990 orSection4947(a)(1) NonexemptCharitable Trust Treated ...990s.foundationcenter.org/990pf_pdf_archive/223/... · I Fair marketvalue ofall assets at end J Accounting method 0Cash

990-PF Return of Private FoundationForm or Section 4947 (a)(1) Nonexempt Charitable Trust

Department of the TreasuryTreated as a Private Foundation

Internal Rn4enue Service Note : The foundation may be able to use a copy of this return to satisfy state reporting requirements

OMB No 1545-0052

00007For calendar year 2007 , or tax year beginning , and ending

G Check all that apply: E] Initial return fl Final return E] Amended return D Address change D Name change

Use the IRS Name of foundation A Employer identification number

label. The Lois and Ed Reid Foundation 2-3341551Otherwise , Number and street (or P 0 box number if mail is not delivered to street address) Room/suite B Telephone number (see page 10 of the instructions)

printor type PO Box 3368 01-417-9321.

See Specific City or town, state, and ZIP code C If exemption application is pending, check here ►Instructions. Clearwater FL 33967-8368 D 1. Foreign organizations, check here ► DH Check type of organization: Q Section 501 (c)(3) exempt private foundation 2. Foreign organizations meeting the 85% test,

Section 4947(a)(1) nonexempt charitable trust fl Other taxable private foundation check here and attach computation ► 0E If private foundation status was terminated

I Fair market value of all assets at end J Accounting method 0 Cash 0 Accrual under section 507(bXl)(A), check here ► Elof year (from Part II, col (c), JOther (specify)------------------------- F If the foundation is in a 60-month terminationline 16) ► $ 1 , 252 ,489 (Part 1, column (d) must be on cash basis.) under section 507(bX1 XB), check here ► 0

Analysis of Revenue and Expenses (The total of (a) Revenue and(d) Disbursements

amounts in columns (b), (c), and (d) may not necessarily equal expenses per(b) Net investment (c) Adjusted net for chartable

the amounts in column (a) (see page 11 of the instructions)) booksincome income purposes

(cash basis only)

1 Contributions, gifts, grants, etc , received (attach schedule) 70,140 °

2 Check if the foundation is not required to attach Sch B

3 Interest on savings and temporary cash investments 50,209 50,209

4 Dividends and interest from securities 9,126 9,126

--I 5 a Gross rentsb Net rental income or (loss)

CM 6a Net gain or (loss) from sale of assets not on line 10 15,791 14 4 1

b Gross sales price for all assets on line 6a 285,931

7 Capital gain net income (from Part IV, line 2) 15,791

'< 8 Net short-term capital gain

9 Income modifications tt

10 a Gross sales less returns and allowances

b Less Cost of goods sold

c Gross profit or (loss) (attach schedule)

11 Other income (attach schedule)

12 Total. Add lines 1 through 11 145 ,266 75 , 126 0to 13 Compensation of officers, directors, trustees, etc

0 14 Other employee salaries and wages

aa, 15 Pension plans, employee benefits

x 16 a Legal fees (attach schedule)`

b ^E ule)

M2 c I.f e( tick schedule)

'^

17N 18 edee)Zse€ 14 of the instructions)

onrDiati19 ttach schedule) and depletion

. 20a 21 s l t nt9sGM rc 22 ications

23 Other expenses (attach schedule) 829 82924 Total operating and administrative expenses.

Add lines 13 through 23 829 829 0 0

25 Contributions, gifts, grants paid 85,5000 26 Total expenses and disbursements . Add lines 24 and 25 86 , 329 829 0 0

27 Subtract line 26 from line 12

a Excess of revenue over expenses and disbursements 58,937

b Net investment income (if negative, enter -0-)

F:

74,297

c Adjusted net income (if negative, enter -0-)1

0

For Privacy Act and Paperwork Reduction Act Notice, see page 30 of the instructions.

(HT

Form 990-PF (2007)

2.d

Form 990-PF (2007) The Lois and Ed Reid Foundation 22-3341551 Page 2

Attached schedules and amounts in the description columnB l Sh

Beginning of year End of yearance eetsa

should be for end-of-year amounts only (See instructions ) ( a) Book Value (b) Book Value ( c) Fair Market Value

• I Cash-non -interest-bearing

2 Savings and temporary cash investments 460,452 718,567 718,5673 Accounts receivable ► ----------------------------------

Less allowance for doubtful accounts ► -------------------4 Pledges receivable ►

Less allowance for doubtful accounts ►-------------------

5 Grants receivable6 Receivables due from officers , directors , trustees, and other

disqualified persons (attach schedule ) ( see page 16 of theinstructions)

7 Other notes and loans receivable ( attach schedule) ►---------- ------

Less allowance for doubtful accounts ►--------------------------

8 Inventories for sale or use

9 Prepaid expenses and deferred charges

10 a Investments-U S and state government obligations (attach schedule ) 741,829 541,651 533,922b Investments-corporate stock ( attach schedule)

c Investments-corporate bonds ( attach schedule)

11 Investments-land, buildings , and equipment basis ► -------------

Less accumulated depreciation ( attach schedule ) ► ................

