Extended to November 15, 2016 Return of Private Foundation _ 99 ^^ - PF Form For calendar year 2015 or tax year beginning and ending Name of foundation A Employer identification number 13-6068340 J M FOUNDATION Number and street (or P 0 box number if mail is not delivered to street address ) Room/suite 116 VILLAGE BLVD PRINCETON , NJ G Check all that apply: 609-951-2283 C If exemption application is pending , check here 085 40 0 Initial return of a former public charity Amended return Name chan g e D Address chan g e ® Section 501(c)(3) exempt private foundation H Check type of organization: 0 Section 4947 ( a )( 1 ) nonexem p t charitable trust 0 Other taxable p rivate foundation ® Accrual I Fair market value of all assets at end of year . J Accounting method: 0 Cash (from Part /l, col (c), line 16) = Other (specify) 0 Initial return Final return 24 , 109 , 881 (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a)) 1 C"2 D 1. Foreign organizations, check here 2. Foreign organizations meeting the 85% test. check here and attach computation E If private foundation status was terminated under section 507(b)(1)(A), check here NibF If the foundation is in a 60-month termination under section 507(b)(1)(B), check here (Part 1, column (d) must be on cash basis) Part I Analysis of Revenue and Expenses Cl^; B Telephone number 200 City or town, state or province, country, and ZIP or foreign postal code 00- s ,2015 or Section 4947( a)(1) Trust Treated as Private Foundation ^ Do not enter social security numbers on this form as it may be made public. ^ Information about Form 990-PF and its separate instructions is at www.lrs.gov/form Department of the Treasury Internal Revenue Service (a) Revenue and ex p enses p er books (b) Net investment income (c) Adjusted net income ( d) Disbursements for charitable purposes (cash basis only) N/A Contributions, gifts, grants, etc., received if the foundation is not requiredto attach Sch B 2 3 Interest on savings and temporary cash investments 4 Dividends and interest from securities 423 , 587. 422 , 416. S tatement 1 5a Gross rents b Net rental income or (loss) ;rf 6a Net gain or (loss ) from sale of assets not on line 10 Gross sales price for all Gross on l i ne Ba b assets C tv 1 , 860 , 382. 1, 860, 382. 7 Capital gain net income (from Part IV, line 2) 8 9 Net short-term capital gain Income modifications 1 , 860 , 382. Gross sales less returns 10a and allowances b Less Cost of goods sold c Gross profit or (loss) F J1_-Other-snco 12 Tos Ad im e+`1 m r'of, h11 13 4 41 5 Compensation of officers, direct I p,U1 steel, etc Othgr,eFplo iee sftr gee and ages Pen s ion plans, employee be n It y 16a-begat fee b A^ouunnt ing CL -.- iStmt 2 ± U -^ Stmt 3 c Other professional fees u. 17 Stmt 4 2 , 283 292 21 141 1 21 321 , , , , , , , 969. 890 . 098. 002. 719. 798. 555. 2 , 282 43 3 21 , 798. 934. 16 5 . , 150. 0. 19 , 000. 321 , 555. 248 17 119 1 2 , , , , , 956. 933. 852. 719. 798. 0. Interest 18 Taxes $ tmt 5 21 , 133. 0. 0. E 20 Occupancy 31 , 991. 4 , 799. 27 , 192. a 21 Travel, conferences, and meetings 27 , 885. 4 , 183. 23 , 702. -270 , 712. -16 , 530. -249 , 345. 610 , 359. 401 , 256. 19 Depreciation and depletion a 22 Printing and publications i 23 Other expenses Stmt 6 ,v 24 Total operating and administrative expenses . Add lines 13 through 23 o, 0 25 Contributions, gifts, grants paid 26 Total expenses and disbursements. Add lines 24 and 25 27 Subtract line 26 from line 12: a Excess of revenue over expenses and disbursements 192 , 807. 1 , 207 , 300. 1 , 217 , 300. 401 256. 1 , 827 , 659. 1 , 400 , 107. 456 , 310. 1 881 , 542. b Net investment income (if negative, enter -0- ) c Adjusted net income (if native,enter-0,LJOV LHA For Paperwork Reduction Act Notice, see instructions. 11-24-115 N/A Form 99U-NF- (2015) 1 1fnc1116 788682 1160 2015.04020 J M FOUNDATION 1160 1\\ Z I Form 99(1-PF 19n151 p a rt II .T M Balance Sheets F0TTPTT)ATTClM 1 I-gngQlAn Beginning of year Attached scheduiesand amounts In the description column should be tor end-oh-year amounts only 1 Cash - non-Interest-bearing 2 Savings and temporary cash investments 3 Accounts receivable ^ 28 , (a) Book Value • as a Other notes and loans receivable 6 , 746. 907 , 759. 6 , 746. 907 , 759. 28 , 924. 28 , 794. 28 , 794. 35 , 250. 35 , 250. 794o ^ Less: allowance for doubtful accounts ^ 8 Inventories for sale or use 9 Prepaid expenses and deferred charges 10a Investments - U.S. and state government obligations b Investments - corporate stock c Investments - corporate bonds 11 Investments - land, buildings , and equipment basis ^ Less accumulated depreciator 12 13 14 9 10 12 , 929 , 857. 1 , 650 , 420. 12 , 491 , 638. 1 1 802 , 106. 12 , 491 , 638. 1 1 802 , 106. $tmt 11 9 , 459 , 426. 8 , 205 , 298. 8 , 205 , 298. 678 405. 632 290. 632 290. 25 , 667 , 006. 12 , 926. 40 , 000. 24 , 109 , 881. 12 , 845. 50 , 000. 24 , 109 , 881. 498 , 019. 763 , 285. 550 , 945. 826 , 130. 25 , 116 , 061. 23 , 283 , 751. 6 0 61 . 23 , 283 751. Stmt Stmt ^ Investments - mortgage loans Investments - other Land, buildings, and equipment: basis ^ Less accumulated depreciation ^ 15 Other assets (describe ^ 16 Total assets (to be completed by all filers - see the 17 Accounts payable and accrued expenses Statement 12 ) instructions. Also , see pag e 1 , item I 18 Grants payable u) 19 Deferred revenue •'= 20 Loans from officers, directors, trustees , and other disqualified persons 25 21 Mortgages and other notes payable 22 Other liabilities (describe ^ 23 Total liabilities ( add lines 17 throu g h 22 Foundations that follow SFAS 117, check here and complete lines 24 through 26 and lines 30 and 31. Statement ^ 13 ) EYY 24 Unrestricted v 25 co 26 C LL ° 27 28 29 ' (c) Fair Market Value (b) Book Value 491 , 710. 428 , 264. 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 7 os„09 End of year Temporarily restricted Permanently restricted Foundations that do not follow SFAS 117, check here ^ 0 and complete lines 27 through 31. Capital stock, trust principal, or current funds Paid-in or capital surplus, or land, bldg., and equipment fund Retained earnings, accumulated income, endowment, or other funds Z 30 Total net assets or fund balances 31 Total liabilities and net assets/fund balances Part III 25 , 1 25 , 667 , 006. 1 24 , 109 881. 