Form990-PF

Department of the Treasury
Internal Revenue Service

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

Number and street (or P.O. box number if mail is not delivered to street address)P O BOX 8367   Room/suite
City or town, state or province, country, and ZIP or foreign postal code
SPARTANBURG, SC293058367
A Employer identification number

57-0974104
B Telephone number (see instructions)

(864) 560-5271
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$1,670,233J 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).............. 40,000
2 Check bullet
Sch. B ...............
3 Interest on savings and temporary cash investments 50 50 50
4 Dividends and interest from securities...... 29,178 27,274 29,178
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 166,266
b Gross sales price for all assets on line 6a 635,844
7 Capital gain net income (from Part IV, line 2)... 166,266
8 Net short-term capital gain......... 5,585
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........ 235,494 193,590 34,813
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 63,334 57,001 57,001 3,167
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 12,389 9,292 9,292 0
c Other professional fees (attach schedule).... Click to see attachment 24,519 24,519 24,519 0
17 Interest............... 62 0 0 0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 1,142 168 168 0
19 Depreciation (attach schedule) and depletion... Click to see attachment 425 0 425
20 Occupancy..............        
21 Travel, conferences, and meetings....... 2,717 0 0 2,717
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 100,082 0 0 100,082
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 204,670 90,980 91,405 105,966
25 Contributions, gifts, grants paid........ 36,999 36,999
26 Total expenses and disbursements. Add lines 24 and 25 241,669 90,980 91,405 142,965
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -6,175
b Net investment income (if negative, enter -0-) 102,610
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2014)
Form 990-PF (2014)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing...............      
2 Savings and temporary cash investments.......... 51,880 50,363 50,363
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)........      
c Investments—corporate bonds (attach schedule)........      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 1,105,805 Click to see attachment1,101,572 1,467,082
14 Land, buildings, and equipment: basis bullet86,648
Less: accumulated depreciation (attach schedule) bullet85,744 1,329 Click to see attachment904 86,648
15 Other assets (describe bullet) Click to see attachment66,140 Click to see attachment66,140 Click to see attachment66,140
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 1,225,154 1,218,979 1,670,233
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 1,225,154 1,218,979
30 Total net assets or fund balances (see instructions)...... 1,225,154 1,218,979
31 Total liabilities and net assets/fund balances (see instructions).. 1,225,154 1,218,979
Part III Analysis of Changes in Net Assets or Fund Balances
1 Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree
with end-of-year figure reported on prior year’s return)............... 1 1,225,154
2 Enter amount from Part I, line 27a..................... 2 -6,175
3 Other increases not included in line 2 (itemize) bullet 3 0
4 Add lines 1, 2, and 3.......................... 4 1,218,979
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 1,218,979
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 495 SHS THE SOUTHERN COMPANY P 2013-12-31 2014-04-30
b 200 SHS BECTON DICKINSON P 2012-06-01 2014-10-15
c 420 SHS DEVON ENERGY P 2012-12-31 2014-10-21
d 400 SHS EXELON CORP P 2012-10-05 2014-05-05
e 160 SHS AMERICAN EXPRESS P 2008-11-17 2014-03-07
250 SHS DR. PEPPER P 2009-12-31 2014-08-22
115 SHS JOHNSON & JOHNSON P 2011-02-22 2014-03-07
170 SHS MEDTRONIC INC P 2008-12-31 2014-11-07
265 SHS MICROSOFT CORP P 2008-07-18 2014-11-07
425 SHS MOLSON COORS P 2009-12-01 2014-05-28
320 SHS NORTHROP GRUMMAN P 2009-12-31 2014-08-22
924 SHS CHARLES SCHWAB CORP P 2011-10-18 2014-08-22
160 SHS SIGMA ALDRICH CORP P 2008-10-27 2014-02-20
155 SHS TARGET CORP P 2008-11-19 2014-11-25
354 SHS AEROVIRONMENT INC P 2013-06-13 2014-01-02
69 SHS ALTRA INDUSTRIAL MOTION P 2014-05-06 2014-12-26
88 SHS AXIALL CORP P 2014-05-06 2014-10-23
267 SHS BIOSCRIP INC P 2014-02-21 2014-09-12
85 SHS C & J ENERGY SERVICES P 2014-02-25 2014-09-12
