Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletInformation about Form 990-PF and its instructions is at www.irs.gov/form990pf.
OMB No. 1545-0052
2015
Open to Public Inspection
For calendar year 2015, or tax year beginning 09-01-2015 , and ending 08-31-2016
Name of foundation
WILLIAM F WELCH &
LORENE W WELCH FOUNDATION
Number and street (or P.O. box number if mail is not delivered to street address)PO BOX J
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
SHERIDAN, WY82801
A Employer identification number

83-6033434
B Telephone number (see instructions)

(307) 674-1770
C bullet
G Check all that apply:

D 1. bullet
2. bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$3,690,063J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet Sch. B .............
3 Interest on savings and temporary cash investments 4 4  
4 Dividends and interest from securities... 94,312 94,312  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 -123,784
b Gross sales price for all assets on line 6a 1,567,745
7 Capital gain net income (from Part IV, line 2)...  
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 1,675 1,675  
12 Total. Add lines 1 through 11........ -27,793 95,991  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 25,500 12,750   12,750
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 7,050 5,925   1,125
c Other professional fees (attach schedule).... Click to see attachment 39,454 39,454    
17 Interest...............        
18 Taxes (attach schedule) (see instructions)...        
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 1,701 1,701    
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 73,705 59,830   13,875
25 Contributions, gifts, grants paid....... 199,500 199,500
26 Total expenses and disbursements. Add lines 24 and 25 273,205 59,830   213,375
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -300,998
b Net investment income (if negative, enter -0-) 36,161
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2015)
Form 990-PF (2015)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 492,604 201,569 201,569
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 2,066,596 Click to see attachment2,130,552 3,134,681
c Investments—corporate bonds (attach schedule)....... 124,009 Click to see attachment50,090 53,240
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........      
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment40,975 Click to see attachment40,975 Click to see attachment300,573
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 2,724,184 2,423,186 3,690,063
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable..................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22).........   0
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted..................    
25 Temporarily restricted...............    
26 Permanently restricted...............    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds........    
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds 2,724,184 2,423,186
30 Total net assets or fund balances (see instructions)..... 2,724,184 2,423,186
31 Total liabilities and net assets/fund balances (see instructions). 2,724,184 2,423,186
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree with end-of-year figure reported on prior year’s return) ...............
1
2,724,184
2
Enter amount from Part I, line 27a .....................
2
-300,998
3
Other increases not included in line 2 (itemize) bullet
3
 
