACADEMY OF DURHAM
    400 WEST MAIN ST SUITE 103
    DURHAM,NC27701     		NONE PC DISCRETIONARY 2,000
    ALZHEIMER'S ASSOCIATION CT CHAPTER
    2075 SILAS DEANE HIGHWAY SUITE 100
    ROCKY HILL,CT06067     		NONE PC DISCRETIONARY 1,000
    AMERICAN RED CROSS CONNECTICUT CHAPTER
    209 FARMINGTON AVE
    FARMINTON,CT06032     		NONE PC MAJOR 6,000
    CHILDREN'S HOME SOCIETY OF NORTH CAROLINA
    P O BOX 14608
    GREENSBORO,NC27415     		NONE PC DISCRETIONARY 1,000
    FAMILY VIOLENCE AND RAPE CRISIS SERVICES
    P O BOX 1105
    PITTSBORO,NC27312     		NONE PC MAJOR 10,000
    FRED HUTCHINSON CANCER RESEARCH CENTER
    1100 FAIRVIEW AVE N J1-105
    SEATTLE,WA98109     		NONE PC MAJOR 20,000
    LEAGUE TO SAVE LAKE TAHOE
    2608 LAKE TAHOE BLVD
    S LAKE TAHOE,CA96150     		NONE PC DISCRETIONARY 1,000
    MIRACLEFEET
    605 W MAIN STREET SUITE 107
    CARRBORO,NC27510     		NONE PC DISCRETIONARY 865
    MSU FOUNDATION
    150 UNIVERSITY BLVD
    MOREHEAD,KY40351     		NONE PC MATCHING 200
    SCHOOL ON WHEELS INC
    83 S PALM STREET
    VENTURA,CA93001     		NONE PC MAJOR 9,000
    SOCIETY OF ST ANDREW
    3383 SWEET HOLLOW RD
    BIG ISLAND,VA24526     		NONE PC DISCRETIONARY 865
    THE COMMUNITY FOODBANK OF NEW JERSEY
    31 EVANS TERMINAL
    HILLSIDE,NJ07205     		NONE PC MAJOR 5,000
    URI SAILING TEAM
    206 SALT POND ROAD
    WAKEFIELD,RI02879     		NONE PC DISCRETIONARY 1,000
    AMERICAN WHITEWATER
    P O BOX 1540
    CULLOWHEE,NC28723     		NONE PC DISCRETIONARY 2,500
    BATH COUNTY HUMANE SOCIETY
    151 SHERMAN COURT
    OWNINGVILLE,KY40360     		NONE PC DISCRETIONARY 5,000
    CAROLINA FARM STEWARDSHIP ASSOC
    P O BOX 4458
    PITTSBORO,NC27312     		NONE PC DISCRETIONARY 1,000
    CAROLINA TIGER RESCUE
    1940 HANK CAPEL RD
    PITTSBORO,NC27312     		NONE PC DISCRETIONARY 500
    CHAPEL HILL CARRBORO MEALS ON WHEELS
    P O BOX 2102
    CHAPEL HILL,NC27514     		NONE PC DISCRETIONARY 865
    CHATHAM COUNTY LITERACY COUNCIL
    P O BOX 1696
    PITTSBORO,NC27312     		NONE PC DISCRETIONARY 500
    CHATHAM HABITAT FOR HUMANITY
    P O BOX 883
    PITTSBORO,NC27312     		NONE PC DISCRETIONARY 2,500
    CONNECTICUT CHALLENGE INC
    250 PEQUOT AVE
    SOUTHPORT,CT06890     		NONE PC MATCHING 150
    EL FUTURO INC
    106B S CHATHAM AVE
    SILER CITY,NC27344     		NONE PC DISCRETIONARY 500
    FAIRFIELD COUNTY COMMUNITY FOUNDATION
    383 MAIN AVENUE
    NORWALK,CT06851     		NONE PC DISCRETIONARY - TRUGLIA THUMBELINA FUND 1,000
    FOOD BANK OF CENTRAL & EAST NORTH CAROLINA
    3808 TARHEEL DR
    RALEIGH,NC27609     		NONE PC DISCRETIONARY 3,000
    FRIEND FOR EARLIER BREAST CANCER TEST
    2407 DENT STREET
    GREENSBORO,NC27408     		NONE PC MAJOR 10,000
    GILMORE CAR MUSEUM
    6865 HICKORY RD
    HICKORY CORNERS,MI49060     		NONE PC DISCRETIONARY 1,000
    KIDS IN CRISIS
    1 SALEM ST
    COS COB,CT06807     		NONE PC DISCRETIONARY 1,000
    LAB RESCUE OF LRCP INC
    P O BOX 1814
    ANNANDALE,VA22003     		NONE PC DISCRETIONARY 500
    LIBERATION PROGRAMS INC
    129 GLOVER AVE
    NORWALK,CT06850     		NONE PC OTHER MATCHING 100
    MARCH OF DIMES
    1275 MAMARONECK AVE
    WHITE PLAINS,NY10605     		NONE PC OTHER MATCHING 50
    MONTGOMERY COUNTY COMMUNITY FOUNDATION
    111 WEST MONTGOMERY AVE
    ROCKVILLE,MD208504212     		NONE PC DISCRETIONARY 4,000
    MULTIPLE MYELOMA RESEARCH FOUNDATION
    383 MAIN AVE 5TH FLOOR
    NORWALK,CT06851     		NONE PC DISCRETIONARY 500
    NEW YORK UNIVERSITY
    25 WEST 4TH ST 4TH FLOOR
    NEW YORK,NY10012     		NONE PC OTHER MATCHING 100
    PAN MASS CHALLENGE
    77 FOURTH AVE
    NEEDHAM,MA02494     		NONE PC DISCRETIONARY 1,000
    PORCH INC
    218 LAKE MANOR ROAD
    CHAPEL HILL,NC27516     		NONE PC DISCRETIONARY 500
    SHEPHERD UNIVERSITY FOUNDATION
    P O BOX 5000
    SHEPHERDSTOWN,WV25443     		NONE PC DISCRETIONARY - SCARBOROUGH SOCIETY 4,000
    SIERRA NEVADA JOURNEYS
    190 E LIBERTY ST
    RENO,NV89501     		NONE PC MAJOR 10,000
    SPECIAL OLYMPICS OF NEW YORK
    1207 ROUTE 9 SUITE 1C
    WAPPINGERS FALLS,NY12590     		NONE PC OTHER MATCHING 50
    SUSAN G KOMEN VIRGINIA
    1433 JOHNSTON WILLIS DRIVE
    RICHMOND,VA23235     		NONE PC DISCRETIONARY 500
    SWIM ACROSS AMERICA
    ONE INTERNATIONAL PLACE
    SUITE 4600
    BOSTON,MA02110     		NONE PC DISCRETIONARY 250
    THE ABUNDANCE FOUNDATION
    220 LORAX LANE 5
    PITTSBORO,NC27312     		NONE PC DISCRETIONARY 1,000
    THE UNIVERSITY OF CONNECTICUT FOUNDATION
    2390 ALUMNI DR
    STORRS,CT062693206     		NONE PC OTHER MATCHING 100
    THE WAKEFIELD WOLVERINE CLUB
    2200 WAKEFIELD PINES DRIVE
    RALEIGH,NC27614     		NONE   DISCRETIONARY 300
    Total .................................bullet 3a 783,250
    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 ............     		         
    4 Dividends and interest from securities....     14 463,655  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....     16 424,484  
    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 82,774  
    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)..   970,913  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13970,913
    (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:
    CARLSON FAMILY FOUNDATION INC
    C/O MARY N OWEN
    EIN: 31-1678303
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    BDO USA LLP 9,075 4,538   4,537

