TY 2015 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

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

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

Information about Form 990-PF and its instructions is at www.irs.gov/form990pf.

OMB No. 1545-0052

2015

Open to Public Inspection

For calendar year 2015, or tax year beginning 05-01-2015 , and ending 04-30-2016

Name of foundation
V E & BETTY PHILLIPS SCHOLARSHIP FUND

Number and street (or P.O. box number if mail is not delivered to street address)620 LIBERTY AVENUE 10TH FLOOR
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
PITTSBURGH, PA152222705

A Employer identification number

23-7418046

B Telephone number (see instructions)

(412) 762-8133

C If exemption application is pending, check here bullet

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

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

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

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

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

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

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

$902,446J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).)	(a) Revenue and expenses per books		(b) Net investment income	(c) Adjusted net income	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check Sch. B .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	17,832		17,832
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		35,751
b	Gross sales price for all assets on line 6a 286,165
7	Capital gain net income (from Part IV, line 2)...			35,751
8	Net short-term capital gain.........				0
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......
12	Total. Add lines 1 through 11........	53,583		53,583
13	Compensation of officers, directors, trustees, etc.	10,216		5,108		5,108
14	Other employee salaries and wages......			0	0	0
15	Pension plans, employee benefits.......			0	0
16a	Legal fees (attach schedule).........		1,615	0	0	1,615
b	Accounting fees (attach schedule).......
c	Other professional fees (attach schedule)....					0
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)...		970			0
19	Depreciation (attach schedule) and depletion...		0	0
20	Occupancy..............
21	Travel, conferences, and meetings.......			0	0
22	Printing and publications..........			0	0
23	Other expenses (attach schedule).......		5,904			5,904
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	18,705		5,108	0	12,627
25	Contributions, gifts, grants paid.......	36,700				36,700
26	Total expenses and disbursements. Add lines 24 and 25	55,405		5,108	0	49,327
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-1,822
b	Net investment income (if negative, enter -0-)			48,475
c	Adjusted net income (if negative, enter -0-)...				0

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2015)

Form 990-PF (2015)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............
	2	Savings and temporary cash investments.........	40,059	36,570	36,570
	3	Accounts receivable
		Less: allowance for doubtful accounts		0	0
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts 0
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	821,360	823,025	865,876
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	861,419	859,595	902,446
	17	Accounts payable and accrued expenses..........
	18	Grants payable..................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22).........		0
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted..................
	25	Temporarily restricted...............
	26	Permanently restricted...............
		Foundations that do not follow SFAS 117, check here
		and complete lines 27 through 31.
	27	Capital stock, trust principal, or current funds........	849,979	849,122
	28	Paid-in or capital surplus, or land, bldg., and equipment fund
	29	Retained earnings, accumulated income, endowment, or other funds	11,440	10,473
	30	Total net assets or fund balances (see instructions).....	861,419	859,595
	31	Total liabilities and net assets/fund balances (see instructions).	861,419	859,595

Part III

Analysis of Changes in Net Assets or Fund Balances

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

861,419

Enter amount from Part I, line 27a .....................

-1,822

Other increases not included in line 2 (itemize) bullet

Add lines 1, 2, and 3 ..........................

859,597

Decreases not included in line 2 (itemize) bullet

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .

859,595

Form 990-PF (2015)

