Form 990-P r

Depar tm e n t o f th e Treasu ryInterna l Revenue Service

0N

LLJLL_

1.f9

Return of Private Foundationor Section 4947(aXl) Nonexempt Charitable Trust

Treated as a Private Foundatio n

Note : The organization may be able to use a copy of this return to satisfy statereporting requirements

OMB No 1545 - 0052

200 12001 , and end

Amended return Address Change Name cA Employer Identification Number

34-6556087B Telephone Number (see instructions)

(614) 223-1546C If exemption application is pending, check her e

ns ruc ions CO L U M B U S OH 43221 D 1 Foreign organizations, check here 11.H Check type of organization . X Section 501 (c)(3) exempt private foundation 2 Foreign organizations meeting the 85% test, check ❑

Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation here and attach computatio n

I Fair market value o all assets at end o year J Accounting method X Cash Accrual E If private foundation status was terminated(from Part ll, column c, line ]6) ~ Other (specify) under section 507(b)(1)(A), check here

F If the foundation is in a 60-month termination$ 2,227 . (Part 1, column d must be on cash basis) under section 507(b)(1)(B), check her e

Part I Analysis of Revenue and (a) Revenue and (b) Net investment (c) Adjusted net (d) DisbursementsExpenses (The total of amounts in expenses per books income income for charitabl e

For calendar year 2001 , or tax year beginningG Check a ll that apply initial return Final return

U se the Name of O r ganizatio n

IRS label GRI.CIES AEROSPACE FOUNDATIONOtherwise , N umber and S treet (or P 0 b o x numb er i f mail is not de liv e re d

printor type . 1710 WALTHAM ROAD

See Specif i c City or Town

t t

REVENUE

ADM

NiSTRAT

VE

EXPEN

0PERAT

NG

AND

columns b, c, and d may not neces-sanly equal the amounts in column a)(see instructions)1 Contributions, gifts, grants , e tc, rece ived (atl sch )

Ck -- F] if the foundn is not req to alt Sch B

2 Distributions from split-interest trusts3 Interes t on savings and temporary

cash i nvestment s4 Dividends and interest from securities5a Gross rent s

b mco~meno(loss)

6a Net gain/(loss) from sale of assets not on line 10b Gross sal es prices for a ll

asse ts on l i ne 6 a7 Capital gain net income (from Part IV , line 2)8 Ne t short- term capital gai n9 Income modifications

10a Gross sales lessreturns andallowances

b Less . Cost o fgoods sol d

c Gross profit/(loss) (att sch )11 Other income (attach schedule )

12 Total . Add lines 1 t hrough 1 113 Compensation of offi cers , d i rectors , trustees , etc14 Other employee salaries and wages15 Pension plans, employee benefits16a Legal fees (attach schedule )

b Accounting fees (attach sch)c Other prof fees (attach sch)

17 Interest18 Taxes (attach schedule )19 Depreciation (attach schedule) and depletion20 Occupancy21 Travel, conferences, and meetings22 P rinting and publication s23 Other expenses (attach schedule)

5,675 .

S 24 Total operating and adm i n istrat i v ecab, S expenses . Add lines 1 3 through 2 3 8 00 .

25 Contributions, gifts, grants paid 2 5, 000 .CI

3 26 Total expen ses and disbursements .Add l ines 2 4 and 25 25,800 .

27 Subtract line 26 from line 12 :a Excess of revenue over expense sand disbursements - 12 5 .

b Net investment income (if negat ive , enter - 0 )

C Adjusted net in come (if negativ e , ente r •0-)

BAA For Pa e rk Reduction Act Notice , see the in s truction s. EEA

BATCHING FEB 0 8 20050„24, 2

purposes(cash basis only)

800

25,800 .

Form 990- PF (2001)

rJ

Form 990-PF (200 1) GRIMES AEROSPACE FOUNDATIONAttached schedules and amounts i n the descript io n

Par#. II Ba l ance Sheets column should be for end - of year amounts only(Se e i n struc t io n s

1 Cash - non-interest-bearin g

2 Savings and temporary cash investments

3 Accounts receivable--------------

Less• allow ance for do u b t ful accounts

4 Pledges receivable -_ _ _ _ _ _ _ _ _ _

Less a l low ance for doubtful accounts--- ------ --

5 Grants receivabl e

6 Receivables due from officers, directors, trustees, and otherdisqualified persons (attach schedule) (see instructions )

7 Other notes and loans receivable (attach sch) 01- --------- -

SLess allow ance for doubtful accounts 11

---- ----- --S 8 Inventories for sale or us e

E 9 Prepaid expenses and deferred chargesTS 10a Investments - U S and state government

obligations (attach schedule )

b Investments - corporate stock (attach schedule)

c Investments - corporate bonds (attach schedule)