281 SHS DFC GLOBAL CORP P 2013-03-26 2014-02-07
73.05683 SHS DEMAND MEDIA P 2014-05-07 2014-08-08
52 SHS ELIZABETH ARDEN INC P 2014-05-07 2014-09-12
268 SHS EMPLOYERS HOLDING P 2013-08-28 2014-07-01
2 SHS FTI CONSULTING P 2014-05-06 2014-05-07
6 SHS FLOTEK INDUSTRIES P 2013-07-11 2014-05-06
58 SHS GENERAL CABLE CORP P 2014-05-05 2014-09-12
63 SHS GULFMARK OFFSHORE P 2014-02-25 2014-12-16
186 SHS H H GREGG P 2014-04-24 2014-09-12
144 SHS INTERDIGITAL P 2013-11-14 2014-09-17
164 SHS OFG BANCORP P 2013-11-20 2014-09-12
100 SHS OCWEN FINL P 2014-08-21 2014-09-12
558 SHS OFFICE DEPOT P 2013-03-08 2014-01-13
314 SHS QUALITY SYSTEMS P 2014-05-07 2014-12-26
973 SHS RF MICRO DEVICES P 2014-01-02 2014-03-05
76.79997 SHS RIGHTSIDE P 2014-08-08 2014-09-12
431 SHS SERVICESOURCE P 2014-04-04 2014-12-16
78 SHS STARWOOD WAYPOINT P 2014-07-01 2014-09-12
295 SHS TETRA TECH P 2013-07-15 2014-05-05
26 SHS TIDEWATER INC P 2014-04-01 2014-12-08
112 SHS TREX COMPANY P 2013-06-13 2014-02-24
164 SHS VERIFONE SYSTEMS P 2013-10-01 2014-09-12
103 SHS WALKER & DUNLOP P 2014-02-14 2014-09-12
141 SHS HOME LOAN SERVICING P 2014-03-13 2014-09-12
3 SHS TRONOX LTD P 2013-08-14 2014-05-06
52 SHS NXSTAGE MEDICAL P 2013-02-11 2014-01-13
457 SHS ACCURAY INC P 2013-03-08 2014-09-12
149 SHS ACI WORLDWIDE P 2013-03-08 2014-09-12
9 SHS AFFYMETRIX P 2013-03-26 2014-12-30
38 SHS ALLEGIANT TRAVEL P 2013-03-08 2014-09-12
567 SHS ALLSCRIPTS HEALTHCARE P 2012-05-03 2014-02-19
277 SHS ALTRA INDUSTRIAL P 2013-03-26 2014-12-26
1,408 SHS AMKOR TECHNOLOGY P 2013-03-26 2014-05-07
67 SHS ASPEN TECHNOLOGY P 2013-03-07 2014-09-12
123 SHS AXIALL CORP P 2013-10-10 2014-10-23
33 SHS CACI INTL P 2013-03-08 2014-09-12
100 SHS CARDTRONICS P 2013-03-08 2014-09-12
272 SHS CENTURY ALUMINUM P 2013-03-08 2014-12-23
130.34317 SHS DEMAND MEDIA P 2013-06-13 2014-08-08
36 SHS DINEEQUITY P 2013-03-08 2014-09-12
767 SHS EARTHLINK P 2013-04-01 2014-09-12
513 SHS ENTROPIC COMM P 2012-05-29 2014-09-12
66 SHS FIRST CASH FINANCIAL P 2013-03-08 2014-09-12
367 SHS FLOTEK INDUSTRIES P 2013-07-11 2014-12-23
148 SHS GULFMARK OFFSHORE P 2013-03-15 2014-12-16
213 SHS HAWAIIAN ELEC P 2013-03-26 2014-12-08
129 SHS HEXCEL CORP P 2013-03-08 2014-09-12
257 SHS INTL RECTIFIER P 2013-03-26 2014-08-20
145 SHS LINCOLN EDUCATIONAL P 2013-03-08 2014-04-21
58 SHS M D C HOLDINGS P 2013-03-08 2014-09-12
102 SHS MYR GROUP P 2013-03-21 2014-09-12
147 SHS NAVIGANT CONSULTING P 2012-04-26 2014-09-12
2,057 SHS OFFICE DEPOT P 2013-03-08 2014-12-11
130.60003 SHS RIGHTSIDE P 2013-06-13 2014-09-12
443 SHS ROVI CORP P 2013-03-26 2014-12-29
53 SHS SWS GROUP P 2013-03-26 2014-04-01
193 SHS TEAM HEALTH P 2013-03-26 2014-12-12
105 SHS TIDEWATER P 2013-03-26 2014-12-08
275 SHS VCA ANTECH P 2013-03-26 2014-10-21
49 SHS VERIFONE SYSTEMS P 2013-10-01 2014-12-23
109 SHS TRONOX P 2013-08-14 2014-09-12
1,174 SHS AFFYMETRIX P 2009-03-17 2014-12-30
33 SHS ANIXTER INTL P 2011-03-07 2014-09-12
90 SHS ATWOOD OCEANICS P 2006-08-15 2014-09-12
165 SHS BRISTOW GROUP P 2010-04-13 2014-12-09
57 SHS CHART INDUSTRIES P 2009-02-25 2014-09-12
44 SHS CHILDRENS PLACE P 2010-10-28 2014-09-12
79 SHS DELUXE CORP P 2010-01-04 2014-09-12
41 SHS DRIL-QUIP P 2007-10-29 2014-09-12
82 SHS ENPRO INDUSTRIES P 2010-10-11 2014-09-12
148 SHS FTI CONSULTING P 2011-05-11 2014-05-07
170 SHS HORNBECK OFFSHORE P 2012-01-13 2014-12-08
216 SHS INTREPID POTASH P 2010-02-08 2014-12-24
126 SHS KCG HOLDINGS P 2010-02-11 2014-09-12
428 SHS LINCOLN EDUCATIONAL P 2010-03-23 2014-04-21
163 SHS NORTHWESTERN CORP P 2010-04-27 2014-12-08
208 SHS NXSTAGE MEDICAL P 2013-02-12 2014-09-12
46 SHS OSI SYS INC P 2011-05-16 2014-09-12
92 SHS PORTFOLIO RECOVERY P 2007-05-31 2014-09-12
648 SHS SWS GROUP P 2010-04-13 2014-04-01
25 SHS STIFEL FINANCIAL P 2011-03-04 2014-09-12
121 SHS SYKES ENTERPRISES P 2010-09-07 2014-09-12
240 SHS VISHAY INTERTECHNOLOGY P 2008-08-27 2014-09-12
250 SHS MEMORIAL PRODTN PTNR LP P 2013-10-04 2014-10-09
(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 22,921   20,317 2,604
b 24,764   14,500 10,264
c 28,481   22,500 5,981
d 14,412   15,410 -998
e 14,978   3,198 11,780
15,136   6,401 8,735
10,713   7,210 3,503
10,983   5,251 5,732
11,207   6,453 4,754
27,481   20,192 7,289
38,285   17,796 20,489
25,559   11,003 14,556
15,025   5,917 9,108
11,114   4,093 7,021
10,042   6,981 3,061
2,003   2,384 -381
3,540   3,349 191
2,137   2,282 -145
2,328   2,115 213
1,813   5,212 -3,399
736   605 131
885   1,799 -914
5,765   7,111 -1,346
