Form 990-PF Return of Private Foundation

Transcription

1 T ". Form 990-PF Return of Prvate Foundaton OMB No 11~ or Secton 4947(a)(1) Nonexempt Chartable Trust Department of the Treasury Treated as a Prvate Foundaton nternal Revenue Servce Note : The organzaton may be able to use a copy o1 ths return to satsfy state reportng requrements. For calendar year 2003, or tax year begnnng MAR 1, 2003, and endng G Check all that a E] ntal return ~ Fnal return ~ Amended return Use the RS Name of organzaton label. VES C. MNOR AND ASALE M. PRESTON Otherwse, E DUCATONAL FUND, NC. prnt Number and sheet (or P O box number f mal s not delvered to street address) Room sute ortype. BRAN P. MENARD, EEC. SEC., PO BO See Specfc Cty or town, state, and ZP nstructons. code CHARLOTTESVLLE, VA H Check type of organzaton O Secton 501(c)(3) exempt prvate foundaton Secton 4947(a)(1) nonexempt chartable trust E:] Other taxable prvate foundaton Far market value of all assets at end of year J Accountng method F1 Cash 0 Accrual (from Part 1l, cc/. (c), lne 16) D Other (specfy) , 819, 361. (Part 1, column (d) must be on cash bass) pad 1 Analyss of Revenue and Expenses (a) (The total of amounts n columns (b), (c), and (d) may roc Revenue and (b) Net nvestment expenses per books ncome necessarly equal the amounts n column (a) ) 1 Contrbutons, gfts, grants, etc, receved Check 1 O f the foundaton s not requred to attach Sch B 2 Dstrbutons from splt-nterest trusts O 3 nterest on savngs and temporary Cash nvestments Dvdends and nterest from securtes 42, , a Gross rents b (Net rental ncome or (loss) ) d 6a Net gan or (loss) from sale of assets not on 185, lne 10 C b Gross sales pnce for all 3 498, 045. assets on lne 6a Captal gan net ncome (from Part V, lne 2) 22 9, Net short-term captal gan 9 ncome modfcatons 0a Gross sales less returns and allowances b Less Cost of goods sold c Gross proft or (loss) 11 Other ncome 12 Tota.Addlnes 1 throu gh >> Compensaton of offcers, drectors, trustees, etc 0 " 0 14 Other employee salares and wages 15 Penson plans, employee benefts N y 16a Legal fees b Accountng fees STMT 4 5, c Other professonal fees STMT 5 14, ,843. > 17 nterest 18 Taxes STMT Deprecaton and depleton ~~ccupancy 3, Jr R (c~geceqd mgt gs Other expenses~y~ ~ (~ STMT 7 28, TA ~petatqg W fve 23 53, , Gt(~~~tsUr~ntspa expenses an fs6ursements r O. 15, ~ , , ,155. Addlnes 24and , ~ Subtract lne 26 from lne 12 8 Excess of revenue over expenses and dsbursements 28,858. b Net nvestment ncome (f negatve, enter -0-) 257,509. FEB 29, 2004 Address chan g e 0 Name A Employer dentfcaton number B Telephone number (434) f exempton applcaton s pendng, check here 11111"o D 1. Foregn organzatons, check here , Foregn organzatons meetng the 85% tesl, check here and attach computaton E f prvate foundaton status was termnated under secton 507(b)(1)(A), check here " D F f the foundaton s n a 60-month termnaton under secton 507 b 1 B, check here "0 (C) Adjusted net (d) Dsbursements ncome ~~cnancabe1p^rpo5~ Tx.xGl'lN"A' G TATEMFNT 3 C Adjusted net ncome (f negatve. enter -0-) z-os-a3 LHA For Paperwork Reducton Act Notce, see the nstructons. Form 99 -PF (2003) RVES C. MNOR AND ASALE M 04?77-1

2 RVES C. MNOR AND ASALE M ' ~ RVES C. MNOR AND ASALE M. PRESTON Form 990-PF (2003) EDUCATONAL FUND NC ~ Page 2 ~~ Balance Sheets ~`" schedulesandamounts nhedescrtpton Beg nnng of year End of year column shouldbelorend-ol-yearamounts only (a) Book Value Book Value (c) Far MarkeE Value 1 Cash - non-nterest-bearng 2 Savngs and temporary cash nvestments 6, Accounts recevable 01 Less allowance for doubtful accounts 1 4 Pledges recevable 00, Less allowance for doubtful accounts 5 Grants recevable 6 Recevables due from offcers, drectors, trustees, and other dsqualfed persons 7 Other notes andloans recevable Less allowance for doubtful accounts 8 nventores for sale or use a 9 Prepad expenses and deferred charges a 10a nvestments - U S and state government oblgatons b nvestments-corporate stock STMT 8 1, 517, 390. c nvestments-corporate bonds 145, nvestments -Wnd buldngs, and equpment bass 1 Less accumulated cleprectaton 12 nvestments - mortgage loans 13 nvestments - other 14 land, buldngs, and equpment bass " 4,811. Less accumulated depracaton STMT 9 1 4, , Other assets (descrbe " ) 132, ,425. 1,566, ,686, Total assets to be com p leted b all fvers 1, 670, , 699, Accounts payable and accrued expenses 18 Grants payable 19 Deferred revenue 20 Loans from offcers, drectors, trustees, and other dsqualfed persons 21 Mortgages and other notes payable J 22 Other labltes (descrbe " ) ,819 F 361. k 23 Total labltes add lnes 17 throu g h Organzatons that follow SFAS 117, check here ~ D and complete lnes 24 through 26 and lnes 30 and 31. a ' v 24 Unrestrcted 25 Temporarly restrcted m 26 Permanently restrcted 'D Organzatons that do not follow SFAS 117, check here 1 _0 and complete lnes 27 through 31., ~ 27 Captal stock, trust prncpal, or current funds 1,293, ,293,157. y 28 Pad-n or captal surplus, or land, bldg, and equpment fund a 29 Retaned earnngs, accumulated ncome, endowment, or other funds 377, ,950. Z 30 Total net assets or fund balances 1, 670, , 699, Total labltes and net assets and balances 1, 670, , 699, 107. Analyss of Changes n Net Assets or Fund Balances 1 Total net assets or fund balances at begnnng of year- Part 11, column (a), lne 30 (must agree wth end-of-year fgure reported on pror year's return) 2 Enter amount from Part, lne 27a 3 Other ncreases not ncluded n lne 2 (temze) Add lnes 1, 2, and 3 5 Decreases not ncluded n lne 2 (temze) 01 6 Total net assets or fund balances at end of year (lne 4 mnus lne 5) - Part, column (b), lne ,670, , ,699, ,699,107. Form 990-PF (2003)

