Picower Foundation - 2003 Tax Return

i A
F orm 990 ' PF Return of Private Foundation

or Section 4947(a)(1) Nonexempt Charitable Trust
OMB No 1545 - 005 2
Department of the T reasury

Internal Revenue Service
Treated a s a Private Foundation
Note: The organization may be able to use a copy of this return to satisfy state repo rting
2003
For calendar year 2003 , or tax year beginn i ng , 2003 , and endin g 20
G Check all that apply : ❑ Initial return ❑ Final return ❑ Amended return ❑ Address chang e ❑ Name change
U se th e IRS Name of o rganization A Employer identification number
label . The Picower Foundatio n 13 ;69?704 3
Otherwise , Number and street (or P 0 box number if mail is not delivered to street address) Room/suite o ieiepnone iwrnoer see page iu oi in e instructions)
print
1410 South Ocean Blv d (561 ) 835-133 2
or type .
See Specific City or town, state, and ZIP code C If exemption application is pending, check here ► ❑
Instruction s . FL 3348 0
Palm Beach, D 1 . Foreign organizations, check here ► ❑
H Check type of organization : [5~ Section 501(c)(3) exempt private foundatio n 2. Foreign organizations meeting t he 85% test ,
❑ Section 4947(a)(1) nonexempt charitable trust ❑ Other taxable private foundation check here and attach computation . ► ❑
E If private foundation status was t erminated
I Fair market value of all assets at end J Accounting method : Q Cash ❑ Accrual under section 507(b)(1)(A), check here ► ❑
of year (from5
Part fl, col. (c), ❑ Othe r-----------------------•----- F If the foundati o n is in a 6 0-mo nt h te rm inati o n
2 3 427,191 (specify)
line 16) ► $ (Part 1, column (d) must be on cash basis.) under section 507(b)( 1)( B), chec k here . ► ❑
Analysis of Revenue and Expenses (The total of (a) Reven u e an d (d) D isbur se m ents
expenses per ( b) Net ~rno ;tment
amounts in columns (b), (c), and (d) may not necessarily equal (c) A djusted net for charitab le
books inc income purposes
the amounts in column (a) (see page 10 of the instructions)) (cash basis only)
1 Contributions, gifts, grants, etc , received (attach schedule)

Check ► ❑ if the foundation is not required to attach Sch B
2 Distributions from split-interest trusts .
~a^ 17,260 .E 17,260 .
3 Interest on savings and temporary cash investments
4 Dividends and interest from securities . 6,043,666 . 6,043,666 .
r-i 5a Gross rents .
b (Net rental income or (loss)
C-)
6a Net gain or (loss) from sale of assets not on line 10
G b Gross sales price for all assets on line 6 a
7 Capital gain net income (from Part IV, line 2) .
0 8 Net short-term capital gai n
W 9 Income modification s
Z 1 0a Gross sales less returns and allowances
Z
b Less : Cost of goods sol d
U c Gross profit or (loss) (attach schedule) .
6!? 2
11 Other income (attach schedule) .
12 Total . Add lines 1 th r 6,060,92 8 6 , 060 , 926 . 0
13 Comp nsatio r , tr stees, etc . 25,000
y 14 Other s and w a 424,38 4 424 384 .
15 Pensi ns, g~p~ ~e fit ~ 48,610 .
6a Legal a s e ureg 1 396,695 .
I 1 b Accou in fees " , 2
c Other ofess~ewr~l ~c Mtta~lchedNle) .
~ 17 Interest ~~ . . .~
L
18 Taxes (attach schedule) (see page 13 of the instructions) 48,181 38,181 .
19 Depreciation (attach schedule) and depletio n 651,174
20 Occupancy . 996 .53 7 996 537 .
V
a 21 Travel, conferences, and meetings . 1,745 .
22 Printing and publication s
23 Other expenses (attach schedule) 1 53 - 346 .
S 24 Total o perating and adm i n is trative e xpe nses .
2,807,903 2,121,729 .
Add lines 13 through 2 3
& 25 Contributions, gifts, grants paid . 22,262,540 22 262 540 .
O 26 Total expenses and disbursements. Add lines 24 and 25 0 124 .384 .269 .
27 Subtract line 26 from line 12 :
a E xcess of re ven ue over expenses an d d isburse m ents
b Net investment income (if negative, enter -0-) . 6,060,926 .
c Adj usted net in c ome (if negative, enter -0-) . 0
For Paperwork Reduction Act Notice , see the instructions . Cat No 11 289 X Form 990- PF (2003)
Form 990 - PF (2003) Pag e 2
Attached schedules and amounts in the description column Beginning of year E nd of yea r
Balance Sh eets should be for end-of-year amounts only (See instructions )
(a) Book Value (b) Book Value (c) Fair Ma rket Val ue
1 Cash-non-interest-bearing 6,929 . 5 , 028 . 5,028 .
2 Savings and temPorarY cash investments 716 .188 . 1,594,474 . 1,594,474 .
3 Accounts rece ivable ► . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less : allowance for doubtful accounts ► ____________________ _
4 Pledges receivable ► ____________________________________________
Less : allowance for doubtful accounts ► . . . . . . . . . . . . . . . . . . . . .
5 Grants receivabl e
6 Receivables due from officers , directors , trustees , and othe r
disqualified persons (attach schedu l e) ( see page 15 of the
instructions)
7 Other notes and loans re c eiv able (attac h sche d ule) Io -----------------
H Less- allowanc e fo r d oubtful acco un ts ►_____________________________
8 Inventories for sale or use .
9 Prepaid expenses and deferred charges . 11,126 . 11,126 .
10a Inves tments-U S . and stat e gov ernmen t o bligation s ( att ach sch edule) 76,455 .476 . 357,234,733 . 358 , 287,289 .
b Investments-corporate stock (att ach schedule) 77,174,373 .1 77 .137,920 . 157,953,192 .
c Investments-c orporate bonds (attach sc h edu l e ) .
11 In vestments-land , buildings, and e quipment basi s ► _______________
L ess : a c cumulated depre ciation (a tt ac h sc hedule ) lo -------------------
12 Investments-mo rtgage loan s
13 Investments- other (attach schedule) .
14 Land , buildings, and equipment. basis ► .__ . 042_, 0 1 2
Les s : ac c umulat e d de pre ciation (attac h sche d u le ) ►__ 1_~46 7 _ ~ 740 . 6,213,770 . 5,574,272 . 5,574,272 .
15 Other assets (describe ► T-ra- ns it__C h e k
----------------------- 2,016 . 1,810 . 1,810 .
16 Total assets (to be completed by all fil ers -see page 16 of
the instructions . Also , see page 1 , item I ) 460,568,752 . 1 441,559,363 . 1 523,427,191 .
17 Accounts payable and accrued expenses 583 . 709 .
18 Grants payabl e
d 19 Deferred revenue .
20 Loans from off ic ers , d irect or s, tru s tees, and other di squalifie d pe rso n s
ea 21 Mo rtgages and other notes payable (attach schedu le)
J 22 Other liabilities (descr ibe ► ____________________________________ _
23 Total lia biliti es (add lines 17 through 22) . 583 .1 709 .

