Form990-PF
Click to see attachment

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
RAYNIER INSTITUTE & FOUNDATION
 

Number and street (or P.O. box number if mail is not delivered to street address)501 SILVERSIDE ROAD NO 123   Room/suite
City or town, state or province, country, and ZIP or foreign postal code
WILMINGTON, DE198091377
A Employer identification number

91-1644205
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$92,231,408J Accounting method:
 
(Part I, column (d) must be on cash basis.)
F bullet
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach
schedule)..............  
2 Check bullet
Sch. B ...............
3 Interest on savings and temporary cash investments 1,743 1,743  
4 Dividends and interest from securities...... 1,704,924 1,704,924  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 2,341,880
b Gross sales price for all assets on line 6a 20,818,159
7 Capital gain net income (from Part IV, line 2)... 2,301,520
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 20,913 913  
12 Total. Add lines 1 through 11........ 4,069,460 4,009,100  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 26,400 1,320   25,080
14 Other employee salaries and wages......        
15 Pension plans, employee benefits....... 2,058 103   1,955
16a Legal fees (attach schedule)......... Click to see attachment 735 0   735
b Accounting fees (attach schedule)....... Click to see attachment 16,200 3,240   12,960
c Other professional fees (attach schedule).... Click to see attachment 354,255 351,805   2,450
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 8,512 8,512   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 6,978 0   6,978
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 66,817 3,209   63,608
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 481,955 368,189   113,766
25 Contributions, gifts, grants paid........ 4,370,000 4,370,000
26 Total expenses and disbursements. Add lines 24 and 25 4,851,955 368,189   4,483,766
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -782,495
b Net investment income (if negative, enter -0-) 3,640,911
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.......... 3,644,192 4,255,292 4,255,292
3 Accounts receivable bullet4,829
Less: allowance for doubtful accounts bullet   2,607 4,829 4,829
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) 12,164,050 Click to see attachment11,793,631 11,852,004
b Investments—corporate stock (attach schedule)........ 47,994,911 Click to see attachment45,428,204 62,530,740
c Investments—corporate bonds (attach schedule)........ 10,345,528 Click to see attachment9,886,837 11,791,733
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 0 Click to see attachment2,000,000 1,796,810
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) 74,151,288 73,368,793 92,231,408
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable..................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22).......... 0 0
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted................... 74,151,288 73,368,793
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    
30 Total net assets or fund balances (see instructions)...... 74,151,288 73,368,793
31 Total liabilities and net assets/fund balances (see instructions).. 74,151,288 73,368,793
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 74,151,288
2 Enter amount from Part I, line 27a..................... 2 -782,495
3 Other increases not included in line 2 (itemize) bullet 3 0
4 Add lines 1, 2, and 3.......................... 4 73,368,793
5 Decreases not included in line 2 (itemize) bullet 5 0
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 73,368,793
Form 990-PF (2014)
Form 990-PF (2014)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1 a PUBLICLY TRADED SECURITIES      
b PUBLICLY TRADED SECURITIES      
c CAPITAL GAIN DISTRIBUTIONS P    
d FIXED ASSET WRITE OFF P    
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 19,301,820   16,768,029 2,533,791
b 1,311,086   1,702,875 -391,789
c 205,253     205,253
d     45,735 -45,735
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       2,533,791
b       -391,789
c       205,253
d       -45,735
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 2,301,520
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 3,865,144 85,868,578 0.045012
2012 3,042,295 78,721,840 0.038646
2011 2,864,391 77,593,221 0.036915
2010 2,940,670 73,019,759 0.040272
2009 3,464,832 67,026,892 0.051693
2 Total of line 1, column (d) ...................... 2 0.212538
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 0.042508
4 Enter the net value of noncharitable-use assets for 2014 from Part X, line 5..... 4 90,929,065
5 Multiply line 4 by line 3....................... 5 3,865,213
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 36,409
7 Add lines 5 and 6......................... 7 3,901,622
8 Enter qualifying distributions from Part XII, line 4.............. 8 4,483,766
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 36,409
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 36,409
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 36,409
6 Credits/Payments:
a 2014 estimated tax payments and 2013 overpayment credited to 2014 6a 52,206
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 52,206
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 15,797
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet15,797 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see Instructions
for definition)?.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    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)
    bulletWA, CO
    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.RAYNIER.ORG
    14
    The books are in care ofbulletFOUNDATION SOURCE Telephone no.bullet (800) 839-1754
    Located atbullet501 SILVERSIDE ROAD SUITE 123WILMINGTONDE ZIP+4bullet19809
    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?
    16Yes  
    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 bulletCJ
    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
    EDWARD GARDNER PRESIDENT/DIRECTOR
    1.00     		0 0 0
    501 SILVERSIDE ROAD SUITE 123
    WILMINGTON,DE19809
    MICHAEL VALUCCI VICE PRESIDENT/DIRECTOR
    1.00     		0 0 0
    501 SILVERSIDE ROAD SUITE 123
    WILMINGTON,DE19809
    BRADFORD TRENARY SECRETARY/DIRECTOR
    1.00     		0 0 0
    501 SILVERSIDE ROAD SUITE 123
    WILMINGTON,DE19809
    ROBERT WRATH TREASURER/DIRECTOR
    1.00     		0 0 0
    501 SILVERSIDE ROAD SUITE 123
    WILMINGTON,DE19809
    JEFF HAUSER EXECUTIVE DIRECTOR
    1.00     		26,400 2,058 0
    501 SILVERSIDE ROAD SUITE 123
    WILMINGTON,DE19809
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    PNC BANK INVESTMENT MANAGEMENT 351,805
    1600 MARKET STREET
    PHILADELPHIA,PA19103
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1 NONE 0
    2  
    3  
    4  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 8
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    86,767,127
    b
    Average of monthly cash balances.......................
    1b
    4,621,165
    c
    Fair market value of all other assets (see instructions)................
    1c
    925,480
    d
    Total (add lines 1a, b, and c).........................
    1d
    92,313,772
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    92,313,772
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    1,384,707
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    90,929,065
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    4,546,453
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    4,546,453
    2a
    Tax on investment income for 2014 from Part VI, line 5......
    2a
    36,409
    b
    Income tax for 2014. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    36,409
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    4,510,044
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    20,000
    5
    Add lines 3 and 4............................
    5
    4,530,044
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    4,530,044
    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
    4,483,766
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    4,483,766
    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
    36,409
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    4,447,357
    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 4,530,044
    2 Undistributed income, if any, as of the end of 2014:
    a Enter amount for 2013 only....... 4,048,252
    b Total for prior years:20, 20, 20 0
    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......... 0
    4Qualifying distributions for 2014 from Part
    XII, line 4: bullet$ 4,483,766
    a Applied to 2013, but not more than line 2a 4,048,252
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions).........     		0
    d Applied to 2014 distributable amount..... 435,514
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2014. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2013. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2014. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2015 ..........     		4,094,530
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8Excess distributions carryover from 2009 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2015.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2010....  
    b Excess from 2011....  
    c Excess from 2012....  
    d Excess from 2013....  
    e Excess from 2014....  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2014, enter the date of the ruling.......bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2014 (b) 2013 (c) 2012 (d) 2011
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used
    directly for active conduct of exempt activities ...........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or 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
    ACADEMY OF NATURAL SCIENCES
    1900 BENJAMIN FRANKLIN PKWY
    PHILADELPHIA,PA19103     		N/A PC: 509(A)(2) GENERAL & UNRESTRICTED 200,000
    ALBERTON COMMUNITY FOUNDATION
    PO BOX 25
    ALBERTON,MT59820     		N/A PC: 509(A)(1) PEAK FOUNDATION OTHER ORGANIZATION 8,000
    AMERICAN HEART ASSOCIATION INC - GREATER DES MOINES
    1111 9TH ST STE 280