4
Add lines 1, 2, and 3 ..........................
4
2,423,186
5
Decreases not included in line 2 (itemize) bullet
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
2,423,186
Form 990-PF (2015)
Form 990-PF (2015)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1 a ACCURAY INCORPORATED P 2015-04-14 2016-01-14
b CERNER CORP P 2013-07-26 2016-03-24
c DUPONT FABROS TECHNOLOGY 7 P 2013-12-06 2016-02-05
d MACYS INC COM P 2015-03-24 2015-11-16
e SALESFORCE.COM, INC. P 2016-02-24 2016-03-24
VASCO DATA SECURITY INTL CO P 2015-02-24 2015-09-30
ACCURAY INCORPORATED P 2015-04-22 2016-01-14
CERNER CORP P 2013-10-25 2016-03-24
DUPONT FABROS TECHNOLOGY 7 P 2013-09-30 2016-02-05
MERRILL LYNCH & CO., INC. 6.45 P 2016-12-01 2016-08-15
SKYWORKS SOLUTIONS P 2015-05-02 2015-11-16
VASCO DATA SECURITY INTL CO P 2015-03-08 2015-09-30
ACCURAY INCORPORATED P 2015-05-27 2016-01-14
CERNER CORP P 2015-10-02 2016-03-24
DUPONT FABROS TECHNOLOGY 7 P 2013-09-30 2016-09-06
NETFLIX COM INC P 2015-10-15 2016-12-02
SKYWORKS SOLUTIONS P 2015-04-28 2015-11-16
WALT DISNEY CO. P 2016-07-01 2016-03-24
ALKERMES P 2016-07-01 2016-01-28
CERNER CORP P 2016-07-01 2016-03-24
DUPONT FABROS TECHNOLOGY 7 P 2016-12-01 2016-09-06
NORTHSTAR REALTY FINANCE COR P 2013-12-06 2015-08-12
SKYWORKS SOLUTIONS P 2015-06-05 2016-05-05
WALT DISNEY CO. P 2016-01-26 2016-03-24
ANADARKO PETE CORP P 2010-03-05 2015-11-16
CLOVIS ONCOLOGY INC P 2015-04-27 2015-11-23
ENERGY SECTOR SPDR TR P 2010-07-01 2016-07-01
NXP SEMICONDUCTORS NV P 2014-08-26 2015-11-16
SKYWORKS SOLUTIONS P 2015-09-06 2016-05-05
WHITEWAVE FOODS CO P 2015-02-24 2016-07-01
ANADARKO PETE CORP P 2010-08-06 2015-11-16
CLOVIS ONCOLOGY INC P 2015-05-13 2015-11-23
FEDEX CORP. P 2015-09-01 2016-07-01
NXP SEMICONDUCTORS NV P 2015-05-02 2015-11-16
SM ENERGY CO P 2016-06-28 2016-03-08
WHITING PETROLEUM CORPORATI P 2016-11-07 2016-08-15
ARES CAPITAL CORP 7.75% P 2010-12-15 2015-10-28
CLOVIS ONCOLOGY INC P 2015-07-15 2015-11-23
FEDEX CORP. P 2015-03-24 2016-07-01
NXP SEMICONDUCTORS NV P 2015-05-02 2016-12-02
SM ENERGY CO P 2016-06-30 2016-08-15
WHITING PETROLEUM CORPORATI P 2016-07-25 2016-08-15
ARES CAPITAL CORP 7.75% P 2011-08-22 2015-10-28
CLOVIS ONCOLOGY INC P 2015-01-10 2015-11-23
HANESBRANDS INC P 2015-03-24 2016-12-02
NXP SEMICONDUCTORS NV P 2015-04-23 2016-12-02
SOUTHWEST AIRLINES P 2016-07-01 2016-08-19
VECTOR GROUP LTD P 2010-06-01 2015-09-30
ARES CAPITAL CORP 7.75% P 2013-09-30 2015-10-28
CORE-MARK HOLDING CO INC P 2015-01-07 2015-10-28
JUNO THERAPEUTICS, INC. P 2015-01-26 2016-01-28
NXP SEMICONDUCTORS NV P 2016-07-01 2016-12-02
SOUTHWEST AIRLINES P 2016-04-26 2016-08-19
COAL P   2016-03-15
BARCLAYS BK PREFERRED C 7.75 P 2010-01-06 2016-06-15
CORE-MARK HOLDING CO INC P 2015-07-21 2015-10-28
JUNO THERAPEUTICS, INC. P 2015-03-24 2016-01-28
PHILLIPS 66 COM P 2013-07-16 2016-03-24
TASER INTERNATIONAL, INC. P 2015-07-30 2015-11-16
BARCLAYS BK PREFERRED C 7.75 P 2010-11-17 2016-06-15
CORE-MARK HOLDING CO INC P 2015-07-21 2016-06-07
KINDER MORGAN INC DEL COM P 2011-01-05 2016-07-01
PHILLIPS 66 COM P 2013-07-29 2016-03-24
UNDER ARMOUR INC CL A COM P 2014-04-24 2016-12-02
BOEING INC. P 2016-07-01 2016-03-24
CORE-MARK HOLDING CO INC P 2015-07-23 2016-06-07
KINDER MORGAN INC DEL COM P 2014-02-04 2016-07-01
RAIT FINANCIAL TRUST 8.375% P 2013-05-20 2015-08-12
UNDER ARMOUR INC CL A COM P 2015-01-26 2016-12-02
BOEING INC. P 2016-01-26 2016-03-24
CVS CORP. P 2015-03-24 2015-11-16
KROGER COMPANY P 2016-07-01 2016-04-08
RAIT FINANCIAL TRUST 8.875% P 2012-02-14 2015-08-12
VALERO ENERGY CORP P 2013-03-12 2016-12-02
BOEING INC. P 2016-01-27 2016-03-24
DARDEN RESTAURANTS INC COM P 2016-07-01 2016-12-08
KROGER COMPANY P 2016-03-03 2016-04-08
RAIT FINANCIAL TRUST 8.875% P 2013-07-29 2015-08-12
VALERO ENERGY CORP P 2013-03-12 2016-03-24
CERNER CORP P 2013-07-16 2016-03-24
DARDEN RESTAURANTS INC COM P 2016-04-26 2016-12-08
MACYS INC COM P 2014-12-15 2015-11-16
SALESFORCE.COM, INC. P 2016-02-18 2016-03-24
VALERO ENERGY CORP P 2015-03-24 2016-03-24
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 5,804   9,616 -3,812
b 10,273   9,666 607
c 50,000   50,379 -379
d 7,608   13,115 -5,507
e 17,974   15,263 2,711
8,469   13,269 -4,800
5,804   9,077 -3,273
25,683   28,177 -2,494
1,850   1,859 -9
25,000   25,286 -286
22,168   24,329 -2,161
4,234   4,750 -516
5,804   5,914 -110
10,273   11,967 -1,694
23,150   23,267 -117
17,712   20,271 -2,559
14,779   18,895 -4,116
29,042   30,296 -1,254
15,535   36,630 -21,095
15,410   17,590 -2,180
37,500   38,304 -804
41,833   47,694 -5,861
13,036   18,882 -5,846
9,681   9,597 84
24,037   25,115 -1,078
7,739   25,619 -17,880