3 ' k RVES C. MNOR AND ASALE M. PRESTON Form-990-PF(2003) EDUCATONAL FUND NC. Part V Captal Gans and Losses for Tax on nvestment ncome (a) Lst and descrbe the knd(s) of property sold (e g, real estate, (b) Hc 2-story brck warehouse, or common stock, 200 shs MLC Co ) p _ 1a SEE SCHEDULE ATTACHED b CAPTAL GANS DVDENDS c d e (e) Gross sales prce (f) Deprecaton allowed (or allowable) (g) Cost or other bass plus expense of sale a 3,496,925. 3,269,019. b P se Paae3 (c) Date acqured (d) Date sold (mo, day, yr ) (mo, day, yr ) VAROUS (h) Gan or (loss) (e) plus (f) mnus (g) VAROUS 227 1,906. L 21 e Complete only for assets showng gan n column (h) and owned by the foundaton on 12131/69 F M V (l) Adjusted bass (k) Excess of col () () as of 12/31/69 as of 12/31/69 over col (j), f any () Gans (Col (h) gan mnus col (k), but not less than -0-) or Losses (from col (h)) 227, c 2 Captal gan net ncome or (net captal loss) ~ f am, also enter n Part, lne 7 1 f?loss), enter-0- n Part, lne Net short-term captal gam or (loss) as defned m sectons 1222(5) and (6) f gam, also enter n Part, lne 8, column (c) f (loss), enter -0- m Part 1, lne 8 Pert V Qualfcaton Under Secton 4940(e) for Reduced Tax on Net nvestment (For optonal use by domestc prvate foundatons subject to the secton 4940(a) tax on net nvestment ncome ) f secton 4940(d)(2) apples, leave ths part blank Was the organzaton lable for the secton 4942 tax on the dstrbutable amount of any year n the base perod 0 N/A 229,026. Yep [K] No 1 Enter the approprate amount n each column for each year, see nstructons before makng any entres Base perod years (b) (~l Calendar ear or tax ear beg nnng n ) Adjusted qualfyn g dstrbutons Net value of nonchantable-use assets ,850. 1, 913, ,749. 2,476, ,360. 2,804,729. 1sss ~ 177, ,456,831. 1ss8 158, , 007, Total of lne 1, column (d) 2 3 Average dstrbuton rato for the 5-year base perod -dvde the total onlne 2 by 5, or by the number of years the foundaton has been n exstence f less than 5 years 3 4 Enter the net value of nonchantable-use assets for 2003 from Part, lne 5 5 Multply lne 4 by lne 3 6 Enter 1% of net nvestment ncome (1% of Part, lne 27b) 7 Add lnes 5 and 6 7 dvded by cbl (c)).1, , , ,726, , , , Enter qualfyng dstrbutons from Part, lne 4 ~ 8 1 1$ 4, 197. f lne 8 s equal to or greater than lne 7, check the box n Part V, lne 11b, and complete that part usng a 1 % tax rate Seethe Part V nstructons azasz,nz-osa3 Form PF (2003) RVES C. MNOR AND ASALE M

4 RVES C. MNOR AND ASALE M. PRESTON Form, 990-PF(2003) EDUCATONAL FUND NC Page 4 Part Y Excse Tax Based on nvestment ncome (Secton 4940(a), 4940(b), 4940(e), or see nstructons) 1 a Exempt operatng foundatons descrbed n secton 4940(d)(2), check here " 0 and enter *N/A* on lne 1 Date of rulng letter (attach copy o1 rulng letter f necessary-see nstructons) b Domestc organzatons that meet the secton 4940(e) requrements n Part V, check here " ~ and enter 1 % 1 of Part 1, lne 27b c All other domestc organzatons enter 2% of lne 27b Exempt foregn organzatons enter 4% of Part, lne 12, col (b) 2 Tax under secton 511 (domestc secton 4947(a)(1) trusts and taxable foundatons only Others enter -0-) 2 3 Add lnes 1 and Subttle A (ncome) tax (domestc secton 4947(a)(1) trusts and taxable foundatons only Others enter -0-) 4 5 Tax based on nvestment ncome. Subtract lne 4 from lne 3 f zero or less, enter Credts/Payments a 2003 estmated tax payments and 2002 overpayment credted to a 280. b Exempt foregn organzatons -tax wthheld at source c Tax pad wth applcaton for extenson of tme to fle (Form 8868) d Backup wthholdng erroneously wthheld 7 Total credts and payments Add lnes 6a through 6d 7 8 Enter any penalty for underpayment of estmated tax Check here D f Form 2220 s attached 8 9 Tax due. f the total of lnes 5 and 8 s more than lne 7, enter amount owed " 9 10 Overpayment. f lne 7 s more than the total of lnes 5 and 8, enter the amount overpad " Enter the amount of lne 10 to be Credted to 2004 estmated tax 1 Refunded " 11 Part V11 -A Statements Regardng Actvtes 1 a Durng the tax year, dd the organzaton attempt to nfluence any natonal, state, or local legslaton or dd t partcpate or ntervene n any poltcal campagn b Dd t spend more than $100 durng the year (ether drectly or ndrectly) for poltcal purposes (see nstructons for defnton) c f the answer s "Yes" to 1 a or 1 b, attach a detaled descnphon of the actvtes and copes of any materals publshed or dstrbuted by the organzaton n connecton wth the actvtes. Dd the organzaton fle Form 1120-POL for ths year d Enter the amount (f any) of tax on poltcal expendtures (secton 4955) mposed durng the year (1) On the organzaton " $ 0. (2) On organzaton managers " $ 0. e Enter the rembursement (f any) pad by the organzaton durng the yearfor poltcal expendture tax mposed on organzaton managers " $ 0. 2 Has the organzaton engaged m any actvtes that have not prevously been reported to the RS f "Yes," attach a detaled descrpton of the actvtes. 3 Has the organzaton made any changes, not prevously reported to the RS, n ts governng nstrument, artcles of ncorporaton, or bylaws, or other smlar nstruments f "Yes," attach a conformed copy of the changes 4a Dd the organzaton have unrelated busness gross ncome of $1,000 or more durng the years b f'yes ; has t fled a tax return on Form 990-T for ths years 5 Was there a lqudaton, termnaton, dssoluton, or substantal contracton durng the year f "Yes, " attach the statement requred by General nstructon T. 6 Are the requrements of secton 508(e) (relatng to sectons 4941 through 4945) satsfed ether " By language n the governng nstrument or " By state legslaton that effectvely amends the governng nstrument so that no mandatory drectons that conflct wth the state law reman n the governng mstrument9 7 Dd the organzaton have at least $5,000 n assets at any tme durng the year? f "Yes, " complete Part fl, col. (c), and Part V. 8a Enter the states to whch the foundaton reports or wth whch t s regstered (see nstructons) 10, VRGNA b f the answer s 'Yes'to lne 7, has the organzaton furnshed a copy of Form 990-PF to the Attorney General (or desgnate) of each state as requred by General nstructon G? f "No," attach explanaton 9 s the organzaton clamng status as a prvate operatng foundaton wthn the meanng of secton 4942(j)(3) or 4942(j)(5) for calendar year 2003 or the taxable year begnnng n 2003 (see nstructons for Part V)? f "Yes," complete Part V 10 Dd any persons become substantal contrbutors durng the tax years t 'Yes,' attach a schedule lstng ther names and addresses 11 Dd the organzaton comply wth the publc nspecton requrements for ts annual returns and exempton applcaton 1 1 Web ste address " N/A 12 the books are n care of " BANK OF AMERCA TRUST DEPARTMENT Telephone no No,- (434) LLocated at 10, P.O. BO 351, CHARLOTTESVLLE, VA zp Secton 4947(a)(1) nonexempt chartable trusts flng Form 990-PF n leu of Form Check here 1" 0 and enter the amount of tax-exem p t nterest receved or accrued durng the ear N/A o~ a3 Form (2003) RVES C. MNOR AND ASALE M b 6c 6d N/A 2 ; T ,575. Tss Z 2j295. T Yes No la b K lc 3 2 ~ f 3 to 1b 5 6 7

