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
W MARSHALL HUGHES JR SCHOLARSHIP FUND
 

Number and street (or P.O. box number if mail is not delivered to street address)1340 BROADCASTING ROAD SUITE 100   Room/suite
City or town, state or province, country, and ZIP or foreign postal code
WYOMISSING, PA19610
A Employer identification number

23-6934996
B Telephone number (see instructions)

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$3,851,956J 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)..............  
2 Check bullet
Sch. B ...............
3 Interest on savings and temporary cash investments 128 128 128
4 Dividends and interest from securities...... 71,128 72,701 66,111
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 218,757
b Gross sales price for all assets on line 6a 1,005,386
7 Capital gain net income (from Part IV, line 2)... 219,188
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)....... 3 3 3
12 Total. Add lines 1 through 11........ 290,016 292,020 66,242
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 41,531 41,531 41,531  
14 Other employee salaries and wages......   0 0 0
15 Pension plans, employee benefits.......   0 0  
16a Legal fees (attach schedule).........       0
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule)....       0
17 Interest...............       0
18 Taxes (attach schedule) (see instructions)... 10,170 638   0
19 Depreciation (attach schedule) and depletion... 0 0  
20 Occupancy..............        
21 Travel, conferences, and meetings.......   0 0  
22 Printing and publications..........   0 0  
23 Other expenses (attach schedule).......        
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 51,701 42,169 41,531 0
25 Contributions, gifts, grants paid........ 168,170 168,170
26 Total expenses and disbursements. Add lines 24 and 25 219,871 42,169 41,531 168,170
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 70,145
b Net investment income (if negative, enter -0-) 249,851
c Adjusted net income (if negative, enter -0-)... 24,711
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............... 9 8 8
2 Savings and temporary cash investments.......... 53,243 65,267 65,267
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet     0 0
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 bullet0      
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges........... 1,009 604 604
10a Investments—U.S. and state government obligations (attach schedule) 643,726 Click to see attachment717,604 726,427
b Investments—corporate stock (attach schedule)........ 1,140,257 Click to see attachment1,032,271 1,774,230
c Investments—corporate bonds (attach schedule)........ 422,135 Click to see attachment397,902 409,339
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 655,871 Click to see attachment772,754 876,081
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) 2,916,250 2,986,410 3,851,956
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......... 2,916,250 2,986,410
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds    
30 Total net assets or fund balances (see instructions)...... 2,916,250 2,986,410
31 Total liabilities and net assets/fund balances (see instructions).. 2,916,250 2,986,410
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 2,916,250
2 Enter amount from Part I, line 27a..................... 2 70,145
3 Other increases not included in line 2 (itemize) bulletClick to see attachment 3 15
4 Add lines 1, 2, and 3.......................... 4 2,986,410
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 2,986,410
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 419. AT&T INC COM   2004-09-20 2014-01-06
b 185. AARON'S INC COM   2014-07-08 2014-10-27
c 10. ADVANCE AUTO PARTS INC   2011-09-20 2014-02-19
d 5. ADVANCE AUTO PARTS INC   2011-09-20 2014-12-09
e 205. AMERICAN FINCL GROUP INC COM   2010-02-22 2014-01-08
38. AMETEK INC COM   2003-01-30 2014-02-19
