Form t990-PF Return of Private Foundationor Section 4947(aXl) Nonexempt Charitable Trust

Treated as a Private Foundation

Department of the Treasury Note : The foundation may be able to use a copy of this return to satisfy stateInternal Revenue Service reporting requirements

OMB No 1545.0052

2007

For calendar year 2007, or tax year beg innin g , 2007, and endin g 9G Check all that apply: Initial return Final return Amended return Address chanoe Name chance

Use the BEN AND CATHERINE IVY FOUNDATIONA Employer identification number

IRS label . 575 HIGH STREET #350 20-3968546Otherwise ,

l hB T b hprint PALO ALTO, CA 94301 e ep one num er (see t e instructions)

or type. 650-324-3000See SpecificInstructions .

C If exemption application is pending, check here ►D 1 Foreign organizations, check here ►

H Check type of organization X Section 501 (c)(3) exempt private foundation 2 Foreign organizations meeting the 85% test checkf-I Section 4947 (a )( 1 ) nonexem p t charitable trust Other taxable private foundation

, qhere and attach computation ►

Fair market value of all assets at end of yearf P t fl l l 16

J Accounting method X Cash Accrual E If private foundation status was terminated►under section 507(b)(1)(A), check here( rom ar , co umn (c), ine ) Other (s ecif )q

► $ 189, 904 , 240.

p y _ _ _ _ _ _ _ _ _ _ _ - -(Part 1, column (d) must be on cash basis

F If the foundation isinIn

aa 60-month termination

under section 507(b)(1)(B), check here ►Part I Ana lysis of Revenue and

Expenses (The total of amounts in(a) Revenue and (b) Net investment (c) Adjusted net (d) Disbursements

columns (b), (c), and (d) may not neces-expenses per books income income for charitable

sanly equal the amounts in column (a)purposes

(cash basis only)see the instructions1 Contributions, gifts, grants, etc, received (aft sch) 187 , 127 , 753.2 Ck w q if the foundn is not req to att Sch B

3 Interest on savings and temporarycash investments 153, 986. 153, 986.

4 Dividends and interest from securities 2 , 385 , 138. 2 , 385 138.5a Gross rentsb Net rental income

or (loss)

R 6a Net gain /(loss) from sale of assets not on line 10 4,589,677.

ricfor all

92 960 219b a nesetE ,, .lss so ne

V 7 Capital gain net income (from Part IV, line 2) 4, 589, 677.EN

8 Net short-term capital gain

U9 Income modifications

E10a Gross sales less

returns andallowances

b Less Cost ofgoods sold

c Gross profit/(loss) (att sch)11 Other income (attach schedule)

SEE STATEMENT 1 -301,304. -301,304.12 Total. Add lines 1 through 11 193 955 250. 6 827 497. 0. 1

ensation of officers13 Com directors trustees et OUp , , , c, , if14 Other employee salaries and wages 27, 733. _15 Pension plans, employee benefits 12, 623.

A 16a Legal fees (attach schedule) SEE ST 2 15, 098. mD b Accounting fees (attach sch) SEE ST 3 4, 790. O (nN c Other prof fees (attach sch) SEE ST 4 64, 710. 20, 093.

0 1P S

17 Interest

E T 18 Taxes (attach schedule) SEE STMT 5 129, 495. 68,685.A 19 Depreciation (attachT

I

sch) and depletion 302.V 20 OccupancyE 21 Travel, conferences, and meetings 39 , 570. 5 , 024.E 22 Printing and publicationsP 23 Other expenses (attach schedule)E SEE STATEMENT 6 16,343. 5,500.SE 24 Total operating and administrative

expenses. Add lines 13 through 23 460, 664. 93, 802. 5, 500.25 Contributions, gifts, grants paid PART XV 15 , 000. T5 , 000.26 Total expenses and disbursements.

Add lines 24 and 25 475, 664. 93,802. 0. 20,500*27 Subtract line 26 from line 12:

a Excess of revenue over expensesand disbursements 193, 479, 586.

b Net investment income (if negative, enter 0) 6,733,695.C Adjusted net income (if negative. enter -0-) 0 ,

BAA For Privacy Act and Paperwork Reduction Act Notice , see the instructions . TEEA0504L 02/20/08 Form 990-PF (2000

Form 990-PF (2007) BEN AND CATHERINE IVY FOUNDATION 20-3968546 Pano 2

Attached schedules and amounts in the descriptionh ld b fl d f ll Sh tP rt it B

Beginning of year End of yearor enumn s ou e -o -year amounts on ys coance eea a

(See instructions) (a) Book Value (b) Book Value (c) Fair Market Value

1 Cash - non-interest-bearing 19, 331. 113, 093. 113, 093.2 Savings and temporary cash investments 500, 447. 6, 452, 079. 6, 452, 079.

- - - - - - - -

-

-3 Accounts receivable- -

Less allowance for doubtful accounts 01-_ _ _ _ _ _ _ _

4 Pledges receivable No-- _ _ - _ _ _ - - -

Less allowance for doubtful accounts----------

5 Grants receivable

6 Receivables due from officers, directors, trustees, and otherdisqualified persons (attach schedule) (see the instructions)

7 Other notes and loans receivable (attach sch) 0

S Less allowance for doubtful accounts 11---------

S 8 Inventories for sale or use

ET

9 Prepaid expenses and deferred charges

S 10a Investments - U S and state governmentobligations (attach schedule)

b Investments - corporate stock (attach schedule)

c Investments - corporate bonds (attach schedule)

11 Investments - land, buildings, andequipment basis

----------Less accumulated depreciation(attach schedule)

----------12 Investments - mortgage loans.

13 Investments - other (attach schedule) STATEMENT 7 188, 155, 144. 183, 339, 068 .14 Land, buildings, and equipment basis 6,032.

Less accumulated depreciation(attach schedule) SEE STMT 8 ► 302.

----------5,730.

15 Other assets (describe 0---------------16 Total assets (to be completed by all filers -

see instructions Also, see page 1, item I) 519, 778. 194, 726, 046. 189, 904, 240.L 17 Accounts payable and accrued expenses

A 18 Grants payable

B 19 Deferred revenueIL 20 Loans from officers, directors, trustees, & other disqualified persons

I 21 Mortgages and other notes payable (attach schedule)

1 22 Other liabilities (describe ► SEE STATEMENT- 9----------- 16,378.

ES 23 Total liabilities (add lines 17 through 22) 0. 16,378.

N F

Foundations that follow SFAS 117, check here Xand complete lines 24 through 26 and lines 30 and 31.

24 Unrestricted 519, 778. 194, 709, 668 .T NT N 25 Temporarily restricted

D 26 Permanently restricted

AS BS AE LT A

Foundations that do not follow SFAS 117, check hereand complete lines 27 through 31.

27 Capital stock, trust principal, or current funds

S N 28 Paid-in or capital surplus, or land, building, and equipment fund

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

R S 30 Total net assets or fund balances (see the instructions) 519, 778. 194, 709, 668 .31 Total liabilities and net assets/fund balances

(see the instructions) 519, 778. 194, 726, 046.rart pi Anai sis or i. nan es in Net Assets or I- and tcaiances

1 Total net assets or fund balances at beginning of year - Part II, column (a), line 30 (must agree withend-of-year figure reported on prior year's return) 1 519 , 778.

2 Enter amount from Part I, line 27a 2 193, 479, 586.3 Other increases not included in line 2 (Itemize) ► SEE STATEMENT 10

---------------------------- 3 710,304.4 Add lines 1, 2, and 3 4 194, 709, 668.5 Decreases not included in line 2 (itemize) No-_______________ ______________ 5_

6 Total net assets or fund balances at end of year (line 4 minus line 5) - Part II column (b), line 30 6 194, 709, 668 .BAA TEEA0302L 07/25/07 Form 990-PF (2007)

' Form 990-PF (2007) BEN AND CATHERINE IVY FOUNDATION 20-3968546 Page 3Part IV Capital Gains and Losses for Tax on Investment Income

(a) List and describe the kind (s) of property sold (e g real estate ,2-story brick warehouse , or common stock , 200 shares MLC Company)

How acquiredP - PurchaseD - Donation

C Date acquired(month, day, year)

(d) Date sold(month, day, year)

1a SEE STATEMENT 14 P VARIOUS VARIOUSb SEE STATEMENT 15 P VARIOUS VARIOUSc CAPITAL GAIN DIVIDENDS

d

e(e) Gross sales price (f) Depreciation allowed

(or allowable )(g) Cost or other basisplus expense of sale

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

a 371,782. 365,653 . 6,129.b 88,004,889 . 88,004,889. 0.Cd

eComplete only for assets showing gain in column (h) and owned b the foundation on 12/31 /69 (I) Gains (Column (h)

(I) Fair Market Valueas of 12/31/69

(j) Adjusted basisas of 12/31/69

(k) Excess of column ( i)over column 0), if any

gain minus column ( k), but not lessthan - 0-) or Losses (from column (h))

a 6,129.b 0.c 4,583,548.d

e

2 Capital gain net income or (net capital loss) If gain, also enter in Part I, line 7If (loss), enter -0 - in Part I, line 7 } 2 4,589,677.

