Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletInformation about Form 990-PF and its instructions is at www.irs.gov/form990pf.
OMB No. 1545-0052
2015
Open to Public Inspection
For calendar year 2015, or tax year beginning 01-01-2015 , and ending 12-31-2015
Name of foundation
ROBERT S & DOROTHY J KEYSER FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)165 WEST LIBERTY STREET NO 110
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
RENO, NV89501
A Employer identification number

88-0346537
B Telephone number (see instructions)

(775) 221-8004
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$15,673,686J 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 390 390  
4 Dividends and interest from securities... 201,374 201,374  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 374,560
b Gross sales price for all assets on line 6a 1,875,751
7 Capital gain net income (from Part IV, line 2)... 278,802
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 -51,082 -39,344  
12 Total. Add lines 1 through 11........ 525,242 441,222  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 160,000 96,000   64,000
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 12,640 5,820   6,320
c Other professional fees (attach schedule).... Click to see attachment 84,524 84,524   0
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 27,924 7,441   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 2,975 1,424   1,426
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 288,063 195,209   71,746
25 Contributions, gifts, grants paid....... 718,900 718,900
26 Total expenses and disbursements. Add lines 24 and 25 1,006,963 195,209   790,646
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -481,721
b Net investment income (if negative, enter -0-) 246,013
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......... 782,673 1,163,431 1,163,431
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet   11,392    
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..........   752 752
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 783,835 Click to see attachment887,990 3,004,486
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).......... 10,876,920 Click to see attachment9,919,279 11,505,017
14 Land, buildings, and equipment: basis bullet3,897
Less: accumulated depreciation (attach schedule) bullet3,897      
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 12,454,820 11,971,452 15,673,686
Liabilities 17 Accounts payable and accrued expenses..........   5,000
18 Grants payable..................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet) Click to see attachment6,647 Click to see attachment0
23 Total liabilities (add lines 17 through 22)......... 6,647 5,000
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted.................. 12,448,173 11,966,452
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)..... 12,448,173 11,966,452
31 Total liabilities and net assets/fund balances (see instructions). 12,454,820 11,971,452
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
12,448,173
2
Enter amount from Part I, line 27a .....................
2
-481,721
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
11,966,452
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
11,966,452
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 GABELLI PUBLICLY TRADED INVESTMENTS      
b GABELLI PUBLICLY TRADED INVESTMENTS      
c SCHWAB PUBICLY TRADED SECURITIES      
d 216.794 SHS, ENTRUST (CLASS D1, SERIES 0107) P    
e CROSSCREEK (FROM K-1) P    
AMERICAN CORE REALTY (FROM K-1) P    
HG CAPITAL VI (FROM K-1) P    
HG CAPITAL IX (FROM K-1) P    
HG CAPITAL X (FROM K-1) P    
HG CAPITAL IX REPORTABLE AS UBTI P    
HG CAPITAL X REPORTABLE AS UBTI P    
CAPITAL GAINS DIVIDENDS P    
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 17,470   17,208 262
b 114,748   59,460 55,288
c 878,829   1,186,357 -307,528
d 300,000   238,166 61,834
e 95,906     95,906
27,827     27,827
5,140     5,140
150,046     150,046
3,315     3,315
93,812   93,812 0
1,946   1,946 0
186,712     186,712
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       262
b       55,288
c       -307,528
d       61,834
e       95,906
      27,827
      5,140
      150,046
      3,315
      0
      0
      186,712
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 2 278,802
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 1,087,630 17,285,801 0.062920
2013 880,642 16,673,704 0.052816
2012 926,066 16,058,249 0.057669
2011 854,203 16,340,578 0.052275
2010 671,216 15,304,349 0.043858
2
Total of line 1, column (d) .....................
20.269538
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
0.053908
4
Enter the net value of noncharitable-use assets for 2015 from Part X, line 5.....
4
16,493,886
5
Multiply line 4 by line 3......................
5
889,152
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
2,460
7
Add lines 5 and 6........................
7
891,612
8
Enter qualifying distributions from Part XII, line 4.............
8
790,646
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 4,920
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 4,920
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 4,920
6 Credits/Payments:
a 2015 estimated tax payments and 2014 overpayment credited to 2015 6a 5,680
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 5,680
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. Click to see attachment 8 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 10 752
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet752 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see Instructions
for definition)?.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletCA, NV
    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 addressbulletN/A
    14
    The books are in care ofbulletMICHAEL J MELARKEY Telephone no.bullet (775) 221-8004

