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
JOSEPH C DUKE FOUNDATION 25245340
 

Number and street (or P.O. box number if mail is not delivered to street address)P O BOX 0634   Room/suite
City or town, state or province, country, and ZIP or foreign postal code
MILWAUKEE, WI532010634
A Employer identification number

41-6554802
B Telephone number (see instructions)

(651) 466-8040
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$2,114,415J 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)..............  
2 Check bullet
Sch. B ...............
3 Interest on savings and temporary cash investments 4 4  
4 Dividends and interest from securities...... 54,707 54,707  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 249,681
b Gross sales price for all assets on line 6a 1,324,080
7 Capital gain net income (from Part IV, line 2)... 249,681
8 Net short-term capital gain......... 0
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........ 304,392 304,392  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 37,336 33,603   3,733
14 Other employee salaries and wages......   0 0 0
15 Pension plans, employee benefits.......   0 0  
16a Legal fees (attach schedule).........       0
b Accounting fees (attach schedule)....... Click to see attachment 1,500 0 0 1,500
c Other professional fees (attach schedule)....       0
17 Interest...............       0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 4,988 2,404   0
19 Depreciation (attach schedule) and depletion... 0 0  
20 Occupancy..............        
21 Travel, conferences, and meetings.......   0 0  
22 Printing and publications..........   0 0  
23 Other expenses (attach schedule)....... Click to see attachment 363 338   25
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 44,187 36,345 0 5,258
25 Contributions, gifts, grants paid........ 65,350 65,350
26 Total expenses and disbursements. Add lines 24 and 25 109,537 36,345 0 70,608
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 194,855
b Net investment income (if negative, enter -0-) 268,047
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2014)
Form 990-PF (2014)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing...............      
2 Savings and temporary cash investments.......... 48,637 48,572 48,572
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet     0 0
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 bullet0      
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)........ 1,282,189 Click to see attachment1,528,586 1,830,024
c Investments—corporate bonds (attach schedule)........ 286,557 Click to see attachment234,318 233,833
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)...........     0
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment1,536 Click to see attachment1,986 Click to see attachment1,986
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 1,618,919 1,813,462 2,114,415
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) Click to see attachment312  
23 Total liabilities (add lines 17 through 22).......... 312 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......... 1,972,380 1,973,274
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds -353,773 -159,812
30 Total net assets or fund balances (see instructions)...... 1,618,607 1,813,462
31 Total liabilities and net assets/fund balances (see instructions).. 1,618,919 1,813,462
Part III Analysis of Changes in Net Assets or Fund Balances
1 Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree
with end-of-year figure reported on prior year’s return)............... 1 1,618,607
2 Enter amount from Part I, line 27a..................... 2 194,855
3 Other increases not included in line 2 (itemize) bullet 3 0
4 Add lines 1, 2, and 3.......................... 4 1,813,462
5 Decreases not included in line 2 (itemize) bullet 5 0
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 1,813,462
Form 990-PF (2014)
