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
ARTHUR M AND MARTHA R PAPPAS
FOUNDATION
Number and street (or P.O. box number if mail is not delivered to street address)C/O RNLUSARDI CPA 271 MAIN STREET
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
STONEHAM, MA02180
A Employer identification number

22-2967957
B Telephone number (see instructions)

(781) 279-3360
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$11,716,644J 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) 201,750
2 Check bullet Sch. B .............
3 Interest on savings and temporary cash investments 104,533 104,533 104,533
4 Dividends and interest from securities... 241,318 241,318 241,318
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment 244,422
b Gross sales price for all assets on line 6a 1,781,549
7 Capital gain net income (from Part IV, line 2)... 201,448
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).......      
12 Total. Add lines 1 through 11........ 792,023 547,299 345,851
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc.        
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment 5,000     5,000
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment 5,400     5,400
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 3,961      
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 279     279
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 14,640 0   10,679
25 Contributions, gifts, grants paid....... 600,700 600,700
26 Total expenses and disbursements. Add lines 24 and 25 615,340 0   611,379
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 176,683
b Net investment income (if negative, enter -0-) 547,299
c Adjusted net income (if negative, enter -0-)... 345,851
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.............   231,437 231,437
2 Savings and temporary cash investments......... 2,735,850 1,677,541 1,460,612
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)....... 7,440,774 Click to see attachment8,083,987 9,241,171
c Investments—corporate bonds (attach schedule)....... 419,105 Click to see attachment782,014 771,126
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans............. 13,319 10,752 12,298
13 Investments—other (attach schedule)..........      
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 10,609,048 10,785,731 11,716,644
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
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........ 10,609,048 10,785,731
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)..... 10,609,048 10,785,731
31 Total liabilities and net assets/fund balances (see instructions). 10,609,048 10,785,731
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
10,609,048
2
Enter amount from Part I, line 27a .....................
2
176,683
3
Other increases not included in line 2 (itemize) bullet
3
 
4
Add lines 1, 2, and 3 ..........................
4
10,785,731
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
10,785,731
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.)
1a
b
c
d
e
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a
b
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l) Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i) F.M.V. as of 12/31/69 (j) Adjusted basis
as of 12/31/69 		(k) Excess of col. (i)
over col. (j), if any
a
b
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 201,448
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 597,694 12,115,646 0.049332
2013 565,475 11,498,575 0.049178
2012 537,325 10,883,736 0.049370
2011 520,525 10,565,292 0.049267
2010 486,090 10,104,414 0.048107
2
Total of line 1, column (d) .....................
20.245254
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
0.049051
4
Enter the net value of noncharitable-use assets for 2015 from Part X, line 5.....
4
12,021,348
5
Multiply line 4 by line 3......................
5
589,659
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
5,473
7
Add lines 5 and 6........................
7
595,132
8
Enter qualifying distributions from Part XII, line 4.............
8
611,379
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 5,473
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 5,473
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 5,473
6 Credits/Payments:
a 2015 estimated tax payments and 2014 overpayment credited to 2015 6a 6,000
b Exempt foreign organizations—tax withheld at source...... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c  
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 6,000
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 527
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet527 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)
    bulletMA
    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 ofbulletROBERT N LUSARDI CPA Telephone no.bullet (781) 279-3360

    Located atbullet271 MAIN ST STE 203STONEHAMMA ZIP+4bullet02180
    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
     
     
    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
    ARTHUR M PAPPAS TRUSTEE
    1.00     		0 0 0
    33 BRYN MAWR AVE
    AUBURN,MA01501
    MARTHA R PAPPAS TRUSTEE
    1.00     		0 0 0
    33 BRYN MAWR AVE
    AUBURN,MA01501
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet  
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet  
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1
     
    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 N/A  
    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
    12,096,898
    b
    Average of monthly cash balances.......................
    1b
    107,516
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    12,204,414
    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
     