Organ i zations that follow SFAS 11 7, c heck he re ► ❑
N and complete l i nes 24 through 26 and lin es 30 and 31 .
d
V
24 Unrestricted
is 25 Temporarily restricted
26 Permanently restricted .
c O rg a n i zation s th at d o n ot f o ll o w SFAS 11 7, ch ec k here ►
and c omplet e lines 2 7 th ro ugh 31 .
460, 568,169 .441,558,654 .
0 27 Capital stock, trust principal, or current funds .
28 Paid-in or capital surplus, or land, bldg ., and equipment fund
d 29 Retained earnings, accumulated income, endowment, or other fund s
30 Total net a ssets or fund b a lan ces (see page 17 of th e
instructions ) 460 .568,169 .1441,558,654 .
d
Z 31 T otal liab ilitie s and net asse t s/fund bala n c es (see page 17 of
460,568,752 .441,559,363 .
F7M Analysis of Changes in Net Assets or Fund Balance s
1 Total net assets or fund ba lances at beginn ing of year-Part II , column (a), line 30 ( must agree with
end-of-year figure repo rted on prior year's return) . 460,568,169 .
2 Enter amount from Part I , line 27a . (19,009,515 .)
3 Other increases not included i n l ine 2 (itemize) ► . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Add lines 1 , 2 , and 3 441,558,654 .
5 Decreases not inc l uded in line 2 (itemize ) ► . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 Total net assets or fund balances at end of year (line 4 minus l i ne 5~- Part II , column ( b ), line 30 . 441,558,654 .
Form 990- PF (2003)
Form 990- P F (2003) Page 3
MIM C a p ital Gain s a nd Losses for Tax on Investment In come
(a) Li st and d escribe th e kind (s) of property so ld (e g , re al estate , (b) H ow acquired (c) Date acquired (d) Date s o ld
2-s tory bri ck wareh ouse, or common stock, 200 sh s MLC Co) rc hasenPu (mo , day, yr ) ( mo, day, yr)
DP-- Donat io
a NONE
b
c
d
e
(e) Gross sa les price (f) Depreciation allowed (g) Cost or o th e r basi s (h) G ain or (loss )
(or al lowabl e) plu s expense of sale (e ) plus (fl m i nus g)
b
c
d
e
Com pl ete only for asset s showing gain in column (h) a nd owne d the foundation on 12/31/69
(n Gains (Co l. (h) gain minus
(i) F . M .V . as o f 12/3 1 /69 G) Adjusted basis (k) Excess of col . (i) col . (k), but not less than -0-) or
I as of 1 2/31/69 over col . 0), if any Losses (from col (h))
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 -0-
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), ent r -0- in Part I, line 8 3 -0-
Qualificatio n U nder Section 4940(e) for R edu ce d Tax on Net I nvestm ent Incom e
(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? ❑ Yes El 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 17 of the instructions before making any entries .
(b) (c)
B ase per io d years Adjusted qualifying distribution s Net va lue of nonc han table- use assets Distribution rati o
Ca lendar year (or tax yea r be in) (col (b) divided by col (i
2002 29 , 845 , 287 . 506,059,967 . 0 .058976
32,571,002 . 528,930,867 . 0 . 061579
19 .847 .006 . 700,885,994 . 0 .028317
446 .115 .204 . 0 .029821
0 .03508 3
2 0 .213776
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
0 .04275 5
the number of years the foundation has been in existence if less than 5 years . 3
4 Enter the net value of noncharitable-use assets for 2003 from Part X, line 5 . 4 494,652,888 .
5 Multiply line 4 by line 3 5 21,148,884 .
6 Enter 1 % of net investment income (1 % of Part I , line 27b) 6 60,609 .
7 Add lines 5 and 6 7 21,209,493 .
.
8 Enter qualifying distributions from Part XII, line 4 I 8 I 24, 384, 269
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 17 .
Form 990-PF (2003)
Form 990 -PF (2003) Page 4
Tax Based on Investment or 4948-see aaae 1 7
1a Exempt operating foundations described in section 4940(d)(2), check here ► [j and enter "N/A" on line 1
Date of ruling letter. . . . . . . . . . . . . . . . . . (a ttach copy of rul i ng letter if ne c e s sa ry-see in stru ction s)
b Domestic organizations that meet the section 4940(e) requirements in Part V, chec k
here ► [N and enter 1 % of Part I, line 27 b
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- )
3 Add lines 1 and 2
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only Others enter -0- )
5 Tax ba sed on investme nt in com e. Subtract line 4 from line 3 If zero or less, enter -0 -
6 Credits/Payments :
a 2003 estimated tax payments and 2002 overpayment credited to 2003 sa 125,1890 0
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 6 d 125,189 00
8 Enter any penalty for underpayment of estimated tax . Check here D if Form 2220 is attache d
9 Tax due . If the total of lines 5 and 8 is more than line 7, enter a m ount owe d . . ►
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid 64 580 0 0
11 Enter the amount of line 10 to be : Cre d ite d to 20 04 est i ma ted t ax ► 64, 580 . I Refund ed ►
Statements Re Activities
Is During the tax year, did the organization attempt to influence any national, state, or local legislation or di d No
it participate or intervene in any political campaign? . El a
b Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see pag e X
18 of the instructions for definition)? .
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the organization in connection with the activities .
c D id the organization file Form 1120- POL for this year? .
d Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year :
(1 ) On the 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," a ttach a conformed copy of the changes . 3
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 o r
• 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 organization have at least $5,000 in assets at any time during the year? If "Yes," complete Part fl, col. (c), and Part XV.
8a Enter the states to which the foundation reports or with which it is registered (see page 19 of the
instruction s) ► _Floridaand New Yor k
b If the answer is "Yes" to line 7, has the organization furnished a copy of Form 990-PF to the Attorne y
General (or designate) of each state as required by General Instruction G? If "No," attach explanation gb X
9 Is the organization claiming status as a private operating foundation within the meaning of section 49426)(3 )
or 49420)(5) for calendar year 2003 or the taxable year beginning in 2003 (see instructions for Part XIV o n
page 25)? If "Yes," complete Part XIV 9 X
10 X
10 Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names and addresses
11 Did the organization comply with the public inspection requirements for its annual returns and exemption application? 11 X
Web site address ► ------ N/ A------------------------------ ------ - ------------- - - --------•-------- - -----------•--•--•------
12 The books are in care of ► . Jeffry_ M .__Picower_____________________________________ Telephone no . ► 561-835-1332___
Located at ► _1410 South Ocean Blvd Palm Beach, Florida ,__ ZIP+4 p . 3348 0
----------------------------------------------------------------------- -------
13 Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of F orm 1041 -Check here . t ❑
and enter the amount of tax-exempt interest received or accrued during the year . . ► 1 13 1
Form 990- PF (2003)
Form 990-P F (2003) Page 5
rm 4720 M ay B e
File Form 4720 if any item is checked in the "Yes " column , unless an exception applies . lNo
Is During the year did the organization (either directly or indirectly) :
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? . El Yes M N o
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from )
a disqualified person? ❑ Y es XQ N o
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? D Yes R1 N o
(4) P ay com p ensation to, or pay or reimburse the expenses of, a disqualified person? . EX Yes ❑ No
(5) Transfer any income or assets to a disqualified person (or make any of either availabl e
fo r th e b enefit or use of a disqualified person)? , ❑ Yes KI N o
(6) Agree to pay money or property to a government official? ( Ex ce ption . Check "No"
if the organization agreed to make a grant to or to employ the official for a perio d
after termination of government service, if terminating within 90 days .) . ❑ Yes FK1 N o
b If any answer is "Yes" to 1 a(1)-(6), did a ny of the acts fail to qualify under the exceptions described in Regulations ////
X
section 53 .4941(d)-3 or in a current notice regarding disaster assistance (see page 19 of the instructions)? 1b
Organizations relying on a current notice regarding disaster assistance check here ► ❑
c Did the organization engage in a prior year in any of the acts described in la, other than excepted acts ,
that were not corrected before the first day of the tax year beginning in 2003? is X
2 Taxes on failure to distribute income (section 4942) (does not apply for years the organization was a private
operating foundation defined in section 4942(j}(3) or 49420(5)) :
a At the end of tax year 2003, did the organization have any undistributed income (lines 6 d
and 6e, Part XIII) for tax year(s) beginning before 2003? ❑ Yes [X No
If "Yes," list the years ► 20 _ . . . 20 _ . . . 20 .___ 19 ____ .
b Are there any years listed in 2a for which the organization is n ot applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year's undistributed income? (If applying section 4942(a)(2 )
to all years listed, answer "No" and attach statement-see page 19 of the instructions .) 2b
c If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
► 20 ---- 20 ---- 20 . . . . 19 . . . . .
3a Did the organization hold more than a 2% direct or indirect interest in any busines s
enterprise at any time during the year? KI Yes ❑ No
b If "Yes," did it have excess business holdings in 2003 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
if the organization had excess business holdings in 2003 .) . 3 b
4a Did the organization invest during the year any amount in a manner that would jeopardize its charitable purposes? 4 a X
b Did the organization make any investment in a prior year (but after December 31, 1969) that could jeopardize its charitable
purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2003? 4 b X
5a During the year did the organization pay or incur any amount to .
( 1 ) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ❑ Yes IX] N o
(2) Influence the uutcome of any specific public election (see section 4955) ; or to carry
on, directly or indirectly, any voter registration drive? ❑ Y es M N o
(3) P rovide a grant to an individual for travel, study, or other similar purposes? ❑ Yes D No
(4) Provide a grant to an organization other than a charitable, etc ., organization described
in section 509(a)(1), (2), or (3), or section 4940(d)(2)? ❑ Yes N No
(5) Provide for any purpose other than religious, charitable, scientific, literary, o r
educational purposes, or for the prevention of cruelty to children or animals? . ❑ Yes In N o
b if any answer is "Yes" to 5a(1)-(5), did a ny of the transactions fail to qualify under the exceptions described i n
Regulations section 53 .4945 or in a current notice regarding disaster assistance (see page 20 of the instructions)? 5b NA
Organizations relying on a current notice regarding disaster assistance check here 1 ❑
c If the answer is "Yes" to question 5a(4), does the organization claim exemption from th e
tax because it maintained expenditure responsibility for the grants . .NSA . ❑ Yes ❑ No
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
premiums on a personal benefit contract? ❑ Yes ~ N o
b Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract ? =bX
If you answered "Yes" to 6b, also file Form 8870
Form 990- PF (2oo3)
Form 990- PF (2003) Page 6
Information About Offi ce rs, Dire ctors, Tru stee s, Foundation Managers, High ly Paid Emp l oyees ,
and Contra ctors
I List all off i c ers, di rectors, tru stee s, foundat i on managers and their compensation (see page 20 of the instru ctions) :
(b) Title, and average (c) Compensation (d) Contributions to (e) Expense account,
(a) Name and addr ess hours per w eek (If not paid, enter emplo yee benefit plans other allowan ces
d evote d to position -0-) and defer red co mpen sat ion
SEE SCHEDULE ATTACHE D
--------------------------•-----------------------•--••-•-- 22,169
. 2 .831 . NON E
2 Compensation of five highest- paid employees (other than those included on line 1-see page 20 of the instructions) .
If none , enter "NONE ."
(b) Title and average (d) Contributions t o

(a) Name and address of ea ch em ployee pai d mo re th an $50,000 hours per w eek (c) Com pensation em p loy ee benefit (e) Expense account ,
d e voted to positi o n pla ns and defe r red other allowa nces
compen sation
L Vyiuui viii c i
Alice A . Tan . . .r
. ...
4 0 Hrs / Wk 66,113 . 1,164 . NONE
w r o nd ti n ....
Ellen Flax Program Directo r
Wk 61,972 . 949 . NONE
Pi w d at i•-•------•---••----• 4 0 H rs /
Martha A Liv i ngston Program Dire t o
014 7 6 . 11,024 . NON E
C O The Picower Foundation 30 Hrs / Wk
Sr Program O f icer
.___ Stan le y . B a umb la tt________________________________
1 , 481 . NON E
Total number of other employees paid over $50,000 . ► BONE

3 Five highest-paid independent contra ctors fo r professi onal services--(see pag e 20 of the instru ction s). If none , enter
"NONE ."
(a) Name and address of each person paid more than $50 , 000 (b) Type of service (c) Compensation
S_CL^ __ . Li G S faT~P
Lega l 162,081 .
OnP M F, T P1 a 7. a ' Su i te 2000 , Buffalo . NY 14203-239
. Mo zgam- , __ L e FZis_ .& _ . B ockiu.s__ LLP --•---•-•---------•--•--------------------- Lega l 147,703 .
P 0 Box 8500 5-6050, Philadelphia , PA 19 1 78-6050
. Ho gan. . & _ . Hartson L L P
ri q 5 1 ' nth TTW
Legal 76,229 .
WA all i nntnn il(' ') nn na _ i i n 4
---------------------------------------------------------------------------------------------
Total number of others receiving over $50,000 for professional services ►

•. M- Summa ry of Direct Charitable Activitie s
List the foundat ion 's four largest d irec t charitable ac tivit ies during t he tax year Include re levan t statistica l info rmat ion such as the num ber I
of organizations an d other beneficiaries served, confe rence s con ven ed , research pape rs produced, etc Exp en ses
1 ._ I3QNE---------------------------------------------------------------------------------------------------
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3 ------------------------------------------------------------------------------------------------------------------------------
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4 ------------------------------------------------------------------------------- ----------------------------------------------
Form 990-PF (2003)

Form 990-PF (2003 ) Page 7
- Summ ary of Program - Rel at ed Inves tments (see page 21 of the insi
Describe the two largest p ro g ram-related investments m ade by the found atio n during t he tax year on li nes 1 and 2 Amount
1 NON E
All othe r p rogram-related invest ments See page 21 of the ins truct ions
3 NONE
Total . Add lines 1 through 3 ► NONE

Minimum investment Return (All domestic foundations must complete this part . Foreign foundations,
see page 21 of the instructions . )
1 Fair market value of assets not used (or held for use) directly in carrying out charitable, etc .,
purposes :
a Average monthly fair market value of securities is 501 029 806 .
b Average of monthly cash balances l b
c Fair market value of all other assets (see page 22 of the instructions) . IC NON E
d Total (add lines 1a, b, and c) id 502,185,673 .
e Reduction claimed for blockage or other factors reported on lines 1 a an d
1c (attach detailed explanation) le
2 Acquisition indebtedness applicable to line 1 assets 2 NON E
3 Subtract line 2 from line 1d 3 502,185,673 .
4 Cash deemed held for charitable activities . Enter 1'/z% of line 3 (for greater amount, see page 23 4
7,532,785 .
of the instructions) .
5 Net value of noncharitable- use assets. Subtract line 4 from line 3 . Enter here and on Part V, line 4 5 494,652,888 .
6 Minim um investment return. Enter 5% of line 5 6 24,732,644 .
Distributable Amount (see page 23 of the instructions) (Section 49420)(3) and (j)(5) private operating
foun dations an d certai n foreign organization s chec k here ► ❑ and do not compl ete t h is part.)
1 M inimum i n vestm e nt return f rom P art X , li n e 6
2a Tax o n inv est me nt i n come for 20 0 3 from Part VI , line 5 2a 60F609 .
b Incom e ta x for 2003. (This does n ot include t he tax fro m Pa rt VI .) 2b
c Add lines 2a and 2 b
3 Distributable amount before adjustments. Subtract line 2c from line 1 .
4a R ecove ries of amounts treated as quali fying distributions . 4a NONE
b Income d istri butions from s ectio n 4947(a)(2) trusts 4b
NON E
c Add lines 4a and 4b
5 Add lines 3 and 4 c
6 Deduction from distributable amount (see page 23 of the instructions ) NONE
7 Distributable amount as adjusted . Su btract line 6 from line 5 . En t er he re an d on Part X I I I,
lin el . 24,672,035 .
Qualifying Distributions (see page 23 of the instructions)
I Amounts paid (including administrative expenses) to accomplish charitable, etc ., purposes : ~~~
is 24, 384, 269 .
a Expenses, contributions, gifts, etc .-total from Part I, column (d), line 26
b Program-related investments-Total from Part IX-B . lb NON E
2 Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc ., 2 NONE
purposes .
3 Amounts set aside for specific charitable projects that satisfy the
: NONE
a Suitability test (prior IRS approval required) 3a
b Cash distribution test (attach the required schedule) 3b NON E
4 Qualifying d ist ribut ions. Add lines 1a through 3b . Enter here and on Part V, line 8, and Part All, line 4 . 4 24, 384, 269 .
5 Organizations that qualify under section 4940(e) for the reduced rate of tax on net investment 60,609 .
income . Enter 1 % of Part I, line 27b (see page 24 of the instructions) . 5
6 Adjusted qual ify i ng di stributions . Subtract line 5 from line 4 6 24 .323,660,
Note : The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation
qualifies for the section 4940(e) reduction of tax in those years.
Form 990- PF (2003)
I
Form 990-P F (2003) Page 8
Undistributed Income (see page 24 of the instructions)
(a) (b) (c) (d)

