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 Gerald and Susan Schwalbach Family
Foundation
% Foundation Source
Number and street (or P.O. box number if mail is not delivered to street address)Foundation Source 501 Silverside Rd   Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Wilmington, DE198091377
A Employer identification number

20-4822291
B Telephone number (see instructions)

(800) 839-1754
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$5,114,382J 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).............. 0
2 Check bullet
Sch. B ...............
3 Interest on savings and temporary cash investments 50 50  
4 Dividends and interest from securities...... 91,530 91,530  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 140,602
b Gross sales price for all assets on line 6a 1,091,389
7 Capital gain net income (from Part IV, line 2)... 140,602
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 6,910 6,893  
12 Total. Add lines 1 through 11........ 239,092 239,075  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc.        
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment 41,456 41,456    
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 4,779 542    
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 33,950 6,875   27,075
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 80,185 48,873   27,075
25 Contributions, gifts, grants paid........ 85,000 85,000
26 Total expenses and disbursements. Add lines 24 and 25 165,185 48,873   112,075
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 73,907
b Net investment income (if negative, enter -0-) 190,202
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2014)
Form 990-PF (2014)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing...............      
2 Savings and temporary cash investments.......... 837,109 232,940 232,940
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges...........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........ 3,121,767 Click to see attachment3,885,830 4,423,343
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)........... 443,852 Click to see attachment357,865 458,099
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 4,402,728 4,476,635 5,114,382
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable..................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)..........   0
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.........    
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds 4,402,728 4,476,635
30 Total net assets or fund balances (see instructions)...... 4,402,728 4,476,635
31 Total liabilities and net assets/fund balances (see instructions).. 4,402,728 4,476,635
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 4,402,728
2 Enter amount from Part I, line 27a..................... 2 73,907
3 Other increases not included in line 2 (itemize) bullet 3  
4 Add lines 1, 2, and 3.......................... 4 4,476,635
5 Decreases not included in line 2 (itemize) bullet 5  
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 4,476,635
Form 990-PF (2014)
Form 990-PF (2014)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1 a Publicly-traded Securities      
b Passthrough K1 Capital Gain      
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 1,091,389   928,093 163,296
b       -22,694
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       163,296
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 2 140,602
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 451,814 4,699,725 0.096136
2012 354,314 4,476,312 0.079153
2011 344,714 4,691,748 0.073472
2010 289,663 4,649,038 0.062306
2009 255,399 4,464,161 0.057211
2 Total of line 1, column (d) ...................... 2 0.368278
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 0.073656
4 Enter the net value of noncharitable-use assets for 2014 from Part X, line 5..... 4 4,982,459
5 Multiply line 4 by line 3....................... 5 366,988
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 1,902
7 Add lines 5 and 6......................... 7 368,890
8 Enter qualifying distributions from Part XII, line 4.............. 8 112,075
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 3,804
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  
3 Add lines 1 and 2........................... 3 3,804
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 3,804
6 Credits/Payments:
a 2014 estimated tax payments and 2013 overpayment credited to 2014 6a 3,169
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 1,230
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 4,399
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. Click to see attachment 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 595
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet595 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$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletAZ, OR
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2014 or the taxable year beginning in 2014 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
     
    No
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see instructions) .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement (see instructions).................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbullet  
    14
    The books are in care ofbulletFoundation Source Telephone no.bullet (800) 839-1754
    Located atbullet501 Silverside Road Suite 123WilmingtonDE ZIP+4bullet198091377
    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
    Brian A Schwalbach Dir / Sec
    1.0     		0    
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    Gerald A Schwalbach Dir
    1.0     		0    
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    Mari M Schwalbach VP / Dir
    1.0     		0    
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    Nathan P Schwalbach Dir / Treas
    1.0     		0    
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    Susan J Schwalbach Pres / Dir
    1.0     		0    
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    Winsome Y Schwalbach VP / Dir
    1.0     		0    
    Foundation Source 501 Silverside Rd
    Wilmington,DE198091377
    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
     
    Total number of other employees paid over $50,000...................bullet  
    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
     