    Located atbullet165 WEST LIBERTY SUITE 110RENONV ZIP+4bullet89519
    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
    G BLAKE SMITH TRUSTEE
    16.00     		60,000 0 0
    165 WEST LIBERTY SUITE 110
    RENO,NV89501
    MICHAEL J MELARKEY TRUSTEE
    14.00     		50,000 0 0
    165 WEST LIBERTY SUITE 110
    RENO,NV89501
    TIMOTHY CASHMAN TRUSTEE
    3.00     		50,000 0 0
    165 WEST LIBERTY SUITE 110
    RENO,NV89501
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1
     
    2  
    3  
    4  
    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
    15,942,905
    b
    Average of monthly cash balances.......................
    1b
    802,157
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    16,745,062
    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
    16,745,062
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    251,176
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    16,493,886
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    824,694
    Part XI
    Distributable Amount bullet
    1
    Minimum investment return from Part X, line 6....................
    1
    824,694
    2a
    Tax on investment income for 2015 from Part VI, line 5......
    2a
    4,920
    b
    Income tax for 2015. (This does not include the tax from Part VI.)...
    2b
    16,307
    c
    Add lines 2a and 2b............................
    2c
    21,227
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    803,467
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    803,467
    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
    803,467
    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
    790,646
    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
    790,646
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see instructions).................
    5
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    790,646
    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 7 803,467
    2 Undistributed income, if any, as of the end of 2015:
    a Enter amount for 2014 only....... 194,185
    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$ 790,646
    a Applied to 2014, but not more than line 2a 194,185
    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..... 596,461
    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 ..........     		207,006
    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 e-mail address of the person to whom applications should be addressed:
    MICHAEL J MELARKEY
    165 WEST LIBERTY SUITE 110
    RENO,NV89501
    (775) 742-3127
    bThe form in which applications should be submitted and information and materials they should include:
    NO SPECIFIC FORM IS REQURED FOR INTIAL REQUEST. APPLICANTS WILL BE PROVIDED FORMAL APPLICATION IF THE FOUNDATION HAS AN INTEREST IN THE REQUEST.
    cAny submission deadlines:
    NONE
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    GRANTS ARE GENERALLY LIMITED TO PROGRAMS THAT CAN BE SHOWN TO HAVE SOME BENEFIT TO CHILDREN, AND TO PROGRAMS IN THE RENO AND LAS VEGAS, NEVADA, AREAS
    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
    ARTOWN
    528 W 1ST STREET
    RENO,NV89503     		NONE PC OPERATIONAL SUPPORT 10,000
    ASSISTANCE LEAGUE OF RENO SPARKS
    1701 VASSAR ST
    RENO,NV89502     		NONE PC GENERAL OPERATIONS 10,000
    BIG BROTHERS BIG SISTERS OF NORTHERN NEVADA
    745 W MOANA LANE SUITE 200
    RENO,NV89509     		NONE PC GENERAL OPERATIONS 10,000
    BISHOP MANOGUE CATHOLIC HIGH SCHOOL
    110 BISHOP MANOGUE DRIVE
