or Section 4947( a)(1) Nonexempt Charitable Trust Treated as a Private Foundation

065002

9

0^ I

Return of Private Foundation D•1BNo1545.00052

Form

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

r

2005

Department of the Treasury

Treated as a Private Foundation

Internal Revenue Service Note : The o anization may be able to use a co py of this return to satis fy state reportin g req uirements For calendar year 2005 , or tax year be g innin g and endin

r. Chpt k all that annly Initial rahim Final rohim 1 1 Amanrlarl rahim Aririrace r•hanna Ah.,,o

'h--Use the IRS

Name of organization A Employer Identification number

41 - 6025661

label.

J . A .

WEDUM FOUNDATION

B Telephone number (see page 10 of the instructions)

Otherwise ,

Number and street ( or P O . box number If mail is not delivered to street address ) Room/swte

612-789-3363

print

or type .

C If exemption application is pending , check here ^

2 615

UNIVERSITY AVENUE

SE

D 1 . Foreign organizations , check here ^

See Specific

Instructions.. City or town , state, and ZIP code

MINNEAPOLIS

MN

55 414

2. Foreign organizations meeting the

85% test , check here and attach computation ^ II

H Check type of organization Section 501 ( cx3 exempt private foundation E If private foundation status was terminated

Section 4947( a )( 1 ) nonexem pt charitable trust Other taxable nvate foundation under section 507 (b)(1)(A), check here ^

I

Fair market value of all assets at end J Accounting method Cash X Accrual F If the foundation is in a 60 - month termination

of year ( from Part II , col (c), Other ( specify ) under section 507(b )(1)(B), check here ^

line 16 ) ^ $ 106 , 714 , 020 ( Part I column ( d ) must be on cash basis

Part I

Analysis of Revenue and Expenses (The

(a) Revenue and (d) Disbursements

total of amounts in columns (b), (c), & (d ) may not necessanly expenses per (b) Net investment ( c) Adjusted net for chartable

books income income purposes

e q ual the amounts in column ( a ) ( see pa ge 11 of the mstr ( cash basis onl y)

I Contributions , gifts, grants, etc., received ( attach schedule ) 125

, 450

2 Check ^ © if the foundation is not required to attach Sch. B

3 Interest on savings and temporary cash investments

268 , 715

268 F 715

4 Dividends and interest from securities

75 , 680

75 , 680

5a

Gross rents

54 , 285

54 F 285

b Net rental income or ( loss) -27 r 532

6a Net gain/( loss) from sale of assets not on In 10 STMT 1

5 , 715

183

M b Gross sales pnce for all assets on line 6a

3 71406 6 6

m

m 7 Capital gain net income ( from Part IV , line 2) 0

IX ...

8 Net short- term capital gain 0

9 Income modifications

10a Gross sales less returns and allowances

b Less - Cost of goods sold

c Gross profit or (loss ) ( attach schedule)

11 Other income (attach schedule )

_..

STMT

_..

2

28 , 600 , 96 7

28 , 600 , 96

12 Total . Add lines 1 throu g

h 11

34 , 840 , 28 0

398 F 680

28 , 600 , 96

13 Compensation of officers , directors , trustees, etc. 75 , 000

14 Other employee salaries and wages 18 , 895

y 15 Pension plans , employee benefits 15

, 357

a 16a Legal fees ( attach schedule) SEE STMT 3

67 F 651

43

300

W

b

Accounting fees ( attach schedule )

STMT

4

31 , 120

19 , 059

0 c Other professional fees (att. schedule ) STMT 5

1 , 468 , 713

1 , 417 , 663

17

Interest

6 , 998 , 950

6

998

950

18 Taxes (att. schedule ) ( see pg . 14 of the mstr )

19 Depreciation ( att. schedule ) & depletion STMT 6

3

133

187

8

157

3

125

030

20

Occupancy

4

056

847

29 539

4

027

308

21

Travel, conferences , and meetings

52

001

6

445

34

935

22 Pnnting and publications 325

23 Otherexps .( att. sch .)

STMT

7

STMT8

4

515

20

45

833

14

429

70

o. 24 Total operating and administrative expenses.

.

Add lines 13 through 23

0

433

24

89

974

30

095

94

0

25 Contributions, gifts, grants paid 494

278

494

278

Isbursements . Add lines 24 and 25

0

927

52

89 F 974

30 , 095 , 94 7

494 F 278

21l L- a ^%r k^from li e 12.

cess of revenu ; r expenses and disbursements

3

912

756

^ , Jet_investy a^m t^t i f negative , enter -0-) 308 7 0 6

Mc }^d ;5us d Piet i^c if ne g ative , enter -0 . ' 0

Form99o -FrFf2nn5) J.A. WEDUM FOUNDATION 41-6025661

Attached schedules and amounts in the descri tion column Beg ri in ofy ear Endo f year Part 1_{1 Balahce Sheets} p

should be for end-of-year amounts only (See instructions )

( a ) Book Va lue ( b ) Book Va lue ( c ) Fair Market Value

I Cash-non-interest-bearing

2

Savings and temporary cash investments

2 , 486 , 748

3 , 095 , 002

3 , 095 , 003

3 Accounts receivable

^

1, 5 78 r 62j

.

, .

Less: allowance for doubtful accounts ^

1 , 671 ,

802

1 , 578 , 623

1 , 578 , 623

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 15 of the instructions)

7 Other notes and loans receivable ^ SEE WRK 251 , 525

Less: allowance for doubtful accounts ^ 251

525

251 , 525

8 Inventories for sale or use

9 Prepaid expenses and deferred charges

10a Investments-1.1 S and state government obligations (attach schedule) STMT 9

506 , 104

411, 171

411

171

b Investments-corporate stock (attach schedule) SEE STMT 10

1 , 481 , 073

1 , 855 , 793

1 , 855 , 793

c Investments corporate bonds (attach schedule) SEE STMT 11 254 , 915 288 452 288 , 452

11 Investments-land, buildings, and equipment: basis ^ 1_.411_.477

Less: accumulated depreciation ^ STMT 12

1

141, 477

141 , 477

12 Investments-mortgage loans

13

Investments-other(attachschedule)SEE

STATEMENT

13

242 , 728

217 , 712

217 , 712

14 Land, buildings, and equipment: basis ^ 82 , 4 8 4 , 2 71

Less: accumulated depreciation

^

STMT

14

13, 929, 914

91 , 728 , 50 1

68 , 554 , 35 7

82 , 484 , 268

15

Otherassets(descnbe

^

SEE

STATEMENT

15

)

31 , 404

,

14

7

16

, 389

,

99

6

16 , 389 , 996

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

the instructions. Also see page 1 item I .