11 Investments - land, buildings, andequipment- basi s

Less accumulated depreciation(attach schedule) ----- ------

12 Investments - mortgage loan s

13 Investments - other (attach schedule )

14 Land, b uildings, and equipment* basis 0------ -----

Less accumulated depreciation(attach schedule)

------ ---- -15 Other assets (describe _______________16 Total a ssets (to be completed by all filers -

see instructions Also, see page 1, item I)

L 17 Accounts payable and accrued expensesIA 18 Grants payable

B 19 Deferred revenueIL 20 Loans from officers, directors, trustees, & other disqualified persons

1 21 M ortgages and other notes payable (attach schedule )

T 22 Other liabilities (describe I - )

ES 23 Total l iab i lities (add lines 17 through 22)

Organizations that follow SFAS 117 , check hereand comp lete li nes 24 through 26 and line s 30 and 31 .

N F 24 Unrestric tedE UT N 25 Te mporarily restricted

D 26 Permanently restricted

A Organizations that do not follow SFAS 117 , check here XS BS A and compl ete l i nes 27 through 31 .E LT A 27 Capital stoc k , trust principal, or current fund s

S N 28 Paid-in or capital surplus, or land, building, and equipment fundC

0 E 29 Retained earnings, accumulated income, endowment, or other funds

R S 30 Total net assets or fund balance s (see instructions)31 Total l iabil i ties and net assets/ fund ba l ance s

(see instructions)

Part III Analysis of Changes in Net Assets or Fund Balances

eginning of year

(a) Book Valu e

2 .35 2

2,35 2

2,3522,352

2,352

34-6556087 Page 2End of yea r

Book Va l ue (c) F air M arket Value

2 , 22 7 . 2 , 227 .

2,227 . 2,227 .

2,227 .2,227 .

2,227 .

1 Total ne t assets o r fund balances at beginning of year - Part II, column (a), line 30

(must agree w ith end-of-year figure reported on prior year's return)

2 Enter a m ount f rom Part I, line 27a

3 Other increases not included in line 2 (itemize) -------- ------ --------- ------4 Add lines 1, 2, and 3

5 Decreases not included in line 2 (itemize) ---- -------- --------- ------ ----

6 Total n et assets or fund balances at end of year ( l ine 4 minus line 5) - Part II, column (b), line 30

2,352 .

-125 .

2,227 .

2,227 .TEEA0302 09/25 / 01

Form 990-PF (2001) GRIMES AEROSPACE FOUNDATIO NPart IV Capital Gains and Lasses fbr Tax on Investment Income

(a) List and describe the kind(s) of property sold (e g , real estate,2-story brick warehouse, or common stock, 200 shares MLC Company)

1a

bc

d

e(e) Gross sales price ( f) Depreciation allowed (g) Cost or other basi s

(or allowable) plus expense of sal e

a

b

c

d

e

34-6556087 Page 3

How acquired ( C ) Date acquired (d ) Date sold- Purchase (month, day , year) (month, day, year)

D - Do nati on

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

mplete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (I) Gains (column (h )(i) F air M ar ket Value (j) Adjusted basis (k) Excess of column (i) gain minus column (k), but not less

as of 12/31/69 as of 12/31/69 over column (j), if any than •0-) o r Losses (from column (h) )

a

b

c

d

e

2 Capital gain net income or (net capital loss) . -r If gain, also enter in Part I, line 7 -I-[If(loss), enter •0- in Part I, line 7 r 2

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

Part V Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income

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

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

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

If 'Yes,' the organization does not qualify under section 4940(e) Do not complete this part .

1 Enter the appropriate amount in each column for each year, see instructions before making any entries .

(a) b c (d)Base period years Adjusted qualiing distributions Net value of Distribution ratio

Calendar year (or tax year noncharitable-use assets (column (b) divided by column (c))beginning in)

2000 25,000. 2,955. 8.4602371999 25,101 2,462. 10.1953701998 25,414. 2,462. 10.3225021997 88,069. 29,654. 2.9698861996 67,946. 13,763 . 4 .936860

2 Total of l ine 1, column (d )

3 Average dis t ribution ratio fo r the 5 -year base period - divide the total on l ine 2 by 5, or by thenumber of years the foundation has been in e x istence i f less than 5 year s

4 Enter the net value of noncharitable•use assets for 200 1 from Part X, line 5

5 Multiply line 4 by line 3

6 Enter 11% of net investment i ncome (1 % of Part I, l ine 27b)

2

3

4

5

6

6 . 884855

7 . 37697 1

2 , 955 .

