TY 2014 Form 990PF

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)
	1	Contributions, gifts, grants, etc., received (attach
	schedule)..............	0
2	Check
	Sch. B ...............
3	Interest on savings and temporary cash investments	1,278	1,278
4	Dividends and interest from securities......	1,555,615	1,552,995
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		1,261,614
b	Gross sales price for all assets on line 6a 13,324,113
7	Capital gain net income (from Part IV, line 2)...		1,258,492
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).......		-130,613	-132,989
12	Total. Add lines 1 through 11........	2,687,894	2,679,776
	13	Compensation of officers, directors, trustees, etc.	230,259	11,513		218,746
14	Other employee salaries and wages......	276,384	5,598		284,445
15	Pension plans, employee benefits.......	144,517	7,226		137,291
16a	Legal fees (attach schedule).........		4,051	0		8,300
b	Accounting fees (attach schedule).......		47,571	9,215		40,083
c	Other professional fees (attach schedule)....		442,114	280,255		150,490
17	Interest...............	2,849	0		1,396
18	Taxes (attach schedule) (see instructions)...		35,418	14,512		799
19	Depreciation (attach schedule) and depletion...		1,800	0
20	Occupancy..............	104,986	5,249		98,600
21	Travel, conferences, and meetings.......	94,484	0		94,326
22	Printing and publications..........
23	Other expenses (attach schedule).......		82,360	23,411		37,386
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	1,466,793	356,979		1,071,862
25	Contributions, gifts, grants paid........	1,943,500			2,503,000
26	Total expenses and disbursements. Add lines 24 and 25	3,410,293	356,979		3,574,862
	27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-722,399
b	Net investment income (if negative, enter -0-)		2,322,797
c	Adjusted net income (if negative, enter -0-)...

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing...............	220,813	344,052	344,052
	2	Savings and temporary cash investments..........
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	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)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use...............
	9	Prepaid expenses and deferred charges...........	17,213	41,886	41,886
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule)........	45,563,184	44,633,685	44,633,685
	c	Investments—corporate bonds (attach schedule)........
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans..............
	13	Investments—other (attach schedule)...........	14,324,594	14,523,131	14,504,967
	14	Land, buildings, and equipment: basis 121,516
		Less: accumulated depreciation (attach schedule) 109,768	4,387	11,748	11,748
	15	Other assets (describe )	6,017	6,562	6,562
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	60,136,208	59,561,064	59,542,900
	17	Accounts payable and accrued expenses..........	246,420	242,796
	18	Grants payable..................	608,000	48,500
	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 )
	23	Total liabilities (add lines 17 through 22)..........	854,420	291,296
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted...................	59,280,476	59,267,963
	25	Temporarily restricted................	1,312	1,805
	26	Permanently restricted................
		Foundations that do not follow SFAS 117, check here
		and complete lines 27 through 31.
	27	Capital stock, trust principal, or current funds.........
	28	Paid-in or capital surplus, or land, bldg., and equipment fund
	29	Retained earnings, accumulated income, endowment, or other funds
	30	Total net assets or fund balances (see instructions)......	59,281,788	59,269,768
	31	Total liabilities and net assets/fund balances (see instructions)..	60,136,208	59,561,064

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	59,281,788
2	Enter amount from Part I, line 27a.....................	2	-722,399
3	Other increases not included in line 2 (itemize)	3	710,379
4	Add lines 1, 2, and 3..........................	4	59,269,768
5	Decreases not included in line 2 (itemize)	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	59,269,768

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	1,258,492
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 . . . . . . . . . . . . . . . .	3

1 Enter the appropriate amount in each column for each year; see instructions before making any entries.
2013	3,345,049	56,675,814	0.059021
2012	3,051,143	55,273,558	0.055201
2011	2,757,833	47,154,597	0.058485
2010	3,088,335	54,249,896	0.056928
2009	2,576,512	50,509,710	0.051010

2	Total of line 1, column (d) ......................	2	0.280645
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	0.056129
4	Enter the net value of noncharitable-use assets for 2014 from Part X, line 5.....	4	59,602,124
5	Multiply line 4 by line 3.......................	5	3,345,408
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6	23,228
7	Add lines 5 and 6.........................	7	3,368,636
8	Enter qualifying distributions from Part XII, line 4..............	8	3,574,862
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.

