Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletInformation about Form 990-PF and its instructions is at www.irs.gov/form990pf.
OMB No. 1545-0052
2014
Open to Public Inspection
For calendar year 2014, or tax year beginning 2014, and ending , 20
Name of foundation
INAVALE FOUNDATION INC
 

Number and street (or P.O. box number if mail is not delivered to street address)C/O KLR 99 SUMMER STREET NO 520   Room/suite
City or town, state or province, country, and ZIP or foreign postal code
BOSTON, MA02110
A Employer identification number

04-3409789
B Telephone number (see instructions)

(617) 236-8098
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$18,582,979J 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).............. 165
2 Check bullet
Sch. B ...............
3 Interest on savings and temporary cash investments 7 7  
4 Dividends and interest from securities...... 239,891 239,891  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 1,184,405
b Gross sales price for all assets on line 6a 8,889,736
7 Capital gain net income (from Part IV, line 2)... 1,184,405
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 47,886 47,886  
12 Total. Add lines 1 through 11........ 1,472,354 1,472,189  
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 7,600 3,800   3,800
c Other professional fees (attach schedule).... Click to see attachment 53,351 53,351   0
17 Interest............... 513 513   0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 37,801 4,673   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 76,672 75,935   372
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 175,937 138,272   4,172
25 Contributions, gifts, grants paid........ 807,000 807,000
26 Total expenses and disbursements. Add lines 24 and 25 982,937 138,272   811,172
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 489,417
b Net investment income (if negative, enter -0-) 1,333,917
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............... 285,628 237,012 237,012
2 Savings and temporary cash investments..........      
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges...........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........ 10,596,934 Click to see attachment9,900,187 14,240,640
c Investments—corporate bonds (attach schedule)........      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 2,497,486 Click to see attachment3,732,266 4,105,327
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) 13,380,048 13,869,465 18,582,979
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...................    
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds......... 14,243,755 14,243,755
28 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
29 Retained earnings, accumulated income, endowment, or other funds -863,707 -374,290
30 Total net assets or fund balances (see instructions)...... 13,380,048 13,869,465
31 Total liabilities and net assets/fund balances (see instructions).. 13,380,048 13,869,465
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 13,380,048
2 Enter amount from Part I, line 27a..................... 2 489,417
3 Other increases not included in line 2 (itemize) bullet 3 0
4 Add lines 1, 2, and 3.......................... 4 13,869,465
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 13,869,465
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 33327.63 SHS DFA INTL REAL ESTATE P   2014-04-30
b 32160.63 SHS DFA EMERGING MKTS SOCIAL CORE P   2014-04-30
c 9679.332 SHS DFA EMERGING MKTS SMALL CAP P   2014-05-28
d 12593.14 SHS DFA INT'L SMALL CAP P   2014-05-28
e 13549.78 SHS PIMCO COMMODITY P   2014-05-28
31614.92 SHS PORTFOLIO 21 GLOBAL P   2014-05-28
1754.386 SHS WASATCH INTERNATIONAL GROWTH P   2014-05-28
80385.85 SHS WASATCH EMERGING MARKETS P   2014-05-28
221584.6 SHS VANGUARD TOTAL BOND P   2014-05-29
20144.04 SHS VANGUARD SHORT TERM P   2014-05-29
21570.95 SHS VANGUARD INFLATION P   2014-05-29
37206.98 SHS VANGUARD SHORT TERM P   2014-05-29
5820 SHS ISHARES COHEN & STEERS P   2014-05-30
5820 UNITS POWERSHARES DB COMMODITY P   2014-05-30
11800 UNITS POWERSHARES DB MULTI SECTOR P   2014-05-30
14200 SHS VANGUARD INTL EQUITY P   2014-05-30
3636.364 SHS DOUBLELINE TOTAL P   2014-12-05
2274.943 SHS JPMORGAN VALUE ADV P   2014-12-05
