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. By law, the IRS cannot redact the information on the form.
bulletInformation about Form 990-PF and its instructions is at www.irs.gov/form990pf.
OMB No. 1545-0052
2013
Open to Public Inspection
For calendar year 2013, or tax year beginning 12-01-2013 , and ending 11-30-2014
Name of foundation
THE PITON INVESTMENT FUND
 

Number and street (or P.O. box number if mail is not delivered to street address)1705 17TH STREET SUITE 200   Room/suite
City or town, state or province, country, and ZIP or foreign postal code
DENVER, CO80202
A Employer identification number

81-0587194
B Telephone number (see instructions)

(303) 628-3800
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$211,844,557J 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
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities...... 1,680,529 1,680,529  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 14,965,888
b Gross sales price for all assets on line 6a 103,761,242
7 Capital gain net income (from Part IV, line 2)... 14,965,888
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 -512,490 -512,490  
12 Total. Add lines 1 through 11........ 16,133,927 16,133,927  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 4,500 2,250   2,250
c Other professional fees (attach schedule)....        
17 Interest...............        
18 Taxes (attach schedule) (see instructions) Click to see attachment 199,389 55,484   76
19 Depreciation (attach schedule) and depletion...      
20 Occupancy.............. 31,332 3,133   28,199
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 817,448 793,175   24,273
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 1,052,669 854,042   54,798
25 Contributions, gifts, grants paid........ 14,090,750 9,490,750
26 Total expenses and disbursements. Add lines 24 and 25 15,143,419 854,042   9,545,548
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 990,508
b Net investment income (if negative, enter -0-) 15,279,885
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2013)
Form 990-PF (2013)
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............... 58,111 91,208 91,208
2 Savings and temporary cash investments.......... 2,399,468 24,441,477 24,441,477
3 Accounts receivable bullet8,672,403
Less: allowance for doubtful accounts bullet     8,672,403 8,672,403
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........... 52,794    
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........ 203,433,243 Click to see attachment118,933,970 118,933,970
c Investments—corporate bonds (attach schedule)........ 6,014,885 Click to see attachment59,705,499 59,705,499
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)...........      
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment64,329 Click to see attachment0 Click to see attachment0
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 212,022,830 211,844,557 211,844,557
Liabilities 17 Accounts payable and accrued expenses..........   6,095
18 Grants payable...................   4,600,000
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 4,606,095
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted.................... 212,022,830 207,238,462
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 page 17 of the
instructions).................... 212,022,830 207,238,462
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 212,022,830 211,844,557
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)............... 1 212,022,830
2 Enter amount from Part I, line 27a..................... 2 990,508
3 Other increases not included in line 2 (itemize) bullet 3 0
4 Add lines 1, 2, and 3.......................... 4 213,013,338
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 5,774,876
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 207,238,462
Form 990-PF (2013)
Form 990-PF (2013)
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 CAPITAL GAIN/LOSS FROM SALE OF SECURITIES P 2013-01-01 2014-07-01
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 103,761,242   88,795,354 14,965,888
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       14,965,888
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 14,965,888
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 page 18 of the 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))
2012 11,576,679 202,819,976 0.057079
2011 11,107,364 186,968,425 0.059408
2010 1,164,768 75,214,135 0.015486
2009 1,590,280 70,633,002 0.022515
2008 2,236,155 61,359,367 0.036444
2 Total of line 1, column (d) ...................... 2 0.190932
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 0.038186
4 Enter the net value of noncharitable-use assets for 2013 from Part X, line 5..... 4 210,988,644
5 Multiply line 4 by line 3....................... 5 8,056,812
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 152,799
7 Add lines 5 and 6......................... 7 8,209,611
8 Enter qualifying distributions from Part XII, line 4.............. 8 9,545,548
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 (2013)
Form 990-PF (2013)
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 1 152,799
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............................ 3 152,799
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- ..... 5 152,799
6 Credits/Payments:
a 2013 estimated tax payments and 2012 overpayment credited to 2013 6a 146,427
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868) 6c 200,000
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 346,427
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 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 10 193,628
11 Enter the amount of line 10 to be: Credited to 2014 estimated taxBullet193,628 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 page 19 of
the 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)
    bulletCO
    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 2013 or the taxable year beginning in 2013 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
     
