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
WALLACE RESEARCH FOUNDATION CO MCGLADREY LLP
 

Number and street (or P.O. box number if mail is not delivered to street address)ATTN CARLEY UMSTEAD 221 THIRD AVESE NO 300Room/suite
City or town, state or province, country, and ZIP or foreign postal code
CEDAR RAPIDS, IA52401
A Employer identification number

42-6540579
B Telephone number (see instructions)

(319) 298-5333
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$84,282,658J 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).............. 3,210
2 Check bullet
Sch. B ...............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities...... 1,874,055 1,874,055  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 2,412,865
b Gross sales price for all assets on line 6a 16,828,128
7 Capital gain net income (from Part IV, line 2)... 2,412,865
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).......      
12 Total. Add lines 1 through 11........ 4,290,130 4,286,920  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 44,820 14,865   29,955
c Other professional fees (attach schedule).... Click to see attachment 414,149 414,149   0
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 123,954 28,954   0
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 6,468 6,334   134
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 589,391 464,302   30,089
25 Contributions, gifts, grants paid........ 3,266,134 3,266,134
26 Total expenses and disbursements. Add lines 24 and 25 3,855,525 464,302   3,296,223
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 434,605
b Net investment income (if negative, enter -0-) 3,822,618
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.......... 7,428,928 4,713,303 4,713,303
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)........ 31,333,248 Click to see attachment35,387,311 52,223,640
c Investments—corporate bonds (attach schedule)........ 2,234,060 Click to see attachment854,461 876,159
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 25,830,301 Click to see attachment26,328,547 26,425,931
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment49,506 Click to see attachment43,625 Click to see attachment43,625
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 66,876,043 67,327,247 84,282,658
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 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......... 0 0
28 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
29 Retained earnings, accumulated income, endowment, or other funds 66,876,043 67,327,247
30 Total net assets or fund balances (see instructions)...... 66,876,043 67,327,247
31 Total liabilities and net assets/fund balances (see instructions).. 66,876,043 67,327,247
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 66,876,043
2 Enter amount from Part I, line 27a..................... 2 434,605
3 Other increases not included in line 2 (itemize) bulletClick to see attachment 3 16,599
4 Add lines 1, 2, and 3.......................... 4 67,327,247
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 67,327,247
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 TOYOTA SETTLEMENT P    
b DELL INC SETTLEMENT P    
c PUBLICLY TRADED SECURITIES P    
d PUBLICLY TRADED SECURITIES P    
e CAPITAL GAINS 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 473     473
b 319     319
c 3,232,100   3,233,524 -1,424
d 13,225,190   11,181,739 2,043,451
e 370,046     370,046
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       473
b       319
c       -1,424
d       2,043,451
e       370,046
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 2,412,865
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 2,922,773 77,636,385 0.037647
2012 4,157,179 74,746,776 0.055617
2011 3,518,346 75,433,652 0.046642
2010 3,233,585 70,375,172 0.045948
2009 4,206,810 64,554,182 0.065167
2 Total of line 1, column (d) ...................... 2 0.251021
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 0.050204
4 Enter the net value of noncharitable-use assets for 2014 from Part X, line 5..... 4 81,700,907
5 Multiply line 4 by line 3....................... 5 4,101,712
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 38,226
7 Add lines 5 and 6......................... 7 4,139,938
8 Enter qualifying distributions from Part XII, line 4.............. 8 3,296,223
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 76,452
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 76,452
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 76,452
6 Credits/Payments:
a 2014 estimated tax payments and 2013 overpayment credited to 2014 6a 86,150
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 15,000
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 101,150
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 24,698
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet24,698 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$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    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)
    bulletIA
    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 addressbulletN/A
    14
    The books are in care ofbulletCARLEY UMSTEAD Telephone no.bullet (319) 298-5333
    Located atbullet221 3RD AVE SE STE 300CEDAR RAPIDSIA ZIP+4bullet52401
    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
     
    No
    .........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
    HENRY D WALLACE PRESIDENT
    5.00     		0 0 0
    221 THIRD AVE SE STE 300
    CEDAR RAPIDS,IA52401
    LINDA WALLACE-GRAY VP, SECY & TREAS
    20.00     		0 0 134
    221 THIRD AVE SE STE 300
    CEDAR RAPIDS,IA52401
    ANGUS GILCHRIST DIRECTOR
    2.00     		0 0 0
    221 THIRD AVE SE STE 300
    CEDAR RAPIDS,IA52401
    ALEX GILCHRIST DIRECTOR
    2.00     		0 0 0
    221 THIRD AVE SE STE 300
    CEDAR RAPIDS,IA52401
    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
    MORGAN STANLEY SMITH BARNEY INVESTMENT CONSULT'G 177,629
    370 17TH STREET STE 2800
    DENVER,CO80202
    EAGLE CAPITAL MANAGEMENT INVESTMENT MGMT 162,902
    499 PARK AVENUE
    NEW YORK,NY10022
    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
     
    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.........................bullet0
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    75,446,436
    b
    Average of monthly cash balances.......................