1a	Exempt operating foundations described in section 4940(d)(2), check hereand enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Domestic foundations that meet the section 4940(e) requirements in Part V, check	1	23,228
	hereand 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	23,228
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	23,228
6	Credits/Payments:

a	2014 estimated tax payments and 2013 overpayment credited to 2014	6a	86,661
b	Exempt foreign organizations—tax withheld at source.......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............	7	86,661
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.	8
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......	9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...	10	63,433
11	Enter the amount of line 10 to be: Credited to 2015 estimated tax63,433	Refunded	11	0

1 List all officers, directors, trustees, foundation managers and their compensation (see instructions).
CLARA SHIN	CHAIR 3.00	0	0	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105
SARAH STEIN	VICE CHAIR/SECRETARY 1.50	0	0	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105
MICK HELLMAN	SECOND VICE CHAIR 1.50	0	0	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105
ROBERT FRIEDMAN	TREASURER 1.50	0	0	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105
PHYLLIS COOK	BOARD MEMBER 1.50	0	0	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105
DANIEL GROSSMAN	BOARD MEMBER 1.50	0	0	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105
BENGAMIN TODD JEALOUS	BOARD MEMBER 1.50	0	0	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105
HERMA HILL KAY	BOARD MEMBER 1.50	0	0	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105
KATE KENDELL	BOARD MEMBER 1.50	0	0	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105
BILL LANN LEE	BOARD MEMBER 1.50	0	0	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105
SHAUNA MARSHALL	BOARD MEMBER 1.50	0	0	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105
HUGO MORALES	BOARD MEMBER 1.50	0	0	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105
ALBERT MORENO	BOARD MEMBER 1.50	0	0	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105
TIMOTHY SILARD	PRESIDENT 40.00	204,520	25,739	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105

2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
LATEEFAH SIMON	DIRECTOR CALIFORNIA' 40.00	118,192	33,122	0
131 STEUART STREET SUITE 650 SF,CA94105
LINDA MOLL	BUS./GRANTS MANAGER 40.00	86,373	25,587	0
131 STEUART STREET SUITE 650 SF,CA94105
TAMBOUSA GILMORE	EXEC. ASST./OFF. MAN 40.00	59,570	19,655	0
131 STEUART STREET SUITE 650 SF,CA94105




Total number of other employees paid over $50,000...................	0

		(a) Corpus	(b) Years prior to 2013	(c) 2013	(d) 2014
1 Distributable amount for 2014 from Part XI, line 7					2,962,878
2 Undistributed income, if any, as of the end of 2014:
a Enter amount for 2013 only.......				0
b Total for prior years:20, 20, 20			0
3 Excess distributions carryover, if any, to 2014:
a From 2009.......	59,207
b From 2010.......	380,184
c From 2011.......	472,587
d From 2012.......	322,072
e From 2013.......	568,658
fTotal of lines 3a through e.........		1,802,708
4Qualifying distributions for 2014 from Part
XII, line 4: $ 3,574,862
a Applied to 2013, but not more than line 2a					0
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.....					2,962,878
e Remaining amount distributed out of corpus		611,984
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		2,414,692
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 ..........					0
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......		0
8Excess distributions carryover from 2009 not applied on line 5 or line 7 (see instructions) ...		59,207
9Excess distributions carryover to 2015. Subtract lines 7 and 8 from line 6a ......		2,355,485
10 Analysis of line 9:
a Excess from 2010....	380,184
b Excess from 2011....	472,587
c Excess from 2012....	322,072
d Excess from 2013....	568,658
e Excess from 2014....	611,984

aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:

BUSINESS AND GRANT MANAGER
131 STEUART STREET SUITE 650
SAN FRANCISCO,CA94105
(415) 644-9777

bThe form in which applications should be submitted and information and materials they should include:

THE FOUNDATION ENCOURAGES LETTERS OF INQUIRY FOR PUBLIC-INTEREST ADVOCACY EFFORTS THAT WILL HELP MAKE CALIFORNIA A JUST AND ECONOMICALLY INCLUSIVE STATE AS ALIGNED WITH OUR GRANTMAKING PRIORITIES. LETTERS OF INQUIRY FOR PRELIMINARY RESEARCH AND PLANNING ALSO WILL BE ACCEPTED. LETTERS OF INQUIRY SHOULD BE LIMITED TO ONE TO TWO PAGES AND SHOULD INCLUDE THE FOLLOWING INFORMATION: 1) DESCRIPTION OF PROJECT AND ITS OBJECTIVES 2) DESCRIPTION OF SPONSORING ORGANIZATION 3)TOTAL REQUEST AMOUNT, PROJECT AMOUNT, AND SIZE OF AGENCY BUDGET. APPLICANTS SELECTED FROM THE LETTER OF INQUIRY PROCESS TO APPLY FOR A GRANT WILL BE CONTACTED AND GIVEN INSTRUCTIONS FOR SUBMITTING A FULL PROPOSAL. PROPOSALS ARE REVIEWED BY FOUNDATION STAFF AND ACTED ON BY THE BOARD OF DIRECTORS AT MEETINGS THROUGHOUT THE YEAR. THE FOUNDATION WILL ACT SELECTIVELY TO ENSURE THAT THE FOUNDATION'S RESOURCES ARE USED MOST EFFECTIVELY.

cAny submission deadlines:

NO DEADLINES.