21 ,799 .

7 Add lines 5 and 6 7 21,799 .

8 Enter q ualifying distributions from Part XII, line4 8 25,800 .

I f line 8 is equal to or greater than line 7, chec k the box in P art VI, line 1 b, and complete that part using a 1 % tax rate See thePart V I instruc t ion s

BAA Form 990 - PF (200 1 )

TEEA0303 09/25/01

Form 990-PF (2001) GRIMES AEROSPACE FOUNDATION 34-6556087Part VI ` ` Excise Tax Based on Investment I ncome (Section 4940(a), 4940(b) , 4940(e) , or 4948 - see in structi o n

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 rul i ng letter if necessa ry - see instructions)

b Domestic organizations that meet the Section 4940(e) requirements in Part V ,

check here 11 X and enter 1 % of Part I, line 27b

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

2 T a x under Section 511 (domestic Section 4947(a)(1) trusts and taxable foundations only Others enter -0-)

3 Add lines 1 and 2

4 Subtitle A (income) tax (domestic Section 4947(a)(1) trusts and taxable foundations only Others enter -0-)

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

6 Credits/ Payments •

a 2001 estimated tax pmts and 2000 overpayment credited to 2001 6a

b Exempt foreign organizations - tax withheld at source 6b

c Tax paid w ith application for extension of time to file (Form 8868) 6c

d B ac k up withholding erroneously w ithheld 6d

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

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

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

10 Overpayment If line 7 is more than the total of lines 5 and 8, enter the amount overpai d

11 Enter the amount on line 10 to be Credi ted to 2002 esti mated tax RefundedPart V11-ATStatements Reaardina Activities

4

1

,~.• ,

2

3

5 0 .

7

8

9 0 .

1 a During the tax year, did the organization attempt to influence any national, state, or local legislation or did itparticipate or intervene i n any political campaign

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

If the answer is 'Yes' to la or 16, attach a detailed description of the activities and copies of any materials publishedor distributed by the organization in connection with the activitie s

c Did the organization file Form 1120-POL for this yeard Enter the amount (if any) of tax on political expenditures (Section 4955) imposed during the year

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

organization managers 0. $ 0 .

2 Has the organization engaged in any activities that have not previously been reported to the IRS?

If 'Yes,' attach a detailed description of the activitie s

3 Has the organization made any changes, not previously reported to the IRS, in its governing instrument, articlesof incorporation, or bylaws, or other similar instruments If 'Yes,' attach a conformed copy of the changes

4a Did the organization have unrelated business gross income of $1,000 or more during the year

b If 'Yes,' has it filed a tax return on Form 990-T for this year

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

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

Ye s No

la X

lb X

1c X

0

2 X

4a X

4 b

5 X

• By state legislation that effectively amends the governing instrument so that no mandatory directions that conflict ----- with the state law remain in the governing instruments6 X

7 Did the organization have at least $5,000 in assets at any time during the years If 'Yes,' complete Part Y, column (c), and PartXV 7 X

8a Enter the states to which the foundation reports or with which it is registered (see instructions)

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

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

9 Is the organization claiming status as a private operating foundation within the meaning of Section 4942(j)(3) or 4942(j)(5) for calendar year 2001 or -- -the taxable year beginning in 2001 (see instructions for Part XIV)7 If 'Yes, 'complete PartXIV 9 X

10 Did any persons become substantial contributors during the tax year? 10 X

If 'Yes,' attach a schedule listing their names and addresse s

11 Did the organization comply with the public inspection requirements for its annual returns and exemption applications 11 X

Web site address 0 ------------------------------------------12 The books are in care of ► FOUNDATION MANAGER Telephone no (614) 889-8968----------------------------- -------------

Located at ► 1710 WALTHAM ROAD, UPPER ARLINGTON, OH ZIP+4 4322 113 Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 - Check her e

and enter the amount of tax-exempt interest received or accrued during the year 1 3

BAA Form 990 - PF (2001 )

TEEA0304 0 1/24/02

Form 990- PF (2001) GRIMES AEROSPACE FOUNDATIO NPart VII -B Statements Regarding Activities for Which Form 4720 May Be

File Form 4720 if any item is checked in the 'Yes ' column , unless an exception applies .

1 a During th e y ear d id the orga n iza ti on (either direc tly or indirectly )

(1) Engage in the sale or exchange, or leasing of property with a disqualified person ?

