Picower Foundation -- 2003 Tax Return

A

i

F

orm 990 ' PF

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

Service

Note: The organization may be able to use a copy of this return to satisfy state repo rting

For calendar year 2003 , or tax year beginn i ng G Check all that apply :

2003

Treated a s a Private Foundation

Department of the T reasury Internal Revenue

OMB No 1545 - 005 2

❑ Initial return

, 2003 , and endin g

❑ Final return

❑ Amended return

20

❑ Address chang e

❑ Name change

U se th e IRS Name of o rganization label . The Picower Foundatio n

A Employer identification number 13 ;69?704 3

Otherwise , Number and street (or P 0 box number if mail is not delivered to street address) Room/suite print 1410 South Ocean Blv d

o ieiepnone iwrnoer see page iu oi in e instructions) (561 ) 835-133 2

or type .

See Specific Instruction s .

City or town, state, and ZIP code Palm Beach,

C If exemption application is pending, check here ► ❑

FL 3348 0

► ❑

D 1 . Foreign organizations, check here

H Check type of organization : [5~ Section 501(c)(3) exempt private foundatio n ❑ Section 4947(a)(1) nonexempt charitable trust ❑ Other taxable private foundation

2. Foreign organizations meeting t he 85% test , check here and attach computation . ► ❑

I Fair market value of all assets at end J Accounting method : Q Cash ❑ Accrual of year (from5 Part fl, col. (c), ❑ Othe r-----------------------•----2 3 427,191 (specify) line 16) ► $ (Part 1, column (d) must be on cash basis.)

E If private foundation status was t erminated under section 507(b)(1)(A), check here ► ❑

~a^

r-i

F If the foundati o n is in a 6 0-mo nt h te rm inati o n under section 507(b)( 1)( B), chec k here . ► ❑

Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see page 10 of the instructions))

(a) Reven u e an d expenses per ( b) Net ~rno ;tment books inc

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 . 3 Interest on savings and temporary cash investments 4 Dividends and interest from securities .

17,260 .E 17,260 . 6,043,666 . 6,043,666 .

(d) D isbur se m ents (c) A djusted net for charitab le income purposes (cash basis only)

5a Gross rents . b 6a b 7 8

C-) G

0

W Z Z

(Net rental income or (loss) Net gain or (loss) from sale of assets not on line 10 Gross sales price for all assets on line 6 a Capital gain net income (from Part IV, line 2) . Net short-term capital gai n

9 Income modification s 1 0a Gross sales less returns and allowances b Less : Cost of goods sol d c Gross profit or (loss) (attach schedule) .

U 6!?

11 Other income (attach schedule) 12 Total . Add lines 1 th r y

I ~ L

V

.

13 Comp nsatio r , tr stees, etc . 14 Other s and w a 15 Pensi ns, g~p~ ~e fit ~ 6a Legal a s e ureg 1 b Accou in fees " , c Other ofess~ewr~l ~c Mtta~lchedNle) . 17 Interest ~~ . . .~ 18 Taxes (attach schedule) (see page 13 of the instructions) 19 Depreciation (attach schedule) and depletio n 20 Occupancy .

a 21 Travel, conferences, and meetings 22 Printing and publication s 23 Other expenses (attach schedule) S 24

6 , 060 , 926 .

0 424 384 . 48,610 . 1 396,695 .

2

48,181 651,174 996 .53 7

38,181 . 996 537 . 1,745 .

.

Total o perating and adm i n is trative e xpe nses . Add lines 13 through 2 3

& 25 Contributions, gifts, grants paid . O 26 Total expenses and disbursements. Add lines 24 and 25 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-) . c Adj usted net in c ome (if negative, enter -0-) . For Paperwork Reduction Act Notice , see the instructions .

2 6,060,92 8 25,000 424,38 4

1 53 - 346 . 2,807,903

2,121,729 .

22,262,540

22 262 540 . 0 124 .384 .269 .

6,060,926 . 0 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 Balance Sh eets should be for end-of-year amounts only (See instructions ) (a) Book Value

1 Cash-non-interest-bearing 6,929 . 2 Savings and temPorarY cash investments 716 .188 . 3 Accounts rece ivable ► . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less : allowance for doubtful accounts ► ____________________ _

E nd of yea r

(b) Book Value (c) Fair Ma rket Val ue 5 , 028 . 5,028 . 1,594,474 . 1,594,474 .

4 Pledges receivable ► ____________________________________________ Less : allowance for doubtful accounts ► . . . . . . . . . . . . . . . . . . . . . 5 Grants receivabl e

H

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 ----------------Less- allowanc e fo r d oubtful acco un ts ►_____________________________ 8 Inventories for sale or use . 9 Prepaid expenses and deferred charges . 10a Inves tments-U S . and stat e gov ernmen t o bligation s ( att ach sch edule) b Investments-corporate stock (att ach schedule) 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 . it__C h e k 15 Other assets (describe ► T-ra- ns ----------------------16 Total assets (to be completed by all fil ers -see page 16 of the instructions . Also , see page 1 , item I )

d ea J

11,126 . 11,126 . 76,455 .476 . 357,234,733 . 358 , 287,289 . 77,174,373 .1 77 .137,920 . 157,953,192 .

6,213,770 . 5,574,272 . 2,016 . 1,810 .

460,568,752 . 1 441,559,363 . 1 523,427,191 . 583 .

17 Accounts payable and accrued expenses 18 Grants payabl e 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 21 Mo rtgages and other notes payable (attach schedu le)

is c 0 d

d Z

709 .

22 Other liabilities (descr ibe ► ____________________________________ _ 583 .1

23 Total lia biliti es (add lines 17 through 22) . N d V

5,574,272 . 1,810 .

709 .

Organ i zations that follow SFAS 11 7, c heck he re ► ❑ and complete l i nes 24 through 26 and lin es 30 and 31 . 24 25 26

Unrestricted Temporarily restricted Permanently restricted . 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 .

