Return of Private Foundation or Section 4947(a)(1) Nonexempt Charitable Trust

Treated as a Private Foundation annn mnv no <hl. 1~ ,.. e ~nn~ ..f tti- ..n .... M ~ar~w ~1ere .e.., . .

OMB N o 1 54 5-0052

LOOL Dep Went of me Tranury Internal Revanua Sarvlp Note me

or to rear of For calendar and

Employer Identification number

52-2384603 Telephone number

H Check type of organization LY--J Section 501(c)(3) exempt private foundation CD Section 4947(a)(1) nonexemptcharitable trust [::] Other taxable private foundation

I Fair market value of all assets at end of year J Accounting method D Cash [~J Accrual (from Pert 1l, col (c), line 16) 0 Other (specify) " E 16 0 0 41 . (Pen l, column (ag must be on cash basis) part 1 Analysis of Revenue and Expenses (a) Revenue and f6) Net investment (fns tow of amounts in Mama (D) (4 and (4) nnaY not

necessarily pub ms amounts in column (w ) expenses per books income

. 1 ContnbutionS,pAls,grants,etc received 160 , 000

cnxk 1 O n h Iwnmem b rim raouuW m aeM Srlh a '

en 2 Distributions from spIAHnterest trusts 3 Interest on wings aria as say

N Cash invatmenn

a Dividends and interest from securities 41 . 4 5a Gross rents

J U(NetienWinmmaorpan) ~--~p Net pYnorQoaf)ROma~lao James, on-

line 10 y b Gross win price for all > sands on line W

C; 7 capital pan yet inoorts (from Pan N fine 2)

UJ 8 Not short-term capital gain

Z 9 income modifications Z 10a Gross ~dw iws mwms

all ~Imvenrn

U b Leas cost or pooaa wa (o c Gross profit or (loss)

11 Other income

STATEMENT 1

0 .

12 Total Ad0lines 1 through through 11 160 , 04 1 . 13 CompenuoonotoAicm dirscmn Wabn afc

10 Other employee salaries and wages 15 Pension plans, employee benefits 18a Legalises

~ ; h Accounting tees ,~ c Other professional tees V61

Interest i 17 IM3 \(b 18 Taxes [y ' 19 Depreciation and depletion

9 20 Occupancy 1d+ " a 21 Travel, conferences and meetings 0 W 22 Printing and publications

23 Other expenses m 24 Total operating and administrative

expenses Add lines 13 through 23 0 . 25 Contributions, gifts, grants paid 26 Total expenses and disbursements

Add lines 24 and 25 0 . 27 Subtract line 26 from tine 12

16 0 ,0 4 1 . a FJLma of ~evanuews u We. one dlfounqnnb

0 Net Investment Income PI nilgaws . enter -o-) 41 . ~ n N/A

I_.

of ziro LHA For Paperwork Reduction Act Notice, seethe Instructions Form 990-PF (YOOY) 1

10350529 715668 16370 2002 .05050 THE GERALD AND CAROL GALGAN 16370-1

Form 990

Use the IRS Name of organization label HE GERALD AND CAROL GALGANO

Otherwise, OUNDATION INC . print Numperandstreet (arVO Goanumwrllneed bnalaMnenabstrain address) RoaMSUne

01 type I30 TALMADGE LANE Sae Specific

Ci ty or town, state, and ZIP code Instructions __._,__ If exemption application n pending cnrf non

1 Foreign organizations, check here "0 z Fompn organizations meeting trio 85% test, ,

UacY hen end aRech computation

If private foundation status was terminated under section 507(b)(t)(n),check here

II the foundation is in a 60-monln termination-

/t) Adjusted net I b! in(001B

_ THE GERALD AND CAROL GALGANO 2

160 041 . 160,041 .

0 .

0 .

Organ izatlonc that to llor SFAS 117, check here ~ U N end complete lines 24 through 28 and lines 30 and 31

24 Unrestricted .s 25 Temporarily restricted

25 12 Permanency restricted Organizations that d0 not follow SFAS 117, chock here and complete lines 27 through 31

~°, 27 Capital stock, trust principal, or current funds °m 28 Paid-in or capital surplus, or land, bldg , and equipment fund

29 Retained earnings, accumulated income endowment, or other funds 30 Tout net assets or fund balances z

131 Total liabilities ananetaccetcAunEbalances 1 0 .1 160,041 .

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 endrot-year figure reported on prior years return) 1 0 .

