claude r. lambe charitable foundation 2007

EXTENSION GRANTED990_PF Return of Private Foundation

F. or Section 4947( a)(1) Nonexempt Charitable Trust

Department of the Treasury Treated as a Private Foundation

LLC

C

OMB No 1545-0052

Internal Revenue Service Note : The foundation may be able to use a copy of this return to satisfy state reporting requirementsM

For calendar year 2007 , or tax y ear beg inning

, 2007, and ending

G Check all that annly Initial return Final return Amended return Address chance Name channe

Name of foundation A Employer Identification number

Use the IRSlabel. CLAUDE R. LAMBE CHARITABLE FOUNDATION 48-0935563

Otherwise , Number and street ( or P.O . box number if mail is not delivered to street address) Room/suite BTelephone number ( seepage 10 of the Ystruraor^)print

or type.See Specific P. O. BOX 2256 316 828-5552

Instructions .City or town , state, and ZIP code C If exemption application is

pending , check here

D 1. Foreign organizations , check here ,

WICHITA KS 67201-2256 2. Foreign organizations meeting the

.check.here

H Check type of organization. X Section 501 (c exempt private foundation coom lustpula,Lanon .here and attach

3 . . . . . .

Other taxable p rivate foundationSection 4947 ( a)( 1 ) nonexem pt chartable trustE If private foundation status was terminated

of all assets at end J Accountin method Cash X AccrualI Fair market val 1111" 1 1gue under section 507(b )(1)(A), check here . -

of year (from Part Il, col (c), line q Other (specify) _ - - _ _ _ _ _ F If the foundation is in a 60-month termination

16,111" $ 13 , 031 , 981. (Part 1, column (d) must be on cash basis) under section 507(b )( 1)(B), check here . 00, FAnalysis of Revenue and Expenses (The (d ) Disbursementstotal of amounts in columns (b), (c), and (d) (a) Revenue and (b) Net investment (c) Adjusted net for charitablemay not necessarily equal the amounts in expenses per

booksincome income purposes

column (a) (see page 11 of the instructions)) cash basis on ly)

I Contnbutfans , gFits,

grants,

etc , received ( attach schedule)

2 Check ® if the foundation is not required toattach Sch B

3 Interest on savings and temporary cash investments 432 , 150. 432 , 150.

4 Dividends and interest from securities 24 , 710. 29 710.

S a Gross rents . . . . . . . . . . . . . . . .

b Net rental income or (loss)

as 6a Net gain or (loss ) from sale of assets not on line 10 1 , 611 , 771.

gb Gross sales puce for all

assets on line 6a 8, 617, 286.

Y 7 Capital gain net income (from Part IV, line 2 ) . 1 611 771.

8 Net short-term capital gain . . . . . . . .

9 Income modifications . . . . . . . . . .10 a Gross sales less returns

and allowances

b Less Cost of goods sold

c Gross profit or (loss ) (attach schedule) .

11 Other income ( attach schedule) , , , , , , ,

12 Total . Add lines 1 throu g h 11 2 , 068 , 631. 2 , 068 , 631.

13 Compensation of officers , directors , trustees, etc

14 Other employee salaries and wages . . . ,

15 Pension plans , employee benefits . . . . ,

a 16a Legal fees (attach schedule) STMT 1 475. NONE NONE 475.

J b Accounting fees (attach schedule)ST MT 2 16 , 550. 4 590. NONE 9 560.

c O her proR E s/^HR scE 6 9 905. 69 905.

17 In

.

er`tr^.v'-

1 8 T attach schedule) ( see p a a 14 t1SUf1. structionsm * 19 , 991.n ^ ^n I

19 D Iatlbi^Qatta%4 b61Ae) I epietion.

20 O cu n_cy__ .

o 21 Tr vel , co d r^Mg

5 22 Printing -and-publications- . . . . . . • .

r- 23 Other expenses (attach schedule)S.TM1' . 5. , 3 , 339. 3 , 339.

c2 24 Total operating and administrative expenses.

Ca Add lines 13 through 23 . . ... .. . . . 105 , 260. 69 , 495. NONE 13 , 374.

0 25 Contributions , gifts, grants paid .. .. . . . 9 206 140. 4 , 092 , 500.

26 Total expenses and disbursements. Add lines 24 and 25 4, 311 , 400. 69 , 495. NONE 4 , 105 , 874.

27 Subtract line 26 from line 12

a Excess of revenue over expenses and disbursements -2 , 242 , 769.

b Net Investment Income ( if negative , enter -0-) 1 , 999 , 136.

c Adjusted net income ( if n ative enter -0 . -0-

JSAFor Privacy Act and Paperwork Reduction Act Notice, see page 30 of the Instructions .** STMT 4 Form 990-PF (2007)

7E 1410 4 000

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Fnrm 990-PF 1`2007) 48-0935563 Pane 2

Attached schedules and amounts in the

Balance Sheets description column should be for end-of-yearBeginning of year End of year

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

I Cash - non-interest-bearing .. . . . . . . . . . . . . . . .

2 Savings and temporary cash investments . . . . . . . . . 395 , 343. 5 , 685 , 170. 5 1 685 , 170.

3 Accounts receivable ► NONE------------------------Less. allowance for doubtful accounts ► - NON NONE 28 , 797.- - - - - - - - - - - -

4 Pledges receivable ►------------------------

Less allowance for doubtful accounts ►5 Grants receivable . .. . . . . . . . . . . . . . . . . . .

6 Receivables due from officers, directors, trustees, and other

disqualified persons (attach schedule) (see page 16 of the instructions)

7 Other notes and loans receivable (attach schedule) ► _ _ _ _ _

Less- allowance for doubtful accounts ►8 Inventories for sale or use

9 Prepaid expenses and deferred charges . . . . . . . . . . . 3 , 775. 1 , 216. 1 , 216.

Q 10 a Investments - U S. and state government obligations (attach schedule)* 1 , 500 , 000. NONE NONE

b Investments - corporate stock (attach schedule) , , , , , , , ,

c Investments - corporate bonds (attach schedule). . . . . . . .1 1 Investments - land, buildings, ►

and equipment basis ------------------Less accumulated depreciation ►(attach schedule) ------------------- _______________________

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

13 Investments - other (attach schedule) , , , , , , $ ICI 7 . . 12 , 099 , 811. 6 072 , 204. 7 316 , 798.14 Land, buildings, and ►

equipment basis ------------------Less accumulated depreciation ►(attach schedule) --------------------

_15 Other assets (describe ► )_______________ ____

16 Total assets (to be completed by all filers - see the

instructions. Also, see page 1, item I) , 13 998 929. 11 758 590. 13 031 981.