27 Capital stock, trust principal, or current funds . 28 Paid-in or capital surplus, or land, bldg ., and equipment fund 29 Retained earnings, accumulated income, endowment, or other fund s 30 Total net a ssets or fund b a lan ces (see page 17 of th e instructions ) 31 T otal liab ilitie s and net asse t s/fund bala n c es (see page 17 of

460, 568,169 .441,558,654 .

460 .568,169 .1441,558,654 . 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) . 2 Enter amount from Part I , line 27a .

3 Other increases not included i n l ine 2 (itemize) ► . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Add lines 1 , 2 , and 3 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 .

460,568,169 . (19,009,515 .) 441,558,654 . 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 , 2-s tory bri ck wareh ouse, or common stock, 200 sh s MLC Co)

(b) H ow acquired rc hase nPu DP-- Donat io

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

(d) Date s o ld ( mo, day, yr)

a NONE

b c d e (f) Depreciation allowed

(e) Gross sa les price

(or al lowabl e)

(g) Cost or o th e r basi s

(h) G ain or (loss )

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 (i) F . M .V . as o f 12/3 1 /69

G) Adjusted basis I as of 1 2/31/69

the foundation on 12/31/69

(n Gains (Co l. (h) gain minus (k) Excess of col . (i) col . (k), but not less than -0-) or 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 -03 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 Qualificatio n U nder Section 4940(e) for R edu ce d Tax on Net I nvestm ent Incom e

-0-

(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 ase per io d years Ca lendar year (or tax yea r be

2002

in)

(b) Adjusted qualifying distribution s 29 , 845 , 287 . 32,571,002 . 19 .847 .006 .

(c) Net va lue of nonc han table- use assets

Distribution rati o (col (b) divided by col (i 0 .058976

506,059,967 . 528,930,867 . 700,885,994 . 446 .115 .204 .

0 . 061579 0 .028317 0 .029821 0 .03508 3

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 years the foundation has been in existence if less than 5 years .

2 0 .213776

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

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

6

7 Add lines 5 and 6

7

3

0 .04275 5

21,148,884 . 60,609 . 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)

Page 4

Form 990 -PF (2003)

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 : 125,1890 0 a 2003 estimated tax payments and 2002 overpayment credited to 2003 sa 6b b Exempt foreign organizations-tax withheld at source 6c c Tax paid with application for extension of time to file (Form 8868) 6d d Backup withholding erroneously withheld 7 Total credits and payments. Add lines 6a through 6 d Enter any penalty for underpayment of estimated tax . Check here D if Form 2220 is attache d 8 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 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

125,189 00

64 580 0 0

Activities

Is During the tax year, did the organization attempt to influence any national, state, or local legislation or di d 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 pag e 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? .

No El a X

d Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year : (1 ) On the organization . ► $ (2 ) On organization managers . ► $ e Enter the reimbursement (if any) paid by the organization during the year for political expenditure tax imposed on organization managers . ► $ 2 Has the organization engaged in any activities that have not previously been reported to the IRS? . 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 . , 4a Did the organization have unrelated business gross income of $1,000 or more during the year? b If "Yes," has it filed a tax return on Form 990 -T for this year? N/A 5 Was there a liquidation, termination, dissolution, or substantial contraction during the year ? If "Yes," attach the statement required by General Instruction T. 6

2

X

3 4a 4b

X

5

X

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 9

10 11 12

13

General (or designate) of each state as required by General Instruction G? If "No," attach explanation 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

gb X

9 X page 25)? If "Yes," complete Part XIV X 10 Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names and addresses X 11 Did the organization comply with the public inspection requirements for its annual returns and exemption application? Web site address ► ------ N/ A------------------------------ ------ - ------------- - - --------•-------- - -----------•--•--•-----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

----------------------------------------------------------------------- ------t ❑ Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of F orm 1041 -Check here . and enter the amount of tax-exempt interest received or accrued during the year . . ► 1 13 1 Form 990- PF (2003)

Page 5

Form 990-P F (2003)

rm 4720 M ay B e File Form 4720 if any item is checked in the "Yes " column , unless an exception applies . Is During the year did the organization (either directly or indirectly) :

lNo

(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 //// 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 ► ❑

X

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? 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? If "Yes," list the years ► 20 _ . . . 20 _ . . . 20 .___ 19 ____ .

is

X

❑ Yes [X No

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 ) 2b to all years listed, answer "No" and attach statement-see page 19 of the 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.

► 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 b if the organization had excess business holdings in 2003 .) . 3 4a Did the organization invest during the year any amount in a manner that would jeopardize its charitable purposes? 4 a 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 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 ❑ Yes D No (3) P rovide 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 509(a)(1), (2), or (3), or section 4940(d)(2)? (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? .

X X

❑ Yes N No ❑ 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)? 1 ❑ Organizations relying on a current notice regarding disaster assistance check here

5b

NA

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 . 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

❑ No

❑ Yes ~ N o

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

=bX

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) : (a) Name and addr ess

(b) Title, and average (c) Compensation (d) Contributions to (e) Expense account, 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 em p loy ee benefit (e) Expense account , (a) Name and address of ea ch em ployee pai d mo re th an $50,000 hours per w eek (c) Com pensation pla ns and defe r red other allowa nces d e voted to positi o n compen sation Alice A .

Tan

w r o nd ti

Ellen

Flax

n

L Vyiuui viii c i

. . .r . ... 4 0 Hrs / Wk ....

66,113 .

1,164 .

NONE

949 .

NONE

11,024 .

NON E

1 , 481 .

NON E

Program Directo r

Wk 61,972 . Pi w d at i•-•------•---••----• 4 0 H rs / Martha A Liv i ngston Program Dire t o 014 7 6 . C O The Picower Foundation 30 Hrs / Wk .___ Stan le y . B a umb la tt________________________________ Sr Program O f icer

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 S_CL^ __ . Li G S faT~P

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 --•---•-•---------•--•--------------------P 0 Box 8500 5-6050, Philadelphia , PA 19 1 78-6050 . Ho gan. . & _ . Hartson L L P ri q 5 1 ' nth TTW

WA all i nntnn il('

') nn na _ i i n 4

(b) Type of service

(c) Compensation

Lega l

162,081 .