    No
    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 addressbulletN/A
    14
    The books are in care ofbulletTHE PITON INVESTMENT FUND Telephone no.bullet (303) 628-3800
    Located atbullet1705 17TH STREET SUITE 200DENVERCO ZIP+4bullet80202
    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 2013, 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 Form TD F 90-22.1. If "Yes", enter the name of the
    foreign country bullet  
    Form 990-PF (2013)
    Form 990-PF (2013)
    Page 5
    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 page 20 of the instructions)?...
    1b
     
     
    .........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 2013?.............
    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 2013, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2013?...............
    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 2013 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 2013.)....................
    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 2013?
    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 509(a)(1), (2), or (3), or section 4940(d)(2)? (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
     
    No
    .........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). Click to see attachment
    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 (2013)
    Form 990-PF (2013)
    Page 6
    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
    DAVE YOUNGGREN PRESIDENT
    5.00     		0 0 0
    1705 17TH STREET SUITE 200
    DENVER,CO80202
    CAROL BUSH VP FINANCE & TREASURER
    5.00     		0 0 0
    1705 17TH STREET SUITE 200
    DENVER,CO80202
    SAMUEL GARY CHAIRMAN
    5.00     		0 0 0
    1705 17TH STREET SUITE 200
    DENVER,CO80202
    PAUL ROSSWORK GENERAL COUNSEL & SECRETAR
    5.00     		0 0 0
    1705 17TH STREET SUITE 200
    DENVER,CO80202
    NANCY GARY DIRECTOR
    5.00     		0 0 0
    1705 17TH STREET SUITE 200
    DENVER,CO80202
    ROB GARY VICE CHAIRMAN
    5.00     		0 0 0
    1705 17TH STREET SUITE 200
    DENVER,CO80202
    JAMES EMERSON SENIOR VP IMPACT INVESTING
    5.00     		0 0 0
    1705 17TH STREET SUITE 200
    DENVER,CO80202
    KATHERINE PEASE SENIOR VP PHILANTHROPIC INVESTING/POLI
    5.00     		0 0 0
    1705 17TH STREET SUITE 200
    DENVER,CO80202
    MATTHEW BARRY VP STRATEGIC ASSESSMENT
    5.00     		0 0 0
    1705 17TH STREET SUITE 200
    DENVER,CO80202
    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
    THE CAPROCK GROUP INVESTMENT ADVISORY FEES 86,667
    805 WEST IDAHO ST SUITE 200
    BOISE,ID83702
    MONTICELLO ASSOCIATES INVESTMENT ADVISORY FEES 67,164
    1800 LARIMER STREET
    DENVER,CO80202
    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 THE FOUNDATION WAS FORMED TO MAKE DISTRIBUTIONS TO EXEMPT ORGANIZATIONS FOR CHARITABLE AND EDUCATIONAL PURPOSES. 0
    2  
    3  
    4  
    Form 990-PF (2013)
    Form 990-PF (2013)
    Page 7
    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 page 24 of the 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
     
    b
    Average of monthly cash balances.......................
    1b
     
    c
    Fair market value of all other assets (see instructions)................
    1c
     
    d
    Total (add lines 1a, b, and c).........................
    1d
     
    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
     
    3
    Subtract line 2 from line 1d.........................
    3
     
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
     
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
     
    6
    Minimum investment return. Enter 5% of line 5..................
    6
     
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    10,549,432
    2a
    Tax on investment income for 2013 from Part VI, line 5......
    2a
    152,799
    b
    Income tax for 2013. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    152,799
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    10,396,633
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    10,396,633
    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
    10,396,633
    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
     