29,082   29,940 -858
23,247   19,522 3,725
13,036   20,190 -7,154
14,800   16,344 -1,544
18,028   12,711 5,317
5,159   16,968 -11,809
27,597   34,569 -6,972
7,749   7,858 -109
28,751   26,729 2,022
16,328   15,855 473
25,000   24,000 1,000
6,449   22,363 -15,914
41,396   51,092 -9,696
6,742   7,858 -1,116
17,449   13,448 4,001
8,164   7,676 488
25,000   24,545 455
2,580   8,990 -6,410
12,990   16,850 -3,860
16,856   24,906 -8,050
21,873   25,437 -3,564
    3,604 -3,604
25,000   25,373 -373
47,650   35,811 11,839
11,104   16,738 -5,634
10,114   11,799 -1,685
14,582   18,460 -3,878
40,000     40,000
34,575   32,596 1,979
7,942   6,125 1,817
2,776   5,915 -3,139
52,623   34,554 18,069
8,681   14,239 -5,558
15,425   16,116 -691
18,758   12,251 6,507
12,353   23,889 -11,536
35,082   23,500 11,582
11,126   7,528 3,598
39,222   40,791 -1,569
9,379   5,994 3,385
5,357   11,896 -6,539
32,344   49,910 -17,566
11,125   10,559 566
26,148   25,417 731
23,079   26,271 -3,192
12,863   16,533 -3,670
5,118   6,398 -1,280
28,639   23,182 5,457
13,074   11,937 1,137
18,808   18,906 -98
12,863   15,087 -2,224
29,005   42,136 -13,131
19,707   13,909 5,798
41,094   39,714 1,380
12,539   12,794 -255
19,019   31,475 -12,456
28,759   24,938 3,821
13,138   12,506 632
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       -3,812
b       607
c       -379
d       -5,507
e       2,711
      -4,800
      -3,273
      -2,494
      -9
      -286
      -2,161
      -516
      -110
      -1,694
      -117
      -2,559
      -4,116
      -1,254
      -21,095
      -2,180
      -804
      -5,861
      -5,846
      84
      -1,078
      -17,880
      -858
      3,725
      -7,154
      -1,544
      5,317
      -11,809
      -6,972
      -109
      2,022
      473
      1,000
      -15,914
      -9,696
      -1,116
      4,001
      488
      455
      -6,410
      -3,860
      -8,050
      -3,564
      -3,604
      -373
      11,839
      -5,634
      -1,685
      -3,878
      40,000
      1,979
      1,817
      -3,139
      18,069
      -5,558
      -691
      6,507
      -11,536
      11,582
      3,598
      -1,569
      3,385
      -6,539
      -17,566
      566
      731
      -3,192
      -3,670
      -1,280
      5,457
      1,137
      -98
      -2,224
      -13,131
      5,798
      1,380
      -255
      -12,456
      3,821
      632
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 -123,784
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3 -125,342
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)
If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2014 125,600 4,049,037 0.031020
2013 141,250 3,912,411 0.036103
2012 187,597 3,708,989 0.050579
2011 185,914 3,723,029 0.049936
2010 167,492 3,644,186 0.045961
2
Total of line 1, column (d) .....................
20.213599
3
Average distribution ratio for the 5-year base period—divide the total on line 2 by 5, or by
the number of years the foundation has been in existence if less than 5 years . . .
3
0.042720
4
Enter the net value of noncharitable-use assets for 2015 from Part X, line 5.....
4
3,770,297
5
Multiply line 4 by line 3......................
5
161,067
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
362
7
Add lines 5 and 6........................
7
161,429
8
Enter qualifying distributions from Part XII, line 4.............
8
213,375
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See the Part VI instructions.
Form 990-PF (2015)
Form 990-PF (2015)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)
1a Bullet and enter “N/A" on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 362
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2  
3 Add lines 1 and 2........................... 3 362
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- ..... 5 362
6 Credits/Payments:
a 2015 estimated tax payments and 2014 overpayment credited to 2015 6a 2,461
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 2,461
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 2,099
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet2,099 RefundedBullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see Instructions
for definition)?.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletWY
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2015 or the taxable year beginning in 2015 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see instructions) .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement (see instructions).................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletCYPRESS CAPITAL MANAGEMENT Telephone no.bullet (307) 674-1770

