e ReturnofPrivate Foundation Form 97Q-P'F or Section 4947 ...990s.foundationcenter.org/990pf_pdf_archive/582/582310406/582310406_200512_990PF.pdfUsethe IRS 00 58-2310406 label. EUGENE

e Return of Private Foundation OMB No 1545-0052

bl T titi 4947 1 N t ChSQ-P'F9 rus ^ Car a eor on (a)( ) onexempectForm 7 oOJTreated as a Private Foundation

Department of the TreasuryInternal Revenue Service Note : The organization may be able to use a co py of this return to satisfy state re porting req uirements

-For calendar year 2005 , or tax ear beg inning and endin

MG Check all that a pp ly Initial return Final return Amended return Address chan ge Name change

N Name of organization A Employer identification numberUse the IRS

00 58-2310406label.

EUGENE M. CLARY FOUNDATION , INC. B Telephone number ( see page 10 of the instructions)Otherwise,

Number and street (or P 0 box number if mail is not delivered to street address ) Room/suite 770-993-3562print

C If exemption application is pending , check here ►or type .

-4701 POST OAK TRITT ROAD D 1. Foreign organizations, check here III

See Specificii City or town, state, and ZIP code 2. Foreign organizations meeting the

Instructions.Z MARIETTA GA 30062 85% test, check here and attach computation ► q

H Check type of organization X Section 501(c)(3 exempt private foundation E If pnvate foundation status was terminated

Section 4947 (a )( 1 ) nonexempt chantable trust Other taxable p rivate foundation under section 507(b)(1)(A), check here ► q

Fair market value of all assets at end J Accounting method X Cash Accrual F If the foundation is in a 60-month termination

of year (from Part II, col (c), q Other (specify) under section 507(b)(1)(B), check here ► q

line 16 ) 962 115 Part I column d must be on cash basis

pad i Analysis of Revenue and Expenses (The (a) Revenue and (d) Disbursements

total of amounts in columns (b), (c), & (d) may not necessanlexpenses per (b ) Net investment (c) Adjusted net for chantable

books income income purposeseq ual the amounts in column (a ) (see pag e 11 of the instr (cash basis only)

1 Contributions, gifts, grants , etc , received (attach schedule)

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

3 Interest on savings and temporary cash investments 12 , 000 12 000 12 , 000

4 Dividends and interest from securities 11 , 574 11 , 574 11 , 574

5a Gross rents

b Net rental income or (loss)

6a Net gain/(loss ) from sale of assets not on In 10 STMT 1 44)

b Gross sales pnce for all assets on line 6a 1,14 5 , 94 3

7 Capital gain net income (from Part IV, line 2) 4 188

8 Net short-term capital gain 0

9 Income modifications

10a Gross sales less returns and allowances

b Less Cost of goods sold

c Gross profit or (loss) (attach schedule)

11 Other Income (attach schedule) STMT 2 1 1 4 6 6

12 Total . Add lines 1 throw h 11 -16 27 7 62 25 040

13 Compensation of officers, directors, trustees, etc 3 3 000

14 Other employee salaries and wagesa

15 Pension plans, employee benefits

16a Legal fees (attach schedule) SEE STMT 3 500

b Accounting fees (attach schedule) STMT 4 2 2 4 95c Other professional fees (aft schedule) STMT 5 17 17 194

17 Interest

18 Taxes ( aft schedule ) ( see pg 14 of the mstr) STMT 6 85 85

E 19 Depreciation (att schedule) & depletio

a 20 Occupancy covEDC^r- 21 Travel, conferences, a d mee n

M 22 Printing and publicationn0610

23 Other exps (aft sch) 1VV

Cox 24 Total operating and ad trative ex0 Add lines 13 through 23 23 , 274 23 274 0

25 Contributions, gifts, grant pald®^ ' 33 400 33 , 400

26 Total expenses and disbu ements . Add lines 24 and 25 56 4 674 2 3 9 274 0 33 4 0 0

27 Subtract line 26 from line 12.

a Excess of revenue over expenses and disbursements -73 4 101

b Net investment income (if negative, enter -0-) 4 488c Adjusted net income ( if negative , enter -0- ) 25 , 040 1

For Privacy Act and Paperwork Reduction Act Notice, see the instructions . Form 990-PF (2005)

DAA

EUGENE M_ GLARY Fn77NT)ATTON _ INC _ 58-2310406 PaaP 2

Attached schedules and amounts in the descri tion column Beg innin g of year End of yearpPart IF Balance Sheets ld bh f d f l S ts ou e or en -year amounts on y ( ee ins ructions )-o (a ) Book Value ( b ) Book Value (c ) Fair Market Value

I Cash-non-interest-beanng

2 Savings and temporary cash investments 244 , 483 132 669 132 , 669

3 Accounts receivable ►Less allowance for doubtful accounts ►

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 page 15 of the

instructions)

7 Other notes and loans receivable ►Less allowance for doubtful accounts ►

8 Inventories for sale or use

9 Prepaid expenses and deferred charges 340

10a Investments -1.1 S and state government obligations ( attach schedule)

b Investments-corporate stock (attach schedule) SEE STMT 7 812 , 043 510r252 537 , 812

c Investments-corporate bonds (attach schedule) SEE STMT 8 312 064 291 9 63411 Investments-land, buildings, and equipment

Less accumulated depreciation ►12 Investments-mortgage loans

13 Investments-other (attach schedule)

14 Land, buildings, and equipment basis ►Less accumulated depreciation ►

15 Other assets (describe ►16 Total assets (to be completed by all filers-see page 16 of

the instructions Also , see page 1 , item I 1 056 866 954 985 962 , 115

17 Accounts payable and accrued expenses

18 Grants payable

19 Deferred revenue

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

21 Mortgages and other notes payable (att schedule)

22 Other liabilities (describe ► SEE STATEMENT 9 ) 28 , 780

23 Total liabilities (add lines 17 throug h 22 ) 28 , 780 0

Organizations that follow SFAS 117, check here ► X

and complete lines 24 through 26 and lines 30 and 31.

24 Unrestncted 1 , 028 , 086 954 , 98525 Temporarily restricted

m 26 Permanently restricted

Organizations that do not follow SFAS 117, check here ► fland complete lines 27 through 31.

0 27 Capital stock, trust principal, or current funds

d 28 Paid -in or capital surplus, or land, bldg , and equipment fund

29 Retained earnings, accumulated income, endowment, or other funds

m 30 Total net assets or fund balances (see page 17 of the

Z instructions) 1 , 028 , 086 954 , 98531 Total liabilities and net assets/fund balances (see page 17 of

the instructions ) 1 , 056 , 86 6 954 , 985

Part III Analysis of Changes in Net Assets or Fund Balances

I 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 pnor years return) 1 1 , 028 , 0862 Enter amount from Part I, line 27a 2 -73 , 101

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

4 Add lines 1, 2, and 3 4 954 , 985

5 Decreases not included in line 2 (itemize) ► 5

6 Total net assets or fund balances at end of year (line 4 minus line 5)-Part II. column (b). line 30 6 954 , 985Form 990-PF (2005)

DAA

Form 990-PF(2005) EUGENE M. CLARY FOUNDATION, INC. 58-2310406 Page 3

Part IV Caoital Gains and Losses for Tax on Investment Income

(a List and describe the kind(s) of prope rty sold (e g , real estate,2-story brick 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 CAPITAL GAIN DISTRIBUTIONb

c

d

e

(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 4 , 188 4 , 188b

c

d

e

Complete onl y for assets showin gain in column ( h ) and owned by the foundation on 12/31/69

(i) F M V as of 12/31/69(j) Adjusted basis

as of 12/31 /69( k) Excess of col (i)over col (I), if any

(1) Gains (Col (h) gain minuscol (k), but not less than -0-) or

Losses (from col (h))

a 4 , 188b

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 4 , 3.88

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 the instructions)

If ( loss), enter -0- in Part I line 8 3

Part V ._ Qualification Under Section 4940 (e) for Reduced Tax on Net Investment Income

(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income )

If section 4940(d)(2) applies, leave this part blank

Was the organization liable for the section 4942 tax on the distributable amount of any year in the base period? 11 Yes X No

If "Yes," the organization does not qualify under section 4940(e) Do not complete this part

I Enter the appropriate amount in each column for each year, see page 18 of the instructions before making any entries

(a)Base penod yearsCalendar year (

ortax year beg inning in

( b )Adjusted qualifying distributions

(c )Net value of nonchantable -use assets

dDistribution ratio

( col ( b ) divided by col (c ))

2004 157 , 022 1 , 004 , 895 0.1562572003 94 , 772 1 , 073 , 458 0.0882872002 65 , 975 941 , 535 0.0700722001 104 , 261 1 1 , 357 , 049 0.0768292000 95 , 604 1 1 , 475 , 603 0.064790

2 Total of line 1, column (d) 2 0.4562353 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 0.091247

4 Enter the net value of noncharitable-use assets for 2005 from Part X, line 5 4 949 , 751

5 Multiply line 4 by line 3 5 86 , 662

6 Enter 1 % of net investment income (1 % of Part I, line 27b) 6 45

7 Addlines5and6 7 86 , 707

8 Enter qualifying distributions from Part XII, line 4 8 33 , 400

If 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 See

the Part VI instructions on page 18

Form 990-PF (2005)DAA

Form 990-PF(2005) EUGENE M. CLARY FOUNDATION, INC. 58-2310406 Page 4

Part V1 Excise Tax Based on Investment Income (Section 4940 ( a ). 4940 ( b), 4940(e), or 4948 -see page 18 of the instructions )

1a Exempt operating foundations described in section 4940(d)(2), check and enter "N/A' on line 1

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

b Domestic or anizations that meet the section 4940(e) requirements in Part V, check 1 90

here ► and enter 1% of Part I, line 27b

C All other domestic organizations 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 90

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 90

6 Credits/Payments

a 2005 estimated tax payments and 2004 overpayment credited to 2005 6a

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

8 Enter any penalty for underpayment of estimated tax Check here q if Form 2220 is attached 8

9 Tax due . If the total of lines 5 and 8 is more than line 7, enter amount owed ► 9 90

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 2006 estimated tax ► Refunded ► 11

Pan# VII-A Statements Regardin g Activities1a During the tax year , did the organization attempt to influence any national , state, or local legislation or did Yes No

it 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 matenals

published or distributed by the organization in connection with the activities

c Did the organization file Form 1120-POL for this year? 1c X

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

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

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

on organization managers ► $

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

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

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 conformed 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 effectively amends the governing instrument so that no mandatory directions

that conflict with the state law remain in the governing instrument? 6 X

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

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

instructions) ► GA

b If the answer is "Yes" to line 7 , has the organization furn ished a copy of Form 990-PF to the Attorney

General ( or designate ) of each state as required by General Instruction G' If "No," att explanation 8b X

