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 Caroline M Lowndes Foundation Inc
 
% Foundation Source
Number and street (or P.O. box number if mail is not delivered to street address)Foundation Source 501 Silverside RdSuite 123Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Wilmington, DE198091377
A Employer identification number

26-0379209
B Telephone number (see instructions)

(800) 839-1754
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$5,639,514J 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 89 89  
4 Dividends and interest from securities...... 76,553 76,553  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 221,921
b Gross sales price for all assets on line 6a 748,824
7 Capital gain net income (from Part IV, line 2)... 223,110
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........ 298,563 299,752  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 12,000     12,000
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment 18,666 18,666    
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 2,679 40    
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 3,559     3,559
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 28,517 3   28,514
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 65,421 18,709   44,073
25 Contributions, gifts, grants paid........ 168,500 168,500
26 Total expenses and disbursements. Add lines 24 and 25 233,921 18,709   212,573
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 64,642
b Net investment income (if negative, enter -0-) 281,043
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.......... 204,230 90,985 90,985
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)........ 2,649,840 Click to see attachment2,903,341 4,798,211
c Investments—corporate bonds (attach schedule)........ 158,306 Click to see attachment82,692 83,917
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 500,000 Click to see attachment500,000 666,401
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 3,512,376 3,577,018 5,639,514
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable..................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)..........   0
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 3,512,376 3,577,018
30 Total net assets or fund balances (see instructions)...... 3,512,376 3,577,018
31 Total liabilities and net assets/fund balances (see instructions).. 3,512,376 3,577,018
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 3,512,376
2 Enter amount from Part I, line 27a..................... 2 64,642
3 Other increases not included in line 2 (itemize) bullet 3  
4 Add lines 1, 2, and 3.......................... 4 3,577,018
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 3,577,018
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
c
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 748,824   525,714 223,110
b
c
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       223,110
b
c
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 2 223,110
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 215,657 4,721,283 0.045678
2012 211,168 4,196,135 0.050324
2011 198,703 4,091,472 0.048565
2010 169,382 3,833,377 0.044186
2009 111,586 3,155,195 0.035366
2 Total of line 1, column (d) ...................... 2 0.224119
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 0.044824
4 Enter the net value of noncharitable-use assets for 2014 from Part X, line 5..... 4 5,316,336
5 Multiply line 4 by line 3....................... 5 238,299
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 2,810
7 Add lines 5 and 6......................... 7 241,109
8 Enter qualifying distributions from Part XII, line 4.............. 8 212,573
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 5,621
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 5,621
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 5,621
6 Credits/Payments:
a 2014 estimated tax payments and 2013 overpayment credited to 2014 6a 2,100
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c  
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 2,100
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. Click to see attachment 8 10
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 3,531
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)
    bulletDE
    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 ofbulletFoundation Source Telephone no.bullet (800) 839-1754
    Located atbullet501 Silverside Road Suite 123WilmingtonDE ZIP+4bullet198091377
    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
    Caroline M Lowndes Pres / Dir / Sec
    5.0     		12,000    
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    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
    4,597,339
    b
    Average of monthly cash balances.......................
    1b
    133,555
    c
    Fair market value of all other assets (see instructions)................
    1c
    666,401
    d
    Total (add lines 1a, b, and c).........................
    1d
    5,397,295
    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
    5,397,295
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    80,959
