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
RAYNIER INSTITUTE & FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)501 SILVERSIDE ROAD NO 123
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
WILMINGTON, DE198091377
A Employer identification number

91-1644205
B Telephone number (see instructions)

(800) 839-1754
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$85,077,216J Accounting method:
 
(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)  
2 Check bullet Sch. B .............
3 Interest on savings and temporary cash investments 8,082 8,082  
4 Dividends and interest from securities... 1,752,225 1,752,225  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 3,921,773
b Gross sales price for all assets on line 6a 32,236,708
7 Capital gain net income (from Part IV, line 2)... 4,016,304
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule).......      
12 Total. Add lines 1 through 11........ 5,682,080 5,776,611  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 27,800 1,390   26,410
14 Other employee salaries and wages......        
15 Pension plans, employee benefits....... 2,110 106   2,005
16a Legal fees (attach schedule)......... Click to see attachment 919 0   919
b Accounting fees (attach schedule)....... Click to see attachment 16,700 3,340   13,360
c Other professional fees (attach schedule).... Click to see attachment 359,228 354,048   5,180
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 126,391 5,891   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 1,828 0   1,828
22 Printing and publications.......... 138 0   138
23 Other expenses (attach schedule)....... Click to see attachment 70,303 4,592   65,711
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 605,417 369,367   115,551
25 Contributions, gifts, grants paid....... 4,460,000 4,460,000
26 Total expenses and disbursements. Add lines 24 and 25 5,065,417 369,367   4,575,551
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 616,663
b Net investment income (if negative, enter -0-) 5,407,244
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......... 4,255,292 7,623,983 7,623,983
3 Accounts receivable bullet1,361
Less: allowance for doubtful accounts bullet   4,829 1,361 1,361
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) 11,901,865 Click to see attachment7,851,989 7,848,945
b Investments—corporate stock (attach schedule)....... 45,428,204 Click to see attachment47,455,974 57,076,306
c Investments—corporate bonds (attach schedule)....... 9,778,603 Click to see attachment9,052,149 10,816,487
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 2,000,000 Click to see attachment2,000,000 1,710,134
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) 73,368,793 73,985,456 85,077,216
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.................. 73,368,793 73,985,456
25 Temporarily restricted...............    
26 Permanently restricted...............    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds........    
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds    
30 Total net assets or fund balances (see instructions)..... 73,368,793 73,985,456
31 Total liabilities and net assets/fund balances (see instructions). 73,368,793 73,985,456
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
73,368,793
2
Enter amount from Part I, line 27a .....................
2
616,663
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
73,985,456
5
Decreases not included in line 2 (itemize) bullet
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
73,985,456
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 PUBLICLY TRADED SECURITIES      
b CAPITAL GAIN DISTRIBUTION P    
c PUBLICLY TRADED SECURITIES      
d
e
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 30,278,680   26,452,096 3,826,584
b 196,745     196,745
c 1,761,283   1,768,308 -7,025
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l) Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i) F.M.V. as of 12/31/69 (j) Adjusted basis
as of 12/31/69 		(k) Excess of col. (i)
over col. (j), if any
a       3,826,584
b       196,745
c       -7,025
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 4,016,304
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 4,447,357 90,929,065 0.048910
2013 3,865,144 85,868,578 0.045012
2012 3,042,295 78,721,840 0.038646
2011 2,864,391 77,593,221 0.036915
2010 2,940,670 73,019,759 0.040272
2
Total of line 1, column (d) .....................
20.209755
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
0.041951
4
Enter the net value of noncharitable-use assets for 2015 from Part X, line 5.....
4
88,234,813
5
Multiply line 4 by line 3......................
5
3,701,539
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
54,072
7
Add lines 5 and 6........................
7
3,755,611
8
Enter qualifying distributions from Part XII, line 4.............
8
4,575,551
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 54,072
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 54,072
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 54,072
6 Credits/Payments:
a 2015 estimated tax payments and 2014 overpayment credited to 2015 6a 136,297
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.............. 7 136,297
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 82,225
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet82,225 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see Instructions
for definition)?.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletWA, CO
    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. ...............................
    10
     
    No
    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
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletWWW.RAYNIER.ORG
    14
    The books are in care ofbulletFOUNDATION SOURCE Telephone no.bullet (800) 839-1754