17 Accounts payable and accrued expenses NON 2 , 430., , . , , . . , . , ,

18 Grants payable

W

,,,,,,,,,,,,,,,,,,,,,,,

19 Deferred revenue . . . . . . . . . . . . . . . . . . . . .

-

20 Loans from officers, directors , trustees , and other disqualified persons

Lu 21 Mortgages and other notes payable (attach schedule) , , , , ,.

J 22 Other liabilities (describe

23 Total liabilities (add lines 17 through 22) . NON 2 , 430.

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

24 Unrestricted . . .. . .. . ... . .. . ... .. ... .. 13 998 929. 11 , 756 , 160.

25 Temporarily restricted

to

. . . . . . . . . . . . . . . . . . . .

26 Permanently restricted . . . . . . . . . . . . . . . . . . . .

Foundations that do not follow SFAS 117,

ti check here and complete lines 27 through 31. ► q

0 27 Capital stock, trust principal, or current funds , , , , , , , , ,

28 Paid - in or capital surplus , or land , bldg , and equipment fund . . . . .

w 29 Retained earnings , accumulated income , endowment, or other funds

30 Total net assets or fund balances (see page 17 of the

z instructions) , , , , , , , , , , , , , , , , , , , , , , , , , 13 , 998 929. 11 756 160.

31 Total liabilities and net assets/fund balances (see page 17

.

of the instructions) . . . . . . . . . . . . .......... 13 , 998 929. 11 758 590.

Analysis of Chan ges in Net Assets or Fund BalancesI Total net assets or fund balances at beginning of year - Part II, column (a), line 30 (must agree with

end-of-year figure reported on prior year's return) .. . .. .... .... . . .. . . . . . . . ... .. . 1 13 998 929.2 Enter amount from Part I, line 27a ... . .. ...... ... 2 -2 , 242 , 769......... . . ...... .......3 Other increases not included in line 2 (Itemize) ► 3

-------------------------------------4 Add lines 1, 2, and 3 .. .. .. 4 11 756 160.

5 Decreases not included in line 2 (itemize ) ► 5_

--

_

6 Total net assets or fund balances at end of year (line 4 minus line 5) - Part II, column (b) , line 30 . . 6 11 756 160.

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**STMT 6 Form 990-PF (2007)

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Form 990-PF (2007 ) 48-0935563

UIRM Canital Gains and Losses for Tax on Investment Income

( a) List and describe the kind (s) of property sold (e.g., real estate ,

-story brick warehouse; or common stock , 200 shs MLC Co.)

(b) Howacquired

D-Donation

(c) Dateacquired

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

Ia SEE PART IV SCHEDULE

b

cd

e

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

(g) Cost or other basisplus expense of sale

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

a

b

c

d

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

(I) as of 12 /31/69()

(1) Adjusted basisas of 12 /31/69

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

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

a

b

cd

e

2 Capital gain net income or (net capital loss) . .If gain , also enter in Part I, line 7

{ If (loss ), enter -0- in Part I, line 7 } 2 1 , 611 , 771.

3 Net short-term capital gain or ( loss) as defined in sections 1222 ( 5) and (6)

If gain , also enter in Part I, line 8, column (c) (see pages 13 and 17 of the instructions).

If (loss ) , enter -0- in Part I, line 8. 3li ^ Qualification Under Section 4940 ( e) for Reduced Tax on Net Investment Income

(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

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

Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base penod? ... 71 Yes NoIf "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.

C-•-- •^- ------- -•- --_.._. .- ---1- --i... . (..---- ----

4 0 _[ .1L_ .__._.._•.--- -^--- --.,.-- -_ __•_-_

Base period yearsCalendar year (or tax year beginning in) Adjusted ual (bn distributionsq 9 Net value of nonchantable-use assets

Distnbudton ratio( col (b) divided by col. (c))

2006 4 , 231 , 735. 17 229 773. 0. 245606

2005 3 , 796 , 938. 19 , 799 , 454. 0. 191770

2004 3 110 , 086. 21 , 925 067. 0. 141851

2003 2 , 37-7 , 850. 24 , 494 , 757. 0. 097076

2002 2 , 601 , 735. 26 , 953 , 253. 0.096528

2 Total of line 1, column (d) .. . .. ... . . .. . .. . ... . . . . .. 2 0. 772831

3 Average distribution ratio for the 5-year base period - divide the total on line 2 by 5, o

the number of years the foundation has been in existence if less than 5 years .. . .

r by

. . . . 3 0. 154 566

4 Enter the net value of noncharltable -use assets for 2007 from Part X , line 5 4 15 , 540 , 497.

5 Multiply line 4 by line 3 . . .... . .. ... ... . . .. . . ........ . . .. . . . . 5 2 , 402 032.

6 Enter 1% of net investment income (1% of Part I, line 27b) .. ..... ... . .. . . . .. . 6 19 , 991.

7 Add lines 5 and 6 7 2 422 023.

8 Enter qualifying distributions from Part XII, line 4 _ . . . . ..... ... . . . . . . . . . 8 4 , 105 , 874.If line 8 is equal to or greater than line 7, check the box in Part VI, line 1 b, and complete that part using a 1% tax rate. See the Part VI instructions on page 18

TSW_7E1430 2 000 Form 990-PF (2007)

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Form 4Excise Tax Based on Investment Income ( Section 4940(a), 4940(b), 4940(e), or 4948 - see page 18 of the instructions)

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

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

b Domestic foundations that meet the section 4940(e) requirements in Part V, check 1 19 , 991.

here ►® and enter 1 % of Part I, line 27b

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

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

3 Add lines 1 and 2 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 3 19 , 991.

4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) , , , 4 NONE

5 Tax based on investment Income . Subtract line 4 from line 3. If zero or less, enter -0. . . . . . . . . . . . . 5 19 , 991.

