Form990-PF
Click to see attachment

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
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 07-01-2018 , and ending 06-30-2019
Name of foundation
LINCOLN INSTITUTE OF LAND POLICY
 
Number and street (or P.O. box number if mail is not delivered to street address)11010 N TATUM BLVD No D101
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Phoenix, AZ85028
A Employer identification number

86-6021106
B Telephone number (see instructions)

(617) 661-3016
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$604,471,994J Accounting method:
MODIFIED CASH
(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) 5,003,023
2 Check bullet.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 9,801,749 8,791,595 9,801,749
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 25,542,121
b Gross sales price for all assets on line 6a 27,999,551
7 Capital gain net income (from Part IV, line 2)... 25,542,121
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)....... Click to see attachment 43,128 0 43,128
12 Total. Add lines 1 through 11........ 40,390,021 34,333,716 9,844,877
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 1,511,652 610,139 610,139 907,513
14 Other employee salaries and wages...... 7,323,845 161 161 7,323,684
15 Pension plans, employee benefits....... 3,122,420 130,227 130,227 2,992,193
16a Legal fees (attach schedule)......... Click to see attachment 133,703 4,936 4,936 128,767
b Accounting fees (attach schedule)....... Click to see attachment 67,278 11,935 11,935 55,343
c Other professional fees (attach schedule).... Click to see attachment 2,451,450 2,374,174 2,374,174 77,276
17 Interest............... 703,145 42,144 42,144 721,795
18 Taxes (attach schedule) (see instructions)... Click to see attachment 771,248 312,725 312,725 175,000
19 Depreciation (attach schedule) and depletion... Click to see attachment 897,673 53,804 53,804
20 Occupancy.............. 809,895 48,544 59,184 750,711
21 Travel, conferences, and meetings....... 2,310,642 0 0 2,310,642
22 Printing and publications.......... 881,932 0 28,104 853,828
23 Other expenses (attach schedule)....... Click to see attachment 8,834,561 265,857 270,240 8,564,321
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 29,819,444 3,854,646 3,897,773 24,861,073
25 Contributions, gifts, grants paid....... 709,738 709,738
26 Total expenses and disbursements. Add lines 24 and 25 30,529,182 3,854,646 3,897,773 25,570,811
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 9,860,839
b Net investment income (if negative, enter -0-) 30,479,070
c Adjusted net income (if negative, enter -0-)... 5,947,104
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............. 1,741,960 296,785 296,785
2 Savings and temporary cash investments......... 9,281,084 16,755,192 16,755,192
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)....... 348,324,716 Click to see attachment346,919,593 346,919,593
c Investments—corporate bonds (attach schedule)....... 17,132,505 Click to see attachment17,831,019 17,831,019
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 204,700,219 Click to see attachment200,887,170 200,887,170
14 Land, buildings, and equipment: basis bullet29,681,659
Less: accumulated depreciation (attach schedule) bullet7,919,994 21,195,575 Click to see attachment21,761,665 21,761,665
15 Other assets (describe bullet) Click to see attachment14,950 Click to see attachment20,570 Click to see attachment20,570
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 602,391,009 604,471,994 604,471,994
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) Click to see attachment28,318,402 Click to see attachment28,183,620
23 Total liabilities (add lines 17 through 22)......... 28,318,402 28,183,620
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.................. 572,564,190 573,626,159
25 Temporarily restricted............... 1,508,417 2,662,215
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........    
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)..... 574,072,607 576,288,374
31 Total liabilities and net assets/fund balances (see instructions). 602,391,009 604,471,994
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
574,072,607
2
Enter amount from Part I, line 27a .....................
2
9,860,839
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
583,933,446
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
7,645,072
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
576,288,374
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 PUBLICLY TRADED SECURITIES P    
b PUBLICLY TRADED SECURITIES P    
c CLASS ACTION P    
d ROSE VALUE ADD OFFICE RETROFIT FUND P    
e ECOSYSTEM II P    
ECOSYSTEM III P    
CARLYLE P    
BARROW HANLEY HIGH YIELD P    
BARROW HANLEY HIGH YIELD P    
MORGAN CREEK CHINA P    
KBI FUND P    
KBI FUND P    
BEACHPOINT P    
ANGELO GORDON REALTY II P    
MORGAN CREEK III P    
MORGAN CREEK IV P    
MORGAN CREEK IV P    
MORGAN CREEK V P    
MORGAN CREEK V P    
CARLYLE ENERGY P    
BAAM P    
MORGAN CREEK III 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     882,693 -882,693
b 25,971,480     25,971,480
c 47,937     47,937
d 382,876     382,876
e     7,606 -7,606
20,544     20,544
    42,020 -42,020
23,951     23,951
5,746     5,746
29,363     29,363
    398,101 -398,101
    1,125,422 -1,125,422
1,017,132     1,017,132
12,433     12,433
    1,588 -1,588
87,700     87,700
54     54
4,178     4,178
217,881     217,881
45,090     45,090
64,196     64,196
68,990     68,990
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       -882,693
b       25,971,480
c       47,937
d       382,876
e       -7,606
      20,544
      -42,020
      23,951
      5,746
      29,363
      -398,101
      -1,125,422
      1,017,132
      12,433
      -1,588
      87,700
      54
      4,178
      217,881
      45,090
      64,196
      68,990
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 25,542,121
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 -1,243,041
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 25,783,084 566,384,303 0.045522
2016 22,463,932 510,717,347 0.043985
2015 18,139,606 476,463,888 0.038071
2014 16,857,152 517,558,674 0.032571
2013 17,226,042 496,450,552 0.034698
2
Total of line 1, column (d) .....................
2
0.194847
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
0.038969
4
Enter the net value of noncharitable-use assets for 2018 from Part X, line 5......
4
565,902,064
5
Multiply line 4 by line 3......................
5
22,052,638
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
304,791
7
Add lines 5 and 6........................
7
22,357,429
8
Enter qualifying distributions from Part XII, line 4,.............
8
27,449,309
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 1 304,791
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........................... 3 304,791
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- ..... 5 304,791
6 Credits/Payments:
a 2018 estimated tax payments and 2017 overpayment credited to 2018 6a 254,028
b Exempt foreign organizations—tax withheld at source...... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 265,000
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 519,028
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 0
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 10 214,237
11 Enter the amount of line 10 to be: Credited to 2019 estimated taxBullet214,237 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$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletAZ, MA, DC
    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
    Yes
     
    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 addressbulletWWW.LINCOLNINST.EDU
    14
    The books are in care ofbulletLINCOLN INSTITUTE OF LAND POLICY Telephone no.bullet (602) 393-4300

    Located atbullet11010 N TATUM BLVDPHOENIXAZ ZIP+4bullet85028
    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
     
