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
ELSTER FOUNDATION
 
Number and street (or P.O. box number if mail is not delivered to street address)35 WATERGATE DRIVE
 
Room/suite
City or town, state or province, country, and ZIP or foreign postal code
SARASOTA, FL342364501
A Employer identification number

16-6054742
B Telephone number (see instructions)

(941) 308-3081
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$5,141,738
J 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)  
2 Check bullet Sch. B .............
3 Interest on savings and temporary cash investments 42,425 42,425 42,425
4 Dividends and interest from securities... 110,460 110,460 110,460
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 140,703
b Gross sales price for all assets on line 6a 1,114,191
7 Capital gain net income (from Part IV, line 2)... 61,979
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........ 293,588 214,864 152,885
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 37,224 2,000   35,225
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... 1,175 900   275
c Other professional fees (attach schedule).... 44,167 44,167    
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... 2,457 2,457    
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... 366 116   250
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 85,389 49,640   35,750
25 Contributions, gifts, grants paid....... 312,700 312,700
26 Total expenses and disbursements. Add lines 24 and 25 398,089 49,640   348,450
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -104,501
b Net investment income (if negative, enter -0-) 165,224
c Adjusted net income (if negative, enter -0-)... 152,885
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......... 467,757 235,489 235,489
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) 217,974 378,477 379,175
b Investments—corporate stock (attach schedule)....... 3,995,343 Click to see attachment3,233,193 3,540,537
c Investments—corporate bonds (attach schedule)....... 962,747 Click to see attachment1,026,515 986,537
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
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) 5,643,821 4,873,674 5,141,738
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........    
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds 5,643,821 4,873,674
30 Total net assets or fund balances (see instructions)..... 5,643,821 4,873,674
31 Total liabilities and net assets/fund balances (see instructions). 5,643,821 4,873,674
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
5,643,821
2
Enter amount from Part I, line 27a .....................
2
-104,501
3
Other increases not included in line 2 (itemize) bullet
3
 
4
Add lines 1, 2, and 3 ..........................
4
5,539,320
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
665,646
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
4,873,674
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 61,979
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 374,653 5,735,250 0.065325
2013 340,557 5,625,936 0.060533
2012 331,275 5,445,408 0.060836
2011 333,391 5,593,871 0.059599
2010 328,469 5,469,790 0.060051
2
Total of line 1, column (d) .....................
20.306344
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
0.061269
4
Enter the net value of noncharitable-use assets for 2015 from Part X, line 5.....
4
5,311,887
5
Multiply line 4 by line 3......................
5
325,454
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
1,652
7
Add lines 5 and 6........................
7
327,106
8
Enter qualifying distributions from Part XII, line 4.............
8
348,450
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 1,652
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 1,652
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 1,652
6 Credits/Payments:
a 2015 estimated tax payments and 2014 overpayment credited to 2015 6a 4,720
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 4,720
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 3,068
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet2,000 RefundedBullet 11 1,068
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
 
 
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
  • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletNY
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2015 or the taxable year beginning in 2015 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see instructions) .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement (see instructions).................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletSYDNEY E GOLDSTEIN Telephone no.bullet (941) 308-3081