    3
    Subtract line 2 from line 1d.........................
    3
    12,204,414
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    183,066
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    12,021,348
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    601,067
    Part XI
    Distributable Amount bullet
    1
    Minimum investment return from Part X, line 6....................
    1
    601,067
    2a
    Tax on investment income for 2015 from Part VI, line 5......
    2a
    5,473
    b
    Income tax for 2015. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    5,473
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    595,594
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    595,594
    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
    595,594
    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
    611,379
    b
    Program-related investments—total from Part IX-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    611,379
    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
    5,473
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    605,906
    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 7 595,594
    2 Undistributed income, if any, as of the end of 2015:
    a Enter amount for 2014 only....... 1,465
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2015:
    a From 2010......  
    b From 2011......  
    c From 2012......  
    d From 2013......  
    e From 2014......  
    fTotal of lines 3a through e........  
    4Qualifying distributions for 2015 from Part
    XII, line 4: bullet$ 611,379
    a Applied to 2014, but not more than line 2a 1,465
    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..... 595,594
    e Remaining amount distributed out of corpus 14,320
    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 14,320
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		 
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		 
    e Undistributed income for 2014. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2016. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2015 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		 
    8Excess distributions carryover from 2010 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2016.
    Subtract lines 7 and 8 from line 6a ......     		14,320
    10 Analysis of line 9:
    a Excess from 2011....  
    b Excess from 2012....  
    c Excess from 2013....  
    d Excess from 2014....  
    e Excess from 2015.... 14,320
    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
    ABBY'S HOUSE
    52 HIGH STREET
    WORCESTER,MA01609     		NONE PUBLIC GENERAL 100
    AMERICAN ANTIQUARIAN SOCIETY
    185 SALISBURY ST
    WORCESTER,MA016091634     		NONE PUBLIC GENERAL 1,000
    AMERICAN LEGION POST 92
    60 WORCESTER ST
    GRAFTON,MA01519     		NONE PUBLIC GENERAL 2,500
    ANIMAL SHELTER INC OF STERLING MA
    17 LAURELWOOD RD
    STERLING,MA01564     		NONE PUBLIC GENERAL 2,500
    AUBURN PUBLIC SCHOOLS
    5 WEST STREET
    AUBURN,MA01501     		NONE PUBLIC GENERAL 5,000