    DES MOINES,IA50314     		N/A PC: 509(A)(1) CHARITABLE EVENT 5,500
    ARC DANCE PRODUCTIONS
    PO BOX 9997
    SEATTLE,WA98109     		N/A PC: 509(A)(2) ARC SCHOOL OF BALLET DIVISION 1,000
    CENTRAL LUTHERAN CHURCH
    1710 11TH AVE
    SEATTLE,WA98102     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 20,000
    CHILDREN'S MUSIC FOUNDATION INC
    608 STATE ST S STE 100
    KIRKLAND,WA98033     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 5,000
    CHRIST CHURCH
    20 N AMERICAN ST
    PHILADELPHIA,PA19106     		N/A PC: 509(A)(1) GENERAL OPERATING FUND 10,000
    CLASSICAL 981
    10 HARRISON ST
    SEATTLE,WA98109     		N/A PC: 509(A)(1) KING FM DIVISION 10,000
    COMMITTEE FOR CHILDREN
    2815 2ND AVE STE 400
    SEATTLE,WA98121     		N/A PC: 509(A)(1) SUPPORT THE DISSEMINATION AND EVALUATION OF THE CHILD SEXUAL ABUSE PROGRAM IN SCHOOLS ACROSS WASHINGTON STATE, LEVERAGE FURTHER FUNDING FOR THE NATIONAL PUBLIC AWARENESS CAMPAIGN 250,000
    COMMITTEE FOR CHILDREN
    2815 2ND AVE STE 400
    SEATTLE,WA98121     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 20,000
    COPWHEELS INC
    1818 MARKET ST
    PHILADELPHIA,PA19103     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 10,000
    CYSTIC FIBROSIS FOUNDATION
    2004 SPROUL RD STE 208
    BROOMALL,PA19008     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 10,000
    DRUMMING FOR YOUR LIFE INSTITUTE
    8141 E 2ND ST
    DOWNEY,CA90241     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 75,000
    EXPERIENCE LEARNING COMMUNITY
    120 6TH AVE N STE 100
    SEATTLE,WA98109     		N/A PC: 509(A)(2) NO WASTED NOTES PROJECT 50,000
    FUR TRADE RESEARCH CENTER
    PO BOX 1228
    QUINCY,CA95971     		N/A PC: 509(A)(1) CHARITABLE EVENT 5,000
    GAGE ACADEMY OF ART
    1501 10TH AVE E
    SEATTLE,WA98102     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 10,000
    GERMANTOWN FRIENDS SCHOOL
    31 W COULTER ST
    PHILADELPHIA,PA19144     		N/A PC: 509(A)(1) GENERAL OPERATING FUND 8,000
    GLBT BAR ASSOCIATION OF WASHINGTON FOUNDATION
    PO BOX 1991
    SEATTLE,WA98111     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 10,000
    HANDMAIDS OF THE SACRED HEART OF JESUS
    2025 CHURCH RD
    WYNCOTE,PA19095     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 25,000
    HIMALAYAN CATARACT PROJECT INC
    PO BOX 55
    WATERBURY,VT05676     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 5,000
    INTIMAN THEATRE
    201 MERCER ST
    SEATTLE,WA98109     		N/A PC: 509(A)(2) TO SUPPORT THE 2014 PRODUCTION OF ANGELS IN AMERICAN, PARTS 1 & 2 AND THE CORE PARTNER INITIATIVE DIVISION 500,000
    JEWISH FAMILY SERVICE OF WESTERN MASSACHUSETTS INC
    15 LENOX ST
    SPRINGFIELD,MA01108     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 5,000
    JEWISH FEDERATION OF ATLANTIC AND CAPE MAY COUNTIES
    501 N JEROME AVE
    MARGATE,NJ08402     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 5,000
    LASALLE COLLEGE HIGH SCHOOL
    8605 CHELTENHAM AVE
    GLENSIDE,PA19038     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 10,000
    LEUKEMIA & LYMPHOMA SOCIETY INC-EASTERN PENNSYLVANIA CHAPTER
    2 INTERNATIONAL PLZ STE 310
    PHILADELPHIA,PA19113     		N/A PC: 509(A)(1) LIGHT THE NIGHT FUNDRAISER PROGRAM 12,000
    LIFETIME ADVOCACY PLUS
    444 NE RAVENNA BLVD STE 303
    SEATTLE,WA98115     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 5,000
    MARKS COLORECTAL SURGICAL FOUNDATION
    100 LANCASTER AVE
    WYNNEWOOD,PA19096     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 10,000
    MOUNTAINFILM LTD 01-01-94
    PO BOX 1088
    TELLURIDE,CO81435     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 5,000
    NALANDABODHI
    3902 WOODLAND PARK AVE N
    SEATTLE,WA98103     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 15,000
    NEWTRAX INCORPORATED
    3210 LABORE RD STE 100
    VADNAIS HEIGHTS,MN55110     		N/A PC: 509(A)(2) GENERAL & UNRESTRICTED 20,000
    PENNSYLVANIA SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS
    350 E ERIE AVE
    PHILADELPHIA,PA19134     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 4,500
    PHFFFT COMPANY INC
    5609 34TH AVE SW
    SEATTLE,WA98126     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 10,000
    PHILADELPHIA INDEPENDENT MISSION SCHOOLS
    555 CROTON RD STE 310
    KNG OF PRUSSA,PA19406     		N/A PC: 509(A)(1) THE DEPAUL CATHOLIC SCHOOL DIVISION 10,000
    PHILADELPHIA ORCHESTRA ASSOCIATION
    1 S BROAD ST 14TH FL
    PHILADELPHIA,PA19107     		N/A PC: 509(A)(2) GENERAL & UNRESTRICTED 300,000
    PROJECT HOME
    2101 BRANDYWINE ST STE 100
    PHILADELPHIA,PA19130     		N/A PC: 509(A)(1) $1M TOWARDS THE DEVELOPMENT OF THE STEPHEN KLEIN WELLNESS CENTER (SKWC); $100,000 TO SUPPORT 810 ARCH STREET, A BUILDING WHICH WILL PROVIDE AFFORDABLE UNITS TO HOMELESS INDIVIDUALS AND LOW-INCOME RESIDENTS OF THE CHINATOWN NEIGHBORHOOD; $100,000 SUPPORT INDIVIDUALS LIVING AT 810 ARCH STREET AS THEY WORK TOWARDS STABILIZING THEIR LIVES AND ACHIEVING THEIR FULL POTENTIAL. 1,200,000
    PROJECT HOME
    2101 BRANDYWINE ST STE 100
    PHILADELPHIA,PA19130     		N/A PC: 509(A)(1) TO FUND EMPLOYMENT SERVICES AND ADULT LEARNING AND WORKFORCE DEVELOPMENT INITIATIVES 125,000
    PROJECT HOME
    2101 BRANDYWINE ST STE 100
    PHILADELPHIA,PA19130     		N/A PC: 509(A)(1) IN SUPPORT OF A PLATINUM SPONSORSHIP IN HONOR OF PROJECT HOME'S 25TH ANNIVERSARY 50,000
    RAINBOW SCHOOL AND DAY CARE CENTER INC
    PO BOX 1127
    TELLURIDE,CO81435     		N/A PC: 509(A)(1) TELLURIDE AVALANCHE DOGS' SKIER SAFETY PSA 4,000
    SAINT GENEVIEVE SCHOOL
    1237 BETHLEHEM PIKE
    FLOURTOWN,PA19031     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 10,000
    SAINT PAULS CHURCH AT CHESTNUT HILL
    22 E CHESTNUT HILL AVE
    PHILADELPHIA,PA19118     		N/A PC: 509(A)(1) GENERAL OPERATING FUND 7,500
    SEATTLE CHINESE GARDEN SOCIETY
    6000 16TH AVE SW
    SEATTLE,WA98106     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 1,000
    SEATTLE MENNONITE CHURCH
    3120 NE 125TH ST
    SEATTLE,WA98125     		N/A PC: 509(A)(1) GOD'S LITTLE ACRE FUND 5,000
    SEATTLE MENNONITE CHURCH
    3120 NE 125TH ST
    SEATTLE,WA98125     		N/A PC: 509(A)(1) TENANT IMPROVEMENTS FOR GOD'S LI'L ACRE DROP-IN CENTER FUND 100,000
    SEATTLE WHEELCHAIR RUGBY
    18 W MERCER ST STE 400
    SEATTLE,WA98119     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 5,000
    SHALOM ZONE NONPROFIT ASSOCIATION
    1415 NE 43RD ST
    SEATTLE,WA98105     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 125,000
    SHALOM ZONE NONPROFIT ASSOCIATION
    1415 NE 43RD ST
    SEATTLE,WA98105     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 150,000
    ST BRIDGET CHURCH
    4900 NE 50TH ST
    SEATTLE,WA98105     		N/A PC: 509(A)(1) NAMITEMBO FUND 5,000
    TELLURIDE SOCIETY FOR JAZZ
    PO BOX 2132
    TELLURIDE,CO81435     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 6,000
    THE EXUMA FOUNDATION
    5885 LANDERBROOK DR STE 300
    MAYFIELD HEIGHTS,OH44124     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 5,000
    TIETON ARTS AND HUMANITIES
    PO BOX 171
    TIETON,WA98947     		N/A PC: 509(A)(2) GENERAL & UNRESTRICTED 10,000
    TOWN HALL ASSOCIATION
    1119 8TH AVE
    SEATTLE,WA98101     		N/A PC: 509(A)(1) CAMPAIGN FOR THE RESTORATION OF TOWN HALL 2014-17 WITH NAMING RECOGNITION: TOWN HALL WILL HONOR FOUNDING DONOR JAMES W. RAY WITH A PERMANENT NAMED SPACE IN THE HISTORIC BUILDING'S NORTH GALLERY. WE PROPOSE NAMING THE SPACE THE "JAMES W. RAY GALLERY". 500,000
    TRUSTEES OF THE LAWRENCEVILLE SCHOOL
    PO BOX 6125
    LAWRENCEVILLE,NJ08648     		N/A PC: 509(A)(1) GENERAL OPERATING FUND 8,000
    TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA - SCHOOL OF MEDICINE
    3535 MARKET ST STE 750
    PHILADELPHIA,PA19104     		N/A PC: 509(A)(1) MORRIS CHESTON FUND AT PENN HOSPITAL 10,000
    TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA
    100 E NORTHWESTERN AVE
    PHILADELPHIA,PA19118     		N/A PC: 509(A)(1) IN SUPPORT OF THE MORRIS ARBORETUM OTHER 10,000
    TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA THE PENN FUND
    601 FRANKLIN BLDG 3451 WALNUT ST
    PHILADELPHIA,PA19104     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 10,000
    UNION FOR REFORM JUDAISM
    633 3RD AVE FL 7
    NEW YORK,NY10017     		N/A PC: 509(A)(1) CAMP KALSMAN PROGRAM 5,000
    UNITED STATES SQUASH RACQUETS ASSOCIATION INC
    555 8TH AVE RM 1102
    NEW YORK,NY10018     		N/A PC: 509(A)(2) GENERAL OPERATING FUND 7,000
    URBAN LEAGUE OF PHILADELPHIA
    121 S BROAD ST FL 9
    PHILADELPHIA,PA19107     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 5,000
    VISITING NURSE ASSOCIATION OF SOMERSET HILLS
    200 MOUNT AIRY RD
    BASKING RIDGE,NJ07920     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 5,000
    WEST LUTHERAN HIGH SCHOOL
    3350 HARBOR LN N
    PLYMOUTH,MN55447     		N/A PC: 509(A)(1) GENERAL OPERATING FUND 7,500
    WHIM WHIM
    PO BOX 70285
    SEATTLE,WA98127     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 15,000
    WOODMERE ART MUSEUM INC
    9201 GERMANTOWN AVE
    PHILADELPHIA,PA19118     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 10,000
    YOUTHCARE
    2500 NE 54TH ST
    SEATTLE,WA98105     		N/A PC: 509(A)(1) GENERAL & UNRESTRICTED 320,000
    Total .................................bullet 3a 4,370,000
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3
    Interest on savings and temporary cash investments ............     		    14 1,743  
    4 Dividends and interest from securities....     14 1,704,924  
    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 2,341,880  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aRETURNED GRANT         20,000
    bFOREIGN TAX REFUND     01 913  
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 4,049,460 20,000
    13Total. Add line 12, columns (b), (d), and (e)..................
    134,069,460
    (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.)
    11A RETURNED GRANT
    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:
    RAYNIER INSTITUTE & FOUNDATION
    EIN: 91-1644205
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING 16,200 3,240   12,960