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    5,316,336
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    265,817
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    265,817
    2a
    Tax on investment income for 2014 from Part VI, line 5......
    2a
    5,621
    b
    Income tax for 2014. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    5,621
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    260,196
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    260,196
    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
    260,196
    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
    212,573
    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
    212,573
    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
    212,573
    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 7 260,196
    2 Undistributed income, if any, as of the end of 2014:
    a Enter amount for 2013 only....... 189,682
    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.......  
    fTotal of lines 3a through e.........  
    4Qualifying distributions for 2014 from Part
    XII, line 4: bullet$ 212,573
    a Applied to 2013, but not more than line 2a 189,682
    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..... 22,891
    e Remaining amount distributed out of corpus 0
    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 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 ..........     		237,305
    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).)
    CAROLINE M LOWNDES
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or 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
    AMERICAN ASSOCIATES OF THE ROYAL ACADEMY TRUST INC
    767 3RD AVE FL 4
    MANHATTAN,NY10017     		N/A PC Benefactor Fund 10,000
    ASSOC OF SMALL FDNS DBA EXPONENT PHILANTHROPY
    1720 N ST NW
    WASHINGTON,DC20036     		N/A PC Annual Fund 1,500
    CENTRAL PARK CONSERVANCY INC
    14 E 60TH ST FL 8
    NEW YORK,NY10022     		N/A PC General and Unrestricted 1,000
    CENTRAL PARK CONSERVANCY INC
    14 E 60TH ST FL 8
    NEW YORK,NY10022     		N/A PC Conservators Program 10,000
    FRICK COLLECTION
    1 E 70TH ST
    NEW YORK,NY10021     		N/A PC Sustaining Fellow Program 10,000
    FRIENDS OF GUNSTON HALL
    10709 GUNSTON RD
    MASON NECK,VA22079     		N/A PC Buckland Division 500
    FRIENDS OF SULGRAVE MANOR
    C/O P BROADBENT909 E MAIN ST NO
    RICHMOND,VA23219     		N/A PC Manor Project 500
    FUND FOR PARK AVENUE NEW YORK INC
    445 PARK AVE STE 1000
    NEW YORK,NY10022     		N/A PC Tree Lighting Program 1,000
    FUND FOR PARK AVENUE NEW YORK INC
    445 PARK AVE STE 1000
    NEW YORK,NY10022     		N/A PC Planting Project 1,000
    INTERNATIONAL FOUNDATION FOR ART RESEARCH INC
    500 5TH AVE
    NEW YORK,NY10110     		N/A PC IFAR Evenings Program 35,000
    JUNIOR LEAGUE OF THE CITY OF NEW YORK INC
    130 E 80TH ST
    NEW YORK,NY10075     		N/A PC Annual Fund 500
    MARY BALDWIN COLLEGE
    318 PROSPECT ST
    STAUNTON,VA24401     		N/A PC Baldwin Fund 5,000
    NAT'L SOCiety OF COLONIAL DAMES IN THE STATE OF NY
    215 E 71ST ST
    NEW YORK,NY10021     		N/A PC Annual Fund 500
    NATIONAL SOCIETY OF THE COLONIAL DAMES OF AMERICA
    PO BOX 22127
    CHARLESTON,SC29413     		N/A PC Powder Magazine Project 500
    NATIONAL SOCIETY OF THE COLONIAL DAMES OF AMERICA
    2715 Q ST NW
    WASHINGTON,DC20007     		N/A PC Friends of Dumbarton House Annual Campaign 500
    NEW YORK HISTORICAL SOCIETY
    170 CENTRAL PARK W
    NEW YORK,NY10024     		N/A PC Annual Fund 2,500
    NEW YORK HISTORICAL SOCIETY
    170 CENTRAL PARK W
    NEW YORK,NY10024     		N/A PC Vice Chair Program 10,000
    PIERPONT MORGAN LIBRARY
    225 MADISON AVE
    NEW YORK,NY10016     		N/A PC Patron Fellow Program 6,000
    ROUNDABOUT THEATRE COMPANY INC
    231 W 39TH ST STE 1200
    NEW YORK,NY10018     		N/A PC Patrons Program 2,500
    ST JAMES EPISCOPAL CHURCH
    865 MADISON AVE
    NEW YORK,NY10021     		N/A PC 2014 Stewardship Campaign 50,000
    ST JAMES EPISCOPAL CHURCH
    865 MADISON AVE
    NEW YORK,NY10021     		N/A PC Addition to 2014 Stewardship Campaign 5,000
    THE ANIMAL MEDICAL CENTER
    510 E 62ND ST 2ND FL
    NEW YORK,NY10065     		N/A PC President's Council Program 10,000
    VANDERBILT UNIVERSITY
    VU STA B 357754
    NASHVILLE,TN37235     		N/A PC Owen Circle Program 5,000
    Total .................................bullet 3a 168,500
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3
    Interest on savings and temporary cash investments ............     		    14 89  
    4 Dividends and interest from securities....     14 76,553  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6
    Net rental income or (loss) from personal property .............     		         
    7 Other investment income.....          
    8
    Gain or (loss) from sales of assets other than inventory .............     		    18 221,921  
    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)..   298,563  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13298,563
    (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

