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.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0052
2018
Open to Public Inspection
For calendar year 2018, or tax year beginning 01-01-2018 , and ending 12-31-2018
Name of foundation
WALDO T ROSS AND RUTH S ROSS CHARITABLE TRUST
 
Number and street (or P.O. box number if mail is not delivered to street address)GLENS FALLS NATL BK TR PO BOX 216
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
GLENS FALLS, NY12801
A Employer identification number

27-6594166
B Telephone number (see instructions)

(518) 415-4401
C bullet
G Check all that apply:

D 1. Foreign organizations, check here............. bullet
2. Foreign organizations meeting the 85%
test, check here and attach computation ... 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$6,202,885J 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.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 117,030 117,030  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 591,812
b Gross sales price for all assets on line 6a 2,199,595
7 Capital gain net income (from Part IV, line 2)... 591,812
8 Net short-term capital gain......... 0
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule).......      
12 Total. Add lines 1 through 11........ 708,842 708,842  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 32,624 29,361   3,262
14 Other employee salaries and wages......   0 0 0
15 Pension plans, employee benefits.......   0 0  
16a Legal fees (attach schedule).........       0
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule)....       0
17 Interest...............       0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 3,470 231   0
19 Depreciation (attach schedule) and depletion... 0 0  
20 Occupancy..............        
21 Travel, conferences, and meetings.......   0 0  
22 Printing and publications.......... 30 0 0 30
23 Other expenses (attach schedule)....... Click to see attachment 250      
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 36,374 29,592 0 3,292
25 Contributions, gifts, grants paid....... 305,300 305,300
26 Total expenses and disbursements. Add lines 24 and 25 341,674 29,592 0 308,592
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 367,168
b Net investment income (if negative, enter -0-) 679,250
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2018)
Form 990-PF (2018)
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......... 279,230 653,387 653,387
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet     0 0
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 bullet0      
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).......      
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 4,339,390 Click to see attachment4,332,609 5,549,498
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 4,618,620 4,985,996 6,202,885
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 Foundations that follow SFAS 117, check here bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted..................    
25 Temporarily restricted...............    
26 Permanently restricted...............    
Foundations that do not follow SFAS 117, check here bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds........ 4,618,620 4,985,996
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)..... 4,618,620 4,985,996
31 Total liabilities and net assets/fund balances (see instructions). 4,618,620 4,985,996
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
4,618,620
2
Enter amount from Part I, line 27a .....................
2
367,168
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
2,205
4
Add lines 1, 2, and 3 ..........................
4
4,987,993
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
1,997
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
4,985,996
Form 990-PF (2018)
Form 990-PF (2018)
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 50000. AT&T INC 5.500% 2/01/18   2009-08-11 2018-02-01
b 1452.63 VANGUARD REAL ESTATE INDEX ADMR     2018-02-07
c 100000. PEPSICO INC 5.000% 6/01/18   2009-06-16 2018-06-01
d 100. ECOLAB INC   2015-07-24 2018-06-08
e 485. GENERAL MILLS INC     2018-06-08
200. GILEAD SCIENCES INC   2012-07-11 2018-06-08
200. THE HERSHEY COMPANY     2018-06-08
100. NEXTERA ENERGY INC   2012-07-11 2018-06-08
100. SCHLUMBERGER LTD     2018-06-08
100. STARBUCKS CORP   2012-01-26 2018-06-08
1922.098 VANGUARD MID CAP INDEX-ADM     2018-06-08
2530.62 VANGUARD SMALL-CAP INDEX-ADM     2018-06-08
388.259 VANGUARD 500 INDEX FUND-ADM   2014-12-15 2018-06-08
100. VERIZON COMMUNICATIONS INC   2007-06-12 2018-06-08
200. CONOCOPHILLIPS   2009-08-10 2018-06-25
205. JOHNSON & JOHNSON   1994-12-07 2018-06-25
250. MASCO CORP   2013-05-22 2018-06-25
170. PROCTER & GAMBLE CO   2007-07-31 2018-06-25
396.841 VANGUARD 500 INDEX FUND-ADM   2014-12-15 2018-06-25
23. GARRETT MOTION INC     2018-10-04
38. RESIDEO TECHNOLOGIES INC     2018-10-30
.3333 RESIDEO TECHNOLOGIES INC   2012-07-11 2018-11-12
50000. FNMA 1.625% 11/27/18   2014-12-16 2018-11-27
19. ALPHABET INC CL A   2012-01-26 2018-11-28
20. AMAZON.COM INC   2011-04-21 2018-11-28
50. APPLE INC   2007-08-22 2018-11-28
400. FACEBOOK INC-A   2015-07-06 2018-11-28
6095.626 FIDELITY OVERSEAS FUND   2015-05-15 2018-11-28
70. NETFLIX INC   2015-07-23 2018-11-28
1000. PAYPAL HOLDINGS INC     2018-11-28
3896.103 T ROWE PRICE NEW ASIA-I   2017-07-13 2018-11-28
297.72 EXPRESS SCRIPTS HLDG   2012-07-11 2018-12-20
2.28 EXPRESS SCRIPTS HLDG   2012-07-11 2018-12-20
5. ALPHABET INC CL A   2012-01-26 2018-12-28
349.895 DODGE & COX STK FD COM   2016-01-12 2018-12-28
1750. GENERAL ELECTRIC CO     2018-12-28
17911.974 PIMCO SHORT TERM FUND INSTL   2018-06-25 2018-12-28
CAPITAL GAIN DIVIDENDS P    
(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 50,000   50,766 -766
b 153,282   169,221 -15,939
c 100,000   101,335 -1,335
d 14,631   10,951 3,680
e 20,593   21,140 -547
14,349   5,043 9,306
18,285   19,868 -1,583
15,639   6,880 8,759
6,922   8,775 -1,853
5,692   2,944 2,748
383,132   174,228 208,904
192,859   93,276 99,583
100,000   72,809 27,191
4,854   4,049 805
13,230   7,874 5,356
25,034   13,242 11,792
9,420   5,720 3,700
13,193   11,851 1,342
100,000   74,418 25,582
374   142 232
842   399 443
7   4 3
50,000   50,000  
20,036   7,903 12,133
32,247   4,928 27,319
8,792   1,771 7,021
53,487   35,112 18,375
280,886   265,873 15,013
18,750   7,369 11,381
82,379   33,380 48,999
67,208   75,000 -7,792
14,413     14,413
212   101 111
5,248   2,080 3,168
60,000   57,483 2,517
12,976   35,057 -22,081
175,000   176,791 -1,791
      75,623
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       -766
b       -15,939
c       -1,335
d       3,680
e       -547
      9,306
      -1,583
      8,759
      -1,853
      2,748
      208,904
      99,583
      27,191
      805
      5,356
      11,792
      3,700
      1,342
      25,582
      232
      443
      3
       
