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 KESTREL FOUNDATION FKA
ARMSTRONG-NICKOLL FAMILY FOUNDATION
Number and street (or P.O. box number if mail is not delivered to street address)C/O UE LLC 325 COLUMBIA TPKE NO 202
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
FLORHAM PARK, NJ07932
A Employer identification number

13-4007198
B Telephone number (see instructions)

(212) 254-3424
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$8,758,214J 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) 558,665
2 Check bullet Sch. B .............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 614,855 614,855  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 -361,654
b Gross sales price for all assets on line 6a 3,119,036
7 Capital gain net income (from Part IV, line 2)... 286,342
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 91,712 91,712 0
12 Total. Add lines 1 through 11........ 903,578 992,909 0
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0 0 0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 12,000 0 0 12,000
c Other professional fees (attach schedule)....        
17 Interest............... 408 408 0 0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 27,500 0 0 0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 1,960 1,798 0 0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 41,868 2,206 0 12,000
25 Contributions, gifts, grants paid....... 323,330 323,330
26 Total expenses and disbursements. Add lines 24 and 25 365,198 2,206 0 335,330
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 538,380
b Net investment income (if negative, enter -0-) 990,703
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2015)
Form 990-PF (2015)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 576,149 114,090 114,090
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        
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)....... 2,158,141 Click to see attachment920,212 646,064
c Investments—corporate bonds (attach schedule)....... 1,699,813 Click to see attachment736,250 15,025
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 4,636,692 Click to see attachment7,858,563 7,882,455
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment54,586 Click to see attachment100,580 Click to see attachment100,580
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 9,125,381 9,729,695 8,758,214
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)    
23 Total liabilities (add lines 17 through 22)......... 0 0
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........ 0 0
28 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
29 Retained earnings, accumulated income, endowment, or other funds 9,125,381 9,729,695
30 Total net assets or fund balances (see instructions)..... 9,125,381 9,729,695
31 Total liabilities and net assets/fund balances (see instructions). 9,125,381 9,729,695
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
9,125,381
2
Enter amount from Part I, line 27a .....................
2
538,380
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
65,934
4
Add lines 1, 2, and 3 ..........................
4
9,729,695
5
Decreases not included in line 2 (itemize) bullet
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
9,729,695
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 UNITED STATES OIL FUND LP - 1,156.000 SHS P 2014-11-14 2015-01-12
b 500,000 ALION SCIENCE AND TECH P 2014-01-09 2015-02-02
c INTELSAT SA - 8,000.000 SHS P 2014-02-14 2015-08-06
d INTELSAT SA - 3,000.000 SHS P   2015-08-20
e INTELSAT SA - 750.000 SHS P 2014-03-05 2015-10-06
REMY INTL INC - 10,000.000 SHS D 2013-01-03 2015-01-05
REMY INTL INC - 1,629.000 SHS D 2010-01-08 2015-01-05
REMY INTL INC - 3,000.000 SHS D 2013-01-03 2015-07-17
REMY INTL INC - 10,000.000 SHS D 2010-01-08 2015-07-17
REMY INTL INC - 5,000.000 SHS D 2013-01-03 2015-08-05
225,000 ALION SCIENCE AND TECH P 2013-05-09 2015-02-02
WTS - ALION SCIENCE AND TECHNLOGY CORPORATION - 50.000 SHS P 2011-09-20 2015-08-20
ALIBABA GROUP HOLDING LTD - 1,888.000 SHS P   2015-04-28
AMAZON COM INC - 200.000 SHS P 2015-07-24 2015-10-06
CAESARS ENT RESORT PROP - 500,000.000 SHS P 2014-10-15 2015-02-19
CHEVRON CORP - 271.000 SHS P   2015-01-12