2 Enter amount from Part I, line 27a 2 160 , 041 . 3 Other increases not included in line 2 (itemize) " 3 0 . 0 Add lines l,2,and3 4 160 , 041 . 5 Decreases nit included in line 2 (itemize) " 5 0 . 6 Total net assets or fund balances at end of ear line 4 minus line 5 - Part 11, column (D) line 30 g 160 , 041 .

From B90-PF Rom zzasii o, xa-m

2 10350529 715668 16370 2002 .05050 THE GERALD AND CAROL GALGAN 163701

Balance Sheets "a-s"em cduW Should roberooFW ummsmh

1 Cash - non-interest-bearing 2 Savings and temporary cash investments 3 Accounts receivable 1

Less allowance for doubtful accounts 1110. 0 Pledges receivable

Less allowance for doubtful accounts IN, 5 Grants recervaDle 6 Recervables due from officers, directors, trustees, and other

Cisquafthe0 persons 7 OOVnoc~naiowievmnr

Less allowance far doubtful accounts 01 8 Inventories for sale or use 8 Prepaid expenses and deferred charges H

a 10a Investments -U S and state government obligations b Investments - corporate stock o Investments - corporate bonds

11 M~s-waemarne& uwmdon~ u$

lscwWmG'Artdlem 1

12 Investments - mortgage loans 13 Investments " other 14 Land buildings, and equipment basis

lscumueoaamo~em

15 Other assets (describe ~

17 Accounts payable and accrued expenses 18 Grants payable 19 Deferred revenue 20 Loam hom oMpra dincton truabe and otnw OIpuaiIflaE panons

m 21 Mortgages and other notes payable J 22 Other liabilities (descnhe 10-

Zing of year End of year

BOOk Value IGl BOOk Value Icl Fair

, . ,

52-2389603 N I Capital Gains and Losses Tor lax on Investment Income

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

NONE

(e) Gross sales puce 10 De o~eaation allowed (p) Cast or other oasis (orallowaGle) plus expense al sale

(O) Date sold (mo , day, YT ~

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

in column (h) and owned by the foundation on 17141169 (p Adjusted oasis (q Excess of coi (p as o112131/69 over col (j),Itany

(I) Gains (Col (h) pain minus col (k), but not less than -0-) or

Losses (from col (h)) (I) F M V as of 12/31/69

3 10350529 715668 16370 2002 .05050 THE GERALD AND CAROL GALGAN 163701

THE GERALD AND CAROL GALGANO

for assets

(c) Date acquired (mo , day, Yl 1

! II pain, also enter in Part l, line 7 1 2 Capital pain net income or (net capital loss) 1 II (loss), enter-0- in Part I, line 7 1

3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6) If gain, also enter in Part I, line B, column /c) II (loss) . enter-0-in Part I . line 8

I pmt y I pualincatlon under Section 4840(e) for ReCUCed lax on Net Inve (For optional use by domestic Dmate foundations subject to the section 4940(a) tax on net investment income )

II section 4940(d)(2) applies, leave this porn blank

Was the organization liable for the section 4942 tax on the disinUu[able amount of any year m tie base Denod? 0 Yes M No If'YBS,' the organization saes not quality under section 4940(e) Do not complete this part 1 Enter the appropriate amount in each column for each year, see instructions baton making any entries

Base penod8od years Adjusted ' di (~) Distribution ratio

Calenearvaarlnrtarvnarnemnmnnml qualifying distributions Net value otnoncllantable"useassets fcol fhldivided bvcol 1c11

2 Total of line 1, column (0) 3 Average distribution ratio for the 5-year base period -divide the total on line 2 by 5, or by the numhel at years

the foundation has been in existence A less than 5 years

4 Enter the net value of nonchanlable-use assets for 2002 from Part X line 5

5 Multiply line 4 by line 3

6 Enter 1 % of net investment income (1 °.6 of Part I line 27D)

7 Ado lines 5 and 6

8 Enter qualifying distributions from Part XII, line 4 J 8

If line 8 is equal to or greater than line 7, check the box in Pad VI, line Ib, and complete that part using a 1 I tax rate See the Part VI instructions

777537A7-2Y03 Farm 990-PF fmozl

112 During the tax year, did the organization attempt to influence any national, state, or local legislation or did it participate or intervene in Yes No any political campaign? la X

b Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see instructions for definition)? 1b X If the answer is "Yes" to 11 or 1 b, attach a detailed description of the activities and copies of atny matenals published or distirbuted by the organization in connection with the activities

c Did the orga n Ization ftle Fa rm 11 20-PO I. f or this year 7 1 c X d Ente r the a mou nt (0 a ny) of tax on political expe nditu res (section 4 955) imposed d u ring the yea r