    TY 2014 GeneralExplanationAttachment
    Name:
    RAYNIER INSTITUTE & FOUNDATION
    EIN: 91-1644205
    Identifier Return Reference Explanation
      FORM 990-PF, PART VII-B, LINE 1A(3) & (4) RAYNIER INSTITUTE AND FOUNDATION PAID JEFF HAUSER, A FOUNDATION MANAGER, REASONABLE COMPENSATION AND BENEFITS FOR GRANT-MAKING AND ADMINISTRATIVE SERVICES PROVIDED TO THE FOUNDATION. THESE SERVICES ARE NECESSARY IN CARRYING OUT THE EXEMPT PURPOSE OF THE FOUNDATION, AND COMPENSATION IS REASONABLE BASED ON COMPARATIVE SALARIES. AS SUCH, THE COMPENSATION IS NOT CONSIDERED AN ACT OF SELF-DEALING UNDER IRC SECTION 4941(D)(2)(E).RAYNIER INSTITUTE AND FOUNDATION REIMBURSED MEETING EXPENSES OF JEFF HAUSER, A FOUNDATION MANAGER, BRADFORD TRENARY, SECRETARY, ROBERT WARTH, TREASURER, EDWARD GARDNER, PRESIDENT, AND MICHAEL VALUCCI, VICE PRESIDENT. THE AMOUNTS REIMBURSED WERE SUBSTANTIATED AND REASONABLE. AS SUCH, THE REIMBURSEMENTS ARE NOT CONSIDERED ACTS OF SELF-DEALING UNDER IRC SECTION 4941(D)(2)(E).

