TY 2015 Form 990PF

- TIN:

Form990-PF
Click to see attachment

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 05-01-2015 , and ending 04-30-2016

Name of foundation
Liberty Fund Inc

% SANDRA J SCHALLER

Number and street (or P.O. box number if mail is not delivered to street address)8335 Allison Pointe Trail Suite 300
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
Indianapolis, IN46250

A Employer identification number

35-1320021

B Telephone number (see instructions)

(317) 842-0880

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

$320,452,614J 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)	2,950,521
2	Check Sch. B .............
3	Interest on savings and temporary cash investments	5,515		5,515	5,515
4	Dividends and interest from securities...	7,003,767		7,303,447	7,303,447
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		7,599,502
b	Gross sales price for all assets on line 6a 217,915,561
7	Capital gain net income (from Part IV, line 2)...			9,210,397
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).......		290,449	840,931	1,131,380
12	Total. Add lines 1 through 11........	17,849,754		17,360,290	8,440,342
13	Compensation of officers, directors, trustees, etc.	2,575,601		40,380	40,380	2,535,221
14	Other employee salaries and wages......	3,582,945				3,582,945
15	Pension plans, employee benefits.......	1,410,611		1,763	1,763	1,408,847
16a	Legal fees (attach schedule).........		555,657	55,566	55,566	500,091
b	Accounting fees (attach schedule).......		41,300	2,891	4,130	37,170
c	Other professional fees (attach schedule)....		5,577,029	2,005,528	2,005,528	3,571,501
17	Interest...............	36,268		544	544	35,724
18	Taxes (attach schedule) (see instructions)...		0	70,622	70,622	0
19	Depreciation (attach schedule) and depletion...		20,104	302	302
20	Occupancy..............	1,807,096		22,539	22,539	1,784,557
21	Travel, conferences, and meetings.......	5,478,727		28,830	28,830	5,449,897
22	Printing and publications..........	1,341,786			290,449	1,051,338
23	Other expenses (attach schedule).......		840,475	296,913	296,913	774,131
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	23,267,599		2,525,878	2,817,566	20,731,422
25	Contributions, gifts, grants paid.......	50,000				50,000
26	Total expenses and disbursements. Add lines 24 and 25	23,317,599		2,525,878	2,817,566	20,781,422
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-5,467,845
b	Net investment income (if negative, enter -0-)			14,834,412
c	Adjusted net income (if negative, enter -0-)...				5,622,776

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.............	111,953	82,335	82,335
	2	Savings and temporary cash investments.........	9,181,146	3,984,940	3,984,940
	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..............
	9	Prepaid expenses and deferred charges..........	43,222	36,862	36,862
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	224,165,531	235,374,872	258,329,390
	c	Investments—corporate bonds (attach schedule).......	57,934,632	45,846,194	46,393,108
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........
	14	Land, buildings, and equipment: basis 15,194,291
		Less: accumulated depreciation (attach schedule) 4,078,777	4,573,290	11,115,514	11,115,514
	15	Other assets (describe )	164,557	164,557	510,465
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	296,174,331	296,605,274	320,452,614
	17	Accounts payable and accrued expenses..........
	18	Grants payable..................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......	3,500,000	9,400,000
	22	Other liabilities (describe )	11,666	10,454
	23	Total liabilities (add lines 17 through 22).........	3,511,666	9,410,454
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted..................	292,662,665	287,194,820
	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).....	292,662,665	287,194,820
	31	Total liabilities and net assets/fund balances (see instructions).	296,174,331	296,605,274

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

292,662,665

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

-5,467,845

Other increases not included in line 2 (itemize) bullet

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

287,194,820

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 .

287,194,820

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	PUBLICLY TRADED SECURITIES
b	WTC OPPORTUNISTIC EQUITY- SCHEDULE K-1
c	WTC GLOBAL CONTRARIAN - SCHEDULE K-1
d	EXCELSIOR VENTURE PARTNERS III
e	WTC OPPORTUNISTIC EQUITY - INVESTMENT
	WTC GLOBAL CONTRARIAN - INVESTMENT

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	173,690,079	176,730,864	-3,040,785
b	1,129,365	0	1,129,365
c	516,585	0	516,585
d	0	35,055	-35,055
e	29,509,172	22,071,338	7,437,834
	13,070,360	9,867,907	3,202,453

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			-3,040,785
b			1,129,365
c			516,585
d			-35,055
e			7,437,834
			3,202,453

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	9,210,397
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
2013
2012
2011
2010

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

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 . . .

