990-PF Return of Private Foundation990s.foundationcenter.org/990pf_pdf_archive/237/... ·...

990-PF Return of Private Foundation OMB No 1545-0052Form

or Section 4947(a)(1) Nonexempt Charitable Trust 2005Department of the Treas&ry Treated as a Private FoundationInternal Revenue Serv ice Note: The organization may be able to use a copy of this return to satisfy state reporting requirements.

_0For calendar year 2005 , or tax year beginning , and ending

G Check all t hat apply: 0 Initial return 0 Final return [] Amended return Address change 0 Name change

Use the IRS Name of organization A Employer identification number

label.Otherwise , HE JOSEF ALBERS FOUNDATION, INC . 23-7104223

print Number and street (or P O box number if mail is not delivered to street address) Room/suite B Telephone numberor type . 88 BEACON ROAD (203)393-4089

See Specific City or town, state, and ZIP code C If exemption app li cation is pending , check here ►[::]Instructions .

BETHANY, CT 0 6 5 2 4 D 1. Foreign organizations, check here ►Q

H Check type of organization: ® Section 501(c)(3) exempt private foundation 2. Foreign organizations meeting the 85% test, ►Elcheck here and attach computation

El Section 4947(a)(1) nonexempt charitable trust 0 Other taxable private foundation E If rivate foundation status was terminatedI Fair market value of all assets at end of year J Accounting method: 0 Cash ® Accrual

punder section 507(b)(1)(A), check here ►0

(from Part ll, col (c), line 16) 0 Other (specify) F If the foundation is in a 60-month termination10.$ 18 8 0 3 9 6 8 . (Part 1, column (d) must be on cash basis) under section 507(b)(1 B), check here po,0

Part I Analysis of Revenue and Expenses (a) Revenue and (b) Net investment {e) Adjusted net ( d) Disbursements(ilia total of amounts in columns (b), (c), and (d) may notnecessar ily equal the amounts in column (a)) expenses per books income income for char itable purposes

(cash basis only)

1 Contributions, gifts, grants, etc., received 117,0801 2 Check►O it the foundation is not required to attach Sch B

3 Incashtereston mentss

and temporary 7,959 . 7 959. 7 959.t� 4 Dividends and interest from securities 61,214 . 61, 214. 61, 214.

5a Gross rentsb Net rental income or (loss)

Q o 6a Net gain or Voss) from sale of assets not on line 10 1 6 6 5 411. STATEMENT 1f70 mc Gross sales price for all

b assets on line ea 4,505,754.dR

i 7 Capital gain net income (from Part IV, line 2) 495,151.cc 8 Net short-term capital gain 29,686.

9 Income modificationsGross sales less returns

10a and allowances 35,177. STATEMENT 2ood5 Sol 20,812.R 14,365. 14,365.

ce) 11 Other income U) 77,487. 51,179. 77 487- STATEMENT 3M M �r2 o{�i i e rough 11 1,943,516. 615 503. 190 711.

13 Compensation of I r e directors, trustees, etc 261 113. 13,056 . 13,056 . 248 057 .

em ee sal-Jk Qt les and wages 324, 920. 0. 0. 3 2 4 9 2 0.o N tT)as em oyee benefits 176,077. 3,830. 3,830. 171,5044

16a Legal fees STMT 4 22,356. 0. 0. 22,310.

b Accounting fees STMT 5 82,033. 0. 0. 79,683.CLW c Other professional fees STMT 6 111 531. 51,909. 51,909. 59,622.

> 17 Interestb 18 Taxes STMT 7 35,653. 833. 833. 34,820.

19 Depreciation and depletion 120, 987. 0. 0.

E 20 Occupancy 10 9 656. 0. 0. 113 13 5.< 21 Travel, conferences, and meetings 60, 962. 0. 0. 61,387.

a 22 Printing and publications23 Other expenses STMT 8 886,613. 0. 14,365. 507,719.

M 24 Total operating and administrative

o, expenses . Add lines 13 through 23 2 191 9 01. 69,628. 83,993. 1,623,157.

0 25 Contributions, gifts, grants paid 13 7 15 0 . 107,150.26 Total expenses and disbursements.

Add lines 24 and 25 2,329,051. 69,628. 83,993. 1,730,307.27 Subtract line 26 from line 12:

a Excess of revenue over expenses and disbursements <385, 535.b Net investment income ( if negative , enter -0- ) 8 7 5 .545, _c Adjusted net income (i f negative , enter -0-) 106,718.1

LHA For Privacy Act and Paperwork, Reduction Act Notice , see the instructions . Form 990-PF (2005)23501os-oe

2/515 809763 9876 2005.05040 THE JOSEF ALBERS FOUNDATION 9876 1 �� _

Cn•m DO(LDC /MMC1 MTTL' TP1[1L'"M TT 10LMD 0 L'f\TTTTTT mT f%KT TAT(' ') _ '7 1 nA'01 Pnnn9

A�ched schedules and amounts InthedescnpbonSh tB l Beg inning of year End o f yearpart ance ee sa11 column should be for end of year amounts only (a) Book Val ue (b) Book Value (c) Fair Market Value

1 Cash - non-interest-bearing2 Savings and temporary cash investments 764, 526. 385, 302. 385,302.3 Accounts receivable ► 187,135.

Less: allowance for doubtful accounts ► 151 318. 187, 135. 187,135.4 Pledges receivable ► 72,845.

Less: allowance for doubtful accounts ► 75, 000. 72, 845. 72,845.5 Grants receivable 20, 000.6 Receivables due from officers, directors, trustees, and other

disqualified persons7 Other notes and loans receivable ►

Less: allowance for doubtful accounts ►8 Inventories for sale or use 13, 161. 10, 213. 10,213.

N 9 Prepaid expenses and deferred charges 40, 984. 35, 607. 35,607.< 10a Investments - U.S. and state government obligations

b Investments - corporate stock STMT 11 2 ,272, 280. 1 ,736, 154. 1,736,154.c Investments - corporate bonds STMT 12 473, 511. 1 ,052, 255. 1,052,255.

11 Investments - land, buildings , and equipment basis ►

Less accumulated depreciation ►

12 Investments - mortgage loans13 Investments - other14 Land, buildings, and equipment: basis ► 3,591,376.

Less accumulated deprecia ti on ► 716,195. 2 9 6 5 431. 2 875 181. 3,327,261.15 Other assets (describe ► STATEMENT 13 ) 3 ,615, 587. 3 1667, 218. 11,997,196.

16 Total assets to be completed b all filers 10 3 91 798 . 10 ,021, 910. 18,803,968.

17 Accounts payable and accrued expenses 75 145 . 80, 297.18 Grants payable

y 19 Deferred revenued20 Loans from officers , directors, trustees , and other disqualified persons

21 Mortgages and other notes payable 6, 175.J 22 Other liabilities (describe ► OTHER PAYABLE 9, 500. 4, 050.

23 Total liabilities (add lines 17 through 22) 90, 820. 84, 347.Organizations that follow SFAS 117, check here ► EK]and complete lines 24 through 26 and lines 30 and 31.

IUD 24 Unrestricted 9 ,832, 973. 9 ,593, 537.t`o 25 Temporarily restricted 468, 005. 344, 026.Mco 26 Permanently restricted3 Organizations that do not follow SFAS 117, check here 1110- 0LL0 and complete lines 27 through 31

27 Capital stock, trust principal, or current funds28 Paid-in or capital surplus, or land, bldg., and equipment fund

< 29 Retained earnings, accumulated income, endowment, or other fundsz 30 Total net assets or fund balances 10 ,300, 978. 9 ,937 563.

31 Total liabilities and net assets/fund balances 10 , 3 91, 798. 10 021- 910-

Analysis of Changes in Net Assets or Fund Balances

1 Total net assets or fund balances at beginning of year - Part II, column (a), line 30(must agree with end-of-year figure reported on prior year's return) 1 10,300 978 .

2 Enter amount from Part I, line 27a 2 <385 535 .3 Other increases not included in line 2 (itemize) ► SEE STATEMENT 9 3 25 ,375.4 Add lines 1, 2, and 3 4 9,940 818 .

5 Decreases not included in line 2 (itemize) ► SEE STATEMENT 10 5 3 ,255.6 Total net assets or fund balances at end of year (line 4 minus line 5) - Part II, column (b), line 30 6 9 , 937 , 563 .

\523511'-45-Ofl

/515

Form 990-PF (2005)

3809763 9876 2005.05040 THE JOSEF ALBERS FOUNDATION 9876 1

Eorm 990-PF (2005) THE JOSEF ALBERS FOUNDATION, INC. 23-7104223 Pa rt 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 shs. MLC Co.)

(b How acquiredD -

- DonationPurchase

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

(d) Date sold(mo., day, yr.)

la SCHEDULE ATTACHED P VARIOUS VARIOUSb SCHEDULE ATTACHED P VARIOUS VARIOUSc DEL POOLED TR LTCG DISTR P VARIOUS VARIOUSde

(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 845 306. 29,686.b 1,684,134. 459 141.c 6,324. 6,324.de

Complete only for assets showing ga in in column (h) and owned by the foundation on 12/31/69 (I) Gains (Col. (h) gain minus

(i) F.M.V. as of 12/31/69(i) Adjusted basisas of 12/31/69

(k) Excess of col. (i)over col. (j), if any

c ol. (k), but not less than -0-) orLosses (from col. (h))

a 29,686.b 459 141.c 6,324.de

2If gain, also enter in Part I, line 7

Capital gain net income or (net capital loss). C If (loss) enter -0- in Part I line 7 ) 2 495,151.

3

,,

Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):If gain, also enter in Part I, line 8, column (c).If (loss), enter -0- in Part I, line 8 3 29,686.

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

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

Was the organization liable for the section 4942 tax on the distributable amount of any year in the base period? 0 Yes ® No

If 'Yes,' the organization does not qualify under section 4940( e). Do not complete this part.1 Enter the appropriate amount in each column for each year; see instructions before making any entries.

aBase period years

Calendar year (or tax year beginning m Adjusted quak ing distributions Net value of nonchantable use assetsd

Dist ri bution ratio(col. (b) divided by col. (c))

2004 1,784,915. 2, 764, 971. .6455462003 1,746,936. 3, 626, 099. .4817672002 1,756,282. 4, 048, 252. .4338372001 1,485,790. 1 5, 172, 363. .2872562000 1,487,975.1 5, 375, 684. .276797

2 Total of line 1 , column (d) 2 2.1252033 Average distribution ratio for the 5-year base period - divide

the foundation has been in existence if less than 5 yearsthe total on line 2 by 5, or by the number of years

3 .425041

4 Enter the net value of noncharitable-use assets for 2005 from Part X, line 5 4 3, 578,958.

5 Multiply line 4 by line 3 5 1, 521,204.

6 Enter 1% of net investment income (1% of Part I, line 27b) 6 5,459.

7 Add lines 5 and 6 7 1, 526,663.

8 Enter qualifying distributions from Part XII, line 4 8 1, 806,120.If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate.See the Part VI instructions.

