Form990-PF

Department of the Treasury
Internal Revenue Service

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

Number and street (or P.O. box number if mail is not delivered to street address)2121 METRO CIRCLE   Room/suite
City or town, state or province, country, and ZIP or foreign postal code
HUNTSVILLE, AL35801
A Employer identification number

46-0921239
B Telephone number (see instructions)

(256) 217-7141
C bullet
G Check all that apply:

D 1. bullet
2. bullet
E bullet
H Check type of organization:
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$740,542J Accounting method:
 
(Part I, column (d) must be on cash basis.)
F bullet
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach
schedule).............. 225,431
2 Check bullet
Sch. B ...............
3 Interest on savings and temporary cash investments 322 322 322
4 Dividends and interest from securities......      
5a Gross rents.............. 20,825 20,825 20,825
b Net rental income or (loss) -25,743
6a Net gain or (loss) from sale of assets not on line 10  
b Gross sales price for all assets on line 6a  
7 Capital gain net income (from Part IV, line 2)... 0
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........ 246,578 21,147 21,147
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0 0 0
14 Other employee salaries and wages...... 111,875 7,306 7,306 0
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 4,408 287 287 0
c Other professional fees (attach schedule).... Click to see attachment 4,038 263 263 0
17 Interest............... 2,410 2,410 2,410 0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 15,245 7,246 7,246 0
19 Depreciation (attach schedule) and depletion... Click to see attachment 18,448 16,926 18,340
20 Occupancy..............        
21 Travel, conferences, and meetings....... 916 60 60 0
22 Printing and publications.......... 198 13 13 0
23 Other expenses (attach schedule)....... Click to see attachment 23,063 12,057 12,057 0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 180,601 46,568 47,982 0
25 Contributions, gifts, grants paid........ 77,935 77,935
26 Total expenses and disbursements. Add lines 24 and 25 258,536 46,568 47,982 77,935
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -11,958
b Net investment income (if negative, enter -0-) 0
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 Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing...............      
2 Savings and temporary cash investments.......... 175,524 172,654 172,654
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable................. 4,600    
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges...........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........      
c Investments—corporate bonds (attach schedule)........      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)...........      
14 Land, buildings, and equipment: basis bullet565,953
Less: accumulated depreciation (attach schedule) bullet35,634 463,473 Click to see attachment530,319 565,953
15 Other assets (describe bullet) Click to see attachment0 Click to see attachment1,935 Click to see attachment1,935
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 643,597 704,908 740,542
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable..................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)...... 0 Click to see attachment74,369
22 Other liabilities (describe bullet) Click to see attachment2,911 Click to see attachment1,811
23 Total liabilities (add lines 17 through 22).......... 2,911 76,180
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted...................    
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds......... 0 0
28 Paid-in or capital surplus, or land, bldg., and equipment fund 648,215 648,215
29 Retained earnings, accumulated income, endowment, or other funds -7,529 -19,487
30 Total net assets or fund balances (see instructions)...... 640,686 628,728
31 Total liabilities and net assets/fund balances (see instructions).. 643,597 704,908
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)............... 1 640,686
2 Enter amount from Part I, line 27a..................... 2 -11,958
3 Other increases not included in line 2 (itemize) bullet 3 0
4 Add lines 1, 2, and 3.......................... 4 628,728
5 Decreases not included in line 2 (itemize) bullet 5 0
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 628,728
Form 990-PF (2014)
Form 990-PF (2014)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1a
b
c
d
e
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a
b
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l) Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i) F.M.V. as of 12/31/69 (j) Adjusted basis
as of 12/31/69 		(k) Excess of col. (i)
over col. (j), if any
a
b
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2  
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 . . . . . . . . . . . . . . . . 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2013 90,315 14,408 6.268393
2012 15,012 -171,451 0.000000
2011      
2010      
2009      
2 Total of line 1, column (d) ...................... 2 6.268393
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 3.134197
4 Enter the net value of noncharitable-use assets for 2014 from Part X, line 5..... 4 571,636
5 Multiply line 4 by line 3....................... 5 1,791,620
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 0
7 Add lines 5 and 6......................... 7 1,791,620
8 Enter qualifying distributions from Part XII, line 4.............. 8 152,331
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See
the Part VI instructions.
Form 990-PF (2014)
Form 990-PF (2014)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)
1a Bulletand enter “N/A" on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 0
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 0
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 0
6 Credits/Payments:
a 2014 estimated tax payments and 2013 overpayment credited to 2014 6a  
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 0
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 0
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet   RefundedBullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see Instructions
for definition)?.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
     
