Form

I^ r

99,0

Return of Organization Exempt From Income Tax
Under section 501(c), 527, or 4947(aXl) of the Internal Revenue Code (except black lung benefit trust or private foundation)

OMB No 1545.0047

2005
Open to Public Inspection
Employer Identification Number D

of the Treasu ry IIntenaReve a Service

^ The organization may have to use a copy of this return to satisfy state reporting regl , 2005 , and endin g
r I I RSr or ON ^'"^° ` ^'^^^"'''^^

A
B

For the 2005 calendar year, or tax year be g innin g
Check if applicable Address change Name change Initial return

, Ili,lIr,IIIet,IIIIl„a01411tl,n111111I111

54-1934032
I E Telephone number

S ill l^HITNZY 8AL 29 IB i n. - DONORS CAPITAL FUND
tic R 0 30 X

200512 03 17 3 0000
INC

R
F

(703)
^rrti m"e^,°od "g

535-3563
Cash X Accrual

Final return
Amended return K Application pending

1305
VA 2231 3 -1305 H (a)
S

ALEXANDRIA

Other (specify) 1`
K Yes No

• Section 501(c)(3) organizations and 4947(ax1 ) nonexempt charitable trusts must attach a completed Schedule A

H andl are not applicable to section 527 organizations is this a group return for affiliates?

(Form 990 or 990-Q).
G J K Web site: 11 N/A Organization type 501 (c) 3 '4 (insert no) 11 4947 (a)( 1 ) or 11 (c h ec k on l y one .. Check here if the organization's gross receipts are normally not more than $25,000. The organization need not file a return with the IRS but 1 f t h e organization chooses to file a return, be sure to file a complete return. Some states require a complete return.

H (b) if 'Yes,' enter number of affiliates No. H (C) Are all affiliates included? ( if 'No,' attach a list. See instructions ) 5 27 H (d) Is this a separate return filed by an organization covered by a group ruhng7 n Yes No K Yes F - 1 No

I M

L Gross recei pts. Add lines 6b, 8b, 9b, and 1 Ob to line 12 11 2 4, 0 7 7, 9 9 0 . Part I Revenue - E cnenses . and Channes in Net Assets or Fi 1 Contributions, gifts, grants, and similar amounts received:

^ Grou p Exem ption Number Check ^ if the organization is not required to attach Schedule B (Form 990, 990-EZ, or 990-PF)

CeS (See Instructinnsl

a Direct public support .
b Indirect public support c Government contributions (grants) . .

..

..

1a
1b 1c

19, 740, 000.

d Total ^ag line s
1a thr

ic) (cash $

19

,

n $ 000. n ocash

0. )

1d
2 3 4

19 , 740 , 000.

2 3 4

Program service revenue including government fees and contracts (from Part VII, line 93) Membership dues and assessments Interest on savings and temporary cash investments

11,394.

5 Dividends and interest from securities 6a Gross rents .

5 6a
_ 6c 7 (B) Other

765,036.

R E v

N u E
o

6b b Less: rental expenses c Net rental income or (loss) (subtract line 6b from line 6a) See Other Investment Income Statement 7 Other investment income (describe (A) Securities 8 a G ross a m ou nt fr o m sa l es o f assets other than inventory .. 1,718 , 309. 8a

1,843,251.

b Less: cost or other basis and sales expenses a c chedule) See L-8 Stmt.
9

.

1 614, 502. 103,807.

8b 8c
8d 103 , 807.

(combine line 8c, columns (A) and (B)) Special eve f^ d activities (attach schedule). If any amount is from gaming , check here of contributions $ t including O C T ®(goiNGen 9a reported on I a) ... 9b ses other than fundraising expenses s) from special events (subtract line 9b from line 9a) 10a . . 10a Gross sales of inventory, less returns and allowances 10 b .. b Less: cost of goods sold c Gross profit or (loss) from sales of inventory (attach schedule) (subtract line 10b from line 10a) . . 11 Other revenue (from Part VII, line 103) 12 Total revenue (add lines 1d, 2, 3, 4, 5, 6c, 7, 8d, 9c, IOc, and 11 ) E 13 Program services (from line 44, column (B)) x 14 Management and general (from line 44, column (C)) P 15 Fundraising (from line 44, column (D)) ] E N 16 Payments to affiliates (attach schedule) E s 17 Total expe nses (add lines 16 and 44, column (A)) . . A 18 Excess or (deficit) for the year (subtract line 17 from line 12) })t S 19 Net assets or fund balances T 20 Other changes in net assets s 21 Net assets or fund balances BAA For Privacy Act and Paperwork at beginning of year (from line 73, column (A)) or fund balances (attach explanation) at end of year (combine lines 18, 19, and 20) Reduction Act Notice, see the separate instructions.

9c _ 10e 11 12 13 14 15 16 17 18 19 20 21
02/03/06

22,463 , 488. 11 , 199 , 797. 675 965. 0. 11 , 875 , 762. 10 , 587 , 726. 36 , 604 , 478. -144,999. 47 , 047 , 205. Form 990 (2005)

. ..

TEEA0101

i Form 990 (2005)

Part II

Inc 54-1934032 All organizations must complete column (A). Columns (B), (C), and (D) are required for section 501(c)(3) and (4) organizations and section 4947 (a)(1) nonexempt charitable trusts but optional for others.

Donors Cap ital Fund,

Pa g e 2

Statement of Functional Ex p enses

Do not include amounts reported on line 6b, 8b, 9b, IOb, or 16 of Part/
22 Grants and allocations ( aft sch) (cash non-cash $ $ 11,199,797. ) LI

(A) Total

( B) Program services

(C) Management and general

( D ) Fundraisin g

If this amount includes foreign grants , check here

23 24 25 26 27 28 29 30

Specific assistance to individuals (aft sch) Benefits paid to or for members (aft sch) Compensation of officers , directors , etc Other salaries and wages Pension plan contributions .. Other employee benefits Payroll taxes Professional fundraising fees

2 23 24 25 26 27 28 29 30

1, 199, 797.

1, 199, 797.

0.

0.

0.

0.

31 Accounting fees 32 Legal fees
33 34 35 36 37 38 40 41 42 43 Supplies . Telephone ... Postage and shipping Occupancy Equipment rental and maintenance Printing and publications Conferences , conventions, and meetings Interest Depreciation, depletion , etc (attach schedule) Other expenses not covered above (itemize) a Consulting ________

31 32
33 34 35 36 37 38

-17,353. 214.

0. 0.

17,353. 214.

0. 0.

39 Travel

39
40 41 42

- ------43f ------------------9 ------------------44 Total functional expenses . Add lines 22 throe h 43. (Organizations completing columns ( B) - (D), 1,199,797. 4 1,875,762. 75,965. . car these totals to lines 13 -15 . Joint Costs. Check ^[:] if you are following SOP 98-2. ^^ Yes XQ No Are any joint costs from a combined educational campaign and fundraising solicitation reported in (B) Program services? . ; (ii) the amount allocated to Program services $ If 'Yes,' enter (i) the aggregate amount of these joint costs $ , and (iv) the amount allocated $ (iii) the amount allocated to Management and general to Fundraising $ BAA Form 990 (2005) f

bTaxes ------------------cInvestment f ees ------------------d Admin services ------------------e Registration fees -

43a 43b 43c 43d 43e

124,583. 86 ,986. 16,087. 429 ,405. 1 ,337.

0. 0. 0. 0. 0.

124,583. 86,986. 16,087. 429,405. 1,337.

0. 0. 0. 0. 0.

TEEA0102

11/01105

-

.A

Donors Cap ital Fund, Inc Form 990 2005 Statement of Program Service Accomplishments r Part II!

