TY 2015 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Trust Treated as Private Foundation

Do not enter social security numbers on this form as it may be made public.
bullet

Information 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
GALEN COLE FAMILY FOUNDATION

Number and street (or P.O. box number if mail is not delivered to street address)359 PERRY ROAD
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
BANGOR, ME04401

A Employer identification number

23-7425774

B Telephone number (see instructions)

(207) 262-9910

C If exemption application is pending, check here bullet

G Check all that apply: Initial returnInitial return of a former public charity
Final returnAmended return
Address changeName change

D 1. Foreign organizations, check here ............. bullet

2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet

E If private foundation status was terminated
under section 507(b)(1)(A), check here ....... bullet

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trustOther taxable private foundation

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here ....... bullet

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) bullet

$26,872,765J Accounting method: Cash Accrual
Other (specify)MODIFIED CASH
(Part I, column (d) must be on cash basis.)

	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)


1	Contributions, gifts, grants, etc., received (attach schedule)		1,690
2	Check Sch. B .............
3	Interest on savings and temporary cash investments		114		114	114
4	Dividends and interest from securities...		341,743		341,743	341,743
5a	Gross rents............		18,000		18,000	18,000
b	Net rental income or (loss) 18,000
6a	Net gain or (loss) from sale of assets not on line 10			1,599,367
b	Gross sales price for all assets on line 6a 5,404,463
7	Capital gain net income (from Part IV, line 2)...				1,599,367
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances	9,962
b	Less: Cost of goods sold....	6,297
c	Gross profit or (loss) (attach schedule).....			3,665		3,665
11	Other income (attach schedule).......			49,965		49,965
12	Total. Add lines 1 through 11........		2,014,544		1,959,224	413,487
13	Compensation of officers, directors, trustees, etc.		99,840				99,840
14	Other employee salaries and wages......		138,095				138,095
15	Pension plans, employee benefits.......		70,896				70,896
16a	Legal fees (attach schedule).........			2,469			2,469
b	Accounting fees (attach schedule).......			6,403	1,600		4,803
c	Other professional fees (attach schedule)....			13,968			13,968
17	Interest...............
18	Taxes (attach schedule) (see instructions)...			10,810			2,810
19	Depreciation (attach schedule) and depletion...			60,064
20	Occupancy..............		45,558				45,558
21	Travel, conferences, and meetings.......		2,310				2,310
22	Printing and publications..........		4,295				4,295
23	Other expenses (attach schedule).......			540,313	64,270	53,630	476,043
24	Total operating and administrative expenses.
	Add lines 13 through 23..........		995,021		65,870	53,630	861,087
25	Contributions, gifts, grants paid.......		0				0
26	Total expenses and disbursements. Add lines 24 and 25		995,021		65,870	53,630	861,087
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements		1,019,523
b	Net investment income (if negative, enter -0-)				1,893,354
c	Adjusted net income (if negative, enter -0-)...					359,857

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2015)

Form 990-PF (2015)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............	84,496	56,171	56,171
	2	Savings and temporary cash investments.........	3,568	670,046	670,046
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	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)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............	41,821	37,731	37,731
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	20,267,320	20,701,270	23,297,556
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis 228,979
		Less: accumulated depreciation (attach schedule)	228,979	228,979	182,000
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........
	14	Land, buildings, and equipment: basis 1,907,609
		Less: accumulated depreciation (attach schedule) 980,828	974,074	926,781	1,211,479
	15	Other assets (describe )	1,417,782	1,417,782	1,417,782
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	23,018,040	24,038,760	26,872,765
	17	Accounts payable and accrued expenses..........	4,781	5,978
	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 )
	23	Total liabilities (add lines 17 through 22).........	4,781	5,978
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted..................	23,013,259	24,032,782
	25	Temporarily restricted...............
	26	Permanently restricted...............
		Foundations that do not follow SFAS 117, check here
		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).....	23,013,259	24,032,782
	31	Total liabilities and net assets/fund balances (see instructions).	23,018,040	24,038,760

Part III

Analysis of Changes in Net Assets or Fund Balances

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) ...............

23,013,259

Enter amount from Part I, line 27a .....................

1,019,523

Other increases not included in line 2 (itemize) bullet

Add lines 1, 2, and 3 ..........................

24,032,782

Decreases not included in line 2 (itemize) bullet

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .

24,032,782

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	(d) Date sold (mo., day, yr.)
1 a	CAUSEWAY FUNDS	P	2015-10-08
b	POINTER OFFSHORE	P	2015-12-03
c	CAUSEWAY FUNDS	P	2015-11-18
d	DRAKE CAPITAL OFFSHORE	P	2015-12-31
e	MASTERS FUND	P	2015-10-08
	EATON VANCE	P	2015-10-08
	MASTERS FUND	P	2015-11-18
	EATON VANCE	P	2015-11-19
	VANGUARD INSTITUTIONAL INDEX FUND	P	2015-02-11
	VANGUARD INSTITUTIONAL INDEX FUND	P	2015-05-28
	VANGUARD INSTITUTIONAL INDEX FUND	P	2015-08-03
	VANGUARD INSTITUTIONAL INDEX FUND	P	2015-10-13
	VANGUARD INSTITUTIONAL INDEX FUND	P	2015-11-20
	VANGUARD MID-CAP INDEX FUND ADM	P	2015-01-29
	VANGUARD MID-CAP INDEX FUND ADM	P	2015-04-17
	VANGUARD MID-CAP INDEX FUND ADM	P	2015-07-02
	VANGUARD MID-CAP INDEX FUND ADM	P	2015-09-14
	VANGUARD MID-CAP INDEX FUND ADM	P	2015-10-13
	VANGUARD MID-CAP INDEX FUND ADM	P	2015-11-20

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	300,000	238,140	61,860
b	250,000	157,736	92,264
c	350,000	279,923	70,077
d	250,000	183,588	66,412
e	200,000	145,231	54,769
	300,000	307,413	-7,413
	200,000	147,387	52,613
	350,000	367,257	-17,257
	350,000	228,699	121,301
	100,000	77,897	22,103
	100,000	71,144	28,856
	1,000,000	650,841	349,159
	1,025,000	628,935	396,065
	100,000	52,065	47,935
	100,000	49,453	50,547
	100,000	49,941	50,059
	100,000	52,656	47,344
	100,000	52,642	47,358
	125,000	64,148	60,852

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			61,860
b			92,264
c			70,077
d			66,412
e			54,769
			-7,413
			52,613
			-17,257
			121,301
			22,103
			28,856
			349,159
			396,065
			47,935
			50,547
			50,059
			47,344
			47,358
			60,852

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	1,599,367
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 ...................		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? Yes No

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	898,227	25,863,288	0.034730
2013	826,508	24,291,922	0.034024
2012	775,157	22,668,137	0.034196
2011	752,203	23,236,967	0.032371
2010	739,869	21,478,399	0.034447

Total of line 1, column (d) .....................

20.169768

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 . . .

0.033954

Enter the net value of noncharitable-use assets for 2015 from Part X, line 5.....

25,079,920

Multiply line 4 by line 3......................

851,564

Enter 1% of net investment income (1% of Part I, line 27b)...........

18,934

Add lines 5 and 6........................

870,498

Enter qualifying distributions from Part XII, line 4.............

873,858

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)

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	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Domestic foundations that meet the section 4940(e) requirements in Part V, check	1	18,934
	hereand enter 1% of Part I, line 27b...................
c	All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2
3	Add lines 1 and 2...........................	3	18,934
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	18,934
6	Credits/Payments:

a	2015 estimated tax payments and 2014 overpayment credited to 2015	6a	8,564
b	Exempt foreign organizations—tax withheld at source......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c	38,800
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	47,364
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.		8
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	28,430
11	Enter the amount of line 10 to be: Credited to 2015 estimated tax19,100	Refunded	11	9,330

Part VII-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see Instructions

for definition)?.................................

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.

Did the foundation file Form 1120-POL for this year?.....................

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. bullet

$ (2) On foundation managers. bullet

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers. bullet

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If "Yes," attach a detailed description of the activities.

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....

Did the foundation have unrelated business gross income of $1,000 or more during the year?........

If "Yes," has it filed a tax return on Form 990-T for this year?...................

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If "Yes," attach the statement required by General Instruction T.

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?................

Yes

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..................................

Yes

Enter the states to which the foundation reports or with which it is registered (see instructions)

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 .

Yes

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.............................

Yes

Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names

and addresses. ...............................

Form 990-PF (2015)

Page 5

Part VII-A

Statements Regarding Activities (continued)

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) .............

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).................

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address bullet

WWW.COLEMUSEUM.ORG

The books are in care of bullet

MORGAN KNOX Telephone no. bullet

(207) 262-9910

Located at bullet

359 PERRY ROADBANGORME ZIP+4 bullet

04401

Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —Check here....... bullet

and enter the amount of tax-exempt interest received or accrued during the year ...... bullet

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

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? YesNo

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person?......................YesNo

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? YesNo

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? YesNo

(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)?...............YesNo

(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.).......YesNo

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)? ........