Form 990-PF (2014)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1 a 88. ASML HOLDING NV NY REG SHS   2013-05-09 2014-07-15
b 204. BARCLAYS PLC COM   2009-08-21 2014-07-17
c 51. BARCLAYS PLC COM   2013-10-04 2014-07-17
d 995.355 ROBECO BOSTON PARTNERS L S RSRCH   2013-10-08 2014-07-17
e 77. SHIRE PLC A D R   2014-02-04 2014-07-17
282. VALE SA SP A D R   2013-09-20 2014-07-17
20. CANADIAN PACIFIC RAILWAY LTD   2012-05-11 2014-08-01
119. LUKOIL SPON A D R   2011-04-11 2014-08-01
63. DIAGEO PLC SPONSORED ADR NEW   2011-05-05 2014-08-05
87. AUTOLIV INC   2013-06-21 2014-08-20
253. VALE SA SP A D R   2013-08-26 2014-09-02
. TOYOTA MTR CORP ADR 2 COM     2014-09-03
717.36 CREDIT SUISSE COMM RET ST CO   2011-06-07 2014-09-16
431.034 NUVEEN CORE PLUS BOND I   2012-05-31 2014-09-16
51. RALPH LAUREN CORP   2010-11-01 2014-09-16
203. TRIMBLE NAV LTD   2013-05-15 2014-09-25
42. B A S F A G A D R   2012-09-14 2014-09-29
22. SHIRE PLC A D R   2011-05-12 2014-09-29
277. TRIMBLE NAV LTD   2013-05-15 2014-10-07
124. WALGREEN COMPANY   2012-09-06 2014-10-07
246. ARM HLDGS PLC A D R   2014-07-25 2014-10-10
78. ROCKWELL INTL CORP NEW COM   2012-03-01 2014-10-14
43. B A S F A G A D R   2010-10-15 2014-10-21
632. NOMURA HOLDINGS INC A D R   2014-06-13 2014-10-27
290. URBAN OUTFITTERS INC   2013-06-04 2014-10-29
991.782 NUVEEN SANTA BARBARA DIV GROWTH FD I   2012-05-31 2014-10-30
59. MONSANTO CO   2013-09-06 2014-11-03
56. SCHEIN HENRY INC   2009-03-02 2014-11-04
6. THE PRICELINE GROUP INC   2009-03-02 2014-11-14
169. DEUTSCHE BANK AG   2013-03-11 2014-11-14
1299.827 NUVEEN CORE PLUS BOND I   2012-05-31 2014-11-19
219. CAMERON INTERNATIONAL CORP   2008-11-14 2014-11-26
213. MASTEC INC   2014-02-04 2014-11-26
764. SUMITOMO MITSUI FINL GROUP A D R   2013-05-15 2014-11-26
527. CEMIG SA A D R   2014-08-01 2014-12-17
84. RESTORATION HARDWARE HOLDING   2013-10-14 2014-12-17
101. LAS VEGAS SANDS CORP   2014-05-08 2014-12-26
97. VALEANT PHARMACEUTICALS INTE   2013-01-29 2014-12-26
40. VALEANT PHARMACEUTICALS INTE   2014-06-24 2014-12-26
34. PALO ALTO NETWORKS INC   2014-04-17 2015-01-07
58. STRATASYS LTD   2014-01-16 2015-01-07
147. FLUOR CORP NEW COM   2011-10-04 2015-01-13
103. QUALCOMM INC COM   2012-09-04 2015-01-13
145. HAIN CELESTIAL GROUP INC   2013-03-20 2015-01-20
555. GRAN TIERRA ENERGY INC   2013-11-18 2015-01-22
50. B A S F A G A D R   2010-03-10 2015-01-26
49. SAP AG SYSTEM ANWENDUNGEN PRODUKTE INDER DATENVERARBEITU   2012-07-13 2015-01-26
228. SPLUNK INC   2013-12-20 2015-01-26
131. ARM HLDGS PLC A D R   2013-07-10 2015-01-27
60. ARM HLDGS PLC A D R   2014-07-25 2015-01-27
2070.902 CREDIT SUISSE COMM RET ST CO   2011-06-07 2015-02-04
5946.482 DRIEHAUS SELECT CREDIT FUND   2013-10-08 2015-02-04
10171.802 NUVEEN HIGH INCOME BOND FD CL I   2012-05-31 2015-02-04
661.813 ROBECO BOSTON PARTNERS L S RSRCH   2013-10-08 2015-02-04
3108.661 AMERICAN CENTY INTL BOND FD INSTL   2012-05-31 2015-02-05
61. PRECISION CASTPARTS CORP COM   2013-10-11 2015-02-06
236. LAFARGE S A A D R   2013-04-26 2015-02-20
30. AMAZON COM INC COM   2014-02-04 2015-02-25
315. E M C CORP MASS COM   2010-10-04 2015-02-25
172. MICHAEL KORS HOLDINGS LLD   2012-08-07 2015-02-25
. MERCK & CO INC     2015-03-06
. SCHERING PLOUGH CORP     2015-03-06
69. SANDS CHINA LTD UNSPONS A D R   2014-11-26 2015-03-11
143. HONDA MOTOR CO LTD A D R   2010-02-16 2015-03-25
177. SPDR S P EMERGING SMALL CAP   2014-06-20 2015-03-25
99. BORG WARNER INC   2010-06-23 2015-04-01
57. HARMAN INTERNATIONAL   2014-08-20 2015-04-01
147. CHINA SOUTHN AIRLS LTD ADR CL H   2015-01-26 2015-04-10
. MEDTRONIC INC     2015-04-15
313. HOME RETAIL GROUP PLC A D R   2014-05-07 2015-05-06
2052.031 ROBECO BOSTON PARTNERS L S RSRCH   2013-10-08 2015-05-20
115. HITACHI LTD ADR 10 COM   2013-11-25 2015-05-27
.5 BROOKFIELD ASSET MANAGE CL A   2011-06-01 2015-06-08
97. SUNCOR ENERGY INC   2014-06-13 2015-06-11
92. VALEOSA SPON ADR   2012-02-03 2015-06-19
. BANK OF AMERICA CORP     2015-06-29