54-1934032

Pa g e 3

Form 990 is available for public inspection and, for some people, serves as the primary or sole source of information about a particular organization. How the public perceives an organization in such cases may be determined by the information presented on its return. Therefore, please make sure the return is complete and accurate and fully describes, in Part III,-the-organization's programs and-accomplishments.Program Service Expenses _C_5_ 0 9 ( a ) (1) & 5 0 9 (a) (2) Sj^pport o rqs de s c in I R What is the organization 's primary exempt purpose? ^ (Re cared for 501(c)(3) and All organizations must describe their exempt purpose achievements in a clear and concise manner . State the number of ^^a7(a)(1)tusts, ^ r but s cuss achievements that are not measurable (Section 501 (c)(3) and (4) organ clients served , publications issued , etc. Di s optiona l for others ) izations and 4947 (a)( 1 ) nonexem pt charitable trusts must also enter the amount of g rants and allocations to others . )

a See Statement1 -Attached _ ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------If this amount includes forei g n g rants , check here $ 11, 199 797. Grants and allocations 11,199 , 797.

b-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------If this amount includes forei g n g rants , check here P- Tj $ Grants and allocations

C ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------If this amount includes forei g n g rants , check here $ Grants and allocations d ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------If this amount includes forei g n g rants , check here $ Grants and allocations e Other program services ) If this amount includes foreign grants , check here (Grants and allocations $ f Total of Program Service Expenses (should equal line 44 , column (B), Program services) BAA n M. 11,199,797.

Form 990 (2005)

TEEA0103

10/14/05

Form 990 (2005) Part IV Note :

Donors Capital Fund,

Inc

54-1934032

Page4

Balance Sheets (See Instructions) (A) Beginning of year 45 (B) End of year

Where required, attached schedules and amounts within the description column should be for end-of-year amounts only. 45 Cash - non - interest - bearing

46 Savings and temporary cash investments
47a Accounts receivable b Less : allowance for doubtful accounts 48a Pledges receivable b Less- allowance for doubtful accounts 49 Grants receivable A s e s 50 47a 47b 48a 48b

6 , 810 , 421. 46

17 , 962,051.

.

47c

48c 49 50 51 c 52 53

Receivables from officers, directors , trustees , and key employees (attach schedule) 51 a 51 a Other notes & loans receivable (attach sch) 51 b . b Less : allowance for doubtful accounts .. 52 Inventories for sale or use 53 Prepaid expenses and deferred charges

54 Investments - securities (attach schedule)
b Less : accumulated depreciation (attach schedule) 56 Investments - other (attach schedule) 57a Land , buildings , and equipment : basis b Less : accumulated depreciation (attach schedule) 58 Other assets (describe ^

L-54 Stmt"[] Cost
55a

FMV

29, 940, 764. 54
---55c 56

2--9 , 2-33,448.

55a Investments - land, buildings , & equipment : basis

55b
.. 57a 57b )

- 57c 58

59 Total assets (must eq ual line 74) . Add lines 45 throug h 58 60 Accounts payable and accrued expenses
A B ^ T E 61 62 63 64a Grants payable Deferred revenue Loans from officers, directors , trustees, and key employees (attach schedule) Tax - exempt bond liabilities (attach schedule) b Mortgages and other notes payable (attach schedule)

36, 751, 185. 59 68 , 700. 60
61 62 63 64a 64b

47, 195, 499. 66, 686.

$

65 Other liabilities (describe ^ Due to Donors Trust, 66 Total liabilities . Add lines 60 throug h 65

Inc.

)

78,007. 65 146,707. 66
---

81,608. 148,294.

Organizations that follow SFAS 117 , check here ^ through 69 and lines 73 and 74 ... 67 Unrestricted . A
N

X and complete lines 67

68 Temporarily restricted 69 Permanently restricted

..

36 604 478. 67 68 69

47 047, 205.

K and complete lines o Organizations that do not follow SFAS 117 , check here ^ 70 through 74 F .. U 70 Capital stock , trust principal , or current funds 71 Paid - in or capital surplus, or land , building , and equipment fund 72 Retained earnings , endowment , accumulated income , or other funds 73 Total net assets or fund balances (add lines 67 through 69 or lines 70 through .. 72, column (A) must equal line 19 ; column (B) must equal line 21 ) 36, 604, 478.

70 71 72 -- - 73 47, 047, 205.

74 Total liabilities and net assetslfund balances. Add lines 66 and 73
BAA

3 6, 751, 185. 174

47,195,499.
Form 990 (2005)

TEEA0104

10/17/05

I
Form 990 2005 Donors Cap ital Fund, Inc 54-1934032 Part IV-A Reconciliation of Revenue per Audited Financial Statements with Revenue per Return (See Pa g e 5

Instructions.)
a b Total revenue, gains, and other support per audited financial statements Amounts included on line a but not on Part I, line 121 Net unrealized gains on investments 2Donated services and use of facilities a b1 b2 -144 , 999. 22,318 , 489.

3Recoveries of prior year grants
40ther (specify) ---------------------------------------------------------------------

b3
b4

c
d

Add lines b1 through b4 Subtract line b from line a
Amounts included on Part I, line 12, but not on line a: 1 Investment expenses not included on Part I, line 6b 20ther(specify)--------------------------------------------------------------------Add lines d1 and d2 .. ... Total revenue (Part I, line 12) Add lines c and d dl d2

b c

-144 , 999. 22,463 , 488.

d ^ e 22,463,488.

e

Part IV-B Reconciliation of Expenses per Audited Financial Statements with Expenses per Return
a b Total expenses and losses per audited financial statements Amounts included on line a but not on Part I, line 17: 1 Donated services and use of facilities 2Prior year adjustments reported on Part I, line 20 3Losses reported on Part I, line 20 40ther (specify): --------------------------------------------------------------------Add lines b1 through b4 a b1 b2 b3 11,875,762.

b4
b

c
d

Subtract line b from line a

. .
d1 d2

c

11,875 , 762.

Amounts included on Part I, line 17, but not on line a: 1 Investment expenses not included on Part I, line 6b 20ther (specify) --------------------------------------------------------------------Add lines d1 and d2 .. Total expenses (Part I, line 17) Add lines c and d .

e Part V-A

--d ^ e

11,875,762.

Current Officers , Directors , Trustees , and Key Employees (List each person who was an officer, director, trustee, or key employee at any time during the year even if they were not compensated.) (See the instructions ) (A) Name and address (B) Title and average hours per week devoted to position (C) Compensation (i f not paid , enter -0-) (D) Contributions to employee benefit plans and deferred compensation plans (E) Expense account and other allowances

James_S Wachs ----------------

All can be-reach _________ President c/o the or ganization
Bruce-H Jacobs ---------------------

2.5

0.

0.

0.

_c / otheorganization Vice Pres. Whitney L_Ba11__ c/o the Organization ----- ----____ Sec./Treas. 20 0. 0. 0. 2.5 0. 0. 0.

ChristoQher DeMuth________ c/o the Or ganization Board member Steven-Hayward _---------c/o the Or ganization Board member
See List of Officers, Etc. Statement ---------------------BAA
TEF-AO105 10/17/05

2.5

0.

0.

0.

2.5

0.

0.

0.

Form 990 (2005)

Form 990 (2005) Donors Cap ital Fund,

Inc

54-1934032
Yes

Pa e 6
No

Part V-A Current Officers , Directors , Trustees , and Key Em ployees (continued)
75a Enter the total number of officers, directors, and trustees permitted to vote on organization business as board meetings 09_ b Are-any-officers, directors, trustees, or key employees listed in Form-990,-Part-V=A-or-highest compensated-employeeslisted in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A , Part II-A or II-B , related to each other through family or business relationships? If 'Yes , ' attach a statement that identifies the individuals and explains the relationship(s) c Do any officers, directors, trustees, or key employees listed in form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A , Part II-A or II-B , receive compensation from any other organizations , whether tax exempt or taxable , that are related to this organization through common supervision or common control? Note . Related organizations include section 509(a)(3) supporting organizations. If 'Yes,' attach a statement that identifies the individuals, explains the relationship between this organization and the other organization(s), and describes the compensation arrangements, including amounts paid to each individual by each related organization d Does the or g anization have a written conflict of interest p olicy ?

