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
2014
Open to Public Inspection
For calendar year 2014, or tax year beginning 2014, and ending , 20
Name of foundation
CAROL FRANC BUCK FOUNDATION
 

Number and street (or P.O. box number if mail is not delivered to street address)P O BOX 6085   Room/suite
City or town, state or province, country, and ZIP or foreign postal code
INCLINE VILLAGE, NV89450
A Employer identification number

88-0163505
B Telephone number (see instructions)

(775) 831-6366
C bullet
G Check all that apply:

D 1. bullet
2. bullet
E bullet
H Check type of organization:
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$12,174,318J Accounting method:
 
(Part I, column (d) must be on cash basis.)
F bullet
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 16,980 16,980 16,980
4 Dividends and interest from securities...... 329,972 329,972 329,972
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 657,652
b Gross sales price for all assets on line 6a 1,192,921
7 Capital gain net income (from Part IV, line 2)... 657,652
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 910    
12 Total. Add lines 1 through 11........ 1,005,514 1,004,604 346,952
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 3,600 360   3,240
14 Other employee salaries and wages...... 34,695 3,470   31,225
15 Pension plans, employee benefits....... 16,781 1,678   15,103
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 560 56   504
c Other professional fees (attach schedule).... Click to see attachment 63,505 6,351   57,154
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 10,884 1,089   9,795
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 list of attachments 73,777 7,379   66,398
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 203,802 20,383   183,419
25 Contributions, gifts, grants paid........ 841,500 841,500
26 Total expenses and disbursements. Add lines 24 and 25 1,045,302 20,383   1,024,919
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -39,788
b Net investment income (if negative, enter -0-) 984,221
c Adjusted net income (if negative, enter -0-)... 346,952
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2014)
Form 990-PF (2014)
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............... 23,324 18,986 18,986
2 Savings and temporary cash investments.......... 96,727 244,034 244,034
3 Accounts receivable bullet49,026
Less: allowance for doubtful accounts bullet   117,505 49,026 49,026
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges...........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........ 2,583,497 Click to see attachment2,452,813 8,603,405
c Investments—corporate bonds (attach schedule)........ 774,041 Click to see attachment517,653 503,022
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 2,427,190 Click to see attachment2,632,769 2,696,951
14 Land, buildings, and equipment: basis bullet12,956
Less: accumulated depreciation (attach schedule) bullet12,956      
15 Other assets (describe bullet) Click to see attachment11,666 Click to see attachment58,894 Click to see attachment58,894
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 6,033,950 5,974,175 12,174,318
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) Click to see attachment9,448 Click to see attachment4,500
23 Total liabilities (add lines 17 through 22).......... 9,448 4,500
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted...................    
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds.........    
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds 6,024,502 5,969,675
30 Total net assets or fund balances (see instructions)...... 6,024,502 5,969,675
31 Total liabilities and net assets/fund balances (see instructions).. 6,033,950 5,974,175
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 6,024,502
2 Enter amount from Part I, line 27a..................... 2 -39,788
3 Other increases not included in line 2 (itemize) bullet 3  
4 Add lines 1, 2, and 3.......................... 4 5,984,714
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 15,039
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 5,969,675
Form 990-PF (2014)
Form 990-PF (2014)
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.)
1a
b
c
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
b
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
b
c
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 2 657,652
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))
2013 1,009,569 13,050,797 0.07736
2012 1,072,311 12,459,824 0.08606
2011 915,394 12,903,153 0.07094
2010 1,017,678 12,069,765 0.08432
2009 977,719 12,001,402 0.08147
2 Total of line 1, column (d) ...................... 2 0.40014
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 0.08003
4 Enter the net value of noncharitable-use assets for 2014 from Part X, line 5..... 4 12,572,755
5 Multiply line 4 by line 3....................... 5 1,006,185
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 9,842
7 Add lines 5 and 6......................... 7 1,016,027
8 Enter qualifying distributions from Part XII, line 4.............. 8 1,024,919
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 (2014)
Form 990-PF (2014)
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 Bulletand enter “N/A" on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 9,842
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  
3 Add lines 1 and 2........................... 3 9,842
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 9,842
6 Credits/Payments:
a 2014 estimated tax payments and 2013 overpayment credited to 2014 6a 40,000
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 40,000
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 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 30,158
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet30,158 RefundedBullet 11  
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$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
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
 