    No
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    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
    KATHRYN J LINCOLN CHAIRMAN & CIO/DIRECTOR
    37.50     		415,476 66,979 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    GEORGE MC CARTHY CEO AND PRESIDENT/DIRECTOR
    37.50     		417,325 66,402 69,300
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    DENNIS W ROBINSON TREAS. & VP-FIN. & OPS.
    37.50     		236,000 66,586 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    LEVERING F T WHITE AST. SEC. & VP ADMIN & HR
    37.50     		170,000 56,060 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    DIONE A ETTER SECRETARY
    37.50     		125,000 37,347 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    CAROLINA BARCO DIRECTOR AND PROGRAM ADVIS
    2.00     		12,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    MIMI BROWN DIRECTOR
    2.00     		12,250 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    JOHN G LINCOLN III DIRECTOR
    1.00     		6,750 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    KEVYN ORR DIRECTOR
    1.50     		8,250 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    THOMAS BECKER DIRECTOR
    2.00     		14,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    BRUCE LINCOLN DIRECTOR
    1.00     		8,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    MICHAEL NUTTER DIRECTOR
    0.50     		1,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    THOMAS NECHYBA DIRECTOR
    0.50     		2,500 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    JOHANNES LINN DIRECTOR
    1.50     		8,250 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    JILL SCHURTZ DIRECTOR
    1.00     		6,250 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    RAPHAEL BOSTIC DIRECTOR
    1.00     		0 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    ANTHONY COYNE DIRECTOR
    1.50     		10,250 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    CONSTANCE MITCHELL FORD DIRECTOR
    1.50     		10,250 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    JANE CAMPBELL DIRECTOR AND PROGRAM ADVIS
    2.50     		16,600 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    TIM RENJILIAN DIRECTOR
    2.00     		13,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    SCOTT SMITH DIRECTOR
    1.50     		9,250 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    ADRIANA SOTO DIRECTOR
    1.50     		9,000 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    SANJEEV KHAGRAM DIRECTOR
    0.25     		250 0 0
    11010 N TATUM BLVD
    PHOENIX,AZ85028
    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
    ZHI LIU SR. FELLOW
    37.50     		227,000 99,765 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    ROBIN HACKE E.D. - CCI
    37.50     		280,500 46,244 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    JOAN YOUNGMAN SR. FELLOW
    37.50     		270,000 43,176 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    MARTIM SMOLKA SR. FELLOW
    37.50     		231,000 49,806 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    ARMANDO CARBONELL SR. FELLOW
    37.50     		229,000 50,345 0
    113 BRATTLE STREET
    CAMBRIDGE,MA02138
    Total number of other employees paid over $50,000...................bullet 52
    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
    EAGLE CAPITAL MANAGEMENT INVESTMENT ADVICE 677,917
    499 PARK AVENUE
    NEW YORK,NY10222
    MERRILL LYNCH INVESTMENT CONSULTING 477,471
    2555 E CAMELBACK RD
    PHOENIX,AZ85016
    MARIAN URQUILLA CCI CONSULTANT 408,218
    740 15TH STREET NW
    WASHINGTON,DC20005
    SANDS CAPITAL INVESTMENT ADVICE 316,780
    1101 WILSON BLVD
    ARLINGTON,VA22209
    NORTHERN LIGHT PRODUCTIONS EDUCATIONAL VIDEO 241,153
    300 WESTERN AVE
    BOSTON,MA02134
    Total number of others receiving over $50,000 for professional services.............bullet27
    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 THE DEPARTMENT OF PLANNING AND URBAN FORM ADDRESSES MAJOR GLOBAL CHALLENGES WITH ITS WORK IN URBAN DEVELOPMENT, LAND CONSERVATION AND THE INTERMOUNTAIN WEST. 2,829,113
    2 THE DEPARTMENT OF VALUATION AND TAXATION SEEKS TO INFORM PUBLIC DECISION-MAKING ON LAND-RELATED ISSUES THROUGH RESEARCH, TEACHING, AND DATA GATHERING. 2,599,768
    3 THE LATIN AMERICA PROGRAM FOCUSES ON SEVEN CORE AREAS - VALUE CAPTURE; PROPERTY TAXATION, ASSESSMENTS AND CADASTRES; LARGE-SCALE URBAN REDEVELOPMENT PROJECTS; INFORMALITY, REGULARIZATION, AND LAND MARKETS; ANALYSIS OF URBAN LAND MARKETS; LEGAL DIMENSIONS OF LAND POLICY; AND CLIMATE CHANGE. 2,250,029
    4 THE CENTER FOR COMMUNITY INVESTMENT HELPS DISADVANTAGED COMMUNITIES HARNESS INVESTMENT TO ACHIEVE THEIR ECONOMIC, SOCIAL AND ENVIRONMENTAL PRIORITIES. THROUGH A COMBINATION OF TECHNICAL ASSISTANCE, LEADERSHIP DEVELOPMENT, DISSEMINATION OF RESEARCH AND LESSONS LEARNED, AND THE CREATION OF A ROBUST PEER NETWORK, THE CENTER BUILDS CAPACITY OF COMMUNITIES TO DEFINE PRIORITIES AND GUIDE CAPITAL TOWARD THOSE PRIORITIES. 3,266,785
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (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
    572,089,161
    b
    Average of monthly cash balances.......................
    1b
    1,839,761
    c
    Fair market value of all other assets (see instructions)................
    1c
    590,940
    d
    Total (add lines 1a, b, and c).........................
    1d
    574,519,862
    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
    574,519,862
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    8,617,798
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    565,902,064
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    28,295,103
    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
     
    2a
    Tax on investment income for 2018 from Part VI, line 5......
    2a
     
    b
    Income tax for 2018. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
     
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
     
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
     
    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
     
    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
    25,570,811
    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
    1,878,498
    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
    27,449,309
    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
    304,791
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    27,144,518
    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  
    2 Undistributed income, if any, as of the end of 2018:
    a Enter amount for 2017 only.......  
    b Total for prior years:20, 20, 20  
    3 Excess distributions carryover, if any, to 2018:
    a From 2013......  
    b From 2014......  
    c From 2015......  
    d From 2016......  
    e From 2017......  
    fTotal of lines 3a through e........  
    4Qualifying distributions for 2018 from Part
    XII, line 4: bullet$  
    a Applied to 2017, but not more than line 2a  
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		 
    d Applied to 2018 distributable amount.....  
    e Remaining amount distributed out of corpus  
    5 Excess distributions carryover applied to 2018.    
    (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 2017. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		 
    f Undistributed income for 2018. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2019 ..........     		 
    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) .......     		 
    8 Excess distributions carryover from 2013 not
    applied on line 5 or line 7 (see instructions) ...     		 
    9Excess distributions carryover to 2019.
    Subtract lines 7 and 8 from line 6a ......     		 
    10 Analysis of line 9:
    a Excess from 2014....  
    b Excess from 2015....  
    c Excess from 2016....  
    d Excess from 2017....  
    e Excess from 2018....  
    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
    2006-11-01
    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
    5,947,104 7,533,031 8,056,447 3,037,717 24,574,299
    b 85% of line 2a ......... 5,055,038 6,403,076 6,847,980 2,582,059 20,888,154
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		27,449,309 26,272,806 22,644,599 18,198,963 94,565,677
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		0 0 0 0 0
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		27,449,309 26,272,806 22,644,599 18,198,963 94,565,677
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......         0
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		         0
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		18,863,402 18,879,477 17,023,911 15,882,129 70,648,919
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		        0
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		        0
    (3) Largest amount of support
    from an exempt organization    		         0
    (4) Gross investment income         0
    Part XV
    Supplementary Information (Complete this part only if the 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
    Pedro Abramo Campos
    Avenida General San Martin 283 apt
    201 Leblon
    Rio de Janeiro,Brazil  
    BR     		none I Informal Land Use Markets and Regularization of Favelas in Rio 14,500
    Line Algoed
    Pastoriestraat 40
    Haacht,Belgium  
    BE     		none I Community Land Trusts and Informal Settlements 10,530
    ASU Foundation for a New American University
    300 E University Drive PO Box 2260
    Tempe,AZ852802260     		none PC Impact of the Water Resources Element within Arizona and Colorado River Basin 25,641
    Bernadette Baird-Zars
    534 W 112th St Box 250342
    New York,NY10025     		none I Post-plan planning: Case of Tlajomulco, Mexico 10,000
    Tina Maria Francis Beale
    Flat 114 Queens Court 15 Queens
    Walk
    Reading,United KingdomRG1 7QF
    UK     		none I The Tax Collector-Taxpayer Relationship & the Compliance/Evasion Equilibrium(s) in Jamaica 10,000
    Ciro Biderman
    71 Howard Street 2
    Cambridge,MA02139     		none I Moving to (dis)Opportunity: Brazils Minha Cas Minha Vida program 20,000
    Cerema Agence Secondaire Ouest
    Rue Pierre Ramond - CS 60013
    Saint Mdard en Jalles,France33166
    FR     		none NC French land value capture (r)evolution: a shift from social equity to investment financing 12,093
    Clark University
    950 Main St
    Worcester,MA01610     		  PC Land Conversion and Misallocation across Cities in China 16,500
    Katherine Renee Clifford
    940 35th St
    Boulder,CO80303     		none I Fugitive Dust: How Dust Escapes Regulation and Its Consequences 10,000
    David Paul Rosen & Associates
    3527 Mt Diablo Blvd 361
    Lafayette,CA94549     		none NC French land value capture (r)evolution: a shift from social equity to investment financing 16,000
    Drew Eppehimer
    1750 E Tuckey Lane
    Phoenix,AZ85016     		none I Restoration of Desert Rivers with Treated Wastewater 10,000
    Paulo Henriques da Fonseca
    Rodovia BR230 Km 489 Apto 05 Posto
    Sao Goncalo
    Sousa Paraiba,Brazil58800-000
    BR     		none I Emphyteusis and Urban Land: Exploring the potential uses of ground leases in Brazilian cities 12,300
    Fundacin Universidad Torcuato Di Tella
    Calle Miones 2177
    Buenos Aires,Argetina1428
    AR     		none NC Infrastructure Invest. in a Urban Growth Scenario in Argentina 30,000
    Caitlin Sona Gorback
    1928 Spruce St Apt 1F
    Philadephia,PA19103     		none I Your Uber has Arrived: Ridesharing and the Redistribution of Economic Activity 10,000
    Julia Gabriele Harten
    1117 1/2 Olive Street
    Santa Barbara,CA93101     		none I Crowded with Potential: Bed Space Rentals in Chinas Megacities 10,000
    Matthijs Korevaar
    Willem Vliegenstraat 32D 6214 AT
    Maastricht,Netherlands  
    NL     		none I Finance Lessons from the Long History of Urban Housing Markets 10,000
    Cameron S LaPoint
    523 West 112th Street Apt 82
    New York,NY10025     		none I Corporate Borrowing and Land Values in the 1980s Japanese Real Estate Bubble 10,000
    Maria Mercedes Maldonado
    Cra 45 No 44-21 Bl 3-904
    Bogota,Colombia  
    CO     		none I Spanish Land Use and Planning Legislation and Jurisprudence in Latin America 14,600
    Christina May Leonard
    1591 East 1220 North
    Logan,UT84341     		none I Managing riverine resources in the context of sediment: Predicting channel change 10,000
    Leila Mosleh
    7211 Adelphi Rd
    Hyattsville,MD20782     		none I Human and Natural System Evaluation to Support Water Policy and Land Management 10,000
    Nir Mualam
    Tulkovsky 9 St
    Tel Aviv,Israel6935879
    IS     		none I Implementing Value Capture in Israel: An examination of recent tools and policies 22,500
    New York University
    726 W Broadway 2nd floor
    New York,NY100039580     		none PC Take the Q Train: Value Capture of Public Infrastructure Projects 45,000
    Pegasys AME (Pty) Ltd
    Rogers House 5 President John
    Kennedy Street
    Port Louis,Mauritius11327
    MP     		none NC One-off Infrastructure Payments in African Cities 36,700
    Marc Perez Casas
    Calle Dr Samso 42 3r 1a Argentona
    Barcelona,Spain8310
    SP     		none I Indirect Land Value Capture and its Potential to Finance Improvements Informal Settlements 17,000
    Pontificia Universidad Catlica de Chile
    El Comendador No 1916 Casilla
    Satiago,Chile16002
    CI     		none NC Modelling the Costs of Densification in Consolidated Neighborhoods: The Case of Santiago 14,000
    Shitong Qiao
    The Belchers Tower 8 Flat 36/B 89
    Pokfulam Road
    Hong Kong,China  
    CH     		none I Transferrable Development Rights: Cure or Curse for Chinese Farmers? 10,000
    Eyal Salinger
    6 De-Haaz Street
    TelAviv,Israel6266612
    IS     		none I Implementing Value Capture in Israel 22,500
    Leslie Cameron Sanchez
    1032 Kainui Drive
    Kailua,HI96734     		none I Impacts of Winters Right Adjudication on Native American Reservations in the Western US 10,000
    Marta Lora-Tamayo
    Calle Fresnedillas 4 Portal A Piso
    4 Izquierda
    Madrid,Spain28035
    SP     		none I Spanish Land Use and Planning Legislation and their Influence in Latin America 14,600
    UCL Consultants Limited
    97 Tottenham Court Road Network
    Building
    London,United KingdomW1T 4TP
    UK     		none NC Equity, public health, infrastructure and urban policy in Cali, Colombia 20,000
    University of Utrecht
    3508 TC Utrecht
    Utrecht TC,Netherlands3508
    NL     		none NC The Statute of Metropolis and Planning Reform in Brazil 16,000
    Universit Paris XII
    61 Avenue du General de Gaulle
    Crteil,France94010
    FR     		none NC French land value capture (r)evolution: a shift from social equity to investment financing 17,580
    University of British Columbia
    409-6190 Agronomy Road
    Vancouver BC,CanadaV6T 1Z3
    CA     		none NC Neighborhood Restructuring, Built Environment, and Quality of Life in Urban China 20,000
    Edmilson Varejao
    3630 S Sepulveda Blvd 1147
    Los Angeles,CA90034     		none I Property value Assessment in Rio de Janeiro: The effects of transport investments 10,000
    Elia Maria Tapia Villasenor
    4601 N Via Entrada Apt 1058
    Tucson,AZ85718     		none I Water Resources in the Borderlands of the Colorado River Basin 10,000
    Philip James Womble
    920 California Ave
    Palo Alto,CA94306     		none I Making Water Markets Work: Colorado River 10,000
    World Resources Institute
    10 G Street NE 8th Floor
    Washington,DC20002     		none PC Land Value Capture to Finance Service Provision in Urban Redevelopment 45,694
    Jiawen Yang
    3695 Bentbill Crossing
    Cumming,GA30041     		none I Value capture beyond public land leasing in China's Pearl River Delta 35,000
    David Yee
    325 Bellvale Lakes Road
    Warwick,NY10990     		none I Divided landscapes in the Mexican metropolis: Housing and segregation in Mexico City 10,000
    Jiangping Zhou
    Flat 4A 3 Tam Towers 25 Sha Wan Dr
    Pokfulam Hong Kong,China  
    CH     		none I Can TODness Improve (Expected) Performances of TODs? 20,000
    Rachelle Alterman
    29 Hanoter Street
    Even Yehuda,Israel  
    IS     		none I Land Policy, Urban Law and Climate Change 12,000
    Fernando de Mello Franco
    Rua Mininstro 60001 Apto 153
    Sao Paulo,Brazil  
    BR     		none I Sale of Building Rights in Sao Paulo, Brazil and implementing the social function 19,000
    Total .................................bullet 3a 709,738
    bApproved for future payment
    Total .................................bullet 3b 0
    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
    aPUBLICATIONS         28,104
    bSONORAN INSTITUTE         3,280
    cEMPLOYEE PARKING         5,760
    dOTHER         1,600
    eCOURSE COSTS REIMBURSEMENT         4,384
    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.... 531390 1,010,154 14 8,791,595  
    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 25,542,121  
    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).. 1,010,154 34,333,716 43,128
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    35,386,998
    (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.)
    1A SALES OF SCHOLARLY PUBLICATIONS IN VARIOUS PROGRAM AREAS
    1B CHARGE FOR OCCUPANCY BY NON-PROFIT
    1C PARKING PROVIDED FOR EMPLOYEE CONVENIENCE
    1D USE OF CLASSROOM SPACE BY CHARITABLE ORGANIZATION ENGAGED IN EDUCATION
    1E PROGRAM COSTS REIMBURSED BY OTHER ORGANIZATIONS
    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
    Schedule B
    (Form 990, 990-EZ,
    or 990-PF)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors

    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    Arrow Bullet Go to www.irs.gov/Form990 for the latest information.
    OMB No. 1545-0047
    2018
    Name of the organization
    LINCOLN INSTITUTE OF LAND POLICY
     
    Employer identification number

    86-6021106
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ






    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......... Arrow Bullet $  
    Caution. An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its
    Form 990-EZ or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018) Page 2
    Name of organization
    LINCOLN INSTITUTE OF LAND POLICY
          		Employer identification number
    86-6021106
    Part I
    Contributors (See instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    1
    NATURE CONSERVANCY CANADA
     
    245 EGLINTON AVENUE EAST
     
    TORONTO, ONTARIO   CA

    		$ 7,252


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    2
    HIGHSTEAD FOUNDATION
     
    PO BOX 1097
     
    REDDING, CT06875

    		$ 73,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    3
    WEEDEN FOUNDATION
     
    35 ADAMS STREET
     
    BEDFORD HILLS, NY10507

    		$ 15,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    4
    KRESGE FOUNDATION
     
    3215 W BIG BEAVER ROAD
     
    TROY, MI48084

    		$ 1,000,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    5
    ROBERT WOOD JOHNSON FOUNDATION
     
    50 COLLEGE ROAD EAST
     
    PRINCETON, NJ08540

    		$ 2,845,660


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    6
    WATER RESEARCH FOUNDATION
     
    6666 WEST QUINCY AVENUE
     
    DENVER, CO80235

    		$ 27,000


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Name of organization
    LINCOLN INSTITUTE OF LAND POLICY
          		Employer identification number
    86-6021106
    Part I
    Contributors (See instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    7
    GATES FAMILY FOUNDATION
     
    1390 LAWRENCE ST 400
     
    DENVER, CO80204

    		$ 40,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    8
    CALIFORNIA ENDOWMENT
     
    1000 N ALAMEDA ST
     
    LOS ANGELES, CA90012

    		$ 150,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    9
    MACARTHUR FOUNDATION
     
    140 S DEARBORN ST
     
    CHICAGO, IL60603

    		$ 250,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    10
    WALTON FAMILY FOUNDATION
     
    PO BOX 2030
     
    BENTONVILLE, AZ72712

    		$ 105,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    11
    ANNIE E CASEY FOUNDATION
     
    701 ST PAUL ST
     
    BALTIMORE, MD21202

    		$ 218,608


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    12
    ARAUCO
     
    AVENIDA EL GOLF 150 PISO 14
     
    SANTIAGO,     CI

    		$ 25,000


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Name of organization
    LINCOLN INSTITUTE OF LAND POLICY
          		Employer identification number
    86-6021106
    Part I
    Contributors (See instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    13
    MASS AUDUBON
     
    208 SOUTH GREAT ROAD
     
    LINCOLN, MA01773

    		$ 6,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    14
    MID AMERICA REGIONAL COUNCIL
     
    600 BROADWAY SUITE 200
     
    KANSAS CITY, MO64105

    		$ 5,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    15
    NATIONAL COOPERATIVE BANK
     
    2011 CRYSTAL DRIVE SUITE 800
     
    ARLINGTON, VA22202

    		$ 10,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    16
    DOUGLAS DE ANGELIS  
    28 TURKEY SHORE ROAD
     
    IPSWICH, MA01938

    		$ 10,000


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    17
    AARP
     
    601 E STREET NW
     
    WASHINGTON, DC20049

    		$ 94,307


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    18
    QUICKEN LOAN
     
    1050 WOODWARD AVE
     
    DETROIT, MI48226

    		$ 20,000


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Name of organization
    LINCOLN INSTITUTE OF LAND POLICY
          		Employer identification number
    86-6021106
    Part I
    Contributors (See instructions). Use duplicate copies of Part I if additional space is needed.
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    19
    KATHRYN LINCOLN  
    11010 N TATUM BLVD
     
    PHOENIX, AZ85028

    		$ 38,035


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    20
    ESTATE OF DAVID C LINCOLN
     
    11010 N TATUM BLVD
     
    PHOENIX, AZ85028

    		$ 49,250


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     
     

    		$  


    (Complete Part II for noncash contributions.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Page 3
    Name of organization
    LINCOLN INSTITUTE OF LAND POLICY
          		Employer identification number

