Form990-PF

Department of the Treasury
Internal Revenue Service

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

Number and street (or P.O. box number if mail is not delivered to street address)203 N LASALLE STREETROOM/SUITE 1550Room/suite
City or town, state or province, country, and ZIP or foreign postal code
CHICAGO, IL60601
A Employer identification number

36-3740650
B Telephone number (see instructions)

(312) 661-9100
C bullet
G Check all that apply:

D 1. bullet
2. bullet
E bullet
H Check type of organization:
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$182,139J Accounting method:
 
(Part I, column (d) must be on cash basis.)
F bullet
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach
schedule).............. 11,498
2 Check bullet
Sch. B ...............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities...... 3,371 3,371  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment 16,185
b Gross sales price for all assets on line 6a 54,248
7 Capital gain net income (from Part IV, line 2)... 6,086
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule).......      
12 Total. Add lines 1 through 11........ 31,054 9,457  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc.        
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 1,889      
c Other professional fees (attach schedule).... Click to see attachment 1,335      
17 Interest...............        
18 Taxes (attach schedule) (see instructions)...        
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 74      
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 3,298 0   0
25 Contributions, gifts, grants paid........ 59,097 59,097
26 Total expenses and disbursements. Add lines 24 and 25 62,395 0   59,097
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -31,341
b Net investment income (if negative, enter -0-) 9,457
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2014)
Form 990-PF (2014)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............... 1,220 157 157
2 Savings and temporary cash investments.......... 1,170 618 618
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges...........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........ 146,772 Click to see attachment117,023 181,364
c Investments—corporate bonds (attach schedule)........      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)...........      
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 149,162 117,798 182,139
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable..................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)..........   0
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted...................    
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds.........    
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds 149,162 117,798
30 Total net assets or fund balances (see instructions)...... 149,162 117,798
31 Total liabilities and net assets/fund balances (see instructions).. 149,162 117,798
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)............... 1 149,162
2 Enter amount from Part I, line 27a..................... 2 -31,341
3 Other increases not included in line 2 (itemize) bullet 3  
4 Add lines 1, 2, and 3.......................... 4 117,821
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 23
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 117,798
Form 990-PF (2014)
Form 990-PF (2014)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1a
b
c
d
e
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a
b
c
d
e
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
b
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 6,086
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 . . . . . . . . . . . . . . . . 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2013 65,014 217,979 0.298258
2012 82,330 211,456 0.389348
2011 60,597 246,343 0.245986
2010 113,813 269,137 0.422881
2009 105,594 303,735 0.347652
2 Total of line 1, column (d) ...................... 2 1.704125
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 0.340825
4 Enter the net value of noncharitable-use assets for 2014 from Part X, line 5..... 4 192,605
5 Multiply line 4 by line 3....................... 5 65,645
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 95
7 Add lines 5 and 6......................... 7 65,740
8 Enter qualifying distributions from Part XII, line 4.............. 8 59,097
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See
the Part VI instructions.
Form 990-PF (2014)
Form 990-PF (2014)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)
1a Bulletand enter “N/A" on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 189
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2  
3 Add lines 1 and 2........................... 3 189
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 189
6 Credits/Payments:
a 2014 estimated tax payments and 2013 overpayment credited to 2014 6a 73
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 116
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 189
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet   RefundedBullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see Instructions
for definition)?.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
 
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletIL
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2014 or the taxable year beginning in 2014 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
     
    No
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. Click to see attachment...............................
    10
    Yes
     
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see instructions) .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement (see instructions).................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletY JUDD AZULAY Telephone no.bullet (312) 661-9100
    Located atbullet203 N LASALLE ST STE 1550CHICAGOIL ZIP+4bullet60601
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16 At any time during calendar year 2014, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country?
    16   No
    See instructions for exceptions and filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If "Yes", enter the name of the foreign country bullet  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see instructions)? ........
    1b
     
     
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2014?.............
    1c
     
     
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2014, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2014?...............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?........................
    b
    If "Yes," did it have excess business holdings in 2014 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2014.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
     