1 Analysis of Changes in Net Assets or Fund Balances 1 Total net assets or fund balances at beginning of year - Part II, column (a), line 30 (must agree with end-of-year figure reported on prior year's return) 2 Enter amount from Part I, line 27a 3 Other increases not included in line 2 (itemize) ^ 4 Add lines 1, 2, and 3 5 Decreases not included in line 2 (itemize) ^ See 6 Total net assets or fund balances at end of year (line 4 minus line 5) - Part II, column (b), line 30 121 Statement 8 456,310. 57 28 Form 990-PF (2015) 523511 11-24-15 10051116 788682 1160 2 2015.04020 J M FOUNDATION 1160 1 L Form 99&-PF (2015) J M FOUNDATION Part IV ' Capital Gains and Losses for Tax on Investment Income (b How acquired ^ - Purchase D - Donation onation (a) List and describe the kind(s) of property sold (e.g., real estate, 2-story brick warehouse; or common stock, 200 shs. MLC Co. ) la b c d Page 3 13-6068340 t (c Date acquired (mo., day, yr.) (d) Date sold (mo., day, yr.) P P P P PUBLICLY TRADED SECURITIES SILVERCREST SPECIAL SITUATIONS SILVERCREST SMALL CAP SILVERCREST INTERNATIONAL e a b c d 1 , 035 150 34 639 (g) Cost or other basis plus expense of sale (f) Depreciation allowed (or allowable) (e) Gross sales price (h) Gain or (loss) (e) plus (f) minus (g) 1 , 035 150 34 639 , 274. 593. , 766. 749. , 274. 593. , 766. 749. e Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (j) Adjusted basis as of 12/31/69 (i) F.M.V as of 12/31/69 (I) Gains (Col. (h) gain minus col. (k), but not less than -0 -) or Losses (from col. (h)) (k) Excess of col. (Q over col. (I), if any a b c -d 1 , 035 150 34 639 , 274. 593. , 766. 749. 1 , e If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7 2 Capital gain net income or (net capital loss) 2 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). If ( loss ), enter -0- in Part I line 8 860 382. N/A 3 Part V I Qualiti cation under section 494U(e) for Fieaucea I a x o n 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. 0 Yes ® No Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period? If "Yes " the foundation does not qualify under section 4940(e). Do not complete this part. 1 Enter the aooroonate amount in each column for each year: see the instructions before making any entries. (a) Base period years Calendar year or tax year be g inning in 2014 (b) Adjusted qualifying distributions 2013 2012 2011 2010 1 1 1 1 1 , , , , , 237 257 426 124 253 , , , , , (c) Net value of noncharitable-use assets 25 23 22 23 22 452. 691. 580. 565. 184. 385 497 164 323 159 (d) ratio Distribution (col. (b) divided by col. (c)) .048746 .053525 .064364 .048217 .056553 702. 468. 201. 148. 339. 2 Total of line 1, column (d) 3 Average distribution ratio for the 5-year base period - divide the total on line 2 by 5, or by the number of yea rs the foundation has been in existence if less than 5 years 2 .271405 3 . 4 Enter the net value of noncharitable-use assets for 2015 from Part X, line 5 4 24 5 Multiply line 4 by line 3 5 1 6 Enter 1% of net investment income (1% of Part I, line 27b) 6 18 , 815. 7 Add lines 5 and 6 7 1 , 364 , 313. 8 Enter qualifying distributions from Part XII, line 4 8 1 , 054281 787 , 644. , 345 , 498. , 400 , 107. If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See the Part VI instructions. 523521 Form 990-PF (2015) 11-24-15 3 1nnc111F 7RR682 1160 2015.04020 J M FOUNDATION 1160 1 JJUI I GvIJ l,J L'1 1'Vl/LVLA11Vl\ 1J ra t;4 VVVoj%%V Part VI ' Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948 - see iinstructions) '1a Exempt operating foundations described in section 4940(d)(2), check here ^ 0 and enter "N/A" on line 1. Date of ruling or determination letter: (attach copy of letter if necessary - see instructions) b Domestic foundations that meet the section 4940(e) requirements in Part V, check here ^ ® and enter 1% of Part I, line 27b c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b). 2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 3 Add lines 1 and 2 4 5 6 a b c d 7 8 9 10 11 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) Tax based on investment income . Subtract line 4 from line 3. If zero or less, enter -0Credits/Payments: 2015 estimated tax payments and 2014 overpayment credited to 2015 6a Exempt foreign organizations - tax withheld at source 6b Tax paid with application for extension of time to file (Form 8868) 6c Backup withholding erroneously withheld 6d Total credits and payments. Add lines 6a through 6d Enter any penalty for underpayment of estimated tax. Check here 0 if Form 2220 is attached Tax due . If the total of lines 5 and 8 is more than line 7, enter amount owed Overpayment . If line 7 is more than the total of lines 5 and 8, enter the amount overpaid Enter the amount of line 10 to be: Credited to 2016 estimated tax 10, Part VII-A 32 1 18 , 815. 2 3 4 0. 18 , 815. 0. 5 18 , 815. 7 50 , 831. 8 9 10 11 32 , 016. 0. 50 , 831. ^ ^ 016. Refunded No, Statements Regarding Activities la During the tax year, did the foundation attempt to influence any national, state, or local legislation or did it participate or intervene in any political campaign? b Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see instructions for the definition)? If the answer is "Yes" to la or 1b, attach a detailed description of the activities and copies of any materials published or distributed by the foundation in connection with the activities. c Did the foundation file Form 1 120 -POL for this year? d Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year: (1) On the foundation. ^ $ 0. (2) On foundation managers. Pop. $ 0. e Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed on foundation managers. ^ $ Yes No 1a 1b X X 1c X 2 X 0. Has the foundation engaged in any activities that have not previously been reported to the IRS? If "Yes," attach a detailed description of the activities. 3 Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles of incorporation, or bylaws, or other similar instruments? If "Yes, " attach a conformed copy of the changes 4a Did the foundation have unrelated business gross income of $1,000 or more during the years b If "Yes," has it filed a tax return on Form 990-T for this year? 5 Was there a liquidation, termination, dissolution, or substantial contraction during the year? 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? 