Form990-PF
Click to see attachment

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
2015
Open to Public Inspection
For calendar year 2015, or tax year beginning 01-01-2015 , and ending 12-31-2015
Name of foundation
CLIFTON FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)400 AUSTIN AVENUE NO 1003
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
WACO, TX76701
A Employer identification number

74-2832766
B Telephone number (see instructions)

(254) 741-6400
C bullet
G Check all that apply:

D 1. bullet
2. bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$3,082,652J Accounting method:
Modified cash
(Part I, column (d) must be on cash basis.)
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) 576,369
2 Check bullet Sch. B .............
3 Interest on savings and temporary cash investments 413 413  
4 Dividends and interest from securities... 71,454 66,127  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 38,542
b Gross sales price for all assets on line 6a 1,604,754
7 Capital gain net income (from Part IV, line 2)... 38,542
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 45,942 595  
12 Total. Add lines 1 through 11........ 732,720 105,677  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 33,095 30,595   2,500
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment 1,769 0   0
b Accounting fees (attach schedule)....... Click to see attachment 1,050 525   525
c Other professional fees (attach schedule).... Click to see attachment 19,394 19,394   0
17 Interest............... 309 309   0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 2,293 666   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 3,890 2,040   0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 61,800 53,529   3,025
25 Contributions, gifts, grants paid....... 161,130 161,130
26 Total expenses and disbursements. Add lines 24 and 25 222,930 53,529   164,155
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 509,790
b Net investment income (if negative, enter -0-) 52,148
c Adjusted net income (if negative, enter -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 Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 120,765 20,851 20,851
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 1,612,226 Click to see attachment1,956,270 1,956,270
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 1,069,078 Click to see attachment1,105,531 1,105,531
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 2,802,069 3,082,652 3,082,652
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable..................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)......... 0 0
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted..................    
25 Temporarily restricted...............    
26 Permanently restricted...............    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds........ 0 0
28 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
29 Retained earnings, accumulated income, endowment, or other funds 2,802,069 3,082,652
30 Total net assets or fund balances (see instructions)..... 2,802,069 3,082,652
31 Total liabilities and net assets/fund balances (see instructions). 2,802,069 3,082,652
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree with end-of-year figure reported on prior year’s return) ...............
1
2,802,069
2
Enter amount from Part I, line 27a .....................
2
509,790
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
3,311,859
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
229,207
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
3,082,652
Form 990-PF (2015)
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 PIMCO UNCONSTRAINED BOND FD P 2012-12-27 2015-02-13
b PIMCO UNCONSTRAINED BOND FD P 2012-12-27 2015-02-13
c PIMCO UNCONSTRAINED BOND FD P 2012-12-29 2015-02-13
d PIMCO UNCONSTRAINED BOND FD P 2012-12-29 2015-02-13
e PIMCO UNCONSTRAINED BOND FD P 2013-06-17 2015-02-13
PIMCO UNCONSTRAINED BOND FD P 2013-06-28 2015-02-13
PIMCO UNCONSTRAINED BOND FD P 2013-07-31 2015-02-13
PIMCO UNCONSTRAINED BOND FD P 2013-08-30 2015-02-13
PIMCO UNCONSTRAINED BOND FD P 2014-03-31 2015-02-13
PIMCO UNCONSTRAINED BOND FD P 2014-04-30 2015-02-13
PIMCO UNCONSTRAINED BOND FD P 2014-05-30 2015-02-13
PIMCO UNCONSTRAINED BOND FD P 2014-06-30 2015-02-13
PIMCO UNCONSTRAINED BOND FD P 2014-07-31 2015-02-13
PIMCO UNCONSTRAINED BOND FD P 2014-08-29 2015-02-13
PIMCO UNCONSTRAINED BOND FD P 2014-09-30 2015-02-13
PIMCO UNCONSTRAINED BOND FD P 2014-10-31 2015-02-13
PIMCO UNCONSTRAINED BOND FD P 2014-11-28 2015-02-13
PIMCO UNCONSTRAINED BOND FD P 2014-12-29 2015-02-13
PIMCO UNCONSTRAINED BOND FD P 2014-12-31 2015-02-13
PIMCO UNCONSTRAINED BOND FD P 2015-01-30 2015-02-13