5 RVES C. MNOR AND ASALE M. PRESTON Form,990-PF(2003) EDUCATONAL FUND, NC. Pert F-B Statements Actvtes for Whch Form 4720 May Be Fle Form 4720 f any tem s checked n the "Yes" column, unless an excepton apples. 1a Durng the year dd the organzaton (ether drectly or ndrectly) (1) Engage n the sale or exchange, or leasng of property wth a dsqualfed persons 0 Yes D No (2) Borrow money from, lend money to, or otherwse extend credt to (or accept t from) a dsqualfed persons Page 5 0 Yes ~ No (3) Furnsh goods, servces, or facltes to (or accept them from) a dsqualfed persons ~ Yes ~ No (4) Pay compensaton to, or pay or remburse the expenses of, a dsqualfed persons ~ Yes D No (5) Transfer any ncome or assets to a dsqualfed person (or make any of ether avalable for the beneft or use of a dsqualfed person) (6) Agree to pay money or property to a government offcals (Excepton. Check "No' f the organzaton agreed to make a grant to or to employ the offcal for a perod after termnaton of government servce, f termnatng wthn 90 days ) b f any answer s 'Yes'to 1a(1)-(6), dd any of the acts fal to qualty under the exceptons descrbed n Regulatons ~ Yes 0 No = Yes EM No secton (d)-3 or m a current notce regardng dsaster assstance (see page 19 of the mstructons)9 N/A 1 b Organzatons relyng on a current notce regardng dsaster assstance check here 10 c Dd the organzaton engage n a pror year m any of the acts descrbed n 1a, other than excepted acts, that were not corrected before the frst day of the tax year begnnng m Taxes on falure to dstrbute ncome (secton 4942) (does not apply for years the organzaton was a prvate operatng foundaton defned m secton 4942(j)(3) or 4942(j)(5)) a At the end of tax year 2003, dd the organzaton have any undstrbuted ncome (lnes 6d and 6e, Part ) for tax year(s) begnnng before 2003 f "Yes," lst the years b Are there any years lsted n 2a for whch the organzaton s not applyng the provsons of secton 4942(a)(2) (relatng to ncorrect valuaton of assets) to the year's undstrbuted ncomes (f applyng secton 4942(a)(2) to all years lsted, answer 'No" and attach ~ Yes EK No statement-see nstructons ) N/A 2b c f the provsons of secton 4942(a)(2) are beng appled to any of the years lsted m 2a, lst the years here 1 c 3a Dd the organzaton hold more than a 2% drect or ndrect nterest n any busness enterprse at any tme durng the years ~ Yes 0 No b f 'Yes," dd t have excess busness holdngs m 2003 as a result of (1) any purchase by the organzaton or dsqualfed persons after May 26, 1969, (2) the lapse of the 5-year perod (or longer perod approved by the Commssoner under secton 4943(c)(7)) to dspose of holdngs acqured by gft or bequest, or (3) the lapse of the 10-, 15-, or 20-year frst phase holdng perods (Use Schedule C, Form 4720, to determne f the organzaton had excess busness holdngs n 2003) N/A 3b 4a Dd the organzaton nvest durng the year any amount n a manner that would jeopardze ts chartable purposes b Dd the organzaton make any nvestment n a pror year (but after December 31, 1969) that could jeopardze ts chartable purpose that had not been removed from jeopardy before the frst day of the tax year begnnng m a Durng the year dd the organzaton pay or ncur any amount to (1) Carry on propaganda, or otherwse attempt to nfluence legslaton (secton 4945(e))'? ~ Yes 0 No (2) nfluence the outcome of any specfc publc electon (see secton 4955), or to carry on, drectly or ndrectly, any voter regstraton drve? Yes No (3) Provde a grant to an ndvdual for travel, study, or other smlar purposes ~ Yes ~ No (4) Provde a grant to an organzaton other than a chartable, etc, organzaton descrbed n secton 509(a)(1), (2), or (3), or secton 4940(d)(2)? (5) Provde for any purpose other than relgous, chartable, scentfc, lterary, or educatonal purposes, or for the preventon of cruelty to chldren or anmals b f any answer s 'Yes'to 5a(1)-(5), dd any of the transactons fal to qualty under the exceptons descrbed m Regulatons secton or n a current notce regardng dsaster assstance (see nstructons) ~ Yes D No 0 Yes [ No 4a 4b Sb Organzatons relyng on a current notce regardng dsaster assstance check here ~ 0 1 c f the answer s 'Yes'to queston 5a(4), does the organzaton clam exempton from the tax because t mantaned expendture responsblty for the g rant? N/A Yes No H "Yes, " attach the statement requred by Regulatons secton (o). 9 6a Dd the organzaton, durng the year, receve any funds, drectly or ndrectly, to pay premums on a personal beneft contracts b Dd the organzaton, durng the year, pay premums, drectly or ndrectly, on a personal beneft contracts f you answered "Yes" to 6b. also fle Form OSQ3 ~ Yes D No 6b Form 990-PF (2003) RVES C. MNOR AND ASALE M U42771