6 Credits/Payments

a 2007 estimated tax payments and 2006 overpayment credited to 2007, , , , 6a 21 , 197.

b Exempt foreign organizations-tax withheld at source . . . . . . . . . . . . 6 b NONE

c Tax paid with application for extension of time to file (Form 8868), , , , , , , 6c NONE

d Backup withholding erroneously withheld . . . . . . . . . . . . . . . . . 6d

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

.

. . . . . . . . . . . . . . . . . . . . 7 21 , 197.

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

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

10 Overpayment If line 7 is more than the total of lines 5 and 8, enter the amount overpaid , , , , , ► 10 1 , 206.

11 Enter the amount of line 10 to be: Credited to 2008 estimated tax ► 1 206. Refunded 11

Statements Regarding Activities

Ia During the tax year , did the foundation attempt to influence any national, state , or local legislation or did it Yes No

participate or intervene in any political campaign? . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . la X

b Did it spend more than $100 during the year ( either directly or indirectly) for political purposes (see page 19

of the instructions for definition )? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 b X

If the answer is 'Yes" to 1a or 1b , attach a detailed description of the activities and copies of any materials

published or distributed by the foundation in connection with the activities

c Did the foundation file Form 1120 -POL for this year? 1 c X, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

d Enter the amount ( if any) of tax on political expenditures ( section 4955) imposed during the year:

(1) On the foundation ► $ ( 2) On foundation managers. ► $

e Enter the reimbursement (if any) paid by the organization during the year for political expenditure tax imposed on

foundation managers ► $

2 Has the foundation engaged in any activities that have not previously been reported to the IRS9 , 2 X, , , , , , , , , , , ,

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

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

incorporation , or bylaws , or other similar instruments? If 'Yes," attach a conformed copy of the changes L.. X, , , , , , , , , , , _.4a Did the foundation have unrelated business gross income of $1 , 000 or more during the year? , , , , , , , , , , , , , , , , 4a X

b If "Yes ," has it filed a tax return on Form 990-T for this year? 4 b N IA, , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

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

.

5 X. . . . . . . . . . . . . . .

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

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

• By language in the governing instrument, or

• By state legislation that effectively amends the governing instrument so that no mandatory directions that

conflict with the state law remain in the governing instrument? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 X

7 Did the foundation have at least $5 , 000 in assets at any time during the year? If 'Yes,' complete Part I/, col (c), and Part XV. 7 X

8a Enter the states to which the foundation reports or with which it is registered (see page 19 of the

instructions ) ► DC, KS,-------------------------------------------------------------

b If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney General

(or designate ) of each state as required by General Instruction G? If "No," attach explanation . . . . . . . . . . . . . . . . 8b X

9 Is the foundation claiming status as a private operating foundation within the meaning of section 49420)(3)

or 4942 0)(5) for calendar year 2007 or the taxable year beginning in 2007 (see instructions for Part XIV)? If

"es,"complete Part XIV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 X

10 Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their

names and addresses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 X

Form 990-PF (2007)

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Form 990-PF 5Statements Regarding Activities (continued)

11 a At any time during the year, did the foundation , directly or indirectly , own a controlled entity within the

meaning of section 512 ( b)(13)? If "Yes," attach schedule . (see page 20 of the instructions ) . . . . . . . . . . . . . . . . . . 11 a X

b If "Yes ," did the foundation have a binding written contract in effect on August 17, 2006 , covering the interest,

rents , royalties , and annuities described in the attachment for line 11 a? . . . . . . . . . . . . .. . . . . . . . . . . . .. 11 b N

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

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

Websiteaddress - _____/A-----------------------------------------------------------------------14 The books areincareof HOLLIMAN____________________ Telephone no .

Located at E. 37TH STREET NORTH WICHITA1_ KS ____________ __ ZIP+4 ► 67220______

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

and enter the amount of tax-exempt interest received or accrued during the year . . . . . . . . . . . . . . . . . . ► . 15

Statements Regarding Activiti es for Which Form 4720 May Be Required

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

is During the year did the foundation (either directly or indirectly)-

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

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from) a

disqualified person? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes No

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

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

(5) Transfer any income or assets to a disqualified person (or make any of either available for

the benefit or use of a disqualified person)? . . . . . . . . . . . . . . . . . . . . . . . . . . . q Yes q No

(6) Agree to pay money or property to a government official? ( Exception . Check "No" if

the foundation agreed to make a grant to or to employ the official for a period after

termination of government service, if terminating within 90 days ) . . . . . . . . . . . . . . . . q Yes ® No

b If any answer is "Yes" to 1a(1)-(6), did any of the acts fail to qualify under the exceptions described in Regulations

section 53.4941(d)-3 or in a current notice regarding disaster assistance (see page 22 of the instructions)? • . • • • • • . 1 b X

Organizations relying on a current notice regarding disaster assistance check here . . . . . . . . . . . . . ►c Did the foundation engage in a prior year in any of the acts described in la, other than excepted acts, that

were not corrected before the first day of the tax year beginning in 2007" . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 c X

2 Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private

operating foundation defined in section 4942(1)(3) or 4942(j)(5)).

a At the end of tax year 2007, did the foundation have any undistributed income (lines 6d and

6e, Part XIII) for tax year(s) beginning before 2007? . . . . . . . . . . . . . . . . . . . . . . . . . q Yes q No

If "Yes," list the years ►

b Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)

(relating to incorrect valuation of assets) to the year's undistributed income? (If applying section 4942(a)(2)

to all years listed, answer "No" and attach statement - see page 22 of the instructions.) . . . . . . . . . . . . . . . . . . .. 2 b N/JA

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

3a Did the foundation hold more than a 2% direct or indirect interest in any business

enterprise at any time during the year? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . q Yes q No

b If "Yes," did it have excess business holdings in 2007 as a result of (1) any purchase by the foundation or

disqualified persons after May 26, 1969, (2) the lapse of the 5-year period (or longer period approved by the

Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest, or (3) the lapse

of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine if the

foundation had excess business holdings in 2007) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3b N

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

b Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its chartableouroose that had not been removed from ieooardv before the first day of the tax year beamnina in 2007? . . . . . . . . . . . . 4b x