TEMPLETON GLOBAL BOND FUND CLASS A P 2013-01-23 2015-02-13
TEMPLETON GLOBAL BOND FUND CLASS A P 2013-01-23 2015-06-25
TEMPLETON GLOBAL BOND FUND CLASS A P 2013-01-23 2015-06-25
JPMORGAN STRATEGIC INCOME OPPORTUNITY A P 2014-02-27 2015-02-13
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-02-27 2015-06-25
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-02-27 2015-09-16
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-02-27 2015-09-16
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-02-27 2015-09-28
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-02-27 2015-09-28
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-02-27 2015-09-28
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-02-27 2015-10-06
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-02-27 2015-10-27
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-02-27 2015-12-07
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-02-27 2015-12-07
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-02-27 2015-12-07
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-02-28 2015-12-07
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-02-28 2015-12-07
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-03-07 2015-12-07
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-03-11 2015-12-07
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-03-11 2015-12-07
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-03-11 2015-12-07
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-03-17 2015-12-07
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-03-22 2015-12-07
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-03-28 2015-12-07
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-03-29 2015-12-07
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-03-31 2015-12-07
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-04-30 2015-12-07
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-05-30 2015-12-07
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-06-18 2015-12-07
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-06-30 2015-12-07
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-07-31 2015-12-07
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2014-08-29 2015-12-07
JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS P 2015-04-15 2015-12-07
SCOUT UNCONSTRAINED BOND FD P 2014-02-27 2015-02-13
SCOUT UNCONSTRAINED BOND FD P 2014-02-27 2015-06-25
SCOUT UNCONSTRAINED BOND FD P 2014-02-27 2015-06-25
SCOUT UNCONSTRAINED BOND FD P 2014-02-27 2015-06-25
SCOUT UNCONSTRAINED BOND FD P 2014-02-27 2015-06-25
SCOUT UNCONSTRAINED BOND FD P 2014-02-27 2015-06-25
SCOUT UNCONSTRAINED BOND FD P 2014-02-28 2015-06-25
SCOUT UNCONSTRAINED BOND FD P 2014-03-08 2015-06-25
SCOUT UNCONSTRAINED BOND FD P 2014-03-13 2015-06-25
SCOUT UNCONSTRAINED BOND FD P 2014-03-17 2015-06-25
SCOUT UNCONSTRAINED BOND FD P 2014-03-24 2015-06-25
SCOUT UNCONSTRAINED BOND FD P 2014-03-31 2015-06-25
SCOUT UNCONSTRAINED BOND FD P 2014-06-18 2015-06-25
ISHARES DOW JONES UTILITIES SECTOR P 2014-12-29 2015-02-13
ISHARES US FINANCIALS P 2014-12-08 2015-02-13
ISHARES DOW JONES TECHNOLOGY SECTOR P 2014-07-07 2015-02-13
ISHARES DOW JONES TECHNOLOGY SECTOR P 2014-07-28 2015-02-13
ISHARES DOW JONES TECHNOLOGY SECTOR P 2014-09-29 2015-02-13
ISHARES DOW JONES TECHNOLOGY SECTOR P 2014-10-13 2015-02-13
ISHARES DOW JONES TECHNOLOGY SECTOR P 2014-10-20 2015-02-13
CONSUMER STAPLES SELECT SECTOR SPDR P 2014-06-30 2015-02-13
CONSUMER STAPLES SELECT SECTOR SPDR P 2014-07-21 2015-02-13
CONSUMER STAPLES SELECT SECTOR SPDR P 2014-08-11 2015-02-13
CONSUMER STAPLES SELECT SECTOR SPDR P 2014-09-29 2015-02-13
CONSUMER STAPLES SELECT SECTOR SPDR P 2014-10-13 2015-02-13
CONSUMER STAPLES SELECT SECTOR SPDR P 2014-10-20 2015-02-13
CONSUMER DISCRETIONARY SELECT SECTOR SPDR P 2014-12-29 2015-02-13
CAMERON INTERNATIONAL CORPORATION P 2013-04-09 2015-08-27
CAMERON INTERNATIONAL CORPORATION P 2015-07-07 2015-08-27
CENTERPOINT ENERGY P 2014-06-25 2015-07-09
HALLIBURTON COMPANY P 2013-03-05 2015-08-04
NABORS INDUSTRIES LTD. P 2013-03-07 2015-01-21
NABORS INDUSTRIES LTD. P 2014-09-11 2015-01-21
NEWFIELD EXPLORATION P 2013-01-03 2015-04-08
NEWFIELD EXPLORATION P 2013-01-03 2015-04-30
NEWFIELD EXPLORATION P 2013-01-03 2015-11-30
NATIONAL OILWELL VARCO, INCORPORATED P 2013-02-26 2015-04-29
QEP RESOURCES P 2013-01-04 2015-04-01
QEP RESOURCES P 2013-01-17 2015-04-01
QEP RESOURCES P 2014-05-29 2015-04-01
WILLIAMS COMPANIES, INC. P 2013-01-04 2015-06-22
WCM FOCUSED INTL GROWTH FD INST P 2012-12-27 2015-06-25
ABERDEEN EMERGING MARKETS INSTL FD P 2012-12-27 2015-06-25
LONG TERM CAPITAL GAIN DISTRIBUTIONS PER FORMS 1099 P 2014-01-02 2015-12-01