    Located atbullet501 SILVERSIDE ROAD SUITE 123WILMINGTONDE ZIP+4bullet19809
    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?
    16Yes  
    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 bulletCJ
    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
    EDWARD GARDNER PRESIDENT/DIRECTOR/SECRETARY
    1.00     		0 0 0
    501 SILVERSIDE ROAD SUITE 123
    WILMINGTON,DE19809
    MICHAEL VALUCCI VICE PRESIDENT/DIRECTOR/SECRETARY
    1.00     		0 0 0
    501 SILVERSIDE ROAD SUITE 123
    WILMINGTON,DE19809
    ROBERT WRATH TREASURER/DIRECTOR
    1.00     		0 0 0
    501 SILVERSIDE ROAD SUITE 123
    WILMINGTON,DE19809
    JEFF HAUSER EXECUTIVE DIRECTOR
    1.00     		27,800 0 0
    501 SILVERSIDE ROAD SUITE 123
    WILMINGTON,DE19809
    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
    PNC BANK INVESTMENT MANAGEMENT 358,215
    1600 MARKET STREET
    PHILADELPHIA,PA19103
    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 NONE 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  
    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
    81,682,789
    b
    Average of monthly cash balances.......................
    1b
    6,185,567
    c
    Fair market value of all other assets (see instructions)................
    1c
    1,710,134
    d
    Total (add lines 1a, b, and c).........................
    1d
    89,578,490
    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
    89,578,490
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    1,343,677
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    88,234,813
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    4,411,741
    Part XI
    Distributable Amount bullet
    1
    Minimum investment return from Part X, line 6....................
    1
    4,411,741
    2a
    Tax on investment income for 2015 from Part VI, line 5......
    2a
    54,072
    b
    Income tax for 2015. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    54,072
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    4,357,669
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    4,357,669
    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
    4,357,669
    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
    4,575,551
    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
    4,575,551
    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
    54,072
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    4,521,479
    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 4,357,669
    2 Undistributed income, if any, as of the end of 2015:
    a Enter amount for 2014 only....... 4,094,530
    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$ 4,575,551
    a Applied to 2014, but not more than line 2a 4,094,530
    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..... 481,021
    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 ..........     		3,876,648
    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).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (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
    AKTIONSART
    3538 BURKE AVE N
    SEATTLE,WA98103     		N/A PC CHARITABLE EVENT 5,000
    AMERICAN ASSOCIATION OF AVALANCHE PROFESSIONALS
    PO BOX 248
    VICTOR,ID83455     		N/A PC GENERAL & UNRESTRICTED 5,000
    ARC ALLIANCE ADVOCACY SERVICES
    3075 RIDGE PIKE
    EAGLEVILLE,PA19403     		N/A PC $35K FOR GENERAL OPERATIONS AND $40K AS AN ONGOING FUND TO BE USED SPECIFICALLY TO PAY FOR EXPENSES (UTILITIES, FOOD, HOUSING REPAIRS, ETC.) OF CLIENTS LIVING INDEPENDENTLY (HOME, APARTMENT, CONDO) IN THE READING, PA GREATER AREA. THIS IS FOR INDIGENT CLIENTS WHO CANNOT PAY THESE EXPENSES AND REMAIN INDEPENDENTLY LIVING. 75,000
    BAKER INDUSTRIES INC
    184 PENNSYLVANIA AVE
    MALVERN,PA19355     		N/A PC GENERAL & UNRESTRICTED 10,000
    BETHESDA PROJECT
    1630 S ST
    PHILADELPHIA,PA19146     		N/A PC GENERAL & UNRESTRICTED 75,000
    BURKE MUSEUM ASSOCIATION
    PO BOX 353010
    SEATTLE,WA98195     		N/A PC CAPITAL CAMPAIGN 250,000
    CHRIST CHURCH
    20 N AMERICAN ST
    PHILADELPHIA,PA19106     		N/A PC GENERAL & UNRESTRICTED 10,000
    COPWHEELS INC
    1818 MARKET ST
    PHILADELPHIA,PA19103     		N/A PC GENERAL & UNRESTRICTED 10,000
    CYSTIC FIBROSIS FOUNDATION
    2004 SPROUL RD STE 208
    BROOMALL,PA19008     		N/A PC CHARITABLE EVENT 25,000
    DRUMMING FOR YOUR LIFE INSTITUTE
    8141 2ND ST STE 340
    DOWNEY,CA90241     		N/A PC GENERAL & UNRESTRICTED 10,000
    EXPERIENCE LEARNING COMMUNITY
    120 6TH AVE N STE 100
    SEATTLE,WA98109     		N/A PC NO WASTED NOTES NAMING AGREEMENT BETWEEN THE FOUNDATION AND OTHER 50,000
    FACE TO FACE
    109 E PRICE ST
    PHILADELPHIA,PA19144     		N/A PC GENERAL & UNRESTRICTED 10,000
    FARESTART
    700 VIRGINIA ST
    SEATTLE,WA98101     		N/A PC GENERAL & UNRESTRICTED 5,000
    FRIENDS OF THE WISSAHICKON INC
    8708 GERMANTOWN AVE
    PHILADELPHIA,PA19118     		N/A PC GENERAL & UNRESTRICTED 10,000
    FRINGEARTS
    140 N COLUMBUS BLVD
    PHILADELPHIA,PA19106     		N/A PC GENERAL & UNRESTRICTED 25,000
    GOGGLE WORKS
    201 WASHINGTON ST
    READING,PA19601     		N/A PC $150,000 AS GENERAL OPERATING SUPPORT; $100,000 FOR FIVE SPECIFIC PROJECTS (PROGRAM SCHOLARSHIPS; LARGE TECHING STUDIO ENHANCEMENTS; WEBSITE UPGRADE; PURCHASE OF CLEARNING EQUIPMENT; AND DISPLAY PANELS FOR THE IX FANTASY CONFERENCE) AS REFERENCED IN THE ATTACHED PROPOSAL FUND. 250,000
    GOHAWKEYE FOUNDATION
    327 ADAMS RANCH RD UNIT 703
    TELLURIDE,CO81435     		N/A PC GENERAL & UNRESTRICTED 1,000
    HIMALAYAN CATARACT PROJECT INC
    PO BOX 55
    WATERBURY,VT05676     		N/A PC GENERAL & UNRESTRICTED 5,000
    HISTORIC SEATTLE PRESERVATION FNDN
    1117 MINOR AVE
    SEATTLE,WA98101     		N/A PC OPERATIONAL "BACK-STOP" TO SUPPORT THEIR MISSION OF PROVIDING BELOW MARKET COMMERCIAL LEASE RATES TO COMMUNITY-BASED NON-PROFITS IN SEATTLE'S CENTRAL DISTRICT PROGRAM. 250,000
    HUMANE SOCIETY FOR SEATTLE-KING CO
    13212 SE EASTGATE WAY
    BELLEVUE,WA98005     		N/A PC GENERAL & UNRESTRICTED 5,000
    IL CONVIVIO INC
    1617 JFK BLVD 19TH FL
    PHILADELPHIA,PA19103     		N/A PC GENERAL & UNRESTRICTED 15,000
    J STREET EDUCATION FUND INC
    PO BOX 66073
    WASHINGTON,DC20035     		N/A PC GENERAL & UNRESTRICTED 10,000
    JAZZ EDUCATION NETWORK
    350 RANDOLPH AVE
    MILTON,MA02186     		N/A PC TRADITIONAL JAZZ CURRICULUM PROJECT 10,000
    JEWISH COMMUNITY CENTER OF ATLANTIC COUNTY
    501 N JEROME AVE
    MARGATE,NJ08402     		N/A PC CHARITABLE EVENT 10,000
    JEWISH FAMILY SERVICE OF WESTERN MASSACHUSETTS INC
    15 LENOX ST
    SPRINGFIELD,MA01108     		N/A PC GENERAL & UNRESTRICTED 5,000