Corpus Year s prior to 2002 200 2 2003
1 Distributable amount for 2003 from Part Xi,
line 7 24,672,035 .
2 Undistributed income, if any, as of the end of 2002

a Enter amount for 2002 only . 16,385,409 .
b Total for prior years. 20 ,20 ,1 9
3 Excess distributions carryover, if any, to 2003-
a From 1998 NON E
b From 1999 NONE
c From 2000 NONE
d From 200 1
e From 2002 NON E
f Total of lines 3a through e NO NE
.
4 Qualifying distributions for 2003 from Part
XII, line 4 : ► $ 24 .384 .269 .
a Applied to 2002, but not more than line 2a . 16,385,409 .
b Applied to undistributed income of prior years
(Election required-see page 24 of the instructions )
c Treated as distributions out of corpus (Election NON E
required-see page 24 of the instructions)
d Applied to 2003 distributable amoun t
e Remaining amount distributed out of corpus
5 Excess distributions carryover applied to 2003
(If an amount appears in column (d), the
same amount must be shown In column (a) . )
6 Ente r the net to ta l of each col um n as
ind icate d be l ow :
a Corpus . Add lines 3f, 4c, and 4e . Subtract line 5 NONE
b Prior years' undistributed income. Subtract NON E
line 4b from line 2 b
c Enter the amount of prior years' undistributed
income for which a notice of deficiency has NONE
been issued, or on which the section 4942(a)
tax has been previously assesse d
d Subtract line 6c from line 6b . Taxable
NONE
amount-see page 24 of the instruction s
e Undistributed income for 2002 . Subtract line
4a from line 2a . Taxable amount-see page
24 of the instructions .
f Undistributed income for 2003 Subtract
lines 4d and 5 from line 1 . This amount must 16,673,175 .
be distributed in 2004 .
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by NON E
section 170(b)(1)(E) or 4942(g)(3) (see page
25 of the instructions) .
8 Excess distributions carryover from 1998
not applied on line 5 or line 7 (see page 25 NON E
of the instructions) .
9 Excess di stribution s carryo ver t o 2 004 . NONE
Subtract lines 7 and 8 from line 6a
10 Analysis of line 9 :
a Excess from 1999 .
b Excess from 2000 . NONE
c Excess from 2001 NONE
d Excess from 2002 . NONE
e Excess from 2003 . NONE
Form 990-PF (2003)
Fo rm 99 0-PF (2003) Pag e 9
Private Operating Foundations (see pace 25 of the instructions and Part V I 9) N/ A
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2003, enter the date of the ruling *
b Check box to indicate whether the organization is a private operating foundation described in section ❑ 4'. or ❑ 49420(5)
2a Enter the lesser of the adjusted net Tax year Prior 3 year s (e) Tota l
income from Part I or the minimum (a) 2003 (b) 2002 (c) 200 1 (d) 2000
investment return from Part X for eac h
year listed
b 85% of line 2 a
c Qualifying distributions from Part XII,
line 4 for each year liste d
d Amounts included in line 2c not used directly
for active conduct of exempt activitie s
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 upo n
a "Assets" alternative test-enter
(1) Value of all asset s
(2) Value of assets qualifying
under section 49420)(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 "S u pport" alternative test-en ter
(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)(ni)
(3) Largest amount of support
from an exempt organization
(4) Gross investment incom e
Supplementa ry Inform a tion (Complete this pa rt only if the organization had $5 ,000 or mo re in
assets at any time during the year-see page 25 of the instructions . )
1 Information Regarding Foundation Managers :
a List any managers of the foundation who have contributed more than 2% of the total contributions received by t he foundation
before the close of any tax year (but only if they have contributed more than $5,000) (See section 507(d)(2) . )
Jeffry M . Picowe r
b List any managers of the foundation who own 10% or more of the stock of a cor poration (or an eq ually la rge portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest .
N/ A
2 Information Regarding Contribution , Grant, Gift, Loan , Scholarship, etc ., Programs:
Check here ► [YS if the organization only makes contributions to preselected charitable organizations and does not accep t
unsolicited requests for funds If the organization makes gifts, grants, etc . (see page 25 of t he instructions) t o in d ividuals o r
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 addressed :
N/A
b The form in which applications should be submitted and information and materials they should include :
N/ A
c Any submission deadlines :

N/ A
d Any restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors
N/A
Form 99O-PF (2003)

Form 990 -PF (2003) Page 10
Supplementa ry Information (continued)
Form 990 - PF (2003)

Fo rm 990- PF (2003) Page 1 1
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated . Unrelated business income
E xc luded by section 5 1 2 , 51 3 , or 5 14 (e)
Relat ed or exempt
(a) (b) (C) (d) function incom e
Busin e ss code Amount E xclusion c ode Amount (See page 26 of
.)
1 Program service revenue' the instructions
a
b
c
d
e
f
g Fees and contracts from government agencie s
2 Membership dues and assessments .
3 Interest on savings and temporary cash investments 14 17,260 .
4 Dividends and interest from securities 14 6 043 666 .
5 Net rental income or (loss) from real estate :
a Debt-financed property
b Not debt-financed property .
6 Net rental income or (loss) from personal property
7 Other investment income .
8 Gain or (loss) from sales of assets other than inventory
9 Net income or (loss) from special events .
10 Gross profit or (loss) from sales of inventory
11 Other revenue : a
b
c
d
e
12 Subtotal . Add columns (b), (d), and (e) 6,060,92 6
1 3 Total . Add line 12, columns (b), (d), and (e) 13 6,060,926*
(See worksheet in line 13 instructions on page 26 to verify calculations . )
= Relationship of A ct ivities to th e Accomplishment of Exempt Purpose s
dine 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
page 26 of the instructions .) N/A
Four, 990- PF (2003)

Form 990-PF (2003) Page 1 2
' Information Regarding Transfers To and Transactions and Relationships With N oncharitabl e
1 Did the organization directly or indirectly engage in any of the following with any other organization described in section Yes No
501 (c) of the Code (other than section 501 (c)(3) organizations) or in section 527, relating to political organization s
a Transfers from the reporting organization to a nonchantable exempt organization of: VNE/11,
(1 ) Cash 1a~1 X
(2 ) Other assets . is 2 X
b Other transactions .
(1 ) Sales of assets to a noncharitable exempt organization 1 b ( 1 ) M I X
(2 ) Purchases of assets from a noncharitable exempt organization . lb(2) X
(3) Rental of facilities, equipment, or other assets lb(3) X
(4) Reimbursement arrangements . i b (4) X
(5) Loans or loan guarantees i b 5) g
(6 ) Performance of services or membership or fundraising solicitations 1 b (6
c Sharing of facilities, equipment, mailing lists, other assets, or paid employees . is 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 .
2a Is the organization directly or indirectly affiliated with, or related to, one or more tax-exempt organization s
described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527? ❑ Yes KI No
b I f "Yes," complete the following schedule .
(a) N ame of organization (b) Type of organizatio n (c) D escription o f relationship
Under penalties of perjury, I declare that I have examined this return, including acc sched u les and the best of my know ledge an d
belief, it is true, correct, and complete Declaration of preparer (other than taxpaye r
46nAA2n g s
Signatu re of officer or truste e
2
C N a,
N t c
:2 to Preparers'
a ny signature
Finn's name (or yours if
self-employed), address,
and ZIP code
THE PICOWER FOUNDATION #13-692704 3
12-31-0 3
FORM 990-PF, PART I - LEGAL FEE S
REVENUE
AND NET ADJUSTED
EXPENSES INVESTMENT NE T CHARITABLE
DESCRIPTION PER BOOKS INCOME INCOM E PURPOSE S
Hodgson Russ LL P
One M&T Plaza, Suite 200 0
Buffalo, NY 14203-2391 162,081 .24 162,081 .2 4
Morgan, Lewis & Bockius LL P

111 Pennsylvania Avenue, NW
Washington, DC 20004 147,702 .58 147,702 .5 8
Hogan & Hartson LL P

555 Thirteenth Street NW
Washington, DC 20004-1109 76,228 .94 76,228 .9 4
Schulte Roth & Zabel LL P

919 Third Avenu e
New York, NY 10022 10,682 .15 10,682 .1 5
TOTALS 396,694 .91 NONE NONE 396,694 .91

12-31-0 3
FORM 990-PF, PART I - ACCOUNTING FEE S
REVENUE
AN D NET ADJUSTED
EXPENSES INVESTMEN T NE T CHARITABLE
DESCRIPTIO N PER BOOK S INCOME INCOME PURPOSES
KPMG, LL P
345 Park Avenue
New York, NY 1015 4 21,500 .0 0 21,500 .00
TOTALS 21,500 .00 NONE NONE 21,500 .00

12-31-0 3
FORM 990-PF, PART I - OTHER PROFESSIONAL FEE S
REVENUE
AND NET ADJUSTED
DESCRIPTION PER BOOK S INCOME INCOM E PURPOSE S
CONSULTING FEES
Michael S . Levine
133 Michaels Court
Jupiter, FL 33458 40,251 .2 5 40,251 .2 5
OUTSIDE SERVICES
Christopher K . Goul d
298 Bleecker Street, Apt . 2
New York, NY 10014 480 .00 480 .0 0
TOTALS 40,731 .25 NONE NONE 40,731 .25

12-31-0 3
FORM 990-PF, PART I - TAXE S
REVENUE
AND NET ADJUSTED
DESCRIPTIO N PER BOOK S INCOM E INCOME PURPOSE S
EXCISE TAXES 10,000 .00 NONE

FIC A 33,182 .2 9 33,182 .29
SUI 4,998 .6 7 4,998 .6 7
TOTALS 48,180 .96 NONE NONE 38,180 .96

12-31-0 3
FORM 990-PF, PART I - OTHER EXPENSE S
REVENUE
AND NET ADJUSTED
DESCRIPTION PER BOOKS INCOM E INCOM E PURPOSES
COMPUTER EXPENSE 52,831 .9 5 52,831 .9 5
PAYROLL SERVICES 1,749 .80 1,749 .80
DUES & SUBSCRIPTIONS 1,999 .93 1,999 .93
ENTERTAINMENT EXPENSE 3,268 .2 2 3,268 .2 2
INSURANC E 34,866 .07 34,866 .07
LC FEES/SOLOW BLDG 9,241 .66 9,241 .66
MAINTENANCE & REPAIR 15,628 .4 4 15,628 .4 4
MESSENGER EXPENSE 3,293 .74 3,293 .74
MISCELLANEOUS EXPENSE 84 .69 84 .69
DELIVERY EXPENSE 36 .0 0 36 .0 0
OFFICE EXPENSE 16,356 .24 16,356 .24
OFFICE SUPPLIES 3,155 .13 3,155 .13
PROCESSING FEE 276 .04 276 .04
POSTAGE 111 .8 2 111 .8 2
REGISTRATION & FEES 2,619 .00 2,619 .00
TELEPHONE 7,827 .42 7,827 .4 2
TOTALS 153,346 .15 NONE NONE 153,346 .15

PORTFOLIO APPRAISAL
THE PICOWER FOUNDATIO N
December 31, 2003
Unit Total Market Pct . Unrealized Annual Cur .