61   60 1
171   117 54
1,209   1,355 -146
1,350   2,787 -1,437
1,221   1,707 -486
5,982   4,772 1,210
2,592   2,618 -26
2,778   2,733 45
2,741   2,293 448
4,825   4,725 100
7,239   4,760 2,479
901   949 -48
1,731   3,568 -1,837
2,129   2,052 77
7,652   7,326 326
756   1,275 -519
8,823   5,507 3,316
6,013   3,775 2,238
1,358   1,722 -364
3,153   2,998 155
75   70 5
603   624 -21
3,807   2,102 1,705
2,909   2,334 575
90   43 47
4,760   3,239 1,521
9,724   6,024 3,700
8,416   7,458 958
11,772   5,968 5,804
2,663   2,117 546
4,770   4,622 148
2,391   1,762 629
3,407   2,674 733
7,300   2,305 4,995
1,312   2,159 -847
2,975   2,564 411
3,124   4,433 -1,309
1,416   1,951 -535
3,637   3,626 11
7,740   7,173 567
4,340   5,316 -976
6,442   5,810 632
5,255   3,627 1,628
10,017   5,433 4,584
550   901 -351
1,597   2,296 -699
2,426   2,539 -113
2,319   2,100 219
12,717   8,857 3,860
1,533   3,199 -1,666
9,832   9,143 689
418   329 89
11,237   6,686 4,551
3,888   4,930 -1,042
11,178   6,216 4,962
1,884   1,128 756
3,123   2,532 591
11,052   2,990 8,062
3,013   2,325 688
4,027   1,867 2,160
10,625   5,962 4,663
3,729   400 3,329
2,322   1,995 327
4,589   1,230 3,359
3,866   2,214 1,652
5,710   2,724 2,986
4,497   5,571 -1,074
4,710   5,656 -946
3,194   5,338 -2,144
1,398   5,950 -4,552
1,624   11,985 -10,361
8,340   4,880 3,460
2,788   2,496 292
3,051   1,843 1,208
5,292   1,813 3,479
5,090   8,261 -3,171
1,198   2,158 -960
2,495   1,570 925
3,750   1,936 1,814
4,844   4,946 -102
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       2,604
b       10,264
c       5,981
d       -998
e       11,780
      8,735
      3,503
      5,732
      4,754
      7,289
      20,489
      14,556
      9,108
      7,021
      3,061
      -381
      191
      -145
      213
      -3,399
      131
      -914
      -1,346
      1
      54
      -146
      -1,437
      -486
      1,210
      -26
      45
      448
      100
      2,479
      -48
      -1,837
      77
      326
      -519
      3,316
      2,238
      -364
      155
      5
      -21
      1,705
      575
      47
      1,521
      3,700
      958
      5,804
      546
      148
      629
      733
      4,995
      -847
      411
      -1,309
      -535
      11
      567
      -976
      632
      1,628
      4,584
      -351
      -699
      -113
      219
      3,860
      -1,666
      689
      89
      4,551
      -1,042
      4,962
      756
      591
      8,062
      688
      2,160
      4,663
      3,329
      327
      3,359
      1,652
      2,986
      -1,074
      -946
      -2,144
      -4,552
      -10,361
      3,460
      292
      1,208
      3,479
      -3,171
      -960
      925
      1,814
      -102
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 2 166,266
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 5,585
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 179,391 1,436,133 0.124913
2012 229,593 1,371,127 0.167448
2011 220,600 1,477,444 0.149312
2010 121,495 1,480,655 0.082055
2009 139,415 1,256,097 0.110991
2 Total of line 1, column (d) ...................... 2 0.634719
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 0.126944
4 Enter the net value of noncharitable-use assets for 2014 from Part X, line 5..... 4 1,432,740
5 Multiply line 4 by line 3....................... 5 181,878
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 1,026
7 Add lines 5 and 6......................... 7 182,904
8 Enter qualifying distributions from Part XII, line 4.............. 8 142,965
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 2,052
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 2,052
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 2,052
6 Credits/Payments:
a 2014 estimated tax payments and 2013 overpayment credited to 2014 6a 4
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 1,300
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 1,304
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8 22
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 770
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet   RefundedBullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see Instructions
for definition)?.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    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)
    bulletSC
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2014 or the taxable year beginning in 2014 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
    Yes
     