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

IN ITS SOLE PROGRAM AREA, ECONOMIC INCLUSION AND HUMAN RIGHTS, THE ROSENBERG FOUNDATION CURRENTLY MAKES GRANTS TO FURTHER POLICY REFORM IN THREE PRIORITY AREAS JUSTICE AND PUBLIC SAFETY, IMMIGRANT RIGHTS AND INTEGRATION, AND JUSTICE FOR FARM WORKERS. PLEASE VISIT OUR GRANT PROGRAMS FOR MORE INFORMATION ON EACH OF THESE AREAS. FIT AND ELIGIBILITY - APPLICANTS MUST MEET THE FOLLOWING CRITERIA: 1) NONPROFIT ORGANIZATIONS THAT ARE TAX-EXEMPT UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE SERVICE CODE AND NOT CLASSIFIED AS A PRIVATE FOUNDATION UNDER SECTION 509(A) OF THE CODE; OR PUBLIC AGENCIES. 2) FOR ALL PROGRAM AREAS, BE BASED IN OR MANAGING SIGNIFICANT ACTIVITIES IN CALIFORNIA. 3) WORK TOWARD MISSIONS AND PROJECT GOALS THAT ARE CLEARLY ALIGNED WITH THE FOUNDATION'S GRANTMAKING PRIORITIES. THE ROSENBERG FOUNDATION DOES NOT PROVIDE GRANTS: 1) TO INDIVIDUALS OR TO FOR-PROFIT ENTITIES 2) FOR GENERAL FUNDRAISING BENEFITS AND EVENTS 3) FOR ENDOWMENT CAMPAIGNS