    TY 2014 InvestmentsCorpBondsSchedule
    Name:
    RAYNIER INSTITUTE & FOUNDATION
    EIN: 91-1644205
    Name of Bond End of Year Book Value End of Year Fair Market Value
    65000 SHS ABBEY NATL TREASURY SERV - 4.000% - 04/27/2016 0 0
    30000 SHS ADVANCE AUTO PARTS INC - 5.750% - 05/01/2020 0 0
    100000 SHS AMERICA MOVIL SAB DE CV 5.000% - 03/30/2020 0 0
    70000 SHS AMERICAN CAMPUS CMNTYS OPER - 3.750% - 04/15/2023 69,745 69,879
    90000 SHS AMERICAN EXPRESS - 00.7366% - 07/29/2016 90,159 90,337
    40000 SHS AMPHENOL CORP 4.75% 11/15/14 0 0
    55000 SHS AON CORP - 3.50% - 09/30/2015 55,155 56,089
    85000 SHS AT&T INC NOTE - 4.450% - 05/15/2021 0 0
    55000 SHS AUTODESK INC SR NT 1.950% 12/15/2017 0 0
    30000 SHS BANK AMER CORP FR - 3.30000% - 01/11/2023 29,815 30,002
    55000 SHS BANK AMER FDG CORP SRNT-L 5.62500% 07/01/2020 61,954 62,622
    120000 SHS BANK NEW YORK - 3.550% - 09/23/2021 0 0
    100000 SHS BANK OF MONTREAL - 00.00% - 09/11/2015 100,000 100,279
    50000 SHS BNP PARIBAS - 1.250% - 12/12/2016 49,949 49,968
    55000 SHS BOARDWALK PIPELINES - 3.375% - 02/01/2023 54,985 50,103
    60000 SHS BORGWARNER INC - 4.625% - 09/15/2020 64,952 65,671
    80000 SHS CAPITAL ONE FINL CORP - 6.150% - 09/01/2016 90,936 85,964
    100000 SHS CITIBANK CCIT SER A3 2013 00.910-% 07/23/2018 99,980 100,273
    95000 SHS CITIGROUP INC - 4.875% - 05/07/2015 84,765 81,062
    80000 SHS COCA COLA CO - 0.3419% - 11/01/2016 80,101 80,028
    85000 SHS CONTINENTAL RES - 5.00% - 09/15/2022 88,291 82,238
    65000 SHS CREDIT SUISSE MTN 05.40000% 01/14/2020 0 0
    55000 SHS CRH AMERICA INC - 4.125% - 01/15/2016M 55,488 56,599
    55000 SHS DARDEN RESTAURANTS INC - 3.350% - 11/01/2022 0 0
    45000 SHS DEVON ENERGY CORP - 0.00% - 12/15/2015 45,000 45,020
    70000 SHS DIGITAL RLTY TR LP GTD - 5.875% - 02/01/2020 81,924 78,294
    125000 SHS DIRECTV HLDGS FING - 4.60% - 02/15/2021 128,549 133,891
    55000 SHS EQT CORP - 8.125% - 06/01/2019 0 0
    115000 SHS EXELON GENERATION COLLC - 4.000% - 10/01/2020 106,856 119,992
    35000 SHS FIFTH THIRD BAN CORP - 4.30% - 01/16/2024 0 0
    95000 SHS FREEPORT-MCMORAN NT - 3.550% - 03/01/2022 93,761 89,786
    105000 SHS GE CAP CCMT SER 2012-2 CL A - 2.220% - 01/15/2022 104,962 104,921
    80000 SHS GE CAP CORP - 5.50% - 01/08/2020 0 0
    55000 SHS GOLDCORP - 2.125% - 03/15/2018 0 0
    2000000 SHS GOLDMAN SACHS GROUP INC INDEX LINKED - 00.000% - 01/19/2016 2,000,000 3,084,900
    1000000 SHS GOLDMANSACHS EEM NOTE 20% BUFF 155% CAP 120% PARTI 0 0
    70000 SHS HASBRO INC - 6.30% - 09/15/2017 76,977 77,480
    55000 SHS HEALTH CARE REIT INCNOTE - 4.950% - 01/15/2021 0 0
    50000 SHS HEWLETT PACKARD CO NOTE - 4.375% 09/15/2021 50,756 52,424
    30000 SHS HONDA AUTO SER 2013-3 CL A3 00.770% 05/15/2017 29,995 30,026
    40000 SHS HSBC HLDGS PLC NOTE - 5.100% - 04/05/2021 43,574 45,139
    2000000 SHS HSBC USA INC - 0.00% - 08/21/2018 2,000,000 2,796,000
    120000 SHS HYUNDAI AUTO TR SER 2013-B CL A-3 0.7100% 09/15/2017 119,977 120,078
    45000 SHS INTL PAPER CO NOTE 07.5% 08/15/2021 0 0
    20000 SHS JOHN DEERE CAPITAL CORP BOND 0.3744% 06/15/2015 0 0
    90000 SHS JOHNSON & JOHNSON NT FLT - 0.37617% - 05/15/2014 0 0
    50000 SHS JP MORGAN CHASE - 6.125% - 06/27/2017 54,962 55,172
    40000 SHS JPMORGAN CHASE & CO - 03.375% - 05/01/2023 38,520 39,572
    25000 SHS JPMORGAN CHASE & CO NT - 4.625% - 05/10/2021 28,155 27,515
    65000 SHS KLA INSTRUMENTS CORP - 6.90% - 05/01/2018 0 0
    40000 SHS LIFE TECHNOLOGIES CORP 05.00% 01/15/2021 0 0
    15000 SHS LIFE TECHNOLOGIES CORP NOTE 06.00% 03/01/2020 0 0
    55000 SHS MORGAN STANLEY FR - 4.875% - 11/01/2022 56,569 58,414
    55000 SHS MORGAN STANLEY SR NT-F - 4.750% - 03/22/2017 54,877 58,585
    60000 SHS NEWMONT MINING CORP NT - 3.500% - 03/15/2022 0 0
    45000 SHS NEXEN INC - 6.200% - 07/30/2019 52,508 51,862
    55000 SHS NISSAN AUTO LEASE 2013-A CL A-3 0.610% 04/15/2016 2013-A A 55,000 54,979
    20000 SHS NORTHEAST UTILITIES - 1.450% - 05/01/2018 19,987 19,696
    30000 SHS PACCAR FINL CORP - 0.00% - 12/06/2018 30,000 30,173
    45000 SHS PEPSICO INC - 2.750% - 03/05/2022 0 0
    55000 SHS PETROBRAS GLOBAL FIN B.V. - 3.00% - 01/15/2019 0 0
    40000 SHS PETROLEOS MEXICANOS GTD - 6.0% - 03/05/2020 44,325 44,900
    55000 SHS PHILIPS ELECTRONICS NV - 3.750% - 03/15/2022 0 0
    45000 SHS PPL CAP FDG INC - 3.500% - 12/01/2022 45,956 45,577
    25000 SHS PROLOGIS INC - 6.875% - 03/15/2020 0 0
    45000 SHS PROLOGIS LP BOND 04.250% 08/15/2023 0 0
    55000 SHS QUEST DIAGNOSTICS INC - 1.223% - 03/24/2014 0 0