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

Part V I Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income) N/A

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

Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period? E Yes [ NoIf 'Yes,' the foundation does not qualify under section 4940 (e) Do not complete this part

1 Enter the appropriate amount in each column for each year : see the instructions before makino any entries

(a)Base period years

Calendar year (or tax yearbeginning in)

(b)Adjusted qualifying distributions

(c)Net value of

nonchantable-use assets

(d)Distribution ratio

(column (b) divided by column (c))

2006

2005

2004

2003

2002

2 Total of line 1, column (d) 2

3 Average distribution ratio for the 5-year base period - divide the total on line 2 by 5, or by thenumber of years the foundation has been in existence if less than 5 years 3

4 Enter the net value of noncharitable-use assets for 2007 from Part X, line 5 4

5 Multiply line 4 by line 3 5

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

7 Add lines 5 and 6 7

8 Enter qualifying distributions from Part XII, line 4 8

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 thePart VI instructions

BAA Form 990-PF (2007)

TEEA0303L 07/25/07

Form 990-PF (2007) BEN AND CATHERINE IVY FOUNDATION 20-3968546 Page 4

Part VI Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948 - see the instructions)

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

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

b Domestic foundations that meet the section 4940(e) requirements in Part V,

check here " D and enter 1 % of Part I, line 27b

c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4 % of Part I, line 12, column (b)

134,674.

2 Tax under section 511 (domestic section 4947 (a)(1) trusts and taxable lfoundations only Others enter -0-) 2 0.

3 Add lines 1 and 2 3 134, 674.

4 Subtitle A (income) tax (domestic section 4947 (a)(1) trusts and taxable foundations only Others enter - 0-) 4 0.

5 Tax based on investment income . Subtract line 4 from line 3 If zero or less , enter -0- 5 134,674.

6 Credits /Payments:

a 2007 estimated tax pmts and 2006 overpayment credited to 2007 6a 60,000.

b Exempt foreign organizations - tax withheld at source 6b

c Tax paid with application for extension of time to file (Form 8868) 6c 150, 000.

d Backup withholding erroneously withheld 6d _A

7 Total credits and payments Add lines 6a through 6d 7 210,000.

8 Enter any penalty for underpayment of estimated tax Check here XM if Form 2220 is attached 8 79.

9 Tax due If the total of lines 5 and 8 is more than line 7, enter amount owed ► 9 0.

10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid 01 10 75,247.

11 Enter the amount of line 10 to be: Credited to 2008 estimated tax ► 75, 247. Refunded ► 11 0.

Part VII -A Statements Regarding Activities

1 a During the tax year, did the foundation attempt to influence any national, state, or local legislation or did itparticipate or intervene in any political campaign?

b Did it spend more than $100 duringg the year (either directly or indirectly) for political purposes(see the instructions for definition)

If the answer is 'Yes' to la or 1b, attach a detailed description of the activities and copies of any materials publishedor distributed by the foundation in connection with the activities

c Did the foundation 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 foundation 0. $ 0. (2) On foundation managers $

e Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed onfoundation managers 0. $ 0.

2 Has the foundation engaged in any activities that have not previously been reported to the IRS's

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

3 Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articlesof incorporation, or bylaws, or other similar instruments' If 'Yes,' attach a conformed copy of the changes

4a Did the foundation have unrelated business gross income of $1,000 or more during the year?

b If 'Yes,' has it filed a tax return on Form 990-T for this year?

5 Was there a liquidation, termination, dissolution, or substantial contraction during the year?

If 'Yes,' attach the statement required by General Instruction T

6 Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either

• By language in the governing instrument, or

By state legislation that effectively amends the governing instrument so that no mandatory directions that conflictwith the state law remain in the governing instrument?

7 Did the foundation have at least $5,000 in assets at any time during the year? If 'Yes,' complete Part II, column (c), and PartXV

8a Enter the states to which the foundation reports or with which it is registered (see the instructions)

b If the answer is 'Yes' to line 7 , has the foundation furnished a copy of Form 990 - PF to the Attorney General(or designate ) of each state as required by General Instruction G? If 'No,' attach explanation

9 Is the foundation claiming status as a private operating foundation within the meaning of section 49420)(3) or 4942(1)(5)for calendar year 2007 or the taxable year beginning in 2007 (see instructions for Part XIV)'' If ' Yes,' complete Part XIV

10 Did any persons become substantial contributors during the tax year? If 'Yes,' attach a schedule llstin their namesand addresses SEE STATEMENT 11

BAA

Yes No

1a X

1b X

1c X

0.

2 1 1 X

3 X

4a X

4b N IA

5 X

6 X

7 X

8b X

9 X

Form 990-PF (2007)

TEEA0304L 07126/07

Form 990-PF (2007) BEN AND CATHERINE IVY FOUNDATION 20-3968546 Page 5Part VII -A Statements Regarding Activities Continued

11 a At any time during the year, did the foundation, directly or indirectly, own a controlled entitywithin the meaning of section 512(b)(13)'' If 'Yes', attach schedule (see instructions) 11a X

b If 'Yes', did the foundation have a binding written contract in effect on August 17, 2006, covering the interest, rents,royalties, an annuities described in the attachment for line 1 la' 11b NIA

12 Did the foundation acquire a direct or indirect interest in any applicable insurance contract? 12 X

13 Did the foundation comply with the public inspection requirements for its annual returns and exemption application? 13 X

Website address P'WWW. IVYFOUNDATION.ORG-----------------------------------------

14 The books are in care of ► CATHERINE E. IVY Telephone no ► 650-324-3000-------- - A-L----------------------------Located at ► 575 HIGH STREET #350 PALO ALTO CA ZIP + 4 ► 94301------------------------------------ ---------

15 Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 - Check here N/A_/A

and enter the amount of tax-exempt interest received or accrued during the year 15 N/A

Part VII-B Statements Regarding Activities for Which Form 4720 May Be RequiredFile Form 4720 if any item is checked in the 'Yes' column , unless an exception applies. Yes No

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

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? Yes No

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from) adisqualified person? Yes X No

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

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

(5) Transfer any income or assets to a disqualified person (or make any of either availablefor the benefit or use of a disqualified person)? Yes No

(6) Agree to pay money or property to a government official' ( Exception . Check 'No' if thefoundation agreed to make a grant to or to employ the official for a period after terminationof government service, if terminating within 90 days) 11 Yes Z No

b If any answer is 'Yes' to 1 a(1)-(6), did any of the acts fail to qualify under the exceptions described inRegulations section 53 4941 (d)-3 or in a current notice regarding disaster assistance (see the instructions)? lb N A

Organizations relying on a current notice regarding disaster assistance check here

c Did the foundation engage in a prior year in any of the acts described in 1 a, other than excepted acts,that were not corrected before the first day of the tax year beginning in 2007' 1c X

2 Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was aprivate operating foundation defined in section 49420)(3) or 4942(1)(5)).

a At the end of tax year 2007, did the foundation have any undistributed income (lines 6dand 6e, Part XI II) for tax year(s) beginning before 2007 []Yes XZ No

If 'Yes,' list the years 1" 20 , 20 , 20 , 20--

b Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)(relating to incorrect valuation of assets) to the year's undistributed income? (If applying section 4942(a)(2) toall years listed, answer 'No' and attach statement - see the instructions) 2b NVA

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 - , 20 -

3a Did the foundation hold more than a 2% direct or indirect interest in any businessenterprise at any time during the year? []Yes No

b If 'Yes,' did it have excess business holdings in 2007 as a result of (1) any purchase by the foundationor disqualified persons after May 26, 1969, (2) the lapse of the 5-year period (or longer period approvedby the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest, or JI(3) the lapse of the 10-, 15-, or 20-year first phase holding period'? (Use Schedule C, Form 4720, todetermine if the foundation had excess business holdings In 2007) 3b N/A

4a Did the foundation invest during the year any amount in a manner that would jeopardize itscharitable purposes? 4a X

b Did the foundation make any investment in a prior year (but after December 31, 1969) that couldjeopardize its charitable purpose that had not been removed from jeopardy before the first day ofthe tax year beginning in 2007? 4b X

BAA Form 990-PF (2007)

TEEA0305L 02120108

Form 990-PF (2007) BEN AND CATHERINE IVY FOUNDATION 20-396854 6 Page 6Part VII-B Statements Regarding Activities for Which Form 4720 May Be Req uired (continued)5a During the year did the foundation pay or incur any amount to

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))7 Yes No

(2) Influence the outcome of any specific public election (see section 4955), or to carryon, directly or indirectly, any voter registration drive? Yes X No

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

(4) Provide a grant to an organization other than a charitable, etc, organization describedin section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see instructions) Yes No

(5) Provide for any purpose other than religious, charitable, scientific, literary, oreducational purposes, or for the prevention of cruelty to children or animals' Yes XN No

b If any answer is 'Yes' to 5a(1)-(5), did any of the transactions fail to qualify under the exceptionsdescribed in Regulations section 53 4945 or in a current notice regarding disaster assistance(see instructions)? 5b N AOrganizations relying on a current notice regarding disaster assistance check here L

c If the answer is 'Yes' to question 5a(4), does the foundation claim exemption from thetax because it maintained expenditure responsibility for the grant? N/A j Yes Li No

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

6a Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiumson a personal benefit contract []Yes No

b Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?