(1) On the organization 11- S 0 ._ (2) On organization managers Po- $ 0 . e Enter the reimbursement (it any) paid by the organization during the year for political expenditure tax imposed on organization

managers III- $ 0 . 2 Has the organization engaged in any activities that have not previously been reported to the IRS? 2 X

If 'Yes,'attach a detailed descnption of the actwities 3 Has the organization 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 conformfed copy of the changes 3 X 4a Did the organization have unrelated business gross income of $1,000 or more during the year? 4a X b If 'Yes,' has it filed a tax return on Form 990-T for this year? N/A 4b

5 Was there a liquidation, termination, dissolution, or substantial contraction during the year? 5 X 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 effectrvety amends the governing instrument so that no mandatory directions that conflict vvgh the state law

remain in the governing instrument9 6 X 1 7 Did the organization have at least $5 .000 in assets at any time during the year9 7 X

If 'Yes,' complete Part /1, col (c). and Part XV Be Enter the states to which the foundation reports or with which it is registered (see instructions) 10'

NEW JERSEY It If the answer is 'Yes' to line 7 has the organization fumishad a copy of Form 990-PF to the Attorney General (or designate)

of each state as required by General Instruction G? It 'No," attach eorplanation 8b X 9 Is the organization claiming status as a private operating foundation within the meaning of section 4942(j)(3) or 4942(j)(5) for calendar

year 2002 or the taxable year beginning in 2002 (see instructions for Part XIV)? If 'Yes," complete Part XIV 9 X 10 Did any persons become substantial contributors during the tax year? if Y. at~n a IChWU1e ILSting their reme, ana acidivesm STMT 2 to X 11 Did the organization comply with the public inspection requirements for its annual returns and exemption applic-ation7 it X

Websiteaddress Do, NOT APPLICABLE 12 Thebooksaretnearoof 10- GERALD GALGANO Telephone no 10-

Locatecial lif. 30 TALMADGE LANE ; BASKING RIDGE, NJ zip+4 1~07920 13 Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 - Check here ED

and enter the amount of tax-exempt interest received or accrued during the year *1 13 1 N/A 223531 01 23-03 Fom 990-PF c2ccZ

10380529 715668 16370 2002 .05050 THE GERALD AND CAROL GALGAN 163701

THE GERALD AND CAROL GALGANO Form 990-P, (2'021

FO DATION, INC . 52-2384603 Page 4

Fi;r I -Eise T B! 7 FV-4 XC W

ed on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948 - see instructions) la Exempt operating foundations described in section 4940(d)(2), check here 10, ED and enter~,1S1A`Un n:), In ctl

Date of ruling letter _ (attach copy of ruling letter If necessary-sf t :n

b Domestic organizations that meet the section 4940(e) requirements in Part V check here 01. ED and enter 1 % 1 1 . of Part 1 . line 271b

c All other domestic organizations enter 2% of line 27b Exempt foreign organizations enter 4% 1 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 1 . 4 Subtrile 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 It zero or less, enter -0- 5 1 . 6 Credfts/Payments a 2002 estimated tax payments and 2001 overpayment credited to 2002 Be b Exempt foreign organizations - tax withheld at source c Tax paid with application for extension of time to file (Form 8868) :cc of Backup withholding erroneously withhold 5d 7 Total credits and payments Add lines Be through Ed

-1 if Form 2220 is attached 0 .

8 Enter any penalty for underpayment of estimated tax Check here [- 9 Tax due It the total of lines 5 and 8 IS More than line 7, enter amount owed 0

10 Overpayment If line 7 is more than the total of lines 5 and 8, enter the amount overpaid 10 11 Enter the amount of line 10 to be Credited to 2003 estimated tax il~ Refunded 01 11 Part V11-A I Statements Regarding Activities

THE GERALD AND CAROL GALGANO Form 990-PF (200ZI FOUNDATION, INC . 52-2384603

If "Yes, " attach the statement required by Regulations section 53 4945-5(co Be Did the organization, during the year, receive any funds directly or indirectly, to pay Premiums on

a personal benefit contract7 Ej Yes EXI No to Did the organization, during the year pay premiums, directly or indirectly on a personal benefit contract9 Ifyou answered 'Yes'to 6b, also file Form 8870

Fom 990-PF c2ozt)

5 10350529 715668 16370 2002 .05050 THE GERALD AND CAROL GALGAN 163701

File Form 4720 if any item is checked in the 4Yes" column, unless an exception applies. 1 a Dunng the year did the organization (either directly or indirectly)