    No
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletAL
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2014 or the taxable year beginning in 2014 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
    Yes
     
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. Click to see attachment...............................
    10
    Yes
     
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see instructions) .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement (see instructions).................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletHUNTSVILLE ACCOUNTING LLC Telephone no.bullet (256) 348-2514
    Located atbullet2500 QUAIL RIDGE LANEHUNTSVILLEAL ZIP+4bullet35803
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16 At any time during calendar year 2014, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country?
    16   No
    See instructions for exceptions and filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If "Yes", enter the name of the foreign country bullet  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see instructions)? ........
    1b
     
     
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2014?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2014, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2014?...............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?........................
    b
    If "Yes," did it have excess business holdings in 2014 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2014.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2014?
    4b
     
    No
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? (see instructions)..................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see instructions)? ......
    5b
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?............
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.......................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to
    employee benefit plans
    and deferred compensation     		(e) Expense account,
    other allowances
    JOHN ANTHONY NOLAN III CHAIRMAN
    2.00     		0 0 0
    9629 WALDROP DRIVE SE
    HUNTSVILLE,AL35803
    HELEN CONWAY NOLAN DIRECTOR
    2.00     		0 0 0
    9629 WALDROP DRIVE SE
    HUNTSVILLE,AL35803
    RYAN JOHN LINDOW PRESIDENT
    2.00     		0 0 0
    7805 WHITTIER ROAD
    HUNTSVILLE,AL35802
    ALEXIS NOLAN LINDOW SECRETARY
    2.00     		0 0 0
    7805 WHITTIER ROAD
    HUNTSVILLE,AL35802
    ROBERT L ROBERTS TREASURER
    2.00     		0 0 0
    5701 TANNAHILL CIRCLE SE
    HUNTSVILLE,AL35802
    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
    JENNESSE B ROBINSON EXECUTIVE DIRECTOR
    40.00     		68,750 0 0
    9412 DONS COURT
    HUNTSVILLE,AL35803
    Total number of other employees paid over $50,000...................bullet 0
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1 EMERGENCY ASSISTANCE - RECIPIENTS RECEIVED GRANTS FOR CRISIS ASSISTANCE 1,964
    2 DEVELOPMENT - RECIPIENTS RECEIVED TUITION AND BOOK ASSISTANCE AS WELL AS WORK RELATED TRAINING 139,019
    3 RECOVERY - RECIPIENTS RECEIVED GRANTS FOR HOUSING, MEDICAL BILLS, UTILITIES AND OTHER EXPENSES 24,146
    4 N/A 0
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 8
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    0
    b
    Average of monthly cash balances.......................
    1b
    14,388
    c
    Fair market value of all other assets (see instructions)................
    1c
    565,953
    d
    Total (add lines 1a, b, and c).........................
    1d
    580,341
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    580,341
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) Click to see attachment.............................
    4
    8,705
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    571,636
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    28,582
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
     
