Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletInformation about Form 990-PF and its instructions is at www.irs.gov/form990pf.
OMB No. 1545-0052
2015
Open to Public Inspection
For calendar year 2015, or tax year beginning 01-01-2015 , and ending 12-31-2015
Name of foundation
THE PALETTE FUND INC
 
% TERRENCE MECK
Number and street (or P.O. box number if mail is not delivered to street address)115 BRADFORD STREET
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
PROVINCETOWN, MA02657
A Employer identification number

26-2736653
B Telephone number (see instructions)

C bullet
G Check all that apply:

D 1. bullet
2. bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$17,665,418J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 1,950
2 Check bullet Sch. B .............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 369,319 369,319 369,319
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 199,677
b Gross sales price for all assets on line 6a 3,420,553
7 Capital gain net income (from Part IV, line 2)... 199,677
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 -119,052 -119,052 -119,052
12 Total. Add lines 1 through 11........ 451,894 449,944 250,267
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 129,808     129,808
14 Other employee salaries and wages...... 155,596     155,596
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment 119,126 119,126 119,126  
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 54,756 54,756 54,756  
19 Depreciation (attach schedule) and depletion... Click to see attachment 6,230    
20 Occupancy.............. 37,609     37,609
21 Travel, conferences, and meetings....... 137,857     137,857
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 140,783   140,783 140,783
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 781,765 173,882 314,665 601,653
25 Contributions, gifts, grants paid....... 1,571,875 1,431,875
26 Total expenses and disbursements. Add lines 24 and 25 2,353,640 173,882 314,665 2,033,528
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -1,901,746
b Net investment income (if negative, enter -0-) 276,062
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2015)
Form 990-PF (2015)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 83,533 565,674 565,674
2 Savings and temporary cash investments......... 3,136,936 1,478,528 1,478,528
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
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   2,896,932    
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges.......... 6,372 34,071 34,071
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 5,262,624 4,209,779 4,008,166
c Investments—corporate bonds (attach schedule)....... 3,996,832 4,165,505 4,352,465
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 3,976,565 Click to see attachment6,032,816 6,131,145
14 Land, buildings, and equipment: basis bullet1,099,957
Less: accumulated depreciation (attach schedule) bullet5,588 8,769 Click to see attachment1,094,369 1,094,369
15 Other assets (describe bullet) Click to see attachment0 Click to see attachment1,000 Click to see attachment1,000
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 19,368,563 17,581,742 17,665,418
Liabilities 17 Accounts payable and accrued expenses.......... 46,578 29,003
18 Grants payable.................. 7,500 140,000
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 bullet)    
23 Total liabilities (add lines 17 through 22)......... 54,078 169,003
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted.................. 19,314,485 17,412,739
25 Temporarily restricted...............    
26 Permanently restricted...............    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds........    
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds    
30 Total net assets or fund balances (see instructions)..... 19,314,485 17,412,739
31 Total liabilities and net assets/fund balances (see instructions). 19,368,563 17,581,742
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
19,314,485
2
Enter amount from Part I, line 27a .....................
2
-1,901,746
3
Other increases not included in line 2 (itemize) bullet
3
 
4
Add lines 1, 2, and 3 ..........................
4
17,412,739
5
Decreases not included in line 2 (itemize) bullet
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
17,412,739
Form 990-PF (2015)
Form 990-PF (2015)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1 a MORGAN STANLEY ST COVERED 3541 P 2014-10-31 2015-07-09
b MORGAN STANLEY LT COVERED 3541 P 2010-02-09 2015-07-08
c MORGAN STANLEY ST COVERED 8335 P 2015-06-03 2015-07-10
d MORGAN STANLEY LT COVERED 8335 P    
e MORGAN STANLEY LT COVERED 4425 P   2015-12-07
MORGAN STANLEY ST COVERED 7125 P   2015-01-20
MORGAN STANLEY LT COVERED 7125 P   2015-01-20
WELLS FARGO ST COVERED P    
WELLS FARGO LT COVERED P    
MORGAN STANLEY LT NON COVERED 4425     2016-12-07
(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 204,556   201,858 2,698
b 268,267   240,000 28,267
c 49,966   49,889 77
d 2,048,060   2,038,286 9,774
e 23,394   42,830 -19,436
63,012   62,409 603
286,253   233,548 52,705
13,151   13,146 5
313,364   316,417 -3,053
48,690   22,493 26,197
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       2,698
b       28,267
c       77
d       9,774
e       -19,436
      603
      52,705
      5
      -3,053
      26,197
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 2 199,677
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)
If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2014 1,611,616 19,106,892 0.084347
2013 1,674,322 19,600,745 0.085421
2012 1,484,105 18,369,423 0.080792
2011 1,477,353 17,983,257 0.082152
2010 1,111,688 13,562,196 0.08197
2
Total of line 1, column (d) .....................
20.414682
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
0.082936
4
Enter the net value of noncharitable-use assets for 2015 from Part X, line 5.....
4
19,090,326
5
Multiply line 4 by line 3......................
5
1,583,275
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
2,761
7
Add lines 5 and 6........................
7
1,586,036
8
Enter qualifying distributions from Part XII, line 4.............
8
2,033,528
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See the Part VI instructions.
Form 990-PF (2015)
Form 990-PF (2015)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)
1a Bullet and enter “N/A" on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 2,761
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 2,761
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 2,761
6 Credits/Payments:
a 2015 estimated tax payments and 2014 overpayment credited to 2015 6a 14,113
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 14,113
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8 18
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 11,334
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet11,334 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
 