CONOCOPHILLIPS - 441.000 SHS P   2015-01-12
ENERGY SELECT SECTOR SPDR FD - 608.000 SHS P   2015-01-27
EOG RESOURCES INC - 333.000 SHS P   2015-01-20
EXXON MOBIL CORP - 191.000 SHS P 2014-12-15 2015-01-07
GOOGLE INC CLASS C - 100.000 SHS P 2015-08-12 2015-08-19
MEDALLION FINANCIAL CORP - 3,000.000 SHS P 2015-09-23 2015-11-06
NEW RESIDENTIAL INVT CORP COM - 1,000.000 SHS P 2015-09-30 2015-10-19
NEW RESIDENTIAL INVESTMENT - 2,000.000 SHS P 2015-09-30 2015-12-21
OCCIDENTAL PETROLEUM CORP - 221.000 SHS P 2014-12-15 2015-01-07
PIONEER NATURAL RESOURCES CO - 366.000 SHS P   2015-01-12
SIGNATURE GROUP HOLDINGS INC - 8,003.000 SHS P   2015-05-11
WALT DISNEY CO - 500.000 SHS P 2015-08-12 2015-08-19
WALT DISNEY CO - 100.000 SHS P 2015-08-12 2015-09-03
WALT DISNEY CO - 400.000 SHS P 2015-08-12 2015-10-01
AMAZON COM INC CALL - 1.000 SHS P 2015-09-10 2015-10-06
AMAZON COM INC CALL - 1.000 SHS P 2015-09-22 2015-09-28
EOG RESOURCES INC CALL - 3.000 SHS P 2014-12-24 2015-01-07
GOOGLE INC CLASS C - 1.000 SHS P 2015-08-12 2015-08-19
OCCIDENTAL PETROLEUM CORP - 2.000 SHS P 2014-12-24 2015-01-07
PIONEER NATURAL RESOURCES CO - 3.000 SHS P 2014-12-24 2015-01-07
CAPITAL GAINS DIVIDENDS P    
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 20,293   23,435 -3,142
b 500,000   500,000 0
c 223,521   467,346 -243,825
d 87,062   163,791 -76,729
e 15,142   40,128 -24,986
196,572   13,615 182,957
32,022   2,218 29,804
88,108   4,084 84,024
293,694   56,777 236,917
147,031   49,970 97,061
225,000   225,000 0
203     203
160,264   172,235 -11,971
106,845   111,812 -4,967
496,250   478,803 17,447
28,749   29,999 -1,250
27,813   29,837 -2,024
47,010   47,305 -295
29,725   30,159 -434
17,296   16,732 564
65,844   65,857 -13
25,597   25,095 502
12,960   13,141 -181
25,803   25,803 0
16,970   16,635 335
50,140   51,060 -920
64,569   58,047 6,522
53,219   53,076 143
10,178   10,615 -437
40,451   42,460 -2,009
2,497   1,508 989
2,897   3,368 -471
801   44 757
2,707   2,503 204
364   36 328
1,341   200 1,141
98     98
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       -3,142
b       0
c       -243,825
d       -76,729
e       -24,986
      182,957
      29,804
      84,024
      236,917
      97,061
      0
      203
      -11,971
      -4,967
      17,447
      -1,250
      -2,024
      -295
      -434
      564
      -13
      502
      -181
      0
      335
      -920
      6,522
      143
      -437
      -2,009
      989
      -471
      757
      204
      328
      1,141
      98
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 2 286,342
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 351,215 6,630,327 0.052971
2013 104,007 4,708,527 0.022089
2012 216,738 3,013,089 0.071932
2011 173,320 2,912,401 0.059511
2010 266,476 2,506,579 0.106311
2
Total of line 1, column (d) .....................
20.312814
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
0.062563
4
Enter the net value of noncharitable-use assets for 2015 from Part X, line 5.....
4
7,338,357
5
Multiply line 4 by line 3......................
5
459,110
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
9,907
7
Add lines 5 and 6........................
7
469,017
8
Enter qualifying distributions from Part XII, line 4.............
8
335,330
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 19,814
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 19,814
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 19,814
6 Credits/Payments:
a 2015 estimated tax payments and 2014 overpayment credited to 2015 6a 22,108
b Exempt foreign organizations—tax withheld at source...... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 10,000
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 32,108
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. Click to see attachment 8 6
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 12,288
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet12,288 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see Instructions
for definition)?.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
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 addressbulletN/A
    14
    The books are in care ofbulletUNTRACHT EARLY Telephone no.bullet (973) 408-6700