85. AMETEK INC COM   2003-01-30 2014-10-27
5. AMETEK INC COM   2003-01-30 2014-12-09
25. AMGEN INC COM   2005-01-06 2014-02-19
105. AMGEN INC COM   2005-01-06 2014-04-23
276. AMGEN INC COM   2005-01-06 2014-07-21
2. APPLE INC COM   2013-04-18 2014-02-19
2. APPLE INC COM   2005-09-01 2014-02-19
60. APPLE INC COM   2005-09-01 2014-12-09
10. APTARGROUP INC COM   2011-12-05 2014-02-19
45. APTARGROUP INC COM   2011-12-05 2014-03-07
75. APTARGROUP INC COM   2011-12-05 2014-08-25
193.033 ARTISAN INTERNATIONAL FD-INV   2007-06-08 2014-02-21
40. BALL CORP   2011-03-07 2014-02-19
70. BALL CORP   2011-03-07 2014-12-09
20. BAXTER INTL INC COM   2011-07-05 2014-02-19
20. BAXTER INTL INC COM   2014-07-21 2014-12-09
10. BIG LOTS INC   2013-12-02 2014-02-19
5. BIG LOTS INC   2013-12-02 2014-12-09
20. BROADRIDGE FINL SOL LLC COM   2008-11-05 2014-02-19
10. BROADRIDGE FINL SOL LLC COM   2008-11-05 2014-12-09
5. BROWN & BROWN INC COM   2014-08-25 2014-12-09
20. C. H. ROBINSON WORLDWIDE INC COM   2011-09-01 2014-02-19
35. C. H. ROBINSON WORLDWIDE INC COM   2011-09-01 2014-12-09
40. CADENCE DESIGN SYSTEMS, INC COM   2012-11-28 2014-02-19
15. CADENCE DESIGN SYSTEMS, INC COM   2012-11-28 2014-12-09
15. CARTER'S INC COM   2012-09-05 2014-02-19
85. CARTER'S INC COM   2012-09-05 2014-07-08
60. CHARLES RIVER LABS INTL INC COM   2012-04-10 2014-01-08
110. CHARLES RIVER LABS INTL INC COM   2012-04-10 2014-03-07
15. CHEVRONTEXACO CORP COM   2007-04-18 2014-02-19
65. CHEVRONTEXACO CORP COM   2007-04-18 2014-04-07
20. CHEVRONTEXACO CORP COM   2007-04-18 2014-12-09
15. CHURCH AND DWIGHT CO INC COM   2011-05-05 2014-02-19
90. CISCO SYSTEMS INC COM   2013-03-13 2014-02-19
170. CISCO SYSTEMS INC COM   2013-02-25 2014-12-09
45. COLGATE PALMOLIVE CO COM   2013-05-23 2014-02-19
70. COLGATE PALMOLIVE CO COM   2013-05-08 2014-12-09
38. COMMERCE BANCSHARES INC COM   2013-09-25 2014-02-19
5. COMMERCE BANCSHARES INC COM   2013-09-25 2014-12-09
.5 COMMERCE BANCSHARES INC COM   2013-09-25 2014-12-15
1352.875 CONESTOGA SMALL CAP FUND   2007-06-08 2014-02-21
15. CORELOGIC INC COM   2012-11-28 2014-02-19
170. CORELOGIC INC COM   2012-11-28 2014-03-07
5. CRANE CO COM   2014-01-08 2014-02-19
25. DELUXE CORPORATION COM   2013-04-01 2014-02-19
10. DELUXE CORPORATION COM   2013-04-01 2014-12-09
55. DISCOVER FINANCIAL SERVICES COM   2011-07-05 2014-02-19
145. DISCOVER FINANCIAL SERVICES COM   2011-07-05 2014-04-23
45. DISCOVER FINANCIAL SERVICES COM   2011-07-05 2014-12-09
15. DOVER CORP COM   2013-12-10 2014-02-19
30. DOVER CORP COM   2013-12-10 2014-12-09
5. DOVER CORP COM   2013-12-02 2014-12-09
20. EXXON MOBIL CORPORATION COM   2001-08-21 2014-02-19
50. EXXON MOBIL CORPORATION COM   2014-04-23 2014-12-09
5. FACTSET RESEARCH SYSTEMS INC COM   2008-04-03 2014-02-19
5. FACTSET RESEARCH SYSTEMS INC COM   2008-04-03 2014-12-09
20000. FNMA DTD 08/17/2006 5.25% 09/15/2016   2009-11-16 2014-08-27
5000. FNMA DTD 08/17/2006 5.25% 09/15/2016   2013-12-11 2014-08-27
15000. FHLMC NOTE DTD 03/27/2009 3.75% 03/27/20   2013-12-11 2014-10-06
30000. FHLMC NOTE DTD 03/27/2009 3.75% 03/27/20   2010-09-13 2014-10-06
25000. FHLMC NOTE DTD 01/30/2012 1% 03/08/2017   2012-03-07 2014-09-23
20. ARTHUR J GALLAGHER & CO COM   2013-02-25 2014-02-19
30. ARTHUR J GALLAGHER & CO COM   2011-12-05 2014-07-08
45. GENUINE PARTS CO COM   2014-08-25 2014-12-09
50. HALLIBURTON CO COM   2014-04-07 2014-12-09
590. HALLIBURTON CO COM   2014-04-07 2014-12-11
15. HANCOCK HOLDING CO COM   2014-01-08 2014-12-09
10. HANESBRANDS INC COM   2013-06-25 2014-02-19
5. HANESBRANDS INC COM   2013-06-25 2014-12-09
15. HARRIS CORPORATION COM   2013-09-25 2014-02-19
5. HARRIS CORPORATION COM   2013-09-25 2014-12-09
337.325 HENDERSON INTERNATIONAL OPPORTUNITIES FU   2013-02-14 2014-02-21
20. HORMEL FOODS CORP COM   2005-09-01 2014-02-19
5. HORMEL FOODS CORP COM   2005-09-01 2014-12-09
10. HUBBELL INC CL B COM   2009-02-06 2014-02-19
5. HUBBELL INC CL B COM   2009-02-06 2014-12-09