    1b
    7,498,647
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    82,945,083
    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
    82,945,083
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    1,244,176
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    81,700,907
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    4,085,045
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    4,085,045
    2a
    Tax on investment income for 2014 from Part VI, line 5......
    2a
    76,452
    b
    Income tax for 2014. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    76,452
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    4,008,593
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    16,599
    5
    Add lines 3 and 4............................
    5
    4,025,192
    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
    4,025,192
    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
    3,296,223
    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
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    3,296,223
    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
    3,296,223
    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 4,025,192
    2 Undistributed income, if any, as of the end of 2014:
    a Enter amount for 2013 only....... 3,237,364
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2014:
    a From 2009.......  
    b From 2010.......  
    c From 2011.......  
    d From 2012.......  
    e From 2013.......  
    fTotal of lines 3a through e......... 0
    4Qualifying distributions for 2014 from Part
    XII, line 4: bullet$ 3,296,223
    a Applied to 2013, but not more than line 2a 3,237,364
    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..... 58,859
    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 ..........     		3,966,333
    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....  
    b Excess from 2011....  
    c Excess from 2012....  
    d Excess from 2013....  
    e Excess from 2014....  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2014, enter the date of the ruling.......bullet
     
    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 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
    ARCHAEOLOGY SOUTHWEST
    4550 CAMINITO CALLADO
    TUCSON,AZ85718     		NONE PC TO SUPPORT THE "HANDS-ON ARCHAEOLOGY" PROGRAM 30,000
    ARCHAEOLOGY SOUTHWEST
    4550 CAMINITO CALLADO
    TUCSON,AZ85718     		NONE PC TO SUPPORT THE "SALADO IMPACT" PROGRAM 170,000
    ARIZONA STATE UNIVERSITY
    PO BOX 876011
    TEMPE,AZ85287     		NONE PC TO FUND RESEARCH OF THE PREHISPANIC CULTURES IN NORTHWEST MEXICO AND THE AMERICAN SOUTHWEST 100,000
    BLUE OCEAN INSTITUTE
    SOMAS DUTCHESS 137
    STONY BROOK,NY11794     		NONE PC TO FUND THE CONSERVATION ACTIVITIES OF BLUE OCEAN FELLOWS 50,000
    DELAWARE RIVERKEEPER NETWORK
    925 CANAL ST STE 3701
    BRISTOL,PA19007     		NONE PC TO MONITOR AND PROTECT THE DELAWARE RIVER FROM GAS DRILLING IMPACTS 180,000
    DUKE UNIVERSITY
    2200 WEST MAIN ST STE 820
    DURHAM,NC27705     		NONE PC TO FURTHER RESEARCH OF SENSORY PROCESSING DISORDER AND ADULT MENTAL HEALTH PROBLEMS 33,192
    FAIREWINDS ENERGY EDUCATION CORP
    70 SOUTH WINOOSKI BOX 289
    BURLINGTON,VT05401     		NONE PC EDUCATIONAL OUTREACH TEACHING ABOUT NUCLEAR ENGINEERING, NUCLEAR POWER, AND NUCLEAR SAFETY ISSUES 110,000
    FRIENDS OF SOUTH GEORGIA ISLAND
    25 DAKOTA MEADOWS DRIVE
    CARBONDALE,CO81623     		NONE PC TO SUPPORT THE ERADICATION OF INVASIVE RODENTS ON SOUTH GEORGIA ISLAND 40,000
    HABITAT FOR HUMANITY TUCSON
    3501 N MOUNTAIN AVE