203. AMERIPRISE FINL INC   2014-06-04 2015-06-30
16. AMGEN INC COM   2015-05-19 2015-06-30
22. AMGEN INC COM   2015-05-19 2015-06-30
17. AMGEN INC COM   2015-05-19 2015-06-30
110. ANADARKO PETE CORP COM   2014-11-26 2015-06-30
116. ANADARKO PETE CORP COM   2011-02-17 2015-06-30
223. ANALOG DEVICES INC COM   2012-12-04 2015-06-30
121. ANALOG DEVICES INC COM   2014-10-10 2015-06-30
143. ANHEUSER BUSCH INBEV NV A D R   2012-07-20 2015-06-30
71. APPLE COMPUTER INC COM   2015-02-25 2015-06-30
24. BIOGEN, INC   2014-04-30 2015-06-30
36. BLACKROCK INC   2013-10-11 2015-06-30
227. BORG WARNER INC   2010-06-23 2015-06-30
48. BROADCOM CORP COM   2015-05-19 2015-06-30
31. BROADCOM CORP COM   2015-05-19 2015-06-30
29. BROADCOM CORP COM   2015-05-19 2015-06-30
82. BROADCOM CORP COM   2015-05-19 2015-06-30
24. CELGENE CORP   2010-04-09 2015-06-30
288. CERNER CORP COM   2014-04-10 2015-06-30
74. COSTCO WHSL CORP NEW COM   2014-10-07 2015-06-30
65. DANAHER CORP COM   2009-11-03 2015-06-30
42. DELTA AIR LINES INC   2015-05-19 2015-06-30
46. WALT DISNEY COMPANY   2011-02-28 2015-06-30
189. FLOWSERVE CORP COM   2009-03-02 2015-06-30
1. GOOGLE INC CL A   2013-06-12 2015-06-30
.1346 GOOGLE INC CL C   2013-06-12 2015-06-30
18. GOOGLE INC CL C   2013-06-12 2015-06-30
350. GRIFOLS SA A D R   2014-11-14 2015-06-30
608. HD SUPPLY HOLDINGS INC   2014-12-17 2015-06-30
69. HAIN CELESTIAL GROUP INC   2013-03-20 2015-06-30
164. HAIN CELESTIAL GROUP INC   2014-07-25 2015-06-30
103. HARMAN INTERNATIONAL   2014-11-14 2015-06-30
129. LAUDER ESTEE COS INC CL A   2011-05-11 2015-06-30
3. LINKEDIN CORP A   2013-09-06 2015-06-30
3. LINKEDIN CORP A   2013-09-06 2015-06-30
7. MCKESSON HBOC INC COM   2015-05-19 2015-06-30
456. MICROSOFT CORP   2015-01-07 2015-06-30
15. MONSANTO CO   2013-09-06 2015-06-30
34. MONSANTO CO   2015-05-19 2015-06-30
31. MONSANTO CO   2015-05-19 2015-06-30
186. NOVARTIS AG SPONSORED ADR   2014-12-26 2015-06-30
80. PALO ALTO NETWORKS INC   2014-04-17 2015-06-30
91. PIONEER NAT RES CO   2010-05-21 2015-06-30
32. PIONEER NAT RES CO   2014-11-26 2015-06-30
76. RANGE RESOURCES CORP   2015-05-19 2015-06-30
27. RESTORATION HARDWARE HOLDING   2013-10-14 2015-06-30
119. RESTORATION HARDWARE HOLDING   2014-10-10 2015-06-30
100. ROCKWELL COLLINS INC   2015-02-06 2015-06-30
105. SCHEIN HENRY INC   2009-03-02 2015-06-30
92. SCHLUMBERGER LTD ORD   2012-11-06 2015-06-30
67. SHIRE PLC A D R   2014-12-26 2015-06-30
134. STARBUCKS CORP COM   2014-02-04 2015-06-30
22. STARBUCKS CORP COM   2014-02-04 2015-06-30
207. STARWOOD HOTELS & RESORTS   2013-12-03 2015-06-30
135. THERMO ELECTRON CORP COM   2010-02-09 2015-06-30
250. TRINET GROUP INC   2015-01-20 2015-06-30
18. UNION PACIFIC CORPORATION   2009-07-27 2015-06-30
2. UNION PACIFIC CORPORATION   2009-07-27 2015-06-30
9. UNION PACIFIC CORPORATION   2015-05-19 2015-06-30
234. UNITED NAT FOODS INC   2015-04-01 2015-06-30
169. UNITED RENTALS INC   2013-09-06 2015-06-30
150. UNITED TECHNOLOGIES CORP COM   2012-05-18 2015-06-30
285. V F CORP COM   2014-02-19 2015-06-30
136. WALGREENS BOOTS ALLIANCE INC   2012-09-06 2015-06-30
42. ZOETIS INC   2015-05-19 2015-06-30
20. ZOETIS INC   2015-05-19 2015-06-30
187. ACCENTURE PLC CL A   2015-01-13 2015-06-30
109. NXP SEMICONDUCTORS NV   2015-01-27 2015-06-30
CAPITAL GAIN DIVIDENDS P    
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 8,004   6,802 1,202
b 2,946   4,103 -1,157
c 736   612 124
d 14,920   13,417 1,503
e 19,449   10,755 8,694
3,539   4,129 -590
3,730   1,471 2,259
6,617   6,546 71
7,493   5,137 2,356
8,926   6,568 2,358
2,894   3,445 -551
59     59
5,043   6,908 -1,865
5,000   5,004 -4
8,723   4,950 3,773
6,109   6,070 39
3,852   3,659 193
5,728   2,122 3,606
8,036   7,657 379
7,435   4,338 3,097
10,046   10,836 -790
7,814   6,364 1,450
3,797   3,043 754
3,479   4,405 -926
8,805   11,235 -2,430
35,218   24,735 10,483
6,715   5,973 742
6,719   1,978 4,741
7,013   492 6,521
5,034   6,648 -1,614
