TY 2014 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Trust Treated as Private Foundation

Do not enter social security numbers on this form as it may be made public.
bullet

Information 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
CLIFTON FOUNDATION

Number and street (or P.O. box number if mail is not delivered to street address)400 AUSTIN AVENUE NO 1003 Room/suite

City or town, state or province, country, and ZIP or foreign postal code
WACO, TX76701

A Employer identification number

74-2832766

B Telephone number (see instructions)

(254) 741-6400

C If exemption application is pending, check here bullet

G Check all that apply: Initial returnInitial return of a former public charity
Final returnAmended return
Address changeName change

D 1. Foreign organizations, check here ............. bullet

2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet

E If private foundation status was terminated
under section 507(b)(1)(A), check here ....... bullet

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trustOther taxable private foundation

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) bullet

$2,802,069J Accounting method: Cash Accrual
Other (specify)Modified cash
(Part I, column (d) must be on cash basis.)

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here ....... bullet

	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	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach
	schedule)..............
2	Check
	Sch. B ...............
3	Interest on savings and temporary cash investments	400		400
4	Dividends and interest from securities......	67,958		67,958
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		132,255
b	Gross sales price for all assets on line 6a 3,376,047
7	Capital gain net income (from Part IV, line 2)...			132,255
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).......		3,208	3,208
12	Total. Add lines 1 through 11........	203,821		203,821
13	Compensation of officers, directors, trustees, etc.	30,079		27,979	2,100
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........		11,179	0	0
b	Accounting fees (attach schedule).......		750	375	375
c	Other professional fees (attach schedule)....		25,918	25,918	0
17	Interest...............	224		224	0
18	Taxes (attach schedule) (see instructions)...		2,546	1,039	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......		2,025	1,648	377
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	72,721		57,183	2,852
25	Contributions, gifts, grants paid........	149,630			149,630
26	Total expenses and disbursements. Add lines 24 and 25	222,351		57,183	152,482
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-18,530
b	Net investment income (if negative, enter -0-)			146,638
c	Adjusted net income (if negative, enter -0-)...

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2014)

Form 990-PF (2014)

Page 2

Part II		Balance Sheets	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...............	-3
	2	Savings and temporary cash investments..........	48,174	120,765	120,765
	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	111,667	0	0
	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)........	1,775,562	1,612,226	1,612,226
	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)...........	1,040,809	1,069,078	1,069,078
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	2,976,209	2,802,069	2,802,069
	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 )
	23	Total liabilities (add lines 17 through 22)..........	0	0
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted...................
	25	Temporarily restricted................
	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.........	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	2,976,209	2,802,069
	30	Total net assets or fund balances (see instructions)......	2,976,209	2,802,069
	31	Total liabilities and net assets/fund balances (see instructions)..	2,976,209	2,802,069

Part III	Analysis of Changes in Net Assets or Fund Balances
1	Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree
	with end-of-year figure reported on prior year’s return)...............	1	2,976,209
2	Enter amount from Part I, line 27a.....................	2	-18,530
3	Other increases not included in line 2 (itemize)	3	0
4	Add lines 1, 2, and 3..........................	4	2,957,679
5	Decreases not included in line 2 (itemize)	5	155,610
6	Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.	6	2,802,069