    AUBURN YOUTH & FAMILY SER
    21 PHEASANT COURT
    AUBURN,MA01501     		NONE PUBLIC GENERAL 1,000
    BARTON CENTER FOR DIABETES
    PO BOX 356
    NORTH OXFORD,MA015370356     		NONE PUBLIC GENERAL 500
    BOYS AND GIRLS CLUB OF WORCESTER
    65 TAINTER STREET
    WORCESTER,MA01608     		NONE PUBLIC GENERAL 500
    CENTER FOR SCIENCE IN THE PUB INTER
    PO BOX 966D11
    WASHINGTON,DC200777216     		NONE PUBLIC GENERAL 100
    ECOTARIUM
    222 HARRINGTON WAY
    WORCESTER,MA016049967     		NONE PUBLIC GENERAL 400,000
    FAMILY HEALTH CTR OF WORCESTER
    PO BOX 20205
    WORCESTER,MA01602     		NONE PUBLIC GENERAL 5,000
    FIRST CHURCH OF JAFFREY
    ANNUAL CONTRIBUTION
    C/O TREASURER PO BOX 673
    JAFFREY,NH03452     		NONE PUBLIC GENERAL 2,500
    FIRST CONGREGATIONAL CHURCH OF AUBU
    128 CENTRAL STREET
    AUBURN,MA01501     		NON PUBLIC GENERAL 2,000
    FRANKLIN PIERCE UNIVERSITY
    40 UNIVERSITY DRIVE
    RINGE,NH03461     		NONE PUBLIC GENERAL 42,500
    FRIENDS OF HARVARD FOOTBALL
    DEPT OF ATHLETICS
    65 NORTH HARVARD ST
    BOSTON,MA021631012     		NONE PUBLIC GENERAL 2,000
    HANOVER THEATER PERF ARTS
    2 SOUTHBRIDGE STREET
    WORCESTER,MA01608     		NONE PUBLIC GENERAL 5,000
    HARVARD UNIVERSITY
    FAC OF ARTS & SCIENCES FD
    124 MOUNT AUBURN ST
    CAMBRIDGE,MA021385795     		NONE PUBLIC GENERAL 2,000
    HARVARD VARSITY CLUB
    65 NORTH HARVARD ST
    BOSTON,MA02163     		NONE PUBLIC GENERAL 125
    HAYSTACK MOUNTAIN SCHOOL
    PO BOX 518
    DEER ISLE,ME046279989     		NONE PUBLIC GENERAL 500
    HUDSON HOAGLAND SOCIETY
    UMASS MEDICAL SCHOOL
    333 SOUTH STREET
    SHREWSBURY,MA01545     		NONE PUBLIC GENERAL 1,000
    ISLAND MEDICAL CENTER
    PO BOX 654
    DEER ISLE,ME04627     		NONE PUBLIC GENERAL 100
    JAFFREY-RINDGE MEMORIAL AMB INC
    PO BOX 107
    JAFFREY,NH03452     		NONE PUBLIC GENERAL 100
    KEEPING AUBURN WARM
    PO BOX 222
    AUBURN,MA01501     		NONE PUBLIC GENERAL 1,000
    MASSACHUSETTS HOSPITAL SCHOOL FDN
    3 RANDOLPH STREET
    CANTON,MA02021     		NONE PUBLIC GENERAL 1,000
    MEMORIAL AMBULANCE CORPS
    PO BOX 387
    DEER ISLE,ME04627     		NONE PUBLIC GENERAL 100
    MECHANICS HALL
    371 MAIN STREET
    WORCESTER,MA01608     		NONE PUBLIC GENERAL 1,000
    MONADNOCK CONSERVANCY
    PO BOX 337
    KEENE,NH03431     		NONE PUBLIC GENERAL 100
    MORGAN MEMORIAL GOODWILL IND
    PO BOX 55009
    BOSTON,MA02205     		NONE PUBLIC GENERAL 100
    MUSIC WORCESTER INC ST
    323 MAIN STREET
    WORCESTER,MA016081151     		NONE PUBLIC GENERAL 25,000
    NATIONAL AUDUBON SOCIETY
    PO BOX 422245
    PALM COAST,FL321426696     		NONE PUBLIC GENERAL 150
    NATIONAL WILDLIFE FEDERATION
    PO BOX 1691
    MERRIFIELD,VA221161691     		NONE PUBLIC GENERAL 100
    NATURAL RESOURCES COUNCIL OF ME
    3 WADE STREET
    AUGUSTA,ME04330     		NONE PUBLIC GENERAL 100
    NEW HAMPSHIRE PUBLIC TELE
    268 MAST RD
    DURHAM,NH03824     		NONE PUBLIC GENERAL 500
    OLD STURBRIDGE VILLAGE
    DEVELOPMENT OFFICE
    1 OLD STURBRIDGE VILL RD