Date Quantity Security C os t Cost Pri ce V a lu e Assets Gain /L oss Income Yi eld
COMMON STOC K
12-15- 94 12 , 500 ALCATEL ALSTHOM 33 . 1 3 414, 1 1 0 . 43 12 85 16 0, 625 .00 00 -253, 4 85 43 4, 250 00 26
A DS
12 -04- 91 35 , 600 AMGEN INC 6 . 54 232 , 8 62 .50 617 9 2 , 199 , 724 . 00 0 . 4 1 ,966,86 1 .50 0 00 0.0
04 -04- 94 88 , 000 BELLSOUTH CORP 13 69 1 , 204 , 500 00 28 . 30 2 , 490,4 00 .00 0 .5 1 ,285,900 .00 66, 880 . 00 27
12 - 16- 94 49 , 56 5 BIOGEN IDEC INC 71 6 354 , 84 0 . 62 36 70 1 , 819, 035 . 50 04 1,464 , 1 9 4 88 0 00
11 -28-01 170 , 436 CARMAX INC 1 7. 97 3 , 062 , 345 . 37 30 . 93 5 ,271 ,5 85 . 48 1 .0 2,209,240.11 0.0 0 0 .0
12- 03 -90 79 , 20 0 CATERPILLAR INC 1936 1 , 533 , 525 .0 0 83 . 02 6,575 ,1 84 . 00 13 5,041,659 00 1 07 , 712 0 0 1 .6
11 - 28 -01 14 , 500 CAVCO INDUSTRIE S 1 0 43 151 , 174 8 0 24 .00 348 , 0 00 . 00 0 .1 1 96,825 .20 0 00 00
INC
11 - 28 -0 1 2 90 , 000 CENTEX CORP 40 8 5 11 , 846 , 825 20 107 . 65 3 1 ,218 , 5 00 00 61 1 9,37 1 ,674 80 46 , 400 . 00 01
11 - 28 -01 543 ,0 00 CIRCUIT CITY 113 6 6,169,939 41 1 0.1 3 5 , 500 ,590 . 00 1 1 -669,349 4 1 3 8 ,010 00 0.7
STORES INC
04- 08 -94 57,500 CONOCOPHILLIPS 25 77 1 , 481 , 93 7 50 65 5 7 3, 770 , 275 .00 0 .7 2,288,337 .50 2 0,700 . 00 05
12 -09-91 15 ,600 FANNIE MAE 13 . 78 214 ,987 50 75 06 1 , 170 , 936 .0 0 02 955,948 50 1 8 ,720 . 00 1 .6
12 -31 -03 5 , 46 1 FIDELITY SPARTA N 1 . 00 5 ,461 00 100 5 , 46 1 .0 0 0 .0 0 00 0 . 00 0.0
US TREASURY
MONEY MARKET
12 - 13- 91 1 2 , 00 0 GENERAL ELECTRI C 5 . 1 9 62,250 .00 30 .98 371,760 .00 01 30 9 ,51 0 00 9,600 00 2.6
CO.
12 -04- 91 31 , 200 JOHNSON & 11 .59 361,725 .00 51 .66 1,6 1 1,792 .00 03 1 ,250,06 7 0 0 39,936 00 25
JOHNSO N
11-28- 0 1 282 , 000 KB HOME 32 22 9,084,9 40 .00 72 52 20,450,6 40 .00 4 .0 11 ,3 65 , 70 0 .00 84,600 0 0 04
11-28 - 0 1 305 , 00 0 KRISPY KREME 36.16 1 1 ,029,950 .00 36 60 1 1 ,163,000 .00 22 1 33 ,05 0 00 0.00 00
DOUGHNUTS IN C
04-05 - 95 1 50, 00 0 NATIONAL 1 7 37 2,606,250 00 39 . 4 1 5,91 1 ,500 00 1 2 3 ,305 , 25 0 0 0 0 .0 0 00
SEMICONDUCTOR
COR P
11 -28 -01 3 72 ,000 NETW ORK 14. 82 5, 514 ,7 4 0 00 2044 7,603,680 .00 1 .5 2 ,088,940 0 0 0 .00 00
APPLIANCE INC .
12-0 9-91 68, 400 PFIZER I N C . 5 .53 378 , 150 . 00 3 5 33 2 , 41 6, 572 . 0 0 0.5 2 ,038 , 42 2 0 0 46 , 512 . 00 1.9
12-03- 01 420 , 000 SIEBEL SYSTEMS INC 21 .5 3 9 , 044 , 3 00 . 00 13 . 92 5 , 84 6,4 00 .00 12 -3 , 197,90 0 .00 0 00 0.0
12-13 - 94 222 , 750 STAPLES INC 4 09 9 10 , 250 . 00 27 . 30 6 ,081 ,075 .00 1 .2 5 , 170 , 825 .0 0 0 . 00 0. 0
04-12 -95 448 , 00 0 TEXAS 5 .44 2 , 436, 0 00 . 00 2 9 38 13 , 1 62,240 .00 26 1 0,72 6, 24 0 0 0 38, 080 .00 03
INSTRUMENTS INC .
11 -29 - 01 3 80,00 0 TOLL BROTHERS IN C 1 6 82 6, 39 1, 780 00 3 9 76 15 , 1 08,800 00 3.0 8 ,7 1 7,020 0 0 0 . 00 00
74,492,844 .3 3 150,257,774 .98 29 .6 75,764,930 65 521,400.00 03
TREASURY BILLS
09- 18- 0 3 187 ,990 ,00 0 US TREASURY BILL 99 58 187,202,321 .90 99 87 1 87,755,012 .50 370 552,690 60 1 ,879,900 .00 1 .0
DUE 02/ 19/200 4
1 . 000% Due 02- 19 -0 4
09-25-03 169 ,690 , 00 0 US TREASURY BILL 99 58 1 68,978,998 90 99.87 169, 477 , 887 .5 0 3 3 .4 49 8 , 888 60 1 , 696, 9 00 . 00 10
DUE 02/26/2004
1 . 000% Due 02-26 -0 4
12-31 - 03 125, 00 0 US TREASURY BILL 99 77 124, 7 08 75 99 .7 7 124 , 708 75 0 .0 0 .00 1 ,1 62 . 50 0 . 9
DUE 04/01/200 4
0 930% Du e 04-01 -04
11 -28- 03 1 00,000 US TREASURY BILL 99 61 99 ,611 00 99 72 99, 718 75 0 .0 10 7 75 980 .00 10
DUE 04/22/ 2004
0 . 980% D u e 0 4-2 2-0 4
356,405,640 .55 357,457,327 .50 70 .4 1,051,686 .95 3,578,942 .50 1 . 0
CAS H AND E Q U I VALENTS

U S D OLLA R 0.43 0 .43 00 0 00 00
0 .43 0 43 0.0 0. 00 0.0
1
PORTFOLIO APPRAISAL
December 31, 2003
Unit Total Marke t P ct. Unre ali ze d Annu a l C ur .

Date Quanti t y Security C o st Cost Price Valu e Asset s G a in/L oss Inco me Yi el d
TOTAL PORTFOLIO 4 3 0 ,898 ,485.3 1 507,7 1 5, 102 .91 100 . 0 76 , 816 ,61 7 . 60 4, 100,342 . 50 0. 8
2
PORTFOLIO APPRAISAL
December 31, 2003
Unit Total Market Pct . Unrealized Annual Cur.

Date Quantity Security Cost Cos t Price Value A ssets Gain/Lo ss Income Yield
COMMON STOC K
12 -26- 00 60 , 003 AMERICAN INTL 2 41 144 , 849 35 6 6 28 3,97 6 ,998 84 8 2 .5 3, 832 , 149 49 18 , 000 90 0.5
GROUPING
144,849.35 3,976,998 .84 82 .5 3,832,149 .49 18,000 .90 05
TREASURY BILL S
11-20- 03 831 , 000 US TREASURY BILL 9977 8 29,092 86 99 8 7 8 29,961 .25 172 8 68 39 8 , 3 10 . 00 1 .0
DUE 02/1 9/200 4
1 .000% Du e 02 -1 9- 04
829,092 .86 829,961 .25 17 .2 868 .39 8,310 .00 1 .0
CASH AND EQUIVALENTS

U S DOLLAR 1 3, 1 38 04 1 3, 138 04 0 .3 0 00 00
13,138 .04 13,138 .04 0 .3 0.00 0 . 0
TOTAL PORTFO L IO 98 7,080 .25 4 ,820 ,098 . 1 3 100 .0 3, 8 33, 01 7 . 88 26,3 10.90 0. 5
THE PICOWER FOUNDATION
12-31-0 3
COMMON STOC K
Shares Security Name Cos t Market Valu e
437,461 Cytokine PharmaSciences, Inc $2,500,226 .0 0 $3,718,418 .5 0
$2,500,226 .00 $3,718,418 .50

THE PICOWER FOUNDATION #13-6927043
12-31-0 3
FORM 990-PF, PART VIII - LIST OF OFFICERS, DIRECTORS AND TRUSTEES
Title and Tim e

Name & Address Devoted to Position (C) (D) (E)
Jeffry M . Picower Trustee NONE NONE NON E

c/o The Picower Foundation 25 Hrs/Wk
Barbara Picower Trustee/ 22,169 . 2,831 . -0-

c/o The Picower Foundation Executiv e
Directo r
Norman B . Leventhal Trustee NONE NONE NONE

c/o The Picower Foundation .75 Hrs/W k
William D . Zabe l Trustee NONE NONE NON E

c/o The Picower Foundation .75 Hrs/Wk
Gerald C . McNamar a Trustee NONE NONE NON E

c/o The Picower Foundation .75 Hrs/W k
Martin R . Pos t Trustee NONE NONE NONE

c/o The Picower Foundation .75 Hrs/Wk
GRAND TOTALS 22,169 . 2,831 . NONE

THE PICOW ER FOU NDAT IO N
EIN 13 -692 7043

NAME AND A D D RESS INDIVIDUAL 501 (C)(3) P URPOSE A MOU N T
E liz abeth Ke hle r
E xecutive Directo r
Ame rican Ba l let Th e a te r N 501(C)(3) To s up port the ABT Sc h ool Series 30,000 1
890 B roadwa y
New York , NY 1 000 3
Marta Pizarro
Executive Director
Bar ry Un ive r sity N 501 (C)(3) T o f und its Ju s t Checking' 200, 0 00 2

113 0 0 Nort h Ea st Se cond Avenue Progra m
Miami Shores , FL 33 1 6 1 -669 5
Earl Martin P hale n
CE O
B . E L . L . Found a tion N 501(C)(3) Ex pansion o f t h e BASICS P rogram 50,00 0 3

60 Clayton Street
Dorc hester, MA 02 1 2 2
Jenn y Morge nth a u To s upport i t s S u m m e r Program s
Executive Dire ctor at Ca mp Hidde n Valley an d
Fre s h Air Fund N 50 1(C)(3) Cam p Mariah 60,000 4
633 Th i rd Avenu e, 14th Fl oo r
NY , N Y 1 001 7
Amy Jaffe Barzac h
Executiv e Directo r The Picow er Fo unda ti o n
Boundless P laygrou nd s N 501(C)(3) P laygrou nd i n J o h n P ri nce P ark 180,000 5
One Rege n cy D rive
Bloomfi el d, CT 06 00 3
Em ily Raffe rty
Senior Vi ce Presi dent for E xterna l Affair s
Metro p ol i tan M useum of Art N 501(C)(3) Genera l Operating Suppo rt 100,000 6
1000 Fifth Ave nu e
NY , N Y 1 0028
Rodne y K irsch
Vice Presi dent of D eve l opme nt
Penn State N 50 1 (C)(3) T he Picower Em bark P rogram 250,000 7
11 6 Old Mai n
Uni versit y Park , PA 1 6802- 15 0 1
R onay Mensc h el T o s u pport th e fo l lowi ng Su m m e r
President/CEO Da y Camp Extended Ho urs and
Phip ps Co mmuni ty D eve l op ment N 50 1 (C)(3) Da l y Ave nue Ea rly C h ildhood 114 ,00 0 8
43 West 23rd Street Cente r/Head S tart Cen te r
NY , NY 1 0 01 0
Ruth Lande Shum an
P residen t
Public o lor N 501( C )(3) School to wor k prog ra m 60,000 9
114 E ast 32nd S t ., S uite 900
NY , NY 100 1 6
J oyce Roch e
Executive Director
Gi rls I nc N 501(C)(3) E con o m ic Lite racy Program 117,000 1 0
120 Wal l Stree t
NY, N Y 10005
1 ,l b l, UVU
TH E PICOW ER F OUNDATIO N
EIN •1 3-69 2 704 3