9 Is the organization claiming status as a private operating foundation within the meaning of section 49420)(3)

or 49420)(5) for calendar year 2005 or the taxable year beginning in 2005 (see instructions for Part XIV on

page 26 )' If "Yes," complete Part XIV 9 X

10 Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names & addresses X10

11 Did the organization comply with the public inspection requirements for its annual returns and exemption application? X11

Web site address ► N/A

12 The books are in care of 11, MARY TEAGUE Telephone no ► 770 -993-35624701 POST OAK TRITT ROAD

Located at ► MARIETTA , GA ZIP+4 ► 3006213 Section 4947 (a)(1) nonexempt chantable trusts filing Form 990-PF in lieu of Form 1041 -Check here ► q

and enter the amount of tax-exempt interest received or accrued during the year ►1

I 13

DAA INT - 13 FTF - 821 FTP 1 Form 990-PF (2005)

orm 99o PF (2005) EUGENE M. CLARY FOUNDATION, INC. 58-2310406 Page 5

Pad VII-8 Statements Regardin g Activities for Which Form 4720 May Be Req uiredunless an exception applies.rm 4720 if any item is checked in the "Yes" columnFil F Yes No,e o

1a During the year did the organization (either directly or indirectly)

?l fi dth df q Yes Nopersonisqua i eproperty wi a(1) Engage in the sale or exchange, or leasing o

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person? Yes X No

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person's X Yes No

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person's X Yes No

(5) Transfer any income or assets to a disqualified person (or make any of either available

' Noq Yfor the benefit or use of a disqualified person) es

(6) Agree to pay money or property to a government official? (Exception . Check "No"

if the organization agreed to make a grant to or to employ the official for a periodNoq Yafter termination of government service, if terminating within 90 days) es

b If any answer is "Yes" to la(1)-(6), did any of the acts fail to qualify under the exceptions described in Regulations

on 53 4941 (d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions)?t lb Xsec i

k hh qereecOrganizations relying on a current notice regarding disaster assistance c

c Did the organization engage in a pnor 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 2005 N/A 1c

2 Taxes on failure to distribute income (section 4942) (does not apply for years the organization was a private

operating foundation defined in section 49420)(3) or 49420)(5))

a At the end of tax year 2005 did the organization have any undistributed income (lines 6d

© Noq Yand 6e, Part XIII) for tax year(s) beginning before 2005' es

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

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)

answer "No" and attach statement-see page 20 of the instructions)ears listedto all N/A 2b,y

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

1 20 , 20 , 20 , 20

3a Did the organization hold more than a 2% direct or indirect interest in any business

s Noq Yenterprise at any time during the year? e

b If "Yes," did it have excess business holdings in 2005 as a result of (1) any purchase by the organization

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

anization had excess business holdings in 2005)f the or N/A 3b

4

gi

anization invest during the year any amount in a manner that would jeopardize its charitable purposes'd the orD 4a Xa gi

b Did the organization make any investment in a prior year (but after December 31, 1969) that could jeopardize its charitable

ose that had not been removed from jeopardy before the first day of the tax year beginning in 2005ur 4b Xpp

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

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

(2) Influence the outcome of any specific public election (see section 4955), or to carry

on, directly or indirectly, any voter registration drive? Yes X No

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

(4) Provide a grant to an organization other than a charitable, etc, organization described

Noq Yin section 509(a)(1), (2), or (3), or section 4940(d)(2)' es

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

Noq Yeducational purposes, or for the prevention of cruelty to children or animals? es

b If any answer is "Yes" to 5a(1)-(5), did any of the transactions-fail to qualify under the exceptions described in

ulations section 53 4945 or in a current notice regarding disaster assistance (see page 20 of the instructions)? N/ARe 5bg

Organizations relying on a current notice regarding disaster assistance check here q

c If the answer is "Yes" to question 5a(4), does the organization claim exemption from theN/A q Y q Notax because it maintained expenditure responsibility for the grant? es

If "Yes," attach the statement required by Regulations section 53 4945-5(d)

6a Did the organization, during the year, receive any funds, directly or indirectly, to pay

q Yes Nopremiums on a personal benefit contract?

b on a personal benefit contractsdirectly or indirectlypay premiumsduring the yearanizationDid the or 6b X,,,,g

If you answered "Yes" to 6b , also file Form 8870Form 990-PF (2005)

DAA

Form 990-PF (2005) EUGENE M. CLARY FOUNDATION, INC. 58-2310406 Page 6

Part VillI nformation About Officers, Directors , Trustees , Foundation Managers, Highly Paid Employees,

' and ContractorsI List all officers, directors , trustees , foundation managers and their compensation (see page 21 of the instructions).

(a ) Name and address()

(b) Title, and averagehours per week

devoted to position

( c) Compensation(If not paid , enter

-0-

(d) Contnb toemployee benefitplans

ensationed

a x( othEepalunllowanes

SEE STATEMENT 10

2 Compensation of five hiahest-paid emolovees (other than those included on line 1see oaae 21 of the instructions).

If none. enter "NONE."

(a) Name and address of each employee paid more than $50,000(b) Title and average

hours per weekdevoted to position (c) Compensation

(d) Contributions toemployee benefit

plans and deferredcompensation

(e) Expense accountother allowances

NONE

Total number of other employees paid over $50,000. ► 1

3 Five highest-paid independent contractors for professional services-(see page 21 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 ►

Part 0( 4 Summary of Direct Charitable Activities

List the foundation ' s four largest direct chartable activities during the tax year Include relevant statistical information such as the numberof organizations and other beneficiaries served , conferences convened , research papers produced , etc Expenses

1 N/A

Form 990-PF (2005)

DAA

Form 990-PF (2005) EUGENE M. CLARY FOUNDATION, INC. 58-2310406 Page 7Psrf W-Ft Summarv of Prnnram-Related Investments (see nave 79 of the instructions)

Describe the two larg est prog ram -related investments made by the foundation durin g the tax year on lines 1 and 2 Amount

1 N/A

2

All other program - related investments See page 22 of the instructions

3

Total . Add lines 1 throu g h 3

Mot Y Minimum Investment Return (All domestic foundations must complete this Dart. Foreian foundations.

see page 22 of the instructions )Fair market value of assets not used (or held for use) directly in carrying out chantable, etc,

a

b

c

d

e

purposes

Average monthly fair market value of securities

Average of monthly cash balances

Fair market value of all other assets (see page 23 of the instructions)

Total (add lines la, b, and c)

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) le

Acquisition indebtedness applicable to line 1 assets

Subtract line 2 from line 1d

Cash deemed held for chartable activities Enter 1 1/2% of line 3 (for greater amount, see page 23

2

3

4

1a 762 , 7381b 201 , 4761c 0

1d 964 , 214

02 03 964,214

of the instructions) 4 14 , 463

5 Net value of noncharitable -use assets . Subtract line 4 from line 3 Enter here and on Part V, line 4 5 949 , 751

6 Minimum investment return . Enter 5% of line 5 6 47 , 488

PQAXt Distributable Amount (see page 23 of the instructions) (Section 49420)(3) and 0)(5) private operating

foundations and certain foreign organizations check n and do not complete this part.)

I Minimum investment return from Part X, line 6 1 47 , 488

2a Tax on investment income for 2005 from Part VI, line 5 2a 90

b Income tax for 2005 (This does not include the tax from Part VI) 2b

c Add lines 2a and 2b 2c

-90

3 Distributable amount before adjustments Subtract line 2c from line 1 3 Z 7 , 398

4 Recoveries of amounts treated as qualifying distributions 4

5 Addlines3and4 5 47 , 398

6 Deduction from distributable amount (see page 24 of the instructions) 6

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

line 1 7 47 , 398

Patt Xtl Qualifying Distributions (see page 24 of the instructions)

1 Amounts paid (including administrative expenses) to accomplish charitable, etc, purposes

a Expenses, contributions, gifts, etc -total from Part I, column (d), line 26 1a 33 , 400

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

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

purposes 2

3 Amounts set aside for specific chartable 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 la through 3b Enter here and on Part V, line 8, and Part XIII, line 4 4 33 , 400

5 Organizations that qualify under section 4940(e) for the reduced rate of tax on net investment

income Enter 1 % of Part 1, line 27b (see page 24 of the instructions) 5 0

6 Adjusted qualifying distributions . Subtract line 5 from line 4 6 33 , 400

Note : The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation

aualifies for the section 4940(e) reduction of tax in those nears

Form 990-PF (2005)

DAA

Form 990-PF (2005) EUGENE M . CLARY FOUNDATION, INC. 58-2310406 Page 8

Pact MH 'Undistributed Income (see page 24 of the instructions)

1 Distributable amount for 2005 from Part XI,

line 7

2 Undistributed income, if any, as of the end of 2004

a Enter amount for 2004 only

b Total for prior years 20 20 , 20 _

3 Excess distributions carryover, if any, to 2005

a From 2000

b From 2001

c From 2002

d From 2003

e From 2004

f Total of lines 3a through e

4 Qualifying distributions for 2005 from Part

Xll,line 4 33,400

a Applied to 2004, but not more than line 2a

b Applied to undistributed income of prior years

(Election required-see page 25 of the instructions)

c Treated as distributions out of corpus (Election

required-see page 25 of the instructions)

d Applied to 2005 distributable amount

e Remaining amount distributed out of corpus

5 Excess distributions carryover applied to 2005

(If an amount appears in column (d), the

same amount must be shown in column (a) )

6 Enter 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 page 25 of the instructions

e Undistributed income for 2004 Subtract line

4a from line 2a Taxable amount-see page

25 of the instructions

f Undistributed income for 2005 Subtract

lines 4d and 5 from line 1 This amount must

be distributed in 2006

7 Amounts treated as distributions out of

corpus to satisfy requirements imposed by

section 170(b)(1)(E) or 4942(g)(3) (see page

25 of the instructions)

8 Excess distributions carryover from 2000 not

applied on line 5 or line 7 (see page 25 of

the instructions)

9 Excess distributions carryover to 2006.

Subtract lines 7 and 8 from line 6a

10 Analysis of line 9

a Excess from 2001

b Excess from 2002

c Excess from 2003

d Excess from 2004

e Excess from 2005

(a) (b) (c) (d)Corpus Years pnor to 20 04 2004 2005

47,398

26 , 51319 , 95741 , 099

106.777194,34

33,400

1 13,9981 1 ] 13,998

180.34

0

180,348

12 , 515 119 , 95741 , 099

106,777

Form 990-PF (2005)

DAA

EUGENE M. CLARY FOUNDATION, INC. 58-2310406

1a If the foundation has received a ruling or determination letter that it is a private operating

foundation, and the ruling is effective for 2005, enter the date of the ruling ►b Check box to indicate whether the orga

