2012-03-29T19:09:38-07:00 2011-06-30 990 2010-07-01 942747262 SAN FRANCISCO BALLET ENDOWMENT FOUNDATION SANF 4158615600 455 Franklin Street San Francisco CA 94102 Kimberly Carim 4158615600 2012-02-15 2010 2016-02-24 21:20:13Z John Osterweis 455 Franklin Street San Francisco CA 94102 13245683 0 X X 1980 CA Assist in development and management of endowment funds for San Francisco Ballet Association. 12 11 0 0 0 0 578311 1059034 2368 2500 1323116 3409443 0 1903795 4470977 4118482 4116467 0 253262 269622 10809 11747 301346 314270 265061 4696823 4662897 -2793028 -191920 86901599 94699331 13975389 14209773 72926210 80489558 X The San Francisco Ballet Endowment Foundation was established in 1980 and in 1981 made its first distribution to the San Francisco Ballet Association (the Association), a California nonprofit public benefit corporation. Since then, strong investment returns and contributions, primarily from estates and from donors have grown significantly and increased the importance of the endowment to the Association's revenue stream. The Foundation is incorporated as a separate nonprofit public benefit corporation for the purpose of holding and managing endowment funds for the benefit of the Association. It seeks to provide the Association with a reliable source of support while protecting its investments against inflation and wide swings in the capital markets so that that the Association may continue it's mission to share the joy of dance with the widest possible audience in the community and around the globe. 0 1 41049 41049 0 Development Programs: Assist dancers and former dancers with furthering their education to achieve their post-dancing career plans. (24 dancers assisted) 4174218 4075418 2500 Management and oversight: Holding and managing endowment funds for the benefit of San Francisco Ballet Association. (4,075,418 distributed) 0 0 0 4215267 1 1 0 0 0 0 0 0 0 1 0 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 1 0 1 1 0 0 0 0 1 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 X 12 11 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X Kimberly O Carim 4158615600 455 Franklin Street San Francisco CA 94102 Hank Holland 2 X 0 0 0 John S Osterweis 5 X X 0 0 0 George B James 2 X 0 0 0 Thomas E Horn 5 X X 0 0 0 Chris Hellman 2 X 0 0 0 J Stuart Francis 2 X X 0 0 0 James D Marver 2 X 0 0 0 Richard C Barker 2 X 0 0 0 Robert M Smelick 2 X 0 0 0 Susan Briggs 2 X 0 0 0 Carole Obley 2 X 0 0 0 Patricia TeRoller 5 X X 0 0 0 Kimberly O Carim 9 X 0 150578 9340 Thomas William Flynn 7 X 0 170106 9983 Sarah Rhyins 4 X 0 110110 7027 0 430794 26350 0 0 1 0 0 0 0 0 0 0 1059034 0 1059034 Donor appreciation events 711120 2500 2500 0 0 0 0 0 0 2500 1621618 0 0 1621618 0 0 0 0 0 0 0 0 0 0 5562531 5000000 3774706 5000000 1787825 0 1787825 0 0 1787825 0 0 4470977 2500 0 3409443 4075418 4075418 41049 41049 0 0 0 0 43665 0 43665 0 0 0 0 0 179976 0 39621 140355 5101 0 906 4195 25082 0 7910 17172 15798 0 5508 10290 0 0 0 0 155 0 0 155 41414 0 41414 0 0 0 0 0 11747 11747 96721 96721 0 0 23869 2079 0 21790 12613 0 0 12613 21372 0 0 21372 16791 0 7100 9691 0 0 0 0 1263 0 0 1263 440 0 0 440 0 0 0 0 35036 0 0 35036 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Credit Card Fees 1865 0 0 1865 13522 0 160 13362 4662897 4215267 146284 301346 219041 272440 1164258 2971246 2574415 3284375 50884482 58154436 25884642 25767024 6174761 4249810 86901599 94699331 17562 20422 13957827 14189351 13975389 14209773 X 15462090 20716169 6646905 8051229 50817215 51722160 72926210 80489558 86901599 94699331 X -191920 7755268 X 0 1 1 X 0 X X X 0 0 0 San Francisco Ballet Association 941415298 501(c)(3) 1 1 1 4075418 1 4075418 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 77933384 1731151 12254515 0 4075418 950926 86892706 74005632 1755909 7570539 0 4074430 1324266 77933384 87451612 4422933 -12646393 0 4094480 1128040 74005632 0.4 0.52 0.08 0 0 Canyon Value Realization Fund 4829577 F Watershed Capital Institutional Partners LP 3194221 F Daedalus Partners LP 9634650 F Aurelius Capital International, Ltd. 4141519 F Eton Park Overseas Fund 3967057 F 25767024 Dividends Receivable 39517 Split Interest Agreements 3352335 Pooled Income Funds 235707 Charitable Gift Annuities 622251 4249810 0 Charitable Gift Annuity Payment Liability 408758 Due to San Francisco Ballet Association 13780593 14189351 4470977 4662897 -191920 0 0 0 0 0 0 -191920 4470977 0 0 0 0 0 4470977 0 0 0 4470977 4662897 0 0 0 0 0 4662897 0 0 0 4662897 SchD_P05_S00_L04 Schedule D, Part V, Line 4 'To develop and advance the art of ballet in all its forms, and particularly, to assist in the development and management (by acting as trustee of charitable trusts or otherwise) of endowment funds for San Francisco Ballet Association, a California nonprofit public benefit coprporation within the meaning of section 501(c) (3) of the IRS code, as amended SchD_P10_S00_L02 Schedule D, Part X, Line 2 Income Tax Status - The Association and the Foundation have been classified as a publicly supported, tax-exempt organizations under Section 501(c)(3) of the Internal Revenue Code, and are exempt from California franchise taxes under Revenue and Taxation Code Section 23701(d). Ballet management believes that no liabilities are required to accrue for uncertain tax positions as of June 30, 2011 1 San Francisco Ballet Association 455 Franklin Street San Francisco CA 94102 941415298 501(c)(3) 4075418 0 FMV Endowment operating transfers are approved and budgeted in accordance with the organization's spending policy. Use of grant funds is monitored by the organization's CFO through review and audit of financial statements 1 0 Artist Reserve Scholarship Fund 24 41049 0 FMV SchI_P01_S00_L02 Schedule I, Part I, Line 2 The Artist Reserve Fund has been established by collective bargaining agreement for the purpose of enhancing the efforts of the San Francisco Ballet to assist San Francisco Ballet dancers. San Francisco Ballet Grantees are required to submit documentation of appropriate expenses for reimbursement with grant funds awarded. The organization reviews the documentation prior to reimbursement. X X X 0 0 0 0 0 0 0 0 0 Kimberly O Carim 0 150578 0 0 0 9340 0 0 0 0 0 159918 146786 Thomas William Flynn 0 170106 0 0 0 9983 0 0 0 0 0 180089 0 171184 SchJ_P02_S00_L00 Schedule J, Part II Form 990 requests the total compensation paid by the Organization and any related Organizations. The amounts reflected on this schedule is the amount paid by the San Francisco Ballet Association. Compensation for the listed persons related to the Foundation is based on a percentages of hours worked during the year. Daedalus Partners LLP The President of the organization is a general partner of daedalus. 