2635.542 SHS LOOMIS SAYLES CORE PLUS P   2014-12-05
1303.97 SHS PRIMECAP ODYSSEY P   2014-12-05
1287.001 SHS AKRE FOCUS FUND P   2014-12-05
8561.644 SHS THE OSTERWEIS STRATEGIC INC FD P   2014-12-05
1144.165 SHS TEMPLETON GLOBAL BOND ADVISOR P   2014-12-05
1626 SHS ISHARES RUSSELL 3000 ETF P   2014-12-09
SCS OPPORTUNITIES FUND (MARK TO MARKET) P   2014-12-31
SOUND POINT FLOATING RATE FUND (MARK TO MARKET) P   2014-12-31
MORGAN CREEK PARTNERS P   2014-12-31
MORGAN CREEK PARTNERS P   2014-12-31
RMK SELECT TIMBERLAND FUND P   2014-12-31
ABBEY CAPITAL ACL ALT. FUND P   2014-12-31
DAVIS FUND II P   2014-12-31
CORBIN PINEHURST INSTITUTIONAL (MARK TO MARKET) P   2014-12-31
POWERSHARES DB COMMODITY INDEX TRACKING FUND P   2014-12-31
POWERSHARES DB AGRICULTURE FUND P   2014-12-31
CAPITAL GAINS DIVIDENDS P    
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 185,272   154,328 30,944
b 419,023   380,000 39,023
c 208,947   200,000 8,947
d 271,856   250,437 21,419
e 81,540   98,523 -16,983
1,293,652   880,000 413,652
50,000   50,982 -982
263,666   250,000 13,666
2,406,379   2,234,540 171,839
504,780   500,000 4,780
580,660   504,494 76,166
401,433   400,000 1,433
509,253   402,958 106,295
309,365   311,617 -2,252
55,517   56,362 -845
604,020   499,091 104,929
39,970   40,038 -68
69,970   65,044 4,926
34,970   35,476 -506
44,970   39,776 5,194
29,970   28,060 1,910
99,970   103,345 -3,375
14,970   15,195 -225
200,037   186,909 13,128
19,539     19,539
1,761     1,761
67,891     67,891
18,629     18,629
4,070     4,070
    18,156 -18,156
913     913
63,240     63,240
7,426     7,426
80     80
25,997     25,997
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       30,944
b       39,023
c       8,947
d       21,419
e       -16,983
      413,652
      -982
      13,666
      171,839
      4,780
      76,166
      1,433
      106,295
      -2,252
      -845
      104,929
      -68
      4,926
      -506
      5,194
      1,910
      -3,375
      -225
      13,128
      19,539
      1,761
      67,891
      18,629
      4,070
      -18,156
      913
      63,240
      7,426
      80
      25,997
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 1,184,405
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 715,922 16,989,394 0.042139
2012 893,555 16,132,388 0.055389
2011 1,050,673 16,308,870 0.064423
2010 232,588 16,143,672 0.014407
2009 231,870 14,279,205 0.016238
2 Total of line 1, column (d) ...................... 2 0.192596
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 0.038519
4 Enter the net value of noncharitable-use assets for 2014 from Part X, line 5..... 4 18,258,200
5 Multiply line 4 by line 3....................... 5 703,288
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 13,339
7 Add lines 5 and 6......................... 7 716,627
8 Enter qualifying distributions from Part XII, line 4.............. 8 811,172
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 13,339
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 13,339
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 13,339
6 Credits/Payments:
a 2014 estimated tax payments and 2013 overpayment credited to 2014 6a 36,521
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 10,000
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 46,521
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 33,182
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet33,182 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
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
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)
    bulletMA
    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 addressbulletN/A
    14
    The books are in care ofbulletKAHN LITWIN RENZA CO Telephone no.bullet (617) 236-8098
    Located atbullet99 SUMMER STREET STE 520BOSTONMA ZIP+4bullet02110
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16 At any time during calendar year 2014, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country?
    16   No
    See instructions for exceptions and filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If "Yes", enter the name of the foreign country bullet  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see instructions)? ........
    1b
     