12 Investments-mortgage loans

13 Investments-other (attach schedule)

14 Land , buildings , and equipment basis ► ------------- -----

Less accumulated depreciation ( attach schedule ) ► ................

15 Other assets (describe ► )

16 Total assets ( to be completed by all filers-see theinstructions Also, see page 1, item I ) 1 ,202 ,281 1 1260 ,218 1 252 489

17 Accounts payable and accrued expenses

N18 Grants payable

i''Fi ^' •

19 Deferred revenue, s , ®

`•'

20 Loans from officers , directors, trustees , and other disqualified persons

21 Mortgages and other notes payable ( attach schedule)

J 22 Other liabilities (describe ► )

23 Total liabilities ( add lines 17 through 22) 0 0

Foundations that follow SFAS 117 , check here and ► ^X

complete lines 24 through 26 and lines 30 and 31.

24 Unrestricted 1,202,281 1,260,218

Av

ccto 25 Temporarily restricted

26 Permanently restricted

LL0

Foundations that do not follow SFAS 117, check here ► Land 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 page 17 of theinstructions ) 1 ,202 ,281 1 1260 ,218

Z 31 Total liabilities and net assets/fund balances (see page 17of the instructions ) 1 ,202 ,281 , 1 ,260 ,218 ,

WaWN Analysis of Changes in Net Assets or Fund Balances1 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 1,202,2812 Enter amount from Part I, line 27a 2 58,937

3 Other increases not included in line 2 (itemize ) ► ----------------------------- ------------------- 3----

4 Add lines 1 , 2, and 3 4 1,261,2185 Decreases not included in line 2 ( itemize ) Estimated tax payment------------------------------------- 5 1,0006 Total net assets or fund balances at end of year ( line 4 minus line 5)-Part II , column ( b), line 30 6 1 ,260 ,218

Form 990-PF (2007)

Form 990-PF (2007) The Lois and Ed Reid Foundation 22-3341551 Page 3Capital Gains and Losses for Tax on Investment Income

(a) List and describe the kind(s) of property sold (e g , real estate,2-story buck warehouse, or common stock, 200 shs MLC Co)

(b) How acquiredP-PurchaseD-Donation

(c) Date acquired(mo , day, yr)

(d) Date sold(mo , day, yr )

1a 1,000 shares Armor Holding Inc D 1/4/1999 5/7/2007b US Treasu ry Notes Ser X-2007 P 12/5/2005 11/30/2007cde

(e) Gross sales price(f) Depreciation allowed

(or allowable)(g) Cost or other basisplus expense of sale

(h) Gain or (loss)(e) plus (f) minus (g)

a 85,931 70,140 15,791b 200,000 200,000 0c 0d 0e 0

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (I) Gains (Col (h) gain minus

(i) F M V as of 12/31/69 G) Adjusted basisas of 12/31/69

(k) Excess of col (i)over col 0), if any

col (k), but not less than -0-) or

Losses (from col (h))

a 0 15,791b 0 0c 0 0d 0 0e 0 0

2 Capital gain net income or (net capital loss)If gain, also enter in Part I, line 7If (loss), enter -0- in Part I, Ilne 7 } 2 15,791

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 pages 13 and 17 of theinstructions) If (loss), enter -0- in Part I, line 8 3

OR= 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? q Yes q NoIf "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 page 18 of the instructions before making any entries.

(a)Base period years

Calendar year ( or tax year beg inning in )

(b)

Adjusted qualifying distributions

(c)

Net value of nonchantable-use assets

(d)Distribution ratio

col ( b ) divided by col ( c ))

2006 0.0000002005 0.0000002004 0.0000002003 0 0000002002 0.000000

2 Total of line 1, column (d) . . . . . . . 2 0 0000003 Average distribution ratio for the 5-year base period-divide the total on line 2 by 5, or by

the number of years the foundation has been in existence if less than 5 years 3 0.000000

4 Enter the net value of nonchantable-use assets for 2007 from Part X, line 5 . . 4

5 Multiply line 4 by line 3 . . . 5 0

6 Enter 1% of net investment income (1% of Part I, line 27b) 6

7 Add lines 5 and 6 .. 7 0

8 Enter qualifying distributions from Part XII, line 4 8If line 8 is equal to or greater than line 7, check the box in Part VI, line 1 b, and complete that part using a 1 % tax rate. Seethe Part VI instructions on page 18.