    55000 SHS RABOBANK NEDERLAND MTN - 3.375% - 01/19/2017 0 0
    55000 SHS REALTY INCOME CORP - 5.75% - 01/15/2021 0 0
    60000 SHS REINSURANCE GRP AMER INC - 6.45% - 11/15/2019 63,227 69,470
    50000 SHS REPUBLIC SERVICES INC -3.800% - 05/15/2018 49,985 52,901
    70000 SHS ROYAL BANK OF CANADA - 01.200% - 09/19/2017 69,993 69,600
    65000 SHS ROYAL BK OF CANADA MTN - 1.150% - 03/13/2015 64,979 65,097
    80000 SHS RYDER SYS MTN BE NT - 3.150% - 03/02/2015 80,728 80,304
    55000 SHS SAFEWAY INC BOND 03.950% 08/15/2020 0 0
    60000 SHS TARGET CORP NT FLT - 0.000% - 07/18/2014 0 0
    25000 SHS TELEFONICA EMISIONESSAU - 3.992% - 02/16/2016 0 0
    55000 SHS US BANCORP - 2.95% - 07/15/2022 51,467 54,217
    80000 SHS VERIZON COMMUNICATIONS - 4.600% - 04/01/2021 0 0
    70000 SHS VIACOM INC BOND - 3.25% - 03/15/2023 64,840 67,602
    90000 SHS VOLKSWAGEN AUTO SER 2013-A CL A3 0.840% 07/20/2016 89,988 90,152
    10430.15 SHS WACHOVIA BANK 2007 C31 A2 - 5.421% - 04/15/2047 7,807 10,423
    215000 SHS WACHOVIA BNK 2006-C28 A3 - 5.679% - 10/15/2048 0 0
    55000 SHS WEATHERFORD INTL LTD - 5.125% - 09/15/2020 0 0
    40000 SHS WELLS FARGO - 5.625% - 12/11/2017 0 0
    20000 SHS WELLS FARGO CO MTN BE - 3.45% - 02/13/2023 19,988 20,270
    85000 SHS WILLIAMS PARTNERS L P - 5.25% - 03/15/2020 97,089 92,270
    50000 SHS XEROX CORP SR NT - 6.400% - 03/15/2016 0 0
    55000 SHS ABBEY NATL TREAS SVCS PLC - 2.3500% - 09/10/2019 54,778 54,815
    25000 SHS AMERICAN CAMPUS - 04.125% - 07/01/2024 24,965 25,252
    45000 SHS AMERICAN EXPRESS - 3.625% - 12/05/2024 45,099 45,375
    100000 SHS AMERICAN EXPRESS SER 2014-3 CL A - 1.4900% - 04/15/2020 99,996 100,091
    45000 SHS AMERICAN HONDA FIN CORP MTN - 2.250% - 08/15/2019 44,917 45,145
    60000 SHS APPLE INC NOTE - 2.400% - 05/03/2023 56,565 58,183
    80000 SHS AT&T INC BD - 5.500% - 02/01/2018 88,692 88,311
    20000 SHS BANK AMER CORP FR - 4.200% - 08/26/2024 19,985 20,374
    15000 SHS BANK OF AMERICA - 04.00% - 04/01/2024 14,944 15,618
    50000 SHS BOSTON PROPERTIES - 5.625% - 11/15/2020 56,763 57,048
    90000 SHS BP CAPITAL MARKETS PLC - 3.245% - 05/06/2022 90,064 88,474
    95000 SHS CAPITAL ONE - 1.48% - 07/15/2020 94,975 95,059
    55000 SHS CATERPILLAR INC - 3.40% - 05/15/2024 54,991 56,526
    50000 SHS CITIGROUP INC SR NT - 6.125% - 11/21/2017 57,298 55,754
    55000 SHS CONOCOPHILLIPS BOND - 02.875% - 11/15/2021 55,288 55,548
    75000 SHS DEERE JOHN - 0.000% - 02/25/2016 75,000 75,023
    40000 SHS DEUTSCHE BK - 1.400% - 02/13/2017 40,083 39,917
    15000 SHS DIGITAL RLTY TR LP - 5.25% - 03/15/2021 16,205 16,428
    80000 SHS EQT CORP - 4.875% - 11/15/2021 87,136 86,425
    105000 SHS EXXON MOBIL CORP BOND 0.0% 03/15/2017 105,000 104,925
    107846.24 SHS FNMA POOL #AT2016 - 03.00% - 04/01/2043 108,234 109,280
    45000 SHS GENERAL ELEC CAP CORP MTN BE - 3.150% - 09/07/2022FR 45,216 45,833
    65000 SHS GILEAD SCIENCES INC 3.7% - 04/01/2024 65,238 68,174
    55000 SHS GOLDMAN SACHS - 03.85% - 07/08/2024 54,927 56,408
    45000 SHS GOLDMAN SACHS GROUP INC - 5.375% - 03/15/2020 50,377 50,432
    35000 SHS HONDA AUTO 0.88% - 07/15/2017 34,993 34,883
    55000 SHS JOHN DEERE OWNER TR SER 2014-B CL A-3 - 1.070% - 11/15/2018 54,988 54,784
    50000 SHS KINDER MORGAN ENER PART NOTE - 05.80% - 03/01/2021 55,635 55,369
    80000 SHS KINDER MORGAN ENERGY - 4.150% - 03/01/2022 81,343 80,618
    90000 SHS KLA-TENCOR CORP SR GLBL NT - 4.125% - 11/01/2021 90,759 92,190
    55000 SHS MCKESSON CORP-0.63510-09/10/2015 55,000 55,017
    50000 SHS METLIFE INC - 4.368% - 09/15/2023 53,720 54,520
    60000 SHS NISSAN AUTO SER 2014-B CL A3 - 01.11% - 05/15/2019 59,998 60,000
    40000 SHS PETROBRAS INTL FIN - 5.375% - 01/27/2021 39,977 37,063
    65000 SHS REALTY INCOME CORP NOTE 03.25% 10/15/2022 63,368 64,079
    70000 SHS ROWAN COMPANIES INC - 4.875% - 06/01/2022 73,185 68,116
    65000 SHS TELEFONICA EMISIONES S A U - 5.134% - 04/27/2020 69,911 71,956
    55000 SHS TIME WARNER INC - 3.40% - 06/15/2022 55,607 55,600
    60000 SHS TORONTO-DOMINION BANK - 02.125% - 07/02/2019 59,926 59,719
    55000 SHS TYSON FOODS INC SR NT - 3.950% - 08/15/2024 55,478 56,855
    70000 SHS UNIONBANCAL CORP - 3.50% - 06/18/2022 71,421 72,090
    125000 SHS VERIZON COMMUNICATIONS INC - 5.150% - 09/15/2023 138,735 138,029
    25000 SHS VIACOM INC NOTE 04.250% 09/01/2023 25,940 25,778
    40000 SHS WELLS FARGO - 4.125% - 08/15/2023 40,918 41,983
    30000 SHS WELLS FARGO CO - 4.10% - 06/03/2026 29,969 30,662
    40000 SHS WELLS FARGO CO MTN BE - 3.300% - 09/09/2024 39,892 40,250
    30000 SHS XILINX INC CORP-03.00%-03/15/2021 29,782 29,938

