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
RHODES FOUNDATION

Number and street (or P.O. box number if mail is not delivered to street address)PNC BANK NA 620 LIBERTY AVENUE 10 Room/suite

City or town, state or province, country, and ZIP or foreign postal code
PITTSBURGH, PA152222705

A Employer identification number

26-6914528

B Telephone number (see instructions)

(412) 768-5898

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

$1,293,704J 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
4	Dividends and interest from securities......	27,678		27,678
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		40,096
b	Gross sales price for all assets on line 6a 645,573
7	Capital gain net income (from Part IV, line 2)...			40,096
8	Net short-term capital gain.........				0
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......
12	Total. Add lines 1 through 11........	67,774		67,774
13	Compensation of officers, directors, trustees, etc.	10,372		9,335		1,037
14	Other employee salaries and wages......			0	0	0
15	Pension plans, employee benefits.......			0	0
16a	Legal fees (attach schedule).........					0
b	Accounting fees (attach schedule).......
c	Other professional fees (attach schedule)....					0
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)...		1,376	48		0
19	Depreciation (attach schedule) and depletion...		0	0
20	Occupancy..............
21	Travel, conferences, and meetings.......			0	0
22	Printing and publications..........			0	0
23	Other expenses (attach schedule).......		1,200	1,000		200
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	12,948		10,383	0	1,237
25	Contributions, gifts, grants paid........	65,310				65,310
26	Total expenses and disbursements. Add lines 24 and 25	78,258		10,383	0	66,547
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-10,484
b	Net investment income (if negative, enter -0-)			57,391
c	Adjusted net income (if negative, enter -0-)...				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	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...............
	2	Savings and temporary cash investments..........	30,879	62,205	62,205
	3	Accounts receivable
		Less: allowance for doubtful accounts		0	0
	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 0
	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)........	376,046	316,434	417,033
	c	Investments—corporate bonds (attach schedule)........
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans..............
	13	Investments—other (attach schedule)...........	701,796	731,184	814,466
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	1,108,721	1,109,823	1,293,704
	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 )
	23	Total liabilities (add lines 17 through 22)..........		0
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted...................
	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.........	1,091,629	1,093,941
	28	Paid-in or capital surplus, or land, bldg., and equipment fund
	29	Retained earnings, accumulated income, endowment, or other funds	17,092	15,882
	30	Total net assets or fund balances (see instructions)......	1,108,721	1,109,823
	31	Total liabilities and net assets/fund balances (see instructions)..	1,108,721	1,109,823

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	1,108,721
2	Enter amount from Part I, line 27a.....................	2	-10,484
3	Other increases not included in line 2 (itemize)	3	11,591
4	Add lines 1, 2, and 3..........................	4	1,109,828
5	Decreases not included in line 2 (itemize)	5	5
6	Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.	6	1,109,823