    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)
    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.)
    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
    4,210,514
    b
    Average of monthly cash balances.......................
    1b
    389,721
    c
    Fair market value of all other assets (see instructions)................
    1c
    458,099
    d
    Total (add lines 1a, b, and c).........................
    1d
    5,058,334
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    5,058,334
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    75,875
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    4,982,459
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    249,123
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    249,123
    2a
    Tax on investment income for 2014 from Part VI, line 5......
    2a
    3,804
    b
    Income tax for 2014. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    3,804
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    245,319
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    245,319
    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
    245,319
    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
    112,075
    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
    0
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    112,075
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see instructions).................
    5
     
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    112,075
    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 7 245,319
    2 Undistributed income, if any, as of the end of 2014:
    a Enter amount for 2013 only.......  
    b Total for prior years:2012, 2011, 2010  
    3 Excess distributions carryover, if any, to 2014:
    a From 2009.......  
    b From 2010.......  
    c From 2011.......  
    d From 2012....... 117,420
    e From 2013....... 228,136
    fTotal of lines 3a through e......... 345,556
    4Qualifying distributions for 2014 from Part
    XII, line 4: bullet$ 112,075
    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..... 112,075
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2014. 133,244 133,244
    (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 5 212,312
    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 ..........     		0
    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 ......     		212,312
    10 Analysis of line 9:
    a Excess from 2010....  
    b Excess from 2011....  
    c Excess from 2012....  
    d Excess from 2013.... 212,312
    e Excess from 2014....  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2014, enter the date of the ruling.......bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2014 (b) 2013 (c) 2012 (d) 2011
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used
    directly for active conduct of exempt activities ...........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    Gerald A Schwalbach
    Susan J Schwalbach
    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
    OREGON EPISCOPAL SCHOOL
    6300 SW NICOL RD
    PORTLAND,OR97223     		N/A PC Oregon Episcopal School Annual Fund 25,000
    OREGON EPISCOPAL SCHOOL
    6300 SW NICOL RD
    PORTLAND,OR97223     		N/A PC Oregon Episcopal School Lower School Capital Campaign 60,000
    Total .................................bullet 3a 85,000
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3
    Interest on savings and temporary cash investments ............     		    14 50  
    4 Dividends and interest from securities....     14 91,530  
    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 .............     		    18 140,602  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aK-1 Inc/Loss 525990 17 14 6,893  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 17 239,075  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13239,092
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political
    Yes
    No
    organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If "Yes," complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's namebullet



    Firm's addressbullet







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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

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

    TY 2014 DepreciationSchedule
    Name:
    The Gerald and Susan Schwalbach Family
    Foundation
    EIN: 20-4822291
    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