75b

X

l

75c

X

75d

X

Part V- B Former Officers , Directors, Trustees , and Key Employees That Received Compensation or Other
Benefits ( If any former officer, director, trustee, or key employee received compensation or other benefits (described below) during the year, list that person below and enter the amount of compensation or other benefits in the appropriate column. See the instructions.) (C) Compensation (B) Loans and (D) Contributions to (E) Expense Advances employee benefit account and other (A) Name and address plans and deferred allowances compensation plans
NONE ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Part VI
76

Other Information (See the instructions. )
76 77 78a 78b 79

Yes

No x X

Did the organization engage in any activity not previously reported to the IRS? If 'Yes , ' attach a detailed description of each activity . 77 Were any changes made in the organizing or governing documents but not reported to the IRS? .. If 'Yes,' attach a conformed copy of the changes 78a Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return? b If 'Yes,' has it filed a tax return on Form 990-T for this year? 79 Was there a liquidation , dissolution , termination , or substantial contraction during the year? If 'Yes,' attach a statement ...

X X X J

80a Is the organization related (other than by association with a statewide or nationwide or g anization) throu g h common membership, governing bodies, trustees, officers, etc, to any other exempt or nonexempt organization? . 80a X Donors Trust, Inc. b If 'Yes,' enter the name of the organization ^ _ --------- ------_ _ and check whether it is X exempt or nonexempt. 81 a Enter direct and indirect political expenditures. (See line 81 instructions.) I 881a l 0. b Did the organization file Form 1120-POL for this ear? . 81 b X BAA Form 990 (2005)

TEEA0106

11/03/05

Donors Cap ital Fund, ,Form 990 2005 Part VI Other Information (continued)

Inc

54-1934032 Yes
82a

Pag e 7 No
X

82 a Did the organization receive donated services or the use of materials, equipment, or facilities at no charge or at substantially less than fair rental value?- b If 'Yes,' you may indicate the value of these items here Do not include this amount as revenue in Part I or as an expense in Part II. (See instructions in Part III.) 83a Did the organization comply with the public inspection requirements for returns and exemption applications? b Did the organization comply with the disclosure requirements relating to quid pro quo contributions? .. 84a Did the organization solicit any contributions or gifts that were not tax deductible? b If 'Yes,' did the organization include with every solicitation an express statement that such contributions or gifts were .. not tax deductible. 85 501 (c)(4), (5), or (6) organizations. a Were substantially all dues nondeductible by members ? b Did the organization make only in-house lobbying expenditures of $2,000 or less? If 'Yes' was answered to either 85a or 85b, do not complete 85c through 85h below unless the organization received a waiver for proxy tax owed for the prior year c d e f g Dues, assessments, and similar amounts from members Section 162(e) lobbying and political expenditures Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices Taxable amount of lobbying and political expenditures (line 85d less 85e) Does the organization elect to pay the section 6033(e) tax on the amount on line 85f' 85c 85d 85e 85f .

. ...

83a 83b 84a 84b . 85a 85b

X NI X - -

85

h If section 6033(ex1XA) dues notices were sent, does the organization agree to add the amount on line 85f to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year? 86 501 (c)(7) organizations. Enter: a Initiation fees and capital contributions included on 86a line 12 . 86b b Gross receipts, included on line 12, for public use of club facilities 87a 87 501(c)(12) organizations Enter a Gross income from members or shareholders b Gross income from other sources. (Do not net amounts due or paid to other sources against amounts due or received from them.) . . 88 87

At any time during the year, did the organization own a 50% or greater interest in a taxable corporation or partnership, or an entity disregarded as separate from the organization under Regulations sections 301.7701.2 and 301.7701-3? If 'Yes,' complete Part IX 89a 501 (c)(3) organizations Enter Amount of tax imposed on the organization during the year under 0 ; section 4955 ^ section 4911 ^ 0 ; section 4912 ^ b 501(c)(3) and 501(c)(4) organizations. Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year? If 'Yes,' attach a statement . . explaining each transaction

88 0

X

89b

X

c Enter: Amount of tax imposed on the organization managers or disqualified persons during the . ^ year under sections 4912, 4955, and 4958 0. organization above, reimbursed the of tax on line 89c, by 0. d Enter: Amount of this return is filed ^ CTL FL, IL, NYL VA, WA r_ _ with which a copy 90a List the states b Number of employees employed in the pay period that includes March 12, 2005 (See instructions.) - ----- _ ----- I90b^ ---- 0 (703)535-3563 91 a The books are in care of ^ the Organization - _ _ - _ _ _ _ _ _ Telephone number ^ 22313 ^ Seepage Located at Yes No b At any time during the calendar year, did the organization have an interest in or a signature or other authority over a 91 b X financial account in a foreign country (such as a bank account, securities account, or other financial account)? If 'Yes,' enter the name of the foreign country 0' Bermuda ---------------------------------See the instructions for exceptions and filing requirements for Form TD F 90-22 1, Report of Foreign Bank and Financial Statements X 91 c c At any time during the calendar year, did the organization maintain an office outside of the United States? If 'Yes,' enter the name of the foreign country 1___________________________________ 11 92 Section 4947(a)(1) nonexempt charitable trusts filing Form 990 in lieu of Form 1041- Check here . 11 92 and enter the amount of tax-exempt interest received or accrued during the tax year Form 990 (2005) BAA

TEEA0107

02/03/06

Form 990 2005 Donors Cap ital Fund,

Inc

54-1934032
Excluded by section 512 , 513, or 514 (C) (D) Exclusion code Amount

Pa g e 8

Part VII Analysis of Income - Producin g Activities (See the instructions.
Note : Enter gross amounts unless otherwise indicated. Unrelated business income ( A) (B)Business code Amount Related (o^ exempt function income

93 Program service revenue: a
b

c d e
f Medicare /Medicaid payments g Fees & contracts from government agencies 94 Membership dues and assessments

95 Interest on savings & temporary cash invmnts 96 Dividends & interest from securities
Net rental income or (loss) from real estate: a debt -financed property b not debt -financed property 98 Net rental income or ( loss) from pers prop 97

14 14

11,394. 765,036.

99 Other investment income
100 101
102

900000

192, 914.

14 18

1,650,337. 103,807.

Gain or (loss) from sales of assets other than inventory Net income or (loss) from special events
Gross profit or ( loss) from sales of inventory

103 Other revenue: a b c
d

e
192,914. 1 104 Subtotal ( add columns ( B), (D), and (E)) 105 Total (add line 104 , columns (B), (D), a nd (E)) Note : Line 105 plus line Id, Part 1, should equal the amount on line 12, Part 1. Line No. W 2,530,574. 2,723,488.

Part VIII Relationshi p of Activities to the Accom plishment of Exem pt Purposes (See the instructions )
Explain how each activity for which income is reported in column (E) of Part VII contributed importantly to the accomplishment of the organization ' s exempt purposes (other than by providing funds for such purposes).