12 9917495

92

, 784

,

10

8

106714020

17 Accounts payable and accrued expenses

5

,

364

,

583

5

,

137 ,

450

18 Grants payable m 19

... . ... ... . . . .. .. .... Deferred revenue

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

21 Mortgages and other notes payable (att. schedule) SEE WORKSHEET

129979374

90

, 796

,

31

7 22 Other liabilities (describe

^

SEE STATEMENT

16

)

530 ,

478

300 ,

991

23 Total liabilities ( add lines 17 throu g h 22 )

135874435

96

, 234

,

75

8 Organizations that follow SFAS 117, check here _{^ 19}

and complete lines 24 through 26 and lines 30 and 31.

24

Unrestricted

-5 , 956

, 940

-3

, 450

,

65

0

r- 25 Temporarily restricted m 26 Permanently restricted

V Organizations that do not follow SFAS 117, check here ^ U. and complete lines 27 through 31.

o 27 Capital stock, trust principal, or current funds

28 Paid-in or capital surplus, or land, bldg., and equipment fund 29 Retained earnings, accumulated income, endowment, or other funds

m 30 Total net assets or fund balances (see page 17 of the '. . •

Z

instructions)

..

-5 , 956 , 94 C

-3

,450

,

65

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

. 1

the instructions

129917495

92

, 784

,

10

-Part III

Analysis of Changes in Net Assets or Fund Balances

I 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)

2 Enter amount from Part I, line 27a

3 Other increases not included in line 2 (itemize) ^ SEE STATEMENT 17

4 Add lines 1, 2, and 3 _{. . . .... ... . ...} 5 Decreases not included in line 2 (itemize) ^ SEE STATE 4ENT 18 _{. ... .... ..}

06 5

Fbm°t990-Pr (2005) J.A. WEDUM FOUNDATION 41-6025661 Page 3 Part IV Capita! Gains and mosses for Tax an investment income

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

2-story buck warehouse, or common stock, 200 shs MLC Co) (b)P-PurchaseHow acquired Donation

(c) Date acquired (mo , day, yr)

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

1a

N /A

b c d e

(e) Gross sales puce

(f) Depreciation allowed (or allowable)

(g) Cost or other basis plus expense of sale

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

a b c d e

Com p lete onl y for assets showin g ain in column ( h ) and owned b the foundation on 12/31/69

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

(j) Adjusted basis as of 12/31/69

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

(1) Gains (Col (h) gain minus col (k), but not less than -0-) or

Losses (from col (h))

a b c d 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 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 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.

I Enter the appropriate amount in each column for each year; see page 18 of the instructions before making any entnes.

(a) Base penod years Calendar year ( or tax y ear beg innin g in

( b )

Adjusted qualifying distributions

(c )

Net value of nonchantable-use assets

( Distribution ratio col ( b ) divided by col ( c ))

2004

872 , 914

5 , 981 , 164

0.145944

2003

211 , 286

5 , 694 , 252

0 . 037105

2002

254 , 708

4 , 105 , 900

0 . 062035

2001

265 , 115

3 , 989 , 045

0 . 066461

2000

253 , 989

4 , 172 , 334

0.060875

2 Total of line 1 , column ( d) 2

0 . 372420

3

. .. .... . .. . Average distribution ratio for the 5-year base period-divide the total on line 2 by 5, or by the number of years the foundation has been in existence if less than 5 years

.. .. .. .

3 0

.074484

4 Enter the net value of noncharitable - use assets for 2005 from Part X , line 5

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

4 5

, 461 , 407

5 Multiply line 4 by line 3 5 406 , 787

6

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

.. .. . . . .. .... . ... 6 3

,

087 7 .... ... Addlines5and6 .. . .. . ... . ... .

7

409 , 874

8 Enter qualifying distributions from Part XII, line 4

8

494 , 278

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.

Form990 -FF(2005)

J.A.

WEDUM FOUNDATION

41-6025661

Paae4

Part V! Excise Tax Based on investment income ( Section 4940 ( a ), 4940 ( b ), 4940 (e ), or 4948- see pa g e 18 of the i nstructions 1a Exempt operating foundations described in section 4940 ( dX2), check here ^ and enter "N /A" on line 1.

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

b Domestic o anizatlons that meet the section 4940 ( e) requirements in Part V , check 11. 1 _{3 , 087} here ^ 9 and enter 11% 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 , col. (b)

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

3 Add lines 1 and 2 3 3 , 087

4 Subtitle A ( income ) tax (domestic section 4947( aXl) trusts and taxable foundations only. Others enter -0-) 4 0 5 Tax based on investment income . Subtract line 4 from line 3 . If zero or less , enter -0- 5 3 , 087

6 Credits/Payments.

a 2005 estimated tax payments and 2004 overpayment credited to 2005 6a 2 , 280 b Exempt foreign organizations -tax withheld at source 6b

c Tax paid with application for extension of time to file ( Form 8868) 6c d Backup withholding erroneously withheld 6d

7 Total credits and payments . Add lines 6a through 6d 7 2 , 280

8 Enter any penalty for underpayment of estimated tax. Check here [I 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 ^ 9 807 10 Overpayment . If line 7 is more than the total of lines 5 and 8, enter the amount overpaid ^ 10

11 Enter the amount of line 10 to be : Credited to 2006 estimated tax ^ Refunded ^ 11

Part Vll -A

Statements Regarding Activities

1a During the tax year , did the organization attempt to influence any national, state , or local legislation or did Yes No

it participate or intervene in any political campaign? 1a 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)? 1b X

If the answer is "Yes" to Ia or 1b, attach a detailed description of the activities and copies of any materials published or distributed by the organization in connection with the activities.