7 Did the foundation have at least $5,000 in assets at any time during the year? If "Yes, " complete Part ll, col. (c), and Part XV 2 3 4a 4b X X X X 5 6 7 X X 8a Enter the states to which the foundation reports or with which it is registered (see instructions) ^ NY b If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney General (or designate) of each state as required by General Instruction G2 If "No," attach explanation 9 Is the foundation claiming status as a private operating foundation within the meaning of section 4942(l)(3) or 4942(1)(5) for calendar 0 8b year 2015 or the taxable year beginning in 2015 (see instructions for Part XIV)? If "Yes, " complete Part XIV 9 Did any Dersons become substantial contributors during the tax year? if "Yes." attach a schedule list,na their names and addresses 10 Form 990-PF (2015) 523531 11-24-15 10051116 788682 1160 4 2015.04020 J M FOUNDATION 1160 1 ardinq Activities Yes No 11 At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the meaning of 12 section 512(b)(13 )2 If "Yes; attach schedule ( see instructions) Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had advisory privileges? If 'Yes," attach statement ( see instructions) 13 16 EXECUTIVE DIRECTOR 200, PRINCETON , NJ X 12 13 Did the foundation comply with the public inspection requirements for its annual returns and exemption application? Website address ^ FDNCENTER. ORG / GRANTMAKER / JM-MI LBANK 14 The books are in care of ^ CARL HELSTROM , Located at ^ 116 VILLAGE BLVD, No. 15 11 X X Telephone no. ^ 6 0 9 - 9 51- 2 2 8 3 ZIP +4 ^0 8 5 4 0 Section 4947 ( a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 - Check here and enter the amount of tax-exempt interest received or accrued during the year At any time during calendar year 2015, did the foundation have an interest in or a signature or other authority over a bank, securities, or other financial account in a foreign country ^0 ^ 15 N/A Yes 16 No X See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes; enter the name of the foreign countr y Part VII- B Statements Regarding Activities for Which Form 4720 May Be Required File Form 4720 if any item is checked in the "Yes" column, unless an exception applies. la During the year did the foundation (either directly or indirectly): (1) Engage in the sale or exchange, or leasing of property with a disqualified person? 0 Yes (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from) a disqualified person? Yes (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? 0 Yes (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ® Yes (5) Transfer any income or assets to a disqualified person (or make any of either available for the benefit or use of a disqualified person)? Yes (6) Agree to pay money or property to a government official? ( Exception Check "No" if the foundation agreed to make a grant to or to employ the official for a period after termination of government service, if terminating within 90 days.) Yes b If any answer is 'Yes" to la(1)-(6), did any of the acts fail to qualify under the exceptions described in Regulations section 53.4941(d)-3 or in a current notice regarding disaster assistance (see instructions)? Organizations relying on a current notice regarding disaster assistance check here c Did the foundation 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 20157 2 Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private operating foundation defined in section 4942(l)(3) or 4942(l)(5)): a At the end of tax year 2015, did the foundation have any undistributed income (lines 6d and 6e, Part XIII) for tax year(s) beginning before 2015? Yes If 'Yes,' list the years ^ b Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2) (relating to incorrect valuation of assets) to the year's undistributed income? (If applying section 4942(a)(2) to all years listed, answer "No" and attach statement - see instructions.) c If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here. Yes No ® No ® No ® No No ® No ® No lb X 1c X ^0 No N/A 2b 1111110. 1 3a Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at any time during the year? 0 Yes ® No b If 'Yes; did it have excess business holdings in 2015 as a result of (1) any purchase by the foundation or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved by the Commissioner under section 4943 ( c)(7)) to dispose of holdings acquired by gift or bequest; or (3) the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, N/A Form 4720, to determine if the foundation had excess business holdings in 2015.) 4a Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes b Did the foundation make any investment in a prior year ( but after December 31, 1969) that could jeopardize its charitable purpose that had not been removed from ieooardv before the first day of the tax year beoinnina in 20159 Form 990-PF (2015) 523541 11-24-15 10051116 788682 1160 5 2015.04020 J M FOUNDATION 1160 1 4720 May Be Required 5a During the year di tthe foundation pay or incur any amount to: (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? fl (2) Influence the outcome of any specific public election (see section 4955); or to carry on, directly or indirectly, any voter registration drive? 0 (3) Provide a grant to an individual for travel, study, or other similar purposes? (4) Provide a grant to an organization other than a charitable, etc., organization described in section 4945(d)(4)(A)2 (see instructions) (5) Provide for any purpose other than religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals? b If any answer is "Yes' to 5a(1)-(5), did any of the transactions fail to quality under the exceptions described in Regulations section 53.4945 or in a current notice regarding disaster assistance (see instructions)? Organizations relying on a current notice regarding disaster assistance check here c If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the tax because it maintained expenditure responsibility for the grant? N/A If "Yes, " attach the statement required by Regulations section 53 4945-5(d). 6a Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on a personal benefit contract? Yes ® No Yes ® No 5b N/A ^Q Yes No 6b X Yes ® No 74 b N /A Information About Officers, Directors , Trustees , Foundation Managers, Highly Paid Employees , and Contractors 1 List all officers. directors . trustees. foundation managers and their compensation. (b) Title, and average hours per week devoted (a) Name and address to position See Statement 14 2 Yes No Yes ® No Yes ® No b Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? If "Yes" to 6b, file Form 8870. 7a At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction? b If 'Yes , ' did the foundation receive an y p roceeds or have an y net income attributable to the transaction? Part VIII ' Yes ® No (d) Contributions to fit lans emp andedefeff compensation (e) Expense accoun , other allowances 292 , 890. 101 , 227. 