    LASALLE COLLEGE HIGH SCHOOL
    8605 CHELTENHAM AVE
    WYNDMOOR,PA19038     		N/A PC GENERAL & UNRESTRICTED 25,000
    LEUKEMIA & LYMPHOMA SOCIETY INC - EASTERN PENNSYLVANIA CHAPTER
    100 N 20TH ST STE 405
    PHILADELPHIA,PA19103     		N/A PC LIGHT THE NIGHT FUNDRAISER CAMPAIGN 10,000
    LIFETIME ADVOCACY PLUS
    444 NE RAVENNA BLVD STE 303
    SEATTLE,WA98115     		N/A PC GENERAL & UNRESTRICTED 5,000
    MARYS PLACE SEATTLE
    1830 9TH AVE
    SEATTLE,WA98101     		N/A PC GENERAL & UNRESTRICTED 5,000
    MOUNT SAINT JOSEPH ACADEMY
    120 W WISSAHICKON AVE
    FLOURTOWN,PA19031     		N/A PC GENERAL & UNRESTRICTED 5,000
    MOUNTAINFILM LTD
    PO BOX 1088
    TELLURIDE,CO81435     		N/A PC GENERAL & UNRESTRICTED 5,000
    MUSICOPIA INC
    2001 MARKET ST STE 3100
    PHILADELPHIA,PA19103     		N/A PC CHARITABLE EVENT 10,000
    NALANDABODHI
    3902 WOODLAND PARK AVE N
    SEATTLE,WA98103     		N/A PC BODHI SEEDS PROGRAM 5,000
    NATIONAL FOUNDATION FOR CELIAC AWARENESS
    PO BOX 544
    AMBLER,PA19002     		N/A PC GENERAL & UNRESTRICTED 5,000
    OLDDOG HAVEN
    621 STATE RTE 9 NE PMB A-4
    LAKE STEVENS,WA98258     		N/A PC GENERAL & UNRESTRICTED 5,000
    OLIVET BOYS AND GIRLS CLUB OF READING AND BERKS COUNTY INC
    1161 PERSHING BLVD
    READING,PA19611     		N/A PC GENERAL & UNRESTRICTED 5,000
    OPAL HOUSE
    18818 NE 140TH PL
    WOODINVILLE,WA98072     		N/A PC GENERAL & UNRESTRICTED 1,000
    PENNSYLVANIA SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS
    350 E ERIE AVE
    PHILADELPHIA,PA19134     		N/A PC GENERAL & UNRESTRICTED 5,000
    PHFFFT COMPANY INC
    5609 34TH AVE SW
    SEATTLE,WA98126     		N/A PC GENERAL & UNRESTRICTED 5,000
    POST-PRISON EDUCATION PROGRAM
    810 3RD AVE STE 180
    SEATTLE,WA98104     		N/A PC GENERAL & UNRESTRICTED 5,000
    PROJECT HOME
    1515 FAIRMOUNT AVE
    PHILADELPHIA,PA19130     		N/A PC EMPLOYMENT SERVICES AND ADULT LEARNING AND WORKFORCE DEVELOPMENT INITIATIVE 125,000
    PROJECT HOME
    1515 FAIRMOUNT AVE
    PHILADELPHIA,PA19130     		N/A PC 810 ARCH STREET PROGRAM 1,200,000
    SAINT GENEVIEVE SCHOOL
    1237 BETHLEHEM PIKE
    FLOURTOWN,PA19031     		N/A PC GENERAL & UNRESTRICTED 10,000
    SAINT PAULS CHURCH AT CHESTNUT HILL
    22 E CHESTNUT HILL AVE
    PHILADELPHIA,PA19118     		N/A PC GENERAL & UNRESTRICTED 10,000
    SEATTLE ARCHITECTURAL FOUNDATION
    1333 5TH AVE
    SEATTLE,WA98101     		N/A PC GENERAL & UNRESTRICTED 5,000
    SEATTLE MENNONITE CHURCH
    3120 NE 125TH ST
    SEATTLE,WA98125     		N/A PC GOD'S LI'L ACRE PROGRAM 10,000
    SEATTLE MENNONITE CHURCH
    3120 NE 125TH ST
    SEATTLE,WA98125     		N/A PC JUSTHEALTH RECUPERATIVE CARE PROGRAM 5,000
    SEATTLE MUSIC PARTNERS
    4533 SUNNYSIDE AVE N
    SEATTLE,WA98103     		N/A PC GENERAL & UNRESTRICTED 5,000
    SEATTLE WHEELCHAIR RUGBY
    3760 SW LAKE HELENA RD
    PORT ORCHARD,WA98367     		N/A PC GENERAL & UNRESTRICTED 5,000
    SEATTLE YOUTH SYMPHONY ORCHESTRA
    11065 5TH AVE NE STE A
    SEATTLE,WA98125     		N/A PC TO STABILIZE THE INSTRUMENTAL MUSIC CONTINUUM BETWEEN MIDDLE AND HIGH SCHOOLS IN SW SEATTLE; TO EXPAND A PROVEN MODEL FOR ACCESS TO QUALITY INSTRUMENTAL MUSIC INSTRUCTION FOR UNDERSERVED STUDENTS IN SW SEATTLE; AND TO PARTNER WITH SEATTLE REPERTORY JAZZ ORCHESTRA TO OFFER INSTRUCTION ON THE FULL RANGE OF ORCHESTRA AND BAND INSTRUMENTS FUND 250,000
    SHALOM ZONE NONPROFIT ASSOCIATION
    1415 NE 43RD ST
    SEATTLE,WA98105     		N/A PC ROOTS GENERAL OPERATING FUND 100,000
    SHALOM ZONE NONPROFIT ASSOCIATION
    1415 NE 43RD ST
    SEATTLE,WA98105     		N/A PC GENERAL OPERATING FUND 150,000
    SHUNPIKE ARTS COLLECTIVE DBA SHUNPIKE
    3518 FREMONT AVE N BOX 118
    SEATTLE,WA98103     		N/A PC CORIOLIS DANCE PROGRAM 10,000
    SHUNPIKE ARTS COLLECTIVE DBA SHUNPIKE
    3518 FREMONT AVE N BOX 118
    SEATTLE,WA98103     		N/A PC VERSION EXCURSION PROGRAM 5,000
    TELLURIDE ADAPTIVE SKI PROGRAM
    PO BOX 2254
    TELLURIDE,CO81435     		N/A PC GENERAL & UNRESTRICTED 6,000
    TELLURIDE SKI AND SNOWBOARD CLUB INC
    PO BOX 2824
    TELLURIDE,CO81435     		N/A PC SCHOLARSHIP PROGRAM 2,000
    TELLURIDE SOCIETY FOR JAZZ
    PO BOX 2132
    TELLURIDE,CO81435     		N/A PC GENERAL & UNRESTRICTED 5,000
    THE EXUMA FOUNDATION
    5885 LANDERBROOK DR STE 300
    MAYFIELD HEIGHTS,OH44124     		N/A PC GENERAL & UNRESTRICTED 5,000
    TIETON ARTS AND HUMANITIES
    PO BOX 171
    TIETON,WA98947     		N/A PC GENERAL & UNRESTRICTED 5,000
    TRUSTEES OF THE LAWRENCEVILLE SCHOOL
    PO BOX 6125
    LAWRENCEVILLE,NJ08648     		N/A PC THE LAWRENCEVILLE FUND 10,000
    TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA
    3451 WALNUT ST 433 FRANKLIN BU
    PHILADELPHIA,PA19104     		N/A PC MORRIS ARBORETUM FUND 10,000
    TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA
    3451 WALNUT ST 433 FRANKLIN BU
    PHILADELPHIA,PA19104     		N/A PC THE PENN FUND 10,000
    UNION FOR REFORM JUDAISM
    633 3RD AVE FL 7
    NEW YORK,NY10017     		N/A PC CAMP KALSMAN PROGRAM 5,000
    UNITED STATES SQUASH RACQUETS ASSOCIATION INC
    555 8TH AVE RM 1102
    NEW YORK,NY10018     		N/A PC GENERAL & UNRESTRICTED 5,000
    VETERHANDS
    11816 INWOOD RD UNIT 123
    DALLAS,TX75244     		N/A PC EAGLE RAY RESEARCH PROJECT 5,000
    VISITING NURSE ASSOCIATION OF SOMERSET HILLS
    200 MOUNT AIRY RD
    BASKING RIDGE,NJ07920     		N/A PC GENERAL & UNRESTRICTED 10,000
    WOMEN GOLFERS GIVEBACK
    409 MERION HILL LN
    CONSHOHOCKEN,PA19428     		N/A PC GENERAL & UNRESTRICTED 5,000
    WOODMERE ART MUSEUM INC
    9201 GERMANTOWN AVE
    PHILADELPHIA,PA19118     		N/A PC STORM WATER MANAGEMENT PROGRAM 500,000
    YOUNG WOMENS CHRISTIAN ASSOCIATION OF SEATTLE-KING COUNTY-SNOHOMISH CO
    1118 5TH AVE
    SEATTLE,WA98101     		N/A PC YWCA SUSTAINABILITY PROJECT WHICH WILL PROVIDE THE SUPPORT AND RESOURCE NECESSARY TO DEVELOP A NEW STRATEGIC BUSINESS MODEL 500,000
    YOUTHCARE
    2500 NE 54TH ST
    SEATTLE,WA98105     		N/A PC GENERAL OPERATING SUPPORT FUND 100,000
    YOUTHCARE
    2500 NE 54TH ST
    SEATTLE,WA98105     		N/A PC GENERAL OPERATING FUND 150,000
    Total .................................bullet 3a 4,460,000
    bApproved for future payment
    Total .................................bullet 3b 0
    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 8,082  
    4 Dividends and interest from securities....     14 1,752,225  
    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 3,921,773  
    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).. 0 5,682,080 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    135,682,080
    (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