6 z os a3 Form 99 -PF (2003) RVES C. MNOR AND ASALE M RVES C. MNOR AND ASALE M. PRESTON ' 1 EDUCATONAL FUND, NC nformaton About Offcers, Drectors, Trustees, Foundaton Managers, Hghly Page s 0 Pad Employees, and Contractors 1 Lst all offcers, drectors, trustees, foundaton managers and ther compensaton : (b) Ttle, and average (c) Compensaton (Contr~bubonsto (e)jexpense (a) Name and address hours er week devoted (f not pad, "' a~~ he~ans p account, other ~o poston enter -0-1 comoensahon alldwances SEE STATEMENT Compensaton of fve hghest-pad employees (other than those ncluded onlne 1). f none, enter "NONE." (b) Ttle and average (~1nbubonsto (e) Ex p ensf (a) Name and address of each employee pad more than $50,000 hours per week (c) Compensaton em p oayt~%e,ftplans account, oth devoted to p oston cortroensauo allowances NONE Total number of other employees pad over $50,000 3 Fve hghest-pad ndependent contractors for professonal servces. f none, enter "NONE." (a) Name and address of each person pad more than $50,000 (b) Type of servce (c) Compensaton NONE Total number of others recevn g over $50,000 for professonal servces 10.1 part 1-q Summary of Drect Chartable Actvtes Lst the foundaton's four largest drect chartable actvtes durng the tax year nclude relevant statstcal nformaton such as the number of organzatons and other benefcares served, conferences convened, research papers produced, etc THE FOUNDATON HAS NO DRECT CHARTABLE ACTVTES. Exper 2 3 4

7 RVES C. MNOR AND ASALE M. PRESTON Form.990-PF(2003) EDUCATONAL FUND, NC. Pert?C ~ Summary of Program-Related nvestments Descrbe the two largest program-related nvestments made by the foundaton durng the tax year on lnes 1 and 2 THE FOUNDATON HAS NO PROGRAM-RELATED NVESTMENTS Pages 2 3 All other program-related nvestments See nstructons Total. Add lnes 1 through 3 1 Mnmum nvestment Return (All domestc foundatons must complete ths part. Foregn foundatons, see 1 Far market value of assets not used (or held for use) drectly m carryng out chartable, etc, purposes a Average monthly far market value of securtes 6 Average of monthly cash balances c Far market value of all other assets d Total (add lnes 1a, b, and c) e Reducton clamed for blockage or other factors reported on lnes s and 1c (attach detaled explanaton) 2 Acquston ndebtedness applcable to lne 1 assets 3 Subtract lne 2 from lne 1d 4 Cash deemed held for chartable actvtes Enter 1 1/2% of lne 3 (for greater amount, see nstructons) 5 Net value of nonchartable-use assets. Subtract lne 4 from lne 3 Enter here and on Part V, lne 4 6 Mnmum nvestment return. Enter 5% of lne 5 Fprt ~~ Dlstrlbutable Amount (see nstructons) (Secton 4942(j)(3) and (j)(5) prvate operatng foundatons and certan foregn organzatons check here " 0 and do not complete ths part ) 1e 0. 1, , Mnmum nvestment return from Part, lne 6 1 E1, a Tax on nvestment ncome for 2003 from Part V, lne 5 2a 2,575. b ncome tax for 2003 (Ths does not nclude the tax from Part V ) 2b c Add lnes 2a and 2b 2c 2, Dstrbutable amount before adjustments Subtract lne 2c from lne ,772. 4a Recoveres of amounts treated as qualfyng dstrbutons 4a 0. 0c b ncome dstrbutons from secton 4947(a)(2) trusts 4b Add lnes 4a and 4b 4c 0. 5 Add lnes 3 and 4c s 83,772. g Deducton from dstnbutable amount (see nstructons) 6 7 Dstrbutable amount as adjusted Subtract lne 6 from lne 5 Enter here and on Part, lne 1 r7 t83,772. Part 11 Qualfyng Dstrbutons (see nstructons) 1 Amounts pad (ncludng admnstratve expenses) to accomplsh chartable, etc, purposes a Expenses, contrbutons, gfts, etc -total from Part, column (d), lne 26 1a 18 14,197. b Program-related nvestments - Total from Part -B 1 b 2 Amounts pad to acqure assets used (or held for use) drectly m carryng out chartable, etc, purposes 2 3 Amounts set asde for specfc chartable projects that satsfy the a Sutablty test (pror RS approval requred) b Cash dstrbuton test (attach the requred schedule) 4 Qualfyng dstrbutons. Add lnes 1a through 3b Enter here and on Part V, lne 8, and Part, lne , Organzatons that qualty under secton 4940(e) for the reduced rate of tax on net nvestment ncome Enter 1 % of Part, lne 27b 5 2, Adjusted qualfyng dstrbutons. Subtract lne 5 from lne 4 ~ 6 ~ 181,622. Note : OS-03 The amount onlne 6 wll be used m Part V, column (b), n subsequent years when calculatng whether the foundaton qualfes fo the secton 4940(e) reducton of tax n those years. 7 la 1, , a 3b Form 990-PF (2003) RVES C. MNOR AND ASALE M

8 RVES C. MNOR AND ASALE M. PRESTON Form 990-PF (2003) EDUCATONAL FUND NC Page 8 Pert K~11 Undstrbuted ncome (see nstructons) 1 Dstnbutable amount for 2003 from Part, lne 7 831,772. Z Undstrbuted ncome, t any, as of the end of 2002 a Enter amount for 2002 only 0. b Total for pror years. 3 Excess dstrbutons carryover, f any, ~to 2003 a From ,183. bfrom t999 56,334. c From ,754. d From ,526. e From , 714. f Total of lnes 3a through e 383, Qualfyng dstrbutons for 2003 from Part, pne a " $ 184, 197. a Appled to 2002, but not more than lne 2a 0. b Appled to undstrbuted ncome of pror years (Electon requred -see nstructons) 0. c Treated as dstrbutons out of corpus (Electon requred -see nstructons) 0. d Appled to 2003 dstrbutable amount 8, 772. e Remanng amount dstrbuted out of corpus 100, Excess dstrbutons carryover appled to Of an amount appears n column (d), the same amount must be shown n column (a) 6 Enter the net total of each column as ndcated below : 8 Corpus Add lnes 3f, 4c, and 4e Subtract lne 5 483,936. b Pror years' undstrbuted ncome. Subtract lne 4b from lne 2b c Enter the amount of pror years' undstrbuted ncome for whch a notce of defcency has been ssued, or on whch the secton 4942(a) tax has been prevously assessed 0. d Subtract lne 6c from lne 6b Taxable amount-see nstructons 0. e Undstrbuted ncome for 2002 Subtract lne 4a from lne 2a Taxable amount - see nstr 0. f Undstrbuted ncome for 2003 Subtract lnes 4d and 5 from lne 1 Ths amount must be dstrbuted n 2004 ~ 0. 7 Amounts treated as dstrbutons out of corpus to satsfy requrements mposed by secton 170(b)(1)(E) or 4942(8)(3) 0. 8 Excess dstrbutons carryover from 1998 not appled on lne 5 or lne 7 63, Excess dstrbutons carryover to Subtract lnes 7 and 8 from lne 6a 420, Analyss of lne 9 a Excess from ,334. b Excess from , c Excess from ,526. d Excess from , 714. e Excess from , (a) (b) (c) (d) Corpus Years pror to t Form 990-PF (2003) V RVES C. MNOR AND ASALE M t y