    Located atbullet35 WATERGATE DRIVE UNIT 150SARASOTAFL ZIP+4bullet342364501
    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
    SYDNEY E GOLDSTEIN TRUSTEE
    1.00
    7,445 0 0
    35 WATERGATE DRIVE UNIT 1504
    SARASOTA,FL342364501
    JEROME E GOLDSTEIN TRUSTEE
    1.00
    7,445 0 0
    35 WATERGATE DRIVE UNIT 1504
    SARASOTA,FL342364501
    AMY GEROME-ACUFF TRUSTEE
    1.00
    7,444 0 0
    2660 PEACHTREE ROAD
    ATLANTA,GA303053676
    DOUGLAS R GOLDSTEIN TRUSTEE
    1.00
    7,445 0 0
    701 BEAUHAVEN LANE
    WAXHAW,NC28173
    ELIZABETH GEER GOLDSTEIN TRUSTEE
    1.00
    7,445 0 0
    701 BEAUHAVEN LANE
    WAXHAW,NC28173
    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
    5,041,156
    b
    Average of monthly cash balances.......................
    1b
    351,623
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    5,392,779
    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
    5,392,779
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    80,892
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    5,311,887
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    265,594
    Part XI
    Distributable Amount bullet
    1
    Minimum investment return from Part X, line 6....................
    1
    265,594
    2a
    Tax on investment income for 2015 from Part VI, line 5......
    2a
    1,652
    b
    Income tax for 2015. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    1,652
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    263,942
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    263,942
    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
    263,942
    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
    348,450
    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
    348,450
    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
    1,652
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    346,798
    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 7 263,942
    2 Undistributed income, if any, as of the end of 2015:
    a Enter amount for 2014 only.......  
    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$ 348,450
    a Applied to 2014, but not more than line 2a  
    b Applied to undistributed income of prior years
    (Election required—see instructions).....
     
    c Treated as distributions out of corpus (Election
    required—see instructions)........
     