NAME AND ADDRESS INDI V IDUAL 501 (C)(3) PURPO SE AM OUNT
M yl es G o rdon
Vice Pre si dent o f Ed ucat io n
American M useum of Natural History N 501(C)(3) I nside View H igh School Interns h ip 125,000
Central P a rk West 79th St reet Progra m
New Yor k, NY 1 002 4-5 1 9 2
Robert M o rriso n
Presiden t
VH-1 Sa ve the Musi c N 5 0 1 (C )(3 ) Music Edu cation i n o n e Pa lm B e a c h 25 , 0 00
1515 Broadway C ounty S c h o o l 2

N ew Yo rk , NY 1 0036
Elizab eth St ock
Exe c ut ive Direct o r
Computers for Youth N 5 01( C )(3 ) Genera l O p e rati n g Su pport 50,000 3
2112 Bro a dwa y, Suite 5 1 3
New York , NY 1002 3
Chu ck Ves t
P resident
MIT-Leventhal N 501 (C )(3) Lev e nth al Gradu a te F ellows hi ps 2 00,000 4
77 Massa chusetts A venu e
Cambridge , MA 0213 9
Aileen H efferen Lilac B a ll , Coord inato r o f tes ting ,
Executiv e Director Endowment , Summer St i pend s ,
Prep for Prep N 50 1 ( C )(3 ) College Visit Fund , Student 250,000 5
328 West 71st Street Emerg en cy Fund , Faculty , Prep arat ory C o mp on ent
New York, NY 10023 Uni t, a n d Gene ral O per at ing Su p p o rt
Ma ry Kathl e en Fos te r
P resident
Junior Achievement N 5 0 1 (C )( 3) Exc h ange City 5 0, 000 6
5601 Corporate Way, Su ite 40 0
West Palm Beach , FL 3340 7
Diane Ba d largeo n
Senior Vi ce President of Prog rams
Seedco N 50 1 (0(3) EarnFair Alliance 150,000 7
915 Broadway , Suite 1703
Alan Kirsc hne r We st Pa l m B each S ch o lars h ips, Challenge Gran t,

Director of Develop ment Palm B ea c h C o ll e g e Works hops an d Fin an c ia l
Un ited Neg ro College Fun d N 50 1 (C )(3) Ai d and for Admin i st rative expenses 95,000 8
8260 Willow Oaks Corpo rat e drive
Fai rf ax, VA 22 03 1 -45 1 1
S cott Badesc h
Ex ecutive D irecto r
U ni ted Way P al m B each County N 501(C)(3) Picower Quality Childcare I nitiative 490,91 4 9
2600 Quantum Bl vd
Bo on Beach , Fl 3342 6
An net t e Berkowitz
Senior Vice President fo r Ed ucation
Wildlife Conservat io n Soc iety N 501( C )( 3 ) Im pleme ntati on a nd nationa l exp a n sio n of Elly J e ll y 115,00 0 1 0
2 300 S outhern B oulevard Looks at M arine Animal s

Bronx, N Y 1 0 4 60
1,550,91 4 2
THE PICOWER FOUNDA T ION
EIN 13-692704 3
NAME AND ADDRESS INDIVIDUAL 501(C)(3) PURPOSE AMOUN T
Ms . Am y Jaffe Barzach Ou treach & Educat io n
Executive Director Program a nd Maintenance
Boundless Playgrounds N 5 0 1 (C)(3) Co sts of the new website 50 ,000

One Regency Driv e
Bloomfield , CT 0600 3
Ms Ma ry O'Connor Middle & High Schoo l
Executive Director Outreach Program , Teen
Boys and Girls Clubs of Palm Beach N 50 1 ( C )(3 )

Club After Sc h ool Program , 213 , 000 2
800 No rthpoint Parkway , Suite 204 Before S c hool Progra m
West Palm Beach , FL 33407-1946 and the Comp uter Technolo gy Program
Ms Sarita Gupt a
Execu ti ve Director
CARE N 501(C)(3) Emergency Response Fund 150,000 3
650 First Avenue
Ms . Lilliam Barnos-Paol i
Senior Vice President & CE O
Child Care and Early Education Fun d
United Way of New York City N 501(C)(3) Child Care and Early Education Fund 50,000 4
2 Park Avenu e
Mr Philip Cotlo ff
Executive Directo r
Children's Aid Society N 501 (C )( 3 ) Parent R eso urce Centers at Fi ve S it es 100 ,000 5
105 East 22nd Street
Ms Tana Ebbole
Executive Directo r
Children's Behavioral Health In i tiati v e N 50 1 (C)(3) Primary Project/Early Intervention 152 , 144 6
Oakwood Center of the Palm Beaches ,
1041 45th Stree t
West Palm Beach , FL 33407
Ms Julia E ri ckson
Executive Director
City Harvest N 501 (C)(3) Sponsorship of One Truck Route 165,000 7
575 8th Avenue , 4th Fl oo r
New York, NY 1001 8
Mr Thomas Doughe rty
Executive Director
Doctors of the World N 501(C)(3) General Operatin g Suppo rt 75,000 8
375 West Broadway , 4th Flo o r
Mr Wil liam Baker
President
WNET/Channel Thirteen, Cyberchase N 501(C)(3) Cyberc hase 750 , 000 9
450 West 33rd Stree t
Mr William Bake r
Presiden t
WNET/ Channel Thirteen , NTTI N 501 (C)(3) National Te acher T ra inin g I ns ti t ute 50 , 000 1 0
New York , NY 10001
1 ,755 . 144 3
T H E PI COWE R F O UNDAT IO N
EIN 13-692704 3
NAME AND ADDRESS INDIVIDUAL 501 (C)(3) PURPOSE AMOU N
Mr. Will Weis s
Vice President of Developmen t
City Center N 501(C)(3) General Operating Support 5,000 1
130 West 56th Street
New York, NY 1001 9
Mr William Aki n
Presiden t
Concerned Citizens of Montauk N 501(C)(3) General Operating Support 5,000 2
P .O . Box 91 5
Montauk, NY 1195 4
Ms Jaqueline Pine
Co-Executive Director
Early Stages Program of New York N 501(C)(3) General Operating Support 20,000 3
330 West 42nd Street
New York, NY 1003 6
Dr. Diane Meie r
Director, Palliative Care Institute
Mount Sinai School of Medicine N 501 (C)(3) General Operating Support 5,000 4
One Gustave Levy Place, Box 107 0
New York, NY 10029
Mr Ned Barne s
Presiden t
Palm Beach Civic Association N 501(C)(3) General Operating Support 100 5
The Paramount Building, 139 Nort h
County Road, Suite 3 3
Palm Beach, FL 33480
Ms . Paige Robinson
Annual Fund Directo r
Playwrights Horizon N 501(C)(3) General Operating Support 10,000 6
630 Ninth Avenue, Suite 70 8
New York, NY 10036
Ms . Ruth Madoff
Queens College Foundatio n
65-30 Kissena Blvd N 501(C)(3) General Operating Support 5,000 7
Flushing, NY 1136 7
Ms Judith Jamiso n
Artistic Directo r
Alvin Ailey Dance Foundation N 501(C)(3) General Operating Support 15,000 8
211 West 61st Street, 3rd floo r
New York, NY 10023
Ms . Evelyn Laude r
Presiden t
Breast Cancer Research Foundation N 501(C)(3) General Operating Support 2,500 9
654 Madison Avenue, Suite 120 9
New York, NY 10021
Ms . Nancy Mahon, Es q
Executive Directo r
God's Love We Deliver N 501(C)(3) General Operating Support 10,000 1 0
166 Avenue of the America s
New York, NY 10013
77,600 4
T HE P ICOW ER F OUNDATIO N
EIN•13-692704 3
NAME AND ADDRESS INDIVIDUAL 501 (C)(3) PURPOSE AMOUN T
Mr. Alan Friedma n
Directo r
New York Hall of Science N 501(C)(3) Science Career Ladder 100,000 1
47-01 111th Street and After School Science Club s
Flus hing Meadows Corona Par k, NY 11368
Ms Lucy Friedma n
Presiden t
The After School Corporation N 501(C)(3) Physical Education/Fitness 175,000 2

925 Ninth Avenue Training and Sports Initiativ e
New York, NY 1001 9
Ms . Lilliam Barrios-Paol i
Senior Vice President & CEO
United Way of New York City -Quality NY N 501(C)(3) Quality NY 250,000 3
2 Park Avenu e
New York, NY 1001 6
Ms Debbi Preh n
Kids in New Directions C H A M .P . Afterschool Progra m

499 East Palmetto Park Road N 501(C)(3) 250,000 4
Boca Raton, FL 3343 2
Ms . Gretchen Buchenhol z
Executive Director
Association to Benefit Children N 501(C)(3) Youth Services Program 50,000 5
419 East 86th Street
New York, NY 1002 8
David Rosen n
Executive Director
AVODAH N 501(C)(3) General Operating Support 75,000 6
443 Park Avenue South
New York, NY 1001 6
Roxanne Spillett
Presiden t
Boys and Girls Clubs of America N 501(C)(3) Promotion of "Toward a Brighter 200,000 7
1230 West Peachtree Street NW Tomorrow "
Atlanta, GA 30309-344 7
Dr Michael Carerr a
Directo r
Children's Aid Society PB N 501(C)(3) The Teen Pregnancy Prevention 50,000 8

105 East 22nd Street Program Replication at IS 9 0
New York, NY 1001 0
Brother Brian Carty
Principa l
De La Salle Academy N 501(C)(3) Scholarship Support 50,000 9
202 West 97th Stree t
New York, NY 1002 5
George McDonal d
Presiden t
The Doe Fund, Inc N 501(C)(3) Ready, Willing and Able 60,000 1 0
New York, NY 10028
1,260,000 5
T HE P ICOW ER FOU N D AT IO N
EIN . 13-692704 3
INDIVIDUAL 501 (C)(3) PURPOS E
Ms Erynn de Casanov a
Development Associat e
Committee for Hispanic Childre n
and Families N 501(C)(3) General Operating Support 2,50 0
140 West 22nd Street, Suite 301
New York, NY 1001 1
Ms Caralynn Sandorf
Director of Developmen t
Jewish Community Center i n
Manhattan N 501(C)(3) General Operating Support 25,000 2
334 Amsterdam Avenu e
New York, NY 10023
Ms . Maryanne Bohatyrit z
Director
H .O .P.E Project N 501(C)(3) General Operating Support 10,000 3
5 Harvard Circle
West Palm Beach, FL 3340 9
The Rev . Dr . Walter J Smith
President and CEO
Healthcare Chaplaincy N 501(C)(3) General Operating Support 2,500 4
New York, NY 10022-150 5
Leukemia & Lymphoma Society
of America
Go Ruth Madoff N 501(C)(3) General Operating Support 1,000 5
1311 Mamaroneck Avenu e
Wh ite Plains, NY 1060 5
Jerome Radwin
CE O
American Fdtn for Aids Research N 501(0(3) General Operating Support 1,000 6
120 Wall Stree t
New York, NY 1000 5
Gary Dunning
Executive Directo r
Big Apple Circus N 501(C)(3) General Operating Support 25,000 7
505 Eighth Avenue
New York, NY 1001 8
Karen Brooks Hopkin s
Presiden t
Brooklyn Academy of Music N 501(C)(3) General Operating Support 10,000 8
30 Lafayette Avenu e
Brooklyn, NY 1121 7
Arnold Lehma n
Executive Director
Brooklyn Museum of Art N 501(C)(3) General Operating Support 15,000 9
200 Eastern Parkwa y
Brooklyn, NY 1123 8
Lucia DeRespini s
Executive Director
Lenox Hill Neighborhood Houses N 501(C)(3) General Operating Support 5,000 1 0
New York, NY 10021
97,000 6
THE PI COWE R FOU NDATION
EIN , 13 -692 70 43
NAME AND ADDRESS . INDIVIDUAL 501 (C)(3) PURPOSE AMOUN T
Ms Joi Gordon
Executive Director
Dress for Success N 501(C)(3) Salary Support for a Corporate 50,000 1
32 East 31st Street, 7th Floor Contributions Coordinato r