9 RVES C. MNOR AND ASALE M. PRESTON orp990-pf 2003 EDUCATONAL FUND NC. Port JV Prvate Operatng Foundatons (see nstructons and Part V-A, queston s) 1 a f the foundaton has receved a rulng or determnaton letter that t s a prvate operatng foundaton, and the rulng s effectve for 2003, enter the date of the rulng b Check box to ndcate whether the organzaton s a p rvate opera tm foundaton descrbed n 2 a Enter the lesser of the adjusted net Tax year ncome from Part or the mnmum (a) 2003 (b) 2002 nvestment return from Part for each year lsted b 85% of lne 2a c Qualfyng dstrbutons from Part, lne 4 for each year lsted d Amounts ncluded n lne 2c not used drectly for actve conduct of exempt actvtes e Qualfyng dstrbutons made drectly for actve conduct of exempt actvtes Subtract lne 2d from lne 2c 3 Complete 3a, b, or c for the alternatve test reled upon a 'Assets' alternatve test - enter (1) Value of all assets (2) Value of assets qualfyng under secton 4942(j)(3)(B)() b *Endowment' alternatve test - Enter 2/3 of mnmum nvestment return shown n Part, lne 6 for each year fsted c 'SupporC alternatve test - enter (1) Total support other than gross nvestment ncome (nterest, dvdends, rents, payments on securtes loans (secton 512(a)(5)), or royaltes) (2) Support from general publc and 5 or more exempt organzatons as provded n secton 4942(j)(3)(B)(u) (3) Largest amount of support from an exempt organzaton nvestment ncome Supplementary nformaton at anv tme durna the vear~ 1 nformaton Regardng Foundaton Managers : c Any submsson deadlnes MARCH 15 OF EACH YEAR N/A Pror 3 years (c) 2001 (d) 2000 ete ths part only f the organzaton had ]e 25 of the nstructons.) d Any restrctons or lmtatons on awards, such as by geographcal areas, chartable felds, knds of nsttutons, or other factors SEE STATEMENT ~ Page9 or more n a Lst any managers of the foundaton who have contrbuted more than 2% of the total contrbutons receved by the foundaton before the close of any tax year (but only f they have contrbuted more than $5,000) (See secton 507(d)(2) NONE b Lst any managers of the foundaton who own 10% or more of the stock of a corporaton (or an equally large porton of the ownershp of a partnershp or other entty) of whch the foundaton has a 10% or greater nterest NONE 2 nformaton Regardng Contrbuton, Grant, Gn, Loan, Scholarshp, etc., Programs : Check here " 0 f the organzaton only makes contrbutons to preselected chartable organzatons and does not accept unsolcted requests forf rds f the organzaton makes gfts, grants, etc (see nstructons) to ndvduals or organzatons under other condtons, complete tems 2a, b, c, and d a The name, address, and telephone number of the person to whom applcatons should be addressed BRAN P. MENARD (434) P O BO 274, CHARLOTTESVLLE VA b The form m whch applcatons should be submtted and nformaton and materals they should nclude SEE STATEMENT / Form 990-PF (2003) RVES C. MNOR AND ASALE M 04 ~ (e To

10 ' RVES C. MNOR AND ASALE M. PRESTON Form 990-PF(2003) EDUCATONAL FUND NC. Pert V Supplementary nformaton (contnued) 3 Grants and Contrbutons Pad Durng the Year or Approved for Future Payment Recpent f recpent s an ndvdual, show any relatonshp to Foundaton Name and address (home or busness) any foundaton manager status of or substantal contrbutor recpent a Pad durng the year Pa e l0 Purpose of grant or contrbuton Am dunt n t SEE SCHEDULE ATTACHED /A 1461,155. Total b Approved for future payment a1 1416,155. NONE Tota l / b Form 99,0-PF (2003) RVES C. MNOR AND ASALE M

11 Form 996-Pr (2003) RVES C. MNOR AND ASALE M RVES C. MNOR AND ASALE M. PRESTON Form990-PF(2003) EDUCATONAL FUND NC Pert Y-A Analyss of ncome-producng Actvtes Enter gross amounts unless otherwse ndcated Unrelated busness ncome Excll dea c secton orsa (a) (h) ~~'_ (d) Related or ex Busness 1 Program servce revenue code Amount ~db Amount functon na a b c d e t g Fees and contracts from government agences 2 Membershp dues and assessments 3 nterest on savngs and temporary cash nvestments a Dvdends and nterest from securtes 14 42, Net rental ncome or (loss) from real estate a Debt-fnanced property b Not debt-fnanced property 6 Net rental ncome or (loss) from personal property 7 Other nvestment ncome 8 Gan or (loss) from sales of assets other than nventory , Net ncome or (loss) from specal events 10 Gross proft or (loss) from sales of nventory 11 Other revenue a b c d e 12 Subtotal Add columns (b), (d), and (e) , Total. Add lne 12, columns (b), (d), and (e) See worksheet n lne 13 nstructons to verfy calculatons Nr'tVfwB Relatonshp of Actvtes to the Accomplshment of Exempt Purposes Lne No. Explan below how each actvty for whch ncome s reported n column (e) of Part V-A contrbuted mportantly to the accomplshment of the organzaton's exempt purposes (other than by provdng funds for such purposes)