0. (c) Compensation ( If not paid, enter - O Compensation of five highest-paid emolovees (other than those included on line 11 If none- enter "NONE-" (a) Name and address of each employee paid more than $50,000 (b) Title, and average hours per week devoted to position (c) Compensation (d)Contributionsto fans e p andedeferrred compensation (e) Ex ense account, other allowances NONE Total number of other employees paid over $50,000 0 ^ I Form 990-PF (2015) 523551 11-24-15 10051116 788682 1160 6 2015.04020 J M FOUNDATION 1160 1 13-6068340 Form 990-PF 2015 J M FOUNDATION Part Vlii Information About Officers , Directors , Trustees , Foundation Managers , Highly Pa e 7 Paid Employees , and Contractors (continued) 3 Five highest-paid independent contractors for professional services. If none, enter "NONE." (a) Name and address of each person paid more than $50,000 SILVERCREST ASSET MANAGEMENT GROUP - 1330 AVENUE OF THE AMERICAS , NEW YORK , NY 10019 SILVERCREST INTERNATIONAL FUND - 1330 AVENUE OF THE AMERICAS , NEW YORK , NY 10019 (c) Compensation (b) Type of service INVESTMENT ADVISORY INVESTMENT ADVISORY 132 698. 84 , 550. Total number of others receivin g over $50 , 000 for p rofessional services Part IX-A 0 Summary of Direct Charitable Activities List the foundation's four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses 1DIRECT ASSISTANCE TO CHARITABLE ORGANIZATIONS 50 , 060. 2 3 4 Part IX-B Summary of Program-Related Investments Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. I Amount N/A 2 All other program-related investments. See instructions. 3 Total. Add lines 1 through 3 0 Form 990-PF (2015) 523561 11-24-15 7 1nn81116 788682 1160 2015.04020 J M FOUNDATION 11601 Form 990-PF 2015 Part X J M FOUNDATION 13-6068340 Page 8 Minimum Investment Return (All domestic foundations must complete this part Foreign foundations, see instructions) 1 Fair market value of assets not used (or held for use) directly in carrying out charitable, etc., purposes: a Average monthly fair market value of securities b Average of monthly cash balances c Fair market value of all other assets d Total (add lines la, b, and c) e Reduction claimed for blockage or other factors reported on lines la and 1c (attach detailed explanation) le 0. Acquisition indebtedness applicable to line 1 assets 3 Subtract line 2 from line l d 4 Cash deemed held 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 6 Minimum investment return . Enter 5% of line 5 Part XI Distributable Amount (see instructions) (Section 4942(j)(3) and (1)(5) private operating foundations and foreign organizations check here ^ = and do not complete this part.) 2 Minimum investment return from Part X, line 6 1 2a Tax on investment income for 2015 from Part VI, line 5 b Income tax for 2015. (This does not include the tax from Part VI.) 3 4 5 6 7 24 , 134 , 283. 1b 1c id 338 , 256 . 692 582 . 25 , 165 121. 2 0 . 3 25 , 165 121. 377 477 . 24 , 787 1 239 644 . 382 . 1 239 382 . 2c 18 3 1 , 220 5 6 7 1 , 220 815 . 567 . 0 . 567. 0 . 567 . is 1b 2 1 , 400 , 107. 0. 1 , 400 , 107. 4 5 6 certain 1 2a 2b 18 , 815. c Add lines 2a and 2b Distributable amount before adjustments. Subtract line 2c from line 1 Recoveries of amounts treated as qualifying distributions Add lines 3 and 4 Deduction from distributable amount (see instructions) Distributable amount as ad usted. Subtract line 6 from line 5. Enter here and on Part XIII line 1 Part XII la 1 , 220 Q ualifying Distributions (see instructions) Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes: a Expenses, contributions, gifts, etc. - total from Part I, column (d), line 26 b Program-related investments - total from Part IX-B 2 Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc., purposes 3 Amounts set aside for specific charitable protects that satisfy the: a Suitability test (prior IRS approval required) b Cash distribution test (attach the required schedule) 4 Qualifying distributions . Add lines la through 3b. Enter here and on Part V, line 8, and Part XIII, line 4 5 Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment 1 6 3a 3b 4 income. Enter 1% of Part I, line 27b 5 18 , 815. 1 381 , 292 6 Adjusted qualifying distributions . Subtract line 5 from line 4 Note . The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the fo undation qualifies for the section 4940(e) reduction of tax in those years. Form 990-PF (2015) 523571 11-24-15 10051116 788682 1160 8 2015.04020 J M FOUNDATION 1160 1 t 4 Form 990-PF (2015) Part XIII J M FOUNDATION 13-6068340 a Pape 9 Undistributed Income (see instructions) (a) Corpus 1 Distributable amount for 2015 from Part XI, llne7 2 Undistributed income, if any, as of the end of 2015 (b) Years prior to 2014 (c) 2014 (d) 2015 1 , 220 , 567. a Enter amount for 2014 only b Total for prior years: 0. 0. 3 Excess distributions ca rryover, if any, to 2015: aFrom 2010 164 061. b From 2011 cFrom 2012 d From 2013 e From 2014 339 , 036. 129 , 315. 29 , 614. 662 , 026. f Total of lines 3a throug h e 4 Qualifying distributions for 2015 from Part XII,line 1 , 400 , 107. a Applied to 2014, but not more than line 2a b Applied to undistributed income of prior years (Election required - see instructions) c Treated as distributions out of corpus (Election required - see instructions) d Applied to 2015 distributable amount e Remaining amount distributed out of corpus 5 0. 0. 0. 1 , 220 , 567. 179 , 540. Excess distributions carryover applied to 2015 (If an amount appears in column (d), the same amount 0. 0. 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 fine 5 841 , 566. 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 0. the section 4942(a) tax has been previously assessed 0. d Subtract line 6c from line 6b. Taxable amount - see instructions 0. e Undistributed income for 2014. Subtract line 4a from line 2a. Taxable amount - see instr. f Undistributed income for 2015. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2016 7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election 8 may be required - see instructions) Excess distributions carryover from 2010 not applied on line 5 or line 7 Excess distributions carryover to 2016 Subtract lines 7 and 8 from line 6a 10 Analysis of line 9. a Excess from 2011 339 , 036. b Excess from 2012 0 0 . 0 . 16 4 0 61 . 9 c Excess from 2013 12 9 315 . d Excess from 2014 29 , 614. e Excess from 2015 179 , 540. 