    STURBRIDGE,MA015611198     		NONE PUBLIC GENERAL 1,000
    ORTHOPEDIC RESEARCH AND E
    6300 NORTH RIVER RD SUIT
    ROSEMONT,IL600198839     		NONE PUBLIC GENERAL 1,000
    PAKACHOAG COMM MUSIC SCH
    203 PAKACHOAG ST
    AUBURN,MA01501     		NONE PUBLIC GENERAL 1,000
    RHODE ISLAND PBS FDN
    PO BOX 883
    PROVIDENCE,RI029010883     		NONE PUBLIC GENERAL 1,000
    SAINT THOMAS CHURCH
    35 SCHOOL STREET
    AUBURN,MA01501     		NONE PUBLIC GENERAL 100
    SALVATION ARMY CO WORCE
    PO BOX 55876
    BOSTON,MA022055876     		NONE PUBLIC GENERAL 100
    SCOTTISH RITE CHARITIES
    PO BOX 859
    LEWISTON,ME042430859     		NONE PUBLIC GENERAL 1,000
    SOCIETY FOR THE PROT OF NH FORESTS
    54 PORTSMOUTH STREET
    CONCORD,NH033019965     		NONE PUBLIC GENERAL 125
    SPECIAL OLYMPICS MA
    PO BOX 322
    HATHORNE,MA019370322     		NONE PUBLIC GENERAL 100
    STONINGTON METHODIST CHUR
    PO BOX 307
    STONINGTON,ME04681     		NONE PUBLIC GENERAL 100
    TENACITY INC
    38 EVERETT STREET
    BOSTON,MA02134     		NONE PUBLIC GENERAL 50,000
    TOWER HILL BOTANIC GARDEN
    11 FRENCH DR PO BOX 598
    BOYLSTON,MA015050598     		NONE PUBLIC GENERAL 5,000
    UNIV OF ROCHESTER SCHOOL
    GIFT OFFICE-MCAG PO BOX
    ROCHESTER,NY146929804     		NONE PUBLIC GENERAL 100
    WELLESLEY COLLEGE DEV OFFICE
    106 CENTRAL STREET
    WELLESLEY,MA024818203     		NONE PUBLIC GENERAL 2,500
    WGBH PUBLIC TV
    PO BOX 555875
    BOSTON,MA02205     		NONE PUBLIC GENERAL 1,000
    WORCESTER ART MUSEUM
    55 SALISBURY ST
    WORCESTER,MA01609     		NONE PUBLIC GENERAL 2,500
    WORCESTER COUNTY FOOD BK
    474 BOSTON TURNPIKE
    SHREWSBURY,MA01545     		NONE PUBLIC GENERAL 500
    WORCESTER COUNTY HORT SOCIETY
    11 FRENCH DR PO BOX 598
    BOYLSTON,MA01505     		NONE PUBLIC GENERAL 2,500
    WORCESTER DISTRICT MED SOCIETY
    MECHANICS HALL 321 MAIN
    WORCESTER,MA01608     		NONE PUBLIC GENERAL 200
    WORCESTER STATE UNIVERSITY
    486 CHANDLER STREET
    WORCESTER,MA016029968     		NONE PUBLIC GENERAL 25,000
    WORCESTER YOUTH CENTER
    326 CHANDLER ST
    WORCESTER,MA016023440     		NONE PUBLIC GENERAL 500
    YMCA OF GREATER WORCESTER
    766 MAIN STREET
    WORCESTER,MA01610     		NONE PUBLIC GENERAL 200
    Total .................................bullet 3a 600,700
    bApproved for future payment
    Total .................................bullet 3b  
    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 ...........     		    14 104,533  
    4 Dividends and interest from securities....     14 241,318  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6
    Net rental income or (loss) from personal property     		         
    7 Other investment income.....          
    8
    Gain or (loss) from sales of assets other than inventory ............     		    14 201,448 42,974
    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)..   547,299 42,974
    13Total. Add line 12, columns (b), (d), and (e)..................
    13590,273
    (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

