TY 2015 Form 990PF

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)
	1	Contributions, gifts, grants, etc., received (attach schedule)	13,775,515
2	Check Sch. B .............
3	Interest on savings and temporary cash investments	763,440	763,440
4	Dividends and interest from securities...	530,788	530,788
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		2,891,961
b	Gross sales price for all assets on line 6a 43,403,986
7	Capital gain net income (from Part IV, line 2)...		4,970,278
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).......		-151,724	-119,079
12	Total. Add lines 1 through 11........	17,809,980	6,145,427
	13	Compensation of officers, directors, trustees, etc.	20,000			20,000
14	Other employee salaries and wages......	834,630			834,630
15	Pension plans, employee benefits.......	271,856			284,549
16a	Legal fees (attach schedule).........		51,002			51,002
b	Accounting fees (attach schedule).......		52,053	26,027		26,079
c	Other professional fees (attach schedule)....		456,446	344,787		102,763
17	Interest...............
18	Taxes (attach schedule) (see instructions)...		94,299	3,775		1,091
19	Depreciation (attach schedule) and depletion...		77,659
20	Occupancy..............	122,766			121,951
21	Travel, conferences, and meetings.......	58,437			58,304
22	Printing and publications..........	1,505			1,477
23	Other expenses (attach schedule).......		732,667	2,078		500,967
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	2,773,320	376,667		2,002,813
25	Contributions, gifts, grants paid.......	7,636,975			7,776,975
26	Total expenses and disbursements. Add lines 24 and 25	10,410,295	376,667		9,779,788
	27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	7,399,685
b	Net investment income (if negative, enter -0-)		5,768,760
c	Adjusted net income (if negative, enter -0-)...

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............	348,859	2,696,045	2,696,045
	2	Savings and temporary cash investments.........	12,378,628	7,082,563	7,082,563
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........	631	1,228	1,228
	10a	Investments—U.S. and state government obligations (attach schedule)	13,102,663	18,307,354	18,307,354
	b	Investments—corporate stock (attach schedule).......	42,018,121	35,513,715	35,513,715
	c	Investments—corporate bonds (attach schedule).......	8,718,112	8,584,535	8,584,535
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........		8,073,013	8,073,013
	14	Land, buildings, and equipment: basis 3,181,927
		Less: accumulated depreciation (attach schedule) 462,674	2,754,531	2,719,253	2,719,253
	15	Other assets (describe )	7,057,097	7,101,329	7,101,329
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	86,378,642	90,079,035	90,079,035
	17	Accounts payable and accrued expenses..........	129,932	149,260
	18	Grants payable..................	140,000
	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 )	286,981	227,306
	23	Total liabilities (add lines 17 through 22).........	556,913	376,566
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted..................	85,821,729	89,702,469
	25	Temporarily restricted...............
	26	Permanently restricted...............
		Foundations that do not follow SFAS 117, check here
		and complete lines 27 through 31.
	27	Capital stock, trust principal, or current funds........
	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).....	85,821,729	89,702,469
	31	Total liabilities and net assets/fund balances (see instructions).	86,378,642	90,079,035

Part III

Analysis of Changes in Net Assets or Fund Balances

Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree with end-of-year figure reported on prior year’s return) ...............

85,821,729

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

7,399,685

Other increases not included in line 2 (itemize) bullet

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

93,221,414

Decreases not included in line 2 (itemize) bullet

3,518,945

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

89,702,469

(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	Sales of Publicly Traded Securities	P	2000-01-01	2015-12-12
b	Capital Gain Distributions	P	2000-01-01	2015-12-31
c
d
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	42,912,164	38,433,708	4,478,456
b	491,822		491,822
c
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			4,478,456
b			491,822
c
d
e

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	4,970,278
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3

(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	9,333,218	67,631,677	0.13800
2013	10,961,047	67,694,988	0.16192
2012	8,667,303	51,208,593	0.16926
2011	8,451,518	53,121,580	0.15910
2010	7,097,072	52,598,805	0.13493

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

20.763200

Average distribution ratio for the 5-year base period—divide the total on line 2 by 5, or by
the number of years the foundation has been in existence if less than 5 years . . .

0.152640

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

72,396,679

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

11,050,629

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

57,688

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

11,108,317

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

9,779,788

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.