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

d Enter the amount ( if any ) of tax on political expenditures ( section 4955 ) imposed during the year: (1) On the organization . ^ $ ( 2) On organization managers. ^ $

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

2 Has the organization engaged in any activities that have not previously been reported to the IRS? 2 X If "Yes," attach a detailed description of the activities.

3 Has the organization 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 3 X 4a Did the organization 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?

.. ...

N/A 4b

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 organization have at least $5 , 000 in assets at any time during the year? If "Yes ," complete Part II, 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 • w

instructions ) ^ _{... ..}

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," all . explanation 8b X 9 Is the organization claiming status as a private operating foundation within the meaning of section 4942(jx3)

or 4942(j)(5) for calendar year 2005 or the taxable year beginning in 2005 ( see instructions for Part XIV on

page 26 )? If "Yes; complete Part XIV 9 X

10 Did any persons become substantial contributors during the tax year? If 'Yes,' attach a schedule listing their names & addresses _{... . .. . ... . ..} 10

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

Web site address ^

WWW. WEDUMFOUNDATION. ORG

12

.. The books are in care of ^ KATHLEEN HANSEN Telephone no.

... .. . .

..

. ... ...

^

612-789-3363

2537 UNIVERSITY . AVE SE .. . . .. . . . .. . . ... ... ... ...

Located at

10- MINNEAPOLIS ,

MN

ZIP +4

^

55414

13 Section 4947( ax1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 -Check here ^ and enter the amount of tax-exempt interest received or accrued during the year _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ ^ 13

965002 9

:'1J %&ivit 43L - i

Part VII-B

Statements Re g ardin g Activities for Which Form 4720 May Be Re q uired

File Form 4720 if any item is checked in the "Yes" column, unless an exception applies. Yes No 1a During the year did the organization (either directly or indirectly):

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ❑ Yes 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)? .... . . .. . . .. . . . ❑ Yes No (6) Agree to pay money or property to a government official? (Exception. Check "No"

if the organization agreed to make a grant to or to employ the official for a period

after termination of government service, if terminating within 90 days.) ❑ Yes No b If any answer is "Yes" to la(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 20 of the instructions)?

N/A

lb Organizations relying on a current notice regarding disaster assistance check here ^ ❑

c Did the organization engage in a prior year in any of the acts described in 1 a, other than excepted acts,

that were not corrected before the first day of the tax year beginning in 2005? 1 c X 2 _{Taxes on failure to distribute income (section 4942) (does not apply for years the organization was a private}

operating foundation defined in section 49420)(3) or 49420)(5)):

a At the end of tax year 2005 did the organization have any undistributed income (lines 6d

and 6e, Part XIII) for tax year(s) beginning before 2005? ❑ Yes No If "Yes," list the years ^ 20 , 20 20 20

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 income? (If applying section 4942(a)(2)

to all years listed, answer "No" and attach statement-see page 20 of the instructions)

N/A

2b 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 20 , 20 , 20

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

enterprise at any time during the year? ❑ Yes ® No

b If "Yes," did it have excess business holdings in 2005 as a result of (1) any purchase by the organization 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 organization had excess business holdings in 2005.) _{. . .} N/A 3b 4a

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

Did the organization invest during the year any amount in a manner that would jeopardize its charitable purposes?

. . . .

4a X

b Did the organization make any investment in a prior year (but after December 31, 1969) that could jeopardize its charitable

purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2005? 4b X 5a

. . During the year did the organization pay or incur any amount

to-... ... . .. .... .. (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ❑ Yes No (2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive? . .. . . .... . .... ... . . . Yes No (3) Provide a grant to an individual for travel, study, or other similar purposes? Yes No (4) Provide a grant to an organization other than a charitable, etc., organization described

in section 509(a)(1), (2), or (3), or section 4940(d)(2)? ❑ Yes No

(5) Provide for any purpose other than religious, charitable, scientific, literary, or . + -educational purposes, or for the prevention of cruelty to children or animals? ❑ Yes No

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 20 of the instructions)?

N/A

5b 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 the

tax because it maintained expenditure responsibility for the grant? N/A ❑ Yes ❑ No If -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 •

premiums on a personal benefit contract? ❑ Yes © No

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

For„ 990-PF (2005)

Form990-dF (2005) J . A .. WEDU-M FOUNDATION 41-6025661 Page 6 Infprmation About Oficers, Directors, Trustees, Foundatio n Manag ers, Highi Paid Employees,

Part VIIP

and Contractors

I List all nfficprc rfiracfnrs tnistaas fnundatinn mannnare nnri their cnmnuncnfinn teen none 91 of

(a) Name and address

(b) Title, and average hours per week devoted to position

(c) Compensation (if not paid, enter

-0-(d) Contnb to plans andemployeeseserrbenefited

com pensa ti on

(otheraa Ex ense accountallowances

SEE

STATEMENT

19

2 Compensation of five highest-paid employees (other than those included on line 1-see page 21 of the instructions). If nnnw enter "NONE"

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

(b) Title and average hours per week

devoted to position (c) Compensation

(d) Contributions to employee benefit plans and deferred compensation

(e) Expense account, other allowances

NONE

....

. .. .

...

Total number of other employees paid over $50,000 ... . ... ^ 3 Five highest- paid independent contractors for professional services- ( see page 21 of the instructions ). If none, enter

"NONE-"

( a ) Name and address of each p erson p aid more than $50,000 ( b ) Type of service ( c ) Com pensation

DALE VESLEDAHL

14821

JACOB LANE MINNETONRA MN 55345-6636

CONSULTING

51 , 050

...

....

...

...

...

.

...

Total number of others receiving over $50,000 for professional services ^ I 0 Part IX-A 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 number

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

1

FOUNDATION'S

PRINCIPAL

CHARITABLE ACTIVITY RELATES

TO

EDUCATION-SCHOLARSHIPS AND

_.