 
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)
    bulletNY
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2015 or the taxable year beginning in 2015 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see instructions) .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement (see instructions).................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletWWW.THEPALETTEFUND.ORG
    14
    The books are in care ofbulletTERRENCE MECK Telephone no.bullet (646) 861-3292

    Located atbullet1201 BROADWAY SUITE 504NEW YORKNY ZIP+4bullet10001
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.......bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16 At any time during calendar year 2015, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country?
    16   No
    See instructions for exceptions and filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If "Yes", enter the name of the foreign country bullet  
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?...............
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).......
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see instructions)? ........
    1b
     
     
    ........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2015?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2015, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2015?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
    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 2015 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2015.)..................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2015?
    4b
     
    No
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (Continued)
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? (see instructions)................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see instructions)? ......
    5b
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    TERRENCE MECK PRESIDENT
    40.0     		129,808 15,557 0
    115 BRADFORD STREET
    PROVINCETOWN,MA02657
    PETER BENASSI CHAIR
    1.0     		0    
    115 BRADFORD STREET
    PROVINCETOWN,MA02657
    KRISTIN RESNANSKY SECRETARY & TREASURER
    1.0     		0    
    115 BRADFORD STREET
    PROVINCETOWN,MA02657
    TODD SEARS DIRECTOR
    1.0     		0    
    115 BRADFORD STREET
    PROVINCETOWN,MA02657
    BLAIRE MILANESE DIRECTOR
    1.0     		0    
    115 BRADFORD STREET
    PROVINCETOWN,MA02657
    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
    CLARABELLE A RODRIGUEZ 0
    40.0     		111,461    
    311 W 17TH STREET APT 3A
    NEW YORK,NY10011
    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
     