(1) Engage in the sale or exchange or leasing of property with a disqualified person7 Yes No (2) Borrow money from, lend money to, or otherwise extend credit to (or accept a from)

a disqualified person2 Yes No (3~ Furnish goods, services, or facilities to (or accept them from) a disqualified person7 Yes MNO (4) Pay compensation to, or pay or reimburse the expenses Of, a disqualified person? Yes EKI No (5) Transfer any income or assets to a disqualified person (of make any of either available

forthe benefit or use of a disqualified personp Yes MNO (6) Agree to pay money or property to a government official9 (Exception Check 'No'

Othe organization agreed to make a grant to orto employthe official for a period after termination of government service, itterminating within 90 days ) ED Yes EXI No

b It any answer is 'Yes'to la(l)-(6), did any of the acts lailto quality underthe exceptions descrilped in Regulations section 53 4941(d)-3 or in a current notice regarding disaster assistance (see page 19 of the instructionsp N/A

Organizations relying on a current notice regarding disaster assistance check here C Did the organization engage in a prior year in any of the acts described in la, other than excepted acts, that were not corrected

before the first day of the tax year beginning in 20027 2 Taxes on failure to distribute income (section 4942) (does not apply for years the organization was a private operating foundation

deftned in section 4942(j)(3) or 4942(j)(5)) a At the end of tax year 2002, did the organization have any undistributed income (lines Ed and 69, Part XIII) for tax year(s) beginning

before 2002? Yes No If 'Yes,'fistlha years 111~_

b Are there any years listed in 2a for which the organization 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 ) N/A

t It the provisions of section 4942ja)J2) are being applied to any of the years listed in 2a . list the years here

3a Did the organization hold more than a 2% direct or indirect interest in any business enterprise at any time during the year9 Yes M No

to If 'Yes,' did 9 have excess business holdings in 2002 as a result of (1) any purchase by the organization or disqualified persons after May 26, 1969, (2) the lapse of the 5-year penod (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 penod? (Use Schedule C, Form 4720, to determine if the organization had excess business holdings in 2002) N/A

4a Did the organization invest during the year any amount in a manner that would jeopardize its charitable purposes? b Did the organization make any investment in a prior year (but after December 31 . 1969) that could jeopardize its chantable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 20027

Be During the year did the organization pay or incu r any amount to (1) Carry on propaganda, or otherwise attempt to influence legislation (Section 4945(e))? E:] Yes M No (21 Inituencethe outcome otanyspectfic public election (see section 4955), artocarry on,chrectly of indirectly,

any voter registration drive? ED Yes EXI No (3) Provide a grantlo an individual fortravel, study, or other similar purposes? ED Yes EKNo (4) Provide a grant to an organization other than a charitable, etc organization described in section

Yes No 509(a)(1), (2) . or (3) . or section 4940(d)(2)? (5) Provide for any purpose other than religious, charitable, scientific, literary, of educational purposes or for

the prevention of cruelty to Children or ammals9 Yes No to Itanyansweris 'Yes' to 5a(l)-(5). did any of thetransactions failto quairtyunderthe exceptions described in Regulations

section 53 4945 or in a current notice regarding disaster assistance (see instructions)9 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 organization claim exemption from the tax because it maintained expenditure responsibility for the grant? N/A Yes No

Page 5

I -

2235,11 01 23-03

-~of athue~~ofver $50 000 for professional services Total numb! Part Ix

T S Direct Charitable Activities

List the foundation's four largest direct chantable 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

N/A

2

3

4

Expenses

Fo. 990-PF ooo2) 6

2002 .05050 THE GERALD AND CAROL GALGAN 163701

01 23M

10350529 715668 16370

THE GERALD AND CAROL GALGANO FOUNDATION, INC .

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

I Ust all officens, directors, tnustees, foundation managers and their compensation (b) Tale, and average (c) Compensation

(a) Name and address hours arweekdevoted (11 no 7 ~o crosition ante 10"T,

NEEDED 0 .1 0 STEE

NEEDED 0 . 0

OFF, NJ 07480 JAS NEEDED I 0~ penswetion of five highest-paid employees (other than those included on line 1) If none, enter "NONE n

(b) Tale and a (a) Name and address of each employee paid more than $50,000 hours. per (c) Compensation

number of other employees paid over $50,000 7e -highest-paid independent contractors for professional services If none, enter "NONE

(a) Name and address of each person paid more than $50,000 1 (b) TVI)e of service

Page 6

(a) Ex ense accounf other allowances

I) .

