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
Frank E & Miriam Loveman
Foundation Inc
Number and street (or P.O. box number if mail is not delivered to street address)10711 Red Run Blvd No 101
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Owings Mills, MD21117
A Employer identification number

46-1662450
B Telephone number (see instructions)

(410) 356-2880
C bullet
G Check all that apply:

D 1. bullet
2. bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$8,364,644J 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)  
2 Check bullet Sch. B .............
3 Interest on savings and temporary cash investments 740 740  
4 Dividends and interest from securities... 168,203 168,203  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 139,016
b Gross sales price for all assets on line 6a 2,170,433
7 Capital gain net income (from Part IV, line 2)... 139,016
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........ 307,959 307,959  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 60,000 54,000   6,000
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment 1,372 0   1,372
b Accounting fees (attach schedule)....... Click to see attachment 7,150 3,575   3,575
c Other professional fees (attach schedule).... Click to see attachment 68,409 68,409   0
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 6,884 6,395   489
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 15 15   0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 143,830 132,394   11,436
25 Contributions, gifts, grants paid....... 410,000 410,000
26 Total expenses and disbursements. Add lines 24 and 25 553,830 132,394   421,436
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -245,871
b Net investment income (if negative, enter -0-) 175,565
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2015)
Form 990-PF (2015)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 141,810 157,467 157,467
2 Savings and temporary cash investments......... 2,295,028 335,450 335,450
3 Accounts receivable bullet7,780
Less: allowance for doubtful accounts bullet   3,019 7,780 7,780
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)....... 5,417,411 Click to see attachment7,110,696 7,117,267
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 900,000 Click to see attachment900,000 746,680
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) 8,757,268 8,511,393 8,364,644
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) Click to see attachment1,878 Click to see attachment1,874
23 Total liabilities (add lines 17 through 22)......... 1,878 1,874
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted..................    
25 Temporarily restricted...............    
26 Permanently restricted...............    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds........ 0 0
28 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
29 Retained earnings, accumulated income, endowment, or other funds 8,755,390 8,509,519
30 Total net assets or fund balances (see instructions)..... 8,755,390 8,509,519
31 Total liabilities and net assets/fund balances (see instructions). 8,757,268 8,511,393
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
8,755,390
2
Enter amount from Part I, line 27a .....................
2
-245,871
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
8,509,519
5
Decreases not included in line 2 (itemize) bullet
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
8,509,519
Form 990-PF (2015)
Form 990-PF (2015)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1 a 980 shs Agilent Technologies, Inc.   2013-11-14 2015-01-28
b 1530 shs Agilent Technologies, Inc.   2014-03-11 2015-01-28