14,961   14,557 404
12,463   4,696 7,767
5,614   7,615 -2,001
5,783   7,564 -1,781
2,455   4,396 -1,941
8,009   5,334 2,675
5,903   7,553 -1,650
13,724   6,425 7,299
5,659   4,890 769
4,252   2,382 1,870
4,511   7,175 -2,664
8,107   8,980 -873
7,505   6,288 1,217
7,655   4,379 3,276
1,299   4,118 -2,819
4,381   3,016 1,365
3,231   2,974 257
12,788   14,625 -1,837
6,133   5,010 1,123
2,809   2,636 173
12,115   19,943 -7,828
54,529   60,000 -5,471
84,629   92,827 -8,198
9,993   8,921 1,072
40,226   45,000 -4,774
12,406   11,723 683
4,434   3,679 755
11,611   9,511 2,100
9,086   6,291 2,795
11,772   6,682 5,090
97     97
218     218
2,771   4,170 -1,399
4,875   4,924 -49
7,883   8,803 -920
5,926   1,986 3,940
7,499   6,596 903
7,693   4,066 3,627
21     21
3,046   4,229 -1,183
32,402   27,661 4,741
7,868   7,232 636
17   11 6
2,809   4,144 -1,335
7,322   2,391 4,931
353     353
26,134   15,131 11,003
2,559   2,612 -53
3,544   3,591 -47
2,683   2,775 -92
9,185   10,195 -1,010
9,686   7,132 2,554
14,116   8,921 5,195
7,659   5,355 2,304
17,669   11,143 6,526
9,235   9,261 -26
9,455   6,850 2,605
13,304   9,928 3,376
13,815   4,553 9,262
2,667   2,265 402
1,727   1,463 264
1,653   1,368 285
4,562   3,869 693
2,793   745 2,048
19,685   6,863 12,822
10,687   9,167 1,520
5,614   2,205 3,409
1,690   1,944 -254
5,082   2,013 3,069
10,650   2,907 7,743
551   437 114
71   59 12
9,696   6,568 3,128
11,427   13,349 -1,922
20,040   15,663 4,377
4,236   2,084 2,152
10,068   7,269 2,799
12,698   11,192 1,506
11,498   6,423 5,075
583   747 -164
613   747 -134
1,676   1,696 -20
21,578   21,092 486
1,785   1,519 266
3,859   4,073 -214
3,331   3,713 -382
19,290   17,507 1,783
12,696   5,604 7,092
13,951   5,329 8,622
4,906   5,201 -295
4,030   4,453 -423
2,417   1,715 702
10,653   9,193 1,460
9,862   8,741 1,121
14,791   3,709 11,082
8,306   6,040 2,266
16,947   13,563 3,384
6,878   4,718 2,160
1,182   775 407
17,688   14,670 3,018
17,601   5,257 12,344
7,515   8,335 -820
1,856   517 1,339
195   57 138
876   936 -60
15,832   18,401 -2,569
17,177   8,972 8,205
17,841   10,406 7,435
20,314   13,578 6,736
11,635   4,758 6,877
2,047   1,987 60
953   946 7
18,143   16,822 1,321
11,115   8,517 2,598
      15,097
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       1,202
b       -1,157
c       124
d       1,503
e       8,694
      -590
      2,259
      71
      2,356
      2,358
      -551
      59
      -1,865
      -4
      3,773
      39
      193
      3,606
      379
      3,097
      -790
      1,450
      754
      -926
      -2,430
      10,483
      742
      4,741
      6,521
      -1,614
      404
      7,767
      -2,001
      -1,781
      -1,941
      2,675
      -1,650
      7,299
      769
      1,870
      -2,664
      -873
      1,217
      3,276
      -2,819
      1,365
      257
      -1,837
      1,123
      173
      -7,828
      -5,471
      -8,198
      1,072
      -4,774
      683
      755
      2,100
      2,795
      5,090
      97
      218
      -1,399
      -49
      -920
      3,940
      903
      3,627
      21
      -1,183
      4,741
      636
      6
      -1,335
      4,931
      353
      11,003
      -53
      -47
      -92
      -1,010
      2,554
      5,195
      2,304
      6,526
      -26
      2,605
      3,376
      9,262
      402
      264
      285
      693
      2,048
      12,822
      1,520
      3,409
      -254
      3,069
      7,743
      114
      12
      3,128
      -1,922
      4,377
      2,152
      2,799
      1,506
      5,075
      -164
      -134
      -20
      486
      266
      -214
      -382
      1,783
      7,092
      8,622
      -295
      -423
      702
      1,460
      1,121
      11,082
      2,266
      3,384
      2,160
      407
      3,018
      12,344
      -820
      1,339
      138
      -60
      -2,569
      8,205
      7,435
      6,736
      6,877
      60
      7
      1,321
      2,598
       