17

XIf you answered 'Yes' to 6b, also file Form 8870.

7a At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction? []Yes N No

b If yes, did the foundation receive an proceeds or have any net income attributable to the transaction? N APart VIII I In formation About Officers, Directors , Trustees, Foundation Managers , Highly Paid Employees,

and Contractors1 List all officers - directors - trustees - foundation manaaerc and their rmmnencatinn [can inctn.rtinnel

(b) Title and average (c) Compensation (d) Contributions to (e) Expense account,

(a) Name and address hours per week (If not paid , enter -0-) employee benefit other allowancesdevoted to position plans and deferred

compensation

_CATHERINE E_ IVY ------------ PRESIDENT 150, 000. 0. 0.575 HIGH STREET, STE. 350 60.00PALO ALTO CA 94301

_KENDRA PETERSONL MD_ _ _ _ _ _ _ _ _ SECRETARY 0. 0. 0.575 HIGH STREET, STE. 350 1.00PALO ALTO CA 94301

_SHARON LAMB.- RN____________ TREASURER 0. 0. 0.575 HIGH STREET, STE. 350 1.00PALO ALTO CA 94301

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

Z compensation of live highest-oald emolovees (other than those included on line 1 - can inctrurtinncl If nnne enter'N0NF'

(a) Name and address of each employeepaid more than $50,000

(b) Title and averagehours per week

devoted to position

(c) Compensation (d) Contributions toemployee benefitplans and deferredcompensation

(e) Expense account,other allowances

NONE------------------------

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

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

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

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

Total number of other employees paid over $50,000 ' 0t$AA TEEA0306L 02/20/08 corm 77u-rr (CUU/)

Form 990-PF (2007) BEN AND CATHERINE IVY FOUNDATION 20-3968546 Page 7Part VIII Information About Officers , Directors , Trustees, Foundation Managers , Highly Paid Employees,

and Contractors (continued)

3 Five hi g hest-Paid independent contractors for professional services - (see instructions). If none,enter 'NONE.

(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation

NONE-------------------------------------

Total number of others receiving over $50,000 for professional services 11^1 0

PartIX-A Summary of Direct Charitable Activities

List the foundation ' s four lar gest direct charitable activities during the tax year Include relevant statistical information such as the number oforganizations and other beneficiaries served, conferences convened , research papers produced, etc

Expenses

1 N/A------------------------------------------------------------------------------------------------------------

2------------------------------------------------------

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

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

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

4

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

Part IX-B Summary of Program -Related Investments (see instructions)

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

1 N/A------------------------------------------------------------------------------------------------------------

2------------------------------------------------------

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

All other program-related investments See instructions

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

Total . Add lines 1 through 3 1 0.

BAA Form 990-PF (2007)

TEEA0307L 02/20/08

Form 990-PF (2007) BEN AND CATHERINE IVY FOUNDATION 20-3968546 Page 8Part X Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,

see instructions.)

1 Fair market value of assets not used (or held for use) directly in carrying out charitable, etc, purposes:a Average monthly fair market value of securities 1 a 63,924,547.

b Average of monthly cash balances 1 b 3, 272, 059.c Fair market value of all other assets (see instructions) 1 c 34,510,513.dTotal (add lines 1a, b, and c) 1d 101, 707, 119.

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

(attach detailed explanation) 1 e 0.

2 Acquisition indebtedness applicable to line 1 assets 2 0.

3 Subtract line 2 from line ld 3 101, 707, 119.

4 Cash deemed held for charitable activities Enter 1-1/2% of line 3(for greater amount, see instructions) 4 1,525, 607.

5 Net value of noncharitable-use assets . Subtract line 4 from line 3 Enter here and on Part V, line 4 5 100, 181, 512.6 Minimum investment return . Enter 5% of line 5 6 5, 009, 076.

Part XI Distributable Amount (see instructions) (Section 49420)(3) and 0)(5) private operating foundationsand certain forei g n org anizations check here ► and do not com p lete this art.

1 Minimum investment return from Part X, line 6 1 5, 009, 076.2a Tax on investment income for 2007 from Part VI, line 5 2a 134,674.

b Income tax for 2007 (This does not include the tax from Part VI) 2b

c Add lines 2a and 2b 2c 134,674.3 Distributable amount before adjustments Subtract line 2c from line 1 3 4,874,402.4 Recoveries of amounts treated as qualifying distributions 4

5 Add lines 3 and 4 5 4,874,402.6 Deduction from distributable amount (see instructions) 6

7 Distributable amount as ad j usted Subtract line 6 from line 5 Enter here and on Part XIII, line 1 7 4,874,402.

Part XII Qualifying Distributions (see instructions)

1 Amounts paid (including administrative expenses) to accomplish charitable, etc, purposesa Expenses, contributions, gifts, etc - total from Part I, column (d), line 26 1 a 20,500.b Program-related investments - total from Part IX-B 1 b

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

3 Amounts set aside for specific charitable projects that satisfy the.S b l IRa uita i ity test (prior S approval required) 3a

b Cash distribution test (attach the required schedule) 3b

4 Qualifying distributions Add lines 1a through 3b Enter here and on Part V, line 8, and Part XIII, line 4 4 20,500.

5 Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment incomeEnter 1 % of Part I, line 27b (see instructions) 5

6 Adjusted qualifying distributions . Subtract line 5 from line 4 6 20,500.

Note : The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundationqualifies for the section 4940(e) reduction of tax in those years

BAA Form 990-PF (2007)

TEEA0308L 07/27/07

Form 990-PF (?007) BEN AND CATHERINE IVY FOUNDATION 20-3968546 Page 9

Part XIII Undistributed Income (see instructions)

(a) (b) (c) (d)Corpus Years prior to 2006 2006 2007

1 Distributable amount for 2007 from Part XI,line 7

2 Undistributed income, if any, as of the end of 2006

a Enter amount for 2006 only

b Total for prior years: 20_, 20 _, 20_

3 Excess distributions carryover, if any, to 2007

a From 2002

b From 2003

c From 2004

d From 2005

e From 2006 17,284.f Total of lines 3a through e

4 Qualifying distributions for 2007 from Part

XII, line 4 ► $ 20,500.

a Applied to 2006, but not more than line 2a

b Applied to undistributed income of prior years(Election required - see instructions)

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

d Applied to 2007 distributable amount

e Remaining amount distributed out of corpus

5 Excess distributions carryover applied to 2007(If an amount appears In column (d), thesame amount must be shown In column (a) )

6 Enter the net total of each column asindicated below:

a Corpus Add lines 3f, 4c, and 4e. Subtract line 5

b Prior years ' undistributed income Subtractline 4b from line 2b

c Enter the amount of prior years ' undistribut-ed income for which a notice of deficiencyhas been issued , or on which the section4942 (a) tax has been previously assessed

d Subtract line 6c from line 6b Taxableamount - see instructions

e Undistributed income for 2006. Subtract line 4a fromline 2a. Taxable amount - see instructions

f Undistributed income for 2007 Subtract lines4d and 5 from line 1 This amount must bedistributed in 2008

7 Amounts treated as distributions out ofcorpus to satin requirements imposedby section 170()(1)(F) or 4942(g)(3)(see instructions)

8 Excess distributions carryover from 2002 notapplied on line 5 or line 7 (see instructions)

9 Excess distributions carryover to 2008.Subtract lines 7 and 8 from line 6a

10 Analysis of line 9

a Excess from 2003

b Excess from 2004

c Excess from 2005

d Excess from 2006

e Excess from 2007

BAA

0.

