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          <RecipientName>WILLIAM H PHIPPS FOUNDATION</RecipientName>
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            <City>HUDSON</City>
            <State>WI</State>
            <ZIPCode>54016</ZIPCode>
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          <FormAndInfoAndMaterials>APPLICATIONS FOR GRANTS MAY BE SUBMITTED IN THE FORM OF A LETTER OUTLINING THE NATURE OF THE REQUEST AND A COPY OF THE APPLICANT'S INTERNAL REVENUE SERVICE EXEMPTION LETTER.</FormAndInfoAndMaterials>
          <SubmissionDeadlines>NO SUBMISSION DEADLINES</SubmissionDeadlines>
          <RestrictionsOnAwards>FOUNDATION AWARDS ARE LIMITED TO PROMOTING AND ADMINISTERING CHARITABLE, BENEVOLENT, EDUCATIONAL AND RELIGIOUS AIM AND THE PROMOTION OF CULTURAL ADVANTAGES WITHIN THE STATE OF WISCONSIN, AND PARTICULARLY ST CROIX COUNTY, WISCONSIN. THE AWARDS THAT ARE GIVEN TO MINNESOTA ORGANIZATIONS ARE FOR SPECIFIC ACTIVITIES WITHIN WISCONSIN AND PARTICULARLY ST CROIX COUNTY. THE FOUNDATION MAY MAKE GRANTS TO THE HUDSON WISCONSIN AREA SCHOOL DISTRICT FOR SCHOLARSHIPS TO GRADUATING HIGH SCHOOL SENIORS.</RestrictionsOnAwards>
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            <BusinessNameLine2>YMCA</BusinessNameLine2>
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            <City>HUDSON</City>
            <State>WI</State>
            <ZIPCode>54016</ZIPCode>
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          <RecipientFoundationStatus>PUBLIC CHAR</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>ANNUAL SUPPORT</PurposeOfGrantOrContribution>
          <Amount>41000</Amount>
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        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>TURNING POINT</BusinessNameLine1>
            <BusinessNameLine2>TURNING POINT</BusinessNameLine2>
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            <AddressLine2>445 WEST JOHNSON</AddressLine2>
            <City>RIVER FALLS</City>
            <State>WI</State>
            <ZIPCode>54002</ZIPCode>
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          <RecipientFoundationStatus>PUBLIC CHAR</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>FAMILIES IN CRISIS</PurposeOfGrantOrContribution>
          <Amount>3000</Amount>
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        <GrantOrContriPaidDuringYear>
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            <BusinessNameLine1>ST CROIX VALLEY - SART</BusinessNameLine1>
            <BusinessNameLine2>ST CROIX VALLEY-SART</BusinessNameLine2>
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          <RecipientUSAddress>
            <AddressLine1>516 2ND ST</AddressLine1>
            <AddressLine2>516 2ND ST</AddressLine2>
            <City>HUDSON</City>
            <State>WI</State>
            <ZIPCode>54016</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>PUBLIC CHAR</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>ANNUAL SUPPORT</PurposeOfGrantOrContribution>
          <Amount>15000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>PHIPPS CENTER FOR THE ART</BusinessNameLine1>
            <BusinessNameLine2>PHIPPS CENTER FOR THE ARTS</BusinessNameLine2>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1ST LOCUST</AddressLine1>
            <AddressLine2>1ST LOCUST</AddressLine2>
            <City>HUDSON</City>
            <State>WI</State>
            <ZIPCode>54016</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>PUBLIC CHAR</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>ANNUAL SUPPORT</PurposeOfGrantOrContribution>
          <Amount>168000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>MINNESOTA ORCHESTRA</BusinessNameLine1>
            <BusinessNameLine2>MINNESOTA ORCHESTRA</BusinessNameLine2>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1111 NICOLLET AVE</AddressLine1>
            <AddressLine2>1111 NICOLLET AVE</AddressLine2>
            <City>MINNEAPOLIS</City>
            <State>MN</State>
            <ZIPCode>55403</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>PUBLIC CHAR</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>SUPPORT ARTS</PurposeOfGrantOrContribution>
          <Amount>10000</Amount>
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        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>HUDSON SR HIGH SCHOOL</BusinessNameLine1>