2a Enter the lesser of the adjusted net

income from Part I or the minimum

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

e Qualifying distributions made directly

for active conduct of exempt activities

Subtract line 2d from line 2c

3 Complete 3a, b, or c for the

alternative test relied upon

a "Assets" alternative test-enter

(1) Value of all assets

(2) Value of assets qualifying under

section 49420)(3)(8)(1)

b "Endowment' alternative test-enter 2/3

of minimum investment return shown in

Part X, line 6 for each year listed

c "Support' alternative test-enter

(1) Total support other than gross

investment income (interest,

dividends, rents, payments

on securities loans (section

512(a)(5)), or royalties)

(2) Support from general public

and 5 or more exempt

organizations as provided in

section 49420)(3)(B)(lil)

(3) Largest amount of support from

an exempt organization

in section I I 4U42(I)(3) or

(e) Total

t XV Supplementary Information (Complete this part only if the organization had $5 ,000 or more inassets at any time during the year-see page 26 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) )

N/A

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

N/A

2 Information Re arding Contribution , Grant , Gift, Loan, scholarship, etc., Programs:

Check here ► if the organization only makes contributions to preselected charitable organizations and does not accept

unsolicited requests for funds If the organization makes gifts, grants, etc (see page 26 of the instructions) to individuals or

organizations under other conditions, complete items 2a. b, c, and d

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

b The form in which applications should be submitted and information and materials they should includeN/A

c Any submission deadlinesN/A

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

N/A

OAA Form 990-PF (2005)

Form 990-PF (2005) EUGENE M. CLARY FOUNDATION, INC. 58-231040 6 Page 10

Part XV Supplementary Information (continued)3 Grants and Contributions Paid Durina the Year or Aooroved for Future Payment

RecipientIf recipient is an individual ,show any relationship to

Foundationstatus of Purpose of g rant or Amount

any foundation manager recipient contnbution

Name and address (home or business )or substantial contributor

a Paid during the year

SEE STATEMENT 1133,400

Total ► 3a 33 , 400

b Approved for future payment

N/A

Total ► 3b



Part II-A • Analysis of Income-Producing ActivitiesEnter gross amounts unless otherwise indicated Unrelated business income Exclude d by sec 512, 513, or 51 (e)

Program service revenue

(a)Businesscode

bAmount

(cxclusiocode

(d )Amount

Related or exemptfunction income(See page 26 of

the instructions

ab

c

d

e

IF

g Fees and contracts from government agencies

2 Membership dues and assessments

3 Interest on savings and temporary cash investments 14 12 , 000

4 Dividends and interest from securities 14 11 5745 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 -41 , 467

9 Net income or (loss) from special events

10 Gross profit or (loss) from sales of inventory

11 Other revenue a

b -MISCELLANEOUS INCOME 1 1 , 466c

d

e

12 Subtotal Add columns (b), (d), and (e) 0 25 , 040 1 -41 , 46713 Total. Add line 12, columns (b), (d), and (e) 13 -16,427

See worksheet in line 13 instructions on Daae 27 to venfv calculations

Pad)M-S Relationshi p 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

.V the accomplishment of the organization's exempt purposes (other than by providing funds for such purposes) (See

a e 27 of the instructions

N/A



Pait X-VIII Information Regarding Transfers To and Transactions and Relationships With Noncharitable

Exempt Orcganizations1 Did the organization directly or indirectly engage in any of the following with any other organization described in section Yes Nc

501(c) of the Code (other than section 501 (c)(3) organizations) or in section 527, relating to political organizations?

a Transfers from the reporting organization to a nonchantable exempt organization of

(1) Cash 1aM X

(2) Other assets la ( 2 ) X

b Other transactions

(1) Sales of assets to a nonchantable exempt organization lb ( l ) X

(2) Purchases of assets from a nonchantable exempt organization lb ( 2 ) X

(3) Rental of facilities, equipment, or other assets lb ( 3) X

(4) Reimbursement arrangements lb (4 ) X

(5) Loans or loan guarantees lb(5 ) X

(6) Performance of services or membership or fundraising solicitations lb (6 ) X

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

d If the answer to any of the above Is "Yes," complete the following schedule Column (b) should always show the fair market

value of the goods, other assets, or services given by the reporting organization If the organization received less than fair

market value in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services

received

(a) Line no I (b) Amount involved I (c) Name of nonchantable exempt organization I (d) Description of transfers, transactions, and shanng arrangements

N/A

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 No

h If "Vec " MmniptA the fnllnwlnn sr hPdiiIP

(a ) Name of o rganization M Type of org anization (c ) Descr iption of relationshi p

N/A

Under penalties of pe ry, I declare that I have exam ined this •^• cludi^^ ^^^^r^^^^ '^^ ^^^^''•'^° ^^•' °'^'° ^°^'^ 'rid n'h° h°°' nr ^"'''^^w'°''^°'"^belief , it is ru come c le

Sig n ture of officer or trustee

CN

r„^2 O Preparers V

, SHAWN W. HARDISTERsig natureM

ILFirms name (or yours if HARDISTERself-employed ), address, 1536

and ZIP code ATLANTA,

DAA

58-2310406 Federal Statements

Statement 1 - Form 990-PF, Part I, Line 6a - Sale of Assets

HowDesc Recd

Whom Date Date Sale NetSold Acquired Sold Price Cost Expense Deprec G/L

ST- SALE OF PUBLICLY TRADED STOCKS (STMT 1A) PURCHASEVARIOUS VARIOUS $ 352,967 $ 347,264 $ $ $ 5,703

LT- SALE OF PUBLICLY TRADED STOCKS (STMT 1A) PURCHASEVARIOUS VARIOUS 788,788 840,146 -51,358

TOTAL $ 1,141,755 $ 1,187,410 $ 0 $ -45,655

1

Clary Foundation

Statement 1A

Sales of Publicly Traded Stocks

DescnpbonResearch In MotionExxon Mobil, cover short, 4 units

EbayQualcommBellsouth Corp, exp call, 6 units

Ceradyne IncCeradyne IncWright Medical Group

Moody's CorpCrown Castle Intl Corp

Foxhollow Technologies Inc

Kerr-Mcgee Corp

Kerr-Mcgee CorpDirectv / Hughes, exp call, 5 units

Rockwell AutomationRockwell CollinsAmerican Express, cov shit, 6 um

Dell IncDell IncLions Gate Entertainment

Pixar IncMicrosoft, cov shit, 10 units

Alcoa, exp call, 8 unitsWynn ResortsRoyal CarribeanBrunswick CorpPixar IncGlaxoSmithKline, cov shit, 5 units

Home Depot, exp call, 4 units

CaterpillarGoogle IncFedEx CorpUnitedHealth Grp

GE, cov shit, 9 unitsSanofi-AvenbsSanofi-AvenbsToll Bros IncFed Nat Mtg, exp call, 3 units

Wal Mart, exp call, 5 units

Abbott Labs, cov shit, 5 units

Alcoa, cov shit, 8 units

American Express cov shit, 6 units

Bellsouth Corp, cover short, 6 und:

Bristol Myers, cov shit, 4 unitsChevron, cov shit, 5 units

Cisco Syst, cov shit, 8 units

Citigroup, cov shit, 5 units

Coca Cola, cov shit, 7 unitsColgate Palmolive, cov shit, 5 unit,

Dell Inc, cov shit, 10 unitsExxon Mobil, cover short, 4 units

GE, cov shit, 9 unitsGlaxoSmithKline, cov shit, 5 units

Home Depot, cov shit, 4 unitsHughes Elec, cov shit, 5 units

IBM, cov shrt, 3 unitsIntel Corp, cov shit, 10 unitsKimberly Clark, cov shrt, 4 units

Kimberly-Clark Corp, 400 shrs

Lockheed Martin, 300 shrsLockheed Martin , cov shit, 3 units

Merck & Co, cov shit, 4 unitsMicrosoft, cov shit, 10 unitsNorfolk Southern Corp, 500 shrsNorfolk Southern, cov shit, 5 unitsPfizer, cov call, 9 unitsRaytheon Co, cov shrt, 6 unitsRaytheon Co, 600 shrsRockwell Automation, 400 shrs

Shares18

2317

25 516510012

11520219

811

is7211

17510

6522138

821

13

592011

58-2310406

SHORT TERM LONG TERM

Pch date Sls da te Sales Price Cost Basis Gain (loss) Sales Price Cost Basis Gain (loss)

122005 1/5/2005 1,40086 1,51182 (110 96) - - -

option 1/14/2005 879 97 2,44000 (1,560 03) - - -

1/2/2005 1/20/2005 1.93478 2,71906 (784 28) - - -

12/2005 1/20/2005 645 79 733 04 (87 25) - - -

option 1242005 299 99 - 299 99 - - -

1/2/2005 1252005 801 75 986 59 (184 84) - - -

1/62005 1/25/2005 518 78 57526 (56 48) - - -

122005 2/14/2005 2,46038 2,92000 (459 62) - - -

3/1/2005 3/1/2005 1,01841 1,02672 (8 31) - - -

1/2/2005 3/72005 1,84792 1,88830 (40 38) - - -

1/2/2005 3/11/2005 50964 50000 9 64 - - -

3/3/2005 3/16/2005 1,66813 1,69004 - - -(21 91)

3172005 3/16/2005 714 91 722 69 (7 78) - - -

option 3/21/2005 524 98 - 524 98 - - -

2/142005 3/28/2005 469 41 475 15 - - -(574)

2/14/2005 4/82005 501 90 49665 5 25 - - -

option 4/142005 2,63993 1,02000 - - -1,61993

2/14/2005 4/14/2005 2,661 61 2,878 11 (216 50) - - -

3282005 4/14/2005 40664 423 39 (16 75) - - -

122005 4/14/2005 1,70216 1,90708 (204 92) - - -

2/142005 4/14/2005 487 15 443 18 43 97 - - -

option 4/15/2005 1.74995 300 00 - - -1,44995

option 4/18/2005 1,159 97 - 1,159 97 - - -

122005 4/26/2005 3,68316 4,39075 (707 59) - - -

4/82005 4272005 901 94 98037 (78 43) - - -

3/28/2005 4282005 546 02 59949 (53 47) - - -

1/27/2005 5/9/2005 389 75 35267 37 08 - - -

option 5/10/2005 574 98 2,80000 (2,225 02) - - -

option 5/23/2005 859 97 - 859 97 - - -

4222005 62/2005 762 86 719 85 43 01 - - -

4/25/2005 622005 57763 44494 132 69 - - -

12/2005 6/9/2005 87 50 9899 (11 49) - - -

122005 6/9/2005 674 71 56420 110 51 - - -

option 6/162005 2,879 93 22500 2,654 93 - - -

4282005 6/16/2005 2,39530 2,62509 (229 79) - - -

5/102005 6/16/2005 811 96 897 91 (85 95) - - -

122005 6/17/2005 1,13919 738 21 400 98 - - -

option 6/20/2005 554 98 - 554 98 - - -

option 6/20/2005 886 77 - 886 77 - - -

option 6/28/2005 77642 1,05000 (273 58) - - -

option 6282005 799 96 120 00 679 96 - - -

option 6/28/2005 1,13995 1.08000 59 95 - - -

option 6282005 44998 6000 389 98 - - -

option 6282005 37998 32000 59.98 - - -

option 6/28/2005 1,29994 600 00 699 94 - - -

option 6282005 431 34 120 00 311 34 - - -

option 6/28/2005 999 96 100 00 899 96 - - -

option 6/28/2005 76996 490 00 279 96 - - -

option 6/28/2005 73747 125 00 612 47 - - -

option 6/28/2005 2,59991 850 00 - - -1,74991

option 6/28/2005 1,15996 3.72000 - - -(2,56004)