SHORT TERM CAPITAL GAIN DISTRIBUTIONS PER FORMS 1099 P 2015-01-02 2015-12-01
(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 237   245 -8
b 213   220 -7
c 53   55 -2
d 302   312 -10
e 4,289   4,391 -102
328   333 -5
375   379 -4
427   428 -1
6   6 0
7   7 0
8   8 0
7   8 -1
10   10 0
11   11 0
10   10 0
14   14 0
13   13 0
12   12 0
15   15 0
8   8 0
23,338   24,996 -1,658
138,199   150,222 -12,023
801   830 -29
66,000   66,954 -954
137,981   140,686 -2,705
7,148   7,410 -262
1,033   1,079 -46
803   849 -46
16,486   17,349 -863
5,191   5,479 -288
4,081   4,324 -243
9,981   10,389 -408
9,315   9,943 -628
44   46 -2
192   205 -13
393   418 -25
778   825 -47
634   674 -40
428   455 -27
620   653 -33
215   227 -12
356   379 -23
92   98 -6
786   828 -42
751   807 -56
440   468 -28
186   197 -11
256   271 -15
6,020   6,399 -379
419   444 -25
239   253 -14
264   278 -14
7,551   7,875 -324
65,981   69,706 -3,725
165,373   172,267 -6,894
43   45 -2
482   509 -27
672   707 -35
225   232 -7
6   6 0
722   752 -30
211   221 -10
506   531 -25
43   45 -2
47   49 -2
34,846   36,007 -1,161
120,865   132,156 -11,291
129,640   131,554 -1,914
4,408   4,028 380
31,394   29,102 2,292
12,902   12,081 821
20,535   18,206 2,329
63,648   56,161 7,487
16,930   15,201 1,729
16,583   14,999 1,584
11,385   10,158 1,227
14,355   13,054 1,301
12,722   11,691 1,031
60,390   55,041 5,349
135,818   131,825 3,993
6,187   6,275 -88
6,187   5,119 1,068
7,674   9,938 -2,264
8,039   8,108 -69
3,229   4,986 -1,757
1,076   2,409 -1,333
3,634   2,763 871
3,916   2,763 1,153
2,293   1,658 635
5,283   5,985 -702
4,253   6,206 -1,953
2,126   2,992 -866
2,126   3,192 -1,066
12,104   6,803 5,301
77,981   59,566 18,415
45,985   52,320 -6,335
44,288     44,288
275     275
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       -8
b       -7
c       -2
d       -10
e       -102
      -5
      -4
      -1
      0
      0
      0
      -1
      0
      0
      0
      0
      0
      0
      0
      0
      -1,658
      -12,023
      -29
      -954
      -2,705
      -262
      -46
      -46
      -863
      -288
      -243
      -408
      -628
      -2
      -13
      -25
      -47
      -40
      -27
      -33
      -12
      -23
      -6
      -42
      -56
      -28
      -11
      -15
      -379
      -25
      -14
      -14
      -324
      -3,725
      -6,894
      -2
      -27
      -35
      -7
      0
      -30
      -10
      -25
      -2
      -2
      -1,161
      -11,291
      -1,914
      380
      2,292
      821
      2,329
      7,487
      1,729
      1,584
      1,227
      1,301
      1,031
      5,349
      3,993
      -88
      1,068
      -2,264
      -69
      -1,757
      -1,333
      871
      1,153
      635
      -702
      -1,953
      -866
      -1,066
      5,301
      18,415
      -6,335
      44,288
      275
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 38,542
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)
If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2014 151,016 2,919,672 0.051724
2013 136,057 2,752,582 0.049429
2012 126,682 2,529,357 0.050085
2011 115,849 2,523,302 0.045912
2010 118,006 2,439,458 0.048374
2
Total of line 1, column (d) .....................
20.245524
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
0.049105
4
Enter the net value of noncharitable-use assets for 2015 from Part X, line 5.....
4
3,223,305
5
Multiply line 4 by line 3......................
5
158,280
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
521
7
Add lines 5 and 6........................
7
158,801
8
Enter qualifying distributions from Part XII, line 4.............
8
164,155
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)
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 Bullet and enter “N/A" on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 521
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........................... 3 521
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- ..... 5 521
6 Credits/Payments:
a 2015 estimated tax payments and 2014 overpayment credited to 2015 6a 1,480
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 1,480
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. Click to see attachment 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 959
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet560 RefundedBullet 11 399
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)
    bulletTX
    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 2015 or the taxable year beginning in 2015 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. Click to see attachment...............................
    10
    Yes
     