523521/01-05-08 Form 990-PF (2005)4

09360515 809763 9876 2005.05040 THE JOSEF ALBERS FOUNDATION 9876 1

Form 990-PF (2005) THE JOSEF ALBERS FOUNDATION, INC. 23-7104223 Part VI Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940 (e), or 4948 - see instructions)1a Exempt operathig foundations described in section 4940(d)(2), check here ► I_I and enter "N/A" on line 1.

Date of ruling letter: ( a ttach copy of ruling le tter if necessa ry-see instructions)b Domestic organizations that meet the section 4940(e) requirements in Part V, check here ► ® and enter 1%

of Part I, line 27bc 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 24 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)

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

6 Credits/Payments:a 2005 estimated tax payments and 2004 overpayment credited to 2005b Exempt foreign organizations - tax withheld at source

c Tax paid with application for extension of time to file (Form 8868)

d Backup withholding erroneously withheldTotal credits and payments. Add lines 6a through 6d

1.989.

5,459.

459.

1,989.8 Enter any penalty for underpayment of estimated tax. Check here 0 if Form 2220 is attached 8

9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed ► 9 3,470.10 Overpayment . If line 7 is more than the total of lines 5 and 8, enter the amount overpaid ► 1011 Enter the amount of line 10 to be: Credited to 2006 estimated tax JON, Refunded No. 11Part VII-A Statements Regarding Activitiesla During the tax year, did the organization attempt to influence any national, state, or local legislation or did it participate or intervene in

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

If the answer is "Yes" to 1 a or 1b, attach a detailed description of the activities and copies of any materials published ordistributed by the organization in connection with the activities

c Did the organization file Form 1 120-POL for this year?d Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the organization. Jo- $ 0. (2) On organization managers.►$ 0.e Enter the reimbursement (if any) paid by the organization during the year for political expenditure tax imposed on organization

managers. ► $ 0.Has the organization engaged in any activities that have not previously been reported to the IRS?If "Yes, " a ttach a detailed description of the activities.

3 Has the organization made any changes, not previously reported to the IRS, in its governing instrument, articles of incorporation, or

bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes4a 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, " a ttach the statement required by General Instruction T.Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:• By language in the governing instrument, or• By state legislation that effectively amends the governing instrument so that no mandatory directions that conflict with the state law

remain in the governing instrument'?7 Did the organization have at least $5,000 in assets at any time during the year?

If "Yes," complete Part ll, col (c), and Part XV.8a Enter the states to which the foundation reports or with which it is registered (see instructions) ►

CT, NYb If the answer is 'Yes' to line 7, has the organization furnished a copy of Form 990-PF to the Attorney General (or designate)

of each state as required by General Instruction G9 If "No," attach explanation9 Is the organization claiming status as a private operating foundation within the meaning of section 4942(j)(3) or 4942(l)(5) for calendar

year 2005 or the taxable year beginning in 2005 (see instructions for Part XIV)? If "Yes," complete Part XIV10 Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names and addresses

Yes

X

X

171X1

11 Did the organization comply with the public inspection requirements for its annual returns and exemption application? 11 XWeb site address ► WWW. ALBERSFOUNDAT ION. ORG

12 The books are in care of ► THE JOSEF ALBERS FOUNDATION, INC. Telephone no. ► (2 0 3 ) 3 9 3 - 4 0 8 9Located at ► 8 8 BEACON ROAD, BETHANY , CT ZIP+4 ►0 6 5 2 4

13 Section 4947(a)(1) nonexempt charitable trusts f il ing Form 990 -PF in lieu of Form 1041 - Check here ►and enter the amount of tax-exempt interest received or accrued during the year ► I 13 I N/A

oi3osoe Form 990-PF (2005)


Form 990-PF (2005) THE JOSEF ALBERS FOUNDATION, INC. 23-7104223 Part VII -B Statements Regarding Activities for Which Form 4720 May Be Required

File Form 4720 if any item is checked in the "Yes" column, unless an exception applies. Yes No

la During the year did the organization (either directly or indirectly):(1) Engage in the sale or exchange, or leasing of property with a disqualified person? 0 Yes ® No(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person? 0 Yes ® No

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? 0 Yes ® No(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? Yes =No(5) Transfer any income or assets to a disqualified person (or make any of either available

for the benefit or use of a disqualified person) =Yes ® No

(6) Agree to pay money or property to a government official9 ( Exception Check "No"if the organization agreed to make a grant to or to employ the official for a period aftertermination of government service, if terminating within 90 days. ) Yes ® No

b If any answer is "Yes' to la(1)-(6), did any of the acts fail to qualify under the exceptions described in Regulationssection 53.4941 ( d)-3 or in a current notice regarding disaster assistance ( see page 20 of the instructions)? lbOrganizations relying on a current notice regarding disaster assistance check here ►

c Did the organization engage in a prior year in any of the acts described in la, other than excepted acts, that were not correctedbefore the first day of the tax year beginning in 2005? 1cTaxes on failure to distribute income ( section 4942 ) ( does not apply for years the organization was a private operating foundationdefined in section 4942 ( l)(3) or 4942 ( l)(5)):

a At the end of tax year 2005, did the organization have any undistributed income ( lines 6d and 6e, Part XIII) for tax year ( s) beginningbefore 20059 Yes ® NoIf "Yes," list the years ►

b Are there any years listed in 2a for which the organization is not applying the provisions of section 4942 ( a)(2) (relating to incorrectvaluation of assets ) to the year's undistributed income ? ( If applying section 4942( a)(2) to all years listed, answer "No" and a ttachstatement - see instructions .) N/A 2b

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

3a Did the organization hold more than a 2% direct or indirect interest in any business enterprise at any timeduring the year? Yes ®No

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

May 26 , 1969; (2 ) the lapse of the 5-year period ( or longer period approved by the Commissioner under section 4943( c)(7)) to disposeof holdings acquired by gift or bequest ; or (3) the lapse of the 10-, 15-, or 20-year first phase holding period ? (Use Schedule C,Form 4720, to determine if the organization had excess business holdings in 2005.) N/A 3b

4a Did the organization invest during the year any amount in a manner that would jeopardize its charitable purposes? 4ab 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 20059 4b5a During the year did the organization pay or incur any amount to:

(1) Carry on propaganda , or otherwise a ttempt to influence legislation ( section 4945(e))? 0 Yes ® No(2) Influence the outcome of any specific public election ( see section 4955); or to carry on , directly or indirectly,

any voter registration drive? 0 Yes ® No(3) Provide a grant to an individual for travel, study, or other sim il ar purposes9 0 Yes ® No(4) Provide a grant to an organization other than a charitable, etc ., organization described in section

509(a )( 1), (2), or (3 ), or section 4940(d)(2)? 0 Yes ® No(5) Provide for any purpose other than religious , charitable, scientific , litera ry , or educational purposes, or for

the prevention of cruelty to children or animals? 0 Yes ® Nob If any answer is 'Yes' to 5a(1)-(5 ), did any of the transactions fail to qualify under the exceptions described in Regulations

section 53 . 4945 or in a current notice regarding disaster assistance ( see instructions)? N/A 5bOrganizations relying on a current notice regarding disaster assistance check here ►0

c If the answer is 'Yes' to question 5a(4), does the organization claim exemption from the tax because it maintainedexpenditure responsibility for the grant? N/A 0 Yes 0 NoIf "Yes, " a ttach 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 ona personal benefit contract? Yes ® No

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

X

X

Form 990-PF (2005)

52354101-05-08


THE JOSEF ALBERS FOUNDATION, INC. 23-7104223

Part VIII Information About Officers , Directors , Trustees, Foundation Managers , Highly 0 Paid Employees , and Contractors1 Lis t all officers, directors, trustees, foundation managers and their compensation.

(a) Name and address(b) Title, and average

hours per week devotedto position

(c) Compensation

(If not aidenter -0 -

(di Cont ri butions toempoyeebenertplans

compensation

(e) Expenseaccount, otherallowances

NICHOLAS WEBER EXEC DIRECTOR108 BEACON ROADBETHANY, CT 40.00 261 113. 76,593. 0.CHARLES KINGSLEY, ES IRECTORC/O WIGGIN & DANANEW HAVEN, CT 1.00 0. 0. 0.JOHN EASTMAN, ESQ DIRECTORC/O EASTMAN & EASTMANNEW YORK, NY 1.00 0. 0. 0.

2 Compensation of five highest-paid employees (other than those included on line 1). If none, enter "NONE."

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

hours per weekdevoted to position

(c) Compensation

( dContributlonstoemployee benefit plans

compensation

(e) Exp enseaccount, otherallowances

BRENDA DANILOWITZ CHIEF CURATOR435 OAKVIEW DRIVE, ORANGE, CT 06471 40.00 89,000. 34,839.OLIVER BARKER SST TO DIRC O THE JOSEF ALBERS FOUNDATION, INC. 40.00 70,000. 6,598.

Total number of other employees paid over $50,000 ► I 03 Five highest -paid independent contractors for professional services. If none, enter " NONE."

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

DONALD L. PERLROTH & CO, CPAS AUDITING, TAX &250 STATE STREET, C-1 NORTH HAVEN, CT 06473 CCTG SERVCS 82,033.

Total number of others receiving over $50,000 for professional services ► 0Part IX-A Summary of Direct Charitable ActivitiesList the foundation's four largest direct charitable activities during the tax year. Include relevant statistical information such as thenumber of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses

1ART CONSERVATION AND PRESERVATION - SEE ATTACHED

204 472.2EXHIBITS, LECTURES, BOOKS AND FILM - SEE ATTACHED

644 951.3

4

52355101-05-00 Form 990-PF (2005)


Form 990-PF (2005) THE JOSEF ALBERS FOUNDATION, INC. 23-7104223

Part IX-B Summary of Program - Related Investments

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

1 N A

2

All other program-related investments. See instructions.3

Total . Add lines 1 through 3 ► 0.

Part 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 la 2, 767, 100.b Average of monthly cash balances lb 574, 914.c Fair market value of all other assets 1C 291 446.d Total (add lines la, b, and c) 1d 3 633 460.e Reduction claimed for blockage or other factors reported on lines la and

1c (attach detailed explanation) le 0.2 Acquisition indebtedness applicable to line 1 assets 2 0.

3 Subtract line 2 from line l d 3 3, 633, 460.4 Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see instructions) 4 54, 502.5 Net value of noncharitable - use assets . Subtract line 4 from line 3. Enter here and on Part V, line 4 5 3, 578, 958.6 Minimum investment return . Enter 5% of line 5 6 178,948.Part XI

Distributable Amount (see instructions) (Section 4942(j)(3) and (1)(5) private operating foundations and certainforeign organizations check here ► ® and do not complete this part.)