    TY 2015 AccountingFeesSchedule
    Name:
    RAYNIER INSTITUTE & FOUNDATION
    EIN:
    91-1644205
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING 16,700 3,340   13,360

    TY 2015 GeneralExplanationAttachment
    Name:
    RAYNIER INSTITUTE & FOUNDATION
    EIN:
    91-1644205
    Identifier Return Reference Explanation
      FORM 990-PF, PART VII-B, LINE 1A(3) & (4) RAYNIER INSTITUTE AND FOUNDATION PAID JEFF HAUSER, A FOUNDATION MANAGER, REASONABLE COMPENSATION AND BENEFITS FOR GRANT-MAKING AND ADMINISTRATIVE SERVICES PROVIDED TO THE FOUNDATION. THESE SERVICES ARE NECESSARY IN CARRYING OUT THE EXEMPT PURPOSE OF THE FOUNDATION, AND COMPENSATION IS REASONABLE BASED ON COMPARATIVE SALARIES. AS SUCH, THE COMPENSATION IS NOT CONSIDERED AN ACT OF SELF-DEALING UNDER IRC SECTION 4941(D)(2)(E).RAYNIER INSTITUTE AND FOUNDATION REIMBURSED MEETING EXPENSES OF JEFF HAUSER, A FOUNDATION MANAGER, ROBERT WARTH, TREASURER, EDWARD GARDNER, PRESIDENT/SECRETARY, AND MICHAEL VALUCCI, VICE PRESIDENT/SECRETARY. THE AMOUNTS REIMBURSED WERE SUBSTANTIATED AND REASONABLE. AS SUCH, THE REIMBURSEMENTS ARE NOT CONSIDERED ACTS OF SELF-DEALING UNDER IRC SECTION 4941(D)(2)(E).