Lega l

147,703 .

Legal

76,229 .

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

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

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

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

Form 990-PF (2003)

Page 7

Form 990-PF (2003 )

- 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

2

All othe r p rogram-related invest ments See page 21 of the ins truct ions 3

NONE

► NONE Total . Add lines 1 through 3 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 : is 501 029 806 . a Average monthly fair market value of securities b Average of monthly cash balances l b IC NON E c Fair market value of all other assets (see page 22 of the instructions) . id 502,185,673 . d Total (add lines 1a, b, and c) e Reduction claimed for blockage or other factors reported on lines 1 a an d le 1c (attach detailed explanation)

Acquisition indebtedness applicable to line 1 assets 2 NON E

2

502,185,673 . Subtract line 2 from line 1d 3 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) . 494,652,888 . 5 5 Net value of noncharitable- use assets. Subtract line 4 from line 3 . Enter here and on Part V, line 4 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.) 3 4

1 M inimum i n vestm e nt return f rom P art X , li n e 6 2a 2a Tax o n inv est me nt i n come for 20 0 3 from Part VI , line 5 b Incom e ta x for 2003. (This does n ot include t he tax fro m Pa rt VI .) 2b

60F609 .

c Add lines 2a and 2 b Distributable amount before adjustments. Subtract line 2c from line 1 .

3

4a R ecove ries of amounts treated as quali fying distributions . b Income d istri butions from s ectio n 4947(a)(2) trusts

4a NONE 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 : ~~ ~ a Expenses, contributions, gifts, etc .-total from Part I, column (d), line 26 lb b Program-related investments-Total from Part IX-B .

24, 384, 269 . is 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 3a a Suitability test (prior IRS approval required) 3b NON E b Cash distribution test (attach the required schedule) 4 5

6

24, 384, 269 . 4 Qualifying d ist ribut ions. Add lines 1a through 3b . Enter here and on Part V, line 8, and Part All, line 4 . 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

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)

1

Distributable amount for 2003 from Part Xi, line 7 2 Undistributed income, if any, as of the end of 2002 a Enter amount for 2002 only . b Total for prior years. 20 ,20 ,1 9 3 Excess distributions carryover, if any, to 2003a From 1998 NON E

b c d

(a) Corpus

(b) Year s prior to 2002

(c) 200 2

(d) 2003 24,672,035 .

16,385,409 .

From 1999 NONE From 2000 NONE From 200 1

e From 2002 NON E f Total of lines 3a through e

.

Qualifying distributions for 2003 from Part XII, line 4 : ► $ 24 .384 .269 . a Applied to 2002, but not more than line 2a . b Applied to undistributed income of prior years (Election required-see page 24 of the instructions ) c Treated as distributions out of corpus (Election 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

NO NE

4

b

Prior years' undistributed income. Subtract line 4b from line 2 b

c

Enter the amount of prior years' undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assesse d

d

Subtract line 6c from line 6b . Taxable 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 be distributed in 2004 .

Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(E) or 4942(g)(3) (see page 25 of the instructions) . Excess distributions carryover from 1998 8 not applied on line 5 or line 7 (see page 25 of the instructions) . 9 Excess di stribution s carryo ver t o 2 004 . Subtract lines 7 and 8 from line 6a

16,385,409 .

NON E

NONE NON E

NONE

NONE

16,673,175 .

7

10 a

Analysis of line 9 : Excess from 1999 .

b c d e

Excess from 2000 Excess from Excess from 2002 Excess from 2003

NON E

NON E NONE

. NONE 2001 NONE . NONE . NONE

Form 990-PF (2003)

Pag e 9

Fo rm 99 0-PF (2003)

Private Operating Foundations (see pace 25 of the instructions and Part V I 1a b 2a

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 * Check box to indicate whether the organization is a private operating foundation described in section ❑ 4'. Enter the lesser of the adjusted net Tax year Prior 3 year s income from Part I or the minimum investment return from Part X for eac h

b

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

a

(b) 2002

(c) 200 1

or

❑ 49420(5) (e) Tota l

(d) 2000

year listed 85% of line 2 a

c

3

(a) 2003

9) N/ A

Complete 3a, b, or c for the alternative test relied upo n "Assets" alternative test-enter (1) Value of all asset s (2)

b

Value of assets qualifying under section 49420)(3)(B)(i) . "Endowment" alternative test- Enter 2/3

c

"S u pport" alternative test-en ter

of minimum investment return shown in Part X, line 6 for each year listed (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 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: b

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)

Page 1 1

Fo rm 990- PF (2003)

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) (d) function incom e (C) (See page 26 of Busin e ss code Amount E xclusion c ode Amount .) 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 . 17,260 . 3 Interest on savings and temporary cash investments 14 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 9 10 11

Gain or (loss) from sales of assets other than inventory Net income or (loss) from special events . Gross profit or (loss) from sales of inventory 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 501 (c) of the Code (other than section 501 (c)(3) organizations) or in section 527, relating to political organization s

No

a Transfers from the reporting organization to a nonchantable exempt organization of: VNE/11, (1 ) Cash 1a~1 X is 2 X (2 ) Other assets . b Other transactions . X I (1 ) Sales of assets to a noncharitable exempt organization 1 b ( 1 ) M lb(2) X (2 ) Purchases of assets from a noncharitable exempt organization . lb(3) X (3) Rental of facilities, equipment, or other assets b (4) X (4) Reimbursement arrangements . i (5) Loans or loan guarantees i b 5) g 1 b (6 (6 ) Performance of services or membership or fundraising solicitations . is X c Sharing of facilities, equipment, mailing lists, other assets, or paid employees 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? b I f "Yes," complete the following schedule . (a) N ame of organization