1 Minimum investment return from Part X, line 6 1

2a Tax on investment income for 2005 from Part VI, line 5 2ab Income tax for 2005. (This does not include the tax from Part VI.) 2bc Add lines 2a and 2b 2c

3 Distributable amount before adjustments. Subtract line 2c from line 1 3

4 Recoveries of amounts treated as qualifying distributions 45 Add lines 3 and 4 5

6 Deduction from distributable amount (see instructions) 67 Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 7

PartXII Qualifying Distributions (see instructions)

1 Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:a Expenses, contributions, gifts, etc. - total from Part I, column (d), line 26 la 1,730,307.b Program-related investments - total from Part IX-B lb 0.

2 Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc., purposes 2 75,813.3 Amounts set aside for specific charitable projects that satisfy the:a Suitability test (prior IRS approval required) 3ab Cash distribution test (attach the required schedule) 3b

4 Qualifying distributions . Add lines la through 3b. Enter here and on Part V, line 8, and Part XIII, line 4 4 1,806,120.5 Organizations that qualify under section 4940(e) for the reduced rate of tax on net investment

income. Enter 1% of Part I, line 27b 5 5,459.6 Adjusted qualifying distributions . Subtract line 5 from line 4 6 1,800,661.

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 section4940(e) reduction of tax in those years.

Form 990-PF (2005)

52358101-05-08

09360515 809763 98768

2005.05040 THE JOSEF ALBERS FOUNDATION 9876 1


Part XIII Undistributed Income (see instructions)

1 Distributable amount for 2005 from Part XI,line 7

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

a Enter amount for 2004 only

b Total for prior years:

3 Excess distributions carryover, if any, to 2005:

a From 2000b Ff om 2001c From 2002d From 2003e From 2004f Total of lines 3a through e

4 Qualifying distributions for 2005 fromPart XII, line 4: ► $ N/A

a Applied to 2004, but not more than line 2ab Applied to undistributed income of prioryears (Election required - see instructions)

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

d Applied to 2005 distributable amounte Remaining amount distributed out of corpus

5 Excess distributions carryover applied to 2005Of an amount appears in column (d), the same amountmust 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'undistributed income for which a notice ofdeficiency has been issued, or on whichthe section 4942(a) tax has been previouslyassessed

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

e Undistributed income for 2004. Subtract line4a from line 2a. Taxable amount - see instr.

f Undistributed income for 2005. Subtractlines 4d and 5 from line 1. This amount mustbe distributed in 2006

7 Amounts treated as distributions out ofcorpus to satisfy requirements imposed bysection 170(b)(1)(E) or 4942(g)(3)

8 Excess distributions carryover from 2000not applied on line 5 or line 7

9 Excess distributions carryover to 2006.Subtract lines 7 and 8 from line 6a

10 Analysis of line 9:a Excess from 2001b Excess from 2002c Excess from 2003d Excess from 2004

52357101-05-06

09360515 809763 9876

(a)Corpus

(b)Years prior to 2004

(c)2004

(d)2005

0.

0.

0.

0.

0.

0.

0.0.

0.0. 0.

0.

0.

0.

0.

0.

0.

0.

0.

0.

Form 990-PF (2005)


Form 990-PF Part XIV I Private Operating Foundations (see instructions and Part VII-A, question 9)1 a If the foundation has received a ruling or determination letter that it is a private operating

foundation, and the ruling is effective for 2005, enter the date of the ruling ►b Check box to indicate whether the orgamzat i on i s a private opera infoundation described in section

2 a Enter the lesser of the adjusted netincome from Part I or the minimuminvestment return from Part X foreach year listed

b 85% of line 2ac Qualifying distributions from Part XII,

line 4 for each year listedd Amounts included in line 2c notused directly for active conduct ofexempt activities

e Qualifying distributions made directlyfor active conduct of exempt activities.Subtract line 2d from line 2cComplete 3a, b, or c for thealternative test relied upon:

a 'Assets' alternative test - enter:(1) Value of all assets

(2) Value of assets qualifyingunder section 4942(I)(3)(B)(i)

b "Endowment' alternative test - enter2/3 of minimum investment returnshown in Part X, line 6 for each yearlisted

c "Support" alternative test - enter:(1) Total support other than gross

investment income (interest,dividends, rents, payments onsecurities loans (section512(a)(5)), or royalties)

(2) Support from general publicand 5 or more exemptorganizations as provided insection 4942(I)(3)(B)(m)

(3) Largest amount of support froman exempt organization

(4) Gross investment incomePart XV Supplementary Information (Complete this pa rt only if the organization had $5,000 or more in assets

at any time during the year-see page 26 of the instructions.)1 Information Regarding Foundation Managers:

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

NONEb List any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the ownership of a partnership or

other entity) of which the foundation has a 10% or greater interest.

NONE2 Information Regarding Contribution , Grant , Gift, Loan, Scholarship , etc., Programs:

Check here Boo- ® if the organization only makes contributions to preselected charitable organizations and does not accept unsolicited requests for funds. Ifthe organization 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:

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

c Any submission deadlines:

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

523581/01-05-0e Form 990-PF (2005)

09360515 809763 9876

4942(1)(3) or U 4942(0(5)Tax year Prior 3 years(a) 2005 (b) 2004 (c) 2003 (d) 2002 ( e) Total

106 718. 83 097. 75, 980. 133 517. 399 312.90, 710. 70, 632. 64, 583. 113 489. 339 415.

1,806, 12 . 1 785 926. 1 747 576. 1 757 330. 7,096, 952.

0. 0. 89, 451. 122 613. 212 064.

1,806, 12 . 1,785, 926. 1,658, 125. 1,634 ,717. 61884. 888.

0.

0.

119 299. 123 601. 120 870. 134 942. 498 712.

0.

0.

0.0.


Form 990-PF (2005) THE JOSEF ALBERS FOUNDATION, INC. 23-7104223 Part XV Supplementary Information (continued)3 Grants and Contributions Paid During the Year or Approved for Future Payment

Recipient If recipient is an individual,show any relationship to Foundation Purpose of grant or

Name and address (home or business) any foundation manageror substantial contributor

status ofrecipient

contribution Amount

a Paid dung the year

SEE STATEMENT 14_Total ► 3a 137 150._

b Approved for future payment

NONE

Total ► 3b 1 0.523801 /01-05-06 Form 990-PF (2005)



Part XVI -A Analysis of Income -Producing Activities

Enter I

1 Proabcdef

92 Me3 Intmy

4 Div5 Net

ab

6 Netpro

7 0th8 Gal

tha9 NeNet

10 Gi11 Ot

abcde

12 Su13 Total. Add line 12, columns (b), (d), and (e) 13 1,826,436.(See worksheet in line 13 instructions to verify calculations.)

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

Line No .V

Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to the accomplishment ofthe organization's exempt purposes (other than by providing funds for such purposes).

11B REIMBURSES COSTS OF INSURING THAT FAKES DO NOT DEBASE THE11B PRINCIPLES OF ART ASPIRED TO BY JOSEF ALBERS IN HIS WORKS.11C REIMBURSES COST OF EVALUATING AND CONTROLLING POTENTIAL USES11C OF THE WORKS OF ART OF JOSEF AND ANNI ALBERS TO ENSURE THAT THE11C USES ARE APPROPRIATE TO THE PRINCIPLES TO WHICH THEY ASPIRED.10 NOVELTY ITEMS SOLD TO MUSEUM SHOPS FOR RESALE AND FURNITURE SALES10 ILLUSTRATING CONCEPTS OF ART, SPACE AND DESIGN IN KEEPING WITH THE10 WORKS OF JOSEF AND ANNI ALBERS.

52 ,3 01101-o5-oe

ross amounts unless otherwise indicated Unrelate d business income Exclu ded by section 512, 513, or 514 (e)c .

gram service revenue:

(a)Businesscode

(b)Amount

EXCLSioncode

(d)Amount

Related or exemptfunction income

Fees and contracts from government agenciesmbership dues and assessmentsrest on savings and temporary cashestments 14 7,959.idends and interest from securities 14 61,214.rental income or (loss) from real estate:Debt-financed propertyNot debt-financed propertyrental income or (loss) from personalpertyer investment incomen or (loss) from sales of assets othern inventory 18 1,665,411.income or (loss) from special eventsss profit or (loss) from sales of inventory 14,365.er revenue:ROYALTIES 15 51,179.AUTHENTICATION FEES 18,391.REPRODUCTION FEES 4,358.MISCELLANEOUS 3,559.

)total. Add columns (b), (d), and (e) 0. 1 7 8 5 7 6 3.

c

oh

4 0 6 7 3.

Form 990-PF (2005)12


.Form 990-PF (2005) THE JOSEF ALBERS FOUNDATION, INC. 23-7104223 Part XVII Information Regarding Transfers To and Transactions and Relationships With Noncharitable

Exempt OrganizationsDid the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of Yes No

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

a Transfers from the reporting organization to a noncharltable exempt organization of(1) Cash la(l) X

(2) Other assets la(2) X

b Other transactions:(1) Sales of assets to a noncharitable exempt organization 1b 1 X

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

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

(4) Reimbursement arrangements lb(4) 1 X

(5) Loans or loan guarantees 1b 5 X(6) Performance of services or membership or fundraising solicitations 1b 6 XSharing of facilities, equipment, mailing lists, other assets, or paid employees is XIf 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

(a) Name of organization (b) Type of organization (c) Description of relationship

N/A

Under penalties of perju ry , I decl are that I have examined this return , including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct,and complete Decl aration of prep arer (other than taxpayer or fiduciary) is based on all information of which prep ar er has any knowledge

Signature of officer or trustee D

= PreparersU) 0 sl nature9

"Oa 4) Arm's name (or your DONALD L. P RLROTH & ONif self-employed ), ' 250 STATE STREET, C-1address, and ZIP code NORTH HAVEN, CT 0 6 4 7 3 - 21

52362101-05-06

09360515 809763 9876 2005.05040

2a Is the organization directly or indirectly affiliated with , or related to, one or more tax-exempt organizations describedin section 501(c) of the Code ( other than section 501 ( c)(3)) or in section 527? 0 Yes 0 No

h If 'Yes. " complete the followina schedule.

Schedule B Schedule of Contributors OMB No 1545-0047(Form 990, 990-EZ, or

990-PF ) , Supplementary Information for 2005Department of the Treasury line 1 of Form 990, 990- EZ, and 990-PF (see instructions)Internal Revenue Serv ice

Name of organization Employer identification number

mLT' .TnC`L'V AT DVD0 t.nrrnmamTr%M TWO 71-'110A77'l

Organization type(check one)

Filers of : Section:

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

0 4947(a)(1) nonexempt charitable trust not treated as a private foundation

0 527 political organization

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

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

0 501(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 check boxes

for both the General Rule and a Special Rule-see instructions )

General Rule-

12:1 For 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-

[D For a section 501 (c)(3) organization filing Form 990 , or Form 990 - EZ, that met the 33 1 /3% support test under Regulationssections 1 509(a)-3/1.170A- 9(e) and received from any one contributor , during the year , a contribution of the greater of $5,000 or 2%of the amount on line 1 of these forms (Complete Parts I and II )

0 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, litera ry, or educational

purposes , or the prevention of cruelty to children or animals. (Complete Part s I, II, and III.)