      12,133
      27,319
      7,021
      18,375
      15,013
      11,381
      48,999
      -7,792
      14,413
      111
      3,168
      2,517
      -22,081
      -1,791
       
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 2 591,812
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2017 287,374 6,252,874 0.045959
2016 295,825 5,787,597 0.051114
2015 290,725 6,013,096 0.048349
2014 249,064 5,951,654 0.041848
2013 230,426 5,484,331 0.042015
2
Total of line 1, column (d) .....................
2
0.229285
3
Average distribution ratio for the 5-year base period—divide the total on line 2 by 5.0, or by the number of years the foundation has been in existence if less than 5 years ......
3
0.045857
4
Enter the net value of noncharitable-use assets for 2018 from Part X, line 5......
4
6,660,283
5
Multiply line 4 by line 3......................
5
305,421
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
6,793
7
Add lines 5 and 6........................
7
312,214
8
Enter qualifying distributions from Part XII, line 4,.............
8
308,592
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 (2018)
Form 990-PF (2018)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here Bullet and enter “N/A" on line 1. Bracket includes lines 1a and 1b
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b Domestic foundations that meet the section 4940(e) requirements in Part V, check 1 13,585
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 13,585
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 13,585
6 Credits/Payments:
a 2018 estimated tax payments and 2017 overpayment credited to 2018 6a 2,380
b Exempt foreign organizations—tax withheld at source...... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 2,380
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 11,205
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2019 estimated taxBullet0 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? (see Instructions
for definition).................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (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)
    bulletNY
    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 2018 or the taxable year beginning in 2018? See the 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 (2018)
    Form 990-PF (2018)
    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 ofbulletGLENS FALLS NATIONAL BANK & TRUST Telephone no.bullet (518) 415-4401