85. INTEL CORP COM   2012-02-08 2014-02-19
145. INTEL CORP COM   2012-02-08 2014-12-09
10. INTERNATIONAL BUS MACHS CORP COM   2009-05-07 2014-02-19
20. INTERNATIONAL BUS MACHS CORP COM   2009-05-07 2014-12-09
25000. INTERNATIONAL BUS MACHS CORP DTD 09/14/2   2008-07-30 2014-12-01
25. JOHNSON & JOHNSON COM   2001-10-18 2014-02-19
45. JOHNSON & JOHNSON COM   2001-10-18 2014-12-09
15. J2 GLOBAL INC   2010-07-26 2014-02-19
5. J2 GLOBAL INC   2014-07-08 2014-12-09
177.5 KNOWLES CORP COM   2013-12-02 2014-03-13
10. L-3 COMMUNICATIONS HOLDINGS COM   2003-06-27 2014-02-19
30. L-3 COMMUNICATIONS HOLDINGS COM   2003-06-27 2014-08-25
25. LABORATORY CRP OF AMER HLDGS COM   2013-05-23 2014-02-19
30. LABORATORY CRP OF AMER HLDGS COM   2014-08-25 2014-12-09
5. MSCI INC COM   2014-01-08 2014-12-09
25. MACYS INC   2014-01-06 2014-02-19
50. MACYS INC   2014-01-06 2014-04-07
30. MACYS INC   2013-03-13 2014-04-07
125. MACYS INC   2013-05-08 2014-04-07
60. MACYS INC   2014-08-25 2014-12-09
60. MARSH & MCLENNAN CO COM   2012-08-27 2014-02-19
130. MARSH & MCLENNAN CO COM   2012-08-27 2014-04-23
40. MARSH & MCLENNAN CO COM   2012-08-27 2014-12-09
30. MATTEL INC COM   2014-01-06 2014-02-19
890. MATTEL INC COM   2013-03-13 2014-04-23
43. MATTEL INC COM   2014-01-06 2014-04-23
25. MCCORMICK & COMPANY INC NON VTG SHS COM   2008-04-28 2014-02-19
60. MCCORMICK & COMPANY INC NON VTG SHS COM   2008-04-28 2014-07-21
30. MCCORMICK & COMPANY INC NON VTG SHS COM   2008-04-28 2014-12-09
20. MCKESSON HBOC INC COM   2009-09-14 2014-02-19
105. MCKESSON HBOC INC COM   2009-09-14 2014-07-21
10. MCKESSON HBOC INC COM   2009-09-14 2014-12-09
45. MEDTRONIC INC COM   2014-08-25 2014-12-09
5. MEREDITH CORP COM   2014-01-08 2014-02-19
5. MEREDITH CORP COM   2014-01-08 2014-12-09
80. MICROSOFT CORP COM   2001-08-21 2014-02-19
130. MICROSOFT CORP COM   2001-08-21 2014-12-09
5. MINERALS TECHNOLOGIES INC COM   2012-09-05 2014-02-19
15. MINERALS TECHNOLOGIES INC COM   2012-09-05 2014-03-07
5. MINERALS TECHNOLOGIES INC COM   2012-09-05 2014-12-09
55. OCEANEERING INTL INC COM   2012-11-28 2014-01-08
5. OLIN CORP COM   2014-04-04 2014-12-09
15. OMNICARE INC COM   2012-04-10 2014-02-19
10. OMNICARE INC COM   2012-04-10 2014-12-09
70. ORACLE CORP COM   2001-08-21 2014-02-19
115. ORACLE CORP COM   2001-08-21 2014-12-09
5. PANERA BREAD COMPANY CL A COM   2010-02-22 2014-12-09
30. PEPSICO INC COM   2012-02-08 2014-02-19
45. PEPSICO INC COM   2012-02-08 2014-12-09
20. QUALCOMM INC COM   2014-01-06 2014-02-19
45. QUALCOMM INC COM   2014-01-06 2014-12-09
25. RAYTHEON CO COM NEW   2012-08-27 2014-02-19
40. RAYTHEON CO COM NEW   2012-08-27 2014-12-09
15. REINSURANCE GROUP OF AMER, INC. COM   2013-09-25 2014-02-19
95. REINSURANCE GROUP OF AMER, INC. COM   2013-05-22 2014-07-08
25. REINSURANCE GROUP OF AMER, INC. COM   2013-09-25 2014-07-08
55. RELIANCE STEEL & ALUMINUM COM   2014-01-08 2014-04-04
15. ROSS STORES COM   2002-11-25 2014-02-19
5. ROSS STORES COM   2002-11-25 2014-12-09
30000. SBC COMMUNICATIONS INC DTD 08/18/2004 01/2000 05.625% 06/15/201   2008-02-14 2014-03-18
15. SCHLUMBERGER LTD COM   2014-07-21 2014-12-09
50. TJX COMPANIES INC COM   2011-04-08 2014-02-19
165. TJX COMPANIES INC COM   2011-04-08 2014-04-07
60. TJX COMPANIES INC COM   2011-04-08 2014-12-09
25. TORCHMARK CORP. COM   2014-01-06 2014-02-19
110. TORCHMARK CORP. COM   2013-05-08 2014-04-23
10. TORCHMARK CORP. COM   2014-01-06 2014-04-23
310. TORCHMARK CORP. COM   2013-04-18 2014-08-25
40. TORCHMARK CORP. COM   2013-04-18 2014-12-09
20. TORO CO COM   2007-03-21 2014-02-19
10. TORO CO COM   2007-03-21 2014-12-09
10. TUPPERWARE BRANDS CORP COM   2007-08-08 2014-02-19
5. TUPPERWARE BRANDS CORP COM   2007-08-08 2014-12-09
110. UGI CORP COM   2013-04-01 2014-01-08
50. U.S. BANCORP COM   2014-01-06 2014-02-19
75. U.S. BANCORP COM   2012-08-27 2014-12-09
55. U.S. BANCORP COM   2014-01-06 2014-12-09
10. UNION PACIFIC CORP COM   2013-02-25 2014-02-19