Form 990-PF (2007)

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Form 990-PF 6

Statements Regarding Activities for Which Form 4720 May Be Required (continued)

5 a During the year did the foundation pay or incur any amount to4945t ? q Y q Nion (e))(1) Carry on propaganda, or otherwise attempt to influence legislation (sec , , , , , , es o

(2) Influence the outcome of any specific public election (see section 4955), or to carry on,

directly or indirectly , any voter registration drive? . . . . . . . . . . . . . . . . . . . . . . . q Yes X No

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

(4) Provide a grant to an organization other than a charitable , etc, organization described in

f h ® Y q Ne instructions ) , , , , , ,tsection 509 ( a)(1), (2), or ( 3), or section 4940 (d)(2)? (see page 22 o es o

(5) Provide for any purpose other than religious , chantable , scientific , literary, or

l ? q Y q Ndren or animalseducational purposes , or for the prevention of cruelty to chi . . . . . . . . . . es o

b If any answer is "Yes" to 5a(1)-(5), did any of the transactions fail to qualify under the exceptions described in

Regulations section 53 .4945 or in a current notice regarding disaster assistance (see page 22 of the instructions )? ... 5b X

qOrganizations relying on a current notice regarding disaster assistance check here . . . . . . . . . .. . . . .

c If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the tax

STATEMENT 8SEE ® Y q N,because it maintained expenditure responsibility for the grant? es o

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

6 a Did the foundation , during the year , receive any funds , directly or indirectly , to pay premiums

q Yes Noon a personal benefit contract? . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . .

b Did the foundation , during the year , pay premiums , directly or indirectly , on a personal benefit contract? 6b, , , , , , , ,

7 aIf you answered 'Yes" to 6b, also file Form 8870

At any time during the tax year , was the foundation a party to a prohibited tax shelter transaction ? q Yes q No

b If yes , did the foundation receive any proceeds or have any net income attributable to the transaction? . 7 b N A

Information About Officers , Directors , Trustees , Foundation Managers, Highly Paid Employees,nnrl (r ntr2rtnrc

I I ict all nffir_ ere rlirartnre trustaas fniindatinn mananers and their r_mmneneatinn (see nann 23 of the instructinnsl_

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

hours per weekdevoted to position

(c) Compensation(If not paid , enter

-0-11

(d) Contnbuuons toemployee benefit plans

and defend cam ensabon

(e) Expense account,other allowances

SEE- STATEMENT- 14_____________

NONE NONE NONE

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

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

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

2 Comnensation of five hiahest-naid emnlovees lother than those included on line I - see oaae 23 of the instructions). If none.enter "MfNF"

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

)hours weekperdevoted to position

(c) Compensation(d) Contributions toemployee benefitplans and deferredcom pensation

( e) Expense account,other allowances

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

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

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

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

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

Total number of other employees paid over $50,000 . t I NONEForm 990-PF (2007)

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Form 990-PF (2007) 48-0935563

Information About Officers, Directors, Trustees , Foundation Managers , Highly Paid Employees,and Contractors (continued)

3 Five hi g hest-paid inde pendent contractors for p rofessional services (see pag e 23 of the instructions ) . If none , enter "NONE.

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

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

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

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

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

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

Total number of others receiving over $50,000 for p rofessional services .. ► NONE

Summary of Direct Charitable Activities

List the foundation 's four largest direct chartable activities during the tax year Include relevant statistical information such as the numberExp

of organizations and other beneficiaries served , conferences convened , research papers produced , etc. enses

1-NONE----------------------------------------------------------------------

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

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

4---------------------------------------------------------------------------

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

Summa of Program-Related Investments (see pag e 24 of the instructions )Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount

1 -NONE--------------------------------------------------------------------------

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

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

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

All other program-related investments See page 24 of the instructions

3-NONE--------------------------------------------------------------------------

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

Total. Add lines 1 throug h 3 . . ►Form 990-PF (2007)

JSA

7E1465 2 000

29145H K932 11/15/ 2008 12:47: 56 V07-8.5 85651

Form 990-P,F (2007) 48-0935563

JiM Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,see page 24 of the instructions.)

I Fair market value of assets not used (or held for use) directly in carrying out chantable, etc.,

purposes

a Average monthly fair market value of securities .. .. .. .. ... . .. Ia 11 , 049 , 265.b Average of monthly cash balances lb q 727 , 889.c Fair market value of all other assets (see page 25 of the instructions) . .. ... .. .. . ... . Ic NONEd Total (add lines 1a, b, and c) .. ... ... ... . ... ..... .. .... .. . . . .. .. Id 15 777 154.

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

1 c (attach detailed explanation) . .. .. le

2 Acquisition indebtedness applicable to line I assets . . .. ..

.

2 NONE3 Subtract line 2 from line 1d ... .. ... ..... . . ....... . . .. .. .

.

.

3 15 , 777 , 154.25ivit nter 11/2% of Ti ne for greater amount, see pageies4 Cash deemed held for charitable act. E 3 (

of the instructions) . . . .. ........ ... ......... ....... . 4 236 657.rt V, line 45 Net value of noncharitable - use assets . Subtract line 4 from line 3. Enter here and on Pa 5 15 , 540 , 497.

6 Minimum investment return . Enter 5% of line 5 6 777 025.

Distributable Amount (see page 25 of the instructions) (Section 4942(j)(3) and 0)(5) private operatingfoundations and certain foreign organizations check here ► and do not complete this part.)

1 Minimum investment return from Part X, line 6 . .. . .. . ... . .. . . .. .. . ... . . ... 1 777 025.

2a Tax on investment income for 2007 from Part VI, line 5 2a 19 , 991.b Income tax for 2007. (This does not include the tax from Part VI.). 2b

c Add lines 2a and 2b .................................... . 2c 19 991...... .. .3 Distributable amount before adjustments. Subtract line 2c from line 1 .. . ... .... .. .. . 3 757 , 034.4 Recoveries of amounts treated as qualifying distributions .... . ... .... .. .. . . .. . . 4

5 Add lines 3 and 4 .............. 5 757 034........... ...................6 Deduction from distributable amount (see page 25 of the instructions.) 67 Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,

[line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - - - - - - - - - - - - - - - 7 757 , 034.