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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
MUJERES UNIDAS Y ACTIVAS 3543 18TH STREET SUITE 23 SAN FRANCISCO,CA94110		PC	AUGMENTATION GRANT	7,500
RESTAURANT OPPORTUNITIES CENTERS UNITED 350 7TH AVENUE SUITE 1504 NEW YORK,NY10001		PC	AUGMENTATION GRANT	7,500
MEXICAN AMERICAN LEGAL DEFENSE & ED FUND 634 S SPRING STREET LOS ANGELES,CA90014		PC	SUPPORT FOR NLIRA NATIONAL STRATEGY CONVENING	5,000
ELLA BAKER CENTER FOR HUMAN RIGHTS 1970 BROADWAY SUITE 450 OAKLAND,CA94612		PC	AUGMENTATION GRANT	10,000
MEXICAN AMERICAN LEGAL DEFENSE & ED FUND 634 S SPRING STREET LOS ANGELES,CA90014		PC	SUPPORT FOR NLIRA	10,000
BEYOND DIFFERENCES 336 BON AIR CENTER 436 GREENBRAE,CA94904		PC	SUPPORT FOR STRATEGIC PLANNING	6,700
COMMUNITY INITIATIVES 354 PINE STREET SAN FRANCISCO,CA94104		PC	OAKLAND RESTORATIVE JUSTICE NO-ENTRY AND REENTRY INITIATIVE	25,000
LEGAL SERVICES FOR PRISONERS WITH CHILDREN 1540 MARKET STREET SUITE 490 SAN FRANCISCO,CA94102		PC	GENERAL SUPPORT	40,000
THE WOMENS FOUNDATION OF CALIFORNIA 340 PINE ST SAN FRANCISCO,CA94104		PC	REDUCING THE INCARCERATION OF WOMEN IN CALIFORNIA	60,000
ALLIANCE FOR JUSTICE 11 DUPONT CIRCLE NORTHWEST 200 WASHINGTON,DC20036		PC	BOLDER ADVOCACY: INLAND EMPIRE AND ORANGE COUNTY	20,000
FARMWORKERS JUSTICE 1126 16TH STREET NW SUITE 270 WASHINGTON,DC20005		PC	GENERAL SUPPORT	100,000
MEXICAN AMERICAN LEGAL DEFENSE & ED FUND 634 S SPRING STREET LOS ANGELES,CA90014		PC	IMMIGRANTS' RIGHTS AND WORKERS' RIGHTS ENFORCEMENT AND POLICY CHANGE	75,000
MOBILIZE THE IMMIGRANT VOTE 436 14TH STREET SUITE 500 OAKLAND,CA94612		PC	GENERAL SUPPORT	30,000
UNITED FARM WORKER FOUNDATION 4545 E CESAR E CHAVEZ AVE LOS ANGELES,CA90022		PC	FARMWORKERS' IMMIGRATION REFORM CAMPAIGN	75,000
CLERGY AND LAITY UNITED FOR ECONOMIC JUSTICE - LOS ANGELES 1345 S BURLINGTON AVE SUITE 206 LOS ANGELES,CA90006		PC	AUGMENTATION GRANT	7,500
CENTER FOR YOUTH DEVELOPMENT THROUGH LAW 215 BOALT HALL BERKELEY,CA94720		PC	JUDGE HENRY RAMSEY, JR. SCHOLARSHIP	20,000
ASIAN LAW CAUCUS 55 COLUMBUS AVE SAN FRANCISCO,CA94111		PC	SUPPORT FOR THE ASPIRE RETREAT	1,000
SIERRA HEALTH FOUNDATION CENTER FOR HEALTH PROGRAM MANAGEMENT 1321 GARDEN HIGHWAY SACRAMENTO,CA95833		PC	CA EXECUTIVES' ALLIANCE TO EXPAND OPPORTUNITY FOR BOYS AND MEN OF COLOR	10,000
ELLA BAKER CENTER FOR HUMAN RIGHTS 1970 BROADWAY SUITE 450 OAKLAND,CA94612		PC	GENERAL SUPPORT	15,000
TIDES CENTER PO BOX 29198 SAN FRANCISCO,CA94129		PC	CALIFORNIANS FOR SAFETY AND JUSTICE	350,000
ASIAN PACIFIC AMERICAN LEGAL CENTER OF SO CALIFORNIA 1145 WILSHIRE BOULEVARD 2ND FLOOR LOS ANGELES,CA90017		PC	GENERAL SUPPORT OF THE CALIFORNIA IMMIGRANT POLICY CENTER	80,000
CLERGY AND LAITY UNITED FOR ECONOMIC JUSTICE - LOS ANGELES 1345 S BURLINGTON AVE SUITE 206 LOS ANGELES,CA90006		PC	LOS ANGELES CARWASHERO COMMUNITY ORGANIZING	22,500
DOLORES C HUERTA FOUNDATION PO BOX 2087 BAKERSFIELD,CA93303		PC	GENERAL SUPPORT	30,000
MUJERES UNIDAS Y ACTIVAS 3543 18TH STREET SUITE 23 SAN FRANCISCO,CA94110		PC	GENERAL SUPPORT	32,500
RESTAURANT OPPORTUNITIES CENTERS UNITED 350 7TH AVENUE SUITE 1504 NEW YORK,NY10001		PC	ROC OF THE BAY	22,500
UCLA CENTER FOR LABOR RESEARCH AND EDUCATION 675 S PARK VIEW ST LOS ANGELES,CA90057		PC	DREAM SUMMER 2014	30,000
VOTO LATINO PO BOX 18416 WASHINGTON,DC20036		PC	TREND YOUR VOICE AND CALIFORNIA POWER SUMMIT	30,000
THE WOMENS FOUNDATION OF CALIFORNIA 340 PINE ST SAN FRANCISCO,CA94104		PC	GRANT AUGMENTATION	2,300
WAREHOUSE WORKER RESOURCE CENTER 601 S MILLIKEN AVENUE SUITE A ONTARIO,CA91761		PC	GRANT AUGMENTATION	5,000
COUNCIL FOR STRONG AMERICA 70 E LAKE ST CHICAGO,IL60601		PC	FIGHT CRIME: INVEST IN KIDS	5,000
ADVANCEMENT PROJECT 1910 W SUNSET BLVD SUITE 500 LOS ANGELES,CA90026		PC	CALIFORNIA RACIAL JUSTICE SCORECARD	10,000
PICO NATIONAL NETWORK 171 SANTA ROSA AVENUE OAKLAND,CA94610		PC	LIVE FREE RESPONSE TO THE EVENTS IN FERGUSON, MO	10,000
COALITION FOR HUMANE IMMIGRANT RIGHTS TO LOS ANGELES 2533 W 3RD ST LOS ANGELES,CA90057		PC	NATIONAL IMMIGRATION INTEGRATION CONFERENCE	7,500
POLICY LINK 1438 WEBSTER STREET SUITE 303 OAKLAND,CA94612		PC	FURTHERING CHANGE WITHIN POLICE DEPARTMENTS	10,000
STRATEGIC CONCEPTS IN ORGANIZING & POLICY EDUCATION 1715 W FLORENCE AVE LOS ANGELES,CA90047		PC	SELF-CARE AND SOCIAL ACTIVISM	1,000
SIERRA HEALTH FOUNDATION CENTER FOR HEALTH PROGRAM MANAGEMENT 1321 GARDEN HIGHWAY SACRAMENTO,CA95833		PC	CA EXECUTIVES' ALLIANCE ON BOYS AND MEN OF COLOR	15,000