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	427.781 AMERICAN BEACON L/C VALU IS		2011-04-25	2015-05-01
b	107.352 AMERICAN BEACON L/C VALU IS		2014-12-24	2015-05-01
c	19.111 ARTISAN FDS INC INTERNATIONAL		2014-12-24	2015-05-01
d	138.657 ARTISAN FDS INC INTERNATIONAL		2009-10-14	2015-05-01
e	59.088 HARDING LOEVNER INTERNATIONAL EQUITY PORTFOLIO		2014-12-24	2015-05-01
	500.611 HARDING LOEVNER INTERNATIONAL EQUITY PORTFOLIO		2012-11-01	2015-05-01
	270.93 TEMPLETON INSTL FDS INC FOREIGN EQUITY SER		2015-01-27	2015-05-01
	15.179 AMERICAN BEACON L/C VALU IS		2011-04-25	2015-07-20
	21.694 ARTISAN FDS INC INTERNATIONAL		2009-10-14	2015-07-20
	45.754 BLACKROCK STRATEGIC INCOME OPPORTUNITIES PORTFOLIO		2014-10-30	2015-07-20
	13.32 COLUMBIA ACORN INTL FUND CL Z		2014-03-14	2015-07-20
	12. DB X-TRACKERS MSCI JAPAN HDG ETF		2015-04-30	2015-07-20
	16. DEUTSCHE X-TRACKERS MSCI EUR ETF		2015-04-30	2015-07-20
	72.125 EATON VANCE FLOATING RATE FUND CLASS I		2011-04-25	2015-07-20
	4.994 GOLDMAN SACHS MID CAP VALUE FD CL I		2014-07-11	2015-07-20
	34.611 GOLDMAN SACHS GRTH OPPOR INSTIT CLASS		2014-12-24	2015-07-20
	12.233 HARDING LOEVNER INTERNATIONAL EQUITY PORTFOLIO		2012-11-01	2015-07-20
	5. ISHARES CORE US AGGREGATE BOND ETF		2014-10-22	2015-07-20
	4. ISHARES MSCI EMERGING MKTS INDEX FUND		2011-04-25	2015-07-20
	4. ISHARES TR S&P SMLCP VALU		2011-04-25	2015-07-20
	5. ISHARES TR S&P SMLCP GROW		2014-03-14	2015-07-20
	77.766 MFS VALUE FUND CLASS I FUND 893		2009-10-14	2015-07-20
	126.366 T ROWE PRICE GROWTH STOCK FUND		2013-10-07	2015-07-20
	68.824 T ROWE PRICE GROWTH STOCK FUND		2014-12-24	2015-07-20
	93.177 ROWE T PRICE VALUE FD INC COM		2014-12-24	2015-07-20
	9. HEALTH CARE SELECT SECTOR ETF LARGE CAP		2014-08-29	2015-07-20
	9. SECTOR SPDR TR SBI CYCL TRANS		2015-03-31	2015-07-20
	14. SECTOR SPDR TR SBI INT-TECH		2015-03-31	2015-07-20
	12.165 TEMPLETON GLOBAL BOND FUND AD FUND		2011-07-05	2015-07-20
	15.903 TEMPLETON INSTL FDS INC FOREIGN EQUITY SER		2015-01-27	2015-07-20
	263.325 TOUCHSTONE SANDS CAPITAL SELECT GROWTH FD CLASS Y		2011-04-25	2015-07-20
	52.775 VANGUARD TOTL BD MKT IDX-ADM		2014-10-22	2015-07-20
	2. SECTOR SPDR TR SBI CYCL TRANS		2015-03-31	2015-07-31
	276. SECTOR SPDR TR SBI INT-TECH		2015-03-31	2015-07-31
	102. ISHARES TR S&P SMLCAP 600		2015-07-31	2015-08-31
	160. HEALTH CARE SELECT SECTOR ETF LARGE CAP		2014-08-29	2015-09-30
	1. HEALTH CARE SELECT SECTOR ETF LARGE CAP		2015-07-31	2015-09-30
	237. SECTOR SPDR TR SBI CONS STPLS		2015-08-31	2015-09-30
	149. SECTOR SPDR TR SBI CYCL TRANS		2015-03-31	2015-10-28
	299. SECTOR SPDR TR SBI CYCL TRANS		2015-09-30	2015-10-28
	171. SPDR TR UNIT SER 1		2015-10-28	2015-11-30
	168.127 BLACKROCK STRATEGIC INCOME OPPORTUNITIES PORTFOLIO		2014-10-30	2016-01-11
	94.256 EATON VANCE FLOATING RATE FUND CLASS I		2011-04-25	2016-01-11
	78. ISHARES CORE US AGGREGATE BOND ETF		2014-10-22	2016-01-11
	1. ISHARES MSCI EAFE SMALL CAP ETF		2015-11-30	2016-01-11
	6.092 T ROWE PRICE REAL ESTATE FUND FD 122		2015-07-20	2016-01-11
	52.237 T ROWE PRICE REAL ESTATE FUND FD 122		2012-01-31	2016-01-11
	784.966 VANGUARD TOTL BD MKT IDX-ADM		2014-10-22	2016-01-11
	160. ISHARES MSCI EAFE SMALL CAP ETF		2015-11-30	2016-01-29
	129. SPDR S&P INTERNATIONAL SMALL CAP		2015-11-30	2016-01-29
	5. SECTOR SPDR TR SBI INT-TECH		2015-11-30	2016-01-29
	154. SECTOR SPDR TR SBI CYCL TRANS		2015-11-30	2016-02-29
	268. SECTOR SPDR TR SBI INT-TECH		2015-11-30	2016-02-29
	815.729 GOLDMAN SACHS GRTH OPPOR INSTIT CLASS		2011-04-25	2016-04-06
	158.522 GOLDMAN SACHS GRTH OPPOR INSTIT CLASS		2016-01-11	2016-04-06
	CAPITAL GAIN DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	8,654	7,666	988
b	2,172	2,009	163
c	604	581	23
d	4,383	2,901	1,482
e	1,137	1,051	86
	9,632	7,674	1,958
	6,015	5,527	488
	303	272	31
	685	454	231
	463	469	-6
	580	618	-38
	516	509	7
	456	469	-13
	645	656	-11
	206	240	-34
	992	966	26
	231	188	43
	543	553	-10
	154	199	-45
	466	302	164
	664	600	64
	2,814	1,600	1,214
	7,451	5,914	1,537
	4,058	3,589	469
	3,309	3,260	49
	694	574	120
	713	683	30
	611	585	26
	149	170	-21
	341	324	17
	5,148	2,839	2,309
	565	576	-11
	161	152	9
	11,764	11,530	234
	11,301	11,965	-664
	10,533	10,207	326
	66	77	-11
	11,146	11,220	-74
	11,930	11,314	616
	23,939	22,049	1,890
	35,756	35,513	243
	1,638	1,722	-84
	791	857	-66
	8,461	8,622	-161
	47	51	-4
	162	162
	1,392	1,023	369
	8,391	8,564	-173
	7,443	8,081	-638
	3,380	3,757	-377
	204	220	-16
	11,564	12,445	-881
	11,091	11,786	-695
	19,031	21,625	-2,594
	3,698	3,454	244
			26,922