Qualifying Distributions (see page 26 of the instructions)

1 Amounts paid (including administrative expenses) to accomplish chartable, etc., purposes:

a Expenses, contributions, gifts, etc. - total from Part I, column (d), line 26 .... .. . . . ... .. . .. la 4 , 105 874.b Program-related investments - total from Part IX-B . ... ...... ....... lb NONE

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

purposes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... .

.

2 NONE

3 Amounts set aside for specific charitable projects that satisfy the-

a Suitability test (prior IRS approval required) .... . . .. . . 3a NONEb Cash distribution test (attach the required schedule) . ..... . ... .. .. . . .. . ... . . . . 3b NONE

4 Qualifying distributions . Add lines 1 a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4 . . . . . _ 4 4 , 105 , 874.

5 Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment income.

Enter 1% of Part I, line 27b (see page 26 of the instructions) ... .. . . ... ... . . ... . . . .. 5 19 , 991.6 Adjusted qualifying distributions . Subtract line 5 from line 4 6 4 085 , 883.

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

Form 990-PF (2007)

JSA

7E1470 2 000

29145H K932 11/15/2008 12:47:56 V07-8.5 85651

Form 990 -PF (2007 ) 48-0935563

Undistributed Income (see page 26 of the instructions)

(a) (b) (c) (d)

1 Distributable amount for 2007 from Part XI , Corpus Years prior to 2006 2006 2007

.....line7 757 034................

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

a Enter amount for 2006 only .. . . . . . . . NONE

b Total for pnor years

3 Excess distributions carryover , if any, to 2007:

a From 2002 1 , 263 , 398.

b From 2003 , , , 1 , 158 , 372.

c From 2004 , , 2 , 020 , 055., , , ,

d From 2005 , , 2 , 373 , 221., , , ,

e From 2006 , , 3 384 , 774., , , ,

f Total of lines 3a through e . . . 10 , 199 , 820.. . . . . . .

4 Qualifying distributions for 2007 from Part XII,

line4 ► $ 4, 105, 874.

a Applied to 2006 , but not more than line 2a . NONE

b Applied to undistributed income of prior years ( Election

required - see page 27 of the instructions ) . . . . . .

c Treated as distributions out of corpus ( Electionrequired - see page 27 of the instructions) , , , ,

d Applied to 2007 distributable amount 757 034.. . . .

e Remaining amount distributed out of corpus 3 , 348 , 840.. .

5 Excess distributions carryover applied to 2007 ,(If an amount appears in column (a), the sameamount must be shown in column (a) )

6 Enter the net total of each column asindicated below:

a Corpus . Add lines 3f , 4c, and 4e. Subtract line 5 13 , 548 , 660.

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

c Enter the amount of prior years ' undistributedincome for which a notice of deficiency has beenissued , or on which the section 4942 ( a) tax hasbeen previously assessed . .. . . . . . . ... .

d Subtract line 6c from line 6b. Taxableamount - see page 27 of the instructions ,

e Undistributed income for 2006. Subtract line4a from line 2a. Taxable amount - see page27 of the instructions . NONE. . . . . . . . . . . .

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

7 Amounts treated as distributions out of corpusto satisfy requirements imposed by section170(b)(1)(F) or 4942 ( g)(3) (see page 27 of theinstructions ) . . . . . . .

8 Excess distributions carryover from 2002 notapplied on line 5 or line 7 (see page 27 of theinstructions ) 1 2 6 3 398.. . . . . . . . . . . . . . . .

9 Excess distributions carryover to 2008.

Subtract lines 7 and 8 from line 6a 12 285 262.

10 Analysis of line 9

a Excess from 2003 , . , 1 , 158 , 372.

b Excess from 2004 . . . 2 , 020 , 055.

c Excess from 2005 . . . 2 , 373 , 221.

d Excess from 2006 . . . 3 384 774.

e Excess from 2007 . 3 34 8, 8 4 0.

Form 990-PF (2007)

JSA

7E1480 2 000

29145H K932 11/15/2008 12:47:56 V07-8.5 85651

Form 990-PF (2007 ) 48-09355 63

Private Operating Foundations ( see page 27 of the instructions and Part VII-A, question 9) NOT APPLICABLE1 a If the foundation has received a ruling or determination letter that it is a private operating

foundation , and the rulin g is effective for 2007, enter the date of the ruling . _ . , . , . . . ►b Check box to indicate wh ether the foundation is a private operating foundation described in section 4942()) (3) or 4942(j)(5)

2 a E t th f h dlTax year Prior 3 years

n er esser o e a -e t (e) Totaljusted net income from Part (a ) 2007 (b) 2006 (c) 2005 (d) 2004

or the minimum investmentreturn from Part X for eachyear listed

b 85% of line 2a . . . . .

C Qualifying distributions from Part

XII, line 4 for each year listed ,

d Amounts included in line 2c notused directly for active conduct

of exempt activities . . . . .

e Qualifying distributions made

directly for active conduct of

exempt activities Subtract line

2d from line 2c

3 Complete 3a, b, or c for the

alternative test relied upon

a "Assets' alternative test - enter

(1) Value of all assets .

(2) Value of assets qualifying

under section

49420 )(3)(B)C). . . . .b "Endowment" alternative test-

enter 2/3 of minimum invest-

ment return shown in Part X

line 6 for each year listed

C "Support' alternative test - enter

(1) Total support other thangross investment income(interest . dmdends , rents.payments on securitiesloans ( section 512(a)(5)).or royalties)

(2) Support from generalpublic and 5 or moreexempt organizations asprovided in section 4942

6U(3)(6)(ni) .. . . . .

(3) Largest amount of sup-port from an exemptorganization . . . . .

(4) Gross investment income ,

Supplementary Information (Complete this part only if the foundation had $5 ,000 or more in assets at anytime during the year - see page 28 of the instructions.)

1 Information Regarding Foundation Managers:

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

NONE

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

NONE

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

Check here ► q if the foundation only makes contributions to preselected charitable organizations and does not acceptunsolicited requests for funds. If the foundation makes gifts, grants, etc. (see page 28 of the instructions) to individuals ororg anizatio ns under other conditions, complete items 2a, b, c, and d.