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

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

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

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

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

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: 1989-02-16(attach copy of letter if necessary–see instructions)
b	Domestic foundations that meet the section 4940(e) requirements in Part V, check	1	N/A
	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	0
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	0
6	Credits/Payments:

a	2015 estimated tax payments and 2014 overpayment credited to 2015	6a
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	0
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	0
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2015 estimated tax	Refunded	11

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

$ 0(2) On foundation managers. bullet

$ 0

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

on foundation managers. bullet

$ 0

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

Yes

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) Click to see attachment

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

Yes

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.libertyfund.org

The books are in care of bullet

SANDRA J SCHALLER Telephone no. bullet

(317) 842-0880

Located at bullet

8335 ALLISON POINTE TRAIL STE 300INDIANAPOLISIN ZIP+4 bullet

46250

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-)	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
TERRY W ANKER	DIRECTOR 5.0	49,000	379	0
8335 Allison Pointe Trail Indianapolis,IN46250	DIRECTOR 5.0	49,000	379	0
ROSEDA D DECKER	DIRECTOR EMERITUS 5.0	36,000	0	0
8335 Allison Pointe Trail Indianapolis,IN46250	DIRECTOR EMERITUS 5.0	36,000	0	0
DOUGLAS J DEN UYL	VP OF EDUCATIONAL PROGRAMS 40.0	278,400	62,007	0
8335 Allison Pointe Trail Indianapolis,IN46250	VP OF EDUCATIONAL PROGRAMS 40.0	278,400	62,007	0
RICHARD W DUESENBERG	DIRECTOR 5.0	43,000	488	0
8335 Allison Pointe Trail Indianapolis,IN46250	DIRECTOR 5.0	43,000	488	0
PATRICIA A GALLAGHER	VP OF PUBLISHING 40.0	170,847	35,897	0
8335 Allison Pointe Trail Indianapolis,IN46250	VP OF PUBLISHING 40.0	170,847	35,897	0
GIANCARLO Ibrgen S	DIRECTOR - THROUGH MAR 2016 5.0	39,000	0	0
8335 Allison Pointe Trail Indianapolis,IN46250	DIRECTOR - THROUGH MAR 2016 5.0	39,000	0	0
JOSEPH F JOHNSTON	DIRECTOR 5.0	43,000	488	0
8335 Allison Pointe Trail Indianapolis,IN46250	DIRECTOR 5.0	43,000	488	0
MARY A O'GRADY	DIRECTOR 5.0	43,000	379	0
8335 Allison Pointe Trail Indianapolis,IN46250	DIRECTOR 5.0	43,000	379	0
EMILIO J PACHECO	DIRECTOR, EVP, & COO 40.0	329,382	58,346	0
8335 Allison Pointe Trail Indianapolis,IN46250	DIRECTOR, EVP, & COO 40.0	329,382	58,346	0
BEN A RAST	DIRECTOR & CO-CHAIRMAN 5.0	50,845	379	0
8335 Allison Pointe Trail Indianapolis,IN46250	DIRECTOR & CO-CHAIRMAN 5.0	50,845	379	0
T ALAN RUSSELL	DIRECTOR AND CHAIRMAN 40.0	263,607	1,306	3,005
8335 Allison Pointe Trail Indianapolis,IN46250	DIRECTOR AND CHAIRMAN 40.0	263,607	1,306	3,005
SANDRA J SCHALLER	VP & CONTROLLER, SEC-TREASURER 40.0	215,340	59,378	0
8335 Allison Pointe Trail Indianapolis,IN46250	VP & CONTROLLER, SEC-TREASURER 40.0	215,340	59,378	0
JOANNE W SHEPLER	ASST SEC, ADMIN SVCS & HR MGR 40.0	98,282	24,708	0
8335 Allison Pointe Trail Indianapolis,IN46250	ASST SEC, ADMIN SVCS & HR MGR 40.0	98,282	24,708	0
DANE STARBUCK	DIRECTOR & CO-CHAIRMAN 5.0	46,345	379	2,445
8335 Allison Pointe Trail Indianapolis,IN46250	DIRECTOR & CO-CHAIRMAN 5.0	46,345	379	2,445
CHRIS L TALLEY	DIR, PRES & CEO THROUGH FEB 16 40.0	547,090	54,879	0
8335 Allison Pointe Trail Indianapolis,IN46250	DIR, PRES & CEO THROUGH FEB 16 40.0	547,090	54,879	0
RICHARD A WARE	DIR EMERITUS THROUGH OCT 2015 5.0	18,000	0	0
8335 Allison Pointe Trail Indianapolis,IN46250	DIR EMERITUS THROUGH OCT 2015 5.0	18,000	0	0