46nAA2n g s Signatu re of officer or truste e 2 C N

N a, :2 to t c

a ny

Preparers' signature Finn's name (or yours if self-employed), address, and ZIP code

(c) D escription o f relationship

(b) Type of organizatio n

Under penalties of perjury, I declare that I have examined this return, including acc belief, it is true, correct, and complete Declaration of preparer (other than taxpaye r

❑ Yes KI No

sched u les and

the best of my know ledge an d

#13-692704 3

THE PICOWER FOUNDATION 12-31-0 3

FORM 990-PF, PART I - LEGAL FEE S

DESCRIPTION

PER

REVENUE AND EXPENSES BOOKS

NET INVESTMENT INCOME

ADJUSTED NE T INCOM E

CHARITABLE 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

#13-692704 3

THE PICOWER FOUNDATION 12-31-0 3

FORM 990-PF, PART I - ACCOUNTING FEE S

REVENUE AN D EXPENSES PER BOOK S

DESCRIPTIO N

NET INVESTMEN T INCOME

ADJUSTED NE T INCOME

CHARITABLE PURPOSES

KPMG, LL P

345 Park Avenue New York, NY 1015 4

TOTALS

21,500 .0 0

21,500 .00

21,500 .00

NONE

NONE

21,500 .00

#13-692704 3

THE PICOWER FOUNDATION 12-31-0 3

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

REVENUE AND EXPENSES PER BOOK S

DESCRIPTION

NET ADJUSTED INVESTMENT NE T

INCOME

INCOM E

CHARITABLE PURPOSE S

CONSULTING FEES Michael S . Levine 133 Michaels Court Jupiter, FL 33458

40,251 .2 5

40,251 .2 5

480 .00

480 .0 0

OUTSIDE SERVICES Christopher K . Goul d

298 Bleecker Street, Apt .

New

York,

NY

2

10014

TOTALS

40,731 .25

NONE

NONE

40,731 .25

#13-692704 3

THE PICOWER FOUNDATION 12-31-0 3

FORM 990-PF, PART I - TAXE S

DESCRIPTIO N

REVENUE AND EXPENSES PER BOOK S

EXCISE TAXES FIC A

10,000 .00 33,182 .2 9

NET INVESTMENT INCOM E

ADJUSTED NE T INCOME

NONE 33,182 .29 4,998 .6 7

4,998 .6 7

SUI

TOTALS

48,180 .96

CHARITABLE PURPOSE S

NONE

NONE

38,180 .96

#13-692704 3

THE PICOWER FOUNDATION 12-31-0 3

FORM 990-PF, PART I - OTHER EXPENSE S

DESCRIPTION

REVENUE AND EXPENSES PER BOOKS

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

34,866 .07

34,866 .07

9,241 .66

9,241 .66

15,628 .4 4

15,628 .4 4

3,293 .74

3,293 .74

MISCELLANEOUS EXPENSE

84 .69

84 .69

DELIVERY EXPENSE

36 .0 0

36 .0 0

16,356 .24

16,356 .24

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

INSURANC E LC FEES/SOLOW BLDG MAINTENANCE & REPAIR MESSENGER EXPENSE

OFFICE EXPENSE OFFICE SUPPLIES

TOTALS 153,346 .15

NET INVESTMENT INCOM E

NONE

ADJUSTED NE T INCOM E

NONE

CHARITABLE PURPOSES

153,346 .15

PORTFOLIO APPRAISAL THE PICOWER FOUNDATIO N December 31, 2003 Date Quantity Security COMMON STOC K 12-15- 94 12 , 500 ALCATEL ALSTHOM A DS 12 -04- 91 35 , 600 AMGEN INC 04 -04- 94 88 , 000 BELLSOUTH CORP 12 - 16- 94 49 , 56 5 BIOGEN IDEC INC 11 -28-01 170 , 436 CARMAX INC 12- 03 -90 79 , 20 0 CATERPILLAR INC 11 - 28 -01 14 , 500 CAVCO INDUSTRIE S INC 11 - 28 -0 1 2 90 , 000 CENTEX CORP 11 - 28 -01 543 ,0 00 CIRCUIT CITY STORES INC 04- 08 -94 57,500 CONOCOPHILLIPS 12 -09-91 15 ,600 FANNIE MAE 12 -31 -03 5 , 46 1 FIDELITY SPARTA N US TREASURY MONEY MARKET 12 - 13- 91 1 2 , 00 0 GENERAL ELECTRI C CO. 12 -04- 91 31 , 200 JOHNSON & JOHNSO N 11-28- 0 1 282 , 000 KB HOME 11-28 - 0 1 305 , 00 0 KRISPY KREME DOUGHNUTS IN C 04-05 - 95 1 50, 00 0 NATIONAL SEMICONDUCTOR COR P 11 -28 -01 3 72 ,000 NETW ORK APPLIANCE INC . 12-0 9-91 68, 400 PFIZER I N C . 12-03- 01 420 , 000 SIEBEL SYSTEMS INC 12-13 - 94 222 , 750 STAPLES INC 04-12 -95 448 , 00 0 TEXAS INSTRUMENTS INC . 11 -29 - 01 3 80,00 0 TOLL BROTHERS IN C

Unit Total Market Pct . Unrealized Annual Cur . C os t Cost Pri ce V a lu e Assets Gain /L oss Income Yi eld

33 . 1 3

414, 1 1 0 . 43

12 85 16 0, 625 .00

00 -253, 4 85 43

4, 250 00

26

6 . 54 232 , 8 62 .50 13 69 1 , 204 , 500 00 71 6 354 , 84 0 . 62 1 7. 97 3 , 062 , 345 . 37 1 , 533 , 525 .0 0 1936 1 0 43 151 , 174 8 0

617 9 2 , 199 , 724 . 00 28 . 30 2 , 490,4 00 .00 36 70 1 , 819, 035 . 50 30 . 93 5 ,271 ,5 85 . 48 83 . 02 6,575 ,1 84 . 00 24 .00 348 , 0 00 . 00

