TY 2018 Form 990PF

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)
	1	Contributions, gifts, grants, etc., received (attach schedule)	1,471,398
2	Check .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	40,678	40,678	40,678
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		-9,611
b	Gross sales price for all assets on line 6a 330,763
7	Capital gain net income (from Part IV, line 2)...		0
8	Net short-term capital gain.........			0
9	Income modifications...........
10a	Gross sales less returns and allowances	32,303
b	Less: Cost of goods sold....	21,796
c	Gross profit or (loss) (attach schedule).....		10,507		10,507
11	Other income (attach schedule).......		243,842	0	243,842
12	Total. Add lines 1 through 11........	1,756,814	40,678	295,027
	13	Compensation of officers, directors, trustees, etc.	0	0	0	0
14	Other employee salaries and wages......	779,807	2,600	142,331	639,570
15	Pension plans, employee benefits.......	105,998	353	19,347	83,331
16a	Legal fees (attach schedule).........		1,144	0	1,144	0
b	Accounting fees (attach schedule).......		16,750	1,675	1,675	20,157
c	Other professional fees (attach schedule)....		14,226	14,226	0	0
17	Interest...............	17,161	0	17,161	0
18	Taxes (attach schedule) (see instructions)...		59,491	198	10,660	48,761
19	Depreciation (attach schedule) and depletion...		536,995	2,685	53,700
20	Occupancy..............	198,005	861	17,212	147,204
21	Travel, conferences, and meetings.......	4,043	0	0	4,762
22	Printing and publications..........	3,907	0	0	3,907
23	Other expenses (attach schedule).......		222,514	1,885	53,853	167,109
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	1,960,041	24,483	317,083	1,114,801
25	Contributions, gifts, grants paid.......	0			0
26	Total expenses and disbursements. Add lines 24 and 25	1,960,041	24,483	317,083	1,114,801
	27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-203,227
b	Net investment income (if negative, enter -0-)		16,195
c	Adjusted net income (if negative, enter -0-)...			0

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............	4,380	825	825
	2	Savings and temporary cash investments.........	129,614	193,611	193,611
	3	Accounts receivable 393
		Less: allowance for doubtful accounts		393	393
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............	37,364	32,237	32,237
	9	Prepaid expenses and deferred charges..........	24,451	10,891	10,891
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	1,330,800	1,343,694	1,343,694
	c	Investments—corporate bonds (attach schedule).......	199,137	232,202	232,202
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	27,770	0	0
	14	Land, buildings, and equipment: basis 14,677,675
		Less: accumulated depreciation (attach schedule) 7,779,822	7,062,302	6,897,853	6,897,853
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	8,815,818	8,711,706	8,711,706
	17	Accounts payable and accrued expenses..........	122,756	186,322
	18	Grants payable.................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......	300,000	273,382
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22).........	422,756	459,704
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted..................	6,352,442	6,508,893
	25	Temporarily restricted...............	141,134	154,709
	26	Permanently restricted...............	1,899,486	1,588,400
		Foundations that do not follow SFAS 117, check here
		and complete lines 27 through 31.
	27	Capital stock, trust principal, or current funds........
	28	Paid-in or capital surplus, or land, bldg., and equipment fund
	29	Retained earnings, accumulated income, endowment, or other funds
	30	Total net assets or fund balances (see instructions).....	8,393,062	8,252,002
	31	Total liabilities and net assets/fund balances (see instructions).	8,815,818	8,711,706

Part III

Analysis of Changes in Net Assets or Fund Balances

Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree with end-of-year figure reported on prior year’s return) ...............

8,393,062

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

-203,227

Other increases not included in line 2 (itemize) bullet

62,167

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

8,252,002

Decreases not included in line 2 (itemize) bullet

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

8,252,002

(a) List and describe the kind(s) of property sold (e.g., real estate, 2-story brick warehouse; or common stock, 200 shs. MLC Co.)		(b) How acquired P—Purchase D—Donation	(c) Date acquired (mo., day, yr.)	(d) Date sold (mo., day, yr.)
1 a	PUBLICLY TRADED SECURITIES
b
c
d
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	330,763	340,374	-9,611
b
c
d
e

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			-9,611
b
c
d
e

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	-9,611
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3	0

(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	1,327,435	1,624,567	0.817101
2016	1,340,686	1,436,544	0.933272
2015	1,168,226	1,375,292	0.849439
2014	1,166,999	1,572,963	0.741911
2013	960,985	1,668,531	0.575947

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

3.917670

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 ......