    Located atbullet250 GLEN STREETGLENS FALLSNY ZIP+4bullet12801
    15
    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
    15
     
    16 At any time during calendar year 2018, 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 the instructions for exceptions and filing requirements for FinCEN Form 114. 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 2018?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2018, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2018?.............
    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 2018 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 2018.)..................
    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 2018?
    4b
     
    No
    Form 990-PF (2018)
    Form 990-PF (2018)
    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:
    Yes
    No
    (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
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .................
    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
    GLENS FALLS NATL BANK CO TTEE
    1     		24,888    
    250 GLEN STREET PO BOX 2161
    GLENS FALLS,NY12801
    ROBERT HAFNER CO-TTEE
    1     		7,310    
    250 GLEN STREET PO BOX 2161
    GLENS FALLS,NY12801
    PAUL MCPHILLIPS CO TTEE
    1     		426    
    250 GLEN STREET PO BOX 2161
    GLENS FALLS,NY12801
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1  
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet  
    Form 990-PF (2018)
    Form 990-PF (2018)
    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
    6,416,253
    b
    Average of monthly cash balances.......................
    1b
    345,456
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    6,761,709
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    6,761,709
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    101,426
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    6,660,283
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    333,014
    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.)
    1
    Minimum investment return from Part X, line 6....................
    1
    333,014
    2a
    Tax on investment income for 2018 from Part VI, line 5......
    2a
    13,585
    b
    Income tax for 2018. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    13,585
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    319,429
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    319,429
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    319,429
    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
    308,592
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    0
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    308,592
    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
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    308,592
    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 (2018)
    Form 990-PF (2018)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2017     		(c)
    2017     		(d)
    2018
    1 Distributable amount for 2018 from Part XI, line 7 319,429
    2 Undistributed income, if any, as of the end of 2018:
    a Enter amount for 2017 only....... 305,238
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2018:
    a From 2013...... 0
    b From 2014...... 0
    c From 2015...... 0
    d From 2016...... 0
    e From 2017...... 0
    fTotal of lines 3a through e........ 0
    4Qualifying distributions for 2018 from Part
    XII, line 4: bullet$ 308,592
    a Applied to 2017, but not more than line 2a 305,238
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2018 distributable amount..... 3,354
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2018. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2017. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2018. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2019 ..........     		316,075
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8 Excess distributions carryover from 2013 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2019.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2014.... 0
    b Excess from 2015.... 0
    c Excess from 2016.... 0
    d Excess from 2017.... 0
    e Excess from 2018.... 0
    Form 990-PF (2018)
    Form 990-PF (2018)
    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 2018, 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) 2018 (b) 2017 (c) 2016 (d) 2015
             