    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
     
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet  
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    9,488,121
    b
    Average of monthly cash balances.......................
    1b
    2,632,336
    c
    Fair market value of all other assets (see instructions)................
    1c
    7,260,585
    d
    Total (add lines 1a, b, and c).........................
    1d
    19,381,042
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    19,381,042
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    290,716
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    19,090,326
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    954,516
    Part XI
    Distributable Amount bullet
    1
    Minimum investment return from Part X, line 6....................
    1
    954,516
    2a
    Tax on investment income for 2015 from Part VI, line 5......
    2a
    2,761
    b
    Income tax for 2015. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    2,761
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    951,755
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    951,755
    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
    951,755
    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
    2,033,528
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    0
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    2,033,528
    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
    2,761
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    2,030,767
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2014     		(c)
    2014     		(d)
    2015
    1 Distributable amount for 2015 from Part XI, line 7 951,755
    2 Undistributed income, if any, as of the end of 2015:
    a Enter amount for 2014 only....... 0
    b Total for prior years:2013, 2012, 2011 0
    3 Excess distributions carryover, if any, to 2015:
    a From 2010...... 440,424
    b From 2011...... 587,682
    c From 2012...... 584,770
    d From 2013...... 713,409
    e From 2014...... 672,877
    fTotal of lines 3a through e........ 2,999,162
    4Qualifying distributions for 2015 from Part
    XII, line 4: bullet$ 2,033,528
    a Applied to 2014, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		 
    d Applied to 2015 distributable amount..... 951,755
    e Remaining amount distributed out of corpus 1,081,773
    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 4,080,935
    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......     		 
    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) .......     		 
    8Excess distributions carryover from 2010 not
    applied on line 5 or line 7 (see instructions) ...     		440,424
    9Excess distributions carryover to 2016.
    Subtract lines 7 and 8 from line 6a ......     		3,640,511
    10 Analysis of line 9:
    a Excess from 2011.... 587,682
    b Excess from 2012.... 584,770
    c Excess from 2013.... 713,409
    d Excess from 2014.... 672,877
    e Excess from 2015.... 1,081,773
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2015, enter the date of the ruling.......bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2015 (b) 2014 (c) 2013 (d) 2012
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    TRUE COLORS FUND
    330 WEST 38TH STREET SUITE 405
    NEW YORK,NY10018     		    GRANT/CONTRIBUTION TO SUPPORT PROGRAMS 22,500
    GOD'S LOVE WE DELIVER
    166 AVENUE OF THE AMERICAS
    NEW YORK,NY10013     		    CONTRIBUTION & GRANT 160,000
    THRESHOLD FOUNDATION
    PO BOX 29903
    SAN FRANCISCO,CA94129     		    CONTRIBUTION & GRANT 26,735
    LGBT COMMUNITY CENTER
    1800 MARKEY STREET
    SAN FRANCISCO,CA94012     		    CONTRIBUTION & GRANT 68,100
    BROADWAY CARES
    165 West 46th Street Suite 1300
    NEW YORK,NY10036     		    CONTRIBUTION/GRANT 21,000
    AMERICAN PROGRESS CENTER
    1333 H Street NW 10th Floor
    WASHINGTON,DC20005     		    GRANT 50,000
    FRIENDS OF HIGH LINE
    529 W 20th St 8W
    NEW YORK,NY10011     		    GRANT 15,000
    ROSIE'S THEATER KIDS
    455 WEST 45TH STREET
    NEW YORK,NY10036     		    GRANT 25,000
    LIBERTY HILLQUEER YOUTH FUND