Part IX Information Regardin g Taxa ble Subsidiaries and Disre g arded Entities (See the instructions.
(A) Name, address, and EIN of corporation, partnership, or disregarded entity (B) Percentage of ownership interest (C) Nature of activities (D) Total income (E)

N/A
End-of-year assets

Part X

Information Renardina Transfers Associated with Personal Benefit Contracts (See the instructions)

a Did the organization, during the year, receive any funds, directly or indirectly, to pay b Did the organization, during the year, pay premiums, directly or inc

Please Sign Here

Paid Preparer's Use Only BAA

- SCHEDULE A (Form 990 or 990-EZ)

Organization Exempt Under Section 501(cX3)
(Except Private Foundation) and Section 501(e), 501(f), 501(k), 501(n), or 4947(aXl) Nonexempt Charitable Trust Supplementary Information - (See separate instructions.) MUST be completed by the above organizations and attached to their Form 990 or 990-EL

OMB No

2005

Department of the Treasury Internal Revenue Service Name of the organization

Employer Identification number

Donors Cap ital Fund,

Inc

54-1934032

Compensation of the Five Highest Paid Employees Other Than Officers,
(See Instructions List each one. If there are none, enter 'None.') (a) Name and address of each employee paid more than $50,000 NONE -----------------------------------------------------------------------------------------------------------------------------Total number of other employees paid over $50,000 (b) Title and average hours per week devoted to position (c) Compensation

rectors, and Trustees
(d) Contributions to employee benefit plans and deferred compensation (e) Expense account and other allowances

NONE

I Part II - A I Compensation of the Five Highest Paid Independent Contractors for Professional Services (See Instructions. List each one (whether individuals or firms) If there are none, enter 'None ')
(a) Name and address of each independent contractor paid more than $50,000 NONE ----------------------------------------(b) Type of service I (c) Compensation

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

10.1

NONE

Part I1- B

Compensation of the Five Highest Paid Independent Contractors for Other Services
(List each contractor who performed services other than professional services, whether individuals or firms If there are none, enter 'None.' See instructions.)

(a) Name and address of each independent contractor paid more than $50,000

(b) Type of service

(c) Compensation

Donors-Trust,-Inc_ ---------------------------------22313 Administration PO Box 1305 , Alexandria, VA

429 405.

----------------------------------------------------------------------------------------------------------------------------------------------------------------Total number of other contractors receiving NONE over $50,000 for other services BAA For Paperwork Reduction Act Notice, see the Instructions for Form 990 and Form 990-EZ
TEEAD401 08/09/05

Schedule A (Form 990 or 990-EZ) 2005

Schedule A (FOrm 990 or 990-FZ 2005

Donors Capital Fund,

Inc

54 -193 4032

Page 2

Part III
1

Statements About Activities (See instructions)

Yes No

During the year, has the-organization-attempted to-influence national, state, or local legislation, including any attempt to influence public opinion on a legislative matter or referendum? If 'Yes,' enter the total expenses paid N. $ or incurred in connection with the lobbying activities (Must equal amounts on line 38, Part VI-A, or line i of Part VI-B.) Organizations that made an election under section 501(h) by filing Form 5768 must complete Part VI-A. Other organizations checking 'Yes' must complete Part VI-B AND attach a statement giving a detailed description of the lobbying activities.

1

X

2

During the year, has the organization, either directly or indirectly, engaged in any of the following acts with any substantial contributors, trustees, directors, officers, creators, key employees, or members of their families, or with any taxable organization with which any such person is affiliated as an officer, director, trustee, majority owner, or principal beneficiary? (If the answer to any question is 'Yes,' attach a detailed statement explaining the transactions ) a Sale, exchange, or leasing of property? b Lending of money or other extension of credit? c Furnishing of goods, services, or facilities? .. 2a 2b 2c 2d . . 2e 3a 3b 3c 4a 4b X X X X X X X X X X

d Payment of compensation (or payment or reimbursement of expenses if more than $1,000)? e Transfer of any part of its income or assets? 3a b c 4a b

Do you make grants for scholarships, fellowships, student loans, etc? (If 'Yes,' attach an explanation of how you determine that recipients qualify to receive payments) Do you have a section 403(b) annuity plan for your employees? During the year, did the organization receive a contribution of qualified real property interest under section 170(h)? Did you maintain any separate account for participating donors where donors have the right to provide advice on the use or distribution of funds? Do you p rovide credit counselin g , debt mana gement, credit re pair, or debt neg otiation services?

Part IV

Reason for Non - Private Foundation Status (see instructions.)

The organization is not a private foundation because it is: (Please check only ONE applicable box.) A church, convention of churches, or association of churches Section 170(b)(1)(A)(i). 5 A school. Section 170(b)(1)(A)(ii). (Also complete Part V.) 6 7 A hospital or a cooperative hospital service organization. Section 170(b)(1)(A)(iii). A Federal, state, or local government or governmental unit Section 170(b)(1)(A)(v). 8 9 A medical research organization operated in conjunction with a hospital. Section 170 (b)(1)(A)(iii) Enter the hospital ' s name, city, 10 and state --------------------------------------------------------An organization operated for the benefit of a college or university owned or operated by a governmental unit. Section 170(b)(1)(A)(iv). (Also complete the Support Schedule in Part IV-A )

11a F] An organization that normally receives a substantial part of its support from a governmental unit or from the general public. Section 170(b)(1)(A)(vi). (Also complete the Support Schedule in Part IV-A ) 11 b F] A community trust. Section 170(b)(1)(A)(vi). (Also complete the Support Schedule in Part IV-A.) 12 K An organization that normally receives . (1) more than 33-113% of its support from contributions, membership fees, and gross receipts from activities related to its charitable, etc, functions - subject to certain exceptions, and (2) no more than 33-1/3% of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975. See section 509(a)(2). (Also complete the Support Schedule in Part IV-A.) An organization that is not controlled by any disqualified persons (other than foundation managers) and supports organizations described in: (1) lines 5 through 12 above; or (2) section 501 c)(4), (5), or (6), if they meet the test of section 509(a)(2). Check the box that describes the type of supporting organization: 1, n Type 2 n Type 3 Type 1 Provide the following information about the supported organizations. (See instructions.) (a) Name (s) of supported organization (s) (b) Line number from above

13

See Grantee Schedule ,

Attached

13

14 n An organization organized and operated to test for public safety . Section 509 (a)(4) (See instructions.) B AA Schedule A (Form 990 or Form 990 -F1) 2005 TEEA0402 08/09/05

Donors Cap ital Fund, Inc 54-1934032 Schedule A orm 990 or 990- EZ) 2005 Part IV-A Support Schedule (Complete only if you checked a box on line 10, 11, or 12.) Use cash method of accounting. Note : You may use the worksheet in the instructions for converting from the accrual to the cash method of accounting. Calendar year (or fiscal -year beginning in) ^ 15 Gifts, grants, and contributions received (Do not include unusual g rants. See line 28. ) 16 Membershi p fees received . 17 Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc, p urpose Gross income from interest, dividends, amounts received from payments on securities loans (section 512(aX5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975 (a) 2 00 4 (b) 20 0 3 (c) 2002 (d) 2001 (e) Total

Pa g e 3 N/A

18

Net income from unrelated business activities not included in line 18 20 Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf 21 The value of services or facilities furnished to the organization by a governmental unit without charge Do not include the value of services or facilities generally furnished to the p ublic without charg e 22 Other income. Attach a schedule Do not include gain or (loss) from sale of ca p ital assets 23 Total of lines 15 throug h 22 . 24 Line 23 minus line 17 25 Enter l % of line 23 a Enter 2% of amount in column (e), line 24 26 Organizations described on lines 10 or 11: b Prepare a list for your records to show the name of and amount contributed by each person (other than a governmental unit or publicly supported organization) whose total gifts for 2001 through 2004 exceeded the amount shown in line 26a. Do not file this list with your return . Enter the total of all these excess amounts . c Total support for section 509(a)(1) test: Enter line 24, column (e) 19 18 d Add: Amounts from column (e) for lines: 19