Form 990-PF (2007)

Form 990-PF ( 2007) The Lois and Ed Reid Foundation 22-3341551 Page 4

Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948-see page 18 of the instructions)

I a Exempt operating foundations described in section 4940(d)(2), check here ► Fland enter "N/A" on line 1.

Date of ruling letter -----------------(attach copy of ruling letter if necessary-see instructions)

b Domestic foundations that meet the section 4940(e) requirements in Part V, checkhere ► J and 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-)

3 Add lines 1 and 2

4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only Others enter -0-)

5 Tax based on investment income . Subtract line 4 from line 3 If zero or less, enter -0-

6 Credits/Payments-

a 2007 estimated tax payments and 2006 overpayment credited to 2007 6a 2,000

b Exempt foreign organizations-tax withheld at source 6b

c Tax paid with application for extension of time to file (Form 8868) 6c

d Backup withholding erroneously withheld 6d

7 Total credits and payments Add lines 6a through 6d 7 2,0008 Enter any penalty for underpayment of estimated tax. Check here Q if Form 2220 is attached 8 48

9 Tax due . If the total of lines 5 and 8 is more than line 7, enter amount owed ► 9 0

10 Overpayment . If line 7 is more than the total of lines 5 and 8, enter the amount overpaid ► 10 46611 Enter the amount of line 10 to be Credited to 2008 estimated tax ► 466 1 Refunded ► 11 0

• Statements Regarding Activities

1 a During the tax year, did the foundation attempt to influence any national, state, or local legislation or did it Yes No

participate or intervene in any political campaign? 1a X

b Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of the

instructions for definition)? 1 b X

If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materialspublished or distributed by the foundation in connection with the activities

c Did the foundation file Form 1120-POL for this year?

d Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year

(1) On the foundation ► $ (2) On foundation managers ► $

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

on foundation managers ► $

2 Has the foundation engaged in any activities that have not previously been reported to the IRS?

If "Yes," attach a detailed description of the activities

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

4 a Did the foundation have unrelated business gross income of $1,000 or more during the year?

b If "Yes," has it filed a tax return on Form 990-T for this year?

Was there a liquidation, termination, dissolution, or substantial contraction during the year?

If "Yes," attach the statement required by General Instruction T

Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either

• By language in the governing instrument, or

• By state legislation that effectively amends the governing instrument so that no mandatory directions

that conflict with the state law remain in the governing instrument?

7 Did the foundation have at least $5,000 in assets at any time during the year? If "Yes, " complete Part I/, col (c), and Part XV

8 a Enter the states to which the foundation reports or with which it is registered (see page 19 of the

instructions) ► NJ---------------------------------------------------------------------------------------

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

9 Is the foundation claiming status as a private operating foundation within the meaning of section 4942(1)(3)

or 4942(1)(5) for calendar year 2007 or the taxable year beginning in 2007 (see instructions for Part XIV on page 27)'If "Yes," complete Part XIV

10 Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing

their names and addresses

X

X

X

10 1 1 X

Form 990-PF (2007)


Statements Regardin g Activities (continued)11 a 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 page 20 of the instructions) 11a X

b If "Yes ," did the foundation have a binding written contract in effect on August 17, 2006 , covering the interest,rents , royalties , and annuities described in the attachment for line 11 a2 11b N/A

12 Did the foundation acquire a direct or indirect interest in any applicable insurance contract? 12 X

13 Did the foundation comply with the public inspection requirements for its annual returns and exemption application? 13 X

Website address ► N/A--------------------------------------------------------------------------------------------------

_14 The books are in care of ► Edward P. Reid Telephone no. 0- 201 -417-9321----------------------------Located at ► 690 Island Way Clearwater FL _________________________________________ ZIP+4 ► 33767-8368

15 Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 -Check here ►and enter the amount of tax-exempt interest received or accrued during the year ► 1 15 IN/A

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.

la 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 availablefor the benefit or use of a disqualified person)?

b

c

2

a

b

c

3a

b

Yes [X No

LI Yes [X No

Yes FX No

^ Yes IX No

11 Yes IX No

(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 periodafter termination of government service, if terminating within 90 days) Yes No

If any answer is "Yes" to la(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 page 22 of the instructions)? 1 b N/AOrganizations relying on a current notice regarding disaster assistance check here ► LI

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 2007? 1 c

Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a privateoperating foundation defined in section 49420)(3) or 4942(j)(5))

At the end of tax year 2007, did the foundation have any undistributed income (lines 6dand 6e, Part XIII) for tax year(s) beginning before 2007? Yes No

If "Yes," list the years ► 20 , 20------

, 20 ------ , 20

Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)

(relating to incorrect valuation of assets) to the year's undistributed income? (If applying section 4942(a)(2)

to all years listed, answer "No" and attach statement-see page 22 of the instructions ) 2b N/A

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here

► 20 20 , 20 , 20

Did the foundation hold more than a 2% direct or indirect interest in any businessenterprise at any time during the year? Yes No

If "Yes," did it have excess business holdings in 2007 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 2007) 3b N/A

4a Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

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 ieooardv before the first day of the tax year beamnma in 2007?