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2014?
    4b
     
     
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? (see instructions)..................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see instructions)? ......
    5b
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?............
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.......................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to
    employee benefit plans
    and deferred compensation     		(e) Expense account,
    other allowances
    Y JUDD AZULAY PRESIDENT
    1.00     		0 0 0
    203 N LASALLE STREET SUITE 1550
    CHICAGO,IL60601
    GLADYS AZULAY VICE PRES
    0.25     		0 0 0
    203 N LASALLE STREET SUITE 1550
    CHICAGO,IL60601
    IRA AZULAY VICE PRES
    0.50     		0 0 0
    203 N LASALLE STREET SUITE 1550
    CHICAGO,IL60601
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet  
    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
     
    2  
    3  
    4  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 8
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1 N/A  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet  
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    193,723
    b
    Average of monthly cash balances.......................
    1b
    1,815
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    195,538
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
     
    3
    Subtract line 2 from line 1d.........................
    3
    195,538
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    2,933
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    192,605
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    9,630
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    9,630
    2a
    Tax on investment income for 2014 from Part VI, line 5......
    2a
    189
    b
    Income tax for 2014. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    189
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    9,441
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    9,441
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    9,441
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    59,097
    b
    Program-related investments—total from Part IX-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    59,097
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see instructions).................
    5
     