^ 26a --^ 26b ^ 26c -

22

26b

^ 26 d

^ 26e e Public support (line 26c minus line 26d total) . ^ 26f % f P ublic support percenta ge ine 26e (numerator) divided by line 26c (denominator)) 27 Organizations described on line 12: a For amounts included in lines 15, 16, and 17 that were received from a 'disqualified person,' prepare a list for your records to show the name of, and total amounts received in each year from, each 'disqualified person.' Do not file this list with your return . Enter the sum of such amounts for each year: (2004) ------------ (2003)---------- (2002)------------ (2001)------------bFor any amount included in line 17 that was received from each person (other than 'disqualified persons'), prepare a list for your records to show the name of, and amount received for each year, that was more than the larger of (1) the amount on line 25 for the year or (2) $5,000. (Include in the list organizations described in lines 5 through 11 b, as well as individuals.) Do not file this list with your return. After computing the difference between the amount received and the larger amount described in (1) or (2), enter the sum of these differences (the excess amounts) for each year (2004) ------------ (2003)------------ (2002)------------ (2001)------------16 15 c Add: Amounts from column (e) for lines 21 ^ 27 c 17 20 ^ 27d and line 27b total d Add: Line 27a total ^ 27e e Public support (line 27c total minus line 27d total) ^ 27f f Total support for section 509(a)(2) test: Enter amount from line 23, column (e) ^ 27 g Public support percentage (line 27e (numerator) divided by line 27f (denominator)) ^ 27h h Investment income percenta g e ine 18, column (e) (numerator) divided by line 27f (denominator)) 28

% _

Unusual Grants : For an organization described in line 10, 11, or 12 that received any unusual grants during 2001 through 2004, prepare a list for your records to show, for each year, the name of the contributor, the date and amount of the grant, and a brief description of the nature of the grant. Do not file this list with your return . Do not include these grants in line 15. BAA TEEA0403 02/03/06 Schedule A (Form 990 or 990-EZ) 2005

Schedule A Form 990 or 990- EZ) 2005 Donors Cap ital Fund,

Inc

54-1934032 N/A Yes 29

Pa g e 4

Part V

Private School Questionnaire (See instructions.)
(To be completed ONLY by schools that checked the box on line 6 in Part IV) No

29

Does the organization have a racially nondiscriminatory policy toward students by statement in its charter, bylaws, other governing instrument, or in a resolution of its governing body? Does the organization include a statement of its racially nondiscriminatory policy toward students in all its brochures, catalogues, and other written communications with the public dealing with student admissions, programs, and scholarships? Has the organization publicized its racially nondiscriminatory policy through newspaper or broadcast media during the period of solicitation for students, or during the registration period if it has no solicitation program, in a way that makes the policy known to all parts of the general community it serves? If 'Yes,' please describe; if 'No,' please explain. (If you need more space, attach a separate statement.)

30

-30

-

31

- 31

--- --

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------32 Does the organization maintain the following a Records indicating the racial composition of the student body, faculty, and administrative staff? b Records documenting that scholarships and other financial assistance are awarded on a racially nondiscriminatory basis? ..

32a

32b
32c 32d

c Copies of all catalogues, brochures, announcements, and other written communications to the public dealing with student admissions, programs, and scholarships? d Copies of all material used by the organization or on its behalf to solicit contributions? . If you answered 'No' to any of the above, please explain. (If you need more space, attach a separate statement.) ----------------------------------------------------------------------------------------------------------------33 Does the organization discriminate by race in any way with respect to: a Students' rights or privileges? b Admissions policies? c Employment of faculty or administrative staff? d Scholarships or other financial assistance? e Educational policies? f Use of facilities? g Athletic programs? h Other extracurricular activities? ... . . . . . . . . .. ... .

33a

33f 33 33h

If you answered 'Yes' to any of the above , please explain ( If you need more space , attach a separate statement.)
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------

34a Does the organization receive any financial aid or assistance from a governmental agency? b Has the organization 's right to such aid ever been revoked or suspended ? . . If you answered 'Yes' to either 34a or b , please explain using an attached statement. Does the organization certify that it has complied with the a pp licable requirements of sections 4.01 through 4.05 of Rev Proc 75 - 50, 1975 - 2 C.B. 587 , covering racial nondiscrimination ? If 'No,' attach an explanation. Oa/08/05 BAA 35

34a 34b

35 Schedule A (Form 990 or 990-EZ) 2005

Schedule A

orm 990 or 990- EZ) 2005

Donors Cap ital Fund,

Inc

54-1934032

Pa g e 5

Part Vl -A
Check ^ a-

Lobbying Expenditures by Electing Public Charities (See instructions.)
(To be completed ONLY by an a igible organization that filed Form 5768) if the or g anization belon g s to an affiliated g rou p . Check ^ b fl if you checked 'a' and 'limited-control' provisions a pply Affiliated group totals 36 37 38 39 40 To be completed for ALL electing or g anizations 0. 0. 0.

Limits on Lobbying Expenditures
(The term 'expenditures' means amounts paid or incurred.) 36 37 38 39 40 -41 Total lobbying expenditures to influence public opinion (grassroots lobbying) Total lobbying expenditures to influence a legislative body (direct lobbying) . Total lobbying expenditures (add lines 36 and 37) Other exempt purpose expenditures .. .. . . Total exempt purpose expenditures (add lines 38 and 39) Lobbying nontaxable amount. Enter the amount from the following table - - The lobbying nontaxable amount is If the amount on line 40 is 20% of the amount on line 40 Not over $500,000 Over $500,000 but not over $1,000,000 .. . $100,000 plus 15% of the excess over $500,000 $175,000 plus 10% of the excess over $1,000,000 Over $1,000,000 but not over $1,500,000 over Over $1,500,000 but not $17,000,000 . .. $225,000 plus 5% of the excess over $1,500,000 $1,000,000 Over $17,000,000 41) (enter of line Grassroots nontaxable amount 25% Subtract line 42 from line 36. Enter -0- if line 42 is more than line 36 Subtract line 41 from line 38. Enter -0- if line 41 is more than line 38 Caution : If there is an amount on either line 43 or line 44, you must file Form 4720.

41

0.

42 43 44

42 43 44

0. 0. 0.

4 -Year Averaging Period Under Section 501(h)
(Some organizations that made a section 501(h) election do not have to complete all of the five columns below. See the instructions for lines 45 through 50.) Lobbying Expenditures During 4 -Year Averaging Period Calendar year (or fiscal year (a) 2005 (b) 2004 (c) 2003 (d) 2002 (e) Total

beginning in) ^
45 46 47 48 49 Lobbying nontaxable

amount
Lobbying ceiling amount ( 150% of line 45(e)) Total lobbying

0.
0.

ex p enditures
Grassroots nontaxable amount Grassroots ceiling amount e) 150% of Ime

0.
0. 0.

50 Grassroots lobbying ex p enditures

0.
N/A Yes No Amount

Part Vl-B

Lobbying Activity by Nonelectin g Public Charities
(For reporting only by organizations that did not complete Part VI-A) (See instructions)

During the year, did the organization attempt to influence national, state or local legislation, including any attempt to influence public opinion on a legislative matter or referendum, through the use of:

a Volunteers b Paid staff or management (Include compensation in expenses reported on lines c through h.) c Media advertisements . d Mailings to members, legislators, or the public e Publications, or published or broadcast statements f Grants to other organizations for lobbying purposes ..... g Direct contact with legislators, their staffs, government officials, or a legislative body h Rallies, demonstrations, seminars, conventions, speeches, lectures, or any other means i Total lobbying expenditures (add lines c through h.) o. If 'Yes' to any of the above, also attach a statement giving a detailed description of the lobbying activities. BAA Schedule A (Form 990 or 990-EZ) 2005
TEEA0405 08/08/05

_ Schedule A Form 990 or 990- EZ) 2005

Donors Cap ital

Fund,

Inc

54-1934032

Page 6

Part VII
51

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations (See instructions)

Did the reporting 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? Yes No a Transfers from the reporting organization to a noncharitable exempt organization of: 51a i X . . ()Cash

(H)Other assets

..