ASIAN LAW CAUCUS 55 COLUMBUS AVE SAN FRANCISCO,CA94111		PC	ASIAN STUDENTS PROMOTING IMMIGRANT RIGHTS THROUGH EDUCATION RENEWAL	30,000
GRANTMAKERS CONCERNED WITH IMMIGRANTS AND REFUGEES 777 TILTON ROAD SEBASTOPOL,CA95472		PC	CALIFORNIA IMMIGRANT INTEGRATION INITIATIVE	15,000
EDUCATION AND LEADERSHIP FOUNDATION 4290 E ASHLAN AVE FRESNO,CA93726		PC	START UP SUPPORT FOR THE CENTRAL VALLEY IMMIGRANT INTEGRATION COLLABORATIVE	30,000
IMMIGRANT LEGAL RESOURCE CENTER 1663 MISSION STREET SAN FRANCISCO,CA94103		PC	READY CALIFORNIA: CALIFORNIA CIR PLANNING AND IMPLEMENTATION	35,000
LA ALLIANCE FOR A NEW ECONOMY (LAANE) 464 LUCAS AVENUE SUITE 202 LOS ANGELES,CA90017		PC	JUSTICE FOR PORT TRUCK DRIVERS	50,000
WAREHOUSE WORKER RESOURCE CENTER 601 S MILLIKEN AVENUE SUITE A ONTARIO,CA91761		PC	WAREHOUSE WORKER CIVIC ENGAGAEMENT PROGRAM	40,000
ASIAN AMERICANSPACIFIC ISLANDERS IN PHILANTHROPY 211 SUTTER STREET SUITE 600 SAN FRANCISCO,CA94108		PC	GENERAL SUPPORT	1,000
BAY AREA BLACKS IN PHILANTHROPY 200 PINE STREET SAN FRANCISCO,CA94104		PC	SUPPORT FOR BABIP C/O COMMUNITY INITIATIVES FISCAL SPONSOR	250
ASSOCIATION OF BLACK FOUNDATION EXECUTIVES 333 7TH AVENUE 14TH FLOOR NEW YORK,NY10001		PC	BAY AREA JUSTICE FUNDERS NETWORK	750
COMMON COUNSEL FOUNDATION 405 FOURTEENTH STREET SUITE 809 OAKLAND,CA94612		PC	GENERAL SUPPORT	500
COUNCIL ON FOUNDATIONS 2121 CRYSTAL DRIVE SUITE 700 ARLINGTON,VA22202		PC	BAY AREA SUPPORT	2,000
FOUNDATION CENTER 79 FIFTH AVENUE NEW YORK,NY10003		PC	GENERAL SUPPORT	2,000
FUNDERS FOR LGBTQ ISSUES 116 EAST 16TH STREET 7TH FLOOR NEW YORK,NY10003		PC	GENERAL SUPPORT	1,000
GRANTMAKERS CONCERNED WITH IMMIGRANTS AND REFUGEES 777 TILTON ROAD SEBASTOPOL,CA95472		PC	GENERAL SUPPORT	1,000
GRANTS MANAGERS NETWORK 141 HOMESTEAD AVE METAIRIE,LA70005		PC	GENERAL SUPPORT	1,000
HISPANICS IN PHILANTHROPY 55 2ND STREET SUITE 1500 SAN FRANCISCO,CA94105		PC	GENERAL SUPPORT	1,000
INDEPNDENT SECTOR 1602 L STREET NW SUITE 900 WASHINGTON,DC20036		PC	GENERAL SUPPORT	500
NATIONAL COMMITTEE FOR RESPONSIVE PHILANTHROPY 1331 H STREET SUITE 200 WASHINGTON,DC20005		PC	GENERAL SUPPORT	2,500
NATIVE AMERICANS IN PHILANTHROPY 2801 21ST STREET SOUTH SUITE 132D MINNEAPOLIS,MN55407		PC	GENERAL SUPPORT	1,000
NEIGHBORHOOD FUNDERS GROUP 1301 CONNECTIVUT AVENUE NW STUIE 500 WASHINGTON,DC20036		PC	GENERAL SUPPORT	1,000
NOTHERN CALIFORNIA GRANTMAKERS 625 MARKET STREEET 15TH FLOOR SAN FRANCISCO,CA94105		PC	GENERAL SUPPORT	2,000
MOBILIZE THE IMMIGRANT VOTE 436 14TH STREET SUITE 500 OAKLAND,CA94612		PC	AUGMENTATION GRANT	3,000
MEXICAN AMERICAN LEGAL DEFENSE & ED FUND 634 S SPRING STREET LOS ANGELES,CA90014		PC	AUGMENTATION OF GRANT 2014-12	15,000
NATIONAL ASSOCIATION OF BLACK JOURNALISTS 1100 KNIGHT HALL SUITE 3100 COLLEGE PARK,MD20742		PC	MEDIA INSTITUTE	2,500
FAMILY VIOLENCE APPELLATE PROJECT 1814 FRANKLIN STREET SUITE 805 OAKLAND,CA94612		PC	GENERAL SUPPORT IN HONOR OF LESLIE LUTTGENS	20,000
CENTER ON JUVENILE AND CRIMINAL JUSTICE 40 BOARDMAN PLACE SAN FRANCISCO,CA94103		PC	STATEWIDE DATA ANALYSIS MAPPING ON COUNTY SENTENCING PRACTICES	5,000
INSIGHT PRISON PROJECT 199 GREENFIELD AVE SAN RAFAEL,CA94901		PC	GENERAL SUPPORT	5,000
PUBLIC CONCERN FOUNDATION 55 FIFTH AVENUE 18TH FLOOR NEW YORK,NY10003		PC	SUPPORT OF LOW-WAGE WORKERS TO SEE THE DOCUMENTARY, "FOOD CHAINS"	1,500
COMMUNITY COALTION FOR SUBSTANCE ABUSE PREVENTION AND TREATMENT 8101 S VERMONT AVENUE LOS ANGELES,CA90044		PC	CRIMINAL JUSTICE REFORM PROJECT	75,000
NATIONAL EMPLOYMENT LAW PROJECT 405 14TH ST 401 OAKLAND,CA94612		PC	SECOND CHANCE LABOR PROJECT - JUSTICE FOR ALL REENTRY	60,000
TIDES CENTER PO BOX 29198 SAN FRANCISCO,CA94129		PC	AUGMENTATION GRANT	100,000
CALIFORNIA RURAL LEGAL ASSISTANCE FOUNDATION 2210 K STREET SUITE 201 SACRAMENTO,CA95816		PC	CALIFORNIA ADVOCACY FOR FARM WORKERS	50,000
MEXICAN AMERICAN LEGAL DEFENSE & ED FUND 634 S SPRING STREET LOS ANGELES,CA90014		PC	CAPACITY BUILSING AND LEADERSHIP DEVELOPMENT FOR THE CALIFORNIA IMMIGRANT YOUTH JUSTICE ALLIANCE	60,000
NATIONAL COUNCIL OF LA RAZA RAUL YZAGUIRRE PLAZA 1126 16TH NW SUITE 600 WASHINGTON,DC20036		PC	CALIFORNIA CRIMINAL JUSTICE REFORM PROJECT	100,000
SAN DIEGO LGBT COMMUNITY CENTER 3909 CENTRE ST SAN DIEGO,CA92103		PC	GENERAL SUPPORT FOR ENGAGE SAN DIEGO	30,000
ADVANCEMENT PROJECT 1910 W SUNSET BLVD SUITE 500 LOS ANGELES,CA90026		PC	REPORT ON POLICING	10,000
Total ................................. 3a				1,943,000