    TY 2014 InvestmentsCorpStockSchedule
    Name:
    The Gerald and Susan Schwalbach Family
    Foundation
    EIN: 20-4822291
    Name of Stock End of Year Book Value End of Year Fair Market Value
    ABBOTT LABS 1,872 2,251
    ABBVIE INC. 4,542 5,497
    ABSOLUTE STRATEGIES INSTITUTIO 20,000 19,961
    ACTELION N 530 1,140
    AFFILIATED MANAGERS GROUP 4,381 5,094
    AIA GROUP LTD ADR 1,665 2,525
    ALIBABA GROUP HOLDING LIMITED 2,753 2,599
    ALLIANT TECH SYS INC 2,766 2,674
    ALTERA CORPORATION 2,007 2,253
    ALTRIA GROUP INC 1,853 2,464
    AMAZON COM 3,790 4,345
    AMC NETWORKS INC 1,973 1,849
    AMDOCS LIMITED 2,022 2,333
    AMER INTERNATIONAL GROUP INC 2,520 2,801
    AMERICAN EXPRESS CO 2,101 2,326
    AMERICAN TOWER REIT INC 2,042 2,471
    ANALOG DEVICES INC. 4,532 5,108
    ANHEUSER BUSCH COS INC 948 1,685
    APACHE CORPORATION 2,045 1,567
    APPLE INC. 41,955 69,980
    AQR MANAGED FUTURES FUND CL I 68,020 71,849
    ARMSTRONG WORLD INDU 1,831 1,738
    ASSOCIATED BRITISH FOODS PLC 767 1,860
    ASTON OPTIMUM MID CAP FUND CLA 26,963 36,907
    ATMEL CORPORATION 2,092 2,260
    AVALONBAY CMNTYS INC 2,002 2,614
    AXALTA COATING SYSTEMS LTD 965 1,223
    BANK HAPOALIM BM ADR 1,556 1,366
    BANK OF GA HLDGS PLC 1,135 939
    BARCLAYS PLC ADR 2,995 2,627
    BAXTER INTERNATIONAL INC. 3,545 3,665
    BAYER A G SPONSORED ADR 1,406 2,463
    BELLE INTL HLDG ADR 1,540 1,115
    BIOGEN IDEC INC 3,633 5,092
    BLACKROCK EQ DIVIDEND I 30,000 42,606
    BLACKROCK HIGH YIELD BOND INST 16,286 15,594
    BOEING CO 2,611 2,600
    BRENNTAG AG 2,093 2,584
    BRIDGEWAY BALANCED 32,584 35,278
    BRITISH AMERICAN TOBACCO PLC 1,534 2,264
    BRIXMOR PPTY GROUP INC COM 2,363 2,509
    BROCADE COMMUNICATIONS SYST IN 1,750 1,989
    BROWN ADVISORY WMC JAPAN ALPHA 9,847 9,427
    CALIFORNIA RESOURCES CORPORATI 66 44
    CANADIAN PACIFIC RAILWAY LTD 4,390 4,817
    CAPITAL PRIVATE CLIENT SVCS FD 48,829 50,590
    CARDINAL HEALTH INC. 1,437 2,422
    CARPENTER TECH 1,354 1,478
    CELANESE CORPORATION 1,286 1,439
    CELGENE CORP 3,577 5,369
    CENTRICA 2,436 2,054
    CF INDUSTRIES HOLDINGS, INC 1,217 1,363
    CHARLES SCHWAB CORP 2,022 2,264
    CHARLES SCHWAB INTRNTNL EQ 4,974 4,568
    CHECK POINT SOFTWARE TECHNOLOG 1,350 1,571
    CHESAPEAKE ENERGY CORPORATION 1,996 1,859
    CHEVRON CORP 34,705 30,850
    CHIPOTLE MEX GRILL 4,983 5,476
    CIGNA 2,886 3,396
    CIMAREX ENERGY CO 1,080 1,060
    CISCO SYSTEMS INC 2,542 2,782
    CITIGROUP INC 2,489 2,706
    CITRIX SYSTEMS INC 1,723 1,914
    COCA-COLA CO 1,077 1,056
    COLUMBIA FDS SER TR II MASS AS 42,027 43,710
    COLUMBIA FDS SRS TR COLUMBIA S 15,500 19,072
    COMCAST CORP 3,969 4,318
    COMCAST CORP CL A 7,303 7,483
    COMMERZBANK AG-SPONS ADR 2,786 2,011
    CONAGRA FOODS INC 2,757 2,866
    CONSTELLATION BRANDS INC 2,396 4,516
    CONTL AG SPONS ADR 1,277 1,255
    COSTCO WHOLESALE CORPORATION 1,724 2,126
    CREDIT SUISSE GROUP ADR 2,913 2,383
    CRH PLC - AMERICAN DEPOSITARY 1,974 1,993
    CUMMINS INC 4,869 4,902
    DANAHER CORP 3,768 4,286