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	PIMCO UNCONSTRAINED BOND FD	P	2012-12-27	2014-02-26
b	PIMCO UNCONSTRAINED BOND FD	P	2012-12-27	2014-02-26
c	PIMCO UNCONSTRAINED BOND FD	P	2012-12-27	2014-02-26
d	PIMCO UNCONSTRAINED BOND FD	P	2012-12-27	2014-02-26
e	PIMCO UNCONSTRAINED BOND FD	P	2012-12-27	2014-02-26
	PIMCO UNCONSTRAINED BOND FD	P	2012-12-27	2014-02-26
	PIMCO UNCONSTRAINED BOND FD	P	2012-12-31	2014-02-26
	PIMCO UNCONSTRAINED BOND FD	P	2013-01-12	2014-02-26
	PIMCO UNCONSTRAINED BOND FD	P	2013-01-14	2014-02-26
	PIMCO UNCONSTRAINED BOND FD	P	2013-01-23	2014-02-26
	PIMCO UNCONSTRAINED BOND FD	P	2013-01-31	2014-02-26
	PIMCO UNCONSTRAINED BOND FD	P	2013-02-12	2014-02-26
	PIMCO UNCONSTRAINED BOND FD	P	2013-02-28	2014-02-26
	PIMCO UNCONSTRAINED BOND FD	P	2013-03-28	2014-02-26
	PIMCO UNCONSTRAINED BOND FD	P	2013-05-31	2014-02-26
	PIMCO UNCONSTRAINED BOND FD	P	2013-06-17	2014-02-26
	PIMCO UNCONSTRAINED BOND FD	P	2013-04-30	2014-02-26
	TEMPLETON GLOBAL BOND FUND CLASS A	P	2013-01-23	2014-04-16
	TEMPLETON GLOBAL BOND FUND CLASS A	P	2013-01-23	2014-05-05
	TEMPLETON GLOBAL BOND FUND CLASS A	P	2013-01-23	2014-05-05
	TEMPLETON GLOBAL BOND FUND CLASS A	P	2013-01-23	2014-05-05
	JPMORGAN STRATEGIC INCOME OPPORTUNITY A	P	2014-02-27	2014-11-05
	JPMORGAN STRATEGIC INCOME OPPORTUNITY A	P	2014-02-27	2014-07-14
	JPMORGAN STRATEGIC INCOME OPPORTUNITY A	P	2014-02-27	2014-10-13
	JPMORGAN STRATEGIC INCOME OPPORTUNITY A	P	2014-02-27	2014-12-22
	SCOUT UNCONSTRAINED BOND FD	P	2014-02-27	2014-10-13
	SCOUT UNCONSTRAINED BOND FD	P	2014-02-27	2014-12-22
	SCOUT UNCONSTRAINED BOND FD	P	2014-02-27	2014-05-05
	BBH CORE SELECT FUND CLASS N	P	2012-12-27	2014-04-07
	ISHARES DOW JONES UTILITIES SECTOR	P	2014-06-16	2014-08-04
	ISHARES DOW JONES UTILITIES SECTOR	P	2014-06-16	2014-07-21
	ISHARES DOW JONES UTILITIES SECTOR	P	2014-06-16	2014-08-04
	ISHARES DOW JONES UTILITIES SECTOR	P	2014-07-07	2014-08-04
	ISHARES DOW JONES UTILITIES SECTOR	P	2014-07-28	2014-08-04
	ISHARES DOW JONES ENERGY SECTOR	P	2013-10-14	2014-02-10
	ISHARES DOW JONES ENERGY SECTOR	P	2014-02-24	2014-06-09
	ISHARES DOW JONES ENERGY SECTOR	P	2013-01-08	2014-02-10
	ISHARES DOW JONES ENERGY SECTOR	P	2013-07-01	2014-02-10
	ISHARES DOW JONES ENERGY SECTOR	P	2013-08-26	2014-02-10
	ISHARES DOW JONES ENERGY SECTOR	P	2014-02-03	2014-02-10
	ISHARES DOW JONES ENERGY SECTOR	P	2013-10-28	2014-06-09
	ISHARES DOW JONES ENERGY SECTOR	P	2014-02-24	2014-06-13
	ISHARES DOW JONES ENERGY SECTOR	P	2014-02-24	2014-06-16
	ISHARES DOW JONES ENERGY SECTOR	P	2014-02-24	2014-07-21
	ISHARES DOW JONES ENERGY SECTOR	P	2014-02-24	2014-09-29
	ISHARES DOW JONES ENERGY SECTOR	P	2014-02-24	2014-08-04
	ISHARES DOW JONES ENERGY SECTOR	P	2014-02-24	2014-08-18
	ISHARES DOW JONES ENERGY SECTOR	P	2014-07-07	2014-09-29
	ISHARES DOW JONES ENERGY SECTOR	P	2014-07-28	2014-09-29
	ISHARES DOW JONES ENERGY SECTOR	P	2014-02-24	2014-08-11
	ISHARES DOW JONES ENERGY SECTOR	P	2013-09-16	2014-02-10
	ISHARES DOW JONES ENERGY SECTOR	P	2013-09-30	2014-06-09
	ISHARES US FINANCIALS	P	2014-12-08	2014-12-29
	ISHARES DOW JONES US HEALTHCARE	P	2013-07-22	2014-06-09
	ISHARES DOW JONES US HEALTHCARE	P	2013-09-16	2014-06-16
	ISHARES DOW JONES US HEALTHCARE	P	2013-10-14	2014-06-16
	ISHARES DOW JONES US HEALTHCARE	P	2014-02-03	2014-06-16
	ISHARES DOW JONES US HEALTHCARE	P	2014-02-03	2014-08-04
	ISHARES DOW JONES US HEALTHCARE	P	2014-02-10	2014-10-20
	ISHARES DOW JONES US HEALTHCARE	P	2014-07-07	2014-10-20
	ISHARES DOW JONES US HEALTHCARE	P	2014-07-28	2014-10-20
	ISHARES DOW JONES US HEALTHCARE	P	2014-09-29	2014-10-20
	ISHARES DOW JONES US HEALTHCARE	P	2014-10-13	2014-10-20
	ISHARES DOW JONES US HEALTHCARE	P	2013-07-22	2014-02-24
	ISHARES DOW JONES US HEALTHCARE	P	2013-07-22	2014-06-13
	ISHARES DOW JONES US HEALTHCARE	P	2013-08-26	2014-06-13
	ISHARES DOW JONES US HEALTHCARE	P	2013-09-16	2014-06-13
	ISHARES DOW JONES US HEALTHCARE	P	2014-02-03	2014-07-21
	ISHARES DOW JONES US HEALTHCARE	P	2014-02-03	2014-08-11
	ISHARES DOW JONES US HEALTHCARE	P	2014-02-10	2014-08-11
	ISHARES DOW JONES US HEALTHCARE	P	2014-02-10	2014-08-18
	ISHARES DOW JONES INDUSTRIALS SECTOR	P	2014-06-09	2014-07-07
	ISHARES DOW JONES INDUSTRIALS SECTOR	P	2013-01-08	2014-02-10
	ISHARES DOW JONES INDUSTRIALS SECTOR	P	2013-07-01	2014-02-10
	ISHARES DOW JONES INDUSTRIALS SECTOR	P	2013-08-26	2014-02-10
	ISHARES DOW JONES INDUSTRIALS SECTOR	P	2013-09-16	2014-02-10
	ISHARES DOW JONES INDUSTRIALS SECTOR	P	2013-10-14	2014-02-10
	ISHARES DOW JONES INDUSTRIALS SECTOR	P	2014-02-03	2014-02-10
	ISHARES DOW JONES INDUSTRIALS SECTOR	P	2014-06-09	2014-06-16
	ISHARES DOW JONES INDUSTRIALS SECTOR	P	2014-06-09	2014-06-13
	ISHARES DOW JONES INDUSTRIALS SECTOR	P	2014-07-21	2014-07-28
	ISHARES DOW JONES INDUSTRIALS SECTOR	P	2014-08-11	2014-10-20
	ISHARES DOW JONES INDUSTRIALS SECTOR	P	2014-07-14	2014-10-20
	ISHARES DOW JONES INDUSTRIALS SECTOR	P	2014-09-29	2014-10-20
	ISHARES DOW JONES INDUSTRIALS SECTOR	P	2014-10-13	2014-10-20
	ISHARES DOW JONES INDUSTRIALS SECTOR	P	2014-06-23	2014-07-28
	ISHARES DOW JONES TECHNOLOGY SECTOR	P	2013-01-28	2014-02-24
	ISHARES DOW JONES TECHNOLOGY SECTOR	P	2013-07-01	2014-02-24
	ISHARES DOW JONES TECHNOLOGY SECTOR	P	2013-07-01	2014-06-13
	ISHARES DOW JONES TECHNOLOGY SECTOR	P	2013-08-26	2014-06-13
	ISHARES DOW JONES TECHNOLOGY SECTOR	P	2013-09-16	2014-06-13
	ISHARES DOW JONES TECHNOLOGY SECTOR	P	2014-02-03	2014-08-04
	ISHARES DOW JONES TECHNOLOGY SECTOR	P	2013-07-01	2014-06-09
	ISHARES DOW JONES TECHNOLOGY SECTOR	P	2014-02-03	2014-08-11
	ISHARES DOW JONES TECHNOLOGY SECTOR	P	2014-02-10	2014-08-11
	ISHARES DOW JONES TECHNOLOGY SECTOR	P	2013-09-16	2014-06-16
	ISHARES DOW JONES TECHNOLOGY SECTOR	P	2013-10-14	2014-06-16
	ISHARES DOW JONES TECHNOLOGY SECTOR	P	2014-02-03	2014-06-16
	ISHARES DOW JONES TECHNOLOGY SECTOR	P	2014-02-03	2014-07-21
	ISHARES DOW JONES TECHNOLOGY SECTOR	P	2014-02-10	2014-08-18
	ISHARES DOW JONES TECHNOLOGY SECTOR	P	2014-02-10	2014-12-29
	ISHARES DOW JONES TECHNOLOGY SECTOR	P	2014-07-07	2014-12-29
	MATERIALS SELECT SECTOR SPDR	P	2013-01-08	2014-02-24
	MATERIALS SELECT SECTOR SPDR	P	2013-07-01	2014-02-24
	MATERIALS SELECT SECTOR SPDR	P	2013-08-26	2014-06-13
	MATERIALS SELECT SECTOR SPDR	P	2013-09-16	2014-06-13
	MATERIALS SELECT SECTOR SPDR	P	2014-02-03	2014-07-21
	MATERIALS SELECT SECTOR SPDR	P	2013-09-16	2014-06-16
	MATERIALS SELECT SECTOR SPDR	P	2013-10-14	2014-06-16
	MATERIALS SELECT SECTOR SPDR	P	2014-02-03	2014-06-16
	MATERIALS SELECT SECTOR SPDR	P	2014-02-10	2014-08-18
	MATERIALS SELECT SECTOR SPDR	P	2014-02-03	2014-08-04
	MATERIALS SELECT SECTOR SPDR	P	2014-02-10	2014-10-27
	MATERIALS SELECT SECTOR SPDR	P	2014-07-07	2014-10-27
	MATERIALS SELECT SECTOR SPDR	P	2014-07-28	2014-10-27
	MATERIALS SELECT SECTOR SPDR	P	2014-09-29	2014-10-27
	MATERIALS SELECT SECTOR SPDR	P	2014-10-13	2014-10-27
	MATERIALS SELECT SECTOR SPDR	P	2014-10-20	2014-10-27
	MATERIALS SELECT SECTOR SPDR	P	2014-02-03	2014-08-11
	MATERIALS SELECT SECTOR SPDR	P	2014-02-10	2014-08-11
	MATERIALS SELECT SECTOR SPDR	P	2013-07-01	2014-06-09
	MATERIALS SELECT SECTOR SPDR	P	2013-08-26	2014-06-09
	FINANCIALS SELECT SECTOR SPDR FND	P	2013-09-16	2014-06-16
	FINANCIALS SELECT SECTOR SPDR FND	P	2013-10-14	2014-06-16
	FINANCIALS SELECT SECTOR SPDR FND	P	2014-02-03	2014-06-16
	FINANCIALS SELECT SECTOR SPDR FND	P	2014-02-03	2014-07-21
	FINANCIALS SELECT SECTOR SPDR FND	P	2013-01-08	2014-02-24
	FINANCIALS SELECT SECTOR SPDR FND	P	2013-01-08	2014-06-09
	FINANCIALS SELECT SECTOR SPDR FND	P	2013-07-01	2014-06-09
	FINANCIALS SELECT SECTOR SPDR FND	P	2013-08-26	2014-06-09
	FINANCIALS SELECT SECTOR SPDR FND	P	2014-02-10	2014-08-18
	FINANCIALS SELECT SECTOR SPDR FND	P	2014-02-03	2014-08-11
	FINANCIALS SELECT SECTOR SPDR FND	P	2014-02-10	2014-08-11
	FINANCIALS SELECT SECTOR SPDR FND	P	2013-08-26	2014-06-13
	FINANCIALS SELECT SECTOR SPDR FND	P	2013-09-16	2014-06-13
	FINANCIALS SELECT SECTOR SPDR FND	P	2014-02-03	2014-08-04
	FINANCIALS SELECT SECTOR SPDR FND	P	2014-02-10	2014-10-20
	FINANCIALS SELECT SECTOR SPDR FND	P	2014-07-07	2014-10-20
	FINANCIALS SELECT SECTOR SPDR FND	P	2014-07-28	2014-10-20
	FINANCIALS SELECT SECTOR SPDR FND	P	2014-09-29	2014-10-20
	FINANCIALS SELECT SECTOR SPDR FND	P	2014-10-13	2014-10-20
	CONSUMER STAPLES SELECT SECTOR SPDR	P	2014-06-16	2014-07-28
	CONSUMER STAPLES SELECT SECTOR SPDR	P	2014-07-07	2014-07-28
	CONSUMER STAPLES SELECT SECTOR SPDR	P	2014-06-16	2014-07-21
	CONSUMER STAPLES SELECT SECTOR SPDR	P	2014-06-30	2014-08-18
	CONSUMER STAPLES SELECT SECTOR SPDR	P	2014-06-30	2014-12-29
	CONSUMER STAPLES SELECT SECTOR SPDR	P	2013-10-28	2014-02-03
	CONSUMER DISCRETIONARY SELECT SECTOR SPDR	P	2013-01-08	2014-02-03
	CONSUMER DISCRETIONARY SELECT SECTOR SPDR	P	2013-07-01	2014-02-03
	CONSUMER DISCRETIONARY SELECT SECTOR SPDR	P	2013-08-26	2014-02-03
	CONSUMER DISCRETIONARY SELECT SECTOR SPDR	P	2013-09-16	2014-02-03
	CONSUMER DISCRETIONARY SELECT SECTOR SPDR	P	2013-10-14	2014-02-03
	CONSUMER DISCRETIONARY SELECT SECTOR SPDR	P	2014-08-04	2014-10-13
	CONSUMER DISCRETIONARY SELECT SECTOR SPDR	P	2014-09-29	2014-10-13
	CONSUMER DISCRETIONARY SELECT SECTOR SPDR	P	2014-08-04	2014-08-18
	CONSUMER DISCRETIONARY SELECT SECTOR SPDR	P	2014-08-04	2014-08-11
	ANADARKO PETROLEUM	P	2013-01-03	2014-03-11
	APPROACH RESOURCES	P	2013-01-03	2014-06-30
	APPROACH RESOURCES	P	2013-01-03	2014-08-27
	APPROACH RESOURCES	P	2013-02-13	2014-08-27
	BAKER HUGHES INC	P	2013-07-01	2014-12-08
	CABOT OIL & GAS CORP.	P	2013-10-25	2014-06-25
	CALIFORNIA RESOURCES	P	2013-01-03	2014-12-01
	NOW INC.	P	2013-02-26	2014-06-03
	EOG RESOURCES, INC.	P	2013-04-18	2014-05-15
	EQT CORP.	P	2013-01-29	2014-02-10
	ENSCO PLC	P	2013-01-17	2014-01-27
	NATIONAL FUEL GAS	P	2013-04-03	2014-04-17
	ROWAN COMPANIES	P	2013-01-03	2014-10-17
	SUPERIOR ENERGY SERVICES	P	2014-02-10	2014-11-18
	STATOILHYDRO ASA	P	2013-06-20	2014-10-17
	LONG TERM CAPITAL GAIN DISTRIBUTIONS PER FORMS 1099	P	2013-05-05	2014-12-01
	SHORT TERM CAPITAL GAIN DISTRIBUTIONS PER FORMS 1099	P	2014-01-02	2014-12-01