     
    .........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
    WILLIAM N BUFFETT PRESIDENT/DIRECTOR
    1.00     		0 0 0
    21 STEVENS TERRACE
    ARLINGTON,MA02476
    SUSAN KENNEDY TREASURER/DIRECTOR
    0.25     		0 0 0
    21 STEVENS TERRACE
    ARLINGTON,MA02476
    THOMAS BUFFETT DIRECTOR
    0.25     		0 0 0
    5912 COVENTRY CIRCLE
    EAST LANSING,MI48823
    WENDY O BUFFETT DIRECTOR
    0.25     		0 0 0
    861 ARLINGTON AVE
    BERKELEY,CA94707
    NOAH E BUFFETT-KENNEDY DIRECTOR
    0.25     		0 0 0
    20 EAGLE STREET
    SAN FRANCISCO,CA94114
    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
    NONE
    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
     
    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
    17,552,059
    b
    Average of monthly cash balances.......................
    1b
    984,185
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    18,536,244
    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
    18,536,244
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    278,044
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    18,258,200
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    912,910
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    912,910
    2a
    Tax on investment income for 2014 from Part VI, line 5......
    2a
    13,339
    b
    Income tax for 2014. (This does not include the tax from Part VI.)...
    2b
    3,253
    c
    Add lines 2a and 2b............................
    2c
    16,592
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    896,318
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    896,318
    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
    896,318
    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
    811,172
    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
    811,172
    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
    13,339
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    797,833
    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 7 896,318
    2 Undistributed income, if any, as of the end of 2014:
    a Enter amount for 2013 only....... 1,521
    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$ 811,172
    a Applied to 2013, but not more than line 2a 1,521
    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..... 809,651
    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 ..........     		86,667
    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
    AMERICAN SCHOOL OF CLASSICAL STUDIES
    6-8 CHARLTON STREET
    PRINCETON,NJ08540     		NONE PUBLIC CHARITY GENERAL PURPOSE 5,000
    AVON WALK FOR BREAST CANCER
    33 BROAD STREET SUITE 700
    BOSTON,MA02109     		NONE PUBLIC CHARITY GENERAL PURPOSE 1,500
    BLACK PINE CIRCLE SCHOOL
    2027 7TH STREET
    BERKELEY,CA94710     		NONE PUBLIC CHARITY GENERAL PURPOSE 12,000
    BOSTON CHILDREN'S MUSEUM
    308 CONGRESS STREET
    BOSTON,MA02210     		NONE PUBLIC CHARITY GENERAL PURPOSE 5,000
    BOSTON CITY SINGERS
    17 WALDECK STREET
    DORCHESTER,MA02124     		NONE PUBLIC CHARITY GENERAL PURPOSE 1,000
    BOSTON MEDICAL CENTER FOOD PANTRY
