TY 2014 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Trust Treated as Private Foundation

Do not enter social security numbers on this form as it may be made public.
bullet

Information 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
BADGER CREEK CORPORATION

Number and street (or P.O. box number if mail is not delivered to street address)6500 W 194TH STREET Room/suite

City or town, state or province, country, and ZIP or foreign postal code
STILWELL, KS66085

A Employer identification number

20-1210921

B Telephone number (see instructions)

(913) 599-5010

C If exemption application is pending, check here bullet

G Check all that apply: Initial returnInitial return of a former public charity
Final returnAmended return
Address changeName change

D 1. Foreign organizations, check here ............. bullet

2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet

E If private foundation status was terminated
under section 507(b)(1)(A), check here ....... bullet

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trustOther taxable private foundation

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) bullet

$34,862,886J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here ....... bullet

	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)


1	Contributions, gifts, grants, etc., received (attach
	schedule)..............
2	Check
	Sch. B ...............
3	Interest on savings and temporary cash investments		656,425		656,425	656,425
4	Dividends and interest from securities......		106,474		96,335	106,474
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10			238,973
b	Gross sales price for all assets on line 6a 9,053,410
7	Capital gain net income (from Part IV, line 2)...				179,919
8	Net short-term capital gain.........					5,802
9	Income modifications...........
10a	Gross sales less returns and allowances	977,851
b	Less: Cost of goods sold....	753,856
c	Gross profit or (loss) (attach schedule).....			223,995		223,995
11	Other income (attach schedule).......			96,459		96,459
12	Total. Add lines 1 through 11........		1,322,326		932,679	1,089,155
13	Compensation of officers, directors, trustees, etc.
14	Other employee salaries and wages......		126,839			126,839
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........			7,090		7,090
b	Accounting fees (attach schedule).......			12,565		12,565
c	Other professional fees (attach schedule)....			6,006		6,006
17	Interest...............		188			188
18	Taxes (attach schedule) (see instructions)...			48,056	16,183	31,873
19	Depreciation (attach schedule) and depletion...			269,599		269,599
20	Occupancy..............
21	Travel, conferences, and meetings.......		2,964			2,964
22	Printing and publications..........
23	Other expenses (attach schedule).......			1,355,029	905,501	449,528
24	Total operating and administrative expenses.
	Add lines 13 through 23..........		1,828,336		921,684	906,652	0
25	Contributions, gifts, grants paid........		1,478,527				1,478,527
26	Total expenses and disbursements. Add lines 24 and 25		3,306,863		921,684	906,652	1,478,527
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements		-1,984,537
b	Net investment income (if negative, enter -0-)				10,995
c	Adjusted net income (if negative, enter -0-)...					182,503

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2014)

Form 990-PF (2014)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing...............	366,657	1,039,109	1,039,109
	2	Savings and temporary cash investments..........	2,485,493	6,135,119	6,135,119
	3	Accounts receivable 100,382
		Less: allowance for doubtful accounts	5,503	100,382	100,382
	4	Pledges receivable
		Less: allowance for doubtful accounts
	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)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use...............	391,145	623,911	623,911
	9	Prepaid expenses and deferred charges...........	3,180	12,080	12,080
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule)........	2,304,608	3,146,777	3,523,895
	c	Investments—corporate bonds (attach schedule)........	21,219,882	13,866,866	13,305,807
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans..............
	13	Investments—other (attach schedule)...........
	14	Land, buildings, and equipment: basis 10,122,583
		Less: accumulated depreciation (attach schedule) 687,330	9,536,162	9,435,253	10,122,583
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	36,312,630	34,359,497	34,862,886
	17	Accounts payable and accrued expenses..........	26,891	58,295
	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 )
	23	Total liabilities (add lines 17 through 22)..........	26,891	58,295
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted...................	36,285,739	34,301,202
	25	Temporarily restricted................
	26	Permanently restricted................
		Foundations that do not follow SFAS 117, check here
		and complete lines 27 through 31.
	27	Capital stock, trust principal, or current funds.........
	28	Paid-in or capital surplus, or land, bldg., and equipment fund
	29	Retained earnings, accumulated income, endowment, or other funds
	30	Total net assets or fund balances (see instructions)......	36,285,739	34,301,202
	31	Total liabilities and net assets/fund balances (see instructions)..	36,312,630	34,359,497

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	36,285,739
2	Enter amount from Part I, line 27a.....................	2	-1,984,537
3	Other increases not included in line 2 (itemize)	3
4	Add lines 1, 2, and 3..........................	4	34,301,202
5	Decreases not included in line 2 (itemize)	5
6	Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.	6	34,301,202

