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
BUTLER CONSERVATION FUND INC
 
Number and street (or P.O. box number if mail is not delivered to street address)60 CUTTER MILL ROAD SUITE 212
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
GREAT NECK, NY11021
A Employer identification number

04-3032409
B Telephone number (see instructions)

(212) 303-0214
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$134,403,458J 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      
4 Dividends and interest from securities... 1,708,353 1,708,353  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 2,597,324
b Gross sales price for all assets on line 6a  
7 Capital gain net income (from Part IV, line 2)... 2,597,324
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 2,606 2,606  
12 Total. Add lines 1 through 11........ 4,308,283 4,308,283  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 70,732 0   70,732
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment 137,544 68,772   68,772
b Accounting fees (attach schedule)....... Click to see attachment 71,765 35,883   35,882
c Other professional fees (attach schedule).... Click to see attachment 1,755,064 1,647,646   107,418
17 Interest............... 10,187 10,187   0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 1,852,472 361,384   9,555
19 Depreciation (attach schedule) and depletion...      
20 Occupancy.............. 49,483 12,371   37,112
21 Travel, conferences, and meetings....... 261,323 0   261,323
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 1,777,943 491,560   1,286,383
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 5,986,513 2,627,803   1,877,177
25 Contributions, gifts, grants paid....... 5,527,616 5,527,616
26 Total expenses and disbursements. Add lines 24 and 25 11,514,129 2,627,803   7,404,793
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -7,205,846
b Net investment income (if negative, enter -0-) 1,680,480
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............. 53,096,987 78,224,829 78,224,829
2 Savings and temporary cash investments.........      
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.......... 32,914 32,914 32,914
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 78,839,962 Click to see attachment32,653,958 32,653,958
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).......... 28,827,986 Click to see attachment18,952,873 18,952,873
14 Land, buildings, and equipment: basis bullet1,130,732
Less: accumulated depreciation (attach schedule) bullet   1,104,230 1,130,732 1,130,732
15 Other assets (describe bullet) Click to see attachment160,336 Click to see attachment3,408,152 Click to see attachment3,408,152
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 162,062,415 134,403,458 134,403,458
Liabilities 17 Accounts payable and accrued expenses.......... 16,172 19,456
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)......... 16,172 19,456
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted.................. 162,046,243 134,384,002
25 Temporarily restricted...............    
26 Permanently restricted...............    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds........    
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds    
30 Total net assets or fund balances (see instructions)..... 162,046,243 134,384,002
31 Total liabilities and net assets/fund balances (see instructions). 162,062,415 134,403,458
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
162,046,243
2
Enter amount from Part I, line 27a .....................
2
-7,205,846
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
154,840,397
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
20,456,395
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
134,384,002
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 REALIZED GAIN/(LOSS) P    
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       2,597,324
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       2,597,324
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 2,597,324
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 7,509,366 162,961,394 0.046081
2013 6,868,286 150,824,435 0.045538
2012 5,681,994 137,674,650 0.041271
2011 4,682,757 131,165,212 0.035701
2010 4,276,567 100,942,582 0.042366
2
Total of line 1, column (d) .....................
20.210957
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
0.042191
4
Enter the net value of noncharitable-use assets for 2015 from Part X, line 5.....
4
144,477,680
5
Multiply line 4 by line 3......................
5
6,095,658
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
16,805
7
Add lines 5 and 6........................
7
6,112,463
8
Enter qualifying distributions from Part XII, line 4.............
8
7,404,793
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 16,805
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 16,805
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 16,805
6 Credits/Payments:
a 2015 estimated tax payments and 2014 overpayment credited to 2015 6a 97,716
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 97,716
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. Click to see attachment 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 80,911
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet20,000 RefundedBullet 11 60,911
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
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletMA
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2015 or the taxable year beginning in 2015 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see instructions) .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement (see instructions).................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletBLACK RIVER MANAGEMENT CO Telephone no.bullet (212) 303-0214