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	3261.643 DRIEHAUS ACTIVE INCOME FUND FUND 640		2014-01-23	2014-10-24
b	4115.379 GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND CL I		2014-04-25	2014-10-24
c	2191.932 GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND CL I		2013-08-02	2014-10-24
d	211. ISHARES TIPS BOND ETF		2014-08-12	2014-10-24
e	2000.52 JP MORGAN RESEARCH MARKET NEUTRAL FUND INSTITUTIONAL		2014-04-25	2014-10-24
	625.96 ASG GLOBAL ALTERNATIVES FUND CL Y		2014-01-23	2014-10-24
	55. SPDR GOLD TRUST ETF		2014-08-12	2014-10-24
	380.552 VAN ECK GLOBAL HARD ASSETS FUND CLASS I FD 408		2014-04-25	2014-10-24
	179. SECTOR SPDR TR SBI BASIC INDS		2014-06-30	2014-12-01
	8. HEALTH CARE SELECT SECTOR ETF LARGE CAP		2014-08-29	2014-12-01
	6. SECTOR SPDR TR SBI INT-TECH		2014-07-31	2014-12-01
	5. SECTOR SPDR TR SBI INT-TECH		2014-08-29	2014-12-01
	3667.22 AQR MANAGED FUTURES STRATEGY FUND CLASS I		2014-10-24	2015-01-26
	1754.902 DIAMOND HILL LONG-SHORT FUND CL I		2010-06-11	2015-01-26
	262. POWERSHARES DB AGRICULTURE FUND		2014-10-24	2015-01-26
	1253.566 T ROWE PRICE REAL ESTATE FUND FD 122		2014-10-24	2015-01-26
	1. HEALTH CARE SELECT SECTOR ETF LARGE CAP		2014-08-29	2015-01-30
	221. SECTOR SPDR TR SBI INT-TECH		2014-07-31	2015-01-30
	14. SECTOR SPDR TR SHS BEN INT-UTILITIES		2014-12-01	2015-01-30
	30. ALLERGAN INC		2009-02-09	2015-03-17
	.049 ACTAVIS PLC NAME CHG 06/15/15		2015-03-17	2015-03-24
	90. CBS CORP CLASS B WI		2013-08-05	2015-03-25
	120. COCA COLA ENTERPRISES		2014-06-27	2015-03-25
	100. CROWN HOLDINGS INC		2014-06-27	2015-03-25
	90. DISCOVER FINANCIAL W/I		2012-08-15	2015-03-25
	100. FRANKLIN RES INC COM		2013-08-05	2015-03-25
	70. HELMERICH & PAYNE INC COM		2013-08-05	2015-03-25
	60. LAS VEGAS SANDS CORP		2014-06-27	2015-03-25
	60. MANPOWER GROUP INC		2014-06-27	2015-03-25
	120. QUANTA SVCS INC		2014-06-27	2015-03-25
	390. REGIONS FINANCIAL CORP		2013-08-05	2015-03-25
	10. SHIRE PLC SPONSORED ADR		2014-06-27	2015-03-25
	50. SHIRE PLC SPONSORED ADR		2010-03-24	2015-03-25
	120. SUNCOR ENERGY INC ISIN CA8672241079 SEDOL B3NB1P2		2014-06-27	2015-03-25
	110. SUNTRUST BANKS INC COM		2014-06-27	2015-03-25
	11. ACTAVIS PLC NAME CHG 06/15/15		2015-03-17	2015-03-25
	4. HEALTH CARE SELECT SECTOR ETF LARGE CAP		2014-08-29	2015-03-31
	193. SECTOR SPDR TR SBI CONS STPLS		2015-01-30	2015-03-31
	197. SECTOR SPDR TR SHS BEN INT-UTILITIES		2014-12-01	2015-03-31
	636.861 AQR MANAGED FUTURES STRATEGY FUND CLASS I		2014-10-24	2015-04-27
	1440.561 EATON VANCE GLOBAL MACRO ABSOLUTE RETURN FUND		2014-10-24	2015-04-27
	1962.196 GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND CL I		2015-01-26	2015-04-27
	924.242 JP MORGAN RESEARCH MARKET NEUTRAL FUND INSTITUTIONAL		2015-01-26	2015-04-27
	627.957 T ROWE PRICE REAL ESTATE FUND FD 122		2014-10-24	2015-04-27
	25. SPDR GOLD TRUST ETF		2015-01-26	2015-04-27
	1. BANK OF AMERICA CORP		2001-01-01	2015-07-09
	2415.211 DRIEHAUS ACTIVE INCOME FUND FUND 640		2015-04-27	2015-07-24
	6138.945 GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND CL I		2015-01-26	2015-07-24
	125. ISHARES TIPS BOND ETF		2015-04-27	2015-07-24
	1451.242 NEUBERGER BERMAN REAL ESTATE FUND CLASS I		2015-01-26	2015-07-24
	32. SPDR GOLD TRUST ETF		2015-01-26	2015-07-24
	3. SECTOR SPDR TR SBI CYCL TRANS		2015-03-31	2015-07-31
	221. SECTOR SPDR TR SBI INT-TECH		2015-03-31	2015-07-31
	82. ISHARES TR S&P SMLCAP 600		2015-07-31	2015-08-31
	CAPITAL GAIN DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	34,280	35,226	-946
b	38,479	38,108	371
c	20,495	20,801	-306
d	23,894	24,296	-402
e	31,728	31,174	554
	6,873	7,098	-225
	6,511	6,933	-422
	17,745	20,567	-2,822
	8,696	8,884	-188
	557	510	47
	252	235	17
	210	201	9
	40,963	38,102	2,861
	41,644	26,815	14,829
	6,154	6,756	-602
	36,592	31,753	4,839
	70	64	6
	8,893	8,660	233
	684	649	35
	7,262	1,468	5,794
	15	15
	5,570	4,882	688
	5,296	5,707	-411
	5,261	4,944	317
	5,207	3,307	1,900
	5,240	5,004	236
	4,774	4,582	192
	3,329	4,621	-1,292
	5,114	5,006	108
	3,352	4,118	-766
	3,608	4,001	-393
	2,462	2,356	106
	12,311	3,874	8,437
	3,447	5,106	-1,659
	4,508	4,411	97
	3,363	3,371	-8
	294	255	39
	9,451	9,349	102
	8,727	9,127	-400
	7,381	6,617	764
	13,584	13,426	158
	18,484	18,111	373
	14,067	14,243	-176
	17,350	15,906	1,444
	2,876	3,075	-199
	82	25	57
	24,997	25,336	-339
	56,908	56,662	246
	14,005	14,378	-373
	20,695	22,347	-1,652
	3,323	3,936	-613
	241	228	13
	9,420	9,232	188
	9,085	9,619	-534
			9,764