    6420 WILSHIRE BLVD
    LOS ANGELES,CA90048     		    GRANT 20,543
    POINT FOUNDATION
    PO BOX 60108
    LOS ANGELES,CA90060     		    CONTRIBUTION & GRANT 15,000
    PANCAN
    1500 Rosecrans Avenue Suite 200
    MANHATTAN BEACH,CA90266     		    CONTRIBUTION & GRANT 52,660
    CAMPUS PRIDE GRANT
    PO Box 240473
    Charlotte,NC28224     		    GRANT 7,500
    GLAD
    30 Winter Street Suite 800
    Boston,MA02108     		    GRANT 15,000
    CENTERLINK
    P O Box 24490
    Fort Lauderdale,FL33307     		    GRANT 25,000
    COLUMBIA UNIVERSITY
    615 West 131st Street Room 254
    NEW YORK,NY10027     		    GRANT 70,000
    ELTON JOHN AIDS FOUNDATION
    584 BROADWAY SUITE 906
    NEW YORK,NY10012     		    GRANT/CONTRIBUTION 50,000
    HETRICK MARTIN INSTITUTE
    2 ASTOR PLACE
    NEW YORK,NY10003     		    CONTRIBUTION & GRANT 25,000
    FRIENDS IN DEED
    594 BROADWAY SUITE 706
    NEW YORK,NY10012     		    GRANT 23,500
    THE CENTER FOR ANTI VIOLENCE
    327 7TH STREET SUITE 2
    BROOKLYN,NY11215     		    CONTRIBUTION & GRANT 12,500
    IM FROM DRIFTWOOD
    126 SOUTH 8TH STREET SUITE 3
    BROOKLYN,NY11249     		    GRANT 50,000
    POLITICAL RESEARCH ASSOCIATES
    1310 BROADWAY SUITE 201
    SOMERVILLE,MA02144     		    GRANT 25,000
    PRINCETON UNIVERSITY
    330 ALEXANDER STREET
    PRINCETON,NJ08540     		    GRANT 50,000
    FACE TO FACE AIDS PROJECT
    75 LIVINGSTON STREET 30A
    BROOKLYN,NY11201     		    SUPPORT PROGRAM 500
    TEAM DC
    U ST NW
    WASHINGTON,DC20001     		    CONTRIBUTION TO SUPPORT 2,500
    GLAAD
    104 W 29TH STREET FLOOR 4
    NEW YORK,NY10001     		    CONTRIBUTION/GRANT TO SUPPORT ORGANIZATION 20,309
    VARIOUS CONTRIBUTIONSGRANTS
    115 BRADFORD STREET
    PROVINCETOWN,MA02657     		    VARIOUS CONTRIBUTIONS/TO SUPPORT ORGANIZATIONS 15,882
    VINEYARD THEATER
    108 E 15TH STREET
    NEW YORK,NY10003     		    SUPPORT PROGRAMS 5,000
    AIDS LIFE CYCLE
    1035 MARKET STREET SUITE 400
    SAN FRANCISCO,CA94103     		    CONTRIBUTION TO SUPPORT ORGANIZATION 1,000
    NYZCCC
    119 W 23RD STREET 401
    NEW YORK,NY10011     		    CONTRIBUTION/GRANT TO SUPPORT 11,000
    GLSEN
    110 WILLIAM STREET 30TH FLOOR
    NEW YORK,NY10011     		    CONTRIBUTION & GRANT TO SUPPORT ORGANIZATION 27,400
    THE PUBLIC THEATER
    425 LAFEYETTE STREET
    NEW YORK,NY10003     		    SUPPORT GRANT 50,000
    GET EQUAL EDUCATION FUND
    PO BOX 689
    RIVERDALE,MD20738     		    TO SUPPORT EDUCATION FUND 2,500
    YOUTH OUTRIGHT WNC
    PO BOX 1893
    ASHEVILLE,NC28802     		    SUPPORT ORGANIZATION 5,000
    THE TYLER CLEMENTI FOUNDATION
    104 WEST 29TH STREET 4TH FLOOR
    NEW YORK,NY10001     		    BUILDING GRANT 12,500
    RUTH ELLIS CENTER
    77 VICTOR STREET
    HIGHLAND PARK,MI48203     		    GRANT SUPPORT 17,500
    RESOURCE GENERATION
    18 WEST 27TH STREET FLOOR 2
    NEW YORK,NY10001     		    SUPPORT LONG-TERM RELATIONSHIPS WITH 6 SOCIAL JUSTICE FOUNDATIONS. 17,500
    MAZZONI CENTER
    21 S 12TH STREET 13TH FLOOR
    PHILADELPHIA,PA19107     		    TO SUPPORT PEDIATRIC AND ADOLESCENT COMPREHENSIVE TRANSGENDER SERVICES. 10,000
    ADVOCATES FOR YOUTH
    2000 M STREET NW SUITE 750
    WASHINGTON,DE20036     		    TO SUPPORT SPEAK OUT: LGBT YOUTH DEVELOPMENT TO ADVANCE SEXUAL HEALTH AND RIGHTS. 12,500
    ABZYME RESEARCH FOUNDATION
    67 IRVING PLACE 12TH FLOOR
    NEW YORK,NY10003     		    SUPPORT GRANT 20,000
    MOVEMENT ADVANCEMENT PROJECT
    2215 MARKET STREET
    DENVER,CO80205     		    GRANT TO SUPPORT PROJECT 25,000
    HOUSING WORKS
    730 9TH AVE
    NEW YORK,NY10019     		    GRANT TO SUPPORT ORGANIZATION 25,000
    LAMBDA LEGAL
    120 WALL STREET 19TH FLOOR
    NEW YORK,NY10005     		    GRANT TO SUPPORT ORGANIZATION 10,000
    FENWAY HEALTH
    1340 BOYLSTON STREET
    BOSTON,MA02215     		    GRANT TO SUPPORT 30,000
    ANNIE APPLESEED PROJECT
    7319 SERRANO TERRACE
    DELRAY BEACH,FL33446     		    GRANT TO SUPPORT MISSION 10,000
    MOUNT SINAI HEALTH SYSTEM
    555 W 57TH STREET
    NEW YORK,NY10019     		    GRANT 10,000
    CENTER FOR ARTISTIC REVOLUTION
    800 SCOTT STREET
    LITTLE ROCK,AR72201     		    GRANT 10,000
    THE CENTER FOR HIV LAW AND POLICY