New York, NY 1001 6
Ms . Digna SSnchez
Executive Directo r
Learning Leaders N 501(C)(3) Core Programming 85,000 2
352 Park Avenue South
N ew York, NY 10010-170 9
Mr . Bob Hughe s
Presiden t
New Visions for Public Schools N 501 (C)(3) Pnrncipal Mentoring Program 205,324 3
96 Morton Stree t
New York, NY 1001 4
Ms Darlene Kostru b
Executive Director
Palm Beach Literacy Coalition N 501(C)(3) Glades Family Literacy 50,000 4
551 SE 8th Street, Suite 101 Program s
Delray Beach, FL 33483-518 3
Mr Hollis Headric k
Executive Directo r
Center for Arts Education N 501 (C)(3) School Partnership Program 70,000 5
225 West 34th Street, Suite 111 2
New York, NY 1012 2
Dr Irwin Redlene r
Presiden t
Children's Health Fund-Asthma N 501(C)(3) Childhood Asthma Initiative 1,000,000 6
317 East 64th Stree t
New York, NY 1002 1
Dr . Irwin Redlene r
Presiden t
Children's Health Fund-Reading N 501(C)(3) Reading Project 100,000 7
New York, NY 1002 1
Ms . Marcia Stein
Executive Directo r
Citymeals on Wheels N 501(C)(3) Weekend Meals, Passover 125,000 8
355 Lexington Avenue -3rd FI Packages and Second Meal s
New York, NY 1001 7
Mr Geoffrey Canada Support Baby College ,
President & CEO Harlem Gems, After School
Harlem Children's Zone N 501(C)(3) Programming and Beacons, 1,000,000 9
1916 Park Avenue, Suite 212 TRUCE, and Financial Literac y
New York, NY 10037 Educatio n

Ms . Brigit Beyea
Executive Director
Jumpstart N 501(C)(3) Quality Enrichment for 40,000 1 0
505 Eighth Avenue, Suite 2207 Educators Progra m

New York, NY 10018
2,725,324 7
EIN 13-692704 3
Ms Hattie Jutagi r
Director of Developmen t
Lincoln Center Theater N 501 (C)(3) The Open Stages Program 50,000 1
150 West 65th Stree t
New York, NY 1002 3
Mr . Barry Grov e
Executive Director
Manhattan Theatre Club N 501(C)(3) Core Education Program 60,000 2
New York, NY 1003 2
Dr Christina Orr-Cahal l
Executive Director To fund three Palm Beac h
Norton Museum of Art N 501(0(3) County Progressive Afterschool 71,000 3
1451 South Olive Avenue Art Community Education (PACE) Site s
Mr. Phillip Whitacre General Operating Funds, Alpert Jewis h
Executive Director Family and Children Services ,
Palm Beach Community Chest N 501 (C)(3) Council of PB County, Legal Aid Society 50,000 4
44 Cocoanut Row, Suite M201 of PBC, Seagull Industries for th e
Palm Beach, FL 33480 Disabled and The Lord's Plac e
Mr Thomas Cahil l
Executive Directo r
Studio in a School N 501(0(3) Early Childhood Program 75,000 5
New York, NY 1001 9
Mr . Arthur Johnso n
Superintendant
The School District of Palm Beac h
County N 501(C)(3) Single School Culture for Academics 294,000 6
3330 Forest Hill Blvd , B-147 Progra m
Governor Gaston Caperton
President Preparing, Inspiring and Connectin g
College Board N 501(C)(3) all Students to College and Opportunity 349,044 7

45 Columbus Avenu e
New York, NY 1002 3
Judith Mitchell
CE O
Kravis Center for Performing Arts N 501(C)(3) Capital Campaign 100,000 8
701 Okeechobee Blvd .
Judith Mitchell To support its "S*T"A'R"' series, it s
CEO program to provide students with th e
Kravis Center for Performing Arts N 501(C)(3) opportunity to see performances at 400,000 9
701 Okeechobee Blvd the center and other venue s
Michael Posner
Executive Directo r
Lawyers Committee for Huma n
Rights N 501 (C)(3) The Asylum Program 210,000 1 0
333 Seventh Avenu e
New York, NY 10001
1,659,044 8
EIN 13-6927043
NAME & ADDRESS INDIVIDUAL 501(c)(3) PURPOSE AMOUN T
Janine Nina Trevens
Artistic Directo r
TADA! N 501(C)(3) General Operating Support 2,500 1
15 West 28th, 3rd Floor
New York, NY 1000 1
Joan Wexle r
Dean & Professo r
Brooklyn Law School N 501(C)(3) General Operating Support 5,000 2
250 Joralemon Stree t
Brooklyn, NY 1120 1
Bunny Williams
Co-Founde r
Tails in Need N 501(C)(3) General Operating Support 2,500 3
60 East 66th Street, Suite 2 B
New York, NY 1002 1
Priscilla Burton
CaP Cure N 501(C)(3) General Operating Support 10,000 4

1250 Fourth Street, Suite 360
Santa Monica, CA 9040 1
Herbert Podel l
Attorney at Law
Family and Children's Associatio n
Podell Haven N 501(C)(3) General Operating Support 5,000 5
100 East Old Country Road
Mineola, NY 1150 1
Jim Martindal e
Cystic Fibrosis Foundation N 501(C)(3) General Operating Support 5,000 6

2200 North Florida Mango Road ,
Suite 304
Michael Jacobson
Executive Director
Center for Science in the Publi c
Interest N 501(C)(3) General Operating Support 1,000 7
1875 Connecticut Avenue, Suite 300

Washington, D C 20009
Alan Menillo
Presiden t
Fairfield Fire Fighters Local 1426 N 501(C)(3) General Operating Support 2,500 8
P O Box 26 1
Fai rfield, CT 06430
Christopher Lydd y
Fairfield Police Explorer Post 279 N 501(C)(3) General Operating Support 2,500 9
100 Reef Roa d
Fai rfi eld, CT 0643 0
Ana Oliveira
Executive Director
Gay Men's Health Crisis N 501(C)(3 ) General Operating Support 5,000 1 0
New York, NY 10011
41,000 9
EIN : 13-6927043
NAME AND ADD RESS INDIVIDUAL 501(C)(3) P U RPOSE AM OU N T

Michael Stotts
M anaging D irect o r
George Street P layhouse N 50 1 (C)(3) General Operating Support 7,500 1
9 Livingston Avenu e
New B runswick, N J 0890 1
D avid A ltche k
Institute for Sports Medicine Research N 50 1 (C)(3) General Operating Support 5,000 2
660 M adison Avenu e
N ew York, N Y 1 002 1
Joanne Donova n
M elmark H ome N 50 1 (C)(3) General Operating Support 1 0,000 3

2600 Wayland Roa d
Berwyn, P A 1 931 2
M onika D illo n
Director of D evelopmen t
M useum of M odern Art N 501 (C)(3) General Operating Support 5,000 4
Katherine Foste r
D irector of Sponsorship
N ew York Ci t y B all et N 501(C)(3) General Operating Support 25,000 5
Center
N ew York, NY 1 002 3
Ernesto Loperena
Executive Directo r
N ew York Council on Adoptable Children N 501(C)(3) General Operating Support 20,000 6
589 Eighth Avenue, 15th Floo r
John Randolp h
C hairma n
Palm B each Fellowship of Christians an d
J ews N 501(C)(3) General Operating Support 5,000 7
1 39 N orth County Road, Suite 18A
P alm Beach, F L 33480
Kent Koelz
Fire Rescue Chie f
Town of P alm B each F ire Rescue N 501(C)(3) General Operating Support 5,000 8
360 So uth County Road P .O Box 202 9
P alm B each, F L 3348 0
G loria Ka o
D irector of Operation s
N ew York Hospital/Cornell Univ Medica l
Ctr N 501(C)(3) General Operating Support 1,000 9
525 East 68th Street, Box 123
New York, N Y 1002 1
Lewis Fomo n
VP & Membership Chairma n
Preservation Fdtn . of PB N 501(C)(3) General Operating Support 500 1 0
356 South County Roa d
Palm B each, F L 33 480
84,000 10
EIN . 13-692704 3
Arlene Lan e
P .S 169M N 501(C)(3) General Operating Support 1,999 1

New York, NY 1012 8
Michael Seltze r
President
NYRAG N 501(C)(3) General Operating Support 5,000 2
505 Eighth Avenue, Suite 180 5
New York, NY 1001 8
Melinda Utal-Martine z
Director of Corporation and Fdt n
Relations
Survivors of the Shoah N 501(C)(3) General Operating Support 5,000 3
P .O Box 3168
Los Angeles, CA 9007 8
Jim Sirc h
Directo r
Connecticut Audubon N 501(C)(3) General Operating Support 1,000 4
2325 Burr Stree t
Fai rfi eld, CT 0643 0
Miles Lerma n
Chairma n
United States Holocaust Memoria l
Museum N 501(C)(3) General Operating Support 10,000 5
P .O Box 9098 8
Washington, D C . 2000 6
Thomas Weisskopf
Directo r
University of Michigan Residentia l
College N 501(C)(3) General Operating Support 100 6
East Quandrangl e
Ann Arbor, MI 4810 9
Jean Wicke n
Executive Directo r
South Florida Chapter Susan J
Komen Breast Cancer Fdtn N 501(C)(3) General Operating Suppo rt 2,500 7
P .O Box 88 0
John Sanchez
Executive Directo r
East Side House Settlement N 501(C)(3) General Operating Support 1,000 8
337 Alexander Avenu e
Bronx, NY 10454
Eris Ben-Israe l
Director of Development & Impac t
Friends of the Israel Defens e
Forces N 501(C)(3) General Operating Support 5,000 9
298 Fifth Avenue, 5th Floo r
New York, NY 1000 1
George Polsk y
Founder & Executive Directo r
StreetSquash N 501(C)(3) General Operating Support 20,000 1 0
245 Seventh Avenue, Suite 11 B
New York, NY 10001
51 .599 11
EIN : 13-692704 3
NAME AND ADDRESS INDIVIDUAL 501 (C)(3) PURPOSE AMOUNT
Ralph Nea s
Presiden t
People for the American Way N 501(C)(3) General Operating Suppo rt 25 , 000 1
2000 M Street , NW , Suite 4 0 0
Washington , D . C . 2003 6
Jer ry Katzke
President
Bonnie Youth Group N 501(C)(3) General Operating Suppo rt 5 , 000 2
1221 Church Avenu e
Brooklyn , NY 11218
10
30 , 000 12
EIN 13-692704 3
NAME AND ADDRESS . INDIVIDUAL 501 (C)(3) PURPOSE AMOUN T
Chuck Vest To provide funding for the constructio n

President of the Picower Center for Learn ing
Massachuse tt s Institute o f
Technology N 501 (C)(3) and Memory , research and 10,000,000
77 Massachuse tts Avenue development 'and four endowed chair s
Ca mbridge, MA 02139
Paul Le Cler c
President To support "Click On @ the Libra ry"
New York Public Libra ry N 501(C)(3) NYPL's digital divide program 1,086,600 2
Fifth Avenue and 42nd Stree t
New York, NY 1001 8
Lillian Tamay o
Executive Directo r
Planned Parenthood of PB N 501(C)(3) To suppo rt Educational, Breast Health 75,000 3
2300 Nort h Florida Mango Road and Teen Time Program s
Al+sa Rubin Kurshan
Vice- President of Strategic
Planning and Organizationa l
Resources To fund its Camping program ,
UJA Federation of NYC (Variou s
Programs) N 501(C)(3) Campus to Community, and Self-Help 287,900 4
New York, NY 1002 2
Alisa Rubin Kurshan
Vice- President of Strategi c
Planning and Organizational
Resource s
UJA Federation of NYC (Limmud) N 501(C)(3) To suppo rt Limmud 220,415 5
New York, NY 1002 2
Shelly Horrowitz
Israel Trauma Coalition To suppo rt the Israel Trauma Coalitio n
UJA Federation of NYC N 501(C)(3) and Victims of Terror 100,000 6
New York, NY 10022
10
11 , 769 . 915 1 3
GRAND TOTAL $22,262,540 .00