(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
1 a	PUBLICLY TRADED SECURITIES
b	HRJ CAPITAL VC VI INTL L.P	P
c	CAPITAL DYNAMICS CHAMPION VENTURES VI, L.P.	P
d	HRJ GLOBAL BUY-OUT III (ASIA), LP	P
e	HRJ GLOBAL BUY OUT III (EUROPE), LP	P
	HRJ GLOBAL BUY-OUT III (US), LP	P
	HRJ SPECIAL OPPORTUNITIES II INTL, LP	P
	HRJ SPECIAL OPPORTUNITIES II LP	P
	METROPOLITAN REAL ESTATE PARTNERS INTL II	P
	METROPOLITAN REAL ESTATE PARTNERS V	P
	NEW ENTERPRISE ASSOCIATES VI, LP	P
	1607 CAPITAL INTERNATIONAL EQUITY FUND	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	13,324,113	12,683,591	640,522
b			64,855
c			248,883
d			72,169
e			15,922
			76,585
			10,009
			59,139
			43,923
			-8,412
			7
			34,890

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			640,522
b			64,855
c			248,883
d			72,169
e			15,922
			76,585
			10,009
			59,139
			43,923
			-8,412
			7
			34,890

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
CHANGE CONSULTING BILEN MESFIN	STRATEGIC COMM.	101,660
214 GRANT AVENUE APT 48 OAKLAND,CA94610	STRATEGIC COMM.	101,660

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	IN 2014, ROSENBERG FOUNDATION PROVIDED DIRECT CHARITABLE ASSISTANCE TO MORE THAN 20 GRANTEES, NON-GRANTEE ORGANIZATIONS AND COLLBORATIVES. THE FOUNDATION'S STAFF SUCCEEDED IN ASSISTING NON-PROFIT ORGANIZATIONS IN ATTRACTING FINANCIAL SUPPORT BY HELPING THEM LEVERAGE FUNDS FROM OTHER FOUNDATIONS AND MAJOR DONORS. FOUNDATION STAFF HAVE ALSO HELPED BUILD THE CAPACITY OF MANY OF THESE NON-PROFIT ORGANIZATIONS BY PROVIDING LEADERSHIP COACHING, STRATEGIC CONSULTING, AND ORGANIZATIONAL OVERSIGHT.	333,794
2


3


4

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	3,345,049	56,675,814	0.059021
2012	3,051,143	55,273,558	0.055201
2011	2,757,833	47,154,597	0.058485
2010	3,088,335	54,249,896	0.056928
2009	2,576,512	50,509,710	0.051010

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
CLARA SHIN	CHAIR 3.00	0	0	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105	CHAIR 3.00	0	0	0
SARAH STEIN	VICE CHAIR/SECRETARY 1.50	0	0	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105	VICE CHAIR/SECRETARY 1.50	0	0	0
MICK HELLMAN	SECOND VICE CHAIR 1.50	0	0	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105	SECOND VICE CHAIR 1.50	0	0	0
ROBERT FRIEDMAN	TREASURER 1.50	0	0	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105	TREASURER 1.50	0	0	0
PHYLLIS COOK	BOARD MEMBER 1.50	0	0	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105	BOARD MEMBER 1.50	0	0	0
DANIEL GROSSMAN	BOARD MEMBER 1.50	0	0	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105	BOARD MEMBER 1.50	0	0	0
BENGAMIN TODD JEALOUS	BOARD MEMBER 1.50	0	0	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105	BOARD MEMBER 1.50	0	0	0
HERMA HILL KAY	BOARD MEMBER 1.50	0	0	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105	BOARD MEMBER 1.50	0	0	0
KATE KENDELL	BOARD MEMBER 1.50	0	0	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105	BOARD MEMBER 1.50	0	0	0
BILL LANN LEE	BOARD MEMBER 1.50	0	0	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105	BOARD MEMBER 1.50	0	0	0
SHAUNA MARSHALL	BOARD MEMBER 1.50	0	0	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105	BOARD MEMBER 1.50	0	0	0
HUGO MORALES	BOARD MEMBER 1.50	0	0	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105	BOARD MEMBER 1.50	0	0	0
ALBERT MORENO	BOARD MEMBER 1.50	0	0	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105	BOARD MEMBER 1.50	0	0	0
TIMOTHY SILARD	PRESIDENT 40.00	204,520	25,739	0
131 STEUART STREET SUITE 650 SAN FRANCISCO,CA94105	PRESIDENT 40.00	204,520	25,739	0

