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
LINCOLN INSTITUTE OF LAND POLICY
 

Number and street (or P.O. box number if mail is not delivered to street address)11010 N TATUM BLVD No D101   Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Phoenix, AZ85028
A Employer identification number

86-6021106
B Telephone number (see instructions)

(617) 661-3016
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$523,251,170J Accounting method:
MODIFIED CASH
(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).............. 140,000
2 Check bullet
Sch. B ...............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities...... 7,755,996 7,464,258 7,755,996
5a Gross rents.............. 39,752   39,752
b Net rental income or (loss) 39,752
6a Net gain or (loss) from sale of assets not on line 10 24,400,969
b Gross sales price for all assets on line 6a 132,659,966
7 Capital gain net income (from Part IV, line 2)... 24,400,969
8 Net short-term capital gain......... 286,705
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)....... Click to see attachment 56,836 0 56,836
12 Total. Add lines 1 through 11........ 32,393,553 31,865,227 8,139,289
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 1,441,822 470,074 470,074 971,748
14 Other employee salaries and wages...... 3,562,679 1,414 1,414 3,561,265
15 Pension plans, employee benefits....... 1,509,170 120,438 120,438 1,388,732
16a Legal fees (attach schedule)......... Click to see attachment 97,043 22,506 22,506 74,537
b Accounting fees (attach schedule)....... Click to see attachment 30,779 0 0 30,779
c Other professional fees (attach schedule).... Click to see attachment 3,283,749 3,215,671 3,215,671 68,078
17 Interest............... 198,747 20,253 20,253 178,494
18 Taxes (attach schedule) (see instructions)... Click to see attachment 874,069 170,069 170,069 704,000
19 Depreciation (attach schedule) and depletion... Click to see attachment 394,660 32,011 32,011
20 Occupancy.............. 488,326 49,980 67,258 421,068
21 Travel, conferences, and meetings....... 846,339 58,858 58,858 787,481
22 Printing and publications.......... 628,040 0 39,558 588,482
23 Other expenses (attach schedule)....... Click to see attachment 7,100,252 125,573 125,573 6,987,980
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 20,455,675 4,286,847 4,343,683 15,762,644
25 Contributions, gifts, grants paid........ 391,320 391,320
26 Total expenses and disbursements. Add lines 24 and 25 20,846,995 4,286,847 4,343,683 16,153,964
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 11,546,558
b Net investment income (if negative, enter -0-) 27,578,380
c Adjusted net income (if negative, enter -0-)... 3,795,606
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............... 492,290 804,837 804,837
2 Savings and temporary cash investments.......... 8,262,900 28,321,123 28,321,123
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) 10,885,040 Click to see attachment8,313,934 8,313,934
b Investments—corporate stock (attach schedule)........ 313,320,237 Click to see attachment304,334,444 304,334,444
c Investments—corporate bonds (attach schedule)........ 29,670,311 Click to see attachment9,459,970 9,459,970
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 168,671,107 Click to see attachment156,606,053 156,606,053
14 Land, buildings, and equipment: basis bullet20,686,307
Less: accumulated depreciation (attach schedule) bullet5,286,103 15,091,676 Click to see attachment15,400,204 15,400,204
15 Other assets (describe bullet) Click to see attachment9,030 Click to see attachment10,605 Click to see attachment10,605
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 546,402,591 523,251,170 523,251,170
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 attachment13,039,790 Click to see attachment15,529,683
23 Total liabilities (add lines 17 through 22).......... 13,039,790 15,529,683
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted................... 533,362,801 507,664,599
25 Temporarily restricted................   56,888
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    
30 Total net assets or fund balances (see instructions)...... 533,362,801 507,721,487
31 Total liabilities and net assets/fund balances (see instructions).. 546,402,591 523,251,170
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)............... 1 533,362,801
2 Enter amount from Part I, line 27a..................... 2 11,546,558
3 Other increases not included in line 2 (itemize) bullet 3 0
4 Add lines 1, 2, and 3.......................... 4 544,909,359
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 37,187,872
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 507,721,487
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 PUBLICLY TRADED P    
b PUBLICLY TRADED P    
c CLASS ACTIONS P    
d ROSE RETROFIT FUND K-1 P    
e MORGAN CREEK PARTNERSHIPS P    
SPHINX ACCESS CLAIM P    
ECOSYSTEM K-1 P    
CARLYLE PARTNERS K-1 P    
BH HIGH YIELD K-1 P    
BLACKSTONE MARKET CAP P    
ARDEN FUNDS P    
BH HIGH YIELD K-1 P    
MORGAN CREEK PARTNERSHIPS P    
VANGUARD FUNDS P    
VANGUARD FUNDS 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 84,470,798   67,972,069 16,498,729
b 40,419,384   40,152,489 266,895
c 41,313     41,313
d 595,612     595,612
e 248,245     248,245
84,894   121,429 -36,535
5,553     5,553
1,126,294     1,126,294
    13,010 -13,010
5,597,831     5,597,831
25,600     25,600
3,216     3,216
12,585     12,585
4,009     4,009
24,632     24,632
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       16,498,729
b       266,895
c       41,313
d       595,612
e       248,245
      -36,535
      5,553
      1,126,294
      -13,010
      5,597,831
      25,600
      3,216
      12,585
      4,009
      24,632
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 24,400,969
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 3 286,705
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 17,226,042 496,450,552 0.034698
2012 14,346,101 429,309,121 0.033417
2011 13,411,119 410,368,652 0.032681
2010 17,884,254 404,360,408 0.044228
2009 13,991,625 367,112,591 0.038113
2 Total of line 1, column (d) ...................... 2 0.183137
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 0.036627
4 Enter the net value of noncharitable-use assets for 2014 from Part X, line 5..... 4 517,558,674
5 Multiply line 4 by line 3....................... 5 18,956,622
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 275,784
7 Add lines 5 and 6......................... 7 19,232,406
8 Enter qualifying distributions from Part XII, line 4.............. 8 16,857,152
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 1 551,568
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........................... 3 551,568
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- ..... 5 551,568
6 Credits/Payments:
a 2014 estimated tax payments and 2013 overpayment credited to 2014 6a 867,787
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c  
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 867,787
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. Click to see attachment 8 72
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 10 316,147
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet316,147 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$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
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)
    bulletAZ, MA
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2014 or the taxable year beginning in 2014 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
    Yes
     
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see instructions) .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement (see instructions).................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletWWW.LINCOLNINST.EDU
    14
    The books are in care ofbulletLincoln Institute of Land Policy Telephone no.bullet (617) 661-3016
    Located atbullet113 Brattle StreetCambridgeMA ZIP+4bullet021383400
    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
     
    No
    .........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
    KATHRYN J LINCOLN CHAIRMAN & CIO/DIRECTOR
    37.50     		348,450 65,164 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    GEORGE MC CARTHY CEO AND PRESIDENT/DIRECTOR
    37.50     		350,000 90,221 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    DENNIS W ROBINSON TREAS. & VP-FIN. & OPS.
    37.50     		200,000 64,428 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    LEVERING F T WHITE AST. SEC. & VP ADMIN & HR
    37.50     		140,600 62,132 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    DIONE A ETTER SECRETARY
    37.50     		98,500 40,023 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    DAVID C LINCOLN ASSIST. TREASURER/DIRECTOR
    3.00     		9,250 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    CAROLINA BARCO DIRECTOR
    2.00     		0 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    ROY W BAHL DIRECTOR
    3.00     		10,750 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    MIMI BROWN DIRECTOR
    2.00     		6,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    ALBERTO HARTH DIRECTOR
    2.00     		4,250 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    JOHN G LINCOLN III DIRECTOR
    2.00     		5,250 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    RAY LAHOOD DIRECTOR
    1.00     		2,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    ANDREA TAYLOR DIRECTOR
    2.00     		5,750 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    KENNETH PANG DIRECTOR
    2.00     		7,750 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    THOMAS BECKER DIRECTOR
    3.00     		9,500 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    BRUCE LINCOLN DIRECTOR
    2.00     		3,500 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    BRUCE BABBITT DIRECTOR
    2.00     		7,500 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    THOMAS NECHYBA DIRECTOR
    3.00     		9,500 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    JOHANNES LINN DIRECTOR
    2.00     		5,750 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    JILL SCHURTZ DIRECTOR
    3.00     		8,250 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    RAPHAEL BOSTIC DIRECTOR
    2.00     		7,500 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    ANTHONY COYNE DIRECTOR
    3.00     		8,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    GREGORY K INGRAM FORMER CEO/PRESIDENT - SEC 457B
    0.01     		193,772 0 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    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
    JOAN YOUNGMAN SR. FELLOW
    37.50     		248,600 54,052 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    ZHI LIU SR. FELLOW
    37.50     		241,000 53,212 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    MARTIM SMOLKA SR. FELLOW
    37.50     		199,500 59,849 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    ARMANDO CARBONELL SR. FELLOW
    37.50     		192,500 61,276 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    ANTHONY FLINT FELLOW
    37.50     		137,000 57,442 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    Total number of other employees paid over $50,000...................bullet 27
    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
    THE CARLYLE GROUP INVESTMENT ADVICE 584,713
    1001 PENNSYLVANIA AVENUE
    WASHINGTON,DC20004
    EAGLE CAPITAL MANAGEMENT INVESTMENT ADVICE 503,146
    499 PARK AVENUE
    NEW YORK,NY10222
    DREMAN VALUE MANAGEMENT INVESTMENT ADVICE 395,132
    HARBORSIDE FINANCIAL PLAZA 10
    JERSEY CITY,NJ07311
    MERRILL LYNCH INVESTMENT ADVICE 349,277
    2555 E CAMELBACK RD
    PHOENIX,AZ85016
    SANDS CAPITAL INVESTMENT ADVICE 290,177
    1101 WILSON BLVD
    ARLINGTON,VA22209
    Total number of others receiving over $50,000 for professional services.............bullet9
    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 DEPARTMENT OF PLANNING AND URBAN FORM SEE STATEMENT 9 FOR DETAILED DESCRIPTION 3,122,293
    2 DEPARTMENT OF VALUATION AND TAXATION SEE STATEMENT 9 FOR DETAILED DESCRIPTION 3,111,499
    3 PROGRAM ON LATIN AMERICA AND THE CARIBBEAN SEE STATEMENT 9 FOR DETAILED DESCRIPTION 2,553,024
    4 PROGRAM ON PEOPLE'S REPUBLIC OF CHINA SEE STATEMENT 9 FOR DETAILED DESCRIPTION 2,240,652
    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.........................bullet0
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    523,641,488
    b
    Average of monthly cash balances.......................
    1b
    950,179
    c
    Fair market value of all other assets (see instructions)................
    1c
    848,611
    d
    Total (add lines 1a, b, and c).........................
    1d
    525,440,278
    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
    525,440,278
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    7,881,604
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    517,558,674
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    25,877,934
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
     