FPW_X7 Minimum Investment Return (All domestic foundations must complete this part Foreign foundations, see instructions) 1 Fair market value of assets not used (or hold for use) directly in carrying out charitable, etc , purposes I a Average monthly lair market value of securities Is b Average of monthly cash balances ib c Fair market value of all other assets 1 c it Total (add lines la, b, and c) ld a Reduction claimed for blockage or other factors reported on lines la and

lc (attach detailed explanation) to 0 . 2 Acquisition indebtedness applicable to line 1 assets 3 Subtract line 2 from line ld 4 Cash deemed hold for charitable activities Enter 1 1/2% of line 3 (for greater amount, see instructions) 5 Net value of noncharitable-use assets Subtract line 4 from line 3 Enter here and on Part V, line 4 5 Minimum Investment return Enter 5% of line 5 t5s

Fp-g~:F-Xf J Distributable Amount (see instructions) (Section 4942(j)(3) and (1)(5) private operating foundations and certain

foreign organizations check here 10- [:] and do not complete this part 1 Minimum investment return from Part X, line 6 1 2a Tax on investment income for 2002 from Part VI, line 5 2a 1 b Income tax for 2002 (Thisdoes not include the tax from PartVI 2b c Add lines 2a and 2b 2c

3 Distributable amount before adjustments Subtract line 2c from line 1 3 4 a Recoveries of amounts treated as quairlying distributions 4a 0 .

It Income distributions from section 4947(a)(2) trusts 4b 0 . c Add lines 4a and 4b 4c

5 Add lines 3 and 4c 6 Deduction from distributable amount (see instructions)

0 .

0 .

FNW ~Xq Qualifying Distributions (see instructions)

7 10350529 715668 16370 2002 .05050 THE GERALD AND CAROL GALGAN 163701

THE GERALD AND CAROL GALGANO Form 990-PF (2004 FOUNDATION, INC . 52-2384603 Page 7

1 Part IZB Summairy of Program-Related Investments

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2 1 Amount

2

All other program-related investments See instructions 3

Total Add lines 1 through 3

1 Amounts paid (including administrative expenses) to accomplish charitable etc , purposes a Expenses, contributions, gifts, etc - total from Part 1, column (d) line 26 1 a 0 . It Program-related investments - Total from Part IX-B 1 b 0 .

2 Amounts paid to acquire assets used (or hold for use) direct~ in carrying out charitable, etc purposes 2 3 Amounts set aside for specific charitable projects that satisfy the a Suitability test (prior IRS approval required) 3a It Cash distribution test (attach the required schedule) 3b

4 Qualifying distributions Add lines la through 3b Enter here and on Part V, line 8 and Part X111, line 4 4 0 . 5 Organizations that quality under section 4940(a) to( the reduced rate of tax on net investment

income Enter I% of Part 1, line 271b 0 . 6 Adjusted qualifying distributions Subtract line 5 trom line 4 0 .

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 tag in those years

Fom 990-PF mM

223561 01-23-03

THE GERALD AND CAROL GALGANO Form 990-PF (2002) FOUNDATION, INC . 52-2384603 Page a

1PartXIII Undistributed Income (seeinstructions)

(a) (c) fit) Corpus Years prior to 2001 2001 2002

1 Distnbutable amount for 2002 from Pad XI line 7 7,880 .

2 uncistdbutscl noonne it my = of Me ma of 2001 a Enter amount for 2001 only 0 . b Total for prior years

0 . 3 Excess distributions carryover, if any, to 2002 a From 1997 b From 1998 c From 1999 it From 2000 a From 2001 I Total of lines 3a through e 0 .

4 Qualifying distributions for 2002 from Part X11 . line 4 111~ $ 0 .

a Applied to 2001, but not more than line 2a 0 . b Applied to undistributed income of prior years (Election required - see instructions) 0

c Treated as distributions out of corpus (Election required - see instructions) 0 .

If Applied to 2002 distributable amount 0 . a Remaining amount distnbuted out of corpus 0 .

5 Ex0es . dl .MU .Min. .rrym. apipi,eo W 2002 0 . 0 . of w arnount iii,iineare in colum (d) Me sanne annount mst oe minMion in colum (a))

6 Enter the net total of each column as Indicated below

a CxiMus Md ines W ~ and 4e Suome:i inis 5 0 . b Prior years' undistributed income Subtract

line 41h from line 21h 0 . c Enter the amount of prior years' undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed 0

it Subtract line 6c: from line 6b Taxable amount - see instructions 0

a Undistnbuted income for 2001 Subtract line 4a from line 2a Taxable amount - see instr 0

I Undisinbuted income for 2002 Subtract lines 4d and 5 from line 1 This amount must be distributed in 2003 7 r B Bw wO

7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(E) or 4942(g)(3) 0 .