    TUCSON,AZ85719     		NONE PC TO FUND HOME REPAIR DOWN PAYMENT ASSISTANCE GRANTS FOR LOW-INCOME HOMEOWNERS 40,000
    HAWK MOUNTAIN SANCTUARY ASSOCIATION
    1700 HAWK MOUNTAIN RD
    KEMPTON,PA19529     		NONE PC TO STUDY THE MOVEMENT ECOLOGY OF SCAVENGING BIRDS OF PREY IN ARIZONA 25,000
    HEARTSOUNDS MOTHER AND INFANT CARE
    1072 N CARIBE AVE
    TUCSON,AZ85710     		NONE PC TO PROVIDE FREE IN-HOME DOULA CARE TO LOW-INCOME MOTHERS IN THE GREATER TUCSON AREA 30,000
    HUMANE SOCIETY INTERNATIONAL
    700 PROFESSIONAL DR
    GAITHERSBURG,MD20879     		NONE PC TO PROVIDE VETERINARY SERVICES IN LOW-INCOME COMMUNITIES OF COSTA RICA 53,000
    HUMANE SOCIETY INTERNATIONAL
    700 PROFESSIONAL DR
    GAITHERSBURG,MD20879     		NONE PC TO PROVIDE VETERINARY SERVICES TO LOW-INCOME COMMUNITIES IN BELIZE 60,000
    HUMANE SOCIETY OF SOUTHERN ARIZONA
    3450 N KELVIN BLVD
    TUCSON,AZ85716     		NONE PC TO SUPPORT SPAY AND NEUTER SURGERIES, TREATMENT, REHABILITATION, AND RE-HOMING OF ANIMALS 100,000
    HUMANE SOCIETY OF SOUTHERN ARIZONA
    3450 N KELVIN BLVD
    TUCSON,AZ85716     		NONE PC TO SUPPORT MARKETING CAMPAIGN TO PROMOTE THE SPAYING AND NEUTERING OF PETS IN SOUTHERN ARIZONA 50,000
    LOOMIS CHAFFEE SCHOOL
    4 BATCHELDER RD
    WINDSOR,CT06095     		NONE PC TO FOSTER AND IMPROVE ENVIRONMENTAL STEWARDSHIP AND SUSTAINABILITY WITHIN THE SCHOOL COMMUNITY 250,000
    MALPAI BORDERLANDS GROUP
    PO BOX 3536
    DOUGLAS,AZ85608     		NONE PC TO SUPPORT PUBLIC OUTREACH ACTIVITIES AND NATURAL RESOURCE MONITORING 15,000
    MASSACHUSETTS AUDUBON SOCIETY
    208 S GREAT RD
    LINCOLN,MA01773     		NONE PC TO SUPPORT LONG-TERM CONSERVATION EFFORTS AND OUTREACH ACTIVITIES AT PAYNE'S CREEK NATIONAL PARK 110,000
    MASSACHUSETTS GENERAL HOSPITAL
    100 CHARLES RIVER PLAZA
    BOSTON,MA02114     		NONE PC TO RESEARCH INFASTRUCTURE FOR SYSTEMS MEDICINE 100,000
    POUGHKEEPSIE FARM PROJECT
    PO BOX 3143
    POUGHKEEPSIE,NY12603     		NONE PC TO FUND THE FARM TO SCHOOL PROJECT AND TO SUPPORT FARM REPAIRS, IMPROVEMENTS, AND MAINTENANCE 50,000
    RIVERKEEPER INC
    20 SECOR RD
    OSSINING,NY10562     		NONE PC TO SUPPORT POLLUTION INVESTIGATION AND ENFORCEMENT 90,000
    RUTGERS UNIVERSITY
    3 RUTGERS PLAZA ASB III 2ND FLOOR
    NEW BRUNSWICK,NJ08901     		NONE PC FOR THE STUDY OF SENSORY PROCESSING DISORDER USING NEW ANALYTICS AND WEARABLE SENSING DEVICES 18,000
    SCIENTEK-12 FOUNDATION
    3247 N CHRISTMAS AVE
    TUCSON,AZ85716     		NONE PC TO SUPPORT EDUCATIONAL OUTREACH PROGRAMS TO K-12 STUDENTS IN UNDER-SERVED AND RURAL AREAS IN ARIZONA 35,000
    SPD FOUNDATION
    5420 S QUEBEC ST STE 135
    GREENWOOD VILLAGE,CO80111     		NONE PC TO FURTHER RESEARCH RELATED TO SENSORY PROCESSING DISORDER 57,350
    THE NATURE CONSERVANCY - ALASKA
    715 L ST STE 100
    ANCHORAGE,AK99501     		NONE PC FOR GENERAL SUPPORT OF CONSERVATION EFFORTS IN ALASKA 80,000
    THE NATURE CONSERVANCY - ARIZONA
    7600 N 15TH ST STE 100
    PHOENIX,AZ85020     		NONE PC TO REPLACE CABIN ROOFS LOCATED ON THE HART PRAIRIE PRESERVE 75,000
    THE NATURE CONSERVANCY - NEW MEXICO
    212 E MARCY ST STE 200
    SANTA FE,NM87501     		NONE PC TO SUPPORT THE CONSERVATION CANINE PROJECT TO UNDERSTAND HOW TO MANAGE FORESTS IN CHANGING CLIMATES 20,000
    THE NATURE CONSERVANCY - TENNESSEE
    2021 21ST AVE S STE C400
    NASHVILLE,TN37212     		NONE PC TO SUPPORT WHITE NOSE SYNDROME RESEARCH AND MITIGATION, AND CAVE AND KARST CONSERVATION IN TENNESSEE 50,650
    THE SHUMLA SCHOOL
    117 SANDERSON ST PO BOX 627
    COMSTOCK,TX78837     		NONE PC TO SUPPORT THE BORDER CANYONLANDS ARCHAEOLOGICAL PROJECT 100,000
    THE SHUMLA SCHOOL
    117 SANDERSON ST PO BOX 627