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

(3) Furnis h goo d s, services, or facilities to (or accept t h em from) a disquali f ied person

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified perso n

(5) Transf er any income or assets to a disqualified person (or make any o f either availablefor the benefit or use of a disqualified perso n)

34-6556087 Page 5

Ye s No

Yes No

Yes X No

Yes X No

Yes X No

Yes XQ No

(6) A g ree to pay money or property to a gove r nment official? (Exception . Chec k ' N o' i f theorganiza tion agreed to make a grant to o r to employ the official for a period after terminatio no f government service, if terminating within 90 days.) [] Yes E] N o

b If any answer is 'Yes' to 1a(1)-(6), did any of the acts fail to qualify under the exceptions described inRegulations Section 53 4941 (d)-3 or in a current notice regarding disaster assistance (see instructions)

Organizations relying on a current notice regarding disaster assistance check her e

c Did the organization 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 2001 7

2 Taxes on failure to distribute income (Section 4942) (does not apply for years the organization was aprivate operating foundation defined in Section 49420(3) or 49420(5) )

a At the end of tax year 2001, did the organization have any undistributed income (lines 6dand 6e, Part XII I) for tax year(s) beginning before 2001 ?

If 'Yes,' list the years "' 20 , 19 19 , 19

►11

Yes F] N o

b Are there any years listed in 2a for which the organization is not applying the provisions of Section 4942(a)(2)(relating to incorrect valuation of assets) to the year's undistributed incomes (If applying Section 4942(a)(2) toall years listed, answer 'No' and attach statement - see instructions )

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

20 19 19 ,1 9

3 D d th t h Id th 2°/ d t d t t t o an b siness

1 b

a i e organiza ion o more an a o irec or in irec in eres i y u1 -1enterp rise at any time du ring the year? ~ Yes X No I_ _ _

b If 'Yes,' did it have excess business holdings in 2001 as a result of (1) any purchase by the organizationor disqualified p ersons after May 26, 1969, (2) the lapse of the 5-year period (or longer period approvedby 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-yea r f irst phase h olding periods (Use Schedule C, Form 4720, todetermine If the organization had excess business holdings in 2001 )

4a Did the organization invest during the year any amount in a manner that would jeopardize itscharitable p urposes

b D id t he orga n ization ma k e any inv e st me nt in a prior year (but after December 31, 1969) that couldjeopardiz e its chari table purpose that had not b een removed from jeopardy before the fi r st day ofthe ta x year beginning in 200 1 ?

5a D uring the year did the organization pay or incur any amount to .

(1) Carry on propaganda, or otherwise attempt to influence legislation (Section 4945(e))7

(2) Influe n ce the outcome of any specific publ i c election (see Section 4955) ; or to carryon, direct ly or indirectly, any voter registration drive ?

(3) Provide a grant to an individua l for t ravel, study, or other simi l ar purposes

(4) Provide a grant to an organization other than a charitable, etc, organization describedin Section 509(a)(1), (2), or (3), or Section 4940(d)(2) ?

(5) Provide f or any purpose o th er th an religious, charitable, scientif i c, literary, oreduca t io nal purposes, o r fo r the prevention of crue lty to childre n or an imals

11 Yes N o

H Yes X~ N o

Yes X N o

Yes N o

Yes N o

b If any answer is 'Yes' to 5a(1)-(5), did any of the transactions fail to qualify under the exceptionsdescribed in Regulations Section 53 4945 or in a current notice regarding disaster assistance(see instructions)

Organizations relying on a current notice regarding disaster assistance check here

c If the answer is 'Yes' to question 5a(4), does the organization claim exemption from thetax because it maintained expenditure responsibility for the grants ~ Yes

'Yes,' attach the statement required by Regulations Section 53 4945-5(d)

6a Did the organization, during the year, receive any funds, directly or indirectly, to pay premium son a personal benefit contracts E ]Yes

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

If you answered 'Yes' to 6b . also file 8870

BAA

4a l

4b 1

X

5b --- -

s E] N o

El NoI 6bI I X

TEEA03 05 01/24/02 Form 990-PF (200 1 )

Form 990• PF (2001) GRIMES AEROSPACE FOUNDATION 34-6556087 Page 6Part VIII Information About Offi cers, D i rectors, Trus tees, Foundation Managers, H i ghly Pa i d Employees,

and Contractors1 List a l l off i cers, dire ctors , trustees , foundat i on managers and their compensation (see i nstruction s

(b) Titl e and average (c) Compensation (d) Contribu tions to (e) Ex pense account,

(a) N a me a nd address hours per w eek (If not paid , enter -0-) employee benefi t other allow ancesdevoted to position p lans and deferre d

compensation

JOHN R . HUNECK______ DIRECTO R

1710 WALTHAM ROAD, COLUMBUS, OH 1 0. 0. 0.

2 Compensation of fi ve highest-paid employees (other than those in c luded on line 1- see instructions) . If none, enter ' None . '