45. UNION PACIFIC CORP COM   2013-02-25 2014-12-09
15000. US BANCORP DTD 07/27/2010 2.45% 07/27/20   2010-12-07 2014-02-25
5000. US BANCORP DTD 07/27/2010 2.45% 07/27/20   2013-12-11 2014-02-25
20000. US TREASURY NOTE DTD 08/31/2009 3% 08/31   2010-07-28 2014-05-19
5000. US TREASURY NOTE DTD 08/31/2009 3% 08/31   2013-12-11 2014-05-19
20000. US TREASURY INFLATION INDEX NOTE DTD 04/30/2010 .5% 04/15/2015   2010-11-29 2014-06-26
25000. US TREASURY NOTE DTD 06/30/2010 2.5% 06/   2013-02-14 2014-04-25
25000. US TREASURY NOTE DTD 06/30/2010 2.5% 06/   2010-07-28 2014-12-23
20. UNITED TECHNOLOGIES CORP COM   2002-08-13 2014-02-19
30. UNITED TECHNOLOGIES CORP COM   2002-08-13 2014-12-09
10. UNITED THERAPEUTICS CORP COM   2013-09-25 2014-02-19
10. UNITED THERAPEUTICS CORP COM   2013-09-25 2014-12-09
20. V F CORPORATION COM   2013-05-23 2014-02-19
25. V F CORPORATION COM   2008-08-11 2014-02-19
70. V F CORPORATION COM   2008-08-11 2014-12-09
15. VALSPAR CORPORATION COM   2011-03-24 2014-02-19
160. VECTREN CORPORATION COM   2011-05-05 2014-01-08
15. WADDELL & REED FINANCIAL INC CL A COM   2013-09-25 2014-02-19
50. WALGREEN CO COM   2008-10-17 2014-02-19
140. WALGREEN CO COM   2008-10-17 2014-04-07
140. WALGREEN CO COM   2008-10-17 2014-07-21
115. WALGREEN CO COM   2008-10-17 2014-08-25
40. WALGREEN CO COM   2008-10-17 2014-12-09
10. WATSCO INC COM   2013-04-01 2014-02-19
5. WATSCO INC COM   2013-02-25 2014-12-09
140. WELLCARE HEALTH PLANS INC COM   2014-01-08 2014-08-25
35000. WELLS FARGO COMPANY DTD 12/12/2011 2.625   2012-04-12 2014-02-25
10. JOHN WILEY & SONS, INC COM   2010-10-12 2014-02-19
5. JOHN WILEY & SONS, INC COM   2013-09-25 2014-02-19
136. JOHN WILEY & SONS, INC COM   2010-10-11 2014-04-04
360. WISCONSIN ENERGY CORP COM   2010-12-03 2014-01-06
15. WORLD FUEL SERVICES CORP COM   2010-03-17 2014-02-19
10. ZEBRA TECHNOLOGIES CORP CL A COM   2013-02-25 2014-02-19
5. ZEBRA TECHNOLOGIES CORP CL A COM   2013-02-25 2014-12-09
90. PERRIGO CO PLC   2013-12-19 2014-01-08
30. TE CONNECTIVITY LTD COM   2014-01-06 2014-02-19
40. TE CONNECTIVITY LTD COM   2014-01-06 2014-12-09
15. TE CONNECTIVITY LTD COM   2013-05-08 2014-12-09
CAPITAL GAIN DIVIDENDS P    
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 14,600   11,004 3,596
b 4,412   6,609 -2,197
c 1,259   630 629
d 788   315 473
e 11,589   5,325 6,264
1,956   197 1,759
4,321   440 3,881
254   26 228
3,084   1,490 1,594
11,820   6,256 5,564
32,658   16,445 16,213
1,073   791 282
1,073   111 962
6,812   476 6,336
645   518 127
2,955   2,330 625
4,763   3,884 879
5,818   5,702 116
2,195   1,433 762
4,767   2,508 2,259
1,383   1,203 180
1,472   1,521 -49
268   387 -119
205   193 12
743   245 498
449   123 326
164   162 2
1,076   1,391 -315
2,558   2,300 258
588   516 72
275   194 81
1,023   850 173
5,903   4,819 1,084
3,392   2,111 1,281
6,296   3,871 2,425
1,706   1,160 546
7,676   5,026 2,650
2,143   1,546 597
984   617 367
1,998   1,952 46
4,651   3,627 1,024
2,769   2,757 12
4,837   4,232 605
1,630   1,577 53
218   207 11
22   20 2
48,000   25,228 22,772
516   384 132
5,515   4,354 1,161
331   334 -3
1,181   1,033 148
601   413 188
3,127   1,476 1,651
8,172   3,892 4,280
2,906   1,208 1,698
1,298   1,371 -73
2,198   2,280 -82
366   373 -7
1,882   1,086 796
4,560   5,032 -472
517   274 243
689   274 415
21,860   20,931 929
5,465   5,476 -11
16,299   16,303 -4
32,597   32,404 193
24,755   24,907 -152
912   804 108
1,389   1,061 328
4,630   3,975 655
1,964   3,088 -1,124
22,917   34,606 -11,689
471   549 -78
730   506 224
546   253 293
1,086   895 191
353   298 55
9,192   7,398 1,794
904   325 579
261   81 180
1,182   321 861
541   161 380
2,080   2,280 -200
5,345   3,890 1,455
1,835   1,025 810
3,248   2,049 1,199
28,062   25,147 2,915
2,295   1,463 832
4,846   2,634 2,212
738   366 372
300   253 47
5,351   5,388 -37
1,136   425 711
3,289   1,275 2,014
2,304   2,505 -201
3,141   3,215 -74
240   219 21
1,334   1,333 1
2,928   2,666 262