8 Excess distributions carryover from 1997 not applied on line 5 or line 7 0 .

9 Excess distributions carryover to 2003 Subtract lines 7 and 8 from line 5a 0 .

10 Analysis of line 9 a Excess from 1998 b Excess from 1999 c Excess from 2000 it Excess from 2001 a Excess from 2002

223571 Fo. 990-PF (200of 01 23 (13

8 10350529 715668 16370 2002 .05050 THE GERALD AND CAROL GALGAN 163701

03 (see instructions and Part VII-A, question 9) N/A

223MIMI 23-M F~ 990-PF wo2) 9

10350529 715668 16370 2002 .05050 THE GERALD AND CAROL GALGAN 163701

THE GERALD-AND CAROL GALGANO

I a It the foundation has received a ruling or determination letter that it is a private operating foundation, and the ruling is effective for 2002, enter the date at the ruling lo. I

b Check box to indicate whether the orga ization is a private operating foundation described in section 4942(j)(3) or 4 42(l)(5) 2 a Enter the lesser ofthe adjusted net Tax year Prior 3 years

income from Part I or the minimum (a) 2002 (b) 2001 (c) 2000 (it) 1999 (e) Total I investment return from Part X for each 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 directly for active conduct of exempt activities

a Qualifying distributions made directly for active conduct of exempt activities Subtract line 2d from line 2c

3 Complete 3a, lb, or c for the alternative test felled upon

a 'Assets' alternative test - enter (1) Value of all assets

(2) Value of assets qualifying under section 4942(l)(3)(11)(i)

b Tridowment' alternative test - Enter 2/3 of minimum investment retu in shown in Part X line 6 for each year listed

c 'Supporr alternative test - enter (1) Total support other than gross

investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties)

(2) Support from general public and 5 or more exempt organizations as provided in section 4942(1)(3)(B)(iii)

(3) Largest amount of support from an exempt organization

s investment income Supplementary Information (Complete this part only if the organization had $5,000 or more in assets at any time during the year-see page 25 of the instructions.)

1 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) )

b List 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

2 Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc, Programs Check here 10' EXI it the organization only makes contributions to preselected charitable organizations and does not accept unsolicited requests for funds It the organization makes grits, grants, etc (see instructions) to individuals or organizations under other conditions, complete items 2a, to, 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 inlormation and materials they Should include

c Any submission deadlines

d Any restrictions or limitations on awards, such as by geographical areas Charitable fields kinds at institutions, or other factors

THE GERALD AND CAROL GALGANO

223601JOI-23 03 FOM990-PF (2002) 10

10350529 715668 16370 2002 .05050 THE GERALD AND CAROL GALGAN 163701

THE GERALD AND CAROL GALGANO Form 990-PF (2002) FOUNDATION, INC . 52-2384603 Page 11

FP~~I-A~ Analysis of income-Producing Activities ss income I 1

(8) (b) I& I I Related or exempt

Amount sion Amount function income =0

c it e

12 Subtotal Add columns (b) (d), and (a) 0 .1 1 40 0 . 13 Total Add line 12 . columns (b), (0) . and (e) 13 41 . (See worksheet in line 13 instructions to verify calculations

~ Relationship of Activities to the Accomplishment of Exempt Purposes FPiR_"__I-B

10350529 715668 16370

Enter gross amounts unless otherwise indicated

I Program service revenue a b c

g Fees and contracts from government agencies 2 Membership dues and assessments 3 interest on savings and temporary cash

investments 4 Dividends and interest from securities 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 9 Not income or (loss) from special events

10 Gross profit or (loss) from sales of inventory 11 Other revenue

a b

11 2002 .05050 THE GERALD AND CAROL GALGAN 163701

THE GERALD AND CAROL GALGANO Form 990-PF (2004 FOUNDATION, INC . 52-2384603 Page 12 1 Part XVIII Information Regarding Transfers To and Transactions and Relationships With Nonchantable

I Did the organization directly or indirectly engage in any of the following with any other organization described in section 501 (c) of yl the Code (other than section 501 (c)(3) organizations) or in section 527, relating to political organizations7

a Transfers from the reporting organization to a nonchantable exempt organization of (1) Cash tall) (2) Otherassets la(2)

b Other Transactions (1) Sales of assets to a nonchantable exempt organization 1 bit) (2) Purchases of assets from a nonchantable exempt organization 1 b(2) (3) Rental of facilities, equipment. or other assets lb(3) (4) Reimbursement arrangements 1 bill) (5) Loans or loan guarantees 1111)(5) (5) Performance of services of membership or fundrarsing solicitations 111(b)

c Sharing of facilities, equipment, mailing lists, other assets . or paid employees 1 C it 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 organization It the organization received less than fair market value in any transaction or shanng arrangement, show in

X

2a Is the organization directly or indirectly affiliated with or related to, one or more tax-exempt organizations described in section 501 (c) of the Code (other than section 501 (c)(3)) or in section 527? = Yes [K] No

What it 1 . ft . od~t.