    DDR CORP 2,548 2,552
    DELPHI AUTOMOTIVE PLC 3,489 4,436
    DELTA AIR LINES INC 2,658 4,624
    DEXUS PROPERTY GROUP 1,604 1,602
    DFA COMMODITY STRATEGY PORTFOL 39,040 33,097
    DFA EMERGING MARKETS CORE EQ P 49,318 49,209
    DFA GLOBAL REAL ESTATE SECURIT 45,020 49,448
    DFA INTERNATIONAL CORE EQUITY 49,342 49,792
    DFA REAL ESTATE SECURITIES POR 29,444 34,120
    DFA U.S. LARGE CAP VALUE PORTF 82,432 97,666
    DFA U.S. SMALL CAP PORTFOLIO 54,520 55,900
    DIAGEO PLC ADS 23,052 45,636
    DIRECTV GROUP 1,783 2,168
    DNB NOR ASA SPONSOR ADR 1,475 1,490
    DODGE & COX FUNDS INTERNATIONA 83,271 96,752
    DODGE & COX INCOME FUND 23,565 23,951
    DON QUIJOTE CO LTD 1,653 3,776
    DOUBLELINE TOTAL RETURN BOND 5,638 5,425
    DREYFUS PREMIER EMERGING MARKE 7,809 6,930
    EATON VANCE EMERGING MARKETS 22,757 19,461
    EATON VANCE FLOATING-RATE & HI 44,000 42,980
    EATON VANCE GLOBAL MACRO FD CL 23,756 23,399
    ECOLAB INC 4,190 4,181
    ENDO INTERNATIONAL PLC 2,663 3,029
    ENERGIZER HOLDINGS INC 2,241 2,314
    ENERGY DEVELOPMENT ADR 938 1,278
    ENVISION HEALTHCAR COM USD0.01 1,427 1,422
    EOG RESOURCES INC 2,568 2,762
    EVEREST RE GROUP LTD 1,043 2,044
    EXPEDIA INC 922 1,110
    EXXON MOBIL CORP 2,322 2,311
    FACEBOOK INC 6,394 10,065
    FAMILYMART CO LTD ADR 1,194 1,139
    FANUC LIMITED UNSPONSORED 1,484 1,679
    FIDELITY ADVISOR HIGH INC ADVA 34,215 42,405
    FIFTH THIRD BANCORP 3,414 3,322
    FIRST ENERGY CORP 3,753 4,055
    FORTUNE BRANDS HOME & SECURITY 1,446 1,675
    FOSSIL INC COM 1,589 1,772
    GALLAGHER ARTHUR J & CO. 2,142 2,166
    GALP ENERGIA 1,581 873
    GAP INC. 3,454 3,748
    GENERAL ELECTRIC CO 5,273 5,054
    GENWORTH FINANCIAL INC CL A 1,004 1,080
    GERRY WEBER INTL AG 976 1,446
    GILEAD SCIENCES INC 8,105 7,635
    GLAXOSMITHKLINE PLC 2,131 2,522
    GNC CORP 1,332 1,409
    GOLDMAN SACHS GROUP 2,446 2,907
    GOOGLE INC CL A 4,987 4,776
    GOOGLE INC CL C 3,320 4,211
    GRAINGER W W INC. 2,481 2,549
    GREAT PLAINS ENERGY 1,784 2,131
    GRUPO FIN STANTANDER - ADR B 1,110 995
    GUGGENHEIM S&P EQUAL WEIGHT ET 75,814 92,857
    HALLIBURTON COMPANY 7,286 5,113
    HERTZ GLOBAL HOLDINGS INC 2,221 1,970
    HOME DEPOT INC. 1,958 2,624
    HUNTINGTON BANCSHARES INC 1,600 1,957
    IMAGINATION TECH GROUP 1,194 618
    INFINEON TECH ADS 2,447 2,577
    INFORMATICA CORPORATION 1,421 1,640
    ING CLARION GLOBAL REAL ESTATE 52,600 54,246
    ING US INC 1,011 2,119
    INTEL CORP 30,383 45,363
    INTERCONTINENTAL EXCHANGE, INC 5,998 7,017
    INVESCO PLC 1,812 2,648
    ISHARES IBOXX $ HIGH YIELD COR 13,610 12,992
    ISHARES JP MORGAN 41,097 40,264
    ISHARES MSCI EMERGING MARKETS 44,946 43,219
    ISHARES MSCI-JAPAN 4,628 4,384
    ISHARES RUSSELL 2000 23,248 35,886
    ISHARES S&P DVLPED 5,016 5,435
    ISHARES TR S & P MIDCAP 400 IN 18,166 33,738
    ISHARES TRUST MSCI EAFE INDEX 181,396 180,025
    ISHARES TRUST RUSSELL MIDCAP I 73,709 83,519
    JAPAN AIRLINES 1,877 1,847
    JAPAN TOBACCO INC. 3,160 2,735
    JARDINE MATHESON UNS/ADR 1,061 1,882