No
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)
    bullet
    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 2014 or the taxable year beginning in 2014 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
     
    No
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    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 ofbulletMARTI WINSLOW Telephone no.bullet (775) 831-6366
    Located atbulletP O BOX 6085INCLINE VILLAGENV ZIP+4bullet89450
    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 2014, 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  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 6
    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 2014?.............
    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 2014, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2014?...............
    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
     
    No
    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 2014 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 2014.)....................
    3b
     
    No
    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 2014?
    4b
     
    No
    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
     
    No
    .........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
     
    No
    Form 990-PF (2014)
    Form 990-PF (2014)
    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
    CAROL F BUCK TRUSTEE
    10.00     		3,600    
    P O BOX 6085
    INCLINE VILLAGE,NV89450
    CHRISTIAN P ERDMAN TRUSTEE
    0.00     		0    
    PO BOX 291
    TETON VILLAGE,WY83025
    HELEN J O'HANLON TRUSTEE
    0.00     		0    
    1661 PINE ST 311
    SAN FRANCISCO,CA94109
    MCKENZIE ERDMAN Trustee
    0.00     		0    
    PO BOX 291
    TETON VILLAGE,WY83025
    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  
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet  
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1 THE FOUNDATION SUPPORTS PERFORMING AND VISUAL ARTS THROUGHOUT THE WESTERN UNITED STATES. 18 ORGANIZATIONS RECEIVED GRANTS TOTALING $841,500 PLUS EXPENSES OF $203,802. 0
    2  
    3  
    4  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 8
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet  
    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
    12,275,879
    b
    Average of monthly cash balances.......................
    1b
    361,282
    c
    Fair market value of all other assets (see instructions)................
    1c
    127,057
    d
    Total (add lines 1a, b, and c).........................
    1d
    12,764,218
    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
     
    3
    Subtract line 2 from line 1d.........................
    3
    12,764,218
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    191,463
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    12,572,755
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    628,638
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    628,638
    2a
    Tax on investment income for 2014 from Part VI, line 5......
    2a
    9,842
    b
    Income tax for 2014. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    9,842
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    618,796
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    618,796
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    618,796
    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
    1,024,919
    b
    Program-related investments—total from Part IX-B..................
    1b
     
    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
    1,024,919
    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
    9,842
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    1,015,077
    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 (2014)
    Form 990-PF (2014)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2013     		(c)
    2013     		(d)
    2014
    1 Distributable amount for 2014 from Part XI, line 7 618,796
    2 Undistributed income, if any, as of the end of 2014:
    a Enter amount for 2013 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2014:
    a From 2009....... 392,577
    b From 2010....... 424,858
    c From 2011....... 282,810
    d From 2012....... 458,011
    e From 2013....... 374,052
    fTotal of lines 3a through e......... 1,932,308
    4Qualifying distributions for 2014 from Part
    XII, line 4: bullet$ 1,024,919
    a Applied to 2013, 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 2014 distributable amount..... 618,796
    e Remaining amount distributed out of corpus 406,123
    5 Excess distributions carryover applied to 2014.    
    (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 2,338,431
    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 2013. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2014. 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 2009 not
    applied on line 5 or line 7 (see instructions) ...     		392,577
    9Excess distributions carryover to 2015.
    Subtract lines 7 and 8 from line 6a ......     		1,945,854
    10 Analysis of line 9:
    a Excess from 2010.... 424,858
    b Excess from 2011.... 282,810
    c Excess from 2012.... 458,011
    d Excess from 2013.... 374,052
    e Excess from 2014.... 406,123
    Form 990-PF (2014)
    Form 990-PF (2014)
    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 2014, 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) 2014 (b) 2013 (c) 2012 (d) 2011
             