17,284.

0.

0.

0.

4,874,402.

20,500.0. 1 1 1

17,284. 1 1 17,284.

0.

0.

0.

0.

0.

0.

0.

0.

4,836,618.

Form 990-PF (2007)

TEEA0309L 07/30/07

Form 990-PF (2007) BEN AND CATHERINE IVY FOUNDATION 20-3968546 Page 10Part XIV Private Operating Foundations (see instructions and Part VII -A, q uestion 9) N/A

1 a If the foundation has received a ruling or determination letter that it is a private operating foundation, and the rulingis effective for 2007, enter the date of the ruling

b Check box to indicate whether the foundation is a private oneratinn foundation described in section IT 4942(i't(31 or 1 4g42(iv

2a Enter the lesser of the adjusted net Tax year Prior 3 yearsincome from Part I or the minimuminvestment return from Part X for (a) 2007 (b) 2006 (c) 2005 (d) 2004 (e) Total

each year listed

b 85% of line 2a

c Qualifying distributions from Part XII,line 4 for each year listed

d Amounts included in line 2c not used directlyfor active conduct of exempt activities

e Qualifying distributions made directlyfor active conduct of exempt activitiesSubtract line 2d from line 2c

3 Complete 3a, b, or c for thealternative test relied upon

a 'Assets' alternative test - enter

(1) Value of all assets

(2) Value of assets qualifying undersection 49420)(3)(B)(i)

b 'Endowment' alternative test - enter 2/3 ofminimum investment return shown in Part X,line 6 for each year listed

c 'Support' alternative test - enter:

(1) Total support other than grossinvestment income (interest,dividends, rents, paymentson securities loans (section512(a)(5)), or royalties)

(2) Support from general public and 5 ormore exempt organizations as providedin section 4942(I)(3)(B)(iu)

(3) Largest amount of support froman exempt organization

(4) Gross investment income

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

1 Information Regarding Foundation Managers:

a List any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation before theclose of any tax year (but only if they have contributed more than $5,000) (See section 507(d)(2)

NONE

b List any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the ownership ofa partnership or other entity) of which the foundation has a 10% or greater interest

NONE

2 Information Regarding Contribution , Grant, Gift, Loan , Scholarship , etc, Programs:

Check here ' [ ] if the foundation only makes contributions to preselected charitable organizations and does not accept unsolicitedrequests for funds If the foundation makes gifts, grants, etc, (see instructions) to individuals or organizations under other conditions,complete items 2a, b, c, and d

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

SEE STATEMENT 12

b The form in which applications should be submitted and information and materials they should include

SEE STATEMENT FOR LINE 2Ac Any submission deadlines

SEE STATEMENT FOR LINE 2A

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

SEE STATEMENT FOR LINE 2A

BAA TEEA031OL 07131/07 Form 990-Pr (2007)

Form 990-PF (2007) BEN AND CATHERINE IVY FOUNDATION 20-3968546 Page 11Part' XV Supplementary Information (continued)3 Grants and Contributions Paid During the Year or Approved for Future Payment

RecipientIf recipient is an individual,show any relationship to FoundationFoundation Purpose of grant or

any foundation manager or oft b t Amount

Name and address (home or business ) substantial contributor recipient con ri ionu

a Paid during the year

NATIONAL BRAIN TUMOR FOUNDATION NONE 501C3 BRAIN CANCER 4,000.22 BATTERY STREET, STE. 612 RESEARCHSAN FRANCISCO, CA 94111

ACCELERATE BRAIN CANCER CURE NONE 501C3 BRAIN CANCER 5,000.1717 RHODE ISLAND AVE. NW, STE. RESEARCH700WASHINGTON, DC 20036

TUG MCGRAW FOUNDATION NONE 501C3 QUALITY OF LIFE FOR 6,000.1303 JEFFERSON ST., STE. 100B BRAIN TUMOR PATIENTSNAPA, CA 94559

Total ► 3a 15,000.b Approved for future payment

SEE STATEMENT 13

Total 01, 3bl 10, 230, 270.

BAA TEEA0501 L 07/26/07 Form 990-PF (2007)

Form -990-PF (2007) BEN AND CATHERINE IVY FOUNDATION 20-3968546 Page 12

Part XVI -A 'Analysis of Income-Producing Activities

Enter

1

a

b

c

d

e

f

92

3

4

5

a

b

6

7

8

9

10

11

a

b

c

d

e

12 Subtotal

13 Total . Add line 12, columns (b), (d), and (e) 13 6, 827, 497.

(See worksheet in the instructions for line 13 to verify calculations )

Part XVI -B I Relationship of Activities to the Accomplishment of Exempt Purposes

gross amounts unless otherwise indicated Unrelated business income Excluded by section 512 513 or 514, ,

rogram service revenue .

(a)Businesscode

(b)Amount

(c)Exclu-Sioncode

(d)Amount

(e)Related or exemptfunction income

(see the instructions)

Fees and contracts from government agencies

Membership dues and assessments

Interest on savings and temporary cash investments 14 153,986.Dividends and interest from securities 14 2, 385, 138 .Net rental income or ( loss) from real estate,

Debt-financed property

Not debt-financed property

Net rental income or (loss ) from personal property

Other investment income

Gain or ( loss) from sales of assets other than inventory 18 4,589,677.Net income or (loss) from special events

Gross profit or (loss) from sales of inventory

Other revenue

PARTNERSHIP INCOME (LOSS) 14 -301,304.

Add columns (b), (d), and (e) 6,827,497,

BAA TEEA0502L 07/26/07 Form 990-PF (2007)

Form 990-PF (2007) BEN AND CATHERINE IVY FOUNDATION 20-3968546 Page 13Part ft l Information Regarding Transfers To and Transactions and Relationships With Noncharitable

Exempt Organizations

Yes No1 Did the organization directly or indirectly engage in any of the following with any other organization

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

a Transfers from the reporting foundation to a noncharltable exempt organization of:

(1) Cash a (1)

J

X

(2) Other assets 1 a (2) X

b Other transactions

(1) Sales of assets to a noncharltable exempt organization 1 b (1) X

(2) Purchases of assets from a noncharitable exempt organization 1 b (2) X

(3) Rental of facilities, equipment, or other assets 1 b (3) X

(4) Reimbursement arrangements 1 b (4) X

(5) Loans or loan guarantees 1 b (5)1 1 X

(6) Performance of services or membership or fundraising solicitations 1 b (6) X

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

d If the answer to any of the above is 'Yes,' complete the following schedule Column (b) should always show the fair mthe goods, other assets, or services given by the reporting foundation If the foundation received less than fair marketany transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received

arket value ofvalue in.

(a) Line no (b) Amount Involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements

N/A

2a Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizationsdescribed in section 501(c) of the Code (other than section 501 (c)(3)) or in section 527' F]Yes XM No

b If 'Yes .' complete the following schedule

(a) Name of organization (b) Type of organization (c) Description of relationshi p

N/A

Under penalties of perjury, I declare that I have examined this return , including accompa ny i nn = h^ _^ _,, _+_ +^_ __+^ =tea +^ +h k + ^+ ^^^• • ^^ _^ ^_ ^+ + +• _ ^••^ + _^complete De aration of preparer ( other th taxpayer or fiduciary) is based on a ll informati

LM► \s ^^ V PVC

G S1gnatureeof officer or trustee

N

HE

Preparer's ►Paid signature

Ka,5;^R Pre- -E parer 's Firm ' s name (or POULSE & COMPANY, P. C.