    86-6021106
    Part II
    Noncash Property (See instructions). Use duplicate copies of Part II if additional space is needed.
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    19
    		 VARIOUS PIECES OF ARTWORK $ 38,035 2019-06-30
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
    20
    		 VARIOUS PIECES OF ARTWORK $ 49,250 2019-06-30
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    (a)
    No. from Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (See instructions)     		(d)
    Date received
     
    		$    
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)
    Page 4
    Name of organization
    LINCOLN INSTITUTE OF LAND POLICY
          		Employer identification number

    86-6021106
    Part III
    Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    (a)
    No. from Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
         
     
    Schedule B (Form 990, 990-EZ, or 990-PF) (2018)

    Additional Data


    Software ID:  
    Software Version:  

    TY 2018 AccountingFeesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    AUDIT FEES 67,278 11,935 11,935 55,343

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

    TY 2018 DepreciationSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
    LAND AND BUILDINGS, BRATTLE STREET, CAMBRIDGE   10,082,406 5,433,589 VAR 0 % 275,135 0 0  
    FURNITURE   90,433 90,433 VAR 0 % 0 0 0  
    OFFICE CONDO - PHOENIX   3,366,209 560,550 VAR 0 % 71,761 0 0  
    CONDOMINIUM IMPROVEMENTS - PHOENIX   35,000 11,573 VAR 0 % 1,167 0 0  
    PHILLIPS PLACE, CAMBRIDGE - LAND   2,500,000   VAR 0 % 0 0 0  
    PHILLIPS PLACE, CAMBRIDGE - BUILDINGS   1,689,780 61,348 VAR 0 % 56,325 0 0  
    PHILLIPS PLACE, CAMBRIDGE - IMPROVEMENTS   3,020,893 458,049 VAR 0 % 144,648 0 0  
    PHILLIPS PLACE, CAMBRIDGE - CAP INT   443,002 46,762 VAR 0 % 6,115 0 0  
    FURNITURE   160,023 72,349 VAR 0 % 9,466 0 0  
    BRATTLE STREET RENOVATION   4,864,976 98,068 VAR 0 % 196,536 0 0  
    PHOENIX FURNITURE   127,587 27,339 VAR 0 % 0 0 0  
    CONDOMINIUM IMPROVEMENTS - PHOENIX   33,719 2,584 VAR 0 % 1,550 0 0  
    PHOENIX AV EQUIPMENT   26,086 7,826 VAR 0 % 5,217 0 0  
    CAPITALIZED INTEREST - PHOENIX   83,322 246 VAR 0 % 246 0 0  
    FURNITURE - BRATTLE   466,129 31,910 VAR 0 % 68,695 0 0  
    ARTWORK - BRATTLE   141,616   VAR 0 % 0 0 0  
    PHOENIX CONSTRUCTION IN PROGRESS   2,408,119 119,695 VAR 0 % 60,812 0 0  
    CAMBRIDGE OFFICE RENOVATION   142,359   VAR 0 % 0 0 0  

    TY 2018 GeneralExplanationAttachment
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Identifier Return Reference Explanation
    GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR 990PF PART XV PROGRAM RELATED GRANTS PAID DURING THE YEAR REPRESENT FELLOWSHIPS/DISSERTATIONS/RFP'S OF $10,000 OR MORE FOR WHICH THE INSTITUTE MAINTAINS ACTIVE INVOLVEMENT.AMOUNTS UNDER $10,000 ARE INCLUDED IN STATEMENT 8.FOR INFORMATION REGARDING FELLOWSHIPS/DISSERTATIONS/RFP'S INCLUDING APPLICATIONS, SUBMISSIONS AND DEADLINES, PLEASE SEE WWW.LINCOLNINST.EDU.

    TY 2018 InvestmentsCorpBondsSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Name of Bond End of Year Book Value End of Year Fair Market Value
    $180000 ABBVIE INC GLB 02.300% MAY 14 2021 178,911 178,911
    $105000 AETNA INC GLB 02.750% NOV 15 2022 105,595 105,595
    $180000 AMAZON.COM INC GLB 02.800% AUG 22 2024 185,920 185,920
    $190000 AMERICAN ELECTRIC POWER - 03.200% NOV 13 2027 193,876 193,876
    $180000 AMERICAN EXPRESS CO GLB 03.700% NOV 05 2021 185,557 185,557
    $140000 ANHEUSER-BUSCH INBEV WOR COMPANY GUARNT GLB 04.750% JAN 23 2029 158,929 158,929
    $100000 APPLE INC GLB 02.850% MAY 11 2024 103,011 103,011
    $85000 APPLE INC GLB 03.000% JUN 20 2027 87,109 87,109
    $145000 APPLE INC GLB 02.150% FEB 09 2022 145,570 145,570
    $55000 ARCELORMITTAL GLB 04.550% MAR 11 2026 58,135 58,135
    $75000 AT&T INC GLB 04.350% MAR 01 2029 80,781 80,781
    $90000 AUTOMATIC DATA PROCESSNG GLB 02.250% SEP 15 2020 90,057 90,057
    $320000 BANK OF AMERICA CORP SER MTN 03.248% OCT 21 2027 327,869 327,869
    $175000 BANK OF MONTREAL SER E 03.300% FEB 05 2024 181,517 181,517
    $325000 BANK OF NY MELLON CORP SER MTN VAR%MAY 16 2023 327,636 327,636
    $160000 BAYER US FIN II LLC COMPANY GUARNT 144A 02.750% JUL 15 2021 160,112 160,112
    $260000 BB&T CORPORATION SER MTN 02.750% APR 01 2022 263,149 263,149
    $125000 BERKSHIRE HATHAWAY ENERG GLB 02.375% JAN 15 2021 125,343 125,343
    $175000 BERKSHIRE HATHAWAY INC GLB 02.750% MAR 15 2023 177,828 177,828
    $90000 BMW US CAPITAL LLC COMPANY GUARNT 144A 02.250% SEP 15 2023 88,959 88,959
    $95000 BOSTON PROPERTIES LP GLB 02.750% OCT 01 2026 93,520 93,520
    $135000 BP CAP MARKETS AMERICA COMPANY GUARNT GLB 03.410% FEB 11 2026 141,483 141,483
    $95000 BRISTOL-MYERS SQUIBB CO 144A 03.200% JUN 15 2026 98,706 98,706
    $130000 BROADCOM CRP / CAYMN FI COMPANY GUARNT GLB 03.875% JAN 15 2027 127,387 127,387
    $80000 BURLINGTN NORTH SANTA FE - 03.650% SEP 01 2025 85,250 85,250
    $90000 CAMDEN PROPERTY TRUST GLB 04.100% OCT 15 2028 98,130 98,130
    $85000 CANADIAN NATL RESOURCES - 03.900% FEB 01 2025 88,747 88,747
    $165000 CAPITAL ONE FINANCIAL CO GLB 02.500% MAY 12 2020 165,172 165,172
    $95000 CELANESE US HOLDINGS LLC COMPANY GUARNT GLB 03.500% MAY 08 2024 97,520 97,520
    $95000 CHARTER COMM OPT LLC/CAP GLB 04.908% JUL 23 2025 103,136 103,136
    $105000 CISCO SYSTEMS INC - 04.450% JAN 15 2020 106,160 106,160
    $235000 CITIGROUP INC - 03.200% OCT 21 2026 239,662 239,662
    $85000 CITIGROUP INC GLB VAR%JAN 24 2023 86,453 86,453
    $135000 CNA FINANCIAL CORP GLB 03.450% AUG 15 2027 137,367 137,367
    $95000 COCA-COLA FEMSA SAB CV COMPANY GUARNT GLB 03.875% NOV 26 2023 99,637 99,637
    $85000 COMCAST CORP COMPANY GUARNT GLB 02.350% JAN 15 2027 82,892 82,892
    $235000 COMCAST CORP COMPANY GUARNT GLB 02.750% MAR 01 2023 238,457 238,457
    $105000 CONCHO RESOURCES INC COMPANY GUARNT GLB 03.750% OCT 01 2027 108,651 108,651
    $85000 CONSTELLATION BRANDS INC COMPANY GUARNT GLB 03.200% FEB 15 2023 86,901 86,901
    $175000 COSTCO WHOLESALE CORP GLB 02.150% MAY 18 2021 175,177 175,177
    $75000 CROWN CASTLE INTL CORP GLB 03.700% JUN 15 2026 77,888 77,888
    $70000 CROWN CASTLE INTL CORP GLB 03.800% FEB 15 2028 72,698 72,698
    $85000 CSX CORP GLB 03.250% JUN 01 2027 87,761 87,761
    $75000 CUMMINS INC - 03.650% OCT 01 2023 79,024 79,024
    $95000 CVS HEALTH CORP GLB 04.100% MAR 25 2025 100,196 100,196
    $190000 DELL INT LLC / EMC CORP 144A 04.000% JUL 15 2024 194,970 194,970
    $90000 DELMARVA PWR & LIGHT CO 1ST MORTGAGE 03.500% NOV 15 2023 94,113 94,113
    $175000 DEUTSCHE TELEKOM INT FIN COMPANY GUARNT 144A 02.820% JAN 19 2022 176,586 176,586
    $95000 DIGITAL REALTY TRUST LP COMPANY GUARNT GLB 03.700% AUG 15 2027 97,637 97,637
    $60000 DOMINION ENERGY INC JR SUBORDINATED 02.579% JUL 01 2020 59,914 59,914
    $135000 DUKE ENERGY CORP - 03.550% SEP 15 2021 138,012 138,012
    $120000 DUKE ENERGY FLORIDA LLC GLB REMAIN PRN FCR .25000 29,950 29,950
    $35000 EATON CORP COMPANY GUARNT GLB 02.750% NOV 02 2022 35,462 35,462
    $112000 ERP OPERATING LP - 04.625% DEC 15 2021 117,820 117,820
    $50000 FOX CORP 144A 04.709% JAN 25 2029 55,938 55,938
    $45000 GE CAPITAL INTL FUNDING COMPANY GUARNT GLB 02.342% NOV 15 2020 44,786 44,786
    $85000 GENERAL DYNAMICS CORP COMPANY GUARNT GLB 02.875% MAY 11 2020 85,422 85,422
    $95000 GENERAL ELEC CAP CORP SER GMTN GLB 03.450% MAY 15 2024 97,245 97,245
    $165000 GENERAL ELEC CAP CORP SER MTN GLB 04.650% OCT 17 2021 171,914 171,914
    $135000 GENERAL MOTORS FINL CO GLB 04.150% JUN 19 2023 139,050 139,050
    $310000 GOLDMAN SACHS GROUP INC - VAR%SEP 29 2025 317,254 317,254
    $85000 HCA INC GLB 05.250% JUN 15 2026 94,113 94,113
    $85000 HOME DEPOT INC GLB 03.250% MAR 01 2022 87,723 87,723
    $95000 HSBC HOLDINGS PLC GLB VAR%MAR 11 2025 98,981 98,981
    $165000 INTEL CORP GLB 01.850% MAY 11 2020 164,408 164,408
    $85000 JOHN DEERE CAPITAL CORP SER DMTN 02.350% JAN 08 2021 85,254 85,254
    $375000 JPMORGAN CHASE & CO GLB VAR%JAN 23 2029 389,865 389,865
    $140000 LAM RESEARCH CORP GLB 02.800% JUN 15 2021 141,065 141,065
    $25000 LIBERTY MUTUAL GROUP INC COMPANY GUARNT 144A 04.250% JUN 15 2023 26,429 26,429
    $85000 LIBERTY MUTUAL GROUP INC COMPANY GUARNT 144A 04.569% FEB 01 2029 93,429 93,429
    $205000 LOCKHEED MARTIN CORP GLB 03.100% JAN 15 2023 210,322 210,322
    $135000 LOWE'S COS INC GLB 02.500% APR 15 2026 132,525 132,525
    $240000 LYB INTL FINANCE BV COMPANY GUARNT GLB 04.000% JUL 15 2023 252,595 252,595
    $85000 MARATHON PETROLEUM CORP GLB 03.625% SEP 15 2024 87,986 87,986
    $95000 MARSH & MCLENNAN COS INC GLB 02.750% JAN 30 2022 95,890 95,890
    $75000 MCDONALD'S CORP SER MTN 02.750% DEC 09 2020 75,455 75,455
    $185000 MICROSOFT CORP GLB 02.875% FEB 06 2024 191,686 191,686
    $95000 MOLSON COORS BREWING CO COMPANY GUARNT GLB 02.100% JUL 15 2021 94,367 94,367
    $340000 MORGAN STANLEY SER GMTN GLB 03.700% OCT 23 2024 358,710 358,710
    $140000 MPLX LP GLB 04.000% MAR 15 2028 144,991 144,991
    $90000 MUFG UNION BANK NA SER BKNT GLB 03.150% APR 01 2022 92,021 92,021
    $75000 NISOURCE FINANCE CORP GLB 03.490% MAY 15 2027 77,579 77,579
    $45000 NISOURCE FINANCE CORP GLB 02.650% NOV 17 2022 45,281 45,281
    $125000 NORTHROP GRUMMAN CORP - 03.500% MAR 15 2021 127,490 127,490
    $55000 NUCOR CORP GLB 03.950% MAY 01 2028 59,445 59,445
    $90000 ONEOK INC COMPANY GUARNT GLB 04.550% JUL 15 2028 97,694 97,694
    $190000 ORACLE CORP GLB 02.950% NOV 15 2024 195,744 195,744
    $95000 PARKER-HANNIFIN CORP GLB 02.700% JUN 14 2024 96,147 96,147
    $105000 PHILIP MORRIS INTL INC GLB 01.875% FEB 25 2021 104,421 104,421
    $180000 PHILLIPS 66 PARTNERS LP - 03.605% FEB 15 2025 185,475 185,475
    $190000 PNC FINANCIAL SERVICES GLB 03.500% JAN 23 2024 200,093 200,093
    $90000 PUBLIC SERVICE ENTERPRIS GLB 01.600% NOV 15 2019 89,664 89,664
    $215000 QUALCOMM INC GLB 02.900% MAY 20 2024 218,393 218,393
    $45000 RAYMOND JAMES FINANCIAL GLB 03.625% SEP 15 2026 46,277 46,277
    $95000 RELX CAPITAL INC COMPANY GUARNT GLB 04.000% MAR 18 2029 100,548 100,548
    $80000 S&P GLOBAL INC COMPANY GUARNT GLB 04.400% FEB 15 2026 88,154 88,154
    $155000 SCHLUMBERGER HLDGS CORP 144A 03.625% DEC 21 2022 160,000 160,000
    $275000 SCHNEIDER ELECTRIC SA 144A 02.950% SEP 27 2022 279,867 279,867
    $120000 SEMPRA ENERGY GLB 03.400% FEB 01 2028 119,800 119,800
    $180000 SHIRE ACQ INV IRELAND DA COMPANY GUARNT GLB 02.875% SEP 23 2023 181,760 181,760
    $195000 SOUTHERN CO GLB 02.950% JUL 01 2023 197,921 197,921
    $140000 SOUTHWEST AIRLINES CO - 02.650% NOV 05 2020 140,586 140,586
    $70000 STATE STREET CORP GLB 02.550% AUG 18 2020 70,311 70,311
    $85000 STATE STREET CORP GLB VAR%DEC 03 2024 89,587 89,587
    $125000 SUNTRUST BANK SER BKNT GLB 02.450% AUG 01 2022 125,375 125,375
    $120000 SUNTRUST BANK SER BKNT VAR%AUG 02 2024 125,146 125,146
    $280000 TORONTO-DOMINION BANK SER GMTN 03.500% JUL 19 2023 293,753 293,753
    $110000 TOYOTA MOTOR CREDIT CORP SER GMTN GLB 03.450% SEP 20 2023 115,160 115,160
    $95000 TRINITY ACQUISITION PLC COMPANY GUARNT GLB 04.400% MAR 15 2026 101,046 101,046
    $85000 UDR INC CGTD SER GMTN GLB 03.500% JAN 15 2028 87,092 87,092
    $60000 UNITED TECHNOLOGIES CORP GLB 01.900% MAY 04 2020 59,806 59,806
    $90000 UNITED TECHNOLOGIES CORP GLB 04.125% NOV 16 2028 98,874 98,874
    $55000 UNITEDHEALTH GROUP INC GLB 02.700% JUL 15 2020 55,224 55,224
    $80000 UNITEDHEALTH GROUP INC GLB 02.750% FEB 15 2023 81,061 81,061
    $165000 US BANCORP - 03.375% FEB 05 2024 172,653 172,653
    $160000 USD ALIMEN COUCHE 144A 2.700% JUL 26 2022 160,315 160,315
    $85000 USD NUTRIEN LTD 4.000% DEC 15 2026 88,675 88,675
    $160000 USD ONTARIO PROVINCE 2.400% FEB 08 2022 161,985 161,985
    $165000 USD ROYAL BK CANADA 2.150% OCT 26 2020 165,008 165,008
    $100000 USD TELUS CORP 2.800% FEB 16 2027 98,307 98,307
    $120000 USD TRANSCANADA PL 4.250% MAY 15 2028 129,728 129,728
    $65000 VALERO ENERGY CORP GLB 04.350% JUN 01 2028 69,330 69,330
    $130000 VENTAS REALTY LP COMPANY GUARNT 03.500% FEB 01 2025 134,594 134,594
    $105000 VENTAS REALTY LP/CAP CRP COMPANY GUARNT 04.250% MAR 01 2022 109,643 109,643
    $65000 VERISK ANALYTICS INC GLB 04.125% MAR 15 2029 69,673 69,673
    $160000 VERIZON COMMUNICATIONS GLB 04.125% MAR 16 2027 174,014 174,014
    $80000 VISA INC GLB 02.800% DEC 14 2022 81,917 81,917
    $105000 VISA INC GLB 03.150% DEC 14 2025 110,153 110,153
    $170000 VODAFONE GROUP PLC GLB 04.375% MAY 30 2028 183,768 183,768
    $185000 WALMART INC GLB 03.400% JUN 26 2023 194,440 194,440
    $75000 WASTE MANAGEMENT INC COMPANY GUARNT GLB 03.450% JUN 15 2029 79,055 79,055
    $325000 WELLS FARGO & COMPANY SER MTN VAR%MAY 22 2028 339,323 339,323
    $50000 ZIMMER HOLDINGS INC GLB 03.550% APR 01 2025 51,538 51,538
    $50000 ZIMMER HOLDINGS INC GLB 02.700% APR 01 2020 50,063 50,063
    $210000 ZOETIS INC GLB 03.250% FEB 01 2023 214,336 214,336