c 1000 shs Health Care Reit, Inc.   2013-12-19 2015-01-30
d 1235 shs Health Care Reit, Inc.   2014-03-11 2015-01-30
e 900 shs Home Properties, Inc.   2013-11-14 2015-01-30
1292 shs Home Properties, Inc.   2014-03-11 2015-01-30
250,000 Monument Bank CD   2014-01-17 2015-01-17
482 shs Chemours Co., LLC   2013-11-14 2015-07-06
.4 sh Chemours Co., LLC   2015-04-08 2015-07-09
840 shs Dupont E I De Nemours   2015-09-24 2015-12-14
1993 shs Dupont E I De Nemours   2013-11-14 2015-12-14
2699 shs E M C Corp   2015-04-08 2015-10-26
4325 shs E M C Corp   2013-11-14 2015-10-21
686 shs Gilead Sciences Inc   2015-04-08 2015-12-07
1500 shs Gilead Sciences Inc   2014-06-13 2015-12-07
.70 sh Google Inc   2014-12-09 2015-05-06
810 shs Pentair PLC   2015-04-08 2015-09-23
1500 shs Pentair PLC   2014-06-13 2015-09-23
540 shs Precision Castparts Corp   2015-01-20 2015-08-10
1813 shs Realty Income Corporation   2014-03-11 2015-02-19
1250 shs Realty Income Corporation   2013-11-14 2015-02-19
1190 shs Royal Dutch Shell   2015-04-08 2015-06-03
1175 shs Royal Dutch Shell   2013-11-14 2015-06-03
410 shs Starbucks Corp   2014-06-13 2016-10-21
4698 shs Trinity Inds Inc   2015-01-27 2015-10-21
3000 shs Williams Cos Inc   2015-05-14 2015-06-22
(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 37,512   35,611 1,901
b 58,566   62,631 -4,065
c 82,954   51,745 31,209
d 102,449   78,893 23,556
e 64,203   50,363 13,840
92,167   80,048 12,119
250,000   250,000 0
7,636   8,135 -499
5   7 -2
56,596   48,517 8,079
134,280   123,485 10,795
70,875   70,100 775
113,573   109,968 3,605
70,589   70,266 323
154,352   120,977 33,375
391   371 20
41,341   49,552 -8,211
76,553   112,613 -36,060
124,774   110,495 14,279
95,085   78,930 16,155
65,558   49,917 15,641
71,218   79,724 -8,506
70,320   80,494 -10,174
24,835   15,315 9,520
123,172   133,746 -10,574
181,429   159,514 21,915
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       1,901
b       -4,065
c       31,209
d       23,556
e       13,840
      12,119
      0
      -499
      -2
      8,079
      10,795
      775
      3,605
      323
      33,375
      20
      -8,211
      -36,060
      14,279
      16,155
      15,641
      -8,506
      -10,174
      9,520
      -10,574
      21,915
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 2 139,016
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 283,048 9,083,152 0.031162
2013 30,936 5,373,697 0.005757
2012      
2011      
2010      
2
Total of line 1, column (d) .....................
20.036919
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
0.018460
4
Enter the net value of noncharitable-use assets for 2015 from Part X, line 5.....
4
8,930,474
5
Multiply line 4 by line 3......................
5
164,857
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
1,756
7
Add lines 5 and 6........................
7
166,613
8
Enter qualifying distributions from Part XII, line 4.............
8
421,436
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 1,756
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 1,756
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 1,756
6 Credits/Payments:
a 2015 estimated tax payments and 2014 overpayment credited to 2015 6a 500
b Exempt foreign organizations—tax withheld at source...... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 4,500
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 5,000
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8 1
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 3,243
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet3,243 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see Instructions
for definition)?.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
     