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			-946
b			371
c			-306
d			-402
e			554
			-225
			-422
			-2,822
			-188
			47
			17
			9
			2,861
			14,829
			-602
			4,839
			6
			233
			35
			5,794

			688
			-411
			317
			1,900
			236
			192
			-1,292
			108
			-766
			-393
			106
			8,437
			-1,659
			97
			-8
			39
			102
			-400
			764
			158
			373
			-176
			1,444
			-199
			57
			-339
			246
			-373
			-1,652
			-613
			13
			188
			-534

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	40,096
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

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	60,313	1,353,523	0.04456
2012	54,858	1,245,784	0.044035
2011	59,672	1,175,262	0.050773
2010	31,467	1,171,445	0.026862
2009	41,248	890,998	0.046294

2	Total of line 1, column (d) ......................	2	0.212524
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	0.042505
4	Enter the net value of noncharitable-use assets for 2014 from Part X, line 5.....	4	1,367,761
5	Multiply line 4 by line 3.......................	5	58,137
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6	574
7	Add lines 5 and 6.........................	7	58,711
8	Enter qualifying distributions from Part XII, line 4..............	8	66,547
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	574
	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	0
3	Add lines 1 and 2...........................	3	574
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	574
6	Credits/Payments:

a	2014 estimated tax payments and 2013 overpayment credited to 2014	6a	1,144
b	Exempt foreign organizations—tax withheld at source.......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c	0
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	1,144
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.		8	0
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	570
11	Enter the amount of line 10 to be: Credited to 2015 estimated tax288	Refunded	11	282

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)

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 .

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

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

The books are in care of bullet

PNC BANK NA Telephone no. bullet

(412) 768-5898

Located at bullet

620 LIBERTY AVENUEPITTSBURGHPA ZIP+4 bullet

15222

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
PNC BANK NA	TRUSTEE 3	10,372
620 LIBERTY AVENUE PITTSBURGH,PA15222	TRUSTEE 3	10,372

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

Part IX-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.		Expenses
1


2


3


4

Form 990-PF (2014)

Page 8

Part IX-B

Summary of Program-Related Investments (see instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.		Amount
1


2


All other program-related investments. See instructions.
3

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

Part X

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

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

1,388,590

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

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

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

1,388,590

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

1,388,590

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

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

20,829

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

1,367,761

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

68,388

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

68,388

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

574

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

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

574

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

67,814

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

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

67,814

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

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

67,814

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 ..........

66,547

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

66,547

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

574

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

65,973

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					67,814
2 Undistributed income, if any, as of the end of 2014:
a Enter amount for 2013 only.......				65,311
b Total for prior years:20, 20, 20			0
3 Excess distributions carryover, if any, to 2014:
a From 2009.......	0
b From 2010.......	0
c From 2011.......	0
d From 2012.......	0
e From 2013.......	0
fTotal of lines 3a through e.........		0
4Qualifying distributions for 2014 from Part
XII, line 4: $ 66,547
a Applied to 2013, but not more than line 2a					65,311
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.....					1,236
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 ..........					66,578
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....	0
b Excess from 2011....	0
c Excess from 2012....	0
d Excess from 2013....	0
e Excess from 2014....	0