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    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
    Yes
     
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletJAMES R CLIFTON Telephone no.bullet (254) 741-6400

    Located atbullet400 AUSTIN AVENUE SUITE 1003WACOTX ZIP+4bullet76701
    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 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
    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 2015?.............
    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 2015, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2015?.............
    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 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.)..................
    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 2015?
    4b
     
    No
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (Continued)
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? (see instructions)................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see instructions)? ......
    5b
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2015)
    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
    JAMES R CLIFTON PRESIDENT
    5.00     		11,032 0 0
    400 AUSTIN AVENUE SUITE 1003
    WACO,TX76701
    WILLIAM L CLIFTON JR V/P
    5.00     		11,032 0 0
    400 AUSTIN AVENUE SUITE 1003
    WACO,TX76701
    DAVID NEMEC SEC/TREAS
    5.00     		11,031 0 0
    400 AUSTIN AVENUE SUITE 1003
    WACO,TX76701
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1 N/A 0
    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 N/A 0
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 8
    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
    3,092,764
    b
    Average of monthly cash balances.......................
    1b
    179,627
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    3,272,391
    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
    3,272,391
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    49,086
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    3,223,305
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    161,165
    Part XI
    Distributable Amount bullet
    1
    Minimum investment return from Part X, line 6....................
    1
    161,165
    2a
    Tax on investment income for 2015 from Part VI, line 5......
    2a
    521
    b
    Income tax for 2015. (This does not include the tax from Part VI.)...
    2b
    6,627
    c
    Add lines 2a and 2b............................
    2c
    7,148
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    154,017
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    154,017
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    154,017
    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
    164,155
    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
     