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	291	301	-10
b	1,979	2,028	-49
c	33,569	34,379	-810
d	1,988	2,057	-69
e	215	215	0
	518	531	-13
	13	14	-1
	289	296	-7
	497	507	-10
	252,803	259,802	-6,999
	117	120	-3
	154,490	159,183	-4,693
	399	412	-13
	429	442	-13
	498	512	-14
	136,274	138,588	-2,314
	497	514	-17
	5,000	5,058	-58
	918	939	-21
	1,239	1,249	-10
	87,844	90,056	-2,212
	10,000	10,126	-126
	30,000	30,000	0
	5,000	5,064	-64
	15,000	15,257	-257
	4,981	5,123	-142
	14,981	15,653	-672
	29,981	30,206	-225
	20,000	16,088	3,912
	11,380	12,076	-696
	11,889	11,889	0
	71,250	75,244	-3,994
	2,153	2,260	-107
	28,090	29,496	-1,406
	11,929	11,929	0
	7,516	6,813	703
	29,445	25,992	3,453
	25,516	24,239	1,277
	10,746	10,557	189
	32,758	32,544	214
	13,927	12,704	1,223
	18,325	16,532	1,793
	29,814	26,602	3,212
	12,880	11,473	1,407
	40,851	39,427	1,424
	1,077	1,002	75
	11,648	10,671	977
	12,562	13,700	-1,138
	27,303	29,726	-2,423
	16,899	15,380	1,519
	9,515	9,515	0
	11,109	10,162	947
	37,749	37,704	45
	18,151	15,359	2,792
	8,803	7,632	1,171
	15,594	13,291	2,303
	4,779	4,479	300
	2,922	2,711	211
	45,303	41,924	3,379
	11,745	11,884	-139
	28,524	28,602	-78
	9,293	9,756	-463
	14,585	14,768	-183
	42,475	35,945	6,530
	2,888	2,453	435
	10,924	9,187	1,737
	3,013	2,617	396
	11,432	10,490	942
	9,156	8,486	670
	7,121	6,689	432
	12,597	11,466	1,131
	86,346	86,346	0
	34,640	26,713	7,927
	24,646	21,251	3,395
	9,412	8,564	848
	10,091	9,487	604
	13,778	12,904	874
	28,236	27,910	326
	30,283	30,830	-547
	16,020	16,260	-240
	2,648	2,664	-16
	1,457	1,562	-105
	80,533	87,487	-6,954
	13,892	14,527	-635
	16,126	15,889	237
	84,433	84,433	0
	36,183	28,690	7,493
	727	595	132
	3,159	2,456	703
	7,083	5,825	1,258
	6,892	5,686	1,206
	2,227	1,980	247
	26,706	20,691	6,015
	5,284	4,648	636
	10,567	9,504	1,063
	8,794	7,265	1,529
	13,860	11,540	2,320
	7,551	6,800	751
	14,272	12,396	1,876
	13,701	12,056	1,645
	46,309	38,280	8,029
	10,220	9,431	789
	29,764	24,796	4,968
	7,650	6,376	1,274
	7,070	5,963	1,107
	8,592	7,472	1,120
	12,637	11,111	1,526
	1,761	1,537	224
	14,532	12,598	1,934
	12,966	11,593	1,373
	12,408	11,133	1,275
	1,354	1,225	129
	41,158	39,054	2,104
	13,388	14,080	-692
	26,776	28,343	-1,567
	12,584	13,384	-800
	19,302	18,839	463
	56,912	56,641	271
	7,059	6,256	803
	10,810	9,831	979
	27,019	21,020	5,999
	1,987	1,656	331
	3,643	3,311	332
	15,380	13,830	1,550
	9,938	9,229	709
	13,315	12,173	1,142
	36,591	28,556	8,035
	137	102	35
	20,604	17,667	2,937
	3,457	3,031	426
	12,635	11,768	867
	7,285	6,786	499
	9,213	8,731	482
	8,260	7,326	934
	8,192	7,399	793
	2,259	2,130	129
	41,688	39,660	2,028
	13,687	14,056	-369
	29,496	30,146	-650
	12,415	12,922	-507
	12,526	12,707	-181
	73,172	73,172	0
	14,919	14,919	0
	12,852	12,818	34
	12,380	12,312	68
	50,548	45,515	5,033
	86,111	90,460	-4,349
	36,970	28,821	8,149
	19,137	17,568	1,569
	10,190	9,626	564
	9,879	9,651	228
	12,924	12,589	335
	81,994	84,432	-2,438
	12,940	13,595	-655
	12,508	12,203	305
	17,076	16,887	189
	8,501	7,688	813
	4,487	5,196	-709
	1,779	2,598	-819
	1,779	2,443	-664
	5,643	4,661	982
	6,807	7,230	-423
	284	277	7
	856	673	183
	10,345	5,661	4,684
	9,394	6,014	3,380
	5,136	6,050	-914
	7,006	5,855	1,151
	6,947	9,921	-2,974
	7,427	7,308	119
	9,217	8,445	772
	18,144		18,144
	723		723