    b
    Program-related investments—total from Part IX-B..................
    1b
     
    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
     
    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
     
    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 (2013)
    Form 990-PF (2013)
    Page 8
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2012     		(c)
    2012     		(d)
    2013
    1 Distributable amount for 2013 from Part XI, line 7 10,396,633
    2 Undistributed income, if any, as of the end of 2013:
    a Enter amount for 2012 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2013:
    a From 2008.......  
    b From 2009.......  
    c From 2010.......  
    d From 2011....... 1,795,889
    e From 2012....... 754,310
    fTotal of lines 3a through e......... 2,550,199
    4Qualifying distributions for 2013 from Part
    XII, line 4: bullet$ 9,545,548
    a Applied to 2012, but not more than line 2a 0
    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 2013 distributable amount..... 9,545,548
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2013. 851,085 851,085
    (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 1,699,114
    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 2012. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2013. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2014 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (see
    instructions) .............     		0
    8Excess distributions carryover from 2008 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2014.
    Subtract lines 7 and 8 from line 6a ......     		1,699,114
    10 Analysis of line 9:
    a Excess from 2009....  
    b Excess from 2010....  
    c Excess from 2011.... 944,804
    d Excess from 2012.... 754,310
    e Excess from 2013....  
    Form 990-PF (2013)
    Form 990-PF (2013)
    Page 9
    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 2013, 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) 2013 (b) 2012 (c) 2011 (d) 2010
             
    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).)
    SAMUEL GARY
    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 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 (2013)
    Form 990-PF (2013)
    Page 10
    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
    BESSIE'S HOPE
    PO BOX 12675
    DENVER,CO80212     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 5,000
    CHERRY HILLS LAND PRESERVE
    PO BOX 522
    ENGLEWOOD,CO80151     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 500
    CHILDREN'S OUTREACH PROJECT
    800 PECOS
    DENVER,CO80221     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 500
    COLORADO BUSINESS HALL OF FAME
    1445 MARKET ST SUITE 200
    DENVER,CO80202     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 500
    COLORADO METH PROJECT
    PO BOX 689
    BROMFIELD,CO80038     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 500
    COLORADO OPEN LANDS
    274 UNION BLVD SUITE 320
    LAKEWOOD,CO80228     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 5,000
    CREATIVE ADOPTIONS INC
    4251 KIPLING ST SUITE 560
    WHEAT RIDGE,CO80033     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 5,000
    FLATHEAD LAKERS
    PO BOX 70
    POLSON,MT59860     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 1,000
    GENEVA GLENCAMP
    PO BOX 248
    INDIAN HILLS,CO80454     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 500
    GREATER POLSON COMMUNITY FOUNDATION
    PO BOX 314
    POLSON,MT59860     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 1,000
    GUIDESTONE
    PO BOX 1056
    SALIDA,CO81201     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 5,000
    HIGH COUNTRY NEWS
    PO BOX 1090
    PAONIA,CO81428     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 2,500
    LITTLETON TOWN HALL ARTS CENTER
    2450 W MAIN STREET
    LITTLETON,CO80120     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 5,000
    MACKINTOSH ACADEMY
    7018 S PRINCE STREET
    LITTLETON,CO80120     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 10,000
    MOUNTAIN STATES CHILDREN'S HOME
    PO BOX 1097
    LONGMONT,CO80502     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 500
    NATIONAL JEWISH HEALTH
    PO BOX 5898
    DENVER,CO80217     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 2,000
    NATIONAL LOW INCOME HOUSING COALITION
    727 15TH ST NW 6TH FLOOR
    WASHINGTON,CO20005     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 1,000
    NATIONAL OUTDOOR LEADERSHIP SCHOOL
    284 LINCOLN ST
    LANDER,WY82520     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 2,000
    NATURAL RESOURCES DEFENSE COUNCIL
    40 WEST 20TH STREET
    NEW YORK,NY10011     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 500
    RACE TO ERASE MS
    1875 CENTURY PARK EST SUITE 980
    LOS ANGELES,CA90067     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 1,500
    REGIS UNIVERSITY
    3333 REGIS UNIVERSITY BLVD B-16
    DENVER,CO80221     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 500
    SHILOH HOME INC
    6588 W OTTAWA AVE
    LITTLETON,CO80123     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 5,000
    SLOW MONEY
    PO BOX 2231
    BOULDER,CO80306     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 5,000
    THE HOTCHKISS FUND
    11 INTERLAKEN ROAD
    LAKEVILLE,CT06039     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 1,000
    THE PITON FOUNDATION
    1705 17TH ST SUITE 200
    DENVER,CO80202     		N/A POF PAY RENT ON BEHALF OF THE PITON FOUNDATION 15,750
    THE PITON FOUNDATION
    1705 17TH ST SUITE 200
    DENVER,CO80202     		N/A POF PROVIDE GENERAL OPERATING SUPPORT 9,400,000
    UNIVERSITY OF MONTANA FOUNDATION
    32125 BIO STATION LANE
    POLSON,MT59860     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 2,000
    WARREN VILLAGE
    1323 GILPIN STREET
    DENVER,CO80218     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 2,000
    YOUTH DIRECTIONS INC
    1400 SIMMS STREET 230
    GOLDEN,CO80401     		N/A PC PROVIDE GENERAL OPERATING SUPPORT 10,000
    Total .................................bullet 3a 9,490,750
    bApproved for future payment
    THE PITON FOUNDATION
    1705 17TH ST SUITE 200
    DENVER,CO80202     		N/A POF PROVIDE GENERAL OPERATING SUPPORT 4,600,000
    Total .................................bullet 3b 4,600,000
    Form 990-PF (2013)
    Form 990-PF (2013)
    Page 11
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3
    Interest on savings and temporary cash investments ............     		         
    4 Dividends and interest from securities....     14 1,680,529  
    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 14,965,888  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aPARTNERSHIP INCOME/(LOSS)     01 -512,490  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 16,133,927 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    1316,133,927
    (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 (2013)
    Form 990-PF (2013)
    Page 12
    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 or fiduciary) 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 (2013)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2013 AccountingFeesSchedule
    Name:
    THE PITON INVESTMENT FUND
    EIN: 81-0587194
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 4,500 2,250   2,250