No

X

X

I4bI I XForm 990-PF (2007)


Statements Regardin g Activities for Which Form 4720 May Be Required (continued)

5a During the year did the foundation pay or incur any amount to

•(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? Yes EX No

(2) Influence the outcome of any specific public election (see section 4955); or to carryon, directly or indirectly, any voter registration drive? Yes EX No

(3) Provide a grant to an individual for travel, study, or other similar purposes? U Yes L No

(4) Provide a grant to an organization other than a chantable, etc , organization describedin section 509(a)(1), (2), or (3), or section 4940(d)(2)' (see page 22 of the instructions) Yes ^X No

(5) Provide for any purpose other than religious, charitable, scientific, literary, oreducational purposes, or for the prevention of cruelty to children or animals? Yes No

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 page 22 of the instructions)? 5b N/A

Organizations relying on a current notice regarding disaster assistance check here ►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? El Yes EX NoIf "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 paypremiums on a personal benefit contract? Yes No

b Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? 6bIf you answered "Yes" to 6b, also file Form 8870

7a At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction? Yes No

b If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? 7b

Information About Officers, Directors , Trustees, Foundation Managers , Highly Paid Employees,and Contractors

1 List all officers , directors , trustees, foundation managers and their compensation (see oaae 23 of the instructions).(b) Title, and average (c) Compensation (d) Contributions to (e) Expense account(a) Name and address hours per week (If not paid, enter employee benefit plans

,other allowancesdevoted to position -0- ) and deferred com pensation

-NONE--------------------------------------------00 0 0 0

---------------------------------------------.00 0 0 0

---------------------------------------------.00 0 0 0

---------------------------------------------

2 Compensation of five highest-paid employees (other than those included on line 1-see page 23 of the instructions).If none, enter "NONE."

(b) Title, and average(d) Contributions to

(a) Name and address of each employee paid more than $50,000 hours per week (c) Compensationemployee benefit (e) Expense account,

devoted to positionplans and deferred other allowancescompensation

-NONE----------------------------------------------.00

-------------------------------------------------.00

-------------------------------------------------00

-------------------------------------------------.00

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

Form 990-PF (2007)


MUTWOK Information About Officers, Directors , Trustees , Foundation Managers, Highly Paid Employees,and Contractors (continued)

3 five hi ghest-paid independent contractors for professional services (see page 23 of the instructions ) . If none , enter

'NONE." (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation

NONE

Total number of others receiving over $50,000 for professional services ► 0

• Summary of Direct Charitable Activities

List the foundation's four largest direct chartable activities during the tax year Include relevant statistical information such asExpenses

the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc

I -N/A----------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------

2-----------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------

3 -----------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------

4----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

• .. Summary of Proaram -Related Investments (see Daae 24 of the 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 page 24 of the instructions

3----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Total. Add lines 1 throug h 3 ► 0

Form 990-PF (2007)


Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,see page 24 of the 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 627,529

b Average of monthly cash balances 1 b

C Fair market value of all other assets (see page 25 of the instructions) 1C 589,509

d Total (add lines 1a, b, and c) 1d 1,217,038e Reduction claimed for blockage or other factors reported on lines la and

1c (attach detailed explanation) le

2 Acquisition indebtedness applicable to line 1 assets 2

3 Subtract line 2 from line 1d 3 1,217,0384 Cash deemed held for chantable activities. Enter 1'/%% of line 3 (for greater amount, see page 25 of the

instructions) 4 18,2565 Net value of noncharitable-use assets . Subtract line 4 from line 3 Enter here and on Part V, line 4 5 1,198,782

6 Minimum investment return . Enter 5% of line 5 6 59,939

Distributable Amount (see page 25 of the instructions) (Section 49420)(3) and 0)(5) private operatingfoundations and certain foreign organizations check here ► q and do not complete this part.)

1 Minimum investment return from Part X, line 6 1 59,939

2a Tax on investment income for 2007 from Part VI, line 5 2a 1,486

b Income tax for 2007 (This does not include the tax from Part VI) 2b

C Add lines 2a and 2b 2c 1,486

3 Distributable amount before adjustments Subtract line 2c from line 1 3 58,453

4 Recoveries of amounts treated as qualifying distributions 4

5 Add lines 3 and 4 5 58,4536 Deduction from distributable amount (see page 25 of the instructions) 6

7 Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,line 1 7 58,453

GM Qualifying Distributions (see page 26 of the instructions)