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    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 ofbulletERIC H PETTIT Telephone no.bullet (864) 415-6165
    Located atbulletP O BOX 8367SPARTANBURGSC ZIP+4bullet293058367
    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
    JOELLA F UTLEY SECT/TRUST
    3.00     		0 0 0
    P O BOX 8367
    SPARTANBURG,SC29305
    ERIC PETTIT TRUSTEE
    15.00     		63,334 0 0
    P O BOX 8367
    SPARTANBURG,SC29305
    OLIN SANSBURY DIRECTOR
    1.00     		0 0 0
    P O BOX 8367
    SPARTANBURG,SC29305
    CRAIG A KRIDEL DIRECTOR
    1.00     		0 0 0
    P O BOX 8367
    SPARTANBURG,SC29305
    SARAH GUNN DIRECTOR
    1.00     		0 0 0
    P O BOX 8367
    SPARTANBURG,SC29305
    ERIC PETTIT DIRECTOR
    1.00     		0 0 0
    P O BOX 8367
    SPARTANBURG,SC29305
    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 PURCHASE, PHOTOGRAPH, CATALOG, MAINTAIN, AND DISPLAY A COLLECTION OF MUSICAL INSTRUMENTS 105,966
    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 NONE 0
    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
    1,518,974
    b
    Average of monthly cash balances.......................
    1b
    77,182
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    1,596,156
    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
    1,596,156
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) Click to see attachment.............................
    4
    163,416
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    1,432,740
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    71,637
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
     