_{... .}

GRANTS

_..

_.

_{. ...}

TO

EDUCATIONAL

_...

_..

_{.... .}

INSTITUTIONS

BENEFITING MANY

SCHOLARS

2

SMALL

BUSINESS

GRANTS

TO

SOCIAL ASSISTANCE,

HEALTH,

ENVIRONMENTAL AND CULTURAL AGENCIES TO PROMOTE THEIR

_...

_{. ... ...}

3

SUPPORTING

STUDENT EDUATION THROUGH

THE

CREATION

OF

AND OPERATION OF

STUDENT

HOUSING

_{... . .}

4

... ...

065002

Form 990 PF,(2005 ) i-AA. WE

ED

U

IAL

TI O A 1 _6 025661

rage 7

Part IX- 13

Summa

of Pro g ram-Related Investments

see pag e 22 of the instructions

Describe the two la rg est p ro g ram - related investments made by the foundation durin g the tax ye ar on lines 1 and 2 Amount

1

N/A

2 _{.. . . . .. .. ...}

All other program - related investments See page 22 of the instructions

3

Total . Add lines 1 throu g h 3 ^

Part X

Minimum Investment Return ( All domestic foundations must complete this part . Foreign foundations,

see pa g e 22 of the instructions. )

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

a Average monthly fair market value of securities 1a 2 22 , 158

b Average of monthly cash balances _{. ... . . . . . .. .... .... . . . . . ...} 1b 2 7 92 198 c Fair market value of all other assets ( see page 23 of the instructions) 1c 230

,

220 d Total ( add lines 1a , b, and c ) _{.. . ... ... ...} Id

5

544

44 , 576

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

1c (attach detailed explanation) 1e 0

2 Acquisition indebtedness applicable to line 1 assets _{.. . . . . . .. .... .. .... . . .. ... .} 2 0

3 Subtract line 2 from line 1d 3

5

,

544

,

576

4 Cash deemed held for chantable activities . Enter 1 1 /2% of line 3 ( for greater amount, see page 23

of the instructions ) 4 83 , 169

5 Net value of noncharitable - use assets . Subtract line 4 from line 3 . Enter here and on Part V , line 4 5 5 1 461 , 407 6 Minimum investment return . Enter 5% of line 5 .. . . . ... ... 6 273 , 070

Distributable Amount ( see page 23 of the instructions ) ( Section 4942(j)(3) and (j)(5) private operating

Part XI

foundations and certain forei g n org anizations check here ^

and do not com p lete this

art.

I Minimum investment return from Part X , line 6 ... .. . 1 273 , 070 2a Tax on investment income for 2005 from Part VI, line 5 2a 3 087

b Income tax for 2005. (This does not include the tax from Part VI.) _{... . .... .} 2b

c Add lines 2a and 2b _{. . . . ... ... .... . ... ... ... . . .. . . . .... ..} 2c 3 , 087 3 Distributable amount before adjustments . Subtract line 2c from line 1 .. . . .. ... . . .. . ... .... . . 3

269

,

983

4 Recoveries of amounts treated as qualifying distributions 4

5 Add lines 3 and 4 _{. ... . .... ... .. ... . . . .}

5

269 , 983

6 Deduction from distributable amount ( see page 24 of the instructions) _{. ... . . .. . . . ... . ..} 6 7 Distributable amount as adjusted Subtract line 6 from line 5 . Enter here and on Part XIII,

line 1 . .. 7

269 , 983

Part XII

Qualifying Distributions ( see page 24 of the instructions)

I Amounts paid (Including administrative expenses ) to accomplish charitable , etc., purposes:

a Expenses , contributions , gifts, etc .-total from Part I, column ( d), line 26 _{. ... . .. . ... ... ... . . .} 1a

494

278

b Program - related investments-total from Part IX-B 1b

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

purposes 2

3 Amounts set aside for specific chantable projects that satisfy the:

a Suitability test ( pnor IRS approval required) 3a

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

4 Qualifying distributions . Add lines la through 3b. Enter here and on Part V, line 8 , and Part XIII , line 4

4

494 , 278

5 Organizations 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 24 of the instructions) 5 3 , 087 6 Adjusted qualifying distributions . Subtract line 5 from line 4 6 491 , 191

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

Form 990-P1F (2005)

J.A.

WEDUM FOUNDATION

41-6025661

Page 8

Part XIII'

Undistributed Income (see page 24 of the instructions)

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

I Distributable amount for 2005 from Part XI, line 7

2 Undistributed income, if any, as of the end of 2004: a Enter amount for 2004 only

b Total for prior years: 20 ,20 , 20 3 Excess distributions carryover, if any, to 2005:

a From 2000

60 , 616

b From 2001

77 , 429

c From 2002

59.037

d From 2003

e From 2004 57

f Total of lines 3a through e

4 Qualifying distributions for 2005 from Part

Xll,line 4:01 $ 494,278

a Applied to 2004, but not more than line 2a b Applied to undistributed income of prior years

(Election required-see page 25 of the instructions) c Treated as distributions out of corpus (Election

required-see page 25 of the instructions) d Applied to 2005 distributable amount e Remaining amount distributed out of corpus 5 Excess distributions carryover applied to 2005

(If an amount appears in column (d), the same amount must be shown in column (a).) 6 Enter the net total of each column as

indicated below:

a Corpus. Add lines 3f, 4c, and 4e Subtract line 5 b Prior years' undistributed income. Subtract

line 4b from line 2b _{.. . ... . ... . .} ' '

... . . c Enter the amount of prior years' undistributed

income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed

d Subtract line 6c from line 6b. Taxable amount-see page 25 of the instructions e Undistributed income for 2004 Subtract line

4a from line 2a. Taxable amount-see page

25 of the instructions _{. .. . ... ... . . . ...} f Undistributed income for 2005 Subtract

lines 4d and 5 from line 1. This amount must

be distributed in 2006 . . ... .. . . .... 7 Amounts treated as distributions out of

corpus to satisfy requirements imposed by section 170(bXl)(E) or 4942(g)(3) (see page 25 of the instructions)

8 Excess distributions carryover from 2000 not applied on line 5 or line 7 (see page 25 of the instructions)

F-orn990-FrF (2005)

J.A.