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 2 249,681
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 85,288 2,032,646 0.041959
2012 91,857 1,853,792 0.049551
2011 123,695 1,806,911 0.068457
2010 106,683 1,916,221 0.055674
2009 54,974 1,786,808 0.030767
2 Total of line 1, column (d) ...................... 2 0.246408
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 0.049282
4 Enter the net value of noncharitable-use assets for 2014 from Part X, line 5..... 4 2,095,224
5 Multiply line 4 by line 3....................... 5 103,257
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 2,680
7 Add lines 5 and 6......................... 7 105,937
8 Enter qualifying distributions from Part XII, line 4.............. 8 70,608
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 5,361
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 5,361
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 5,361
6 Credits/Payments:
a 2014 estimated tax payments and 2013 overpayment credited to 2014 6a 2,158
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 2,158
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 3,203
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 taxBullet0 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see Instructions
for definition)?.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (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)
    bulletMN
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2014 or the taxable year beginning in 2014 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
     
    No
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see instructions) .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement (see instructions).................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbullet  
    14
    The books are in care ofbulletUS BANK NATIONAL ASSOCIATION Telephone no.bullet (651) 466-8040
    Located atbullet101 EAST 5TH ST 14TH FLOORST PAULMN ZIP+4bullet551011860
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16 At any time during calendar year 2014, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country?
    16   No
    See instructions for exceptions and filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If "Yes", enter the name of the foreign country bullet  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see instructions)? ........
    1b
     