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

    TY 2013 ExpenditureResponsibilityStmt
    Name:
    THE PITON INVESTMENT FUND
    EIN: 81-0587194
    Grantee's Name Grantee's Address Grant Date Grant Amount Grant Purpose Amount Expended By Grantee Any Diversion By Grantee? Dates of Reports By Grantee Date of Verification Results of Verification
    THE PITON FOUNDATION
          		1705 17TH STREET SUITE 200
    DENVER,CO80202     		2014-03-01 14,000,000 THE GRANT WAS MADE TO PROVIDE GENERAL OPERATING SUPPORT TO THE PITON FOUNDATION. 9,400,000   DECEMBER 31, 2014 2014-12-31 AS OF NOVEMBER 30, 2014, $9,400,000 WAS DISTRIBUTED TO THE PITON FOUNDATION. AS OF AN INTERIM REPORT RECEIVED FROM THE GRANTEE ON DECEMBER 31, 2014, $6,653,824 WAS REDISTRIBUTED OUT OF CORPUS IN ACCORDANCE WITH THE TERMS OF THE GRANT AGREEMENT BY NOVEMBER 30, 2014. TO THE KNOWLEDGE OF THE FOUNDATION, AND BASED ON THE REPORT FURNISHED BY THE GRANTEE, NO PART OF THE GRANT HAS BEEN USED FOR OTHER THAN ITS INTENDED PURPOSE.
    THE PITON FOUNDATION
          		1705 17TH STREET SUITE 200
    DENVER,CO80202     		2013-05-02 10,000,000 THE GRANT WAS MADE TO PROVIDE GENERAL OPERATING SUPPORT TO THE PITON FOUNDATION. 10,000,000   DECEMBER 31, 2014 2014-12-31 AS OF AN INTERIM REPORT RECEIVED FROM THE GRANTEE ON DECEMBER 31, 2014, ALL FUNDS WERE REDISTRIBUTED OUT OF CORPUS IN ACCORDANCE WITH THE TERMS OF THE GRANT AGREEMENT BY NOVEMBER 30, 2014. TO THE KNOWLEDGE OF THE FOUNDATION, AND BASED ON THE REPORT FURNISHED BY THE GRANTEE, NO PART OF THE GRANT HAS BEEN USED FOR OTHER THAN ITS INTENDED PURPOSE.
    THE PITON FOUNDATION
          		1705 17TH STREET SUITE 200
    DENVER,CO80202     		2013-11-04 1,000,000 THE GRANT WAS MADE TO PROVIDE GENERAL OPERATING SUPPORT TO THE PITON FOUNDATION. 1,000,000   DECEMBER 31, 2014 2014-12-31 AS OF AN INTERIM REPORT RECEIVED FROM THE GRANTEE ON DECEMBER 31, 2014, ALL FUNDS WERE REDISTRIBUTED OUT OF CORPUS AS OF NOVEMBER 30, 2014. TO THE KNOWLEDGE OF THE FOUNDATION, AND BASED ON THE REPORT FURNISHED BY THE GRANTEE, NO PART OF THE GRANT HAS BEEN USED FOR OTHER THAN ITS INTENDED PURPOSE.