option 6/28/2005 809 96 565 00 244 96 - - -

option 6/28/2005 1,424 94 800 00 624 94 - - -

option 6/28/2005 599 97 360 00 - - -23997

option 6/28/2005 449 98 550 00 (100 02) - - -

option 6/28/2005 359 98 15 00 344 98 - - -

option 6/28/2005 79997 850 00 (50 03) - - -

option 6/28/2005 97996 60 00 919 96 - - -

0127/05 6/28/2005 25,160 94 25,700 00 (539 06) - - -

04/08/05 6/28/2005 19,050 20 18,417 00 633 20 - - -

option 6282005 494 97 435 00 59 97 - - -

option 6/28/2005 279 99 60 00 219 99 - - -

option 6282005 1,09995 1,050 00 49 95 - - -

0429/05 6/28/2005 15,239 96 15,700 00 (460 04) - - -

option 6/28/2005 69997 375 00 324 97 - - -

option 6282005 89996 720 00 179 96 - - -

option 6/28/2005 68997 360 00 - - -32997

03/04/05 6/28/2005 23,457 01 23,184 00 273 01 - - -

06/09/05 6/28/2005 19,421 18 19,950 52 (529 34) - - -

Stmt 1A, Page 1

Clary Foundation 58-2310406Statement 1ASales of Publicly Traded Stocks


Description Shares Pch date SIs da te Sales Price Cost Basis Gain ( loss ) Sales Price Cost Basis Gain (loss)Rockwell Automation, coy call, 4 units option 6/282005 899 96 72000 179 96 - - -Texas Instruments, cov shit, 5 units option 6/28/2005 474 98 1,02500 (550 02) - - -Union Pacific, cov shit, 4 units option 6/28/2005 1,03996 780 00 259 96 - - -Treehouse Foods Inc 22373 5/20/2005 6/29/2005 65 21 6507 0 14 - - -Canadian Natural Resources 13 6/17/2005 6/30/2005 479 10 475 85 3 25 - - -Canadian Natural Resources 19 6/20/2005 6/30/2005 70023 702 89 (266) - - -Treehouse Foods Inc 1 7/62005 7/6/2005 23 89 2389 - - - -NCR Corp 26 6/15/2005 7/72005 917 14 95746 (40 32) - - -Amengroup Corp 10 1/62005 7/21/2005 347 38 371 15 (23 77) - - -Dean Foods Co 20 3/3/2005 7/21/2005 734 02 609 19 124 83 - - -Procter & Gamble 57 4/14/2005 7/22/2005 3,13315 3,16622 (33 07) - - -Cisco Sys Inc 70 5/25/2005 7/25/2005 1,335 27 1,37849 (4322) - - -Juniper Networks Inc 18 5/27/2005 7/25/2005 423 88 46362 (39 74) - - -Pacificare 9 1/22005 7/26/2005 68196 51021 17175 - - -Pacificare 5 6/15/2005 7/26/2005 378 86 337 83 41 03 - - -Rayonier Inc 9 619/2005 7/26/2005 496 54 48465 11 89 - - -St Joe Company 21 1/19/2005 7/27/2005 1,67649 1,47663 199 86 - - -Yuml Brands Inc 12 3/28/2005 7/272005 622 14 63352 (11 38) - - -Nuveen Invts 12 7/11/2005 7/29/2005 451 64 46324 (11 60) - - -United Technologies Corp 16 3/282005 7/29/2005 814 95 818 63 (368) - - -United Technologies Corp 4 6/15/2005 7/29/2005 203 74 209 57 (583) - - -Tyco Int'l 325 7/27/2005 8/9/2005 8,93387 9,99700 (1,063 13) - - -Halliburton Co 16 8/162005 8/19/2005 912 08 951 71 (39 63) - - -Newfield Exploration Co 30 8/4/2005 8/31/2005 1,35844 1,29030 68 14 - - -Range Resources Corp 40 8/4/2005 8/31/2005 1.28365 1,23438 49 27 - - -St Joe Company 7 7/15/2005 9/8/2005 48367 50264 (18 97) - - -Nordstrom Inc 43 7/152005 9/15/2005 1.58042 1,36769 212 73 - - -First Marblehead Corp 75 7/15/2005 9/28/2005 1,996 49 3,29945 (1,302 96) - - -Petroleo Brasileiro 7 8/4/2005 9/30/2005 491 30 37849 112 81 - - -Zimmer Hldgs 22 7/15/2005 9/30/2005 1,52708 1,74907 (221 99) - - -Amgen 24 7/15/2005 10/18/2005 1.77909 1,93389 (154 80) - - -Amgen 11 9/16/2005 10/18/2005 815 41 92043 (10502) - - -Fidelity Nag Title Group Inc 21 1/0/1900 10/20/2005 457 33 - 457 33 - - -Autodesk Inc 22 9/15/2005 10/21/2005 935 70 969 39 (33 69) - - -Fidelity Nag Finl 120 8/4/2005 10/25/2005 4,356 01 4,744 58 (388 57) - - -IPC Holdings Ltd 1 9/12/2005 10/25/2005 25 23 40 00 (14 77) - - -IPC Holdings Ltd 12 9/12/2005 10/25/2005 302 70 480 00 (177 30) - - -IPC Holdings Ltd 40 9/152005 10/25/2005 1,00901 1.60000 (590 99) - - -Nexen Inc 30 8/4/2005 10/25/2005 1.21259 1.14721 65 38 - - -USG Corp 30 8/4/2005 10/25/2005 1,75762 1,48462 273 00 - - -Peabody Energy 15 8/3/2005 10/26/2005 1,10062 994.14 106 48 - - -Svenska Cellulosa 30 8/4/2005 10262005 972 34 1,029 00 (56 66) - - -Freightcar Amer Inc 6 9/26/2005 10/27/2005 214 67 239 41 - - -(2474)Freightcar Amer Inc 6 9/27/2005 10/27/2005 214 66 24727 (3261) - - -General Electric 108 7/15/2005 11/12005 3.62636 3.87869 (252 33) - - -Nuveen Invts 13 7/15/2005 11/1/2005 518 60 501 84 16 76 - - -BP Plc 15 8/4/2005 11/8/2005 1,02520 1.00470 2050 - - -China Petroleum 15 8/4/2005 11/8/2005 648 37 661 95 (13 58) - - -Endesa 60 8/4/2005 11/8/2005 1.47952 1,35000 129 52 - - -Nabors Industries 20 8/4/2005 11/8/2005 1,41082 1,31820 9262 - - -Google Inc 2 7/15/2005 11/9/2005 779 38 470 81 308 57 - - -Arcelor SA 7 8/4/2005 11/21/2005 16624 153 30 12 94 - - -Barclays Plc 6 8/4/2005 11/21/2005 247 24 24060 6 64 - - -Canon Inc 6 8/4/2005 11/21/2005 331 24 29670 34 54 - - -ENI SPA 2 8/4/2005 11/21/2005 263 50 284 96 (21 46) - - -Flextronics 15 8/4/2005 11/21/2005 148 19 204 74 (56 55) - - -ING Groep 5 8/4/2005 11/21/2005 15704 152 80 4 24 - - -J Sainsbury 7 8/4/2005 11/21/2005 137.19 141.40 (421) - - -Nissan Mtr Ltd 10 8/4/2005 11/21/2005 202 29 20949 (720) - - -Shinhan Fml Grp 2 823/2005 11/21/2005 148 19 124 00 24 19 - - -Taiwan Semiconductor 26 8/4/2005 11/21/2005 229 57 223 86 5 71 - - -Chicago Mercantile Exchange 5 7/15/2005 12/8/2005 1,81386 1,17591 637 95 - - -FedEx Corp 2 7/15/2005 12/8/2005 192 87 197 98 (511) - - -Chubb Corp 115 7/27/2005 12/14/2005 10,071 73 9,94980 121 93 - - -Monsanto Co 150 8/9/2005 12/14/2005 11,648 51 10,105 50 1,54301 - - -Foxhollow Technologies Inc 21 11/1/2005 12/19/2005 758 26 98664 (228 39) - - -Foxhollow Technologies Inc 7 11/14/2005 12/19/2005 252 75 314 84 (62 09) - - -Foxhollow Technologies Inc 5 11/18/2005 12/19/2005 180 54 234 97 (54 44) - - -Cheesecake Factory Inc 15 9/16/2005 12/20/2005 566 02 487 58 7844 - - -

Stmt 1A, Page 2



Description Shares Pch date Sls date Sales Price Cost Basis Gain loss Sales Price Cost Basis Gain ( loss )

UnitedHealth Grp 17 7/15/2005 12/222005 1,04545 737 80 30765 - - -Cisco Sys Inc 59 12/152005 12/27/2005 1,01441 1,04069 (26 28) - - -Nortel Networks 94 12/20/2005 12/27/2005 294 23 295 16 (093) - - -

Nortel Networks 150 12212005 12/27/2005 469 51 480 00 (10 49) - - -Expeditors Intl 5 8/3/2005 12282005 346 73 273 74 72 99 - - -Countrywide Financial 17 9/16/2005 12/8/2006 584 74 600 82 (16 08) - - -Papa Johns Intl 60 8/4/2005 10/25 & 11/8 3,021 98 2,62474 397 24 - - -Manulife 70 8/42005 026, 1121, 12/05 3,79883 3,54340 25543 - - -Kerzner Intl Ltd 32 7/15/2005 /31,11/9,12/2,12/5 1.97566 1,919 11 56 55 - - -Harman Intl Inds 11 7/152005 11/17,11/18 1.09731 88047 216 84 - - -

Urban Outfitters 110 Various 1 1/10, 1220,1221 2,985 19 3,34601 (360 82) - - -Countrywide Financial 66 7/15/2005 11/3 & 12/8 2,16409 2,42367 (259 58) - - -Accor SA 50 8/4/2005 12/19 and 12/20 1,35311 1,30000 53 11 - - -

Cisco Sys Inc 116 12/14/2005 12/23 & 1227 2,01214 2,04628 (34 14) - - -Expeditors Intl 18 7/15/2005 12/8 & 12/19 1,24605 902 98 343 07 - - -Sumitomo Mites Fnl 195 8/4/2005 8/23,10/31,11/8 1,68571 1,28700 398 71 - - -