    TY 2018 InvestmentsCorpStockSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Name of Stock End of Year Book Value End of Year Fair Market Value
    800277 shs LINCOLN ELEC HLDGS INC 65,878,803 65,878,803
    34000 SHS 888 HOLDINGS PLC GBP PAR ORDINARY 70,533 70,533
    43000 SHS ABACUS PROPERTY GRP AUD PAR ORDINARY 123,715 123,715
    8997 SHS ABB LTD CHF PAR ORDINARY 180,770 180,770
    3285 SHS ABIOMED INC COM 855,709 855,709
    4253 SHS ABN AMRO GROUP N.V. SHS 1 EUR PAR ORDINARY 91,127 91,127
    5769 SHS ACCENTURE PLC SHS 1,065,938 1,065,938
    34862 SHS ACI WORLDWIDE INC 1,197,162 1,197,162
    35253 SHS ACS ACTIVIDADES CONS-UNS ADR 286,607 286,607
    4179 SHS ACS ACTIVIDADES DE EUR PAR ORDINARY 173,657 173,657
    17075 SHS ACTIVISION BLIZZARD INC 805,940 805,940
    4011 SHS ACTUANT CORP CL A 99,513 99,513
    5932 SHS ADECCO GROUP AG 1.CHF PAR ORDINARY 356,893 356,893
    11050 SHS ADOBE INC SHS 3,255,882 3,255,882
    6216 SHS ADTRAN INC COM 94,794 94,794
    6900 SHS ADVANTEST CORP FN JPY PAR ORDINARY 189,887 189,887
    235 SHS AENA SME SA 10 EUR PAR ORDINARY 46,646 46,646
    34892 SHS AERCAP HOLDINGS N.V. SHS 1,814,732 1,814,732
    4200 SHS AFRICAN RAINBOW MIN ZAR PAR ORDINARY 54,259 54,259
    5369 SHS AG MTG INVT TR INC 85,367 85,367
    3802 SHS AGL ENERGY LTD SHS 1.AUD PAR ORDINARY 53,388 53,388
    7932 SHS AIA GROUP LTD SPONSORED ADR 342,266 342,266
    9792 SHS AIRBUS SE 346,245 346,245
    4798 SHS ALEXANDER & BALDWIN INC NEW 110,834 110,834
    23600 SHS ALIBABA GROUP HOLDING LT 3,999,020 3,999,020
    5050 SHS ALIGN TECH INC DEL COM 1,382,185 1,382,185
    5683 SHS ALLERGAN PLC 951,505 951,505
    26947 SHS ALLSCRIPTS HEALTHCARE SOLUTIONS INC 313,394 313,394
    1840 SHS ALPHABET INC SHS CL A 1,992,352 1,992,352
    7568 SHS ALPHABET INC SHS CL C 8,184,910 8,184,910
    4340 SHS ALSTRIA OFFICE AG, HAMBU 1 EUR PAR ORDINARY 70,627 70,627
    17930 SHS ALTRI SGPS SA .5 EUR PAR ORDINARY 124,655 124,655
    5696 SHS AMAZON COM INC COM 10,786,116 10,786,116
    8393 SHS AMBARELLA INC 370,383 370,383
    5294 SHS AMCOR LTD 1.AUD PAR ORDINARY 60,147 60,147
    5690 SHS AMERICAN AXLE&MFG HLDGS 72,604 72,604
    6700 SHS ANADARKO PETE CORP 472,752 472,752
    17040 SHS AON PLC 3,288,379 3,288,379
    2420 SHS APERAM S.A. REG.SHS EUR PAR ORDINARY 68,429 68,429
    2826 SHS APOLLO INVT CORP REG SHS 44,651 44,651
    4409 SHS APPLE INC 872,629 872,629
    2575 SHS APPLIED INDUSTRL TECH 158,440 158,440
    876 SHS ARMSTRONG WORLD INDS INC NEW 85,147 85,147
    3335 SHS ARTISAN PARTNERS ASSET MGMT INC CLASS A 91,779 91,779
    1230 SHS ASM INTERNATIONAL .01NLG PAR ORDINARY 80,205 80,205
    8637 SHS ASM PACIFIC TECH LTD .1 HKD PAR ORDINARY 88,443 88,443
    1587 SHS ASML HLDG NV NY REG SHS 329,985 329,985
    1870 SHS ASR NEDERLAND N.V SHS EUR PAR ORDINARY 76,153 76,153
    3202 SHS ASSURED GUARANTY LTD 134,740 134,740
    12977 SHS ASTELLAS PHARMA INC JPY PAR ORDINARY 184,886 184,886
    2550 SHS ASTM SPA 1000.ITL PAR ORDINARY 82,472 82,472
    1670 SHS AT AND S AUSTRIA TECHNOL EUR PAR ORDINARY 30,277 30,277
    30666 SHS AT&T INC 1,027,618 1,027,618
    6125 SHS ATLASSIAN CORP PLC 801,395 801,395
    2186 SHS ATOS ORIGIN 1.EUR PAR ORDINARY 183,022 183,022
    66000 SHS AURELIA METALS LTD AUD PAR ORDINARY 22,922 22,922
    4185 SHS AUSTRALIA AND NZ BK GRP 1.AUD PAR ORDINARY 82,848 82,848
    2715 SHS AVNET INC 122,908 122,908
    4454 SHS AXA 2.29EUR PAR ORD NEW 117,168 117,168
    12038 SHS AXA -SPONS ADR 315,155 315,155
    49938 SHS AXOGEN INC 988,772 988,772
    11002 SHS BAE SYS PLC SPN ADR 275,820 275,820
    7621 SHS BAE SYSTEMS PLC GBP PAR ORDINARY 48,050 48,050
    1802 SHS BAIDU INC SPON ADR 211,483 211,483
    42000 SHS BANCO DEL BAJIO SA REG S MXN PAR ORDINARY 83,924 83,924
    7024 SHS BANCORP (THE) BANK 62,654 62,654
    2890 SHS BANK OF GEORGIA GROUP PL .01 GBP PAR ORDINARY 55,098 55,098
    5580 SHS BANK OF N T BUTTERFIELD AND SON LTD SHS 189,497 189,497
    420 SHS BARCO INDUSTRIES NEW EUR PAR ORDINARY 88,580 88,580
    32372 SHS BARRATT DEV PLC 10P FN GBP PAR ORDINARY 235,908 235,908
    15133 SHS BASF SE SPONSORED ADR 276,177 276,177
    821 SHS BASF SE NAMEN -AKT 59,781 59,781
    6142 SHS BEACON ROOFING SUPPLY INC 225,534 225,534
    3757 SHS BECTON DICKINSON CO 946,802 946,802
    3860 SHS BELLWAY PLC 12 1/2P GBP PAR ORDINARY 136,817 136,817
    2060 SHS BERKELEY GROUP HOLDINGS PAR ORDINARY 97,818 97,818
    30705 SHS BERKSHIRE HATHAWAYINC DEL CL B NEW 6,545,385 6,545,385
    70000 SHS BEST WORLD INTL LTD NPV SGD PAR ORDINARY 69,853 69,853
    3031 SHS BHP GROUP LTD 1.AUD PAR ORDINARY 87,547 87,547
    6834 SHS BHP GROUP PLC 349,286 349,286
    16000 SHS BIFFA PLC .01 GBP PAR ORDINARY 41,947 41,947
    10100 SHS BIOMARIN PHARMACEUTICALS 865,065 865,065
    13360 SHS BLACKBAUD INC 1,115,560 1,115,560
    1477 SHS BLACKROCK INC 693,156 693,156
    1966 SHS BLOOMIN BRANDS INC COMMON STOCK 37,177 37,177
    5190 SHS BLUESCOPE STEEL LTD AUD PAR ORDINARY 43,887 43,887
    1500 SHS BML INC4694 JPY PAR ORDINARY 42,602 42,602
    2991 SHS BNP PARIBAS 2.EUR PAR ORDINARY 142,258 142,258
    22590 SHS BRAVIDA HLDG AB SHS SEK PAR ORDINARY 200,378 200,378
    3856 SHS BRIDGESTONE CORP 5108 JPY PAR ORDINARY 151,820 151,820
    4482 SHS BRINKS CO 363,849 363,849
    4743 SHS BRITISH AMERICAN TOBACCO .25GBP PAR ORDINARY 165,941 165,941
    20494 SHS BRIXMOR PPTY GROUP INC 366,433 366,433
    12151 SHS BROOKLINE BANCORP INC 186,882 186,882
    4254 SHS BROTHER INDUSTRIES 6448 JPY PAR ORDINARY 80,350 80,350
    3400 SHS BRP INC SHS SUBORD. VOTING WHEN ISSUED 121,856 121,856
    55174 SHS BT GROUP GBP0.05 .05GBP PAR ORDINARY 137,952 137,952
    9726 SHS BUILDERS FIRSTSOURCE INC 163,980 163,980
    5300 SHS BURFORD CAPITAL LTD SHS GBP PAR ORDINARY 104,552 104,552
    34000 SHS BWP TRUST AUD PAR ORDINARY 87,802 87,802
    7054 SHS CABOT CORP 336,546 336,546
    4331 SHS CALTEX AUSTRALIA LTD 1.AUD PAR ORDINARY 75,222 75,222
    3287 SHS CANON INC 7751 JPY PAR ORDINARY 95,980 95,980
    8610 SHS CANTEL MEDICAL CORP 694,310 694,310
    6900 SHS CAPCOM CO LTD 9697 50.JPY PAR ORDINARY 138,461 138,461
    2820 SHS CARDTRONICS LTD-CL A 77,042 77,042
    12593 SHS CARLSBERG AS SPONSOREDAD 333,211 333,211
    13301 SHS CARNIVAL CORP PAIRED SHS 619,162 619,162
    18310 SHS CARPENTER TECHNOLOGY 878,514 878,514
    118433 SHS CATCHMARK TIMBER TR INC SHS CL A 1,237,625 1,237,625
    3643 SHS CELANESE CORP DEL SER A 392,715 392,715
    9578 SHS CHATHAM LODGING TR 180,737 180,737
    7270 SHS CHEVRON CORP 904,679 904,679
    46000 SHS CHINA LILANG LTD PAR ORDINARY 42,274 42,274
    5013 SHS CHUBB LTD 738,365 738,365
    3170 SHS CHUBU ELEC PWR FN JPY PAR ORDINARY 44,472 44,472
    8170 SHS CIE AUTOMOTIVE SA, AZKOI PAR ORDINARY 236,879 236,879
    3619 SHS CIMIC GROUP LTD AUD PAR ORDINARY 113,699 113,699
    17482 SHS CISCO SYSTEMS INC COM 956,790 956,790
    87543 SHS CITIGROUP INC COM NEW 6,130,636 6,130,636
    6045 SHS CIVEO CORP SHS 10,397 10,397
    1716 SHS CLEAN HARBORS INC 122,008 122,008
    10930 SHS CLINIGEN GROUP PLC SHS GBP PAR ORDINARY 140,079 140,079
    5300 SHS CME GROUP INC 1,028,783 1,028,783
    28314 SHS CNO FINL GROUP INC 472,278 472,278
    1110 SHS COCA-COLA EUROPEAN PARTN .01 EUR PAR ORDINARY 61,876 61,876
    494 SHS COCHLEAR LTD .1AUD PAR ORDINARY 71,704 71,704
    9204 SHS COLGATE PALMOLIVE 659,651 659,651
    1000 SHS COLLIERS INTERNTNL GRP I 71,620 71,620
    37672 SHS COLONY CAPITAL INC REG SHS CL A 188,360 188,360
    400 SHS COLOPLAST A/S SHS 1 DKK PAR ORDINARY 45,273 45,273
    1650 SHS COLUMBIA SPORTSWEAR CO 165,264 165,264
    137098 SHS COMCAST CORP NEW CL A 5,796,503 5,796,503
    37010 SHS COMFORTDELGRO CORP LTD SGD PAR ORDINARY 72,762 72,762
    17745 SHS COMMERCIAL METALS CO COM 316,748 316,748
    2206 SHS COMMONWEALTH BANK OF AU ORDINARY FULLY PAID 2. AUD PAR ORDINARY 128,148 128,148
    16274 SHS COMMSCOPE HLDG CO INC 255,990 255,990
    3760 SHS COMPANIA DE DISTRIBUCION .2 EUR PAR ORDINARY 85,295 85,295
    6645 SHS COMPUTERSHARE LTD .2AUD PAR ORDINARY 75,589 75,589
    2700 SHS CONEXIO CORPORATION JPY PAR ORDINARY 34,257 34,257
    3955 SHS COOPER STD HOLDINGS ORD 181,218 181,218
    875 SHS COPART INC COM 65,398 65,398
    5300 SHS COSMO ENERGY HOLDINGS CO LTD SHS 5021 JPY PAR ORDINARY 119,390 119,390
    4485 SHS COSTAR GROUP INC COM 2,484,959 2,484,959
    16236 SHS COVANTA HLDG CORP 290,787 290,787
    9797 SHS CROWN HLDGS INC 598,597 598,597
    890 SHS CTS EVENTIM EUR PAR ORDINARY 41,352 41,352
    10053 SHS CVS HEALTH CORP 547,788 547,788
    3046 SHS CYBER-ARK SOFTWARE LTD 389,401 389,401
    14952 SHS CYRUSONE INC 863,029 863,029
    13200 SHS DAH SING FINANCIAL HLDGS 2.HKD PAR ORDINARY 61,670 61,670
    4992 SHS DAIMLER A EUR PAR ORDINARY 278,758 278,758
    21428 SHS DAIMLER AG ADR 297,849 297,849
    825 SHS DAITO TRUST CONSTR 1878 JPY PAR ORDINARY 105,173 105,173
    1488 SHS DAIWA HOUSE 1925 FN JPY PAR ORDINARY 43,380 43,380
    28002 SHS DANONE-SPONS ADR 474,074 474,074
    4194 SHS DBS GROUP HLDGS SPN ADR 322,057 322,057
    8160 SHS DERICHEBOURG 15.FRF PAR ORDINARY 31,409 31,409
    11905 SHS DESIGNER BRANDS INC CL A 228,219 228,219
    21857 SHS DEUTSCHE BOERSE AG SHS 307,746 307,746
    10180 SHS DEUTSCHE POST AG SHS SP ADR 333,802 333,802
    1600 SHS DIGITAL GARAGE INC 4819 JPY PAR ORDINARY 50,640 50,640
    3300 SHS DIP CORP 2379 JPY PAR ORDINARY 55,194 55,194
    47175 SHS DISH NETWORK CORPORATION CLASS A 1,811,992 1,811,992
    6823 SHS DISNEY (WALT) CO COM STK 952,764 952,764
    17490 SHS DNB ASA SP ADR 324,440 324,440
    68000 SHS DNO ASA NOK PAR ORDINARY 123,216 123,216
    2852 SHS DOLBY LABORATORIES INC CL A 184,239 184,239
    16000 SHS DRAX GROUP PLC, SELBY .11 GBP PAR ORDINARY 52,984 52,984
    17300 SHS DREAM GLOBAL REAL ESTATE INVESTM TR 180,711 180,711
    14311 SHS DRIL QUIP 686,928 686,928
    3600 SHS DTS CORPORATION 9682 JPY PAR ORDINARY 75,047 75,047
    28965 SHS E.ON SE ADR 312,822 312,822
    2001 SHS EAGLE MATERIALS INC 185,493 185,493
    1117 SHS EAST JAPAN RAILWAY 9020 JPY PAR ORDINARY 104,505 104,505
    850 SHS ECKERT & ZIEGLER STRA EUR PAR ORDINARY 99,896 99,896
    11850 SHS EDWARDS LIFESCIENCES CRP 2,189,169 2,189,169
    4861 SHS EL PASO ELECTRIC CO NEW 317,909 317,909
    3725 SHS ELECTROLUX CL B 25SKR SEK PAR ORDINARY 95,271 95,271
    16000 SHS ELKEM ASA REG SHS 5 NOK PAR ORDINARY 45,075 45,075
    4300 SHS ENERFLEX LTD SHS 56,105 56,105
    10932 SHS ENERGIZER HOLDINGS INC SHS 422,412 422,412
    2200 SHS ENGHOUSE SYS LTD 58,302 58,302
    20961 SHS ENGIE SHS 316,092 316,092
    487 SHS ENSTAR GROUP LTD 84,874 84,874
    2600 SHS EPS HOLDINGS INC JPY PAR ORDINARY 40,349 40,349
    2900 SHS ERG SPA 100.ITL PAR ORDINARY 59,445 59,445
    5095 SHS ESSILORLUXOTTICA SA 332,332 332,332
    1290 SHS EURONEXT NV SHS 1.6 EUR PAR ORDINARY 97,765 97,765
    28880 SHS EVRAZ PLC SHS 2 USD PAR ORDINARY 244,498 244,498
    28148 SHS F N B CORP 331,302 331,302
    27741 SHS FACEBOOK INC CLASS A COMMON STOCK 5,354,013 5,354,013
    17580 SHS FANUC LTD-UNSP 324,878 324,878
    25000 SHS FERREXPO PLC, LONDON GBP PAR ORDINARY 88,228 88,228
    9417 SHS FIDELITY NATL INFO SVCS INC 1,155,278 1,155,278
    40772 SHS FIREEYE INC 603,833 603,833
    12237 SHS FIRST DATA CORPORATION CLASS A 331,256 331,256
    4237 SHS FIRST HAWAIIAN INC SHS 109,611 109,611
    54896 SHS FIRST HORIZON NTNL CORP 819,597 819,597
    16808 SHS FIRST INTST BANCSYSTEM INC COM CL A 665,765 665,765
    13948 SHS FIRST MIDWST BANCORP DEL 285,516 285,516
    8178 SHS FISERV INC WISC PV 1CT 745,506 745,506
    7805 SHS FLEX LTD 74,694 74,694
    4902 SHS FLIGHT CENTRE TRAVEL GRP .01AUD PAR ORDINARY 142,931 142,931
    26074 SHS FLOOR AND DECOR HLDGS INC 1,092,501 1,092,501
    6324 SHS FOX CORP CL B 231,016 231,016
    22780 SHS FRANKLIN STR PPTYS CORP 168,116 168,116
    1400 SHS FREENET AG AKT. EUR PAR ORDINARY 27,645 27,645
    14736 SHS FRESHPET INC SHS 670,635 670,635
    8800 SHS FUJI CORPORATION 6134 JPY PAR ORDINARY 111,898 111,898
    914 SHS FUJITSU LTD 6702 JPY PAR ORDINARY 63,727 63,727
    1760 SHS GAMES WORKSHOP GRP PLC GBP PAR ORDINARY 111,236 111,236
    10000 SHS GCI LIBERTY INC REG SHS CL A 614,600 614,600
    279517 SHS GENERAL ELECTRIC 2,934,928 2,934,928
    68750 SHS GENERAL MOTORS CO COMMON SHARES 2,648,937 2,648,937
    22539 SHS GENERALI ASSICURAZIONI 1.EUR PAR ORDINARY 425,052 425,052
    116929 SHS GENMARK DIAGNOSTICS INC 758,869 758,869
    5732 SHS GENTHERM INC 239,770 239,770
    1730 SHS GENUS PLC FN .1GBP PAR ORDINARY 58,303 58,303
    7300 SHS GENWORTH MI CANADA INC SHS 231,499 231,499
    8159 SHS GLATFELTER 137,724 137,724
    7566 SHS GLAUKOS CORP SHS 570,476 570,476
    23321 SHS GOLDMAN SACHS GROUP INC 4,771,477 4,771,477
    9031 SHS GRAND CANYON EDUCATN INC 1,056,808 1,056,808
    6840 SHS GRANITE CONST INC DEL 329,551 329,551
    4850 SHS GRANITE REAL ESTATE INVT 221,500 221,500
    41166 SHS GRAPHIC PACKAGING HLDG C 575,501 575,501
    1530 SHS GRUPO CATALANA OCCIDENTE .3EUR PAR ORDINARY 56,627 56,627
    15000 SHS GULF KEYSTONE PETROLEUM 1 USD PAR ORDINARY 43,049 43,049
    2301 SHS HARSCO CORPORATION 63,139 63,139
    12800 SHS HASEKO CORP 1808 JPY PAR ORDINARY 129,496 129,496
    43341 SHS HEALTH CARE SVCS GROUP 1,314,099 1,314,099
    36463 SHS HEALTHSTREAM INC TENN 942,933 942,933
    26960 SHS HEARTLAND EXPRESS INC 487,167 487,167
    8770 SHS HEMFOSA FASTIGHETER AB S SEK PAR ORDINARY 82,943 82,943
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    10875 SHS ZOETIS INC 1,234,204 1,234,204
    208 SHS ZURICH INSURANCE GRP AG 10.CHF PAR ORDINARY 72,512 72,512