    COMSTOCK,TX78837     		NONE PC TO CONDUCT AND PROMOTE PRESERVATION AND RESEARCH ACTIVITIES IN SOUTHWEST TEXAS AND NORTHERN MEXICO 100,000
    TOHONO CHUL PARK
    7366 PASEO DEL NORTE
    TUCSON,AZ85704     		NONE PC TO SUPPORT GARDENS, FACILITIES, AND CONSERVATION EDUCATION INITIATIVES 110,000
    TUCSON BOTANICAL GARDENS
    2150 N ALVERNON WAY
    TUCSON,AZ85712     		NONE PC TO SUPPORT THE GARDEN IMPROVEMENT PROGRAM AND THE EDUCATION FOR SUSTAINABILITY INITIATIVE 40,000
    UNIVERSITY OF ARIZONA FOUNDATION - TUCSON VILLAGE FARM
    1111 N CHERRY AVE
    TUCSON,AZ85721     		NONE PC TO PROVIDE SUPPORT FOR PROGRAMS AT TUCSON VILLAGE FARM 30,000
    UNIVERSITY OF ARIZONA FOUNDATION
    1111 N CHERRY AVE
    TUCSON,AZ85721     		NONE PC TO SUPPORT EFFORTS TO IMPROVE AND DOCUMENT THE COLLECTION OF NATIVE ARIZONA LEGUME TAXA 25,000
    UNIVERSITY OF CALIFORNIA - SAN FRANCISCO
    1855 FOLSOM ST STE 425 BOX 0897
    SAN FRANCISCO,CA94143     		NONE PC TO RESEARCH SENSORY PROCESSING DISORDER USING EEG 40,000
    UNIVERSITY OF CALIFORNIA - SAN FRANCISCO
    1855 FOLSOM ST STE 425 BOX 0897
    SAN FRANCISCO,CA94143     		NONE PC TO RESEARCH SENSORY PROCESSING DISORDER BY DEFINING RESTING STATE FUNCTIONAL CONNECTIVITY 39,885
    UNIVERSITY OF CALIFORNIA - SAN FRANCISCO
    1855 FOLSOM ST STE 425 BOX 0897
    SAN FRANCISCO,CA94143     		NONE PC TO RESEARCH SENSORY PROCESSING DISORDER AND DEVELOP THE SPD CONSORTIUM DATABASE 15,806
    UNIVERSITY OF IOWA FOUNDATION
    PO BOX 4550
    IOWA CITY,IA52242     		NONE PC TO FUND A POSITION AT THE BELIN-BLANK CENTER 30,000
    UNIVERSITY OF NORTH CAROLINA - CHAPEL HILL
    104 AIRPORT DR STE 2200 CB1350
    CHAPEL HILL,NC27599     		NONE PC TO SUPPORT THE INHERIT PROGRAM FOR ARCHAEOLOGICAL RESEARCH OF MAYA CULTURAL HERITAGE 60,000
    UNIVERSITY OF WISCONSIN - MADISON
    21 N PARK ST STE 6401
    MADISON,WI53715     		NONE PC TO FURTHER RESEARCH AND PUBLISH RESEARCH OF SENSORY PROCESSING DISORDERS 13,811
    URBANPROMISE INTERNATIONAL INC
    PO BOX 156
    PENNSAUKEN,NJ08110     		NONE PC TO FUND EXPERIENTIAL LEARNING PROGRAMS FOR INNER CITY YOUTH 249,000
    VANDERBILT UNIVERSITY
    465 21ST AVE S
    NASHVILLE,TN37232     		NONE PC TO FURTHER RESEARCH RELATED TO SENSORY PROCESSING DISORDER 40,441
    WAKE FOREST UNIVERSITY OF HEALTH SCIENCES
    MEDICAL CENTER BLVD
    WINSTONSALEM,NC27157     		NONE PC TO FURTHER RESEARCH OF SENSORY PROCESSING DISORDER BY STUDYING DEVELOPMENTAL DISRUPTIONS 24,999
    WILDCOAST
    925 SEACOAST DR
    IMPERIAL BEACH,CA91932     		NONE PC TO SUPPORT CONSERVATION OF COASTAL ECOSYSTEMS AND WILDLIFE ON MEXICO'S PACIFIC COASTLINE 55,000
    WILDLIFE ALLIANCE INC
    1441 BROADWAY FIFTH FLOOR
    NEW YORK,NY10018     		NONE PC TO SUPPORT ENDING WILDLIFE TRAFFICKING IN SOUTHEAST ASIA 50,000
    WILDLIFE CONSERVATION SOCIETY
    2300 SOUTHERN BLVD
    BRONX,NY10460     		NONE PC FOR FOREST AND WILDLIFE PROTECTION IN MADAGASCAR 100,000
    YESHIVA UNIVERSITY
    1300 MORRIS PARK AVE
    BRONX,NY10461     		NONE PC TO FURTHER RESEARCH OF SENSORY PROCESSING DISORDER AS IT RELATES TO CROSS-SENSORY INTERACTIONS 40,000
    YOUTH OUTDOOR EXPERIENCE
    439 N 6TH AVE 187
    TUCSON,AZ85705     		NONE PC TO BUILD PROGRAM CAPACITY TO SERVE MORE YOUTH THROUGHOUT ARIZONA COMMUNITIES 50,000
    ZOOLOGICAL SOCIETY OF SAN DIEGO
    PO BOX 120551
    SAN DIEGO,CA92112     		NONE PC TO SUPPORT THE TROPICAL ECOLOGY AND MANAGEMENT FIELD COURSE 30,000
    Total .................................bullet 3a 3,266,134
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3
    Interest on savings and temporary cash investments ............     		         