    2a
    Tax on investment income for 2014 from Part VI, line 5......
    2a
     
    b
    Income tax for 2014. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
     
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
     
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
     
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
     
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    16,153,964
    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
    703,188
    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
    16,857,152
    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
    16,857,152
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2013     		(c)
    2013     		(d)
    2014
    1 Distributable amount for 2014 from Part XI, line 7  
    2 Undistributed income, if any, as of the end of 2014:
    a Enter amount for 2013 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2014:
    a From 2009.......  
    b From 2010.......  
    c From 2011.......  
    d From 2012.......  
    e From 2013.......  
    fTotal of lines 3a through e.........  
    4Qualifying distributions for 2014 from Part
    XII, line 4: bullet$  
    a Applied to 2013, but not more than line 2a  
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions).........     		 
    d Applied to 2014 distributable amount.....  
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2014.    
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5  
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		 
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		 
    e Undistributed income for 2013. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2014. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2015 ..........     		 
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		 
    8Excess distributions carryover from 2009 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2015.
    Subtract lines 7 and 8 from line 6a ......     		 
    10 Analysis of line 9:
    a Excess from 2010....  
    b Excess from 2011....  
    c Excess from 2012....  
    d Excess from 2013....  
    e Excess from 2014....  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2014, enter the date of the ruling.......bullet
    2006-11-01
    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
    3,795,606 7,915,837 4,856,267 2,799,914 19,367,624
    b 85% of line 2a ......... 3,226,265 6,728,461 4,127,827 2,379,927 16,462,480
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		16,857,152 17,226,042 14,346,101 13,411,119 61,840,414
    d Amounts included in line 2c not used
    directly for active conduct of exempt activities ...........     		0 0 0 0 0
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		16,857,152 17,226,042 14,346,101 13,411,119 61,840,414
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......         0
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		         0
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		17,251,956 16,548,352 14,310,304 13,678,955 61,789,567
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		        0
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		        0
    (3) Largest amount of support
    from an exempt organization    		         0
    (4) Gross investment income         0
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    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
    David Albouy
    1955 N Leavitt
    Chicago,IL60647     		none I Urban Land Value: Measurement and Theory 10,000
    Alexander Anas
    151 Rollingwood Street
    Williamsville,NY14221     		none I Effects of Land Value Taxation:Computable Equilibium-L.A. & Paris 30,000
    Alexander Bartik
    287 Harvard Street 64
    Cambridge,MA02139     		none I Evidence of Efficient Improvements from Census Data & Prop Values 10,000
    Paul Bidanset
    5644 Gates Landing Rd
    Virginia Beach,VA23464     		none I Improving Accruracy of Mass Appraisal Using Locally Weighted Data 10,000
    Centro De Transporte Sustentable De Mexico
    Belisario Dominguez 8 PAVilla
    Coyoacan
    Mexico DF   04000
    MX     		none NC Analyze Value Capture Potential Along Mexico's City Metrobus Sys. 12,000
    Elias Paez Frias
    Islas Bahamas 1541
    Mexicali BC   21339
    MX     		none I Transportation & Urban Compactness:BRT Corridors in Mexican Cities 21,120
    Fundacion de la Univdad de Costa Rica
    Apartado Postal 129-2100 GuadalupeS
    n Pedro De Montes de Oca
    San Jose    
    CS     		none NC Heredia CR:Closing the Cycle of Urban Transformation 19,600
    Fundacin Universidad Torcuato Di Tella
    Calle Miones 2177
    Buenos Aires   1428
    AR     		none NC Spatial Issues:Equity & Efficency in 31 Large Cities-Argentina 20,800
    Charles J Gabbe
    3151 S Sepulveda Blvd 207
    Los Angeles,CA90034     		none I Los Angles:The What and Why of Regulations 10,000
    Inst for Trans and Develop Policy
    9 E 19th Street Floor 7
    New York,NY10003     		none PC Case for Transit Oriented Low-income Housing in Rio de Janeiro 22,400
    Kyoochul Kim
    1400 Martin St Apt 3062
    State College,PA16803     		none I Effect of LandValue Taxation on Land Value & Land Intensity 10,000
    Andrew McMillan
    304 W Locust St Apt 3
    Urbana,IL61801     		none I Measureing Neighborhood Rcovery After Foreclosure Crisis:Factors? 10,000
    Ross Milton
    4 Willets Pl
    Ithaca,NY14850     		none I The Political Economy of Property Tax Structure 10,000
    Paavo Monkkonen
    10615 Flaxton Street
    Culver City,CA90230     		none I Mexican Cities: WhereDo Property Rights Matter More? 22,400
    The Marshall Univ Foundation Inc
    519 John Marshall Drive
    Huntington,WV25703     		none PC State & Local Ad Valorem Taxation of Mineral Interests 10,000
    Dusan J C Paredes Araya
    Avenida Corro Parananl 320
    Antofagasta   124000
    CI     		none I Chile:Demand for Housing Attributes-Insights on Price & Income 20,000
    Jose Joaquin Prieto
    205 Waldon Street 4R
    Cambridge,MA02140     		none I Mobility of Families at Risk-Santiago:Ancored Housing Location 10,000
    Lyndsey Anne Rolheiser
    82 Oak Street Apt 2
    Somerville,MA02143     		none I Local Tax Implications of Innefficent Land Use 10,000
    Linda Shi
    43 Linnaean Street Apt 36
    Cambridge,MA02138     		none I Resilient Regions:U.S. Experiments in Metropolit. Climate Adaptation 10,000
    Xinrui Shi
    1514 Sheridan Road NE Apt 1402
    Atlanta,GA30324     		none I Mortgage Enforcement:Public Reguatory Actions-select Chiese Citys 15,000
    Universidad de los Andes
    Carrera 1 este 19A-40
    Bogota    
    CO     		none NC Bogota:Low-income Residence Choices Determined by Access 28,000
    Robert Morris University
    6001 University Boulevard Revere
    Center
    Moon Township,PA15108     		none PC Penn:Spillover Effects- Two Rate Prop. Tax- Zero Sum or Win-Win 10,000
    Robert Morris University
    6001 University Boulevard Revere
    Center
    Moon Township,PA15108     		none PC Differential Effects:Two-rate Prop. Taxation:New Evidence from PA 20,000
    University of Technology Jamaica
    15 Northside Plaza 133 Old Hope
    Raod
    Kingston    
    JM     		none NC Property Tax Compliance:Attitudes Toward Paying Them in Jamacia 20,000
    Robert W Wassmer
    933 Sonoma Way
    Sacramento,CA95819     		none I Empirical Study:Land Value Component & Generation of Urban Sprawl 20,000
    Total .................................bullet 3a 391,320
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    aPUBLICATIONS         39,558
    bSONORAN INSTITUTE         4,884
    cEMPLOYEE PARKING         5,340
    dOTHER         7,054
    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.... 900099 291,738 14 7,464,258  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property...... 531120 39,752      
    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 24,400,969  
    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).. 331,490 31,865,227 56,836
    13Total. Add line 12, columns (b), (d), and (e)..................
    1332,253,553
    (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.)
    1A SALES OF SCHOLARLY PUBLICATIONS IN VARIOUS PROGRAM AREAS
    1B CHARGE FOR OCCUPANCY BY NON-PROFIT ENGAGED IN JOINT PROGRAM
    1C PARKING PROVIDED FOR EMPLOYEE CONVENIENCE
    1D USE OF CLASSROOM SPACE BY CHARITABLE ORGANIZATION ENGAGED IN EDUCATION
    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
    LINCOLN INSTITUTE OF LAND POLICY
     
    Employer identification number

    86-6021106
    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
    LINCOLN INSTITUTE OF LAND POLICY
          		Employer identification number

    86-6021106
    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
     
     

    THE PACKARD FOUNDATION  
    343 SECOND STREET
     
    LOS ALTOS, CA94022

    		$125,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    2
     
     

    THE INSTITUTE OF INTERNATIONAL EDUC  
    809 UNITED NATIONS PLAXA
     
    NEW YORK, NY10017

    		$15,000


    (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
    LINCOLN INSTITUTE OF LAND POLICY
          		Employer identification number

    86-6021106
    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
    LINCOLN INSTITUTE OF LAND POLICY
          		Employer identification number

    86-6021106
    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:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    OWEN J. FLANAGAN & CO, CPAS 30,779 0 0 30,779