    No
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2014?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2014, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2014?...............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?........................
    b
    If "Yes," did it have excess business holdings in 2014 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2014.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2014?
    4b
     
    No
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? (see instructions)..................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see instructions)? ......
    5b
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?............
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.......................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to
    employee benefit plans
    and deferred compensation     		(e) Expense account,
    other allowances
    US BANK NA CORPORATE TRUSTEE
    8     		37,336    
    800 NICOLLET MALL
    MINNEAPOLIS,MN554027020
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1
     
    2  
    3  
    4  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 8
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................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
    2,080,646
    b
    Average of monthly cash balances.......................
    1b
    46,485
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    2,127,131
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    2,127,131
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    31,907
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    2,095,224
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    104,761
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    104,761
    2a
    Tax on investment income for 2014 from Part VI, line 5......
    2a
    5,361
    b
    Income tax for 2014. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    5,361
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    99,400
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    99,400
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    99,400
    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
    70,608
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    0
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    70,608
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see instructions).................
    5
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    70,608
    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 99,400
    2 Undistributed income, if any, as of the end of 2014:
    a Enter amount for 2013 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2014:
    a From 2009....... 0
    b From 2010....... 0
    c From 2011....... 27,366
    d From 2012....... 898
    e From 2013....... 0
    fTotal of lines 3a through e......... 28,264
    4Qualifying distributions for 2014 from Part
    XII, line 4: bullet$ 70,608
    a Applied to 2013, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions).........     		0
    d Applied to 2014 distributable amount..... 70,608
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2014. 28,264 28,264
    (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 ..........     		528
    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.... 0
    b Excess from 2011.... 0
    c Excess from 2012.... 0
    d Excess from 2013.... 0
    e Excess from 2014.... 0
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2014, enter the date of the ruling.......bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2014 (b) 2013 (c) 2012 (d) 2011
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used
    directly for active conduct of exempt activities ...........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    AMERICAN HEART ASSOCIATION
    4701 W 77 ST
    MINNEAPOLIS,MN55435     		NONE PUBLIC GENERAL FUNDING 8,169
    CHILDRENS HOME SOCIETY OF MN
    1605 EUSTIS STREET
    ST PAUL,MN55108     		NONE PUBLIC GENERAL FUNDING 8,169
    J AND L DUKE FOUNDATION
    PO BOX 64713
    ST PAUL,MN55164     		NONE 501(C)(3) GENERAL FUNDING 32,675
    UNIVERSITY OF DUBUQUE
    ADVANCEMENT OFFICE
    2000 UNIVERSITY AVENUE
    DUBUQUE,IA52001     		NONE SCHOOL GENERAL FUNDING 16,337
    Total .................................bullet 3a 65,350
    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 ............     		    14 4  
    4 Dividends and interest from securities....     14 54,707  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6
    Net rental income or (loss) from personal property .............     		         
    7 Other investment income.....          
    8
    Gain or (loss) from sales of assets other than inventory .............     		    18 249,681  
    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)..   304,392  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13304,392
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political
    Yes
    No
    organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If "Yes," complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's namebullet



    Firm's addressbullet







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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2014 AccountingFeesSchedule
    Name:
    JOSEPH C DUKE FOUNDATION 25245340
    EIN: 41-6554802
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TAX PREPARATION FEE (NON-ALLOC 1,500     1,500

    TY 2014 InvestmentsCorpBondsSchedule
    Name:
    JOSEPH C DUKE FOUNDATION 25245340
    EIN: 41-6554802
    Name of Bond End of Year Book Value End of Year Fair Market Value
    AMERICAN CENTURY INTL BOND FD    
    NUVEEN CORE BOND FD    
    NUVEEN HIGH INCOME BOND FD    
    CREDIT SUISSE COMM RET ST CO    
    DRIEHAUS SELECT CREDIT    
    FEDERATED INST HI YLD BD FD 85,000 84,231
    GOLDMAN SACHS COMM STRAT INS 12,000 12,350
    LOOMIS SAYLES STRATEGIC ALPHA 55,000 54,071
    NUVEEN CORE PLUS BOND I 82,318 83,181