Useemployed)f

O7536 E. ANGUS DRIVEOnly

address andZIPP cod

,e SCOTTSDALE, AZ 85251

BAA

Schedule B(Folm 990 , 990-EZ,

or 990-PF)

Department of the TreasuryInternal Revenue Service

Schedule of ContributorsOMB No 1545-0047

Supplementary Information for I 2007line 1 of Form 990, 990-EZ and 990-PF (see instructions)

Name of organization Employer identification number

BEN AND CATHERINE IVY FOUNDATION 20-3968546Organization type (check one)

Filers of: Section:

Form 990 or 990-EZ 501(c)( ) (enter number) organization

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

527 political organization

Form 990-PF XrV7 501 (c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

501 (c)(3) taxable private foundation

Check if your organization is covered by the General Rule or a Special Rule (Note : Only a section 501(c)(7), (8), or (10) organization can checkboxes for both the General Rule and a Special Rule - see instructions )

General Rule -

Fv7LLIJFor organizations filing Form 990 , 990-EZ , or 990 - PF that received , during the year, $5,000 or more ( in money or property) from any onecontributor (Complete Parts I and II )

Special Rules -

For a section 501(c)(3) organization filing Form 990, or Form 990-EZ, that met the 33-1/3% support test of the regulations under sections509(a)(1)/170(b)(1)(A)(vl) and received from any one contributor , during the year, a contribution of the greater of $5,000 or 2% of theamount on line 1 of these forms (Complete Parts I and II )

For a section 501(c)(7), (8), or (10) organization filing Form 990 , or Form 990-EZ , that received from any one contributor , during the year,aggregate contributions or bequests of more than $ 1,000 for use exclusively for religious , charitable, scientific , literary, or educationalpurposes , or the prevention of cruelty to children or animals (Complete Parts I, II , and III )

For a section 501(c)(7), (8), or (10) organization filing Form 990 , or Form 990 - EZ, that received from any one contributor , during the year,some contributions for use exclusively for religious , charitable, etc , purposes , but these contributions did not ag gregate to more than$1,000. (If this box is checked , enter here the total contributions that were received during the year for an exclus i vely religious , charitable,etc, purpose Do not complete any of the Parts unless the General Rule applies to this organization because it received nonexclusivelyreligious, charitable , etc, contributions of $5,000 or more during the year) ► $

Caution : Organizations that are not covered by the General Rule and/or the Special Rules do not file Schedule B (Form 990, 990-EZ, or990-PF) but they must check the box in the heading of their Form 990, Form 990-EZ, or on line 2 of their Form 990-PF, to certify that they donot meet the filing requirements of Schedule B (Form 990, 990-EZ, or 990-PF)

BAA For Paperwork Reduction Act Notice , see the Instructions Schedule B (Form 990, 990-EZ, or 990-PF) (2007)for Form 990 , Form 990- EZ, and Form 990-PF.

TEEA0701 L 07/31/07

Schedule B (FQrm 990, 990-EZ, or 990-PF) (2007) Page 1 of 1 of Part IName of organization Emolover identification number

BEN AND CATHERINE IVY FOUNDATION 20-3968546

Part 1 Contributors (See Specific Instructions )

(a) (b) (c) (d)Number Name , address , and ZIP + 4 Aggregate Type of contribution

contributions

1 BEN F. IVY TRUST 04/28/ 83----------------------------------- Person

Payroll575 HIGH STREET,-STE.-350___________________ 187,127,753_ Noncash X

(C Part if therePALO ALTO, -CA- 94301 ---------------------- is

(a) (b) (c) (d)Number Name, address, and ZIP + 4 Aggregate Type of contribution

contributions

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Person

Payroll

------------------------------------- $----------- Noncash

(Complete Part II if there_ _ _ _ - _ _ ------------------------------ is a noncash contribution

(a) (b) (c' (d)Number Name , address , and ZIP + 4 Aggregate Type of contribution

contributions

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Person

Payroll

------------------------------------- $----------- Noncash

(Complete Part II if there_____________________________________ is anoncashcontribution )

(a) (b) (c) (d)Number Name , address , and ZIP + 4 Aggregate Type of contribution

contributions

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Person

Payroll

------------------------------------- $----------- Noncash

(Complete Part II if there_____________________________________ is anoncashcontribution

(a) (b) (c) (d)Number Name , address , and ZIP + 4 Aggregate Type of contribution

contributions

------------------------------------- Person

Payroll

------------------------------------- $----------- Noncash

(Complete Part II if there_ ____-_________________ -------------- is a noncash contribution

(a) (b) (c) (d)Number Name , address , and ZIP + 4 Aggregate Type of contribution

contributions

------------------------------------- Person

Payroll

------------------------------------- $----------- Noncash

(Complete Part II if there_____________________________________ is anoncashcontribution

BAA TEEA0702L 07/31107 Schedule B (Form 990, 990-EZ, or 990-PF) (2007)

Schedule B (Farm 990 , 990-EZ , or 990 -PF ) (2007) Page 1 of 1 of Part II

Name of organization Employer Identification number

BEN AND CATHERI NE IVY FOUNDATION 20-3 968 546

Part II Noncash Property (See Specific Instructions )

(a)No. fromPart I

(b)Description of noncash property given

(c)FMV (or estimate(see instructions)

(d)Date received

1INVESTMENT ACCOUNTS &_REAL ESTATE INVESTMENTPARTNERSHIPS

-------------------------------------------------------------------------------- 181, 907, 753.$----------- VARIOUS------

(a)No. fromPart I

(b)Description of noncash property given

(c)FMV (or estimate(see instructions)

(d)Date received

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

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

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

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

(a)No. fromPart I

(b)Description of noncash property given

(c)FMV (or estimate)(see instructions)

(d)Date received

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

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

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

(a)No, fromPart I

(b)Description of noncash property given

(c)FMV (or estimate)(see instructions)

(d)Date received

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

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

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

(a)No. fromPart I

(b)Description of noncash property given

(c)FMV (or estimate)(see instructions)

(d)Date received

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

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

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

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

(a)No. fromPart I

(b)Description of noncash property given

(c)FMV (or estimate)(see instructions)

(d)Date received

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

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

BAA Sched ule B (Form 990. 990-EZ. or 990-PF) (2007)

TEEA0703L 08/01/07

Schedule B (Form 990, 990-EZ, or 990-PF) (2007) Page 1 of 1 of Part IIIName of organization Employer identification number

BEN AND CATHERINE IVY FOUNDATION 20-3968546Pa(rt1llI Exclusively religious, charitable , etc, individual contributions to section 501 (c)(7), (8), or (10)

organizations aggregating more than $1 , 000 for the year. (Complete cols (a) through (e) and the following line entry )

For organizations completing Part III, enter total of exclusively religious, charitable, etc,contributions of $1,000 or less for the year (Enter this information once - see instructions N/A

(a)

No. fromPart I

(b)

Purpose of gift

(c)

Use of gift

(d)

Description of how gift is held

N/A-------------------

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

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

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

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

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

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

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

(e)Transfer of gift

Transferee ' s name, address, and ZIP + 4 Relationship of transferor to transferee

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

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

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

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

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

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

(a)

No. fromPart

(b)

Purpose of gift

(c)

Use of gift

(d)

Description of how gift is held

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

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

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

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

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

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

(e)Transfer of gift

Transferee ' s name , address , and ZIP + 4 Relationship of transferor to transferee

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

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

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

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

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

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

(a)

No. fromPart

(b)

Purpose of gift

(c)

Use of gift

(d)

Description of how gift is held

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

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

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

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

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

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

(e)Transfer of gift

Transferee ' s name , address , and ZIP + 4 Relationship of transferor to transferee

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

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

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

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

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

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

(a)

No. fromPart

(b)

Purpose of gift

(c)

Use of gift

(d)

Description of how gift is held

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

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

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

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

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

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

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

(e)Transfer of gift

Transferee 's name , address , and ZIP + 4 Relationship of transferor to transferee

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

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

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

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

BAA Schedule B (Form 990, 990-EZ, or 990-PF) (2007)TEEA0704L 08/01/07

2007 FEDERAL STATEMENTS PAGE 1

CLIENT 23428 BEN AND CATHERINE IVY FOUNDATION 20-3968546

10/01 /08 02.58PM

STATEMENT1FORM 990- PF, PART I, LINE 11OTHER INCOME

PARTNERSHIP INCOME (LOSS) $ 304.-301 ,TOTAL -301,304.

STATEMENT 2FORM 990- PF, PART I , LINE 16ALEGAL FEES

(A) (B) NET (C) (D)EXPENSES INVESTMENT ADJUSTED CHARITABLEPER BOOKS INCOME NET INCOME PURPOSES

LEGAL ADVICE & COUNSEL $ 15 098.,TOTAL 15,098. $ 0. $ 0. $ 0.

STATEMENT 3FORM 990- PF, PART I , LINE 16BACCOUNTING FEES

(A) (B) NET (C) (D)EXPENSES INVESTMENT ADJUSTED CHARITABLEPER BOOKS INCOME NET INCOME PURPOSES

BOOKKEEPING & ACCOUNTING SERVICES $ 4,790.TOTAL $ 4,790. $ 0. $ 0. $ 0.

STATEMENT 4FORM 990- PF, PART I , LINE 16COTHER PROFESSIONAL FEES

(A) (B) NET (C) (D)EXPENSES INVESTMENT ADJUSTED CHARITABLEPER BOOKS INCOME NET INCOME PURPOSES

EXECUTIVE DIRECTOR FEES $ 25,240.MISCELLANEOUS PROFESSIONAL FEES 315.PORTFOLIO CUSTODIAN & MANAGEMENT FEES

20,093. $ 20,093.RESEARCH DIRECTOR FEES 19,062.

TOTAL $ 64,710. $ 20,093. $ 0. $ 0.