    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
    164,155
    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
    521
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    163,634
    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)
    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 7 154,017
    2 Undistributed income, if any, as of the end of 2015:
    a Enter amount for 2014 only....... 29,001
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2015:
    a From 2010......  
    b From 2011......  
    c From 2012......  
    d From 2013......  
    e From 2014......  
    fTotal of lines 3a through e........ 0
    4Qualifying distributions for 2015 from Part
    XII, line 4: bullet$ 164,155
    a Applied to 2014, but not more than line 2a 29,001
    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..... 135,154
    e Remaining amount distributed out of corpus 0
    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 0
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 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 ..........     		18,863
    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) ...     		0
    9Excess distributions carryover to 2016.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2011....  
    b Excess from 2012....  
    c Excess from 2013....  
    d Excess from 2014....  
    e Excess from 2015....  
    Form 990-PF (2015)
    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 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) 2015 (b) 2014 (c) 2013 (d) 2012
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    JAMES R CLIFTON
    WILLIAM L CLIFTON JR
    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 e-mail address of the person to whom applications should be addressed:
    JAMES R CLIFTON THE CLIFTON FOUNDAT
    400 AUSTIN AVENUE SUITE 1003
    WACO,TX76701
    (254) 741-6400
    bThe form in which applications should be submitted and information and materials they should include:
    OUTLINE OF CHARITABLE ACTIVITIES/PROGRAMS INCLUDING IRS TAX EXEMPTION LTR
    cAny submission deadlines:
    SEPTEMBER 1
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    NONE
    Form 990-PF (2015)
    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)
    aPaid during the year
    ASSOCIATION FOR RETARDED CITIZENS TEXAS
    PO BOX 3367
    WACO,TX76707     		  PC GENERAL USE 500
    BRAZOS VALLEY PUBLIC BROADCASTING FOUNDATION--KWBU-FM
    ONE BEAR PLACE 97296
    WACO,TX76798     		  PC GENERAL USE 1,000
    CARE NET PREGNANCY CENTER
    4700 W WACO DRIVE
    WACO,TX76710     		  PC CAPITAL PROJECTS 1,000
    CARITAS OF WACO
    300 SOUTH 15TH STREET
    WACO,TX76701     		  PC GENERAL USE 21,000
    CEDAR CREEK VETERANS FOUDATION
    PO BOX 489
    MABANK,TX75147     		  PC SPONSOR EVENT 500
    CENTRAL TEXAS SENIOR MINISTRIES
    PO BOX 85
    WACO,TX76703     		  PC MEALS ON WHEELS 5,000
    COMPASSION MINISTIES OF WACO INC
    1421 AUSTIN AVENUE
    WACO,TX76701     		  PC SPONSOR EVENT 1,500
    CROSS TIES MINISTRIES--TALITHA KOUM INSTITUTE
    PO BOX 2202
    WACO,TX76703     		  PC GENERAL USE 1,500
    CULVER EDUCATIONAL FOUNDATION
    1300 ACADEMY ROAD
    CULVER,IN46511     		  PC GENERAL USE 10,000
    DR PEPPER MUSEUM AND FREE ENTERPRISE INSTITUTE
    300 SOUTH 5TH STREET
    WACO,TX76701     		  PC GENERAL USE 1,000
    DR PEPPER MUSEUM AND FREE ENTERPRISE INSTITUTE
    300 SOUTH 5TH STREET
    WACO,TX76701     		  PC CAPITAL CAMPAIGN 7,500
    DUGIT MESSIANIC OUTREACH CENTER
    PO BOX 60099
    JACKSONVILLE,FL32236     		  PC GENERAL USE 500
    DUKE UNIVERSITY
    PO BOX 90581
    DURHAM,NC27708     		  PC TRINITY COLLEGE 1,000
    EDUCATIONAL FOUNDATION INC
    PO BOX 309
    CHAPEL HILL,NC27514     		  PC GENERAL USE 1,000
    FAMILY ABUSE CENTER
    PO BOX 20395
    WACO,TX76702     		  PC GENERAL USE 1,000
    FUZZY FRIENDS RESCUE
    PO BOX 20966
    WACO,TX76702     		  PC SPONSOR EVENT 500
    HISTORIC WACO FOUNDATION INC
    810 SOUTH 4TH STREET
    WACO,TX76706     		  PC GENERAL USE 1,500
    HOPE PRESERVED MINISTRIES
    509 SHADY PARK TRAIL
    HEWITT,TX76643     		  PC GENERAL USE 500
    HUMANE SOCIETY OF CENTRAL TEXAS
    2032 CIRCLE ROAD
    WACO,TX76706     		  PC GENERAL USE 500
    JUNIOR LEAGUE OF WACO
    2600 AUSTIN AVENUE
    WACO,TX76710     		  PC ENDOWMENT 1,000
    K-LIFE MINISTERIES
    PO BOX 8577
    WACO,TX76714     		  PC GENERAL USE 500
    KEEP WACO BEAUTIFUL INC
    PO BOX 1493
    WACO,TX76703     		  PC GENERAL USE 50
    MASSACHUSETTS INSTITUTE OF TECHNOLOGY
    600 MEMORIAL DRIVE W98--2ND FLOOR
    CAMBRIDGE,MA02139     		  PC SLOAN SCHOOL OF MANAGEMENT 1,000
    MCLENNAN COMMUNITY COLLEGE FOUNDATION
    1400 COLLEGE DRIVE
    WACO,TX76708     		  PC GENERAL USE 1,000
    MISSION WACOMISSION WORLD INC
    1315 N 15TH STREET
    WACO,TX76707     		  PC GENERAL USE 1,000
    MUSEUM OF THE BIBLE
    7707 SW 44TH
    OKLAHOMA CITY,OK73179     		  PC CAPITAL CAMPAIGN 1,000