I Amounts paid (including administrative expenses) to accomplish chantable, etc , purposes:

a Expenses, contributions, gifts, etc -total from Part I, column (d), line 26 la 85,500

b Program-related investments-total from Part IX-13 1 b

2 Amounts paid to acquire assets used (or held for use) directly in carrying out chantable, etc.,

purposes 2

3 Amounts set aside for specific charitable projects that satisfy the _

a Suitability test (prior IRS approval required) 3a

b Cash distribution test (attach the required schedule) 3b

4 Qualifying distributions . Add lines 1 a through 3b Enter here and on Part V, line 8, and Part XIII, line 4 4 85,500

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 page 26 of the instructions) 5

6 Adjusted qualifying distributions . Subtract line 5 from line 4 6 85,500

Note : The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundationqualifies for the section 4940(e) reduction of tax in those years

Form 990-PF (2007)

Form 990-PF (2007) The Lois and Ed Reid Foundation

Undistributed Income ( see page 26 of he instructions )

(a)

1 ' Distributable amount for 2007 from Part XI, Corpus

line 7

2 Undistributed income, if any, as of the end of 2006-

a Enter amount for 2006 only

b Total for prior years: 20 , 20 , 20

3 Excess distributions carryover, if any, to 2007

a From 2002 NONE

b From 2003 NONE

C From 2004 14,178

d From 2005 8,897

e From 2006 16,493f Total of lines 3a through e 39,56E

4 Qualifying distributions for 2007 from Part

XII, line 4: 00 $ 85,500

a Applied to 2006, but not more than line 2a

b Applied to undistributed income of pnor years

(Election required-see page 27 of the instructions)

c Tr ated a d t b t t f EI t

(b) (c) (d)Years pnor to 2006 T 2006 2007

9

e s is n u ions ou o corpus ( ec ion 4 ,4

required-see page 27 of the instructions)

d Applied to 2007 distributable amount 58,4

e Remaining amount distributed out of corpus 27,047

5 Excess distributions carryover applied to 2007 4

(If an amount appears in column (d), thesame amount must be shown in column (a) )

6 Enter the net total of each column as 4' 44indicated below:

a Corpus Add lines 3f, 4c, and 4e Subtract line 5 66,615

b Prior years' undistributed income Subtract

line 4b from line 2b 0

C Enter the amount of prior years' undistributed

income for which a notice of deficiency has

been issued, or on which the section 4942(a)

tax has been previously assessed

d Subtract line 6c from line 6b. Taxable

amount-see page 27 of the instructions 0

e Undistributed income for 2006 Subtract line

4a from line 2a Taxable amount-see page 27 of the

instructions

f Undistributed income for 2007 Subtract a r

lines 4d and 5 from line 1 This amount must 2 e'

be distributed in 2008

7 Amounts treated as distributions out of V

corpus to satisfy requirements imposed by 2'

section 170(b)(1)(F) or 4942(g)(3) (see page 27 of 4

the instructions)

8 Excess distributions carryover from 2002

not applied on line 5 or line 7 (see page 27 of the

instructions)

9 Excess distributions carryover to 2008.

Subtract lines 7 and 8 from line 6a 66 , 615

10 Analysis of line 9

a Excess from 2003

b Excess from 2004 14,178

c Excess from 2005 8,897

d Excess from 2006 16,493

e Excess from 2007 27.047

22-3341551

0

Form 990-PF (2007)

Form 990-PF (2007) The Lois and Ed Reid Page 10

Private Operating Foundations (see page 27 of the instructions and Part VII-A, question 9)

1 a If the foundation has received a ruling or determination letter that it is a private operatingfoundation , and the ruling is effective for 2007 , enter the date of the ruling ►

b Check box to indicate whether the foundation is a private operating foundation described in section

2 a Enter the lesser of the adjusted netTax year Prior 3 yeE

income from Part I or the minimuminvestment return from Part X for each (a) 2007 (b) 2006 (c) 2005

year listed

b 85% of line 2a

c Qualifying distributions from Part XII,line 4 for each year listed

d Amounts included in line 2c not used directlyfor active conduct of exempt activities

e Qualifying distributions made directlyfor active conduct of exempt activitiesSubtract line 2d from line 2c

Complete 3a, b, or c for thealternative test relied upon

a "Assets" alternative test-enter

(1) Value of all assets

(2) Value of assets qualifyingunder section 49420)(3)(8)(1)

b "Endowment" alternative test-enter 2/3of minimum investment return shown inPart X, line 6 for each year listed

c "Support" alternative test-enter

(1) Total support other than grossinvestment income (interest,dividends, rents, paymentson securities loans (section512(a)(5)), or royalties)

(2) Support from general publicand 5 or more exemptorganizations as provided insection 49420)(3)(13)(m)

(3) Largest amount of supportfrom an exempt organization

(4) Gross investment income

0

2004(e) Total

Supplementary Information (Complete this part only if the foundation had $5 , 000 or more inassets at any time during the year-see page 28 of the instructions.)