    1 BOSTON MEDICAL PLACE
    BOSTON,MA02118     		NONE PUBLIC CHARITY GENERAL PURPOSE 10,000
    BRACKETT FUND
    PO BOX 8
    HAMILTON,NY13346     		NONE PUBLIC CHARITY GENERAL PURPOSE 1,000
    CARLETON COLLEGE
    ONE NORTH COLLEGE STREET
    NORTHFIELD,MN55057     		NONE PUBLIC CHARITY GENERAL PURPOSE 75,000
    CHILD & FAMILY OPPORTUNITIES INC
    18 AVERY LANE
    ELLSWORTH,ME04605     		NONE PUBLIC CHARITY GENERAL PURPOSEGENERAL PURPOSE 45,000
    COMMON CAUSE
    1133 19TH STREET NW 9TH FLOOR
    WASHINGTON,DC20036     		NONE PUBLIC CHARITY GENERAL PURPOSE 5,000
    EPOCA
    5 PLEASANT STREET 3RD FLOOR
    WORCESTER,MA01609     		NONE PUBLIC CHARITY GENERAL PURPOSE 2,000
    FIRST GRADUATE
    3120 20TH STREET STE 275
    SAN FRANCISCO,CA94110     		NONE PUBLIC CHARITY GENERAL PURPOSE 1,000
    FRIENDS OF BOSTON'S HOMELESS
    PO BOX 220648
    BOSTON,MA02122     		NONE PUBLIC CHARITY GENERAL PURPOSE 5,000
    GIRLS INC OMAHA
    2811 NORTH 45TH STREET
    OMAHA,NE68104     		NONE PUBLIC CHARITY GENERAL PURPOSE 5,500
    GRATEFUL HEART HOLISTIC THERAPY CENTER
    BERKELEY HILLS
    BERKELEY,CA94707     		NONE PUBLIC CHARITY GENERAL PURPOSE 10,000
    GREATER BOSTON FOOD BANK
    70 SOUTH BAY AVE
    BOSTON,MA02118     		NONE PUBLIC CHARITY GENERAL PURPOSE 10,000
    GREATER LANSING FOOD BANK
    PO BOX 16224
    LANSING,MI48901     		NONE PUBLIC CHARITY GENERAL PURPOSE 2,000
    GREEN BRIAR LEARNING CENTER
    5401 7TH ROAD SOUTH
    ARLINGTON,VA22204     		NONE PUBLIC CHARITY GENERAL PURPOSE 5,000
    GRUB ST INC
    160 BOYLSTON STREET 4TH FLOOR
    BOSTON,MA02116     		NONE PUBLIC CHARITY GENERAL PURPOSE 55,000
    HOFFMAN BREAST CANCER
    330 MOUNT AUBURN STREET
    CAMBRIDGE,MA02138     		NONE PUBLIC CHARITY GENERAL PURPOSE 5,000
    HOMELESS EMPOWERMENT PROJECT
    1151 MASSACHUSETTS AVE
    CAMBRIDGE,MA02138     		NONE PUBLIC CHARITY GENERAL PURPOSE 5,000
    JOSE MATEO BALLET THEATER
    400 HARVARD ST
    CAMBRIDGE,MA02138     		NONE PUBLIC CHARITY GENERAL PURPOSE 5,000
    KEHILLA COMMUNITY SYNAGOGUE
    1300 GRAND AVENUE
    PIEDMONT,CA94610     		NONE PUBLIC CHARITY GENERAL PURPOSE 10,000
    LANSING SCHOOL DISTRICT - LEAF
    519 W KALAMAZOO ST
    LANSING,MI48933     		NONE PUBLIC CHARITY GENERAL PURPOSE 9,000
    MASSACHUSETTS MENTAL HEALTH CENTER
    74 FENWOOD ROAD
    BOSTON,MA02115     		NONE PUBLIC CHARITY GENERAL PURPOSE 30,000
    MEDICINE FOR MALI
    4605 80TH PLACE
    URBANDALE,IA50322     		NONE PUBLIC CHARITY GENERAL PURPOSE 3,000
    MERCY CORPS
    PO BOX 2669 DEPT
    W PORTLAND,OR97208     		NONE PUBLIC CHARITY GENERAL PURPOSE 1,000
    METROPOLITAN OPERA
    LINCOLN CENTER
    NEW YORK,NY10023     		NONE PUBLIC CHARITY GENERAL PURPOSE 25,000
    MUSICA SACRA
    P O BOX 381336
    CAMBRIDGE,MA022381336     		NONE PUBLIC CHARITY GENERAL PURPOSE 121,500
    NAMI
    3803 N FAIRFAX DR STE 100
    ARLINGTON,VA22203     		NONE PUBLIC CHARITY GENERAL PURPOSE 10,000
    NEBRASKA STATE HISTORICAL SOCIETY
    1500 R ST
    LINCOLN,NE68508     		NONE PUBLIC CHARITY GENERAL PURPOSE 1,000
    NISGUA
    PO BOX 70494
    OAKLAND,CA94612     		NONE PUBLIC CHARITY GENERAL PURPOSE 20,000