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

    TY 2014 DepreciationSchedule
    Name:
    CARLSON FAMILY FOUNDATION INC
    C/O MARY N OWEN
    EIN: 31-1678303
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included

    TY 2014 InvestmentsCorpBondsSchedule
    Name:
    CARLSON FAMILY FOUNDATION INC
    C/O MARY N OWEN
    EIN: 31-1678303
    Name of Bond End of Year Book Value End of Year Fair Market Value
    PEABODY ENERGY 4.75% 125000 91,045 65,625

    TY 2014 InvestmentsCorpStockSchedule
    Name:
    CARLSON FAMILY FOUNDATION INC
    C/O MARY N OWEN
    EIN: 31-1678303
    Name of Stock End of Year Book Value End of Year Fair Market Value
    FRANKLIN INTL 39486.077 SHS 622,711 713,119
    ISHARES TR CORE 7345 UNITS 772,993 808,831
    GUGGENHEIN INTL 29708 UNITS 490,496 501,768
    ISHARES MSCI 12243 UNITS 490,237 526,694
    ISHARES U S PREF 14811 UNITS 589,485 584,146
    POWERSHARES QQQ TR 28305 UNITS 1,878,596 2,922,491
    SPDR S&P 500 ETF 45639 UNITS 6,132,188 9,380,640
    PIMCO 0-5 YR HIGH YD 7346 UTS 784,269 740,697
    PIMCO INCOME FD 32001.797 SHS 396,197 394,582

    TY 2014 OtherExpensesSchedule
    Name:
    CARLSON FAMILY FOUNDATION INC
    C/O MARY N OWEN
    EIN: 31-1678303
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    POSTAGE 34 17   17
    BANK CHARGES 40 20   20
    Rent and Royalty Expense 99,820      


    TY 2014 OtherProfessionalFeesSchedule
    Name:
    CARLSON FAMILY FOUNDATION INC
    C/O MARY N OWEN
    EIN: 31-1678303
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    U S HOTEL APPRAISALS 5,500 5,500    


    TY 2014 TaxesSchedule
    Name:
    CARLSON FAMILY FOUNDATION INC
    C/O MARY N OWEN
    EIN: 31-1678303
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXCISE TAX 16,216