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

    TY 2014 DepreciationSchedule
    Name:
    The Caroline M Lowndes Foundation Inc
    EIN: 26-0379209
    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:
    The Caroline M Lowndes Foundation Inc
    EIN: 26-0379209
    Name of Bond End of Year Book Value End of Year Fair Market Value
    GE CORP - 5.625% - 05/01/2018 47,542 44,986
    WELLS FARGO - 5.625% - 12/11/2 35,150 38,931

    TY 2014 InvestmentsCorpStockSchedule
    Name:
    The Caroline M Lowndes Foundation Inc
    EIN: 26-0379209
    Name of Stock End of Year Book Value End of Year Fair Market Value
    AETNA INC. 29,848 78,970
    ALKERMES 6,252 11,595
    ALLIANCE DATA SYSTEM CORP 17,828 89,819
    ALTERA CORPORATION 7,084 13,853
    AMAZON COM 55,090 55,242
    AMERICAN TOWER REIT INC 5,585 14,136
    AMERIPRISE FINANCIAL INC 10,213 25,260
    AMERISOURCEBERGEN CORP 13,398 26,868
    AMETEK INC. 7,120 23,999
    AMPHENOL CORPORATION 9,571 20,017
    ANADARKO PETROLEUM CORP 40,923 51,563
    ANSYS INC. 6,461 13,612
    APACHE CORPORATION 33,768 25,695
    APPLE INC. 47,751 98,679
    ASHLAND INC. 10,673 12,455
    AUTOMATIC DATA PROCESSING INC. 25,291 69,614
    AUTONATION INC 9,338 15,465
    AUTOZONE INC 8,429 43,338
    AVAGO TECHNOLOGIES LIMITED 7,518 32,692
    AVALONBAY CMNTYS INC 18,679 24,509
    BANK OF AMERICA CORP 51,144 62,275
    BED BATH & BEYOND INC. 9,021 19,347
    BERRY PLASTICS GROUP INC 8,483 15,743
    BLACKROCK INC 17,128 37,901
    BOEING CO 25,923 45,493
    BROWN FORMAN CORP CL B 6,896 16,338
    CAPITAL ONE FINANCIAL CORP 30,832 48,705
    CARDTRONICS INC 14,619 18,441
    CATAMARAN CORP 7,735 15,422
    CELANESE CORPORATION 7,777 14,151
    CHARTER COMMUNICATIONS 4,910 10,830
    CHECK POINT SOFTWARE TECHNOLOG 32,740 57,199
    CHURCH & DWIGHT 6,774 17,969
    CISCO SYSTEMS INC 43,510 58,144
    CITIGROUP INC 37,845 46,318
    CITRIX SYSTEMS INC 38,298 39,109
    COGNIZANT TECHNOLOGY SOLUTIONS 11,973 39,390
    COLGATE-PALMOLIVE COMPANY 32,190 34,941
    COMCAST CORP CL A 46,008 87,885
    CONCHO RESOURCES INC 5,734 11,771
    COVIDIEN LTD 48,728 88,984
    CROWN HOLDINGS INC 9,262 13,998
    CVS CAREMARK CORP. 25,816 60,194
    DANAHER CORP 27,110 62,997
    DELPHI AUTOMOTIVE PLC 10,568 11,199
    DICK'S SPORTING GDS 6,322 10,873
    DIRECTV GROUP 12,504 22,109
    DISCOVERY COMMUNICATIONS, INC 6,936 14,230
    DOLLAR GENERAL CORP 31,138 48,783
    DOLLAR TREE INC. 4,727 28,434
    EMC CORP-MASS 38,817 48,179
    EPAM SYSTEMS INC. 12,172 17,142
    EQT CORPORATION 19,355 29,826
    EQUINIX, INC. 6,675 16,325
    EXPRESS SCRIPTS HOLDING CO. 50,360 95,761
    F M C CP 7,522 11,406
    FIDELITY NATIONAL INFORMATION 18,089 45,904
    FIDUCIARY CLAYMORE MLP OPP FD 23,900 52,240
    FISERV INC 24,915 91,195
    FLUOR CORP 9,141 9,943
    FOOT LOCKER INC N.Y. COM 9,606 17,191
    FRANKLIN HIGH INCOME FUND ADVI 27,619 38,784
    GAMESTOP CORP 6,913 9,836
    GENERAL ELECTRIC CO 81,597 63,933
    GOOGLE INC CL A 12,834 24,941
    GOOGLE INC CL C 40,611 52,640
    GRAINGER W W INC. 6,331 18,862
    HCA INC 11,533 13,430
    HEALTHSOUTH CP 9,005 17,115
    HOME DEPOT INC. 56,398 77,153
    HUBBELL CLASS B 6,748 6,837
    HUMANA INC 5,435 18,097
    IHS INC 10,604 10,819
    INT'L FLAVORS & FRAGRANCES INC 12,631 14,393
    INTERCONTINETAL EXCHANGE INC 6,889 16,227
    IVA INTERNATIONAL FUND CLASS I 52,689 52,917