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	ADP	P	2012-12-18	2014-04-30
b	BROOKFIELD INFRA PARTNERS	P	2012-12-18	2014-07-09
c	COUNTY OF PIMA 5.5% DUE 7/1/21	P	2013-06-17	2014-07-18
d	JOHNSON & JOHNSON	P	2012-10-09	2014-07-09
e	ROYAL BK CDA MONTREAL	P	2012-12-18	2014-07-09
	UNILEVER	P	2012-12-18	2014-07-09
	ADP	P	2012-12-18	2014-07-09
	CACHE OK 5.607% DUE 9/1/20	P	2012-06-27	2014-07-18
	DISCOVER BANK 1.8% DUE 6/6/17	P	2012-05-29	2014-07-18
	JOHNSON & JOHNSON	P	2012-12-18	2014-07-09
	SAFRA NATL BK 0.75% DUE 12/15/14	P	2012-05-30	2014-07-08
	WASTE MNGMT	P	2012-12-18	2014-04-30
	ALLY BANK NOTE	P	2012-05-29	2014-06-06
	CHEVRON CORP	P	2012-12-18	2014-04-30
	DUKE ENERGY	P	2012-12-18	2014-07-09
	KRAFT FOODS	P	2012-10-09	2014-07-09
	SALLIE MAE 1% DUE 7/25/14	P	2012-07-16	2014-07-18
	WASTE MNGMT	P	2012-12-18	2014-07-09
	AMER EXPR 1.4% DUE 10/14/14	P	2012-05-29	2014-07-11
	CHEVRON CORP	P	2012-12-18	2014-07-09
	DUKE REALTY CORP	P	2012-12-18	2014-07-09
	KS DEV FIN 3.933% DUE 7/1/23	P	2012-08-01	2014-07-18
	SANTANDER BK 0.75% DUE 6/6/14	P	2012-05-29	2014-06-06
	ANCHORAGE MUNI 4.518% DUE 4/1/20	P	2013-07-02	2014-07-08
	CHURCH & DWIGHT CO	P	2012-12-18	2014-04-30
	FHLB DU 6/20/23	P	2013-06-27	2014-07-09
	KS DEV FIN 5.5% DUE 5/1/25	P	2012-07-30	2014-07-18
	SAVANNAH 1.9% DUE 1/1/18	P	2012-12-19	2014-07-11
	APPLE INC	P	2012-10-09	2014-07-09
	CHURCH & DWIGHT CO	P	2012-12-18	2014-07-09
	FLA HURRICANE 2.995% DUE 7/1/20	P	2013-06-13	2014-07-10
	KY MUNI 5.39%	P	2012-06-20	2014-09-01
	SHERMAN CTY 1.886% DUE 9/1/16	P	2013-07-02	2014-07-08
	ARIZONA ST UNIV 2.294% DUE 9/1/18	P	2013-06-28	2014-07-10
	CITY OF BURLINGTON 0.6% DUE 6/1/15	P	2013-05-06	2014-07-10
	GE CAPITAL 1.1% DUE 6/1/15	P	2012-05-29	2014-07-11
	LOCKHEED MARTIN	P	2012-10-09	2014-04-30
	SHERMAN CTY 2.39% DUE 9/1/17	P	2013-07-02	2014-07-08
	BLACKROCK INC	P	2012-12-18	2014-04-30
	CITY OF FOND DU 2.25% DUE 4/1/19	P	2012-12-19	2014-07-08
	GLAXOSMITHKLINE PLC ADR	P	2012-12-18	2014-04-30
	LOCKHEED MARTIN	P	2012-10-09	2014-07-09
	SPEARFISH 5.5% DUE 12/1/26	P	2013-01-09	2014-07-18
	BLACKROCK INC	P	2012-10-09	2014-07-09
	CITY OF MILWAUKEE NOTE DUE 2/1/18	P	2013-07-10	2014-07-10
	GLAXOSMITHKLINE PLC ADR	P	2012-12-18	2014-07-09
	LOCKHEED MARTIN	P	2012-12-18	2014-07-09
	SPECTRA ENERGY	P	2012-10-09	2014-04-30
	BLACKROCK INC	P	2012-12-18	2014-07-09
	CITY OF STANLEY 2.75% DUE 5/1/17	P	2013-07-02	2014-07-10
	GOLDMAN SACHS 1.1% DUE 6/8/15	P	2012-05-29	2014-07-18
	MCDONALDS CORP	P	2012-10-09	2014-07-09
	SPECTRA ENERGY	P	2012-10-09	2014-07-09
	BMW BANK NOTE	P	2012-05-30	2014-05-16
	COL RIVER MUNI	P	2012-06-25	2014-01-01
	GRAPEVINE 4.41% DUE 2/15/22	P	2014-01-31	2014-07-11
	NORFOLK SOUTHERN	P	2012-12-18	2014-04-30
	STATE BANK OF INDIA DUE 6/22/17	P	2012-06-13	2014-07-18
	BP PLC	P	2012-12-18	2014-04-30
	CONAGRA FOODS	P	2012-12-18	2014-07-09
	INTEL CORP	P	2012-10-09	2014-04-30
	NORFOLK SOUTHERN	P	2012-12-18	2014-07-09
	SYNCHRONY BANK 1.35% DUE 6/1/16	P	2012-05-29	2014-07-18
	BP PLC	P	2012-12-18	2014-07-09
	COUNTY OF CALLAWAY DUE 8/1/16	P	2012-06-27	2014-07-10
	INTEL CORP	P	2012-12-18	2014-07-09
	NYE CO SD 4.3% DUE 5/1/16	P	2013-06-17	2014-07-18
	TRANSCANADA CORP	P	2012-12-18	2014-07-09
	BRIDGMAN PUB SD 3.8% DUE 5/1/15	P	2012-07-18	2014-07-18
	COUNTY OF CALLAWAY DUE 8/1/16	P	2012-06-27	2014-08-01
	IOWA 2.803% DUE 8/1/17	P	2013-07-12	2014-07-10
	PENGROWTH ENERGY	P	2012-12-18	2014-07-09
	TULSA CO 6.3% DUE 11/15/23	P	2012-12-21	2014-07-18
	BRIT AMER TOBACCO ADR	P	2012-12-03	2014-07-09
	COUNTY OF PIM 5.023% DUE 7/1/20	P	2012-11-05	2014-07-18
	JOHNSON & JOHNSON	P	2012-12-18	2014-04-30
	PIERRE SD 0.96% DUE 8/1/15	P	2013-06-21	2014-07-08
	TULSA INDL AUTH 5% DUE 10/01/22	P	2012-12-18	2014-07-18