1 523581 677 , 505. Form 990-PF (2015) 11-24-15 9 10051116 788682 1160 2015.04020 J M FOUNDATION 1160 1 Form 990-PF (2015) J M FOUNDATION Part XIV Private Operating Foundations (see instructions and Part VII-A, question 9) 13-606 8140 Page 10 N/A io. F 1 a If the foundation has received a ruling or determination letter that it is a private operating foundation, and the ruling is effective for 2015, enter the date of the ruling b Check box to indicate whether the foundation is a p rivate o p eratin g foundation described in section Prior 3 years Tax year 2 a Enter the lesser of the adjusted net 2015 (b) 2014 (c) 2013 (a) income from Part I or the minimum 4942 (1)( 3 ) or (d) 2012 49420)(5) (e) Total 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 4942(I)(3)(B)(i) b "Endowment" alternative test - enter 2/3 of minimum investment return shown in Part X, line 6 for each year listed c "Support' lternative 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(I)(3)(B)(ui) (3) Largest amount of support from an exempt organization ( 4 ) Gross investment income Part XV Supplementary Info rmation (Complete this part only if the foundation had $5 000 or more in assets at any time during the year-see 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).) None b List any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the ownership of a partnership or other entity) of which the foundation has a 10% or greater interest. None 2 Information Regarding Contribution , Grant, Gift, Loan , Scholarship , etc., Programs: Check here ^ 0 if the foundation only makes contributions to preselected charitable organizations and does not accept unsolicited requests for funds. If the foundation makes gifts, grants, etc. (see instructions) to individuals or organizations under other conditions, complete items 2a, b, c, and d. a The name, address, and telephone number or e-mail address of the person to whom applications should be addressed: See Statement 15 b The form in which applications should be submitted and information and materials they should include: c Any submission deadlines: d Any restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other factors: Form 990-PF (2015) 523601 11 -24-15 10051116 788682 1160 10 2015.04020 J M FOUNDATION 1160 1 Paae11 -6068340 n Grants and Contributions Paid During the Year or Approved for Future Payment If recipient is an individual, Recipient Foundation show any relationship to status of any foundation manager Name and address (home or business) recipient or substantial contributor 3 a Purpose of grant or contribution Amount Paid dung the year BOARD MATCHING GIFTS ONE C ENERAL SUPPORT 116 VILLAGE BLVD. PRINCETON SEE SCHEDULE ATTACHED 116 VILLAGE BLVD. PRINCETON 9 800 NJ 08540 NJ #17 ONE C ENERAL SUPPORT 1 08540 ^ Total b , 3a 137 500 , 1 207 300 , Approved for future payment SEE SCHEDULE ATTACHED #17 ONE C ENERAL SUPPORT 116 VILLAGE BLVD. PRINCETON 0 000 NJ 08540 50000- 10- 3b 1 Total , Form 990-PF (2015) 523811 11-24-15 10051116 788682 1160 11 2015.04020 J M FOUNDATION 1160 1 Form 990-PF (2015) Part XVI-A 13-6068340 J M FOUNDATION Page 12 Analysis of Income - Producing Activities Enter i boss amounts unless otherwise indicated . Unrelate d business income (a) Business code 1 Pr o gram service revenue: (b) Amount Exclu ded b y section 512, 513, or 514 Excus'on code (e) Related or exempt function income (d) Amount a b c d e f 9 Fees and contracts from government agencies 2 Me mbership dues and assessments 3 Int B rest on savings and temporary cash inv estments 4 Div idends and interest from securities 5 Net rental income or (loss) from real estate: 900000 1 , 171. 14 422 , 416. 18 1 , 860 , 382. a Debt-financed property b Not debt-financed property 6 Net rental income or (loss) from personal pro perry 7 0th er investment income 8 Gai n or (loss) from sales of assets other tha n inventory 9 Net income or (loss) from special events 10 Gr o ss profit or (loss) from sales of inventory 11 0th er revenue: a b c d e 12 Sub total. Add columns (b), (d), and (e) 13 Total Add line 12, columns (b), (d), and (e) (See worksheet in line 13 instructions to verify calculations.) Part XVI- B 1 , 171. 13 2,283,969. Relationship of Activities to the Accomplishment of Exempt Purposes Form 990-NF (2015) 523621 11 -24-15 10051116 0. 2 , 282 , 798. 788682 1160 12 2015.04020 J M FOUNDATION 1160 1 Form 990-PF (2015) Part XVII 1 J M FOUNDATION 13 -606 8340 Paae 1 3 Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations Yes No Did the organization directly or indirectly engage in any of the following with any other organization described in section 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 foundation to a noncharitable exempt organization of: (1) Cash X la ( l ) (2) Other assets X la ( 2 ) b Other transactions: (1) Sales of assets to a noncharitable exempt organization X :! _ fl (2) Purchases of assets from a noncharitable exempt organization X lb ( 2 ) (3) Rental of facilities, equipment, or other assets X lb ( 3 ) (4) Reimbursement arrangements 1b 4 X (5) Loans or loan guarantees X lb ( 5 ) (6) Performance of services or membership or fundraising solicitations X lb ( 6 ) 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, ot her ass ets, or services given by the reporting foundation. If the foundation received less than fair market value in any transaction or sharing arrangement, sh ow in 2a Is the foundation 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 5279 h Yes ® No If "Yes " cmmnlete the fnllnwlnn schedule (a) Name of organization (b) Type of organization (c) Description of relationship N/A Sign Here Under penalties of perjury, 1 declare that I have examined this return , including accompanying schedules and statements , and to the best of my knowledge knowledge and belief , it is true , correct, and complete D laration of preparer (other than taxpayer) is based on all information of r Signature officer or trustee PrInt/Type preparer's name Paid 523622 11-24-15 John Corcoran Da Preparer's sl atur May the IR discuss this • J M FOUNDATION 13-6068340 Forim 990-PF Dividends and Interest Capital Gains Dividends from Securities (a) Revenue Per Books Statement (b) Net Investment Income Source Gross Amount DIVIDENDS AND INTEREST 423,587. 0. 423,587. 423,587. To Part I, 423,587. 0. 423,587. 423,587. line 4 Form 990-PF Legal Fees (a) Expenses Per Books Description LEGAL SERVICES To Fm 990-PF, Pg 1, In 16a Form 990-PF OWEN J. FLANAGAN &CO. ACCOUNTING AND TAX LEAR & PANNEPACKER To Form 990-PF, Pg 1, 10051116 788682 1160 (c) Adjusted Net Income Statement (b) Net Investment Income (c) Adjusted Net Income 2 (d) Charitable Purposes 1,719. 0. 1,719. 1,719. 0. 1,719. Accounting Fees Description 1 Statement (a) (b) (c) Expenses Per Books Net Investment Income Adjusted Net Income 3 (d) Charitable Purposes - In 16b 19,000. 