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

SEE STATEMENT 9

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

SEE STATEMENT 10

c Any submission deadlines

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

SEE STATEMENT 11JSA

7E 1490 2 000 Form 990-PF (2007)

29145H K932 11/15/2008 12:47:56 V07-8.5 85651

Form 990-PF (2007) 48-0935563 Page 1 1

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future PaymentRecipient If recipient is an indnAdual ,

show any relationship toFoundation

t t fPurpose of grant or Amount

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

s a us orec i pient

contribution

a Paid dunng the year

SEE STATEMENT 15 4, 206, 140.

.................................................. Bo.Total 3a 9 206 140.

b Approved for future payment

Total 3b

Form 990-PF (2007)

JSA

7E1491 2 000

29145H K932 11/15/ 2008 12:47: 56 V07-8 . 5 85651

Form 990 -PF (2007 ) 48-0935563

Analysis of Income-Producing ActivitiesEnter gross amounts unless otherwise indicated . Unrelated business income Excluded b section 512 , 513, or 514 (e)

Related exam(a) (b) (c) (d ) function income

Business code Amount Eichsion code Amount (See page 28 ofI Program service revenue' he instructions.)

a

b

c

d

e

f

g Fees and contracts from government agencies

2 Membership dues and assessments , , , , ,

3 Interest on savings and temporary cash investments 14 432 , 150.

4 Dividends and interest from secunties . .. , 14 24 , 710.

5 Net rental income or (loss) from real estate*

a Debt -financed property . . . . , , , , ,

b Not debt-financed property . . . . . . .

6 Net rental income or (loss) from personal property

7 Other investment income

8 Gain or (loss) from sales of assets other than inventory 18 1 , 611 , 771.

9 Net income or (loss ) from special events , . .

10 Gross profit or (loss ) from sales of inventory.

11 Other revenue a

b

c

d

e

12 Subtotal . Add columns (b), (d), and (e) . , . . 2 , 068 , 631. 1

13 Total. Add line 12, columns (b), (d), and (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 2 , 068, 631.

(See worksheet in line 13 instructions on page 29 to verify calculations.)

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No. Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly toV the accomplishment of the foundation ' s exempt purposes ( other than by providing funds for such purposes). (See

page 29 of the instructions.)

.ISAForm 990-PF (2007)

7E14922000

29145H K932 11/15/2008 12:47:56 V07-8.5 85651

Form 990-PF 2007 48-0935563

Information Regarding Transfers To and Transactions and Relationships With NoncharitableExempt Organizations

1 Did the organization directly or indirectly engage in any of the following with any other organization described in section Yes No

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

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

(1) Cash ................................................ 1a1 X

(2) Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . la ( 2 ) X

b Other transactions

(1) Sales of assets to a noncharitable exempt organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 b ( l ) X

(2) Purchases of assets from a nonchantable exempt organization . . . . . . . . . . . . . . . . . . . . . . . .. . . . lb ( 2 ) X

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

(4) Reimbursement arrangements . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 b 4 X

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

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

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

d If the answer to any of the above is "Yes," complete the following schedule . Column ( b) should always show the fair market v

other assets , or services given by the reporting foundation . If the foundation received less than fair market value in any tran

arrangement , show in column (d) the value of the goods , other assets , or services received.

alue o

sactio

f the g

n or s

oods,

haring

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

Under penalties of p erjury,belief, it is true, correct,

` Signature of officer or trusteed2

pD Preparer'sp signature

Toa d ,tee Firm's name (or yours if BKD, LLP

self-employed),and ZIP code

JSA

7E1493 2 000

29145H K93:

2 a Is the foundation 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' . . . . . . . . . . . . . . . . . . . . . . . . . q Yes ® No

h If "Vne " rmmnlato tho fnllnuenn erhMiila

FORM 990-PF - PART IVCAPITAL GAINS AND LOSSES FOR TAX ON INVESTMENT INCOME

Kind of Propertyparty Descriptionacquired

Date sold

Gross sale Depreciation Cost or FMV Adj. basis Excess of Gainprice less allowed / other as of as of FMV over or

expenses of sale allowable ad i basis (loss)

SEE STATEMENT 12 P VAR VAR

PROPERTY TYPE: SECURITIES

617,286. 7,005,515. - 1,611,771.

OTAL GAIN( LOSS) ...... ........................................ 1,611,771.

.ISA7E1730 1 000

29145H K913211a2r615/2g}00:1Q:47:56 V07-8.5 85651

CLAUDE R. LAMBE CHARITABLE FOUNDATION 48-0935563

FORM 990PF, PART I - LEGAL FEES--------------------------------------------------------------

REVENUE

AND NET ADJUSTEDEXPENSES INVESTMENT NET CHARITABLE

DESCRIPTION PER BOOKS INCOME INCOME PURPOSES----------- --------- ------ ------ --------LEGAL FEES - ADMINISTRATIVE 475. 475.

-------------- -------------- -------------- --------------TOTALS 475. NONE NONE 475.

29145H K932 11/15/2008 12:47:56 V07-8.5 85651 STATEMENT 1

CLAUDE R. LAMBE CHARITABLE FOUNDATION

FORM 990PF, PART I - ACCOUNTING FEES

REVENUE

AND

EXPENSESDESCRIPTION PER BOOKS----------- ---------ACCOUNTING FEES 11,960.INVESTMENT ACCTG SERVICE FEES 4,590.

--------------TOTALS 16,550.

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

48-0935563

NET

INVESTMENT

INCOME

4,590.--------------

4,590.----------------------------

ADJUSTED

NET

INCOME

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

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

CHARITABLEPURPOSES

9,560.