. .

a ii

X

b Other transactions b (i ) X (i)Sales or exchanges of assets with a noncharitable exempt organization b ii X (H)Purchases of assets from a noncharitable exempt organization b iii ) X (Hi)Rental of facilities, equipment, or other assets b rv X (v)Reimbursement arrangements b v X (v)Loans or loan guarantees b (vi ) X (vi)Performance of services or membership or fundraising solicitations c X c Sharing of facilities, equipment, mailing lists, other assets, or paid employees d If the answer to any of the above is 'Yes,' complete the following schedule. Column (b) should always show the fair ma rket value of the goods, other assets, or services given by the reportin organization. If the organization received less than fair mark et value in any transaction or sharing arran g ement, show in column d the value of the oods, other assets, or services received (a) Line no. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements

52a Is the organization directly or indirectly affiliated with, or related to, one or more tax-exempt organizations described in section 501 (c) of the Code (other than section 501 (c)(3)) or in section 527?

W 11 Yes X]

No

BAA

Schedule A (Form 990 or 990 -F1) 2005

TEEAD406

08/08/05

Form 990 Line 8(A) and 8(B)
Statement
Name Donors Capital Fund,

Schedule of Gains and Losses from Sale of Assets Other than Inventory
' Attach to return

2005

Inc

Employer Identification Number 54-1934032

Part I, Line 8, Column (A) Public Securities

Securities

Description
Publicly Traded Securities

Gross Sales Price
1,718,309. Cost Sellin g Ex p enses Basis

Basis
1,614,502. 1, 614, 502.

Nonpublic Securities
Cost, other basis or FMV when donated (State which on top) -------------------------------------------------

Description

Date Acquired and Method

Date Sold and to Whom

Gross Sales Price

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

Total Securities Gain or (Loss) from Sale of Securities

1,718,309.1

1

1, 614, 502. 103,807.

Part I, Line 8, Column (B)
Date Acquired and Method

Other Assets
Date Sold and to Whom Gross Sales Price Cost, other basis or FMV when donated Cost Depreciation Basis Donation FMV Cost Depreciation Basis Donation FMV Cost Depreciation Basis Donation FMV Cost Depreciation Basis Donation FMV

Description

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

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

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

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

Total Other Assets Gain or (Loss) from Sale of Other Assets
TEEW02015CR 10/27105

Donors Capital Fund, Inc

54-1934032

Form 990, Page 1, Line 7 Other Investment Income Statement Other investment income (describe) Misc income from investments Inv income subject to UBIT Inv income not subject to UBIT Total

62. 192,914. 1,650,275. 1,843,251.

Form 990, Page 5,- Part V-A List of Officers, Etc. Statement (A) Name and address (B) Title and average hours per week devoted to position (C) Compensation (if not paid, enter -0-) (D) Contributions to employee benefit plans and deferred compensation (E) Expense account and other allowances

Kris Alan Mauren c/o the organization William H Mellor c/o the organization Stephen Moore c/o the Organization John Von Kannon

Board Member 2.5 Board Member 2 .5 Board Member 2.5 Board Member 2.5

0. -

0.

0.

0. -

0.

0.

0. -

0.

0.

c/o the Organization

0.

0.

0.

Form 990, Page 4, Part IV, Line 54 Investments - Securities Statement Beginning of Year End of Year

Line 54 - Investments - Securities:
Investment in Caxton LLC Investment in publicly traded securities Total

16,893,968. 1 16,539,845. 13,046,796. 12,693,603. 29,940,764. 29,233,448.

Explanation Statement

line 75c Form 990 , Part V-A Form /Line: Receipt of Compensation from Other Companies Explanation of: Whitney L. Ball (PO Box 1305, Alexandria, VA 22313) received compensation of $91,370, contributions to employee benefit plans of $14,000, and expense and other allowances of $0, from Donors Trust, Inc., EIN 52-2166327.
Donors Trust, Inc. is an exempt organization supported by the organization.

Donors Capital Fund, Inc

54-1934032

2

Supporting Statement of: Form 990 p 1/Line 7 Amount-2 Description Caxton Select LLC income subject to UBIT Total Amount 192,914. 192,914.

Supporting Statement of:
Form 990 p 1/Line 7 Amount-3

Description Caxton Select LLC income not subject to UBIT Total

Amount 1,650,275. 1, 650, 275.

Supporting Statement of: Form 990 p 1/Line 20

Description
Unrealized loss on security investments Total

Amount
-144,999. -144,999.

Supporting Statement of:
Form 990 p 2/Line 22-Cash

Description
See grant schedule , Total attached

Amount
11,199,797. 11, 199, 797.

Supporting Statement of:
Form 990 p 2/Line 22 column (B)

Description
See grant schedule, Total attached

Amount
11,199,797. 11,199,797.

Donors Capital Fund, Inc

54-1934032

3

Supporting Statement of: Form 990 p 4/Line 60, column (A)

Description
Taxes payable Total

Amount
68,700. 68,700.

Supporting Statement of: Form 990 p 4/Line 60, column (B)

Description
Taxes payable Total

Amount
66,686. 66,686.

Supporting Statement of:
Form 990 p 5/Part IV-A, Line b(l)

Description Unrealized loss on security investments Total

Amount -144,999. -144,999.

Supporting Statement of: Gain or Loss Statement/Public sales price Description Gross proceeds from sale of var publicly traded secs Total Amount 1,718,309. 1,718,309.

Supporting Statement of: Gain or Loss Statement/Public cost amount Description Adjusted basis of publicly traded secs sold Total Amount 1,614,502. 1,614,502.

Donors Capital Fund, Inc. Grantee American Conservative Union Fdn. Africa Fighting Malaria Alabama Policy Institute American Enterprise Institute Americans For Ltmd Gov. Res. Fndtn Americans for Prosperity Foundation Atlas Economic Research Fdtn. Bluegrass Inst. for Pub. Pol. Solutions Boys & Girls Club of Martin County Brotherhood Org. Of A New Destiny Capital Research Center Cato Institute Center for Individual Rights Center For Islamic Pluralism Center of the American Experiment Clare Booth Luce Policy Institute Claremont Institute

2005 Form 990

EIN: 54-1934032

Grantee Address 1007 Cameron Street, Alexandria, VA 22314 2600 Pennsylvania Ave, N.W., , Alexandria, VA 22314 402 Office Park Drive, # 7a, Washington, DC 20037-1609 1150 17th Street, NW, Washington, DC 20036 240 Waukegan Road,, Washington, DC 20036
18125 West Plateau Lane, New Berlin, WI 53146

Grant Amount 1,000.00 75,000.00 20,000.00 1,501,000.00 3,150,000.00
25,000.00

200 North 14th Street, Arlington, VA 22201 400 East Main Avenue,, Arlington, VA 22201 11500 SE Lares Ave., Hobe Sound, FL 33475 PO Box 35090, Los Angeles, CA 90035-0090 1513 16th Street, N.W., Washington, DC 20036 1000 Massachusetts Avenue, N.W, Washington, DC 20001-5403
1233 20th Street, N.W., , Washington, DC 20001-5403

2,000.00 50,000.00 10,000.00 12,000.00 2,000.00 132,500.00
1,000.00

Commercial Club Foundation
Committee For A Constructive Tomorrow Commonwealth Found. for Pub Pol. Cumberland College Donors Trust Ethan Allen Institute Evergreen Freedom Foundation Federalist Society FIRE Found. for Indiv. Rights First Baptist Church of Geneva Fractured Atlas Productions George Mason Univ Fndtn, Inc. Goldwater Institute Grassroot Institute of Hawaii Great Plains Public Pol. Institute Heartland Institute Heritage Foundation