    TY 2015 InvestmentsCorpBondsSchedule
    Name:
    RAYNIER INSTITUTE & FOUNDATION
    EIN:
    91-1644205
    Name of Bond End of Year Book Value End of Year Fair Market Value
    ABBEY NATL TREAS SVCS PLC - 2.350% - 09/10/2019 (002799AQ7) 0 0
    35000 ACTAVIS FUNDING BD - 3.450% - 03/15/2022 (00507UAR2) 34,950 35,038
    35000 AETNA INC NOTE - 1.500% - 11/15/2017 (00817YAL2) 34,876 34,868
    25000 AMERICAN CAMPUS - 4.125% - 07/01/2024 (024836AB4) 24,965 24,824
    45000 AMERICAN CAMPUS CMNTYS OPER - 3.750% - 04/15/2023 (024836AA6) 44,654 44,262
    65000 AMERICAN EXPRESS - 0.737% - 07/29/2016 (0258M0DH9) 65,159 65,011
    30000 AMERICAN EXPRESS - 3.625% - 12/05/2024 (025816BK4) 30,148 29,360
    100000 AMERICAN EXPRESS SER 2014-3 CL A - 1.490% - 04/15/2020 (02582JGU8) 99,996 100,035
    30000 AMERICAN HONDA FIN CORP MTN - 2.250% - 08/15/2019 (02665WAH4) 29,945 30,074
    AON CORP - 3.500% - 09/30/2015 (037389AV5) 0 0
    40000 ANHEUSER-BUSCH - 3.700% - 02/01/2024 (03524BAE6) 42,055 40,808
    45000 APPLE INC NOTE - 2.400% - 05/03/2023 (037833AK6) 42,424 43,843
    AT&T INC BD - 5.500% - 02/01/2018 (00206RAJ1) 0 0
    BANK AMER CORP FR - 3.300% - 01/11/2023 (06051GEU9) 0 0
    45000 BANK AMER CORP FR - 4.200% - 08/26/2024 (06051GFH7) 46,091 44,648
    BANK AMER FDG CORP SRNT-L - 5.625% - 07/01/2020 (06051GEC9) 0 0
    45000 BANK OF AMERICA - 4.000% - 04/01/2024 (06051GFF1) 46,433 46,022
    BANK OF MONTREAL - 0.000% - 09/11/2015 (06366RHB4) 0 0
    135000 BMO BANK OF MONTREAL VR - 0.502% - 07/14/2017 (06366RVE2) 134,847 134,561
    35000 BNP PARIBAS - 1.250% - 12/12/2016 (05574LTW8) 34,964 34,948
    95000 BOA CREDIT CARD CL A - 1.360% - 09/15/2020 (05522RCU0) 94,989 94,356
    15000 BOARDWALK PIPELINES - 3.375% - 02/01/2023 (096630AC2) 14,996 12,061
    BORGWARNER INC - 4.625% - 09/15/2020 (099724AG1) 0 0
    BOSTON PROPERTIES - 5.625% - 11/15/2020 (10112RAR5) 0 0
    BP CAPITAL MARKETS PLC - 3.245% - 05/06/2022 (05565QBZ0) 0 0
    95000 CAPITAL ONE - 1.480% - 07/15/2020 (14041NET4) 94,975 95,017
    50000 CAPITAL ONE - 2.450% - 04/24/2019 (14040HBE4) 49,457 50,092
    30000 CAPITAL ONE FINL CORP - 6.150% - 09/01/2016 (14040HAN5) 32,225 30,929
    65000 CAPITAL ONE MULTI-ASSET - 1.390% - 01/15/2021 (14041NEU1) 64,991 64,632
    40000 CATERPILLAR INC - 3.400% - 05/15/2024 (149123CC3) 39,993 40,520
    165000 CHASE BOND - 1.590% - 02/18/2020 (161571GT5) 166,044 164,977
    CITIBANK CCIT SER A3 2013 00.910-% - ? - 07/23/2018 (17305EFC4) 0 0
    20000 CITIGROUP BOND - 4.450% - 09/29/2027 (172967KA8) 20,060 19,868
    15000 CITIGROUP INC BND - 2.150% - 07/30/2018 (172967JW2) 14,996 14,989
    60000 CITIGROUP INC NOTE - 0.021% - 12/07/2018 (172967KE0) 59,855 59,683
    CITIGROUP INC - 4.875% - 05/07/2015 (172967BW0) 0 0
    CITIGROUP INC SR NT - 6.125% - 11/21/2017 (172967EM9) 0 0
    60000 COCA COLA CO - 0.342% - 11/01/2016 (191216BC3) 60,076 59,995
    40000 CONOCOPHILLIPS BOND - 2.875% - 11/15/2021 (20826FAE6) 40,210 38,843
    65000 CONTINENTAL RES - 5.000% - 09/15/2022 (212015AH4) 66,898 47,938
    CRH AMERICA INCM - 4.125% - 01/15/2016 (12626PAK9) 0 0
    55000 DEERE JOHN - 0.000% - 02/25/2016 (24422ESJ9) 55,000 54,971
    35000 DEUTSCHE BANK AG BOND - 2.950% - 08/20/2020 (25152R2U6) 34,940 35,052
    30000 DEUTSCHE BK - 1.400% - 02/13/2017 (25152RVR1) 30,062 29,831
    DEVON ENERGY CORP - 0.000% - 12/15/2015 (25179MAQ6) 0 0
    60000 DIGITAL RLTY TR LP - 5.250% - 03/15/2021 (25389JAJ5) 65,379 64,788
    DIGITAL RLTY TR LP GTD - 5.875% - 02/01/2020 (25389JAH9) 0 0
    90000 DIRECTV HLDGS FING - 4.600% - 02/15/2021 (25459HAW5) 93,573 95,325
    50000 DISCOVERY COMMUNICATIONS BOND - 3.450% - 03/15/2025 (25470DAK5) 49,958 45,264
    65000 ENERGY TRANSFER PARTNERD DTD - 4.050% - 03/15/2025 (29273RBD0) 61,635 53,382
    55000 EQT CORP - 4.875% - 11/15/2021 (26884LAB5) 59,884 52,364
    75000 EXELON GENERATION COLLC - 4.000% - 10/01/2020 (30161MAH6) 69,695 77,296
    75000 EXXON MOBIL CORP BOND - 0.000% - 03/15/2017 (30231GAB8) 75,000 74,879
    120000 FIFTH THIRD AUTO BOND - 1.420% - 03/16/2020 (31680GAD8) 119,980 119,078
    55000 FORD CREDIT - 1.280% - 09/15/2019 (34530QAD2) 54,996 54,911
    70000 FREEPORT-MCMORAN NT - 3.550% - 03/01/2022 (35671DAU9) 68,776 40,600
    105000 GE CAP CCMT SER 2012-2 CL A - 2.220% - 01/15/2022 (36159JCV1) 104,962 105,280
    30000 GENERAL ELEC CAP CORP MTN BEFR - 3.150% - 09/07/2022 (36962G6F6) 30,144 30,707
    45000 GILEAD SCIENCES INC - 3.700% - 04/01/2024 (375558AW3) 45,165 46,094
    GOLDMAN SACHS - 3.850% - 07/08/2024 (38141EC23) 0 0
    GOLDMAN SACHS GROUP INC - 5.375% - 03/15/2020 (38141EA58) 0 0
    2000000 GOLDMAN SACHS GROUP INC INDEX LINKED - 0.000% - 01/19/2016 (38143U4B 2,000,000 3,106,600
    30000 GOLDMAN SACHS GROUP INC NOTE - 5.750% - 01/24/2022 (38141GGS7) 34,724 34,117
    29562.66 GS MTG SECS CL A-2 - 2.999% - 08/12/2044 (36191YAZ1) 30,047 29,711
    60000 HASBRO INC - 6.300% - 09/15/2017 (418056AP2) 65,793 64,231
    35000 HEWLETT PACKARD CO NOTE - 4.375% - 09/15/2021 (428236BQ5) 35,545 34,438
    45000 HONDA - 1.230% - 09/23/2019 (43814LAC3) 44,994 44,631
    35000 HONDA AUTO - 0.880% - 07/15/2017 (43814HAC2) 34,993 34,913