    TY 2014 InvestmentsCorpStockSchedule
    Name:
    RAYNIER INSTITUTE & FOUNDATION
    EIN: 91-1644205
    Name of Stock End of Year Book Value End of Year Fair Market Value
    1525 3M CO (MMM) 139,139 250,588
    6180 ABB LTD. (ABB) 0 0
    1200 ABBOTT LABS (ABT) 42,559 54,024
    4250 ADECCO S.A. UNSP/ADR (AHEXY) 0 0
    3100 ALTERA CORPORATION (ALTR) 0 0
    1200 AMERICAN EXPRESS CO (AXP) 69,457 111,648
    800 ANADARKO PETROLEUM CORP (APC) 63,325 66,000
    4500 AON PLC (AON) 0 0
    1300 APACHE CORPORATION (APA) 0 0
    157454.688 ARTISAN SMALL CAP VALUE (ARTVX) 0 0
    1494 ASML HOLDING NV NY REG SHS (ASML) 0 0
    3800 ASSOCIATED BANC-CORP (ASB) 51,651 70,794
    1200 BADGER METER, INC (BMI) 0 0
    400 BAXTER INTERNATIONAL INC. (BAX) 0 0
    1230 BAYER A G SPONSORED ADR (BAYRY) 0 0
    2000 BEMIS INC. (BMS) 0 0
    2900 BERKLEY W R CP (WRB) 115,900 148,654
    3600 BERKSHIRE HATHAWAY INC. CLASS B (BRK-B) 0 0
    800 BIO TECHNE CORPORATION (TECH) 56,789 73,920
    54171.181 BLACKROCK GLOBAL ALLOC I (MALOX) 0 0
    301507.538 BLACKROCK STRAT INC OPP - INS (BSIIX) 3,000,000 3,048,241
    7940 BRIDGESTONE CORP UNSP ADR (BRDCY) 146,770 138,235
    1400 C H ROBINSON WORLDWIDE INC. (CHRW) 81,992 104,846
    2000 CHARLES SCHWAB CORP (SCHW) 0 0
    750 CHEVRON CORP (CVX) 83,690 84,135
    6200 COCA-COLA CO (KO) 241,647 261,764
    4500 COMCAST CORP (CMCSK) 0 0
    2200 CONSTELLATION BRANDS INC (STZ) 100,005 215,974
    2500 CRAY INC (CRAY) 34,029 86,200
    4498 CREDIT SUISSE GROUP ADR (CS) 125,297 112,810
    13790 DAIWA SECURITIES GROUP (DSEEY) 0 0
    1300 DELUXE CORPORATION (DLX) 40,527 80,925
    1109 DIAGEO PLC ADS (DEO) 0 0
    128386.842 DIAMOND HILL LONG SHORT FUND CLASS I (DHLSX) 0 0
    3000 DISH NETWORK CORP (DISH) 0 0
    87504.946 DODGE & COX FUNDS INTERNATIONAL STOCK FUND (DODFX) 3,711,454 3,684,833
    2400 DONALDSON CO. INC. (DCI) 0 0
    213742.544 DRIEHAUS ACTIVE INCOME FUND MUTUAL FUND (LCMAX) 2,250,000 2,227,197
    196270.854 EATON VANCE GLOBAL MACRO FD CL I (EIGMX) 2,000,000 1,827,282
    2800 ECOLAB INC (ECL) 0 0
    1800 EMERSON ELECTRIC CO. (EMR) 93,154 111,114
    800 EXXON MOBIL CORP (XOM) 0 0
    1100 FASTENAL COMPANY (FAST) 0 0
    2700 FIDELITY NATIONAL INFORMATION SERVICES INC (FIS) 0 0
    800 FISERV INC (FISV) 40,578 56,776
    1800 FULLER H B CO (FUL) 67,483 80,154
    103400 GENERAL ELECTRIC CO (GE) 0 0
    800 GENERAL MILLS INC (GIS) 0 0
    750 GOLDMAN SACHS GROUP (GS) 84,600 145,373
    200 GOOGLE INC CL C (GOOG) 0 0
    4400 GROUPE DANONE ADS (DANOY) 66,643 57,288
    1000 HONEYWELL INTERNATIONAL INC. (HON) 0 0
    2380 HSBC HOLDINGS PLC (HSBC) 0 0
    840 ICICI BK LTD ADS (IBN) 0 0
    2700 INTEL CORP (INTC) 0 0
    20000 ISHARES S&P NORTH AMERCIA NATURAL RESOURCE (IGE) 542,672 766,400
    60000 ISHARES TRUST RUSSELL 1000 GROWTH INDEX FD (IWF) 3,613,354 5,736,600
    1200 JOHNSON & JOHNSON (JNJ) 83,788 125,484
    81366.965 LAZARD GLOBAL LISTEDINFRASTRUCTE INSTL (GLIFX) 1,000,000 1,116,355
    4200 LIBERTY GLOBAL, INC. - SERIES C (LBTYK) 0 0
    4500 LOEWS CORP (L) 0 0
    9300 MAIRS & POWER GROWTH FUND, INC. (MPGFX) 0 0
    1500 MDU RESOURCES GROUP (MDU) 0 0
    2000 MEDTRONIC INC (MDT) 87,761 144,400
    8300 MICROSOFT CORPORATION (MSFT) 249,821 385,535
    1660 MINDRAY MEDICAL INTL (MR) 0 0
    6000 MONDELEZ INTERNATIONAL INC (MDLZ) 162,952 217,980
    7700 MORGAN STANLEY (MS) 0 0
    2600 NESTLE S.A. (NSRGY) 158,388 189,670
    1625 NEWS CORP LTD CL A (NWSA) 0 0
    4600 NOBLE ENERGY INC. (NBL) 0 0
    1000 NVE CORPORATION (NVEC) 52,998 70,790
    13200 ORACLE CORP (ORCL) 407,008 593,604
    1780 ORIX CORP ADS (IX) 0 0
    1400 PATTERSON COMPANIES INC COM (PDCO) 0 0
    800 PENTAIR INC. COM (PNR) 0 0
    2200 PEPSICO INC (PEP) 160,231 208,032
    204248.366 PIMCO COMMODITY REAL RETURN STRATEGY FUND (PCRIX) 0 0
    70729 POWERSHARES FTSE RAFI US 1K (PRF) 4,368,459 6,466,752
    1800 PRAXAIR INC. (PX) 0 0
    2300 PRINCIPAL FINANCIAL GROUP (PFG) 65,821 119,462
    600 PROCTER GAMBLE CO (PG) 0 0
    3100 QIAGEN NV (QGEN) 0 0
    600 QUALCOMM INC (QCOM) 38,026 44,598
    5810 REPSOL YPF S A SPND ADR (REPYY) 0 0
    3040 ROCHE HOLDING LTD ADR (RHHBY) 0 0
    2450 SABMILLER PLC S/ADR (SBMRY) 0 0
    560 SAP AKTIENGESELL ADS (SAP) 0 0
    1400 SCHLUMBERGER LTD (SLB) 101,138 119,574
    1040 SHIRE PLC (SHPG) 0 0
    500 SNAP ON INC. (SNA) 44,634 68,370
    6120 SOCIETE GENERLE FRNCE ADR (SCGLY) 0 0
    17500 SPDR S&P 500 ETF TRUST (SPY) 1,270,850 3,596,950
    29300 SPDR S&P MIDCAP 400 EFT TRUST (MDY) 0 0
    2300 ST. JUDE MED INC. (STJ) 0 0