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    59,097
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2013     		(c)
    2013     		(d)
    2014
    1 Distributable amount for 2014 from Part XI, line 7 9,441
    2 Undistributed income, if any, as of the end of 2014:
    a Enter amount for 2013 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2014:
    a From 2009....... 90,567
    b From 2010....... 100,414
    c From 2011....... 48,352
    d From 2012....... 71,889
    e From 2013....... 54,253
    fTotal of lines 3a through e......... 365,475
    4Qualifying distributions for 2014 from Part
    XII, line 4: bullet$ 59,097
    a Applied to 2013, but not more than line 2a  
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions).........     		 
    d Applied to 2014 distributable amount..... 9,441
    e Remaining amount distributed out of corpus 49,656
    5 Excess distributions carryover applied to 2014.    
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 415,131
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		 
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		 
    e Undistributed income for 2013. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2014. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2015 ..........     		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) .......     		 
    8Excess distributions carryover from 2009 not
    applied on line 5 or line 7 (see instructions) ...     		90,567
    9Excess distributions carryover to 2015.
    Subtract lines 7 and 8 from line 6a ......     		324,564
    10 Analysis of line 9:
    a Excess from 2010.... 100,414
    b Excess from 2011.... 48,352
    c Excess from 2012.... 71,889
    d Excess from 2013.... 54,253
    e Excess from 2014.... 49,656
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2014, enter the date of the ruling.......bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2014 (b) 2013 (c) 2012 (d) 2011
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used
    directly for active conduct of exempt activities ...........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    Y JUDD AZULAY
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    AHAVAT TORAH CONGREGATION
    PO BOX 442
    SANTA MONICA,CA90406     		NONE RELIGIOUS GENERAL 440
    AMERICAN FRIENDS OF ALYN HOSPITAL
    122 EAST 42ND STREET
    NEW YORK,NY10168     		NONE CHARITABLE GENERAL 100
    AMERICAN FRIENDS OF SHILOH ISRAEL
    PO BOX 212
    SUFFERN,NY10901     		NONE CHARITABLE GENERAL 54
    ANSHE EMET SCHOOL BERNARD ZELL
    3751 N BROADWAY STREET
    CHICAGO,IL60613     		NONE EDUCATION GENERAL 500
    CHABAD OF SCOTTSDALE
    10215 N SCOTTSDALE ROAD
    PARADISE VALLEY,AZ85253     		NONE CHARITABLE GENERAL 2,420
    CHMOL
    5225 NEW UTRECHT AVENUE
    BROOKLYN,NY11219     		NONE CHARITABLE GENERAL 26
    FRIENDS OF UNITED HATZALAH OF ISRAE
    208 EAST 51ST STREET
    NEW YORK,NY10022     		NONE CHARITABLE GENERAL 36
    HILLEL - UNIV WIS - MADISON
    611 LANGDON STREET
    MADISON,WI53703     		NONE CHARITABLE EDUCATION 900
    HILLEL TORAH
    7120 N LARAMIE AVENUE
    SKOKIE,IL60077     		NONE CHARITABLE GENERAL 10,197
    JEWISH DAY SCH GUAR TR FD
    30 S WELLS STREET
    CHICAGO,IL60606     		NONE CHARITABLE EDUCATION 9,000
    JEWISH NATIONAL FUND
    60 REVERE DRIVE
    NORTHBROOK,IL60062     		NONE CHARITABLE GENERAL 540
    KUSHNER HEBREW ACADEMY
    110 S ORANGE AVENUE
    LIVINGSTON,NJ07039     		NONE CHARITABLE GENERAL 22,500
    NADVORNA-ARAD INSTITUTE
    AM FRIENDS OF ARAD INSTITUTE
    50 W 58TH STREET
    NEW YORK,NY10019     		NONE EDUCATION GENERAL 1,880
    NATIONAL JEWISH HEALTH
    100 N LASALLE STREET
    CHICAGO,IL60602     		NONE CHARITABLE GENERAL 18
    OR TORAH CONGREGATION
    3800 DEMPSTER AVENUE
    SKOKIE,IL60076     		NONE CHARITABLE GENERAL 2,950
    OR TORAH WOMEN
    3800 DEMPSTER AVENUE
    SKOKIE,IL60076     		NONE CHARITABLE GENEAL 25
    ORTHODOX UNION
    11 BROADWAY
    NEW YORK,NY10004     		NONE EDUCATION GENERAL 100
    PAN MASSACHUSETTS CHALLENGE
    77 FOURTH AVENUE
    NEEDHAM,MA02494     		NONE CHARITABLE GENERAL 180
    PARDES JEWISH DAY SCHOOL
    12753 N SCOTTSDALE ROAD
    SCOTTSDALE,AZ85254     		NONE EDUCATION GENERAL 6,237
    REFUAH YESHUA
    1469 42ND STREET
    BROOKLYN,NY11219     		NONE CHARITABLE GENERAL 18
    RELIGIOUS ZIONISTS OF CHICAGO
    3740 W DEMPSTER AVENUE
    SKOKIE,IL60076     		NONE CHARITABLE GENERAL 230
    TAM INSTITUTE FOR JEWISH STUDIES
    EMORY UNIVERSITY
    201 DOWMAN DRIVE
    ATLANTA,GA30322     		NONE EDUCATION GENERAL 100
    TORAH MITZION KOLLEL OF CHICAGO
    2828 W PRATT
    CHICAGO,IL60645     		NONE CHARITABLE GENERAL 360
    TREE OF LIFE CONGREGATION
    5334 E THUNDERBIRD ROAD
    SCOTTSDALE,AZ85254     		NONE RELIGIOUS GENERAL 260
    YACHAD
    11 BROADWAY
    NEW YORK,NY10004     		NONE CHARITABLE GENERAL 26
    Total .................................bullet 3a 59,097
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3
    Interest on savings and temporary cash investments ............     		         
    4 Dividends and interest from securities....     14 3,371  
    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 .............     		    14 6,086 10,099
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aROUNDING          
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   9,457 10,099
    13Total. Add line 12, columns (b), (d), and (e)..................
    1319,556
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political
    Yes
    No
    organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If "Yes," complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's namebullet



    Firm's addressbullet







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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description
    Schedule B
    (Form 990, 990-EZ,
    or 990-PF)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors
    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    Arrow Bullet Information about Schedule B (Form 990, 990-EZ, or 990-PF) and its instructions is at www.irs.gov/form990.
    OMB No. 1545-0047
    2014
    Name of the organization
    AZULAY FAMILY FOUNDATION
    C/O Y JUDD AZULAY
    Employer identification number

    36-3740650
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ





    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......... Arrow Bullet $  
    Caution. An organization that is not covered by the General Rule and/or the Special Rules does not file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its
    Form 990-EZ or on its Form 990PF, Part I, line 2, to certify that it does not meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2014)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)
    Page 2
    Name of organization
    AZULAY FAMILY FOUNDATION
    C/O Y JUDD AZULAY         		Employer identification number

    36-3740650
    Part I
    Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    1
     
     

    Y JUDD AZULAY  
    203 N LASALLE STREET SUITE 1550
     
    CHICAGO, IL60601

    		$9,080


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

       
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

       
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

       
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

       
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

       
     