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			988
b			163
c			23
d			1,482
e			86
			1,958
			488
			31
			231
			-6
			-38
			7
			-13
			-11
			-34
			26
			43
			-10
			-45
			164
			64
			1,214
			1,537
			469
			49
			120
			30
			26
			-21
			17
			2,309
			-11
			9
			234
			-664
			326
			-11
			-74
			616
			1,890
			243
			-84
			-66
			-161
			-4

			369
			-173
			-638
			-377
			-16
			-881
			-695
			-2,594
			244

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	35,751
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3

Part V

Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income

(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.

Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period? Yes No

If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.

1 Enter the appropriate amount in each column for each year; see instructions before making any entries.

(a) Base period years Calendar year (or tax year beginning in)	(b) Adjusted qualifying distributions	(c) Net value of noncharitable-use assets	(d) Distribution ratio (col. (b) divided by col. (c))
2014	45,311	945,165	0.04794
2013	46,511	905,248	0.051379
2012	43,255	834,937	0.051806
2011	45,674	816,075	0.055968
2010	44,212	810,847	0.054526

Total of line 1, column (d) .....................

20.261619

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 . . .

0.052324

Enter the net value of noncharitable-use assets for 2015 from Part X, line 5.....

897,306

Multiply line 4 by line 3......................

46,951

Enter 1% of net investment income (1% of Part I, line 27b)...........

485

Add lines 5 and 6........................

47,436

Enter qualifying distributions from Part XII, line 4.............

49,327

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 (2015)

Page 4

Part VI

Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Domestic foundations that meet the section 4940(e) requirements in Part V, check	1	485
	hereand enter 1% of Part I, line 27b...................
c	All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2...........................	3	485
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	485
6	Credits/Payments:

a	2015 estimated tax payments and 2014 overpayment credited to 2015	6a	1,332
b	Exempt foreign organizations—tax withheld at source......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c	0
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	1,332
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	847
11	Enter the amount of line 10 to be: Credited to 2015 estimated tax244	Refunded	11	603

Part VII-A

Statements Regarding Activities

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

Yes

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

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

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

If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials

published or distributed by the foundation in connection with the activities.

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

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. bullet

$ (2) On foundation managers. bullet

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

on foundation managers. bullet

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

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

Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles

of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....

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

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

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

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

Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:

By language in the governing instrument, or

By state legislation that effectively amends the governing instrument so that no mandatory directions

that conflict with the state law remain in the governing instrument?................