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

    TY 2014 DepreciationSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
    LAND AND BUILDINGS, BRATTLE STREET, CAMBRIDGE   10,082,406 4,329,504 VAR 0 % 278,680 0 0  
    FURNITURE   90,433 86,888 VAR 0 % 3,545 0 0  
    OFFICE CONDO - PHOENIX   2,119,729 334,446 VAR 0 % 56,526 0 0  
    CONDOMINIUM IMPROVEMENTS - PHOENIX   389,901 76,899 VAR 0 % 12,997 0 0  
    CONDOMINIUM IMPROVEMENTS - PHOENIX   30,980 4,332 VAR 0 % 1,106 0 0  
    CONDOMINIUM IMPROVEMENTS - PHOENIX   43,809 38,223 VAR 0 % 5,586 0 0  
    PHILLIPS PLACE, CAMBRIDGE - LAND   2,500,000   VAR 0 % 0 0 0  
    PHILLIPS PLACE, CAMBRIDGE - BUILDINGS   1,550,255   VAR 0 % 0 0 0  
    PHILLIPS PLACE, CAMBRIDGE - IMPROVEMENTS   3,160,418   VAR 0 % 33,494 0 0  
    PHILLIPS PLACE, CAMBRIDGE - CAP INT   443,002   VAR 0 % 2,461 0 0  
    FURNITURE   160,023   VAR 0 % 3,809 0 0  
    BRATTLE STREET CAPITALIZED EXPENSES   97,744   VAR 0 % 0 0 0  
    PHOENIX FURNITURE   61,416 61,416 VAR 0 % 0 0 0  

    TY 2014 InvestmentsCorpBondsSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Name of Bond End of Year Book Value End of Year Fair Market Value
    $40000 ABB FINANCE USA INC COMPANY GUARNT GLB 02.875% MAY 08 2022 39,353 39,353
    $45000 ABBVIE INC GLB 01.750% NOV 06 2017 45,118 45,118
    $35000 ABBVIE INC GLB 02.900% NOV 06 2022 33,890 33,890
    $20000 ACTAVIS FUNDING SCS COMPANY GUARNT GLB 04.550% MAR 15 2035 19,015 19,015
    $25000 ACTAVIS FUNDING SCS COMPANY GUARNT GLB 01.850% MAR 01 2017 25,122 25,122
    $45000 AETNA INC GLB 04.750% MAR 15 2044 44,212 44,212
    $15000 ALTERA CORP GLB 02.500% NOV 15 2018 15,323 15,323
    $110000 AMERICAN EXPRES ABS 2014 2 A 01.260%JAN15 20 AMORTIZED FCR 1.000 110,143 110,143
    $40000 AMERICAN EXPRESS CO GLB 04.050% DEC 03 2042 37,100 37,100
    $70000 AMERICAN EXPRESS CREDIT GLB 02.125% MAR 18 2019 70,144 70,144
    $20000 AMERICAN EXPRESS CREDIT GLB 02.125% MAR 18 2019 20,041 20,041
    $60000 AMERICAN EXPRESS CREDIT SER MTN 02.375% MAR 24 2017 61,237 61,237
    $45000 AMERICAN INTL GROUP GLB 04.500% JUL 16 2044 42,806 42,806
    $105000 AMERICREDIT AUT ABS 2014 3 A3 01.150%JUN10 19 AMORTIZED FCR 1.00 105,084 105,084
    $115000 APPLE INC GLB 02.400% MAY 03 2023 110,011 110,011
    $35000 AT&T INC GLB 02.450% JUN 30 2020 34,309 34,309
    $50000 AT&T INC GLB 04.500% MAY 15 2035 45,964 45,964
    $70000 BANK OF AMERICA CORP SER L GLB 02.600% JAN 15 2019 70,762 70,762
    $60000 BANK OF AMERICA CORP SER L GLB 02.600% JAN 15 2019 60,653 60,653
    $130000 BANK OF AMERICA CORP SER MTN 05.000% JAN 21 2044 134,976 134,976
    $100000 BANK OF NEW YORK MELLON - 01.300% JAN 25 2018 99,640 99,640
    $95000 BANK OF NEW YORK MELLON SER MTN 02.200% MAR 04 2019 95,401 95,401
    $40000 BAXALTA INC COMPANY GUARNT 144A 04.000% JUN 23 2025 39,702 39,702
    $65000 BAXTER INTERNATIONAL INC GLB 01.850% JUN 15 2018 64,786 64,786
    $160000 BEAR STEARNS CO INC GLB 07.250% FEB 01 2018 181,253 181,253
    $45000 BECTON DICKINSON GLB 03.125% NOV 08 2021 44,611 44,611
    $55000 BECTON DICKINSON AND CO GLB 03.875% MAY 15 2024 55,214 55,214
    $45000 BHP BILLITON FIN USA LTD COMPANY GUARNT GLB 01.625% FEB 24 2017 45,522 45,522
    $40000 BRANCH BANKING & TRUST SER BKNT 01.450% OCT 03 2016 40,281 40,281
    $95000 BS COMML MTGE CMO 2006 PW13 A4 05.540%SEP11 41 AMORTIZED FCR .9 88,324 88,324
    $200000 BS COMML MTGE CMO 2006 PW14 A4 05.201%DEC11 38 AMORTIZED FCR 1 208,616 208,616
    $35000 BUCKEYE PARTNERS LP - 04.875% FEB 01 2021 36,494 36,494
    $5000 BURLINGTN NORTH SANTA FE - 07.950% AUG 15 2030 6,997 6,997
    $40000 BURLINGTN NORTH SANTA FE - 07.950% AUG 15 2030 55,978 55,978
    $120000 CAPITAL AUTO RE ABS 2013 4 A3 01.090%MAR20 18 AMORTIZED FCR 1.00 120,134 120,134
    $65000 CAPITAL ONE FINANCIAL CO - 02.450% APR 24 2019 65,007 65,007
    $145000 CAPITAL ONE MUL ABS 2014 A5 A5 01.480%JUL15 20 AMORTIZED FCR 1.0 145,746 145,746
    $60000 CARDINAL HEALTH INC GLB 03.200% MAR 15 2023 59,347 59,347
    $75000 CATERPILLAR FINANCIAL SE SER MTN 01.625% JUN 01 2017 75,769 75,769
    $25000 CELGENE CORP GLB 05.250% AUG 15 2043 26,030 26,030
    $105000 CITIBANK CREDIT ABS 2013 A3 A3 01.110%JUL23 18 AMORTIZED FCR 1.0 105,304 105,304
    $165000 CITIGROUP INC SUBORDINATED GLB 04.400% JUN 10 2025 164,385 164,385
    $55000 COLUMBIA PIPELINE GROUP COMPANY GUARNT 144A 04.500% JUN 01 2025 54,106 54,106
    $100000 COMCAST CORP COMPANY GUARNT GLB 05.875% FEB 15 2018 110,969 110,969
    $25000 CONSOLIDATED EDISON CO O - 04.625% DEC 01 2054 24,343 24,343
    $105000 COOPER US INC COMPANY GUARNT 03.875% DEC 15 2020 111,417 111,417
    $25000 CUMMINS INC - 03.650% OCT 01 2023 25,910 25,910
    $50000 DELMARVA PWR & LIGHT CO 1ST MORTGAGE 03.500% NOV 15 2023 51,023 51,023
    $65000 DELPHI CORP COMPANY GUARNT 04.150% MAR 15 2024 67,192 67,192
    $20000 DIRECTV HOLDINGS LLC COMPANY GUARNT GLB 06.350% MAR 15 2040 21,616 21,616
    $50000 DOW CHEMICAL CO/THE GLB 04.250% NOV 15 2020 53,335 53,335
    $80000 DUKE ENERGY CORP - 03.550% SEP 15 2021 83,011 83,011
    $55000 DUKE ENERGY PROGRESS INC 1ST MORTGAGE 04.150% DEC 01 2044 53,153 53,153
    $35000 EATON CORP COMPANY GUARNT GLB 02.750% NOV 02 2022 34,042 34,042
    $35000 EBAY INC GLB 01.350% JUL 15 2017 34,948 34,948
    $85000 EMC CORP GLB 01.875% JUN 01 2018 85,165 85,165
    $50000 ENERGY TRANSFER PARTNERS GLB 04.650% JUN 01 2021 51,317 51,317
    $50000 ENTERPRISE PRODUCTS OPER COMPANY GUARNT GLB 06.125% OCT 15 2039 54,842 54,842
    $30000 ERP OPERATING LP - 03.000% APR 15 2023 29,082 29,082
    $50000 FORD CREDIT AUT ABS 2014 A A4 00.900%JUN15 17 AMORTIZED FCR 1.000 49,996 49,996
    $110000 FORD CREDIT AUT ABS 2015 A B 02.030%AUG15 20 AMORTIZED FCR 1.000 110,129 110,129
    $195000 FORD CREDIT FLO ABS 2014 4 A1 01.400%AUG15 19 AMORTIZED FCR 1.00 195,386 195,386
    $25000 GENERAL ELEC CAP CORP COMPANY GUARNT GLB 05.300% FEB 11 2021 28,111 28,111
    $35000 GENERAL ELEC CAP CORP NOTES 05.875% JAN 14 2038 41,861 41,861
    $105000 GENERAL ELEC CAP CORP CGTD SER GMTN GLB 03.100% JAN 09 2023 104,710 104,710
    $40000 GENERAL ELECTRIC CO GLB 05.250% DEC 06 2017 43,572 43,572
    $25000 GENZYME CORP COMPANY GUARNT GLB 05.000% JUN 15 2020 28,248 28,248
    $35000 GOLDMAN SACHS GROUP INC GLB 03.500% JAN 23 2025 33,943 33,943
    $95000 GOLDMAN SACHS GROUP INC GLB 05.950% JAN 18 2018 104,432 104,432
    $40000 HALLIBURTON COMPANY - 03.250% NOV 15 2021 41,024 41,024
    $50000 HALLIBURTON COMPANY - 03.250% NOV 15 2021 51,280 51,280
    $35000 HEALTH CARE REIT INC - 05.250% JAN 15 2022 38,285 38,285
    $35000 HEALTH CARE REIT INC GLB 04.125% APR 01 2019 37,047 37,047
    $30000 HOME DEPOT INC GLB 02.700% APR 01 2023 29,369 29,369
    $80000 HUMANA INC GLB 03.150% DEC 01 2022 77,164 77,164
    $65000 HYUNDAI AUTO RE ABS 2014 A A3 00.790%JUL16 18 AMORTIZED FCR 1.000 65,013 65,013
    $40000 INTEL CORP GLB 03.300% OCT 01 2021 41,750 41,750
    $70000 JOHN DEERE CAPITAL CORP GLB 01.300% MAR 12 2018 69,842 69,842
    $60000 JOHN DEERE CAPITAL CORP SER FIX 01.050% OCT 11 2016 60,257 60,257
    $140000 JPMBB COMMERCIA CMO 2013 C12 ASB 03.157%JUL15 45 AMORTIZED FCR 1 144,221 144,221
    $65000 JPMORGAN CHASE & CO SUBORDINATED GLB 03.875% SEP 10 2024 63,954 63,954
    $30000 KEYCORP SER MTN 05.100% MAR 24 2021 33,284 33,284
    $50000 LIBERTY MUTUAL GROUP INC COMPANY GUARNT 144A 04.250% JUN 15 2023 51,420 51,420
    $35000 LOWE'S COS INC GLB 04.250% SEP 15 2044 33,841 33,841
    $35000 LYB INTL FINANCE BV COMPANY GUARNT 04.000% JUL 15 2023 35,817 35,817
    $35000 MARATHON PETROLEUM CORP GLB 03.625% SEP 15 2024 34,363 34,363
    $50000 MASTERCARD INC GLB 03.375% APR 01 2024 51,038 51,038
    $35000 MCKESSON CORP GLB 01.292% MAR 10 2017 34,949 34,949
    $35000 MEDTRONIC INC COMPANY GUARNT 144A 04.375% MAR 15 2035 34,731 34,731
    $50000 MERCEDES-BENZ A ABS 2013 B A4 00.760%JUL15 19 AMORTIZED FCR 1.000 50,021 50,021
    $160000 MERCEDES-BENZ A ABS 2014 A A4 00.900%DEC16 19 AMORTIZED FCR 1.00 160,081 160,081
    $60000 MICROSOFT CORP GLB 03.750% FEB 12 2045 54,098 54,098
    $70000 MONSANTO CO GLB 04.400% JUL 15 2044 62,683 62,683
    $105000 MONSANTO CO GLB 01.150% JUN 30 2017 104,367 104,367
    $95000 MORGAN STANLEY GLB 02.650% JAN 27 2020 94,831 94,831
    $65000 MORGAN STANLEY SUBORDINATED SER GMTN 04.350% SEP 08 2026 63,692 63,692
    $15000 NATIONAL RURAL UTILITIES COLLATERAL TRUST 05.450% APR 10 2017 16,105 16,105
    $50000 NATIONAL RURAL UTILITIES COLLATERAL TRUST 05.450% APR 10 2017 53,683 53,683
    $65000 NORTHROP GRUMMAN CORP GLB 03.850% APR 15 2045 57,192 57,192
    $35000 NUCOR CORP - 04.125% SEP 15 2022 36,375 36,375
    $35000 NUCOR CORP GLB 04.000% AUG 01 2023 35,514 35,514
    $25000 OCCIDENTAL PETROLEUM COR GLB 04.625% JUN 15 2045 24,846 24,846
    $75000 ORACLE CORP GLB 04.300% JUL 08 2034 73,960 73,960
    $70000 ORACLE CORP GLB 02.250% OCT 08 2019 70,405 70,405
    $30000 PACCAR FINANCIAL CORP SER MTN 02.200% SEP 15 2019 30,209 30,209
    $60000 PACCAR FINANCIAL CORP SER MTN 01.150% AUG 16 2016 60,276 60,276
    $45000 PENTAIR FINANCE SA COMPANY GUARNT GLB 03.150% SEP 15 2022 43,362 43,362
    $60000 PHILIPS ELECTRONICS NV GLB 05.750% MAR 11 2018 65,882 65,882
    $100000 PHILLIPS PETROLEUM CO - 06.650% JUL 15 2018 114,452 114,452
    $35000 PHILLIPS 66 COMPANY GUARNT GLB 02.950% MAY 01 2017 35,976 35,976
    $30000 PHILLIPS 66 COMPANY GUARNT GLB 04.300% APR 01 2022 31,484 31,484
    $35000 PLAINS ALL AMER PIPELINE GLB 04.700% JUN 15 2044 31,989 31,989
    $60000 PNC FUNDING CORP COMPANY GUARNT GLB 03.300% MAR 08 2022 61,022 61,022
    $35000 PSI ENERGY INC - 06.050% JUN 15 2016 36,658 36,658
    $30000 QUALCOMM INC GLB 03.000% MAY 20 2022 29,797 29,797
    $20000 REYNOLDS AMERICAN INC COMPANY GUARNT GLB 05.850% AUG 15 2045 20,978 20,978
    $65000 RIO TINTO FIN USA LTD COMPANY GUARNT GLB 03.750% JUN 15 2025 64,089 64,089
    $15000 SANOFI GLB 01.250% APR 10 2018 14,945 14,945
    $35000 SANOFI-AVENTIS GLB 04.000% MAR 29 2021 37,733 37,733
    $30000 SIERRA PACIFIC POWER CO GENL REF MORT SER T 03.375% AUG 15 2023 30,338 30,338
    $100000 SIMON PROPERTY GROUP LP GLB 02.200% FEB 01 2019 101,037 101,037
    $45000 SOUTHERN CO GLB 02.150% SEP 01 2019 44,537 44,537
    $20000 SUNOCO LOGISTICS PARTNER COMPANY GUARNT 04.250% APR 01 2024 19,421 19,421
    $85000 SUNTRUST BANKS INC - 03.500% JAN 20 2017 87,533 87,533
    $70000 TORONTO-DOMINION BANK SER MTN GLB 02.625% SEP 10 2018 72,134 72,134
    $30000 TORONTO-DOMINION BANK SER MTN GLB 02.625% SEP 10 2018 30,915 30,915
    $75000 TOYOTA MOTOR CREDIT CORP SER MTN 02.125% JUL 18 2019 75,241 75,241
    $65000 TOYOTA MOTOR CREDIT CORP SER MTN 02.125% JUL 18 2019 65,209 65,209
    $60000 TRANS-CANADA PIPELINES - 07.625% JAN 15 2039 78,891 78,891
    $55000 UNION ELECTRIC CO - 06.700% FEB 01 2019 63,638 63,638
    $25000 UNION PACIFIC CORP - 03.375% FEB 01 2035 22,225 22,225
    $85000 UNITED TECHNOLOGIES CORP GLB 01.800% JUN 01 2017 86,238 86,238
    $55000 UNITEDHEALTH GROUP INC GLB 01.625% MAR 15 2019 54,343 54,343
    $30000 UNITEDHEALTH GROUP INC GLB 03.950% OCT 15 2042 27,144 27,144
    $100000 US BANCORP SER MTN 01.950% NOV 15 2018 100,902 100,902
    $70000 USD CAN NATURAL RES 3.450% NOV 15 2021 70,919 70,919
    $70000 USD HUSKY ENERGY INC 3.950% APR 15 2022 70,193 70,193
    $75000 USD ROGERS COMM INC 5.000% MAR 15 2044 74,167 74,167
    $90000 USD SCHLUMBERGER INV 3.650% DEC 01 2023 93,008 93,008
    $60000 USD SHELL INTL FIN 1.125% AUG 21 2017 59,925 59,925
    $15000 VENTAS REALTY LP/CAP CRP COMPANY GUARNT 05.700% SEP 30 2043 16,109 16,109
    $30000 VERIZON COMMUNICATIONS GLB 06.400% SEP 15 2033 34,378 34,378
    $60000 VERIZON COMMUNICATIONS GLB 06.400% SEP 15 2033 68,756 68,756
    $25000 VERIZON COMMUNICATIONS GLB 03.500% NOV 01 2024 24,315 24,315
    $95000 VODAFONE GROUP PLC GLB 01.500% FEB 19 2018 93,396 93,396
    $70000 VOLKSWAGEN AUTO ABS 2015 A A3 01.250%DEC20 17 AMORTIZED FCR 1.000 70,084 70,084
    $75000 WACHOVIA CORP SER MTN 05.750% FEB 01 2018 82,831 82,831
    $65000 WALGREENS BOOTS ALLIANCE COMPANY GUARNT GLB 02.700% NOV 18 2019 65,087 65,087
    $40000 WELLS FARGO & COMPANY GLB 02.150% JAN 15 2019 40,248 40,248
    $35000 WELLS FARGO & COMPANY SER N 02.150% JAN 30 2020 34,666 34,666
    $65000 WESTPAC BANKING CORP GLB 01.500% DEC 01 2017 65,092 65,092
    $90000 WF-RBS COMMERCI CMO 2014 C19 A3 03.660%MAR15 47 AMORTIZED FCR 1.0 94,112 94,112
    $30000 WILLIAMS PARTNERS LP GLB 03.900% JAN 15 2025 28,281 28,281
    $45000 WISCONSIN ENERGY CORP - 03.550% JUN 15 2025 44,881 44,881
    $35000 XILINX INC GLB 02.125% MAR 15 2019 34,942 34,942
    $35000 ZIMMER HOLDINGS INC GLB 03.550% APR 01 2025 33,817 33,817