    OLD CAMBRIDGE BAPTIST CHURCH
    1151 MASSACHUSETTS AVE
    CAMBRIDGE,MA02138     		NONE PUBLIC CHARITY GENERAL PURPOSE 15,000
    PROJECT COMPASSION
    11315 RANCHO BERNARDO ROAD SUITE
    146
    SAN DIEGO,CA92127     		NONE PUBLIC CHARITY GENERAL PURPOSE 60,000
    REACH STUDIO ART CENTER
    1804 S WASHINGTON AVE
    LANSING,MI48910     		NONE PUBLIC CHARITY GENERAL PURPOSE 11,000
    SAN FRANCISCO FRIENDS SCHOOL
    250 VALENCIA ST
    SAN FRANCISCO,CA94103     		NONE PUBLIC CHARITY GENERAL PURPOSE 1,000
    SAN FRANCISCO ZEN CENTER
    300 PAGE STREET
    SAN FRANCISCO,CA94102     		NONE PUBLIC CHARITY GENERAL PURPOSE 5,000
    SOMERVILLE HOMELESS COALITION
    1 DAVIS SQUARE
    SOMERVILLE,MA02144     		NONE PUBLIC CHARITY GENERAL PURPOSE 5,000
    TELEOSIS FOUNDATION
    1521B FIFTH STREET
    BERKELEY,CA94710     		NONE PUBLIC CHARITY GENERAL PURPOSE 12,000
    TRINITY LUTHERAN CHURCH
    73 LANCASTER ST
    WORCESTER,MA01609     		NONE PUBLIC CHARITY GENERAL PURPOSE 20,000
    VINFEN
    950 CAMBRIDGE STREET
    CAMBRIDGE,MA02141     		NONE PUBLIC CHARITY GENERAL PURPOSE 30,000
    WELLSTONE ACTION
    2446 UNIVERSITY AVE W SUITE 170
    SAINT PAUL,MN55114     		NONE PUBLIC CHARITY GENERAL PURPOSE 2,000
    WILLA CATHER FOUNDATION
    413 NORTH WEBSTER
    RED CLOUD,NE68970     		NONE PUBLIC CHARITY GENERAL PURPOSE 11,000
    WORLD WILDLIFE FEDERATION SAVE THE TIGERS CAMPAIGN
    1250 24TH STREET NW
    WASHINGTON,DC20037     		NONE PUBLIC CHARITY GENERAL PURPOSE 1,000
    AMERICAN CIVIL LIBERTIES UNION
    211 CONGRESS ST 301
    BOSTON,MA02110     		NONE PUBLIC CHARITY GENERAL PURPOSE 3,000
    AMERICAN CIVIL LIBERTIES UNION FOUNDATION
    125 BROAD STREET 18TH FLOOR
    NEW YORK,NY10004     		NONE PUBLIC CHARITY GENERAL PURPOSE 210
    AMERICAN MUSEUM OF NATURAL HISTORY
    CENTRAL PARK W 79TH ST
    NEW YORK,NY10024     		NONE PUBLIC CHARITY GENERAL PURPOSE 1,000
    BMC STRIVE FOUNDATION
    801 MASSACHUSETTS AVE 1ST FLOOR
    BOSTON,MA02118     		NONE PUBLIC CHARITY GENERAL PURPOSE 20,000
    BUCKINGHAM BROWNE NICHOLS SCHOOL
    80 GERRYS LANDING RD
    CAMBRIDGE,MA02138     		NONE PUBLIC CHARITY GENERAL PURPOSE 25,000
    CAREER COLLABORATIVE
    77 SUMMER ST
    BOSTON,MA02111     		NONE PUBLIC CHARITY GENERAL PURPOSE 4,000
    CENTRAL HIGH SCHOOL FOUNDATION
    1823 HARNEY ST 203
    OMAHA,NE68102     		NONE PUBLIC CHARITY GENERAL PURPOSE 10,000
    CENTRAL PUBLIC MONTESSORI SCHOOL
    4406 OKEMOS RD
    OKEMOS,MI48864     		NONE PUBLIC CHARITY GENERAL PURPOSE 3,000
    CITIZEN SCHOOLS
    308 CONGRESS STREET
    BOSTON,MA02210     		NONE PUBLIC CHARITY GENERAL PURPOSE 5,000
    DARTMOUTH THE DEN INNOVATION CENTER
    4 CURRIER PLACE SUITE 103
    HANOVER,NH03755     		NONE PUBLIC CHARITY GENERAL PURPOSE 15,000
    DOCTORS WITHOUT BORDERS USA
    333 7TH AVE 2ND FLOOR
    NEW YORK,NY10001     		NONE PUBLIC CHARITY GENERAL PURPOSE 1,000
    EAST LANSING POLICE DEPARTMENT
    409 PARK LN
    EAST LANSING,MI48823     		NONE PUBLIC CHARITY GENERAL PURPOSE 5,000
    HELEN KELLER INTERNATIONAL
    352 PARK AVENUE SOUTH12 FLOOR
    NEW YORK,NY10010     		NONE PUBLIC CHARITY GENERAL PURPOSE 1,000