    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 foundation 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 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 (2018)
    Form 990-PF (2018)
    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
    LAKESIDE CHAPEL
    360 CLEVERDALE ROAD
    CLEVERDALE,NY12820     		N/A PC GENERAL - UNRESTRICTED 10,000
    BAY ROAD PRESBYTERIAN CHURCH
    1167 BAY ROAD
    LAKE GEORGE,NY12804     		N/A PC GENERAL - UNRESTRICTED 27,400
    N QUEENSBURY FIRE FIGHTERS SERVICE
    PO BOX 61
    CLEVERDALE,NY12820     		N/A PC UNRESTRICTED - GENERAL 2,950
    N QUEENSBURY RESCUE SQUAD
    PO BOX 272
    CLEVERDALE,NY12820     		N/A PC UNRESTRICTED - GENERAL 2,950
    HARRISENA COMMUNITY CHURCH
    1616 RIDGE ROAD
    QUEENSBURY,NY12804     		N/A PC UNRESTRICTED - GENERAL 42,000
    CHAPMAN HISTORICAL MUSEUM
    248 GLEN STREET
    GLENS FALLS,NY12801     		N/A PC UNRESTRICTED - GENERAL 30,000
    THE SALVATION ARMY
    13-15 CHESTER STREET
    GLENS FALLS,NY12801     		N/A PC UNRESTRICTED - GENERAL 65,000
    THE HYDE COLLECTION
    161 WARREN STREET
    GLENS FALLS,NY12801     		N/A NONE UNRESTRICTED - GENERAL 55,000
    OPEN DOOR
    47 LAWRENCE STREET
    GLENS FALLS,NY12801     		N/A NONE UNRESTRICTED - GENERAL 30,000
    CHARLES R WOOD THEATER INC
    ATTN MARY PAT RABIN TREAS
    CHARLES WOOD THEATER
    GLENS FALLS,NY12801     		NA PC UNRESTRICTED - GENERAL 20,000
    GLENS FALLS SYMPHONY ORCHESTRA
    ATTN JENNIFER BRINK EXECUTOR
    PO BOX 2036
    GLENS FALLS,NY128012036     		NA PC UNRESTRICTED - GENERAL 20,000
    Total .................................bullet 3a 305,300
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2018)
    Form 990-PF (2018)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3 Interest on savings and temporary cash
    investments ...........     		         
    4 Dividends and interest from securities....     14 117,030  
    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 ............     		    18 591,812  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   708,842  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    708,842
    (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 (2018)
    Form 990-PF (2018)
    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) (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) (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 (2018)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2018 InvestmentsOtherSchedule2
    Name:
    WALDO T ROSS AND RUTH S ROSS CHARITABLE TRUST
    EIN:
    27-6594166
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    DODGE & COX STOCK FUND AT COST 118,517 124,665
    VANGUARD 500 INDEX FUND AT COST 463,774 572,379
    VANGUARD MID CAP INDEX-ADM AT COST 139,789 263,773
    VANGUARD SM CAP INDEX-ADM      
    PIMCO LOW DURATION FUND AT COST 217,396 215,991
    FIDELITY OVERSEAS HIGH FD-ADM      
    VANGUARD REIT      
    EQUITY RESIDENTIAL REIT      
    PUBLIC STORAGE INC REIT      
    ISHARES CORE TOTAL US AT COST 56,165 53,245
    ISHARES BARCLAYS 1-3 YR AT COST 84,359 83,620
    ISHARES BARCLAYS 1-3 YEARS CR AT COST 210,005 206,560
    AT&T INC      
    PEPSICO INC      
    FEDERAL NATIONAL MORTGAGE ASSN      
    CISCO SYSTEMS INC AT COST 50,411 50,106
    EXXON MOBIL CORPORATION AT COST 100,065 99,816
    FEDERAL HOME LOAN BANK AT COST 50,196 49,298
    FEDERAL FARM CREDIT BANK AT COST 50,138 49,373
    ECOLAB INC      
    INTERNATIONAL FLAVORS AND FRAG AT COST 24,424 33,568
    VULCAN MATERIALS CO AT COST 17,925 19,760
    COCA COLA CO AT COST 32,998 40,248
    CONSTELLATION BRANDS INC AT COST 39,209 32,164
    GENRAL MLS INC      