(a) N a me and address of each employee (b) Ti tle and average (c) Compensation (d) Co ntributions to (e) Expense account,paid more t han $50,000 hours per week employee benefit other allo w ances

devoted to position plans and deferredcompensatio n

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

Total number of other employees paid over $50,00 0

3 Five highest-paid independent contractors for professional se rvices - (s

(a) Name and address of each person paid more than $50,00 0

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

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

Pa rt IX -A Summa ry of Direct Charitable Activitie s

List the foundation's four largest direct charitable activities during the tax year . Include relevant statistical information such as the number oforganizations and other beneficiaries served, conferences convened, research papers produced, et c

1 NONE------------------------------------------------------------------------------------------------------------- 0

.

►~ None

Expenses

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

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

3 ------------------------------------------------------

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

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

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

►I NoneIf none , enter ' None. '

fvoe of service (c) Compensatio n

BAA TEEA0306 01 /24/ 02

Form 990-PF (200 1 ) GRIMES AEROSPACE FOUNDATION 34-6556087 Page 7

Part IX-B Summa ry of Program -Related Investments (see instructions)

Describe the two lar ram-related investments made by the foundation dunn the tax year on lines 1 and 2 1 Amount

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

0 .2------------------------------------------------------

All other program re l ated investments See instructions

3

Total Add lines 1 through 3

lalb1cId

0 .2

[Part Minimum investment Return (All domestic foundations must complete this part Foreign foundations, see instructions )

1 Fair market value o f assets not used (or held for use) directly in carrying out charitable, etc, purposesa Average monthly fair market value of securitie s

b Average of monthly cash balance s

c Fair mar k et value of all other assets (see instructions)

d Total (ad d l ines 1a, b and c )

e Reductio n claimed for blockage or other factors r eported on lines la and 1 c

(attach detailed explanation) I 1 e

2 Acquisition indebtedness applicable to line 1 asset s

3 Subtract l ine 2 from line 1 d

4 Cash deemed held for charitable activities Enter 1-1/2% of line 3 (for greater amount, see instructions)

5 Net value of nonchar i table- u s e assets. Subtract line 4 from line 3 Enter here and on Part V, line 4

6 M i nimum i n vestment return . Enter 5% of line 5

Distributable Amount (see instructions) (Section 49420(3) and 0)(5) private

foreign organizations check here 1 1

1 Minimum investment return from Part X, line 6

2a Tax on investment income for 2001 from Part VI, line 5 2a

b Income tax for 2001 . (This does not include the tax from Part VI) 2b

c Add lines 2a and 2b

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

4a Recoveries of amounts treate d as qualifying dist r ibutions 4a

b Income distributions from section 4947(a)(2) trusts 4b

c Add lines 4a and 4b

5 Add lines 3 and 4 c

6 Deduction from distributable amount (see instructions )

7 D istri butable amount as adjusted Subtract line 6 from line 5 Enter here and on Part XIII, line 1

Non e

3,000 .0 .

3,000 .

0 .3,000 .

45 .5 2,955 .

6 148 .

rating foundations and certain

and do not complete this part )

1 148 .

0 .

2c

3

4 c

5

6

7

Part XII Qualifying Distributions (see instructions)

1 Amounts paid (including administrative expenses) to accomplish charitable, etc, purposesa Expenses, contributions, gifts, etc - total from Part I, column (d), line 2 6

b P rogram-re l ated investmen ts - Total from Part I X-B

2 Amo u nts paid to acquire assets used (or held for use) directly in carrying out charitable, etc, purposes

0 .

148

148 .

148 .

25 , 800 .0 .

3 Amounts set aside for specific charitable projects that satisfy th ea Suitability test (prior IRS approval required) 3a

b Cash distribution test (attach the required schedule) 3 b

4 Qualify i ng distributions Add lines 1 a through 3b . Enter here and on Part V, line 8, and Part XIII, line 4 4 25,800 .