Yes

Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),

and Part XV..................................

Yes

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

If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney

General (or designate) of each state as required by General Instruction G? If "No," attach explanation .

Yes

Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)

or 4942(j)(5) for calendar year 2015 or the taxable year beginning in 2015 (see instructions for Part XIV)?

If "Yes," complete Part XIV.............................

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

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

Form 990-PF (2015)

Page 5

Part VII-A

Statements Regarding Activities (continued)

At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the

meaning of section 512(b)(13)? If "Yes," attach schedule. (see instructions) .............

Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had

advisory privileges? If "Yes," attach statement (see instructions).................

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

Yes

Website address bullet

N/A

The books are in care of bullet

PNC BANK NA Telephone no. bullet

(412) 762-8133

Located at bullet

620 LIBERTY AVENUEPITTSBUGHPA ZIP+4 bullet

152222705

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

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

16 At any time during calendar year 2015, 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

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required

File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.

Yes

During the year did the foundation (either directly or indirectly):

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? YesNo

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

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

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

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

(5) Transfer any income or assets to a disqualified person (or make any of either available

for the benefit or use of a disqualified person)?...............YesNo

(6) Agree to pay money or property to a government official? (Exception. Check "No"

if the foundation agreed to make a grant to or to employ the official for a period

after termination of government service, if terminating within 90 days.).......YesNo

If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations

section 53.4941(d)-3 or in a current notice regarding disaster assistance (see instructions)? ........

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

Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,

that were not corrected before the first day of the tax year beginning in 2015?.............

Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private

operating foundation defined in section 4942(j)(3) or 4942(j)(5)):

At the end of tax year 2015, did the foundation have any undistributed income (lines 6d

and 6e, Part XIII) for tax year(s) beginning before 2015?.............YesNo

If "Yes," list the years bullet

20, 20, 20, 20

Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)

(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)

to all years listed, answer "No" and attach statement—see instructions.) ..............

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

20, 20, 20, 20

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

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

If "Yes," did it have excess business holdings in 2015 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 2015.)..................

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

Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2015?

Form 990-PF (2015)

Page 6

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required (Continued)

During the year did the foundation pay or incur any amount to:

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? YesNo

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

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

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

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

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

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

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

If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in

Regulations section 53.4945 or in a current notice regarding disaster assistance (see instructions)? ......

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

If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the

tax because it maintained expenditure responsibility for the grant?..........YesNo

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

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

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

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

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

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

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

Form 990-PF (2015)

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
PNC BANK NA	TRUSTEE 3	10,216
PO BOX 94651 CLEVELAND,OH441014651	TRUSTEE 3	10,216

2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."


(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
NONE









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

3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
NONE

Total number of others receiving over $50,000 for professional services............. bullet

Part IX-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.	Expenses
1	ISSUED SCHOLARSHIPS TO 53 INDIVIDUALS FOR STUDY AT VARIOUS INSTITUTIONS	36,700
2


3


4

Part IX-B

Summary of Program-Related Investments (see instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.	Amount
1


2


All other program-related investments. See instructions.
3

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

Form 990-PF (2015)

Page 8

Part X

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

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

purposes:

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

910,971

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

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

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

910,971

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

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

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

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

910,971

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

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

13,665

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

897,306

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

44,865

Part XI

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

and do not complete this part.)

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

44,865

Tax on investment income for 2015 from Part VI, line 5......

485

Income tax for 2015. (This does not include the tax from Part VI.)...

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

485

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

44,380

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

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

44,380

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

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

44,380

Part XII

Qualifying Distributions (see instructions)

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

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

49,327

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

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

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

Amounts set aside for specific charitable projects that satisfy the:

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

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

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

49,327

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

485

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

48,842

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 (2015)

Page 9

Part XIII

Undistributed Income (see instructions)