    Located atbullet50 EAST LOUCKS STSHERIDANWY ZIP+4bullet82801
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.......bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16 At any time during calendar year 2015, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country?
    16   No
    See instructions for exceptions and filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If "Yes", enter the name of the foreign country bullet  
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?...............
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).......
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see instructions)? ........
    1b
     
    No
    ........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2015?.............
    1c
     
     
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2015, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2015?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?......................
    b
    If "Yes," did it have excess business holdings in 2015 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2015.)..................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2015?
    4b
     
    No
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (Continued)
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? (see instructions)................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see instructions)? ......
    5b
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    FRANK ROTELLINI CO-TRUSTEE
    3.00     		8,500 0 0
    PO BOX J
    SHERIDAN,WY82801
    WILLIAM B EBZERY CO-TRUSTEE
    3.00     		8,500 0 0
    PO BOX J
    SHERIDAN,WY82801
    RICHARD M DAVIS JR CO-TRUSTEE
    3.00     		8,500 0 0
    PO BOX J
    SHERIDAN,WY82801
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet  
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet  
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1
     
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1 N/A  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet  
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    3,101,878
    b
    Average of monthly cash balances.......................
    1b
    420,359
    c
    Fair market value of all other assets (see instructions)................
    1c
    305,476
    d
    Total (add lines 1a, b, and c).........................
    1d
    3,827,713
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
     