    JAZZ PHARMACEUTICALS INC 10,452 11,789
    JOHNSON & JOHNSON 28,963 44,442
    JONES LANG LASALLE 2,700 12,444
    JP MORGAN CHASE & CO 38,272 66,022
    KANSAS CITY SOUTHERN 4,580 15,132
    LKQ CORPORATION 12,568 13,329
    MACY'S INC 35,836 40,436
    MARATHON OIL CORP COM 38,042 29,846
    MARRIOTT INTERNATIONAL INC. CL 11,174 25,750
    MEDIVATION, INC. 15,971 23,408
    MEDNAX, INC. 12,208 25,122
    MEDTRONIC INC 18,758 20,938
    MERCK & CO INC. 24,081 48,953
    MICROCHIP TECHNOLOGY INC. 15,186 22,555
    MICROSOFT CORPORATION 35,590 65,495
    MOHAWK INDS INC 6,777 15,225
    MONSTER BEVERAGE CORP 4,067 28,171
    MYLAN INC. 17,124 19,109
    NOBLE ENERGY INC. 7,587 8,537
    NXP SEMICONDUCTORS 13,364 27,198
    OMNICOM GROUP 41,949 46,482
    ORACLE CORP 38,105 79,372
    PANERA BREAD CO. CL. A. 6,169 13,285
    PENTAIR INC. COM 12,673 10,959
    PEPSICO INC 29,008 39,904
    PETSMART INC. COM 4,029 13,821
    PIONEER NAT RES CO 10,819 15,480
    POLARIS INDUSTRIES 11,927 14,368
    PRAXAIR INC. 30,275 54,415
    PRUDENTIAL FINCL INC 56,232 56,990
    REGENERON PHARMACEUTICALS, INC 5,275 12,308
    ROCKWOOD HOLDINGS INC 3,376 10,874
    ROPER INDUSTRIES 10,538 24,547
    ROSS STORES, INC. 14,588 22,057
    SBA COMMUNICATIONS 11,250 23,260
    SIMON PPTY GROUP INC 33,441 40,793
    SKYWORKS SOLUTIONS, INC 6,502 20,868
    STERICYCLE INC 6,972 15,730
    STRYKER CORPORATION 25,630 50,467
    T. ROWE PRICE ASSOCIATES 9,256 15,111
    TD AMERITRADE HOLDING CORP 13,960 15,493
    TE CONNECTIVITY LTD 6,995 8,096
    TEAM HEALTH HOLDINGSINC COM 12,333 20,653
    TERADATA CORPORATION 22,293 18,782
    TIMKEN CO COM 6,230 8,109
    TJX COMPANIES INC 39,869 69,883
    TORTOISE ENERGY INFR 29,984 95,155
    TRACTOR SUPPLY CO COM 8,888 16,395
    TRIUMPH GROUP INC 8,488 13,242
    UNION PACIFIC 19,785 34,548
    UNITED TECHNOLOGIES CORP 33,719 50,025
    UNITEDHEALTH GROUP INC. 17,703 65,709
    UNIVERSAL HLTH SVC B 17,172 20,917
    US BANCORP 49,451 61,582
    V F CORP 12,874 41,045
    VANTIV INC - CLASS A 13,646 20,623
    VERIZON COMMUNICATIONS 56,825 54,499
    VIRTUS EMERGING MARKETS OPPTS 101,035 95,734
    VISA INC 27,530 62,141
    WABTEC 9,802 10,427
    WALT DISNEY HOLDINGS CO. 20,131 30,141
    WELLS FARGO & CO. 30,289 61,892
    WEX, INC. 10,182 14,244
    WHIRLPOOL CORP 10,056 18,599
    WILLIAMS COS 40,927 67,635

    TY 2014 InvestmentsOtherSchedule2
    Name:
    The Caroline M Lowndes Foundation Inc
    EIN: 26-0379209
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    LIGHTHOUSE GLOBAL LONG/SHORT F   500,000 666,401

    TY 2014 OtherExpensesSchedule
    Name:
    The Caroline M Lowndes Foundation Inc
    EIN: 26-0379209
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Administrative Fees 25,764     25,764
    Bank Charges 3 3    
    State or Local Filing Fees 25     25
    MEMBERSHIP DUES AND EXPENSES 2,725     2,725


    TY 2014 OtherProfessionalFeesSchedule
    Name:
    The Caroline M Lowndes Foundation Inc
    EIN: 26-0379209
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Investment Management Services 18,666 18,666    


    TY 2014 TaxesSchedule
    Name:
    The Caroline M Lowndes Foundation Inc
    EIN: 26-0379209
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    990-PF Estimated Tax for 2014 2,100      
    990-PF Extension for 2013 539      
    Foreign Tax Paid 40 40