2,798. 19,000. 0. 0. 2,798. 21,798. 19,000. 2,798. 14 2015.04020 J M FOUNDATION Statement(s) 1, 1160 2, 3 1 J M FOUNDATION 13-6068340 For7n 990-PF Other Professional Fees (a) Expenses Per Books Description Statement (b) Net Investment Income (c) Adjusted Net Income 4 (d) Charitable Purposes SILVERCREST - INV. ADVISORY FEES 132,698. 132,698. 0. FUND - INV 84,550. 84,550. 0. SILVERCREST SPECIAL SITUATIONS FUND - INV SILVERCREST SMALL CAP FUND 48,396. 48,396. 0. - INV 55,911. 55,911. 0. 321,555. 321,555. 0. SILVERCREST INTERNATIONAL To Form 990-PF, Pg 1, In 16c Form 990-PF Taxes Description UNRELATED BUSINESS TAXES EXCISE TAXES To Form 990-PF, Pg 1, In 18 (a) (b) Expenses Per Books Net Investment Income (c) Adjusted Net Income Description BANK CUSTODY FEES SPECIAL PROJECTS POSTAGE SERVICE CONTRACTS OFFICE SUPPLIES WORKERS COMPENSATION GENERAL AND OTHER D & 0 INSURANCE REIMBURSEMENT NYS FILING FEES PENALTIES To Form 990-PF, Pg 1, 1160 In 23 5 (d) Charitable Purposes 2,633. 0. 0. 18,500. 0. 0. 21,133. 0. 0. Statement Other Expenses Form 990-PF 10051116 788682 Statement (a) (b) Expenses Per Books Net Investment Income 6 (c) Adjusted (d) Charitable Net Income Purposes 11,116. 10,875. 370. 22,321. 850. 246. 12,266. 669. - 330,552. 750. 377. 11,116. 0. 56. 3,348. 128. 37. 1,840. 0. -33,055. 0. 0. 0. 10,875. 314. 18,973. 722. 209. 10,426. 669. -292,283. 750. 0. -270,712. -16,530. 249,345. 15 2015 .04020 J M FOUNDATION Statement ( s) 4, 1160 5, 6 1 J M FOUNDATION 13-6068340 Footnotes COMPENSATION OF OFFICERS, Statement 7 ETC. CERTAIN OFFICERS OF THE FOUNDATION PROVIDE SERVICES TO BOTH THIS FOUNDATION AND THE MFR FOUNDATION. THE SALARIES ARE PAID AND REPORTED BY THE JM FOUNDATION IN FULL BUT HALF OF THE SALARIES ARE CHARGED TO THE MFR FOUNDATION AS A MANAGEMENT FEE THE TOTAL COMPENSATION FOR THE SHARED OFFICERS ARE AS FOLLOWS: 66,890. 226,000. CHRIS OLANDER CARL HELSTROM 10051116 788682 1160 16 2015.04020 J M FOUNDATION Statement(s) 7 1 1160 J M FOUNDATION Form 990-PF 13-6068340 Other Decreases in Net Assets or Fund Balances Statement 8 Description Amount CHANGE IN UNREALIZED APPRECIATION NET OF TAXES 2,288,620. Total to Form 990-PF, Part III, line 5 2,288,620. Form 990-PF Corporate Stock Description Book Value STOCKS #16 Total to Form 990-PF, Part II, Form 990-PF line 10b Total to Form 990-PF, Part II, line 10c Form 990-PF Other Investments Valuation Method Description SILVERCREST INTERNATIONAL FUND SILVERCREST SPECIAL S ITUATIONS SILVERCREST SMALL CAP L.P. GLOBAL OPPORTUNITIES FUND OTHER 10051116 788682 1160 FMV FMV FMV FMV COST line 13 Fair Market Value 12,491,638. 12,491,638. 12,491,638. Statement Book Value CORPORATE BONDS #16 9 12,491,638. Corporate Bonds Description Total to Form 990-PF, Part II, Statement 10 Fair Market Value 1,802,106. 1,802,106. 1,802,106. 1,802,106. Statement Book Value 11 Fair Market Value 3,839,141. 2,200,151. 2,098,107. 67,246. 653. 3,839,141. 2,200,151. 2,098,107. 67,246. 653. 8,205,298. 8,205,298. 17 Statement(s) 2015.04020 J M FOUNDATION 8, 9, 10, 1160 11 1 13-6068340 J M FOUNDATION Form 990-PF Other Assets Description Beginning of Yr Book Value DEFERRED COMPENSATION INVESTED MILBANK FOUNDATION FOR REHABILITATION To Form 990-PF, Part II, line 15 Form 990-PF Statement End of Year Book Value 301,738. 301,738. 324,759. 330,552. 330,552. 678,405. 632,290. 632,290. Statement BOY Amount TAXES PAYABLE RESERVE FOR DEFERRED COMPENSATION DEFERRED TAXES DUE TO BROKER Total to Form 990-PF, Part II, 10051116 788682 1160 Fair Market Value 353,646. Other Liabilities Description 12 line 22 18 2015.04020 J M FOUNDATION 13 EOY Amount 120,373. 353,646. 24,000. 0. 73,666. 301,738. 0. 387,881. 498,019. 763,285. Statement(s) 12, 13 1 1160 J M FOUNDATION Form 990-PF 13-6068340 Part VIII - List of Officers, Directors Trustees and Foundation Managers Title and Avrg Hrs/Wk Name and Address Statement Employee Ben Plan Expense Contrib Account Compensation CHRIS OLANDER C/O JM FOUNDATION PRINCETON, NJ 08540 EXEC DIR EMERITUS/ASST SEC JEREMIAH BOGERT C/O JM FOUNDATION PRINCETON, NJ 08540 VICE PRESIDENT MARY E. CASLIN ROSS C/O JM FOUNDATION PRINCETON, NJ 08540 DIRECTOR WM. LEE HANLEY, JR. C/O JM FOUNDATION PRINCETON, NJ 08540 TREASURER JEREMIAH MILBANK III C/O JM FOUNDATION PRINCETON, NJ 08540 PRESIDENT PETER C. MORSE C/O JM FOUNDATION PRINCETON, NJ 08540 SECRETARY CARL HELSTROM C/O JM FOUNDATION PRINCETON, NJ 08540 EXECUTIVE DIRECTOR/ASST TR Totals included on 990-PF, 10051116 788682 1160 10.00 66,890. 29,257. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 226,000. 71,970. 0. 292,890. 101,227. 0. 1.00 1.00 1.00 1.00 1.00 20.00 Page 6, Part VIII 14 19 2015.04020 J M FOUNDATION Statement(s) 1160 14 1 13-6068340 J M FOUNDATION Form 990-PF Grant Application Submission Information Part XV, Lines 2a through 2d Statement 15 Name and Address of Person to Whom Applications Should be Submitted CARL HELSTROM 116 VILLAGE BLVD. PRINCETON , NJ 08540 Telephone Number 609-951-2283 Form and Content of Applications BRIEF LETTER OR PROPOSAL IN BUSINESS LETTER FORMAT THAT EXPLAINS THE ORGANIZATION'S MISSION AND THE PROJECT FOR WHICH YOU SEEK FUNDING. Any Submission Deadlines NO FORMAL PROPOSAL DEADLINES. THE BOARD MEETS IN MAY AND OCTOBER. Restrictions and Limitations on Awards PROPOSALS FOR THE FOLLOWING ARE RARELY APPROVED: ANNUAL APPEALS, THE ARTS, CAPITAL CAMPAIGNS, EQUIPMENT, ENDOWMENTS, GOVERNMENT ENTITIES, INDIVIDUALS, INTERNATIONAL PROJECTS, MULTI-YEAR GRANTS, POLITICAL CAUSES AND ORGANIZATIONS LACKING TAX-EXEMPT STATUS. 