    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).)
    CAROL F BUCK
    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 (2014)
    Form 990-PF (2014)
    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
    HOUSTON GRAND OPERA
    510 PRESTON AVE
    HOUSTON,TX77002     		NONE   THE RING SERIES 50,000
    THE DALLAS OPERA
    2403 FLORA STREET SUITE 500
    DALLAS,TX75201     		NONE   GREAT SCOTT PREMIER IN 2015. 75,000
    SAN FRANCISCO CONSERVATORY OF MUSIC
    50 OAK STREET
    SAN FRANCISCO,CA94102     		NONE   CAROL FRANC BUCK ENDOWED FACULTY CHAIR 400,000
    OPERA PARELLELE
    50 OAK STREET
    SAN FRANCISCO,CA94102     		NONE   DEAD MAN WALKING IN 2015. 20,000
    ARIZONA OPERA
    1636 N CENTRAL AVENUE
    PHOENIX,AZ85004     		NONE   EUGENE ONEGIN IN 2015. 50,000
    SMUIN BALLET
    44 GOUGH STREET SUITE 103
    SAN FRANCISCO,CA94103     		NONE   5 NEW WORKS OVER NEXT 2 YEARS. 10,000
    RENO PHILHARMONIC ASSOCIATION
    925 RIVERSIDE DRIVE SUITE3
    RENO,NV89503     		NONE   CLASSIC SIX CONCERTS IN 2015. 10,000
    SAN FRANCISCO SYMPHONY
    DAVIES SYMPHONY HALL
    SAN FRANCISCO,CA94102     		NONE   FIDELIO IN 2015. 20,000
    CHANTICLEER
    44 PAGE STREET SUITE 604
    SAN FRANCISCO,CA94102     		NONE   2015 NATIONAL YOUTH CHORAL FESTIVAL. 10,000
    INSTITUTE FOR YOUNG DRAMATIC VOICES
    5892 SOLEDAD ROAD
    LAJOLLA,CA92037     		NONE   TEACHERS FEES & GENERAL SUPPORT. 20,000
    NEVADA MUSEUM OF ART
    925 RIVERSIDE DRIVE SUITE3
    RENO,NV89503     		NONE   EXHIBITION: TAHOE ART OF THE LAKE TAHOE REGION IN 2015. 50,000
    THE SANTA FE OPERA
    PO BOX 2408
    SANTA FE,NM87504     		NONE   COLD MOUNTAIN. 50,000
    AURORA REPERTORY THEATRE
    6068 PLUMAS STREET B
    RENO,NV89519     		NONE   FESTIVAL HONORING EDNA PURVIANCE'S 100TH ANNIVERSARY FILM CAREER. 1,500
    SIERRA NEVADA BALLET
    21 HEATH CIRCLE
    RENO,NV89509     		NONE   IN SUPPORT OF 2015 SEASON. 15,000
    TAHOE CHAMBER MUSIC SOCIETY
    948 INCLINE WAY
    INCLINE VILLAGE,NV89451     		NONE   IN SUPPORT OF 2015/2016 SEASON. 5,000
    HAWAII OPERA THEATRE
    848 SOUTH BERETANIA STREETSUITE301
    HONOLULU,HI96813     		NONE   A MIDSUMMER NIGHT'S DREAM. 20,000
    SANTA FE DESERT CHORALE
    311 EAST PALACE AVENUE
    SANTA FE,NM87501     		NONE   2016 AMERICAN-THEMED MUSIC PROGRAM. 20,000
    RENO CHAMBER ORCHESTRA
    925 RIVERSIDE DRIVE STE 5
    RENO,NV89503     		NONE   2015-2016 SEASON/NEVADA CHAMBER MUSIC. 15,000
    Total .................................bullet 3a 841,500
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2014)
    Form 990-PF (2014)
    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 16,980  
    4 Dividends and interest from securities....     14 329,972  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6
    Net rental income or (loss) from personal property .............     		         
    7 Other investment income.....     14 910  
    8
    Gain or (loss) from sales of assets other than inventory .............     		        657,652
    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)..   347,862 657,652
    13Total. Add line 12, columns (b), (d), and (e)..................
    131,005,514
    (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 (2014)
    Form 990-PF (2014)
    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
    Yes
    No
    organizations?
    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 namebullet