1711 Massachusetts Ave., NW, Suite 300, Washington, DC 20036 12 South 6th Street, # 626, Washington, DC 20036 112 Elden Street, # 1024, Minneapolis, MN 55402 937 Foothill Blvd., Suite P, Herndon, VA 20170 21 South Clark Street, Suite E, Claremont, CA 91711 PO Box 65722, Washington, DC 20035 225 State Street, , Washington, DC 20035 6191 College Station Drive, Williamsburg, KY 40769-1372
111 North Henry Street, Alexandria, VA 22314

100,000.00 150,000.00 1,000.00 1,000.00 10,000.00 5,000.00 100,000.00 10,000.00
25,000.00

4836 Kirby Mountain Road, Concord, VT 05824
P.O. Box 552, Olympia, WA 98507

50,000.00
151,500.00

1015 18th Street NW, Washington, DC 20036
210 West Washington Square,, Washington, DC 20036

500,000.00
10,000.00

17012 Oak Grove Hill Court, Orlando, FL 32820 176 W 87th Street,, Orlando, FL 32820
3301 N. Fairfax Drive #5163, Arlington, VA 22201

3,000.00 9,000.00
150,000.00

500 East Coronado Road, Phoenix, AZ 85004 1314 South King Street,, Phoenix, AZ 85004 231 South Phillips Avenue, # 1163, Honolulu, HI 96814 19 S. La Salle Street, Box 88138, Sioux Falls, SD 57109
214 Massachusetts Avenue, N.E., Washington, DC 20002

i

151,000.00 50,000.00 50,000.00 550,427.00
7,500.00

Donors Capital Fund, Inc. Holy Family Roman Catholic Church Hudson Institute Hutchinson Cancer Research Ctr Illinois Policy Institute Illinois Taxpayer Educ. Fdtn. Independence Institute Institute for Justice James Madison Institute LEAD Foundation Leadership Institute Link Community School Maine Heritage Policy Center Manhattan Institute Maryland Public Policy Institute Mayo Foundation Media Research Center Memorial Sloan-Kettering Hospital Mercatus Center at GMU Metropolitan Opera Mississippi Cntr For Public Policy Move America Forward Mtn. States Legal Foundation National Legal & Policy Center National Review Institute National Right to Work Fdtn. National Taxpayers Union Foundation Nevada Policy Research Institute OK Council of Public Affairs One Nation Under God Foundation Pacific Legal Foundation Palmer R. Chitester Fund Reason Foundation SC Ctr for Grassroots & Cmnty Altrntves Show Me Institute South Carolina Pol. Cncl Educ. Fndtn.

2005 Form 990

EIN : 54-1934032

5125 S. Apopka-Vineland Road, Orlando, FL 32819
1015 15TH STREET NW, , Orlando, FL 32819 1100 Fairview Avenue North, SIXTH FLOOR, WASHINGTON, DC 20005 718 South 7th Street, PO Box 19024, Seattle, WA 98109-1024 407 S. Dearborn, # 305, Springfield, IL 62703

5,000.00
400,000.00 2,500.00 50,000.00 10,000.00

13952 Denver West Parkway, STE 1170, Chicago, IL 60605 1717 Pennsylvania Avenue, N.W., Suite 400, Golden, CO 80401 PO Box 37460, Tallahasse, FL 32315-7460 240 Waukegan Road,, Tallahasse, FL 32315-7460 1101 North Highland Street, Arlington, VA 22201 PO Box 7829, Portland, ME 04112 52 Vanderbilt Ave, 2nd Floor, New York, NY 10017 PO Box 195, Germantown, MD 20875-0195 4500 San Pablo Road, Jacksonville, FL 32224 325 South Patrick Street, Alexandria, VA 22314
1275 York Ave., New York, NY 10021

200,000.00 101,000.00 150,000.00 900,000.00 5,000.00 1,000.00 50,000.00 50,000.00 50,000.00 25,000.00 9,020.00
2,500.00

3301 North Fairfax Drive,, New York, NY 10021 Lincoln Center, New York, NY 10023 PO Box 13514, Jackson, MS 39236 PO BOX 1497, SACRAMENTO, CA 95812
707 Seventeenth St.,, SACRAMENTO, CA 95812 107 PARK WASHINGTON CT, FALLS CHURCH, VA 22046 215 Lexington Avenue, New York, NY 10016

1,000.00 6,500.00 15,000.00 10,100.00
6,000.00 6,000.00 50,000.00

8001 Braddock Road,, New York, NY 10016 108 N. Alfred Street, Alexandria, VA 22314-3032 2077 East Sahara Avenue,, Alexandria, VA 22314-3032 1401 North Lincoln Boulevard, Oklahoma City, OK 73104-2801 414 N. Orleans Plaza, STE 312, Chicago, IL 60610 10360 Old Placerville Road,, Chicago, IL 60610 1502 Powell Ave., Erie, PA 16505
3415 South Sepulveda Boulevard,, Erie, PA 16505

50,000.00 -200,000.00 10,000.00 50,000.00 10,000.00 2,500.00 400,000.00
100,000.00

1620 Gerva's Street, Suite 400, Los Angeles, CA 90034 635 Maryville Center Drive, #B, Columbia, SC 29201 1323 Pendleton Street, Columbia, SC 29201

100,000.00 50,000.00 700,000.00

r

Donors Capital Fund, Inc. St. Jude Maronite Cath. Church St. Mary of the Angels St. Matthew School State Policy Network Stewards of the Range Student Governmental Affairs Program Sutherland Institute Texas Public Policy Foundation TN Center for Policy Research U.S Term Limits Foundation VA Institute For Public Policy Washington Legal Foundation Yankee Institute for Pub. Pol. Studies Young America's Foundation

2005 Form 990

EIN: 54-1934032

5555 Dr. Phillips Blvd., Orlando, FL 32819 6316 Matchett Road, Orlando , FL 32809 221 S. E . Walnut, Hillsboro, OR 97123 6255 Arlington Blvd., Richmond , CA 94805 PO Box 490, Meridian , ID 83680-0490 2435 N Central Expressway ,, Meridian , ID 83680-0490
150 East Social Hall Avenue, Suite 300 , Dallas, TX 75080-2753 900 Congress Avenue, # 650, Salt Lake City, UT 84111-1569 PO Box 121331, Nashville, TN 37212

240 Waokegan Ave.,, Nashville , TN 37212 7326 EARLY MARKER COURT, GAINESVILLE, VA 20155 2009 Massachusetts Avenue, NW, Washington, DC 20036 PO Box 260660 , Hartford, CT 06126 110 Elden Street, , Hartford , CT 06126
Total Grants

21,000.00 5,000.00 5,000.00 76,000.00 1,000.00 5,000.00 50,000.00 200,000.00 50,000.00 142,000.00 25,000.00 6,000.00
157,750.00 12,000.00 $11,199,797.00

Additional Information For Tax Return Donors Capital Fund, Inc 54-1934032

Form 990_E3: Accoplishments- a FORM 990, PART III a - STATEMENT OF PRIMARY EXEMPT PURPOSE. Support of organizations described in Internal Revenue Code sections 509(a)(1) and 509(a)(2), which alleviate, through education, research and private initiatives, society's most pervasive and radical needs, including those relating to social welfare, health, environment, economics, governance, foreign relations, and arts and culture; and which encourage philanthropy and individual giving and responsibility as an answer to society's needs, as opposed to governmental involvement.

i
Cert mail 7006 0100 0003 6526 9243

54-1934032 Form8868 (Rev 12-2004 Donors Cap ital Fund , Inc • If you are filing for an Additional (not automatic) 3-Month Extension , complete only Part II and check this box Note. Only complete Part II if you have already been granted an automatic 3-month extension on a previously filed Form 8868. • If ou are film for an Automatic 3-Month Extension , com plete only Part I (on pag e 1 )

Pa e2

Part II
Type or

Additional (not automatic 3-Month Extension of Time - Must File Ori ginal and One Copy.
Name of Exempt Orgaruration Employer identification number

-

print
File by the extended

Donors Cap ital Fund ,

Inc

54-1934032
For IRS use only

Number, street, and room or suite number. If a P o box. see instructions

due date for filing line
fe return instructions

P.O.