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Domestic foundations that meet the section 4940(e) requirements in Part V, check	1	115,375
	hereand enter 1% of Part I, line 27b...................
c	All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2
3	Add lines 1 and 2...........................	3	115,375
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	115,375
6	Credits/Payments:

a	2015 estimated tax payments and 2014 overpayment credited to 2015	6a	75,000
b	Exempt foreign organizations—tax withheld at source......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c	35,000
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	110,000
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.		8	6
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9	5,381
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2015 estimated tax	Refunded	11

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)
S Hassen	Secretary & Dir 3.00	10,000
PO Box 151020 San Rafael,CA94915
T Sargent	Treasurer 2.00	0
PO Box 151020 San Rafael,CA94915
B Sargent	President & Dir 5.00	0
PO Box 151020 San Rafael,CA94915
D Weeren	Director 3.00	10,000
PO Box 151020 San Rafael,CA94915
B Whitmore	Director 3.00	0
PO Box 151020 San Rafael,CA94915


(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
Alan Zulch	Sr Prgm Off. 37.50	111,600	37,543
PO Box 151020 San Rafael,CA94915	Sr Prgm Off. 37.50	111,600	37,543
Emmanuel Vaughan-Lee	Dir G.O.P 37.50	115,000	27,621
PO Box 151020 San Rafael,CA94915	Dir G.O.P 37.50	115,000	27,621
Zoe Fuller-Rowell	Exec Dir 37.50	122,361	19,905
PO Box 151020 San Rafael,CA94915	Exec Dir 37.50	122,361	19,905
Sohrob Nabatian	Prgm Officer 37.50	107,360	30,997
PO Box 151020 San Rafael,CA94915	Prgm Officer 37.50	107,360	30,997
Cynthia Loebig	Prgm Officer 33.75	99,780	20,972
PO Box 151020 San Rafael,CA94915	Prgm Officer 33.75	99,780	20,972
Total number of other employees paid over $50,000...................				4


Walden Asset Management	Investment Advisors	133,921
One Beacon Street 33rd Floor Boston,MA02108
In the Loft Studios	Website Development	85,680
PO Box 29294 Bellingham,WA98228
Destin Layne Block	Devlpmt Consultant	83,165
180C Sunset Way Muir Beach,CA94965
Threshold Group	Investment Advisors	82,837
1415 Western Avenue Suite 600 Seattle,WA98101
Legg Mason	Investment Advisors	109,605
600 Vine Street Suite 2000 Cinccinnati,OH45202

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	Global Oneness Project, a subsidiary of Kalliopeia, is a limited liability company that produces content for television, web and educational use in the form of films, interviews, study guides, curriculum, and web media. GOP's original content challenges viewers to reflect upon our relationship to ourselves, one another, the natural world, and our place in it. GOP is also the sole member and manager of the subsidiary Elemental the Film LLC (ETF). ETF is a limited liability company that holds the ownership and rights to the GOP production Elemental, a documentary feature film.	748,687
2


3


4

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

		(a) Corpus	(d) 2015
1 Distributable amount for 2015 from Part XI, line 7			3,504,459
2 Undistributed income, if any, as of the end of 2015:
a Enter amount for 2014 only.......
b Total for prior years:20, 20, 20
3 Excess distributions carryover, if any, to 2015:
a From 2010......	4,516,362
b From 2011......	5,841,201
c From 2012......	6,151,851
d From 2013......	7,633,260
e From 2014......	6,067,767
fTotal of lines 3a through e........		30,210,441
4Qualifying distributions for 2015 from Part
XII, line 4: $ 9,779,788
a Applied to 2014, but not more than line 2a
b Applied to undistributed income of prior years (Election required—see instructions).....
c Treated as distributions out of corpus (Election required—see instructions)........		0
d Applied to 2015 distributable amount.....			3,504,459
e Remaining amount distributed out of corpus		6,275,329
5 Excess distributions carryover applied to 2015.
(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		36,485,770
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........
e Undistributed income for 2014. Subtract line 4a from line 2a. Taxable amount—see instructions .............
f Undistributed income for 2016. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2015 ..........			0
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......
8Excess distributions carryover from 2010 not applied on line 5 or line 7 (see instructions) ...		4,516,362
9Excess distributions carryover to 2016. Subtract lines 7 and 8 from line 6a ......		31,969,408
10 Analysis of line 9:
a Excess from 2011....	5,841,201
b Excess from 2012....	6,151,851
c Excess from 2013....	7,633,260
d Excess from 2014....	6,067,767
e Excess from 2015....	6,275,329

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

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

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
See Grant Statement See Grant Statement See Grant Statement,CA94915		PC	See Grant Statement	7,776,975
Total ................................. 3a				7,776,975

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
aGlobal Oneness Project					17,525
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	763,440
4 Dividends and interest from securities....			14	530,788
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	2,891,961
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: aPartnership Income	900099	-68,120	14	-119,079
bRental Income			16	17,950
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..		-68,120		4,085,060	17,525