12 Form 990-PF Part V RVES C. MNOR AND ASALE M. PRESTON EDUCATONAL FUND, NC nformaton Regardng Transfers To and Transactons and Relatonshps Wth Nonchartable 1 Dd the organzaton drectly or ndrectly engage n any of the followng wth any other organzaton descrbed m secton 501(c) of YET the Code (other than secton 501(c)(3) organzatons) or m secton 527, relatng to poltcal organzatons a Transfers from the reportng organzaton to a nonchantable exempt organzaton of. (1) Cash la ( l ) (2) Other assets 1a(2) b Other transactons ' (1) Sales of assets to a nonchantable exempt organzaton 1 b( l ) (2) Purchases of assets from a nonchartable exempt organzaton 1 b( 2 ) (3) Rental of facltes, equpment, or other assets 1 b( 3 ) (4) Rembursement arrangements 1b 4 (5) Loans or loan guarantees 1b 5 ' (6) Performance of servces or membershp or fundrasng solctatons 1 b 6 c Sharng of facltes, equpment, malng lsts, other assets, or pad employees d f the answer to any of the above s *Yes," complete the followng schedule Column (b) should always show the far market value of the goods, other asset ~, or servces gven by the reportng organzaton f the organzaton receved less than far market value n any transacton or sharng arrangement, show m column (d) the value of the goods, other assets, or servces receved a) Lne no (b) Amount nvolved (c) Name of nonchantable exempt organzaton (d) Descrpton of transfers, transactons, and sharng arrang N/A 1 c No 2a s the organzaton drectly or ndrectly afflated wth, or related to, one or more tax-exempt organzatons descrbed m secton 501(c) of the Code (other than secton 501(c)(3)) or n secton 527? Yes No b f 'Yes,' com p lete the followm schedule (a) Name of organzaton (b) Type of organzaton (c) Descrpton of relatonshp N/A Under penaltes of penury, declare that have examned ths return, ncludng accompanyng schedules and statements, and to the best of my knowledge and belef, t s true, cortec0~ and complete Det;la2Uon of preyarer fy9her than taxpj~er or fducary) s based on all nformal mr of whrh nmoamr has anv 4nnwlMne C y Sgnatur of offce r s e P arer's' ~y~/ W -0( sgnature (1 71 a a a) Frm' sname (or yours HANTZMON, WEBEL & COMP a 0 rself4mpoyed), ' 818 E. JEFFERSON ST., P address,aodzpcooe CHARLOTTESVLLE VA

13 2003 DEPRECATON AND AMORTZATON REPORT FORM 990-PF PAGE PF As s et Date Unadjusted Bus % Descrpton Method Lfe Noe Reducton n Bass For Accumulated Current Amount Plon Of Acqured Cost Or Bass Excl Bass Deprecaton Deprecaton Sec 179 Deprecaton 2 COMPUTER & PRNTER OOD ,627. 1,627. 1, FLE CABNETS & 3 BOOKCASES DB7.OR BM NOTEBOOK COMPUTER OOD , , * TOTAL 99Q-PF PG 1 DEPR 4t r118. 3, os o 2a3 (D) - Asset dsposed ~ TC, Secton 179, Salvage, HR 3090, Commercal Revtalzaton Deducton 13

14 Mnor-Preston Educatonal Foundaton Charlottesvlle, Vrgna Year Endng February 28, 2004 Page 1 Captal Gan or Loss - Securtes Knd of Securty and Descrpton 14,909 unts - Natons Bond Fund 6, unts - Natons Short-Term ncome Fund 6, unts - Natons Short-Term ncome Fund 10, unts Natons Short-Term ncome Fund 22, unts - Natons Short-nt'm Govt Fund 17, unts - Natons Short-nYm Govt Fund 25 shs - L Cap Ltd. 115 shs - Amercan nt'l Group, nc. 65 shs - Amgen, nc. 85 shs - Anheuser Busch Cos. nc. 60 shs - Automatc Data Processng, nc. 80 shs - Baxter ny, nc. 85 shs - Chevron Texaco Corp 120 shs - Ctgroup, nc 120 shs - Ctgroup, nc. 95 shs - Clear Channel Communcatons 130 shs - Coca Cola Co. 160 shs - Dell Computer Corp. 40 shs - Exxon Mobl Corp 210 shs - Exxon Mobl Corp 20 shs - Fed' NaY Mtg Assoc. 55 shs - Fed' NaY Mtg. Assoc. 50 shs - Ffth Thrd Bancorp 190 shs - Frst Data Corp 50 shs - Gannett, nc. 190 shs - General Electrc Co 140 shs - General Electrc Co 160 shs - Home Depot, nc. 105 shs - Honeywell ny, nc. 50 shs --lluwas Tool-lVorks,Joc. 250 shs - ntel Corp. 50 shs - nt'l Busness Machnes 35 shs - Johnson & Johnson Date Gross Sales Cost or Other Acqured Date Sold Prce Bass Gan Loss Varous 10128/ , , , /26/ / , , , /26/ /28/ , , , /25/ /28/ , , , /9/ /28/ , , , /17/ /28/ , , , /30/2003 3/14/2003 1, , /13/2000 3/ , , /13/2000 3/14/2003 3, , /22/1993 3/14/2003 4, , , /2/2002 3/14/2003 1, , /2/2002 3/14/2003 1, , /26/2001 3/14/2003 5, , , /17/1999 3/14/2003 3, , /30/2003 3/14/2003 3, , Varous 3/14/2003 3, , /17/1999 3/14/2003 5, , , /2/ /2003 4, , /30/2003 3/14/2003 1, , /23/1993 3/14/2003 7, , , /30/2003 3/14/2003 1, , /1/1996 3/14/2003 3, , , /2/2002 3/14/2003 2, , / /14/2003 6, , /2/2002 3/14/2003 3, , /30/2002 3/14/20Q3 4, , /18/1997 3/14/2003 3, , , /9/1996 3/14/2003 3, , , /5/2002 3/14/2003 2, , , /2/2002 3/14/2003 2, , /6/ /1-4/ , , /13/2000 3/ , , , /30/2000 3/14/2003 1, ,

15 Mnor-Preston Educatonal Foundaton Charlottesvlle, Vrgna Year Endng February 28, 2004 Page 2 Knd of Securty and Descrpton 100 shs - Johnson & Johnson 75 shs - Llly El & Co. 80 shs - Lockheed Martn Corp. 150 shs - MBNA Corp. 600 shs - MASCO Corp. 600 shs - McDonald Corp. 50 shs - McGraw Hll Cos., nc. 90 shs - Medtroncs, nc. 145 shs - Merrll Lynch & Co., nc. 370 shs - Mcrosoft Corp. 80 shs - Pepsco, nc. 235 shs - Pfzer, nc. 80 shs - Pharmaca Corp. 60 shs - Procter & Gamble Co. 60 shs - Qualcomm, nc. 160 shs - SBC Communcatons, nc. 45 shs - SLM Corp. 175 shs - Southern Co 145 shs - Target Corp. 145 shs - Texas nstruments, nc. 25 shs - 3M Co. 35 shs - Unted Technologes Corp. 25 shs - Unted Health Group, nc. 60 shs - Verzon Communcatons 55 shs - Verzon Communcatons 160 shs - Wal Mart Stores, nc. 20 shs - Wal Mart Stores, nc. 135 shs - Wells Fargo & Co. 55 shs - Weyerhaeuser Co. 125 shs - L Crp Ltd shs---Amercan-nt--Group; nc_ 285 shs - Amgen, nc 10 shs - Amgen, nc Captal Gan or Loss - Securtes Date Gross Sales Cost or Other Acqured Date Sold Prce Bass Gan 1/30/2003 3/14/2003 5, , Varous 3/14/2003 4, , /2/2002 3/14/2003 3, , G/ /2003 1, , / /14/ , , /2/2002 3/ , , /2/2002 3/14/2003 2, , /2/2002 3/14/2003 4, , /30/2003 3/14/2003 4, , /4/1996 3/ , , , /2/2002 3/14/2003 3, , /2G/2001 3/14/2003 6, , / / , , /17/1999 3/14/2003 5, , /30/2003 3/14/2003 2, , /17/1999 3/14/2003 3, , /2/2002 3/14/2003 4, , /2/2002 3/14/2003 4, , /2/2002 3/14/2003 4, , /26/2001 3/14/2003 2, , /2/2002 3/14/2003 3, , /26/2001 3/14/2003 2, , /2/2002 3/14/2003 2, , /30/2003 3/14/2003 2, , /7/2000 3/14/2003 1, , /17/1999 3/14/2003 7, , /30/ / /2/2002 3/14/2003 6, , /2/2002 3/14/2003 2, , /30/ /27/2003 8, , /13/2000_ 10/27/20_03 3_ , , /13/ /27/ , , /30/ /27/ Loss , , , , , , ,