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

    TY 2015 GainLossSaleOtherAssetsSch
    Name:
    ARTHUR M AND MARTHA R PAPPAS
     
    FOUNDATION
    EIN:
    22-2967957
    Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
    90000 CIT BANK 2014-03 PURCHASE 2015-12   94,476 95,734     -1,258  
    4197.342 MFS TOTAL RETURN A 2013-01 PURCHASE 2015-12   75,000 66,150     8,850  
    3018.370 AMERICAN BALANCED A 2002-03 PURCHASE 2015-12   75,000 49,290     25,710  
    551.310 AMERICAN CAP WRLD GR & INC A 2007-12 PURCHASE 2015-12   25,000 26,935     -1,935  
    1856.567 AMERICAN WA MUTUAL A 1999-03 PURCHASE 2015-12   75,000 62,047     12,953  
    30000 AMEX CENTURION BK 2013-01 PURCHASE 2015-12   31,317 31,819     -502  
    95000 BARCLAYS BANK CD 2010-06 PURCHASE 2015-02   95,000 95,000        
    100000 BMW BANK NA CD 2011-04 PURCHASE 2015-06   100,000 100,000        
    96000 CAP ONE NA 2011-07 PURCHASE 2015-06   96,000 96,000        
    95000 CAPITAL ONE BK 2011-02 PURCHASE 2015-04   95,000 95,000        
    50000 CIT BK SALT LK CD 2012-07 PURCHASE 2015-12   52,303 53,092     -789  
    112000 COLE TAYLOR BANK 2010-11 PURCHASE 2015-01   112,000 112,000        
    127000 COMPASS BK CD 2013-10 PURCHASE 2015-01   125,784 127,000     -1,216  
    50000 DISCOVER BANK CD 2010-12 PURCHASE 2015-12   50,000 50,000        
    96000 GE CAP FINL CD 2009-07 PURCHASE 2015-11   96,000 96,000        
    2425.360 GNMA POOL 2002-06 PURCHASE 2015-12   2,425 2,438     -13  
    90000 GOLDMAN SACHS BK 2010-04 PURCHASE 2015-08   90,000 90,000        
    50000 GOLDMAN SACHS BK 2010-11 PURCHASE 2015-12   50,000 50,000        
    400 HEALTHSOUTH CP NEW 1999-09 PURCHASE 2015-12   13,796 12,622     1,174  
    35000 KATAHDIN TRUST CD 2011-02 PURCHASE 2015-12   35,000 35,000        
    95000 PEOPLES SAVING CD 2010-11 PURCHASE 2015-05   95,000 95,000        
    96000 STOCKMAN CK CD 2010-03 PURCHASE 2015-10   96,000 96,000        

    TY 2015 InvestmentsCorpBondsSchedule
    Name:
    ARTHUR M AND MARTHA R PAPPAS
     
    FOUNDATION
    EIN:
    22-2967957
    Name of Bond End of Year Book Value End of Year Fair Market Value
    84,000 PEPSICO INC 91,182 90,898
    45,000 WAL-MART STORES INC 48,538 48,189
    145,000 PROCTER & GAMBLE CO 159,357 157,992
    100,000 MICROSOFT CORP 108,999 108,153
    50,000 CAMPBELL SOUP CO 51,719 51,126
    90,000 DUKE ENERGY CORP 100,336 97,902
    200,000 JP MORGAN CHASE 221,883 216,866

    TY 2015 InvestmentsCorpStockSchedule
    Name:
    ARTHUR M AND MARTHA R PAPPAS
     
    FOUNDATION
    EIN:
    22-2967957
    Name of Stock End of Year Book Value End of Year Fair Market Value
    66,922 SHS INCOME FD OF AMERICA 1,413,198 1,559,710
    27,556 SHS WASH MUTUAL INVEST FD 928,736 1,127,290
    84,122 SHS AMERICAN BALANCED FD 1,801,377 2,376,817
    31,093 SHS CAP INC BUILDER FD 2,310,020 2,570,369
    9,915 SHS CAP WORLD GWTH & INC FD 691,347 659,197
    400 SHS HEALTHSOUTH CORP    
    31,678 SHS TOTAL RETURN A 873,225 885,812
    1720.587 SHS AMERICAN NEW PERSPECTIV 66,084 61,976

    TY 2015 LegalFeesSchedule
    Name:
    ARTHUR M AND MARTHA R PAPPAS
     
    FOUNDATION
    EIN:
    22-2967957
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 5,000     5,000


    TY 2015 OtherExpensesSchedule
    Name:
    ARTHUR M AND MARTHA R PAPPAS
     
    FOUNDATION
    EIN:
    22-2967957
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXPENSES        
    COMM OF MA PC FEE 250     250
    BANK FEES 29     29


    TY 2015 OtherProfessionalFeesSchedule
    Name:
    ARTHUR M AND MARTHA R PAPPAS
     
    FOUNDATION
    EIN:
    22-2967957
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL/PROFESSIONAL FEES 5,400     5,400


    TY 2015 TaxesSchedule
    Name:
    ARTHUR M AND MARTHA R PAPPAS
     
    FOUNDATION
    EIN:
    22-2967957
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FEDERAL EXCISE TAXES 3,961