    40000 HONDA AUTO - 1.050% - 10/15/2018 (43814KAC5) 39,997 39,862
    10656.2 HONDA AUTO SER 2013-3 CL A3 - 0.770% - 05/15/2017 (43812XAC9) 10,654 10,652
    55000 HOST HOTELS & RESORTS LP - 4.000% - 06/15/2025 (44107TAV8) 54,911 52,724
    HSBC HLDGS PLC NOTE - 5.100% - 04/05/2021 (404280AK5) 0 0
    2000000 HSBC USA INC - 0.000% - 08/21/2018 (40432XK26) 2,000,000 2,774,000
    29954.82 HYUNDAI AUTO TR SER 2013-B CL A-3 - 0.710% - 09/15/2017 (44890LAC8) 29,949 29,943
    70000 INTEL CORP - 2.700% - 12/15/2022 (458140AM2) 67,593 69,253
    55000 JOHN DEERE OWNER TR SER 2014-B CL A-3 - 1.070% - 11/15/2018 (477877AD6 54,988 54,744
    35000 JP MORGAN CHASE - 6.125% - 06/27/2017 (46625HGN4) 38,473 37,064
    30000 JPMORGAN CHASE & CO - 3.375% - 05/01/2023 (46625HJJ0) 28,574 29,485
    20000 JPMORGAN CHASE & CO NT - 4.625% - 05/10/2021 (46625HHZ6) 22,524 21,603
    35000 KINDER MORGAN ENER PART NOTE - 5.800% - 03/01/2021 (494550BC9) 38,945 34,840
    60000 KINDER MORGAN ENERGY - 4.150% - 03/01/2022 (494550BJ4) 61,007 53,315
    65000 KLA-TENCOR CORP SR GLBL NT - 4.125% - 11/01/2021 (482480AD2) 65,573 65,094
    35000 KROGER - 6.150% - 01/15/2020 (501044CH2) 40,693 39,612
    30000 LOCKHEED MARTIN BOND - 3.550% - 01/15/2026 (539830BH1) 29,768 30,106
    35000 LOWES COS INC - 0.685% - 09/10/2019 (548661DB0) 34,819 34,788
    60000 MERC-BENZ AUTO RECV - 0.820% - 06/15/2018 (58772PAB4) 59,999 59,862
    MCKESSON CORP - 0.732% - 09/10/2015 (581557BA2) 0 0
    35000 METLIFE INC - 4.368% - 09/15/2023 (59156RBB3) 37,604 37,580
    15000 METLIFE INC NOTE - 3.600% - 11/13/2025 (59156RBQ0) 14,999 15,105
    25000 MORGAN STANLEY - 2.650% - 01/27/2020 (61747YDW2) 24,978 24,932
    40000 MORGAN STANLEY FR - 4.875% - 11/01/2022 (6174824M3) 41,141 42,450
    MORGAN STANLEY SR NT-F - 4.750% - 03/22/2017 (61747YDT9) 0 0
    60000 NEXEN INC - 6.200% - 07/30/2019 (65334HAK8) 69,369 66,334
    NISSAN AUTO LEASE 2013-A CL A-3 2013-A A - 0.610% - 04/15/2016 (65476VAC3) 0 0
    60000 NISSAN AUTO SER 2014-B CL A3 - 1.110% - 05/15/2019 (65477WAC0) 59,998 59,816
    20000 NORTHEAST UTILITIES - 1.450% - 05/01/2018 (664397AJ5) 19,987 19,674
    65000 ORACLE CORP SR GLBL NT - 2.500% - 05/15/2022 (68389XBB0) 64,162 63,798
    30000 PACCAR FINL CORP - 0.000% - 12/06/2018 (69371RL79) 30,000 30,059
    PETROBRAS INTL FIN - 5.375% - 01/27/2021 (71645WAR2) 0 0
    30000 PETROLEOS MEXICANOS GTD - 6.000% - 03/05/2020 (71654QAW2) 33,225 31,170
    35000 PPL CAP FDG INC - 3.500% - 12/01/2022 (69352PAE3) 35,743 35,260
    35000 PRICELINE GRP NT - 3.650% - 03/15/2025 (741503AW6) 34,985 34,064
    65000 QUALCOMM INC BOND - 3.000% - 05/20/2022 (747525AE3) 65,238 64,349
    45000 REALTY INCOME CORP NOTE - 3.250% - 10/15/2022 (756109AN4) 43,870 43,427
    REINSURANCE GRP AMER INC - 6.450% - 11/15/2019 (759351AG4) 0 0
    35000 REPUBLIC SERVICES INC - 3.800% - 05/15/2018 (760759AL4) 34,989 36,255
    50000 ROWAN COMPANIES INC - 4.875% - 06/01/2022 (779382AP5) 52,674 36,771
    50000 ROYAL BANK OF CANADA - 1.200% - 09/19/2017 (78011DAC8) 49,995 49,764
    100000 ROYAL BANK OF CANADANOTE - 1.875% - 02/05/2020 (780082AA1) 99,986 98,177
    ROYAL BK OF CANADA MTN - 1.150% - 03/13/2015 (78008T2C7) 0 0
    RYDER SYS MTN BE NT - 3.150% - 03/02/2015 (78355HJQ3) 0 0
    40000 SANTANDER UK NT - 2.875% - 10/16/2020 (80281LAC9) 39,991 39,728
    TELEFONICA EMISIONES S A U - 5.134% - 04/27/2020 (87938WAM5) 0 0
    40000 TEVA PHARMACEUTICAL NOTE - 0.030% - 12/18/2022 (88165FAG7) 37,651 38,294
    45000 THOMSON REUTERS - 3.850% - 09/29/2024 (884903BT1) 46,464 44,100
    35000 TIME WARNER - 3.600% - 07/15/2025 (887317AW5) 34,916 34,072
    25000 TIME WARNER INC - 3.400% - 06/15/2022 (887317AQ8) 25,276 24,887
    45000 TORONTO-DOMINION BANK - 2.125% - 07/02/2019 (89114QAS7) 44,945 44,940
    TYSON FOODS INC SR NT - 3.950% - 08/15/2024 (902494AX1) 0 0
    50000 UNIONBANCAL CORP - 3.500% - 06/18/2022 (908906AC4) 51,011 50,706
    40000 US BANCORP - 2.950% - 07/15/2022 (91159JAA4) 37,464 39,770
    40000 VENTAS REALTY - 3.500% - 02/01/2025 (92277GAE7) 40,107 38,301
    90000 VERIZON COMMUNICATIONS INC - 5.150% - 09/15/2023 (92343VBR4) 100,133 98,940
    35000 VIACOM INC BOND - 3.250% - 03/15/2023 (92553PAR3) 32,420 31,957
    VIACOM INC NOTE - 4.250% - 09/01/2023 (92553PAT9) 0 0
    40000 VISA INC NOTE - 0.028% - 12/14/2022 (92826CAC6) 39,998 40,165
    VOLKSWAGEN AUTO SER 2013-A CL A3 - 0.840% - 07/20/2016 (92867NAD0) 0 0
    60000 VOLKSWAGEN AUTO LSE SER CL A3 - 1.250% - 12/20/2017 (92867VAD2) 59,997 59,404
    WACHOVIA BANK 2007 C31 A2 - 5.421% - 04/15/2047 (92978TAB7) 0 0
    50000 WALGREENS BOOTS ALLIANCE - 3.800% - 11/18/2024 (931427AH1) 48,607 48,509
    25000 WELLS FARGO - 4.125% - 08/15/2023 (94974BFN5) 25,574 25,964
    20000 WELLS FARGO CO - 4.100% - 06/03/2026 (94974BFY1) 19,979 20,188
    30000 WELLS FARGO CO MTN BE - 3.300% - 09/09/2024 (94974BGA2) 29,919 29,845
    20000 WELLS FARGO CO MTN BE - 3.450% - 02/13/2023 (94974BFJ4) 19,988 20,047
    WILLIAMS PARTNERS L P - 5.250% - 03/15/2020 (96950FAD6) 0 0
    30000 XILINX INC CORP - 3.000% - 03/15/2021 (983919AH4) 29,782 30,073