ED 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 aggregate to more than$1,000. (If this box is checked, enter here the total contributions that were received during the year for an exclusively religious,charitable, etc., purpose. Do not complete any of the Parts unless the General Rule applies to this organization because it receivednonexclusively religious, 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, or 990-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 do not meet the filing

requirements of Schedule B (Form 990, 990-EZ, or 990-PF)

LHA For Paperwork Reduction Act Notice , see the Instructions Schedule B ( Form 990, 990-EZ , or 990 - PF) (2005)for Form 990, Form 990- EZ, and Form 990-PF.

523451 02-01-0e14


Schedule B (Form 990, 990-EZ, or 990-PF) (2005) of L of Part I

Name of organization

ALBERS F

Part I Contributors (See Specific Instructions)

Employer identification number

(a)No.

(b)Name, address, and ZIP + 4

(c)Aggregate contributions

(d)Type of contr ibution

1 DRUE HEINZ TRUST Person EXI

535 SMITHFIELD ST $ 10,000.Payroll 0Noncash 0

PITTSBURGH, PA 15222(Complete Part II if thereis a noncash contribution )

(a)No.

(b)Name , address, and ZIP + 4


(d)Type of contribution

2 ANNE DE LA RENTA Person

660 PARK AVE. $ 25,000.Payroll QNoncash 0

NEW YORK, NY 10021(Complete Part II if thereis a noncash contribution )

(a)No.




3 LAUDER FOUNDATION Person I-XI

767 FIFTH AVE, 40TH FLOOR $ 5,000.Payroll 0Noncash 0

NEW YORK, NY 10153(Complete Part II if thereis a noncash contribution.)

(a)No.




4 BAY & PAUL FOUNDATIONS Person EKI

17 WEST 94TH STREET $ 5,000.Payroll QNoncash El


(a)No.




5 THAW CHARITABLE TRUST Person

P. O. BOX 2422 $ 10,000.Payroll QNoncash 0

SANTA FE, NM 87504-2422(Complete Part II if thereis a noncash contribution.)

(a)No.




6 THE JAFFEE FAMILY FOUNDATION Person

424 WEST END AVE., 9-D $ 20,000.Payroll 0Noncash 0

NEW YORK, NY 10024(Complete Part II if thereis a noncash contribution.)

527452 02 -n,-n9 Schedule B (Form 990 . 990-EZ. or 990-PA (2005)15


990, 990-EZ, or 990-PF) of . of Part


Part I Contributors (See Specific Instructions.)


23-7104223

(a)No.


(c)Aggregate con tr ibutions


7 FURTHERMORE Person

P.0 BOX 667 $ 5,000.Payroll 0Noncash

HUDSON, NY 12534(Complete Part II if thereis a noncash contribution.)

(a)N o.




8 JOANNA NICHOLS Person 0

188 TACKORA TRAIL $ 10,000.Payroll 0Noncash

RIDGEF I ELD , CT 0 6 8 7 7(Complete Part II if thereis a noncash contribution.)

(a)No.

(b)Name, address , and ZIP + 4



9 CONNIE EVANS Person 0

133 EAST 80TH STREET $ 10,000.PayrollNoncash


(a)No.

(b)Name, address , and ZIP + 4

(c)Aggregate contr ibutions


10 NED FARMAN Person 0

49 MT PLEASANT ROAD $ 10,000.Payroll 0Noncash I-XI

MORRI STOWN , NJ 0 7 9 6 0(Complete Part II if thereis a noncash contribution.)

(a)No.




11 NATIONAL FILM PRESERVATION FOUNDATION Person I-XI

870 MARKET STREET, SUITE 1113 $ 5,690.Payroll ElNoncash

SAN FRANCISCO, CA 94102(Complete Part II if thereis a noncash contribution.)

(a)No.




Person El

$Payroll QNoncash Q

(Complete Part II if thereis a noncash contribution )

523452 02-01-00 Schedule B ( Form 990 , 990-EZ, or 990 -PF) (2005)16


,Schedule B (Form 990, 990- EZ, or


Part II Noncash Property (See Specific Instructions)

of 1 of Part II


(a)No.fromPart I

(b)Description of noncash property given

(c)

FMV (or estimate)(see ins tructions)

(d)Date received

WORK OF ART BY JOSEF ALBERS - MEETING8 B (1/ 3 INTEREST)

$ 10,000. 09/20/05

(a)No.fromPart I


(c)

FMV (or estimate)(see instructions)

(d)Date received

WORK OF ART BY JOSEF ALBERS - MEETING9 B (1 /3 INTEREST)

$ 10,000. 09/20/05

( a)

ffromPart I

Description of noncash property given

(c)

FMV (or estimate)(see instr uctions)

Date received

WORK OF ART BY JOSEF ALBERS - MEETING10 B (1/ 3 INTEREST)

$ 10,000. 09/20/05

(a)

ffromPart I


(c)


Date received

(a)No.fromPart I


(C)


(d)Date received

(a)

ffromPart I


(C)

FMV (or estimate )(see instructions)

Date received

523453 02-01- 00 Schedule B (Form 990 , 990-EZ, or 990-PF) (2005)17


THE JOSEF ALBERS FOUNDATION, INC.

FORM 990-PF• GAIN OR (LOSS) FROM SALE OF ASSETS

(A)DESCRIPTION OF PROPERTY

SCHEDULE ATTACHED

(B) (C)GROSS COST OR

SALES PRICE OTHER BASIS

845,306. 0.

23-7104223

STATEMENT 1

MANNER DATEACQUIRED ACQUIRED DATE SOLD

PURCHASED VARIOUS VARIOUS

(D) (E) (F)EXPENSE OF

SALE DEPREC. GAIN OR LOSS

0. 0. 29,686.


SCHEDULE ATTACHED



1,684,134. 0.





0. 0. 459,141.


DEL POOLED TR LTCG DISTR



6,324.





0. 0. 6,324.0.

18 STATEMENT(S) 109360515 809763 9876 2005.05040 THE JOSEF ALBERS FOUNDATION 9876 1


(A) MANNER DATEDESCRIPTION OF PROPERTY NAME OF BUYER ACQUIRED ACQUIRED DATE SOLD

ART WORKS BY JOSEF ALBERS WADDINGTON GALLERY DONATED VARIOUS VARIOUS

(B) (C) (D) (E) (F)GROSS COST OR EXPENSE OF

SALES PRICE OTHER BASIS SALE DEPREC. GAIN OR LOSS

1,736,667. 733,267. 0. 0. 1,003,400.

(A) MANNER DATEDESCRIPTION OF PROPERTY NAME OF BUYER ACQUIRED ACQUIRED DATE SOLD

PRINTS BY JOSEF ALBERS WADDINGTON GALLERY DONATED VARIOUS VARIOUS

(B) (C) (D) (E) (F)GROSS COST OR EXPENSE OF

SALES PRICE OTHER BASIS SALE DEPREC. GAIN OR LOSS

163,533. 65,413. 0. 0. 98,120.

(A)DESCRIPTION OF PROPERTY NAME OF BUYER

PHOTOGRAPHS DEBORAH BELL

(B) (C) (D)GROSS COST OR EXPENSE OF

SALES PRICE OTHER BASIS SALE

4,500. 0. 0.

MANNER DATE

(E) (F)

DEPREC. GAIN OR LOSS

0. 4,500.


PHOTOGRAPHS VARIOUS



290. 0. 0.


DONATED VARIOUS VARIOUS

(E) (F)


0. 290.




ART WORK BY JOSEF ALBERS BROOKE ALEXANDEREDITIONS



15,000. 50. 0.

23-7104223


DONATED VARIOUS 02/09/05

(E) (F)


0. 14,950.


ART WORK BY JOSEF ALBERS CARTIN FAMILY



50,000. 1,000. 0.

NET GAIN OR LOSS FROM SALE OF ASSETS

CAPITAL GAINS DIVIDENDS FROM PART IV

TOTAL TO FORM 990-PF, PART I, LINE 6A


DONATED VARIOUS 03/24/05

(E) (F)


0. 49,000.

1,665,411.

0.

1,665,411.



35,177

FORM 990-PF-

INCOME

INCOME AND COST OF GOODS SOLDINCLUDED ON PART I, LINE 10

1. GROSS RECEIPTS . . . . . . . . . . . . . . .2. RETURNS AND ALLOWANCES . . . . . . . . . . .3. LINE 1 LESS LINE 2 . . . . . . . . . . . . .

4. COST OF GOODS SOLD (LINE 15) . . . . . . . .5. GROSS PROFIT (LINE 3 LESS LINE 4). . . . . .

6. OTHER INCOME . . . . . . . . . . . . . . . .

7. GROSS INCOME (ADD LINES 5 AND 6) . . . . . .

COST OF GOODS SOLD

8. INVENTORY AT BEGINNING OF YEAR . . . . . . .9. MERCHANDISE PURCHASED. . . . . . . . . . . .

10. COST OF LABOR . . . . . . . . . . . . . . . .11. MATERIALS AND SUPPLIES . . . . . . . . . . .12. OTHER COSTS . . . . . . . . . . . . . . . . .13. ADD LINES 8 THROUGH 12 . . . . . . . . . . .

14. INVENTORY AT END OF YEAR . . . . . . . . . .15. COST OF GOODS SOLD (LINE 13 LESS LINE 14). . 20,812

23-7104223

STATEMENT 2

35,177

20,81214,365

14,365

13,16117,864

31,025

10,213



FORM 990-PF• OTHER INCOME STATEMENT 3

DESCRIPTION

ROYALTIESAUTHENTICATION FEESREPRODUCTION FEESMISCELLANEOUS

TOTAL TO FORM 990-PF, PART I, LINE 11 77,487.

(C)ADJUSTED

NET INCOME

51,179.18,391.4,358.3,559.

77,487.

FORM 990-PF LEGAL FEES STATEMENT 4

DESCRIPTION

FUND PROJECT MATTERSPERSONNEL MATTERSMISCELLANEOUS MATTERS

TO FM 990-PF, PG 1, LN 16A

(A) (B)EXPENSES NET INVEST-PER BOOKS MENT INCOME

7,572. 0.12,717. 0.2,067. 0.

22,356.

(B)NET INVEST-MENT INCOME

51,179.0.0.0.

51,179.

(C) (D)ADJUSTED CHARITABLE

NET INCOME PURPOSES

0. 7,572.0. 12,717.0. 2,021.

0. 22,310.

FORM 990-PF ACCOUNTING FEES STATEMENT 5

DESCRIPTION

(A) (B)EXPENSES NET INVEST-PER BOOKS MENT INCOME

32,704. 0.38,103. 0.

11,226. 0.

(A)REVENUEPER BOOKS

51,179.18,391.4,358.3,559.

0.

AUDITED FINANCIAL STMT 2004ACCOUNTING AND TAX SERVICESBOOKKEEPING & INTERNALACCTG SVC

TO FORM 990-PF, PG 1, LN 16B

(C)ADJUSTED

NET INCOME

0.0.