    TY 2014 InvestmentsCorpStockSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Name of Stock End of Year Book Value End of Year Fair Market Value
    5000 shs 3M COMPANY 771,500 771,500
    1970 shs A SCHULMAN INC 86,128 86,128
    6140 shs AAR CORP 195,682 195,682
    7750 shs AARON'S INC SHS A 280,627 280,627
    24966 shs ABB LTD SPON ADR 521,290 521,290
    17607 shs ABBVIE INC SHS 1,183,014 1,183,014
    2355 shs ABIOMED INC COM 154,794 154,794
    4735 shs ABM INDUSTRIES INC COM 155,639 155,639
    2600 shs ACADIA HEALTHCARE CO INC 203,658 203,658
    8697 shs ACCENTURE PLC SHS 841,696 841,696
    9336 shs ACE LIMITED 949,284 949,284
    1375 shs ACUITY BRANDS INC 247,472 247,472
    1690 shs ADEPTUS HEALTH INC SHS CL A 160,533 160,533
    10900 shs ADOBE SYS DEL PV$ 0.001 1,741,715 1,741,715
    1415 shs ADURO BIOTECH INC 42,917 42,917
    4300 shs AEGION CORP 81,442 81,442
    71355 shs AEGON N.V. NY REG SHS 528,027 528,027
    2795 shs AERIE PHARMACEUTICALS INC 49,332 49,332
    4963 shs AGRIUM INC 525,830 525,830
    10865 shs AIRCASTLE LTD 246,309 246,309
    600 shs ALEXION PHARMS INC 1,816,739 1,816,739
    23253 shs ALIBABA GROUP HOLDING LT 3,373,070 3,373,070
    1545 shs ALKERMES PLC NEW 99,405 99,405
    9143 shs ALLEGION PLC SHS 549,860 549,860
    3850 shs ALLETE INC NEW 178,601 178,601
    30948 shs ALLIANZ SE SPD ADR 484,955 484,955
    6285 shs ALLIED WORLD ASSURANCE CO HOLDINGS 271,638 271,638
    24700 shs ALTERA CORP COM 1,264,640 1,264,640
    4450 shs AMAZON COM INC COM 1,931,701 1,931,701
    25153 shs AMERICA MOVIL SAB DE CV ADR 536,010 536,010
    16855 shs AMERICAN AXLE&MFG HLDGS 352,438 352,438
    6700 shs ANADARKO PETE CORP 523,002 523,002
    35380 shs AON PLC 3,526,678 3,526,678
    6330 shs APOLLO RESIDENTIAL MTG I 92,988 92,988
    12997 shs APPLE INC 1,630,149 1,630,149
    1490 shs ARISTA NETWORKS INC 121,793 121,793
    7945 shs ARRIS GROUP INC NEW 243,117 243,117
    3432 shs ASHFORD HOSPITALITY PRIME INC SHS 51,549 51,549
    12810 shs ASHFORD HOSPITALITY TR REITS-HOTELS 108,373 108,373
    1560 shs ASML HLDG NV NY REG SHS 2,494,310 2,494,310
    4650 shs ASPEN INSURANCE HLDS LTD 222,735 222,735
    16225 shs ASSOCIATED BANC CRP .01 328,881 328,881
    31841 shs AT&T INC 1,130,992 1,130,992
    4800 shs ATHENAHEALTH INC 790,602 790,602
    5600 shs ATWOOD OCEANICS INC 148,064 148,064
    3630 shs AVX CORP NEW 48,860 48,860
    9200 shs AXA -SPONS ADR 232,300 232,300
    4635 shs AXALTA COATING SYSTEMS LTD SHS 153,326 153,326
    16216 shs BAE SYS PLC SPN ADR 460,048 460,048
    1800 shs BAIDU INC SPON ADR 2,687,580 2,687,580
    57464 shs BANCO BILBAO VIZCAYA ARGENTARIA S A ADR 567,170 567,170
    78448 shs BANCO SANTANDER SA ADR 549,920 549,920
    20300 shs BANK OF AMERICA CORP 345,506 345,506
    34500 shs BARCLAYS PLC ADR 567,180 567,180
    5950 shs BARNES GROUP INC DE $.01 231,990 231,990
    7250 shs BASF SE SPONSORED ADR 642,785 642,785
    5753 shs BASF SE SPONSORED ADR 510,061 510,061
    2515 shs BELDEN INC 204,293 204,293
    19630 shs BELLATRIX EXPL LTD SHS 45,738 45,738
    27000 shs BERKSHIRE HATHAWAYINC DEL CL B NEW 3,674,970 3,674,970
    30312 shs BHP BILLITON LTD ADR 1,234,002 1,234,002
    3290 shs BIG 5 SPORTING GOODS COR 46,751 46,751
    1950 shs BIG LOTS INC COM 87,730 87,730
    4100 shs BIOGEN INC 2,181,276 2,181,276
    5700 shs BIOMARIN PHARMACEUTICALS 1,764,462 1,764,462
    3570 shs BLACKBAUD INC 203,311 203,311
    2109 shs BLACKROCK INC 729,672 729,672
    2280 shs BLUE HILLS BANCORP INC 31,920 31,920
    650 shs BLUEBIRD BIO INC 109,440 109,440
    7045 shs BOEING COMPANY 977,282 977,282
    12982 shs BP PLC SPON ADR 518,761 518,761
    3075 shs BRADY CORP WI CL A 76,075 76,075
    13570 shs BRANDYWNE RLTY T SBI NEW REIT 180,210 180,210
    3250 shs BRINKER INTL INC 187,363 187,363
    6960 shs BRINKS CO 204,833 204,833
    5950 shs BRITISH AMN TOBACO SPADR 644,087 644,087
    3860 shs BROADRIDGE FINL SOLUTIONS INC 193,039 193,039
    5720 shs BROCADE COMMUNICATIONS SYS INC NEW 67,954 67,954
    15637 shs BROOKFIELD ASSET MGMT INC CL A 546,200 546,200
    3125 shs BRUNSWICK CORP 158,937 158,937
    3905 shs BURLINGTON STORES INC 199,936 199,936
    3845 shs CABOT CORP 143,380 143,380
    9375 shs CALGON CARBON CORP 181,687 181,687
    42910 shs CANADIAN PACIFIC RAILWAY LTD 3,148,038 3,148,038
    16432 shs CANON INC ADR REP5SH 532,561 532,561
    1195 shs CARTER HOLDINGS INC 127,028 127,028
    1815 shs CAVIUM INC 124,890 124,890
    8680 shs CBL & ASSOC PPTYS INC REIT 140,616 140,616
    7320 shs CELESTICA SUB VTG SHS 85,205 85,205
    4380 shs CELLDEX THERAPEUTICS INC 110,464 110,464
    2060 shs CENTENE CORP 165,624 165,624
    2735 shs CEPHEID INC CALIF COM 167,245 167,245
    1600 shs CERNER CORP COM 1,174,020 1,174,020
    1220 shs CHARLES RIVER LABS INTL 85,815 85,815
    1990 shs CHEMICAL FINL CORP 65,789 65,789
    6360 shs CHENIERE ENERGY PARTNERS 148,951 148,951
    10932 shs CHEVRON CORP 1,054,610 1,054,610
    7686 shs CHINA MOBILE LTD SPN ADR 492,596 492,596
    2160 shs CHIPMOS TECHNOLOGIES BERMUDA LTD 47,174 47,174
    1450 shs CHIPOTLE MEXICAN GRILL 1,663,722 1,663,722
    65700 shs CITIGROUP INC COM NEW 3,629,268 3,629,268
    9140 shs CLIFTON BANCORP INC 127,869 127,869
    1065 shs CLOVIS ONCOLOGY INC 93,592 93,592
    3726 shs CNOOC LTD ADR 528,794 528,794
    54100 shs COCA COLA COM 2,122,343 2,122,343
    14570 shs COEUR MINING INC 83,195 83,195
    14632 shs COLGATE PALMOLIVE 957,079 957,079
    91717 shs COMPANHIA ENERG DE ADR 349,442 349,442
    19700 shs CONSTELLATION BRANDS INC 2,285,594 2,285,594
    4640 shs CON-WAY INC 178,037 178,037
    1140 shs COOPER COS INC COM NEW 202,886 202,886
    4470 shs COOPER TIRE RUBBER 151,220 151,220
    5625 shs CORE LAB N.V. COM 641,475 641,475
    720 shs COSTAR GROUP INC COM 144,907 144,907
    3180 shs CRANE CO DELAWARE 186,761 186,761
    21011 shs CREDIT SUISSE GP SP ADR 579,904 579,904
    3050 shs CRITEO S A 145,393 145,393
    3060 shs CSG SYSTS INTL INC COM 96,880 96,880
    51283 shs CTC MEDIA INC 116,412 116,412
    10979 shs CULLEN FRST BKRS PV$0.01 862,730 862,730
    11627 shs CVS HEALTH CORP 1,219,440 1,219,440
    2960 shs DAVE & BUSTERS ENTERTNMT INC 106,826 106,826
    1790 shs DEALERTRACK TECHNOLOGIES INC 112,394 112,394
    24278 shs DELHAIZE GROUP SPONS ADR 500,855 500,855
    2600 shs DEMANDWARE INC 184,808 184,808
    14400 shs DENBURY RES INC 91,584 91,584
    16848 shs DEUTSCHE BK AG REG SHS 508,136 508,136
    2980 shs DEVRY EDUCATION GROUP INC 89,340 89,340
    2575 shs DEXCOM INC 205,948 205,948
    8100 shs DIAGEO PLC SPSD ADR NEW 939,924 939,924
    5645 shs DIAMOND RESORTS INC 178,100 178,100
    1520 shs DIAMONDBACK ENERGY INC 114,578 114,578
    3110 shs DIPLOMAT PHARMACY ORD 139,173 139,173
    13771 shs DISCOVER FINL SVCS 793,485 793,485
    20500 shs DISCOVERY COMMUNICATN INC SER C 637,140 637,140
    22000 shs DISH NETWORK CORPATION CLASS A 1,489,620 1,489,620
    1675 shs DST SYSTEMS INC DEL 211,016 211,016
    27287 shs E M C CORPORATION MASS 720,104 720,104
    14379 shs EATON CORP PLC 970,439 970,439
    21400 shs ECOLAB INC 2,419,698 2,419,698
    3325 shs ELECTRONICS FOR IMAGING 144,671 144,671
    2525 shs EMCOR GROUP INC 120,619 120,619
    3150 shs ENDURANCE SPECIALTY HLDG 206,955 206,955
    2255 shs ENERSYS 158,504 158,504