    2a
    Tax on investment income for 2014 from Part VI, line 5......
    2a
     
    b
    Income tax for 2014. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
     
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
     
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
     
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
     
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    142,965
    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
    142,965
    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
    142,965
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2013     		(c)
    2013     		(d)
    2014
    1 Distributable amount for 2014 from Part XI, line 7  
    2 Undistributed income, if any, as of the end of 2014:
    a Enter amount for 2013 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2014:
    a From 2009.......  
    b From 2010.......  
    c From 2011.......  
    d From 2012.......  
    e From 2013.......  
    fTotal of lines 3a through e.........  
    4Qualifying distributions for 2014 from Part
    XII, line 4: bullet$  
    a Applied to 2013, but not more than line 2a  
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions).........     		 
    d Applied to 2014 distributable amount.....  
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2014.    
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5  
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		 
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		 
    e Undistributed income for 2013. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2014. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2015 ..........     		 
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		 
    8Excess distributions carryover from 2009 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2015.
    Subtract lines 7 and 8 from line 6a ......     		 
    10 Analysis of line 9:
    a Excess from 2010....  
    b Excess from 2011....  
    c Excess from 2012....  
    d Excess from 2013....  
    e Excess from 2014....  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2014, enter the date of the ruling.......bullet
    1993-09-19
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2014 (b) 2013 (c) 2012 (d) 2011
    0 0 0 24,574 24,574
    b 85% of line 2a ......... 0 0 0 20,888 20,888
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		142,965 180,365 229,593 221,604 774,527
    d Amounts included in line 2c not used
    directly for active conduct of exempt activities ...........     		36,999 58,333 113,000 27,000 235,332
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		105,966 122,032 116,593 194,604 539,195
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ...... 1,670,233 1,715,626 1,572,868 1,609,383 6,568,110
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		 66,140 66,140 66,140 66,140 264,560
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		47,758 47,871 45,704 49,248 190,581
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		        0
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		        0
    (3) Largest amount of support
    from an exempt organization    		         0
    (4) Gross investment income         0
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    JOELLA F UTLEY
    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
    CONVERSE COLLEGE
    580 EAST MAIN STREET
    SPARTANBURG,SC29302     		NONE 509 (A) (2) PROMOTE MUSIC 5,000
    BREVARD MUSIC CENTER
    349 ANDANTE LANE
    BREVARD,NC28712     		NONE 509 (A) (2) PROMOTE MUSIC 10,000
    THE MUSIC FOUNDATION OF SPARTANBURG
    200 EAST SAINT JOHN STREET
    SPARTANBURG,SC29306     		NONE 509 (A) (2) PROMOTE MUSIC 16,666
    THE NATIONAL TRUMPET COMPETITION ASSOCIATION
    3500 NORTH THIRD STREET
    ARLINGTON,VA22201     		NONE 509(A)(2) PROMOTE MUSIC 2,000
    WOFFORD COLLEGE
    429 NORTH CHURCH STREET
    SPARTANBURG,SC29303     		NONE 509 (A) (2) PROMOTE MUSIC 3,333
    Total .................................bullet 3a 36,999
    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 ............     		    14 50  
    4 Dividends and interest from securities....     14 29,178  
    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    
    8
    Gain or (loss) from sales of assets other than inventory .............     		    18 166,266  
    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).. 0 195,494 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13195,494
    (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:
    THE JOE R AND JOELLA F UTLEY FOUNDATION INC
    EIN: 57-0974104
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEE 12,389 9,292 9,292 0