I Information Regarding Foundation Managers:a List any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation

before the close of any tax year (but only if they have contributed more than $5,000) (See section 507(d)(2) )

NONE

b List any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of theownership of a partnership or other entity) of which the foundation has a 10% or greater interest

NONE2 Information Regarding Contribution , Grant , Gift, Loan , Scholarship, etc., Programs:

Check here ► q if the foundation only makes contributions to preselected charitable organizations and does not acceptunsolicited requests for funds If the foundation makes gifts, grants, etc (see page 28 of the instructions) to individuals or organizationsunder other conditions, complete items 2a, b, c, and d.

a The name, address, and telephone number of the person to whom applications should be addressed

b The form in which applications should be submitted and information and materials they should include

c Any submission deadlines:

d Any restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or otherfactors

0 49420)(3) or 0 49420)(5)

Form 990-PF (2007)


Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment

Recipientif recipient is an individual,

show any relationship to Foundation purpose of grant orstatus of Amount

Name and address (home or business)any foundation manageror substantial contributor

recipientcontribution

a Paid during the yearAT Children's Project668 Military Trail Deerfield Beach FL 33442 501(c)3 Help cure ataxia-telegiec 6,000Skid Row Charity Fund10766 National Blvd Los Angeles CA 90064 501(c)3 Help to the poor 5,000Eva's Village393 Main Street Paterson NJ 07501 501(c)3 Programs to feed, shelte 15,000Xavier Society for the Blind ^154 E. 23rd St. New York NY 10011 c)3 Support for the blind 20,000Cheshire Home9 Ridgedale Avenue Florham Park NJ 07932 501(c)3 Aid to the disabled 2,500Xavier High School30 W 16th Street New York NY 10011 501(c)3 Tuition for the dlsadvant 10,000Little Sisters of the Poor140 Shepherd Lane Totowa NJ 07512 501(c)3 Support of the aged poor 4,000Sisters of St. Dominick555 Albany Ave. Amityville NY 11701 501(c)3 Help to retired teachers 3,000Memorial Sloan Kettering Cancer Center1275 York Avenue New York NY 10021 501(c)3 Cancer research 2,000Several Sources FoundationPO Box 157 Ramsey NJ 07446 501(c)3 Aid to expectant mothers 6,500Sunny Hill SchoolManila Philippines 501(c)3 Scholarship fund for the 1,500The ARC/Morris County ChapterPO Box 123 Morris plains NJ 07950 501(c)3 Aid to the poor 10,000

Total ► 3a 85,500b Approved for future payment

Total ► 3bi 0

Form 990-PF (2007)

Form 990-PF (2007) The Lois and Ed Reid Foundation 22-3341551

GM=Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated Unrelated business income Excluded by section 512, 513, or 514.

I Program service revenue-

(a)Business code

(b)Amount

(c)Exclusion code

(d)Amount

ab

c

d

ef

g Fees and contracts from government agencies

2 Membership dues and assessments

3 Interest on savings and temporary cash investments 14 50,2014 Dividends and interest from securities 14 9,12(

5 Net rental income or (loss) from real estate

a Debt-financed property

b Not 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 15,79

9 Net income or (loss) from special events

10 Gross profit or (loss) from sales of inventory

11 Other revenue: a

bcde

12

(e)

Related or exemptfunction income(See page 28 ofthe instructions )

12 Subtotal Add columns (b), (d), and (e) 0 75,126 0

13 Total. Add line 12, columns (b), (d), and (e) 13 75,126(See worksheet in line 13 instructions on page 29 to verify calculations

WRelationship of Activities to the Accomplishment of Exempt PurposesLine 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

Form 990-PF (2007)

Fomi 990-PF (2007) The Lois and Ed Reid Foundation 22-3341551 Page 13

Information Regarding Transfers To and Transactions and Relationships With NoncharitableExempt Organizations

1 • Did the organization directly or indirectly engage in any of the following with any other organization described Yes Noin section 501(c) of the Code (other than section 501 (c)(3) organizations) or in section 527, relating to politicalorganizations?

a Transfers from the reporting foundation to a noncharitable exempt organization of: _(1) Cash . . . . . . . . . . 1a(l) X(2) Other assets . 1 a (2 ) X

b Other transactions:(1) Sales of assets to a noncharltable exempt organization . 1 b ( l ) X(2) Purchases of assets from a noncharitable exempt organization . . . . 1b (2 ) X(3) Rental of facilities, equipment, or other assets . . . 1 b ( 3 ) X(4) Reimbursement arrangements 1b (4 ) X(5) Loans or loan guarantees 1b (5) X(6) Performance of services or membership or fundraising solicitations . . . . . . . . . 1 b (6) X

c Sharing of facilities, equipment, mailing lists, other assets, or paid employees . . . . 1 c X

d If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair marketvalue of the goods, other assets, or services given by the reporting foundation If the foundation received less than fair marketvalue in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

(a) Name of organization (b) Type of organization (c) Description of relationship

Under penalties of perjury, I declare that I have examined this return, in ding accompanying schedules and statements, and to the best of my knowledge andbelief, it is true, correct , and lete Declaration of prepal^r ( other an xpayer or fiduciary ) is based on all information of which preparer has any knowledge

Signature of officer or trustee

= D.