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			-10
b			-49
c			-810
d			-69
e			0
			-13
			-1
			-7
			-10
			-6,999
			-3
			-4,693
			-13
			-13
			-14
			-2,314
			-17
			-58
			-21
			-10
			-2,212
			-126
			0
			-64
			-257
			-142
			-672
			-225
			3,912
			-696
			0
			-3,994
			-107
			-1,406
			0
			703
			3,453
			1,277
			189
			214
			1,223
			1,793
			3,212
			1,407
			1,424
			75
			977
			-1,138
			-2,423
			1,519
			0
			947
			45
			2,792
			1,171
			2,303
			300
			211
			3,379
			-139
			-78
			-463
			-183
			6,530
			435
			1,737
			396
			942
			670
			432
			1,131
			0
			7,927
			3,395
			848
			604
			874
			326
			-547
			-240
			-16
			-105
			-6,954
			-635
			237
			0
			7,493
			132
			703
			1,258
			1,206
			247
			6,015
			636
			1,063
			1,529
			2,320
			751
			1,876
			1,645
			8,029
			789
			4,968
			1,274
			1,107
			1,120
			1,526
			224
			1,934
			1,373
			1,275
			129
			2,104
			-692
			-1,567
			-800
			463
			271
			803
			979
			5,999
			331
			332
			1,550
			709
			1,142
			8,035
			35
			2,937
			426
			867
			499
			482
			934
			793
			129
			2,028
			-369
			-650
			-507
			-181
			0
			0
			34
			68
			5,033
			-4,349
			8,149
			1,569
			564
			228
			335
			-2,438
			-655
			305
			189
			813
			-709
			-819
			-664
			982
			-423
			7
			183
			4,684
			3,380
			-914
			1,151
			-2,974
			119
			772
			18,144
			723