    TY 2015 InvestmentsCorpStockSchedule
    Name:
    RAYNIER INSTITUTE & FOUNDATION
    EIN:
    91-1644205
    Name of Stock End of Year Book Value End of Year Fair Market Value
    900 3M CO (MMM) 81,659 135,576
    ABBOTT LABS (ABT) 0 0
    5618 ACCOR SA (ACCYY) 50,325 48,877
    4560 ADECCO S.A. UNSP/ADR (AHEXY) 150,333 155,815
    1522 ADIDAS AG (OLD) (ADDYY) 75,446 73,832
    8278 AEGON N V ORD AMER REG (AEG) 49,834 46,936
    7500 AIA GROUP LTD ADR (AAGIY) 180,599 180,788
    2475 ALIBABA GROUP HOLDING LIMITED (BABA) 192,833 201,143
    200 ALPHABET INC CL A (GOOGL) 58,091 155,602
    515 ALPHABET INC CL C (GOOG) 226,081 390,823
    ALTERA CORPORATION (ALTR) 0 0
    510 AMAZON COM (AMZN) 150,822 344,704
    1200 AMERICAN EXPRESS CO (AXP) 69,457 83,460
    800 ANADARKO PETROLEUM CORP (APC) 63,325 38,864
    4000 AON PLC (AON) 208,931 368,840
    1764 ASML HOLDING NV NY REG SHS (ASML) 107,582 156,590
    3800 ASSOCIATED BANC-CORP (ASB) 51,651 71,250
    2195 ASTRAZENECA (AZN) 74,884 74,520
    2982 ATOS (AEXAY) 50,347 50,396
    1600 BADGER METER, INC (BMI) 69,271 93,744
    570 BAIDU.COM - ADR (BIDU) 131,755 107,753
    6203 BANCO BILBAO ARG SA (BBVA) 50,182 45,468
    9100 BANK OF AMERICA CORP (BAC) 158,135 153,153
    3602 BARCLAYS PLC ADR (BCS) 50,428 46,682
    800 BAXALTA INCORPORATED (BXLT) 24,029 31,224
    800 BAXTER INTERNATIONAL INC (BAX) 27,679 30,520
    1340 BAYER A G SPONSORED ADR (BAYRY) 156,080 167,286
    3200 BEMIS INC (BMS) 123,126 143,008
    2250 BERKLEY W R CP (WRB) 90,790 123,188
    3350 BERKSHIRE HATHAWAY INC. CLASS B (BRK-B) 320,223 442,334
    800 BIO TECHNE CORPORATION (TECH) 56,789 72,000
    56610.547 BLACKROCK GLOBAL ALLOC I (MALOX) 1,052,300 1,015,027
    301507.538 BLACKROCK STRAT INC OPP - INS (BSIIX) 3,000,000 2,945,729
    BRIDGESTONE CORP UNSP ADR (BRDCY) 0 0
    1103 BRITISH SKY ADS (SKYAY) 74,607 72,666
    1400 C H ROBINSON WORLDWIDE INC (CHRW) 81,992 86,828
    2000 CHARLES SCHWAB CORP (SCHW) 41,900 65,860
    750 CHEVRON CORP (CVX) 83,690 67,470
    864 CHINA MOBILE HGK LTD (CHL) 50,094 48,669
    7250 CITIGROUP INC (C) 339,733 375,188
    COMCAST CORP CLASS A (CMCSK) 0 0
    575 CONSTELLATION BRANDS INC (STZ) 29,674 81,903
    2580 CONTL AG SPONS ADR (CTTAY) 123,723 124,124
    2500 CRAY INC (CRAY) 34,029 81,125
    CREDIT SUISSE GROUP ADR (CS) 0 0
    DAIWA SECURITIES GROUP (DSEEY) 0 0
    125000 DB X TRACKERS MSCI EUROPE HEDGED EQUITY FUND (DBEU) 3,795,000 3,231,250
    25000 DB X TRACKERS MSCI JAPAN HEDGED EQUITY FUND (DBJP) 1,031,735 952,250
    900 DELUXE CORPORATION (DLX) 28,699 49,086
    2068 DENSO CORP ADR (DNZOY) 50,004 49,446
    1790 DEUTSCHE POST AG (DPSGY) 50,317 49,726
    DIAGEO PLC ADS (DEO) 0 0
    128331.119 DIAMOND HILL LONG SHORT FD CL Y (DIAYX) 2,000,000 3,058,131
    2250 DISCOVERY COMMUNICATIONS CL A (DISCA) 76,137 60,030
    3900 DISH NETWORK CORPORATION (DISH) 215,062 223,002
    30896.117 DODGE & COX FUNDS INTERNATIONAL STOCK FUND (DODFX) 1,377,640 1,127,090
    3700 DONALDSON CO. INC (DCI) 129,237 106,042
    213742.544 DRIEHAUS ACTIVE INCOME FUND MUTUAL FUND (LCMAX) 2,250,000 2,126,738
    EATON CORP PLC (ETN) 0 0
    196270.854 EATON VANCE GLOBAL MACRO FD CL I (EIGMX) 2,000,000 1,776,251
    3800 ECOLAB INC (ECL) 305,406 434,644
    1553 EMBRAER EMPRESA BR (ERJ) 49,979 45,876
    2100 EMERSON ELECTRIC CO (EMR) 108,705 100,443
    5128 ERICSSON L M TEL CO (ERIC) 49,947 49,280
    1200 EXXON MOBIL CORP (XOM) 110,973 93,540
    3720 FANUC LIMITED UNSPONSORED (FANUY) 138,535 107,173
    1800 FASTENAL COMPANY (FAST) 82,981 73,476
    800 FISERV INC (FISV) 40,578 73,168
    2700 FULLER H B CO (FUL) 103,330 98,469
    1565 GEMALTO N.V. ADR (GTOMY) 49,720 47,279
    700 GENERAC HOLDING INC (GNRC) 30,798 20,839
    2600 GENERAL ELECTRIC CO (GE) 56,922 80,990
    1800 GENERAL MILLS INC (GIS) 85,912 103,788
    3401 GLOBAL LOGISTIC PROP (GBTZY) 50,063 51,389
    750 GOLDMAN SACHS GROUP (GS) 84,600 135,173
    GOOGLE CL A (GOOGL-OLD) 0 0
    GOOGLE INC CL C (GOOG-OLD) 0 0
    1200 GRACO INC (GGG) 86,042 86,484
    5550 GROUPE DANONE ADS (DANOY) 83,270 75,536
    1590 HDFC BANK LTD ADR (HDB) 94,589 97,944
    5000 HEALTHEQUITY INC (HQY) 70,000 125,350
    1500 HONEYWELL INTL (HON) 112,721 155,355
    1246 HSBC HOLDINGS PLC (HSBC) 49,753 49,180
    ICICI BK LTD ADS (IBN) 0 0
    13549 INFINEON TECH ADS (IFNNY) 180,726 198,493
    2400 INTEL CORP (INTC) 50,912 82,680
    450 INTERNATIONAL BUSINESS MACHINES (IBM) 80,106 61,929
    ISHARES S&P NORTH AMERCIA NATURAL RESOURCE (IGE) 0 0
    30000 ISHARES TRUST RUSSELL 1000 GROWTH INDEX FD (IWF) 1,761,135 2,984,400
    4860 JAMES HARDIE IND ADR (JHX) 63,668 61,576
    1400 JOHNSON & JOHNSON (JNJ) 104,044 143,808
    4500 JP MORGAN CHASE (JPM) 265,022 297,135
    5071 JULIUS BAER GROUP LTD (JBAXY) 50,355 49,189
    3620 KAO CORP ADR (KCRPY) 183,069 186,140
    4058 KONINKLIJKE DSM NV ADR (RDSMY) 50,035 51,192
    1880 KONINKLIJKE PHILIPS ELECTRONICS (PHG) 50,361 47,846
    872 KRAFT HEINZ CO (KHC) 63,342 63,447
    81366.965 LAZARD GLOBAL LISTED INFRASTRUCTURE INSTL (GLIFX) 1,000,000 1,091,945
    420 LIBERTY GLOBAL LILAC - CLASS K (LILAK) 11,186 18,060
    8400 LIBERTY GLOBAL PLC - SERIES C (LBTYK) 213,304 342,468
    1083 LIXIL GROUP CORPORATION (JSGRY) 49,905 48,378
    700 MAIRS & POWER GROWTH FUND, INC (MPGFX) 51,373 73,115
    1712 MARKIT LTD (MRKT) 49,848 51,651
    1300 MDU RESOURCES GROUP (MDU) 37,937 23,816
    2100 MEDTRONIC PLC (MDT) 161,581 161,532
    MEDTRONIC PLC (OLD) (MDT-INC) 0 0
    8300 MICROSOFT CORP (MSFT) 249,821 460,484
    2351 MITSUBISHI ESTATE CO ADR (MITEY) 49,888 48,807
    6000 MONDELEZ INTERNATIONAL INC (MDLZ) 162,952 269,040
    2100 MORGAN STANLEY (MS) 42,203 66,801
    725 NATIONAL GRID TRANSCO PLC (NGG) 49,863 50,417
    NESTLE S.A (NSRGY) 0 0
    4740 NIDEC CORPORATION ADR (NJ) 94,856 86,458
    4900 NOBLE ENERGY INC (NBL) 229,093 161,357
    7920 NOMURA HOLDINGS ADR (NMR) 48,985 43,956
    585 NOVARTIS AG ADR (NVS) 50,075 50,333
    700 NVE CORPORATION (NVEC) 37,950 39,326
    1952 NXP SEMICONDUCTORS (NXPI) 142,531 164,456
    13200 ORACLE CORP (ORCL) 407,008 482,196
    2380 ORIX CORP ADS (IX) 174,832 167,171
    2918 OTSUKA HOLDINGS CO (OTSKY) 50,219 51,940
    1000 PATTERSON COMPANIES INC COM (PDCO) 37,159 45,210
    1700 PENTAIR INC. COM (PNR) 99,015 84,201
    2200 PEPSICO INC (PEP) 160,231 219,824
    700 PFIZER INC (PFE) 22,196 22,596
    70729 POWERSHARES FTSE RAFI US 1K (PRF) 4,368,459 6,141,399
    PRAXAIR INC (PX) 0 0
    2300 PRINCIPAL FINANCIAL GROUP (PFG) 65,821 103,454
    1000 PROCTER GAMBLE CO (PG) 74,899 79,410
    100 PROTO LABS INC (PRLB) 6,492 6,369
    6510 QIAGEN NV (QGEN) 145,210 180,002
    1000 QUALCOMM INC (QCOM) 63,801 49,985
    10776 ROCHE HOLDING LTD ADR (RHHBY) 308,015 371,449
    1509 ROYAL DUTCH SHELL CL A (RDS-A) 75,133 69,097
    13158 ROYAL KPN N.V (KKPNY) 50,395 50,395
    2680 SABMILLER PLC S/ADR (SBMRY) 107,614 160,612
    2320 SANDS CHINA LTD UNSP ADR (SCHYY) 131,967 78,787
    1600 SCHLUMBERGER LTD (SLB) 116,811 111,600
    2907 SECOM CO LTD ADR OTC (SOMLY) 50,088 49,157
    6289 SEIKO EPSON CORP ADR (SEKEY) 50,186 48,551
    12500 SELECT SECTOR SPDR ENERGY FUND (XLE) 930,329 754,000
    2232 SEVEN & I HOLDINGS C (SVNDY) 50,108 51,001
    790 SHIRE PLC (SHPG) 114,896 161,950
    1474 SMITH & NEPHEW PLC ADR (SNN) 49,857 52,474
    500 SNAP ON INC (SNA) 44,634 85,715
    25978 SOCIETE GENERLE FRNCE ADR (SCGLY) 280,005 239,517
    12750 SPDR S&P 500 ETF TRUST (SPY) 925,905 2,599,343
    22500 SPDR S&P MIDCAP 400 EFT TRUST (MDY) 2,367,693 5,715,900
    1800 ST. JUDE MED INC (STJ) 79,866 111,186
    1200 STARWOOD HOTELS & RESORTS (HOT) 83,292 83,136
    9690 SUMITOMO MITSUI FINCL GRP (SMFG) 75,190 73,547
    2498 SUNTORY BEVERAGE & FOOD LTD ADS (STBFY) 50,060 55,031
    1015 SYNGENTA AG ADS (SYT) 74,877 79,911
    1600 TARGET CORPORATION (TGT) 98,095 116,176
    2540 TDK CORP (TTDKY) 196,297 162,839
    10140 TENCENT HOLDINGS LIMITED (TCEHY) 98,202 198,947
    THE COCA-COLA CO (KO) 0 0
    1400 THERMO FISHER SCIENTIFIC INC (TMO) 78,177 198,590
    2764 TORAY INDUSTRIES INC (TRYIY) 50,111 51,521
    1000 TORO CO (TTC) 63,614 73,070
    1029 TOTAL FINA ELF S.A (TOT) 50,243 46,254
    740 TOYOTA MTR CORP (TM) 93,744 91,050
    13600 TWENTY-FIRST CENTURY CL B (FOX) 426,450 370,328
    65000 UBS E-TRACS ALERIAN MLP INFRASTRUCTURE ETN (MLPI) 2,244,064 1,700,400
    1957 UNIBAIL RODAMCO SE (UNRDY) 50,140 49,796
    1100 UNITED PARCEL SERVICE (UPS) 85,458 105,853
    2225 UNITEDHEALTH GROUP INC (UNH) 133,543 261,749
    3900 US BANCORP (USB) 134,053 166,413
    2075 VALEANT PHARMACEUTICALS INTL (VRX) 270,488 210,924
    1100 VALSPAR CORP (VAL) 75,435 91,245
    24428 VANGUARD SM-CAP ETF (VB) 2,745,769 2,702,714
    2343 VIVENDI SA (VIVHY) 50,475 50,023
    2280 VODAFONE GROUP PLC (VOD) 75,263 73,553
    WAL-MART STORES INC (WMT) 0 0
    1000 WALT DISNEY HOLDINGS CO (DIS) 54,115 105,080
    1100 WELLS FARGO & CO (WFC) 36,263 59,796
    2000 WESTERN UNION CO (WU) 35,427 35,820
    2284 WILLIAM HILL PLC ADR (WIMHY) 49,901 53,777
    437 WPP GROUP PLC (WPPGY) 50,115 50,141
    WISDOMTREE LC DVDND (DLN) 0 0
    200 ZIMMER BIOMET HOLDINGS (ZBH) 21,059 20,513