Co

N o Preparers'IC Lo 0 t ,a . signa uremU)

CL M Firm's name ( ora( urs if Stephen E Portas'self-employed ), address,and ZIP code 150 Morristown Rd . Ste 110 , Bi

2a Is the foundation directly or indirectly affiliated with , or related to, one or more tax-exempt organizationsdescribed in section 501 (c) of the Code (other than section 501 (c)(3)) or in section 527? Yes OX No

b If "Yes ," complete the following schedule.

Schedule B(Form 990 , 990-EZ,or 990-PFI

Department of the TreasuryInternal Revenue Service

Schedule of ContributorsSupplementary Information for

line 1 of Form 990, 990-EZ, and 990-PF (see instructions)

OMB No 1545-0047

2007Name of organization

The Lois and Ed Reid Foun

Organization type (check one).

Filers of: Section:

Form 990 or 990-EZ 501(c)( ) ( enter number) organization

Employer identification number

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

q 527 political organization

Form 990-PF q 501 (c)(3) exempt private foundation

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

q 501(c)(3) taxable private foundation

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

General Rule-

For organizations filing Form 990, 990-EZ, or 990-PF that received, during the year, $5,000 or more (in money orproperty) from any one contributor. (Complete Parts I and II.)

Special Rules-

For a section 501(c)(3) organization filing Form 990, or Form 990-EZ, that met the 33 1/3% support test of the regulationsunder sections 509(a)(1)/170(b)(1)(A)(vi), and received from any one contributor, during the year, a contribution of thegreater of $5,000 or 2% of the amount on line 1 of these forms. (Complete Parts I and II.)

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

Caution : Organizations that are not covered by the General Rule and/or the Special Rules do not We Schedule B (Form 990,990-EZ, or 990-PF), but they must check the box in the heading of their Form 990, Form 990-EZ, or on line 2 of their Form990-PF, to certify that they do not meet the filing requirements of Schedule B (Form 990, 990-EZ, or 990-PF).

For a section 501(c)(7), (8), or (10) organization filing Form 990, or Form 990-EZ, that received from any one contributor,during the year, some contributions for use exclusively for religious, charitable, etc., purposes, but these contributions didnot aggregate to more than $1,000. (If this box is checked, enter here the total contributions that were received during theyear for an exclusively religious, charitable, etc., purpose Do not complete any of the Parts unless the General Ruleapplies to this organization because it received nonexclusively religious, charitable, etc., contributions of $5,000 or moreduring the year) . . ► $

For Paperwork Reduction Act Notice , see the Instructions Schedule B (Form 990, 990-EZ, or 990-PF) (2007)for Form 990 , Form 990-EZ, and Form 990-PF.

(HTA)

Schedule B (Form 990, 990-EZ, or 990-PF) (2007) Page 1 of 1 of Part

Name of organization Employer identification number

I

The Loi s and Ed Reid Foundation 22-3341551

Contributors (See Specific Instructions.)

(a)No.

(b)Name, address , and ZIP + 4

(c)Aggregate contributions

(d)Type of contribution

1 Edward P. Reid Person QX

PO Box 3368 $ 70,140

Payroll

NoncashElQ

Clearwater FL 33767 (Complete Part II if there isForeign State or Province-Forei gn Count :

a noncash contribution )

(a)No.

(b)Name , address , and ZIP + 4



2 Person

$

Payroll

Noncash

(Complete Part II if there is

Foreign State or ProvinceForei n Count

a noncash contribution

(a)No.




3 Person El

$

Payroll

Noncash


Foreign State or ProvinceForei n Country-

a noncash contribution.)

(a)No.




4 Person El

$

Payroll

NoncashE]


Foreign State or Province:Forei n Country-

a noncash contribution.)

(a)No.




5 Person El

$

Payroll

Noncash

El

El


Foreign State or Province:Forei n Count :


(a)No.

(b)Name , address, and ZIP + 4



6 Person

$

Payroll

Noncash El


Foreign State or Province:

Foreig n Count


Schedule B (Form 990, 990-EZ, or 990-PF) (2007)

Schedule B (Form 990, 990-EZ, or 990-PF) (2007) Page 1 of 1 of Part II

Name of organization Employer identification number

1551

Noncash Property (See Specific Instructions.)