16 Mnor-Preston Educatonal Foundaton Charlottesvlle, Vrgna Year Endng February 28, 2004 Page 3 Captal Gan or Loss - Securtes Date Gross Sales Cost or Other Knd of Securty and Descrpton Acqured Date Sold Prce Bass Gan 395 shs - Anheuser Busch Cos., nc. Varous 10/27/ , , , shs - Automatc Data Processng, nc. 10/2/ / , , shs - Baxter nt' nc. 10/2/ / , , shs - Chevron Texaco Corp. Varous 10/27/ , , shs - Ctgroup, nc. 2/ /27/ , , , shs - Clear Channel Communcatons 10/2/ / , , , shs - Coca Cola Co. 2/17/ /2003 8, , shs - Coca Cola Co. 5112/ /27/ , , shs - Coca Cola Co. 1/30/ /27/2003 2, , shs - Dell Computer Corp. 10/2/ /27/ , , , shs - Exxon Mobl Corp. 6/22/ /27/ , , , shs - Fed' NaY Mortgage Assoc. 11/1/ /27/ , , , shs - Ffth Thrd Bancorp 10/2/ /27/2003 8, , shs - Ffth Thrd Qancorp 1/30/ /27/2003 3, , shs - Frst Data Corp. 10/2/ /27/ , , , shs - Gannett, nc. 10/2/ /27/ , , , shs - General Electrc Co. Varous 10/27/ , , , shs - Harley Davdson, nc. 1/ /27/ , , , shs - Home Depot, nc. 2/9/ /27/ , , , shs - Honeywell ny, nc. 2/5/ /27/ , , shs -llnos Tool Works, nc. 10/2/ / , , , shs -llnos Tool Works, nc 1/30/ /27/2003 1, , shs - ntel Corp. 11/6/ / , , , shs - nt' Busness Machnes 3/13/ /27/ , , shs - Johnson & Johnson 3/13/ /27/ , , , shs - Llly El & Co. 10/2/ / , , , shs - Lockheed Martn Corp. 10/2/ /27/ , , shs - Lockheed Martn Corp. 1/30/ /27/2003 2, , shs - MBNA Corp. Varous 10/27/ , , shs - McGraw Hll Cos., nc. 10/2/ /27/ , , shs - Medfronc, nc /-2/2002-0%27/ ,47-4:48--18, _ shs - Merrll Lynch & Co., nc. 10/2/ /27/ , , , shs - Merrll Lynch & Co., nc 1/30/ /27/2003 3, , , Loss 3, , , , , ,

17 Mnor-Preston Educatonal Foundaton Charlottesvlle, Vrgna Year Endng February 28, 2004 Page 4. Captal Gan or Loss - Securtes Knd of Securty and Descrpton 1730 shs - Mcrosoft Corp. 370 shs - Pepsco, nc shs - Pfzer, nc. 300 shs - Procter & Gamble Co. 300 shs - Qualcomm, nc. 740 shs - SBC Communcatons, nc. 585 shs - SLM Corp. 90 shs - Southern Co. 725 shs - Southern Co 655 shs - Target Corp. 10 shs - Target Corp. 605 shs - Texas nstruments, nc. 65 shs - Texas nstruments, nc. 230 shs - 3M Co. 165 shs - Unted Technologes Corp. 10 shs - Unted Technologes Corp. 230 shs - Unted Health Group, nc. 545 shs - Verzon Communcatons, nc. 840 shs - Wal Mart Stores, nc. 615 shs - Wells Fargo & Co. 265 shs - Weyerhaeuser Co. 11,550 shs - SPDR Trust Unt Ser shs - Ebay, nc. 127 shs - Echostar Communcatons 40 shs - Electronc Arts, nc. 190 shs - Echostar Communcatons 108 shs - General Electrc Co. 44 shs - Vacom, nc 110 shs - Far saac Corp _1.68_shs-Vacom nc shs - Vacom, nc. 115 shs - ASML Holdngs NV.50 shs - JetBlue Arways Corp. Date Gross Sales Cost or Other Acqured Date Sold Prce Bass Gan Loss 12/4/ /27/ , , , /2/ /27/ , , , Varous 10/27/ , , , Varous 10/27/ , , , /30/ /27/ , , , Varous 10/27/ , , , /2/ /27/ , , , / /27/2003 2, , /2/ /27/ , , / / , , , /30/ /27/ /26/ /27/ , , , /30/ /27/2003 1, , /2/ /27/ , , , Varous 10/27/ , , , /30/ /27/ / /27/ , , , /7/ /27/ , , , /17/ /27/ , , , Varous 10127/ , , , /2/ /27/ , , , /30/ /6/2003 1,220, ,195, , /11/ /12/2003 3, , /11/ /12/2003 4, , /11/ /12/2003 4, , /11/ /13/2003 6, , /11/ /14/2003 3, , /11/ /14/2003 1, , / /18/2003 5, , /11/ /24/2003 6, , D03--12/2/ ;275: /11/ /3/2003 2, , /11/ /8/