2007 FEDERAL STATEMENTS PAGE 2

CLIENT 23428 BEN AND CATHERINE IVY FOUNDATION 20-3968546

10/01/08 02.58PM

STATEMENT 5FORM 990 - PF, PART I, LINE 18TAXES

(A) (B) NET (C) (D)EXPENSES INVESTMENT ADJUSTED CHARITABLEPER BOOKS INCOME NET INCOME PURPOSES

CA FILING FEE $ 10.CA FRANCHISE TAX 800.FOREIGN TAX 68,685. $ 68,685.TAX ON INVESTMENT INCOME 60,000.

TOTAL $ 129,495. 68,685. $ 0. 0.

STATEMENT 6FORM 990-PF, PART I , LINE 23OTHER EXPENSES

(A) (B) NET (C) (D)EXPENSES INVESTMENT ADJUSTED CHARITABLEPER BOOKS INCOME NET INCOME PURPOSES

AUTO $ 558.BANK CHARGES 54.COMPUTER EXPENSE 1,377.CONTINUING EDUCATION 5,500. $ 5,500.DUES & SUBSCRIPTIONS 1,234.INSURANCE 1,582.LICENSE & FEES 40.MEETINGS & CONV 3,464.OFFICE EXPENSE 1,231.OUTSIDE SERVICES 306.POSTAGE 21.TELEPHONE 553.UTILITIES 423.

TOTAL $ 16,343. 0. $ 0. 5,500.

STATEMENT 7FORM 990-PF, PART II , LINE 13INVESTMENTS - OTHER

VALUATION BOOK FAIR MARKETMETHOD VALUE VALUE

OTHER INVESTMENTS

REAL ESTATE RELATED PARTNERSHIPS MKT VAL $ 71,275,744. $ 71,275,744.FOUNDATION BRG LLC MKT VAL 1,473,206. 1,473,206.

TOTAL OTHER INVESTMENTS $ 72,748,950. $ 72,748,950.

OTHER PUBLICLY TRADED SECURITIES

AMERICAN FUNDS MKT VAL 84,545,926. 80,655,075.CAPITAL GUARDIAN MKT VAL 30,860,268. 29,935,043.

TOTAL OTHER PUBLICLY TRADED SECURITIES $ 115406194. $110,590,118.

TOTAL $ 188155144. $183,339,068.

2007 FEDERAL STATEMENTS PAGE 3

CLIENT 23428 BEN AND CATHERINE IVY FOUNDATION 20-3968546

10/01 /08 02 58PM

STATEMENT 8FORM 990-PF, PART II , LINE 14LAND , BUILDINGS , AND EQUIPMENT

ACCUM. BOOK FAIR MARKETCATEGORY BASIS DEPREC. VALUE VALUE

MACHINERY AND EQUIPMENT $ 6,032. $ 302. $ 5,730. $ 0.TOTAL $ 6,032. 302. $ 5,730. $ 0.

STATEMENT 9FORM 990-PF, PART II , LINE 22OTHER LIABILITIES

PAYROLL TAXES PAYABLE $ 16,378.

TOTAL $ 16,378.

STATEMENT 10FORM 990-PF, PART III, LINE 3OTHER INCREASES

UNREALIZED GAIN $ 710,304.TOTAL $ 710,304.

STATEMENT 11FORM 990-PF, PART VII -A, LINE 10SUBSTANTIAL CONTRIBUTORS DURING THE TAX YEAR

NAME OF SUBSTANTIAL CONTRIBUTOR ADDRESS OF SUBSTANTIAL CONTRIBUTOR

BEN F. IVY TRUST 04/28/83 575 HIGH STREET, STE. 350PALO ALTO, CA 94301

STATEMENT 12FORM 990-PF, PART XV, LINE 2A-DAPPLICATION SUBMISSION INFORMATION

NAME OF GRANT PROGRAM: PLEASE SEE OUR WEBSITE FOR DETAILSNAME: HTTP://WWW.IVYFOUNDATION.ORG/CARE OF:STREET ADDRESS:CITY, STATE, ZIP CODE:TELEPHONE:FORM AND CONTENT:SUBMISSION DEADLINES:RESTRICTIONS ON AWARDS:

2007 FEDERAL STATEMENTS

CLIENT 23428 BEN AND CATHERINE IVY FOUNDATION

10/01/08

STATEMENT 13FORM 990-PF, PART XV, LINE 3BRECIPIENT APPROVED FOR FUTURE PAYMENT

FOUND-DONEE ATION PURPOSE OF

NAME AND ADDRESS RELATIONSHIP STATUS GRANT

AMERICAN FRIENDS OF UNIV OF NONE N/A P75NTR IS ACALGARY, INC RATIONAL DRUG3330 HOSPITAL DRIVE NW TARGET FORCALGARY, CANADA, MALIGNANT

GLIOMA.

$ 1,277,000.

M. D. ANDERSON NONE N/A GLIOMA CANCER 1,500,000.OFFICE OF SPONSORED PROGRAMS STEM CELLS &

TUMOR DERIVEDMESYNCHYMAL STEMCELLS: ROLE ANDCROSS-TALK INHUMAN GLIOMAS.

UNIVERSITY OF CA (UCLA) NONE N/A DEVELOPMENT AND 1,500,000.11000 KINROSS AVE, STE 102 IMPLEMENTATIONLOS ANGELES, CA 90095 OF NOVEL

MOLECULARDIAGNOSTIC TOOLSTO GUIDECOMBINATIONTHERAPY FORMALIGNANT GLIOMAPATIENTS.

ALLEN INSTITUTE FOR BRAIN NONE N/A ANATOMIC GENE 2,118,946.SCIENCE EXPRESSION ATLAS551 N. 34TH ST., STE. 200 OF HUMAN GBM.SEATTLE, WA 98103

UNIVERSITY OF PENNSYLVANIA NONE N/A TARGETING 622,501.1316 BRB II/III 421 CURIE GLIOBLASTOMABLVD THROUGH TEM-1.PHILADELPHIA, PA 19104

TRANSLATIONAL GENOMICS NONE N/A IVY GENOMICS 3,211,823.RESEARCH (TGEN) BASED MEDICINE445 N. FIFTH ST. PROJECT.PHOENIX, AZ 85004

PAGE 41

02

TOTAL $ 10,230,270. 1

THE BEN 6 CATHERINE IVY FOUNDATIONSchedule D Detail of Short-term Capital Gains and Losses

STATEMENT 14FORM 990-PF, PART IV, LINE 1CAPITAL GAINS AND LOSSES FOR TAX ON INVESTMENT INCOME

Descri ption

Date

Acq uired

Date

Sold

Gross Sales

Price

Cost or Other

Basis

Short-term

Gain/Loss

. LBART 04-A A2 FSA 2.841% 07/15 / 2010 05/02 / 2007 06/15/2007 63,588.68 62,540.46 1,048.22LBART 04-A A2 FSA 2.841% 07/15/2010 05/02/2007 07/16/2007 58,304.20 57,343.09 961.11LBART 04-A A2 FSA 2.841% 07/15/2010 05/02/2007 08/15/2007 57,013.87 56,074.04 939.83LBART 04-A A2 FSA 2.841% 07/15/2010 05/02/2007 09/17/2007 52,016.77 51,159.31 857.46LBART 04-A A2 FSA 2.841% 07/15/2010 05/02/2007 10/15/2007 43,705.79 42,985.33 720.46LBART 04-A A2 FSA 2.841% 07/15/2010 05/02/2007 11/15/2007 51,019.50 50,178.48 841.02LBART 04-A A2 ESA 2.841% 07/15/2010 05/02/2007 12/17/2007 46,133.06 45,372.59 760.47

Totals 371,782.00 365,653.00 6,129.00

JSA7F0971 1 000

THE BEN & CATHERINE IVY FOUNDATION STATEMENT 15Schedule D Detail of Long -term Capital Gains and Losses FORM 990-PF, PART IV, LINE I

CAPITAL GAINS AND LOSSES FOR TAX ON INVESTMENT INCOME

Descri ption

Date

Acq uired

Date

Sold

Gross Sales

Price

Cost or Other

Basis

Long-term

Gain/Loss

15% RATE CAPITAL GAINS (LOSSES)

800000. ANZ NATNL INT LMTD DTD 5/2/2007 0% 7/19/2007 07/26/2007 790,934.66 790,934.661000000. AT&T INC DISC CP DTD 5/1/2007 0% 6/27/2007 06/27/2007 991,848.89 991,848.89800000. ABBOTT LABORATORIES 4(2) CP 10-02-07 DTD 8/14/2007 0% 10/2 10/02/2007 794,442.66 794,442.66