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	132,255
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

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? Yes No

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	136,057	2,752,582	0.049429
2012	126,682	2,529,357	0.050085
2011	115,849	2,523,302	0.045912
2010	118,006	2,439,458	0.048374
2009	108,979	2,291,613	0.047556

2	Total of line 1, column (d) ......................	2	0.241356
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	0.048271
4	Enter the net value of noncharitable-use assets for 2014 from Part X, line 5.....	4	2,919,672
5	Multiply line 4 by line 3.......................	5	140,935
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6	1,466
7	Add lines 5 and 6.........................	7	142,401
8	Enter qualifying distributions from Part XII, line 4..............	8	152,482
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)

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	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	1,466
	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	1,466
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	1,466
6	Credits/Payments:

a	2014 estimated tax payments and 2013 overpayment credited to 2014	6a	1,320
b	Exempt foreign organizations—tax withheld at source.......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c	500
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	1,820
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.		8	1
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	353
11	Enter the amount of line 10 to be: Credited to 2015 estimated tax353	Refunded	11	0

Part VII-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see Instructions

for definition)?.................................

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.

Did the foundation file Form 1120-POL for this year?.....................

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

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers. bullet

$ 0

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If "Yes," attach a detailed description of the activities.

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....

Yes

Did the foundation have unrelated business gross income of $1,000 or more during the year?........

If "Yes," has it filed a tax return on Form 990-T for this year?...................

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If "Yes," attach the statement required by General Instruction T.

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?................

Yes

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..................................

Yes

Enter the states to which the foundation reports or with which it is registered (see instructions)

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 .

Yes

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.............................

Form 990-PF (2014)

Page 5

Part VII-A

Statements Regarding Activities (continued)

Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names

and addresses. ...............................

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) .............

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).................