    3
    Subtract line 2 from line 1d.........................
    3
    3,827,713
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    57,416
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    3,770,297
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    188,515
    Part XI
    Distributable Amount bullet
    1
    Minimum investment return from Part X, line 6....................
    1
    188,515
    2a
    Tax on investment income for 2015 from Part VI, line 5......
    2a
    362
    b
    Income tax for 2015. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    362
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    188,153
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    188,153
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    188,153
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    213,375
    b
    Program-related investments—total from Part IX-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    213,375
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see instructions).................
    5
    362
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    213,013
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2014     		(c)
    2014     		(d)
    2015
    1 Distributable amount for 2015 from Part XI, line 7 188,153
    2 Undistributed income, if any, as of the end of 2015:
    a Enter amount for 2014 only....... 183,919
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2015:
    a From 2010......  
    b From 2011......  
    c From 2012......  
    d From 2013......  
    e From 2014......  
    fTotal of lines 3a through e........  
    4Qualifying distributions for 2015 from Part
    XII, line 4: bullet$ 213,375
    a Applied to 2014, but not more than line 2a 183,919
    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..... 29,456
    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 ..........     		158,697
    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)
    Form 990-PF (2015)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2015, enter the date of the ruling.......bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2015 (b) 2014 (c) 2013 (d) 2012
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
    WELCH FOUNDATION
    PO BOX J
    SHERIDAN,WY82801
    (307) 674-1770
    bThe form in which applications should be submitted and information and materials they should include:
    WRITTEN REQUEST
    cAny submission deadlines:
    NONE
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    NONE
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    BILLINGS CLINIC FOUNDATION
    PO BOX 31031
    2917 10TH AVENUE NORTH
    BILLINGS,MT591071031     		NONE PUBLIC CHARITABLE 120,000
    CENTER FOR A VITAL
    COMMUNITY
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 7,500
    CHILD ADVOCACY SERVICES
    429 WEST ALGER STREET
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 2,000
    CHILDREN HORSES AND
    ADULTS IN PARTNERSHIP
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 1,000
    DOWNTOWN SHERIDAN ASSOCIATION
    150 SOUTH MAIN
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 2,000
    HOLY NAME CATHOLIC CHURCH
    260 E LOUCKS
    SHERIDAN,WY82801     		NONE CHURCH CHARITABLE 2,500
    PEOPLES ASSISTANCE FOOD BANK
    2560 NORTH MAIN STREET
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 2,000
    SENIOR CITIZENS COUNCIL
    211 SMITH STREET
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 30,000
    SHERIDAN COLLEGE
    FOUNDATION
    SHERIDAN,WY82801     		NONE PUBLIC EDUCATIONAL 12,500
    SHERIDAN COUNTY LIBRARY
    FOUNDATION
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 6,000
    SHERIDAN COUNTY MEMORIAL
    HOSPITAL FOUNDATION
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 7,000
    SHERIDAN PUBLIC ARTS
    150 SOUTH MAIN
    SHERIDAN,WY82801     		NONE PUBLIC CHARTIABLE 500
    WYO SCOTTISH RITE
    109 S GOULD ST
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 2,500
    WYOMING PUBLIC RADIO
    UNIV OF WY
    LARAMIE,WY82801     		NONE PUBLIC CHARITABLE 1,000
    COMMUNITY HOLIDAY FESTIVAL
    PO BOX 707
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 1,000
    VOLUNTEERS OF AMERICA
    1876 S SHERIDAN AVE
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 1,000
    REPROD HEALTHCARE OF THE BIG HORNS
    128 SOUTH THURMOND
    SHERIDAN,WY82801     		NONE PUBLIC CHARITABLE 1,000
    Total .................................bullet 3a 199,500
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3
    Interest on savings and temporary cash investments ...........     		    14 4  
    4 Dividends and interest from securities....     14 94,312  
    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 -123,784  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue:
    aPTP DISTRIBUTIONS     		    14 1,675  
    bPTP UBTI LOSS CARRYFORWARD 900003 -2,674      
    cENTERPRISE PRODUCTS PARTNERS 900003 2,595      
    dBUCKEYE PARTNERS LP 900003 79      
    e
    12 Subtotal. Add columns (b), (d), and (e)..   -27,793  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13-27,793
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If "Yes," complete the following schedule.

    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's name SmallBullet
    		 Firm's EIN SmallBullet
    Firm's address SmallBullet


    		 Phone no.
    Form 990-PF (2015)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2015 AccountingFeesSchedule
    Name:
    WILLIAM F WELCH &
     
    LORENE W WELCH FOUNDATION
    EIN:
    83-6033434
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TAX PREPARATION 2,250 1,125   1,125
    BOOKKEEPING 4,800 4,800    

    TY 2015 InvestmentsCorpBondsSchedule
    Name:
    WILLIAM F WELCH &
     
    LORENE W WELCH FOUNDATION
    EIN:
    83-6033434
    Name of Bond End of Year Book Value End of Year Fair Market Value
    ARES CAPITAL CORP    
    MI PFD CAPITAL TRUST 50,090 53,240