    2a
    Tax on investment income for 2014 from Part VI, line 5......
    2a
     
    b
    Income tax for 2014. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
     
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
     
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
     
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
     
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    77,935
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    74,396
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    152,331
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see instructions).................
    5
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    152,331
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2013     		(c)
    2013     		(d)
    2014
    1 Distributable amount for 2014 from Part XI, line 7  
    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: bullet$  
    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  
    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  
    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)
    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
    2012-08-27
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2014 (b) 2013 (c) 2012 (d) 2011
    0 0 0 0 0
    b 85% of line 2a ......... 0 0 0 0 0
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		152,331 90,318 15,012 0 257,661
    d Amounts included in line 2c not used
    directly for active conduct of exempt activities ...........     		0 0 0 0 0
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		152,331 90,318 15,012 0 257,661
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ...... 703,714 643,598 649,512   1,996,824
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		 703,714 643,598 649,512   1,996,824
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		        0
    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) ....     		        0
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		        0
    (3) Largest amount of support
    from an exempt organization    		         0
    (4) Gross investment income         0
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    CARLOS VELA
    9510 HEMLOCK DRIVE
    HUNTSVILLE,AL35803     		  I RECOVERY 750
    CAROLINA COATES
    1113 KERR DRIVE SE
    HUNTSVILLE,AL35803     		  I DEVELOPMENT AND RECOVERY 3,465
    CHRISTINE SMITH
    209 LANIER ROAD
    MADISON,AL35758     		  I RECOVERY AND DEVELOPMENT 2,095
    DOTTIE BEAVER
    7805 FAIR CIRCLE
    HUNTSVILLE,AL35802     		  I RECOVERY 1,178
    HIRAM FRYE
    2915 6TH AVENUE SW
    HUNTSVILLE,AL35805     		  I RECOVERY 250
    JENNIE JORDAN
    2114 SYCAMORE STREET
    HUNTSVILLE,AL35803     		  I RECOVERY 50
    KATHY WILLIAMS
    8008 RANDALL ROAD SW
    HUNTSVILLE,AL35802     		  I RECOVERY 200
    MESERET ARAYA-MARU
    212 DE JAN ROAD
    MADISON,AL35758     		  I DEVELOPMENT 6,700
    PAULA KRAFT
    14004 HURSTLAND
    HUNTSVILLE,AL35803     		  I DEVELOPMENT AND RECOVERY 2,387
    CALVIN ATCHLEY
    388 CAMPBELL ROAD
    GRANT,AL35747     		  I SCHOLARSHIP 325
    SATHYA BOMAGAT
    7811 CHARLOTTE DR SW
    HUNTSVILLE,AL35802     		  I RECOVERY AND SCHOLARSHIP 1,024
    BILLY BUNN
    32 JENKINS DR
    FAYETTEVILLE,TN37334     		  I SCHOLARSHIP 650
    KAITLIN CAMPBELL
    378 NORTHLAKE DR