		(a) Corpus	(b) Years prior to 2014	(c) 2014	(d) 2015
1 Distributable amount for 2015 from Part XI, line 7					44,380
2 Undistributed income, if any, as of the end of 2015:
a Enter amount for 2014 only.......				0
b Total for prior years:2013, 20, 20			0
3 Excess distributions carryover, if any, to 2015:
a From 2010......	6,039
b From 2011......	5,167
c From 2012......	2,004
d From 2013......	1,540
e From 2014......	0
fTotal of lines 3a through e........		14,750
4Qualifying distributions for 2015 from Part
XII, line 4: $ 49,327
a Applied to 2014, but not more than line 2a				0
b Applied to undistributed income of prior years (Election required—see instructions).....			0
c Treated as distributions out of corpus (Election required—see instructions)........		0
d Applied to 2015 distributable amount.....					44,380
e Remaining amount distributed out of corpus		4,947
5 Excess distributions carryover applied to 2015.		0			0
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5		19,697
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........			0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......			0
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........			0
e Undistributed income for 2014. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2016. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2015 ..........					0
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......		0
8Excess distributions carryover from 2010 not applied on line 5 or line 7 (see instructions) ...		6,039
9Excess distributions carryover to 2016. Subtract lines 7 and 8 from line 6a ......		13,658
10 Analysis of line 9:
a Excess from 2011....	5,167
b Excess from 2012....	2,004
c Excess from 2013....	1,540
d Excess from 2014....	0
e Excess from 2015....	4,947

Form 990-PF (2015)

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 2015, enter the date of the ruling....... bullet

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

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part X for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2015	(b) 2014	(c) 2013	(d) 2012	(e) Total

b 85% of line 2a .........
c Qualifying distributions from Part XII, line 4 for each year listed .....
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part X, line 6 for each year listed...
c “Support" alternative test—enter:
(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) ....
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....
(3) Largest amount of support from an exempt organization
(4) Gross investment income

Part XV

Supplementary Information (Complete this part only if the organization had $5,000 or more in
assets at any time during the year—see instructions.)

1Information Regarding Foundation Managers:

aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)

bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.

2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:

Check here bullet

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

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

MICHAEL L STAHLMAN COREY AREA HIG
534 EAST PLEASANT STREET
CORRY,PA16407
(814) 665-8297

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

APPLICATION FORMS AVAILABLE UPON REQUEST

cAny submission deadlines:

MARCH 1ST, ANNUALLY

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

LIMITED TO GRADUATES FROM THE CORRY, PA AREA HIGH SCHOOL

Form 990-PF (2015)

Page 11

Part XV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
GANNON UNIVERSITY 109 UNIVERSITY SQUARE ERIE,PA16501	NONE	PC	SCHOLARSHIPS	1,200
PENN STATE ERIE THE BEHREND COLLEGE 4701 BEHREND COLLEGE DR ERIE,PA16563	NONE	PC	SCHOLARSHIPS	4,300
PENN STATE UNIVERSITY UNIVERSITY PARK STATE COLLEGE,PA16801	NONE	PC	SCHOLARSHIPS	3,800
CLARION UNIVERSITY OF PENNSYLVANIA 840 WOOD STREET CLARION,PA16214	NONE	PC	SCHOLARSHIPS	1,700
CALIFORNIA UNIVERSITY OF PA 250 UNIVERSITY AVENUE CALIFORNIA,PA15419	NONE	PC	SCHOLARSHIP	500
SLIPPERY ROCK UNIVERSITY OF PENNSYLVANIA 1 MORROW WAY SLIPPERY ROCK,PA16057	NONE	PC	SCHOLARSHIPS	900
HOBART & WILLIAM SMITH COLLEGE 300 PULTENEY STREET GENEVA,NY14456	NONE	PC	SCHOLARSHIP	600
UNIVERSITY OF PITTSBURGH AT BRADFORD 300 CAMPUS DRIVE BRADFORD,PA16701	NONE	PC	SCHOLARSHIPS	1,300
PENNSYLVANIA COLLEGE OF HEALTH SCIENCES 850 GREENFIELD ROAD LANCASTER,PA17601	NONE	PC	SCHOLARSHIP	400
HOUGHTON COLLEGE ONE WILLARD AVENUE HOUGHTON,NY14744	NONE	PC	SCHOLARSHIP	1,000
UNIVERSITY OF PITTSBURGH AT TITUSVILLE 504 E MAIN STREET TITUSVILLE,PA16354	NONE	PC	SCHOLARSHIPS	2,900
EDINBORO UNIVERSITY OF PENNSYLVANIA 219 MEADVILLE STREET EDINBORO,PA16444	NONE	PC	SCHOLARSHIPS	1,300
DUQUESNE UNIVERSITY 600 FORBES AVENUE PITTSBURGH,PA15282	NONE	PC	SCHOLARSHIPS	2,000
ROBERT MORRIS UNIVERSITY 6001 UNIVERSITY BLVD MOON,PA15108	NONE	PC	SCHOLARSHIP	800
WAYNESBURG UNIVERSITY 51 W COLLEGE STREET WAYNESBURG,PA15370	NONE	PC	SCHOLARSHIPS	3,000
POINT PARK UNIVERSITY 201 WOOD STREET PITTSBURGH,PA15222	NONE	PC	SCHOLARSHIP	1,000
GENEVA COLLEGE 3200 COLLEGE AVENUE BEAVER FALLS,PA15010	NONE	PC	SCHOLARSHIPS	2,000
MALONE UNIVERSITY 2600 CLEVELAND AVE NW CANTON,OH44709	NONE	PC	SCHOLARSHIP	1,000
MERCYHURST UNIVERSITY 501 E 38TH STREET ERIE,PA16504	NONE	PC	SCHOLARSHIP	800
PENNSYLVANIA COLLEGE OF TECHNOLOGY ONE COLLEGE AVENUE WILLIAMSPORT,PA17701	NONE	PC	SCHOLARSHIPS	3,000
WEST VIRGINIA UNIVERSITY 1 WATERFRONT PLACE MORGANTOWN,WV26506	NONE	PC	SCHOLARSHIP	500
UNIVERSITY OF PITTSBURGH AT JOHNSTOWN 450 SCHOOLHOUSE RD JOHNSTOWN,PA15904	NONE	PC	SCHOLARSHIP	400
HESSTON COLLEGE 325 S COLLEGE DRIVE HESSTON,KS67062	NONE	PC	SCHOLARSHIP	1,000
INDIANA UNIVERSITY OF PENNSYLVANIA 1011 SOUTH DRIVE INDIANA,PA15705	NONE	PC	SCHOLARSHIPS	900
UNIVERSITY OF PITTSBURGH 4200 FIFTH AVENUE PITTSBURGH,PA15260	NONE	PC	SCHOLARSHIP	400
Total ................................. 3a				36,700