Organizations relying on a current notice regarding disaster assistance check here........ bullet

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?.............

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)):

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?.............YesNo

If "Yes," list the years bullet

20, 20, 20, 20

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.) ..............

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at

any time during the year?......................YesNo

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.)..................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

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?

Form 990-PF (2015)

Page 6

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required (Continued)

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))? YesNo

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive?.............YesNo

(3) Provide a grant to an individual for travel, study, or other similar purposes? YesNo

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 4945(d)(4)(A)? (see instructions)................YesNo

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals?.....YesNo

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)? ......

Organizations relying on a current notice regarding disaster assistance check here......... bullet

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?..........YesNo

If "Yes," attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on

a personal benefit contract?.....................YesNo

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....

If "Yes" to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction? YesNo

If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....

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-)
GARRET E COLE	CHAIRMAN 40.00	26,000
39 WOODBURY STREET BANGOR,ME04401	CHAIRMAN 40.00	26,000
JANET COLE CROSS	TRUSTEE 1.00	0
2 ALDEN LANE SCARBOROUGH,ME04074	TRUSTEE 1.00	0
LANCE MACMASTER	TREAS/SECRET 1.00	0
178 PIONEER FARM WAY ELLSWORTH,ME04605	TREAS/SECRET 1.00	0
KRISTIN VOGELL	TRUSTEE 1.00	0
12 FENGLER ROAD SCARBOROUGH,ME04074	TRUSTEE 1.00	0
RALPH LEONARD	TRUSTEE 1.00	0
PO BOX 261 STILLWATER,ME04489	TRUSTEE 1.00	0
DONALD FOSTER	VICE PRESIDE 1.00	0
87 VALLEY VIEW ROAD HOLDEN,ME04429	VICE PRESIDE 1.00	0
GLENN ROSS	TRUSTEE 1.00	0
332 TIBBETTS ROAD EXETER,ME04435	TRUSTEE 1.00	0
JIM NEVILLE	EXECUTIVE DI 40.00	73,840
96 PERK OROCK LANDING ORONO,ME04473	EXECUTIVE DI 40.00	73,840

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...................

3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
NONE

Total number of others receiving over $50,000 for professional services............. bullet

Part IX-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.	Expenses
1	TRANSPORTATION MUSEUM: TO COLLECT, CONSTRUCT, RESTORE, DISPLAY AND MAINTAIN ANTIQUE EQUIPMENT AND FACILITIES THEMATIC TO EARLY MAINE LIFE, TRANSPORTATION AND INDUSTRY.	578,539
2	TO DEVELOP AND PRESENT PROGRAMS TO ASSIST SCHOOL CHILDREN IN ACQUIRING KNOWLEDGE IN AREAS NOT OFFERED IN THE REGULAR SCHOOL CURRICULUM AND OTHER ACTIVITIES AS DETERMINED BY THE BOARD OF DIRECTORS.	244,846
3	2,500 SCHOLARSHIP GRANTS TO ELIGIBLE COLLEGE LEVEL SOPHOMORES-SENIORS WHO ARE EDUCATION MAJORS A THE UNIVERSITY OF MAINE, HUSSON UNIVERSITY AND EASTERN MAINE COMMUNITY COLLEGE.	40,000
4	VETERANS PROGRAMS: THESE PROGRAMS ARE DESIGNED TO HONOR VETERANS BY DISPLAYS AT THE MUSEUM AND OTHER LOCATIONS AND TO ORGANIZE AND SUPPORT VARIOUS EVENTS FOR VETERANS IN THE COMMUNITY.	27,627

Part IX-B

Summary of Program-Related Investments (see instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.	Amount
1	N/A
2


All other program-related investments. See instructions.
3

Total. Add lines 1 through 3......................... bullet

Form 990-PF (2015)

Page 8

Part X

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,see instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

25,191,920

Average of monthly cash balances.......................

87,928

Fair market value of all other assets (see instructions)................

182,000

Total (add lines 1a, b, and c).........................

25,461,848

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

25,461,848

Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see

instructions) .............................

381,928

Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4

25,079,920

Minimum investment return. Enter 5% of line 5..................

1,253,996

Part XI

Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here bullet

and do not complete this part.)

Minimum investment return from Part X, line 6....................

Tax on investment income for 2015 from Part VI, line 5......