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
LATEEFAH SIMON	DIRECTOR CALIFORNIA' 40.00	118,192	33,122	0
131 STEUART STREET SUITE 650 SF,CA94105	DIRECTOR CALIFORNIA' 40.00	118,192	33,122	0
LINDA MOLL	BUS./GRANTS MANAGER 40.00	86,373	25,587	0
131 STEUART STREET SUITE 650 SF,CA94105	BUS./GRANTS MANAGER 40.00	86,373	25,587	0
TAMBOUSA GILMORE	EXEC. ASST./OFF. MAN 40.00	59,570	19,655	0
131 STEUART STREET SUITE 650 SF,CA94105	EXEC. ASST./OFF. MAN 40.00	59,570	19,655	0




Total number of other employees paid over $50,000...................				0

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	(e) Total

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

bApproved for future payment
BAY AREA JUSTICE FUNDERS NETWORK 436 14TH STREET SUITE 700 OAKLAND,CA94612	PC	GENERAL SUPPORT	500
Total ................................. 3b			500

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	(e) Related or exempt function income (See instructions.)
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	1,278
4 Dividends and interest from securities....	900099	2,620	14	1,552,995
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 .............	900099	3,122	18	1,258,492
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: aMISCELLANEOUS RECEIPTS			01	1,121
bOTHER INCOME FROM PARTNERSHIP (UNRELATED BUSINESS INCOME)	900099	-4,745
cGRANTS CANCELED			01	6,000
dOTHER INCOME FROM PARTNERSHIP			01	-132,989
e
12 Subtotal. Add columns (b), (d), and (e)..		997		2,686,897	0

Paid Preparer Use Only	Print/Type preparer's name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name Firm's address			Firm's EIN
				Phone no.

Name of Stock	End of Year Book Value	End of Year Fair Market Value
OSTERWEIS STRATEGIC	7,321,269	7,321,269
ACTAVIS PLC	301,170	301,170
AIR LEASE CORP CL A	506,415	506,415
ALLEGHANY CORP DEL	451,912	451,912
AMERICAN WATER WORKS CO	619,879	619,879
ATMEL CORP	0	0
BAYER A G SPONSORED ADRF	501,518	501,518
BED BATH & BEYOND	0	0
BOEING CO	371,093	371,093
CALIFORNIA RES CORP	12,420	12,420
CHARTER COMMUNITY CL A NEW	501,526	501,526
CINEMARK HOLDINGS INC	591,339	591,339
COSAN LIMITED	0	0
CROWN HOLDINGS INC	578,733	578,733
DIAGEO PLC NEW ADR	484,882	484,882
DIRECTV	461,677	461,677
EBAY INC	360,852	360,852
GOOGLE INC CLASS A	238,797	238,797
GOOGLE INC CI C NON VOTING	236,880	236,880
HEALTH SOUTH CORP NEW	302,680	302,680
HOLOGIC INC	0	0
JOHNSON & JOHNSON	663,497	663,497
KINDER MORGAN INC	702,134	702,134
LIBERTY INTERACTIVE A	418,794	418,794
LIBERTY INTERACTIVE CP A	76,308	76,308
MARKS & SPENCER NEW ADRF	0	0
MOTOROLA SOLUTIONS INC	0	0
NEW RESIDENTIAL INV CORP	315,445	315,445
NEW SENIOR INV GROUP INC	265,273	265,273
NEWCASTLE INVESTMENT CP	55,465	55,465
NOVARTIS A G SPON ADR F	236,746	236,746
NRG YIELD INC	633,797	633,797
OCCIDENTAL PETE CORP	454,237	454,237
ORACLE CORPORATION	0	0
OWENS ILLINOIS INC NEW	398,103	398,103
P H H CORPORATION	334,362	334,362
PLAINS GP HLDGS LP	367,096	367,096
QUESTAR CORPORATION	543,141	543,141
STONEGATE MORTGAGE CORP	95,082	95,082
SYMETRA FINANCIAL INC	0	0
TELEFLEX INCORPORATED	711,310	711,310
TRI POINTE HOMES INC	28,670	28,670
TRIUMPH GROUP INC NEW	325,345	325,345
UNILEVER N V NY SHS NEWF	515,914	515,914
VALEANT PHARMA INTL F	625,391	625,391
VIACOM INC CL B NEW	465,421	465,421
VTTA ENERGY PARTNERS	322,518	322,518
XEROX CORP	0	0
DIGITAL REALTY TRUST INC	440,232	440,232
PIMCO TOTAL RETURN FUND	0	0
DOUBLE CORE FIXED	3,664,900	3,664,900
VANGUARD INTERM TERM	3,681,768	3,681,768
IVA INTL FUND	941,264	941,264
MERGER FUND	0	0
VANGUARD DIV GROWTH FD	1,049,422	1,049,422
VANGUARD REIT	210,600	210,600
VANGUARD FTSE ETF	893,968	893,968
WELLS FARGO ADVANTAGE EMERGING MARKET	1,380,661	1,380,661
AMG YACKTMAN FUND SERVICE	1,056,730	1,056,730
ISHARES TR BOND	2,299,677	2,299,677
ISHARES TR MSCI EAFE FUND	0	0
SPDR GOLD TRUST	0	0
VANGUARD ENERGY ETF	2,079,146	2,079,146
VANGUARD FTSE EMERGING	1,395,056	1,395,056
VANGUARD TOTAL STOCK MKT	2,040,394	2,040,394
CASH RESERVE PREMIUM IN SCHWAB ACCT	1,102,776	1,102,776