0.

82,033. 0. 0.

(D)CHARITABLEPURPOSES

32,704.35,753.

11,226.

79,683.

22 STATEMENT(S) 3, 4, 509360515 809763 9876 2005.05040 THE JOSEF ALBERS FOUNDATION 9876 1


FORM 990-PF• OTHER PROFESSIONAL FEES STATEMENT 6

(A) (B) (C) (D)EXPENSES NET INVEST- ADJUSTED CHARITABLE

DESCRIPTION PER BOOKS MENT INCOME NET INCOME PURPOSES

CONSULTING 59,622. 0. 0. 59,622.INVESTMENT FEES 51,909. 51,909. 51,909. 0.

0. 0. 0. 0.0. 0. 0. 0.

TO FORM 990-PF, PG 1, LN 16C 111,531. 51,909. 51,909. 59,622.

FORM 990-PF TAXES STATEMENT 7

(A) (B) (C) (D)EXPENSES NET INVEST- ADJUSTED CHARITABLE

DESCRIPTION PER BOOKS MENT INCOME NET INCOME PURPOSES

PAYROLL TAXES 33,544. 485. 485. 33,059.EXCISE TAXES 1,761. 0. 0. 1,761.FOREIGN TAX WITHHELD 348. 348. 348. 0.

TO FORM 990-PF, PG 1, LN 18 35,653. 833. 833. 34,820.

FORM 990-PF OTHER EXPENSES STATEMENT 8

DESCRIPTION

DECREASE IN MARKET VALUE -INVESTARCHIVE MATERIALOUTSIDE SERVICESBANK CHARGESTECH APPLICATIONSARTISTS EXPENSESCONSERVATION & RESTORINGINSURANCE - FINE ARTSSECURITYSHIPPING & STORAGEOFFICE SUPPLIES & POSTAGEDUES & SUBSCRIPTIONSEXHIBITIONSMEALS & ENTERTAINMENT

09360515 809763 9876

(A) (B) (C) (D)EXPENSES NET INVEST- ADJUSTED CHARITABLEPER BOOKS MENT INCOME NET INCOME PURPOSES

371,467. 0. 0. 0.6,858. 0. 0. 6,858.

11,647. 0. 0. 11,647.5,360. 0. 0. 5,318.6,719. 0. 0. 6,616.6,586. 0. 0. 6,555.

18,804. 0. 0. 18,804.23,000. 0. 0. 23,000.4,041. 0. 0. 4,204.

17,922. 0. 0. 17,317.28,357. 0. 0. 30,607.3,330. 0. 0. 3,518.

174,901. 0. 0. 179,620.4,910. 0. 0. 7,060.

23 STATEMENT(S) 6, 7, 82005.05040 THE JOSEF ALBERS FOUNDATION 9876 1


MARKETING 5,812.DIGITALIZATION PROJECT 14,724.BOOK PROGRAMS 138,716.RESEARCH 17,933.MISCELLANEOUS 9,155.ALBERSSHOP EXPENSES 16,371.

TO FORM 990 - PF, PG 1 , LN 23 886,613. 0. 14,365.

23-7104223

5,812.14,724.

138,312.17,127.8,614.2,006.

507,719.

FORM 990-PF OTHER INCREASES IN NET ASSETS OR FUND BALANCES STATEMENT 9

DESCRIPTION

COST/FMV DIFF NON-CASH CONTRIBUTIONS

TOTAL TO FORM 990-PF, PART III, LINE 3

AMOUNT

25,375.

0. 0.0. 0.0. 0.0. 0.0. 0.0. 14,365.

25,375.

FORM 990-PF OTHER DECREASES IN NET ASSETS OR FUND BALANCES STATEMENT 10

DESCRIPTION

BOOK/TAX DEPRECIATION DIFFERENCEBOOK TAX DIFFERENCE 2004

TOTAL TO FORM 990-PF, PART III, LINE 5

AMOUNT

1,865.1,390.

FORM 990-PF CORPORATE STOCK STATEMENT 11

DESCRIPTION

INVESTMENTS

TOTAL TO FORM 990-PF, PART II, LINE 10B

BOOK VALUE

1,736,154.

3,255.

FAIR MARKETVALUE

1,736,154.

1,736,154. 1,736,154.

24 STATEMENT(S) 8, 9, 10, 1109360515 809763 9876 2005.05040 THE JOSEF ALBERS FOUNDATION 9876 1


FORM 990-PF• CORPORATE BONDS STATEMENT 12

FAIR MARKETDESCRIPTION BOOK VALUE VALUE

INVESTMENTS 1,052,255. 1,052,255.

TOTAL TO FORM 990-PF, PART II, LINE 10C 1,052,255. 1,052,255.

FORM 990-PF OTHER ASSETS STATEMENT 13

FAIR MARKETDESCRIPTION BOOK VALUE VALUE

CD ROM "INTERACTION OF COLOR",NET OFAMORT 0. 100,000.ART - JOSEF ALBERS 2,350,631. 10,659,638.ART - ANNI ALBERS 811,925. 778,447.OTHER ASSETS - ANNI ALBERS 37,573. 42,928.FILM ON LIFE OF ANNI ALBERS 2,000. 2,000.ALBERS DOCUMENTARY 99,530. 99,530.ART - PRECOLUMBIAN 42,500. 42,500.ART - OTHERS 315,370. 264,464.DEPOSIT - PAVILLION PROJECT 2,500. 2,500.PAYROLL TAX REFUND RECEIVABLE 5,189. 5,189.

TOTAL TO FORM 990-PF, PART II, LINE 15 3,667,218. 11,997,196.

FORM 990-PF GRANTS AND CONTRIBUTIONS STATEMENT 14PAID DURING THE YEAR

RECIPIENT RECIPIENTRECIPIENT NAME AND ADDRESS STATUS PURPOSE OF GRANT RELATI ONSHP AMOUNT

DEPARTMENT OF ART HISTORY & PUBLIC GENERAL DONATION N/AARCHITECTURE, COLUMBIAUNIVERSITY 2,000.1190 AMSTERDAM AVE., NEWYORK, NY 10027

THE HOLE IN THE WALL GANG PUBLICCAMP555 LONG WHARF DRIVE, NEWHAVEN, CT 06511

GENERAL DONATION N/A6,000.

25 STATEMENT (S) 12, 13, 1409360515 809763 9876 2005.05040 THE JOSEF ALBERS FOUNDATION 9876 1


ELISA MONTE DANCE PUBLIC

23-7104223

DEBT REPAYMENT N/ACONTRIBUTION 10,000.

481 EIGHT AVE., SUITE 1787,NEW YORK, NY 10001

ELI WHITNEY MUSEUM PUBLIC915 WHITNEY AVE., HAMDEN,CT 06517

BETHANY VOLUNTEER FIRE PUBLICDEPARTMENTP.O. BOX 10, BETHANY, CT06524

SOCIETY OF AMERICAN PUBLICARCHIVISTS527 SOUTH WELLS STREET,CHICAGO, IL 60607

URBAN IMPROV PUBLIC8 ST. JOHN STREET, JAMACIAPLAIN, MA 02130

NEW HAVEN / LEON SISTER PUBLICCITY PROJECT608 WHITNEY AVE., NEWHAVEN, CT 06511

NEW HAVEN SYMPHONY PUBLICORCHESTRA70 AUDUBON STREET, NEWHAVEN, CT 06510

FILM/VIDEO ARTS C/O RUCHIKA PUBLICMUCHHALA462 BROADWAY, SUITE 520,NEW YORK, NY 10013

OUTWARD BOUND PUBLIC

100 MYSTERY POINT ROAD,GARRISON, NY 10524

GENERAL DONATION N/A 5,000.

GENERAL DONATION N/A


400.

2,000.


MATCHING GRANT N/AINCENTIVE 5,000.


BLUE DRESS PROJECT N/A

5,000.

500.

PERU TRIP & ANNUAL N/ABENEFIT DINNER 1,600.



HUMAN RIGHTS FIRST PUBLIC

333 SEVENTH AVE., NEW YORK,NY 10001

CITY AND GUILDS, LONDON PUBLIC

, LONDON, ENGLAND

CENTER FOR THE ARTS, PUBLICWESLEYAN UNIVERSITY, MIDDLETOWN, CT 06459-0442

LONG WHARF THEATER PUBLIC222 SARGENT DRIVE, NEWHAVEN, CT 06511

FLORENCE GRISWOLD MUSEUM PUBLIC

96 LYME STREET, OLD LYME,CT 06371

UCL SLADE SCHOOL OF ART PUBLIC

124 KENNINGTON PARK ROAD,LONDON, ENGLAND

THE PROVINCETOWN COMMUNITY PUBLICCOMPACTP.O. BOX 819, PROVINCETOWN,MA 02657

WESLEYAN UNIVERSITY PRESS PUBLIC

215 LONG LANE, MIDDLETOWN,CT 06459

PARABOLA ARTS FOUNDATION PUBLIC

P.O. BOX 433, PRINCE ST.STATION, NEW YORK, NY 10012

23-7104223

TOM JENNINGS N/ADOCUMENTARYPROJECT 5,000.

OLLY CLEGG N/AEXHIBITION 1,500.



CENTENNIAL N/ACAMPAIGN PLEDGE 5,000.

ANTHONY AUERBACH'S N/ARESEARCH ON ALBERS 5,000.

STAR-FISH/SANT N/AATIZANA PROJECT 5,000.

SUBSIDY FOR AA N/ABOOK REPRINT 1,500.

MASSTRANSISCOPE N/APROJECT 2,500.



ELISA MONTE DANCE PUBLIC481 EIGHT AVE., SUITE 1787,NEW YORK, NY 10001

AMERICAN FRIENDS OF LE PUBLICKINKELIBA, INC.88 BEACON ROAD, BETHANY, CT06524

NON CASH CONTRIBUTIONS:

ARTSPACE PUBLIC

50 ORANGE STREET, NEWHAVEN, CT 06510

ARTSPACE PUBLIC

50 ORANGE STREET, NEWHAVEN, CT 06510

GUILFORD ARTS CENTER PUBLIC

411 CHURCH STREET,GUILFORD, CT 06437

GUILFORD ARTS CENTER PUBLIC

411 CHURCH STREET,GUILFORD, CT 06437

MOUNT HOLYOKE COLLEGE ART PUBLICMUSEUMLOWER LAKE ROAD, SOUTHHADLEY, MA 01075

TOTAL TO FORM 990-PF , PART XV, LINE 3A

23-7104223



WORK OF ART BY N/AANNI ALBERS 2,000.

WORK OF ART BY N/AJOSEF ALBERS 2,000.

WORKS OF ART BY N/AANNI ALBERS 4,000.

WORK OF ART BY N/AJOSEF ALBERS 2,000.

WORKS OF ART BY N/AANNI ALBERS 20,000.

137,150.