    65 BROADWAY SUITE 832
    NEW YORK,NY10006     		    GRANT 15,000
    FAITH IN PUBLIC LIFE
    1990 M STREET NW SUITE 740
    WASHINGTON,DC20036     		    2015 OUTGIVING GRANT 30,000
    FREEDOM FOR ALL AMERICANS
    1775 PENNSYLVANIA AVE NW SUITE 350
    WASHINGTON,DC20006     		    2015 OUTGIVING GRANT 30,000
    GEORGIA EQUALITY
    1530 DEKALB AVE NE STE A
    ATLANTA,GA30307     		    2015 OUTGIVING GRANT 20,000
    TRANSGENDER LAW CENTER
    PO BOX 70976
    OAKLAND,CA94612     		    GRANT TO SUPPORT ORGANIZATION 12,500
    B CURED
    TODS DRIFTWAY
    OLD GREENWICH,CT06870     		    GRANT TO SUPPORT ORGANIZATION 5,000
    AFFIRMATIONS
    290 W NINE MILE ROAD
    FERNDALE,MI48220     		    GRANT TO SUPPORT ORGANIZATION 25,000
    POLARIS PROJECT
    PO BOX 65323
    WASHINGTON,DC20035     		    GRANT/CONTRIBUTION TO SUPPORT ORGANIZATION 10,797
    UGANDA PROJECT
    164 W 130th Apt A
    New York,NY10027     		    GRANT/CONTRIBUTION TO SUPPORT ORGANIZATION 5,000
    PRESBYTERIAN WELCOME
    BROADWAY MALL ASSOCIATION
    2095 BROADWAY 308
    NEW YORK,NY10023     		    GRANTS/CONTRIBUTIONS TO SUPPORT ORGANIZATION 15,000
    WOMEN CROSSING IN SOUTH KOREA
    3221 22ND Street
    San Francisco,CA94110     		    GRANT/CONTRIBUTIONS FOR SUPPORT 500
    AFTER SCHOOL ALL STARS
    5670 WILSHIRE BLVD SUITE 620
    LOS ANGELES,CA90036     		    CONTRIBUTIONS/GRANT SUPPORT 15,000
    BUBBLE
    142 GREENE STREET
    NEW YORK,NY10012     		    CONTRIBUTIONS/GRANTS FOR SUPPORT 5,000
    CREATING CHANGE
    1325 MASSACHUSETTS AVE NW SUITE 60
    WASHINGTON,DC20005     		    GRANTS/CONTRIBUTIONS FOR SUPPORT 1,949
    STATE AGENCY PROJECT
    45 W 36TH STREET 6TH FLOOR
    NEW YORKN,NY10018     		    GRANTS/CONTRIBUTIONS FOR SUPPORT 20,000
    COMMUNITY FOUNDATION OF GREATER
    2100 FIRST AVE NORTH SUITE 700
    BIRMINGHAM,AL35203     		    GRANTS/CONTRIBUTIONS FOR SUPPORT 5,000
    TRANSGENDER ALLIES GROUP
    316 CALIFORNIA AVE SUITE 149
    RENO,NV89509     		    GRANTS/CONTRIBUTIONS FOR SUPPORT 10,000
    OUR TOMORROW VISIONING PROJECT
    99 MAGAZINE STREET
    CAMBRIDGE,MA02139     		    GRANTS/CONTRIBUTIONS FOR SUPPORT 25,000
    Total .................................bullet 3a 1,431,875
    bApproved for future payment
    MOVEMENT ADVANCEMENT PROJECT
    2215 MARKET STREET
    DENVER,CO80205     		    GRANT TO SUPPORT PROJECT 25,000
    MEDIA MATTERS FOR AMERICA
    455 MASSACHUSETTS AVENUE NW SUITE
    WASHINGTON,DC20001     		    GRANT TO SUPPORT LGBT FOCUSED PROGRAM 25,000
    LATINO COMMUNITY FOUNDATION
    ONE EMBARCADERO CENTER SUITE 1400
    SAN FRANCISCO,CA94111     		    GRANT TO SUPPORT LATINO GIVING CIRCLE NETWORK 25,000
    THE CENTER FOR ANTI-VIOLENCE EDUCATION
    37 7TH STREET
    BROOKLYN,NY11215     		    SUPPORT PROGRAMS 12,500
    MAZZONI CENTER
    21 S 12TH STREET 13TH FLOOR
    PHILADELPHIA,PA19107     		    TO SUPPORT PEDIATRIC AND ADOLESCENT COMPREHENSIVE TRANSGENDER SERVICES. 10,000
    ADVOCATES FOR YOUTH
    2000 M STREET NW SUITE 750
    WASHINGTON,DC20036     		    TO SUPPORT SPEAK OUT: LGBT YOUTH DEVELOPMENT TO ADVANCE SEXUAL HEALTH AND RIGHTS. 12,500
    THE TYLER CLEMENTI FOUNDATION
    104 WEST 29TH STREET 4TH FLOOR
    NEW YORK,NY10001     		    BUILDING GRANT 12,500
    LGBT COMMUNITY CENTER
    20 WEST 13TH STREET
    NEW YORK,NY10011     		    GRANT TO SUPPORT SAINT (SERVING ADOLESCENTS IN NEED OF TREATMENT) PROGRAM. 17,500
    Total .................................bullet 3b 140,000
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3
    Interest on savings and temporary cash investments ...........     		         
    4 Dividends and interest from securities....     14 369,319  
    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.....     18 27,658  
    8
    Gain or (loss) from sales of assets other than inventory ............     		    18 199,677  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue:
    aLOSSES FROM K-1 INVESTMENTS     		    18 -146,710  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   449,944  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13449,944
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If "Yes," complete the following schedule.