(a) No.fromPart I

Description of noncash property given

(c)FMV (or estimate)(see instructions) Date received

1,000 shares Armor Holdings Inc.1

$ 70,140 4/20/2007

( a) No.

Part I( b)

Description of noncash property givenFMV (or estimate)

(see instructions )(d)

Date received

(a) No.

Part I(b)

Description of noncash property givenFMV (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


(c)

FMV (or estimate )

(see instructions)

( d )Date received

(a) No.

from

Part I


(c)

FMV (or estimate )

(see instructions)

( d )Date received

Schedule B (Form 990, 990-EZ, or 990-PF) (2007)

The Lois and Ed Reid Foundation 22-3341551

Line 6 (990-PF ) - Gain/Loss from Sale of Assets Other Than Inventory

Totals Grosssales

Cost, otherbasis and ex penses

Net gainor loss

Securities 285,931 270,140 15,791

Other sales 0 0 0

Check boxif gain/loss

Checkbox if

purchaserCost or other basisEnter one field only)

Expenseof sale and

cost of

Indexis from saleof security Descri p tion CUSIP # Purchaser

is a

business

Date

acq uired

Acquisition

method

Date

sold

Gross sales

price CostDonated

value

improve-

ments Depreciation1 X 1,000 shares Armor Holding Inc 1/4/1999 D 5/7/2007 85,931 70,140 0 0

2 X US Treasu ry Notes Ser X-2007 12/5/2005 P 11/30/2007 200,000 200,00034

567

8910

11121314

151617181920

The Loisand Ed Reid Foundation

Line 23 (990-PF) - Other Exaenses 829 829

22-3341551

Descri ption

Revenue andexpensesper books

Net investmentincome

Adjusted netincome

Disbursementsfor charitablepu rposes

1 Amortization. See attached statement 0 0 0 02 NJ Corporation annual report fee 25 253 Memll Lynch account fees 81 814 Smith Barney commission 400 4005 Accrued interest purchased 323 32367L0


Part 11 , Line 10a (990-PF ) - Investments - U.S. and State Government Obligations741.829 541.651 722.035 533.922

Descri ption

(a) Book value

beq . of year

(b) Book value

end of year

FMV

be of ear

(c) FMV

end of year

Check if Federal

obli g ation

Check if State/local obli g ation

1 US Treasu ry Note 5.75% 8/15/1 110,098 110,098 103,449 106,703 X2 Federal Home Loan Mtg 5.75% 107,750 107,750 101,531 102,188 X3 US Treasu ry Note 4 875% 2/15/ 105,695 105,695 100,914 106,078 X4 NJ Econ Dev. Auth 10% 10/1/1 19,503 19,503 18,835 18,735 X5 US Treasu ry Note 4 375% 1/31/ 198,605 198,605 198,680 200,218 X6 US Treasu ry Note 4 25% 11/30/ 200,178 0 198,626 0 X7891011121314151617


ran iv aau-rrr - ua itai uains ana Losses Tor i ax on investment income

(a ) Kind ( s ) of p ro p erty CUSIP #

(b) How

acq uired(c) Date

Acq uired(d) Date

Sold

(e) Gross

Sales

Price

(1) Depreciation

Allowed

(g) Cost or other

basis plus

expense of sale

1 1,000 shares Armor Holding Inc D 1/4/1999 5/7/2007 85,931 0 70,1402 US Treasu ry Notes Ser X-2007 P 12/5/2005 11/30/2007 200,000 0 200,0003 0 0 04 0 0 05 0 0 06 0 0 07 0 0 08 0 0 09 0 0 010 0 0 011 0 0 012 0 0 013 0 0 014 0 0 015 0 0 016 0 0 017 0 0 018 0 0 019 0 0 020 0 0 0

The Lois and Ed Reid Foundation

Part IV ( 990-PF) - Capital Gains and Losses foi

22-3341551

( a ) Kind ( s ) of p rop erty CUSIP #(h) Gain or

Loss

(i) F.M.V.

as of

12/31/69

Q) Adjusted basis

as of

12/31/69

(k) Excess of col. (i)

over col. if any

(I) Gains (col (h) gain minus

col. (k), but not less than zero) or

Losses (from col. ( h )) ,

1 1,000 shares Armor Holdin g Inc 15,791 0 15,7912 US Treasu ry Notes Ser X-2007 0 0 03 0 0 04 0 0 05 0 0 06 0 0 07 0 0 08 0 0 09 0 0 010 0 0 011 0 0 012 0 0 013 0 0 014 0 0 015 0 0 016 0 0 017 0 0 018 0 0

U

19 0 0

IO20 0 0 O

Documents

990 orSection4947(a)(1) NonexemptCharitable Trust Treated ...990s.foundationcenter.org/990pf_pdf_archive/223/... · I Fair marketvalue ofall assets at end J Accounting method 0Cash