5 Organizations that qualify under section 4940(e) for the reduced rate of tax on net investment incom eEnter 1 % of Part I, line 27b (see instructions) 5

6 Adjusted qualifying distributions . Subtract l ine 5 from line 4 6 25,800 .

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

BAA Form 990 - PF (2001 )

TEEA0307 12/19/01

Form 990-PF (2001) GRIMES AEROSPACE FOUNDATION 34-6556087 Page 8

Past XIII Undistributed Income (see instructions)

( a) (b) W (d)Corpus Years prior to 2000 2000 200 1

1 Distributable amount for 2001 from Part XI,line 7

2 Undistributed income, if any, as of the end of 2000

a Enter amount for 2000 onl y

b Total for prior years- 20 , 19 , 19

3 Excess distributions carryover, if any, to 200 1

a From 1996 67,260 .

bFrom 1997 86,589 .

c From 1998 25,414 .

dFrom 1999 25, 101 .

e From 2000 25,000 .

f Total of lines 3a through e

4 Qualifying distributions for 2001 from Part

XII, line 4 ► $ 25 , 800

a Applied to 2000, but not more than line 2 a

b Applied to undistributed income of prior years(Election required - see instructions)

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

d Applied to 2001 distributable amoun t

e Remaining amount distributed out of corpus

5 Excess distributions carryover applied to 200 1(If an amount appears in column (d), thesame amount 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

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

c Enter the amount of prior years' undistribut-ed income for which a notice of deficiencyhas been issued, or on which the section4942(a) tax has been previously assesse d

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

e Undistributed income for 2000 Subtract line 4a fromline 2a . Taxable amount - see instruction s

f Undistributed income for 2001 Subtract lines4d and 5 from line 1 This amount must bedistributed in 200 2

7 Amounts treated as distributions out ofcorpus to satisfy requirements imposedby section 170( )(1)(E) or 4942(g)(3)(see instructions)

8 Excess distributions carryover from 1996 notapplied on line 5 or line 7 (see instructions)

9 Excess distributions carryover to 2002 .Subtract lines 7 and 8 from line 6a

10 Analysis of line 9-

a Excess from 1997 86,589

b Excess from 1998 25,414 .

c Excess from 1999 25, 101 .

d Excess from 2000 25,000 .

e Excess from 2001 25,800 .

BAA

- -- - - -------- ----229 .364 .

25 . 800 .

255, 164 .

. «~ .

67,260 .

187 .904 .

0 .

0 .

--- - 148 .

148 .

148 .

148 .

Form 990-PF (2001 )

TEEA0308 01/24/02

Form 990 - PF (2001) GRIMES AEROSPACE FOUNDATIO NPart XIV Private Operating Foundations (see instructions and Part vii-A

34-6556087 Page 9N/ A

1 a If the foundation has received a ruling or determination letter that it i s a private operating foundation, and the rulingis effective for 200 1, enter the date of the ruling 0.

b Check box to ind i cate w hether the organization is a private operating foundation desc ri bed in Section 4942 0 )(3) or

2a Enter the lesser o f the adjusted net Tax year P rior 3 year sincome from Part I or the minimum (a) 2001 (b) 2000 (c) 1999 (d) 1998investment re tu rn from P art X fo reach yea r liste d

b 85% of line 2a

c Qualifying distributions from Part XII,line 4 for each year liste d

d Amounts included in line 2c not used directlyfor active conduct of exempt activitie s

e Qualifying distributions made directlyfor active conduct of exempt activitiesSubtract line 2d from l ine 2c

3 Complete 3a, b, or c for thealternative test relied upo n

a 'Assets' alternative test - enter

(1) Value of all assets

(2) Value of assets qualifying underSection 49420)(3)(B)(i)

b 'Endowment' alternative test - Enter 2/3 ofminimum investment return shown in Part X,line 6 for each year liste d

c 'Support' alternative tes t - ente r

(1) Total support other than grossinvestment income (interest,dividends, rents, paymentson securities loans (Section512(a)(5)), or royalties )

(2) Support from general public and 5 ormore exempt organizations as providedin Section 4942(j)(3)(B)(ui )

(3) Largest amou nt of support froman exemp t organizatio n

(4) Gross investment income

Part XV Supplementary Information (C ompl ete th i s p art o nly if the

1 Information Regarding Foundation Managers :

had $5 , 000 or more in assets at any t im e dur ing the

Tota l

a List any managers of the foundation w ho have contributed more than 2 % of the total contributions received by the foundation before theclose of any tax yea r (but only if they have con t ributed more than $5,000) . (See Section 507(d)(2)

NON E

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

NON E

2 Information Regard i ng Contr i bution , Grant , G i ft , Loan, S c holarsh i p , etc, Program s :

Check here ' F x1 the organization only makes contributions to preselected charitable organ izations and does not accept unso l ici ted

requests for funds If the organi z ation makes gifts, grants, etc, (see instruc t ions) to individuals or organ i zations under other condi t ions,

co mp lete i tems 2a, b, c, an d d .

a The n ame, add ress, and telephone number of the person to w hom applications shoul d be addressed .

b The form in w hich appl i cations sho uld be submitted and information and materials they should i nclud e

c Any submission deadline s

d A ny restrictions or limitations on a w ards, such as by geographical areas, charitable fields, k inds of institutions, or other factors .