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address bullet

N/A

The books are in care of bullet

JAMES R CLIFTON Telephone no. bullet

(254) 741-6400

Located at bullet

400 AUSTIN AVENUE SUITE 1003WACOTX ZIP+4 bullet

76701

Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —Check here......... bullet

and enter the amount of tax-exempt interest received or accrued during the year ...... bullet

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)

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

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? YesNo

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person?........................YesNo

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? YesNo

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? YesNo

(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)?.................YesNo

(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.).........YesNo

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)? ........

Organizations relying on a current notice regarding disaster assistance check here......... bullet

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?.............

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)):

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?...............YesNo

If "Yes," list the years bullet

20, 20, 20, 20

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.) ..............

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at

any time during the year?........................YesNo

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.)....................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

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?

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))? YesNo

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive?...............YesNo

(3) Provide a grant to an individual for travel, study, or other similar purposes? YesNo

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 4945(d)(4)(A)? (see instructions)..................YesNo

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals?........YesNo

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)? ......

Organizations relying on a current notice regarding disaster assistance check here......... bullet

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?............YesNo

If "Yes," attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on

a personal benefit contract?.......................YesNo

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....

If "Yes" to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction? YesNo

If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....

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
JAMES R CLIFTON	PRESIDENT 5.00	10,027	0	0
400 AUSTIN AVENUE SUITE 1003 WACO,TX76701	PRESIDENT 5.00	10,027	0	0
WILLIAM L CLIFTON JR	V/P 5.00	10,026	0	0
400 AUSTIN AVENUE SUITE 1003 WACO,TX76701	V/P 5.00	10,026	0	0
MARY L CLIFTON CHASE UNTIL 122014	SEC 0.00	0	0	0
3720 HERWOL WACO,TX76710	SEC 0.00	0	0	0
DAVID NEMEC	SEC/TREAS 5.00	10,026	0	0
400 AUSTIN AVENUE SUITE 1003 WACO,TX76701	SEC/TREAS 5.00	10,026	0	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
NONE









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

Part IX-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.		Expenses
1	N/A	0
2


3


4

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	N/A	0
2


All other program-related investments. See instructions.
3

Total. Add lines 1 through 3......................... bullet

Part X

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
see instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

2,799,020

Average of monthly cash balances.......................

165,114

Fair market value of all other assets (see instructions)................

Total (add lines 1a, b, and c).........................

2,964,134

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

2,964,134

Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see

instructions) .............................

44,462

Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4

2,919,672

Minimum investment return. Enter 5% of line 5..................

145,984

Part XI

Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here bullet

and do not complete this part.)

Minimum investment return from Part X, line 6....................

145,984

Tax on investment income for 2014 from Part VI, line 5......

1,466

Income tax for 2014. (This does not include the tax from Part VI.)...

Add lines 2a and 2b............................

1,466

Distributable amount before adjustments. Subtract line 2c from line 1............

144,518

Recoveries of amounts treated as qualifying distributions................

Add lines 3 and 4............................

144,518

Deduction from distributable amount (see instructions).................

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...

144,518

Part XII

Qualifying Distributions (see instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

152,482

Program-related investments—total from Part IX-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4

152,482

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).................

1,466

Adjusted qualifying distributions. Subtract line 5 from line 4..............

151,016

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)

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				144,518
2 Undistributed income, if any, as of the end of 2014:
a Enter amount for 2013 only.......			36,965
b Total for prior years:20, 20, 20		0
3 Excess distributions carryover, if any, to 2014:
a From 2009.......
b From 2010.......
c From 2011.......
d From 2012.......
e From 2013.......
fTotal of lines 3a through e.........	0
4Qualifying distributions for 2014 from Part
XII, line 4: $ 152,482
a Applied to 2013, but not more than line 2a				36,965
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.....				115,517
e Remaining amount distributed out of corpus	0
5 Excess distributions carryover applied to 2014.	0			0
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5	0
b Prior years’ undistributed income. Subtract line 4b from line 2b ...........		0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......		0
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........		0
e Undistributed income for 2013. Subtract line 4a from line 2a. Taxable amount—see instructions .............			0
f Undistributed income for 2014. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2015 ..........				29,001
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......	0
8Excess distributions carryover from 2009 not applied on line 5 or line 7 (see instructions) ...	0
9Excess distributions carryover to 2015. Subtract lines 7 and 8 from line 6a ......	0
10 Analysis of line 9:
a Excess from 2010....
b Excess from 2011....
c Excess from 2012....
d Excess from 2013....
e Excess from 2014....

Form 990-PF (2014)

Page 10

Part XIV

Private Operating Foundations (see instructions and Part VII-A, question 9)

1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2014, enter the date of the ruling....... bullet

b Check box to indicate whether the organization is a private operating foundation described in section4942(j)(3) or4942(j)(5)

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

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).)

JAMES R CLIFTON

WILLIAM L CLIFTON JR

MARY L CLIFTON CHASE UNTIL 122014

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

if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. (see instructions) to individuals or organizations under
other conditions, complete items 2a, b, c, and d.

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

JAMES R CLIFTON THE CLIFTON FOUNDAT
400 AUSTIN AVENUE SUITE 1003
WACO,TX76701
(254) 741-6400

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

OUTLINE OF CHARITABLE ACTIVITIES/PROGRAMS INCLUDING IRS TAX EXEMPTION LTR

cAny submission deadlines:

SEPTEMBER 1

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

NONE

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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
AMERICAN DIABETES ASSOCIATION 555 N CARANCAHUA SUITE 102 CORPUS CHRISTI,TX78401		PC	SPONSER EVENT	250
ASSOCIATION FOR RETARDED CITIZENS TEXAS PO BOX 3367 WACO,TX76707		PC	GENERAL USE	500
BRAZOS VALLEY PUBLIC BROADCASTING FOUNDATION--KWBU-FM ONE BEAR PLACE 97296 WACO,TX76798		PC	GENERAL USE	1,000
CARE NET PREGNANCY CENTER 4700 W WACO DRIVE WACO,TX76710		PC	CAPITAL PROJECTS	1,000
CARITAS OF WACO 300 SOUTH 15TH STREET WACO,TX76701		PC	GENERAL USE	37,000
CENTRAL TEXAS SENIOR MINISTRIES PO BOX 85 WACO,TX76703		PC	MEALS ON WHEELS	5,000
COMPASSION MINISTIES OF WACO INC 1421 AUSTIN AVENUE WACO,TX76701		PC	SPONSOR EVENT	1,500
CROSS CULTURE EXPERIENCES INC 1315 N 15TH STREET WACO,TX76707		PC	MISSION WACO	1,000
CROSS TIES MINISTRIES--TALITHA KOUM INSTITUTE PO BOX 2202 WACO,TX76703		PC	GENERAL USE	1,500
CULVER EDUCATIONAL FOUNDATION 1300 ACADEMY ROAD CULVER,IN46511		PC	GENERAL USE	10,000
DR PEPPER MUSEUM AND FREE ENTERPRISE INSTITUTE 300 SOUTH 5TH STREET WACO,TX76701		PC	GENERAL USE	1,000
DR PEPPER MUSEUM AND FREE ENTERPRISE INSTITUTE 300 SOUTH 5TH STREET WACO,TX76701		PC	CAPITAL CAMPAIGN	7,500
DUKE UNIVERSITY PO BOX 90581 DURHAM,NC27708		PC	TRINITY COLLEGE	1,000
EDUCATIONAL FOUNDATION INC PO BOX 309 CHAPEL HILL,NC27514		PC	GENERAL USE	1,000
FAMILY ABUSE CENTER PO BOX 20395 WACO,TX76702		PC	GENERAL USE	1,000
FORT WORTH ACADEMY 7301 DUTCH BRANCH ROAD FORT WORTH,TX76132		PC	GENERAL USE	1,000
FRIENDS FOR LIFE PO BOX 21902 WACO,TX76702		PC	GENERAL USE	1,500
FUZZY FRIENDS RESCUE PO BOX 20966 WACO,TX76702		PC	SPONSOR EVENT	500
HISTORIC WACO FOUNDATION INC 810 SOUTH 4TH STREET WACO,TX76706		PC	GENERAL USE	1,500
HOPE PRESERVED MINISTRIES 509 SHADY PARK TRAIL HEWITT,TX76643		PC	GENERAL USE	500
HUMANE SOCIETY OF CENTRAL TEXAS 2032 CIRCLE ROAD WACO,TX76706		PC	GENERAL USE	500
JUNIOR LEAGUE OF WACO 2600 AUSTIN AVENUE WACO,TX76710		PC	ENDOWMENT	1,000
K-LIFE MINISTERIES PO BOX 8577 WACO,TX76714		PC	GENERAL USE	500
KEEP WACO BEAUTIFUL INC PO BOX 1493 WACO,TX76703		PC	GENERAL USE	150
LAVEGA PIRATES EDUCATION FOUNDATION P O BOX 154897 WACO,TX76715		PC	GENERAL USE	750
MASSACHUSETTS INSTITUTE OF TECHNOLOGY 600 MEMORIAL DRIVE W98--2ND FLOOR CAMBRIDGE,MA02139		PC	SLOAN SCHOOL OF MANAGEMENT	1,000
MCLENNAN COMMUNITY COLLEGE FOUNDATION 1400 COLLEGE DRIVE WACO,TX76708		PC	GENERAL USE	1,000
MUSEUM OF THE BIBLE 7707 SW 44TH OKLAHOMA CITY,OK73179		PC	CAPITAL CAMPAIGN	1,000
NATIONAL PARKS CONSERVATION ASSOCIATION 1300 19TH STREET NW SUITE 300 WASHINGTON,DC20036		PC	GENERAL USE	2,500
PROVIDENCE FOUNDATION 6901 MEDICAL PARKWAY WACO,TX76712		PC	GENERAL USE	1,000
SOUTHERN METHODIST UNIVERSITY PO BOX 750356 DALLAS,TX75275		PC	TEMERLIN ADVERTISING INSTITUTE	1,000
SOUTHERN METHODIST UNIVERSITY PO BOX 750356 DALLAS,TX75275		PC	DAVID N. REED SCHOLARSHIP FUND	1,000
ST PAUL'S EPISCOPAL DAY SCHOOL 517 COLUMBUS AVENUE WACO,TX76701		PC	GENERAL USE	2,000
ST STEPHENS EPISCOPAL SCHOOL 6500 ST STEPHENS DRIVE AUSTIN,TX78746		PC	GENERAL USE	1,000
TEXAS MUSEUMS AND HALLS OF FAME FOUNDATION 1108 S UNIVERSITY WACO,TX76706		PC	SPONSOR EVENT	900
THE GREATER WACO INTERFAITH CONFERENCE PO BOX 21902 WACO,TX76702		PC	GENERAL USE	250
THE GREATER WACO UNITED FUND FOUNDATION 4224 COBBS DRIVE WACO,TX76710		SO I	ENDOWMENT	6,365
THE WACO FOUNDATION 1105 WOODED ACRES SUITE 701 WACO,TX76710		PC	GENERAL USE	5,000
THE WACO FOUNDATION 1105 WOODED ACRES SUITE 701 WACO,TX76710		PC	EDUCATION ALLIANCE FUND	5,000
THE WACO FOUNDATION 1105 WOODED ACRES SUITE 701 WACO,TX76710		PC	MAC SCHOLARSHIP FUND	5,000
UNITED SERVICE ORGANIZATIONS INC PO BOX 96860 WASHINGTON,DC20077		PC	GENERAL USE	2,500
UNITED WAY OF WACO-MCLENNAN COUNTY 4224 COBBS DRIVE WACO,TX76710		PC	GENERAL USE	6,365
UNIVERSITY OF SOUTH CAROLINA 1600 HAMPTON STREET COLUMBIA,SC29208		PC	JOURNALISM-MISC SCHOLARSHIPS	1,000
UNIVERSITY OF SOUTHERN CALIFORNIA PO BOX 80354 LOS ANGELES,CA90080		PC	USC ENGINEERING INNOVATION FUND	1,000
UNIVERSITY OF TEXAS--MD ANDERSON CANCER CENTER PO BOX 4486 HOUSTON,TX77210		PC	GENERAL USE	1,000
VANGUARD SCHOOL 2517 MT CARMEL WACO,TX76710		PC	GENERAL USE	1,500
VIRGINIA EPISCOPAL SCHOOL PO BOX 408 LYNCHBURG,VA24505		PC	GENERAL USE	1,000
WACO CHAMBER COMMUNITY DEVELOPMENT FND PO BOX 1220 WACO,TX76703		PC	THE MOMENTUM FUND	8,000
WACO FAMILY PRACTICE FOUNDATION 1600 PROVIDENCE DRIVE WACO,TX76707		SO I	SPONSOR EVENT	7,500
WACO MONTESSORI SCHOOL 1920 COLUMBUS AVENUE WACO,TX76701		PC	GENERAL USE	1,500
WISD EDUCATION FOUNDATION 501 FRANKLIN AVENUE WACO,TX76701		PC	GREATER WACO ADVANCED MFG ACADEMY	5,000
WORLD HUNGER RELIEF INC PO BOX 639 ELM MOTT,TX76640		PC	GENERAL USE	1,100
Total ................................. 3a				149,630