    4 Dividends and interest from securities....     14 1,874,055  
    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 2,412,865  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 4,286,920 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    134,286,920
    (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 AccountingFeesSchedule
    Name:
    WALLACE RESEARCH FOUNDATION CO MCGLADREY LLP
    EIN: 42-6540579
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 44,820 14,865   29,955

    TY 2014 InvestmentsCorpBondsSchedule
    Name:
    WALLACE RESEARCH FOUNDATION CO MCGLADREY LLP
    EIN: 42-6540579
    Name of Bond End of Year Book Value End of Year Fair Market Value
    670 AEGON NV 8% 8.000 2-15-42 18,203 18,840
    1034 AFFILIATED MAN 6.380 8-15-42 26,436 27,639
    546 AFLAC INC 5.5% 5 1/2 9-15-52 12,852 13,410
    260 ALLIED CAP 6.875% 6 7/8 4-15-47 5,872 6,510
    477 AMER FINL GRP INC 7.000 9-30-50 12,428 12,378
    510 AMERICAN FINANCIAL GROUP 13,422 13,541
    275 APOLLO INV-6.625% 6 5/8 10-15-42 6,778 6,927
    1550 ARES CAPITAL CORP 7 3/4 10-15-40 40,629 40,006
    245 ARES CAPT CORP 7.000 2-15-22 6,229 6,223
    807 ASSURED GUAR MUNI 6.25% 11-01-02 20,125 20,449
    1905 AVIVA PLC 8.25 8 1/4 12-01-41 51,076 53,092
    2005 CITIGROUP CAPT XIII 7.875% FIX ED 10/30/15 53,856 53,293
    1040 DTE ENERGY SER-I 6 1/2 12-01-61 27,988 27,113
    940 EQUITY COMWLTH 21,216 21,695
    1135 HARTFORD FINL SVC 7 7/8 4-15-42 32,659 34,005
    2060 INTEGRYS ENERGY 6.000 8-01-73 50,542 55,002
    1731 KKR FINL HLDGS 8 3/8 11-15-41 45,188 48,053
    2542 LLOYDS BANKING 7 3/4 7-15-50 66,613 65,533
    540 NEXTERA ENER CAP 5.700 3-01-72 13,500 13,306
    590 QWEST CORPORATION 6.125% 06/01/53 12,936 14,219
    290 QWEST CORPORATION 6.875% 10/1/54 7,153 7,436
    970 QWEST CORPORATION 7 1/2 9-15-51 24,262 26,112
    1735 QWEST CORPORATION 7 3/8 6-01-51 43,931 46,498
    2530 RAYMOND JAMES FIN 6.900 3-15-42 65,789 69,044
    1465 REINSURANCE GRP 6.200 9-15-42 39,585 40,668
    590 SELECTIVE INS GRP 5 7/8 2-09-43 14,514 14,750
    1146 SENIOR HSG TRST 5 5/8 8-01-42 27,808 27,607
    280 SOLAR CAP 6.75% 6 3/4 11-15-42 6,609 6,490
    530 STANLEY BLK SER-I 5 3/4 7-25-52 13,619 13,388
    1650 TELE&DATA SYS INC 6 7/8 11-15-59 40,654 41,036
    760 US CELLULAR CORP 6.950 5-15-60 19,317 18,544
    510 VERIZON COMMUNICATIONS 5.9% 2/15/54 12,672 13,352

    TY 2014 InvestmentsCorpStockSchedule
    Name:
    WALLACE RESEARCH FOUNDATION CO MCGLADREY LLP
    EIN: 42-6540579
    Name of Stock End of Year Book Value End of Year Fair Market Value
    1800 3M COMPANY 153,321 295,776
    13442 ACCOR S A UNSPONSORED ADR 134,432 119,096
    880 ACTAVIS PLC 190,886 226,521
    760 AEGON NV 6.3750% SERIES 17,313 19,380
    1130 AEGON NV SERIES 1 23,357 26,532
    9305 AIA GROUP LTD SPON ADR 153,639 206,106
    7900 ALTERA CP 173,191 291,826
    3227 AMADEUS IT HLDG SA UNSPON ADR 112,724 127,628
    1475 AMAZON COM INC 437,648 457,766
    855 AMERICAN RLTY CAP PPTYS PFD F 20,142 19,537
    11851 AON PLC SHS CL-A 581,647 1,123,830
    6961 APPLIED MATERIALS INC 157,506 173,468
    1025 ARCH CAPITAL GRP LTD 6.7500% C 24,473 27,644
    131 ASCENT CAPITAL GROUP A COM 2,978 6,934