12-31-03
FORM 990-PF, PART II, LINE 14 - LAND, BUILDING AND EQUIPMEN T
Furniture & Fixtures 1,691,527

Office & Computer Equipment 169,19 1
Computer Software 13, 805
Leasehold Improvement s 5,167,489
7, 042 , 01 2
Accumulated Depreciation (1,467,740)
5,574,27 2
FORM 990-PF, PART I, LINE 19 - DEPRECIATIO N
Furniture & Fixture s 240,990

Office & Computer Equipment 33, 69 2
Computer Software 4,602
Leasehold Improvements 371,89 0
651,174
Th e Picower Foundation
Depreciation Schedule
160
Furn i ture and
Fixture Date Cost Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Total
09/05/01 1,62 1 ,69 195 7 74,896 22 231,670 28 231,67028 231,67028 231,67028 231,67028 231,67028 156,77405 1 , 621 , 691 . 9 5
AFD Contract 01/11/02 1,58466 7 113 19 226 3 8 22638 22638 22638 22638 22638 11 3 19 1,584 .66
John Rosselll & A 01/23/02 44, 370 00 7 3,16929 6,33857 6,33857 6 .33857 6,33857 6,33857 6,33857 3,16929 44, 370 . 00
Bunny Williams In 01/24/02 1,02900 7 73 50 14700 14700 147 00 147 00 14700 147 00 73 50 1 , 029 . 00
AFD Con tract 01/31 /02 1,65900 7 718 50 23700 23700 23700 23700 23700 23700 1 18 50 1,65900
AFD Contract 02 / 11 /02 41776 7 2984 59 68 5968 5968 5968 5968 5968 2984 417 .76
Bunny Williams In 02/ 13 02 1, 1 11 00 7 7937 15871 15871 15871 15871 15871 15871 7937 1,111 .00
Architectu►al Inter 0319/02 5,01991 7 358 56 7 17 13 71 7 13 7 17 1 3 71 7 1 3 71 7 1 3 7 1 7 1 3 35858 5 ,019 .91
AFD Contract 0508102 1,68404 7 134 57 269 15 2 69 15 269 1 5 269 1 5 269 15 269 1 5 13457 1,88404
Jay S . Greenspan 05 1 10/02 1,28000 7 97 42 182 8 6 18286 1 82 86 182 86 182 86 1 82 86 91 42 1,28000
AFD Contract 07/2502 1 ,668 80 7 119 20 238 4 0 23 8 40 238 40 2 38 40 238 40 238 40 11 9 20 1 ,668 .80
John Rosselli & A 10 /30/02 62000 7 4429 8857 88 57 88 57 88 57 88 57 8 8 57 4429 620 .00
Total purchases 2002 60 ,6441 7
AFD Contract 02/ 14/03 9 , 1 90 46 7 656 4 7 1,31292 1,31292 1,31292 1,31292 1,31292 1,31292 65647 9 ,190 46
1 ,691 ,526 .58 74,896 .22 236,002. 01 240,990 .20 241 ,646. 65 241 , 646.65 241,646. 65 241 , 646 .65 166,750. 42 5 , 644.66 656 .47 1 ,6 91 ,526 .58
1 ,691 ,5 26 .58
16 5
Offic e and
Computer Eqpt Date Cost Year 2001 2002 2003 2004 2005 2006 2007 2008 Total
09/05!01 145,80574 5 9,4 27 45 29,161 15 29, 1 6115 29,16115 29,161 16 19,73369 145 ,605 .74
ACE Audio Visual 01/07/02 10,4 31 70 5 1,04317 2,086 3 4 2,086 34 2,086 34 2,08634 1,04317 10 ,431 .7 0
Cltl Cards 01/15/02 3,706 6 4 5 37066 741 33 74 1 33 74 1 33 741 33 370 66 3 ,706 .64
Canon Business S 01/25/02 2,00200 5 20020 40040 40040 40040 40040 20020 2 ,002 .00
Fairdinkum Cons 05J30/02 4,16829 5 4 16 82 83366 833 66 83366 833 66 416 84 4 ,168 .29
Fairdinkum Cons ► 05/30/02 61963 5 61 95 123 93 123 93 123 93 123 93 61 97 619.63
Dell Account 06/11102 99800 5 9980 19960 19960 19960 19960 9990 998 .00
Total purchases 2002 21 ,926 .2 6
Falydinkum Cons 12/12/03 1,46894 5 14589 291 79 291 79 291 79 291 79 145 89 1,458 .94
169 ,190.94 9 ,427.45 31 , 353. 75 33 ,692 .30 33, 838. 19 33 ,838 .19 24,410. 73 2 ,484 .43 145. 89 169 ,190 .94
169 ,190.94
1 67
Comp uter
Software Date Cost Yea r 2001 2002 2003 20 04 2005 Total
09/05J01 1 0,782 50 3 1,16195 3,594 17 3,59417 2,43221 10, 782.50
Acctr ack Compute 01/3 1 /02 2,27260 3 37875 757 50 757 50 37875 2,272. 50
Aectrack Comput[ 02/01/02 75000 3 125 00 25000 25000 125 00 750 .00
Total purchases 2 002 3,022.50
13,805.00 1 ,161 .95 4, 097. 92 4 ,601 .67 3, 439.71 503 .7 5 13,805.00
13,805. 00
1 70
Leasehold
Improvements Date Cost Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 201 3
09/06101 4, 654, 317 23 14 107 ,477 49 332 ,451 23 332 ,451 23 332, 451 23 332 ,451 23 332, 451 23 332 ,451 23 332,4 5 1 23 3 32 ,45 1 23 33 2,451 23 332, 451 23 332, 451 23 332,451 23
Cooley Monato St 01 /1502 23380 13 9 02 17 98 17 98 17 98 1 7 98 17 98 17 98 17 98 1 7 98 17 98 1 7 98 17 98
Cooley Monato St 01 /15 /02 56922 13 21 8 7 4379 4379 4379 4379 43 79 4379 4379 4379 4 3 79 4379 43 79
Fl ack & Kurd, Inc . 01 /15 /02 42000 1 3 16 14 32 31 32 31 32 31 32 31 3231 32 3 1 32 3 1 32 31 32 31 32 31 32 3 1
Flack & Kurtz, Inc . 0 1 /15 102 2549 13 0 99 1 96 1 96 196 1 96 1 96 1 96 1 96 1 96 1 96 1 96 1 96
SOM 0 1 /1 5/02 6 1 80 13 2 4 0 4 75 4 75 4 75 4 75 4 75 4 75 4 75 4 75 4 75 4 75 4 75
SOM 0 1/15/02 114 78 13 441 8 83 883 8 83 8 83 8 83 8 83 8 83 8 83 8 83 883 8 83
Cooley Monato St 0 1/15/02 37500 13 1 440 2885 28 85 2885 2885 28 85 2885 2885 2885 28 85 2885 28 85
J T Magee & Co 01 117102 30 0,000 00 13 1 1,598 48 23,076 92 23,076 92 23,076 92 23,076 92 23,076 92 23,076 92 23,076 92 23,076 92 23,076 92 23,076 92 23,076 92
Closer Technologi 0 1 /23/02 79,5 1808 13 3,05836 6,11678 6,11678 6,11678 6,11678 6,11678 6,11678 6,11678 6,11678 6,11678 6,11678 6,11678
SOM 02/07/02 50021 13 1922 38 48 3848 3848 3848 3848 3848 3848 3848 3848 3848 3 8 48
SOM 02/07/02 87264 13 3354 6 7 13 67 1 3 67 73 67 13 67 1 3 67 73 67 1 3 67 1 3 67 1 3 67 1 3 67 13
SOM 02/07/02 700 13 0 26 0 54 0 5 4 054 0 54 0 54 0 54 0 54 0 54 0 54 0 54 0 54
SOM 02/07/02 18, 00000 13 69228 1 , 384 62 1 ,3 84 6 2 1 , 38462 1 ,384 62 1 ,38462 1 ,38462 1 , 38462 1,38462 1,384 62 1 ,384 62 1,38462
SOM 02/07/0 2 4,60000 13 173 10 34 6 15 3 46 1 5 346 1 5 346 1 5 346 1 5 3 4 6 1 5 346 1 5 346 15 346 15 346 15 34 6 15
SOM 02 /07/02 4,50000 13 173 1 0 346 1 5 3 46 1 5 346 1 5 346 1 5 346 1 5 34 6 1 5 346 1 5 3 46 1 5 346 15 3 46 1 5 34 6 1 5
Closer Technologi 02/07/02 8596 13 3 3 2 661 661 6 61 6 61 661 6 61 6 61 661 661 661 6 6 1
Closer Technologl 02/07/02 25, 000 00 13 961 5 2 1,92308 1,92308 1,92308 1,92308 1,92308 1,92308 1,92308 1,92308 1,92308 1,92308 1,92308
Closer Technology 0 4 /04/02 3, 4 1577 13 1 31 39 26275 26276 26275 26275 26275 26275 26275 26275 26275 26275 26276
Fl ack & Kurtz, Inc . 05/29/02 3,68400 13 141 72 28338 283 38 28338 28338 283 38 28338 28338 2 83 38 283 38 28338 28338
Flack & Ku rtz, Inc . 0 5/29/02 22962 13 880 17 66 17 66 17 66 17 66 17 66 17 66 17 66 1766 77 66 17 66 17 66
J T Mogen & Co 11 /05/02 70, 033 00 13 2,69360 5,38715 5,38715 5,38715 5,38715 5,38715 5,38715 5,38716 5,38715 5,38715 5,38715 5,387 1 5
Tots l purchases 2002 512, 146 . 27
Jerome Gil lman 07/29103 517 00 12 21 56 4308 4 3 08 4308 4308 4 3 08 4308 4308 4308 4 3 08 43 08
Jerome G il lman 09/ 11 /03 508 50 12 21 1 6 4238 4238 42 3 8 4238 42 38 4238 4238 4238 4238 4238
Total purchases 2003 1 , 025. 50
5,167, 489. 00 107,477 .49 352,149.14 371 ,889. 82 371 , 932 .56 371 ,932. 56 371 ,932 .56 371,932. 56 371 ,932 56 371 , 932.56 371 ,932 .56 371 ,932 .56 371 , 932 . 56 371 , 932 56
Total Depreciation 192,963 .11 623,6 02.82 651 , 1 73.99

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INFORMATION STATEMENT TO INTERNAL REVENUE SERVICE FROM CENTEX

CORPORATION STOCKHOLDERS
STATEMENT OF CENTEX CORPORATION STOCKHOLDERS RECEIVING A DISTRIBUTION

OF COMMON STOCK IN CAVCO INDUSTRIES , INC. ("CAVCO " ) (A CONTROLLE D
CORPORATION ), PURSUANT TO RECS . X1 . 355 - 5 (b)
1 . The undersigned, a stockholder owning shares of Centex

Corporation as of the close of regular trading on the New York
Stock Exchange on June 12, 2003, rece i ved distribution of
stock in a controlled corporation pursuant to §355 .
2 . The names and addresses of the corporations involved ar e
Parent : Centex Corporation

2728 North Harwoo d
Dallas, Texas 7520 1
Controlled Corporation : Cavco Industries, Inc .

1001 North Central, 8t' Floo r
Phoenix, Arizona 8500 4
3 . No stock or securities in Centex Corporation were surrendered

by the undersigned .
4 14 , 504 common shares of Cavco were received .
5 . By letter dated April 17, 2003, the Inter n al Revenue Service

ruled that the distribution of shares of Cavco was a
nontaxable §355 corporate separation .
Aa~ . .iA ... ~ .