    RENO,NV89511     		NONE PC LACROSSE PROGRAM 2,500
    CARE CHEST OF SIERRA NEVADA
    7910 N VIRGINIA ST
    RENO,NV89506     		NONE PC MEDICAL RESOURCES PROGRAM 25,000
    DESERT RESEARCH INSTITUTE FOUNDATION
    2215 RAGGIO PARKWAY
    RENO,NV89512     		NONE PC GREEN BOX PROGRAM 50,000
    GREAT BASIN NATIONAL PARK FOUNDATION
    PO BOX 181
    BAKER,NV89311     		NONE PC GREAT BASIN OBSERVATORY 50,000
    HELP OF SOUTHERN NEVADA
    1640 EAST FLAMINGO 100
    LAS VEGAS,NV89119     		NONE PC PROGRAM SUPPORT 11,400
    HIGH SIERRA INDUSTRIES WARC
    555 REACTOR WAY
    RENO,NV89502     		NONE PC CAPITAL CAMPAIGN 100,000
    JUNIOR ACHIEVEMENT OF SOUTHERN NEVADA
    7220 S CIMARRON ROAD 130
    LAS VEGAS,NV89113     		NONE PC OPERATIONAL SUPPORT 30,000
    KNPB CHANNEL 5
    1670 N VIRGINIA ST
    RENO,NV89503     		NONE PC OPERATIONAL SUPPORT AND ATP SPONSORSHIP 5,000
    NEVADA CHILDHOOD CANCER FOUNDATION
    6070 S EASTERN AVE 200
    LAS VEGAS,NV89119     		NONE PC OPERATIONAL SUPPORT 10,000
    NEVADA CHILDREN'S FOUNDATION DBA EAGLE VALLEY CHILDREN'S HOME
    2300 EAGLE VALLEY RANCH ROAD
    CARSON CITY,NV89703     		NONE PC RESPITE PROGRAM 10,000
    NEVADA MUSEUM OF ART
    160 W LIBERTY STREET
    RENO,NV89501     		NONE PC GENERAL OPERATIONS 100,000
    NORTHERN NEVADA CHILDREN'S CANCER FOUNDATION
    3550 BARRON WAY 5A
    RENO,NV89511     		NONE PC FAMILY ASSISTANCE PROGRAM 10,000
    RENO BIKE PROJECT
    541 E 4TH STREET
    RENO,NV89512     		NONE PC OPERATIONAL SUPOORT 10,000
    RENO PHILHARMONIC ASSOCIATION
    925 RIVERSIDE DRIVE 3
    RENO,NV89503     		NONE PC DISCOVER MUSIC PROGRAM 5,000
    SAINT ROSE DOMINICAN HOSPITAL
    3001 ST ROSE PARKWAY
    HENDERSON,NV89052     		NONE PC OPERATIONAL SUPPORT 50,000
    SIERRA ARTS FOUNDATION
    17 S VIRGINIA ST STE 120
    RENO,NV89501     		NONE PC RENO SCULPTURE FEST 10,000
    TEACH FOR AMERICA
    1314 N MERIDIAN STREET 200
    INDIANAPOLIS,IN46202     		NONE PC OPERATIONAL SUPPORT 20,000
    THE HOLLAND PROJECT
    140 VESTA STREET
    RENO,NV89502     		NONE PC BUILDING AND OPERATIONAL SUPPORT 135,000
    UNIVERSITY OF NEVADA RENO FOUNDATION
    1664 NORTH VIRGINIA STREET
    RENO,NV89512     		NONE PC WOLF PACK ATHLETICS 10,000
    VOLUNTEERS IN MEDICINE OF SOUTHERN NEVADA
    4770 HARRISON DRIVE 200
    LAS VEGAS,NV89121     		NONE PC TECHNICAL EQUIPMENT 25,000
    WESTERN FOLKLIFE CENTER
    501 RAILROAD STREET 306
    ELKO,NV89801     		NONE PC DWV PROJECT, WEBSITE REDESIGN 20,000
    Total .................................bullet 3a 718,900
    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 ...........     		    14 390  
    4 Dividends and interest from securities....     14 201,374  
    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 ............     		533110 95,758 18 278,802  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue:
    aHG CAPITAL IX LLC (FROM K-1)     		531110 -9,645      
    bHG CAPITAL IX LLC (FROM K-1)     16 -22,895  
    cHG CAPITAL VI LLC (FROM K-1)     16 -3,106  
    dHG CAP X LLC (FROM K-1) 531110 -2,093      
    eHG CAP X LLC (FROM K-1)     16 -13,012  
    fAMERICAN CORE REALTY FUND (FROM K-1)     16 7  
    gCROSSCREEK (FROM K-1)     16 -101  
    hMISCELLANEOUS     01 -237  
    12 Subtotal. Add columns (b), (d), and (e).. 84,020 441,222 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13525,242
    (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:
    ROBERT S & DOROTHY J KEYSER FOUNDATION
    EIN:
    88-0346537
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING 12,640 5,820   6,320