1100000. ALCON CAPITAL CORPORATION DISC CP DTD 5/2/2007 0% 7/17/200 07/26/2007 1,087,924.44 1,087,924.441260000. ALLIED IRISH BANK 4(2) CP DTD 7/26/2007 0% 10/17/2007 10/17/2007 1,244,748.75 1,244,748.751100000. AMERICAN HONDA FINANCE DTD 4/27/2007 0% 7/31/2007 07/31/2007 1,085,672.50 1,085,672.501200000. AMSTERDAM FUNDING CORP 4(2) C/P 08/01/07 DTD 6/12/2007 0% 08/01/2007 1,199, 644.67 1,199, 644.67500000. ANHEUSER BUSCH CO 4(2) CP 10/18/2007 DTD 9/17/2007 0% 10/1 10/18/2007 497,851.53 497,851.53665000. ASTRAZENECA PLC CP 08/20/07 DTD 6/18/2007 0% 8/20/2007 08/20/2007 659,055.62 659,055.62

1150000. ASTRAZENECA PLC 4(2) CP 10/22/2007 DTD 8/21/2007 0% 10/22/ 10/22/2007 1,139,285.19 1,139,285.191100000. BASF AG 4(2) DTD 4/24/2007 0% 7/16/2007 07/26/2007 1,088,014.59 1,088,014.591100000. BASF AG 4(2) CP DTD 7/9/2007 0% 9/7/2007 09/07/2007 1,091,497.92 1,091,497.921250000. BANK OF IRELAND 4(2) DTD 4/11/2007 0% 7/12/2007 07/26/2007 1,237,106.60 1,237,106.60533000. BANK OF IRELAND 4(2) CP 11/06/2007 DTD 9/5/2007 0% 11/6/20 11/06/2007 527,972.04 527,972.04500000. BANK OF SCOTLAND PLC CP 12/19/2007 DTD 10/17/2007 0% 12/19 11/06/2007 495,858.34 495,858.34900000. BANK OF SCOTLAND PLC CP 12/19/2007 DTD 10/17/2007 0% 12/19 12/19/2007 892,125.00 892,125.00

1000000. BANKAMERICA CORP C/P DTD 5/1/2007 0% 9/4/2007 09/04/2007 989,899.17 989,899.171100000. BROWN-FORMAN BEV EUROPE LTD 4(2)10/16/07 DTD 9/7/2007 0% 1 10/16/2007 1,093,684.17 1,093,684.171000000. CAFCO LLC 4(2) CP 08/02/2007 DTD 5/2/2007 0% 8/2/2007 08/02/2007 991,395.83 991,395.83980000. CAFCO LLC 4(2) CP 09/26/2007 DTD 8/2/2007 0% 9/26/2007 09/26/2007 972,094.67 972,094.67

1300000. CAFCO LLC 4(2) CP 10/15/2007 DTD 9/6/2007 0% 10/15/2007 10/15/2007 1,296,500.83 1,296,500.831300000. CIT GROUP INC 4(2) CP 11/16/2007 DTD 6/11/2007 0% 11/16/20 11/16/2007 1,294,397.36 1,294,397.361450000. CIESCO LLC 4(2) CP 12/03/2007 DTD 10/15/2007 0% 12/3/2007 12/03/2007 1,440,131.94 1,440,131.941000000. CLIPPER RECEIVABLES LLC 4(2) CP 09/18/07 DTD 8/2/2007 0% 9 09/18/2007 993,119.72 993,119.721000000. CLIPPER RECEIVABLES LLC 4(2) CP 10/16/07 DTD 9/18/2007 0% 10/16/2007 995,644.44 995,644.441100000. COCA-COLA CO 4(2) CP 08/09/2007 DTD 7/6/2007 0% 8/9/2007 08/09/2007 1,094,577.00 1,094,577.001100000. DAIMLER CHRYS REV AUTO CP 10/19/2007 DTD 9/7/2007 0% 10/19 10/19/2007 1,091,979.16 1,091,979.161100000. DAIMLER CHRYS REV AUTO CP 11/13/2007 DTD 10/19/2007 0% 11/ 11/13/2007 1,096,180.56 1,096,180.561100000. DAIMLER CHRYS REV AUTO CP 12/18/2007 DTD 11/13/2007 0% 12/ 12/18/2007 1,094,920.14 1,094,920.141059000. DAIMLER CHRYS REV AUTO CP 08/06/2007 DTD 6/11/2007 0% 8/6/ 08/06/2007 1,051,672.31 1,051,672.31620000. DAIMLER CHRYS REV AUTO SERII CP 09/07/07 DTD 8/6/2007 0% 9 09/07/2007 617,143.70 617,143.70

1000000. DANSKE CORP 4(2) CP 11/08/2007 DTD 10/9/2007 0% 11/8/2007 11/08/2007 995,833.33 995,833.33Totals

JSA7F0970 1 000

THE BEN & CATHERINE IVY FOUNDATION

Schedule D Detail of Long-term Capital Gains and LossesSTATEMENT 15FORM 990-PF, PART IV, LINE ICAPITAL GAINS AND LOSSES FOR TAX ON INVESTMENT INCOME

Descri p tion

Date

Acq uired

Date

Sold

Gross Sales

Price

Cost or Other

Basis

Long-term

Gain/Loss

1250000. DEPFA BANK PLC DTD 5/2/2007 0% 7/26/2007 07/26/2007 1,234,549.48 1,234,549.481260000. EDISON ASSET SECUR LLC 4(2) CP DTD 7/12/2007 5.19% 10/1/20 10/01/2007 1,245,144.60 1,245,144.601000000. FCAR OWNER TRUST I CP 08/21/2007 DTD 7/2/2007 0% 8/21/2007 08/21/2007 993,106.67 993,106.67800000. FCAR OWNER TRUST II CP 12/12/2007 DTD 10/2/2007 0% 12/12/2 12/12/2007 791,795.56 791,795.56

1100000. FED HM LN BK DISC NT 09/11/07 09/11/2007 1,094,807.08 1,094,807.082060000. FED HM LN BK DISC NT 09/20/2007 09/20/2007 2,046,816.00 2,046,816.002840000. FED HM LN BK DISC NT 0.00% 09/21/2007 09/21/2007 2,815,647.00 2,815,647.002000000. FED HM LN BK DISC NT 11/09/2007 11/09/2007 1,987,277.78 1,987,277.78750000. FED HM LN BK DISC NT 12/31/07 12/31/2007 749,567.71 749,567.71760000. FED HM LN BK DISC NT 02/15/08 12/26/2007 754,600.41 754,600.41

2800000. FHLMC DISC NT 07/23/2007 07/26/2007 2,767,377.68 2,767,377.681600000. FED NAT MTG DISC NT 07/11/2007 07/26/2007 1,584,102.22 1,584,102.22200000. FED NAT MTG DISC NT 09/05/2007 08/10/2007 198,396.55 198,396.55

1450000. FED NAT MTG DISC NT 09/05/2007 09/05/2007 1,438,406.44 1,438,406.44825000. HBOS TREASURY SERVICES CP 10/09/2007 DTD 7/19/2007 0% 10/9 10/09/2007 815,134.38 815,134.38

1000000. HARLEY-DAVIDSON FND CP DTD 5/2/2007 0% 7/5/2007 07/26/2007 990,755.56 990,755.56700000. ING AMERICA INS HLDGS CP 08-15-07 DTD 5/31/2007 0% 8/15/20 08/15/2007 692,343.75 692,343.75

3000000. INTL BK R/D DISC NT 10/17/2007 10/17/2007 2,989,968.33 2,989,968.33600000. JP MORGAN CHASE & CO CP 08-02-07 DTD 6/1/2007 0% 8/2/2007 08/02/2007 594,585.33 594,585.33

1100000. LIBERT STREET FDG 4(2) CP DTD 5/29/2007 0% 8/27/2007 08/27/2007 1,099,495.83 1,099,495.831300000. LIBERTY STREET FDG 4(2) CP 10/23/2007 DTD 10/1/2007 0% 10/ 10/23/2007 1,295,829.17 1,295,829.171000000. NETJETS INC 4(2) CP 07/02/2007 DTD 4/18/2007 0% 7/2/2007 07/26/2007 997,088.89 997,088.891200000. NETJETS INC 4(2) CP 09-17-07 DTD 7/2/2007 0% 9/17/2007 09/17/2007 1,186,602.00 1,186,602.00700000. OLD LINE FUNDING LLC 4(2) CP 10/18/2007 DTD 9/26/2007 0% 1 10/18/2007 697,754.17 697,754.17