bApproved for future payment

Total ................................. 3b

Form 990-PF (2015)

Page 12

Part XVI-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments....
3 Interest on savings and temporary cash investments ...........
4 Dividends and interest from securities....			14	17,832
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....
6 Net rental income or (loss) from personal property
7 Other investment income.....
8 Gain or (loss) from sales of assets other than inventory ............			18	35,751
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)..				53,583

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

1353,583

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

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See instructions.)

Form 990-PF (2015)

Page 13

Part XVII

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

Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?

Yes

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

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

1b(4)

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

1b(5)

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

1b(6)

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

If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements

Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........YesNo

If "Yes," complete the following schedule.

(a) Name of organization	(b) Type of organization	(c) Description of relationship

Sign Here

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
				May the IRS discuss this return with the preparer shown below (see instr.)? Yes No
	Signature of officer or trustee	Date	Title

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

Form 990-PF (2015)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2015 InvestmentsOtherSchedule2

Name:

V E & BETTY PHILLIPS SCHOLARSHIP FUND

EIN:

23-7418046

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
MUTUAL FUNDS - FIXED INCOME	AT COST	287,507	278,839
MUTUAL FUNDS - EQUITY	AT COST	535,518	587,037

- TIN:

TY 2015 LegalFeesSchedule

Name:

V E & BETTY PHILLIPS SCHOLARSHIP FUND

EIN:

23-7418046

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
LEGAL FEES - INCOME (ALLOCABLE	1,615			1,615

- TIN:

TY 2015 OtherDecreasesSchedule

Name:

V E & BETTY PHILLIPS SCHOLARSHIP FUND

EIN:

23-7418046

Description	Amount
ROUNDING ADJ FOR SALES AND TRANSACTIONS	2

- TIN:

TY 2015 OtherExpensesSchedule

Name:

V E & BETTY PHILLIPS SCHOLARSHIP FUND

EIN:

23-7418046

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
GRANTMAKING FEES	5,904	0		5,904

- TIN:

TY 2015 TaxesSchedule

Name:

V E & BETTY PHILLIPS SCHOLARSHIP FUND

EIN:

23-7418046

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FEDERAL ESTIMATES - PRINCIPAL	970	0		0