    TY 2015 InvestmentsCorpStockSchedule
    Name:
    ROBERT S & DOROTHY J KEYSER FOUNDATION
    EIN:
    88-0346537
    Name of Stock End of Year Book Value End of Year Fair Market Value
    CORPORATE STOCK - GABELLI 887,990 3,004,486

    TY 2015 InvestmentsOtherSchedule2
    Name:
    ROBERT S & DOROTHY J KEYSER FOUNDATION
    EIN:
    88-0346537
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    HG CAPITAL VI AT COST 0 0
    HARBOR FUND AT COST 522,190 1,208,038
    DODGE & COX AT COST 1,016,988 1,195,797
    ARTISAN FUNDS AT COST 1,059,165 1,344,534
    VANGUARD FUNDS AT COST 282,685 331,363
    TEMPLETON AT COST 614,037 660,422
    CROSS CREEK CAPITAL AT COST 695,062 933,753
    RS GLOBAL FUNDS AT COST 0 0
    WESTCORE AT COST 431,344 246,880
    ENTRUST AT COST 1,095,470 1,269,721
    LOOMIS SAYLES FUNDS AT COST 663,770 662,840
    LAZARD FUNDS AT COST 612,829 461,326
    SCHRODER AT COST 588,178 527,864
    TOUCHSTONE AT COST 250,122 275,535
    HG CAPITAL IX AT COST 383,661 384,047
    AMERICAN CORE REALTY AT COST 848,582 1,155,409
    ING GLOBAL AT COST 0 0
    COHEN & STEERS AT COST 0 0
    PAYDEN AT COST 519,900 511,688
    HG CAPITAL X AT COST 295,256 295,760
    STUYVESANT AT COST 40,040 40,040

    TY 2015 OtherExpensesSchedule
    Name:
    ROBERT S & DOROTHY J KEYSER FOUNDATION
    EIN:
    88-0346537
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    BANK SERVICE CHARGES 125 0   0
    RENTAL EXPENSE 1,231 615   616
    LICENSE 325 162   163
    INSURANCE 1,294 647   647


    TY 2015 OtherIncomeSchedule2
    Name:
    ROBERT S & DOROTHY J KEYSER FOUNDATION
    EIN:
    88-0346537
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    HG CAPITAL IX LLC (FROM K-1) -9,645   -9,645
    HG CAPITAL IX LLC (FROM K-1) -22,895 -22,895 -22,895
    HG CAPITAL VI LLC (FROM K-1) -3,106 -3,106 -3,106
    HG CAP X LLC (FROM K-1) -2,093   -2,093
    HG CAP X LLC (FROM K-1) -13,012 -13,012 -13,012
    AMERICAN CORE REALTY FUND (FROM K-1) 7 7 7
    CROSSCREEK (FROM K-1) -101 -101 -101
    MISCELLANEOUS -237 -237 -237


    TY 2015 OtherLiabilitiesSchedule
    Name:
    ROBERT S & DOROTHY J KEYSER FOUNDATION
    EIN:
    88-0346537
    Description Beginning of Year - Book Value End of Year - Book Value
    ACCRUED EXCISE TAXES 6,647 0


    TY 2015 OtherProfessionalFeesSchedule
    Name:
    ROBERT S & DOROTHY J KEYSER FOUNDATION
    EIN:
    88-0346537
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT MANAGEMENT 84,524 84,524   0


    TY 2015 TaxesSchedule
    Name:
    ROBERT S & DOROTHY J KEYSER FOUNDATION
    EIN:
    88-0346537
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAX 7,441 7,441   0
    EXCISE TAXES 19,588 0   0
    CALIFORNIA TAX 895 0   0