    Located atbullet325 COLUMBIA TPKE STE 202FLORHAM PARKNJ ZIP+4bullet07932
    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
     
     
    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
    BENJAMIN E NICKOLL TRUSTEE
    2.00     		0 0 0
    C/O UNTRACHT EARLY 325 COLUMBIA
    TPKE STE 202
    FLORHAM PARK,NJ07932
    CHRISTINE M ARMSTRONG TRUSTEE
    2.00     		0 0 0
    C/O UNTRACHT EARLY 325 COLUMBIA
    TPKE STE 202
    FLORHAM PARK,NY07932
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1
     
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    1,545,889
    b
    Average of monthly cash balances.......................
    1b
    266,095
    c
    Fair market value of all other assets (see instructions)................
    1c
    5,638,125
    d
    Total (add lines 1a, b, and c).........................
    1d
    7,450,109
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    7,450,109
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    111,752
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    7,338,357
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    366,918
    Part XI
    Distributable Amount bullet
    1
    Minimum investment return from Part X, line 6....................
    1
    366,918
    2a
    Tax on investment income for 2015 from Part VI, line 5......
    2a
    19,814
    b
    Income tax for 2015. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    19,814
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    347,104
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    347,104
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    347,104
    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
    335,330
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    335,330
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see instructions).................
    5
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    335,330
    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 7 347,104
    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...... 158,440
    b From 2011...... 34,168
    c From 2012...... 71,139
    d From 2013......  
    e From 2014...... 85,796
    fTotal of lines 3a through e........ 349,543
    4Qualifying distributions for 2015 from Part
    XII, line 4: bullet$ 335,330
    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..... 335,330
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2015. 11,774 11,774
    (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 5 337,769
    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) ...     		146,666
    9Excess distributions carryover to 2016.
    Subtract lines 7 and 8 from line 6a ......     		191,103
    10 Analysis of line 9:
    a Excess from 2011.... 34,168
    b Excess from 2012.... 71,139
    c Excess from 2013....  
    d Excess from 2014.... 85,796
    e Excess from 2015....  
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2015, enter the date of the ruling.......bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2015 (b) 2014 (c) 2013 (d) 2012
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    BENJAMIN E NICKOLL
    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
    HOUSATONIC VALLEY ASSOCIATION
    PO BOX 28
    CORNWALL BRIDGE,CT06754     		NONE PUBLIC GENERAL UNRESTRICTED 2,500
    KENT LAND TRUST
    PO BOX 888
    KENT,CT06757     		NONE PUBLIC GENERAL UNRESTRICTED 1,000
    PILOBOLUS
    18 EAST 16TH STREET STE 308
    NEW YORK,NY10003     		NONE PUBLIC GENERAL UNRESTRICTED 25,000
    ST ANDREW'S CHURCH
    1 NORTH MAIN STREET
    KENT,CT06757     		NONE PUBLIC GENERAL UNRESTRICTED 1,500
    STEEP ROCK ASSOCIATION
    PO BOX 279
    WASHINGTON DEPOT,CT06794     		NONE PUBLIC GENERAL UNRESTRICTED 25,000