0.783534

Enter the net value of noncharitable-use assets for 2018 from Part X, line 5......

1,516,919

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

1,188,558

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

162

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

1,188,720

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

1,487,347

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.

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Domestic foundations that meet the section 4940(e) requirements in Part V, check	1	162
	hereand enter 1% of Part I, line 27b...................
c	All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2...........................	3	162
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	162
6	Credits/Payments:

a	2018 estimated tax payments and 2017 overpayment credited to 2018	6a	636
b	Exempt foreign organizations—tax withheld at source......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c	0
d	Backup withholding erroneously withheld ...........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	636
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	474
11	Enter the amount of line 10 to be: Credited to 2019 estimated tax474	Refunded	11	0

(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
DAVID ALLBAUGH	TRUSTEE 2.00	0	0	0
503 SOUTH STREET WATERLOO,IA50701
JOHN J BURNS	TRUSTEE 2.00	0	0	0
503 SOUTH STREET WATERLOO,IA50701
BARBARA CORSON	TRUSTEE 2.00	0	0	0
503 SOUTH STREET WATERLOO,IA50701


(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
BILLIE BAILEY	EXECUTIVE DIRECTOR 40.00	75,332	2,330	14,895
503 SOUTH STREET WATERLOO,IA50701	EXECUTIVE DIRECTOR 40.00	75,332	2,330	14,895
ALAN SWEENEY	DIRECTOR OF FACILITI 40.00	53,934	1,627	7,631
503 SOUTH STREET WATERLOO,IA50701	DIRECTOR OF FACILITI 40.00	53,934	1,627	7,631
DIANE POPELKA	DIRECTOR OF FINANCE 40.00	54,673	1,594	5,356
503 SOUTH STREET WATERLOO,IA50701	DIRECTOR OF FINANCE 40.00	54,673	1,594	5,356




Total number of other employees paid over $50,000...................				0

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 SOLE FUNCTION OF THE H.W. GROUT TRUST IS THE OPERATION OF ITS MUSEUMS IN WATERLOO, IOWA. THE MISSION OF THE GROUT MUSEUM IS TO PROVIDE A BETTER UNDERSTANDING OF THE WORLD BY COLLECTING, PRESERVING AND INTERPRETING HISTORY AND ILLUSTRATING SCIENTIFIC PRICIPLES. THE GROUT MUSEUM COLLECTS, PRESERVES AND INTERPRETS CULTURAL AND NATURAL HISTORY OF THE REGION; THE RENSSELAER RUSSELL HOUSE MUSEUM AND THE SNOWDEN HOUSE PRESERVE AND INTERPRET ELEMENTS OF THE VICTORIAN AGE; THE BLUEDORN SCIENCE IMAGINARIUM PROVIDES EXHIBITIONS AND PROGRAMMING THAT INSPIRE THE STUDY OF THE SCIENCES; AND THE SULLIVAN BROTHERS IOWA VETERANS MUSEUM HONORS THE SERVICE AND SACRIFICE OF IOWA VETERANS FROM THE CIVIL WAR TO PRESENT. DURING THE FISCAL YEAR ENDING JUNE 30, 2019, APPROXIMATELY 80,000 PEOPLE WERE SERVED BY THE GROUT MUSEUM.	1,117,444
2


3


4

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

		(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: $
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....

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	(e) Total
	0	0	0	0	0
b 85% of line 2a .........	0	0	0	0	0
c Qualifying distributions from Part XII, line 4 for each year listed .....	1,487,347	1,327,929	1,341,056	1,168,466	5,324,798
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 ....	1,487,347	1,327,929	1,341,056	1,168,466	5,324,798
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...	50,564	54,152	47,885	45,843	198,444
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

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:

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See instructions.)
1	THE PRIMARY FUNCTION OF THE TRUST IS THE OPERATION OF ITS MUSEUMS IN WATERLOO IOWA. THE ITEMS OF PROGRAM SERVICE REVENUE LISTED IN ITEM NUMBER ONE ARE ALL RELATED TO THE MUSEUM OPERATIONS.
10	THIS ITEM REPRESENTS THE NET PROCEEDS AFTER COST OF SALES FROM THE GIFT SHOP OPERATED AS A PART OF THE MUSEUMS.