    NATIONAL PARKS CONSERVATION ASSOCIATION
    1300 19TH STREET NW SUITE 300
    WASHINGTON,DC20036     		  PC GENERAL USE 2,500
    PARKINSON FOUNDATION OF THE NATIONAL CAPITAL AREA
    7700 LEESBURG PIKE STE 208
    FALLS CHURCH,VA22043     		  PC SPONSOR EVENT 250
    PROVIDENCE FOUNDATION
    6901 MEDICAL PARKWAY
    WACO,TX76712     		  PC GENERAL USE 1,000
    SOUTHERN METHODIST UNIVERSITY
    PO BOX 750356
    DALLAS,TX75275     		  PC TEMERLIN ADVERTISING INSTITUTE 1,000
    ST PAUL'S EPISCOPAL DAY SCHOOL
    517 COLUMBUS AVENUE
    WACO,TX76701     		  PC GENERAL USE 2,000
    STORYBOOK CHRISTMAS
    PO BOX 6088
    WACO,TX76706     		  PC GENERAL USE 250
    TEXAS MUSEUMS AND HALLS OF FAME FOUNDATION
    1108 S UNIVERSITY
    WACO,TX76706     		  PC SPONSOR EVENT 5,500
    THE GREATER WACO INTERFAITH CONFERENCE
    PO BOX 21902
    WACO,TX76702     		  PC GENERAL USE 250
    THE GREATER WACO UNITED FUND FOUNDATION
    4224 COBBS DRIVE
    WACO,TX76710     		  SO I ENDOWMENT 6,365
    THE WACO FOUNDATION
    1105 WOODED ACRES SUITE 701
    WACO,TX76710     		  PC CITY OF WACO ANIMAL SHELTER FUND 5,000
    THE WACO FOUNDATION
    1105 WOODED ACRES SUITE 701
    WACO,TX76710     		  PC THE CLIFTON FOUNDATION FUND 22,500
    THE WACO FOUNDATION
    1105 WOODED ACRES SUITE 701
    WACO,TX76710     		  PC GENERAL USE 5,000
    THE WACO FOUNDATION
    1105 WOODED ACRES SUITE 701
    WACO,TX76710     		  PC MAC SCHOLARSHIP FUND 5,000
    UNITED SERVICE ORGANIZATIONS INC
    PO BOX 96860
    WASHINGTON,DC20077     		  PC GENERAL USE 2,500
    UNITED WAY OF WACO-MCLENNAN COUNTY
    4224 COBBS DRIVE
    WACO,TX76710     		  PC GENERAL USE 6,365
    UNIVERSITY OF SOUTH CAROLINA
    1600 HAMPTON STREET
    COLUMBIA,SC29208     		  PC JOURNALISM-MISC SCHOLARSHIPS 1,000
    UNIVERSITY OF SOUTHERN CALIFORNIA
    PO BOX 80354
    LOS ANGELES,CA90080     		  PC USC ENGINEERING INNOVATION FUND 1,000
    UNIVERSITY OF TEXAS--MD ANDERSON CANCER CENTER
    PO BOX 4486
    HOUSTON,TX77210     		  PC GENERAL USE 1,000
    VANGUARD SCHOOL
    2517 MT CARMEL
    WACO,TX76710     		  PC GENERAL USE 1,000
    VIRGINIA EPISCOPAL SCHOOL
    PO BOX 408
    LYNCHBURG,VA24505     		  PC GENERAL USE 1,000
    WACO CHAMBER COMMUNITY DEVELOPMENT FND
    PO BOX 1220
    WACO,TX76703     		  PC THE MOMENTUM FUND 8,000
    WACO FAMILY PRACTICE FOUNDATION
    1600 PROVIDENCE DRIVE
    WACO,TX76707     		  SO I SPONSOR EVENT 7,500
    WACO MONTESSORI SCHOOL
    1920 COLUMBUS AVENUE
    WACO,TX76701     		  PC GENERAL USE 1,000
    WISD EDUCATION FOUNDATION
    501 FRANKLIN AVENUE
    WACO,TX76701     		  PC GREATER WACO ADVANCED MFG ACADEMY 5,000
    WORLD HUNGER RELIEF INC
    PO BOX 639
    ELM MOTT,TX76640     		  PC GENERAL USE 1,100
    WORLD MINISTRY FELLOWSHOP
    PO BOX 860157
    PLANO,TX75086     		  PC GOOD NEWS OUTREACH 500
    PROSPER WACO
    4904 BOSQUE BLVD SUITE 290
    WACO,TX76710     		  PC GENERAL USE 5,000
    Total .................................bullet 3a 161,130
    bApproved for future payment
    DR PEPPER MUSEUM AND FREE ENTERPRISE INSTITUTE
    300 SOUTH 5TH STREET
    WACO,TX76701     		  PC GENERAL USE 5,000
    PROSPER WACO
    4904 BOSQUE BLVD SUITE 290
    WACO,TX76710     		  PC GENERAL USE 5,000
    THE GREATER WACO UNITED FUND FOUNDATION
    4224 COBBS DRIVE
    WACO,TX76710     		  SO I ENDOWMENT FUND 6,365
    THE WACO FOUNDATION
    1105 WOODED ACRES SUITE 701
    WACO,TX76710     		  PC MAC SCHOLARSHIP FUND 10,000
    UNITED WAY OF WACO-MCLENNAN COUNTY
    4224 COBBS DRIVE
    WACO,TX76710     		  PC GENERAL USE 6,365
    WACO CHAMBER COMMUNITY DEVELOPMENT FND
    PO BOX 1220
    WACO,TX76703     		  PC THE MOMENTUM FUND 45,000
    WACO FAMILY PRACTICE FOUNDATION
    1600 PROVIDENCE DRIVE
    WACO,TX76707     		  SO I SPONSOR EVENT 7,500
    Total .................................bullet 3b 85,230
    Form 990-PF (2015)
    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
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3
    Interest on savings and temporary cash investments ...........     		    14 413  
    4 Dividends and interest from securities....     14 71,454  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6
    Net rental income or (loss) from personal property     		         
    7 Other investment income.....     14 595  
    8
    Gain or (loss) from sales of assets other than inventory ............     		    18 38,542  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue:
    aCENTRABANC-SUB S INCOME     		522100 45,347      
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 45,347 111,004 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13156,351
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2015)
    Form 990-PF (2015)
    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 organizations?
    Yes
    No
    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 name SmallBullet
    		 Firm's EIN SmallBullet
    Firm's address SmallBullet