    THE GUNNERY
    22 KIRBY RD
    WASHINGTON,CT06793     		NONE PUBLIC GENERAL UNRESTRICTED 5,000
    UCLA FOUNDATION
    10920 WILSHIRE BLVD 900
    LOS ANGELES,CA90024     		NONE PUBLIC GENERAL UNRESTRICTED 10,000
    WASHINGTON ART ASSOCIATION
    4 BRYAN HALL PLAZA
    WASHINGTON DEPOT,CT06794     		NONE PUBLIC GENERAL UNRESTRICTED 2,000
    WASHINGTON COMMUNITY FUND
    PO BOX 1213
    WASHINGTON,CT06793     		NONE PUBLIC GENERAL UNRESTRICTED 500
    WASHINGTON MONTESSORI SCHOOL
    240 LITCHFIELD TPKE
    NEW PRESTON,CT06777     		NONE PUBLIC GENERAL UNRESTRICTED 40,800
    WASHINGTON SCHOLARSHIP FUND
    PO BOX 243
    WASHINGTON DEPOT,CT06794     		NONE PUBLIC GENERAL UNRESTRICTED 1,000
    WEANTINOGE HERITAGE LAND TRUST
    PO BOX 821
    KENT,CT06757     		NONE PUBLIC GENERAL UNRESTRICTED 30,430
    AFTER SCHOOL ARTS PROGRAM
    PO BOX 15
    WASHINGTON DEPOT,CT06794     		NONE PUBLIC GENERAL UNRESTRICTED 350
    CHILD MIND INSTITUTE
    445 PARK AVENUE
    NEW YORK,NY10022     		NONE PUBLIC GENERAL UNRESTRICTED 2,000
    CROSSING THRESHOLDS INC
    168-A IRVING AVE SUITE 300-K
    PORT CHESTER,NY10573     		NONE PUBLIC GENERAL UNRESTRICTED 20,000
    DIDI HIRSCH MENTAL HEALTH SERVICES
    4760 S SEPULVEDA BLVD
    CLOVER CITY,CA90230     		NONE PUBLIC GENERAL UNRESTRICTED 20,500
    DYSAUTONOMIA INTERNATIONAL INC
    67 WOODLAWN AVE
    EAST MORICHES,NY11940     		NONE PUBLIC GENERAL UNRESTRICTED 1,000
    GRACE CHURCH SCHOOL
    46 COOPER SQ
    NEW YORK,NY10003     		NONE PUBLIC GENERAL UNRESTRICTED 10,000
    HOPE HOUSE
    PO BOX 358
    PORT JEFFERSON,NY11777     		NONE PUBLIC GENERAL UNRESTRICTED 2,500
    LOS ANGELES LEADERSHIP ACADEMY
    234 E AVE 33
    LOS ANGELES,CA90031     		NONE PUBLIC GENERAL UNRESTRICTED 10,000
    NEW MILFORD VISITING NURSE ASSOCIATION HOSPICE
    68 PARK LANE RD
    NEW MILFORD,CT06776     		NONE PUBLIC GENERAL UNRESTRICTED 400
    NORTHWEST CT ARTS COUNCIL
    40 MAIN STREET SUITE 1
    TORRINGTON,CT06790     		NONE PUBLIC GENERAL UNRESTRICTED 1,000
    NY SOCIETY FOR PREVENTION OF CRUELTY TO CHILDREN
    161 WILLIAM STREET 9TH FLOOR
    NEW YORK,NY10038     		NONE PUBLIC GENERAL UNRESTRICTED 1,000
    NYC TABLE TENNIS ACADEMY
    94-31 60TH AVENUE
    ELMHURST,NY11373     		NONE PUBLIC GENERAL UNRESTRICTED 1,000
    PLANNED PARENTHOOD
    1110 VERMONT AVE NW
    WASHINGTON,DC20005     		NONE PUBLIC GENERAL UNRESTRICTED 150
    RIVERS ALLIANCE OF CT
    PO BOX 1797 7 WEST STREET 3RD FLOOR
    LITCHFIELD,CT06759     		NONE PUBLIC GENERAL UNRESTRICTED 1,000
    THE CHILDREN'S CENTER
    1400 WHITNEY AVENUE
    HAMDEN,CT06517     		NONE PUBLIC GENERAL UNRESTRICTED 2,000
    THE WASSAIC PROJECT
    37 FURNACE BANK RD
    WASSAIC,NY12592     		NONE PUBLIC GENERAL UNRESTRICTED 200
    WALKING ON WATER
    5928 BALFOUR CT STE C
    CARISBAD,CA92008     		NONE PUBLIC GENERAL UNRESTRICTED 5,000
    WARREN LAND TRUST
    50 CEMETERY ROAD
    WARREN,CT06754     		NONE PUBLIC GENERAL UNRESTRICTED 500
    WESTERN CONECTICUT HEALTH NETWORK
    24 HOSPITAL AVENUE
    DANBURY,CT06810     		NONE PUBLIC GENERAL UNRESTRICTED 100,000
    Total .................................bullet 3a 323,330
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3
    Interest on savings and temporary cash investments ...........     		         
    4 Dividends and interest from securities....     14 614,855  
    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.....     01 91,712  
    8
    Gain or (loss) from sales of assets other than inventory ............     		    18 -361,654  
    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).. 0 344,913 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13344,913
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