bApproved for future payment
CULVER EDUCATIONAL FOUNDATION 1300 ACADEMY ROAD CULVER,IN48511	PC	GENERAL USE	10,000
DR PEPPER MUSEUM AND FREE ENTERPRISE INSTITUTE 300 SOUTH 5TH STREET WACO,TX76701	PC	GENERAL USE	1,000
DR PEPPER MUSEUM AND FREE ENTERPRISE INSTITUTE 300 SOUTH 5TH STREET WACO,TX76701	PC	CAPITAL CAMPAIGN	7,500
PROSPER WACO 4904 BOSQUE BLVD SUITE 290 WACO,TX76710	PC	GENERAL USE	10,000
THE GREATER WACO UNITED FUND FOUNDATION 4224 COBBS DRIVE WACO,TX76710	SO I	ENDOWMENT FUND	6,365
THE WACO FOUNDATION 1105 WOODED ACRES SUITE 701 WACO,TX76710	PC	MAC SCHOLARSHIP FUND	5,000
UNITED WAY OF WACO-MCLENNAN COUNTY 4224 COBBS DRIVE WACO,TX76710	PC	GENERAL USE	6,365
WACO CHAMBER COMMUNITY DEVELOPMENT FND PO BOX 1220 WACO,TX76703	PC	THE MOMENTUM FUND	8,000
WACO FAMILY PRACTICE FOUNDATION 1600 PROVIDENCE DRIVE WACO,TX76707	SO I	SPONSOR EVENT	7,500
Total ................................. 3b			61,730

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	(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	400
4 Dividends and interest from securities....			14	67,958
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....
6 Net rental income or (loss) from personal property .............
7 Other investment income.....			14	3,208
8 Gain or (loss) from sales of assets other than inventory .............			18	132,255
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		203,821	0

13Total. Add line 12, columns (b), (d), and (e)..................

13203,821

(See worksheet in line 13 instructions to verify calculations.)

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	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)

Page 13

Part XVII

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

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

organizations?

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

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

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?...........YesNo

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.
				May the IRS discuss this return with the preparer shown below (see instr.)? Yes No
	Signature of officer or trustee	Date	Title

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.

Form 990-PF (2014)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2014 AccountingFeesSchedule

Name:

CLIFTON FOUNDATION

EIN: 74-2832766

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ACCOUNTING FEES	750	375		375

- TIN:

TY 2014 InvestmentsCorpStockSchedule

Name:

CLIFTON FOUNDATION

EIN: 74-2832766

Name of Stock	End of Year Book Value	End of Year Fair Market Value
SECURITIES	1,612,226	1,612,226

- TIN:

TY 2014 InvestmentsOtherSchedule2

Name:

CLIFTON FOUNDATION

EIN: 74-2832766

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
FIXED INCOME FUNDS	FMV	876,578	876,578
CAPITAL SPRINGS LP	FMV	192,500	192,500

- TIN:

TY 2014 LegalFeesSchedule

Name:

CLIFTON FOUNDATION

EIN: 74-2832766

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
LEGAL FEES	11,179	0		0

- TIN:

TY 2014 OtherDecreasesSchedule

Name:

CLIFTON FOUNDATION

EIN: 74-2832766

Description	Amount

- TIN:

TY 2014 OtherExpensesSchedule

Name:

CLIFTON FOUNDATION

EIN: 74-2832766

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
DUES	725	348	377
FEES	140	140	0
OTHER PORTFOLIO DEDUCTIONS-CAPITALSPRING	729	729	0
PORTFOLIO DEDUCTIONS-PROF FEES	431	431	0

- TIN:

TY 2014 OtherIncomeSchedule2

Name:

CLIFTON FOUNDATION

EIN: 74-2832766

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
MISCELLANEOUS INCOME	321	321	321
CAPITALSPRING DIRECT	2,887	2,887	2,887

- TIN:

TY 2014 OtherProfessionalFeesSchedule

Name:

CLIFTON FOUNDATION

EIN: 74-2832766

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT AND MANAGEMENT FEES	25,918	25,918		0

- TIN:

TY 2014 TaxesSchedule

Name:

CLIFTON FOUNDATION

EIN: 74-2832766

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FOREIGN TAXES	1,039	1,039		0
EXCISE TAX	1,507	0		0