1,757   1,267 490
7,320   5,648 1,672
3,654   3,724 -70
2,857   2,059 798
6,295   4,462 1,833
2,318   1,373 945
1,054   1,402 -348
33,342   37,533 -4,191
1,611   2,010 -399
1,638   914 724
4,208   2,194 2,014
2,192   1,097 1,095
3,550   1,164 2,386
19,804   6,112 13,692
2,097   582 1,515
3,353   2,878 475
217   255 -38
262   255 7
2,994   2,362 632
6,184   3,838 2,346
263   172 91
816   517 299
347   172 175
4,235   2,862 1,373
125   146 -21
896   513 383
709   342 367
2,656   756 1,900
4,793   1,242 3,551
814   367 447
2,319   2,014 305
4,361   3,004 1,357
1,515   1,455 60
3,280   3,273 7
2,383   1,413 970
4,334   2,261 2,073
1,116   1,013 103
7,514   6,191 1,323
1,977   1,689 288
4,006   4,155 -149
1,018   171 847
449   57 392
33,086   30,187 2,899
1,274   1,700 -426
2,993   1,270 1,723
9,919   4,190 5,729
3,913   1,524 2,389
1,893   1,933 -40
8,684   7,065 1,619
789   773 16
16,869   12,799 4,070
2,164   1,565 599
1,320   506 814
632   253 379
771   313 458
322   157 165
4,483   4,207 276
1,994   2,031 -37
3,378   2,538 840
2,477   2,234 243
1,762   1,373 389
5,212   3,089 2,123
15,420   15,032 388
5,140   5,141 -1
21,141   20,379 762
5,285   5,280 5
22,197   20,146 2,051
26,172   26,407 -235
25,934   25,480 454
2,279   671 1,608
3,439   1,006 2,433
1,021   769 252
1,347   769 578
1,128   927 201
1,410   454 956
5,118   1,270 3,848
1,098   574 524
5,604   4,495 1,109
1,017   781 236
3,270   1,191 2,079
9,117   3,334 5,783
9,994   3,334 6,660
6,993   2,739 4,254
2,734   953 1,781
970   832 138
526   387 139
8,789   10,039 -1,250
36,622   35,639 983
556   434 122
278   238 40
7,835   5,892 1,943
14,465   10,817 3,648
666   430 236
648   449 199
378   224 154
14,072   13,698 374
1,720   1,632 88
2,570   2,176 394
964   674 290
      8,519
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       3,596
b       -2,197
c       629
d       473
e       6,264
      1,759
      3,881
      228
      1,594
      5,564
      16,213
      282
      962
      6,336
      127
      625
      879
      116
      762
      2,259
      180
      -49
      -119
      12
      498
      326
      2
      -315
      258
      72
      81
      173
      1,084
      1,281
      2,425
      546
      2,650
      597
      367
      46
      1,024
      12
      605
      53
      11
      2
      22,772
      132
      1,161
      -3
      148
      188
      1,651
      4,280
      1,698
      -73
      -82
      -7
      796
      -472
      243
      415
      929
      -11
      -4
      193
      -152
      108
      328
      655
      -1,124
      -11,689
      -78
      224
      293
      191
      55
      1,794
      579
      180
      861
      380
      -200
      1,455
      810
      1,199
      2,915
      832
      2,212
      372
      47
      -37
      711
      2,014
      -201
      -74
      21
      1
      262
      490
      1,672
      -70
      798
      1,833
      945
      -348
      -4,191
      -399
      724
      2,014
      1,095
      2,386
      13,692
      1,515
      475
      -38
      7
      632
      2,346
      91
      299
      175
      1,373
      -21
      383
      367
      1,900
      3,551
      447
      305
      1,357
      60
      7
      970
      2,073
      103
      1,323
      288
      -149
      847
      392
      2,899
      -426
      1,723
      5,729
      2,389
      -40
      1,619
      16
      4,070
      599
      814
      379
      458
      165
      276
      -37
      840
      243
      389
      2,123
      388
      -1
      762
      5
      2,051
      -235
      454
      1,608
      2,433
      252
      578
      201
      956
      3,848
      524
      1,109
      236
      2,079
      5,783
      6,660
      4,254
      1,781
      138
      139
      -1,250
      983
      122
      40
      1,943
      3,648
      236
      199
      154
      374
      88
      394
      290
       
