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
The Clowes Fund Incorporated
 
% BKD LLP
Number and street (or P.O. box number if mail is not delivered to street address)320 NORTH MERIDIAN ST STE 316   Room/suite
City or town, state or province, country, and ZIP or foreign postal code
INDIANAPOLIS, IN46204
A Employer identification number

35-1079679
B Telephone number (see instructions)

(317) 833-0144
C bullet
G Check all that apply:

D 1. bullet
2. bullet
E bullet
H Check type of organization:
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$70,693,093J 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 4,434 4,434  
4 Dividends and interest from securities...... 1,420,707 1,420,707  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 3,077,080
b Gross sales price for all assets on line 6a 5,574,854
7 Capital gain net income (from Part IV, line 2)... 3,077,080
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 129,870 129,870  
12 Total. Add lines 1 through 11........ 4,632,091 4,632,091  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 139,292 27,858   111,434
14 Other employee salaries and wages...... 155,527     155,527
15 Pension plans, employee benefits....... 58,728 4,698   54,030
16a Legal fees (attach schedule)......... Click to see attachment 20,013 0 0 20,013
b Accounting fees (attach schedule)....... Click to see attachment 80,085 21,517 0 58,568
c Other professional fees (attach schedule).... Click to see attachment 344,977 322,864   22,113
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 100,477 37,977    
19 Depreciation (attach schedule) and depletion... Click to see attachment 824    
20 Occupancy.............. 23,310     23,310
21 Travel, conferences, and meetings....... 9,921     9,921
22 Printing and publications.......... 932     932
23 Other expenses (attach schedule)....... Click to see attachment 76,250 2,641   73,609
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 1,010,336 417,555 0 529,457
25 Contributions, gifts, grants paid........ 7,432,634 7,432,634
26 Total expenses and disbursements. Add lines 24 and 25 8,442,970 417,555 0 7,962,091
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -3,810,879
b Net investment income (if negative, enter -0-) 4,214,536
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............... 353,737 373,363 373,363
2 Savings and temporary cash investments..........      
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges...........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........      
c Investments—corporate bonds (attach schedule)........      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 54,943,005 Click to see attachment54,192,554 69,386,005
14 Land, buildings, and equipment: basis bullet26,990
Less: accumulated depreciation (attach schedule) bullet26,990 1,271    
15 Other assets (describe bullet) Click to see attachment1,090,325 Click to see attachment933,725 Click to see attachment933,725
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 56,388,338 55,499,642 70,693,093
Liabilities 17 Accounts payable and accrued expenses.......... 772 0
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).......... 772 0
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted...................    
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds.........    
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds 56,387,566 55,499,642
30 Total net assets or fund balances (see instructions)...... 56,387,566 55,499,642
31 Total liabilities and net assets/fund balances (see instructions).. 56,388,338 55,499,642
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 56,387,566
2 Enter amount from Part I, line 27a..................... 2 -3,810,879
3 Other increases not included in line 2 (itemize) bulletClick to see attachment 3 2,923,400
4 Add lines 1, 2, and 3.......................... 4 55,500,087
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 445
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 55,499,642
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 SANDERSON INTERNATIONAL K-1 P   2014-12-31
b SANDERSON INTERNATIONAL K-1 P   2014-12-31
c ADVISORY REAEARCH K-1 P   2014-12-31
d ADVISORY RESEARCH K-1 P   2014-12-31
e WELLINGTON K-1 P   2014-12-31
WELLINGTON K-1 P   2014-12-31
WELLINGTON K-1 SALE OF PARTNERSHIP P   2014-12-31
VANGUARD     2014-12-31
AEW K-1     2014-12-31
AEW K-1     2014-12-31
T ROWE PRICE     2014-12-17
T ROWE PRICE     2014-12-17
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 8,199     8,199
b 163,157     163,157
c 3,998     3,998
d 578,766     578,766
e 34,668     34,668
    117,627 -117,627
921,613     921,613
3,500,000   2,378,656 1,121,344
    1,491 -1,491
61,600     61,600
41,019     41,019
247,047     247,047
      14,787
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       8,199
b       163,157
c       3,998
d       578,766
e       34,668
      -117,627
      921,613
      1,121,344
      -1,491
      61,600
      41,019
      247,047
       