1100000. PACCAR FINL CORP CP 06/29/2007 DTD 5/31/2007 0% 6/29/2007 06/29/2007 1,096,004.87 1,096,004.871100000. PACCAR FINL CORP CP 07-06-07 DTD 6/22/2007 0% 7/6/2007 07/26/2007 1,098,872.81 1,098,872.811000000. PRIVATE EXPORT FUND CORP 4(2)CP 09/26/07 DTD 6/22/2007 5.2 09/26/2007 994,750.00 994,750.001100000. RANGER FUNDING CO LLC 4(2) CP 11/15/2007 DTD 10/16/2007 0% 11/15/2007 1,095,370.83 1,095,370.83670000. SIEMENS CAPITAL CO LLC 4(2)CP 09/17/2007 DTD 6/14/2007 0% 09/17/2007 667,269.38 667,269.38

1000000. SOCIETE GENERAL NOR AMER CP 09/19/2007 DTD 7/6/2007 0% 9/1 09/19/2007 989,062.50 989,062.501250000. STADSHYPOTEK DELAWARE DTD 5/1/2007 0% 7/27/2007 07/27/2007 1,234,382.64 1,234,382.641000000. STATOIL 4(2) CP 08/06/2007 DTD 7/6/2007 0% 8/6/2007 08/06/2007 995,461.94 995,461.94993214.6978 SARM 07-7 1A1 FRN 08/25/2037 08/27/2007 6,785.30 6,785.30987871.2786 SARM 07-7 1A1 FRN 08/25/2037 09/25/2007 5,343.42 5,343.42979846.4972 SARM 07-7 1A1 FRN 08/25/2037 10/25/2007 8,024.78 8,024.78

Totals

JSA7F0970 1 000

THE BEN & CATHERINE IVY FOUNDATION STATEMENT 15Schedule D Detail of Long -term Capital Gains and Losses FORM 990-PF, PART IV, LINE I

CAPITAL GAINS AND LOSSES FOR TAX ON INVESTMENT INCOME

Descri ption

Date

Acq uired

Date

Sold

Gross Sales

Price

Cost or Other

Basis

Long-term

Gain/Loss

964915.6883 SARM 07-7 1A1 FRN 08/25/2037 11/26/2007 14,930.81 14,930.81962587.3533 SARM 07-7 1A1 FRN 08/25/2037 12/26/2007 2,328.33 2,328.33

1150000. SWEDBANK MORTGAGE AB CP 08/24/2007 DTD 7/17/2007 0% 8/24/2 08/24/2007 1,143,602.81 1,143,602.81

1100000. SWEDISH EXPORT CREDIT CP 10/03/2007 DTD 9/4/2007 0% 10/3/2 10/03/2007 1,095,215.00 1,095,215.001000000. TARGET CORP CP 07/30/2007 DTD 7/6/2007 0% 7/30/2007 07/30/2007 996,520.00 996,520.00700000. THUNDER BAY FUNDING LLC DTD 5/2/2007 0% 6/18/2007 06/18/2007 695,192.95 695,192.95

1100000. TOTAL CAPITAL 4(2) CP 07/11/2007 DID 5/11/2007 0% 7/11/200 07/26/2007 1,095,205.84 1,095,205.841000000. TOYOTA CREDIT PUERTO RICO DTD 4/17/2007 0% 6/19/2007 06/19/2007 993,026.67 993,026.671500000. TRIPLE A ONE FUNDG CRP 4(2) CP 10/10/07 DTD 9/6/2007 0% 10 10/10/2007 1,494,489.58 1,494,489.581400000. TRIPLE A ONE FUNDG CRP 4(2) CP 11/08/07 DTD 10/10/2007 0% 11/08/2007 1,394,135.55 1,394,135.551250000. UBS FINANCE (DELW) DTD 5/2/2007 0% 7/2/2007 07/26/2007 1,238,901.39 1,238,901.391075000. UBS FINL (DE) LLC CP 08-21-07 DTD 5/18/2007 0% 8/21/2007 08/21/2007 1,067,131.60 1,067,131.601120000. VARIABLE FUNDING CAPITAL 4(2) CP DTD 6/13/2007 0% 8/10/200 08/10/2007 1,115,086.00 1,115,086.001500000. VARIABLE FUNDING CAPITAL 4(2) CP 10/4/07 DTD 7/25/2007 0% 10/04/2007 1,492,629.17 1,492,629.171400000. VARIABLE FDG CAP 4(2) CP 11/02/2007 DTD 9/17/2007 0% 11/2/ 11/02/2007 1,394,248.33 1,394,248.33600000. WESTPAC BK CORP 4(2) CP 08/07/2007 DTD 2/7/2007 0% 8/7/200 08/07/2007 595,776.00 595,776.00

1000000. YALE UNIVERSITY CP 09/07/2007 DTD 7/6/2007 0% 9/7/2007 09/07/2007 990,830.00 990,830.00

TOTAL 15% RATE CAPITAL GAINS (LOSSES) 88,004,889.00 88,004,889.00 NONE

Totals 88,004,88 9 . 00 88,0 0 4, 889 .00 1 NONE

JSA7F0970 1 000

Form 8868 (Rev 4-2007) Pa e 2• If you are filing for an Additional (not automatic) 3-Month Extension , complete only Part II and check this box ► X

Note . Only complete Part II if you have already been granted an automatic 3-month extension on a previously filed Form 8868• If you are filing for an Automatic 3-Month Extension , com p lete only Part I (on page 1 )

[ Part II Additional not automatic) 3-Month Extension of Time . You must file ori g inal and one co py .Name of Exempt Organization Employer identification number

Type orprint BEN AND CATHERINE IVY FOUNDATION 20-3968546

Number, street, and room or suite number If a P 0 box , see instructions For IRS use onlyFile by theextended

Check type of return to be filed (File a separate aoolication for each return)

Form 990 990-PF Form 1041-A Form 6069Form 990-BL

n

Form 990-T (section 401(a) or 408(a) trust) Form 4720 Form 8870Form 990-EZ FormForm 990-T (trust other than above ) Form 5227

STOP! Do not complete Part II if you were not already granted an automatic 3-month extension on a previously filed Form 8868.• The books are in care of ► CATHERINE E . IVY

------------------------------------Telephone No. ► 650-324-3000 FAX No ► 650-328-8007

• If the organization does not have an office or place of business in the United States, check this box ►• If this is for a Group Return, enter the organization's four digit Group Exemption Number (GEN) If this is for the

whole group, check this box ► El If it is for part of the group, check this box ► and attach a list with the names and EINs of allmembers the extension is for.

4 I request an additional 3-month extension of time until 11/15_ 20 08

5 For calendar year 2007 , 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-TAXPAYER RESPECTFULLY REQUESTS

-ADDITIONAL

-TIME

-TO

----------------------------------------GATHER-INFORMATION NECESSARY TO FILE A-COMPLETE AND ACCURATE TAX RETURN.----------------------------------------------------------------

8a If this application is for Form 990-BL, 990-PF, 990-T, 4720, or 6069, enter the tentative tax, less anynonrefundable credits See Instructions 8a $ 134 550.

b If this application is for Form 990-PF, 990-T, 4720, or 6069, enter any refundable credits and estimated taxpayments made. Include any prior year overpayment allowed as a credit and any amount paid previouslywith Form 8868 8b $ 210,000.

c Balance Due. Subtract line 8b from line 8a. Include your payment with this form, or, if required, depositwith FTD coup on or, it re q uired, by usin g EFTPS (Electronic Federal Tax Payment System) See Instrs 8c $ 0.

Signature and VerificationUnder 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 I am authorized prepare this form

Signature ► Title ► G F/I Date S^ ^^

Notice to Applicant . (To be Completed by the IRS)

8 We have approved this application Please attach this form to the organization's returnWe have not approved this application. However, we have granted a 10-day grace period from the later of the date shown below or thedue date of the organization's return (including any prior extensions) This grace period is considered to be a valid extension of time forelections otherwise required to be made on a timely filed return Please attach this form to the organization's return

El We have not approved this application After considering the reasons stated in item 7, we cannot grant your request for an extension oftime to file. We are not granting a 10-day grace period.

8 We cannot consider this application because it was filed after the extended due date of the return for which an extension was requested.

Other

By

Director Date

Alternate Mailing Address . Enter the address if you want the copy of this application for an additional 3-month extension returned to anaddress different than the one entered above

Name

POULSEN & COMPANY, P.C.Type or

Number and street (i nclude suite , room , or apartment number) or a P 0 . box number

print 7536 E. ANGUS DRIVECity or town , province or state , and country (including postal or ZIP code)

SCOTTSDALE, AZ 85251BAA FIFZ0502L 05/01/07 Form 8868 (Rev 4-2007)