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

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year

Total ................................. 3a				0

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
aADMISSIONS					85,196
bMEMBERSHIPS					42,251
cMISCELLANEOUS					6,693
dPUBLIC PROGRAMMING					67,201
e
f
gFees and contracts from government agencies
2 Membership dues and assessments....
3 Interest on savings and temporary cash investments ...........
4 Dividends and interest from securities....			14	40,678
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	-9,611
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory					10,507
11 Other revenue: aNET RENTAL INCOME			16	42,501
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..		0		73,568	211,848

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements

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

bApproved for future payment

Total ................................. 3b				0

Name of organization HW GROUT TRUST			Employer identification number 23-7416881

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	BLACK HAWK GAMING ASSOCIATION 229 E PARK AVENUE WATERLOO, IA50703	$ 52,764		Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions		(d) Type of contribution
2	RJ MCELROY TRUST 425 CEDAR STREET SUITE 310 WATERLOO, IA50701	$ 27,000		Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions		(d) Type of contribution
3	FRED MAYTAG CORPORATION 3701 SACRAMENTO ST 369 SAN FRANCISCO, CA94118	$ 40,000		Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions		(d) Type of contribution
4	COMMUNITY FOUNDATION OF NORTHEAST IOWA 3117 GREENHILL CIRCLE CEDAR FALLS, IA50613	$ 10,000		Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions		(d) Type of contribution
5	DAVID AND JEANNE ALLBAUGH 1075 PROSPECT BLVD WATERLOO, IA50701	$ 5,769		Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions		(d) Type of contribution
6	WATERLOO CONVENTION AND VISITOR'S BUREAU 500 JEFFERSON ST WATERLOO, IA50701	$ 26,915		Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990, 990-EZ, or 990-PF) (2018)

Name of organization HW GROUT TRUST			Employer identification number 23-7416881
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	OTTO SCHOITZ FOUNDATION 425 CEDAR STREET SUITE 300 WATERLOO, IA50701	$ 33,993		Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions		(d) Type of contribution
8	VAN MILLER CHARITABLE FOUNDATION PO BOX 178 WATERLOO, IA50701	$ 10,000		Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions		(d) Type of contribution
9	OLESEN FAMILY TRUST 101 N INDEPENDENCE MALL E PHILADELPHIA, PA19106	$ 31,474		Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions		(d) Type of contribution
		$		Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions		(d) Type of contribution
		$		Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions		(d) Type of contribution
		$		Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990, 990-EZ, or 990-PF) (2018)

Name of organization HW GROUT TRUST		Employer identification number 23-7416881

Part II	Noncash Property (See instructions). Use duplicate copies of Part II if additional space is needed.
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
Schedule B (Form 990, 990-EZ, or 990-PF) (2018)


Name of organization HW GROUT TRUST			Employer identification number 23-7416881
Part III Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $ Use duplicate copies of Part III if additional space is needed.

Name of Bond	End of Year Book Value	End of Year Fair Market Value
CISCO SYSTEMS INC 2.200% DUE 02/28/21	25,014	25,014
STATE STREET CORP, 3.3, 12/16/24	26,171	26,171
STATOIL ASA, 2.250%, 11/08/19	24,987	24,987
BANK OF NEW YORK MELLON, 3.550% DUE 09/23/21	25,685	25,685
INTEL CORP 3.7% DUE 7/29/25	26,805	26,805
MITSUBISHI UF J FIN GRP 3.761% DE 7/26/23	26,142	26,142
TORONTO DOMINION BANK 3.250% DUE 3/11/24	25,880	25,880
UNITEDHEALTH GROUP INC 3.100% DUE 3/15/26	25,748	25,748
BANK OF AMERICA CORP MED TERM NOTE 3.3% DUE 1/11/23	25,770	25,770