    TY 2015 InvestmentsCorpStockSchedule
    Name:
    WILLIAM F WELCH &
     
    LORENE W WELCH FOUNDATION
    EIN:
    83-6033434
    Name of Stock End of Year Book Value End of Year Fair Market Value
    ACCURAY INC    
    ALASKA AIR GROUP INCORPORATED 71,938 67,530
    ALTRIA GROUP INC. 147,397 409,758
    AMERICAN CAP AGY CORP 49,857 52,747
    AMERICAN CAP MTG INVT 61,080 63,975
    AMERICAN CAPITAL AGENCY 125,665 130,250
    ANADARKO PETROLEUM CORP    
    APPLE INC 88,425 111,405
    BARCLAYS BANK PLC 7.75%    
    BOSTON PROPERTIES INC 37,949 39,120
    BUCKEYE PARTNERS LP 24,946 35,130
    CAL MAINE FOODS INC 37,285 32,158
    CELGENE CORP 153,730 266,850
    CERNER CORP    
    CLOVIS ONCOLOGY    
    COLGATE PALMOLIVE 36,690 148,680
    CONOCOPHILLIPS    
    CONSTELLATION BRANDS INC 77,879 82,025
    CORE MARK HOLDING CO INC    
    CORE MARK HOLDING CO INC 74,616 76,300
    COSTCO WHOLESALE CORP 76,618 81,045
    CVS HEALTH CORP COM    
    DUPONT FABROS    
    ENERGY SEL SECT SPDR FD    
    FEDEX CORP    
    GILEAD SCIENCE 117,076 141,084
    HANESBRANDS INC    
    HEALTH CARE SEL SECT SPDR FD 77,858 109,140
    JOHNSON & JOHNSON 39,510 119,340
    JP MORGAN CHASE 50,885 52,620
    JUNO THERAPEUTICS INC    
    KINDER MORGAN INC    
    KINDER MORGAN INC WTS 2,172 22
    MACY'S INC    
    MERCK & CO 33,910 62,790
    NEW SR INVT GROUP INC 37,010 37,170
    NIKE INC 84,016 138,336
    NORTHSTAR REALTY FIN    
    NVIDIA CORPORATION 30,577 30,670
    NXP SEMICONDUCTORS    
    O'REILLY AUTOMOTIVE INC 36,533 41,993
    PHILIPS 66    
    PUBLIC STORAGE 77,059 77,220
    QUEST DIAGNOSTICS INC. 32,580 82,820
    RAIT FINANCIAL TRUST    
    RAIT INVESTMENT TRUST    
    REYNOLDS AMERICAN 123,459 223,065
    SKYWORKS SOLUTIONS INC    
    SM ENERGY GROUP 60,612 112,460
    STARTBUCKS CORP    
    TASER INTL INC    
    THE FINANCIAL SEL SECT SPDR FD 11,449 12,280
    THE TECHNOLOGY SEL SEC SPDR FD 42,536 46,990
    TJX COS INC 65,413 73,568
    TJX COS INC NEW    
    UNDER ARMOUR INC    
    VALERO    
    VASCO DATA SECURITY INTL INC    
    VECTOR GROUP LTD 78,995 111,550
    WELLS FARGO 38,212 39,075
    WHITEWAVE FOODS CORP CL A    
    WHITING PETROLEUM CORP 26,615 25,515

    TY 2015 OtherAssetsSchedule
    Name:
    WILLIAM F WELCH &
     
    LORENE W WELCH FOUNDATION
    EIN:
    83-6033434
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    COINS & BULLION 32,251 32,251 65,738
    MINERALS 8,724 8,724 8,724
    COAL     226,111


    TY 2015 OtherExpensesSchedule
    Name:
    WILLIAM F WELCH &
     
    LORENE W WELCH FOUNDATION
    EIN:
    83-6033434
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXPENSES        
    BANK CHARGES 87 87    
    SAFE DEPOSIT BOX 160 160    
    STORAGE EXPENSE 1,454 1,454    


    TY 2015 OtherIncomeSchedule2
    Name:
    WILLIAM F WELCH &
     
    LORENE W WELCH FOUNDATION
    EIN:
    83-6033434
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    PTP DISTRIBUTIONS 1,675 1,675  
    PTP UBTI LOSS CARRYFORWARD -2,674    
    ENTERPRISE PRODUCTS PARTNERS 2,595    
    BUCKEYE PARTNERS LP 79    


    TY 2015 OtherProfessionalFeesSchedule
    Name:
    WILLIAM F WELCH &
     
    LORENE W WELCH FOUNDATION
    EIN:
    83-6033434
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT MGMT. - CYPRESS CAPIT 35,252 35,252    
    ACCOUNT FEES - MORGAN STANLEY 4,202 4,202