    MERIDIANVILLE,AL35759     		  I SCHOLARSHIP 1,700
    KRISTI CHEESMAN
    1505 NORTH CANYON RD
    PROVO,UT84604     		  I RECOVERY 604
    APRIL HEBERT
    1014 VANCOUVER RD
    MERIDIANVILLE,AL35759     		  I RECOVERY 1,105
    CHRIS HENRIKSEN
    11207 MAPLECREST DR
    HUNTSVILLE,AL35803     		  I RECOVERY 48
    CHELSEY HOLT
    2212 LA SALLE ROAD NW
    HUNTSVILLE,AL35810     		  I RECOVERY AND SCHOLARSHIP 1,315
    LISA JEFFRIES
    2006 VAN BUREN
    HUNTSVILLE,AL35805     		  I CRISIS, DEVELOPMENT AND RECOVERY 11,337
    JULIE KOYLE
    7520 AMANDA CIRCLE SW
    HUNTSVILLE,AL35802     		  I DEVELOPMENT 12,920
    CYNDI LENZ
    11312 HILLWOOD DR SE
    HUNTSVILLE,AL35803     		  I RECOVERY 395
    DENISE MASHBURN
    620 MOYERS AVE APT B
    FAYETTEVILLE,TN37334     		  I SCHOLARSHIP 325
    JAMES MAYFIELD
    107 NICOLE WAY
    MADISON,AL35757     		  I DEVELOPMENT 278
    KAYLYNN MCGUIRE
    109 MASON COURT NW
    HUNTSVILLE,AL35805     		  I SCHOLARSHIP 1,004
    TAMIKE MOORE
    4213 CLOVERDALE DR NW
    HUNTSVILLE,AL35805     		  I DEVELOPMENT 2,676
    JOSEPH OJELADE
    ONE UNIVERSITY HILL DR
    BUENA VISTA,VA24416     		  I DEVELOPMENT 7,000
    PRECIOUS OLACHA
    5725 CRINER RD SE
    HUNTSVILLE,AL35802     		  I DEVELOPMENT AND SCHOLARSHIP 6,260
    JODY POLLNOW
    114 ARCHERED WAY
    NEW MARKET,AL35761     		  I DEVELOPMENT 951
    BRUCE PRICE
    381 WALT CAMPBELL RD
    HAZEL GREEN,AL35750     		  I SCHOLARSHIP 650
    LISA SHERROD
    6208 KAREN DAVIE DR NW
    HUNTSVILLE,AL35806     		  I RECOVERY 1,983
    CRYSTAL SMITH
    569 COUNTY RD 352
    TRINITY,AL35673     		  I SCHOLARSHIP 650
    KEVIN STAMPS
    81 BLANKENSHIP HOLLOW RD
    FAYETTEVILLE,TN37334     		  I SCHOLARSHIP 650
    TYLER SWINDLE
    2517 HAMILTON DR SE
    HAZEL GREEN,AL35803     		  I DEVELOPMENT AND SCHOLARSHIP 5,635
    JEREMY THIRY
    311 CUMBRES CIRCLE
    HUNTSVILLE,AL35810     		  I CRISIS 725
    JERRY STINNETT JR
    123 WATERMILL RD
    FLINTVILLE,TN37335     		  I SCHOLARSHIP 650
    Total .................................bullet 3a 77,935
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    aN/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 ............     		        322
    4 Dividends and interest from securities....          
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......         -4,657
    bNot debt-financed property.....         -21,086
    6
    Net rental income or (loss) from personal property .............     		         
    7 Other investment income.....          
    8
    Gain or (loss) from sales of assets other than inventory .............     		         
    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).. 0 0 -25,421
    13Total. Add line 12, columns (b), (d), and (e)..................
    13-25,421
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    5B REDUCED RENT ALLOWS THE RECIPIENTS TO MOVE FROM SUBSTANDARD HOUSING. IT ALSO DEVELOPS A SENSE OF INDEPENDENCE AND TEACHES FINANCIAL RESPONSIBILITY THAT WILL ALLOW THE INDIVIDUAL TO MOVE THROUGH THE PROCESS AND LATER HELP OTHER INDIVIDUALS WHO ARE EXPERIENCING SIMILAR HARDSHIPS.
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political
    Yes
    No
    organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If "Yes," complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's namebullet