4000000 The organization has a non marketable limited partnership investment in Daedalus Partners, LLP. The Ballet requested a $4,000,000 withdrawal from the limited partnership investment and received the funds on January 27,2011. 0 Osterweis Strategic Income Fund (OSTIX) Investment management entity owned by John Osterweis, President 4840964 Market value of investment in OSTIX at 6/30/11 0 SchL_P04_S00_L00 Schedule L, Part IV Effective July 1, 2000, the endowment foundation entered into a limited partnership investment called Daedalus Partners,L.P. (the "Partnership"). The partnership is managed by Osterweis Capital Management, who is also the partnership's general partner. As of June 30, 2011, Mr. Osterweis has a financial interest in both the General Partner (43.02 % of the voting class of units) as well as partnership (15.13% including his direct investment in the partnership and his participation as a member of the General Partner). The General partner received a management fee with respect to each Limited Partners of 1.00 % (.025% per quarter) of the value of that Limited Partner's Capital Account as well as performance fees. X 3 0 Other X In-kind occupancy 1 0 FMV 0 0 1 0 SchM_P01_S00_L33 Schedule M, Part I, Line 33 The 3 stock gifts were received in payment of Pledges receivable in existence prior to the beginning and during of the fiscal year. The other non-cash contributionwas in-kind service revenue which was not included in form 990 revenue F990_P03_S00_L00c Form 990, Part III (Cont. 3) During the fiscal year 2011, the Endowment Foundation transferred the investment holdings of the Artists' Reserve Fund to San Francisco Ballet Association. Going forward, grants to dancers from this Fund will be made from San Francisco Ballet Association, not from the Endowment Foundation. F990_P03_S00_L03 Form 990, Part III, Line 3 During the fiscal year 2011, the Endowment Foundation transferred the investment holdings of the Artists' Reserve Fund to San Francisco Ballet Association. Going forward, grants to dancers from this Fund will be made from San Francisco Ballet Association, not from the Endowment Foundation. F990_P06_S0A_L06 Form 990, Part VI, Section A, Line 6 The members of the foundation shall be those persons, and only those persons, who are from time to time members of the San Francisco Ballet Association's Board of Trustees, and each such person upon election or appointment to said Board of Trustees shall automatically become a member of the foundation and upon ceasing to be a member of said board of trustes shall automatically cease to be a member of the foundation. F990_P06_S0A_L07a Form 990, Part VI, Section A, Line 7a Members shall have, in addition to any other rights which may be granted to them under the By-Laws or by law, the right to vote (1) for the election of Directors, (2) on a disposition of all or substantially all of the Foundation's assets, (3) on a merger of the Foundation with another corporation, (4) on a dissolution of the Foundation, (5) on an amendment of the Articles of Incorporation and (6) on an amendment of these By-Laws (unless the By-Law amendment is approved by the Board alone in accordance with the terms of these By-Laws). F990_P06_S0B_L11a Form 990, Part VI, Section B, Line 11a The Form 990 was reviewed and approved at a meeting of the Audit Committee. Subsequent to that review, the Form 990 was posted on the organization's Trustee intranet website and Trustees were notified in writing of the availability of the Form 990 for their review. F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c The organization distributes the policy and related questionnaire to board members at the beginning of each board year. Return of the questionnaire is monitored and enforced by the board relation manager. Returned questionnaires are reviewed by the CFO for any potential issues or required disclosures. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 The only compensated officer of the organization is compensated by a related party, San Francisco Ballet Association. The Association's process for determining the compensation of the chief financial officer involved analysis of the compensation by the compensation committee. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 Due to the age of the Organizaiton, Form 1023 is currently unavailable for the general public and the Organization is exempt from the requirement to provide Form 1023, as it was filed prior to the July 15, 1987 requirement date. The Organization makes its audited financial statements for the last three years available to the public via its website. Form 990, governing documents and conflict of interest policy is also available upon request. F990_P11_S00_L05 Form 990, Part XI, Line 5 Other changes in net assets consist of $8,852,732 in UnrealizedGains, the transfer of the Artist Reserve fund to the San Francisco Ballet Association of $456,899, receivable write off of $238,293 and $402,272 in Unrealized losses from Change in Present Value for a receivable from prior year received in the current year. 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