Harman Intl Inds 23 1/2/2005 8/26,8/29,8/31 2,451 84 2,772 82 (320 98) - - -Bank of Nova Scotia 100 8/4/2005 8/31 & 10/26 3,60183 3,450 00 51 83 - - -Amengroup Corp 106 122005 Various ST 3,664 02 4,007 33 (343 31) - - -Brunswick Corp 37 122005 Various ST 1.56500 1.82965 (26465) - - -Caterpillar 19 7/152005 Various ST 945 66 859 98 8568 - - -Chicago Mercantile Exchange 16 1/2/2005 Various ST 3,55047 3,644 96 (94 49) - - -Countrywide Financial 72 122005 Various ST 2,57209 2,66760 (9551) - - -Dean Foods Co 28 3/1/2005 Various ST 1,05462 971 60 83 02 - - -Electronics Arts 56 1/2/2005 Various ST 2,88078 3,542 39 (661 61) - - -Genentech Inc 10 122005 Various ST 814 54 555 10 25944 - - -

Getty Images 36 1/2/2005 Vanous ST 2,49805 2,47644 21 61 - - -Integrated Silicon Solution 110 8/42005 Various ST 770 96 951 50 (180 54) - - -

IPC Holdings Ltd 70 8/42005 Various ST 1,76577 2,84690 (1,081 13) - - -Jeffenes Group Inc 51 1/2/2005 Various ST 1,88943 2,021 64 (132 21) - - -Kerzner Intl Ltd 22 122005 Various ST 1,31040 1,33518 (24 78) - - -Marketaxess Hldgs Inc 72 122005 Various ST 80060 1,211 47 (410 87) - - -MGM Mirage 57 7/15/2005 Various ST 2,15493 2,01791 137 02 - - -Monsanto Co 73 122005 Various ST 3,945 36 4,08727 (141 91) - - -Motorola Inc 136 7/152005 Various ST 2,700 14 2,80364 (103 50) - - -New York Times Co 90 8/42005 Various ST 2,701 99 2,811 35 (109 36) - - -New York Times Co 30 9/12/2005 Various ST 899 95 979 13 (79 18) - - -Peabody Energy 29 7/15/2005 Various ST 2,22608 1,84990 37618 - - -Petsmart Inc 103 122005 Various ST 2,76485 3,68740 (92255) - - -Pfizer Inc 103 4/82005 Various ST 2.78301 2,74489 38 12 - - -Pixar Inc 46 1/6/2005 Various ST 2.10456 1,94934 155 22 - - -Qualcomm 103 7/15/2005 Various ST 4,501 95 4,123 72 37823 - - -Redwood Trust Inc 24 122005 Various ST 1,28992 1,47864 (188 72) - - -Royal Cambean 79 122005 Various ST 3,33423 4,35527 (1,021 04) - - -South Fml Grp 86 122005 Various ST 2,30265 2,75785 (455 20) - - -United Technologies Corp 38 2/14/2005 Various ST 1,93393 1.91988 14 05 - - -WCI Cmntys Inc 52 122005 Various ST 1,56994 1,50956 60 38 - - -Whole Foods Mkt Inc 17 122005 Vanous ST 1,78444 1,62775 15669 - - -Yuml Brands Inc 40 122005 Various ST 2,01928 1,88800 131 28 - - -Exxon Mobil Corp, cover short, 4 units Various 1/142005 - - - 1,61996 2,44000 (920 04)

Bank of New York, 800 shrs Various 1/19/2005 - - - 23,999 21 24,265 87 (266 66)

Clorox Co, 800 shrs Various 1212005 - - - 39,998 68 35,860 09 4.13859

Exxon Mobil Corp, 400 shrs Various 1/21/2005 - - - 16,999 44 11,248 00 5,751 44

Cisco Sys Inc , expired call, 8 units Various 1/24/2005 - - - 599 98 - 599 98

IBM Corp, exp call, 3 units Various 1242005 - - - 449 98 - 449 98

Merck & Co, expired call, 4 units Various 1/24/2005 - - - 359 99 - 359 99

Citigroup, cov shit, 5 units Various 222005 - - - 724 98 1,10000 (375 02)

Dell Inc , cov shit, 10 units Various 2/17/2005 - - - 1,249 97 3,10000 (1,850 03)

Union Pac, cov shrt, 4 units Various 2/182005 - - - 819 98 1,60000 (780 02)

Altna Group, 400 shrs Various 3/92005 - - - 21,999 27 19,227 34 2,771 93

Bristol-Myers, exp call, 4 units Various 3/21/2005 - - - 419 99 - 419 99

GE, exp call, 9 units Various 3212005 - - - 1,03497 - 1,03497

Hughes Elec, exp call, 5 units Various 3212005 - - - 524 98 - 524 98

Pfizer Inc , exp call, 9 units Various 3212005 - - - 944 97 - 944 97

Johnson & Johnson, 500 shrs Various 4/152005 - - - 29,998 74 23,947 52 6,051 22

Rockwell Automation, 600 shrs Various 4/15/2005 - - - 23,998 99 19,398 03 4,60096

United Technologies, 300 shrs Various 5/17/2005 - - - 29,998 74 24,733 68 5,265 06

Abbott Labs, 500 shrs Various 6/28/2005 - - - 24,523 97 22,331 36 2,192 61

Alcoa, 800 shrs Various 6/28/2005 - - - 20,88512 23,200 00 (2,314 88)

Stmt 1A, Page 3


SHORT TERM LONG TERMDescription Shares Pch date Sls date Sales Price Cost Basis Gain loss Sales Price Cost Basis Gain lossAmerican Express, 600 shrs Various 6/28/2005 - - - 31,970 66 28,320 00 3,65066Bellsouth Corp, 600 shrs Various 6/28/2005 - - - 15,801 33 27,900 00 (12,098 67)Bristol Myers Squibb, 400 shrs Various 6282005 - - - 10,049 57 23,215 74 (13,166 17)Chevron Corp, 500 shrs Various 8282005 - - - 28,513 80 28,067 16 44664Cisco Sys Inc, 800 shrs Various 6/28/2005 - - - 15,317 35 33,608 00 (18,290 65)Citigroup, Inc, 500 shrs Various 6/28/2005 - - - 23,444 01 19,115 00 4,32901Coca Cola Co, 700 shrs Various 6/28/2005 - - - 29,754 75 38,953 00 (9,198 25)Colgate Palmolive, 500 shrs Various 6/28/2005 - - - 25,293 94 26,109 60 (815 66)Del Monte Foods, 223 shrs Various 6/28/2005 - - - 2,269 10 2,476 70 (207 60)Dell Inc, 1000 shrs Various 6/28/2005 - - - 39,419 95 51,684 40 (12,264 45)Directv Group, 500 shrs Various 6/28/2005 - - - 7,69467 17,650 48 (9,955 81)Exxon Mobil Corp, 400 shrs Various 6/28/2005 - - - 23,609 01 14,760 00 8,849 01Fannie Mae, 300 shrs Various 6/28/2005 - - - 17,475 26 25,950 00 (8,474 74)General Electric, 1800 shrs Various 6/28/2005 - - - 62,677 37 36,525 00 26,152 37GlaxoSmithKline, 500 shrs Various 6/28/2005 - - - 24,318 98 24,578 38 (259 40)Home Depot, 400 shrs Various 6282005 - - - 15,613 34 15,444 00 169 34IBM Corp, 300 shrs Various 6/28/2005 - - - 22,335 06 24,143 31 (1,808 25)Intel Corp, 1000 shrs Various 6/28/2005 - - - 26,130 50 21,164 00 4,96650Merck & Co, 400 shrs Various 6/28/2005 - - - 12,349 48 23,665 63 (11,316 15)Microsoft Corp, 1000 shrs Various 6/28/2005 - - - 25,018 95 39,468 75 (14,449 80)Pfizer Inc, 900 shrs Various 6282005 - - - 25,049 95 19,312 50 5,73745Texas Instruments, 500 shrs Various 6282005 - - - 13,984 41 35,000 00 (21,015 59)Union Pacific Corp, 400 shrs Various 6282005 - - - 25,620 92 24,167 00 1,45392Wal Mart Stores, 500 shrs Various 6/28/2005 - 24,023 99 26,415 00 (2,391 01)

352,967 71 347,264 02 5,70369 788,788 26 840,145 54 (51,357 28)

Stmt 1A, Page 4


Statement 2 - Form 990-PF, Part I, Line 11 - Other Income

Description

Revenue per Net Investment Adjusted NetBooks Income Income

MISCELLANEOUS INCOME

TOTAL

$ 1,466

$ 1,466

_ $ 1,466

0 $ 1,466

Statement 3 - Form 990-PF. Part I. Line 16a - Legal Fees

Net Adjusted CharitableDescription Total Investment Net Purpose

LEGAL FEES $ 500 $ 500 $ $

TOTAL $ 500 $ 500 $ 0 $ 0

Statement 4 - Form 990-PF, Part I. Line 16b - Accounting Fees


TAX PREP FEES $ 1,495 $ 1,495 $ $BOOKKEEPING FEES 1,000 1,000

TOTAL $ 2,495 $ 2,495 $ 0 $ 0

Statement 5 - Form 990-PF, Part I, Line 16c - Other Professional Fees


INVESTMENT MANAGEMENT FEES $ 17,194 $ 17,194 $ $

TOTAL $ 17, 194 $ 17, 194 $ 0 $ 0

Statement 6 - Form 990-PF, Part I, Line 18 - Taxes


FOREIGN TAXES $ 85 $ 85 $ $

TOTAL $ 85 $ 85 $ 0 $ 0

2-6


Statement 7 - Form 990-PF. Part II. Line 10b - Coraorate Stock Investments

Beginning End of Basis of Fair MarketDescription of Year Year Valuation Value

ABBOTT, 500 SHRS $ 22,331 $ MARKET $

ALCOA, 800 SHRS 23,200 MARKET

ALTRIA GROUP INC, 400 SHRS 19,667 MARKET

AMERICAN EXPRESS, 600 SHRS 28,320 MARKET

BANK OF NEW YORK, 800 SHRS 25,214 MARKETBELLSOUTH, 600 SHRS 27,900 MARKET

BOEING, 500 SHRS MARKET

BRISTOL MYERS, 400 SHRS 23,216 MARKETBURLINGTON, 600 SHRS MARKETCHEVRON TEXACO, 300 SHRS MARKET

CHEVRON TEXACO, 308 SHRS MARKETCHEVRON TEXACO, 8 SHRS 560 MARKET

CISCO SYSTEMS, 400 SHRS 25,800 MARKET

CISCO SYSTEMS, 400 SHRS 7,808 MARKET

CITIGROUP, 500 SHRS 19,115 MARKETCLOROX, 800 SHRS 39,300 MARKET

COCA COLA, 300 SHRS 13,953 MARKET

COCA COLA, 400 SHRS 25,000 MARKET

COLGATE PALMOLIVE, 500 SHRS 26,110 MARKET

CSHUSHS, 493 SHRS MARKETDEL MONTE FOODS, 223 SHRS 2,477 MARKET

DELL COMPUTER, 1000 SHRS 51,684 MARKETDIRECTV, 493 SHRS 17,528 MARKETDIRECTV, 7 SHRS 123 MARKETEXXON MOBIL CORP, 272 SHRS 11,161 MARKETEXXON MOBIL CORP, 528 SHRS 14,848 MARKETFANNIE MAE, 300 SHRS 25,950 MARKETGENERAL ELECTRIC, 1800 SHRS 36,525 MARKET