18 Mnor-Preston Educatonal Foundaton Charlottesvlle, Vrgna Year Endng February 28, 2004 Page 5, Knd of Securty and Descrpton 400 shs - ENSCO nt' nc 90 shs - Watson Pharmaceutcals, nc. 52 shs - Sears Roebuck & Co. 40 shs - ENSCO nt' nc. 80 shs - Vacom, nc. 190 shs - JetBlue Arways Corp. 108 shs - Sears Roebuck & Co 78 shs - Vacom, nc. 234 shs - Monster Worldwde, nc. 117 shs - Sears Roebuck & Co. 78 shs - Vacom, nc. 69 shs - Wal Mart Stores, nc. 96 shs - General Electrc Co..02 shs - Natons Bond Fund.452 shs - Natons Short-Term ncome Fund.523 shs - Natons Shor-ntermed Govt Fund 154 shs - Wal Mart Stores, nc 115 shs - Captal One Fn'l Corp. 145 shs - Captal One Fn'l Corp. 20 shs - Captal One Fn'l Corp 85 shs - Wal Mart Stores, nc 90 shs - Farchld Semconductor ny 49 shs - Wal Mart Stores, nc 14 shs - Lennar Corp..333 shs - Countrywde Fn'l Corp. 75 shs - Pper Jaffray Cos 105 shs - General Electrc Co. 47 shs - Caremark R nc. 12 shs - Countrywde Fn'l Corp. 46 shs - Fedex Corp -129-shs---Caremarc-R"c: shs - Countrywde Fn'l Corp 67 shs - Fedex Corp. Captal Gan or Loss - Securtes Date Gross Sales Cost or Other Acqured Date Sold Prce Bass Gan 11/11/ /3/ , , /11/ /3/2003 4, , /11/ /2003 2, , / /4/2003 1, , / /4/2003 3, , /11/ /5/2003 4, , /11/ /5/2003 5, , /11/ /5/2003 3, , /11/ /8/2003 4, , /11/ /8/2003 5, , /11/ /8/2003 3, , /11/ /12/2003 3, , /11/ /15/2003 2, , /1/ /18/ /25/ /18/ /9/ /18/ /11/ /15/2003 7, , /11/ /11/2003 6, , /11/?_003 12/15/2003 8, , /11/ /15/2003 1, , /11/ /17/2003 4, , /11/ /17/2003 2, , /11/ /19/2003 2, , /11/ /22/2003 1, , /11/ /31/ /11/2003 1/13/ /5/2004 3, , /11/2003 1/7/2004 1, , /11/2003 1/7/ /2003 1/7/2004 3, , /11/2003 1!8/200_4 3, /11/2003 1/8/2004 2, , /11/ /2004 4, , Loss , , ,

19 Mnor-Preston Educatonal Foundaton Page s, Charlottesvlle, Vrgna Year Endng February 28, 2004 Captal Gan or Loss - Securtes Date Gross Sales Cost or Other Knd of Securty and Descrpton Acqured Date Sold Prce Bass Gan Loss 198 shs - Caremark R nc. 11/11/2003 1/9/2004 4, , shs - Caremark R nc. 11/11/2003 1/12/2004 1, , shs - Caremark R nc. 11/11/2003 1/13/2004 3, , shs - Lowes Cos nc. 11/11/2003 1/13/2004 1, , shs -ASML Holdngs NV 11/11/2003 1/ , , , shs - Caremark R nc. 11/11/2003 1/14/2004 5, , shs - CS Corp. 11/11/2003 1/14/2004 3, , shs - AES Corp. 11/11/2003 1/16/2004 3, , shs - AES Corp. 11/11/2003 1/ , , shs - Amgen, nc. 11/11/2003 1/20/2004 5, , shs - Dsney Walt Co 11/ /20/2004 2, , shs-Amgen,lnc. 11/11/2003 1/21/2004 4, , shs - Anheuser Busch Cos nc 11/11/2003 1/21/2004 2, , shs - Harley Davdson nc. 11/71/2003 1/27/2004 2, , shs - SLM Corp. 11/11/ /2004 2, , shs - Amgen, nc. 11/11/2003 1/22/2004 4, , shs - SLM Corp. 11/11/2003 1/22/2004 1, , shs - Unted Health Group nc. 11/11/2003 1/23/2004 1, , shs - Tffany & Co. 11/11/2003 1/23/2004 1, , shs - Lehman Bros. Holdngs, nc. 17/71/2003 1/26/2004 3, , shs - Tffany & Co. 11/11/2003 1/26/2004 1, , shs - Anheuser Busch Cos nc. 11/11/2003 1/22/2004 3, , shs - Unted Health Group, nc. 11/11/ /2004 1, , shs - Tffany & Co /2003 1/27/2004 1, , shs - Unted Health Group, nc 11/11/2003 1/27/2004 1, , shs - Nabors ndustres, nc 12/4/2003 1/29/2004 6, , , shs - Tffany & Co. 11/11/2003 1/29/2004 1, , shs - Ryanar Holdngs PLC 11/ /30/2004 9, , , shs - Tffany & Co. 11/11/2003 1/30/ shs - Tffany & Co. 11/11/2003 1/30/2004 2, , shs - Csco~Systems; nc Varous--- 2E3/ , , ~ shs - EMC Corp. 11/11/2003 2/3/2004 1, , shs - ntel Corp. 11/11/2003 2/3/2004 4, ,

20 Mnor-Preston Educatonal Foundaton Charlottesvlle, Vrgna Year Endng February 28, 2004 Page 7 Captal Gan or Loss - Securtes Date Gross Sales Cost or Other Knd of Securty and Descrpton Acqured Date Sold Prce Bass Gan Loss 39 shs - Tffany & Co. 11/11/2003 2/3/2004 1, , shs - Amazon Com, nc Varous 2/4/2004 7, , , shs - Csco Systems, nc. 11/11/2003 2/4/ , , , shs - EMC Corp. 11/11/2003 2/4/2004 4, , shs - ntel Corp. 11/11/2003 2/4/ , , , shs - Maxm ntegrated Products Varous 2/4/2004 2, , shs - Csco Systems, nc. 11/11/2003 2/5/2004 6, , shs - ntel Corp. 11/11/2003 2/5/2004 6, , shs - Best Buy, nc. 1/13/2004 2/6/2004 2, , shs - EMC Corp. 11/11/2003 2/6/2004 3, , shs - Fedex Corp /2003 2/6/2004 3, , shs - Maxm ntegrated Products 11/11/2003 2/6/2004 2, , shs - Tffany & Co. 11/11/2003 2/6/2004 1, , shs - Dell, nc. 11/11/2003 2/9/2004 1, , shs - EMC Corp. 11/11/2003 2/9/2004 3, , shs - Electronc Arts, nc. 11/11/2003 2/9/2004 2, , shs - Lennar Corp /9/2004 1, , shs - Tffany & Co. 11/11/2003 2/9/2004 1, , shs - Tffany & Co. 11/11/2003 2/10/2004 1, , shs - Csco Systems, nc. 11/11/2003 2/11/2004 6, , shs - Dsney Walt Co 11/11/2003 2/11/ shs - Electronc Arts, nc. 11/11/2003 2/11/2004 2, , shs - Dsney Walt co. 11/11/2003 2/12/2004 2, , shs - Electronc Arts, nc 11/11/2003 2/13/2004 5, , shs - Nextel Communcatons, nc. 11/12/2003 2/18/2004 3, , unts - Shares Tr Russell 1000 Value ndex 11/ /24/2004 4, , Totals 3,496, ,269, , , Total Gans 227,906.40