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	39,022	29,099	9,923
b	14,344	11,983	2,361
c	180,119	178,756	1,363
d	5,305	3,418	1,887
e	25,759	21,261	4,498
	16,289	14,473	1,816
	36,159	26,188	9,971
	276,623	296,870	-20,247
	252,665	250,000	2,665
	21,219	14,158	7,061
	250,200	250,000	200
	22,152	16,863	5,289
	250,000	250,000
	12,537	11,001	1,536
	7,226	6,538	688
	29,876	23,509	6,367
	249,883	250,025	-142
	17,689	13,490	4,199
	200,387	201,866	-1,479
	26,299	22,003	4,296
	18,003	13,763	4,240
	159,935	162,860	-2,925
	250,000	250,000
	71,014	70,995	19
	27,532	21,579	5,953
	247,100	244,010	3,090
	111,979	114,216	-2,237
	79,575	80,407	-832
	14,306	13,641	665
	23,863	18,881	4,982
	336,318	325,946	10,372
	75,000	80,821	-5,821
	101,905	100,580	1,325
	151,637	147,462	4,175
	339,295	340,025	-730
	250,855	250,000	855
	49,134	28,131	21,003
	102,916	100,762	2,154
	30,080	20,629	9,451
	50,050	50,463	-413
	22,171	17,650	4,521
	15,768	9,377	6,391
	272,475	289,657	-17,182
	8,002	4,726	3,276
	203,575	201,143	2,432
	18,878	15,444	3,434
	15,768	9,278	6,490
	15,860	11,966	3,894
	32,009	20,629	11,380
	258,365	256,832	1,533
	250,850	250,000	850
	10,089	9,214	875
	23,406	16,454	6,952
	250,000	249,750	250
	170,000	171,268	-1,268
	103,775	101,162	2,613
	66,115	43,677	22,438
	252,675	250,000	2,675
	15,177	12,596	2,581
	4,583	4,525	58
	26,655	21,878	4,777
	56,800	33,588	23,212
	252,128	250,000	2,128
	18,290	14,696	3,594
	114,860	115,018	-158
	30,893	20,943	9,950
	266,879	270,899	-4,020
	3,650	3,522	128
	255,560	266,278	-10,718
	45,000	45,007	-7
	261,010	260,253	757
	26,146	19,763	6,383
	285,615	293,433	-7,818
	18,298	15,859	2,439
	278,825	296,540	-17,715
	30,258	21,235	9,023
	251,118	250,848	270
	288,035	292,112	-4,077

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			9,923
b			2,361
c			1,363
d			1,887
e			4,498
			1,816
			9,971
			-20,247
			2,665
			7,061
			200
			5,289