    		 Phone no.
    Form 990-PF (2015)
    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
    2015
    Name of the organization
    CLIFTON FOUNDATION
     
    Employer identification number

    74-2832766
    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) (2015)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2015) Page 2
    Name of organization
    CLIFTON FOUNDATION
          		Employer identification number
    74-2832766
    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
     
     

    PATRICIA R CLIFTON ESTATE  
    400 AUSTIN AVE SUITE 1003
     
    WACO, TX76701

    		$ 200,000


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

    PATRICIA R CLIFTON ESTATE  
    400 AUSTIN AVE SUITE 1003
     
    WACO, TX76701

    		$ 311,369


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    3
     
     

    PATRICIA R CLIFTON ESTATE  
    400 AUSTIN AVE SUITE 1003
     
    WACO, TX76701

    		$ 65,000


    (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.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2015)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2015)
    Page 3
    Name of organization
    CLIFTON FOUNDATION
          		Employer identification number

    74-2832766
    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
    2
    		 .6337 SHARES OF CENTRABANC CORPORATION $ 311,369 2015-01-01
    (a)
    No.from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
    3
    		 5,000 SHARES OF BERMUDA CABLEVISION $ 65,000 2015-01-01
    (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) (2015)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2015)
    Page 4
    Name of organization
    CLIFTON FOUNDATION
          		Employer identification number

    74-2832766
    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) (2015)

    Additional Data


    Software ID:  
    Software Version:  

    TY 2015 AccountingFeesSchedule
    Name:
    CLIFTON FOUNDATION
    EIN:
    74-2832766
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 1,050 525   525

    TY 2015 GeneralExplanationAttachment
    Name:
    CLIFTON FOUNDATION
    EIN:
    74-2832766
    Identifier Return Reference Explanation
      PART VII-A LINE 12 IN 2015, THE CLIFTON FOUNDATION MADE A $22,500 QUALIFYING DISTRIBUTION TO A DONOR ADVISED FUND(THE CLIFTON FOUNDATION FUND)HELD AT THE WACO FOUNDATION. DISTRIBUTIONS FROM THIS DONOR ADVISED FUND ARE INTENDED TO BE USED TO FURTHER THE RELIGIONS, CHARITABLE, SCIENTIFIC, LITERARY, OR EDUCATIONAL PURPOSES OR THE PREVENTION OR CRUELTY TO CHILDREN OR ANIMALS OF RECIPIENT 501(C)(3) ORGANIZATIONS.