BAA TEEA0309 09i25i01 Form 990 - PF (2001)

Form 990-PF (2001) GRIMES AER O SPAC E FOUNDATION 34-6556087 Page 10' Part XV Supplementa ry Information (continued)

BAA TEEA03 1 0 09i25i01 Form 990- PF (2001)

• F orm 990 - PF (2001) GRIMES AEROSPACE FOUNDATION 34-6556087 Page 11

Part XVI -A Analysis of Incorte -Producing Activitie s

Enter gross amounts unless otherwise indicate d

1 Program service revenue

a NON E

b

c

d

e

f

g Fees and contracts from government agencie s

2 Membership dues and assessment s

3 Interest on savings and temporary cash investments

4 Dividends and interest from securities

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 incom e

8 Gain or (loss) from sales of assets other than inventory

9 Net income or (loss) from special events

10 Gross profit or (loss) from sales of inventory

11 Other revenue

Unrelated business income

(a) (b)Business Amount

code

Excluded by section 512, 513, or 514

(c) (d)Exclu- AmountSio ncode

(e)R elated or exemp tfunction income(see instructions)

0 .

a

b

c

d

e

12 Subtotal. Add columns (b), (d), and (e) 0 .

13 Total . Ad d line 12, columns (b), (d), and (e) 13 0 .

(See w orksheet in the instructions for line 1 3 to verify calculations )

Part XVI -B Relation ship of Activities to the Accomplishment of Exempt Purpose s

BAA TEEA0501 01i24i02 F orm 990-PF (2001)

Form 99 0 - PF (2001) GRIMES A ROSPACE FOUNDATION 34-6556087Part XVII Information Regarding Transfers to and Transactions and Relationships with Noncharitable

Exempt Organization s

1 Did the organization directly or indirectly engage in any of the following with any other organizationdescribed in Section 501 (c) of the Code (other than Section 501 (c)(3) organizations) or in Section 527,relating to political organization s

a Transfers from the reporting organization to a noncharitable exempt organization of

(1) Cas h

(2) Other asset s

b Other transactions .

(1) Sales of assets to a noncharitable exempt organizatio n

(2) Purchases of assets from a noncharitable exempt organization

(3) Rental of facilities, equipment, or other asset s

(4) Reimbursement arrangements

(5) Loans or loan guarantee s

(6) Performance of services or membership or fundraising solicitation s

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

lal

1a l

1b

lb

lb

1b

lb

1b

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 value ofthe goods, other assets, or services given by the reporting organization If the organization received less than fair market value inany transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services receive d

Line no (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arranges

1 2

Yes I N o

X

X

X

X

X

X

X

X

X

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

b If 'Yes,' complete the following schedul e(a) Name of organization (b) Type of organization (c) Description of relationshi p

Under penal ti es of penury, I declare that I have exam ined this return, includ ingcorrect, and complete ftctaralion of preparer (other khan taxpayer or fiducia ry)

SignH ere

1111-

o r Trus t e e

Dennis P . William

► 3986 Main Street

Hilliard

BAA

uauat~rre'Paid ign

Pre-parer sUse Firm's Name (or your s

if self - employed) ,Only address , and ZIP code

Schedule B(Form 990,990•EZ ,

or 990-PF)

Department of the TreasuryInternal Revenue Service

Schedule of ContributorsSupplementa ry information for

line 1 of Form 990, 990-EZ and 990-PF (see inst iName of Organizatio n

GRIMES AEROSPACE FOUNDATIO N

Organ i zation type (check one)

OMB No 1545 - 0047

2001Employer Identi ficati on Numbe r

34-6556087

Filers of : Section :

Form 990 or 990-EZ 501(c)( ) (enter number) organizatio n

4947(a)(1) nonexempt charitable trust not treated as a private foundatio n

527 political organizatio n

Fo rm 990- P F X 501 (c)(3) exempt private foundatio n

4947(a)(1) nonexempt charitable trust treated as a private foundatio n

501 (c)(3) taxable private foundatio n

Check if your organization is covered by the general rule or a s pe c ial rule . (Note : Only a Section 501(c)(7), (8), or (10) organization can checkbox(es) for both the general rule and a special rule - see instructions .)