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
JAMES F COTE	DIR OF INFO SYSTEMS 40.0	177,000	46,252	0
8335 ALLISON POINTE TR 300 INDIANAPOLIS,IN46250	DIR OF INFO SYSTEMS 40.0	177,000	46,252	0
DAVID M HART	DIR ONLINE LIBRARY 40.0	151,900	48,417	0
8335 ALLISON POINTE TR 300 INDIANAPOLIS,IN46250	DIR ONLINE LIBRARY 40.0	151,900	48,417	0
HANS L EICHOLZ	SR FELLOW 40.0	147,736	49,080
8335 ALLISON POINTE TR 300 INDIANAPOLIS,IN46250	SR FELLOW 40.0	147,736	49,080
STEVEN D EALY	SR FELLOW 40.0	146,931	49,141	0
8335 ALLISON POINTE TR 300 INDIANAPOLIS,IN46250	SR FELLOW 40.0	146,931	49,141	0
CHRISTINE D HENDERSON	SR FELLOW 40.0	142,602	37,752	0
8335 ALLISON POINTE TR 300 INDIANAPOLIS,IN46250	SR FELLOW 40.0	142,602	37,752	0
Total number of other employees paid over $50,000...................				33

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
WELLINGTON MANAGEMENT COMPANY LLC	INV MANAGEMENT	194,432
280 CONGRESS ST BOSTON,MA02210	INV MANAGEMENT	194,432
WARE-PAK LLC	FULFILLMENT SERVICES	141,441
2427 BOND ST UNIVERSITY PARK,IL60466	FULFILLMENT SERVICES	141,441
WALTER LEE DAVIS STUDIOS	OUTSIDE CONSULTANT	143,100
7530 MOUNTAIN AVE MELROSE PARK,PA19027	OUTSIDE CONSULTANT	143,100
FAEGRE BAKER DANIELS LLP	LEGAL SERVICES	555,789
300 N MERIDIAN ST STE 2700 INDIANAPOLIS,IN46204	LEGAL SERVICES	555,789
APEX COVANTAGE	PUB, CONV, ARCHIVING	92,481
198 VAN BUREN ST 200 PRESIDENTS PL HERNDON,VA20170	PUB, CONV, ARCHIVING	92,481

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	LIBERTY FUND COLLOQUIA AND SYMPOSIUMS - SEE ATTACHMENT	6,599,456
2	CO-SPONSORED PROGRAMS - SEE ATTACHMENT	3,806,739
3	LIBERTY FUND PUBLISHING - SEE ATTACHMENT	2,528,170
4	LIBERTY FUND WEBSITES - SEE ATTACHMENT	1,444,458

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

307,943,710

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

806,974

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

571,840

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

309,322,524

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

309,322,524

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

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

4,639,838

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

304,682,686

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

15,234,134

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 ..........

20,781,422

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

6,463,894

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

27,245,316

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

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

27,245,316

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

1989-02-16

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
	5,622,776	5,918,166	15,009,709	5,240,338	31,790,989
b 85% of line 2a .........	4,779,360	5,030,441	12,758,253	4,454,287	27,022,341
c Qualifying distributions from Part XII, line 4 for each year listed .....	27,245,316	23,730,558	19,865,793	20,005,212	90,846,879
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........	50,000	50,000	10,000	31,000	141,000
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....	27,195,316	23,680,558	19,855,793	19,974,212	90,705,879
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......	320,452,614	334,847,565	331,596,423	309,580,121	1,296,476,723
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)					0
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part X, line 6 for each year listed...	10,156,089	10,791,701	10,499,563	9,745,329	41,192,682
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) ....					0
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....					0
(3) Largest amount of support from an exempt organization					0
(4) Gross investment income					0

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).)