0 . 4 1 ,966,86 1 .50 0 .5 1 ,285,900 .00 04 1,464 , 1 9 4 88 1 .0 2,209,240.11 13 5,041,659 00 0 .1 1 96,825 .20

0 00 66, 880 . 00 0 00 0.0 0 1 07 , 712 0 0 0 00

0.0 27

40 8 5 11 , 846 , 825 20 113 6 6,169,939 41

107 . 65 3 1 ,218 , 5 00 00 1 0.1 3 5 , 500 ,590 . 00

1 9,37 1 ,674 80 -669,349 4 1

46 , 400 . 00 3 8 ,010 00

01 0.7

25 77 1 , 481 , 93 7 50 13 . 78 214 ,987 50 1 . 00 5 ,461 00

65 5 7 3, 770 , 275 .00 75 06 1 , 170 , 936 .0 0 100 5 , 46 1 .0 0

0 .7 2,288,337 .50 02 955,948 50 0 .0 0 00

2 0,700 . 00 1 8 ,720 . 00 0 . 00

05 1 .6 0.0

5 . 1 9 62,250 .00

30 .98 371,760 .00

01

30 9 ,51 0 00

9,600 00

2.6

11 .59 361,725 .00

51 .66 1,6 1 1,792 .00

03

1 ,250,06 7 0 0

39,936 00

25

32 22 9,084,9 40 .00 36.16 1 1 ,029,950 .00

72 52 20,450,6 40 .00 36 60 1 1 ,163,000 .00

4 .0 11 ,3 65 , 70 0 .00 22 1 33 ,05 0 00

84,600 0 0 0.00

04 00

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

14. 82

2044 7,603,680 .00

1 .5

0 .00

00

2 ,038 , 42 2 0 0 46 , 512 . 00 -3 , 197,90 0 .00 0 00 5 , 170 , 825 .0 0 0 . 00 1 0,72 6, 24 0 0 0 38, 080 .00

1.9 0.0 0. 0 03

5, 514 ,7 4 0 00

5 .53 378 , 150 . 00 21 .5 3 9 , 044 , 3 00 . 00 4 09 9 10 , 250 . 00 5 .44 2 , 436, 0 00 . 00

3 5 33 13 . 92 27 . 30 2 9 38

2 , 41 6, 572 . 0 0 0.5 5 , 84 6,4 00 .00 12 6 ,081 ,075 .00 1 .2 13 , 1 62,240 .00 26

1 6 82

3 9 76

15 , 1 08,800 00

6, 39 1, 780 00

74,492,844 .3 3 TREASURY BILLS 09- 18- 0 3 187 ,990 ,00 0 US TREASURY BILL DUE 02/ 19/200 4 1 . 000% Due 02- 19 -0 4 09-25-03 169 ,690 , 00 0 US TREASURY BILL DUE 02/26/2004 1 . 000% Due 02-26 -0 4 12-31 - 03 125, 00 0 US TREASURY BILL DUE 04/01/200 4 0 930% Du e 04-01 -04 11 -28- 03 1 00,000 US TREASURY BILL DUE 04/22/ 2004 0 . 980% D u e 0 4-2 2-0 4

61 1 1

3.0

2 ,088,940 0 0

8 ,7 1 7,020 0 0

0 .0 1 .6 00

0 . 00

00

150,257,774 .98 29 .6 75,764,930 65 521,400.00

03

99 58 187,202,321 .90

99 87 1 87,755,012 .50 370 552,690 60

1 ,879,900 .00 1 .0

99 58 1 68,978,998 90

99.87 169, 477 , 887 .5 0

1 , 696, 9 00 . 00

99 77 124, 7 08 75

99 .7 7

124 , 708 75

3 3 .4

49 8 , 888 60

0 .0

10

0 .00

1 ,1 62 . 50 0 . 9

99 61 99 ,611 00 99 72 99, 718 75 0 .0 10 7 75

980 .00 10

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 1

0 .43 00 0

43

0.0

0 00

00

0. 00

0.0

PORTFOLIO APPRAISAL THE PICOWER FOUNDATIO N December 31, 2003 Date Quanti t y

TOTAL PORTFOLIO

Security

Unit Total Marke t P ct. C o st Cost Price Valu e Asset s

Unre ali ze d Annu a l C ur . G a in/L oss Inco me Yi el d

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 THE PICOWER FOUNDATIO N December 31, 2003 Unit Total Market Pct . Date Quantity Security Cost Cos t Price Value A ssets

Unrealized Annual Cur. Gain/Lo ss Income Yield

COMMON STOC K 3,97 6 ,998 84 8 2 .5 3, 832 , 149 49 18 , 000 90 12 -26- 00 60 , 003 AMERICAN INTL 2 41 144 , 849 35 6 6 28 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

1 .0

US TREASURY BILL DUE 02/1 9/200 4 1 .000% Du e 02 -1 9- 04

9977

8 29,092 86 99 8 7

8 29,961 .25 172

8 68 39

8 , 3 10 . 00

0.5

829,092 .86 829,961 .25 17 .2 868 .39 8,310 .00 1 .0 CASH AND EQUIVALENTS U S DOLLAR

TOTAL PORTFO L IO

1 3, 1 38 04 1 3, 138 04 0 .3 13,138 .04 13,138 .04 0 .3

98 7,080 .25

4 ,820 ,098 . 1 3

0 00

00

0.00 0 . 0

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

437,461

Cytokine PharmaSciences, Inc

Cos t

Market Valu e

$2,500,226 .0 0

$3,718,418 .5 0

$2,500,226 .00

$3,718,418 .50

#13-6927043

THE PICOWER FOUNDATION 12-31-0 3

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

Name

&

Address

Title and Tim e Devoted to Position

Picower Trustee Jeffry M . c/o The Picower Foundation 25 Hrs/Wk Barbara Picower Trustee/ c/o The Picower Foundation Executiv e Directo r

(C)

NONE

(D)

NONE

22,169 .