    785 ASML HOLDING NV NY REG NEW 69,525 84,647
    1235 ASPEN INSC HLDGS LTD PERP PFD 32,435 32,320
    765 ASPEN INSURANCE HLDG LTD 5.95% 18,475 19,324
    8886 AVIVA PLC ADR 154,573 132,401
    310 AXIS CAPITAL HLDGS LTD 5.50%-D 6,231 7,217
    506 BAIDU INC ADS 57,025 115,353
    16539 BANCO BILBAO ADR OPSDIV RHTS 1,654 0
    16539 BANCO BILBAO VIZ ARG SA ADS 193,477 155,301
    1090 BANK OF AMERICA CORP 6.625% 27,079 27,868
    795 BARCLAYS BK PLC 6.625 SER2 19,383 20,280
    510 BARCLAYS BK PLC 7.1000 SER 3 12,777 13,163
    13900 BERKLEY W R CORP 356,276 712,514
    8875 BERKSHIRE HATHAWAY CL-B NEW 722,700 1,332,581
    2479 BT GP PLC SPON ADR 161,110 153,673
    1629 BURBERRY GROUP PLC SPONS ADR 81,096 82,134
    1715 CANADIAN NATL RAILWAY CO 68,470 118,181
    550 CAPITAL ONE FINANCIAL 6%-B 12,023 13,418
    3913 CHINA MOBILE LTD 217,932 230,163
    4570 CHS INC (CHSCM) 115,260 116,169
    4380 CHS INC (CHSCN) 116,851 115,019
    21000 CITIGROUP INC NEW 1,006,869 1,136,310
    1510 CITIGROUP INC 6.875%-K 38,992 40,136
    475 CITIGRP INC 7.125%-J 11,790 12,882
    16000 COCA COLA CO 398,214 675,520
    12200 COMCAST CORP CL A SPECIAL NEW 204,673 702,293
    9726 COMPASS GROUP PLC SPON ADR NEW 135,557 165,731
    7000 CONSTELLATION BRANDS INC CL A 308,597 687,190
    1019 COPA HOLDINGS, SA CLA A 111,597 105,609
    1075 DEUTSCHE BANK CAP 6.6250 SER 26,652 27,466
    1070 DEUTSCHE BK CAP FD VIII 6.375 25,811 27,392
    530 DIGITAL REALTY TR INC 7% SER-E 14,395 13,515
    1105 DIGITAL REALTY TRUST 7.375% 29,116 29,415
    7500 DISH NETWORK CORP CLASS A 286,179 546,675
    6122 DISTRIBUIDORA INTERN ALIM ADR 97,473 81,300
    10300 ECOLAB INC 429,500 1,076,556
    5493 ENCANA CORP 76,682 76,188
    1525 ENDURANCE SPEC 7.7500 SERIES 38,606 40,108
    1535 ENDURANCE SPECIALTY HLDG 7.50% 38,363 40,248
    280 EPR PPTYS PFD CONV SER F % 7,025 7,056
    9230 EXPERIAN GP LTD ADR 164,853 155,064
    730 F N B CORP FLA DEP SHS REPSTG 19,554 20,017
    1485 FIFTH THIRD BANCORP 6.625%-I 38,002 40,585
    1910 FIRST NIAGARA FIN GP 8.625% B 54,282 51,570
    1005 FIRST REPUBLIC BANK SER-A 6.7% 24,020 26,432
    12000 FIRST TR ISE WTR INDEX FD 402,328 404,520
    27738 FIRST TRUST AMEX BIOTECH 1,996,450 2,829,831
    85218 FIRST TRUST ENERGY INFRASTRU 1,722,680 2,026,492
    3003 FRESENIUS MEDICAL CARE AG&CO 83,196 111,531
    1374 GALAXY ENTMNT GRP LTD SPON ADR 117,172 77,157
    1605 GOLDMAN SACHS GROUP PFD D 32,065 31,570
    2350 GOLDMAN SACHS GRP INC 254,523 455,501
    505 GOLDMAN SACHS GRP INC 12,900 13,499
    1125 GOLDMAN SACHS GRP INC 5.50%-J 26,460 27,450
    1555 GOLDMAN SACHS GRP INC 6.375% 39,086 40,275
    635 GOOGLE INC-CL A 173,384 336,969
    635 GOOGLE INC-CL C 172,830 334,264
    9483 HENNES & MAURITZ 66,161 78,330
    10888 HOLCIM LTD UNSPON ADR 165,419 154,501
    615 HSBC USA INC PFD SR F 13,376 13,899
    17680 ICICI BANK LTD 186,974 204,204
    770 ING GROEP NV 6.2000% SER 17,933 19,435
    265 ING GROEP NV 6.375% 6,662 6,768
    260 ING GROEP NV 7.2% SER 6,591 6,695
    16101 ING GROEP NV ADR 205,937 208,830
    530 ING GROUP NV 7.0500% SER PFD 13,409 13,589
    4373 INTESA SANPAOLO S.P.A. ADR 74,603 75,740
    31000 ISHARES HIGH DIVIDEND ETF 1,699,891 2,372,740