    TY 2015 InvestmentsGovtObligationsSch
    Name:
    RAYNIER INSTITUTE & FOUNDATION
    EIN:
    91-1644205
    US Government Securities - End of Year Book Value:

    7,851,989
    US Government Securities - End of Year Fair Market Value:

    7,848,945
    State & Local Government Securities - End of Year Book Value:


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


    0


    TY 2015 InvestmentsOtherSchedule2
    Name:
    RAYNIER INSTITUTE & FOUNDATION
    EIN:
    91-1644205
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    YORK CREDIT OPPORTUNITIES UNIT TRUST (YORKCREDIT) AT COST 2,000,000 1,710,134

    TY 2015 LegalFeesSchedule
    Name:
    RAYNIER INSTITUTE & FOUNDATION
    EIN:
    91-1644205
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL 919 0   919


    TY 2015 OtherExpensesSchedule
    Name:
    RAYNIER INSTITUTE & FOUNDATION
    EIN:
    91-1644205
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ADMINISTRATIVE FEES 40,300 0   40,300
    FOUNDATION DUES & MEMBERSHIPS 19,260 0   19,260
    POSTAGE 1,757 425   1,333
    INSURANCE 3,727 0   3,727
    WEBSITE COSTS 719 0   719
    FILING FEES 35 0   35
    BANK CHARGES 4,167 4,167   0
    SUPPLIES 338 0   337


    TY 2015 OtherProfessionalFeesSchedule
    Name:
    RAYNIER INSTITUTE & FOUNDATION
    EIN:
    91-1644205
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT MANAGEMENT SERVICES 354,048 354,048   0
    WEBSITE DEVELOPMENT 2,180 0   2,180
    OTHER PROFESSIONAL SERVICES 3,000 0   3,000


    TY 2015 TaxesSchedule
    Name:
    RAYNIER INSTITUTE & FOUNDATION
    EIN:
    91-1644205
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 5,891 5,891   0
    EXCISE TAXES 120,500 0   0