GENERAL MOTORS, 600 SHRS MARKETGLAXOSMITHKLINE ADR, 45 SHRS 2,383 MARKETGLAXOSMITHKLINE ADR, 455 SHRS 22,195 MARKETGLAXOSMITHKLINE ADR, 500 SHRS MARKETHALLIBURTON CO, 800 SHRS MARKET

HJ HEINZ CO, 500 SHRS MARKETHOME DEPOT, 400 SHRS 15,444 MARKETIBM CORP, 300 SHRS 24,143 MARKETINTEL CORP, 1000 SHRS 21,164 MARKETINTEL CORP, 1400 SHRS MARKETINTEL CORP, 2000 SHRS MARKETJOHNSON & JOHNSON, 500 SHRS 24,572 MARKETJP MORGAN CORP, 50 SHRS MARKETJP MORGAN CORP, 750 SHRS MARKETKIMBERLY CLARK, 400 SHRS MARKETKROGER, 800 SHRS MARKETMERCK & CO, 400 SHRS MARKETMERCK & CO, 400 SHRS 23,666 MARKETMICROSOFT CORP, 1000 SHRS 39,469 MARKETMICROSOFT CORP, 500 SHRS MARKETMOTOROLA INC, 600 SHRS MARKETMOTOROLA INC, 600 SHRS MARKETNEWS CORP LTD, 55 SHRS MARKETPEPSICO, 600 SHRS MARKETPFIZER INC, 900 SHRS 19,313 MARKET

PPG INDUSTRIES INC, 400 SHRS MARKETROCKWELL AUTOMATION, 600 SHRS 20,388 MARKETSBC, 106 SHRS MARKET


Statement 7 - Form 990-PF, Part II, Line 10b - Corporate Stock Investments (continued)

DescriptionBeginningof Year

End of Basis of Fair MarketYear Valuation Value

SBC, 394 SHRS $ $ MARKET

SBC, 500 SHRS MARKET

SCHLUMBERGER LTD, 400 SHRS MARKET

TEXAS INSTRUMENTS, 500 SHRS 35,000 MARKET

UNION PACIFIC CORP, 400 SHRS 24,167 MARKET

UNITED TECHNOLOGIES, 300 SHRS 25,934 MARKET

VERIZON, 400 SHRS MARKET

WAL MART STORES, 500 SHRS 26,415 MARKET

WORLDCOMM, 450 SHRS MARKET

WORLDCOMM, 450 SHRS MARKET

WYETH COM, 600 SHRS MARKET

AMYLIN PHARM INC., 94 SHARES 1,908 MARKET

AMYLIN PHARM INC., 26 SHARES 724 MARKET



APPLE COMPUTER, 42 SHARES 2,403 MARKET

APPLE COMPUTER, 9 SHARES 498 MARKET




BURLINGTON NORTHERN, 64 SHARES 3,318 MARKET

BURLINGTON NORTHERN, 7 SHARES 383 MARKET

CATERPILLAR, 38 SHARES 1,720 MARKET

CATERPILLAR, 6 SHARES 349 MARKET

CHEESECAKE FACTORY INC, 30 SHARES 975 MARKET







CHICAGO MERCANTILE EXCHANGE, 7 SHARE 1,646 MARKET

CHICAGO MERCANTILE EXCHANGE, 2 SHARE 689 MARKET

CHICAGO MERCANTILE EXCHANGE, 1 SHARE 375 MARKET

CUMMINS INC., 2 SHARES 179 MARKET



DEAN FOODS CO, 39 SHARES 1,224 MARKET

DEAN FOODS CO, 8 SHARES 300 MARKET

EXPEDITORS INTL, 3 SHARES 164 MARKET



FEDEX CORP, 27 SHARES 2,673 MARKET

FEDEX CORP, 1 SHARES 100 MARKET

FEDEX CORP, 2 SHARES 205 MARKET

GENENTECH INC, 40 SHARES 2,220 MARKET

GENZYME CORP, 40 SHARES 2,922 MARKET

GENZYME CORP, 11 SHARES 823 MARKET

GENZYME CORP, 4 SHARES 290 MARKET

GETTY IMAGES, 11 SHARES 893 MARKET



GOLDEN WEST FINL CORP, 23 SHARES 1,551 MARKET

GOLDEN WEST FINL CORP, 15 SHARES 1,020 MARKET

GOOGLE INC, 5 SHARES 1,177 MARKET

$

3,7521,038

479359

3,019647431144288

4,532496

2,195347

1,122187

1,084598112224224

2,572735367179359718

1,469301203540743

2,792103207

3, 7002,831

779283982536536

1,518990

2,074

7


Statement 7 - Form 990-PF, Part II, Line 10b - Corporate Stock Investments (continued


GOOGLE INC, 3 SHARES $ $ 853 MARKET $ 1,245

INVESTORS FINANCIAL SERVICES CORP, 4 1,464 MARKET 1,473

INVESTORS FINANCIAL SERVICES CORP, 1 659 MARKET 626



JEFFERIES GROUP INC, 48 SHARES 1,905 MARKET 2,159

KKR FINANL CORP, 13 SHARES 287 MARKET 312


KKR FINANL CORP, 51 SHARES 1,138 MARKET 1,223


LAS VEGAS SANDS, 42 SHARES 2,014 MARKET 1,658

LAS VEGAS SANDS, 14 SHARES 528 MARKET 553






MGM MIRAGE, 41 SHARES 1,451 MARKET 1,503

MGM MIRAGE, 14 SHARES 546 MARKET 513

MOTOROLA INC, 68 SHARES 1,575 MARKET 1,536

MOTOROLA INC, 67 SHARES 1,557 MARKET 1,514

PRECISION CASTPARTS CORP, 21 SHARES 1,025 MARKET 1,088

PRECISION CASTPARTS CORP, 5 SHARES 245 MARKET 259

PRECISION CASTPARTS CORP, 6 SHARES 302 MARKET 311

PRECISION CASTPARTS CORP, 29 SHARES 1,492 MARKET 1,502

PROGRESSIVE CORP OHIO, 19 SHARES 1,981 MARKET 2,219

PROGRESSIVE CORP OHIO, 8 SHARES 860 MARKET 934

QUALCOMM, 25 SHARES 1,001 MARKET 1,077

QUALCOMM, 10 SHARES 427 MARKET 431

STATION CASINOS, 26 SHARES 1,795 MARKET 1,763

STATION CASINOS, 13 SHARES 967 MARKET 881





ST JOE COMPANY, 28 SHARES 2,011 MARKET 1,882

ST JOE COMPANY, 6 SHARES 409 MARKET 403



SYCAMORE NETWORKS, 59 SHARES 284 MARKET 255

SYCAMORE NETWORKS, 48 SHARES 235 MARKET 207

TOLL BROS INC, 22 SHARES 731 MARKET 762






TOYOTA MOTORS CORP, 8 SHARES 804 MARKET 837




TOYOTA MOTORS CORP, 10 SHARES 1,026 MARKET 1,046

UBS AG, 34 SHARES 2,811 MARKET 3,218

UBS AG, 5 SHARES 454 MARKET 473

UCBH HLDGS, 191 SHARES 4,393 MARKET 3,415


Statement 7 - Form 990-PF. Part II, Line 10b - Corporate Stock Investments (continued


UNITEDHEALTH GRP, 50 SHARES $ $ 2,170 MARKET $ 3,107

ZIMMER HLDGS, 9 SHARES 552 MARKET 607

ZIMMER HLDGS, 14 SHARES 1,113 MARKET 944

ALCON INC, 85 SHARES 9,695 MARKET 11,016

ABBOTT LABS, 215 SHARES 9,892 MARKET 8,477

APACHE CORP, 145 SHARES 10,070 MARKET 9,935

DEVON ENERGY, 180 SHARES 9,860 MARKET 11,257

GENERAL ELECTRIC, 285 SHARES 9,952 MARKET 9,989

KOHLS, 175 SHARES 9,889 MARKET 8,505

NIKE CL B, 115 SHARES 9,950 MARKET 9,981

PEPSICO, 185 SHARES 10,097 MARKET 10,930

SEMPRA ENERGY, 220 SHARES 10,040 MARKET 9,865

ST PAUL TRAVELERS, 220 SHARES 10,025 MARKET 9,827

COLUMBIA ACORN CL A, 3641.661 SHARES 100,000 MARKET 100,401

COLUMBIA ACORN CL A, 163.253 SHARES 4,543 MARKET 4,501

BANCORP RHODE ISLAND, 100 SHARES 3,725 MARKET 3,329

BAXTER INTL, 90 SHARES 3,532 MARKET 3,389

CABELAS INC, 4 SHARES 68 MARKET 66
















CENTERPOINT PPTYS, 100 SHARES 4,385 MARKET 4,948

CENTERPOINT PPTYS, 30 SHARES 1,304 MARKET 1,484

CHAMPION ENTERPRISES, 500 SHARES 6,120 MARKET 6,810

COCA COLA CO, 100 SHARES 4,392 MARKET 4,031

GOLDMAN SACHS, 50 SHARES 5,355 MARKET 6,386

HOME DEPOT, 110 SHARES 4,379 MARKET 4,453

HUTTIG BLDG PRODUCTS, 150 SHARES 1,397 MARKET 1,260

INTEGRATED SILICON SOLUTION, 500 SHA 4,325 MARKET 3,220

MEMC ELECTRONICS MATERIALS, 290 SHAR 4,945 MARKET 6,429

NABORS INDUSTRIES, 40 SHARES 2,637 MARKET 3,030

NAUTILUS INC, 140 SHARES 4,050 MARKET 2,612

NEWFIELD EXPLORATION CO, 100 SHARES 4,301 MARKET 5,007

NEXEN INC, 100 SHARES 3,824 MARKET 4,763

NORTHEAST UTILITIES, 230 SHARES 4,972 MARKET 4,529

PAPA JOHNS INTL, 50 SHARES 2,187 MARKET 2,966

PPL CORP, 140 SHARES 4,276 MARKET 4,116

RANGE RESOURCES CORP, 180 SHARES 3,703 MARKET 4,741

REDWOOD TRUST INC, 90 SHARES 4,908 MARKET 3,713

REDWOOD TRUST INC, 20 SHARES 869 MARKET 825

SAFETY INSURANCE GRP, 120 SHARES 4,320 MARKET 4,844

SIERRA PACIFIC RESOURCES, 370 SHARES 4,792 MARKET 4,825

TEREX CORP, 20 SHARES 1,053 MARKET 1,188

7


Statement 7 - Form 990-PF. Part II, Line 10b - Corporate Stock Investments (conti nued