2,831 .

(E)

NON E

-0-

NONE

NONE

NONE

c/o The Picower Foundation

Trustee .75 Hrs/W k

William D . Zabe l c/o The Picower Foundation

Trustee .75 Hrs/Wk

NONE

NONE

NON E

Gerald C . McNamar a c/o The Picower Foundation

Trustee .75 Hrs/W k

NONE

NONE

NON E

Martin R . Pos t c/o The Picower Foundation

Trustee .75 Hrs/Wk

NONE

NONE

NONE

Norman B . Leventhal

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) E liz abeth Ke hle r E xecutive Directo r Ame rican Ba l let Th e a te r 890 B roadwa y New York , NY 1 000 3 Marta Pizarro Executive Director

N

Bar ry Un ive r sity 113 0 0 Nort h Ea st Se cond Avenue Miami Shores , FL 33 1 6 1 -669 5 Earl Martin P hale n CE O

N

P URPOSE

A MOU N T

501(C)(3) To s up port the ABT Sc h ool Series 30,000

1

501 (C)(3) T o f und its Ju s t Checking' Progra m

2

200, 0 00

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 5 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 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 T o s u pport th e fo l lowi ng Su m m e r R onay Mensc h el Da y Camp Extended Ho urs and President/CEO 114 ,00 0 8 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 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 501( C )(3) School to wor k prog ra m 60,000 9 Public o lor N 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 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)

PURPO SE

501(C)(3)

AM OUNT

I nside View H igh School Interns h ip 125,000

Central P a rk West 79th St reet New Yor k, NY 1 002 4-5 1 9 2 Robert M o rriso n Presiden t

Progra m

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 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 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 77 Massa chusetts A venu e Cambridge , MA 0213 9

50,000

3

2 00,000

4

250,000

5

5 0, 000

6

150,000

7

Ai d and for Admin i st rative expenses 95,000

8

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 )

2

College Visit Fund , Student

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 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 915 Broadway , Suite 1703 New York , NY 1001 0 Alan Kirsc hne r

We st Pa l m B each S ch o lars h ips, Challenge Gran t,

Director of Develop ment Un ited Neg ro College Fun d

Palm N

B ea c h C o ll e g e Works hops an d Fin an c ia l

50 1 (C )(3)

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 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 2 300 S outhern B oulevard Bronx, N Y 1 0 4 60

N

501( C )( 3 )

Im pleme ntati on a nd nationa l exp a n sio n of Elly J e ll y

9

115,00 0 1 0

Looks at M arine Animal s 1,550,91 4

2

THE PICOWER FOUNDA T ION EIN 13-692704 3 NAME AND ADDRESS INDIVIDUAL Ms . Am y Jaffe Barzach

501(C)(3)

PURPOSE AMOUN T

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 One Regency Driv e Bloomfield , CT 0600 3

50 ,000

Ms Ma ry O'Connor Middle & High Schoo l Executive Director Boys and Girls Clubs of Palm Beach N 50 1 ( C )(3 )

Outreach Program , Teen

Club After Sc h ool Program , 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

213 , 000

2

3 CARE N 501(C)(3) Emergency Response Fund 150,000 650 First Avenue New York , NY 1001 6 Ms . Lilliam Barnos-Paol i Senior Vice President & CE O Child Care and Early Education Fun d Child Care and Early Education Fund 50,000 4 United Way of New York City N 501(C)(3) 2 Park Avenu e New York , NY 1001 6 Mr Philip Cotlo ff Executive Directo r 100 ,000 5 Children's Aid Society N 501 (C )( 3 ) Parent R eso urce Centers at Fi ve S it es 105 East 22nd Street New York , NY 1001 0 Ms Tana Ebbole Executive Directo r 6 Children's Behavioral Health In i tiati v e N 50 1 (C)(3) Primary Project/Early Intervention 152 , 144 Oakwood Center of the Palm Beaches , 1041 45th Stree t West Palm Beach , FL 33407 Ms Julia E ri ckson Executive Director 7 City Harvest N 501 (C)(3) Sponsorship of One Truck Route 165,000 575 8th Avenue , 4th Fl oo r New York, NY 1001 8 Mr Thomas Doughe rty Executive Director 75,000 8 Doctors of the World N 501(C)(3) General Operatin g Suppo rt 375 West Broadway , 4th Flo o r New York , NY 1001 2 Mr Wil liam Baker President 750 , 000 9 WNET/Channel Thirteen, Cyberchase N 501(C)(3) Cyberc hase 450 West 33rd Stree t New York , NY 1000 1 Mr William Bake r Presiden t 501 (C)(3) National Te acher T ra inin g I ns ti t ute 50 , 000 1 0 WNET/ Channel Thirteen , NTTI N 450 West 33rd Stree t 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 5,000 130 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 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 20,000 330 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 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 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 10,000 630 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 Flushing, NY 1136 7

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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 9 Breast Cancer Research Foundation N 501(C)(3) General Operating Support 2,500 654 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 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 175,000 925 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 2 Park Avenu e New York, NY 1001 6

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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 Boca Raton, FL 3343 2 Ms . Gretchen Buchenhol z Executive Director Association to Benefit Children N 501(C)(3) Youth Services Program 50,000 419 East 86th Street New York, NY 1002 8 David Rosen n Executive Director AVODAH N 501(C)(3) General Operating Support 75,000 443 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 1230 West Peachtree Street NW Tomorrow " Atlanta, GA 30309-344 7 Dr Michael Carerr a Directo r