    Firm's addressbullet







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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description
    Schedule B
    (Form 990, 990-EZ,
    or 990-PF)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors
    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    Arrow Bullet Information about Schedule B (Form 990, 990-EZ, or 990-PF) and its instructions is at www.irs.gov/form990.
    OMB No. 1545-0047
    2014
    Name of the organization
    THE ELM FOUNDATION
     
    Employer identification number

    46-0921239
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ





    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......... Arrow Bullet $  
    Caution. An organization that is not covered by the General Rule and/or the Special Rules does not file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its
    Form 990-EZ or on its Form 990PF, Part I, line 2, to certify that it does not meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2014)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)
    Page 2
    Name of organization
    THE ELM FOUNDATION
          		Employer identification number

    46-0921239
    Part I
    Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    1
     
     

    JOHN A III AND HELEN C NOLAN  
    9629 WALDROP DRIVE SE
     
    HUNTSVILLE, AL35803

    		$200,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    2
     
     

    LISA SHERROD  
    6208 KAREN DAVIE DR NW
     
    HUNTSVILLE, AL35806

    		$600


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    3
    LCD CYCLE
     

       
    3054 LEEMAN FERRY RD SUITE P
     
    HUNTSVILLE, AL35801

    		$12,896


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    4
    WILL GRAMONT
     

       
    18538 EAST VIA DE ARBOLAS
     
    QUEEN CREEK, AZ85142

    		$10,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    5
     
     

    BETTY J WYATT  
    317 DRAKE AVE
     
    HUNTSVILLE, AL35802

    		$1,935


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

       
     
     

    		$  


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)
    Page 3
    Name of organization
    THE ELM FOUNDATION
          		Employer identification number

    46-0921239
    Part II
    Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
    5
    		 1994 LINCOLN TOWN CAR $ 1,935 2014-10-15
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)
    Page 4
    Name of organization
    THE ELM FOUNDATION
          		Employer identification number

    46-0921239
    Part III
    Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10)
    that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a) No.
    from
    Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a) No.
    from
    Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a) No.
    from
    Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a) No.
    from
    Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

    Additional Data


    Software ID:  
    Software Version:  

    TY 2014 AccountingFeesSchedule
    Name:
    THE ELM FOUNDATION
    EIN: 46-0921239
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING SERVICES 4,121 0 0 0
    ACCOUNTING 96 96 96 0
    ACCOUNTING 58 58 58 0
    ACCOUNTING 86 86 86 0
    ACCOUNTING 47 47 47 0

    TY 2014 CashDeemedCharitableExplnStmt
    Name:
    THE ELM FOUNDATION
    EIN: 46-0921239
    Explanation:
    CASH DEEMED HELD FOR CHARITABLE ACTIVITIESTHE ELM FOUNDATION MAINTAINS AN OPERATING BANK ACCOUNT AT SERVIS1ST BANK TO ORDERLY AND TIMELY PAY FOR THE NORMAL OPERATING EXPENSES OF THE FOUNDATION; BUT, ALSO TO PROVIDE SUFFICIENT CASH RESOURCES TO FUND THE MAINTENANCE AND REPAIR OF AFFORDABLE HOUSING FOR DESERVING INDIVIDUALS.THE BANK ACCOUNT, WHICH HAD A RECONCILED BALANCE OF $172,654.17 AT DECEMBER 31, 2014, IS NOT MAINTAINED AS AN INVESTMENT VEHICLE, BUT THE ACCOUNT DOES EARN A MINIMAL INVESTMENT RETURN OF .25% TO HELP DEFRAY THE OPERATING COSTS OF MAINTAINING THE ACCOUNT.THE NET INVESTMENT INCOME OF $322 HAS BEEN SUBJECTED TO THE TAX ON NET INVESTMENT INCOME, BUT THE $322 IS CONSIDERED DE MINIMIS FOR THE PURPOSE OF CHARITABLE DISTRIBUTIONS.

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

    TY 2014 DepreciationSchedule
    Name:
    THE ELM FOUNDATION
    EIN: 46-0921239
    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
    HOUSE - DEJAN ROAD 2012-12-15 133,000 4,978 SL 27.500000000000 4,836 4,836 4,836  
    LAND - DEJAN ROAD 2012-12-15 25,000   L   0 0 0  
    HOUSE - RANDALL ROAD 2012-12-15 148,600 5,563 SL 27.500000000000 5,404 5,404 5,404  
    LAND - RANDALL ROAD 2012-12-15 16,900   L   0 0 0  
    HOUSE - MAPLECREST DRIVE 2012-12-15 135,800 5,083 SL 27.500000000000 4,938 4,938 4,938  
    LAND - MAPLECREST DRIVE 2012-12-15 16,200   L   0 0 0  
    LAPTOP COMPUTER 2012-11-27 673 145 200DB 5.000000000000 76 0 135  
    12 CHAIRS 2012-12-14 777 121 200DB 7.000000000000 76 0 111  
    LAPTOP COMPUTER 2013-06-14 432 86 200DB 5.000000000000 138 0 86  
    LAPTOP COMPUTER & CASE 2013-11-30 398 80 200DB 5.000000000000 127 0 80  
    COMPUTER SOFTWARE 2013-08-30 1,870 260 SL 3.000000000000 623 0 623  
    8 TABLES 2013-02-17 561 80 200DB 7.000000000000 137 0 80  
    CONFERENCE ROOM FURNITURE 2013-03-28 448 64 200DB 7.000000000000 110 0 64  
    HOUSE - VAN BUREN 2014-04-18 67,863   SL 27.500000000000 1,748 1,748 1,748  
    LAND - VAN BUREN 2014-04-18 15,000   L   0 0 0  
    3 LAPTOPS & CASES 2014-07-17 1,243   SL 5.000000000000 104 0 104  
    PROTECTIVE SOFTWARE 2014-07-17 249   SL 3.000000000000 35 0 35  
    FOLDING CHAIRS 2014-04-07 564   SL 7.000000000000 60 0 60  
    TV 2014-05-12 375   SL 7.000000000000 36 0 36  