Box 1305
-

-

City. town or post office, state. and ZIP code. For a foreign address, see instructions.

22313 VA Alexandria Check type of return to be filed (File a separate application for each return). Form 990-T (section 401(a) or 408(a) trust) Form 990 Form 990-T (trust other than above) Form 990-BL Form 1041-A Form 990-EZ

Form 5227 Form 6069 Form 8870

STOP: Do not complete Part 11 if you were not already granted an automatic 3-month extension on a previously filed Form 8868. Inc ._ _ • The books are in care of ^ Donors Capital Fund, -----------------FAX No. _________ ___ TelephoneNo. ^ (703J_535_3563_____^ fl • If the organization does not have an office or place of business in the United States, check this box If this is for the • If this is for a Group Return, enter the organizations four digit Group Exemption Number (GEN) 0 . If it is part of the group, check this box . whole group, check this box 11 and attach a list with the names and EINs of all members the extension is for. 4 I request an additional 3-month extension of time until Nov 15---- , 20 06. and ending _ _ , 20 20--. 5 For calendar year 200_5 , or other tax year beginning Initial Final return return(Change in accounting period reason' check 6 If this tax year is for less than 12 months, 11 _ Taxpayer recently received-the-results-of 7 State in detail why you need the extension

is-for-Form- 990-BL, 990-PF, 990-T, 4720, or 6069, enter the tentative tax, less any -li-cation8a If this-appnonrefundable credits. See instructions b If this application is for Form 990-PF, 990-T, 4720, or 6069, enter any refundable credits and estimated tax payments made Include any prior year overpayment allowed as a credit and any amount paid previously with Form 8868 c Balance Due . Subtract line 8b from line Ba . Include your payment with this form, or, if required, deposit with FTD coupon or, if required, by using EFTPS (Electronic Federal Tax Payment System). See instructions

and needs-additional time to reare a_complete_and_ _ _ _ _ _ _ financial audit its 2005-------------------------------------Taxpaver_is also_awaiting_a from K-1 -_ _ ---------------------return. accurate- -$ 0.

$ . $

0. 0.

Signature and Verification
Under penalties of perjury, I declare the have examined th is form . including accompanying sdleduies and statements . and to the best of my knowledge and belief , it is true, pare th"rm correct. gnd complete . and tha)1 arypfionzyd to

s ,
17

^ True ^ Attorney ;/Notice / to Applicant - To be Completed by the IRS

Data ^ 08/15/06

n

We have a r ed his appl atlon . Please attach this form to the organization ' s return. We have not approved this application However , we have granted a 10 -day grace period from the later of the date shown below or the due date of the organization 's return (including any prior extensions). This grace period is considered to be a valid extension of time for elections otherwise required to be made on a timely filed return . Please attach this form to the organization 's return. We have not approved this application . After considering the reasons stated in item 7 , we cannot grant your request for an extension o1 time to file . We are not granting a 10-day grace period. We cannot consider this application because it was filed after the extended due date of the return for which an extension was requested.

R
D

omen. RTENSION APP ROVED
Date

Alternate Mailin g Address - Enter the address if you want the copy of this application for an additional 3-month extension retume
.qrlrtroec rlifforant than the one entered above.

Pn
0 R 2006

Charitable Entit y Administration LLC Type or print
N um nand street (I nclude suite, room, or apartment number) or a P.O. box number

,FIELD DIRECTOR -rvil
, OOM

2009 14th St N 410
Arlington

city or town , provfncu or slats, and country ( nduding postal or ZIP code)

BAA

FIFZD502 011W05

VA 22201-2514 Form 8868 (Rev 12-2004)

Form 8868 (Rev December 2004)
Department of the Treasury Internal Revenue Service

Application for Extension of Time to File an Exempt Organization Return

OMB No 1545-1709

for each return • If you are filing for an Automatic 3-Month Extension , complete only Part I and check this box • If you are filing for an Additional (not automatic) 3-Month Extension , complete only Part ll (on page 2 of this form). Do not complete Part /l unless you have already been granted an automatic 3-month extension on a previously filed Form 8868

Part I

Automatic 3-Month Extension of Time - Only submit original (no copies needed)

^ Form 990-T corporations requesting an automatic 6-month extension - check this box and complete Part I only . All other corporations (including Form 990-C filers) must use Form 7004 to request an extension of time to file income tax returns. Partnerships, REMICs and trusts must use Form 8736 to request an extension of time to file Form 1065, 1066, or 1041. Electronic Filing (e -file). Form 8868 can be filed electronically if you want a 3-month automatic extension of time to file one of the returns noted below (6-months for corporate Form 990-T filers). However, you cannot file it electronically if you want the additional (not automatic) 3-month extension, instead you must submit the fully completed signed page 2 (Part II) of-Form 8868. For more details on the electronic filing of this form, visit www irs gov/efile
Name of Exempt Organization Employer identification number

Type or print Donors Capital Fund, Inc File by the due date for Number, street , and room or suite number If a P 0 filing your return See P.O. Box 1305 instructions City, town or post office For a foreign address, see

54-1934032
box . see instructions

instructions

state

ZIP code

a
Check type of return to be filed (file a separate application for each return) Form 990-T (corporation) X Form 990 Form 990-T (section 401(a) or 408(a) trust) Form 990-BL Form 990-T (trust other than above) Form 990-EZ Form 1041-A Form 990-PF • The books are in the care of 01 the Organization Form Form Form Form 4720 5227 6069 8870

VA

22313

Telephone No . "_(703)_535_3563______

FAX No.

^ F • If the organization does not have an office or place of business in the United States , check this box Exemption Number (GEN) If for four digit Group . this is the whole group, enter the organization's Return , • If this is for a Group ^ 0 and attach a list with the names and EINs of all members check this box ^ . if it is for part of the group , check this box extension will cover. the 20 0 6 -, Aug 1 I request an automatic 3 - month (6-months for a Form 990-T corporation ) extension of time until The is for the organization's return for organization named above . extension return for the organization to file the exempt ^ XX calendar year 20 0 5 _ or , 20 __-and ending ^ tax year beginning If this tax year is for less than 12 months , check reason 11 Initial return _ ,20 Final return

2

11 Change in accounting period $ $ $ 0. 0. 0.

3a If this application is for Form 990 - BL, 990 - PF, 990 -T, 4720, or 6069 , enter the tentative tax, less any nonrefundable credits See instructions b If this application is for Form 990-PF or 990-T, enter any refundable credits and estimated tax payments made. Include any prior year overpayment allowed as a credit c Balance Due. Subtract line 3b from line 3a. Include your payment with this form , or, if required , deposit with FTD coupon or, if required , by using EFTPS (Electronic Federal Tax Payment System). See instructions

Caution . If you are going to make an electronic fund withdrawal with this Form 8868 , see Form 8453 - EO and Form 8879-EO for payment instructions Form 8868 (Rev 12-2004) BAA For Privacy Act and Paperwork Reduction Act Notice , see instructions .

FIFZ0501

01/07/05

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