    JOHN HANCOCK LARGE CAP EQUITY 65,784 70,960
    JOHNSON & JOHNSON 2,352 2,614
    JP MORGAN ALERIAN MLP INDEX ET 32,633 31,246
    JP MORGAN CHASE & CO 4,238 4,694
    JS GROUP CORP ADR 2,939 2,972
    JUNIPER NETWORKS 1,152 1,362
    KANSAS CITY SOUTHERN 1,506 1,708
    KEYSIGHT TECHNOLOGIES INC 556 608
    KIRIN BREWERY LTD 1,564 1,364
    KROGER CO 1,038 1,541
    L'AIR LIQUIDE ADR OTC 2,141 2,564
    LABORATORY CORP AMER HLDGS 1,990 2,158
    LAS VEGAS SANDS CORP 4,805 3,373
    LEAR CORP 4,587 4,904
    LEG IMMOBILIEN AG EUR 2,715 3,304
    LIBERTY BROADBAND CORPORATION 134 150
    LIBERTY BROADBAND CORPORATION 305 349
    LIBERTY BROADBAND RIGHTS - EXP   29
    LIBERTY GLOBAL PLC - SERIES C 5,694 7,633
    LIBERTY INTERACTIVE CORPORATIO 903 1,824
    LIBERTY MEDIA CORPORATION 946 1,051
    LIBERTY MEDIA CORPORATION COM 496 529
    LINCOLN NATIONAL CORP 2,883 3,749
    LINEAR TECHNOLOGY CORP 3,561 3,420
    M&T BANK CORP 1,712 2,136
    MAN WAH HOLDINGS LTD HKD 1,071 1,318
    MAXIM INTEGRATED PRODS INC. 3,062 3,283
    MCDONALD'S CORP 5,020 4,685
    MCKESSON CORP 9,352 9,964
    MERCK & CO INC. 2,774 2,840
    MERLIN ENTERTAINMENTS PLC 1,493 1,535
    MFS INTERNATIONAL GROWTH FUND 43,000 41,966
    MGM RESORTS INTERNATIONAL 1,453 1,903
    MICRON TECHNOLOGY 5,556 5,812
    MICROSOFT CORPORATION 4,792 5,806
    MITSUBISHI TOKYO FIN 2,986 2,444
    MOHAWK INDS INC 1,407 1,554
    MOLSON COOR BREW CO CL B 1,411 1,416
    MONDELEZ INTERNATIONAL INC 3,364 3,633
    MONSANTO CO 5,131 5,496
    MYLAN INC. 1,704 2,086
    NABORS INDUSTRIES LTD 2,133 1,298
    NASDAQ OMX GROUP 1,166 1,966
    NATIONWIDE HIGHMARK SMALL CAP 25,000 27,135
    NATL OILWELL VARCO 1,832 1,638
    NAVIENT CORPORATION 1,334 3,090
    NESTLE S.A. 2,807 4,012
    NETAPP, INC. 1,469 1,617
    NEUBERGER BERMAN ABSOLUTE RETU 66,449 64,122
    NEUBERGER BERMAN GREATER CHINA 9,847 10,094
    NEUBERGER BERMAN MULTI CAP OPP 26,080 38,884
    NIKE INC-CL B 3,797 4,615
    NOKIA 2,254 2,319
    NOMURA HOLDINGS ADR 1,874 2,274
    NOVARTIS AG ADR 2,093 3,614
    NRG ENERGY 2,041 1,752
    NUVEEN REAL ESTATE SECURITIES 9,931 12,105
    OAKMARK INTERNATIONAL FUND CL 38,249 35,241
    OCCIDENTAL PETROLEUM CORP 1,821 1,612
    ORACLE CORP 2,017 2,249
    PACKAGING CORP AMER 1,382 2,107
    PALO ALTO NETWORKS INC 2,827 3,555
    PARNASSUS EQUITY INCOME FUND I 17,673 29,416
    PEPSICO INC 2,094 2,364
    PERRIGO CO PLC 4,983 5,349
    PFIZER INC. 3,120 3,115
    PG & E CORP 2,446 2,822
    PHILIP MORRIS INTL 2,104 2,036
    PHILIPPINE LONG DISTANCE ADR 1,168 1,076
    PIMCO ALL ASSET ALL AUTHORITY 16,000 13,636
    PIMCO HIGH-YIELD INSTL 40,000 38,866
    PIMCO INCOME FUND 45,000 44,507
    PIMCO TOTAL RETURN FUND 92,827 89,282
    PINNACLE FOODS INC 1,627 1,765
    PIONEER NAT RES CO 3,340 4,019
    PIRELLI & C SPA 3,039 2,546
    POLARIS INDUSTRIES 2,569 2,571
    PRAXAIR INC. 3,220 3,239
    PRINCIPAL FINANCIAL GROUP 1,580 3,324
    PRINCIPAL PREFERRED SECURITIES 14,020 13,692
    PROCTER GAMBLE CO 3,268 3,644
    PRUDENTIAL PLC SC 2,950 4,478
    PUTNAM CAPITAL SPECTRUM FUND C 106,941 128,691