			1,536
			688
			6,367
			-142
			4,199
			-1,479
			4,296
			4,240
			-2,925

			19
			5,953
			3,090
			-2,237
			-832
			665
			4,982
			10,372
			-5,821
			1,325
			4,175
			-730
			855
			21,003
			2,154
			9,451
			-413
			4,521
			6,391
			-17,182
			3,276
			2,432
			3,434
			6,490
			3,894
			11,380
			1,533
			850
			875
			6,952
			250
			-1,268
			2,613
			22,438
			2,675
			2,581
			58
			4,777
			23,212
			2,128
			3,594
			-158
			9,950
			-4,020
			128
			-10,718
			-7
			757
			6,383
			-7,818
			2,439
			-17,715
			9,023
			270
			-4,077

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	179,919
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 . . . . . . . . . . . . . . . .		3	5,802

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? Yes No

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	5,347,357	25,322,193	0.211173
2012	6,930,153	14,540,231	0.476619
2011	3,658,809	2,130,359	1.717461
2010	820,528	1,926,793	0.425852
2009	5,482,631	6,105,216	0.898024

2	Total of line 1, column (d) ......................	2	3.729129
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	0.745826
4	Enter the net value of noncharitable-use assets for 2014 from Part X, line 5.....	4	24,404,232
5	Multiply line 4 by line 3.......................	5	18,201,311
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6	110
7	Add lines 5 and 6.........................	7	18,201,421
8	Enter qualifying distributions from Part XII, line 4..............	8	1,478,527
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)

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	Exempt operating foundations described in section 4940(d)(2), check hereand enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Domestic foundations that meet the section 4940(e) requirements in Part V, check	1	220
	hereand enter 1% of Part I, line 27b...................
c	All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2
3	Add lines 1 and 2...........................	3	220
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	220
6	Credits/Payments:

a	2014 estimated tax payments and 2013 overpayment credited to 2014	6a	12,080
b	Exempt foreign organizations—tax withheld at source.......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	12,080
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.		8
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	11,860
11	Enter the amount of line 10 to be: Credited to 2015 estimated tax11,860	Refunded	11

Part VII-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see Instructions

for definition)?.................................

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.

Did the foundation file Form 1120-POL for this year?.....................

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. bullet

$ (2) On foundation managers. bullet

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers. bullet

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If "Yes," attach a detailed description of the activities.

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....

Did the foundation have unrelated business gross income of $1,000 or more during the year?........

If "Yes," has it filed a tax return on Form 990-T for this year?...................

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If "Yes," attach the statement required by General Instruction T.

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?................

Yes

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..................................

Yes

Enter the states to which the foundation reports or with which it is registered (see instructions)

KS, MO, AZ, NM

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 .

Yes

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.............................

Yes

Form 990-PF (2014)

Page 5

Part VII-A

Statements Regarding Activities (continued)

Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names

and addresses. ...............................

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) .............

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).................

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address bullet

N/A

The books are in care of bullet

NELSON D SHIRLEY Telephone no. bullet

(913) 599-5010

Located at bullet

6500 W 194TH STREETSTILWELLKS ZIP+4 bullet

66085

Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —Check here......... bullet

and enter the amount of tax-exempt interest received or accrued during the year ...... bullet

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)

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

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? YesNo

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person?........................YesNo

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? YesNo

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? YesNo

(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)?.................YesNo

(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.).........YesNo

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)? ........

Organizations relying on a current notice regarding disaster assistance check here......... bullet

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?.............

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)):

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?...............YesNo

If "Yes," list the years bullet

20, 20, 20, 20

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.) ..............

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at

any time during the year?........................YesNo

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.)....................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

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?

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))? YesNo

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive?...............YesNo

(3) Provide a grant to an individual for travel, study, or other similar purposes? YesNo

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 4945(d)(4)(A)? (see instructions)..................YesNo

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals?........YesNo

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)? ......

Organizations relying on a current notice regarding disaster assistance check here......... bullet

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?............YesNo

If "Yes," attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on

a personal benefit contract?.......................YesNo

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....

If "Yes" to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction? YesNo

If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....

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
NELSON D SHIRLEY	PRESIDENT 20.00	0	0	0
6500 W 194 STREET STILWELL,KS66085	PRESIDENT 20.00	0	0	0
LORI KELLY	SECRETARY 15.00	0	0	0
6500 W 194 STREET STILWELL,KS66085	SECRETARY 15.00	0	0	0

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...................

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............. bullet

Part IX-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.		Expenses
1	ACQUISITION OF LAND, LAND IMPROVEMENTS, EQUIPMENT & LIVESTOCK PURSUANT TO THE FOUNDATION'S EXEMPT PURPOSE	1,810,063
2


3


4

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	N/A
2


All other program-related investments. See instructions.
3

Total. Add lines 1 through 3......................... bullet

Part X

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
see instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

19,197,675

Average of monthly cash balances.......................

5,578,195

Fair market value of all other assets (see instructions)................

Total (add lines 1a, b, and c).........................

24,775,870

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

24,775,870

Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see

instructions) .............................