     

    		$  


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)
    Page 3
    Name of organization
    AZULAY FAMILY FOUNDATION
    C/O Y JUDD AZULAY         		Employer identification number

    36-3740650
    Part II
    Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)
    Page 4
    Name of organization
    AZULAY FAMILY FOUNDATION
    C/O Y JUDD AZULAY         		Employer identification number

    36-3740650
    Part III
    Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10)
    that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a) No.
    from
    Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a) No.
    from
    Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a) No.
    from
    Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a) No.
    from
    Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

    Additional Data


    Software ID:  
    Software Version:  

    TY 2014 AccountingFeesSchedule
    Name:
    AZULAY FAMILY FOUNDATION
    C/O Y JUDD AZULAY
    EIN: 36-3740650
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 1,889      

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

    TY 2014 GainLossSaleOtherAssetsSch
    Name:
    AZULAY FAMILY FOUNDATION
    C/O Y JUDD AZULAY
    EIN: 36-3740650
    Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
    COLUMBIA SELECT LG CP VALUE A; 14.82 2009-07 PURCHASE 2014-01   315 162     153  
    AMERICAN CENT GROWTH INV; 111.488 2011-06 PURCHASE 2014-04   3,689 2,910     779  
    BLACKROCK LOW DUR BD INV SVC 45.047 2005-10 PURCHASE 2014-04   441 447     -6  
    BLACKROCK LOW DUR BD INV SVC 9.285 2005-10 PURCHASE 2014-04   91 92     -1  
    BLACKROCK LOW DUR BD INV SVC 9.327 2005-11 PURCHASE 2014-04   91 92     -1  
    BLACKROCK LOW DUR BD INV SVC 35.395 2005-12 PURCHASE 2014-04   346 349     -3  
    BLACKROCK LOW DUR BD INV SVC 16.794 2005-12 PURCHASE 2014-04   164 166     -2  
    BLACKROCK LOW DUR BD INV SVC 46.364 2006-01 PURCHASE 2014-04   453 458     -5  
    BLACKROCK LOW DUR BD INV SVC 10.214 2006-01 PURCHASE 2014-04   100 101     -1  
    BLACKROCK LOW DUR BD INV SVC 5.161 2006-02 PURCHASE 2014-04   50 51     -1  
    BLACKROCK LOW DUR BD INV SVC 69.855 2006-02 PURCHASE 2014-04   683 687     -4  
    COLUMBIA SELECT LG CP VALUE A 71.578 2009-07 PURCHASE 2014-04   1,557 784     773  
    DWS RREEF REAL ESTATE SEC A 50.165 2011-08 PURCHASE 2014-04   1,103 889     214  
    GAVELLI EQ INC AAA 46.472 2004-11 PURCHASE 2014-04   1,346 769     577  
    JP MORGAN MID CAP VALUE A 1.153 2007-10 PURCHASE 2014-04   41 32     9  
    JP MORGAN MID CAP VALUE A 8.604 2007-10 PURCHASE 2014-04   305 236     69  
    JP MORGAN MID CAP VALUE A 1.803 2007-10 PURCHASE 2014-04   64 49     15  
    JP MORGAN MID CAP VALUE A 15.274 2007-11 PURCHASE 2014-04   541 395     146  
    JP MORGAN MID CAP VALUE A 66.452 2007-12 PURCHASE 2014-04   2,354 1,595     759  
    JP MORGAN MID CAP VALUE A 3.058 2007-12 PURCHASE 2014-04   108 73     35  
    JP MORGAN MID CAP VALUE A 4.525 2007-12 PURCHASE 2014-04   160 109     51  
    JP MORGAN MID CAP VALUE A 15.548 2008-01 PURCHASE 2014-04   551 349     202  
    METROPOLITANWST TOT RET BD M 254.454 2011-08 PURCHASE 2014-04   2,728 2,679     49  
    RS PARTNERS A 18.353 2006-12 PURCHASE 2014-04   737 650     87  