Income tax for 2015. (This does not include the tax from Part VI.)...

Add lines 2a and 2b............................

Distributable amount before adjustments. Subtract line 2c from line 1............

Recoveries of amounts treated as qualifying distributions................

Add lines 3 and 4............................

Deduction from distributable amount (see instructions).................

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...

Part XII

Qualifying Distributions (see instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

861,087

Program-related investments—total from Part IX-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

12,771

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4

873,858

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).................

18,934

Adjusted qualifying distributions. Subtract line 5 from line 4..............

854,924

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)

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
2 Undistributed income, if any, as of the end of 2015:
a Enter amount for 2014 only.......
b Total for prior years:20, 20, 20
3 Excess distributions carryover, if any, to 2015:
a From 2010......
b From 2011......
c From 2012......
d From 2013......
e From 2014......
fTotal of lines 3a through e........
4Qualifying distributions for 2015 from Part
XII, line 4: $
a Applied to 2014, but not more than line 2a
b Applied to undistributed income of prior years (Election required—see instructions).....
c Treated as distributions out of corpus (Election required—see instructions)........
d Applied to 2015 distributable amount.....
e Remaining amount distributed out of corpus
5 Excess distributions carryover applied to 2015.
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........
e Undistributed income for 2014. Subtract line 4a from line 2a. Taxable amount—see instructions .............
f Undistributed income for 2016. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2015 ..........
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......
8Excess distributions carryover from 2010 not applied on line 5 or line 7 (see instructions) ...
9Excess distributions carryover to 2016. Subtract lines 7 and 8 from line 6a ......
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)

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

1975-02-13

b Check box to indicate whether the organization is a private operating foundation described in section4942(j)(3) or4942(j)(5)

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	(e) Total
	359,857	406,196	352,402	356,565	1,475,020
b 85% of line 2a .........	305,878	345,267	299,542	303,080	1,253,767
c Qualifying distributions from Part XII, line 4 for each year listed .....	873,858	903,563	826,508	775,157	3,379,086
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 ....	873,858	903,563	826,508	775,157	3,379,086
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...	835,997	862,109	809,731	755,605	3,263,442
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).)

GALEN L COLE

GARRET E COLE

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

if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. (see instructions) to individuals or organizations under
other conditions, complete items 2a, b, c, and d.

aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:

GARRET COLE
359 PERRY ROAD
BANGOR,ME04401
(207) 262-9910

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)

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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year

Total ................................. 3a

bApproved for future payment

Total ................................. 3b

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	(e) Related or exempt function income (See instructions.)
aTICKET SALES					49,965
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	114
4 Dividends and interest from securities....			14	341,743
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....			16	18,000
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	1,599,367
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..					3,665
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				1,959,224	53,630

13Total. Add line 12, columns (b), (d), and (e)..................

132,012,854

(See worksheet in line 13 instructions to verify calculations.)

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	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.)
1A	TO RECOVER PART OF THE COST OF SERVING THE GENERAL PUBLIC VISITING THE MUSEUM OR USING RESOURCES AND TO OFFSET, IN PART, FREE ADMISSION AND TRANSPORTATION OF SCHOOL GROUPS.
10	SALE OF GIFT AND SOUVENIER ITEMS AT A MARGIN OVER COST IN ORDER TO SUPPORT FREE ADMISSION FOR SCHOOL-AGE CHILDREN AND TO LIMIT THE PRICE OF GENERAL ADMISSION.

Form 990-PF (2015)

Page 13

Part XVII

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

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

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

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

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?...........YesNo

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.
				May the IRS discuss this return with the preparer shown below (see instr.)? Yes No
	Signature of officer or trustee	Date	Title

Paid Preparer Use Only	Print/Type preparer's name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name				Firm's EIN
	Firm's address				Phone no.

Form 990-PF (2015)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2015 AccountingFeesSchedule

Name:

GALEN COLE FAMILY FOUNDATION

EIN:

23-7425774

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
BBSC CPAS	6,403	1,600		4,803

- TIN:

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

TY 2015 DepreciationSchedule

Name:

GALEN COLE FAMILY FOUNDATION

EIN:

23-7425774

Description of Property	Date Acquired	Cost or Other Basis	Prior Years' Depreciation	Computation Method	Rate / Life (# of years)	Current Year's Depreciation Expense
SCOOTER LIFT	2000-10-04	1,850	1,850	S/L	5.0000
997 MID ZTRAK LAWN TRACTOR (405)	2005-11-15	11,721	11,721	S/L	5.0000
OFFICE EQUIPMENT	2007-11-01	2,583	2,583	200DB	7.0000
WINDOW CURTAIN (359)	2008-03-07	1,840	1,814	200DB	7.0000	26
DEHUMIDIFIERS (405)	2008-10-16	2,675	2,477	200DB	7.0000	198
PERRY ROAD LAND	1991-01-01	137,000
PERRY ROAD LAND	1993-01-01	61,133
MUSEUM LAND	1993-01-01	84,936
MUSEUM FLOOR	1994-01-01	14,958	14,958	S/L	10.0000
359 PERRY OUTSIDE	2007-11-01	82,556	44,210	150DB	15.0000	4,896
FULLY DEPRECIATED	1983-01-01	17,371	17,371	S/L	10.0000
PAVING	1995-06-01	965	965	S/L	10.0000
IRRIGATION SYSTEM	2003-07-25	9,500	7,229	S/L	15.0000	633
MUSEUM BUILDING	1993-01-01	730,770	575,543	S/L	31.5000	23,199
STORAGE GARAGE	1999-07-01	21,391	8,699	S/L	39.0000	548
BUILDING 359 PERRY	2000-11-05	315,300	106,108	S/L	39.0000	8,084
359 PERRY INSIDE	2007-11-01	81,752	14,935	S/L	39.0000	2,096
NEW DUCT WORK	2008-05-29	2,440	414	S/L	39.0000	63
1996 FORD PU (405)	1998-06-19	10,449	10,449	200DB	5.0000
JOHN DEERE TRACTOR (405)	1998-06-22	17,000	17,000	200DB	5.0000
2005 GMC CANYON (405)	2005-07-07	12,995	12,995	S/L	5.0000
LAND 359 PERRY ROAD	2001-11-05	51,700
SOUND SYSTEM (405)	2009-03-25	16,120	13,241	S/L	7.0000	2,303
CARPETING - GS SECTION (359)	2009-11-30	5,706	4,144	S/L	7.0000	815
PERRY ROAD LAND	2009-08-19	92,501
WINDOWS 359 PERRY RD	2010-10-26	601	65	S/L	39.0000	15
TELEPHONE & COMPUTER SYSTEM (359)	2010-12-28	43,504	32,584	200DB	7.0000	3,798
HVAC SYSTEM	2010-12-31	12,350	1,267	S/L	39.0000	316
COPIER/FAX/SCANNER (359)	2010-12-22	9,450	8,545	200DB	5.0000	905
IMPROVEMENTS	2010-04-17	2,859	345	S/L	39.0000	73
VINYL AWNING (359)	2013-10-14	1,920	647	200DB	7.0000	363
LAWN BUSHEL DUMP (405)	2013-12-18	3,425	1,370	200DB	5.0000	822
COPIER/FAX/SCANNER (405)	2013-11-06	7,331	3,226	200DB	5.0000	1,642
SECURITY SYSTEM (359)	2013-12-09	5,399	2,268	200DB	5.0000	1,252
SECURITY SYSTEM (405 PERRY)	2014-12-01	8,682	289	200DB	5.0000	3,357
FIRE ALARM/RADIO COMMUNICATOR (405 PERRY)	2014-12-01	1,337	45	200DB	5.0000	517
HP TOUCHSMART LAPTOP	2014-08-26	1,238	165	200DB	5.0000	429
APPLE MACBOOK PRO	2014-07-14	1,425	143	S/L	5.0000	285
2000 TRAILER	2014-12-02	3,500	117	200DB	5.0000	1,353
L.KJENSTAD MEMORIAL BRIDGE SIGN/BOARDS	2014-07-22	2,460	410	200DB	5.0000	820
ELECTRONIC BULLETIN BOARD	2014-04-29	2,145	572	200DB	5.0000	629
XEON SERVER	2015-08-31	9,836		S/L	7.0000	468
COMPUTER SYSTEM & TOUCHSCREEN MONITOR	2015-11-24	1,617		S/L	5.0000	27
HP TOUCHSMART LAPTOP	2015-06-23	1,318		S/L	5.0000	132

- TIN:

TY 2015 InvestmentsCorpStockSchedule

Name:

GALEN COLE FAMILY FOUNDATION

EIN:

23-7425774

Name of Stock	End of Year Book Value	End of Year Fair Market Value
MASTERS SELECT	975,227	1,103,240
VANGUARD INDEX FUND-INST	2,105,407	3,333,482
POINTER OFFSHORE	1,672,053	2,652,351
CAUSEWAY FUND	941,245	1,130,187
LEHMAN BROTHERS FUND	1,102,611	624,621
VANGUARD INDEX FUND-MID CAP	417,259	770,868
VANGUARD INFLATION VAIPX	1,039,501	1,157,492
VANGUARD TOTAL BOND MKT INDEX FD	2,573,024	2,567,069
VANGUARD SHORT TERM BOND INDEX	3,384,507	3,358,095
COLCHESTER GLOBAL BOND FD	1,200,761	1,153,516
VAN ECK GLOBAL FUND	1,293,979	852,016
DRAKE CAPITAL OFFSHORE PARTNERS LP	1,916,412	2,609,667
EATON VANCE	833,917	742,466
VOYA REAL ESTATE FUND	1,245,367	1,242,486

- TIN:

TY 2015 InvestmentsLandSchedule2

Name:

GALEN COLE FAMILY FOUNDATION

EIN:

23-7425774

Category/ Item	Cost/Other Basis	Accumulated Depreciation	Book Value	End of Year Fair Market Value
LAND-KELLEY ROAD	15,302		15,302	112,000
LAND-ORRINGTON	213,677		213,677	70,000

- TIN:

TY 2015 LandEtcSchedule2

Name:

GALEN COLE FAMILY FOUNDATION

EIN:

23-7425774

Category / Item	Cost / Other Basis	Accumulated Depreciation	Book Value	End of Year Fair Market Value
OFFICE EQUIPMENT	1,480,339	980,828	499,511	32,382
MISCELLANEOUS EQUIPMENT				6,346
BUILDING AND IMPROVEMENTS				1,172,751
LAND	427,270		427,270

- TIN:

TY 2015 LegalFeesSchedule

Name:

GALEN COLE FAMILY FOUNDATION

EIN:

23-7425774

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
RUDMAN & WINCHELL, LLC	2,469			2,469

- TIN:

TY 2015 OtherAssetsSchedule

Name:

GALEN COLE FAMILY FOUNDATION

EIN:

23-7425774

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
MUSEUM ARTIFACTS	1,417,782	1,417,782	1,417,782

- TIN:

TY 2015 OtherExpensesSchedule

Name:

GALEN COLE FAMILY FOUNDATION

EIN:

23-7425774

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
EXPENSES
INVESTMENT MANAGEMENT FEES	64,270	64,270
ADVERTISING	22,493			22,493
BANK & CREDIT CARD FEES	1,191			1,191
DISPLAYS	3,063			3,063
DUES & MEMBERSHIPS	2,482			2,482
FOOD & BEVERAGE	5,641			5,641
MAINTENANCE CONTRACTS	23,291			23,291
SUPPLIES	8,957			8,957
POSTAGE	7,639			7,639
VEHICLE EXPENSE	1,035			1,035
VOLUNTEER FUNCTION EXPENSE	12,762			12,762
PHOTO/VIDEO/AUDIO	408			408
INSURANCE	17,815			17,815
REPAIRS & MAINTENANCE	20,055			20,055
SIGNS	8,007			8,007
HUMANITARIAN EXPENSE	17,300			17,300
LITERACY VOLUNTEER PROGRAM	13,990			13,990
VETERAN PROGRAMS	24,618			24,618
SCHOLARSHIPS	40,000			40,000
YOUTH PROGRAMS	450			450
SCHOOL PROJECTS	244,846			244,846
ACTIVITY RELATED EXPENSES			53,630

- TIN:

TY 2015 OtherIncomeSchedule2

Name:

GALEN COLE FAMILY FOUNDATION

EIN:

23-7425774

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
TICKET SALES	49,965		49,965

- TIN:

TY 2015 OtherProfessionalFeesSchedule

Name:

GALEN COLE FAMILY FOUNDATION

EIN:

23-7425774

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
PAYROLL PROCESSING FEES	1,594			1,594
MANAGEMENT CONSULTING	12,374			12,374

- TIN:

TY 2015 SalesOfInventoryList

Name:

GALEN COLE FAMILY FOUNDATION

EIN:

23-7425774

Category	Gross Sales	Cost of Goods Sold	Net (Gross Sales Minus Cost of Goods Sold)
COUNTER SALES	9,962	6,297	3,665

- TIN:

TY 2015 TaxesSchedule

Name:

GALEN COLE FAMILY FOUNDATION

EIN:

23-7425774

Category	Amount	Disbursements for Charitable Purposes
FEDERAL EXCISE TAX	8,000
REAL ESTATE TAX	2,332	2,332
SALES TAX	478	478