    TY 2018 InvestmentsOtherSchedule2
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    RESIDUAL INVESTMENTS ARDEN SAGE ACCOUNT FMV 49,221 49,221
    CARLYLE PARTNERS FMV 708,949 708,949
    BLACKSTONE MARKET OPPORTUNITIES OFFSHORE FUND FMV 967,576 967,576
    MORGAN CREEK PARTNERS FMV 2,942,389 2,942,389
    ECO SYSTEM PARTNERS FMV 10,438,953 10,438,953
    NEUBERGER BERMAN EMERGING MARKETS EQUITY FUND FMV 12,828,977 12,828,977
    MONARCH DEBT RECOVERY FUND LTD FMV 14,942,184 14,942,184
    BEACH POINT TOTAL RETURN OFFSHORE FUND II LTD FMV 10,750,257 10,750,257
    NUVEEN GLOBAL EMERGING MARKETS FMV 15,163,127 15,163,127
    BARROW HANLY BOND FUND FMV 2,687,125 2,687,125
    SKYBRIDGE FMV 11,342,512 11,342,512
    BLACKSTONE STRATEGIC OFFSHORE FMV 27,479,944 27,479,944
    BLACKSTONE CAYMAN FMV 4,598,420 4,598,420
    CARLYLE ENERGY FMV 8,349,863 8,349,863
    ABRAAJ GROWTH FMV 4,837,120 4,837,120
    INVESTEC FMV 3,421,538 3,421,538
    VANGUARD ST BOND FUND FMV 1,000,000 1,000,000
    FUNDAMENTAL CREDIT OPPORTUNITIES FMV 11,374,065 11,374,065
    MUTUAL FUNDS FOR 457 PLAN FMV 235,756 235,756
    REAL ASSET ETF FMV 5,033,920 5,033,920
    AG DLI II FMV 9,051,331 9,051,331
    AG DL III FMV 3,069,123 3,069,123
    INTERNATIONAL HOUSING FMV 2,727,676 2,727,676
    MORGAN CREEK CHINA FUND FMV 1,614,865 1,614,865
    KBI WATER FUND FMV 9,359,225 9,359,225
    BARINGS FMV 4,346,826 4,346,826
    GOLDMAN SACHS FMV 16,398,545 16,398,545
    LEVINE LEICHTMAN FMV 3,611,435 3,611,435
    BLACKSTONE SECONDARIES FMV 891,523 891,523
    AG REALTY FMV 664,725 664,725