            <BusinessNameLine2>HUDSON SR HIGH SCHOOL</BusinessNameLine2>
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            <AddressLine1>1501 VINE ST</AddressLine1>
            <AddressLine2>1501 VINE ST</AddressLine2>
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            <State>WI</State>
            <ZIPCode>54016</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>PUBLIC CHAR</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>EDUCATION</PurposeOfGrantOrContribution>
          <Amount>26000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>HUDSON BOOSTERS INC</BusinessNameLine1>
            <BusinessNameLine2>HUDSON BOOSTERS INC</BusinessNameLine2>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 354</AddressLine1>
            <AddressLine2>PO BOX 354</AddressLine2>
            <City>HUDSON</City>
            <State>WI</State>
            <ZIPCode>54016</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>PUBLIC CHAR</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>SUPPORT CHILDREN</PurposeOfGrantOrContribution>
          <Amount>32000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>OPERATION HELP</BusinessNameLine1>
            <BusinessNameLine2>OPERATION HELP</BusinessNameLine2>
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          <RecipientUSAddress>
            <AddressLine1>502 COUNTY ROAD UU</AddressLine1>
            <AddressLine2>502 COUNTY ROAD UU</AddressLine2>
            <City>HUDSON</City>
            <State>WI</State>
            <ZIPCode>54016</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>PUBLIC CHAR</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>SOCIAL SERVICES</PurposeOfGrantOrContribution>
          <Amount>3000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>CHRISTIAN COMMUNITY CAMPU</BusinessNameLine1>
            <BusinessNameLine2>CHRISTIAN COMMUNITY CAMPUS</BusinessNameLine2>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1320 WISCONSIN STREET</AddressLine1>
            <AddressLine2>1320 WISCONSIN STREET</AddressLine2>
            <City>HUDSON</City>
            <State>WI</State>
            <ZIPCode>54016</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>PUBLIC CHAR</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>COMMUNITY NEEDS</PurposeOfGrantOrContribution>
          <Amount>30000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>BRIDGE FOR YOUTH WITH DIS</BusinessNameLine1>
            <BusinessNameLine2>BRIDGE FOR YOUTH WITH DISABILITIES</BusinessNameLine2>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 1620</AddressLine1>
            <AddressLine2>PO BPX 1620</AddressLine2>
            <City>HUDSON</City>
            <State>WI</State>
            <ZIPCode>54016</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>PUBLIC CHAR</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>COMMUNITY NEEDS</PurposeOfGrantOrContribution>
          <Amount>20000</Amount>
        </GrantOrContriPaidDuringYear>
        <TotGrantOrContriPaidDuringYear>348000</TotGrantOrContriPaidDuringYear>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <IntOnSavingsAndTempCashInvst>
          <RelatedOrExemptFunctionIncome>86621</RelatedOrExemptFunctionIncome>
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        <DividendsAndIntFromSecPartVII>
          <RelatedOrExemptFunctionIncome>87858</RelatedOrExemptFunctionIncome>
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        <GainSalesAssetsOthThanInvntry>
          <RelatedOrExemptFunctionIncome>115385</RelatedOrExemptFunctionIncome>
        </GainSalesAssetsOthThanInvntry>
        <OtherRevenueDescribed>
          <Description>MISC. INVESTMENT TRANSACTIONS</Description>
          <RelatedOrExemptFunctionIncome>2255</RelatedOrExemptFunctionIncome>
        </OtherRevenueDescribed>
        <OtherRevenueDescribed>
          <Description>CLASS ACTION SETTLEMENTS</Description>
          <RelatedOrExemptFunctionIncome>8746</RelatedOrExemptFunctionIncome>
        </OtherRevenueDescribed>
        <SubtotalsPartXVIA>
          <RelatedOrExemptFunctionIncome>300865</RelatedOrExemptFunctionIncome>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>300865</TotalPartXVIA>
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      <TrnsfrTrRlnWithNoncharitableEO>