2002 .050 10350529 715668 16370

X

Name of

Under idenal of Perfury I OW M I I h "a cornplat hot p th

Sijinafure of officer or trung-4 C Preparer's .0 'Lb signature

20- 1 0

Firm a oten, (or fill 11E I d 3000 acalnea ; and ZIP Code ~LAKE

223621 01,2~001

of

this raturn, inducting addompanying aChadUlea and Itaternents end to the bftt 01 r, , or Is dal on all Infonnallon pt wqicM Pro,oarer hae any knoWao,a

MARCUS AVENUE SUCCESS, NY 1104

of relationship

Schedule of Contributors Schedule-B (Form 990, 990-EZ, or

990-PF) DWM~t Of the Treasury 1h'..1 ~eh.. S.".

OMB No 1545-0047

2002 Supplementary Information for line 1 of Form 990, 990-EZ, and 990-PF (see instructions)

Name of organization Employer identification number THE GERALD AND CAROL GALGANO

LHA For Papenfrork Reduction Act Notice, see the Instructions Schedule 0 (Form 990, 990-EZ, or 990-11F) (2002) for Form 990 and Form 990-EZ

223451 01 23 03 13

10350529 715668 16370 2002 .05050 THE GERALD AND CAROL GALGAN 163701

Organization type (check one)

Filers of, Section

Form 990 or 990 EZ E] 501(c)( ) (enter number) organization

[::] 4947(a)(1) nonexempt charitable trust not treated as a private foundation

= 527 political organization

Form 990 PF EXI 501(c)(3) exempt private foundation

= 4947(a)(1) nonexempt charitable trust treated as a Private foundation

= 501(c)(3) taxable private foundation

Check it 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 box(es) for both the General Rule and a Special Rule-see instructions)

General Rule-

M For organizations filing Form 990. 990 EZ, or 990 PF that received, during the year, $5.000 or more (in money or property) from anyone contributor (Complete Parts I and 11)

Special Rules-

E:1 For a section 501 (c)(3) organization filing Form 990, or Form 990-EZ, that met the 33 1/3% support lest of the regulations under sections 509(a)(1)/1 70(b)(1)(A)(vi) and received from any one contributor, during the year, a contribution of the greater of $5.000 or 2% of the amount on line 1 of these forms (Complete Parts I and 11)

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

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 yaw . some contributions for use exclusively for religious, charitable. etc , purposes . but these contributions did not aggregate to more than $1,000 (if this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc , purpose Do not complete any of the Parts unless the General Rule applies to this organization because it received nonexclustviety religious, charitable, etc , contributions of $5 .000 or more during the yew) li~ $

Caution Organizations that are not covered by the General Rule andior the Special Rules do not file Schedule 8 (Forin 990, 990-EZ, or 990-PF), but they must check the box in the heading of their Form 990, Fom 990-EZ, or on line I of their Form 990-PF, to certify that they do not meet the filing requirements of Schedule B (Form 990, 990-EZ, or 990-PF)

Soheaule B (For~ OW 990-EZ or ~PF) (2002) Pg. 1 to 1 of Pan I Name of otganization Employer Identification number THE GERALD AND CAROL GALGANO FOUNDATION, INC . 52-2384603

Partl Contributors (See Specific Instwi:vons)

(a) (b) (c) (CQ No Name, address, and ZIP + 4 Aggregate contributions Type of continburtion

1 HILLARD FARBER & CO INC Person EXI Payroll 71

45 BROADWAY $ 160,000 . Non"sh (Complete Part 11 if there

NEW YORK, NY 10006 is a noncash contribution

(a) (b) M (d) No Name, address, and ZIP 4 Aggregate continburtions Type of contiriburtion

Person Payroll

$ Noncash (Complete Part 116 there is a noncash contirbution

(a) (b) (c) (a) No Name, address, and ZIP + 4 Aggregate contiriburtions Type of contribution

Person Payroll

$ Noncash (Complete Part 11 If there is a noncash contnbulion

(a) (b) M (CO No Name, address, and ZIP + 4 Aggregate continbutions Type of contribution

Person Payroll

$ Noncash (Complete Part If If there is a noncash contribution

(b) (c) (d) No Name, address, and ZIP + 4 Aggregate contnibutions Type of contnburtion