4562Form Depreciation and Amortization 990PF(Rev January 2006) , ( Including Information on Listed Prope rty)Department of the TreasuryInternal Revenue Serv ice ► See separate instructions. ► Attach to your tax return.Name(s) shown on return Business or activity to which this form relates

CHE JOSEF ALBERS FOUNDATION, INC. (FORM 990-PF PAGE 1Part I Election To Expense Certain Property Under Section 179 Note : If you have any listed property, complete Part V before

1 Maximum amount See the instructions for a higher limit for certain businesses 1

2 Total cost of section 179 property placed in service (see instructions) 2

3 Threshold cost of section 179 property before reduction in limitation 3

4 Reduction in limitation Subtract line 3 from line 2. If zero or less, enter -0- 4

5 Doll ar li mitation for tax ye ar Subtract line 4 from line 1 If zero or less , enter -0- if married filing sep ar ately , see instructions 5

6 (a) Description of property (b) Cost (business use only) (c) Elected cost

7 Listed property. Enter the amount from line 29 1 7 18 Total elected cost of section 179 property Add amounts in column (c), lines 6 and 7 8

9 Tentative deduction Enter the smaller of line 5 or line 8 9

10 Carryover of disallowed deduction from line 13 of your 2004 Form 4562 1011 Business income limitation Enter the smaller of business income (not less than zero) or line 5 1112 Section 179 expense deduction Add lines 9 and 10, but do not enter more than line 11 1213 Carryover of disallowed deduction to 2006 Add lines 9 and 10, less line 12 ► 13Note : Do not use Part II or Part III below for fisted property Instead, use Part VPart II Special Depreciation Allowance and Other Depreciation (Do not include listed prope rt y.)

14 Special allowance for certain aircraft, certain property with a long production period, and qualified NYL or GO Zone

property (other than listed property) placed in service during the tax year 14

15 Property subject to section 168(f)(1) election 1516 Other depreciation (including ACRS) 16Pa rt III MACRS Depreciation (Do not include listed prope rt y.) (See Instructions )

Section A

OMB No 1545-0172

2005AttachmentSequence No 67

Identifying number

to Part I.

105.000.

17 MACRS deductions for assets placed in service in tax years beginning before 2005 17 10,566.

18 If you are electing to group any assets placed in service during the tax ye ar into one or more general asset accounts , check here ►

Section B - Assets Placed in Service Durina 2005 Tax Year Usina the General Depreciation System

(a) Classification of property(b) Month andyear placedin serv ice

(c) Basis for depreciation(businessrinvestment useonly - see instructions )

(d) Recoveryperiod

(e) Convention (f) Method (g) Depreciation deduction

19a 3-year property5-year property 31,189. 5 HY 200D 6,238.

c 7-year property 7 HY 200D 201.d 10 ear propertye 15 ear property

20 ear propertyear property rs S/L

/ 27 5 yrs. MM S/Lh Residential rental property

/ 27.5 rs MM S/L

/ 39 yrs MM S/Li Nonresidential real property / MM S/L

Section C - Assets Placed in Service Durina 2005 Tax Year Usino the Alternative Deureciation System

20a Class life S/Lb 12 ear 12 yrs S/Lc 40-year / 40 yrs. MM S/L

Part IV Summary (see instructions)21 Listed property. Enter amount from line 28 21 5,219.22 Total . Add amounts from line 12, lines 14 through 17, lines 19 and 20 in column (g), and line 21

Enter here and on the appropriate lines of your return. Partnerships and S corporations - see instr. 22 120,987.23 For assets shown above and placed in service during the current year, enter the

Fportion of the basis att ributable to section 263A costs 2301-051 LHA For Paperwork Reduction Act Notice , see separate instructions . Form 4562 2005) (Rev. 1-2006)


Form 4562 (2005) (Rev 1.2006) THE JOSEF ALBERS FOUNDATION, INC._ 23-7104223 Page 2Pa rt V Listed Property (Include automobiles, certain other vehicles, cellular telephones, certain computers, and property used for entertainment,

recreation, or amusement )Note : For any vehicle for which you are using the standard mileage rate or deducting lease expense, complete only 24a, 24b, columns (a)through (c) of Section A, all of Section B, and Section Cif applicable

Section A - Depreciation and Other Information (Caution : See the instructions for limits for passenger automobiles.)... _ n......,. k....,.....,.1 ...... ,. t...-,,..,....+ N... k ............. 6.....,..t...,..d . ,.... ,.ie...,..10 I V 1 v__ l� u_ n.t- It uv__ I' ._ .1-.......J .._..........•....-n 1 V1 v__ I I u_

Type of property Date Business/ Cost or Basis for depreciation Recovery Method/ Depreciation Elected(list vehicles first y placed in

serviceinvestment

use percentage other basis (business/investmentuse only) period Convention deduction section 179

cost

25 Special allowance for certain aircraft, certain property with a long production period, and qualified NYL or GO Zoneproperty placed in service during the tax year and used more than 50% in a qualified business use 25

26 Pronertv used more than 50% in a Qualified business use

PICK UP TRUCK 120498 100.00% 18,000. 18 000. 5 200DB 390.JEEP CHEROKEE 120202 100.00% 13,500. 13 500. 5 200DB M 1,879.SUBARU 062703 100.00% 56,000. 56 000. 5 200DB H 2,950.27 ProDertv used 50% or less in a aualified business use

%

S/L -

28 Add amounts in column (h), lines 25 through 27. Enter here and on line 21, page 1 28 5,21929 Add amounts in column (r), line 26 Enter here and on line 7, page 1 29

Section B - Information on Use of VehiclesComplete this section for vehicles used by a sole proprietor, partner, or other "more than 5% owner," or related person.If you provided vehicles to your employees, first answer the questions in Section C to see if you meet an exception to completing this section forthose vehicles.

30 Total business/investment miles driven during the(a)

Vehicle(b)

Vehicle(c)

Vehicle(d)

Vehicle(e)

Vehicle(f)

Vehicleyear (do not include commuting miles) 8,000 3 6 0 0 8,000

31 Total commuting miles driven during the year32 Total other personal (noncommuting) miles

driven33 Total miles driven during the year

Add lines 30 through 32 8 0 0 0 3 6 0 0 8 0 0 034 Was the vehicle available for personal use Yes No Yes No Yes No Yes No Yes No Yes No

during off-duty hours? X X X35 Was the vehicle used primarily by a more

than 5% owner or related person? X X X36 Is another vehicle available for personal

use? X X XSection C - Questions for Employers Who Provide Vehicles for Use by Their Employees

Answer these questions to determine if you meet an exception to completing Section B for vehicles used by employees who are not more than 5%owners or related persons37 Do you maintain a written policy statement that prohibits all personal use of vehicles, including commuting, by your Yes No

employees?38 Do you maintain a written policy statement that prohibits personal use of vehicles, except commuting, by your

employees? See the instructions for vehicles used by corporate officers, directors, or 1% or more owners39 Do you treat all use of vehicles by employees as personal use?40 Do you provide more than five vehicles to your employees, obtain information from your employees about

the use of the vehicles, and retain the information received?41 Do you meet the requirements concerning qualified automobile demonstration use?

Note: If your answer to 37, 38, 39, 40, or 41 is "Yes, " do not complete Section B for the covered vehicles.Part VI Amortization

(a) I (b) I (c) (d) (e) I (f)Description of costs Date amortization Amortizable Code Amorhrabon Amortization

begins amount section period or percentage for this year

42 Amortization of costs that begins during your 2005 tax year.

43 Amortization of costs that began before your 2005 tax year 43as Total. Add amounts in column M. See the instructions for where to report 44

518252/01-05-06

09360515 809763 9876

Form 4562 (2005) (Rev. 1-2006)30


THE JOSEF ALBERS FOUNDATION, INC.990PF 2005 EIN 23-7104223Schedule of Investments

TYPE AND NAME SHARES OR MARKETOF SECURITY PRINCIPAL VALUE

Investments - Corporate Stock:

Delaware Pooled TR 12,400 255,071Disney , Walt 2,000 47,940Federated Dept Stores 550 36,481Lennar Corp 650 39,663Nike Inc 450 39,056Office Depot Inc 1,300 40,820Clorox 700 39,823CVS Corp 750 19,815Procter & Gamble 650 37,622BP PLC 1,000 64,220Exxon Mob il 1,300 73,021Ace Ltd 450 24,048Allstate 450 24,331Bank Amer Corp 550 25,383Berkshire Hathaway 30 88,065Comenca Inc 450 25,542MetLife Inc 500 24,500North Fork Bancorp 2,250 61,560Northern Trust Corp 500 25,910Medtronic , Inc 1,000 57,570Merck 1 , 000 31,810Wellpoint , Inc. 1,100 87,769Eaton Corp . 550 36,900Tyco Intl 1 ,200 34,632United Tech . 700 39,1373M Co 450 34,875Cisco 1,100 18,832First Data 525 22,580Hewlett-Packard 925 26,483Intel 1,575 39,312IBM 400 32,880Microsoft 1,200 31,380Motorola 1,400 31,626Oracle Corp . 2,700 32,967Texas Instruments 2,000 64,140Praxair 700 37,072Alltel Corp . 450 28,395Sprint Nextel 1,100 25,696Excelon Corp . 550 29,227

Total $1,736,154

Investments - Bonds:

Ameritech Capital Corp. 6.15% 100,000 101,855Citigroup Inc. 5 75% 100,000 100,358FleetBoston 4.2% 100,000 99,102General Electric 5 375% 100,000 100,628GTE Corp. 6.46% 50,000 51,152Household Financial 4 75% 100,000 98,909Intl Business Machines 4.375% 100,000 98,746International Lease 4 625% 100,000 99,007Loews Corp 6.75% 100,000 101,204Merrill Lynch 4.25% 100,000 98,970US BK Natl Assn Minn. 5.7% 100,000 102,324

Total $1,052,255

THE JOSEF ALBERS FOUNDATION, INC.FORM 990PF 2005 EIN 23-7104223

CAPITAL GAINS

BEGINNING PURCHASES OROF PERIOD OTHER ACQUISITIONS

DATE TYPE AND NAME SHARES OR ACQ NUMBER GROSSACQUIRED OF SECURITY PRINCIPAL VALUE SHARES COST

11/24/93 Berkshire Hathaway03/05/03 Du Pont De Nemours03/03/98 Gillette Company02/07/97 Philip Moms Cos 7 20%11/08/99 Wal-Mart11/08/99 Exxon Mobil10/10/01 Plum Creek Timber07/24/02 Ace limited10/24/03 Freeport-McMoran CL B10/24/03 HCC Ins HLDGS11/25/03 Waters Corp08/08/03 Goldcorp Inc08/08/03 Iron Mtn08/08/03 Leggett & Platt08/08/03 Centerpoint Energy02/06/04 TCF Financial Corp03/10/04 Wellpoint, Inc04/27/04 Friedman Billings Ramsey05/03/04 Pnce T Rowe05/17/04 VCA Antech, Inc08/30/04 0 Reilly Automotive08/20/04 Tiffany & Co09/02/04 SCP Pool Corp09/30/04 Eastman Kodak Co10/12/04 Aracruz Celulose