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 3,077,080
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 2,885,514 66,908,613 0.043126
2012 3,058,153 61,699,771 0.049565
2011 2,875,550 59,642,575 0.048213
2010 4,399,307 58,091,406 0.075731
2009 4,000,825 50,564,443 0.079123
2 Total of line 1, column (d) ...................... 2 0.295758
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 0.059152
4 Enter the net value of noncharitable-use assets for 2014 from Part X, line 5..... 4 70,821,452
5 Multiply line 4 by line 3....................... 5 4,189,231
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 42,145
7 Add lines 5 and 6......................... 7 4,231,376
8 Enter qualifying distributions from Part XII, line 4.............. 8 7,962,091
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 42,145
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 42,145
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 42,145
6 Credits/Payments:
a 2014 estimated tax payments and 2013 overpayment credited to 2014 6a 82,432
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 82,432
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. Click to see attachment 8  
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 40,287
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet40,287 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? Click to see list of attachments....................
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 changesClick to see list of attachments....
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.Click to see list of attachments
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)
    bulletIN
    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 addressbulletWWW.CLOWESFUND.ORG OR GUIDESTAR
    14
    The books are in care ofbulletBKD LLP Telephone no.bullet (317) 383-4000
    Located atbullet201 N ILLINOIS ST STE 700IndianapolisIN ZIP+4bullet46204
    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
    BEN W BLANTONClick to see attachment DIRECTOR
    2.0     		0 0 18
    320 NORTH MERIDIAN ST STE 316
    INDIANAPOLIS,IN46204
    MARGARET C BOWLESClick to see attachment SECRETARY
    2.0     		0 0 1,143
    320 NORTH MERIDIAN ST STE 316
    INDIANAPOLIS,IN46204
    ELIZABETH A CASSELMANClick to see attachment EXECUTIVE DIRECTOR
    40.0     		139,292 13,929 0
    320 NORTH MERIDIAN ST STE 316
    INDIANAPOLIS,IN46204
    ALEXANDER W CLOWESClick to see attachment PRESIDENT
    2.0     		0 0 4,034
    320 NORTH MERIDIAN ST STE 316
    INDIANAPOLIS,IN46204
    DOUGLAS S CLOWESClick to see attachment DIRECTOR
    2.0     		0 0 905
    320 NORTH MERIDIAN ST STE 316
    INDIANAPOLIS,IN46204
    EDITH W CLOWESClick to see attachment DIRECTOR
    2.0     		0 0  
    320 NORTH MERIDIAN ST STE 316
    INDIANAPOLIS,IN46204
    JONATHAN J CLOWESClick to see attachment VICE PRESIDENT
    2.0     		0 0 3,359
    320 NORTH MERIDIAN ST STE 316
    INDIANAPOLIS,IN46204
    WILLIAM H MARSHALLClick to see attachment TREASURER
    2.0     		0 0  
    320 NORTH MERIDIAN ST STE 316
    INDIANAPOLIS,IN46204
    CAROLYN M OSTEENClick to see attachment DIRECTOR
    2.0     		0 0  
    320 NORTH MERIDIAN ST STE 316
    INDIANAPOLIS,IN46204
    DONNA L WILEYClick to see attachment DIRECTOR
    2.0     		0 0 282
    320 NORTH MERIDIAN ST STE 316
    INDIANAPOLIS,IN46204
    SAMUEL C HUNEKEClick to see attachment DIRECTOR
    2.0     		0 0 441
    320 NORTH MERIDIAN ST STE 316
    INDIANAPOLIS,IN46204
    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
    prime buchholz investment mgmt 90,000
    25 Chestnut Street
    PORTSMOUTH,NH03801
    Sanderson International investment mgmt 101,914
    780 Third Avenue 38th Floor
    NEW YORK,NY10017
    BKD LLP Accounting/Consultin 69,085
    201 N Illinois Street Suite 700
    INDIANAPOLIS,IN46204
    Advisory Research Investment MGMT 54,552
    180 NORTH STETSON SUITE 5500
    CHICAGO,IL60601
    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
    40,802,306
    b
    Average of monthly cash balances.......................
    1b
    724,099
    c
    Fair market value of all other assets (see instructions)................
    1c
    30,373,546
    d
    Total (add lines 1a, b, and c).........................
    1d
    71,899,951
    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
    71,899,951
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    1,078,499
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    70,821,452
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    3,541,073
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    3,541,073
    2a
    Tax on investment income for 2014 from Part VI, line 5......
    2a
    42,145
    b
    Income tax for 2014. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    42,145
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    3,498,928
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    3,498,928
    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
    3,498,928
    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
    7,962,091
    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
    7,962,091
    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
    42,145
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    7,919,946
    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 3,498,928
    2 Undistributed income, if any, as of the end of 2014:
    a Enter amount for 2013 only....... 0
    b Total for prior years:2012, 2011, 2010 0
    3 Excess distributions carryover, if any, to 2014:
    a From 2009....... 1,495,837
    b From 2010....... 1,512,945
    c From 2011.......  
    d From 2012....... 355
    e From 2013.......  
    fTotal of lines 3a through e......... 3,009,137
    4Qualifying distributions for 2014 from Part
    XII, line 4: bullet$ 7,962,091
    a Applied to 2013, but not more than line 2a 0
    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..... 3,498,928
    e Remaining amount distributed out of corpus 4,463,163
    5 Excess distributions carryover applied to 2014.    
    (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 7,472,300
    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......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2013. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2014. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2015 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		 
    8Excess distributions carryover from 2009 not
    applied on line 5 or line 7 (see instructions) ...     		1,495,837
    9Excess distributions carryover to 2015.
    Subtract lines 7 and 8 from line 6a ......     		5,976,463
    10 Analysis of line 9:
    a Excess from 2010.... 1,512,945
    b Excess from 2011....  
    c Excess from 2012.... 355
    d Excess from 2013....  
    e Excess from 2014.... 4,463,163
    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 e-mail address of the person to whom applications should be addressed:
    Elizabeth A Casselman Executive
    320 NORTH MERIDIAN STREET STE 316
    INDIANAPOLIS,IN46204
    (317) 833-0144
    bThe form in which applications should be submitted and information and materials they should include:
    SEE ONLINE APPLICATION WITH DESCRIPTION OF ORGANIZATION AND PURPOSE FOR GRANT REQUEST AT WWW.CLOWESFUND.ORG
    cAny submission deadlines:
    PLEASE VISIT OUR WEBSITE, WWW.CLOWESFUND.ORG FOR CURRENT GRANT GUIDELINES.
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    PLEASE VISIT OUR WEBSITE, WWW.CLOWESFUND.ORG FOR CURRENT GRANT GUIDELINES.
    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
    SEE STATEMENT ATTACHED IMMEDIATELY FOLLOWING
    See Attached Listing
    Indianapolis,IN46204     		NONE PC See Attached 7,432,634
    Total .................................bullet 3a 7,432,634
    bApproved for future payment
    SEE ATTACHED STATEMENT
    SEE ATTACHED STATEMENT
    INDIANAPOLIS,IN46204     		NONE PC SEE ATTACHED 1,527,500
    Total .................................bullet 3b 1,527,500
    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 4,434  
    4 Dividends and interest from securities....     14 1,420,707  
    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.....     14 129,870  
    8
    Gain or (loss) from sales of assets other than inventory .............     		    18 3,077,080  
    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)..   4,632,091  
    13Total. Add line 12, columns (b), (d), and (e)..................
    134,632,091
    (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:
    The Clowes Fund Incorporated
    EIN: 35-1079679
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    BKD, LLP 69,085 13,817   55,268
    YOUNT AND COMPANY, LLC 11,000 7,700   3,300