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

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


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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description
    Schedule B
    (Form 990, 990-EZ,
    or 990-PF)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors
    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    Arrow Bullet Information about Schedule B (Form 990, 990-EZ, or 990-PF) and its instructions is at www.irs.gov/form990.
    OMB No. 1545-0047
    2015
    Name of the organization
    THE KESTREL FOUNDATION FKA
    ARMSTRONG-NICKOLL FAMILY FOUNDATION
    Employer identification number

    13-4007198
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ





    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......... Arrow Bullet $  
    Caution. An organization that is not covered by the General Rule and/or the Special Rules does not file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its
    Form 990-EZ or on its Form 990PF, Part I, line 2, to certify that it does not meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2015)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2015) Page 2
    Name of organization
    THE KESTREL FOUNDATION FKA
    ARMSTRONG-NICKOLL FAMILY FOUNDATION         		Employer identification number
    13-4007198
    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
     
     

    BENJAMIN E NICKOLL  
    C/O UNTRACHT EARLY 325 COLUMBIA TPK
     
    FLORHAM PARK, NJ07932

    		$ 146,550


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    2
     
     

    BENJAMIN E NICKOLL  
    C/O UNTRACHT EARLY 325 COLUMBIA TPK
     
    FLORHAM PARK, NJ07932

    		$ 236,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    3
     
     

    BENJAMIN E NICKOLL  
    C/O UNTRACHT EARLY 325 COLUMBIA TPK
     
    FLORHAM PARK, NJ07932

    		$ 147,250


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    4
     
     

    BENJAMIN E NICKOLL  
    C/O UNTRACHT EARLY 325 COLUMBIA TPK
     
    FLORHAM PARK, NJ07932

    		$ 28,865


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

       
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

       
     
     

    		$  


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2015)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2015)
    Page 3
    Name of organization
    THE KESTREL FOUNDATION FKA
    ARMSTRONG-NICKOLL FAMILY FOUNDATION         		Employer identification number

    13-4007198
    Part II
    Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
    (a)
    No.from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
    1
    		 5,000 SHS REMY INTERNATIONAL INC $ 146,550 2015-07-14
    (a)
    No.from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
    2
    		 8,000 SHS REMY INTERNATIONAL INC $ 236,000 2015-07-15
    (a)
    No.from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
    3
    		 5,000 SHS REMY INTERNATIONAL INC $ 147,250 2015-07-22
    (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)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2015)
    Page 4
    Name of organization
    THE KESTREL FOUNDATION FKA
    ARMSTRONG-NICKOLL FAMILY FOUNDATION         		Employer identification number

    13-4007198
    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 $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a)
    No.from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No.from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No.from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No.from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    Schedule B (Form 990, 990-EZ, or 990-PF) (2015)

    Additional Data


    Software ID:  
    Software Version:  