    Firm's addressbullet







         		Firm's EINbullet
    Phone no.
    Form 990-PF (2014)
    Additional Data


    Software ID: 14000265
    Software Version: 2014v6.0


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2014 AccountingFeesSchedule
    Name:
    CAROL FRANC BUCK FOUNDATION
    EIN: 88-0163505
    Software ID:14000265
    Software Version:2014v6.0
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING 560 56 0 504

    TY 2014 InvestmentsCorpBondsSchedule
    Name:
    CAROL FRANC BUCK FOUNDATION
    EIN: 88-0163505
    Software ID:14000265
    Software Version:2014v6.0
    Name of Bond End of Year Book Value End of Year Fair Market Value
    PROCTOR & GAMBLE #250000 3.5%    
    BERKSHIRE HATHAWAY 1.6% 250,000 256,368 252,004
    US BANCORP 3.442% 250,000 261,285 251,018

    TY 2014 InvestmentsCorpStockSchedule
    Name:
    CAROL FRANC BUCK FOUNDATION
    EIN: 88-0163505
    Software ID:14000265
    Software Version:2014v6.0
    Name of Stock End of Year Book Value End of Year Fair Market Value
    DANAHER CORP #3250 15,728 313,268
    GENERAL ELECTRIC CO #11000 39,623 329,340
    INTERNATIONAL BUSINESS MACHS #1000 25,056 139,420
    MICROSOFT CORP #7000 18,758 380,450
    UNITED TECHNOLOGIES #2750 15,632 264,138
    ABBOTT LABS #4000 10,677 179,680
    BRISTOL MYERS SQUIBB CO #4000 41,854 268,040
    COCA COLA CO #5500 14,766 234,410
    JOHNSON & JOHNSON #2500 32,734 253,100
    KIMBERLY CLARK CORP #1000 22,922 119,150
    WAL MART STORES INC #2500 30,156 147,100
    EXXON MOBIL CORP #4500 40,688 367,470
    BERKSHIRE HATHAWAY INC #2700 60,411 362,043
    FRANKLIN RES INC #3000 6,939 125,760
    J P MORGAN CHASE & CO #4250 40,427 283,390
    VODAFONE GROUP PLC-SP #2590 32,750 86,920
    ROYAL DUTCH PETROLEUM CO #4000 94,015 199,040
    SCHLUMBERGER LTD #3000 38,029 231,450
    BP P. L. C. #1000    
    ALTRIA GROUP INC #4000 6,415 230,400
    DOMINION RES INC #2000 61,000 134,740
    PFIZER INC #6001 107,989 196,653
    AT&T INC COM #4000 29,676 134,680
    AUTOMATIC DATA PROCESSING INC. #1750 59,090 150,955
    KRAFT HEINZ COMPANY INC #922 2,469 67,942
    PROCTER & GAMBLE CO #2500 34,913 187,100
    AIR PROD & CHEMICALS # 750 34,863 102,668
    APPLE INC #2250 46,267 266,175
    WALT DISNEY CO #2000 43,320 226,940
    MCDONALDS CORP #1250 74,705 142,700
    MONSANTO CO NEW DEL #1250 101,876 118,950
    PHILLIP MORRIS INTL INC #3250 11,974 284,018
    WELLS FARGO & CO NEW #2750 73,598 151,525
    ECOLAB #1500 73,220 178,740
    ORACLE CORP #2500    
    TRAVELERS COMPANIES #2500 134,158 286,425
    VERIZON COMMUNICATIONS #4249 140,919 193,117
    AFFILIATED MANAGERS GRP #750 75,669 132,923
    E M C CORP MASS #3000    
    STERICYCLE INC #1000 83,917 120,720
    UNION PACIFIC CORP #1500 80,953 125,925
    YUM BRANDS INC #1400 96,515 101,514
    MONDELEZ INTL INC #2768 4,570 120,851
    ABBVIE INC #3000 8,684 174,450
    ACCENTURE PLC CL A #1250 96,752 134,025
    CARMAX INC #2500 117,823 143,250
    CDK GLOBAL INC #583    
    HALYARD HEALTH INC #125    
    TRINITY INDUSTRIES INC #3500 148,006 95,025
    NXP SEMICONDUCTORS #1250 122,307 116,825