Line No.	Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See instructions.)
1a	Program Service Revenue - Global Oneness Project

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

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

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
Walden Asset Management	Investment Advisors	133,921
One Beacon Street 33rd Floor Boston,MA02108	Investment Advisors	133,921
In the Loft Studios	Website Development	85,680
PO Box 29294 Bellingham,WA98228	Website Development	85,680
Destin Layne Block	Devlpmt Consultant	83,165
180C Sunset Way Muir Beach,CA94965	Devlpmt Consultant	83,165
Threshold Group	Investment Advisors	82,837
1415 Western Avenue Suite 600 Seattle,WA98101	Investment Advisors	82,837
Legg Mason	Investment Advisors	109,605
600 Vine Street Suite 2000 Cinccinnati,OH45202	Investment Advisors	109,605

bApproved for future payment

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

Name of organization Kalliopeia Foundation

Part I	Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
1	B Sargent PO Box 151020 San Rafael, CA94915	$ 13,775,194	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990, 990-EZ, or 990-PF) (2015)

Name of organization Kalliopeia Foundation		Employer identification number 94-3270387

Part II	Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
1	28,754.337 shs - Portfolio 21 Global Equity Fd Retail on 12/4/2015Partnership Interest - Monarch Com	$ 8,775,194	2015-01-01
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
Schedule B (Form 990, 990-EZ, or 990-PF) (2015)


Name of organization Kalliopeia Foundation			Employer identification number 94-3270387
Part III Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $ Use duplicate copies of Part III if additional space is needed.

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Auditing Fees & Tax Preparation	27,795	13,898	0	13,473
Bookkeeping	24,258	12,129	0	12,606

Description of Property	Date Acquired	Cost or Other Basis	Prior Years' Depreciation	Computation Method	Rate / Life (# of years)	Current Year's Depreciation Expense
Buildings	2012-12-12	1,975,861	324,808	SL	39.0000	51,024
Audio/Video Equipment	2012-12-12	94,194	33,865	SL	5.0000	16,402
Computer Equipment	2012-12-12	53,897	23,748	SL	5.0000	8,486
Furniture & Equipment	2012-12-12	2,151	179	SL	7.0000	179
Office Equipment	2012-12-12	14,220	2,415	SL	5.0000	1,568

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
Monarch Community Fund, LLC	FMV	7,509,188	7,509,188
Elevar Equity III, LP	FMV	195,410	195,410
Ecotrust Forests II, LLC	FMV	315,931	315,931
Wastewater Opportunity Fund, LLC	FMV	52,484	52,484

Category / Item	Cost / Other Basis	Accumulated Depreciation	Book Value	End of Year Fair Market Value
Furniture and Fixtures	16,371	4,341	12,030	12,030
Machinery and Equipment	148,091	82,501	65,590	65,590
Buildings	1,975,861	375,832	1,600,029	1,600,029
Land	1,041,604		1,041,604	1,041,604

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
Accrued Interest	168,762	190,045	190,045
Net Intangible Assets	42,082	41,850	41,850
RSF Investment Fund	3,338,490	3,339,563	3,339,563
Security Deposits	1,500	1,500	1,500
Socially Responsible Investment-Calvert	3,506,263	3,528,371	3,528,371

Software ID:	15000324
Software Version:	2015v2.0

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
Admin Shared Services	42,064		29,086
Amortization	231
Bad Debt Expense	188,869
Board Support	4,000		4,000
Computer Expenses	1,459		1,459
Dues & Membership	10,345		9,819
Global Oneness Project Expenses	412,815		386,765
Insurance	29,566		28,919
Licenses, Permits & Filings	3,203		3,053
Merchant Fees	2,078	2,078
Office Supplies	12,790		11,974
Payroll Processing Fees	733		733
Postage & Delivery	5,881		5,676
Research Materials	265		263
Telephone/Internet	18,368		19,220

Description	Revenue And Expenses Per Books	Net Investment Income
Global Oneness Project	17,525
Partnership Income	-187,199	-119,079
Rental Income	17,950

Description	Beginning of Year - Book Value	End of Year - Book Value
Deferred Excise Tax Liability	209,081	181,005
Excise Tax Payable	77,900	46,301

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Consultants	111,659	0	0	102,763
Investment Advisory Fees	344,787	344,787	0	0

Category	Amount	Net Investment Income	Disbursements for Charitable Purposes
Foreign Taxes on Dividends	3,775	3,775
Other State Taxes	912		1,091
Provision For Excise Tax	89,612