    TY 2015 AccountingFeesSchedule
    Name:
    THE KESTREL FOUNDATION FKA
     
    ARMSTRONG-NICKOLL FAMILY FOUNDATION
    EIN:
    13-4007198
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 12,000 0 0 12,000

    TY 2015 InvestmentsCorpBondsSchedule
    Name:
    THE KESTREL FOUNDATION FKA
     
    ARMSTRONG-NICKOLL FAMILY FOUNDATION
    EIN:
    13-4007198
    Name of Bond End of Year Book Value End of Year Fair Market Value
    ALION SCIENCE AND TECH CORP. 0 0
    QUICKSILVER RESOURCES 238,750 25
    QUICKSILVER RESOURCES IN 497,500 15,000
    CAESARS ENT RESORT PROP 0 0

    TY 2015 InvestmentsCorpStockSchedule
    Name:
    THE KESTREL FOUNDATION FKA
     
    ARMSTRONG-NICKOLL FAMILY FOUNDATION
    EIN:
    13-4007198
    Name of Stock End of Year Book Value End of Year Fair Market Value
    REMY INTERNATIONAL INC 0 0
    AGRO VISION CORP 488,400 282,000
    AZEVAN PHARMACEUTICALS 56,601 56,601
    CHEVRON CORP 0 0
    CONOCOPHILLIPS 0 0
    ENERGY SELECT SECTOR SPDR FD 0 0
    EOG RESOURCES INC 0 0
    EXXON MOBIL CORP 0 0
    OCCIDENTAL PETROLEUM CORP 0 0
    PIONEER NATURAL RESOURCES 0 0
    VISKASE COS INC 81,000 35,500
    ALIBABA GROUP HOLDING LTD - EMERGING 0 0
    SIGNATURE GROUP HOLDINGS INC 0 0
    LENSGEN, INC 50,000 50,000
    INTELSAT SA 244,211 71,963
    J.P. MORGAN - OPTIONS 0 0
    AGRO VISION CORP-PREFERRED STOCK 0 150,000

    TY 2015 InvestmentsOtherSchedule2
    Name:
    THE KESTREL FOUNDATION FKA
     
    ARMSTRONG-NICKOLL FAMILY FOUNDATION
    EIN:
    13-4007198
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    DJED STUDIOS LLC AT COST 0 0
    GREYSTONE ROSEWOOD AT COST 250,000 250,000
    UNITED STATES OIL FUND AT COST 0 0
    MAXIM CAPITAL FUNDING (LOAN #2067) AT COST 208,101 208,101
    MAXIM CAPITAL FUNDING (LOAN #2070) AT COST 500,000 500,000
    MAXIM CAPITAL FUNDING (LOAN #2071) AT COST 200,000 200,000
    RIBBIT CAPITAL II, L.P. AT COST 267,443 267,443
    J.P. MORGAN PEG DIGITAL GROWTH FUND OFFSHORE SPECIAL II LP AT COST 348,925 382,993
    WARBURG PINCUS ENERGY PRIVATE INVESTORS OFFSHORE 1, L.P. AT COST 93,500 83,324
    LEAFLINE LABS, LLC AT COST 47,327 47,327
    CORTLAND PARTNERS FUND II, LLC AT COST 225,931 225,931
    MAXIM CAPITAL FUNDING (LOAN #2060) AT COST 500,000 500,000
    MAXIM CAPITAL FUNDING (LOAN #2061) AT COST 550,000 550,000
    MAXIM CAPITAL FUNDING (LOAN #2062) AT COST 750,000 750,000
    BRICKMAN FUND VI, LP AT COST 190,140 190,140
    BW SOLANA VISTA, LLC AT COST 347,882 347,882
    CB RIBBIT OPP I LLC AT COST 49,416 49,416
    EWF CAPITAL, LLC AT COST 50,830 50,830
    MD VII PE ACCESS LP AT COST 23,232 23,232
    SR UPSTATE, LLC AT COST 230,836 230,836
    WHITE LABEL PARTNERS LLC AT COST 75,000 75,000
    MAXIM CHAMBERS LLC AT COST 425,000 425,000
    MAXIM SULLIVAN LLC AT COST 250,000 250,000
    MAXIM CAPITAL FUNDING (LOAN #2078) AT COST 200,000 200,000
    MAXIM CAPITAL FUNDING (LOAN #2081) AT COST 700,000 700,000
    MAXIM CAPITAL FUNDING (LOAN #2083) AT COST 250,000 250,000
    MAXIM CAPITAL FUNDING (LOAN #2101) AT COST 250,000 250,000
    MAXIM CAPITAL FUNDING (LOAN #2109) AT COST 125,000 125,000
    MAXIM CAPITAL FUNDING (LOAN #2114) AT COST 250,000 250,000
    MAXIM CAPITAL FUNDING (LOAN #2115) AT COST 300,000 300,000
    MAXIM CAPITAL FUNDING (LOAN #2117) AT COST 200,000 200,000