    d Applied to 2015 distributable amount..... 263,942
    e Remaining amount distributed out of corpus 84,508
    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 84,508
    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 ......
    84,508
    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.... 84,508
    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
    ALLIANCE THEATER
    1280 PEACHTREE STREET NE
    ATLANTA,GA30309
        CHARITABLE 1,500
    ALPHA EPSILON PHI
    11 LAKE AVENUE EXTENSION
    DANBURY,CT06811
        CHARITABLE 1,000
    AMERICAN JEWISH COMMITTEE
    1605 MAIN STREET
    SARASOTA,FL34236
        CHARITABLE 2,500
    ATLANTA BALLET
    1400 W PEACHTREE ST NW
    ATLANTA,GA303099651
        CHARITABLE 46,500
    ATLANTA HABITAT FOR HUMANITY
    519 MEMORIAL DRIVE SE
    ATLANTA,GA303122218
        CHARITABLE 1,000
    ATLANTA SYMPHONY ORCHESTRA
    1280 PEACHTREE ST NE
    ATLANTA,GA30309
        CHARITABLE 2,250
    BLUMENTHAL PERFORMING ARTS CENTER
    130 N TRYON STREET
    CHARLOTTE,NC28202
        CHARITABLE 3,500
    CATAWBA LAND CONSERVANCY
    105 WEST MOREHEAD ST
    CHARLOTTE,NC28202
        CHARITABLE 2,500
    CHARITY LEAGUE OF MARTINSVILLE
    PO BOX 3613
    MARTINSVILLE,VA24115
        CHARITABLE 1,000
    CHARLOTTE ARTS SCIENCE COUNCIL
    227 W TRADE STREET
    CHARLOTTE,NC28202
        CHARITABLE 1,000
    CHARLOTTE PREPARATORY SCHOOL
    212 BOYCE ROAD
    CHARLOTTE,NC28211
        CHARITABLE 2,000
    CHARLOTTE SYMPHONY ORCHESTRA
    TWO WELLS FARGO CENTER
    CHARLOTTE,NC28285
        CHARITABLE 2,500
    CHASTAIN PARK CONSERVANCY
    1001 POWERS FERRY RD
    ATLANTA,GA30342
        CHARITABLE 1,000
    CHATHAM HALL ANNUAL FUND
    800 CHATHAM HALL CIRCLE
    CHATHAM,VA245313085
        CHARITABLE 5,000
    CHILDREN'S HEALTHCARE OF ATLANTA
    1687 TULLIE CIRCLE
    ATLANTA,GA30329
        CHARITABLE 10,000
    COLON CANCER COALITION
    5666 LINCOLN DRIVE
    EDINA,MN55436
        CHARITABLE 2,500
    CORNELL UNIVERSITY ANNUAL FUND-ALS
    DAY HALL
    ITHACA,NY14853
        CHARITABLE 2,000
    ELON UNIVERSITY
    2600 CAMPUS BOX
    ELON,NC27244
        CHARITABLE 2,500
    FLORIDA STUDIO THEATRE
    1241 NORTH PALM AVENUE
    SARASOTA,FL34236
        CHARITABLE 30,000
    GULF COAST COMMUNITY FOUNDATION
    601 TAMIAMI TRAIL SOUTH
    VENICE,FL34285
        CHARITABLE 2,500
    JEWISH FAMILY CHILDREN'S SERVICES
    2688 FRUITVILLE RD
    SARASOTA,FL34237
        CHARITABLE 5,000
    LOAVES FISHES OF UNION COUNTY
    PO BOX 790
    MONROE,NC28111
        CHARITABLE 2,500
    NORTH CAROLINA STATE ANNUAL GIVING
    PO BOX 7001
    RALEIGH,NC27695
        CHARITABLE 1,000
    OPERA CAROLINA
    1600 ELIZABETH AVENUE
    CHARLOTTE,NC28204
        CHARITABLE 2,500
    PIEDMONT PARK CONSERVANCY
    PO BOX 7795
    ATLANTA,GA30357
        CHARITABLE 1,000
    ROCHESTER AREA COMMUNITY FOUNDATION
    500 EAST AVENUE
    ROCHESTER,NY14607
        CHARITABLE 3,000
    RON CLARK ACADEMY
    228 MARGARET ST
    ATLANTA,GA30315
        CHARITABLE 20,000
    SARASOTA BALLET
    5555 NORTH TAMIAMI TRAIL
    SARASOTA,FL34243
        CHARITABLE 75,000
    SARASOTA ORCHESTRA
    709 NORTH TAMIAMI TRAIL
    SARASOTA,FL34236
        CHARITABLE 5,000
    SECOND HARVEST FOOD BANK-METROLINAS
    500 B SPRATT STREET
    CHARLOTTE,NC28206
        CHARITABLE 2,500
    SIGMA ALPHA MU FOUNDATION
    9245 NORTH MERIDIAN
    INDIANAPOLIS,IN46260
        CHARITABLE 1,000
    SPCA OF MARTINSVILLE HENRY COUNTY
    132 JOSEPH MARTIN HIGHWAY
    MARTINSVILLE,VA24112
        CHARITABLE 2,500
    THE PARK SCHOOL OF BUFFALO
    4625 HARLEM RD
    BUFFALO,NY14226
        CHARITABLE 25,000
    THE SALVATION ARMY
    PO BOX 551
    MARTINSVILLE,VA24114
        CHARITABLE 500
    TREES ATLANTA
    96 POPLAR ST NW
    ATLANTA,GA30303
        CHARITABLE 1,250
    URBAN MINISTRY CENTER
    945 N COLLEGE STREET
    CHARLOTTE,NC28206
        CHARITABLE 3,000
    WAKE FOREST UNIVERSITY
    PO BOX 7227
    WINSTONSALEM,NC27199
        CHARITABLE 25,000
    WDAV DAVIDSON COLLEGE
    PO BOX 8990
    DAVIDSON,NC280358990
        CHARITABLE 1,200
    WEDDINGTON HIGH SCHOOL PTSO
    5903 DEAL ROAD
    MATTHEWS,NC28104
        CHARITABLE 500
    WEDU
    1300 NORTH BOULEVARD
    TAMPA,FL33607
        CHARITABLE 1,500
    WIND RIVER CANCER RETREATS PROGRA
    430 LARSEN LANE
    TRYON,NC28782
        CHARITABLE 3,500
    WUSF PUBLIC MEDIA
    PO BOX 917134
    ORLANDO,FL32891
        CHARITABLE 2,500
    YVETTE FARIS FOUNDATION
    3835 GROVESNER STREET
    HARRISBURG,NC28075
        CHARITABLE 5,000
    Total .................................bullet 3a 312,700
    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 ...........
            42,425
    4 Dividends and interest from securities....         110,460
    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 ............
            140,703
    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)..     293,588
    13Total. Add line 12, columns (b), (d), and (e)..................
    13293,588
    (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