WEDUM FOUNDATION

41-6025661

Page 9

1a If the foundation has received a ruling or determination letter that it is a private operating

foundation, and the ruling is effective for 2005, enter the date of the ruling ^ b Check box to indicate whether the organization is a private operabno foundation described in section 2a Enter the lesser of the adjusted net

income from Part I or the minimum investment return from Part X for each year listed

b 85% of line 2a

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

d Amounts included in line 2c not used 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)(8)(1)

b "Endowment" alternative test-enter 2/3 of minimum investment return shown in Part X, line 6 for each year listed c "Support" alternative test-enter:

(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) (2) Support from general public

and 5 or more exempt organizations as provided in section 4942(jx3XB)(iii) (3) Largest amount of support from

an exempt organization

(e) Total

Part XV

Supplementary Information (Complete this part only if the organization had $5,000 or more in

assets at any time during the year-see nacre 26 of the instructions.)

I Information Regarding Foundation Managers:

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

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 of a partnership or other entity) of which the foundation has a 10% or greater interest.

N/A

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

Check here ^ if the organization only makes contributions to preselected charitable organizations and does not accept unsolicited requests for funds. If the organization makes gifts, grants, etc (see page 26 of the instructions) to individuals or organizations 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: N/A

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

RESUME OF ACADEMIC QUALIFICATIONS OR STANDARD GRANT APPL c Any submission deadlines:

NONE

d Any restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other factors-PREFERENCE IS GIVEN TO DONEE LOCATED IN ALEXANDRIA,MN AREA

^orm50,990-F F (2005)

J. A.

WEDUM FOUNDATION

41-6025661

Page 10

Part / Cu_rr'nnln^r+nn^gr^i

information. ( continued)

'''v'''

3Grants and Contributions Paid Durinci the Year or Aaaroved for Future Payment

Recipient

If recipient is an individual ,show any re lationship to

Foundation

status of Purpose of grant or _amount any foundation mana g er recipient contnbut^on

Name and address ( home or business

or substantial contributor

a Paid during the year

SEE

STATEMENT

20

494,278

Total

^ 3a

494 , 278

b Approved for future payment

N/A

Total ^ 3b

Flom990-PF (2005)

J . A .

WEDUM FOUNDATION

41-6025661

Page 11

^n^ A nal..^• `^ .. art

PartV%1 r.n r.^^a^ isof^^tc^^e-rrociucin

q

Activities

Enter gross amounts unless otherwise indicated Unrelate d business income Excluded b sec 512 513 , or 514 (e)

Program service revenue:

(a) Business code (b) Amount (c) dusio code (d ) Amount Related or exempt function income (See page 26 of the Ins tructions

SEE

STATEMENT

21

a

-

27 , 864 , 686

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

267 , 608

1 , 107

4 Dividends and interest from securities 75 , 680

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

-a Debt-financed property

b Not debt-financed property 16 -27

,

532

6 Net rental income or (loss) from personal property 7 Other investment income

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

_{5 1 715 , 183}

9 Net income or (loss) from special events

10 Gross profit or (loss) from sales of inventory 11 Other revenue- a

b -SEE

STATEMENT

22

_{736 , 281}

C d e

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

0

240 , 076

34 , 392 , 937

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

(See worksheet in line 13 instructions on page 27 to verify calculations. )

13

34,633,013

DAA

C65002

T1T. DUM TOE

rv^iVT ON

For^i 980-Pr,j2005i }T+ •^•1 UM Aiivav 41-6025601 Page 12 Part XVII Information Regarding Transfers To and Transactions and Relationships With Noncharitable

1 Did the organization directly or indirectly engage in any of the following with any other organization described in section Yes Nc 501(c) of the Code (other than section 501(cx3) organizations) or in section 527, relating to political organizations?

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

(1) Cash la ( l ) X

(2) Other assets la ( 2 ) X

b Other transactions:

(1) Sales of assets to a noncharitable exempt organization lb ( l ) X (2) Purchases of assets from a noncharitable exempt organization lb ( 2 ) X (3) Rental of facilities, equipment, or other assets lb ( 3 ) X

(4) Reimbursement arrangements lb (4 ) X

(5) Loans or loan guarantees lb ( 5 ) X

(6) Performance of services or membership or fundraising solicitations .. 1b ( 6 ) X c Sharing of facilities, equipment, mailing lists, other assets, or paid employees 1c X d If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market

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

(a) Line no I (b) Amount involved I (c) Name of nonchantable exempt organization I (d) Descnpton of transfers. transactions, and shannq arrangements

N

2a Is the organization 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? _El Yes © No

L. If "Vic " "mm^lnfu fhu fnllnwinn -h-ii tta

( a ) Name of o rg anization ( b ) Type of o rg anization

N /A

Under penalties f perjury, I declare that I h e e amined etum, in ding accompanying schedules and statements, and to the best of my knowledge and belief, rt is a con' and complete Decl o ofpre rer (other tha taxpayer or

1 Si na of officer or trustee d 2 CM _{,o m}T_c Preparer's a a m_F si g nature to

Finn's name (or rs if DOYUM & BARENSCHE

self-employ ,address, 7800 ME TRO PAPA

and ZIP code

MINNEAPOLIS

MN

065002

Forms JLII I IVULWs and Loans 'Re c eivable

990 / 990 -PF

_I

_I

2005

Name

and

Employer Identification Number

J.A.