        <TrnsfrOfCashToNoncharitableEO>false</TrnsfrOfCashToNoncharitableEO>
        <TrnsfrOthAssetsNoncharitableEO>false</TrnsfrOthAssetsNoncharitableEO>
        <SalesOrExchangesOfAssets>false</SalesOrExchangesOfAssets>
        <PurchaseAssetsNoncharitableEO>false</PurchaseAssetsNoncharitableEO>
        <RentalOfFacilitiesEtc>false</RentalOfFacilitiesEtc>
        <ReimbursementArrangements>false</ReimbursementArrangements>
        <LoansOrLoanGuarantees>false</LoansOrLoanGuarantees>
        <PerformanceOfServicesEtc>false</PerformanceOfServicesEtc>
        <SharingOfFacilitiesEtc>false</SharingOfFacilitiesEtc>
        <RelationshipsNoncharitableEOs>false</RelationshipsNoncharitableEOs>
      </TrnsfrTrRlnWithNoncharitableEO>
    </IRS990PF>
    <AccountingFeesSchedule documentId="RetDoc2">
      <AccountingFees>
        <Category>TAX PREPARATION FEES</Category>
        <Amount>1300</Amount>
        <NetInvestmentIncome>650</NetInvestmentIncome>
        <DisbursementsCharitablePrps>650</DisbursementsCharitablePrps>
      </AccountingFees>
    </AccountingFeesSchedule>
    <InvestmentsCorpBondsSchedule documentId="RetDoc3">
      <InvestmentsCorpBonds>
        <NameOfBond>CORPORATE BOND INVESTMENTS</NameOfBond>
        <EOYBookValue>1268094</EOYBookValue>
        <EOYFMV>1307972</EOYFMV>
      </InvestmentsCorpBonds>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc4">
      <InvestmentsCorpStock>
        <NameOfStock>CORPORATE EQUITY INVESTMENTS</NameOfStock>
        <EOYBookValue>4015291</EOYBookValue>
        <EOYFMV>4682439</EOYFMV>
      </InvestmentsCorpStock>
    </InvestmentsCorpStockSchedule>
    <InvestmentsGovtObligationsSch documentId="RetDoc5">
      <USGovtSecuritiesEOYBookValue>548148</USGovtSecuritiesEOYBookValue>
      <USGovtSecuritiesEOYFMV>546256</USGovtSecuritiesEOYFMV>
    </InvestmentsGovtObligationsSch>
    <InvestmentsOtherSchedule2 documentId="RetDoc6">
      <InvestmentsOther>
        <CategoryOrItem>REAL ESTATE INVESTMENT TRUSTS</CategoryOrItem>
        <ListedAtCostOrFMV>AT COST</ListedAtCostOrFMV>
        <BookValue>79297</BookValue>
        <EOYFMV>93470</EOYFMV>
      </InvestmentsOther>
    </InvestmentsOtherSchedule2>
    <OtherExpensesSchedule documentId="RetDoc7">
      <OtherExpenses>
        <Description>EXPENSES</Description>
      </OtherExpenses>
      <OtherExpenses>
        <Description>ADR FEES</Description>
        <RevenueAndExpensesPerBooks>375</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>375</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>OFFICE SUPPLIES</Description>
        <RevenueAndExpensesPerBooks>1192</RevenueAndExpensesPerBooks>
        <DisbursementsCharitablePrps>1192</DisbursementsCharitablePrps>
      </OtherExpenses>
      <OtherExpenses>
        <Description>BIRKMOSE FUND</Description>
        <RevenueAndExpensesPerBooks>1043</RevenueAndExpensesPerBooks>
        <DisbursementsCharitablePrps>1043</DisbursementsCharitablePrps>
      </OtherExpenses>
      <OtherExpenses>
        <Description>DSF FEES</Description>
        <RevenueAndExpensesPerBooks>28</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>28</NetInvestmentIncome>
      </OtherExpenses>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc8">
      <OtherIncome>
        <Description>MISC. INVESTMENT TRANSACTIONS</Description>
        <RevenueAndExpensesPerBooks>2255</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>2255</NetInvestmentIncome>
      </OtherIncome>
      <OtherIncome>
        <Description>CLASS ACTION SETTLEMENTS</Description>
        <RevenueAndExpensesPerBooks>8746</RevenueAndExpensesPerBooks>
      </OtherIncome>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="RetDoc9">
      <OtherProfessionalFees>
        <Category>ACCOUNT MANAGEMENT/WELLS FARGO</Category>
        <Amount>66255</Amount>
        <NetInvestmentIncome>33128</NetInvestmentIncome>
        <DisbursementsCharitablePrps>33127</DisbursementsCharitablePrps>
      </OtherProfessionalFees>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc10">
      <Taxes>
        <Category>FOREIGN TAXES PAID</Category>
        <Amount>2632</Amount>
        <NetInvestmentIncome>2632</NetInvestmentIncome>
      </Taxes>
      <Taxes>
        <Category>2008 EXCISE TAXES</Category>
        <Amount>2000</Amount>
      </Taxes>
    </TaxesSchedule>
  </ReturnData>
</Return>