    Located atbullet60 CUTTER MILL RD STE 214GREAT NECKNY ZIP+4bullet11021
    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?
    16Yes  
    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 bulletCA
    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
     
    No
    ........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
     
    No
    .........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). Click to see attachment
    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
    GILBERT BUTLER PRES./TREAS./DIR.
    5.00     		0 0 0
    C/O BUTLER CONSERVATION FUND 60
    CUTTER MILL ROAD STE 212
    GREAT NECK,NY11021
    CHRISTOPHER ELLIMAN VICE PRESIDENT/DIRECTOR
    0.50     		0 0 0
    C/O BUTLER CONSERVATION FUND 60
    CUTTER MILL ROAD STE 212
    GREAT NECK,NY11021
    ANTHONY P GRASSI CHAIRMAN/DIRECTOR
    1.00     		0 0 0
    C/O BUTLER CONSERVATION FUND 60
    CUTTER MILL ROAD STE 212
    GREAT NECK,NY11021
    PETER LEHNER DIRECTOR
    0.50     		0 0 0
    C/O BUTLER CONSERVATION FUND 60
    CUTTER MILL ROAD STE 212
    GREAT NECK,NY11021
    DANA BEACH DIRECTOR
    3.00     		70,732 0 0
    C/O BUTLER CONSERVATION FUND 60
    CUTTER MILL ROAD STE 212
    GREAT NECK,NY11021
    KRISTINE TOMPKINS DIRECTOR
    0.50     		0 0 0
    C/O BUTLER CONSERVATION FUND 60
    CUTTER MILL ROAD STE 212
    GREAT NECK,NY11021
    TOMER INBAR SECRETARY
    5.00     		0 0 0
    C/O BUTLER CONSERVATION FUND 60
    CUTTER MILL ROAD STE 212
    GREAT NECK,NY11021
    DHRUVIKA PATEL AMIN VP OF FINANCE & ADMIN
    5.00     		0 0 0
    C/O BUTLER CONSERVATION FUND 60
    CUTTER MILL ROAD STE 212
    GREAT NECK,NY11021
    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
    BLACK RIVER MANAGEMENT CO ADVISORY SERVICES/ADMINISTRATIVE 1,246,037
    60 CUTTER MILL ROAD STE 214
    GREAT NECK,NY11021
    PATTERSON BELKNAP WEBB & TYLER LEGAL 140,324
    1133 AVENUE OF THE AMERICAS
    NEW YORK,NY10036
    DANA BEACH CONSULTING FEES 70,732
    60 CUTTER MILL ROAD STE 212
    GREAT NECK,NY11021
    GRASSI & CO ACCOUNTING FEES 45,381
    488 MADISON AVENUE
    NEW YORK,NY10022
    VULCAN VALUE PARTNERS INVESTMENT MANAGEMENT FEES 34,871
    2801 HIGHWAY 380 SOUTH STE 300
    BIRMINGHAM,AL35223
    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
    146,556,309
    b
    Average of monthly cash balances.......................
    1b
    121,539
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    146,677,848
    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
    146,677,848
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    2,200,168
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    144,477,680
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    7,223,884
    Part XI
    Distributable Amount bullet
    1
    Minimum investment return from Part X, line 6....................
    1
    7,223,884
    2a
    Tax on investment income for 2015 from Part VI, line 5......
    2a
    16,805
    b
    Income tax for 2015. (This does not include the tax from Part VI.)...
    2b
    1,883,069
    c
    Add lines 2a and 2b............................
    2c
    1,899,874
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    5,324,010
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    5,324,010
    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
    5,324,010
    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
    7,404,793
    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
    7,404,793
    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
    16,805
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    7,387,988