    TY 2014 CashDeemedCharitableExplnStmt
    Name:
    THE JOE R AND JOELLA F UTLEY FOUNDATION INC
    EIN: 57-0974104
    Explanation:
    THE FOUNDATION EXCLUDES FROM ASSETS USED IN CALCULATING MINIMUM INVESTMENT RETURN AN AMOUNT EQUAL TO ITS CURRENT ADMINISTRATIVE EXPENSES AND NORMAL AND CURRENT DISBUURSEMENTS DIRECTLY CONNECTED WITH ITS CHARIABLE ACTIVITIES. THE AMOUNT EXCLUDED FOR 2014 IS $163,416, WHICH IS THE AMOUNT PAID IN 2014 FOR SALARIES, DIRECT PROGRAM DISBURSEMENTS OTHER THAN GRANTS, AND INSURANCE.

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

    TY 2014 DepreciationSchedule
    Name:
    THE JOE R AND JOELLA F UTLEY FOUNDATION INC
    EIN: 57-0974104
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
    MUSIC REFERNCE BKS 1995-07-25 254 254 SL 12.000000000000 0 0 0  
    MUSIC REFERANCE BK 1995-09-08 114 114 SL 12.000000000000 0 0 0  
    MUSIC REFERENCE BK 1995-10-16 779 779 SL 12.000000000000 0 0 0  
    MUSIC REFERENCE BK 1995-12-07 311 311 SL 12.000000000000 0 0 0  
    MUSIC REFERENCE BK 1995-12-31 1,072 1,072 SL 12.000000000000 0 0 0  
    MUSIC & MEDICINE B 1996-02-20 39 39 SL 12.000000000000 0 0 0  
    MUSIC HISTORY REF 1996-03-21 813 813 SL 12.000000000000 0 0 0  
    MUSIC HISTORY REF 1996-05-30 314 314 SL 12.000000000000 0 0 0  
    GROVE DICTIONARIES 1996-06-12 911 911 SL 12.000000000000 0 0 0  
    BAND ENCYLCLOPEDIA 1996-06-20 100 100 SL 12.000000000000 0 0 0  
    MUSIC REF BK 1996-07-02 64 64 SL 12.000000000000 0 0 0  
    MUSIC DICTIONARIES 1996-08-21 940 940 SL 12.000000000000 0 0 0  
    MUSIC REF BK 1996-11-23 50 50 SL 12.000000000000 0 0 0  
    SPARTAN COPIER 1997-11-20 882 882 SL 10.000000000000 0 0 0  
    MUSIC REFERENCES 1997-10-20 305 305 SL 12.000000000000 0 0 0  
    MUSIC REFERENCES 1997-12-21 950 950 SL 12.000000000000 0 0 0  
    MUSIC REFERENCE 1998-02-09 30 30 SL 12.000000000000 0 0 0  
    MUSIC REFERENCE 1998-09-05 500 500 SL 12.000000000000 0 0 0  
    MUSIN REFERENCES 1998-09-26 181 181 SL 12.000000000000 0 0 0  
    MUSIC REFERENCE 1998-09-29 32 32 SL 12.000000000000 0 0 0  
    MUSIN REFERENCES 1998-11-08 1,841 1,841 SL 12.000000000000 0 0 0  
    MUSIC REFERENCES 1999-01-12 114 114 SL 12.000000000000 0 0 0  
    MUSIC REFERENCES 1999-02-07 369 369 SL 12.000000000000 0 0 0  
    MUSIC REFERENCES 1999-03-16 120 120 SL 12.000000000000 0 0 0  
    MUSIC REFERENCE 1999-04-13 385 385 SL 12.000000000000 0 0 0  
    MUSIC REFERENCE 1999-05-23 189 189 SL 12.000000000000 0 0 0  
    MUSIC REFERENCE 1999-06-16 52 48 SL 12.000000000000 0 0 0  
    MUSIC REFERENCE 1999-09-07 133 133 SL 12.000000000000 0 0 0  
    MUSIC REFERENCE 1999-10-10 18 18 SL 12.000000000000 0 0 0  
    MUSIC REFERENCES 1999-11-11 684 684 SL 12.000000000000 0 0 0  
    MUSIC REFERENCE 1999-12-12 28 24 SL 12.000000000000 0 0 0  
    MUSIC REFERENCE 2000-01-09 62 62 SL 12.000000000000 0 0 0  
    MUSIC REFERENCES 2000-05-14 719 719 SL 12.000000000000 0 0 0  
    MUSIC REFERENCES 2000-06-08 937 937 SL 12.000000000000 0 0 0  
    DIGITAL CAMERA 2002-09-25 1,033 975 SL 12.000000000000 58 0 58  
    EQUIPMENT 2002-08-29 304 304 SL 12.000000000000 0 0 0  
    DESK/HUTCH/TABLES 2002-08-29 2,976 2,976 SL 12.000000000000 0 0 0  
    FURNITURE & EQUIP. 2002-08-29 15,147 15,147 SL 12.000000000000 0 0 0  
    PRINTER 2002-08-29 240 240 SL 12.000000000000 0 0 0  
    COMPUTER/PRINTER 2002-08-29 11,466 11,466 SL 12.000000000000 0 0 0  
    COMPUTER 2002-08-29 3,101 3,101 SL 12.000000000000 0 0 0  
    EXHIBIT DISPLAY 2002-08-29 1,038 1,038 SL 12.000000000000 0 0 0  
    COMPUTER 2002-08-29 13,469 13,469 SL 12.000000000000 0 0 0  
    COMPUTER 2002-08-29 3,922 3,922 SL 12.000000000000 0 0 0  
    COMPUTER 2002-08-29 9,058 9,058 SL 12.000000000000 0 0 0  
    COMPUTER 2002-08-29 6,190 6,190 SL 12.000000000000 0 0 0  
    SAMSUNG LASER FAX 2003-07-06 314 273 SL 12.000000000000 26 0 26  
    MACINTOSH COMPUTER 2005-03-12 3,113 2,288 SL 12.000000000000 259 0 259  
    OFFICE EQUIPMENT 2006-11-03 985 588 SL 12.000000000000 82 0 82  