    TY 2015 AccountingFeesSchedule
    Name:
    ELSTER FOUNDATION
    EIN:
    16-6054742
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING & TAX PREPARATION FEE 1,175 900   275

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

    TY 2015 GainLossSaleOtherAssetsSch
    Name:
    ELSTER FOUNDATION
    EIN:
    16-6054742
    Name Date Acquired How Acquired Date Sold Purchaser Name Gross Sales Price Basis Basis Method Sales Expenses Total (net) Accumulated Depreciation
    BAXALTA, INC. COM 2015-02 PURCHASE 2015-08   37,360 31,900     5,460  
    BAXTER INTL, INC 2015-02 PURCHASE 2015-08   38,916 39,354     -438  
    DEVON ENERGY CORP NEW 2014-09 PURCHASE 2015-08   45,271 70,287     -25,016  
    FIDELITY SHORT TERM BOND 2014-12 PURCHASE 2015-08   90,000 89,790     210  
    FIDELITY SHORT TERM BOND 2014-12 PURCHASE 2015-11   100,000 99,883     117  
    GOOGLE, INC CL C 2014-09 PURCHASE 2015-05   183 190     -7  
    AMERICAN EXPRESS CO 2013-09 PURCHASE 2015-05   52,445 51,248     1,197  
    CHEMOURS CO COM 2014-04 PURCHASE 2015-08   2,232 3,885     -1,653  
    COSTCO WHOLESALE CORP 2012-07 PURCHASE 2015-12   36,069 21,138     14,931  
    DOUBLELINE TOTAL RETURN BOND FD CL 1 2012-04 PURCHASE 2015-12   25,000 25,915     -915  
    DOVER CORP 2012-07 PURCHASE 2015-12   63,186 42,403     20,783  
    EMERSON ELECTRIC CO 2013-05 PURCHASE 2015-09   53,373 70,034     -16,661  
    PARAGIGM VALUE FUND 2013-08 PURCHASE 2015-02   17,670 24,000     -6,330  
    ABBVIE INC COM 1995-11 PURCHASE 2015-12   53,210 9,201     44,009  
    GROTON CITY CONN GO BDS SER 2011-12 PURCHASE 2015-02   50,000 50,000        
    INTL BUSINESS MACHINE 2008-12 PURCHASE 2015-09   8,689 4,804     3,885  
    INTL BUSINESS MACHINE 2010-01 PURCHASE 2015-09   52,134 45,328     6,806  
    JP MORGAN CHASE & CO SUB GLBL NT 2009-06 PURCHASE 2015-05   100,000 100,000        
    MCDONALDS CORP 2009-10 PURCHASE 2015-12   53,546 27,271     26,275  
    PARADIGM VALUE FUND 2007-03 PURCHASE 2015-02   133,190 136,916     -3,726  
    PARADIGM VALUE FUND 2009-06 PURCHASE 2015-02   39,738 29,941     9,797  

    TY 2015 InvestmentsCorpBondsSchedule
    Name:
    ELSTER FOUNDATION
    EIN:
    16-6054742
    Name of Bond End of Year Book Value End of Year Fair Market Value
    GOLDMAN SACHS GRP INC MTN BE 7.5% 02 116,002 116,343
    BARCLAYS BANK/DELAWARE 02.05000% 7/0 50,014 49,916
    DONNELLEY & SONS 6.125% 1/15/17 CLB 100,385 102,500
    DOUBLELINE FDS TR TTL RTN BD 1 169,895 161,398
    FID SHORT TERM BOND 289,560 288,593
    INTL BUSINESS MACHINES DEB 8.3 75% 1 51,619 61,827
    JP MORGAN CHASE BANK NA 0.0% 7/21/20 99,020 79,000
    JP MORGAN CHASE BANK NA 10.5% 4/10/2 150,020 126,960