    TY 2015 InvestmentsCorpStockSchedule
    Name:
    CLIFTON FOUNDATION
    EIN:
    74-2832766
    Name of Stock End of Year Book Value End of Year Fair Market Value
    APACHE CORP. 11,562 11,562
    ANADARKO PETROLEUM 9,230 9,230
    BLACKGOLD OPPORTUNITY OFFSHORE FUND, LTD. 191,165 191,165
    BERMUDA CABLEVISION 65,000 65,000
    BAKER HUGHES INC 8,769 8,769
    CANADIAN NATURAL RESOURCES 8,732 8,732
    CHEVRON CORP. 10,795 10,795
    DEVON ENERGY CORPORATION 9,280 9,280
    ENERGEN 9,018 9,018
    EOG RESOURCES, INC. 9,203 9,203
    EQT CORP. 7,298 7,298
    HESS CORPORATION 11,150 11,150
    LAREDO PETROLEUM 2,797 2,797
    MARATHON OIL 8,309 8,309
    NOBLE ENERGY, INC. 10,867 10,867
    NEWFIELD EXPLORATION 8,791 8,791
    OCCIDENTAL PETROLEUM CORPORATION 10,142 10,142
    PDC ENERGY 6,939 6,939
    PIONEER NATURAL RESOURCES CO. 10,030 10,030
    ROYAL DUTCH SHELL CL A 10,074 10,074
    RANGE RESOURCES CORP. 5,660 5,660
    SCHLUMBERGER LIMITED 9,765 9,765
    SOUTHWESTERN ENERGY CO. 3,911 3,911
    WEATHERFORD INTERNATIONAL LTD. 7,551 7,551
    CIMAREX ENERGY CO. 8,938 8,938
    EXXON MOBIL CORP. 11,693 11,693
    ABERDEEN EMERGING MARKETS INSTL FD 72,349 72,349
    APEXCM SMALL/MID CAP GROWTH 870 870
    BBH CORE SELECT FUND CLASS N 279,308 279,308
    COHO RELATIVE VALUE EQUITY FUND 280,141 280,141
    FPA CRESCENT 138,711 138,711
    GOTHAM ABSOLUTE RETURN INSTITUTIONAL 128,620 128,620
    CATALYST HEDGED FUTUTES STRATEGY FUND 205,908 205,908
    FIRST EAGLE GLOBAL FUND CLASS 1 297,476 297,476
    WCM FOCUSED INTL GROWTH FD INST 85,326 85,326
    IVY SCIENCE & TECHNOLOGY FUND CLASS Y 892 892

    TY 2015 InvestmentsOtherSchedule2
    Name:
    CLIFTON FOUNDATION
    EIN:
    74-2832766
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    CAPITAL SPRINGS LP FMV 249,750 249,750
    CAPITAL CENTRABANC FMV 331,059 331,059
    TEMPLETON GLOBAL BOND FUND CLASS A FMV 165,410 165,410
    JPMORGAN STRAGETIC INCOME OPPORTUNITY FUND SELECT CLASS SHS FMV 221,968 221,968
    SCOUT UNCONSTRAINED BOND FD FMV 741 741
    WASATCH-HOISINGTON U.S. TREASURY FUND FMV 136,603 136,603

    TY 2015 LegalFeesSchedule
    Name:
    CLIFTON FOUNDATION
    EIN:
    74-2832766
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 1,769 0   0


    TY 2015 OtherDecreasesSchedule
    Name:
    CLIFTON FOUNDATION
    EIN:
    74-2832766
    Description Amount
    UNREALIZED LOSS ON INVESTMENTS 226,301
    TIMING DIFFERENCES 2,906


    TY 2015 OtherExpensesSchedule
    Name:
    CLIFTON FOUNDATION
    EIN:
    74-2832766
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FEES 227 227   0
    OTHER PORTFOLIO DEDUCTIONS-CAPITALSPRING 1,283 1,283   0
    PORTFOLIO DEDUCTIONS FROM CAPITALSPRING 530 530   0
    NONDEDUCTIBLE EXPENSES ALLOCATED FROM CENTRABANC 1,684 0   0
    CHARITABLE DEDUCTION FROM CENTRACBANC 166 0   0


    TY 2015 OtherIncomeSchedule2
    Name:
    CLIFTON FOUNDATION
    EIN:
    74-2832766
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    MISCELLANEOUS INCOME 247 247 247
    CAPITALSPRING DIRECT 348 348 348
    CENTRABANC-SUB S INCOME 45,347   45,347


    TY 2015 OtherProfessionalFeesSchedule
    Name:
    CLIFTON FOUNDATION
    EIN:
    74-2832766
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT AND MANAGEMENT FEES 19,394 19,394   0


    TY 2015 SubstantialContributorsSch
    Name:
    CLIFTON FOUNDATION
    EIN:
    74-2832766
    Name Address
    PATRICIA R CLIFTON IRA PLAN 400 AUSTIN AVENUE
    WACO,TX76701


    TY 2015 TaxesSchedule
    Name:
    CLIFTON FOUNDATION
    EIN:
    74-2832766
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 603 603   0
    EXCISE TAXES 1,627 0   0
    STATE TAXES 63 63   0