    TY 2014 InvestmentsOtherSchedule2
    Name:
    THE JOE R AND JOELLA F UTLEY FOUNDATION INC
    EIN: 57-0974104
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    SCHWAB MONEY MARKET FUND AT COST 3,419 3,419
    250 SHS MEMORIAL PRODTN PTNR LP AT COST 0 0
    383 SHS ECA MARCELLUS AT COST 3,004 1,199
    250 SHS SANDRIDGE PERMIAN AT COST 2,139 1,568
    WELLS FARGO MONEY MKT 0346 AT COST 84,899 84,899
    380 SHS AMERICAN EXPRESS CO AT COST 5,239 20,469
    1,560 SHS ANNALY CAPITAL MANAGEMENT AT COST 15,537 16,864
    1,420 SHS BARRICK GOLD CORP AT COST 36,860 15,265
    325 SHS BAXTER INTERNATIONAL AT COST 15,358 23,819
    380 SHS BED BATH & BEYOND AT COST 26,044 28,945
    200 SHS BECTON DICKINSON AT COST 0 0
    220 SHS CHEVRON CORP AT COST 21,824 24,680
    285 SHS CHUBB CORPORATION AT COST 13,492 29,489
    810 SHS CISCO SYSTEMS AT COST 13,781 22,530
    355 SHS CONOCO PHILLIPS AT COST 15,354 24,516
    245 SHS CVS CAREMARK CORP AT COST 7,809 23,596
    420 SHS DEVON ENERGY CORP AT COST 0 0
    760 SHS DIAMOND OFFSHORE DRILLING AT COST 23,079 27,900
    548 SHS DR PEPPER SNAPPLE GROUP AT COST 21,773 39,281
    525 SHS EBAY INC AT COST 26,762 29,463
    1,290 SHS EXELON CORP AT COST 28,071 33,001
    320 SHS EXPRESS SCRIPTS AT COST 31,232 41,065
    400 SHS EXXON MOBIL AT COST 29,129 36,980
    400 SHS GLAXOSMITHKLINE AT COST 14,994 17,096
    940 SHS HONDA MOTOR AT COST 29,403 27,749
    165 SHS JOHNSON & JOHNSON AT COST 9,984 17,254
    495 SHS MACK CALI RLTY CORP AT COST 9,979 9,435
    575 SHS MEDTRONIC INC AT COST 19,587 41,515
    695 SHS MICROSOFT CORP AT COST 17,783 32,283
    495 SHS MOLSON COORS BREWING AT COST 21,544 36,887
    475 SHS NEWMONT MINING CORP AT COST 18,664 8,978
    320 SHS NORTHROP GRUMMAN AT COST 0 0
    510 SHS PEPSICO INC AT COST 30,333 48,226
    450 SHS PNC FINANCIAL SERVICES AT COST 23,838 41,054
    360 SHS PROCTER & GAMBLE AT COST 18,954 32,792
    924 SHS CHARLES SCHWAB CORP AT COST 0 0
    160 SHS SIGMA ALDRICH CORP AT COST 0 0
    660 SHS SOUTHWESTERN ENERGY AT COST 21,093 18,011
    445 SHS SUNTRUST BKS INC AT COST 6,839 18,646
    355 SHS T ROWE PRICE GROUP AT COST 28,189 30,480
    1,255 SHS TAIWAN SEMICONDUCTOR AT COST 19,884 28,087
    560 SHS TARGET CORP AT COST 29,570 42,510
    495 SHS THE SOUTHERN COMPANY AT COST 0 0
    345 SHS TORCHMARK CORP AT COST 3,586 18,689
    290 SHS TRAVELERS COMPANIES AT COST 16,019 30,697
    835 SHS US BANCORP AT COST 21,100 37,533
    625 SHS WAL-MART AT COST 34,774 53,675
    785 SHS WELLS FARGO COMPANY AT COST 21,876 43,034
    WELLS FARGO MONEY MKT 4987 AT COST 7,663 7,663
    723 SHS ACCURAY INC AT COST 3,329 5,459
    265 SHS ACI WORLDWIDE INC AT COST 4,172 5,345
    354 SHS AEROVIRONMENT INC AT COST 0 0
    1,183 SHS AFFYMETRIX INC AT COST 0 0
    64 SHS ALLEGIANT TRAVEL AT COST 5,471 9,621
    567 SHS ALLSCRIPTS HEALTHCARE AT COST 0 0
    277 SHS ALTRA INDUSTRIAL MOTION AT COST 0 0
    637 SHS AMKOR TECHNOLOGY AT COST 4,597 4,523
    54 SHS ANIXTER INTL AT COST 3,805 4,777
    126 SHS ASPEN TECHNOLOGY AT COST 3,981 4,413
    177 SHS ATWOOD OCEANICS AT COST 5,624 4,624
    205 SHS AXIALL CORP AT COST 0 0
    219 BERKSHIRE HILLS AT COST 5,717 5,839
    774 SHS BIOSCRIP INC AT COST 5,406 5,410
    140 SHS BOTTOMLINE TECHNOLOGIES AT COST 3,582 3,539
    767 SHS BRIGHTCOVE INC AT COST 5,957 5,967
    165 SHS BRISTOW GROUP AT COST 0 0
    151 SHS C&J ENERGY SERVICES AT COST 3,758 1,995
    57 SHS CACI INTL INC AT COST 3,067 4,912
    113 SHS CARBO CERAMICS INC AT COST 4,028 4,526
    168 SHS CARDTRONICS INC AT COST 4,490 6,481
    242 SHS CENTURY ALUMINUM AT COST 2,016 5,904
    106 SHS CHART INDUSTRIES AT COST 4,103 3,625
    72 SHS CHILDREN PL RETAIL AT COST 3,265 4,104
    139 SHS DELUXE CORP AT COST 2,164 8,652
    653 SHS DEMAND MEDIA AT COST 0 0
    281 SHS DFC GLOBAL AT COST 0 0
    62 SHS DINEEQUITY AT COST 4,407 6,425
    72 SHS DRIL-QUIP AT COST 3,888 5,524
    81 SHS DYCOM INDUSTRIES AT COST 2,298 2,842
    273 SHS DYNAMIC MATERIALS AT COST 4,395 4,373
    1,049 SHS EARTHLINK AT COST 6,598 7,336
    546 SHS ECLIPSE RESOURCES AT COST 3,800 3,838
    85 SHS ELIZABETH ARDEN AT COST 2,940 1,818
    268 SHS EMPLOYERS HOLDINGS AT COST 0 0
    71 SHS ENPRO INDUSTRIES AT COST 2,394 4,456
    818 SHS ENTROPIC COMMUNICATIONS AT COST 3,111 2,070
    108 SHS FIRST CASH FINANCIAL AT COST 5,963 6,012
    373 SHS FLOTEK INDUSTRIES AT COST 0 0
    148 SHS FTI CONSULTING AT COST 0 0
    267 SHS GENERAL CABLE CORP AT COST 4,706 3,978
    148 SHS GULFMARK OFFSHORE AT COST 0 0
    213 SHS HAWAIIAN ELEC INDS AT COST 0 0
    153 SHS HEXCEL CORP AT COST 4,337 6,348
    511 SHS HH GREGG AT COST 4,218 3,868
    248 SHS HOME LOAN SERVICING AT COST 5,274 4,841
    170 SHS HORNBECK OFFSHORE AT COST 0 0
    144 SHS INTERDIGITAL INC AT COST 0 0
    257 SHS INTL RECTIFIER CORP AT COST 0 0
    216 SHS INTREPID POTASH AT COST 0 0
    550 SHS JG WENTWORTH AT COST 5,938 5,863
    500 SHS JIVE SOFTWARE INC AT COST 3,196 3,015
    410 SHS KCG HOLDINGS AT COST 6,054 4,777
    307 SHS KRATON PERFORMANCE AT COST 5,125 6,383
    106 SHS LANNETT COMPANY AT COST 4,579 4,545
    573 SHS LINCOLN EDUCATIONAL SERVICES AT COST 0 0
    141 SHS M D C HOLDINGS AT COST 5,005 3,732
    174 SHS MASTEC INC AT COST 4,120 3,934
    167 SHS MYR GROUP AT COST 4,149 4,576
    237 SHS NAVIGANT CONSULTING AT COST 3,385 3,643
    163 SHS NORTHWESTERN CORP AT COST 0 0
    377 SHS NXSTAGE MEDICAL AT COST 4,467 6,760
    322 SHS OCWEN FINL CORP AT COST 7,145 4,862
    835 SHS OFFICE DEPOT AT COST 3,620 7,160
    285 SHS OFG BANCORP AT COST 4,591 4,745
    78 SHS OSI SYS AT COST 3,159 5,520
    240 SHS PORTFOLIO RECOVERY AT COST 0 0
    148 SHS PRA GRP INC AT COST 2,653 8,574
    340 SHS RIGHTSIDE GROUP AT COST 4,260 2,285
    443 SHS ROVI CORP AT COST 0 0
    244 SHS RUBICON PROJECT INC AT COST 2,975 3,938
    101 SHS SHUTTERFLY INC AT COST 4,069 4,211
    556 SHS SILVER SPRING NETWORKS AT COST 4,556 4,687
    139 SHS STARWOOD WAYPOINT AT COST 3,656 3,665
    44 SHS STIFEL FINANCIAL AT COST 2,938 2,245
    701 SHS SWS GROUP AT COST 0 0
    207 SHS SYKES ENTERPRISES AT COST 2,687 4,858
    193 SHS TEAM HEALTH HOLDINGS AT COST 0 0
    295 SHS TETRA TECH AT COST 0 0
    105 SHS TIDEWATER AT COST 0 0
    112 SHS TREX COMPANY AT COST 0 0
    200 SHS TRONOX AT COST 4,645 4,776
    275 SHS VCA ANTECH AT COST 0 0
    237 SHS VERIFONE SYSTEMS AT COST 5,456 8,816
    453 SHS VISHAY INTERTECHNOLOGY AT COST 3,735 6,410
    298 SHS WALKER & DUNLOP AT COST 5,054 5,226
    97 SHS 3D SYS CORP AT COST 3,033 3,189