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 2 219,188
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      
2012      
2011      
2010      
2009      
2 Total of line 1, column (d) ...................... 2  
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  
4 Enter the net value of noncharitable-use assets for 2014 from Part X, line 5..... 4  
5 Multiply line 4 by line 3....................... 5  
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6  
7 Add lines 5 and 6......................... 7  
8 Enter qualifying distributions from Part XII, line 4.............. 8  
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 4,997
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 4,997
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 4,997
6 Credits/Payments:
a 2014 estimated tax payments and 2013 overpayment credited to 2014 6a 6,308
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 6,308
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 1,311
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet1,311 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see Instructions
for definition)?.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (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)
    bulletPA, NY, FL
    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 ofbulletNational Penn Investors Trust Co Telephone no.bullet (610) 371-2069
    Located atbullet1340 BROADCASTING ROAD SUITE 100WYOMISSINGPA ZIP+4bullet19610
    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
     
    No
    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
    National Penn Investors Trust Co Trustee
    5     		41,531    
    1340 Broadcasting Road Suite 100
    Wyomissing,PA19610
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1 SCHOLARSHIP TO CLEARWATER CHRISTIAN COLLEGE FOR JHANESSA ORRS 1,665
    2 SCHOLARSHIP TO IUP FOR ALEXANDER PRICE FOR JEFFERY R MATTHEWS 3,730
    3 SCHOLARSHIP TO MESSIAH COLLEGE FOR RACHEL BAUMAN 3,030
    4 SCHOLARSHIP TO SHENANDOAH UNIVERSITY FOR KELLI HESS 5,450
    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
    3,268,479
    b
    Average of monthly cash balances.......................
    1b
    71,913
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    3,340,392
    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
    3,340,392
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    50,106
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    3,290,286
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    164,514
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    164,514
    2a
    Tax on investment income for 2014 from Part VI, line 5......
    2a
    4,997
    b
    Income tax for 2014. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    4,997
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    159,517
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    159,517
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    159,517
    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
    168,170
    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
    168,170
    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
    168,170
    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 7 159,517
    2 Undistributed income, if any, as of the end of 2014:
    a Enter amount for 2013 only....... 38,216
    b Total for prior years:2012, 20, 20 0
    3 Excess distributions carryover, if any, to 2014:
    a From 2009....... 0
    b From 2010....... 0
    c From 2011....... 0
    d From 2012....... 0
    e From 2013....... 0
    fTotal of lines 3a through e......... 0
    4Qualifying distributions for 2014 from Part
    XII, line 4: bullet$ 168,170
    a Applied to 2013, but not more than line 2a 38,216
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions).........     		0
    d Applied to 2014 distributable amount..... 129,954
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2014. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2013. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2014. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2015 ..........     		29,563
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8Excess distributions carryover from 2009 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2015.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2010.... 0
    b Excess from 2011.... 0
    c Excess from 2012.... 0
    d Excess from 2013.... 0
    e Excess from 2014.... 0
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2014, enter the date of the ruling.......bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2014 (b) 2013 (c) 2012 (d) 2011
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used
    directly for active conduct of exempt activities ...........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
    Hughes Scholarship Foundations
    2201 Ridgewood Road Suite 180
    Wyomissing,PA19610
    (610) 372-6414
    bThe form in which applications should be submitted and information and materials they should include:
    Complete written scholarship application. Include high school transcript, verification of enrollment and certification of acceptance to Institution for which you are requesting award
    cAny submission deadlines:
    March 1
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Award is for tuition only
    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
    HUGHES SCHOLARSHIP FOUNDATION
    C/O NATIONAL PENN INVESTORS TRUST
    1340 BROADCASTING ROAD SUITE 100
    WYOMISSING,PA19610     		NONE EXEMPT ACADEMIC SCHOLARSHIPS 168,170
    Total .................................bullet 3a 168,170
    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 ............     		    14 128  
    4 Dividends and interest from securities....     14 71,128  
    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.....     14 3  
    8
    Gain or (loss) from sales of assets other than inventory .............     		    18 218,757  
    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)..   290,016  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13290,016
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political
    Yes
    No
    organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If "Yes," complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's namebullet