    TY 2015 InvestmentsCorpStockSchedule
    Name:
    ELSTER FOUNDATION
    EIN:
    16-6054742
    Name of Stock End of Year Book Value End of Year Fair Market Value
    DODGE & COX INTERNATIONAL STOCK FUND 154,792 143,287
    OAKMARK INTERNATIONAL 140,598 148,745
    FEDERAL STRATEGIC VALUE CLASS I 152,536 165,141
    PRINCIPAL INVESTORS MID CAP BLEND FU 120,000 155,856
    GOLDMAN SACHS MID CAP VALUE-INSTL SH 168,189 179,799
    FEDERATED KAUFMANN SMALL CAP FUND CL 160,189 157,023
    ANHEUSER BUSCH 33,339 75,000
    INGREDION INC COM 75,651 105,424
    JM SMUCKER CO NEW 75,964 96,205
    KRAFT HEINZ CO COM 75,524 77,853
    COSTCO WHOLESALE CORP 30,533 52,488
    DISNEY WALT CO COM DISNEY 60,282 63,048
    FORD MOTOR COMPANY 80,220 69,041
    HSN INC 69,752 57,764
    MCDONALDS CORP INC 26,679 53,163
    EXXON MOBIL CORP COM 53,896 66,258
    KINDER MORGAN, INC 154,153 55,622
    SCHLUMBERGER LTD COM 72,822 48,825
    BERKSHIRE HATHAWAY INC DEL CL B NEW 33,969 62,059
    M & T BK CORP COM 69,998 80,342
    PORTFOLIO RECOVERY ASSOCS INC 52,539 34,690
    ROYAL BANK OF CANADA 76,561 62,153
    ABBOTT LABS COM 16,969 85,329
    ABBVIE INC COM 9,201 56,278
    DENTSPLY INTL INC (NEW) 71,036 91,275
    EXPRESS SCRIPTS INC 69,074 82,165
    NOVO-NORDISK A/S ADR CMN 59,760 100,188
    BOEING CO COM 73,002 78,079
    CORNING INC COM 61,415 65,808
    CUMMINS INC COM 69,192 48,406
    DANAHER CORP 61,394 109,691
    GENERAL ELECTRIC CO COM 73,493 93,450
    GRAHAM CORP COM 71,278 38,686
    SOUTHWEST AIRLS CO COM 54,304 71,695
    ALPHABET INC CAP STK CL C 69,357 91,066
    APPLE INC 42,981 81,050
    EMC CORP 53,973 55,212
    QUALCOM INC COM 70,170 43,737
    DUPONT E I DE NEMOURS & CO COM 72,283 74,925
    VERIZON COMMUNICATIONS 74,211 70,717
    VODAFONE GROUP NEW ADR F 64,235 40,454
    FPA CRESCENT INST SHARE 157,679 152,540

    TY 2015 OtherDecreasesSchedule
    Name:
    ELSTER FOUNDATION
    EIN:
    16-6054742
    Description Amount
    COST VS. MARKET VALUE DIFF 665,646


    TY 2015 OtherExpensesSchedule
    Name:
    ELSTER FOUNDATION
    EIN:
    16-6054742
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXPENSES        
    FIDELITY INVTMTS - ACCOUNT FE 116 116    
    NEW YORK STATE DEPT. OF LAW 250     250


    TY 2015 OtherProfessionalFeesSchedule
    Name:
    ELSTER FOUNDATION
    EIN:
    16-6054742
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT MANAGEMENT FEES 44,167 44,167    


    TY 2015 TaxesSchedule
    Name:
    ELSTER FOUNDATION
    EIN:
    16-6054742
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES PAID 2,193 2,193    
    NYS CORPORATION TAX 264 264