41-6025 661

FORM 990-PF , PART II , LINE 7 - ADDITIONAL INFORMATION

Name of borrower Relationship to disqualified person

( 1 )

NOTE

RECEIVABLE

-

NICHOLS

( 2 )

NOTE

RECEIVABLE

-

RELATED

PARTY

( 3 ) ( 4 ) ( 5 ) ( 6 ) ( 7 ) ( 8 ) ( 9 ) ( 10 ) Original amount

borrowed Date of loan

Maturity

date Repayment terms

Interest rate ( 1 ) ( 2 ) ( 3 ) ( 4 ) ( 5 ) ( 6 ) ( 7 ) ( 8 ) ( 9 ) ( 10 )

Security provided by borrower Purpose of loan ( 1 ) ( 2 ) ( 3 ) ( 4 ) ( 5 ) ( 6 ) ( 7 ) ( 8 ) ( 9 ) ( 10 )

Consideration furnished by lender

Balance due at beginning of year

Balance due at end of year

q65002

Forms

990 / 990-PP

I fio%v4 . nnc ,r+d (1+M p r A1,44c Devabl Q UVul tv ^a, a..^ faI1.4 V^^U I 1 %W% t py Ga&0I

2005

Name

J.A.

WEDUM FOUNDATION

Employer Identification Number

41-6025661

FORM 990-PF PART II LINE 21 - ADDITIONAL INFORMATION

Name of lender Relationship to disqualified person

( 1 )

SHOREWOOD

( 2 )

U VILLAGE

( 3)

REDWOOD

TERRACE

( 4 )

BOULDERS

( 5 )

CHAMPLIN

( 6 )

SUNRISE

WYNGATE

( 8 )

ESPLANADE

( 9 )

KEELER

( 10 )

Original amount

borrowed Date of loan

Maturity

date Repayment terms

Interest rate

( 1 )

30 , 706 , 675

( 2 )

23 , 405 , 000

( 3 )

4 , 370 , 000

( 4 ) ( 5 ) ( 6 ) ( 7 ) ( 8 ) ( 9 ) ( 10 )

Security provided by borrower Purpose of loan

( 1 )

CONSTRUCTION

( 2 )

MORTGAGE

CONSTRUCTION

( 3 )

BUILDING

CONSTRUCTION

( 4 )

CONSTRUCTION

( 5 )

CONSTRUCTION

( 6 )

CONSTRUCTION

CONSTRUCTION

( 8 )

CONSTRUCTION

( 9 )

CONSTRUCTION

( 10 )

Consideration furnished by lender

065002 J.A. WEDUM FOUNDATION

41-6025661

Federal Statements

FYE: 12/31/2005

Statement 1 - Form 990 -PF, Part I. Line 6a - Sale of Assets

How

Desc

Rec'd

Whom

Date

Date

Sale

Sold

Acquired

Sold

Price

Cost

SALE

OF REDWOOD

TERRACE

REAL

ESTATE

PURCHASE

VARIOUS 10/19/05 $ 4,103,047 $ 3,407,481 $ SALE OF WYNGATE REAL ESTATE PURCHASE

VARIOUS 10/14/05 8,524,531 7,489,403 SALE OF BOULDERS REAL ESTATE PURCHASE

VARIOUS 4/30/05 10,425,695 8,681,244 SALE OF CHAMPLIN SHORES REAL ESTATE PURCHASE

VARIOUS 7/01/05 13,954,355 11,847,355

SALE OF INVESTMENTS PURCHASE

065002 J.A. WEDUM FOUNDATION

41-6025661'

Federal Statements

FYE: 12/31/2005

Statement 2 - Form 990-PF. Part I. Line 11 - Other Income

Description

Revenue per

Net Investment

Adjusted Net

Books

Income

Income

REDWOOD TERRACE

$

372,664

$

$

372,664

SHOREWOOD CAMPUS

4,806,654

4,806,654

U VILLAGE

3,778,899

3,778,899

CHAMPLIN SHORES

834,680

834,680

BOULDERS

373,012

373,012

SUNRISE

13,264,166

13,264,166

WYNGATE

438,633

438,633

ESPLANADE

2,671,589

2,671,589

KEELER

1,324,389

1,324,389

FEE INCOME

3,973

3,973

MANAGEMENT FEE INCOME

065002 J.A. WEDUM FOUNDATION_

41-6025661

•

Federal Statements

FYE: 12/31/2005

Statement 3 - Form 990 - PF, Part I . Line 16a - Legal Fees

Net

Adjusted

Description

T-` -'

'. •.__`^__`

"'. `

LEGAL

FEES

SHOREWOOD CAMPUS U VILLAGE BOULDERS WYNGATE ESPLANADE TOTAL

Charitable

Purpose

14,.151 $ 13,751 13,751 11,373 11,373

6,035

6,035

1,546

1,546

10,595

10,595

$

67,651

$

0

$

43,300

$

0

Statement 4 - Form 990-PF , Part I, Line 16b - Accounting Fees

Net

Adjusted

Description

T-a..i i..., a. --4. "i,.a

WEDUM REDWOOD TERRACE CHAMPLIN SHORES BOULDERS WYNGATE TOTAL

Charitable

Purpose

IZ,Ubl

4

$

8,942

8,942

2,917

2,917

2,400

2,400

4,800

4,800

$

31,120

$

0

$

19,059

$

0

Statement 5 - Form 990-PF, Part I . Line 16c - Other Professional Fees

065002 J.A. WEDUM FOUNDATION

41-6025661

Federal Statements

FYE: 12/31/2005

Statement 6 - Form 990-PF, Part I. Line 19 - Depreciation

Date

Acquired

COMPUTER EQUIPMENT 7/24/83 $ WHSE/2 FIREPROOF 11/01/83 INTERACTION SALES PRINTER

1/03/84 EQUIPMENT 3/21/86 COMPUTER HARDWARE 3/31/87 COMPUTER SOFTWARE 3/31/87 SOFTWARE 3/15/89 COMPUTER EQUIPMENT 7/25/89 SOFTWARE 12/20/89 CAR PHONE 6/01/93 COMPUTER EQUIPMENT 8/01/93 DESK UNITS 1/01/94 OFFICE REMODEL 1/01/94 COMPUTER & PRINTER