Name of Stock	End of Year Book Value	End of Year Fair Market Value
COHEN & STEERS PREFERRED SECURITIES	26,256	26,256
VIRTUS SEIX US GOVERNMENT SECURITIES ULTRA SHORT	33,352	33,352
WELLS FARGO ADVANTAGE SHORT-TERM	24,972	24,972
FIDELITY ADVISORS EMERGING MARKETS	98,555	98,555
COMCAST CORP CLASS A	12,684	12,684
HOME DEPOT INC	10,399	10,399
LAS VEGAS SANDS CORP	2,955	2,955
TARGET CORP	5,630	5,630
TJX COMPANIES INC	5,817	5,817
TRACTOR SUPPLY CO COM	9,248	9,248
WALT DISNEY CO	9,077	9,077
CVS HEALTH CORP	2,725	2,725
PROCTOR & GAMBLE CO	8,224	8,224
CHEVRON CORP	9,333	9,333
EXXON MOBIL CORP	7,663	7,663
AMERIPRISE FINL INC	7,258	7,258
BERKSHIRE HATHAWAY INC	6,395	6,395
BLACKROCK INC	7,039	7,039
CITIGROUP INC	10,504	10,504
INTERCONTINENTAL EXCHANGE INC	9,883	9,883
JP MORGAN CHASE & CO	11,180	11,180
PNC FINANCIAL SERVICES GROUP	10,296	10,296
DANAHER CORP	14,292	14,292
ELI LILLY & CO	4,432	4,432
GILEAD SCIENCE	3,378	3,378
JOHNSON & JOHNSON	7,660	7,660
THERMO FISHER SCIENTIFIC INC.	14,684	14,684
UNITEDHEALTH GROUP INC	16,349	16,349
BOEING CO	9,100	9,100
FORTIVE CORP	8,723	8,723
SPIRIT AEROSYSTEMS	6,103	6,103
UNION PACIFIC CORP	8,455	8,455
UNITED PARCEL SERVICES	2,582	2,582
UNITED TECHOLOGIES CORP	8,463	8,463
3M CO COM	8,667	8,667
ALPHABET INC CL A	10,828	10,828
ALPHABET INC CL C	10,809	10,809
APPLE INC	19,792	19,792
CISCO SYSTEMS INC	10,946	10,946
COGNIZANT TECH SOLUTIONS CRP COM	9,762	9,762
FACEBOOK INC	9,650	9,650
MICROSOFT CORP	23,443	23,443
VISA INC - CLASS A SHRS	12,148	12,148
CELANESE CORP	10,780	10,780
ACCENTURE PLC	13,858	13,858
DIAGEO PLC - ADR SPONSORED ADR	4,308	4,308
MANULIFE FINANCIAL CORP	6,363	6,363
NESTLE SA REGISTERED SHARES - ADR SPONSORED ADR	7,755	7,755
SCHLUMBERGER LTD	2,980	2,980
TE CONNECTIVITY LTD	3,831	3,831
TOTAL S.A. - ADR SPONSORED ADR	10,042	10,042
ISHARES TR RUSSELL MIDCAP ETF	78,218	78,218
VANGUARD MID CAPITALIZED INDEX	71,385	71,385
VOYA SMALL COMPANY FUND CLASS I	47,421	47,421
DODGE & COX INTERNATIONAL STOCK FUND	91,823	91,823
ISHARES MSCI EAFE ETF	23,005	23,005
OPPENHEIMER DEVELOPING MARKETS	133,247	133,247
BOSTON PARTNERS LONG/SHORT RESEARCH FUND CLASS INS	31,235	31,235
EATON VANCE GLOBAL FUND	39,006	39,006
THE MERGER FUND	30,745	30,745
SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE	66,844	66,844
VANGUARD REIT VIPER	67,735	67,735
UBS GROUP AG	5,570	5,570
BLACKROCK GLOBAL LONG/CHORT CREDIT	47,832	47,832

Category / Item	Cost / Other Basis	Accumulated Depreciation	Book Value	End of Year Fair Market Value
LAND	221,596	0	221,596	221,596
BUILDINGS AND IMPROVEMENTS	8,064,756	3,487,983	4,576,773	4,576,773
EQUIPMENT	696,497	620,179	76,318	76,318
EXHIBITS	5,694,826	3,671,660	2,023,166	2,023,166

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
BANK FEES	4,735	0	0	4,735
BUILDING & EQUIPMENT MAINTENANCE	73,836	947	18,940	53,480
EDUCATION/PROGRAMS	12,174	0	12,174	0
EXHIBITS	23,904	0	2,390	21,514
MARKETING & DEVELOPMENT	80,777	767	15,348	58,260
MISCELLANEOUS	5,492	84	1,541	5,617
OFFICE EXPENSE	4,628	23	463	4,165
PUBLIC PROGRAMMING	1,723	0	1,723	0
POSTAGE	6,174	31	617	11,990
TECHNOLOGY EXPENSE	9,071	33	657	7,348

Description	Revenue And Expenses Per Books	Adjusted Net Income
ADMISSIONS	85,196	85,196
MEMBERSHIPS	42,251	42,251
MISCELLANEOUS	6,693	6,693
PUBLIC PROGRAMMING	67,201	67,201
NET RENTAL INCOME	42,501	42,501

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES	10,429	10,429	0	0
OTHER PROFESSIONAL FEES	3,797	3,797	0	0

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