2005 General Elec 4 125%2005 Delaware Pooled TR2005 BJ's Whsl Club

Subtotals

E=Vdatar356a2Ysec 2004

41,000

100,000100,000

1,000700

1,8001,0001,000755560

4,0002,0002,0006,0001,625100

1,000825

1,415980700975

1.3001.300

4,74836,74999,00099,69652,56531,10130,84625,85037.93722,29916,86448,96048,53444,04049,32042,7918,970

21,37241.53528.49639,78520,98827.60942,01644.192

$966,263

10.000 99,5723,160 60.925700 20.650

$181,147

SALES OR OTHERDISPOSITIONS

NUMBER SELLING DATESHARES PRICE SOLD

4 11,254 20051,000 48,490 2005

100.000 100,000 2005100,000 104,384 2005

1,000 47,488 2005700 42,495 2005

1,800 62,817 20051,000 40,048 20051.000 39,739 2005980 33,356 2005560 21,608 2005

4,000 56,620 20052,000 56.978 20052,000 58.218 20056,000 72,265 20051,625 43,762 2005100 7,340 2005

1,000 15,849 2005825 55,604 2005

1,415 38,327 20051,960 58,725 2005700 28,307 2005975 36,864 2005

1,300 41,473 20051.300 46,941 2005

10,000 98,896 20053,160 65,000 2005700 18,530 2005

$1,35 1, 378

GAIN ORLOSS

6,50611,7411,0004,688-5.07711,39431,97114,1981,802

11,0574,7447,6608,44414,17822,945

971-1,630-5,52314,0699,831

18,9407.3199,255-543

2,749-676

4,075-2,120

$203,968

SHORT TERMGAIN ORLOSS

-5,52378

716

-5432.749-676

4.075-2,120

-$1,244

THE JOSEF ALBERS FOUNDATION, INC

BEGINNING PURCHASES OR SALES OR OTHEROF PERIOD OTHER ACQUISITIONS DISPOSITIONS

SHORT TERMDATE TYPE AND NAME SHARES OR ACQ NUMBER GROSS NUMBER SELLING DATE GAIN OR GAIN OR

ACQUIRED OF SECURITY PRINCIPAL VALUE SHARES COST SHARES PRICE SOLD LOSS LOSS

Balance forward $966,263 $181,147 $ 1,351,378 203,968

11/08/99 Grainger 1,000 41,695 1,000 54.568 2005 12,87310/13/99 Franklin Elec Co Inc 870 15,015 870 37.667 2005 22.6520928/00 International Speedway 1,000 40,609 1,000 54,022 2005 13,41310/16/00 Meredith Corp 790 37,716 790 39,466 2005 1,75010/10/00 Moody's Corp 370 15,224 740 39,564 2005 24,34012/19/00 Markel Corp 140 25,104 140 46,381 2005 21,27701/08/01 Techne Corp 805 26,817 805 41,612 2005 14,79504/25/01 Cendian Corp 1,440 27,953 1,440 25.214 2005 -2,73904/25/01 Ide oc Labs 445 13.316 445 30,192 2005 16.87609/20/01 Ethan Allen Intenors 620 22.519 620 20,034 2005 -2,48510/18/02 C H Robinson 850 31,381 1,565 62,159 2005 30,778

/02 Washington Post 60 41,785 60 46,317 2005 4.532Various Blackrock CL A 640 31.203 640 60,728 2005 29,525 58011/14/02 Brown & Brown 1.095 34,043 1,095 58,857 2005 24,814

/02 Lab Corp AmerHldgs 920 23,050 920 44,296 2005 21,24611/15/02 H R Block 230 9,778 230 10,845 2005 1,067

/02 Matthews Intl 625 15,387 625 22,596 2005 7,20903/17/03 Mohawk Inds 575 37,501 575 47,212 2005 9,71103/14/03 Choicepoint 780 28,255 780 32,374 2005 4,11912/21/04 Blount International 1,025 17,194 1,025 16,871 2005 -323 -32312/21/04 Fischer Scientific 390 23,728 390 22,614 2005 -1,114 -1,114

2005 Franklin Elec Co Inc 50 2,112 50 2,141 2005 29 292005 C H Robinson 70 3,447 70 3,980 2005 533 5332005 Mohawk Inds 15 1,252 15 1,353 2005 101 1012005 T R Price 10 559 10 673 2005 114 1142005 Fischer Scientific 855 59,797 855 56.660 2005 -3,137 -3,1372005 Apollo 410 24,621 410 27.274 2005 2,653 2.6532005 C B Richard Ellis 315 11,700 315 17,620 2005 5,920 5,9202005 Cintas 930 38,773 930 39,209 2005 436 4362005 Fastenal 630 34,060 630 46.405 2005 12,345 12,3452005 Idexx Labs 145 8,328 145 9,838 2005 1,510 1,5102005 International Speedway 115 6,071 115 6,213 2005 142 1422005 Patterson 405 15,700 405 16,973 2005 1,273 1,2732005 Roper INDS 400 12,957 400 14,999 2005 2,042 2,0422005 Strayer 145 11,817 145 13,806 2005 1,989 1,9892005 Unrvision 670 17.128 670 19,582 2005 2,454 2,4542005 VCA Antech 395 7.424 395 10,698 2005 3,274 3,2742005 Weight Watchers 660 29,397 660 30,523 2005 1,126 1,1262005 Techne Corp 35 1.296 35 1.581 2005 285 2852005 Meredith Corp 245 11,945 245 12.240 2005 295 2952005 Washington Post 41 35,546 41 32,705 2005 -2,841 -2,841

Total 1,525,536 515,077 2,529,440 488.827 29,686

Short term 29.686Long term 459.141

41

356ALB THE JOSEF ALBERS FOUNDATION, INC. 05/12/2006 3:31 PMBook Asset Detail 1/01/05-12/31/05 Page 1

FYE: 12/31/2005

Date In Book Book Sec Book Sal Book Prior Book Current Book Book Net Book BookAsset ` Property Description Service Cost 179 Exp c Value Depreciation Depreciation End Depr Book Value Method Period

Group: 74 & 76 Beacon Road

14 CARETAKER'S HOUSE 2/23/9953 Studio apartment - Hilltop 10/01/0359 Sofa - Apt 1/23/0460 Carpet 11/15/0461 Appliance 1/15/0462 Water Filter 4/28/0466 Table/76 Beacon (Apt) 4/13/05

74 & 76 Beacon Road

Group: Building

13 MAIN BLDG 88 BEACON RD29 STORAGE SHED30 MAIN BLDG COSTS FROM 199943 Studio III

Group: Driveway - Bethany

260,000.00 00079,625 93 0.00

846 94 0.002,652.96 0.00564 98 0.00

2,645.00 0.00518.00 0 00c

346,853.81 0.00c

2/23/99 1,832,021 50 0.007/31/00 52,500.00 0 001/01/00 143,930.70 0.0012/31/02 4,354.70 0 00Building 2,032,806.90 0.00c

27 DRIVEWAY 2/23/99 57,455.76 0 0040 Driveway -regrade 6/27/02 10,395 00 0.00

Driveway - Bethany 67,850.76 0 OOc

Group: Furniture & Fixtures

0.00 38,888 910.00 2,552 110 00 155 270.00 88 430.00 113 000 00 64.120 00 0 000.00 41,861.84

0.00 274,020.310.00 15,458 330.00 18,452 650.00 223 32

0.00 308,154 61

0.00 22,343 890 00 1,732500 00 24,076 39

6,666.67 45,555.58 214,444 42 S/L2,041 69 4,593 80 75,032 13 S/L

169 39 324.66 522.28 S/L530.59 619.02 2,033.94 S/L113.00 226.00 338.98 S/L96 18 160 30 2,484.70 S/L74 00 74 00 444 00 200DB

9,691 52 51,553 36 295,300.45

46,974 91 320,995 22 1,511,026.28 S/L3,50000 18,958.33 33,541 67 S/L3,690.53 22,143.18 121,787.52 S/L111.66 334 98 4,01972 S/L

54,277.10 362,431 71 1,670,375 19

3,830 38 26,174 27 31,281.49 S/L693 00 2,425 50 7,969.50 S/L

4,523 38 28,599.77 39,250 99

39 03905.05.05.0

27 570

39 015039 039 0

15.015.0

I GLASS TOP DESK 2/23/99 8,700.00 0.00 0 00 7,250.01 1,242.86 8,49287 207 13 S/L 702 CHAIRS 2/23/99 950.00 0 00 0 00 791 65 135 71 927.36 22 64 SIL 7.03 OFFICE FURN & CHAIRS 2/23/99 8,82474 0.00 0.00 7,353.96 1,26068 8,61464 210 10 S/L 704 PHOTOGRAPHS 12/01/98 6,463 00 0 00 0 00 3,931 66 646.30 4,577 96 1,885 04 S/L 10.05 PANASONIC FAX 9/03/98 1,525 00 0 00 0.00 1,525 00 0 00 1,525.00 0 00 S/L 508 * DICTAPHONE 12/31/98 473.72 0 00 0 00 473 72 0.00 473 72 0 00 S/L 5.0

16 PANASONIC COPIER 3/09/99 7,387 00 0 00 0 00 7,387 00 0 00 7,387 00 0 00 S/L 5.024 VARIOUS SEE W/S 207 7/01/99 22,684 04 0 00 0 00 12,476 20 2,268 40 14,744 60 7,93944 S/L 10031 DESK & CHAIR - FRANCE 7/01/00 2,56702 0 00 0 00 1,65024 366 72 2,01696 550 06 S/L 7032 FURNITURE & ROOM SHADES 7/01/00 5,64020 0 00 0 00 2,538 09 564 02 3,102.11 2,538 09 S/L 10033 PHOTOGRAPHY EQUIP 6/16/00 2,25440 0 00 0 00 1,44927 322 06 1,771 33 483 07 S/L 7.036 Roman shade 1/12/01 640 20 0 00 0 00 365 84 91 46 457 30 182 90 S/L 7037 Furniture & fixtures 9/06/01 1,976.66 0 00 0 00 658 90 197 67 856 57 1,12009 S/L 10038 Furniture - Rupert Deese 12/31/01 7,50000 0 00 0 00 3,21429 1,071 43 4,285 72 3,21428 S/L 7041 Furniture - K. Nishikawa 9/05/02 1,00731 0 00 0 00 235 04 100 73 335 77 671 54 S/L 10042 Furniture - 3 Elegance sets 4/18/02 1,425.00 0 00 0 00 542 85 203 57 746 42 678 58 S/L 7048 . Furniture - Hilltop Apt 10/01/03 9,596 50 0 00 0 00 1,199 56 959 65 2,159 21 7,437 29 S/L 10.049 Blinds Hilltop Apt 10/01/03 1,461 00 0 00 0 00 260 89 208 71 469 60 991 40 S/L 7.052 Signage 5/14/03 1,74000 0 00 0 00 414 28 248 57 662 85 1,077 15 S/L 7054 Furniture - Hilltop Apt 11/30/03 1,328.90 0 00 0 00 143 96 132.89 276 85 1,05205 S/L 10058 5 L'architecture Magazines on LeCc 1/12/04 3,167.00 0 00 0 00 452 43 452 43 904 86 2,262 14 S/L 70