    No
    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)
    bulletMD
    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 ofbulletSamuel T Cohen Telephone no.bullet (410) 356-1000

    Located atbullet10711 Red Run Blvd Suite 101Owings MillsMD ZIP+4bullet21117
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.......bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16 At any time during calendar year 2015, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country?
    16   No
    See instructions for exceptions and filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If "Yes", enter the name of the foreign country bullet  
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?...............
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).......
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see instructions)? ........
    1b
     
     
    ........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2015?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2015, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2015?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?......................
    b
    If "Yes," did it have excess business holdings in 2015 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2015.)..................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2015?
    4b
     
    No
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (Continued)
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? (see instructions)................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see instructions)? ......
    5b
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    S Leonard Sollins President / Treasurer
    15.00     		60,000 0 0
    10711 Red Run Blvd Suite 101
    Owings Mills,MD21117
    Robert A Rombro Vice President
    2.00     		0 0 0
    One South Street Suite 1205
    Baltimore,MD21202
    Samuel T Cohen Secretary
    1.00     		0 0 0
    10711 Red Run Blvd Suite 101
    Owings Mills,MD21117
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1
     
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    7,714,429
    b
    Average of monthly cash balances.......................
    1b
    1,352,042
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    9,066,471
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    9,066,471
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    135,997
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    8,930,474
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    446,524
    Part XI
    Distributable Amount bullet
    1
    Minimum investment return from Part X, line 6....................
    1
    446,524
    2a
    Tax on investment income for 2015 from Part VI, line 5......
    2a
    1,756
    b
    Income tax for 2015. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    1,756
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    444,768
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    444,768
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    444,768
    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
    421,436
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    421,436
    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
    1,756
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    419,680
    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 7 444,768
    2 Undistributed income, if any, as of the end of 2015:
    a Enter amount for 2014 only....... 408,017
    b Total for prior years:20, 20, 20 0
    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........ 0
    4Qualifying distributions for 2015 from Part
    XII, line 4: bullet$ 421,436
    a Applied to 2014, but not more than line 2a 408,017
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2015 distributable amount..... 13,419
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2015. 0 0
    (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 0
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2014. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2016. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2015 ..........     		431,349
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8Excess distributions carryover from 2010 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2016.
    Subtract lines 7 and 8 from line 6a ......     		0
    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....  
    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 e-mail address of the person to whom applications should be addressed:
    Samuel T Cohen
    10711 Red Run Blvd Suite 101
    Owings Mills,MD211175138
    (410) 356-1000
    bThe form in which applications should be submitted and information and materials they should include:
    No specific form
    cAny submission deadlines:
    None
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    None
    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
    B'nai Israel Synagogue
    27 Lloyd Street
    Baltimore,MD21202     		  Public General Fund 25,000
    Baltimore Museum of Art
    10 Art Museum Drive
    Baltimore,MD21218     		  Public Capital Campaign 2,000
    Baltimore Symphony Orchestra
    1212 Cathedral Street
    Baltimore,MD21201     		  Public Education 10,000
    Bikur Cholim of Baltimore Inc
    2808 Steele Road
    Baltimore,MD21209     		  Public Aid to the Infirmed 2,500
    Center for Urban Families
    2201 N Monroe Street
    Baltimore,MD21217     		  Public Aid to Low Income Families 82,000
    Itineris - Baltimore
    2050-A Rockrose Avenue
    Baltimore,MD21211     		  Public Aid to Adults with Autism 50,000
    Light of Truth Center Inc
    2308 Kyle Court
    Baltimore,MD21244     		  Public Aid to Women in Recovery 12,500
    Maryland School for the Blind
    3501 Taylor Avenue
    Baltimore,MD21236     		  Public Aid to the Blind 5,000
    Thread The New Social Fabric
    PO Box 1584
    Baltimore,MD21203     		  Public Education 50,000
    University of Maryland Baltimore Foundation
    525 West Redwood Street
    Baltimore,MD21201     		  Public Support Needy Families 50,000
    University of Maryland Baltimore Foundation
    655 West Lombard Street Room 390
    Baltimore,MD21201     		  Public Medical Research 12,500
    Damon Runyan Cancer Research Foundation
    55 Broadway Suite 302
    New York,NY10006     		  Public Medical Research 3,000
    House of Ruth
    2201 Argonne Drive
    Baltimore,MD21218     		  Public Aid to Battered Women 1,500
    Stupid Cancer
    40 Worth Street
    New York,NY10013     		  Public Aid to young adult cancer patients 2,000
    Baltimore Community Foundation
    2 E Read Street
    Baltimore,MD21202     		  Public General 25,000
    The Family Tree
    2108 North Charles Street
    Baltimore,MD21218     		  Public Prevention of Child Abuse 2,500
    Enoch Pratt Free Library
    400 Cathedral Street
    Baltimore,MD21201     		  Public Education 2,000
    Comprehensive Housing Assistance Inc
    5809 Park Heights Avenue
    Baltimore,MD21215     		  Public Support of Jewish Communities 20,000
    Fund for Educational Excellence
    800 N Charles Street Suite 400
    Baltimore,MD21201     		  Public Improve Student achievment in Baltimore City Schools 7,500
    Living Classrooms Foundation
    1417 Thames Street
    Baltimore,MD21231     		  Public Education & Job Training 10,000
    The Maryland Zoo in Baltimore
    1876 Mansion House Drive
    Baltimore,MD21217     		  Public General 10,000
    TurnAround Inc
    401 Washington Avenue Suite 300
    Baltimore,MD21204     		  Public Aid to Domestic assult victims 12,500
    U S Lacrosse
    113 W University Parkway
    Baltimore,MD21210     		  Public Athletic aid 12,500
    Total .................................bullet 3a 410,000
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3
    Interest on savings and temporary cash investments ...........     		    14 740  
    4 Dividends and interest from securities....     14 168,203  
    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 ............     		    18 139,016  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 307,959 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13307,959
    (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:
    Frank E & Miriam Loveman
     
    Foundation Inc
    EIN:
    46-1662450
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Glass Jacobson, P.A. 7,150 3,575   3,575