    TY 2014 LandEtcSchedule2
    Name:
    THE ELM FOUNDATION
    EIN: 46-0921239
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    HOUSE - DEJAN ROAD 133,000 9,814 123,186 133,000
    LAND - DEJAN ROAD 25,000 0 25,000 25,000
    HOUSE - RANDALL ROAD 148,600 10,967 137,633 148,600
    LAND - RANDALL ROAD 16,900 0 16,900 16,900
    HOUSE - MAPLECREST DRIVE 135,800 10,021 125,779 135,800
    LAND - MAPLECREST DRIVE 16,200 0 16,200 16,200
    LAPTOP COMPUTER 673 558 115 673
    12 CHAIRS 777 586 191 777
    LAPTOP COMPUTER 432 224 208 432
    LAPTOP COMPUTER & CASE 398 207 191 398
    COMPUTER SOFTWARE 1,870 883 987 1,870
    8 TABLES 561 217 344 561
    CONFERENCE ROOM FURNITURE 448 174 274 448
    HOUSE - VAN BUREN 67,863 1,748 66,115 67,863
    LAND - VAN BUREN 15,000 0 15,000 15,000
    3 LAPTOPS & CASES 1,243 104 1,139 1,243
    PROTECTIVE SOFTWARE 249 35 214 249
    FOLDING CHAIRS 564 60 504 564
    TV 375 36 339 375


    TY 2014 MortgagesAndNotesPayableSch
    Name:
    THE ELM FOUNDATION
    EIN: 46-0921239
    Total Mortgage Amount:  

    Item No. 1
    Lender's Name  
    Lender's Title  
    Relationship to Insider  
    Original Amount of Loan 74396
    Balance Due 74369
    Date of Note 2014-04
    Maturity Date 2016-03
    Repayment Terms  
    Interest Rate 4.000000000000
    Security Provided by Borrower 11207 MAPLECREST DR SE AND 8008 RANDALL RD SW
    Purpose of Loan TO PURCHASE RESIDENCE FOR RENT TO PARTICIPANTS
    Description of Lender Consideration  
    Consideration FMV  


    TY 2014 OtherAssetsSchedule
    Name:
    THE ELM FOUNDATION
    EIN: 46-0921239
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    NON CASH DONATIONS 0 1,935 1,935