    RS PARTNERS A 1.172 2006-12 PURCHASE 2014-04   47 42     5  
    RS PARTNERS A 0.417 2006-12 PURCHASE 2014-04   17 15     2  
    RS PARTNERS A 5.142 2007-01 PURCHASE 2014-04   207 180     27  
    RS PARTNERS A 4.396 2007-03 PURCHASE 2014-04   177 161     16  
    RS PARTNERS A 3.399 2007-07 PURCHASE 2014-04   137 132     5  
    RS PARTNERS A 26.485 2007-10 PURCHASE 2014-04   1,064 962     102  
    RS PARTNERS A 1.770 2007-10 PURCHASE 2014-04   71 63     8  
    SCHRODER INTL ALPHA ADV 207.045 2013-02 PURCHASE 2014-04   2,518 2,265     253  
    T ROWE PRICE EQI-INC ADV 4.459 2005-10 PURCHASE 2014-04   148 119     29  
    T ROWE PRICE EQI-INC ADV 14.703 2005-12 PURCHASE 2014-04   489 384     105  
    T ROWE PRICE EQI-INC ADV 2.018 2005-12 PURCHASE 2014-04   67 53     14  
    T ROWE PRICE EQI-INC ADV 1.441 2005-12 PURCHASE 2014-04   48 38     10  
    T ROWE PRICE EQI-INC ADV 1.957 2006-01 PURCHASE 2014-04   65 52     13  
    T ROWE PRICE EQI-INC ADV 1.153 2006-03 PURCHASE 2014-04   38 31     7  
    T ROWE PRICE EQI-INC ADV 0.865 2006-03 PURCHASE 2014-04   29 24     5  
    T ROWE PRICE EQI-INC ADV 0.432 2006-03 PURCHASE 2014-04   14 12     2  
    T ROWE PRICE EQI-INC ADV 4.143 2006-04 PURCHASE 2014-04   138 112     26  
    T ROWE PRICE EQI-INC ADV 1.649 2006-06 PURCHASE 2014-04   55 43     12  
    T ROWE PRICE EQI-INC ADV 1.525 2006-09 PURCHASE 2014-04   51 43     8  
    T ROWE PRICE EQI-INC ADV 1.084 2006-10 PURCHASE 2014-04   36 31     5  
    T ROWE PRICE EQI-INC ADV 4.083 2006-11 PURCHASE 2014-04   136 122     14  
    THORNBURG INTL VALUE A 69.85 2012-07 PURCHASE 2014-04   2,091 1,761     330  
    JP MORGAN MID CAP VALUE A 0.769 2008-01 PURCHASE 2014-07   29 17     12  
    JP MORGAN MID CAP VALUE A 5.969 2008-04 PURCHASE 2014-07   221 134     87  
    JP MORGAN MID CAP VALUE A 0.66 2008-05 PURCHASE 2014-07   24 16     8  
    AMER CENT GROWTH INV 94.265 2011-06 PURCHASE 2014-09   3,274 2,460     814  
    BLACKROCK LOW DUR BD INV SVC 4.827 2006-02 PURCHASE 2014-09   47 48     -1  
    BLACKROCK LOW DUR BD INV SVC 10.266 2006-03 PURCHASE 2014-09   100 101     -1  
    BLACKROCK LOW DUR BD INV SVC 45.683 2006-04 PURCHASE 2014-09   446 449     -3  
    BLACKROCK LOW DUR BD INV SVC 10.347 2006-04 PURCHASE 2014-09   101 102     -1  
    BLACKROCK LOW DUR BD INV SVC 6.638 2006-05 PURCHASE 2014-09   65 65        
    BLACKROCK LOW DUR BD INV SVC 5.321 2006-06 PURCHASE 2014-09   52 52        
    BLACKROCK LOW DUR BD INV SVC 5.897 2006-07 PURCHASE 2014-09   58 58        
    BLACKROCK LOW DUR BD INV SVC 5.938 2006-08 PURCHASE 2014-09   58 58        
    BLACKROCK LOW DUR BD INV SVC 29.645 2006-09 PURCHASE 2014-09   290 292     -2  
    BLACKROCK LOW DUR BD INV SVC 5.929 2006-09 PURCHASE 2014-09   58 58        
    BLACKROCK LOW DUR BD INV SVC 20.557 2006-10 PURCHASE 2014-09   201 202     -1  
    BLACKROCK LOW DUR BD INV SVC 6.022 2014-10 PURCHASE 2014-09   59 59        
    BLACKROCK LOW DUR BD INV SVC 13.294 2006-11 PURCHASE 2014-09   130 131     -1  
    BLACKROCK LOW DUR BD INV SVC 52.859 2006-11 PURCHASE 2014-09   516 521     -5  
    COLUMBIA SEL LARGE CAP VAL Z 59.016 2009-07 PURCHASE 2014-09   1,400 667     733  
    DEUTSCHE REAL ESTATE SECSS 40.893 2011-08 PURCHASE 2014-09   919 728     191  
    GABELLI EQ INC AAA 0.661 2004-11 PURCHASE 2014-09   19 11     8  