    TY 2014 InvestmentsCorpStockSchedule
    Name:
    JOSEPH C DUKE FOUNDATION 25245340
    EIN: 41-6554802
    Name of Stock End of Year Book Value End of Year Fair Market Value
    COPA HOLDINGS 6,460 4,377
    V F CORP    
    URBAN OUTFITTERS INC    
    APPLE INC 9,998 48,289
    NUVEEN MID CAP INDEX FD 48,422 79,908
    NUVEEN SMALL CAP INDEX FD 32,901 41,228
    NUVEEN REAL ESTATE SECS FD 133,525 137,474
    BLACKROCK INC 5,651 8,304
    UNITED TECHNOLOGIES CORP    
    ANALOG DEVICES    
    LINKEDIN CORP A 12,397 11,158
    CELGENE CORP 6,334 23,610
    MONSANTO CO 12,357 12,578
    ASML HOLDING NV    
    GOOGLE INC CL A 9,249 16,201
    AXA A D R 3,786 4,091
    ADOBE SYS INC 16,517 20,415
    ATLAS COPCO AB A D R CL B 3,727 6,155
    SUNCOR ENERGY 3,128 3,000
    BRITISH AMERN TOB PLC ADR 3,938 7,361
    DIAGEO PLC SPONSORED ADR NEW    
    NESTLE S A SPONSORED ADR REPST 10,029 15,081
    NOVARTIS A G A D R 3,974 7,671
    ROCKWELL AUTOMATION    
    BARCLAYS PLC A D R    
    BOC HONG KONG HLDGS LTD A D R 3,122 5,924
    DBS GROUP HLDGS LTD 8,441 10,778
    MICHAEL KORS HOLDINGS    
    ORIX CORP SPNS A D R 10,519 14,233
    NATIONAL GRID PLC SP A D R 2,867 3,745
    B A S F A G ADR    
    LAS VEGAS SANDS CORP    
    TOTAL S A A D R 13,392 8,605
    SCHLUMBERGER LTD 2,801 6,723
    MASTEC INC 18,394 18,322
    SPLUNK INC 4,625 4,734
    QUALCOMM INC    
    VISA INC 28,223 35,858
    DANAHER CORP 2,817 9,843
    FLOWSERVE CORP    
    UNION PAC CORP 4,213 17,452
    ANADARKO PETE CORP    
    CAMERON INTL CORP    
    HAIN CELESTIAL GROUP    
    LUKOIL SPON A D R    
    PALO ALTO NETWORKS    
    CANADIAN PACIFIC RAILWAY 1,618 3,525
    ING GROEP NV 12,723 15,718
    NOMURA HOLDINGS INC    
    PRICELINE COM INC    
    DOLLAR GENERAL 9,892 10,417
    RIO TINTO PLC A D R 5,176 4,121
    ARM HLDGS PLC 10,908 10,297
    BIOGEN IDEC INC 12,976 16,562
    CERNER CORPORATION    
    DEUTSCHE BANK AG    
    SANOFI A D R 9,515 11,342
    SCHEIN HENRY INC    
    THERMO FISHER SCIENTIFIC INC    
    VALEANT PHARMACEUTICALS 9,994 9,775
    AUTOLIV INC    
    MAGNA INTL INC 10,491 16,042
    NOVO NORDISK AS 6,408 12,321
    SWEDBANK A B A D R 3,243 4,196
    GRAN TIERRA ENERGY    
    LONZA GROUP AG 3,829 6,377
    RALPH LAUREN    
    AQR MANAGED FUTURES 20,240 21,718
    HOME RETAIL GROUP    
    RESTORATION HARDWARE    
    NUVEEN SANTA BARBARA DIV 108,125 154,384
    INTESA SANPOLO A D R 4,280 4,541
    PIONEER NAT RES CO    
    BORG WARNER    
    DISNEY WALT CO 12,360 19,746
    GOOGLE INC CL C 12,807 16,136
    NISSAN MTR LTD 6,029 7,151
    TECHTRONIC INDUSTRIES 6,564 10,091
    TRIMBLE NAV    
    AMERIPRISE FINL INC    
    B N P PARIBAS S A A 3,547 3,626
    STARBUCKS CORP 8,529 15,119
    VALE SA SP A D R    
    SAP AG A D R    
    ROCHE HLDG LTD 6,206 10,100
    LULULEMON ATHLETICA 4,545 4,440
    FLUOR CORP    
    HITACHI LTD ADR    
    SIEMENS AG A D R 2,593 2,741
    PRECISION CASTPARTS    
    ROYAL DUTCH SHELL 11,672 9,065
    AMAZON COM INC 15,726 22,139
    BAYERISCHE MOTOREN WERKE    
    HONDA MOTOR CO LTD    
    STARWOOD HOTELS    
    ANHEUSER BUSCH 3,257 6,275
    LAFARGE S A A D R    
    LAUDER ESTEE COS    
    SHIRE PLC A D R 8,939 17,629
    AEGON N V NY REG 8,682 7,363
    ALLIANZ SE A D R 6,697 7,208
    BROOKFIELD ASSET MANAGE 3,502 5,589
    HSBC HOLDINGS PLC 5,831 5,108
    SEVEN & I HLDGS 7,054 8,936
    SUMITOMO MITSUI    
    B T GROUP P L C 6,706 17,368
    ORANGE SPON A D R 8,476 8,771
    E BAY INC 12,707 12,891
    E M C CORPORATION    
    ISHARES MSCI EMERGING MKTS 23,939 19,810
    WALGREEN CO    
    WISDOMTREE JAPAN 8,177 8,801