    TY 2018 LandEtcSchedule2
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
    LAND AND BUILDINGS, BRATTLE STREET, CAMBRIDGE 10,082,406 5,708,724 4,373,682  
    FURNITURE 90,433 90,433 0  
    OFFICE CONDO - PHOENIX 3,366,209 632,311 2,733,898  
    CONDOMINIUM IMPROVEMENTS - PHOENIX 35,000 12,740 22,260  
    PHILLIPS PLACE, CAMBRIDGE - LAND 2,500,000 0 2,500,000  
    PHILLIPS PLACE, CAMBRIDGE - BUILDINGS 1,689,780 117,673 1,572,107  
    PHILLIPS PLACE, CAMBRIDGE - IMPROVEMENTS 3,020,893 602,697 2,418,196  
    PHILLIPS PLACE, CAMBRIDGE - CAP INT 443,002 52,877 390,125  
    FURNITURE 160,023 81,815 78,208  
    BRATTLE STREET RENOVATION 4,864,976 294,604 4,570,372  
    PHOENIX FURNITURE 127,587 27,339 100,248  
    CONDOMINIUM IMPROVEMENTS - PHOENIX 33,719 4,134 29,585  
    PHOENIX AV EQUIPMENT 26,086 13,043 13,043  
    CAPITALIZED INTEREST - PHOENIX 83,322 492 82,830  
    FURNITURE - BRATTLE 466,129 100,605 365,524  
    ARTWORK - BRATTLE 141,616 0 141,616  
    PHOENIX CONSTRUCTION IN PROGRESS 2,408,119 180,507 2,227,612  
    CAMBRIDGE OFFICE RENOVATION 142,359 0 142,359  


    TY 2018 LegalFeesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 133,703 4,936 4,936 128,767


    TY 2018 OtherAssetsSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    HEALTH INSURANCE DEPOSIT 14,950 20,570 20,570


    TY 2018 OtherDecreasesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Description Amount
    CHANGE IN UNREALIZED APPRECIATION FOR YEAR NET OF TAX 6,986,469
    FACILITY REPURPOSING 571,318
    BOOK/TAX DIFFERENCE ON DONATIONS OF ARTWORK 87,285


    TY 2018 OtherExpensesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    RESEARCH AND RFPS 2,331,933 0 0 2,331,933
    DISSEMINATION 645,982 0 0 645,982
    GENERAL OFFICE 217,734 14,718 14,718 203,016
    BOARD TRAVEL AND MEETING COSTS 390,763 103,258 103,258 287,505
    INSURANCE 78,405 0 0 78,405
    STAFF TRAVEL AND PROGRAM DEVELOPMENT 1,983,035 100,685 100,685 1,882,350
    TEMPORARY SUPPORT STAFF 112,465 0 0 112,465
    EXPERT NETWORKS 732,758 0 0 732,758
    INFORMATION TECHNOLOGY 576,833 47,196 47,196 529,637
    COURSES AND TRAINING 1,096,247 0 4,383 1,091,864
    PROGRAM AWARDS UNDER $10,000 668,406 0 0 668,406


    TY 2018 OtherIncomeSchedule2
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    PUBLICATIONS 28,104   28,104
    SONORAN INSTITUTE 3,280   3,280
    EMPLOYEE PARKING 5,760   5,760
    OTHER 1,600   1,600
    COURSE COSTS REIMBURSEMENT 4,384   4,384


    TY 2018 OtherLiabilitiesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Description Beginning of Year - Book Value End of Year - Book Value
    PAYROLL RELATED 27,735 35,535
    REVOLVING LOAN ACCOUNT 25,310,317 25,310,317
    DEFERRED EXCISE TAX 2,980,350 2,837,768


    TY 2018 OtherProfessionalFeesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT ADVISORY FEES 1,896,703 1,896,703 1,896,703 0
    INVESTMENT CONSULTANT 477,471 477,471 477,471 0
    CONSULTING 77,276 0 0 77,276


    TY 2018 TaxesSchedule
    Name:
    LINCOLN INSTITUTE OF LAND POLICY
    EIN:
    86-6021106
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 312,725 312,725 312,725 0
    STATE UBIT 16,523 0 0 0
    FEDERAL UBIT 267,000 0 0 0
    FEDERAL EXCISE 175,000 0 0 175,000