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

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

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
ST ANDREW UNITED CHURCH POST OFFICE BOX 80 LORING, ONTARIO,ONTARIOP0H1S0 CA	NONE	PC	GENERAL SUPPORT	653
OLANTA LUTHERAN CHURCH 9455 CURWENSVILLE TYRONE HWY OLANTA,PA168638104	NONE	PC	GENERAL SUPPORT	653
HOSPICE OF NORTHWEST OHIO 30000 EAST RIVER ROAD PERRYSBURG,OH435513429	NONE	PC	GENERAL SUPPORT	3,919
TOLEDO LUCAS COUNTY LIBRARY LIBRARY LEGACY FOUNDATION 325 MICHIGAN STREET TOLEDO,OH436046614	NONE	PC	GENERAL SUPPORT	3,919
BIRCHARD LIBRARY ASSOC FDN 423 CROGHAN STREET FREMONT,OH434202447	NONE	PC	GENERAL SUPPORT	653
YWCA OF TOLEDO BATTERED WOMEN'S SHELTER 1018 JEFFERSON AVENUE TOLEDO,OH436045941	NONE	PC	GENERAL SUPPORT	3,919
TOLEDO ZOOLOGICAL SOCIETY C/O TOLEDO ZOO PO BOX 140130 TOLEDO,OH436140130	NONE	PC	GENERAL SUPPORT	7,837
AMERICAN RED CROSS OFFICE OF THE GENERAL COUNSEL 2025 EAST STREET NW WASHINGTON,DC200065009	NONE	PC	GENERAL SUPPORT	653
OLIVET LUTHERAN CHURCH 5840 MONROE STREET SYLVANIA,OH435602200	NONE	PC	GENERAL SUPPORT	7,837
WBGU-PBS PUBLIC TELEVISION CHANNEL 27 245 TROUP AVENUE BOWLING GREEN,OH434023158	NONE	PC	GENERAL SUPPORT	653
FREMONT CITY SCHOOL DISTRICT 500 WEST STATE ST STE A FREMONT,OH434202580	NONE	PC	GENERAL SUPPORT	7,837
ST MARK'S LUTHERAN CHURCH 902 EAST STATE STREET FREMONT,OH434204354	NONE	PC	GENERAL SUPPORT	653
PUBLIC BROADCASTING FDN OF NW OHIO - WGTE TV CHANNEL 30 1270 SOUTH DETROIT AVENUE TOLEDO,OH436142794	NONE	PC	GENERAL SUPPORT	3,919
THE SALVATION ARMY - EMI DIV 16130 NORTHLAND DRIVE SOUTHFIELD,MI480755218	NONE	PC	GENERAL SUPPORT	7,837
ST JOSEPH MERCY HEALTH SYSTEM 5303 EAST HURON RIVER DRIVE ANN ARBOR,MI481060995	NONE	PC	GENERAL SUPPORT	7,837
WESTIE RESCUE MICHIGAN INC 12460 PAMELA COURT HARTLAND,MI483533046	NONE	PC	GENERAL SUPPORT	653
CONVERSATIONS THE OVARIAN CANCER CONNECTION PO BOX 7948 AMARILLO,TX791147948	NONE	PC	GENERAL SUPPORT	653
DPTV PUBLIC TELEVISION CHANNEL 56 ONE CLOVER COURT DETROIT,MI483932247	NONE	PC	GENERAL SUPPORT	3,919
ROYAL CANADIAN LEGION BRANCH 415 POST OFFICE BOX 117 PORT LORING, ONTARIO,ONTARIOP0H1Y0 CA	NONE	PC	GENERAL SUPPORT	653
ARGYLE FIRE DEPARTMENT POST OFFICE BOX 12 LORING ONTARIO,ONTARIOP0H1S0 CA	NONE	PC	GENERAL SUPPORT	653
Total ................................. 3a				65,310

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 ............
4 Dividends and interest from securities....			14	27,678
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....
6 Net rental income or (loss) from personal property .............
7 Other investment income.....
8 Gain or (loss) from sales of assets other than inventory .............			18	40,096
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)..				67,774

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

1367,774

(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 ExplnOfNonFilingWithAGStmt

Name:

RHODES FOUNDATION

EIN: 26-6914528

Statement:

THIS TRUST DOES NOT PROVIDE A COPY OF FORM 990-PF TO THE OHIO ATTORNEY GENERAL BECAUSE, IN LIEU THEREOF, IT IS REQUIRED TO FILE AN ONLINE ANNUAL REPORT WITH THE OHIO ATTORNEY GENERAL'S OFFICE AT WWW .OHIOATTORNEYGENERAL.GOV.

- TIN:

TY 2014 InvestmentsCorpStockSchedule

Name:

RHODES FOUNDATION

EIN: 26-6914528

Name of Stock	End of Year Book Value	End of Year Fair Market Value
COMMON STOCK	316,434	417,033

- TIN:

TY 2014 InvestmentsOtherSchedule2

Name:

RHODES FOUNDATION

EIN: 26-6914528

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
MUTUAL FUNDS - FIXED	AT COST	164,794	169,810
MUTUAL FUNDS - EQUITY	AT COST	566,390	644,656

- TIN:

TY 2014 OtherDecreasesSchedule

Name:

RHODES FOUNDATION

EIN: 26-6914528

Description	Amount

- TIN:

TY 2014 OtherExpensesSchedule

Name:

RHODES FOUNDATION

EIN: 26-6914528

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
STATE FILING FEES	200	0	200
TRANSACTION CHARGES	500	500	0
ACCOUNT MAINTENANCE FEES	500	500	0

- TIN:

TY 2014 OtherIncreasesSchedule

Name:

RHODES FOUNDATION

EIN: 26-6914528

Description	Amount

- TIN:

TY 2014 TaxesSchedule

Name:

RHODES FOUNDATION

EIN: 26-6914528

Category	Amount	Net Investment Income
FOREIGN TAXES	48	48
FEDERAL TAX PAYMENT - PRIOR YE	184	0
FEDERAL ESTIMATES - PRINCIPAL	1,144	0