    GABELLI EQ INC AAA 0.892 2004-11 PURCHASE 2014-09   26 16     10  
    GABELLI EQ INC AAA 0.254 2004-12 PURCHASE 2014-09   7 4     3  
    GABELLI EQ INC AAA 7.393 2004-12 PURCHASE 2014-09   218 129     89  
    GABELLI EQ INC AAA 1.873 2004-12 PURCHASE 2014-09   55 33     22  
    GABELLI EQ INC AAA 0.564 2004-12 PURCHASE 2014-09   17 10     7  
    GABELLI EQ INC AAA 0.928 2005-01 PURCHASE 2014-09   27 16     11  
    GABELLI EQ INC AAA 0.893 2005-02 PURCHASE 2014-09   26 16     10  
    GABELLI EQ INC AAA 0.910 2005-03 PURCHASE 2014-09   27 16     11  
    GABELLI EQ INC AAA 0.907 2005-04 PURCHASE 2014-09   27 16     11  
    GABELLI EQ INC AAA 0.896 2005-05 PURCHASE 2014-09   26 16     10  
    GABELLI EQ INC AAA 0.885 2005-06 PURCHASE 2014-09   26 16     10  
    GABELLI EQ INC AAA 0.867 2005-07 PURCHASE 2014-09   26 16     10  
    GABELLI EQ INC AAA 1.586 2005-08 PURCHASE 2014-09   47 28     19  
    GABELLI EQ INC AAA 0.875 2005-08 PURCHASE 2014-09   26 16     10  
    GABELLI EQ INC AAA 0.868 2005-09 PURCHASE 2014-09   26 16     10  
    GABELLI EQ INC AAA 0.909 2005-10 PURCHASE 2014-09   27 16     11  
    GABELLI EQ INC AAA 5.573 2005-11 PURCHASE 2014-09   164 100     64  
    GABELLI EQ INC AAA 0.880 2005-11 PURCHASE 2014-09   26 16     10  
    GABELLI EQ INC AAA 5.762 2005-12 PURCHASE 2014-09   170 105     65  
    GABELLI EQ INC AAA 0.894 2005-12 PURCHASE 2014-09   26 16     10  
    GABELLI EQ INC AAA 1.795 2006-01 PURCHASE 2014-09   53 33     20  
    JP MORGAN MID CAP VALUES S 0.721 2008-05 PURCHASE 2014-09   27 17     10  
    JP MORGAN MID CAP VALUES S 2.730 2008-08 PURCHASE 2014-09   103 61     42  
    JP MORGAN MID CAP VALUES S 41.184 2008-12 PURCHASE 2014-09   1,550 613     937  
    JP MORGAN MID CAP VALUES S 3.955 2008-12 PURCHASE 2014-09   149 58     91  
    JP MORGAN MID CAP VALUES S 17.323 2009-06 PURCHASE 2014-09   652 257     395  
    JP MORGAN MID CAP VALUES S 19.653 2009-10 PURCHASE 2014-09   740 367     373  
    METROPOLITAN WST TOT RET BD M 231.40 2011-08 PURCHASE 2014-09   2,497 2,437     60  
    RS PARTNERS Y 25.074 2007-10 PURCHASE 2014-09   1,012 906     106  
    RS PARTNERS Y 10.545 2007-11 PURCHASE 2014-09   426 359     67  
    RS PARTNERS Y 2.242 2007-12 PURCHASE 2014-09   91 70     21  
    RS PARTNERS Y 2.142 2007-12 PURCHASE 2014-09   86 67     19  
    SCHRODER INTL ALPHA ADV 193.174 2013-02 PURCHASE 2014-09   2,390 2,113     277  
    T ROWE PRICE EQI-INC ADV 0.599 2006-11 PURCHASE 2014-09   21 18     3  
    T ROWE PRICE EQI-INC ADV 8.238 2006-12 PURCHASE 2014-09   282 243     39  
    T ROWE PRICE EQI-INC ADV 1.700 2006-12 PURCHASE 2014-09   58 50     8  
    T ROWE PRICE EQI-INC ADV 0.915 2006-12 PURCHASE 2014-09   31 27     4  
    T ROWE PRICE EQI-INC ADV 2.909 2007-01 PURCHASE 2014-09   100 86     14  
    T ROWE PRICE EQI-INC ADV 1.247 2007-01 PURCHASE 2014-09   43 37     6  
    T ROWE PRICE EQI-INC ADV 10.359 2007-03 PURCHASE 2014-09   355 312     43  
    T ROWE PRICE EQI-INC ADV 4.069 2007-03 PURCHASE 2014-09   139 119     20  
    T ROWE PRICE EQI-INC ADV 1.405 2007-03 PURCHASE 2014-09   48 41     7  
    THORNBURG INTL VALUE A 76.917 2012-07 PURCHASE 2014-09   2,336 1,939     397  
    METROPOLITAN WST TOT RET BD M 20.657 2011-08 PURCHASE 2014-10   225 218     7  