    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 5,324,010
    2 Undistributed income, if any, as of the end of 2015:
    a Enter amount for 2014 only....... 6,029,260
    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$ 7,404,793
    a Applied to 2014, but not more than line 2a 6,029,260
    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..... 1,375,533
    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 ..........     		3,948,477
    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).)
    GILBERT BUTLER
    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
    ADIRONDACK COUNCIL
    103 HAND AVENUE SUITE 3
    ELIZABETHTOWN,NY12932     		NONE PUBLIC CHARITY ENVIRONMENTAL 10,000
    ADIRONDACK EXPLORER - GET THE WORD OUT
    36 CHURCH STREET
    SARANAC LAKE,NY12983     		NONE PUBLIC CHARITY ENVIRONMENTAL 2,000
    ALLAGASH WILDERNESS WATERWAY FOUNDATION
    PO BOX 1211
    BATH,ME04530     		NONE PUBLIC CHARITY ENVIRONMENTAL 19,500
    AMERICAN RIVERS
    1101 14TH STREET NW SUITE 1400
    WASHINGTON,DC20005     		NONE PUBLIC CHARITY ENVIRONMENTAL 145,788
    APPALACHIAN MOUNTAIN CLUB
    5 JOY STREET
    BOSTON,MA02108     		NONE PUBLIC CHARITY ENVIRONMENTAL 25
    AUDUBON - SOUTH CAROLINA
    336 SANCTUARY ROAD
    HARLEYVILLE,SC29448     		NONE PUBLIC CHARITY ENVIRONMENTAL 4,000
    BANCO DE BOSQUES
    LA PAMPA 3285 PISO 5
    BUENOS AIRES    
    AR     		NONE FOREIGN CHARITY ENVIRONMENTAL 100,000
    BARNSTABLE LAND TRUST
    PO BOX 224
    CONTUIT,MA02635     		NONE PUBLIC CHARITY ENVIRONMENTAL 6,250
    BUTLER OUTDOOR EDUCATION FUND
    60 CUTTER MILL ROAD SUITE 214
    GREAT NECK,NY11021     		NONE PRIVATE FOUNDATION ENVIRONMENTAL 1,626,500
    CENTER FOR HUMANS AND NATURE
    20 N WACKER DRIVE SUITE 2807
    CHICAGO,IL60606     		NONE PUBLIC CHARITY ENVIRONMENTAL 5,000
    COASTAL CONSERVATION LEAGUE
    328 EAST BAY STREET
    CHARLESTON,SC29402     		NONE PUBLIC CHARITY ENVIRONMENTAL 100,000
    CONSERVATION LAND TRUST ARGENTINA
    1606 UNION STREET
    SAN FRANCISCO,CA94123     		NONE PUBLIC CHARITY ENVIRONMENTAL 88,785
    CONSERVATION LAW FOUNDATION
    62 SUMMER STREET
    BOSTON,MA02110     		NONE PUBLIC CHARITY ENVIRONMENTAL 15,000
    CRANE TRUST
    6611 WHOOPING CRANE DRIVE
    WOOD RIVER,NE68883     		NONE PUBLIC CHARITY ENVIRONMENTAL 2,000
    DOWNEAST COASTAL CONSERVANCY
    PO BOX 760
    MACHIAS,ME04654     		NONE PUBLIC CHARITY ENVIRONMENTAL 133,062
    ENVIRONMENTAL DEFENSE FUND
    301 CONGRESS AVENUE SUITE 1300
    AUSTIN,TX78701     		NONE PUBLIC CHARITY ENVIRONMENTAL 45,000
    FOUR CORNERS SCHOOL OF OUTDOOR EDUCATION
    PO BOX 1029
    MONTICELLO,UT84535     		NONE PUBLIC CHARITY ENVIRONMENTAL 100,000
    FRIENDS OF ACADIA
    PO BOX 45
    BAR HARBOR,ME04069     		NONE PUBLIC CHARITY ENVIRONMENTAL 5,000
    GREENPEACE FUND INC
    702 H STREET NW SUITE 300
    WASHINGTON,DC20001     		NONE PUBLIC CHARITY ENVIRONMENTAL 101,000
    LAND TRUST ALLIANCE
    1660 L STREET NW SUITE 1100
    WASHINGTON,DC20036     		NONE PUBLIC CHARITY ENVIRONMENTAL 62,500
    LEGACY LAND TRUST
    223 LINDEN STREET SUITE 200
    FORT COLLINS,CO80524     		NONE PUBLIC CHARITY ENVIRONMENTAL 6,250
    LEWA WILDLIFE CONSERVANCY USA
    495 MILLER AVENUE SUITE 301
    MILL VALLEY,CA94941     		NONE PUBLIC CHARITY ENVIRONMENTAL 3,500
    LIGHTHAWK
    PO BOX 2710
    TELLURIDE,CO81435     		NONE PUBLIC CHARITY ENVIRONMENTAL 6,250
    LOW COUNTRY OPEN LAND TRUST
    80 ALEXANDER STREET
    CHARLESTON,SC29403     		NONE PUBLIC CHARITY ENVIRONMENTAL 10,000
    MAINE COAST HERITAGE TRUST
    1 BOWDOIN MILLS ISLAND SUITE 201