    1400 TARGET CORPORATION (TGT) 0 0
    2490 TENCENT HOLDINGS LIMITED (TCEHY) 0 0
    1400 THERMO FISHER SCIENTIFIC INC (TMO) 78,177 175,406
    1140 TOYOTA MTR CORP (TM) 0 0
    6500 TWENTY-FIRST CENTURY, FOX INC (COMMON CL A) (FOXA) 0 0
    1100 UNITED PARCEL SERVICE (UPS) 85,458 122,287
    3300 UNITEDHEALTH GROUP INC. (UNH) 193,773 333,597
    3400 US BANCORP (USB) 112,234 152,830
    900 VALSPAR CORP (VAL) 58,387 77,832
    111482.72 VIRTUS EMERGING MARKETS OPPTS CL I (HIEMX) 0 0
    3100 WAL-MART STORES INC. (WMT) 0 0
    1400 WALT DISNEY HOLDINGS CO. (DIS) 74,316 131,866
    1100 WELLS FARGO & CO. (WFC) 36,263 60,302
    2000 WESTERN UNION CO (WU) 35,427 35,820
    62000 WISDOMTREE LC DVDND (DLN) 2,979,986 4,597,919
    3540 SHS ADECCO S.A. UNSP/ADR 107,565 121,457
    4200 SHS AIA GROUP LTD ADR 94,679 93,030
    650 SHS ALIBABA GROUP HOLDING LIMITED 44,200 67,561
    2800 SHS ALTERA CORPORATION 92,116 103,432
    475 SHS AMAZON COM 142,398 147,416
    4000 SHS AON PLC 208,931 379,320
    1300 SHS APACHE CORPORATION 0 0
    157454.69 SHS ARTISAN SMALL CAP VALUE 0 0
    1614 SHS ASML HOLDING NV NY REG SHS 79,464 174,038
    1600 SHS BADGER METER, INC 69,271 94,960
    570 SHS BAIDU.COM - ADR 134,134 129,943
    800 SHS BAXTER INTERNATIONAL INC 51,708 58,632
    1020 SHS BAYER A G SPONSORED ADR 108,512 139,577
    2400 SHS BEMIS INC 85,791 108,504
    3000 SHS BERKSHIRE HATHAWAY INC. CLASS B 275,142 450,450
    56610.547 SHS BLACKROCK GLOBAL ALLOC I 1,052,300 1,124,852
    2000 SHS CHARLES SCHWAB CORP 41,900 60,380
    7250 SHS CITIGROUP INC 339,733 392,298
    2700 SHS COMCAST CORP 94,509 155,439
    17620 SHS DAIWA SECURITIES GROUP 151,772 139,550
    599 SHS DIAGEO PLC ADS 48,747 68,340
    128331.12 SHS DIAMOND HILL LONG SHORT FD CL Y 2,000,000 3,112,030
    128386.84 SHS DIAMOND HILL LONG SHORT FUND CLASS I 0 0
    2250 SHS DISCOVERY COMMUNICATIONS CL A 76,137 77,513
    2600 SHS DISH NETWORK CORP 125,486 189,514
    2800 SHS DONALDSON CO. INC. 100,883 108,164
    1040 SHS EATON CORP PLC 79,810 70,678
    3600 SHS ECOLAB INC 282,931 376,272
    12500 SHS ENERGY SELECT SPDR 930,329 989,500
    1200 SHS EXXON MOBIL CORP 110,973 110,940
    1800 SHS FASTENAL COMPANY 82,981 85,608
    2700 SHS FIDELITY NATIONAL INFORMATION SERVICES INC 0 0
    1000 SHS GENERAC HOLDING INC 43,998 46,760
    3400 SHS GENERAL ELECTRIC CO 74,879 85,918
    1200 SHS GENERAL MILLS INC 51,701 63,996
    200 SHS GOOGLE INC CL A 58,091 106,132
    200 SHS GOOGLE INC CL C 58,244 105,280
    600 SHS GRACO INC 44,305 48,108
    5000 SHS HEALTHEQUITY INC 70,000 127,250
    1200 SHS HONEYWELL INTERNATIONAL INC. 81,317 119,904
    2380 SHS HSBC HOLDINGS PLC 0 0
    6550 SHS ICICI BK LTD ADS 53,786 75,653
    2400 SHS INTEL CORP 50,912 87,096
    450 SHS INTERNATIONAL BUSINESS MACHINES 80,106 72,198
    2000 SHS JP MORGAN CHASE & CO 117,784 125,160
    8400 SHS LIBERTY GLOBAL, INC. - SERIES C 224,490 405,804
    4500 SHS LOEWS COR 0 0
    3600 SHS MAIRS & POWER GROWTH FUND, INC. 264,204 418,320
    2000 SHS MDU RESOURCES GROUP 57,348 47,000
    6700 SHS MORGAN STANLEY 106,300 259,960
    1625 SHS NEWS CORP LTD CL A 0 0
    3900 SHS NOBLE ENERGY INC. 181,593 184,977
    24330 SHS NOMURA HOLDINGS ADR 162,277 137,951
    2282 SHS NXP SEMICONDUCTORS 130,195 174,345
    1840 SHS ORIX CORP ADS 133,207 115,055
    1000 SHS PATTERSON COMPANIES INC COM 37,159 48,100
    1300 SHS PENTAIR INC. COM 74,650 86,346
    1400 SHS PRAXAIR INC. 154,591 181,384
    1000 SHS PROCTER GAMBLE CO 74,899 91,090
    4950 SHS QIAGEN NV 105,348 116,127
    5810 SHS REPSOL YPF S A SPND ADR 0 0
    7110 SHS ROCHE HOLDING LTD ADR 180,675 241,669
    2330 SHS SABMILLER PLC S/ADR 81,149 120,135
    1170 SHS SANDS CHINA LTD UNSP ADR 81,092 57,623
    560 SHS SAP AKTIENGESELL ADS 0 0
    780 SHS SHIRE PLC 82,663 165,781
    12040 SHS SOCIETE GENERLE FRNCE ADR 143,983 100,173
    22500 SHS SPDR S&P MIDCAP 400 EFT TRUST 2,367,693 5,939,325
    2000 SHS ST. JUDE MED INC. 81,843 130,060
    1600 SHS TARGET CORPORATION 98,095 121,456
    9280 SHS TENCENT HOLDINGS LIMITED 48,196 134,653
    700 SHS TORO CO 43,495 44,667
    1090 SHS TOYOTA MTR CORP 120,173 136,773
    9200 SHS TWENTY-FIRST CENTURY CL B 301,186 339,388
    6500 SHS TWENTY-FIRST CENTURY, FOX INC (COMMON CL A) 0 0
    40000 SHS UBS E-TRACS ALERIAN MLP INFRASTRUCTURE ETN 1,535,078 1,624,000
    1175 SHS VALEANT PHARMACEUTICALS INTL 156,731 168,154
    16178 SHS VANGUARD SM-CAP ETF 1,742,498 1,887,325
    111482.72 SHS VIRTUS EMERGING MARKETS OPPTS CL I 0 0
    1200 SHS WAL-MART STORES INC. 91,257 103,056