    Firm's addressbullet







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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2014 InvestmentsCorpBondsSchedule
    Name:
    W MARSHALL HUGHES JR SCHOLARSHIP FUND
    EIN: 23-6934996
    Name of Bond End of Year Book Value End of Year Fair Market Value
    COSTCO WHSL CORP NEW DTD 36,052 38,301
    WAL-MART STORES 4/5/2007 5.375 29,853 29,550
    JP MORGAN CHASE & CO DTD 1/29 30,008 30,034
    GLAXOSMITHKLINE CAP INC 31,382 33,796
    INTERNATIONAL BUS MACHS CORP    
    SBC COMMUNICATIONS DTD 8/18    
    CONSOLIDATED EDISON CO OF NY 15,786 16,975
    WELLS FARGO 12/12/11 2.625% 35,273 35,093
    US BANCORP DTD 7/27/2010 2.45%    
    PEPSICO IND DTD 10/26/10 3.125 25,032 25,874
    GEN ELEC CAP CORP 1/7/11 4.625 32,333 33,438
    BANK OF NY MELLON 9/23/11 3.55 41,071 41,818
    MERCK & CO 12/10/10 3.875% 25,794 27,051
    OCCIDENTAL PETE 12/16/10 4.1% 25,355 26,531
    DEERE & CO 6/8/12 2.6% 24,790 24,595
    CHEVRON CORP 19,757 20,101
    APPLE INC DTD 5/6/2014 25,416 26,182