10051116 788682 1160 20 2015.04020 J M FOUNDATION Statement(s) 1160 15 1 S I LV E R C R EST ASSET MANAGEMENT GROUP FIXED INCOME SECTOR SUMMARY JM Foundation Portfolio December 31, 2015 SECTOR TOTAL ADJUSTED MARKET PCT. EST. ANNUAL YIELD YTM COST VALUE FIXED INCOME (% ) (%) FIXED INCOME HOLDINGS FINANCIAL FOREIGN INDUSTRIAL REVENUE US AGENCY 197,653 35 82,606.53 395,627.83 43,410 61 309,659 01 197,304 50 86,277.75 395,912 15 43,905.20 315,352 63 109 48 22 0 2.4 17 5 4,794.75 4,350.00 18,816 50 1,947.20 10,791.00 2.43 5.04 4.75 4.44 3 42 1 2 2 2 1 US TREASURY UTILITIES 718,664.26 51,913.53 710,991 84 52,361 50 395 2.9 7,457 61 2,72500 1.05 5.20 0 56 1 68 1,799,535.12 1,802,105.57 12,164.53 100.0 100.0 50,882.07 2.82 1.31 1,799,535.12 1,814,270.10 100.0 50,882.07 2.82 1.31 1,799,535.12 1,814,270.10 100.0 50,882.07 2.82 1.31 Accrued Interest TOTAL MANAGED FIXED INCOME 6 52 33 01 43 50 .? S I LV E R C R EST ASSET M A N A G E M E N T G R O U P FIXED INCOME HOLDINGS REPORT Holdings by Maturity JM Foundation Portfolio December 31, 2015 QUANTITY SECURITY MATURITY: UNDER 1 UNIT TOTAL COST COST PRICE PCT. YIELD VALUE FIXED (%) MOODY YR 55,000 JP MORGAN CHASE & CO MEDIUM TERM SR NTS 0 95% due 02-26-2016, (eff. mat. 02-26-2016) 50,000 40,000 100.00 55,000.00 100.01 55,004 40 3.0 0 95 A3 PRIVATE EXPT FDG CORP 2 12% due 07-15-2016, (eff. mat. 07-15-2016) 99.99 49,993.02 100.59 50,296.00 2.8 2.11 Aaa UNITED STATES TREAS BDS 7.50% due 11-15-2016, (eff. mat 11.15-2016) 103.90 41,561.59 105 71 42,282.80 2.3 710 Aaa 92007 0.1 148,503 27 8.2 3.11 Accrued Interest 146,554.61 MATURITY : 1 MARKET YR - 3 YRS 50,000 HONEYWELL INTL INC 5.30% due 03-15-2017, (eff -mat. 03-15-2017) 104.32 52,160.32 104 84 52,418 00 29 5.06 A2 50,000 XTRA FIN CORP 5.15% due 04-01-2017, (eff. mat 04-01-2017)' 50,000 NATIONAL RURAL UTILS COOP FIN 104.47 52,235.18 104.29 52,14600 2.9 4 94 Aa2 103 83 51,913.53 104.72 52,361 50 29 5.20 Al GENERAL ELEC CAP CORP MTN BE 100.28 40,110 16 100.48 40,19200 22 1 37 Al 1 37% due 08-01-2017, (eff. mat. 08-01-2017) UNITED STATES TREAS NTS 1.87% due 09-30-2017, (eff. mat 09-30-2017) 101 46 101,457.80 101.41 101,410 00 5.6 1 85 Aaa 107.49 42,996.76 107 66 43,064 00 2.4 5.34 A3 99.99 84,993.94 107.13 91,059.65 50 4.20 Aaa 99.80 49,898.29 99 56 49,781.50 2.7 126 Al 101.63 473,676.69 99.81 465,193 54 25.6 013 Aaa 5 45% due 04-10-2017, (eff. mat. 04-10-2017) 40,000 100,000 40,000 85,000 50,000 453,000 UNION PAC CORP 5.75% due 11-15-2017, (eff. mat. 11-15-2017) TENNESSEE VALLEY AUTH 4 50% due 04-01-2018, (eff. mat. 04-01-2018) SANOFI-AVENTIS 1.25% due 04-10-2018, (eff. mat. 04-10.2018) UNITED STATES TREAS NTS 0 12% due 04-15-2018, (eff. mat. 04-15-2018) Inflation factor 1.02890 7 S1 LV E R C R EST ASSET MANAGEMENT GROU P FIXED INCOME HOLDINGS REPORT Holdings by Maturity JM Foundation Portfolio December 31, 2015 QUANTITY 45,000 SE C U RITY I LITTON 1NDS INC UNIT TOTAL COST COST PRICE MARKET PCT. YIELD VALUE FIRED (% ) MOODY 109.61 49,325 06 109 68 49,357.35 27 615 Baal 101.15 40,460.56 100.57 40,227.60 22 2 04 A2 99.92 49,957.61 99.85 49,926 50 28 1 75 Aal 99.70 49,850.34 100 31 50,156 50 28 1 37 Aaa 10000 75,000.00 99.92 74,938 50 4.1 1 45 Aaa 6 75% due 04-15-2018, (eff. mat 04-15-2018) 40,000 BB&T CORPORATION 2 05% due 06-19-2018, (eff mat. 06-19-2018) 50,000 TORONTO DOMINION BANK 1.75% due 07-23-2018, (eff. mat. 07-23-2018) 50,000 UNITED STATES TREAS NTS 1 37% due 09-30-2018, (eff. mat. 09-30-2018) 75,000 FEDERAL HOME LOAN BANKS 1 1.45% due 12-28-2018, (eff. mat. 12-28-2018) Accrued Interest 1,2 14,036.24 5,346 43 0.3 1,217,579.07 67.1 2.00 MATURITY : 3 YRS - 5 YRS 25,000 MCDONALDS CORP MED TERM NT BE 108.85 27,213 04 108 04 27,01075 15 463 Baal 113 33 47,599.69 112.50 47,25000 26 551 Al 99.93 49,963.52 107 13 53,564.50 30 3 73 Aa2 124 37 59,695.61 123.23 59,148.48 33 6 59 Aaa 121 37 30,341 26 124.43 31,107 00 1 7 7.84 Aal 122 72 24,544.26 12400 24,799.80 1.4 6 75 Aa3 108.53 43,410 61 109 76 43,905.20 24 4.44 Aa3 5.00% due 02-01.2019, (eff. mat. 02-01-2019) 42,000 PFIZER INC 6.20% due 03-15-2019, (eff. mat. 03-15.2019) 50,000 ONTARIO PROV CDA 4 00% due 10-07-2019, (eff. mat. 10-07-2019) RESOLUTION FDG CORP 8.12% due 10-15-2019, (eff. mat. 10-15.2019) 25,000 TEXACO CAPITAL INC 9 75% due 03-15-2020, (eff mat 03-15-2020) 20,000 UNITED PARCEL SVC AMER INC 48,000 40,000 8.37% due 04-01-2020, (eff. mat. 04-01-2020) MASSACHUSETTS ST DEV FIN AGY R 4.87% due 04-01-2020, (eff. mat. 04-01-2020) 8 S 1 LV E R C R EST ASSET MANAGEMENT G R O U P M FIXED INCOME HOLDINGS REPORT Holdings by Maturity JM Foundation Portfolio December 31, 2015 SECURITY QUANTITY 50 000 UNITED STATES TREAS NTS 2 62% due 11 -15-2020, ( eff. mat. 11 -15-2020) Accrued Interest UNIT TOTAL COST COST 104.24 52,117.84 PRICE 103.90 334,885.82 MARKET PCT. YIELD VALUE FIRED (%) 2.53 51,949.00 29 4,366.69 0.2 343,101.42 18.9 5.06 MOODY Aaa MATURITY : 5 YRS - 7 YRS 25,000 40,000 HYDRO-QUEBEC 13057 32,643.01 130.85 32,713.25 1.8 7.18 Aa2 99.94 39,976 45 99 77 39,910.00 22 2 30 Aaa 1,175.09 01 73,798.34 4.1 4.50 30,931.75 1.7 5 46 356.25 0.0 31,288.00 1.7 5.46 1,814,270.10 100.0 2.82 940% due 02-01-2021, ( eff. mat . 02-01-2021) FEDERAL FARM CR BKS 2 29% due 04-14-2022, ( eff. mat. 04-14-2022) Accrued Interest 72,619.46 MATURITY: 7 YRS - 10 YRS 25,000 WAL-MART STORES INC 125.76 31,439 00 6 75% due 10-15-2023, (eff. mat. 10-15-2023) Accrued Interest 1,799,535.12 TOTAL MANAGED FIXED INCOME 9 123 73 Aa2 S I LV E R C R EST ASSET MANAGEMENT G R O U P EQUITY SECTOR SUMMARY JM Foundation Portfolio December 31, 2015 TOTAL SECTOR COST MARKET VALUE PCT. EST . ANNUAL YIELD EQUITY INCOME (%) CAPITAL MARKETS FUNDS - EQUITY GLOBAL DEEP VALUE FUNDS 70,927 67,246 05 0 000 70,927 67,246 0.5 0 0.00 CONSUMER DISCRETIONARY & SERVICES 1,128,996 CONSUMER STAPLES ENERGY FINANCIAL SERVICES HEALTH CARE MATERIALS & PROCESSING PRODUCER DURABLES TECHNOLOGY UTILITIES & TELECOMMUNICATIONS 587,395 863,637 1,966,764 1,210,673 631,651 1,541,490 1,090,662 621,996 1,502,180 1,062,210 831,214 12.0 85 66 28,549 22,185 22,192 1.90 2 09 2.67 2,792,152 1,574,773 22.2 12 5 78,534 28,257 2.81 1 79 584,170 1,479,975 1,673,782 47 118 13.3 8,900 21,040 18,190 1.52 1 42 1.09 COMMON STOCK TOTAL MANAGED EQUITY 991,181 79 30,052 3.03 9,643,264 12,491,638 99.5 257,899 2.06 9, 714,191 12,558,884 100.0 257,899 2.05 Footnote. Information on this report excludes unsupervised assets , if applicable. 10 S I LV E R C R EST ASSET MANAGEMENT G R O U P EQUITY HOLDINGS REPORT JM Foundation Portfolio December 31, 2015 QUANTITY SECURITY UNIT TOTAL COST COST PRICE MARKET PCT. ANNUAL YIELD VALUE EQUITY INCOME (%) COMMON STOCK CONSUMER DISCRETIONARY & SERVICES 3,200 BORGWARNER INC COM 6,700 CINEMARK HOLDINGS INC COM 2,000 HOME DEPOT INC COM 3,500 OMNICOM GROUP INC COM 5,500 ROSS STORES INC COM 2,700 TIFFANY & CO NEW COM 6,500 WOLVERINE WORLD WIDE INC COM 61 41 196,523 43.23 138,336 1 1 1,664 1.20 32 99 221,062 33 43 223,981 18 6,700 2 99 25.51 39 72 3008 65 91 27.38 51,013 139,035 165,443 177,947 177,973 132.25 75.66 53.81 76.29 16 71 264,500 264,810 295,955 205,983 108,615 2 1 2 1 24 16 0.9 4,720 7,000 2,585 4,320 1,560 1.78 2 64 0.87 2 10 1 44 1,502,180 12.0 28,549 1.90 195,540 359,400 269,040 238,230 1 6 2.9 2.1 1.9 3,400 6,750 4,080 7,955 1 74 1.88 1 52 3 34 1,062,210 8.5 22,185 2.09 13 7,490 4 76 15 0.8 1.5 1,742 0 3,960 0.95 0.00 2 12 1.6 6.6 9,000 22,192 4.44 2.67 1,128,996 CONSUMER STAPLES 2,000 CVS HEALTH CORP COM 3,750 INGREDION INC COM 6,000 MONDELEZ INTL INC CL A 3,000 PROCTER & GAMBLE CO COM 26.90 69 70 38.53 