3/11/95 COMPUTER 11/16/96 LABELING MACHINE 6/30/96 DESK 2/07/97 1ST NATL BANK-GRD LOTS

1/01/90

Desc

Cost

PY

Basis

Depr

2,850

$

2,850

PRE

676

676

PRE

1,089

1,089

PRE

150

150

PRE

10,047

10,047

200DB

1,386

1,386

S/L

595

595

S/L

1,416

1,416

200DB

600

600

S/L

319 319 S/L

5,343

5,343

S/L

7,238

7,238

S/L

6,198

3,254

S/L

1,818

1,818

S/L

4,521

4,521

S/L

197

197

S/L

1,195

1,195

S/L

141,477

CY

Method

Life

Depr

5

$

5

5

5

5

5

5

5

5

5

5

5

20

310

5

5

5

5

0

Net Investment

Adj Net

I

Income

Income

310

065002 J.A. WEDUM FOUNDATION

41-6025661

Federal Statements

FYE: 12/31/2005

Statement 6 - Form 990-PF, Part I. Line 19 - Depreciation (continued)

Desc

Date

Cost

PY

CY

Acquired

Basis

Depr

Method

Life

Depr

LAPTOP COMPUTER (COOPER)

12/31/99

$

2,606

$

2,606

200DB

5

$

OFFICE EQUIP (REIMB JOHN)

12/31/99

2,816

2,816

200DB

5

OFFICE FURNITURE

1/28/04

10,342

1,477

200DB

7

2,533

LOBBY FURNITURE

2/02/04

1,353

193

200DB

7

332

2003 NISSAN

1/01/04

12,783

2,557

200DB

5

4,090

NEW REFURB COPIER

9/29/05

2,495

200DB

5

374

MICROWAVE & PLUG IN

11/14/05

43

200DB

5

2

NETWORK PRINTER

12/05/05

1,550

20ODB

5

78

CONFERENCE ROOM FRIDGE

12/07/05

137

200DB

7

5

LAPTOP & CABLES

12/20/05

2,223

200DB

5

111

ART

8/14/05

475

200DB

7

51

CONFERENCE ROOM TABLE & CHAIRS

11/14/05

4,820

200DB

7

172

OFFICE FURNITURE

12/01/05

2,371

200DB

7

85

2 ART PIECES

12/05/05

400

200DB

7

14

REDWOOD TERRACE SHOREWOOD CAMPUS U VILLAGE KEELER

92,579

879,172

643,868

249,437

Net Investment

Adj Net

065002 J.A. WEDUM FOUNDATION

41-6025661

Federal Statements

FYE: 12/31/2005

Statement 6 - Form 990-PF . Part I. Line 19 - Depreciation ( continued)

Desc

Date

Cost

PY

CY

Net Investment

Adj Net

Acquired

Basis

Depr

Method

Life

Depr

Income

Income

BOULDERS

$

$

$

73,551

$

$

73,551

SUNRISE WYNGATE ESPLANADE CHAMPLIN SHORES

TOTAL

TOTAL

542,612

542,612

156,952

156,952

346,210

346,210

140,649

140,649

$

231,529

$

52,343

$

3,133,187

$

8,157

$

3,125,030

Statement 7 - Form 990-PF . Part I . Line 23 - Amortization

Desc

Date

Cost

PY

CY

Net Investment

Adj Net

Acquired

Basis

Amort

Life

Amort

Income

Income

$

$

$

172,008

$

$

172,008

$

0

$

0

$

172,008

$

0

$

172,008

065002 J.A. WEDUM FOUNDATION

41-6025661 '

F ederal Statements

FYE: 12/31/2005

Statement 8 - Form 990 - PF. Part I , Line 23 - Other Expenses

Net

Adjusted

Description

Total

Investment

Net

REDWOOD

TERRACE

ACTIVITIES 3,671 3,671

BANK CHARGES 899 899

BENEFITS 4,251 4,251

BOND TRUSTEE FEES 4,428 4,428

OFFICE SUPPLIES 1,234 1,234 PURCHASED SERVICES 1,845 1,845 WAGES 28,000 28,000 TELEPHONE 2,854 2,854 ADVERTISING 8,604 8,604 SUPPLIES 1,797 1,797 WEDUM AUTOMOBILE 8,356 8,356

MEALS

2,276

2,276

PARKING 406 406

RENT

28,838

28,838

TELEPHONE 5,957 5,957 SHOREWOOD CAMPUS

ACTIVITIES

55,180

55,180

ADMINISTRATIVE 8,129 8,129 AUTOMOBILE 6,919 6,919 BANK 177 177

BENEFITS

117,866

117,866

BOND TRUSTEE FEES 6,095 6,095

CONTRACT SERVICES 37,711 37,711

DUES & SUBSCRIPTIONS 4,432 4,432

FOOD

&

BEVERAGE

875,600

875,600

065002 J.A. WEDUM FOUNDATION

41-6025661

•

Federal Statements

FYE: 12/31/2005

Statement 8 - Form 990 -PF. Part I. Line 23 - Other Expenses ( continued

Net

Adjusted

Charitable

Description

Total

Investment

Net

Purpose

CHAMPLIN SHORES $ $ $ $

MEMEBERSHIPS & DUES 350 350

OFFICE SALARIES 29,307 29,307 MANAGEMENT SALARIES 20,016 20,016 TELEPHONE 4,367 4,367 TRAINING 1,704 1,704 SECURITY 158 158 DECORATING SUPPLIES 566 566

VEHICLE

891

891

DIETARY

154,470

154,470

RESIDENT

CARE

153,692

153,692

RESIDENT SERVICES 15,036 15,036 EMPLOYEE BENEFITS 26,330 26,330 PAYROLL - VACATION 5,287 5,287 OPERATING RESERVE 12,420 12,420 ISSUER FEE 6,038 6,038 TRUSTEE FEE 3,019 3,019