    TY 2014 LandEtcSchedule2
    Name:
    THE JOE R AND JOELLA F UTLEY FOUNDATION INC
    EIN: 57-0974104
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    MUSIC REFERNCE BKS 254 254 0  
    MUSIC REFERANCE BK 114 114 0  
    MUSIC REFERENCE BK 779 779 0  
    MUSIC REFERENCE BK 311 311 0  
    MUSIC REFERENCE BK 1,072 1,072 0  
    MUSIC & MEDICINE B 39 39 0  
    MUSIC HISTORY REF 813 813 0  
    MUSIC HISTORY REF 314 314 0  
    GROVE DICTIONARIES 911 911 0  
    BAND ENCYLCLOPEDIA 100 100 0  
    MUSIC REF BK 64 64 0  
    MUSIC DICTIONARIES 940 940 0  
    MUSIC REF BK 50 50 0  
    SPARTAN COPIER 882 882 0  
    MUSIC REFERENCES 305 305 0  
    MUSIC REFERENCES 950 950 0  
    MUSIC REFERENCE 30 30 0  
    MUSIC REFERENCE 500 500 0  
    MUSIN REFERENCES 181 181 0  
    MUSIC REFERENCE 32 32 0  
    MUSIN REFERENCES 1,841 1,841 0  
    MUSIC REFERENCES 114 114 0  
    MUSIC REFERENCES 369 369 0  
    MUSIC REFERENCES 120 120 0  
    MUSIC REFERENCE 385 385 0  
    MUSIC REFERENCE 189 189 0  
    MUSIC REFERENCE 52 48 4  
    MUSIC REFERENCE 133 133 0  
    MUSIC REFERENCE 18 18 0  
    MUSIC REFERENCES 684 684 0  
    MUSIC REFERENCE 28 24 4  
    MUSIC REFERENCE 62 62 0  
    MUSIC REFERENCES 719 719 0  
    MUSIC REFERENCES 937 937 0  
    DIGITAL CAMERA 1,033 1,033 0  
    EQUIPMENT 304 304 0  
    DESK/HUTCH/TABLES 2,976 2,976 0  
    FURNITURE & EQUIP. 15,147 15,147 0  
    PRINTER 240 240 0  
    COMPUTER/PRINTER 11,466 11,466 0  
    COMPUTER 3,101 3,101 0  
    EXHIBIT DISPLAY 1,038 1,038 0  
    COMPUTER 13,469 13,469 0  
    COMPUTER 3,922 3,922 0  
    COMPUTER 9,058 9,058 0  
    COMPUTER 6,190 6,190 0  
    SAMSUNG LASER FAX 314 299 15  
    MACINTOSH COMPUTER 3,113 2,547 566  
    OFFICE EQUIPMENT 985 670 315  


    TY 2014 OtherAssetsSchedule
    Name:
    THE JOE R AND JOELLA F UTLEY FOUNDATION INC
    EIN: 57-0974104
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    TRUMPET ARTWORK 12,300 12,300 12,300
    TRUMPET 53,840 53,840 53,840


    TY 2014 OtherExpensesSchedule
    Name:
    THE JOE R AND JOELLA F UTLEY FOUNDATION INC
    EIN: 57-0974104
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    PROGRAM EXPENSE 92,128 0 0 92,128
    INSURANCE - MUSICAL INSTRUMENTS 7,954 0 0 7,954


    TY 2014 OtherProfessionalFeesSchedule
    Name:
    THE JOE R AND JOELLA F UTLEY FOUNDATION INC
    EIN: 57-0974104
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT MANAGEMENT FEES 24,519 24,519 24,519 0


    TY 2014 TaxesSchedule
    Name:
    THE JOE R AND JOELLA F UTLEY FOUNDATION INC
    EIN: 57-0974104
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAX PAID ON DIVIDENDS 168 168 168 0
    FEDERAL INCOME TAX ON INV INC 974 0 0 0