    TOPSHAM,ME04086     		NONE PUBLIC CHARITY ENVIRONMENTAL 35,000
    MOHONK PRESERVE
    PO BOX 715
    NEW PALTZ,NY12561     		NONE PUBLIC CHARITY ENVIRONMENTAL 33,335
    NATIONAL PARKS OF NEW YORK HARBOR CONSERVANCY
    26 WALL STREET
    NEW YORK,NY10005     		NONE PUBLIC CHARITY ENVIRONMENTAL 5,000
    NATURAL RESOURCES COUNCIL OF MAINE
    3 WADE STREET
    AUGUSTA,ME04330     		NONE PUBLIC CHARITY ENVIRONMENTAL 10,000
    NATURAL RESOURCES DEFENSE COUNCIL
    40 WEST 20TH STREET
    NEW YORK,NY10068     		NONE PUBLIC CHARITY ENVIRONMENTAL 200,000
    NATURE CONSERVANCY
    PO BOX 65
    KEENE VALLEY,NY12943     		NONE PUBLIC CHARITY ENVIRONMENTAL 688,969
    NEW ENGLAND FORESTRY FOUNDATION
    32 FOSTER STREET
    LITTLETON,MA01460     		NONE PUBLIC CHARITY ENVIRONMENTAL 3,600
    NEW YORK BOTANICAL GARDEN
    2900 SOUTHERN BOULEVARD
    BRONX,NY10458     		NONE PUBLIC CHARITY ENVIRONMENTAL 10,000
    ONE HUNDRED MILES
    PO BOX 2056
    BRUNSWICK,GA31521     		NONE PUBLIC CHARITY ENVIRONMENTAL 25,000
    OPEN SPACE INSTITUTE
    1350 BROADWAY SUITE 201
    NEW YORK,NY10018     		NONE PUBLIC CHARITY ENVIRONMENTAL 973,273
    PENOBSCOT NATION
    12 WABANAKI WAY
    INDIAN ISLAND,ME04468     		NONE PUBLIC CHARITY ENVIRONMENTAL 30,250
    SHEEPSCOT WELLSPRING LAND ALLIANCE
    PO BOX 371
    LIBERTY,ME04949     		NONE PUBLIC CHARITY ENVIRONMENTAL 25,000
    SOUTH CAROLINA ENVIRONMENTAL LAW PROJECT
    902 NORTH ST
    BEAUFORT,SC29902     		NONE PUBLIC CHARITY ENVIRONMENTAL 10,000
    SOUTHERN ENVIRONMENTAL LAW CENTER
    201 WEST MAIN STREET SUITE 14
    CHARLOTTESVILLE,VA22902     		NONE PUBLIC CHARITY ENVIRONMENTAL 110,000
    SOUTHERN UTAH WILDERNESS ALLIANCE (SUWA)
    425 EAST 100
    S SALT LAKE CITY,UT84111     		NONE PUBLIC CHARITY ENVIRONMENTAL 5,000
    TREASURER OF THE STATE OF MAINE DEPARTMENT OF AGRICULTURE
    106 HOGAN ROADSUITE 7
    BANGOR,ME04401     		NONE PUBLIC CHARITY ENVIRONMENTAL 15,000
    TUG HILL TOMORROW LAND TRUST
    PO BOX 6063
    WATERTOWN,NY13601     		NONE PUBLIC CHARITY ENVIRONMENTAL 5,000
    UNIVERSITY OF SANTA CRUZ
    1156 HIGH STREET
    SANTA CRUZ,CA95064     		NONE PUBLIC CHARITY ENVIRONMENTAL 106,383
    WATERKEEPER ALLIANCE
    50 S BUCKHOUT STREET SUITE 302
    IRVINGTON,NY10533     		NONE PUBLIC CHARITY ENVIRONMENTAL 60,000
    WEST HIGHLAND COASTAL TRUST
    50 LOTHIAN ROAD FESTIVAL SQUARE
    EDINBURH   EH39WJ
    UK     		NONE FOREIGN CHARITY ENVIRONMENTAL 51,388
    WILDERNESS SOCIETY
    1615 M STREET NW
    WASHINGTON,DC20036     		NONE PUBLIC CHARITY ENVIRONMENTAL 20,000
    WILDLIFE CONSERVATION SOCIETY
    2300 SOUTHERN BOULEVARD
    BRONX,NY10460     		NONE PUBLIC CHARITY ENVIRONMENTAL 362,800
    WORLD MONUMENTS FUND
    350 FIFTH AVENUE STE 2412
    NEW YORK,NY10118     		NONE PUBLIC CHARITY ENVIRONMENTAL 145,208
    Total .................................bullet 3a 5,527,616
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3
    Interest on savings and temporary cash investments ...........     		         
    4 Dividends and interest from securities....     14 1,708,353  
    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.....     15 2,606  
    8
    Gain or (loss) from sales of assets other than inventory ............     		    18 2,597,324  
    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 4,308,283 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    134,308,283
    (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:
    BUTLER CONSERVATION FUND INC
    EIN:
    04-3032409
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 71,765 35,883   35,882