    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's name SmallBullet
    		 Firm's EIN SmallBullet
    Firm's address SmallBullet


    		 Phone no.
    Form 990-PF (2015)
    Additional Data


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    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

    TY 2015 DepreciationSchedule
    Name:
    THE PALETTE FUND INC
    EIN:
    26-2736653
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
    PRINTER 2014-06-18 750 75 SL 5 150      
    BRADFORD OFFICE 2015-11-09 1,091,892   SL 39 4,666      
    BROADWAY FURNITURE 2014-06-18 7,500 536 SL 7 804      
    BROADWAY FURNITURE 2014-06-18 1,217 87 SL 7 174      
    BRADFORD FURNITURE 2015-06-24 6,098   SL 7 436      

    TY 2015 InvestmentsOtherSchedule2
    Name:
    THE PALETTE FUND INC
    EIN:
    26-2736653
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    MORGAN STANLEY CROSSROADS AT COST 704,975 704,975
    MSSB REAL ESTATE DEBT AT COST 7,784 7,821
    RENEWAL 2 SOCIAL FUND AT COST 189,444 189,444
    D.E. SHAW OCULUS INT'L FUND AT COST 1,327,383 1,528,592
    FRONTPOINT OFFSHORE AT COST    
    STARBOARD OFFSHORE AT COST 1,150,962 1,293,704
    RENEWAL 3 US LIMITED AT COST 90,788 90,788
    MORGAN STANLEY AT COST 721,937 629,029
    WELLS FARGO AT COST 1,839,543 1,686,792

    TY 2015 LandEtcSchedule2
    Name:
    THE PALETTE FUND INC
    EIN:
    26-2736653
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    PRINTER 750 225 525 525
    BRADFORD OFFICE 1,091,892 4,666 1,087,226 1,087,226
    BROADWAY FURNITURE        
    BROADWAY FURNITURE 1,217 261 956 956
    BRADFORD FURNITURE 6,098 436 5,662 5,662


    TY 2015 OtherAssetsSchedule
    Name:
    THE PALETTE FUND INC
    EIN:
    26-2736653
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    DEPOSIT 0 1,000 1,000


    TY 2015 OtherExpensesSchedule
    Name:
    THE PALETTE FUND INC
    EIN:
    26-2736653
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    DUES AND SUBSCRIPTIONS 9,965   9,965 9,965
    INSURANCE 3,373   3,373 3,373
    LICENSE AND PERMITS 775   775 775
    OFFICE SUPPLIES 16,000   16,000 16,000
    TELEPHONE 4,955   4,955 4,955
    WEBSITE 26,392   26,392 26,392
    BANK SERVICE CHARGE 6,731   6,731 6,731
    INVESTMENT ADVISORY FEES 71,466   71,466 71,466
    MISCELLANEOUS 1,126   1,126 1,126


    TY 2015 OtherIncomeSchedule2
    Name:
    THE PALETTE FUND INC
    EIN:
    26-2736653
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    MISCELLANEOUS INCOME 27,658 27,658 27,658
    OTHER INCOME FROM K-1S -146,710 -146,710 -146,710


    TY 2015 OtherProfessionalFeesSchedule
    Name:
    THE PALETTE FUND INC
    EIN:
    26-2736653
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    PROFESSIONAL FEES 55,294 55,294 55,294  
    PAYROLL & 401K FEES 3,832 3,832 3,832  
    CONSULTING FEES 60,000 60,000 60,000  


    TY 2015 TaxesSchedule
    Name:
    THE PALETTE FUND INC
    EIN:
    26-2736653
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FEDERAL 11,908 11,908 11,908  
    PAYROLL TAXES 42,848 42,848 42,848