371,638

Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4

24,404,232

Minimum investment return. Enter 5% of line 5..................

1,220,212

Part XI

Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here bullet

and do not complete this part.)

Minimum investment return from Part X, line 6....................

Tax on investment income for 2014 from Part VI, line 5......

Income tax for 2014. (This does not include the tax from Part VI.)...

Add lines 2a and 2b............................

Distributable amount before adjustments. Subtract line 2c from line 1............

Recoveries of amounts treated as qualifying distributions................

Add lines 3 and 4............................

Deduction from distributable amount (see instructions).................

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...

Part XII

Qualifying Distributions (see instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

1,478,527

Program-related investments—total from Part IX-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4

1,478,527

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).................

Adjusted qualifying distributions. Subtract line 5 from line 4..............

1,478,527

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)

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
2 Undistributed income, if any, as of the end of 2014:
a Enter amount for 2013 only.......
b Total for prior years:20, 20, 20
3 Excess distributions carryover, if any, to 2014:
a From 2009.......
b From 2010.......
c From 2011.......
d From 2012.......
e From 2013.......
fTotal of lines 3a through e.........
4Qualifying distributions for 2014 from Part
XII, line 4: $ 1,478,527
a Applied to 2013, but not more than line 2a
b Applied to undistributed income of prior years (Election required—see instructions).....
c Treated as distributions out of corpus (Election required—see instructions).........
d Applied to 2014 distributable amount.....
e Remaining amount distributed out of corpus		1,478,527
5 Excess distributions carryover applied to 2014.
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5		1,478,527
b Prior years’ undistributed income. Subtract line 4b from line 2b ...........
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........
e Undistributed income for 2013. Subtract line 4a from line 2a. Taxable amount—see instructions .............
f Undistributed income for 2014. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2015 ..........
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......
8Excess distributions carryover from 2009 not applied on line 5 or line 7 (see instructions) ...
9Excess distributions carryover to 2015. Subtract lines 7 and 8 from line 6a ......
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)

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 section4942(j)(3) or4942(j)(5)

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	(e) Total
	182,503				182,503
b 85% of line 2a .........	155,128				155,128
c Qualifying distributions from Part XII, line 4 for each year listed .....	1,478,527	5,347,357	6,930,153	3,658,809	17,414,846
d Amounts included in line 2c not used directly for active conduct of exempt activities ...........		5,190	2,500	2,500	10,190
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....	1,478,527	5,342,167	6,927,653	3,656,309	17,404,656
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...	813,475	844,073	484,675	71,012	2,213,235
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

if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. (see instructions) to individuals or organizations under
other conditions, complete items 2a, b, c, and d.

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)

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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
QUIVIRA COALITION INC 1413 2ND STREET SUITE 1 SANTA FE,NM87505		501(C)3	SUPPORT OF ECOLOGICAL HEALTH	5,000
GHOST LAKE CORPORATION 6500 W 194 ST STILWELL,KS66085		501 (C)3	ACQUISITION OF WILDLAND	1,473,527
Total ................................. 3a				1,478,527

bApproved for future payment

Total ................................. 3b

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	(e) Related or exempt function income (See instructions.)
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	656,425
4 Dividends and interest from securities....			14	106,474
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 .............					238,973
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..					223,995
11 Other revenue: aCUSTOM GRAZING FEES					23,480
bLOGGING & THINNING					57,000
cOTHER INCOME					15,979
d
e
12 Subtotal. Add columns (b), (d), and (e)..				762,899	559,427

13Total. Add line 12, columns (b), (d), and (e)..................

131,322,326

(See worksheet in line 13 instructions to verify calculations.)

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	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)

Page 13

Part XVII

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

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

organizations?

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

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

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?...........YesNo

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.
				May the IRS discuss this return with the preparer shown below (see instr.)? Yes No
	Signature of officer or trustee	Date	Title

Paid Preparer Use Only	Print/Type preparer's name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name Firm's address			Firm's EIN
				Phone no.

Form 990-PF (2014)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2014 AccountingFeesSchedule

Name:

BADGER CREEK CORPORATION

EIN: 20-1210921

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INDIRECT ACCOUNTING FEES	12,565		12,565

- TIN:

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

TY 2014 DepreciationSchedule

Name:

BADGER CREEK CORPORATION

EIN: 20-1210921

Description of Property	Date Acquired	Cost or Other Basis	Prior Years' Depreciation	Computation Method	Rate / Life (# of years)	Current Year's Depreciation Expense	Net Investment Income	Adjusted Net Income	Cost of Goods Sold Not Included
DEPRECIATION			458,410			269,599		269,599

- TIN:

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

TY 2014 GainLossSaleOtherAssetsSch

Name:

BADGER CREEK CORPORATION

EIN: 20-1210921

Name	Date Acquired	How Acquired	Date Sold	Gross Sales Price	Basis	Total (net)	Accumulated Depreciation
34 HEIFER CALVES	2011-12	PURCHASE	2014-12	9,506	19,012		9,506
2 HEIFERS-WAS 65	2011-11	PURCHASE	2014-02	2,059	1,000	1,428	369
1 HEIFER-WAS 65	2011-11	PURCHASE	2014-04	623	500	319	196
5 HEIFERS-WAS 65	2011-11	PURCHASE	2014-08	6,657	2,500	5,288	1,131
17 HEIFERS-WAS 65	2011-11	PURCHASE	2014-11	23,215	8,500	18,763	4,048
35 HEIFERS-WAS 65	2011-11	PURCHASE	2014-11	41,303	17,500	32,345	8,542
17 HEIFERS-WAS 65	2011-11	PURCHASE	2014-12	4,250	8,500		4,250
3 BULLS-WAS 70	2011-01	PURCHASE	2014-11	4,267	6,408	911	3,052
27 HEIFERS-WAS 67	2012-01	PURCHASE	2014-12	17,719	30,375		12,656

- TIN:

TY 2014 InvestmentsCorpBondsSchedule

Name:

BADGER CREEK CORPORATION

EIN: 20-1210921

Name of Bond	End of Year Book Value	End of Year Fair Market Value
ADDISON MI 4.68% SCH CONST	68,402	67,083
ALLY BANK .80% CD DUE 6/6/14
AMERICAN EXPRESS 1.4 CD DUE 10
ANACORTES WA 4.429 UTL SYS BAB	57,019	53,228
ANCHORAGE AK 4.518% BAB GENL
ARIZON ST UNIV 2.294% COPS
AUSTIN TX 2.206% ELEC SYS TAX	253,772	245,067
BERKS CNTY PA 2.728% SER A TAX	251,872	250,715
BMW BANK NA .75
BRIDGEMAN MI 3.8% PUB SCH BAB
BURLINGTON IA .6% TAX 6/1/15
CACHE OK 5.607 EDU FAC DUE 9/0
CALLAWAY CNTY MO 2.75% IND DEV
CAMDEN CNTY NJ 2.6% IMPT AUTH	339,032	332,039
CENTRAL OK 2.4131% TANS DEPT	100,758	99,793
CHELSEA MA 5.75%GENL OBL	57,475	54,572
CHESTER CNTY PA 4.981 SCH LEAS	109,161	99,463
CIT BANK 1.5% CD DUE 5/30/17	250,000	251,272
CLARK CTY NV 5.51% SCH DIST	62,522	63,051
CLARK-PLEASANT CNTY IN 5.7%	79,854	78,713
COLORADO RIVER TX 1.5% WTR DIS
COLORADO ST 5.42% COPS BAB	85,185	83,843
COLUMBIA MO 5.44% SWR WTR TAX	130,144	125,082
COLUMBUS OH 2.483% GEN OBL	189,079	194,556
COUNCIL BLUFFS IA 5.5% TAX 6/1/23	167,278	155,629
CREEK CNTY OK 4.93% EDU FAC TA	276,055	255,308
CUYAHOGA CNTY OH 5.284% ECON	271,643	268,508
DAVENPORT IA 5.7% GENL OB BAB	474,601	427,280
DC UNIV - HOWARD 5.991% REV TA	113,862	109,057
DECATUR MI 6.45% PUB SCH DUE 5	245,000	222,600
DISCOVER BANK 1.8% CD DUE 6/06
EASTERN MI UNIV 5.33% REV BAB	324,837	302,145
ELIZABETH NJ 2.926% TAX REF	153,046	146,263
FAIRFIELD OH 4.44% ROAD IMP BA	196,300	179,858
FED HOME LOAN BANK 2.2% NOTE	148,853	145,537
FHLB 1% STEP UP 6/20/23
FLORIDA ST 2.995% HURR 7/1/20
FLORIDA ST 4.731% COPS 8/1/16	272,003	264,733
FOND DU LAC WI 2.25% SCH DIST
FREMONT MI 4.62% SCH DIST BAB	161,665	152,155
GE CAPITAL FINANCIAL 1.1% CD D
GE CAPITAL RETAIL 1.35% CD DUE
GOLDMAN SACHS 1.1% BANK CD DUE
GRAND RIVER OK 4.58% DAM REV A	55,582	53,916
GREEN BAY WI 1.5% PUB SCH TAXA	317,121	310,992
GUNNISON CNTY CO 3.75% COPS BL	240,725	234,139
HAMMOND IN 5.04% MULT FAM TAX	56,516	55,138
HUDSON NY 4.35% SCH DIST TAX D	252,025	238,006
INDIANA ST 4.302% BANK REV	110,909	107,602
IOWA ST 2.803% FIN AUTH 8/1/17
JEFFERSON LA 5.8% SALES TX 12/1/19	207,923	196,690
JEFFERSON WI 4.05% ENE TAXABLE	279,415	251,678
JOHNSON CNTY KS 4.875% SCH DIS	28,877	26,900
KANSAS CITY MO 3.68% REF IMPT	215,525	209,800
KANSAS ST 3.933% K STATE TAX D
KANSAS ST 4.25% FIN AUTH TAXAB	57,053	54,252
KANSAS ST 5.5% ST PROJ BAB DUE
KANSAS ST 5.76% DEV AUTH DUE 1	308,655	284,720
KENTUCKY ST 4.44% PROP & BLDG	252,326	237,332
KENTUCKY ST 5.39% PWR AUTH TAX
LAS VEGAS VALLEY NV 3.708% WTR	217,381	213,306
MAHTOMEDIA MN 5% SCH DIST TAX	118,616	106,715
MARICOPA CT AZ 5.243% 7/1/19	295,090	274,988
MASSACHUSETTS 4.775% DEV MIL	196,599	185,297
MERCER CT NJ RENEW ENE TAX	103,518	103,593
MESA CTY CO 5.11% PARN COPS	88,278	78,287
METRO CO ST 4.438% DENVER RR R	281,975	260,685
MIAMI BEACH FL 4.93% REDEV	161,776	153,444
MICHIGAN ST 4.996% FIN AUTH 9/1/18	287,560	274,110
MILWAUKEE WI 2.18% GEN OBL 2/1/18
MOORESVILL IN 3.6% SCH DIST 1/15/21	282,348	276,012
NEW YORK CITY NY 4.298% TRANS	403,557	383,237
NORWOOD MA 4.85% MUN PRUP TAX	81,470	75,153
NYE CNTY NV 4.3% SCH DIST 5/1/16
ONSLOW CNTY NC 1.72% GENL OBLI	201,785	197,842
ORCHARD TX 4.728% EDE FAC	148,121	144,974
PASSAIC CNTY NJ 2.528% WASTE D	304,864	298,782
PENDER CTY NE 9% HLTH CARE	163,452	164,335
PIERRE SD .96% SCH DIST 8/1/15
PIMA CNTY AZ 5.023% SCH IMP BA
PIMA CT AZ 5.5% SCH DIS 7/1/21
PORTLAND OR 5.36% URBAN RENW B	173,387	165,572
RALSTON NE 4.4% ARENA BAB	54,384	50,976
SAFRA NAT BANK .75% CD DUE 12/
SALLIE MAE BANK 1% CD DUE 7/25
SAVANAH GA 1.9% GA TECH TAX DU
SEDGWICK CNTY KS 5.29% SCH DIS	303,820	284,273
SHERMAN CTY KS 1.886% SCH DIS
SHERMAN CTY KS 2.39% SCH DIST
SNOHOMISH CTY WA 4.062% ECO	69,572	69,531
SNOMISH CTY WA 3.549% HOSP	112,060	106,993
SOVEREIGN BANK .75% BANK CD DU
SPEARFISH SD 5.5% SCH BLD 12/1/26
ST LOUIS CNT MO 3% SPL OBL 12/1/21	201,501	199,914
STANLEY WI 2.75% STR & SWR 5/1/17
STATE BANK OF INDIA 2% CD DUE
TENNESSEE ST 2.379% SCH DIST T	204,865	199,478
TOLEDO OH 2% HSG IPT TAX DUE 1	319,012	314,275
TULSA OK 5% REV UNIV TAX DUE 1
TULSA OK 6.3% PUB FAC LEASE TA
UNION CNTY PA 5.61% GENL OBLIG	290,290	288,283
UNIV OF ALABAMA 4.64% GEN REV	117,878	108,566
UNIV OF OKLAHOMA 2.793 REV TAX	251,965	250,388
UNIVERSITY OF NORTH TX 3.2% ED	177,928	172,041
WARREN WOODS MI 3.25% ENE CONS	101,700	96,879
WASHINGTON UNIV MO 3.527% EDU	277,960	262,908
FEDERAL NATL MTG 1% DUE 9/11/24	248,775	250,313
SOUTH CAROLINA 6.625% DUE 12/1/19	100,176	98,522
GE CAPITAL 2.95% DUE 9/19/22	248,613	252,900
KANSAS ST 5.6% DUE 4/1/29	54,520	54,520

- TIN:

TY 2014 InvestmentsCorpStockSchedule

Name:

BADGER CREEK CORPORATION

EIN: 20-1210921

Name of Stock	End of Year Book Value	End of Year Fair Market Value
APPLE, INC	77,810	107,069
AUTOMATIC DATA PROCESSING, INC	52,364	87,539
BLACKROCK INC	33,078	62,573
BP PLC	118,894	114,433
BRITISH AMERICAN TOBACCO PLC	88,673	91,647
BROOKFIELD INFASTRUCTURE PARTN	56,188	69,085
CDK GLOBAL INC	7,424	14,266
CENTURYTEL INC	79,574	79,160
CHEVRON CORPORATION	187,025	191,110
CHURCH & DWIGHT CO INC	67,414	98,513
CONAGRA FOODS INC	53,427	67,118
CONOCO PHILLIPS	103,836	103,836
DUKE ENERGY CORPORATION	58,806	75,186
DUKE REALTY CORPORATION	40,820	60,600
EXXON MOBIL	111,236	111,236
GLAXOSMITHKLINE PLC ADRF	71,907	70,521
GUGGENHEIM ETF TRUST	104,981	216,658
INTEL CORP	40,548	72,580
JOHNSON & JOHNSON	30,764	47,056
KRAFT FOODS GROUP, INC.	70,058	93,990
LOCKHEED MARTIN CORP	27,834	57,771
MAINSTAY CUSHING RENAISS ADV	300,889	294,139
MAINSTAY CUSHING ROYALTY ENERGY	506,153	411,181
MCDONALDS CORP	82,015	84,330
NORFOLK SOUTHERN CORP	44,608	82,208
PENGROWTH ENERGY TRUST	57,440	34,382
PHILIP MORRIS INTL INC COM	123,515	114,030
PLUM CREEK TIMBER REIT	48,212	51,891
ROYAL BANK OF CANADA	98,523	113,965
SCHWAB US BROAD MARKET ETF	99,978	99,978
SPECTRA ENERGY CORP	29,152	38,115
TRANSCANADA CORP F	89,386	94,518
UNILEVER NV	100,409	102,480
WASTE MANAGEMENT	35,289	56,452
WEYERNAEUSER CO	48,547	54,279

- TIN:

TY 2014 LandEtcSchedule2

Name:

BADGER CREEK CORPORATION

EIN: 20-1210921

Category / Item	Cost / Other Basis	Accumulated Depreciation	Book Value	End of Year Fair Market Value
BUILDINGS & EQUIPMENT	2,758,975	687,330	2,071,645	2,758,975
LAND	7,363,608		7,363,608	7,363,608

- TIN:

TY 2014 LegalFeesSchedule

Name:

BADGER CREEK CORPORATION

EIN: 20-1210921

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INDIRECT LEGAL FEES	7,090		7,090

- TIN:

TY 2014 OtherExpensesSchedule

Name:

BADGER CREEK CORPORATION

EIN: 20-1210921

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income
EXPENSES
CONTRACT LABOR	42,501		42,501
RESIDENT HERD EXPENSES	89,361		89,361
GRAZING FEES	21,559		21,559
REPAIRS & MAINTENANCE	54,550		54,550
MACHINE HIRE	300		300
FUEL	61,260		61,260
SUPPLIES	11,858		11,858
UTILITIES	18,289		18,289
OFFICE SUPPLIES	1,607		1,607
POSTAGE	412		412
DUES & SUBSCRIPTIONS	3,421		3,421
ADVERTISING & PROMOTION	300		300
BANK SERVICE CHARGES	882		882
TRADING FEES	260	260
MANAGEMENT FEES	84,000		84,000
INSURANCE	59,228		59,228
LOSS ON CATTLE FUTURES	905,241	905,241

- TIN:

TY 2014 OtherIncomeSchedule2

Name:

BADGER CREEK CORPORATION

EIN: 20-1210921

Description	Revenue And Expenses Per Books	Adjusted Net Income
CUSTOM GRAZING FEES	23,480	23,480
LOGGING & THINNING	57,000	57,000
OTHER INCOME	15,979	15,979

- TIN:

TY 2014 OtherProfessionalFeesSchedule

Name:

BADGER CREEK CORPORATION

EIN: 20-1210921

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
CONSULTING	6,000		6,000
PROFESSIONAL FEES	6		6

- TIN:

TY 2014 SalesOfInventoryList

Name:

BADGER CREEK CORPORATION

EIN: 20-1210921

Category	Gross Sales	Cost of Goods Sold	Net (Gross Sales Minus Cost of Goods Sold)
LIVESTOCK SALES	977,851	753,856	223,995

- TIN:

TY 2014 TaxesSchedule

Name:

BADGER CREEK CORPORATION

EIN: 20-1210921

Category	Amount	Net Investment Income	Adjusted Net Income
PROPERTY TAX	20,188		20,188
PAYROLL TAX	11,685		11,685
FOREIGN TAX	3,681	3,681
FEDERAL INCOME TAX	12,502	12,502