TEREX CORP, 10 SHARES $ $ 516 MARKET $ 594

TEREX CORP, 10 SHARES 518 MARKET 594

TEREX CORP, 10 SHARES 530 MARKET 594

TEREX CORP, 30 SHARES 1,592 MARKET 1,782

UNITED STATES STEEL CORP, 90 SHARES 3,799 MARKET 4,326

UNITED STATES STEEL CORP, 20 SHARES 753 MARKET 961

USG CORP, 70 SHARES 3,464 MARKET 4,550

WEYERHAEUSER CO, 10 SHARES 684 MARKET 663

WEYERHAEUSER CO1 30 SHARES 2,052 MARKET 1,990

WEYERHAEUSER CO, 10 SHARES 688 MARKET 663

WEYERHAEUSER CO1 10 SHARES 680 MARKET 663

WESTERN DIGITAL CORP, 350 SHARES 5,243 MARKET 6,514

WESTERN DIGITAL CORP, 60 SHARES 770 MARKET 1,117

WESTLAKE CHEM CORP, 160 SHARES 5,088 MARKET 4,610

WESTLAKE CHEM CORP, 10 SHARES 270 MARKET 288

ABN AMRO HOLDING, 40 SHARES 996 MARKET 1,046

ALLIANZ, 115 SHARES 1,493 MARKET 1,741

ARCELOR SA, 178 SHARES 3,898 MARKET 4,441

BARCLAYS PLC, 84 SHARES 3,368 MARKET 3,535

BARCLAYS PLC, 40 SHARES 1,652 MARKET 1,683

BP PLC, 45 SHARES 3,014 MARKET 2,890

BRITISH AMERICAN, 49 SHARES 2,161 MARKET 2,207

CANADIAN NATURAL RESOURCES, 60 SHARE 2,570 MARKET 2,977

CANON INC, 54 SHARES 2,670 MARKET 3,177

CANON INC, 20 SHARES 1,069 MARKET 1,177

CHINA PETROLEUM, 25 SHARES 1,103 MARKET 1,240

CONTINENTAL, 45 SHARES 3,582 MARKET 3,976

CORUS GROUP, 120 SHARES 1,004 MARKET 1,219

CREDIT SUISSE GRP, 65 SHARES 2,749 MARKET 3,312

ENDESA, 75 SHARES 1,688 MARKET 1,951

ENI SPA, 18 SHARES 2,565 MARKET 2,510

ENI SPA, 5 SHARES 683 MARKET 697

EON AG, 30 SHARES 944 MARKET 1,036

EON AG, 72 SHARES 2,214 MARKET 2,485

EON AG, 3 SHARES 92 MARKET 104

EON AG, 15 SHARES 453 MARKET 518

ESTABLISHMENTS DELHAIZE FRERES, 40 S 2,440 MARKET 2,619

FLEXTRONICS, 150 SHARES 2,047 MARKET 1,566

FLEXTRONICS, 55 SHARES 514 MARKET 574

GLAXOSMITHKLINE, 45 SHARES 2,148 MARKET 2,272

HONDA MOTORS LTD, 135 SHARES 3,490 MARKET 3,911

ING GROEP, 160 SHARES 4,890 MARKET 5,571

J SAINSBURY, 43 SHARES 869 MARKET 931

J SAINSBURY, 60 SHARES 1,254 MARKET 1,299

J SAINSBURY, 50 SHARES 1,000 MARKET 1,082

KOOKMIN, 35 SHARES 1,869 MARKET 2,615

NISSAN MTR LTD, 110 SHARES 2,304 MARKET 2,248

POSCO, 65 SHARES 3,273 MARKET 3,218

POSCO, 5 SHARES 267 MARKET 248

PETROLEO BRASILEIRO , 38 SHARES 2,055 MARKET 2,708

REPSOL YPF, 95 SHARES 2,680 MARKET 2,794

SANOFI-AVENTIS, 85 SHARES 3,702 MARKET 3,732

SANOFI-AVENTIS, 20 SHARES 797 MARKET 878

SHINHAN FINL GRP, 28 SHARES 1,736 MARKET 2,282

SOCIETE GENERALE, 135 SHARES 3,017 MARKET 3,309

7


Statement 7 - Form 990-PF , Part II, Line 10b - Corporate Stock Investments (continued)


SUEZ SPON, 35 SHARES $ $ 971 MARKET $ 1,093

SUEZ SPON, 24 SHARES 668 MARKET 750

SUMITOMO MITUI FNL, 530 SHARES 3,498 MARKET 5,613

SVENSKA CELLULOSA, 30 SHARES 1,029 MARKET 1,120

TAIWAN SEMICONDUCTOR, 349 SHARES 3,005 MARKET 3,459

TOTAL S A SPON ADR, 25 SHARES 3,025 MARKET 3,160

TOYOTA MTRS CORP, 15 SHARES 1,144 MARKET 1,569

VODAFONE GRP, 125 SHARES 3,230 MARKET 2,684

VODAFONE GRP, 5 SHARES 133 MARKET 107

VODAFONE GRP, 33 SHARES 726 MARKET 711

TOTAL $ 812,043 $ 510,252

Statement 8 - Form 990-PF, Part II, Line 10c - Corporate Bond Investments

BeginningDescription of Year

ALABAMA PWR 5.875% 12/1/22, 45000 SH $GE CAPITAL INTERNOTES 5.65% 10/15/22GOLDMAN SACHS GRP 6.55% 8/1/22, 7500PRINCIPAL LIFE INCOME FND MTN 5.5% 8

TOTAL

End of Basis ofYear Valuation

$ 49,402 MARKET79,395 MARKET79,427 MARKET

103.840 MARKET

$ 0 $ 312,064

$ 537,812

Fair MarketValue

$ 47,11373, 92573, 57097,026

$ 291, 634

Statement 9 - Form 990-PF , Part II, Line 22 - Other Liabilities

Beginning End ofDescription of Year Year

UNEXPIRED CALL OPTIONS $ 28,780 $

TOTAL $ 28,780 $ 0

7-9


Statement 10 - Form 990-PF, Part VIII , Line 1 - List of Officers , Directors, Trustees,Etc.

Name Address

AverageCity, State , Zip Title Hours Compensation Benefits Expenses

EUGENE M. CLARY 4701 POST OAK TRITT ROADMARIETTA GA 30062 TTEE, CHMN 1 1,000

WILLIAM T. LEE, SR. 4701 POST OAK TRITT ROADMARIETTA GA 30062 TTEE, V-CHMN 1 2,000

EDWARD R. GOLDEN 4701 POST OAK TRITT ROADMARIETTA GA 30062 TRUSTEE 1

KENNETH B. CLARY 4701 POST OAK TRITT ROADMARIETTA GA 30062 TRUSTEE 1

MARY G. TEAGUE 4701 POST OAK TRITT ROADMARIETTA GA 30062 SECR / TREAS 10

10


Statement 11 - Form 990-P F, Part XV, Line 3a - Grants and Contributions Paid During theYear

Name Address

Address Relationship Status

MARCH OF DIMES 1275 MAMARONECK AVENUEWHITE PLAINS NY 10605

MACULAR DEGENERATION FOUN P.O. BOX 531313HENDERSON NV

ALPHA TAU OMEGA FOUNDATIO ONE NORTH PENNSYLVANIA STINDIANAPOLIS IN 46204

JACOB'S LADDER CENTER 11705 MOUNTAIN PARK ROADROSWELL GA 30075

FIRST BAPTIST CHURCH- CHA 1950 BOLTON ROAD NWATLANTA GA 30318


INPRINT INC. P.O. BOX 76147ATLANTA GA 30358

STEPHENS CO. HISTORICAL S 313 S. POND STREETTOCCOA GA 30577

AMERICAN RED CROSS 2025 E. STREET NWWASHINGTON DC 20006

GEORGIA TECH ALUMNI ASSOC 190 NORTH AVENUEATLANTA GA 30313

LAKESIDE BAPTIST CHURCH 5800 LAKE OCONEE PARKWAYGREENSBORO GA 30642

ALEXANDER THARPE FUND 150 BOBBY DODD WAY, NWATLANTA GA 30332-0455

AMERICAN PRINTING HOUSE F 1839 FRANKFORT AVENUELOUISVILLE KY 40206


TOTAL

Purpose Amount

CHARITABLE 500

CHARITABLE 300

CHARITABLE 100

CHARITABLE 500

CHARITABLE 500

CHARITABLE 2,000

CHARITABLE 10,000

CHARITABLE 1,000

CHARITABLE 500

CHARITABLE 2,000

CHARITABLE 500

CHARITABLE 10,000

CHARITABLE 500

CHARITABLE 5,000

33,400

EUGENE M. CLARY FOUNDATION, INC. 58-2310406

Part VII-A, Question 3

Changes to governing instruments

See attached Consent in Lieu of 2005 Annual Meeting, increasing the number of trustees on the Board of

Trustees from three to four.

See attached amended and restated Articles of Incorporation dated September 5, 2003.

CONSENT IN LIEU OF 2005ANNUAL MEETING

OF BOARD OF TRUSTEES OFTHE EUGENE M. CLARY FOUNDATION, INC.

The undersigned, being all or a majority of the Trustees ofTHE EUGENE M. CLARY FOUNDATION, INC., a Georgia nonprofitcorporation, by affixing their signatures hereto, hereby consent toand take the following actions without a meeting pursuant toSection 4.8 of the Bylaws and Section 14-3-821 of the GeorgiaNonprofit Corporation Code.

The following resolutions and actions are hereby consented toand adopted:

1.

RESOLVED, that pursuant to Section 3.2 of the By-Laws, thenumber of Trustees which shall hereafter constitute the Board ofTrustees of the Corporation is hereby increased to four .

2.

The following persons are hereby elected as Trustees of theCorporation. Each of them shall serve for a one-year or two-yearterm (as specified beside his or her name) and until his or hersuccessor has been elected and qualified, or until his or herearlier death, resignation, or removal:

Edward R. Golden (2 years)

Kenneth B . Clary ( 2 years)

(Note: Eugene M. Clary and William T. Lee, Sr. were elected to two-year terms in 2004; therefore, their terms do not expire thisyear.)

3.

The following persons are hereby elected to the offices setforth beside their respective names.

Eugene M. Clary

William T. Lee, Sr.

Mary G. Teague

Chairman

Vice-Chairman

Secretary/Treasurer

Each of said officers shall serve until his or her successor iselected and qualified or until his or her earlier death orresignation or removal from office.

4.

RESOLVED, that the attached list of donations, all of which

have already been paid by the Foundation at the direction of the

Chairman, are hereby ratified and approved by the Board of

Trustees.

5.

RESOLVED, that all of the acts and transactions of the

Trustees and officers of the Corporation since June 19, 2004, are

hereby ratified, affirmed and approved in all respects.