    TY 2015 InvestmentsCorpStockSchedule
    Name:
    Frank E & Miriam Loveman
     
    Foundation Inc
    EIN:
    46-1662450
    Name of Stock End of Year Book Value End of Year Fair Market Value
    1500 shs A C E Limited 151,172 175,275
    4415 shs Abbott Laboratories 180,581 198,278
    289 shs Alphabet Inc 155,125 219,316
    2270 shs American Express Co 175,085 157,879
    3441 shs American International Group 180,233 213,239
    2121 shs Anadarko Petroleum Corp 180,449 103,038
    1973 shs Apple Inc 178,965 207,678
    1256 shs Berkshire Hathaway Inc Cl B 177,928 165,842
    2614 shs BOK Financial Corp 169,889 156,291
    3295 shs Bristol-Myers Squibb Co 181,693 226,663
    7693 shs Broadstone Net Lease Inc 459,822 569,282
    2384 shs Capital One Financial Corp 180,076 172,077
    1643 shs Chevron Corp 178,881 147,804
    3756 shs Citigroup, Inc 184,224 194,373
    4248 shs Coach, Inc. 173,391 139,037
    9446 shs Corning Inc 179,539 172,673
    2288 shs CVS Health Corp 179,695 223,698
    2276 shs Danaher Corp 181,070 211,395
    6908 shs General Electric Co 179,517 215,184
    4000 shs Gladstone Cap 6.75% Pfd 100,000 97,367
    1047 shs Goldman Sachs Group Inc 181,502 188,701
    3746 shs Halliburton Hldg Co. 171,231 127,514
    4000 shs ISTAR Financial Pfd 7.80% 91,842 92,400
    1038 shs International Business Machines Corp 177,137 142,850
    1872 shs Johnson & Johnson 181,615 192,292
    5175 shs Kinder Morgan Inc 181,424 77,211
    1753 shs Macquarie Infrastructure Corp 136,956 127,268
    10000 shs Medical Properties Trust Inc 116,473 115,100
    4959 shs Mondelez International Inc 179,922 222,362
    1667 shs Monsanto Company 182,975 164,233
    9718 shs New Sr Invt Group Inc 145,565 95,819
    2247 shs Procter & Gamble Co 182,037 178,434
    4053 shs Starbucks Corp 167,030 243,302
    7041 shs Stonecastle Financial Corp 145,888 114,768
    7547 shs Trinity Biotech PLC 124,939 88,753
    1880 shs Union Pacific Corp 162,065 147,016
    5549 shs United Bankshares Inc 181,681 205,258
    1645 shs United Technologies Corp 180,270 158,035
    4011 shs Verizon Communications 195,183 185,388
    4000 shs XPO Logistics Inc 114,764 109,000
    2398 shs Yum! Brands Inc 182,862 175,174

    TY 2015 InvestmentsOtherSchedule2
    Name:
    Frank E & Miriam Loveman
     
    Foundation Inc
    EIN:
    46-1662450
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    9171.608 shs Driehaus Emerging Markets Growth Fd AT COST 300,000 243,323
    26367.58 shs Hancock Horizon Diversified Int'l Fd AT COST 600,000 503,357

    TY 2015 LegalFeesSchedule
    Name:
    Frank E & Miriam Loveman
     
    Foundation Inc
    EIN:
    46-1662450
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Robert A. Rombro, P.A. 1,372 0   1,372


    TY 2015 OtherExpensesSchedule
    Name:
    Frank E & Miriam Loveman
     
    Foundation Inc
    EIN:
    46-1662450
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Bank Charge 15 15   0


    TY 2015 OtherLiabilitiesSchedule
    Name:
    Frank E & Miriam Loveman
     
    Foundation Inc
    EIN:
    46-1662450
    Description Beginning of Year - Book Value End of Year - Book Value
    Payroll Taxes Payable 1,878 1,874


    TY 2015 OtherProfessionalFeesSchedule
    Name:
    Frank E & Miriam Loveman
     
    Foundation Inc
    EIN:
    46-1662450
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    United Capital 68,409 68,409   0


    TY 2015 TaxesSchedule
    Name:
    Frank E & Miriam Loveman
     
    Foundation Inc
    EIN:
    46-1662450
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Foreign Taxes Withheld 1,068 1,068   0
    Payroll Taxes 4,895 4,406   489
    2014 Fed Excise Tax 421 421   0
    2015 Fed Excise Tax 500 500   0