    TY 2014 CompensationExplanation
    Name:
    The Clowes Fund Incorporated
    EIN: 35-1079679
    Person Name Explanation
    ELIZABETH A CASSELMAN ELIZABETH A. CASSELMAN IS ALSO THE ASSISTANT SECRETARY AND ASSISTANT TREASURER. HOWEVER, SHE IS NOT COMPENSATED FOR THESE SERVICES.

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

    TY 2014 DepreciationSchedule
    Name:
    The Clowes Fund Incorporated
    EIN: 35-1079679
    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
    OFFICE FURNITURE 1999-12-19 3,319 3,319 DDB 7        
    OFFICE FURNITURE 2000-03-31 3,319 3,319 DDB 7        
    OFFICE FURNITURE 2000-09-18 1,718 1,718 DDB 7        
    OFFICE FURNITURE 2000-06-30 2,074 2,074 DDB 7        
    CON ROOM FURNITUR 2001-06-30 5,071 5,071 DDB 7        
    LATERAL FILE 2001-10-31 790 790 DDB 7        
    ROLLING FILE CART 2005-02-17 45 45 DDB 7        
    DIGITAL CAMERA 2005-03-23 253 253 DDB 5        
    ROLLING FILE CART 2005-08-16 40 40 DDB 7        
    WORK STATION 2005-09-30 1,129 1,129 DDB 7        
    COMPUTER LAPTOP 2006-03-14 1,414 1,341 DDB 5 73      
    OFFICE FURNISHINGS 2007-09-19 720 631 DDB 7 89      
    OFFICE FURNISHINGS 2007-10-22 983 859 DDB 7 124      
    REFRIGERATOR 2007-08-13 391 391 M5          
    COMPUTER EQUIPMENT 2008-08-13 1,142 1,068 DDB 5 74      
    OFFICE EQUIPMENT 2008-07-08 1,000 938 DDB 5 62      
    COMPUTER 2009-08-17 2,813 2,497 DDB 5 316      
    LAPTOP 2009-09-14 768 682 DDB 5 86      