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

9,560.----------------------------

29145H K932 11/15/2008 12:47:56 V07-8.5 85651 STATEMENT 2


FORM 990PF, PART I - OTHER PROFESSIONAL FEES----------------------------------------------------------------------------------------

REVENUE

AND

EXPENSES

DESCRIPTION PER BOOKS----------- ---------

INVESTMENT MANAGEMENT FEES 64,905.--------------

TOTALS 64,905.----------------------------

48-0935563

NET

INVESTMENT

INCOME

64,905.--------------

64,905.----------------------------

29145H K932 11/15/2008 12:47:56 V07-8.5 85651 STATEMENT 3


FORM 990PF, PART I - TAXES----------------------------------------------------

DESCRIPTION

FEDERAL EXCISE TAX

TOTALS

REVENUE

AND

EXPENSES

PER BOOKS

19, 991.--------------

19,991.----------------------------

48-0935563

STATEMENT 4

29145H K932 11/15/2008 12:47:56 V07-8.5 85651


FORM 990PF, PART I - OTHER EXPENSES----------------------------------------------------------------------

DESCRIPTION

INSURANCE

BANK FEES

TOTALS

REVENUE

AND

EXPENSESPER BOOKS

3,155.184.

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

3,339.

48-0935563

CHARITABLE

PURPOSES

3,155.184.

3,339.

29145H K932 11/15/2008 12:47:56 V07-8.5 85651 STATEMENT 5


FORM 990PF, PART II - U.S. AND STATE OBLIGATIONS------------------------------------------------------------------------------------------------

DESCRIPTION

FEDERAL & STATE GOV'T BONDS

US OBLIGATIONS TOTAL

48-0935563

ENDINGBOOK VALUE

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

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

ENDINGFMV

NO NE---------------

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

29145H K932 11/15/2008 12:47:56 V07-8.5 85651 STATEMENT 6


FORM 990PF, PART II - OTHER INVESTMENTS------------------------------------------------------------------------------

DESCRIPTION

ARDEN ENDOW ADVISERS, LTD SHRSZAZOVE ASSOC CONVERTIBLE BONDSMESIROW ABSOLUTE RETURN FUND

TOTALS

48-0935563

ENDING

BOOK VALUE

3,366,293.2,705,911.

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

6,072,204.------------------------------

ENDING

FMV

4,610,430.2,706,368.

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

7,316,798.------------------------------

29145H K932 11/15/2008 12:47:56 V07-8.5 85651 STATEMENT 7

. CLAUDE R. LAMBE CHARITABLE FOUNDATION 48-0935563

FORM 990PF, PART VII-B, LINE 5C-EXPENDITURE RESPONSIBILITY STATEMENT----------------------------------------------------------------------------------------------------------------------------------------

GRANTEE'S NAME: SEE STATEMENT 13

GRANTEE'S ADDRESS:CITY , STATE & ZIP:GRANT DATE:GRANT AMOUNT:

GRANT PURPOSE:

AMOUNT EXPENDED:ANY DIVERSION? NO

DATES OF REPORTS:VERIFICATION DATE:RESULTS OF VERIFICATION:

STATEMENT 8

29145H K932 11/15/2008 12:47:56 V07-8.5 85651


FORM 990PF, PART XV - NAME, ADDRESS AND PHONE FOR APPLICATIONS----------------------------------------------------------------------------------------------------------------------------

GRANT ADMINISTRATOR1515 N. COURTHOUSE RD., 2ND FLOORARLINGTON, VA 22201703-875-1601

STATEMENT 9

29145H K932 11/15/2008 12:47:56 V07-8.5 85651

. CLAUDE R. LAMBE CHARITABLE FOUNDATION 48-0935563

990PF, PART XV - FORM AND CONTENTS OF SUBMITTED APPLICATIONS------------------------------------------------------------------------------------------------------------------------

LETTER EXPLAINING PROJECT AND AMOUNT REQUESTED, PLUS A COPY OF THE IRS

DETERMINATION LETTER SHOWING EXEMPTION.

STATEMENT 10

29145H K932 11/15/ 2008 12:47 : 56 V07-8.5 85651


990PF, PART XV - RESTRICTIONS OR LIMITATIONS ON AWARDS

GRANTS ARE GENERALLY RESTRICTED TO PUBLIC CHARITY ORGANIZATIONS AS

DEFINED IN SECTION 501(C) (3) OF THE INTERNAL REVENUE CODE. THE

FOUNDATION DOES NOT MAKE GRANTS TO INDIVIDUALS OR FOR-PROFIT

CORPORATIONS.

STATEMENT 11

29145H K932 11/15/2008 12:47:56 V07-8.5 85651

CLAUDE R. LAMBE CHARITABLE FOUNDATIONEIN 48-0935563

SCHEDULE OF INFORMATION FOR 2007 form 990-PF

Part IV Capital Gains and Losses for Tax on Investment Income STATEMENT 12(a) List and describe the kind(s) of property sold (e.g.,

real estate, 2-story brick warehouse;

or common stock, 200 shs MLC Co.)

(b) How acquired

P - Purchase

D - Donation

(c)

Date acquired

(mo., day, yr)

(d) Date sold

(mo., day, yr)

1a Mesirow Absolute Return Fund Ltd - Sale of Class S Shares P 6/30/2004 3/1/07-3/29/07

b Zazove Associates, LLC Bond Fund - Sale of Bonds P 04/04 - 10/06 01/07 - 12/07

c

d

e

f

9

(e) Gross sales price (f) Depreciation allowed

minus expense of sale (or allowable)

(g) Cost or

other basis

(h) Gain or (loss)

(e) plus (f) minus (g)

a 5,193,867 0 4,125,998 1,067, 869

b 3,423,419 0 2,879,517 543,902

c 0

d 0

e 0

f 0

g 0

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

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

as of 12/31/69

(k) Excess of col. (i)

over col. (I), if any

but not less than -0-)

or Losses (from col. (h))

a 0 1,067,869

b 0 543,902

c 0 0

d 0 0

e 0 0

f 0 0

g 0 0

If gain, also enter in Part I, line 7

2 Capital gain net income or (net capital loss). If (loss), enter -0- in Part I, line 7 2 1,611,771

3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):

If gain, also enter in Part I, line 8, column (c) (see pages 11 and 16 of the

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


EIN 48-0935563

ATTACHMENT TO FORM 990-PF TO REPORT

EXPENDITURE RESPONSIBILITY GRANT

For the Year Ended 12/31/07

IPART VII-B, Question on Line 5c: STATEMENT 13

Expenditure Responsibility Statement for the year 2007

Pursuant to IRC Regulation section 53 4945-5(d)(2), the CLAUDE R. LAMBE CHARITABLE FOUNDATION

provides the following information:

(i) Name & Address Allen-Lambe House Foundationof Grantee: 255 N. Roosevelt

Wichita, KS 67208

(ii) Date and Amount March 1, 2006 $114,675of Grants. February 23, 2007 $113,640

(iii) Purpose of Grants, General program operating support for the Allen-Lambe House Foundation, an educational

foundation which operates a museum and study center in a house located in Wichita, Kansas,

designed by Frank Lloyd Wright in 1915. The house museum is open to the general public. The

program of the Foundation includes restoration and conservation of the house, gardens, and its

interiors, with furnishings to showcase the "Prairie Style" designs of Frank Lloyd Wright; and to

maintain a library archive study center for the study of Frank Lloyd Wright and other interrelated

areas of design.