    TY 2014 OtherExpensesSchedule
    Name:
    THE ELM FOUNDATION
    EIN: 46-0921239
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    OFFICE SUPPLIES 2,577 0 0 0
    POSTAGE 48 0 0 0
    LICENSES 182 0 0 0
    BANK CHARGES 269 0 0 0
    DUES & SUBSCRIPTIONS 1,452 0 0 0
    PROFESSIONAL DEVELOPMENT 3,530 0 0 0
    BUSINESS DEVELOPMENT 374 0 0 0
    INSURANCE 1,407 0 0 0
    MEALS & ENTERTAINMENT 1,167 0 0 0
    INSURANCE 33 33 33 0
    OFFICE SUPPLIES 60 60 60 0
    LICENSES 4 4 4 0
    DUES & SUBSCRIPTIONS 34 34 34 0
    PROFESSIONAL DEVELOPMENT 82 82 82 0
    BUSINESS DEVELOPMENT 9 9 9 0
    MEALS & ENTERTAINMENT 27 27 27 0
    PROPERTY INSURANCE 532 532 532 0
    REPAIRS & MAINTENANCE 2,550 2,550 2,550 0
    INSURANCE 20 20 20 0
    OFFICE SUPPLIES 37 37 37 0
    LICENSES 3 3 3 0
    DUES & SUBSCRIPTIONS 21 21 21 0
    PROFESSIONAL DEVELOPMENT 50 50 50 0
    BUSINESS DEVELOPMENT 5 5 5 0
    MEALS & ENTERTAINMENT 17 17 17 0
    REPAIRS & MAINTENANCE 5,399 5,399 5,399 0
    PROPERTY INSURANCE 532 532 532 0
    INSURANCE 29 29 29 0
    OFFICE SUPPLIES 54 54 54 0
    LICENSES 4 4 4 0
    DUES & SUBSCRIPTIONS 30 30 30 0
    PROFESSIONAL DEVELOPMENT 74 74 74 0
    BUSINESS DEVELOPMENT 8 8 8 0
    MEALS & ENTERTAINMENT 24 24 24 0
    REPAIRS & MAINTENANCE 150 150 150 0
    PROPERTY INSURANCE 531 531 531 0
    INSURANCE 16 16 16 0
    OFFICE SUPPLIES 29 29 29 0
    LICENSES 2 2 2 0
    DUES & SUBSCRIPTIONS 17 17 17 0
    PROFESSIONAL DEVELOPMENT 40 40 40 0
    BUSINESS DEVELOPMENT 4 4 4 0
    MEALS & ENTERTAINMENT 13 13 13 0
    REPAIRS & MAINTENANCE 1,844 1,844 1,844 0
    PROPERTY INSURANCE -227 -227 -227 0


    TY 2014 OtherLiabilitiesSchedule
    Name:
    THE ELM FOUNDATION
    EIN: 46-0921239
    Description Beginning of Year - Book Value End of Year - Book Value
    PAYROLL LIABILITIES 2,751 1,811
    DUE TO EMPLOYEE 160 0


    TY 2014 OtherProfessionalFeesSchedule
    Name:
    THE ELM FOUNDATION
    EIN: 46-0921239
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    OTHER PROFESSIONAL SERVICES 3,775 0 0 0
    OTHER PROFESSIONAL 88 88 88 0
    OTHER PROFESSIONAL 53 53 53 0
    OTHER PROFESSIONAL 79 79 79 0
    OTHER PROFESSIONAL 43 43 43 0


    TY 2014 SubstantialContributorsSch
    Name:
    THE ELM FOUNDATION
    EIN: 46-0921239
    Name Address
    JOHN ANTHONY NOLAN III 9629 WALDROP DRIVE SE
    HUNTSVILLE,AL35803
    HELEN CONWAY NOLAN 9629 WALDROP DRVIE SE
    HUNTSVILLE,AL35803
     
          		2121 METRO CIRCLE
    HUNTSVILLE,AL35801


    TY 2014 TaxesSchedule
    Name:
    THE ELM FOUNDATION
    EIN: 46-0921239
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    PAYROLL TAXES 7,999 0 0 0
    PAYROLL TAXES 187 187 187 0
    PROPERTY TAXES 1,945 1,945 1,945 0
    PAYROLL TAXES 114 114 114 0
    PROPERTY TAXES 2,138 2,138 2,138 0
    PAYROLL TAXES 167 167 167 0
    PROPERTY TAXES 1,829 1,829 1,829 0
    PAYROLL TAXES 91 91 91 0
    PROPERTY TAXES 775 775 775 0