    TY 2014 InvestmentsOtherSchedule2
    Name:
    The Clowes Fund Incorporated
    EIN: 35-1079679
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    WELLINGTON TRUST COMPANY   1,002,824 978,561
    T. ROWE PRICE INVESTMENT FUND   2,290,603 4,314,275
    AEW   1,733,444 2,305,455
    FORESTER INVESTMENT   3,500,000 5,708,207
    SANDERSON INTERNATIONAL   7,358,828 8,806,053
    TITAN   3,086,719 5,602,164
    ADVISORY RESEARCH MID CAP   3,856,714 4,542,983
    THE VANGUARD GROUP   29,211,709 35,482,392
    VAN ECK GLOBAL FUND   2,151,713 1,645,915

    TY 2014 LandEtcSchedule2
    Name:
    The Clowes Fund Incorporated
    EIN: 35-1079679
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    OFFICE FURNITURE 3,319 3,319    
    OFFICE FURNITURE 3,319 3,319    
    OFFICE FURNITURE 1,718 1,718    
    OFFICE FURNITURE 2,074 2,074    
    CON ROOM FURNITUR 5,071 5,071    
    LATERAL FILE 790 790    
    ROLLING FILE CART 45 45    
    DIGITAL CAMERA 253 253    
    ROLLING FILE CART 40 40    
    WORK STATION 1,129 1,129    
    COMPUTER LAPTOP 1,414 1,414    
    OFFICE FURNISHINGS 720 720    
    OFFICE FURNISHINGS 983 983    
    REFRIGERATOR 391 391    
    COMPUTER EQUIPMENT 1,142 1,142    
    OFFICE EQUIPMENT 1,000 1,000    
    COMPUTER 2,813 2,813    
    LAPTOP 768 768    


    TY 2014 LegalFeesSchedule
    Name:
    The Clowes Fund Incorporated
    EIN: 35-1079679
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FAEGRE BAKER DANIELS 20,013     20,013


    TY 2014 OtherAssetsSchedule
    Name:
    The Clowes Fund Incorporated
    EIN: 35-1079679
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    ART COLLECTION 1,090,325 933,725 933,725


    TY 2014 OtherDecreasesSchedule
    Name:
    The Clowes Fund Incorporated
    EIN: 35-1079679
    Description Amount
       


    TY 2014 OtherExpensesSchedule
    Name:
    The Clowes Fund Incorporated
    EIN: 35-1079679
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    MEMBERSHIP DUES 12,230     12,230
    MEALS AND ENTERTAINMENT 8,362     8,362
    OFFICE SUPPLIES 2,197     2,197
    POSTAGE 788     788
    TELEPHONE 3,559     3,559
    ANNUAL MEETING EXPENSE 9,860 592   9,268
    DIRECTOR EXPENSES 14,523     14,523
    MISCELLANEOUS EXPENSES 141     141
    BANK FEES 2,049 2,049    
    INTERNET 1,375     1,375
    OFFICE EQUIPMENT 539     539
    WEBSITE 7,983     7,983
    REMOTE ACCESS EXPENSE 3,708     3,708
    HARDWARE 3,005     3,005
    OFFICE FURNISHINGS 40     40
    PARKING 5,891     5,891


    TY 2014 OtherIncomeSchedule2
    Name:
    The Clowes Fund Incorporated
    EIN: 35-1079679
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    Sanderson 40,956 40,956  
    Wellington 26,030 26,030  
    AEW 62,884 62,884  


    TY 2014 OtherIncreasesSchedule
    Name:
    The Clowes Fund Incorporated
    EIN: 35-1079679
    Description Amount
       


    TY 2014 OtherProfessionalFeesSchedule
    Name:
    The Clowes Fund Incorporated
    EIN: 35-1079679
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    PRIME BUCHHOLZ FEES 90,000 90,000    
    ADVISORY RESEARCH MID CAP 54,552 54,552    
    WELLINGTON TRUST 48,690 48,690    
    SANDERSON INTERNATIONAL 101,914 101,914    
    COMPUTER CONSULTING 16,113     16,113
    AEW FEES 17,119 17,119    
    CONSULTING SERVICES 10,589 10,589    
    ART APPRAISAL 6,000     6,000


    TY 2014 TaxesSchedule
    Name:
    The Clowes Fund Incorporated
    EIN: 35-1079679
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 37,977 37,977    
    EXCISE TAX 62,500