The Secretary is hereby directed to file this Consent in the

minute book of the Corporation.

Done this 13th- day of v-

IA'.t-

-N1"^^

^'V' A.. ^ 2005.

L^P-'^j

Eugene M. Clary

William T. Lee, Sr.

4&daao^ P-'Edward Golden

CERTIFICATE REQUIRED BY O.C.G.A. 14-3-1006(e)CONCERNING THE ADOPTION OF AMENDED

AND RESTATED ARTICLES OF INCORPORATION

(a) This restatement was unanimously adopted by the

Board of Trustees (directors) of The Eugene M.

Clary Foundation, Inc.

(b) The corporation has no members . Therefore, thereno is requirement that the amendments within therestatement be approved by "members".

(c) The Articles of Incorporation do not require thatan amendment thereto be approved by a specifiedperson or persons other than the corporation'sboard of directors.

(d) Nothing in this amendment and restatementauthorizes the corporation to operate as a forprofit business corporation.

(e) This restatement does not change the name of thecorporation.

I, Eugene M. Clary, do hereby certify that I am the dulyelected and acting Chairman of the Eugene M. Clary Foundation, Inc.and that the facts set forth in the foregong Certificate are trueand correct, this 5&k day of , 2003.

EU NE M. LARY

(CORPORATE SEAL)

ARTICLES OF INCORPORATIONOF

THE EUGENE M. CLARY FOUNDATION, INC.

(as Amended and RestatedEffective , 2003)

ARTICLE I.

The name of the corporation shall be "THE EUGENE M. CLARY

FOUNDATION, INC."

ARTICLE II.

Perpetual Duration

The corporation shall have perpetual duration.

ARTICLE III.

Nonprofit Corporation and Charitable Purposes

The corporation shall be a nonprofit corporation under the

provisions of the Georgia Nonprofit Corporation Code. It shall be

organized, and at all times thereafter operated, exclusively for

public charitable uses and purposes within the meaning of section

501(c) (3) of the Internal Revenue Code. In furtherance of such

purposes, the corporation shall have full power and authority:

(a) To make distributions to organizations that qualify as

exempt organizations under section 501(c)(3) of the Internal

Revenue Code;

(b) To make distributions for other charitable purposes;

(c) To receive and accept property, whether real, personal, or

mixed, by way of gift, bequest, or devise, from any person, firm,

trust, or corporation, to be held, administered, and disposed of in

accordance with and pursuant to the governing instruments of the

corporation, as the same shall be amended from time to time; and

(d) To perform all other acts necessary or incidental to the

above and to do whatever is deemed necessary, useful, advisable, or

conducive, directly or indirectly, as determined by the Board of

Trustees, to carry out any of the purposes of the corporation, as

set forth in these Articles of Incorporation, including the

exercise of all other power and authority enjoyed by corporations

generally by virtue of the provisions of the Georgia Nonprofit

Corporation Code (within and subject to the limitations of section

501(c)(3) of the Internal Revenue Code.)

The corporation shall serve only such purposes and functions

and shall engage only in such activities as are consonant with the

purposes set forth in this Article III and as are exclusively

charitable and are entitled to charitable status under section

501(c)(3) of the Internal Revenue Code.

ARTICLE IV.

Tax-Exempt Nonprofit Corporation

The corporation shall be neither organized nor operated for

pecumiary gain or profit.

(a) No part of the net earnings of the corporation shall inure

to the benefit of, or be distributable to, any member, director,

officer, or trustee of the corporation, or any other private

person; but the corporation shall be authorized and empowered to

pay reasonable compensation for services rendered and to make

payments and distributions in furtherance of the purposes as set

forth in Article III hereof. The annual compensation of each

trustee of the corporation shall be $1,000.00.

(b) No substantial part of the activities of the corporation

shall be the carrying on of propaganda, or otherwise attempting to

influence legislation; and the corporation shall not participate

in, or intervene in (including the publication or distribution of

statements) any political campaign on behalf of any candidate for

public office.

(c) Notwithstanding any other provisions of these Articles of

Incorporation, the corporation shall not carry on any other

activities not permitted to be carried on:

(i) By a corporation exempt from federal income taxation

under section 501(c)(3) of the Internal Revenue Code, or

(ii) By a corporation, contributions to which are

deductible for federal income tax purposes under section 170)c) (2)

of the Internal Reveue Code.

It is intended that the corporation shall have, and continue

to have, the status of an organization which is exempt from federal

income taxation under section 501(c) (3) of the Internal Revenue

Code. All terms and provisions of these Articles of Incorporation

and the Bylaws of the corporation, and all authority and operations

of the corporation, shall be construed, applied and carried out in

accordance with such intent.

ARTICLE V.

Private Foundation Restrictions

(a) The corporation shall distribute its income for each

taxable year at such time and in such manner as not to become

subject to the tax on undistributed income imposed by section 4942

of the Internal Revenue Code.

(b) The corporation shall not engage in any act of self-

dealing as defined in section 4941(d) of the internal Revenue Code.

(c) The corporation shall not retain any excess business

holdings as defined in section 4943(c) of the Internal Revenue

Code.

(d) The corporation shall not make any investments in such

manner as to subject it to tax under section 4944 of the Internal

Revenue Code.

(e) The corporation shall not make any taxable expenditures as

defined in section 4945(d) of the Internal Revenue Code.

ITEM VI.

No Distribution of Principal

No distributions shall be made from the principal of the

corporation, except to the extent required by Federal and state

laws and regulations.

ARTICLE VII.

Board of Trustees

(a) The Board of Trustees shall have general charge of the

affairs and any property and assets of the corporation. It shall

be the duty of the trustees to carry out the purposes and functions

of the corporation. The trustees shall be elected in accordance

with the Bylaws of the corporation and shall have the powers and

duties set forth in these Articles of Incorporation and in the

Bylaws, to the extent that such powers and duties are not

inconsistent with the status of the corporation as a nonprofit

corporation which is exempt from federal income taxation under

section 501(c)(3) of the Internal Revenue Code.

(b) Beginning as of the close of the annual meeting at which

he or she is elected, each trustee shall serve for a term of two

(2) years and thereafter until his or her successor has been

elected and qualified, or until his or her earlier death,

resignation, retirement, disqualification, or removal. To the

extent practicable, the terms of the trustees shall be staggered.

(c) The annual meeting of the Board of Trustees shall be held

at the principal office of the corporation, or at such other place

as the Board of Trustees shall determine, on June 19 of each year,

if not a legal holiday, and if a legal holiday, then at the time

specified in the notice.

ARTICLE VIII.

Members

The corporation initially shall have no members. However, the

Board of Trustees of the corporation shall have the power to admit

members to the corporation in such manner, subject to such

qualifications, and upon such terms and conditions and with such

rights and privileges as may be provided from time to time in the

Bylaws of the corporation and as are not inconsistent with any

provision of these Articles of Incorporation. Members may be

divided into one or more classes.

ARTICLE IX.

Dissolution of Corporation

Upon dissolution of the corporation, the Board of Trustees

shall, after paying or making provision for payment of all the

liabilities of the corporation, dispose of all of the assets of the

corporation by distributing those assets exclusively for the

purposes of the corporation in such a manner, or to such

organization or organizations organized and operated exclusively

for public charitable uses and purposes as shall at the time

qualify as exempt from taxation under section 501(c) (3) of the

Internal Revenue Code, as the Board of Trustees shall determine.

Any such assets not so disposed of shall be disposed of by a court

of competent jurisdiction for the county in which the principal

office of the corporation is then located, exclusively for such

purposes or to such organization or organizations as said court

shall determine, which are organized and operated exclusively for

such purposes.

ARTICLE X.

Registered Office and Registered Agent

The address of the current registered office of the

corporation is 4701 Post Oak Tritt Road, Marietta, Cobb County,

Georgia 30062. The registered agent of the corporation at such

address is Eugene M . Clary.

ARTICLE XI.

Principal Office

The mailing address of the current principal office of the

corporation is 4701 Post Oak Tritt Road, Marietta, Georgia 30062.

ARTICLE XII.

Definitions

(a) For the purposes of these Articles of Incorporation,

"charitable purposes" include charitable, religious, educational,

literary, or scientific purposes within the meaning of section

501(c)(3) of the Internal Revenue Code, contributions for which are

deductible under section 170(c)(2) of the Internal Revenue Code.

All references in these Articles of Incorporation to sections of

the Internal Revenue Code shall be considered references to the

Internal Revenue Code of 1986, as from time to time amended, and to

the corresponding provisions of any applicable future United States

Interal Revenue Law, and to all regulations issued under such

sections and provisions.

(b) For purposes of these Articles of Incorporation, the term

"trustee" or "trustees" or "Board of Trustees" shall be equivalent

to the corresponding term "director" or "directors" or "Board of

Directors," as provided in the Georgia Nonprofit Corporation Code.

ARTICLE XIII.

Limitation of Trustee Liability

(a) A trustee of the corporation shall not be personally

liable to the corporation or its members for monetary damages for

breach of duty of care or other duty as a trustee, except for

liability: (i) for any appropriation, in violation of his or her

duties, of any business opportunity of the corporation, (ii) for

acts or omissions not in good faith or which involve intentional

misconduct or a knowing violation of law, or (iii) for any

transaction from which the trustee derived an improper personal

benefit.

(b) Any repeal or modification of the provisions of this

Article shall be prospective only, and shall not adversely affect

any limitation on the personal liability of a trustee of the

corporation with respect to any act or omission occurring prior to

the effective date of such repeal or modification.

(c) If the Georgia Nonprofit Corporation Code or, by

reference, if appropriate, the Georgia Business Corporation Code,

is hereafter amended to authorize the further elimination or

limitation of the liability of trustees, then the liability of a

trustee of the corporation, in addition to the limitation on

personal liability provided herein, shall be limited to the fullest

extent permitted by the amended Georgia Nonprofit Corporation Code

or the amended Georgia Business Corporation Code, as appropriate.

(d) In the event that any of the provisions of this Article

(including any provision within a single sentence) are held by a

court of competent jurisdiction to be invalid, void, or otherwise

unenforceable, the remaining provisions are severable and shall

remain enforceable to the fullest extent permitted by law.

ARTICLE XIV.

Amendments

These Articles of Incorporation may be amended at any time and

from time to time by the affirmative vote of a majority of all of

the trustees then in office.

IN WITNESS WHEREOF , the Corporation has caused these amended

and restated Articles of Incorporation to be executed and its

corporate seal to be affixed by its duly authorized officers, this

day of 2003.

THE EUGENE M. CLARYFOUNDATION, INC.

(Corporate Seal)

B ^^ .Y

ChairmanATTEST:

Secretary

Documents

e ReturnofPrivate Foundation Form 97Q-P'F or Section 4947 ...990s.foundationcenter.org/990pf_pdf_archive/582/582310406/582310406_200512_990PF.pdfUsethe IRS 00 58-2310406 label. EUGENE