(iv) Amounts expended: Reports received from the Allen-Lambe House Foundation show the following expenditures.

$56,095 of the remaining March, 2006 grant was spent for operating support of the museum

$48,758 of the February, 2007 grant was spent for operating support of the museum.

(v) Diversions: To the knowledge of this grantor foundation, no funds have been diverted to anyactivity other than the activity for which the grant was originally made.

(vi) Date of Reports: On October 20, 2008, the Allen-Lambe House Foundation submitted a full and complete

report of its expenditures of the March 2006 and February 2007 operating support grants.

(vi) Verification: The grantor has no reason to doubt the accuracy or reliability of the report from

the grantee; therefore, no independent verification of the reports were made.


EIN 48-0935563SCHEDULE OF INFORMATION FOR 2007 FORM 990 PF

IPART VIII, Line I - Officers, Directors,Trustees, Managers, Etc. STATEMENT 14

(b) Title, and average (d) Contributions (e) Expensehours per week to employee account, other

(a) Name and Address devoted to position (c) Compensation benefit plans allowances

Richard H. Fink President / Director 0 0 0655 15th Street, NW, Suite 445 1 hour per weekWashington, DC 20005

Logan Moore Secretary 0 0 01515 N Courthouse Rd, Suite 200 1 hour per week averageArlington , VA 22201

Vonda Holliman Treasurer 0 0 0P.O. Box 2256 1 hour per week averageWichita, KS 67201

Charles G. Koch Director 0 0 0P.O. Box 2256 Less than 1 hour per weekWichita, KS 67201

Elizabeth B. Koch Director 0 0 0

P.O Box 2256 Less than 1 hour per weekWichita, KS 67201

Elizabeth R. Koch Director 0 0 0

PO Box 2256 Less than 1 hour per weekWichita, KS 67201

Charles C Koch Director 0 0 0

PO Box 2256 Less than 1 hour per weekWichita, KS 67201

TOTAL 0 0 0


EIN 48-0935563

SCHEDULE OF INFORMATION FOR 2007 FORM 990 PF

IPart XV, Line 3a& b - Grants and Contributions Paid During the Year or Approved for Future Payment STATEMENT 15

Recipient

If reagent is an mdmduat.

show any relationship to

any inundation manager

Foundation

status ofrecipient

Purpose of grantor contribution Amount

Name and address (home or business) or substantial contributor

a Paid during the year:Allen-Lambe House Foundation Private General Operating Support 113,640

Wichita, KS

American Council for Capital Formation Public General Operating Support 50,000

Washington, DC

American Legislative Exchange Council Public General Operating Support 75,000

Washington, DC

Americans for Prosperity Foundation Public General Operating Support 1,025,000

Washington, DC

Americans for Tax Reform Public General Operating Support 25,000

Washington, DC

Brookings Joint Center/Regulatory Studies Public Educational Programs 250,000

Washington, DC

Capital Research Center Public General Operating Support 25,000

Washington, DC

Cato Institute Public General Operating Support 250,000

Washington, DC

Center for Independent Thought Public General Operating Support 25,000

New York, NY

Center for Study of Carbon Dioxide & GlobalChange Center Public General Operating Support 25,000

Haymarket, VA

Environmental Literacy Council Public General Operating Support 50,000

Washington, DC

Federalist Society Public Educational Programs 100,000

Washington, DC

Foundation for Individual Rights in Education Public General Operating Support 300,000

Philadelphia, PA

Foundation for Research on Economics & Public Educational Programs 100,000

the Environment (FREE)Bozeman, MT

Frontiers of Freedom Public General Operating Support 50,000

Oakton, VA

George Marshall Institute Public General Operating Support 70,000

Washington, DC

The Heritage Foundation Public Educational Programs 465,000

Washington, DC

Independent Women's Forum Public General Operating Support 250,000

Washington, DC

Institute for Energy Research Public General Operating Support 125,000

Houston, TX

The Manhattan Institute Public General Operating Support 200,000

New York, NY


EIN 48 -0935563

SCHEDULE OF INFORMATION FOR 2007 FORM 990 PF

IPart XV, Line 3a& b - Grants and Contributions Paid During the Year or Approved for Future Payment STATEMENT 15

tr recipient is an indraduat , Foundation

Recipient show any ratat p to status of Purpose of grantany rouneaaon manager recipient or contribution Amount

Name and address (home or business) or substantial contributor

a Paid during the year:Media Research Center Public General Operating Support 5,000Alexandria, VA

National Center for Policy Analysis Public General Operating Support 40,000Dallas, TX

Pacific Research Institute Public General Operating Support 90,000San Francisco, CA

Property and Environment Research Center Public Educational Programs 25,000Bozeman, MT

Students in Free Enterprise Public Educational Programs 15,000Springfield, MO

Tax Foundation Public General Operating Support 125,000Washington, DC

Texas Public Policy Foundation Public General Operating Support 70,000Austin, TX

The Fraser Institute Public Educational Programs 25,000Vancouver, British Columbia, Canada

Washington Legal Foundation Public General Operating Support 150,000Washington, DC

Young America's Foundation Public General Operating Support 12,500Herndon, VA

TOTAL GRANTS PAID TO ORGANIZATIONS $ 4,206,140

claude r. lambe charitable foundation 2007

Documents

income attach schedule

attach schedule2 check

net gain

t attach schedule

capital gain net income

private foundation status

channename of foundation

columns b