General Rule -FX] For organizations filing Form 990, 990-EZ, or 990-PF that received, during the year, $5,000 or more (in money or property) from any one

contribu tor . (Complete Parts I and I I )

Special Ru les -

For a section 501 (c)(3) organization filing Form 990, or Form 990-EZ, that met the 33-1/3% support test of the regulations under sections509(a)(1)/170(b)(1)(A)(vi) and received from any one contributor, during the year, a contribution of the greater of $5,000 or 2% of theamount on line 1 of these forms (Complete Parts I and II )

For a section 501(c)(7), (8), or (10) organization filing Form 990, or Form 990-EZ, that received from any one contributor, during the year,aggregate contributions or bequests of more than $1,000 for use exclusively for religious, charitable, scientific, literary, or educationalpurposes, or the prevention of cruelty to children or animals (Complete Parts I, II, and III )

For a Section 501(c)(7), (8), or (10) organization filing Form 990, or Form 990-EZ, that received from any one contributor, during the year,some contributions for use exclusively for religious, charitable, etc, purposes, but these contributions did not aggregate to more than$1000. (If this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable,etc, purpose Do not complete any of the Parts unless the general rule applies to this orgainization because it received nonexclusively

religious, charitable, etc , contributions of $5,000 or more cluing the year) - $

C a utio n : Organizations that are not covered by the general rule and/or the special rules do not file Schedule B (Form 990, 990-EZ, or 990-PF)but mus t check the box in the heading of their Form 990, Form 990-EZ, or on line 1 of their Form 990-PF, to certify that they do not meet thefiling requirements of Schedule B (Form 990, 990-EZ, or 990-PF)

BAA Schedule B (Form 990, 990-EZ, or 990•PF) (2001 )

7 EEA0701 12/3 0/0 1

Schedule B (Form 990, 990-EZ, 990-RF) (2001Name of Organization

GRIMES AEROSPACE FOUNDATION

age 1 to 1 of PartEmployer Identification Number

34-655608 7

Part I Contributors (see instructions )

(a) (b) (c) (d)Number Name , address and ZIP + 4 Aggregate Type of cont ributi on

contributi ons

1 BARRY KOHN P e r son X--- ---- ----- ------- ---- ---- ----

------ Payroll

10935-HASTINGS-LANE $ 5, 000 . Noncash

(Complete Part II if there isP O WELL OH 43065 noncash contribution .)------------------------------------

(a) ( b ) W (d)Number Name , address and ZIP + 4 Aggregate Type of contribution

contribution s

2 PAUL KOMAROMY Person X-------------------------------------

Payroll12040 E . WELSH TRL $ 5,000. Nonca s h

(Complete Part II if there isSCOTTSDALE AZ 85259 noncash contribution .)------------------------------------

(a) (b) (c) (d)Number Name , address and ZIP + 4 Aggregate Type of contribution

contributions

Person-------------------------------------

Payroll

$ Noncash

(Comp lete Part I I if there i snoncash contribution

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

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

Number Name , address and ZIP + 4 Aggregate Type of contributioncontributions

Pe rson---- ----- ---------- --------- ---- -----

Payroll

$ Noncash

(Complete Part I I if there i snoncash contribu t ion

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

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

Number Name , address and ZIP + 4 Aggregate Type of cont ri butioncontributions

Person----- --- ----------- ---- ----- ---

------ Payroll

$ Noncash

(Comp l ete Part II if there i snoncash contribution

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

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

Number Name , address and ZIP + 4 Aggregate Type of contributioncontributions

Per son-------------------------------------

Payroll

$ Noncash

(Complete Part II if there i sn oncash contribu t ion )

BAA TEEA0702 01i02/02 Schedule B (Form 990, 990-EZ, 990-PF) (2001)

Grimes Aerospace Foundation2001 and 2002 990 P FID #: 34-6556087

Dear Sirs :

Grimes Aerospace Foundation is an all-volunteer organization for which I serve as aTrustee . In 2000 our contributions received fell below $25,000 and I was informed thatour 2 largest contributors would no longer be making donations to the Foundation . In2001, I received incorrect information that the Foundation would no longer required tofile returns since its revenues fell below the $25,000 threshold .

I received late notices for failure to file in July 2004 for the 2001 and 2002 returns (seeattached) I phoned the IRS upon receipt and learned the $25,000 exemption did not applyto private foundations . I contacted the accountant who previously prepared the return, hadhim extend the 2003 return that has been filed on time and authorized him to completethe returns for 2001 and 2002 .

Included herein are the 2001 and 2002 returns. Failure to file these on a timely basis wasdue to the misunderstanding on my part that filing was no longer required . I respectfullyrequest all potential fines or penalties be waived . All future returns will be filed timely. Ifyou have any questions or need additional information, please contact :

John R. Huneck1710 Waltham Rd .Columbus, OH 43221(614) 486-5468

Sincerely,

RECEIVED WpORRESIRS - OSC -575

NO V 2 1 2004

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