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)	40,000
2	Check Sch. B .............
3	Interest on savings and temporary cash investments	9,324	9,324
4	Dividends and interest from securities...	618,457	618,457
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		34,791,382
b	Gross sales price for all assets on line 6a 54,716,530
7	Capital gain net income (from Part IV, line 2)...		34,791,382
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).......		8,447,604	37,354
12	Total. Add lines 1 through 11........	43,906,767	35,456,517
	13	Compensation of officers, directors, trustees, etc.	870,790	0		870,790
14	Other employee salaries and wages......	2,245,739	0		2,245,739
15	Pension plans, employee benefits.......	230,875	0		230,875
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......		21,300	21,300		0
c	Other professional fees (attach schedule)....		123,756	0		123,756
17	Interest...............	39,022	39,022		0
18	Taxes (attach schedule) (see instructions)...		6,299,292	58,470		159,622
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......		1,161,338	52,100		1,097,684
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	10,992,112	170,892		4,728,466
25	Contributions, gifts, grants paid.......	6,608,131			6,608,131
26	Total expenses and disbursements. Add lines 24 and 25	17,600,243	170,892		11,336,597
	27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	26,306,524
b	Net investment income (if negative, enter -0-)		35,285,625
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.............	355,817	589,000	589,000
	2	Savings and temporary cash investments.........	5,158,380	29,796,595	29,796,595
	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..........
	10a	Investments—U.S. and state government obligations (attach schedule)	19,999,406
	b	Investments—corporate stock (attach schedule).......	112,367,231	146,384,209	222,004,749
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	89,382,904	74,553,968	74,553,968
	14	Land, buildings, and equipment: basis 3,331,000
		Less: accumulated depreciation (attach schedule)	3,331,000	3,331,000	3,331,000
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	230,594,738	254,654,772	330,275,312
	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 )
	23	Total liabilities (add lines 17 through 22).........	0	0
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted..................
	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........	230,594,738	254,654,772
	28	Paid-in or capital surplus, or land, bldg., and equipment fund	0	0
	29	Retained earnings, accumulated income, endowment, or other funds	0	0
	30	Total net assets or fund balances (see instructions).....	230,594,738	254,654,772
	31	Total liabilities and net assets/fund balances (see instructions).	230,594,738	254,654,772

(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.)
1 a	RUANE, CUNNIFF, & GOLDFARB, INC.	P
b	FROM RUANE, CUNNIFF, & GOLDFARB, INC.	P
c	FROM RUANE, CUNNIFF, & GOLDFARB, INC.	P
d	FROM ACACIA PARTNERS LP	P
e	FROM ACACIA PARTNERS LP	P
	CAPITAL GAINS DIVIDENDS	P

(e) Gross sales price	(f) Depreciation allowed (or allowable)	(h) Gain or (loss) (e) plus (f) minus (g)
a	38,903,760	18,925,264	19,978,496
b	739,676		739,676
c		45,163	-45,163
d	6,110,015		6,110,015
e		954,721	-954,721
	8,963,079		8,963,079

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	34,791,382
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	11,201,903	323,409,741	0.034637
2013	13,937,715	283,408,689	0.049179
2012	12,107,803	224,033,090	0.054045
2011	15,487,209	167,954,914	0.092211
2010	16,377,392	138,904,788	0.117904

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	705,713
	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	0
3	Add lines 1 and 2...........................	3	705,713
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	705,713
6	Credits/Payments:

a	2015 estimated tax payments and 2014 overpayment credited to 2015	6a	252,400
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	252,400
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.	8
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......	9	453,313
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-)	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
ROBERT D GOLDFARB	TRUSTEE 30.00	435,395	0	0
9 WEST 57TH STREET SUITE 5000 NEW YORK,NY100192701
GEORGE J GILLESPIE	TRUSTEE 30.00	435,395	0	0
9 WEST 57TH STREET SUITE 5000 NEW YORK,NY100192701