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
AMERICAN CENTURY GIFTTRUST INVESTMENTS	FMV	1,805	1,805
1607 CAPITAL PARTNERS INTERNATIONAL EQUITY	FMV	3,427,441	3,427,441
HRJ CAPITAL VC VI (INT'L)	FMV	812,630	812,630
HRJ CAPITAL VC VI (U.S.)	FMV	1,773,439	1,773,441
HRJ GLOBAL BUY-OUT III (ASIA)	FMV	278,166	278,165
HRJ GLOBAL BUY-OUT III (EUROPE)	FMV	301,205	301,204
HRJ GLOBAL BUY-OUT III (U.S.)	FMV	393,112	393,112
HRJ SPECIAL OPPORTUNITIES II (INT'L)	FMV	249,661	249,661
HRJ SPECIAL OPPORTUNITIES II (U.S.)	FMV	448,664	448,664
METROPOLITAN REAL ESTATE PARTNERS II	FMV	598,680	622,267
METROPOLITAN REAL ESTATE PARTNERS V	FMV	612,742	570,991
NEW ENTERPRISE ASSOCIATES VI	FMV	0	0
WEATHERLOW OFFSHORE FUND I LTD. CLASS IA	FMV	0	0
MAGNITUDE INTERNATIONAL CLASS A SHARES	FMV	3,884,876	3,884,876
METRO V DISTRIBUTION	FMV	0	0
PALOMA INTERNATIONAL LTD	FMV	1,036,884	1,036,884
RIMROCK	FMV	703,826	703,826

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
OFFICE SUPPLIES	17,706	885	16,796
FURNITURE & EQUIPMENT EXPENSE	3,108	155	2,953
TELEPHONE/POSTAGE/DELIVERY	9,818	491	9,280
COMPUTER SOFTWARE	5,765	288	5,552
BOARD MEETING EXPENSES	4,771	477	5,774
INSURANCE	12,071	1,208	-5,070
PROFESSIONAL DEVELOPMENT	2,027	0	911
SUBSCRIPTIONS & MEMBERSHIPS	1,207	0	1,190
OTHER K1 DEDUCTIONS	25,887	19,907	0

Software ID:
Software Version:

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
MISCELLANEOUS RECEIPTS	1,121		1,121
OTHER INCOME FROM PARTNERSHIP (UNRELATED BUSINESS INCOME)	-4,745		-4,745
GRANTS CANCELED	6,000		6,000
OTHER INCOME FROM PARTNERSHIP	-132,989	-132,989	-132,989

Category	Amount	Net Investment Income	Disbursements for Charitable Purposes
COMMUNICATIONS/MEDIA CONSULTING	101,660	0	92,460
PROGRAM RELATED STRATEGIC CONSULTING	7,315	0	7,915
COPY EDITING	3,310	0	3,310
INVESTMENT MANAGEMENT	128,776	128,776	0
INVESTMENT ADVISOR FEE	150,000	150,000	0
IT/COMPUTER CONSULTING	6,800	0	6,660
WEBSITE/PUBLICATIONS DESIGN	13,946	0	11,317
PAYROLL SERVICES	1,863	0	1,863
STAFF RETREAT STRATEGIC PLANNING	4,563	0	4,563
TEMPORARY HELP	6,650	0	6,650
PHOTHOGRAPHER	2,650	0	2,650
EMPLOYMENT CONSULTANT	5,000	0	5,000
OTHER CONSULTING FEES	8,102	0	8,102
OTHER INVESTMENT FEES	1,479	1,479	0

Category	Amount	Net Investment Income	Disbursements for Charitable Purposes
EXCISE TAX	20,084	0	0
TAXES PER SCHEDULE K-1S	7,871	7,848	0
PROPERTY TAXES	799	0	799
FOREIGN TAXES	6,664	6,664	0