356ALB THE JOSEF ALBERS FOUNDATION, INC. 05/12/2006 3:31 PMBook Asset Detail 1/01/05-12/31/05 Page 2

FYE: 12/31 /2005

Date In Book Book Sec Book Sal Book Prior Book Current Book Book Net Book BookAsset * Property Description Se rvice Cost 179 Exp c Value Depreciation Depreciation End Depr Book Value Method PeriodGroup : Furniture & Fixtures (continued)

63 Refrigerator for film 6/17/05 890 34 0 OOc 0 00 0 00 63 60 63 60 826 74 S/L 70Furniture & Fixtures 98,202 03 0 OOc 0 00 54,314 84 10,537 46 64,852 30 33,349 73*Less : Dispositions 473 72 0.00 0 00 473 72 0 00 473 72 0 00

Net Furniture & Fixtures 97,728 31 0 OOc 0 00 53,841 12 10,537.46 64,378 58 33,349 73

Group: Land

11 LAND 7/28/94 419,439 03 0 00 0 00 0 00 0 00 0 00 419,439 03 Land 390

Land 419,439.03 0 00c 0 00 0 00 0 00 0 00 419,439 03

Group: Land Improvements

12 LAND IMPROVEMENTS 2/23/99 15,477 00 0 00 0 00 6,018 83 1,031 80 7,050 63 8,426 37 S/L 15026 LANDSCAPING 2/23/99 121,512 37 0 00 0 00 47,254 79 8,100 82 55,355 61 66,156 76 S/L 15044 Hill House Apt - in progress 2002 10/01/03 11,321 03 0 00 0 00 362 85 290 28 653 13 10,667 90 S/L 390

Land Improvements 148,310 40 0 OOc 0 00 53,636 47 9,422 90 63,059 37 85,251 03

Group: Studio Apartments

15 CLARK STUDIO 2/23/99 156,000.00 0 00 0 00 23,333 33 4,00000 27,333 33 128,666 67 S/L 39 028 102 BEACON RD STUDIO 7/31/00 156,000.00 0 00 0 00 17,666 67 4,000.00 21,666 67 134,333 33 S/L 390

Studio Apartments 312,000.00 0 OOc 0 00 41,000 00 8,00000 49,000 00 263,000 00

Group: Technology equipment

6 * HITACHI COMPUTER 11/30/98 2,795.00 0 00 0 00 2,795.00 0.00 2,795 00 0.00 S/L 507 HP LASER JET/Brenda's HP 1000 12/15/98 1,793.00 0 00 0 00 1,79300 0 00 1,79300 0.00 S/L 509 Dell 600SC /170L/HP color lazerjet 4/20/04 12,482 00 0 00 0 00 1,66427 2,496.40 4,16067 8,321 33 S/L 5017 HP PRINTER - NW HP2100 3/1 1/99 775 00 0 00 0 00 775 00 0.00 775 00 0 00 S/L 5018 MICRO CONCEPTS COMP #3082 3/11/99 2,545 00 0 00 0 00 2,545 00 0.00 2,545 00 0 00 S/L 5019 MICRO CONCEPTS COMP #3081 3/09/99 3,99000 0 00 0 00 3,99000 0 00 3,99000 0 00 S/L 5020 * MICRO CONCEPTS FLAT SCREI 4/07/99 1,200 00 0.00 0 00 1,200 00 0 00 1,200 00 0 00 S/L 5021 MICRO CONCEPTS FLAT SCREI 6/11/99 1,15000 0 00 0 00 1,15000 0 00 1,15000 0 00 S/L 5022 MICRO CONCEPTS PRINTER/Sti 6/11/99 775 00 0 00 0 00 775 00 0 00 775 00 0 00 S/L 5023 MICRO CONCEPTS - NW SONY 11/12/99 5,383.00 0 00 0 00 5,383 00 0 00 5,383 00 0 00 S/L 5034 * MICRO CONCEPTS - JACKIES C 2/15/00 1,280 00 0 00 0 00 1,258 67 21 33 1,280 00 0 00 S/L 5035 Dell -LatD800/X300/OptiSX280 (1' 9/20/04 6,956 83 0 00 0 00 347 84 1,391 37 1,73921 5,21762 S/L 5045 Computer/Studio II CPU 2/15/02 1,37991 0 00 0 00 804 94 275 98 1,08092 298 99 S/L 5.046 Laptops (NW old Paris) 4/15/02 2,76731 0 00 0 00 1,52202 553 46 2,07548 691 83 S/L 5 047 Laptop (Fritz's home) 6/15/02 1,40739 0 00 0 00 727 16 281 48 1,008 64 398 75 S/L 5 050 Computer (copy room Sony) 9/15/02 2,399 92 0 00 0 00 1,11995 479 98 1,599 93 799 99 S/L 5 051 Dell PC's (Brenda office laptop) 10/28/03 3,362 34 0 00 0 00 784 55 672 47 1,457 02 1,905 32 S/L 5.056 * Laptop (Stephane Potelle) 1/20/04 2,66200 0 00 0 00 488 03 2,173 97 2,66200 0 00 S/L 5 057 Epson 4870 Pro Scanner 7/15/04 532 19 0 00 0 00 53 22 106 44 159 66 372 53 S/L 5 064 Digital Camera 8/23/05 24,675 00 0 OOc 0 00 0 00 4,935 00 4,935 00 19,740 00 200DB 5 065 Digital photography equipment 8/23/05 2,080 34 0 OOc 0 00 0 00 416 07 416 07 1,664 27 200DB 5 0

356ALB THE JOSEF ALBERS FOUNDATION, INC. 05/12/2006 3:31 PMBook Asset Detail 1 /01 /05 - 12/31/05 Page 3

FYE: 12/31/2005

Date In Book Book Sec Book Sal Book Prior Book Current Book Book Net Book BookAsset * Property Description Service Cost 179 Exp c Value Depreciation Depreciation End Depr Book Value Method Period

Group: Technoloev eauinment (continued)

67 Dell computer /Molly's Laptop 8/30/05 2,111 54 0 OOc 0 00 0 00 422 31 422 31 1,68923 200DB 5 068 Dell/Inspiron 600m (Oliver's laptop 1/18/05 2,321 93 0 OO c 0 00 0 00 464.39 464 39 1,85754 200DB 50

Technology equipment 86,824 70 0 00c 0 00 29,176 65 14,690 65 43,867 30 42,957 40*Less: Dispositions 7,937.00 0 00 0 00 5,741 70 0 00 7,937 00 0 00

Net Technology equipment 78,887 70 0.00c 0 00 23,434 95 14,690 65 35,930 30 42,957 40

Group : Vechicles

10 PICK-UP TRUCK 12/04/98 18,000.00 0 00 0 00 10,950 00 1,80000 12,750 00 5,25000 S/L 10025 * VOLVO 12/15/99 7,100.00 0.00 0 00 3,609.17 3,49083 7,10000 0 00 S/L 10039 1998 Jeep Cherokee 12/02/02 13,500 00 0 00 0 00 4,017 85 1,928 57 5,946.42 7,553 58 S/L 7055 Subaru Leg/(Trade in-Chev Suburb' 6/27/03 55,999 54 0 00 0 00 38,061 11 4,484 61 42,545 72 13,453 82 S/L 5 0

Vechicles 94,599 54 0 OOc 0 00 56,638 13 11,704 01 68,342.14 26,257 40*Less : Dispositions 7,10000 0 00 0 00 3,609 17 0 00 7,100.00 0 00

Net Vechicles 87,499 54 0 OOc 0 00 53,028 96 11,704 01 61,242 14 26,257 40

Grand Total 3,606,887 17 0 OOc 0 00 608,858 93 122,847 02 731,705 95 2,875,181 22Less : Dispositions 15,510 72 0 00 0 00 9,82459 0 00 15,510 72 0 00

Net Grand Total 3,591,376 45 0 OOc 0 00 599,034 34 122,847 02 716,195 23 2,875,181 22

.IV

r

The Josef Albers Foundation, IncEIN 23-7104223

Part 1X-A, Line 1:

Conservation, preservation and scholarly research and study of art, includingapproximately 800 oil paintings by the late Josef Albers and thousands of his otherworks, as well as archival management of his writing, photographs and other relatedmaterials: and various weavings and textile materials and prints by the late AnniAlbers.

Part 1X-A, Line 2:

Preparation and organization of various exhibitions of art by Josef Albers and AnniAlbers: (1) Preparatory work for an exhibition of art by Josef Albers and Anni Albersat the Renia Sofia Museum in Madrid Spain, with subsequent venues possibly in SanDiego, Mexico and Peru; (2) Presentation for a show of Black Mountain College, to beheld the Arnolfini Gallery in Bristol, England and Kettles Yard Gallery in Cambridge,England, including substantial amounts of art by both Josef and Anni Albers; (3)Preparation for a major retrospective ofJosef Albers's art to open in March of 2006 atTate Modem in London England with subsequent venues in Bielefeld, Germany, andat the Whitney Museum in New York; (4) Work relating to development ofpublications and objects associated with aforementioned exhibition; (5) Continueddiscussions pertaining to the loan of painting to various foreign institutions, includingthe United States Embassies in China and Holland; (6) Discussions and preliminarypreparations for a major Josef Albers show to travel in Japan and throughout Asia; (7)Educational activities and preparation for radio interviews associated with all theseexhibitions; (8) Activities related to the teaching of art to disadvantaged children andother student audiences in need of outside support; (9) Management of a visitingartists' program in our guest studios; (10) Work in preparation of re-edition ofJosefAlbers's furniture and Anni Albers's textiles.

Continued development of facilities ideal for the preservation of our collection,maintenance of our archives, continuation of our educational activities, etc., at ourheadquarters in Bethany, Connecticut. Research for several new publications; researchon the teaching ofJosef Albers, including interviews with many numbers of his formerstudents, as preparation for a large book on this subject to be published by PhaidonPublishers; continued support of arts related programs for various non-profitorganizations; support of research on the art and life of Pablo Picasso and on the artand life of Le Corbusier with establishment of a library and archive devoted to thelatter; support of production of documentary film on the art ofJosef Albers;continued work on applications for grant funding for a project devoted to archival

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management, with grants having been successfully promised or received from TheGetty Institute, The Thaw Charitable Trust, The Adjuvant Foundation, and The Stateof Connecticut Commission on the Arts; commencement of said archival managementproject, including digitization of our collections catalogue. Continued exploration ofdevelopment possibilities in our capacity as a teaching and research institution.Support of regional and national undertakings on the part of 501 (c)(3) organizationsfurthering, through theater, music, and painting, the goal of "the revelation andevocation of vision through art."

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