Stockholder
Form 8868 (12 -2000) Page 2
• I F you are filing for an Additional (not automatic) 3 -Month Extension , complete only Part 11 and check this box ► Er
Note : Only complete Part 11 1f you ha ve already been granted an automatic 3-month extension on a previously sled Form 8868.
• I f you are filingfor an Automati c 3 - Month Extension, complete only Part I (on page 1) .
• Additional (not automatic) 3 - Month Exten sion of Time-Mu st File Original and One Copy.
Type or Na me of Exempt Organization Employer identification number
print The Picower Foundation 13 . 692704 3
File by the Number, street, and room or suite no If a P 0 box, see instructions For IRS use only
exte n ded 1410 South Ocean Boulevard
due date fo r
filing the City, town or post office, state, and ZIP code For a foreign address, see instructions .
return See
instructions . Palm Beach , Flor i da 33480
Che c k type of return to b e file d (File a separate application for each return)-
E] Form 990 ❑ Form 990-EZ ❑ Form 990-T (sec 401(a) or 408(a) trust) ❑ Form 1041-A ❑ Form 5227 ❑ Form 8870
❑ F orm 990-BL 0 Form 990-PF ❑ Form 990-T (trust other than above) ❑ Form 4 720 ❑ F orm 606 9
STOP: Do not comple t e P art II i f you w ere n o t al rea dy grante d an auto matic 3 -month exte n s ion on a prev i o u sly fi led Form 8868 .
• I f the organization does not have an office or place of business in the U nited States, check this box ► ❑
• If this is for a G ro up R e turn , enter the organization's four digit Group Exemption Number (GEN) If this i s
for the wh ole group, check this box ► ❑ . If it is for pa rt of the group, check this box ► ❑ and attach a list with the
names and EINs of all members the extension is fo r
4 I request an additional 3-month extension of time until November 15 20 0 4
5 For calendar year 003 , or other tax year beginning . . . .-. .-----------------------------------
. . . . . . . . . . . . . . . . 20 --- and ending
-- . . . . . . . . . . . . . . . . . . . . . . 20 .- .- .
6 If this tax year is for less than 12 months, check reason : ❑ Initial return ❑ Final return ❑ Change in accounting period
7 State in detail why you need the extension Additional time is needed to insure that complete and accurate returns are
filed .
8a If this a pplication is for F orm 990-BL, 990-PF, 990-T, 4 720, or 6069, en ter t he tentative t ax, l ess a ny
nonrefundable credits . See instructions 60,609 .T
$
b If this application is for Form 990-PF, 990-T, 4720, or 6069, enter any refundable credits and estimate d
tax payments made . Include any prior year overpayment allowed as a credit and any amount paid
previously with Form 8868 s124 , 28 9 .
c B alance Due . Subtract line 8b from line 8a . Include your payment with this form, or, if required, deposi t
with FTD coupon or, if required, by using EFTPS (Electronic Federal Tax Payment System) See _ 0 _
instructions $
Signature and Verificatio n
Under penalties of perjury, I declare that I have examined this form, Including accompanying schedules and statements, and to the best of my knowledge and belief,
it is true, correct, and complete, and that I am authorized to prepare this form
Signature ► j4p,, M. / Tit le ► Trustee Date ► 111,64

Notice to Applicant-To Be Completed by the IR S
10T11"We have approved this application Please attach this form to the organization's retur n
❑ We have not approved this application However, we have granted a 10-day grace period from the later of the date shown below or the due
date of the organization's return (including any prior extensions) . This grace period is considered to be a valid extension of time for elections
otherwise required to be made on a timely return Please attach this form to the organization's return .
❑ We have not approved this application . After considering the reasons stated in item 7, we cannot grant your request for an extension of time
to file We are not granting a 10-day grace period .
❑ We cannot consider this application because it was filed after the due date of the return for which an extension was requeste d
❑ Other ---------------- - . . . . . . - . . . . . . . . . . - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ------------- •-- . . . . . . . . . . . . . . . . . . . . - . . . . . .
8y
Director
Alt e rn ate Mai l in g Add ress - Enter the address if you want the copy of this application for an addtt ►onal~i
re AI Among
returned to an address different than the one entered above .
N a me
Type o r Numbe r and s treet (inc lud e s uite , room , or apt . no .) Or a P.O. box number
print BUBMI3810N PFtOf PES~BY
City or town , province or state , and count ry (including postal or ZIP code)
Form 8868 ( 12 - 2000)

Form 8868 Application for Extension of Time To File an
(De cember 2000) Exempt Organization Return O M B N o 1 5 4 5- 1 70 9
Depar tmen t of the Treasury
Internal Revenue Service ► File a separate application for each return
• If you are filing for an Automatic 3 - Month Extension , complete only Pa rt I and check this box t
• If y ou are filing for an Additional (not automatic) 3 - Month Extension , complete only Pa rt II (on page 2 of t h i s for m ) .
Note : Do not complete Pa rt 11 unless you have already been granted an automatic 3 - month extension on a previously fled
Form 8868.
Automatic 3 - Month Exten sion of Time- Only submit original (no copies needed )
Note : Form 990- T corporations requesting an automatic 6-month extension-check this box and complete Part / only ► ❑
A ll other corporations (including Form 990-C filers) must use Form 7004 to request an extension of time to file income tax
returns Partnerships, REMICs and trusts must use Form 8736 to request an extension of time to file Form 1065, 1066, or 1041
Typ e or Nam e of Ex e mpt Orga niz ation Employer identification number
print The Picower Foundation 13 : 6927043
File by the Num be r, s treet , a nd roo m or sui t e no If a P .O box, see ins t ructions
due date for
filing your 1 410 South Ocean Boulevard
retur n Se e
Instructions City, t own or post o ffice, state, and Z I P code F o r a foreign address, see i ns t ruc ti ons
Palm Beach , FL 3348 0
Che ck type of re turn to be filed (file a separate application for each return )
❑ Form 990 ❑ Form 990-T (corporation) Form 4720 ❑
❑ Form 990-BL ❑ Form 990-T (sec 401(a) or 408(a) trust) Form 5227 ❑
❑ Form 990-EZ ❑ Form 990-T (trust other than above) Form 6069 ❑
0 Form 990-P F ❑ Form 1041-A Form 887 0 ❑
• If the organization does not have an office or place of business in the United States, check this box ► ❑
• I f t his is for a Group Return , enter the organization's four digit Group Exemption Number (GEN) I f this i s
for the whole group, check this box ► ❑ . If it is for part of the group, check this box ► ❑ and attach a list with the
na m es and EINs of all members the extension will cove r
1 I request an automatic 3-month (6-month, for 990 - T corporation ) extension of time until August 15 2004,
to fide the exempt organization return for the organization named above T he extension is for the
----------------
organization's return for
10- 0 calendar year 20 03 o r
Do- ❑ tax year beginning --------------------------------- , 20 . . and ending . . . . . . . . . . . . . . . ------------------- 2
❑ Initial return ❑ Final return ❑ Change in accounting

02Ifthisaxyeroln12mths,cekraon period
3a If t his app l ication is for Form 990-BL, 990-PF, 990-T, 4720, or 6069, enter the tentative tax, less any
nonrefundable credits . See instructions 60,609 .
If this application is for Form 990-PF or 990-T, enter any refundable credits and estimated tax payment s ~b
made . I nclude any prior year overpayment allowed as a credit $ 124,28 9
c Balance Due. Subtract line 3b from line 3a . Include your payment with this form, or, if required, deposit
with FTD coupon or, if required, by using EFTPS (Electronic Federal Tax Payment System) . See
instructions - 0-
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Sign a ture and V e rifi c at i o n
Und er penalties of perjury, 1 dec lare tha t I h ave e x amined this form, inclu ding a ccompa n ying sch edules an d state ment s, a nd to the best o f my knowledge and bel ie f,
it is true, correct , and comple te, and th at I am a uthorize d to prepare thi s for m
► Z5 j'f , j~~~ k "1,,_ Title ► Tru s te e Date ► ,S / (11 a ~t

For P ap erwork R edu cti on Act N oti ce, see In s tructi o n Cat No 27916D F orm 8868 (12-2000)

Picower Foundation - 2003 Tax Return

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Picower Foundation - 2003 Tax Return

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i A

F orm 990 ' PF Return of Private Foundation

Department of the T reasury

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

23 Total lia biliti es (add lines 17 through 22) . 583 .1 709 .

F7M Analysis of Changes in Net Assets or Fund Balance s

5 Multiply line 4 by line 3 5 21,148,884 .

6 Enter 1 % of net investment income (1 % of Part I , line 27b) 6 60,609 .

7 Add lines 5 and 6 7 21,209,493 .

(b) Title and average (d) Contributions t o

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

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

Form 990-PF (2003)

Total . Add lines 1 through 3 ► NONE

Qualifying Distributions (see page 23 of the instructions)

Form 990-P F (2003) Page 8

Undistributed Income (see page 24 of the instructions)

(a) (b) (c) (d)

2 Undistributed income, if any, as of the end of 2002

Private Operating Foundations (see pace 25 of the instructions and Part V I 9) N/ A

c Any submission deadlines :

Form 99O-PF (2003)

Form 990 - PF (2003)

Four, 990- PF (2003)

FORM 990-PF, PART I - LEGAL FEE S

Morgan, Lewis & Bockius LL P

Hogan & Hartson LL P

Schulte Roth & Zabel LL P

TOTALS 396,694 .91 NONE NONE 396,694 .91

FORM 990-PF, PART I - ACCOUNTING FEE S

TOTALS 21,500 .00 NONE NONE 21,500 .00

FORM 990-PF, PART I - OTHER PROFESSIONAL FEE S

TOTALS 40,731 .25 NONE NONE 40,731 .25

FORM 990-PF, PART I - TAXE S

EXCISE TAXES 10,000 .00 NONE

TOTALS 48,180 .96 NONE NONE 38,180 .96

FORM 990-PF, PART I - OTHER EXPENSE S

COMPUTER EXPENSE 52,831 .9 5 52,831 .9 5

PAYROLL SERVICES 1,749 .80 1,749 .80

DUES & SUBSCRIPTIONS 1,999 .93 1,999 .93

ENTERTAINMENT EXPENSE 3,268 .2 2 3,268 .2 2

INSURANC E 34,866 .07 34,866 .07

LC FEES/SOLOW BLDG 9,241 .66 9,241 .66

MAINTENANCE & REPAIR 15,628 .4 4 15,628 .4 4

MESSENGER EXPENSE 3,293 .74 3,293 .74

MISCELLANEOUS EXPENSE 84 .69 84 .69

OFFICE EXPENSE 16,356 .24 16,356 .24

OFFICE SUPPLIES 3,155 .13 3,155 .13

PROCESSING FEE 276 .04 276 .04

POSTAGE 111 .8 2 111 .8 2

REGISTRATION & FEES 2,619 .00 2,619 .00

TELEPHONE 7,827 .42 7,827 .4 2

TOTALS 153,346 .15 NONE NONE 153,346 .15

Unit Total Market Pct . Unrealized Annual Cur .

CAS H AND E Q U I VALENTS

Unit Total Marke t P ct. Unre ali ze d Annu a l C ur .

Unit Total Market Pct . Unrealized Annual Cur.

CASH AND EQUIVALENTS

Shares Security Name Cos t Market Valu e

437,461 Cytokine PharmaSciences, Inc $2,500,226 .0 0 $3,718,418 .5 0

$2,500,226 .00 $3,718,418 .50

FORM 990-PF, PART VIII - LIST OF OFFICERS, DIRECTORS AND TRUSTEES

Title and Tim e