    10000 ISHARES S&P MID-CAP 400 V ETF 920,511 1,278,300
    5594 ITAU UNIBANCO MULTIPLE ADR 75,842 72,778
    4626 ITV PLC UNSPONS ADR 160,404 152,797
    3600 JP MORGAN CHASE & CO 220,083 225,288
    10397 JULIUS BAER GROUP LTD UN ADR 96,167 94,197
    18494 KINGFISHER PLC SPONS ADR NEW 159,795 195,944
    3039 KONINKLIJKE PHIL EL SP ADR NEW 96,723 88,131
    3693 KOREA ELECTRIC POWER CORP ADS 76,525 71,496
    14390 KROTON EDUCACIONAL S A 97,419 81,160
    992 KUBOTA CP ADR 76,832 71,880
    3533 LIBERTY GLOBAL PLC CL A NEW 153,265 177,374
    35236 LIBERTY GLOBAL PLC CL C NEW 420,663 1,702,251
    30328 LLOYDS BANKING GROUP PLC 153,727 140,722
    5900 LOEWS CORPORATION 187,132 247,918
    1656 LULULEMON ATHLETICA INC 106,586 92,388
    4449 LVMH MOET HENNESSY LOUIS VUITT 134,616 153,201
    2211 MASTERCARD INC CL A 166,739 190,500
    27800 MICROSOFT CORP 780,884 1,291,310
    15900 MONDELEZ INTL INC COM 341,429 577,568
    725 MONTPELIER RE HLDGS L 8.875% 19,608 19,495
    18600 MORGAN STANLEY 271,346 721,680
    1155 MORGAN STANLEY 6.375% 29,614 29,233
    525 MORGAN STANLEY 6.625% 13,125 13,391
    1010 MORGAN STANLEY 6.875% 26,633 26,876
    475 MORGAN STANLEY 7.125% 12,350 13,086
    1305 MORGAN STANLEY SER-A 24,778 26,048
    1590 NATIONAL RETAIL PROP 6.625%-D 39,212 40,450
    6400 NESTLE SPON ADR REP REG SHR 276,239 466,880
    1295 NESTLE SPON ADR REP REG SHR 95,368 94,470
    3964 NIELSEN HOLDINGS NV 169,558 177,310
    2925 NIPPON TELEGRAPH&TELEPHONE ADS 95,225 74,909
    1789 NOVARTIS AG ADR 128,468 165,769
    4090 NOVO NORDISK A/S ADR 127,526 173,089
    3663 OLYMPUS COPRORATION SPONS ADR 122,102 128,828
    37100 ORACLE CORP 1,148,123 1,668,387
    1460 PARTNERRE LTD 7.25% SER E 36,568 38,894
    6500 PEPSICO INC NC 416,948 614,640
    3387 PERNOD RICARD SA UNSPONS ADR 80,034 74,379
    3465 PNC FINL-P 6.125% FLTS 5/01/22 86,990 96,188
    3950 PRAXAIR INC 306,107 511,762
    2255 PS BUSN PARKS 6.00% SER T 56,537 55,699
    555 PUBLIC STORAGE 5.75% SER-T 14,007 13,725
    4463 PUBLICIS GROUPE SA ADS 85,135 79,620
    560 RBS CAP FNDG TRUST VII 6.08% G 12,152 13,647
    6925 RECKITT BENCKISER PLC SPNS ADR 89,078 114,747
    1045 REGENCY CENTERS 6.625% SER 6 26,454 26,449
    3753 RENAULT S A ADR 59,492 52,992
    1504 RIO TINTO PLC SPON ADR 74,285 69,274
    2047 ROCHE HOLDINGS ADR 65,968 69,578
    1635 ROYAL BK SCOTLAND GRP PLC 6.60 39,152 40,630
    530 ROYAL BK SCOTLAND SER Q 6.75% 13,038 13,436
    820 ROYAL BK SCOTLAND GP 6.40 PFD M 19,803 20,221
    1385 SABMILLER PLC SPONS ADR 62,181 71,411
    8625 SAFRAN SA 138,386 131,618
    660 SANTANDER FINANCE PRF SA FLR 11,772 13,913
    1670 SCE TRUST I 5.625%-F 42,893 40,915
    4687 SONY CORP ADR 1974 NEW 100,146 95,943
    25000 SPDR S&P DIVIDEND 1,358,771 1,970,000
    18300 SPDR S&P MIDCAP 400 ETF TRUST 2,119,110 4,830,651
    1040 STATE ST CO 5.90% D FXD TO FLT 26,447 26,894
    4109 SUNTORY BEVERAGE AND FOOD LTD 76,763 70,839
    3315 SVENSKA CELLULOSA B SP ADR 77,273 71,239
    7050 TENCENT HLDGS LTD UNSPON ADR 54,503 102,296
    5400 THERMO FISHER SCIENTIFIC 241,859 676,566
    1198 TOYOTA MOTOR CP ADR NEW 122,069 150,325
    26500 TWENTY-FIRST CENTURY FOX CL B 749,667 977,585
    8697 UBS GROUP AG SHS 176,194 148,284