NONE

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.

NONE

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 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)

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
GMU FOUNDATION LAW & ECONOMICS CENTER 3301 FAIRFAX DRIVE ARLINGTON,VA22201	NONE	PC	HENRY G. MANNE PROGRAM	50,000
Total ................................. 3a				50,000

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.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments....
3 Interest on savings and temporary cash investments ...........			14	5,515
4 Dividends and interest from securities....			14	7,003,767
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....
6 Net rental income or (loss) from personal property
7 Other investment income.....
8 Gain or (loss) from sales of assets other than inventory ............			18	7,599,502
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: aBOOK AND FILM SALES					290,449
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				14,608,784	290,449

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

1314,899,233

(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.)
11B	INCOME CONTRIBUTES IMPORTANTLY TO THE CONTINUED PUBLICATION OF WRITINGS OF DECEASED THINKERS AS WELL AS CURRENT WRITINGS DEEMED UNPROFITABLE BY COMMERCIAL PUBLISHERS AND TO PROMOTE THE STUDY OF LIBERTY AND PERSONAL RESPONSIBILITY.

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:

Schedule B
(Form 990, 990-EZ,
or 990-PF)

Department of the Treasury
Internal Revenue Service

Schedule of Contributors

Attach to Form 990, 990-EZ, or 990-PF.

Information about Schedule B (Form 990, 990-EZ, or 990-PF) and its instructions is at www.irs.gov/form990.

OMB No. 1545-0047

2015

Name of the organization

Liberty Fund Inc

Employer identification number

35-1320021

Organization type (check one):

Filers of:

Section:

Form 990 or 990-EZ

501(c)( ) (enter number) organization

4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization

Form 990-PF

501(c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

501(c)(3) taxable private foundation

Check if your organization is covered by the General Rule or a Special Rule.
Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.

General Rule

For an organization filing Form 990, 990-EZ, or 990-PF that received, during the year, contributions totaling $5,000 or more (in money or other property) from any one contributor. Complete Parts I and II. See instructions for determining a contributor's total contributions.

Special Rules

For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 33¹/3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990 or 990-EZ), Part II, line 13, 16a, or 16b, and that received from any one contributor, during the year, total contributions of the greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1. Complete Parts I and II.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, total contributions of more than $1,000 exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. Complete Parts I, II, and III.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, contributions exclusively for religious, charitable, etc., purposes, but no such contributions totaled more than $1,000. If this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc., purpose. Do not complete any of the parts unless the General Rule applies to this organization because it received nonexclusively religious, charitable, etc., contributions totaling $5,000 or more during the year ......... Arrow Bullet

Caution. An organization that is not covered by the General Rule and/or the Special Rules does not file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its
Form 990-EZ or on its Form 990PF, Part I, line 2, to certify that it does not meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).

For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.

Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2015)

Schedule B (Form 990, 990-EZ, or 990-PF) (2015) Page 2

Name of organization Liberty Fund Inc

Part I	Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
1	NANCY D ANNE GOODRICH C/O JACK HITTLE GDN 938 CONNER ST NOBLESVILLE, IN46060	$ 2,950,000	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990, 990-EZ, or 990-PF) (2015)

Schedule B (Form 990, 990-EZ, or 990-PF) (2015)

Page 3

Name of organization Liberty Fund Inc		Employer identification number 35-1320021

Part II	Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No.from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
Schedule B (Form 990, 990-EZ, or 990-PF) (2015)

Schedule B (Form 990, 990-EZ, or 990-PF) (2015)

Page 4


Name of organization Liberty Fund Inc			Employer identification number 35-1320021
Part III Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $ Use duplicate copies of Part III if additional space is needed.