    PVH CORP 1,157 1,666
    QUALCOMM INC 34,047 40,138
    RAYMOND JAMES FINANCIAL INC 1,767 2,292
    REED ELSEVIER PLC 1,481 1,633
    RELIANCE STL & ALMN 1,346 1,470
    RIDGEWORTH FDS INTERMEDIATE BO 62,204 58,908
    RLJ LODGING TRUST 1,392 1,677
    ROCHE HOLDING LTD ADR 2,147 3,875
    ROYAL DUTCH SHELL PLC 2,638 2,477
    SANOFI-AVENTIS SPONSORED ADR 2,913 2,873
    SAP AKTIENGESELL ADS 2,513 2,159
    SBA COMMUNICATIONS 5,332 6,535
    SCANNA CORP 964 1,570
    SCHWAB U.S. LARGE-CAP GROWTH 81,931 104,977
    SCHWAB US MID CAP 57,391 68,504
    SCHWAB US REIT 9,963 11,685
    SCRIPPS NETWORKS INT 1,042 1,280
    SEMPRA ENERGY COM 2,696 3,786
    SERVICE NOW 2,539 2,985
    SIGNATURE BANK 1,174 1,889
    SKYLARK CO LTD ORD JPY 1,028 1,008
    SLM CORP 1,433 2,293
    SOFTBANK CP UNSP ADR 3,572 2,881
    SOUTHWESTERN ENERGY 3,564 2,593
    SPDR BARCLAYS CAPITAL INTERNAT 49,258 48,221
    SPDR BARCLAYS SHORT TERM HIGH 13,662 12,836
    SPDR S&P 500 ETF TRUST 240,172 340,784
    STANLEY ELEC CO LTD ORD JPY 2,020 2,178
    STAPLES INC. 1,642 2,591
    STARWOOD HOTELS & RESORTS 1,770 2,432
    STARWOOD PROPERTY TRUST INC 2,719 2,440
    SUN ART RETAIL GROUP 707 519
    SUNTORY BEVERAGE & FOOD LTD AD 1,169 1,207
    SWISHER HYGIENE INC 24,180 935
    T. ROWE PRICE GROWTH STOCK FD 28,598 46,085
    T. ROWE PRICE NEW ASIA FUND 28,641 28,764
    T. ROWE PRICE NEW HORIZONS FD 15,500 19,027
    TAUBMAN CENTERS INC 1,837 1,987
    TE CONNECTIVITY LTD 4,810 4,807
    TELEPHONE & DATA SYS INC. 2,133 1,894
    TELIASONERA ADR 2,273 2,061
    TEREX CORP 1,225 1,004
    TESORO CORP 1,526 1,784
    TEVA PHARMECEUTICAL SP ADR 901 1,265
    TEXTRON INC. 1,757 2,400
    THE HARTFORD CAPITAL APPRECIAT 16,572 22,018
    TIME WARNER INC. 3,591 4,613
    TIMKENSTEEL CORPORATION 714 778
    TJX COMPANIES INC 7,927 9,670
    TOKYO ELECTRON LTD 1,488 1,832
    TOLL BROTHERS INC 1,568 1,679
    TOUCHSTONE MID CAP CLASS C 75,000 87,481
    TOYOTA MTR CORP 2,686 4,266
    TRIUMPH GROUP INC 2,938 2,689
    TWENTY-FIRST CENTURY, FOX INC 4,307 4,993
    TYSON FOODS INC CL A 2,669 2,846
    UNDER ARMOUR INC 5,157 5,228
    UNION PACIFIC 4,637 5,957
    UNITED CONTINENTAL HOLDINGS IN 520 803
    UNITED PARCEL SERVICE 33,049 41,689
    UNITEDHEALTH GROUP INC. 21,486 83,398
    UNUM CORP 1,347 1,325
    URBAN OUTFITTERS, INC 1,188 1,265
    USD SCHWAB US AGGREGATE BOND 31,958 32,516
    VALIDUS HLDS LTD 1,295 1,371
    VALSPAR CORP 1,246 1,557
    VANGUARD MSCI EUROPEAN ETF 21,738 20,964
    VANGUARD SHORT-TERM CORPORATE 173,018 171,742
    VISA INC 5,095 6,555
    VIVENDI SA 2,042 1,961
    VODAFONE GROUP PLC 5,527 3,588
    WELLS FARGO & CO. 6,000 6,853
    WELLS FARGO ADVANTAGE INTL BON 13,000 11,421
    WESTERN DIGITAL CORP 4,240 4,649
    WEYERHAEUSER CO 32,791 48,487
    WHOLE FOODS MARKET, INC. 965 1,311
    WOLSELEY PLC ADR 1,248 1,599
    WOLTERS KLUWER S/ADR 2,812 3,477
    WORKDAY INC 3,064 3,020
    XEROX CP 4,408 4,768
    XL GROUP PLC 814 2,028
    ZIMMER HOLDINGS INC 2,486 2,836
    ZURICH INS GROU ADR 2,664 3,370