    11750 shs ENSCO PLC SHS CL A 261,672 261,672
    2415 shs EURONET WORLDWIDE INC 149,005 149,005
    1700 shs F E I COMPANY 140,981 140,981
    5996 shs FACEBOOK INC CLASS A COMMON STOCK 3,130,423 3,130,423
    855 shs FAIR ISAAC CORPORATION 77,617 77,617
    3185 shs FEDERATED INVESTRS B 106,666 106,666
    16511 shs FIDELITY NATL INFO SVCS INC 1,020,380 1,020,380
    16115 shs FIRST HORIZON NTNL CORP 252,522 252,522
    6000 shs FIRST MIDWST BANCORP DEL 113,820 113,820
    27470 shs FIRST NIAGARA FINL GROUP INC NEW 259,317 259,317
    11072 shs FIRSTMERIT CORP 230,630 230,630
    7900 shs FMC TECHS INC COM 962,568 962,568
    10080 shs FMSA HOLDINGS INC SHS 82,555 82,555
    3225 shs FORTUNE BRANDS HOME AND SECURITY INC SHS 147,769 147,769
    2425 shs FORWARD AIR CORP 126,731 126,731
    810 shs FOSTER L B CO CL A 28,034 28,034
    16900 shs FULTON FINL CORP PA 220,714 220,714
    23686 shs GENERAL MOTORS CO COMMON SHARES 789,454 789,454
    2240 shs GENESEE & WYOM CL A 170,643 170,643
    4470 shs GEO (THE) GROUP INC SHS 152,695 152,695
    2265 shs G-III APPAREL GROUP LTD 159,343 159,343
    4690 shs GLOBAL BRASS AND COPPER HOLDINGS INC SHS 79,777 79,777
    6675 shs GOLDMAN SACHS GROUP INC 1,393,673 1,393,673
    2040 shs GOOGLE INC CL A 2,748,804 2,748,804
    4681 shs GOOGLE INC SHS CL C 3,140,758 3,140,758
    1495 shs GRACO INC 106,190 106,190
    23150 shs GRAN TIERRA ENERGY INC. 68,987 68,987
    4010 shs GRAND CANYON EDUCATN INC 170,024 170,024
    12915 shs GRAPHIC PACKAGING HLDG C 179,906 179,906
    3385 shs GRUBHUB INC SHS 115,327 115,327
    1780 shs HAIN CELESTIAL GROUP INC 117,231 117,231
    6400 shs HANCOCK HOLDING CO 204,224 204,224
    3900 shs HANESBRANDS INC 129,948 129,948
    3940 shs HANOVER INS GROUP INC 291,678 291,678
    975 shs HARMAN INTL INDS INC NEW 115,966 115,966
    6600 shs HD SUPPLY HLDGS INC 232,188 232,188
    3780 shs HEALTHSOUTH CORP 174,107 174,107
    4035 shs HELEN OF TROY LTD 393,373 393,373
    3980 shs HEXCEL CORP NEW COM 197,965 197,965
    3405 shs HILL ROM HLDGS 184,994 184,994
    3105 shs HILLENBRAND INC 95,323 95,323
    4360 shs HOLOGIC INC 165,942 165,942
    9949 shs HONEYWELL INTL INC DEL 1,014,500 1,014,500
    4580 shs HOSPITALITY PPTYS TRUST REIT 131,996 131,996
    11680 shs HSBC HLDG PLC SP ADR 523,381 523,381
    985 shs HUBBELL INC CL B PAR .01 106,656 106,656
    1755 shs HUBSPOT INC 87,013 87,013
    1355 shs HYSTER-YALE MATLS HNDLNG INC CL A 93,874 93,874
    4250 shs IDACORP INC COM 238,595 238,595
    1290 shs IDEXX LAB INC DEL $0.10 82,741 82,741
    1405 shs IMPAX LABS INC 64,518 64,518
    1450 shs INCYTE CORPORATION 151,104 151,104
    33044 shs INFOSYS TECH LTD ADR 523,747 523,747
    36096 shs ING GP NV SPSD ADR 598,472 598,472
    19600 shs INGERSOLL-RAND PLC 1,321,432 1,321,432
    8515 shs INGRAM MICRO INC CL A 213,130 213,130
    2730 shs INTEGRA L HLDGS CORP NEW 183,920 183,920
    380 shs INTERCEPT PHARMACEUTICAL INC 91,724 91,724
    4695 shs INTL BANCSHARES CORP COM 126,155 126,155
    20330 shs INVESTORS BANCORP INC NEW 250,059 250,059
    8535 shs IRONWOOD PHARMACEUTICALS INC 102,932 102,932
    43837 shs ITAU UNIBANCO BANCO HOLD SA SPONSORED ADR 480,015 480,015
    17411 shs ITC HLDGS CORP 560,286 560,286
    2980 shs ITRON INC 102,631 102,631
    3560 shs IXYS CORP 54,468 54,468
    755 shs JACK IN THE BOX INC 66,561 66,561
    6510 shs JANUS CAPITAL GROUP INC 111,451 111,451
    4315 shs JARDEN CORP 223,301 223,301
    615 shs JAZZ PHARMACEUTICALS PLC SHS 108,283 108,283
    660 shs JONES LANG LASALLE INC 112,860 112,860
    17869 shs JPMORGAN CHASE & CO 1,210,803 1,210,803
    21100 shs JPMORGAN CHASE & CO 1,429,736 1,429,736
    15645 shs KB FINL GROUP INC SPN AD 514,251 514,251
    7730 shs KB HOME 128,318 128,318
    26073 shs KINDER MORGAN INC. DEL 1,000,942 1,000,942
    64116 shs KINROSS GOLD CORP 148,749 148,749
    1135 shs KIRBY CORP COM 87,009 87,009
    26824 shs KOMATSU NEW NEW SPNSDADR 538,760 538,760
    14220 shs KULICKE&SOFFA INDUST 166,516 166,516
    7080 shs LA QUINTA HLDGS INC 161,778 161,778
    3780 shs LAMAR ADVERTISING CO-A 217,274 217,274
    1995 shs LANNETT CO INC DEL $.001 118,583 118,583
    7836 shs LAS VEGAS SANDS CORP 1,130,255 1,130,255
    1925 shs LAZARD LTD CL A 108,262 108,262
    1680 shs LDR HOLDINGS CORP 72,660 72,660
    1885 shs LEAR CORP SHS 211,610 211,610
    6081 shs LENDINGCLUB CORP SHS 800,925 800,925
    1735 shs LENNOX INTL INC 186,842 186,842
    4240 shs LEXMARK INTL INC CL A 187,408 187,408
    90774 shs LIBERTY GLOBAL PLC CL C 4,595,888 4,595,888
    19630 shs LIMELIGHT NETWORKS INC 77,342 77,342
    1003244 shs LINCOLN ELEC HLDGS INC 61,087,526 61,087,526
    1598 shs LINKEDIN CORP CLASS A COMMON STOCK 2,190,278 2,190,278
    3385 shs LIONS GATE ENTMT CRP NEW 125,414 125,414
    5610 shs LKQ CORP 169,674 169,674
    28600 shs LOEWS CORP 1,101,386 1,101,386
    14485 shs LOWE'S COMPANIES INC 970,060 970,060
    11043 shs LUKOIL OAO-SPON ADR 495,941 495,941
    10350 shs MACK CALI REALTY CORP REIT 190,750 190,750
    15674 shs MACYS INC 1,057,525 1,057,525
    730 shs MALLINCKRODT PLC SHS 85,936 85,936
    13200 shs MANULIFE FINANCIAL CORP 245,388 245,388
    13663 shs MARSH & MCLENNAN COS INC 774,692 774,692
    35637 shs MARVELL TECHNOLOGY GROUP 469,874 469,874
    1620 shs MASONITE INTERNATIONAL CORPORATION 113,578 113,578
    1515 shs MATTHEWS INTL INC CL A 80,507 80,507
    2475 shs MAXIMUS INC 162,682 162,682
    8778 shs MC CORMICK NON VTG 710,579 710,579
    14070 shs MEDICAL PPTYS TR INC 184,458 184,458
    1105 shs MEDIVATION INC 126,191 126,191
    11426 shs MEDTRONIC PLC SHS 846,667 846,667
    10445 shs MENTOR GRAPHICS CORP 276,061 276,061
    3705 shs MEREDITH CORP 193,216 193,216
    305 shs METTLER-TOLEDO INTL INC 104,145 104,145
    7115 shs MICHAELS COS INC 191,465 191,465
    13780 shs MICROSEMI CORP 481,610 481,610
    99063 shs MICROSOFT CORP 4,373,631 4,373,631
    82137 shs MITSUBISHI UFJ FINL GRP INC 593,029 593,029
    52700 shs MONDELEZ INTERNATIONAL INC 2,168,078 2,168,078
    16342 shs MONSANTO CO NEW DEL COM 2,221,549 2,221,549
    3455 shs MONTPELIER RE HLDGS LTD 136,473 136,473
    58500 shs MORGAN STANLEY 2,269,215 2,269,215
    79525 shs NABORS INDUSTRIES LTD 1,147,546 1,147,546
    2110 shs NBT BANCORP INC 55,219 55,219
    6685 shs NCI BLDG SYS INC COM NEW 100,743 100,743
    1580 shs NELNET INC CL A 68,430 68,430
    40050 shs NESTLE S A REP RG SH ADR 2,890,008 2,890,008
    1590 shs NETGEAR INC 47,732 47,732
    2485 shs NEUROCRINE BIOSCNCE INC 118,684 118,684
    11730 shs NEW RESIDENTIAL INVT CORP SHS 178,765 178,765
    9584 shs NEXTERA ENERGY INC SHS 939,520 939,520
    17495 shs NIELSEN NV 783,251 783,251
    5700 shs NIKE INC CL B 1,587,894 1,587,894
    17248 shs NIPPON TELG&TEL SPDN ADR 625,930 625,930
    34425 shs NOBLE CORP PLC SHS 529,801 529,801
    40600 shs NOBLE ENERGY INC 1,732,808 1,732,808
    88187 shs NOMURA HLDGS INC ADR 596,144 596,144
    2090 shs NORDSON CORP 162,790 162,790
    8100 shs NOVARTIS ADR 796,554 796,554
    15040 shs NOVO NORDISK A S ADR 823,590 823,590
    80563 shs OAO GAZPROM SPON ADR 424,567 424,567
    13740 shs OLD NATL BANCORP IND 198,680 198,680
    4630 shs OLIN CORP $1 NEW 124,778 124,778
    111000 shs ORACLE CORP $0.01 DEL 4,473,300 4,473,300
    1995 shs ORBITAL ATK INC SHS 146,353 146,353