    HOMES FOR OUR TROOPS
    6 MAIN ST
    TAUNTON,MA02780     		NONE PUBLIC CHARITY GENERAL PURPOSE 1,000
    HOPE CENTRAL
    85 SEAVERNS AVE
    JAMAICA PLAIN,MA02130     		NONE PUBLIC CHARITY GENERAL PURPOSE 10,000
    IRAQ VETERANS AGAINST WAR
    PO BOX 3565
    NEW YORK,NY10008     		NONE PUBLIC CHARITY GENERAL PURPOSE 1,000
    JEWISH COMMUNITY FEDERATION OF EAST BAY
    2121 ALLSTON WAY 200
    BERKELEY,CA94704     		NONE PUBLIC CHARITY GENERAL PURPOSE 1,000
    KENMORE CENTER ONCOLOGY DEPARTMENT
    133 BROOKLINE AVE
    BOSTON,MA02215     		NONE PUBLIC CHARITY GENERAL PURPOSE 5,000
    NATIONAL WILDLIFE FOUNDATION
    PO BOX 1583
    MERRIFIELD,VA22116     		NONE PUBLIC CHARITY GENERAL PURPOSE 500
    OPERATION HOMEFRONT
    1355 CENTRAL PARKWAY S SUITE 100
    SAN ANTONIO,TX78232     		NONE PUBLIC CHARITY GENERAL PURPOSE 500
    RAINFOREST CONNECTION
    77 VAN NESS AVE SUITE 101-1717
    SAN FRANCISCO,CA94102     		NONE PUBLIC CHARITY GENERAL PURPOSE 15,000
    STANFORD MAGAZINE
    326 GALVEZ STREET
    STANFORD,CA94305     		NONE PUBLIC CHARITY GENERAL PURPOSE 40
    THE CHILDREN'S ROOM
    1210 MASSACHUSETTS AVE
    BOSTON,MA02476     		NONE PUBLIC CHARITY GENERAL PURPOSE 4,000
    THE ROSE THEATER PROGRAM
    2001 FARNAM ST
    OMAHA,NE68102     		NONE PUBLIC CHARITY GENERAL PURPOSE 3,000
    THE SUN
    PO BOX 5866
    HARLAN,IA51593     		NONE PUBLIC CHARITY GENERAL PURPOSE 250
    URBAN ADAMAH
    1050 PARKER ST
    BERKELEY,CA94710     		NONE PUBLIC CHARITY GENERAL PURPOSE 5,000
    WGBH
    1 GUEST ST
    BOSTON,MA02135     		NONE PUBLIC CHARITY GENERAL PURPOSE 2,000
    WHARTON CENTER OF PERFORMING ART
    750 E SHAW LN
    EAST LANSING,MI48824     		NONE PUBLIC CHARITY GENERAL PURPOSE 2,500
    WILLA CATHER FOUNDATOIN
    413 N WEBSTER ST
    CLOUD,NE68970     		NONE PUBLIC CHARITY GENERAL PURPOSE 5,000
    WOLDUMAR NATURE CENTER
    5739 OLD LANSING RD
    LANSING,MI48917     		NONE PUBLIC CHARITY GENERAL PURPOSE 3,500
    WOUNDED WARRIOR PROJECT
    4899 BELFORT RD SUITE 300
    JACKSONVILLE,FL32256     		NONE PUBLIC CHARITY GENERAL PURPOSE 4,000
    MSU OISS
    427 N SHAW LANE ROOM 105
    EAST LANSING,MI48824     		NONE PUBLIC CHARITY GENERAL PURPOSE 9,000
    PRIOR YEAR CHARITABLE GRANTS NOT CASHED
    99 SUMMER STREET STE 520
    BOSTON,MA02210     		NONE PUBLIC CHARITY GENERAL PURPOSE -33,000
    Total .................................bullet 3a 807,000
    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 7  
    4 Dividends and interest from securities.... 900099 156 14 239,735  
    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..... 900099 12,427 14 35,459  
    8
    Gain or (loss) from sales of assets other than inventory .............     		900099 18,629 18 1,165,776  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 31,212 1,440,977 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    131,472,189
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political
    Yes
    No
    organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If "Yes," complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's namebullet