    TY 2014 InvestmentsOtherSchedule2
    Name:
    The Gerald and Susan Schwalbach Family
    Foundation
    EIN: 20-4822291
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    KIDRON ADVISORS II, LP   283,812 387,426
    UBS DISTRESSED OPPORTUNITIES   74,053 70,673

    TY 2014 OtherExpensesSchedule
    Name:
    The Gerald and Susan Schwalbach Family
    Foundation
    EIN: 20-4822291
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Administrative Fees 26,490     26,490
    Bank Charges 441 441    
    K-1 EXP DB COMMODITY INDEX 204 204    
    K-1 Exp KIDRON ADVISORS II, LP 3,654 3,654    
    K-1 EXP UBS DISTRESSED 2,576 2,576    
    State or Local Filing Fees 585     585


    TY 2014 OtherIncomeSchedule2
    Name:
    The Gerald and Susan Schwalbach Family
    Foundation
    EIN: 20-4822291
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    K-1 Inc/Loss DB COMMODITY INDEX TRACKING FUND 9 9  
    K-1 Inc/Loss KIDRON ADVISORS II, LP 3,272 3,272  
    K-1 Inc/Loss UBS DISTRESSED 3,629 3,612  


    TY 2014 OtherProfessionalFeesSchedule
    Name:
    The Gerald and Susan Schwalbach Family
    Foundation
    EIN: 20-4822291
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Investment Management Services 41,456 41,456    


    TY 2014 TaxesSchedule
    Name:
    The Gerald and Susan Schwalbach Family
    Foundation
    EIN: 20-4822291
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    990-PF Estimated Tax for 2014 3,000      
    990-PF Extension for 2013 1,237      
    Foreign Tax Paid 542 542