(a)
No.from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No.from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No.from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No.from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

Schedule B (Form 990, 990-EZ, or 990-PF) (2015)

Additional Data

Software ID:
Software Version:

- TIN:

TY 2015 AccountingFeesSchedule

Name:

Liberty Fund Inc

EIN:

35-1320021

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
AUDIT & TAX PREPARATION FEES	41,300	2,891	4,130	37,170

- TIN:

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

TY 2015 DepreciationSchedule

Name:

Liberty Fund Inc

EIN:

35-1320021

Description of Property	Date Acquired	Cost or Other Basis	Prior Years' Depreciation	Computation Method	Rate / Life (# of years)	Current Year's Depreciation Expense	Net Investment Income	Adjusted Net Income	Cost of Goods Sold Not Included

- TIN:

TY 2015 GeneralExplanationAttachment

Name:

Liberty Fund Inc

EIN:

35-1320021

Identifier	Return Reference	Explanation
DEPRECIATION DISCLOSURE	DEPRECIATION DISCLOSURE	PART I, LINE 19 AND PART II, LINE 14: LIBERTY FUND, INC. E.I. #35-1320021 A STATEMENT ATTACHED TO AND MADE PART OF U.S. PRIVATE FOUNDATION INCOME TAX RETURN FOR THE YEAR ENDED APRIL 30, 2016 PART I, LINE 19 - DEPRECIATION PART II, LINE 14 - LAND, BUILDINGS, AND EQUIPMENT LAND: 3,844,298 LEASEHOLD IMPROVEMENTS: 1,993,358 OFFICE FURNITURE: 1,623,302 EQUIPMENT AND OTHER: 474,997 CONSTRUCTION IN PROGRESS: 7,258,336 LESS: ACCUMULATED DEPRECIATION: (4,078,777) ---------- NET FIXED ASSETS: 11,115,514 DEPRECIATION EXPENSE: 20,104 DEPRECIATION CALCULATED USING THE STRAIGHT-LINE METHOD.
SUMMARY OF DIRECT CHARITABLE ACTIVITIES	SUMMARY OF DIRECT CHARITABLE ACTIVITIES	PART IX-A: LIBERTY FUND COLLOQUIA AND SYMPOSIUMS 90 COLLOQUIM AND SYMPOSIUMS WERE DEVELOPED AND CONDUCTED IN THE UNITED STATES, CANADA, LATIN AMERICA, AND EUROPE. COLLOQUIUM AND SYMPOSIUMS ARE TO FOSTER THOUGHT AND ENCOURAGE DISCOURSE ON ENDURING ISSUES PERTAINING TO LIBERTY. CO-SPONSORED PROGRAMS LIBERTY FUND ADMINISTERED CO-SPONSORED PROGRAMS WITH SIXTEEN OTHER NON-PROFIT ORGANIZATIONS WITH SIMILAR EDUCATIONAL AND PUBLIC PURPOSES. LIBERTY FUND AND THE CO-SPONSORS HAVE JOINT OR SHARED RESPONSIBILITIES OVER PLANNING, DEVELOPING, COORDINATING, CONDUCTING, AND EVALUATING THE CONFERENCE PROGRAMS HELD. AS WITH THE LIBERTY FUND COLLOQUIA AND SYMPOSIUMS, THE CO-SPONSORED PROGRAMS ARE TO FOSTER THOUGHT AND ENCOURAGE DISCOURSE ON ENDURING ISSUES PERTAINING TO LIBERTY. LIBERTY FUND PUBLISHING LIBERTY FUND PUBLISHED NINE NEW TITLES AND CONDUCTED EDITORIAL WORK ON OTHER UPCOMING PUBLICATIONS. TITLES SELECTED FOR PUBLISHING ARE THOSE THAT WILL PRESERVE THE WISDOM AND LEARNING OF THE AGES, AND STRENGTHEN, IN PARTICULAR, THE UNDERSTANDING AND APPRECIATION OF INDIVIDUAL LIBERTY AND RESPONSIBILITY. TITLES INCLUDE CLASSICS IN THE FIELDS OF HISTORY, POLITICS, PHILOSOPHY, LAW, EDUCATION, AND ECONOMICS. LIBERTY FUND WEBSITES THE LIBRARY OF THE CLASSICS OF LIBERTY - HTTP://OLL.LIBERTYFUND.ORG - IS A WEBSITE DEDICATED TO MAKING THE CLASSIC TEXTS WHICH CONTRIBUTED TO OUR MODERN UNDERSTANDING OF THE NATURE OF LIMITED GOVERNMENT, INDIVIDUAL LIBERTY, AND THE FREE MARKET MORE ACCESSIBLE TO SCHOLARS, STUDENTS AND OTHER INTERESTED INDIVIDUALS. THE LIBRARY OF ECONOMICS AND LIBERTY - WWW.ECONLIB.ORG - IS A WEBSITE DEDICATED TO ADVANCING THE STUDY OF ECONOMICS, MARKETS, AND LIBERTY. THE LIBRARY OF LAW AND LIBERTY - WWW.LIBERTYLAWSITE.ORG - IS A WEBSITE DEDICATED TO THE CONTENT, STATUS, AND DEVELOPMENT OF LAW IN THE CONTEXT OF REPUBLICAN AND LIMITED GOVERNMENT AND THE WAYS THAT LIBERTY AND LAW AND LAW AND LIBERTY MUTUALLY REINFORCE THE OTHER.
SUBSTANTIAL CONTRIBUTOR	SUBSTANTIAL CONTRIBUTOR	PART VII-A, LINE 10: NAME: ANNE GOODRICH ADDRESS: C/O/ JACK HITTLE, GDN, 938 CONNER ST. NOBLESVILLE, IN 46060