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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 0 232 East 84th Street 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 4 307 East 60th Street 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 7 Big Apple Circus N 501(C)(3) General Operating Support 25,000 505 Eighth Avenue New York, NY 1001 8 Karen Brooks Hopkin s Presiden t 8 Brooklyn Academy of Music N 501(C)(3) General Operating Support 10,000 30 Lafayette Avenu e Brooklyn, NY 1121 7 Arnold Lehma n Executive Director 9 Brooklyn Museum of Art N 501(C)(3) General Operating Support 15,000 200 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 0 331 East 70th Street 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 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 85,000 352 Park Avenue South N ew York, NY 10010-170 9 Mr . Bob Hughe s Presiden t 501 (C)(3) Pnrncipal Mentoring Program 205,324 New Visions for Public Schools N 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 50,000 551 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 70,000 225 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 1,000,000 317 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 100,000 317 East 64th Street New York, NY 1002 1 Ms . Marcia Stein Executive Directo r Citymeals on Wheels N 501(C)(3) Weekend Meals, Passover 125,000 355 Lexington Avenue -3rd FI Packages and Second Meal s New York, NY 1001 7

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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

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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

THE PICOWER FOUNDATIO N EIN 13-692704 3 NAME AND ADDRESS INDIVIDUAL 501 (C)(3) Ms Hattie Jutagi r Director of Developmen t Lincoln Center Theater N 501 (C)(3) 150 West 65th Stree t New York, NY 1002 3 Mr . Barry Grov e

PURPOSE AMOUN T

The Open Stages Program 50,000

Executive Director Manhattan Theatre Club N 501(C)(3) Core Education Program 60,000 311 West 43rd Stree t New York, NY 1003 2 Dr Christina Orr-Cahal l Executive Director To fund three Palm Beac h

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Norton Museum of Art N 501(0(3) County Progressive Afterschool 71,000 1451 South Olive Avenue Art Community Education (PACE) Site s West Palm Beach, FL 3340 1 Mr. Phillip Whitacre General Operating Funds, Alpert Jewis h Executive Director Family and Children Services ,

3

501 (C)(3) Council of PB County, Legal Aid Society 50,000 Palm Beach Community Chest N 44 Cocoanut Row, Suite M201 of PBC, Seagull Industries for th e Palm Beach, FL 33480 Disabled and The Lord's Plac e

4

Mr Thomas Cahil l Executive Directo r Studio in a School N 501(0(3) Early Childhood Program 75,000 410 West 59th Street 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 3330 Forest Hill Blvd , B-147 Progra m

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West Palm Beach, FL 3340 6 Governor Gaston Caperton President Preparing, Inspiring and Connectin g College Board N 501(C)(3) all Students to College and Opportunity 349,044 45 Columbus Avenu e New York, NY 1002 3 Judith Mitchell CE O Kravis Center for Performing Arts N 501(C)(3) Capital Campaign 100,000 701 Okeechobee Blvd . West Palm Beach, FL 3340 1 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 400,000 701 Okeechobee Blvd the center and other venue s West Palm Beach, FL 3340 1

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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

THE PICOWER FOUNDATIO N EIN 13-6927043 NAME & ADDRESS INDIVIDUAL Janine Nina Trevens Artistic Directo r

501(c)(3)

PURPOSE AMOUN T

TADA! N 501(C)(3) General Operating Support 2,500 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 5,000 250 Joralemon Stree t Brooklyn, NY 1120 1 Bunny Williams Co-Founde r

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Tails in Need N 501(C)(3) General Operating Support 2,500 60 East 66th Street, Suite 2 B New York, NY 1002 1 Priscilla Burton

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CaP Cure N 501(C)(3) General Operating Support 10,000 1250 Fourth Street, Suite 360 Santa Monica, CA 9040 1 Herbert Podel l Attorney at Law

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Family and Children's Associatio n Podell Haven N 501(C)(3) General Operating Support 5,000 100 East Old Country Road Mineola, NY 1150 1 Jim Martindal e

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Cystic Fibrosis Foundation N 501(C)(3) General Operating Support 5,000

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2200 North Florida Mango Road , Suite 304 West Palm Beach, FL 3340 9 Michael Jacobson Executive Director Center for Science in the Publi c Interest N 501(C)(3) General Operating Support 1,000

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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 P O Box 26 1 Fai rfield, CT 06430 Christopher Lydd y

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9 Fairfield Police Explorer Post 279 N 501(C)(3) General Operating Support 2,500 100 Reef Roa d Fai rfi eld, CT 0643 0 Ana Oliveira Executive Director General Operating Support 5,000 1 0 Gay Men's Health Crisis N 501(C)(3 ) 119 West 24th Street New York, NY 10011 41,000 9

THE PICOWER FOUNDATIO N 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 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 5,000 660 M adison Avenu e N ew York, N Y 1 002 1 Joanne Donova n

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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 11 West 53rd Stree t N ew York, N Y 1 001 9 Katherine Foste r D irector of Sponsorship 5 N ew York Ci t y B all et N 501(C)(3) General Operating Support 25,000 Center N ew York, NY 1 002 3 Ernesto Loperena Executive Directo r 6 N ew York Council on Adoptable Children N 501(C)(3) General Operating Support 20,000 589 Eighth Avenue, 15th Floo r N ew York, N Y 1 001 8 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 10 84,000

THE PICOWER FOUNDATION EIN . 13-692704 3 NAME AND ADDRESS INDIVIDUAL 501 (C)(3) Arlene Lan e

PURPOSE AMOUN T

P .S 169M N 501(C)(3) General Operating Support 1,999 1 110 East 88th Street 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 West Palm Beach, FL 3340 2 John Sanchez Executive Directo r 8 East Side House Settlement N 501(C)(3) General Operating Support 1,000 337 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

THE PICOWER FOUNDATION 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 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 1221 Church Avenu e Brooklyn , NY 11218

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30 , 000 12

THE PICOWER FOUNDATION 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 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 2300 Nort h Florida Mango Road and Teen Time Program s West Palm Beach, FL 3340 7 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

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130 East 59th Street 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 220,415 130 East 59th Stree t 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 100,000 130 East 59th Stree t New York, NY 10022