    TY 2014 InvestmentsCorpStockSchedule
    Name:
    AZULAY FAMILY FOUNDATION
    C/O Y JUDD AZULAY
    EIN: 36-3740650
    Name of Stock End of Year Book Value End of Year Fair Market Value
    AMER CENT GRW ADV 554.343; 440.143 11,779 12,663
    BLACKROCK LOW DUR1505.219; 1059.183 10,311 10,253
    BRISTOL MYERS SQUIBB 100 2,600 5,903
    BRISTOL MYERS SQUIBB 100 2,243 5,903
    BRISTOL MYERS SQUIBB 250 6,267 14,758
    BRISTOL MYERS SQUIBB 50 1,119 2,952
    COLUMBIA SELECT LG 373.246; 224.953 2,948 5,300
    DWS RREEF RE SEC A 255.255; 178.326 3,369 4,233
    FELCOR LODGING TRUST INC 275 6,395 2,976
    GABELLI FUND EQ 228.224; 150.776 3,173 4,475
    JP MORGAN MID CAP 561.174; 377.597 8,375 13,896
    METROPOLITAN WST BD 1505.83;1028.155 10,891 11,207
    MYLAN 100 1,091 5,637
    MYLAN 112.5 1,740 6,342
    MYLAN 225 3,486 12,683
    MYLAN 337.5 3,385 19,025
    PFIZER 350 7,138 10,903
    RS PARTNERS FUND 313.656; 255.664 7,815 8,168
    SCHRODER INTL ALPHA ADV 1230.4; 890. 9,721 9,630
    T ROWE PRICE EQUITY 137.384; 198.760 3,607 4,506
    THORNBURG INTL VALUE A 483.196; 363. 9,570 9,951

    TY 2014 OtherDecreasesSchedule
    Name:
    AZULAY FAMILY FOUNDATION
    C/O Y JUDD AZULAY
    EIN: 36-3740650
    Description Amount
       


    TY 2014 OtherExpensesSchedule
    Name:
    AZULAY FAMILY FOUNDATION
    C/O Y JUDD AZULAY
    EIN: 36-3740650
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXPENSES        
    ROUNDING        
    BANK FEES 25      
    ADMINISTRATIVE EXPENSE 49      


    TY 2014 OtherProfessionalFeesSchedule
    Name:
    AZULAY FAMILY FOUNDATION
    C/O Y JUDD AZULAY
    EIN: 36-3740650
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT FEES 1,335      


    TY 2014 SubstantialContributorsSch
    Name:
    AZULAY FAMILY FOUNDATION
    C/O Y JUDD AZULAY
    EIN: 36-3740650
    Name Address
    JONATHAN AZULAY 203 N LASALLE ST STE 1550
    CHICAGO,IL60601
    SHIRA AZULAY STEIN 203 N LASALLE ST STE 1550
    CHICAGO,IL60601