    TY 2014 InvestmentsOtherSchedule2
    Name:
    CAROL FRANC BUCK FOUNDATION
    EIN: 88-0163505
    Software ID:14000265
    Software Version:2014v6.0
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    VANGUARD INTERM TERM #55182.125 AT COST 500,000 538,026
    VANGUARD SHORT TERM #47209.636 AT COST 500,000 501,366
    ISHARES TR MSCI EAFE FD #6000 AT COST 280,026 363,900
    JP MORGAN EXCH TRD AMJ #4500 AT COST 161,403 135,094
    POWERSHARES ETF #12500 AT COST 314,026 283,625
    VANGUARD CORP BOND ETF #11000 AT COST 877,314 874,940

    TY 2014 LandEtcSchedule2
    Name:
    CAROL FRANC BUCK FOUNDATION
    EIN: 88-0163505
    Software ID:14000265
    Software Version:2014v6.0
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    Machinery and Equipment 12,956 12,956    


    TY 2014 OtherAssetsSchedule
    Name:
    CAROL FRANC BUCK FOUNDATION
    EIN: 88-0163505
    Software ID:14000265
    Software Version:2014v6.0
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    PREPAID EXCISE TAXES 11,577 58,894 58,894


    TY 2014 OtherExpensesSchedule
    Name:
    CAROL FRANC BUCK FOUNDATION
    EIN: 88-0163505
    Software ID:14000265
    Software Version:2014v6.0
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ANSWERING SERVICE 1,567 157   1,410
    AUTO EXPENSE 3,256 326   2,930
    BENEFITS 2,877 288   2,589
    DUES 214 21   193
    ENTERTAINMENT 6,996 700   6,296
    INSURANCE 2,034 203   1,831
    LICENSES & FEES 25 3   22
    MAINTENANCE 190 19   171
    MEDICAL INSURANCE 5,548 555   4,993
    MISCELLANEOUS 164 16   148
    OFFICE EXPENSE 2,015 202   1,813
    RENT 40,210 4,021   36,189
    TELEPHONE 6,979 698   6,281
    UTILITIES 1,702 170   1,532


    TY 2014 OtherIncomeSchedule2
    Name:
    CAROL FRANC BUCK FOUNDATION
    EIN: 88-0163505
    Software ID:14000265
    Software Version:2014v6.0
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    Other Investment Income 910    


    TY 2014 OtherLiabilitiesSchedule
    Name:
    CAROL FRANC BUCK FOUNDATION
    EIN: 88-0163505
    Software ID:14000265
    Software Version:2014v6.0
    Description Beginning of Year - Book Value End of Year - Book Value
    PAYROLL LIABILITIES 542 1,662
    ACCRUED EXPENSES 8,906 2,838


    TY 2014 OtherProfessionalFeesSchedule
    Name:
    CAROL FRANC BUCK FOUNDATION
    EIN: 88-0163505
    Software ID:14000265
    Software Version:2014v6.0
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    CUSTODIAL FEES 63,505 6,351 0 57,154


    TY 2014 TaxesSchedule
    Name:
    CAROL FRANC BUCK FOUNDATION
    EIN: 88-0163505
    Software ID:14000265
    Software Version:2014v6.0
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXCISE TAXES 9,706 971   8,735
    FOREIGN TAXES 1,178 118   1,060