ARLENE FARRAND-BORGERSON	EMPLOYEE 35.00	298,892	0	0
2476 GRASSY SPRING PLACE LAS VEGAS,NV89135
JUDITH PARKER	EMPLOYEE 35.00	216,753	0	0
601 W 57TH ST NEW YORK,NY10019
EILEEN M MC MAHON	EMPLOYEE 35.00	121,138	0	0
970 MC INTIRE ST BOULDER,CO80303
FANON J HOWELL	EMPLOYEE 35.00	112,992	0	0
601 PELHAM PKWY NORTH APT 411 BRONX,NY10467
MARJORIE W GODWIN	EMPLOYEE 35.00	104,348	0	0
2515 MYRTLE STREET MONROE,LA71201
Total number of other employees paid over $50,000...................	17

		(a) Corpus	(b) Years prior to 2014	(c) 2014	(d) 2015
1 Distributable amount for 2015 from Part XI, line 7					14,980,508
2 Undistributed income, if any, as of the end of 2015:
a Enter amount for 2014 only.......				0
b Total for prior years:20, 20, 20			0
3 Excess distributions carryover, if any, to 2015:
a From 2010......	11,446,337
b From 2011......	10,025,352
c From 2012......	4,233,277
d From 2013......	2,648,004
e From 2014......
fTotal of lines 3a through e........		28,352,970
4Qualifying distributions for 2015 from Part
XII, line 4: $ 11,336,597
a Applied to 2014, but not more than line 2a				0
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.....					11,336,597
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2015.		3,643,911			3,643,911
(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		24,709,059
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 ..........					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) .......		0
8Excess distributions carryover from 2010 not applied on line 5 or line 7 (see instructions) ...		7,802,426
9Excess distributions carryover to 2016. Subtract lines 7 and 8 from line 6a ......		16,906,633
10 Analysis of line 9:
a Excess from 2011....	10,025,352
b Excess from 2012....	4,233,277
c Excess from 2013....	2,648,004
d Excess from 2014....
e Excess from 2015....

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
ARTS ALIVE AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	1,000
BOY & GIRLS CLUB OF BURLINGTON AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	2,500
BOYSGIRLS CLUB METRO DENVER AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	66,480
BRAIN & BEHAVIOR RESEARCH FOUNDATION AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	550,000
BURLINGTON CITY ARTS AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	2,500
CHAPIN SCHOOL AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	500
CHARLOTTE COMMUNITY FOOD SHELF AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	1,000
CHILDRENS AID SOCIETY AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	497,048
CHITTENDEN EMERGENCY FOOD SHELF AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	1,000
CHOATE ROSEMARY HALL AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	500
COTS AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	1,500
DC COLLEGE ACCESS AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	250,000
DENVER PUBLIC SCHOOLS AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESUNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	736,932
FLYNN CENTER FOR THE PERFORMING ARTS AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	2,500
GIRLS ROCK CAMPAIGN BOSTON AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	2,500
GREATER BURLINGTON YMCA AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	5,000
INSTITUTE FOR MEDITATION SCIENCES INC AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	5,000
INTERFAITH CENTER AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	1,000
KING STREET YOUTH CENTER AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	1,000
MADISON SQUARE BOYS AND GIRLS CLUB AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	125,000
MISCELLANEOUS ORGANIZED CHARITIES AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	2,062
MONROE SCHOOL DISTRICT AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	342,461
ME 2 MUSIC FOR MENTAL HEALTH AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	2,500
MT SINAI ADOLESCENT HEALTH CENTER AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	15,000
MUSIC FOR THE EARTH AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	12,000
NAAM YOGA LA AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	47,000
NEW YORK CITY PUBLIC SCHOOLS AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	610,668
PLANNED PARENTHOOD FEDERATION OF AMERICA AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	1,000
PLANNED PARENTHOOD OF NORTHERN NE AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	2,500
POPULATION MEDIA CENTER AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	1,000
PRESERVATION TRUST OF VERMONT AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	25,000
RUDOLF STEINER FOUNDATION AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	200,000
SAN FRANCISCO ART INSTITUTE AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	1,000
SARAH HOLBROOK COMMUNITY CENTER AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	500
SAVE THE CHILDREN AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	2,550,000
SHELBURNE CRAFT SCHOOL AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	2,500
SHELBURNE FARMS AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	17,500
SHELBURNE MUSEUM AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	5,000
SPECTRUM YOUTH & FAMILY SERVICES AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	2,500
STERN CENTER FOR LANGUAGE AND LEARNING AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	5,000
ST PAUL SCHOOL AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	359,116
THE CENTER FOR ARTS AT THE ARMORY AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	2,500
THE INTERVALE CENTER AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	1,000
THE SCHOOLHOUSE AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	3,000
THE UNIVERSITY OF DENVER AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	2,500
UNIVERSITY OF RICHMOND AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	25,000
UNIVERSITY OF LOUISIANNA AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	103,364
VERMONT FOOD BANK AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	2,500
VERMONT SYMPHONY ORCHESTRA AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	1,000
VERMONT WOMEN'S FUND AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	5,000
YOUTH CATALYTICS AVAILABLE UPON REQUEST NEW YORK,NY10019	NONE	CHARITY	UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE	5,000
Total ................................. 3a				6,608,131