    TY 2015 OtherAssetsSchedule
    Name:
    THE KESTREL FOUNDATION FKA
     
    ARMSTRONG-NICKOLL FAMILY FOUNDATION
    EIN:
    13-4007198
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    DUE FROM BEN NICKOLL 1,135 580 580
    ACCRUED INTEREST PAID - SUBSEQUENT YEARS 2,111 0 0
    DUE FROM IMPERIAL 1,340 0 0
    REALCROWD, INC. 50,000 50,000 50,000
    LIQUID GENOMICS, INC. 0 50,000 50,000


    TY 2015 OtherExpensesSchedule
    Name:
    THE KESTREL FOUNDATION FKA
     
    ARMSTRONG-NICKOLL FAMILY FOUNDATION
    EIN:
    13-4007198
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    BANK FEES 1,798 1,798 0 0
    NONDEDUCTIBLE EXPENSES 162 0 0 0


    TY 2015 OtherIncomeSchedule2
    Name:
    THE KESTREL FOUNDATION FKA
     
    ARMSTRONG-NICKOLL FAMILY FOUNDATION
    EIN:
    13-4007198
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    ORDINARY INCOME - RIBBIT CAPITAL II -5,388 -5,388  
    ORDINARY INCOME - DJED STUDIOS LLC -9,488 -9,488  
    ORDINARY INCOME - MAXIM CAPITAL FUNDING 6,188 6,188  
    ORDINARY INCOME - LEAFLINE LABS, LLC -441 -441  
    ORDINARY INCOME - CORTLAND PARTNERS FUND II, LLC -157,335 -157,335  
    ORDINARY INCOME - BRICKMAN FUND VI LP -13,022 -13,022  
    ORDINARY INCOME - BW SOLANA VISTA, LLC -49,451 -49,451  
    ORDINARY INCOME - SR UPSTATE, LLC 25,301 25,301  
    MARKET DISCOUNT 240,241 240,241  
    ORDINARY INCOME - MAXIM 253-261 THIRD AVENUE LLC 18,000 18,000  
    ORDINARY INCOME - MD VII PE ACCESS LP -4,341 -4,341  
    ORDINARY INCOME - EWF CAPITAL, LLC -170 -170  
    ORDINARY INCOME - MAXIM CHAMBERS LLC 41,618 41,618  


    TY 2015 OtherIncreasesSchedule
    Name:
    THE KESTREL FOUNDATION FKA
     
    ARMSTRONG-NICKOLL FAMILY FOUNDATION
    EIN:
    13-4007198
    Description Amount
    BOOK TO TAX DIFFERENCE FROM PASSTHROUGHS 65,934


    TY 2015 TaxesSchedule
    Name:
    THE KESTREL FOUNDATION FKA
     
    ARMSTRONG-NICKOLL FAMILY FOUNDATION
    EIN:
    13-4007198
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FEDERAL TAXES 27,500 0 0 0