13.68 53,798 261,361 231,197 41,039 97 77 95.84 44.84 79.41 587,395 ENERGY 1,750 2,600 8,000 5,500 3,000 CHEVRON CORP NEW COM EOG RES INC COM 9028 49 72 157,989 129,267 89.96 70 79 157,430 184,054 FORUM ENERGY TECHNOLOGIES INC COM HALLIBURTON CO COM 24.92 23 84 199,371 131,124 OCCIDENTAL PETE CORP DEL COM 81.96 245,887 12 46 34.04 67.61 99,680 187,220 202,830 863,637 FINANCIAL SER VICES 2,300 AMERIPRISE FINL INC COM 11,500 BANCORPSOUTH INC COM 4,400 BANK OF THE OZARKS INC COM 600 BLACKROCK INC COM 3,800 IBERIABANK CORP COM 7,500 MARSH & MCLENNAN COS INC COM 28.37 18.36 32.71 190.59 64.66 25.15 11 831,214 65,242 106.42 244,766 1.9 6,164 2 52 211,173 23 99 275,885 22 4,600 1 67 143,922 4946 217,624 1.7 2,640 1.21 114,354 245,695 188,591 340 52 55 07 55.45 204,312 209,266 415,875 16 1.7 33 5,232 5,168 9,300 2.56 2 47 2.24 S I LV E R C R EST ASSET MANAGEMENT G R O U P EQUITY HOLDINGS REPORT JM Foundation Portfolio December 31, 2015 SECURITY QUANTITY UNIT TOTAL COST COST PRICE MARKET PCT. ANNUAL YIELD VALUE EQUITY INCOME (%) 3,500 MID-AMER APT CMNTYS INC COM 62.30 218,065 90 81 317,835 25 11,480 3 61 6,000 PACWEST BANCORP DEL COM 28.76 172,569 43 10 258,600 2.1 12,000 4.64 7,000 PEBBLEBROOK HOTEL TR COM 2,700 PNC FINL SVCS GROUP INC COM 5,625 WEINGARTEN RLTY INVS SH BEN INT 36 80 82.47 22.56 257,580 222,659 126,913 2802 95 31 34 58 196,140 257,337 194,512 16 2.0 1.5 8,680 5,508 7,762 4.43 2 14 3.99 2,792,152 22.2 78,534 2.81 1,966,764 HEALTH CARE 6,300 ABBOTT LABS COM 2,000 AMERISOURCEBERGEN CORP COM 3,500 DENTSPLY INTL INC NEW COM 39.45 39.08 37.14 248,542 78,162 130,004 4491 103 71 60.85 282,933 207,420 212,975 23 1.7 1 7 6,552 2,720 1,015 2.32 1 31 0 48 7,000 4,250 PFIZER INC COM STERIS PLC SHS 32.84 75 54 229,893 321,066 32.28 75 34 225,960 320,195 18 2.5 8,400 4,250 3 72 1.33 3,500 STRYKER CORP COM 58.00 203,006 92.94 325,290 2.6 5,320 1.64 1,574,773 12.5 28,257 1.79 1,210,673 MATERIALS & PROCESSING DU PONT E I DE NEMOURS & CO COM 57.69 201,909 66 60 233,100 19 5,320 2.28 3,500 MINERALS TECHNOLOGIES INC COM 6,000 POLYONE CORP COM 52 88 40.78 185,071 244,670 45 86 31 76 160,510 190,560 13 1 5 700 2,880 0.44 1.51 584,170 4.7 8,900 1.52 3,500 631,651 PRODUCER DURABLES 6,000 EMCOR GROUP INC COM 4,500 JACOBS ENGR GROUP INC DEL COM 3,000 5,000 3,000 LITTELFUSE INC COM MSA SAFETY INC COM ROCKWELL COLLINS INC COM 2,400 UNION PAC CORP COM 43.69 61.33 262,131 276,007 48 04 41 95 288,240 188,775 23 1.5 1,920 0 0.67 0.00 79.62 52 23 77 35 238,850 261,152 232,041 107 01 43 47 92 30 321,030 217,350 276,900 26 1 7 22 3,480 6,400 3,960 1.08 2.94 1.43 271,309 78.20 187,680 1,479,975 1.5 11.8 5,280 21,040 1.42 310,300 2.5 0 0.00 113.05 1,541,490 • 2.81 TECHNOLOGY 14,500 ACI WORLDWIDE INC COM 13.19 12 191,245 21 40 S1 LV E R C R EST A S S E T MANAGEMENT G R O U P EQUITY HOLDINGS REPORT JM Foundation Portfolio December 31, 2015 SECURITY QUANTITY 205 205 9,000 8,500 ALPHABET INC CAP STK CL A ALPHABET INC CAP STK CL C CISCO SYS INC COM E M C CORP MASS COM 2,000 3,000 7,500 UNIT TOTAL COST CO ST PR IC E MARKET PCT . ANNUAL YIELD V A LU E EQU ITY I N COM E (% ) 308.87 63,319 778.01 159,492 1.3 0 0 00 308.83 63,311 758 88 155,570 1.2 0 000 29 73 267,584 27 15 244,395 19 7,560 3.09 26.89 228,539 25 68 218,280 17 3,910 1.79 FEI CO COM 29 55 59,096 79 79 159,580 13 2,400 1 50 MICROSOFT CORP COM PTC INC COM 25 71 77,145 55 48 166,440 1.3 4,320 2 60 18.72 140,421 3463 259,725 2.1 0 0.00 1,673,782 13.3 18,190 1.09 328,625 245,856 26 2.0 7,480 6,552 2 28 2 66 2 54 1,090,662 UTILITIES & TELECOMMUNICATIONS 5,500 AMERICAN WTR WKS CO INC NEW COM 3,900 ATMOS ENERGY CORP COM 4,000 MGE ENERGY INC COM 5,000 VERIZON COMMUNICATIONS INC COM 21.74 47.14 119,563 183,856 59 75 63 04 38.29 153,180 4640 185,600 1 5 4,720 33.08 165,397 46.22 231,100 18 11,300 4.89 621,996 991,181 7.9 30,052 3.03 9,643,264 12,491,638 99.5 257,899 2.06 CAPITAL MARKETS FUNDS - EQUITY GLOBAL DEEP VALUE FUNDS 70.9265781 SILVERCREST GLOBAL OPPRT INT 7/1/08 2A' 1,000.00 TOTAL MANAGED EQUITY 13 67,246 05 0 0.00 70,927 67,246 0.5 0 0.00 9,714,191 12,558,884 100.0 257,899 2.05 70,927 948.10 j v1 7 Grants Awarded in 2015 American Enterprise Institute Amount $50.000 Category Grants Awarded in Year 2015 Location Washington, DC To support educational programs Anglosphere Society Amount $5,000 Category Grants Awarded in Year 2015 Location New York, NY Toward educational activities Boys & Girls Clubs of Central Virginia Amount $7,500 Category Grants Awarded in Year 2015 Location Charlottesville, VA For youth serN ices Boys & Girls Clubs of the Lowcountry Amount $30,000 Category Grants Awarded in Year 2015 Location Bluffton, SC To support the Jasper County Boys & Gil IS Club Center for Equal Opportunity Amount $15.000 Category Grants Awarded in Year 2015 Location Falls Church. VA Toward educational activities Civitas Institute Amount $40,000 Category Grants Awarded in Year 2015 Location Raleigh, NC To support "Mapping the Left" 0 `r , 4,' . Classroom, Inc. Amount $25.000 Category Grants Awarded in Year 2015 Location New York, NY For educational programs Donors Trust Amount $25.000 Category Grants Awarded in Year 2015 Location Alexandria. VA I'oward "Talent Market Encounter Books Amount $25,000 Category Grants Awarded in Year 2015 Location New York, NY To support publications Federalist Society Amount $30,000 Category Grants Awarded in Year 2015 Location Washington, DC Toward educational activities N,ti-ith state think tanks Freedom Trust Amount $20,000 Category Grants Awarded in Year 2015 Location Denver, CO To support graduate fellowships Fund for American Studies Amount $50.000 Category Grants Awarded in Year 2015 Location Washington, DC For the Robert Novak Journalism Fellowship Program • ^^ r 41• A Georgia Center for Opportunity Amount $40,000 Category Grants Awarded in Year 2015 Location Norcross, GA To support a "Breakthrough Research Fellow" Hoover Institution Amount $40.000 Category Grants Awarded in Year 2015 Location Stanford, CA Toward educational programs in Washington DC Illinois Policy Institute Amount $40,000 Category Grants Awarded in Year 2015 Location Chicago, IL For "Budget Solutions 2016" a S ^ a Institute for Humane Studies Amount $40,000 Category Grants Awarded in Year 2015 Location Arlington. VA Toward the "Find Scholars- Program James Madison Institute Amount $40,000 Category Grants Awarded in Year 2015 Location Tallahassee, FL To support the Center for Educational Entrepreneurs Just Facts Amount $20,000 Category Grants Awarded in Year 2015 Location Chatham. NJ For educational programs