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
ANN HAMM SCHOLLY MOLLY	CONSULTING	85,825
59 WEST 126TH ST APT 1 NEW YORK,NY10027	CONSULTING	85,825

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

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.)
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	9,324
4 Dividends and interest from securities....			14	618,457
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	37,354
8 Gain or (loss) from sales of assets other than inventory ............			18	34,791,382
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: aFROM RUANE, CUNNIFF, & GOLDFARB, INC.	523000	8,406,664
bACACIA PARTNERS LP	523000	3,586
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..		8,410,250		35,456,517	0

(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.

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			19,978,496
b			739,676
c			-45,163
d			6,110,015
e			-954,721
			8,963,079


(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
ARLENE FARRAND-BORGERSON	EMPLOYEE 35.00	298,892	0	0
2476 GRASSY SPRING PLACE LAS VEGAS,NV89135	EMPLOYEE 35.00	298,892	0	0
JUDITH PARKER	EMPLOYEE 35.00	216,753	0	0
601 W 57TH ST NEW YORK,NY10019	EMPLOYEE 35.00	216,753	0	0
EILEEN M MC MAHON	EMPLOYEE 35.00	121,138	0	0
970 MC INTIRE ST BOULDER,CO80303	EMPLOYEE 35.00	121,138	0	0
FANON J HOWELL	EMPLOYEE 35.00	112,992	0	0
601 PELHAM PKWY NORTH APT 411 BRONX,NY10467	EMPLOYEE 35.00	112,992	0	0
MARJORIE W GODWIN	EMPLOYEE 35.00	104,348	0	0
2515 MYRTLE STREET MONROE,LA71201	EMPLOYEE 35.00	104,348	0	0
Total number of other employees paid over $50,000...................				17

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.	Amount
1	NONE	0
2


All other program-related investments. See instructions.
3

bApproved for future payment

Total ................................. 3b				0

Name of organization THE CARMEL HILL FUND

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	STUDENT INSTITUTE OF THE GIFTEDAIFS 1 HIGH RIDGE PARK STAMFORD, CT06905	$ 40,000	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 THE CARMEL HILL FUND		Employer identification number 13-6881103

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
		$
(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 THE CARMEL HILL FUND			Employer identification number 13-6881103
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.

Name of Stock	End of Year Book Value	End of Year Fair Market Value
SEQUOIA FUND	125,823,024	187,898,961
EQUITIES	20,561,185	34,105,788

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
CARMEL HILL READING PROJECT EXPENSES	1,097,684	0	1,097,684
FROM RUANE CUNNIFF & GOLDFARB INC	11,554	0	0
INVESTMENT EXPENSES	52,100	52,100	0

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
FROM RUANE, CUNNIFF, & GOLDFARB, INC.	13,326	13,326	13,326
FROM ACACIA PARTNERS LP	24,028	24,028	24,028
FROM RUANE, CUNNIFF, & GOLDFARB, INC.	8,406,664		8,406,664
ACACIA PARTNERS LP	3,586		3,586

Software ID:
Software Version:

Category	Amount	Net Investment Income	Disbursements for Charitable Purposes
NYS DEPT. OF LAW	1,500	0	1,500
FEDERAL INCOME TAX	4,800,212	0	0
FOREIGN TAX	58,470	58,470	0
PAYROLL TAX	153,906	0	153,906
NYS TAX	1,280,988	0	0
REAL ESTATE TAX	4,216	0	4,216