    PEPSICO INC AT COST 30,594 47,506
    PROCTOR & GAMBLE CO AT COST 39,486 50,556
    THE HERSHEY COMPANY      
    AMAZON.COM INC AT COST 19,712 120,158
    DISNEY WALT CO NEW AT COST 39,076 61,952
    HOME DEPOT INC AT COST 5,786 34,364
    MCDONALDS CORP AT COST 6,282 17,757
    NETFLIX INC AT COST 26,319 66,915
    NIKE INC CLASS B AT COST 36,149 74,140
    PRICELINE GROUP INC      
    STARBUCKS CORP AT COST 17,665 38,640
    TESLA INC AT COST 22,681 33,280
    UNDER ARMOUR INC-CLASS A AT COST 8,370 11,662
    AMGEN INC AT COST 25,700 58,401
    BRISTOL MYERS SQUIBB CO AT COST 11,242 20,792
    EXPRESS SCRIPTS HLDG      
    GILEAD SCIENCES      
    JOHNSON & JOHNSON AT COST 12,919 25,810
    LILLY ELI & CO AT COST 7,959 23,144
    MERCK & CO INC AT COST 14,275 30,564
    PFIZER INC AT COST 26,249 52,380
    STRYKER CORPORATION AT COST 35,855 39,188
    UNITED HEALTH GROUP INC AT COST 19,069 93,420
    CHEVRON CORPORATION AT COST 24,778 32,637
    CONOCO PHILLIPS      
    EOG RES INC AT COST 25,208 21,803
    EXXONMOBIL CORP AT COST 76,408 68,190
    HALIBURTON CO AT COST 9,412 6,645
    PHILLIPS 66 AT COST 15,930 21,538
    SCHLUMBERGER LTD      
    BERKSHIRE HATHAWAY INC-CL B AT COST 32,874 77,588
    GOLDMAN SACHS GROUP INC AT COST 15,492 15,035
    INTERCONTINTENTAL EXCHANGE GRO AT COST 57,205 75,330
    JP MORGAN CHASE & CO AT COST 33,896 84,929
    MORGAN STANLEY AT COST 24,107 39,650
    STATE STREET CORP AT COST 45,883 31,535
    BOEING CO AT COST 11,343 48,375
    FEDEX CORPORATION AT COST 9,808 16,940
    GENERAL DYNAMICS CORP AT COST 16,550 38,516
    GENERAL ELECTRIC CORP AT COST 35,057 13,248
    HONEYWELL INTERNATIONAL INC AT COST 12,956 30,388
    MASCO CORP AT COST 17,161 21,930
    UNION PAC CORP AT COST 7,245 20,735
    UNITED TECHNOLOGIES CORP AT COST 16,658 25,555
    3M CO AT COST 15,406 35,250
    ALPHABET INC CL A AT COST 29,118 73,147
    APPLE INC AT COST 29,747 132,502
    CISCO SYSTEMS INC AT COST 50,101 60,662
    FACEBOOK INC-A      
    INTEL CORP AT COST 21,570 46,930
    MICROSOFT CORP AT COST 55,251 172,669
    NVIDIA CORP AT COST 32,279 26,700
    ORACLE CORP AT COST 26,798 47,182
    PAYPAL HOLDINGS INC AT COST 33,380 84,090
    VISA INC CL A AT COST 13,622 71,248
    VERIZON COMMUNICATIONS AT COST 16,196 22,488
    NEXTERA ENERGY INC AT COST 13,760 34,764
    GS US EQUITY INSIGHTS-INST AT COST 175,000 151,430
    ISHARES S&P SMALLCAP 600 AT COST 104,738 103,980
    T ROWE PRICE NEW ASIA-1      
    CLEARBRIDGE INTL GROWTH INTL AT COST 300,000 279,257
    DREYFUS STRUCT AT COST 304,040 222,988
    PRINCIPAL SMALL CAP AT COST 202,694 139,500
    SPDR AT COST 178,260 162,960
    CIGNA CORP AT COST 16,651 13,868
    PIMCO S/T FD AT COST 123,209 121,836
    BOOKING HLDGS AT COST 42,059 60,285

    TY 2018 OtherDecreasesSchedule
    Name:
    WALDO T ROSS AND RUTH S ROSS CHARITABLE TRUST
    EIN:
    27-6594166
    Description Amount
    MUTUAL FUND ADJUSTMENT 1,586
    INCOME PAID IN 2018 TAXED IN 2017 379
    ROUNDING 32


    TY 2018 OtherExpensesSchedule
    Name:
    WALDO T ROSS AND RUTH S ROSS CHARITABLE TRUST
    EIN:
    27-6594166
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    STATE INCOME TAXES 250 0   0


    TY 2018 OtherIncreasesSchedule
    Name:
    WALDO T ROSS AND RUTH S ROSS CHARITABLE TRUST
    EIN:
    27-6594166
    Description Amount
    INCOME PAID IN 2019 TAXED IN 2018 2,205


    TY 2018 TaxesSchedule
    Name:
    WALDO T ROSS AND RUTH S ROSS CHARITABLE TRUST
    EIN:
    27-6594166
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FEDERAL TAX PAYMENT - PRIOR YE 859 0   0
    FEDERAL ESTIMATES - PRINCIPAL 2,380 0   0
    FOREIGN TAXES ON QUALIFIED FOR 231 231   0