    Firm's addressbullet







         		Firm's EINbullet
    Phone no.
    Form 990-PF (2014)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2014 AccountingFeesSchedule
    Name:
    INAVALE FOUNDATION INC
    EIN: 04-3409789
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    KLR 7,600 3,800   3,800

    TY 2014 InvestmentsCorpStockSchedule
    Name:
    INAVALE FOUNDATION INC
    EIN: 04-3409789
    Name of Stock End of Year Book Value End of Year Fair Market Value
    33 SHS BERKSHIRE HATHAWAY CL A 2,732,576 7,232,000
    ISHARES TR MSCI EAFE INDEX 1,359,425 1,216,448
    MUTUAL FUNDS 4,462,353 4,360,421
    ISHARES TR COHEN & STEERS REAL 0 0
    VANGUARD EMERGING MKTS VIPERS 0 0
    POWERSHARES DB MULTI SECTOR 0 0
    POWERSHARES DB COMMODITY INDEX 0 0
    ISHARES RUSSELL 3000 ETF 1,345,833 1,431,771

    TY 2014 InvestmentsOtherSchedule2
    Name:
    INAVALE FOUNDATION INC
    EIN: 04-3409789
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    SPDR GOLD TR GOLD AT COST 300,696 283,723
    SECTOR SPDR TR AT COST 100,128 83,118
    MORGAN CREEK PARTNERS AT COST 471,468 825,485
    RMK SELECT TIMBERLAND INVESTMENT FUND AT COST 447,751 494,677
    CORBIN PINEHURST INSTITUTIONAL AT COST 1,066,191 1,066,191
    ABBEY CAPITAL AT COST 0 0
    DAVIS INVESTMENT VENTURES FUND II-B, LP AT COST 124,732 130,833
    SCS OPPORTUNITIES FUND AT COST 719,539 719,539
    SOUND POINT SENIOR FLOATING RATE FUND, LP AT COST 501,761 501,761

    TY 2014 OtherExpensesSchedule
    Name:
    INAVALE FOUNDATION INC
    EIN: 04-3409789
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    PARTNERSHIP EXPENSES 76,131 75,914   0
    MA ANNUAL REPORT FEE 15 0   15
    MA PC FILING FEE 70 0   70
    POSTAGE 266 0   266
    TAX PENALTIES 148 0   0
    BANK/CHECK FEES 42 21   21


    TY 2014 OtherIncomeSchedule2
    Name:
    INAVALE FOUNDATION INC
    EIN: 04-3409789
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    PARTNERSHIP INCOME 35,459 35,459 35,459
    PARTNERSHIP INCOME 12,427 12,427 12,427


    TY 2014 OtherProfessionalFeesSchedule
    Name:
    INAVALE FOUNDATION INC
    EIN: 04-3409789
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT MANAGEMENT FEES 53,351 53,351   0


    TY 2014 TaxesSchedule
    Name:
    INAVALE FOUNDATION INC
    EIN: 04-3409789
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES PAID 4,605 4,605   0
    MA UBTI TAXES PAID 68 68   0
    FEDERAL TAXES PAID 33,128 0   0