Person Payroll Noncash ED

(Complete Part 11 it there is a noncash coninbution

(a) (b) M (d) No Name, address, and ZIP + 4 Aggregate contributions Type of continbution

Person Payroll

$ Noncash (Complete Part 11 if there

I I I is a noncash contribution 223452 01 23-03 Schedule B (Form 990, 990-EZ, or 990-PF) (2002)

1 4 10350529 715668 16370 2002 .05050 THE GERALD AND CAROL GALGAN 163701

15 STATEMENT(S) 1, 2 10350529 715668 16370 2002 .05050 THE GERALD AND CAROL GALGAN 163701

.THE GERALD AND CAROL GALGANO FOUNDATION 52-2384603

FORM 990-PF DIVIDENDS AND INTEREST FROM SECURITIES STATEMENT I

CAPITAL GAINS COLUMN (A) SOURCE GROSS AMOUNT DIVIDENDS AMOUNT

THE BANK OF NEW YORK 41 . 0 . 41 .

TOTAL TO FM 990-PF, PART I, LN 4 41 . 0 . 41 .

FORM 990-PF LIST OF SUBSTANTIAL CONTRIBUTORS STATEMENT 2 PART VII-A, LINE 10

NAME OF CONTRIBUTOR ADDRESS

HILLARD FARBER & CO INC 45 BROADWAY, NEW YORK, NY 10006

Form 8!68' Application for Extension of Time To File an (Decem&

, 2000) Exempt Organization Return OMB No 1545 1709

D~l of me Tresvu~ Irtemal Pe,,.. S..ce 1111~ File a separate application for each return

" If you we filing lot an Automatic 3-Month Extension, complete only Part I and check this box 1~ :K " If you are filing for an Additional (not automatic) 3-Month Extension, complete only Part 11 (on page 2 of this form) Note Do not complete Part 11 unless you have already been granted an automatic 3-month extension on a previously filed Form 8868

[ Part I I Automatic 3-Month E)ctension of Time - Only submit original (no copies needed)

Note Form 990-T corporations requesting an automatic 6-month extension - check this box and complete Parl / only A// other corporations (including Form 990-C filers) must use Form 7004 to request an extension of time to file incorne tax returns Partnerships, REMICs and trusts must use Form 8736 to request an extension of firm to file Form 7 065, 1066 or 1041

Type or I Name of Exempt Organization print ]THE GERALD AND CAROL GALGANO

52-2384603 Number. street, and room or suite no If a P 0 box, see instructions

Fie by me due date for Aurgya .r return a" MSMMM City . town or post office, state, and ZIP code For a foreign address, see instructions

13 11490512 715668 16370 2002 .05040 THF GEPATI") aNT) rapi-ij raT,CAN 16370 1

Employer identification number

Check type of return to be filed(file a separate application for each return)

Form 990 Form 990-T (corporation) Form 4720 Form 990 BL Form 990-T (sec 401 (a) or 408(a) trust) Form 5227 Form 990-EZ Form 990 T (trust other than above) Form 6069

EM Form 990-PF Form 1041 A Form 8870

" If the organization does not have an office or place of business in the United States check this box 1~ = " If this is for a Group Return, enter the organization's four digit Group Exemption Number (GEN) _ If this is for the whole group, check this box 10- = If it is for part of the group. check this box 1111- = and attach a list wtth the names and EINs of all members the extension will cover

I I request an automatic 3 month (6 month, for 990-T corporation) extension of time until AUGUST 15, 2003 to file the exempt organization return for the organization named above The extension is for the organization's return for 1111~ M calendar year 2 0 0 2 or Do- ED= year beginning and ending

2 If this tax year is for less than 12 months, check reason Initial return Final return Change in accounting period

3a If this application is for Form 990-BL, 990 PF, 990 T . 4720 or 6069 enter the ientalive lax, less any nonrefundable credits See instructions $ 0 .

b If this application is for Form 990 PF or 990 T. enter any refundable credits and estimated tax payments made Include any pnor year overpayment allowed as a credit 0 .

c Balance Due Subtract line 3b from line 3a Include your payment with this form or if required deposit with FrD coupon or, if required . by using EF-rPS (Electronic Federal Tax Payment System) See instructions S 0 .

Signature and Verification

Under penalties of perjury-,I declLaret I I fhv e~xamine his form, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct and mpi I I authoriz to prepare this form

L Sionature Title ll~ Date 111~

;

LHA For Paperwork Reduction Act Notice, see instruction Form 8868 (12-2000)

223831 O~01-02