    TY 2014 InvestmentsCorpStockSchedule
    Name:
    W MARSHALL HUGHES JR SCHOLARSHIP FUND
    EIN: 23-6934996
    Name of Stock End of Year Book Value End of Year Fair Market Value
    AMETEK INC 1,243 12,631
    L-3 COMMUNICATIONS HOLDINGS 2,277 7,194
    TORO CO 3,472 10,784
    CHARLES RIVER LABX INTL    
    ROSS STORES 1,494 12,348
    TUPPERWARE BRANDS CORP COM 1,861 4,788
    HORMEL FOODS CORP 2,058 7,294
    US BANCORP COM 40,429 57,311
    ADVANCE AUTO PARTS 4,098 10,353
    HARRIS CORPORATION 5,791 9,337
    UNITED TECHNOLOGIES CORP 10,866 37,260
    PEPSICO INC 24,416 44,160
    CHEVRON CORPORATION 15,000 21,763
    EXXON MOBIL CORPORATION 29,545 42,804
    AMGEN INC    
    JOHNSON & JOHNSON 24,760 44,233
    APPLE INC 4,521 62,917
    INTEL CORP COM 35,792 49,899
    MICROSOFT CORP 35,331 59,642
    ORACLE CORP COM 11,975 49,872
    AT&T INC    
    BROADRIDGE FINL SOL LLC 1,911 8,082
    FACTSET RESEARCH SYSTEMS INC 3,661 10,556
    LABORATORY CRP OF AMER HLDGS 30,556 42,621
    OCEANEERING INT'L INC COM    
    QUALCOMM INC 18,434 32,705
    RAYTHEON CO COM NEW 20,635 39,482
    VF CORPORATION 12,793 52,805
    WALGREEN CO 10,956 35,052
    CORELOGIC INC COM    
    CH ROBINSON WORLDWIDE INC 18,596 25,463
    CARTERS INC COM    
    HUBBELL INC CL B 2,088 6,944
    INTERNATIONAL BUS MACHS CORP 18,956 29,681
    MCCORMICK & COMPANY INC 17,196 32,321
    MCKESSON HBOC INC 12,807 45,668
    PERRIGO CO    
    AMERICAN FINANCIAL GROUP INC    
    CADENCE DESIGN SYSTEMS INC 4,324 6,355
    J2 GLOBAL COMM INC COM 4,801 10,540
    MINERALS TECHNOLOGIES INC 1,896 3,820
    MARSH & MCLENNAN CO COM 30,720 51,230
    PANERA BREAD CO CL A 2,570 6,118
    OMNICARE INC COM 4,101 8,752
    WISCONSIN ENERGY CORP COM    
    WORLD FUEL SVCS CORP COM 4,258 6,570
    APTARGROUP INC    
    BALL CORP 24,539 46,696
    BAXTER INTL INC 25,381 30,049
    CHURCH & DWIGHT CO 5,350 10,245
    COLGATE PALMOLIVE CO 31,226 46,357
    COMMERCE BANCSHARES INC COM 7,935 10,264
    DISCOVER FNCL SERVICES 20,535 50,100
    ARTHUR J GALLAGHER & CO 4,813 7,062
    TJX COS INC 17,774 48,006
    VALSPAR CORP 5,760 12,540
    VECTREN CORP    
    WADDELL & REED FNCL INC CL A 8,451 9,715
    WATSCO INC 4,875 7,490
    JOHN WILEY & SONS    
    BIG LOTS 3,479 3,602
    CISCO SYSTEMS INC 33,452 44,365
    DELUXE CORP 8,625 13,384
    DOVER CORP 23,894 22,950
    HANESBRANDS INC 5,316 11,720
    MACYS INC 33,161 51,614
    MATTEL INC    
    REINSURANCE GROUP OF AMERICA    
    TORCHMARK CORP 20,347 28,168
    UGI CORP    
    UNION PACIFIC CORP 26,427 45,865
    UNITED THERAPEUTICS CORP 8,463 14,244
    ZEBRA TECHNOLOGIES CORP 4,714 8,128
    TE CONNECTIVITY LTD 25,854 36,369
    BROWN AND BROWN 8,681 8,886
    CRANE CO 7,556 6,457
    GENUINE PARTS CO 47,576 58,614
    GLOBAL PAYMENTS INC 6,907 7,669
    HANCOCK HOLDINGS 8,844 7,675
    HEALTH NET INC 6,209 7,494
    HOLLYFRONTEIR 6,392 4,872
    MSCI 5,686 6,167
    MEDNAX INC 8,640 9,255
    MEDTRONIC INC 41,304 47,652
    MEREDITH CORP COM 6,366 6,790
    OLIN CORP 10,463 8,539
    SCHLUMBERGER LTD 41,088 35,872

    TY 2014 InvestmentsGovtObligationsSch
    Name:
    W MARSHALL HUGHES JR SCHOLARSHIP FUND
    EIN: 23-6934996
    US Government Securities - End of Year Book Value:

    717,604
    US Government Securities - End of Year Fair Market Value:

    726,427
    State & Local Government Securities - End of Year Book Value:


     
    State & Local Government Securities - End of Year Fair Market Value:


     


    TY 2014 InvestmentsOtherSchedule2
    Name:
    W MARSHALL HUGHES JR SCHOLARSHIP FUND
    EIN: 23-6934996
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    CONESTOGA SMALL CAP FUND AT COST 64,375 110,114
    ARTISAN INTERNATIONAL FUND AT COST 183,634 194,347
    GOLDMAN SACHS SATELLITE STRAT AT COST 252,683 257,208
    HENDERSON INTL OPPORTUNITIES AT COST 137,907 192,495
    T ROWE PRICE DISCOVERY FUND AT COST 134,155 121,917

    TY 2014 OtherIncreasesSchedule
    Name:
    W MARSHALL HUGHES JR SCHOLARSHIP FUND
    EIN: 23-6934996
    Description Amount