- TIN:

TY 2015 InvestmentsCorpBondsSchedule

Name:

Liberty Fund Inc

EIN:

35-1320021

Name of Bond	End of Year Book Value	End of Year Fair Market Value
CORPORATE BONDS	45,846,194	46,393,108

- TIN:

TY 2015 InvestmentsCorpStockSchedule

Name:

Liberty Fund Inc

EIN:

35-1320021

Name of Stock	End of Year Book Value	End of Year Fair Market Value
CORPORATE STOCK	183,688,412	206,147,959
MUTUAL FUNDS - INTERNATIONAL	29,091,647	29,432,721
MUTUAL FUNDS - DOMESTIC	21,770,787	21,924,684
PRIVATE EQUITY	824,026	824,026
COMMON TRUST FUNDS	0	0

- TIN:

TY 2015 LegalFeesSchedule

Name:

Liberty Fund Inc

EIN:

35-1320021

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
LEGAL CONSULTING FEES	555,657	55,566	55,566	500,091

- TIN:

TY 2015 OtherAssetsSchedule

Name:

Liberty Fund Inc

EIN:

35-1320021

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
ART COLLECTION	164,557	164,557	510,465

- TIN:

TY 2015 OtherExpensesSchedule

Name:

Liberty Fund Inc

EIN:

35-1320021

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INSURANCE	123,209	154	154	123,055
ADMINISTRATIVE EXPENSES	452,056	1	1	452,055
EQUIPMENT LEASING	32,782	492	492	32,290
EDUCATIONAL MATERIALS	123,687	12,369	12,369	111,318
PASS THROUGH PARTNERSHIP		230,569	230,569
MISCELLANEOUS EXPENSES	55,482	69	69	55,413
OTHER INVESTMENT EXPENSE	53,259	53,259	53,259

- TIN:

TY 2015 OtherIncomeSchedule2

Name:

Liberty Fund Inc

EIN:

35-1320021

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
BOOK AND FILM SALES	290,449		290,449
PASSTHROUGH PARTNERSHIP INCOME		840,931	840,931

- TIN:

TY 2015 OtherLiabilitiesSchedule

Name:

Liberty Fund Inc

EIN:

35-1320021

Description	Beginning of Year - Book Value	End of Year - Book Value
OTHER LIABILITIES	11,666	10,454

- TIN:

TY 2015 OtherProfessionalFeesSchedule

Name:

Liberty Fund Inc

EIN:

35-1320021

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES	2,005,232	2,005,232	2,005,232
CONFERENCE FEES	2,741,505			2,741,505
WEBSITE DEVELOPMENT FEES	589,102			589,102
OTHER PROFESSIONAL FEES	241,190	296	296	240,894

- TIN:

TY 2015 TaxesSchedule

Name:

Liberty Fund Inc

EIN:

35-1320021

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FOREIGN TAXES PAID ON	0	70,622	70,622	0
PASSTHROUGH PARTNERSHIPS

- TIN:

TY 2015 TransfersToControlledEntities

Name:

Liberty Fund Inc

EIN:

35-1320021

Name	US / Foreign Address	EIN	Description	Amount
PIERRE F AND ENID GOODRICH FOUNDATION	8335 ALLISON POINTE TRAIL SUITE 30 INDIANAPOLIS,IN46250	35-6056960	OPERATING EXPENSES	121,478
Total				121,478