    675 UBS PFD FDG TR IV FLTG RT 10,071 12,407
    9608 UNITEDHEALTH GP INC 316,839 971,273
    1722 US BANCORP 6%-G FLTS 4/15/17 46,942 46,701
    2105 US BANCORP-F 6.5% FLTS 1/15/22 55,516 61,992
    2900 VALEANT PHARMACEUTIC INTL INC 391,385 415,019
    28710 VANGUARD HEALTH CARE ETF 2,788,596 3,605,689
    25774 VANGUARD RUSSELL 1000 1,976,836 2,527,398
    2600 WAL MART STORES INC 139,610 223,288
    945 WELLS FARGO & COMPANY 6.625%-R 23,612 26,214
    1020 WELLS FARGO 5.85-Q FIXD-TO-FLT 24,967 26,163
    1550 WELLS FARGO 8% NON-CUM SER J 44,097 45,214

    TY 2014 InvestmentsOtherSchedule2
    Name:
    WALLACE RESEARCH FOUNDATION CO MCGLADREY LLP
    EIN: 42-6540579
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    1152 ARTISAN FDS INC INTL FND INV AT COST 24,338 34,500
    921 ARTISAN FDS INC MID CAP VALUE FD INV SHS AT COST 17,742 22,704
    2229 DIAMOND HILL LONG-SHORT FD CL I AT COST 35,399 53,978
    7016 DODGE & COX INCOME FD AT COST 91,751 96,669
    1443 HARRIS ASSOC INVT TR OAKMARK INTL FD CL I AT COST 19,384 33,675
    322610 JP MORGAN LIMITED DUR BD SEL AT COST 3,201,521 3,226,100
    358646 JP MORGAN STRAT INC OPP SEL AT COST 4,264,310 4,203,328
    676 JPMORGAN MID CAP VALUE FD CL I AT COST 13,581 25,129
    360721 LOOMIS SAYLES STRATEGIC INC Y AT COST 5,902,135 5,868,923
    164555 LORD ABBETT FLT RT F AT COST 1,561,628 1,507,325
    1069761 LORD ABBETT SHT DURATION INC F AT COST 4,904,430 4,760,436
    143330 LORD ABBETT TOTAL RETURN F AT COST 1,530,644 1,512,132
    452135 MAINSTAY HI YLD CORP BOND I AT COST 2,179,237 2,599,774
    1118 PIMCO FDS PAC INVT MGMT SER EMERGING MKTS BD FD INSTL CL AT COST 12,509 11,337
    2604 PRINCIPAL FDS INC PREF SECS INTL CL AT COST 26,031 26,590
    2782 ROYCE FD PA MUTUAL FD INVT CL AT COST 23,986 36,167
    91576 TEMPLETON GLOBAL BD FD ADV AT COST 1,206,738 1,136,462
    1004 TEMPLETON INCOME TR GLOBAL BD FD ADVISOR CL AT COST 12,706 12,465
    854 TWEEDY BROWNE FD INC GLOBAL VALUE FD AT COST 16,588 22,232
    1742 VANGUARD GNMA FD CL I AT COST 18,173 18,851
    123069 VIRTUS INSIGHT EMERG MKTS I AT COST 1,265,716 1,217,154

    TY 2014 OtherAssetsSchedule
    Name:
    WALLACE RESEARCH FOUNDATION CO MCGLADREY LLP
    EIN: 42-6540579
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    DIVIDEND RECEIVABLE 49,506 43,625 43,625


    TY 2014 OtherExpensesSchedule
    Name:
    WALLACE RESEARCH FOUNDATION CO MCGLADREY LLP
    EIN: 42-6540579
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    BANK SERVICE CHARGES 182 182   0
    ADR FEES 6,152 6,152   0
    GRANT MAKING EXPENSES 134 0   134


    TY 2014 OtherIncreasesSchedule
    Name:
    WALLACE RESEARCH FOUNDATION CO MCGLADREY LLP
    EIN: 42-6540579
    Description Amount
       


    TY 2014 OtherProfessionalFeesSchedule
    Name:
    WALLACE RESEARCH FOUNDATION CO MCGLADREY LLP
    EIN: 42-6540579
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    SB INVEST CONSULTING FEES 177,629 177,629   0
    INVESTMENT MANAGEMENT FEES 236,520 236,520   0


    TY 2014 TaxesSchedule
    Name:
    WALLACE RESEARCH FOUNDATION CO MCGLADREY LLP
    EIN: 42-6540579
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 28,954 28,954   0
    EXCISE TAXES 95,000 0   0