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11 , 769 . 915 1 3

GRAND TOTAL $22,262,540 .00

#13-692704 3

THE PICOWER FOUNDATION 12-31-03

FORM 990-PF, PART II, LINE 14 - LAND, BUILDING AND EQUIPMEN T

Furniture & Fixtures Office & Computer Equipment Computer Software Leasehold Improvement s

Accumulated Depreciation

1,691,527 169,19 1 13, 805 5,167,489 7, 042 , 01 2 (1,467,740) 5,574,27 2

FORM 990-PF, PART I, LINE 19 - DEPRECIATIO N

Furniture & Fixture s

Office & Computer Equipment Computer Software Leasehold Improvements

240,990 33, 69 2 4,602 371,89 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 11 3 19 1,584 .66 AFD Contract 01/11/02 1,58466 7 113 19 226 3 8 22638 22638 22638 22638 22638 John Rosselll & A 01/23/02 44, 370 00 44, 370 . 00 7 3,16929 6,33857 6,33857 6 .33857 6,33857 6,33857 6,33857 3,16929 147 00 73 50 Bunny Williams In 01/24/02 1,02900 7 73 50 14700 14700 147 00 147 00 14700 1 , 029 . 00 AFD Con tract 01/31 /02 1,65900 1,65900 7 718 50 23700 23700 23700 23700 23700 23700 1 18 50 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 71 7 1 3 7 1 7 1 3 35858 5 ,019 .91 Architectu►al Inter 0319/02 5,01991 7 358 56 7 17 13 71 7 13 7 17 1 3 71 7 1 3 AFD Contract 0508102 7 134 57 269 15 2 69 15 269 1 5 269 1 5 269 15 269 1 5 13457 1,88404 1,68404 1 82 86 91 42 1,28000 Jay S . Greenspan 05 1 10/02 1,28000 7 97 42 182 8 6 18286 1 82 86 182 86 182 86 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 10 ,431 .7 0 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 Cltl Cards 01/15/02 3,706 6 4 3 ,706 .64 5 37066 741 33 74 1 33 74 1 33 741 33 370 66 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 .29 619.63 Fairdinkum Cons ► 05/30/02 61963 5 61 95 123 93 123 93 123 93 123 93 61 97 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 1 7 98 17 98 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 13 21 8 7 4379 4379 4379 4379 43 79 4379 4379 4379 4 3 79 4379 43 79 Cooley Monato St 01 /15 /02 56922 32 31 32 3 1 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 1 96 1 96 1 96 1 96 1 96 1 96 1 96 1 96 Flack & Kurtz, Inc . 0 1 /15 102 2549 13 0 99 1 96 1 96 196 4 75 4 75 4 75 4 75 4 75 4 75 4 75 4 75 4 75 SOM 0 1 /1 5/02 6 1 80 13 2 4 0 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 13 1922 38 48 3848 3848 3848 3848 3848 3848 3848 3848 3848 3 8 48 50021 13 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 87264 3354 0 54 0 54 0 54 SOM 02/07/02 700 13 0 26 0 54 0 5 4 054 0 54 0 54 0 54 0 54 0 54 1 ,38462 1 , 38462 1 ,384 62 1,38462 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 1,384 62 346 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 02/07/0 2 4,60000 13 173 10 34 6 15 3 46 1 5 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 SOM 02 /07/02 4,50000 6 61 6 61 661 661 661 6 6 1 Closer Technologi 02/07/02 8596 13 3 3 2 661 661 6 61 661 6 61 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 1 31 39 26275 26276 26275 26275 26275 26275 26275 26275 26275 26275 26276 Closer Technology 0 4 /04/02 3, 4 1577 13 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 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 J T Mogen & Co 11 /05/02 70, 033 00 13 Tots l purchases 2002 512, 146 . 27 4 3 08 4308 4308 4 3 08 4308 4308 4308 4 3 08 43 08 Jerome Gil lman 07/29103 517 00 12 21 56 4308 21 1 6 4238 4238 42 3 8 4238 42 38 4238 4238 4238 4238 4238 Jerome G il lman 09/ 11 /03 508 50 12 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. Employer identification number Type or Na me of Exempt Organization 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

Palm Beach , Flor i da 33480 instructions . Che c k type of return to b e file d (File a separate application for each return)E] Form 990 ❑ F orm 990-BL

❑ Form 990-T (sec 401(a) or 408(a) trust) ❑ Form 990-T (trust other than above)

❑ Form 990-EZ 0 Form 990-PF

❑ Form 1041-A ❑ Form 4 720

❑ Form 5227 ❑ Form 8870 ❑ 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 20 0 4 4 I request an additional 3-month extension of time until November 15 003 5 For calendar year , or other tax year beginning . . . .-. .----------------------------------. . . . . . . . . . . . . . . . 20 --- and ending -- . . . . . . . . . . . . . . . . . . . . . . 20 .- .- . 6 7

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

$

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

60,609 .T

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

re

AI

Among

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 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

(De cember 2000)

Application for Extension of Time To File an Exempt Organization Return

Depar tmen t of the Treasury Internal Revenue Service

O M B N o 1 5 4 5- 1 70 9

► 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 due date for

Num be r, s treet , a nd roo m or sui t e no If a P .O box, see ins t ructions

1 410 South Ocean Boulevard filing your 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 ) ❑ ❑ ❑ 0

❑ ❑ ❑ ❑

Form 990 Form 990-BL Form 990-EZ Form 990-P F

Form 990-T (corporation) Form 990-T (sec 401(a) or 408(a) trust) Form 990-T (trust other than above) Form 1041-A

❑ ❑ ❑ ❑

Form 4720 Form 5227 Form 6069 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 If this application is for Form 990-PF or 990-T, enter any refundable credits and estimated tax payment s made . I nclude any prior year overpayment allowed as a credit

60,609 . ~b $ 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sign a ture and V e rifi c at i o n

$

- 0-

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

For P ap erwork R edu cti on Act N oti ce, see In s tructi o n

Cat No 27916D

Date ►

,S /

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F orm 8868 (12-2000)