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

    TY 2015 ExpenditureResponsibilityStmt
    Name:
    BUTLER CONSERVATION FUND INC
    EIN:
    04-3032409
    Grantee's Name Grantee's Address Grant Date Grant Amount Grant Purpose Amount Expended By Grantee Any Diversion By Grantee? Dates of Reports By Grantee Date of Verification Results of Verification
    BUTLER OUTDOOR EDUCATION FUND
          		60 CUTTER MILL ROAD SUITE 214
    GREAT NECK,NY11021     		2015-12-31 1,626,500 TO FUND OUTDOOR EDUCATION FOR SCHOOL AGED CHILDREN IN MAINE, UPSTATE NEW YORK, AND SOUTH CAROLINA   TO THE FOUNDATION'S KNOWLEDGE, THE GRANTEE HAS NOT DIVERTED ANY PORTION 05/15/2016 2016-05-15 ON MAY 15, 2016, THE GRANTEE PROVIDED THE FOUNDATION WITH A FINAL REPORT WITH RESPECT TO ALL EXPENDITURES MADE FROM THE GRANT FUNDS AND INDICATING THE PROGRESS MADE TOWARD THE GOALS OF THE GRANT.
    WEST HIGHLAND COASTAL TRUST
          		50 LOTHIAN ROAD FESTIVAL SQUARE
    EDINBURGH   EH39WJ
    UK     		2015-12-31 51,388 TO FUND CONSERVATION ACTIVITIES IN SCOTLAND   TO THE FOUNDATION'S KNOWLEDGE, THE GRANTEE HAS NOT DIVERTED ANY PORTION 05/15/2016 2016-05-15 ON MAY 15, 2016, THE GRANTEE PROVIDED THE FOUNDATION WITH A FINAL REPORT WITH RESPECT TO ALL EXPENDITURES MADE FROM THE GRANT FUNDS AND INDICATING THE PROGRESS MADE TOWARD THE GOALS OF THE GRANT.
    BANCO DE BOSQUES
          		LA PAMPA 3285 PISO 5
    BUENOS AIRES    
    AR     		2015-12-31 100,000 TO FUND CONSERVATION ACTIVITIES IN ARGENTINA.   TO THE FOUNDATION'S KNOWLEDGE, THE GRANTEE HAS NOT DIVERTED ANY PORTION 05/15/16 2016-05-15 ON MAY 15, 2016, THE GRANTEE PROVIDED THE FOUNDATION WITH A FINAL REPORT WITH RESPECT TO ALL EXPENDITURES MADE FROM THE GRANT FUNDS AND INDICATING THE PROGRESS MADE TOWARD THE GOALS OF THE GRANT.