    UNITED RENTALS    
    SEKISUI HOUSE LTD 4,095 4,669
    STRATASYS LTD    
    VALEOSA SPON A D R 4,303 13,154
    CAUSEWAY EMERGING MARKETS 25,000 25,466
    E I I INTL PPTY 25,000 19,098
    FORWARD INTERNATIONAL REAL 25,000 23,834
    ROBECO BOSTON PARTNERS    
    SPDR S P EMERGING SMALL CAP    
    ABENGOA SA A D R 6,779 6,038
    AMADEUS IT HOLDING UNSP A D R 4,247 3,962
    ASAHI GLASS CO LTD A D R 4,415 3,948
    BAYERISCHE MOTOREN WERKE UNSPN 5,840 9,880
    CAPGEMINI SA A D R 4,509 4,485
    CK HUTCHISON HOLDINGS LIMITED 4,107 4,949
    DAIWA SECURITIES GR SPON ADR 6,179 6,127
    EMBOTELLADORA ANDINA B A D R 4,490 4,307
    FUJI HEAVY INDUS A D R 4,918 4,733
    HUANENG PWR INTL INC SPON ADR 8,483 9,764
    IBERDROLA S SPONS A D R 6,674 6,274
    KBC GROEP NV UNSP A D R 4,381 4,662
    NXP SEMICONDUCTORS NV 9,186 12,079
    PANASONIC CORP A D R 8,444 9,439
    PROSIEBEN SAT 1 UNSP ADR A D R 8,793 8,723
    ALEXION PHARMACEUTICALS INC 14,332 16,089
    AMERICAN TOWER CORP 16,398 16,046
    AMGEN INC 2,775 2,610
    BOSTON SCIENTIFIC CORP 9,110 8,726
    CHIPOTLE MEXICAN GRILL INC 8,870 8,470
    COGNIZANT TECH SOLUTIONS CL A 11,963 11,241
    COSTAR GROUP INC 9,211 8,654
    COSTCO WHSL CORP 6,584 7,563
    CVS HEALTH CORPORATION 15,567 15,942
    DELTA AIR LINES INC 13,282 11,790
    DEXCOM INC 1,789 1,840
    ECOLAB INC 9,015 8,819
    ENVISION HEALTHCARE HOLDINGS I 10,171 10,818
    FACEBOOK INC A 28,175 29,932
    GILEAD SCIENCES INC 16,223 17,211
    HILTON WORLDWIDE HOLDINGS IN 15,560 14,464
    HOME DEPOT INC 13,524 13,336
    HONEYWELL INTERNATIONAL INC 8,987 8,667
    MCKESSON CORPORATION 18,993 19,334
    MORGAN STANLEY 11,015 11,055
    NETFLIX COM INC 6,774 7,226
    NIKE INC 23,557 24,305
    P P G INDS INC 10,787 10,784
    QUINTILES TRANSNATIONAL HOLD 9,196 9,802
    SALESFORCE COM INC 9,834 9,609
    SBA COMMUNICATIONS CORP CL A 13,259 13,107
    SERVICENOW INC 6,394 6,093
    SHERWIN WILLIAMS CO 10,116 9,626
    TESLA MOTORS INC 1,727 1,878
    TEXAS INSTRUMENTS INC 10,125 9,426
    THE PRICELINE GROUP INC 11,499 18,422
    TWENTY FIRST CENTURY FOX INC 9,415 8,917
    ULTA SALON COSMETICS & FRAGRAN 9,101 9,267
    UNITED HEALTH GROUP INC 16,385 16,592
    VERTEX PHARMACEUTICALS INC 11,956 11,484
    WELLS FARGO CO 9,193 9,167
    WORKDAY INC 7,168 6,035
    ZOETIS INC 8,327 8,487
    ALIBABA GROUP HOLDING LTD A D 19,417 18,017
    AVAGO TECHNOLOGIES 4,373 3,988
    BAIDU COM INC A D R 12,950 13,338
    CTRIP COM INTERNATIONAL A D R 9,780 9,658
    LIBERTY GLOBAL PLC SERIES C 9,164 9,265
    LYONDELLBASELL INDUSTRIES CL A 6,031 6,211
    MEDTRONIC PLC 10,102 9,559
    MOBILEYE NV 9,799 11,006

    TY 2014 OtherAssetsSchedule
    Name:
    JOSEPH C DUKE FOUNDATION 25245340
    EIN: 41-6554802
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    ACCRUED INCOME 1,536 1,986 1,986


    TY 2014 OtherExpensesSchedule
    Name:
    JOSEPH C DUKE FOUNDATION 25245340
    EIN: 41-6554802
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    OTHER NON-ALLOCABLE EXPENSE 338 338   0
    FILING FEE 25 0   25


    TY 2014 OtherLiabilitiesSchedule
    Name:
    JOSEPH C DUKE FOUNDATION 25245340
    EIN: 41-6554802
    Description Beginning of Year - Book Value End of Year - Book Value
    RETURN OF CAPITAL ADJUSTMENT 312  


    TY 2014 TaxesSchedule
    Name:
    JOSEPH C DUKE FOUNDATION 25245340
    EIN: 41-6554802
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 1,918 1,918   0
    FEDERAL TAX PAYMENT - PRIOR YE 426 0   0
    FEDERAL TAX 2,158 0   0
    FOREIGN TAXES ON QUALIFIED FOR 246 246   0
    FOREIGN TAXES ON NONQUALIFIED 240 240   0