    TY 2014 InvestmentsGovtObligationsSch
    Name:
    RAYNIER INSTITUTE & FOUNDATION
    EIN: 91-1644205
    US Government Securities - End of Year Book Value:

    11,793,631
    US Government Securities - End of Year Fair Market Value:

    11,852,004
    State & Local Government Securities - End of Year Book Value:


    0
    State & Local Government Securities - End of Year Fair Market Value:


    0


    TY 2014 InvestmentsOtherSchedule2
    Name:
    RAYNIER INSTITUTE & FOUNDATION
    EIN: 91-1644205
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    23900.81 SHS YORK CREDIT OPPORTUNITIES UNIT TRUST AT COST 2,000,000 1,796,810

    TY 2014 LegalFeesSchedule
    Name:
    RAYNIER INSTITUTE & FOUNDATION
    EIN: 91-1644205
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL 735 0   735


    TY 2014 OtherExpensesSchedule
    Name:
    RAYNIER INSTITUTE & FOUNDATION
    EIN: 91-1644205
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ADMINISTRATIVE FEES 40,000 0   40,000
    FOUNDATION DUES & MEMBERSHIPS 18,085 0   18,085
    POSTAGE 1,148 0   1,148
    INSURANCE 3,387 0   3,387
    WEBSITE COSTS 783 0   783
    FILING FEES 45 0   45
    BANK CHARGES 3,209 3,209   0
    SUPPLIES 160 0   160


    TY 2014 OtherIncomeSchedule2
    Name:
    RAYNIER INSTITUTE & FOUNDATION
    EIN: 91-1644205
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    RETURNED GRANT 20,000   20,000
    FOREIGN TAX REFUND 913 913 913


    TY 2014 OtherProfessionalFeesSchedule
    Name:
    RAYNIER INSTITUTE & FOUNDATION
    EIN: 91-1644205
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT MANAGEMENT SERVICES 351,805 351,805   0
    WEBSITE DEVELOPMENT 2,450 0   2,450


    TY 2014 TaxesSchedule
    Name:
    RAYNIER INSTITUTE & FOUNDATION
    EIN: 91-1644205
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 8,512 8,512   0