    4995 shs OWENS &MINOR INC NEW COM 169,830 169,830
    1110 shs PACIRA PHARMACEUTICALS I 78,499 78,499
    10446 shs PACKAGING CORP AMERICA 652,771 652,771
    2675 shs PACKAGING CORP AMERICA 167,161 167,161
    4300 shs PALO ALTO NETWORKS INC COM 751,210 751,210
    6584 shs PAN AMERN SILVER CORP 56,557 56,557
    2680 shs PAPA JOHNS INTL INC 202,635 202,635
    11475 shs PARAGON OFFSHORE PLC SHS WHEN ISSUED 12,508 12,508
    3000 shs PARTNERRE LTD 385,500 385,500
    6665 shs PARTY CITY HOLDCO INC SHS 135,100 135,100
    4560 shs PEBBLEBROOK HOTEL TRUST 195,533 195,533
    6150 shs PENN NATL GAMING CORP 112,853 112,853
    8100 shs PENN RL EST INV TR REIT 172,854 172,854
    32868 shs PEPSICO INC 3,067,899 3,067,899
    33615 shs PFIZER INC 1,127,111 1,127,111
    12094 shs PHILLIPS 66 SHS 974,293 974,293
    4840 shs PLANTRONICS INC NEW COM 272,540 272,540
    4815 shs POLYONE CORP COM 188,604 188,604
    6900 shs PORTLAND GEN ELEC CO 228,804 228,804
    2660 shs PORTOLA PHARMACEUTICALS INC COM 121,163 121,163
    25850 shs POTASH CORP SASKATCHEWAN 800,575 800,575
    1875 shs PRA GROUP INC 116,831 116,831
    4190 shs PRA HEALTH SCIENCES INC SHS 152,223 152,223
    18614 shs PRAXAIR INC 2,225,304 2,225,304
    3125 shs PROOFPOINT INC 198,969 198,969
    6650 shs PROSPECT CAPITAL CORP 49,011 49,011
    2910 shs PROSPERITY BANCSHARES 168,023 168,023
    4780 shs PTC INC SHS 196,076 196,076
    17370 shs QLOGIC CORP 246,480 246,480
    1552 shs QORVO INC SHS 124,579 124,579
    12290 shs R R DONNELLEY SONS 214,215 214,215
    147067.7 shs RAIT FINANCIAL TRUST SHS 147,068 147,068
    3160 shs RAYONIER ADVANCED MATERIALS INC 51,382 51,382
    655 shs RECEPTOS INC 124,483 124,483
    2510 shs REGAL BELOIT CORP WIS 182,201 182,201
    1625 shs REGENERON PHARMACTCLS 2,512,390 2,512,390
    1450 shs RENTRAK CORP 101,210 101,210
    3550 shs RESTAURANT BRANDS INTL INC SHS 135,646 135,646
    27575 shs RIO TINTO PLC SPNSRD ADR 1,136,366 1,136,366
    21110 shs RITE AID CORPORATION 176,268 176,268
    1360 shs ROBERTHALF INTL INC COM 75,480 75,480
    7530 shs ROLLS ROYCE GRP SPN ADR 516,709 516,709
    2440 shs ROVI CORP 38,918 38,918
    7992 shs ROYAL DUTCH SHELL PLC SPONS ADR A 455,624 455,624
    2108 shs SALESFORCE COM INC 3,251,721 3,251,721
    6010 shs SANMINA CORP 121,162 121,162
    17900 shs SCHLUMBERGER LTD 3,055,435 3,055,435
    17500 shs SCHWAB CHARLES CORP NEW 1,394,155 1,394,155
    1960 shs SCIENCE APPLICATIONS INTL CORP 103,586 103,586
    14330 shs SELECT MEDICAL HOLDINGS CORP 232,146 232,146
    6865 shs SERVICE CORP INTL 202,037 202,037
    4240 shs SERVICEMASTER GLOBAL HLDGS INC 153,361 153,361
    2270 shs SERVICENOW INC 168,684 168,684
    22475 shs SHAW COMMUNICATIONS B CV 489,730 489,730
    2430 shs SHUTTERSTK INC SHS 142,495 142,495
    4889 shs SIEMENS AG ADR 496,380 496,380
    1630 shs SIGNATURE BANK 238,616 238,616
    1260 shs SIGNET JEWELERS LTD SHS 161,582 161,582
    18426 shs SK TELECOM ADR 456,781 456,781
    1695 shs SKYWORKS SOLUTIONS INC 176,450 176,450
    6170 shs SMART AND FINAL STORES INC SHS 110,258 110,258
    3065 shs SMITH A O CORP DEL COM 220,619 220,619
    14708 shs SMITH-NPHW PLC SPADR NEW 499,337 499,337
    61975 shs SOCIETE GENERAL SPN ADR 584,424 584,424
    7800 shs SOUTH32 LTD SHS ADR 52,338 52,338
    4324 shs SOUTH32 LTD SHS ADR 29,014 29,014
    2600 shs SOUTHWESTERN ENERGY CO 409,140 409,140
    2100 shs SOVRAN SELF STORAGE INC REIT 182,511 182,511
    4790 shs SPARTANNASH CO 155,867 155,867
    2515 shs SPIRIT AIRLS INC COM 156,182 156,182
    13590 shs SPLUNK INC COMMON SHARES 1,593,602 1,593,602
    20117 shs STATOIL ASA SHS 360,094 360,094
    2430 shs STEPAN CO 131,487 131,487
    65918 shs SUMITOMO MITSUI-UNSPONS ADR 586,011 586,011
    30725 shs SUNCOR ENERGY INC NEW 845,552 845,552
    16751 shs SUNCOR ENERGY INC NEW 460,987 460,987
    6550 shs SUNEDISON INC 195,911 195,911
    4330 shs SYKES ENTERPRISES INC 105,003 105,003
    12295 shs SYMETRA FINANCIAL CORP 297,170 297,170
    1315 shs SYNCHRONOSS TECHNOLOGIES INC 60,135 60,135
    1120 shs TABLEAU SOFTWARE INC CL A 129,136 129,136
    14941 shs TATA MOTORS LTD ADR 515,016 515,016
    9820 shs TCF FINANCIAL CORP COM 163,110 163,110
    2665 shs TEAM HEALTH HOLDINGS INC 174,104 174,104
    1900 shs TECH DATA CORP 109,364 109,364
    6575 shs TECK RESOURCES LTD CLS B 65,158 65,158
    34876 shs TELEFONICA SA SPAIN ADR 495,239 495,239
    26425 shs TENARIS S A ADR 714,003 714,003
    1225 shs TENET HEALTHCARE CORP COM NEW 70,903 70,903
    50541 shs TESCO PLC SPNRD ADR 505,663 505,663
    2450 shs TETRAPHASE PHARMACEUTICALS INC 116,228 116,228
    9246 shs TEVA PHARMACTCL INDS ADR 546,439 546,439
    325 shs THE PRICELINE GROUP INC 1,957,329 1,957,329
    10700 shs THERMO FISHER SCIENTIFIC INC 1,388,432 1,388,432
    6752 shs TIME WARNER CABLE INC SHS 1,203,004 1,203,004
    9618 shs TOTAL S.A. SP ADR 472,917 472,917
    2795 shs TOTAL SYS SVCS INC 116,747 116,747
    2240 shs TRAVELCENTERS AMER LLC 33,264 33,264
    2980 shs TRIPLE S MGMT CORP CL B 76,467 76,467
    3030 shs TRIUMPH GROUP INC NEW 199,950 199,950
    5830 shs TUBEMOGUL INC 83,311 83,311
    7750 shs TUTOR PERINI CORP 167,245 167,245
    107650 shs TWENTY-FIRST CENTURY FOX INC CLASS A 3,759,620 3,759,620
    520 shs TYLER TECHS INC DEL COM 67,278 67,278
    28000 shs UBS GROUP AG NAMEN-AKT 593,600 593,600
    1290 shs ULTA SALON COSMETICS & FRAGRAN 199,240 199,240
    11650 shs ULTRA PETROLEUM CORP 145,858 145,858
    5735 shs UMPQUA HLDGS CORP ORE 103,173 103,173
    15900 shs UNILEVER NV NY REG SHS 665,256 665,256
    9384 shs UNION PACIFIC CORP 894,952 894,952
    2270 shs UNITED NAT FOODS INC 144,554 144,554
    940 shs UNITED THERAPEUTICS CORP 163,513 163,513
    11150 shs UNITEDHEALTH GROUP INC 1,360,300 1,360,300
    23700 shs UNITEDHEALTH GROUP INC 2,891,400 2,891,400
    1920 shs UNIVERSAL FOREST PRODS 99,898 99,898
    13241 shs V F CORPORATION 923,427 923,427
    78209 shs VALE SA 460,651 460,651
    9300 shs VALEANT PHARMACEUTICALS INTERNATIONL INC 2,065,995 2,065,995
    5605 shs VANTIV INC CL A 214,055 214,055
    1880 shs VCA INC 102,281 102,281
    3865 shs VIRTU FINL INC SHS CL A 90,750 90,750
    4000 shs VISA INC CL A SHRS 3,941,705 3,941,705
    19230 shs VISHAY INTERTECHNLGY 224,606 224,606
    1740 shs VISTA OUTDOOR INC SHS WHEN ISSUED 78,126 78,126
    2245 shs VULCAN MATERIALS CO 188,423 188,423
    33550 shs W R BERKLEY CORP 1,742,251 1,742,251
    1655 shs WABCO HOLDINGS INC 204,757 204,757
    2030 shs WABTEC 191,307 191,307
    9615 shs WASHINGTON FEDL INC 224,510 224,510
    4067 shs WASTE CONNECTIONS INC 191,637 191,637
    97415 shs WEATHERFORD INTL PLC 1,195,282 1,195,282
    3175 shs WEBSTER FINL CP PV $0.01 125,571 125,571
    22987 shs WELLS FARGO & CO NEW DEL 1,292,789 1,292,789
    1220 shs WESBANCO INC 41,504 41,504
    1555 shs WEX INC 177,223 177,223
    4675 shs WHIRLPOOL CORP 809,009 809,009
    2735 shs WHITING PETROLEUM CORP 91,896 91,896
    9000 shs WHOLE FOODS MKT INC COM 966,280 966,280
    1625 shs WILEY JOHN & SONS CL A 88,351 88,351
    1800 shs WILLIAMS SONOMA INC 148,086 148,086
    3325 shs WINTRUST FINL CP ILL COM 177,489 177,489
    8530 shs WISDOMTREE INVTS INC 187,361 187,361
    57184 shs YAMANA GOLD INC 171,552 171,552
    1050 shs YARA INTL ASA SP ADR 54,653 54,653
    3920 shs ZAYO GROUP HLDGS INC 100,822 100,822