    TY 2013 InvestmentsCorpBondsSchedule
    Name:
    THE PITON INVESTMENT FUND
    EIN: 81-0587194
    Name of Bond End of Year Book Value End of Year Fair Market Value
    PIMCO SHORT TERM FUND 0 0
    SNW ASSET MANAGEMENT LLC 59,705,499 59,705,499

    TY 2013 InvestmentsCorpStockSchedule
    Name:
    THE PITON INVESTMENT FUND
    EIN: 81-0587194
    Name of Stock End of Year Book Value End of Year Fair Market Value
    CREDIT SUISSE LATEEF MGT 0 0
    SEMPER VIC PARTNERS FUND 15,277,279 15,277,279
    DAVIDSON KEMPNER FUND 11,837,378 11,837,378
    VIKING GLOBAL FUND 14,718,947 14,718,947
    BAIN CAPITAL ABSOLUTE RETURN 0 0
    KING STREET CAPITAL HSBC FUND 18,901,094 18,901,094
    CLOUGH OFFSHORE FUND 0 0
    ICAP OFFSHORE FUND 0 0
    HARBOR INT'L FUND 0 0
    HIGHFIELDS CAPITAL FUND 13,653,500 13,653,500
    CONVEXITY CAPITAL OFFSHORE FUND 27,110,524 27,110,524
    LONGLEAF PARTNERS FUND 0 0
    INDUS ASIA PACIFIC FUND 125,487 125,487
    NEWPORT ASIA INSTITUTIONAL FUND 0 0
    CAPITAL GUARDIAN FUND 0 0
    DODGE & COX INT'L FUND 0 0
    SPINNAKER GLOBAL 9,279,833 9,279,833
    APERIO GROUP LLC 8,029,928 8,029,928

    TY 2013 OtherAssetsSchedule
    Name:
    THE PITON INVESTMENT FUND
    EIN: 81-0587194
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    INCOME TAX RECEIVABLE 37,735 0 0
    DIVIDEND & INTEREST RECEIVABLE 26,594 0 0


    TY 2013 OtherDecreasesSchedule
    Name:
    THE PITON INVESTMENT FUND
    EIN: 81-0587194
    Description Amount
    UNREALIZED GAIN/(LOSS) 5,774,876


    TY 2013 OtherExpensesSchedule
    Name:
    THE PITON INVESTMENT FUND
    EIN: 81-0587194
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT EXPENSES 790,478 790,478   0
    OTHER EXPENSE 26,970 2,697   24,273


    TY 2013 OtherIncomeSchedule2
    Name:
    THE PITON INVESTMENT FUND
    EIN: 81-0587194
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    PARTNERSHIP INCOME/(LOSS) -512,490 -512,490 -512,490


    TY 2013 TaxesSchedule
    Name:
    THE PITON INVESTMENT FUND
    EIN: 81-0587194
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAX 55,475 55,475   0
    PAYROLL TAX 85 9   76
    EXCISE TAX 143,829 0   0