    TY 2015 InvestmentsCorpStockSchedule
    Name:
    BUTLER CONSERVATION FUND INC
    EIN:
    04-3032409
    Name of Stock End of Year Book Value End of Year Fair Market Value
    MASTER LIMITED PARTNERSHIPS 26,988,365 26,988,365
    OTHER INVESTMENTS 3,726,943 3,726,943
    GLOBAL HIGH YIELD SECURITIES/ETF 1,435,743 1,435,743
    GOLD HOLDINGS SECURITIES 502,907 502,907

    TY 2015 InvestmentsOtherSchedule2
    Name:
    BUTLER CONSERVATION FUND INC
    EIN:
    04-3032409
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    PARTNERSHIP INVESTMENTS & MONEY MANAGERS FMV 18,952,873 18,952,873

    TY 2015 LegalFeesSchedule
    Name:
    BUTLER CONSERVATION FUND INC
    EIN:
    04-3032409
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 137,544 68,772   68,772


    TY 2015 OtherAssetsSchedule
    Name:
    BUTLER CONSERVATION FUND INC
    EIN:
    04-3032409
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    SECURITY DEPOSIT - GREAT NECK 7,308 7,308 7,308
    RECEIVABLE FROM BROKERS 90,747 20,839 20,839
    INTEREST RECEIVABLE 5,159 4,980 4,980
    OTHER RECEIVABLE 57,122 1,416 1,416
    INVESTMENTS REDEMPTION RECEIVABLE   3,373,609 3,373,609


    TY 2015 OtherDecreasesSchedule
    Name:
    BUTLER CONSERVATION FUND INC
    EIN:
    04-3032409
    Description Amount
    UNREALIZED GAIN/(LOSS) ON INVESTMENTS 20,456,395


    TY 2015 OtherExpensesSchedule
    Name:
    BUTLER CONSERVATION FUND INC
    EIN:
    04-3032409
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    OFFICE EXPENSES 69,931 34,966   34,965
    BANK FEES 873 873   0
    CHARITABLE RELATED EXPENSES 11,360 0   11,360
    LANDSCAPE CONSERVATION PROJECT EXPENSES 1,240,058 0   1,240,058
    INVESTMENT EXPENSES FROM PASS THRU ENTITIES 455,721 455,721   0


    TY 2015 OtherIncomeSchedule2
    Name:
    BUTLER CONSERVATION FUND INC
    EIN:
    04-3032409
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    ROYALTY FROM PASSTHROUGH ENTITIES 2,606 2,606 2,606


    TY 2015 OtherProfessionalFeesSchedule
    Name:
    BUTLER CONSERVATION FUND INC
    EIN:
    04-3032409
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT FEES 1,631,437 1,631,437   0
    OTHER PROFESSIONAL FEES 123,627 16,209   107,418


    TY 2015 TaxesSchedule
    Name:
    BUTLER CONSERVATION FUND INC
    EIN:
    04-3032409
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 361,384 361,384   0
    PROPERTY TAX 9,555 0   9,555
    FEDERAL EXCISE TAXES 65,395 0   0
    FEDERAL UNRELATED BUSINESS TAX 1,416,138 0   0