    TY 2014 InvestmentsGovtObligationsSch
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    US Government Securities - End of Year Book Value:

    8,313,934
    US Government Securities - End of Year Fair Market Value:

    8,313,934
    State & Local Government Securities - End of Year Book Value:


    0
    State & Local Government Securities - End of Year Fair Market Value:


    0


    TY 2014 InvestmentsOtherSchedule2
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    RESIDUAL INVESTMENTS ARDEN SAGE ACCOUNT FMV 131,258 131,258
    ROSE VALUE-ADD OFFICE RETROFIT FUND FMV 2,032,965 2,032,965
    CARLYLE PARTNERS FMV 3,909,360 3,909,360
    BLACKSTONE MARKET OPPORTUNITIES OFFSHORE FUND FMV 24,439,958 24,439,958
    ARDEN-SAGE CAPITAL INTERNATIONAL, LTD FMV 1,078,971 1,078,971
    MORGAN CREEK PARTNERS FMV 4,095,820 4,095,820
    ECO SYSTEM PARTNERS FMV 3,904,096 3,904,096
    1454475 SHS SPHINX ACCESS LTD CL DH FMV 271,305 271,305
    RUSSELL 1000 INDEX FUND FMV 10,704,391 10,704,391
    NEUBERGER BERMAN EMERGING MARKETS EQUITY FUND FMV 10,626,352 10,626,352
    MONARCH DEBT RECOVERY FUND LTD FMV 13,037,101 13,037,101
    BEACH POINT TOTAL RETURN OFFSHORE FUND II LTD FMV 12,248,097 12,248,097
    NUVEEN GLOBAL EMERGING MARKETS FMV 12,480,469 12,480,469
    GRESHAM TAP FMV 11,582,986 11,582,986
    BLACKROCK COMMODITIES FMV 5,351,561 5,351,561
    POWERSHARES PRIVATE EQUITY FMV 3,650,850 3,650,850
    BARROW HANLY BOND FUND FMV 2,398,145 2,398,145
    SKYBRIDGE FMV 10,321,306 10,321,306
    BLACKSTONE STRATEGIC OFFSHORE FMV 8,037,822 8,037,822
    BLACKSTONE CAYMAN FMV 1,996,438 1,996,438
    AG SUPERFUND FMV 9,853,700 9,853,700
    CARLYLE ENERGY FMV 1,686,675 1,686,675
    ABRAAJ GROWTH FMV 2,056,451 2,056,451
    INVESTEC FMV 709,976 709,976

    TY 2014 LandEtcSchedule2
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    LAND AND BUILDINGS, BRATTLE STREET, CAMBRIDGE 10,082,406 4,608,184 5,474,222  
    FURNITURE 90,433 90,433 0  
    OFFICE CONDO - PHOENIX 2,119,729 390,972 1,728,757  
    CONDOMINIUM IMPROVEMENTS - PHOENIX 389,901 89,896 300,005  
    CONDOMINIUM IMPROVEMENTS - PHOENIX 30,980 5,438 25,542  
    PHILLIPS PLACE, CAMBRIDGE - LAND 2,500,000 0 2,500,000  
    PHILLIPS PLACE, CAMBRIDGE - BUILDINGS 1,550,255 0 1,550,255  
    PHILLIPS PLACE, CAMBRIDGE - IMPROVEMENTS 3,160,418 33,494 3,126,924  
    PHILLIPS PLACE, CAMBRIDGE - CAP INT 443,002 2,461 440,541  
    FURNITURE 160,023 3,809 156,214  
    BRATTLE STREET CAPITALIZED EXPENSES 97,744 0 97,744  
    PHOENIX FURNITURE 61,416 61,416 0  


    TY 2014 LegalFeesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    SNELL & WILMER 28,983 22,506 22,506 6,477
    SUTHERLAND 8,604 0 0 8,604
    ROPES AND GRAY 31,088 0 0 31,088
    CHIN AND CURTIS LLP 533 0 0 533
    JONES DAY 2,205 0 0 2,205
    OTHER LEGAL 4,908 0 0 4,908
    PARKER BROWN 7,798 0 0 7,798
    SPBG 12,924 0 0 12,924


    TY 2014 OtherAssetsSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    HEALTH INSURANCE DEPOSIT 9,030 10,605 10,605


    TY 2014 OtherDecreasesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Description Amount
       
       


    TY 2014 OtherExpensesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    CURRICULUM DEVELOPMENT AND RESEARCH 1,084,965 0 0 1,084,965
    EVALUATION 1,675 0 0 1,675
    GENERAL OFFICE 125,824 13,301 13,301 125,824
    BOARD TRAVEL AND MEETING COSTS 329,240 82,116 82,116 247,124
    INSURANCE 60,406 0 0 60,406
    JOINT/DEMONSTRATION PROJECTS 2,798,521 0 0 2,798,521
    TEMPORARY SUPPORT STAFF 98,834 0 0 98,834
    PUBLIC AFFAIRS 111,867 0 0 111,867
    INFORMATION TECHNOLOGY 598,920 30,156 30,156 568,764
    MULTI-MEDIA 42,891 0 0 42,891
    DISTANCE EDUCATION 420,935 0 0 420,935
    COURSES, CONFERENCES AND MEETINGS 1,073,448 0 0 1,073,448
    PROGRAM AWARDS UNDER $10,000 352,726 0 0 352,726


    TY 2014 OtherIncomeSchedule2
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    PUBLICATIONS 39,558   39,558
    SONORAN INSTITUTE 4,884   4,884
    EMPLOYEE PARKING 5,340   5,340
    OTHER 7,054   7,054


    TY 2014 OtherLiabilitiesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Description Beginning of Year - Book Value End of Year - Book Value
    PAYROLL RELATED 36,776 36,640
    TENANT DEPOSIT 3,014 3,014
    REVOLVING LOAN ACCOUNT 13,000,000 13,491,115
    DEFERRED EXCISE TAX 0 1,998,914


    TY 2014 OtherProfessionalFeesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    DREMAN VALUE MGMT- INV. ADVICE 395,132 395,132 395,132 0
    SANDS - INV. ADVICE 290,177 290,177 290,177 0
    FRED ALGER - INV. ADVICE 161,298 161,298 161,298 0
    MERRILL LYNCH - INV ADVICE 349,277 349,277 349,277 0
    EAGLE CAPITAL MANAGEMENT - INV ADVICE 503,146 503,146 503,146 0
    CARLYLE GROUP - INV ADVICE 584,713 584,713 584,713 0
    MISC ADMIN CONSULTING FEES 46,418 0 0 46,418
    BARROW HANLEY - INV ADVICE 160,788 160,788 160,788 0
    WENTWORTH HAUSER - INV ADVICE 193,513 193,513 193,513 0
    ARDEN SAGE - INV ADVICE 5,000 5,000 5,000 0
    MORGAN CREEK - INV ADVICE 115,882 115,882 115,882 0
    JONATHAN ROSE COMPANY 150,000 150,000 150,000 0
    SANTA BARBARA ASSET MGMT 177,548 177,548 177,548 0
    THRU MUTUAL FUND 86,271 86,271 86,271 0
    RUSSELL REYNOLD 21,660 0 0 21,660
    OTHER INVESTMENT 920 920 920 0
    BLACKROCK 42,006 42,006 42,006 0


    TY 2014 TaxesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN: 86-6021106
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 170,069 170,069 170,069 0
    FEDERAL EXCISE 704,000 0 0 704,000