GNMA SERVICE FEE 15,094 15,094

ADVERTISING 9,196 9,196

SUPPLIES 7,330 7,330

BOULDERS

BANK FEES 157 157

BENEFITS 7,556 7,556

BOND TRUSTEE FEES 3,089 3,089

OFFICE 473 473 PURCHASED SERVICES 11,024 11,024

WAGES

19,615

19,615

TELEPHONE 1,839 1,839 ADVERTISING 2,296 2,296

SUPPLIES

2,984

2,984

SUNRISE ACTIVITIES 10,123 10,123 ADMINISTRATIVE 471,836 471,836 BENEFITS 694,428 694,428

DUES & SUBSCRIPTIONS 9,217 9,217

FOOD & BEVERAGE 678,802 678,802

0650b2 J.A. WEDUM FOUNDATION

41-6025661

•

Federal Statements

FYE: 12/31/2005

Statement 8 - Form 990-PF , Part I. Line 23 - Other Expenses ( continued)

Net

Adjusted

Charitable

Description

Total

Investment

Net

Purpose

SUPPLIES $ 1,805 $ $ 1,805 $

ESPLANADE

ACTIVITIES 10,788 10,788

BANK CHARGES 4,419 4,419

BENEFITS

50,566

50,566

BOND TRUSTEE FEES 4,977 4,977

CONTRACT SERVICES 85,444 85,444

FOOD & BEVERAGE 246,741 246,741

MISCELLANEOUS 8,035 8,035

PAYROLL

1,167,708

1,167,708

TELEPHONE

16,411

16,411

WORKERS COMPENSATION 41,903 41,903 ADVERTISING 37,578 37,578 SUPPLIES 24,835 24,835 KEELER ADMINISTRATIVE 61,240 61,240

BOND TRUSTEE FEES 5,265 5,265

MCDA

FEE

26,269

26,269

WAGES

78,034

78,034

RENT

60,499

60,499

ADVERTISING 29,007 29,007 EXPENSES ADMINISTRATIVE 10,023 BANK CHARGES 694 COMPUTER 210

DUES & SUBSCRIPTIONS 1,305 EMPLOYEE INCENTIVES 1,358

FINANCIAL 3,504

LETTER OF CREDIT FEES 10,139

0650b2 J.A. WEDUM FOUNDATION_

_

41-6025661 •

Federal Statements

FYE: 12/31/2005

Statement 9 - Form 990-PF, Part II, Line 10a - US and State Government Investments

Beginning

End of

Basis of

Fair Market

Description

of Year

Year

Valuation

Value

FEDERAL AGENCY $ 304,626 $ 259,109 MARKET $ 259,109 US GOVERNMENT OBLIGATIONS 201,478 152,062 MARKET 152,062

TOTAL

$

506,104

$

411,171

$

411,171

Statement 10 - Form 990-PF. Part II, Line 10b - Corporate Stock Investments

Beginning

End of

Basis of

Fair Market

Description

of Year

Year

Valuation

Value

HELD BY WELLS FARGO MGD ACCT $ 1,481,073 $ 1,855,793 MARKET $ 1,855,793

TOTAL $ 1,481,073 $ 1,855,793 $ 1,855,793

Statement 11 - Form 990-PF, Part II, Line 1 Oc - Corporate Bond Investments

Beginning

End of

Basis of

Fair Market

Description

of Year

Year

Valuation

Value

NATIONS BANK $ 103,037 $ 100,362 MARKET $ 100,362 BANK OF AMERICA CORP 50,268 55,215 MARKET 55,215 HONEYWELL INTERNATIONAL 50,925 54,948 MARKET 54,948 JP MORGAN CHASE & CO 50,685 53,554 MARKET 53,554

LEHMAN BROTHERS 24,373 MARKET 24,373

TOTAL

$

254,915

$

288,452

$

288,452

Statement 12 - Form 990 - PF, Part II , Line 11 - Land , Building, and Equi pment Investments

Description

Beginning

End

End Accum

Net Fair

Net Book

Cost/ Basis

Deprec

Mkt Value

US BANK LEASE LOTS

$

141,477

$

141,477

$

$

141,477

TOTAL

$

141,477

$

141,477

$

0

$

141,477

Statement 13 - Form 990 - PF, Part II , Line 13 - Other Investments

Beginning

End of

Basis of

Description

of Year

Year

Valuation

NOTE-PINE

SHORE/INTERLACHEN

$

242,728

$

217,712

COST

065002 J.A. WEDUM FOUNDATION

41-602561

•

Federal Statements

FYE: 12/31/2005

Statement 14 - Form 990-PF, Part II, Line 14 - Land, Building , and Equipment

Description

Beginning

End

End Accum

OFFICE EQUIPMENT VEHICLE REDWOOD SHOREWOOD U VILLAGE BOULDERS CHAMPLIN SUNRISE WYNGATE ESPLANADE KEELER REDWOOD SHOREWOOD U VILLAGE KEELER BOULDERS CHAMPLIN SUNRISE WYNGATE ESPLANADE TOTAL

$

12,969

$

77,268

10,226

12,783

3,033,552

13,739,872

23,620,410

18,790,170

22,714,296

7,734,644

12,647,918

11,683,713

12,810,078

6,567,295

6,975,399

7,558,369

32,026

9,132,605

313,985

3,192,718

1,500,000

2,226,421

1,828,801

1,170,000

1,500,000

1,828,801

1,170,000

946,600

808,564

1,114,400

1,083,740

1,083,740

922,108

975,921

975,921

975,921

$ 91,728,501

$ 82,484,271

$ 13,929,914

$ 82,484,268

Statement 15 - Form 990-PF, Part II, Line 15 - Other Assets

Beginning

End of

Description

of Year

Year

REDWOOD CURRENT ASSSETS $ 25,515 $ $

REDWOOD TERRACE FINANCING FEES-NET 175,531 REDWOOD OTHER ASSETS 377,206

SHOREWOOD CURRENT ASSETS 307,101 287,395

065062 J.A. WEDUM FOUNDATION

41-602566 1

,

Federal Statements

FYE: 12/31/2005

Statement 15 - Form 990-PF. Part II. Line 15 - Other Assets (continued

Beginning

End of

Fair Market

Description

of Year

Year

Value

SHOREWOOD FINANCING FEES-NET $ 632,682 $ 612,795 $ 612,795 SHOREWOOD PERSONAL PROPERTY 2,170,929

SHOREWOOD OTHER ASSETS 3,118,604 2,925,135 2,925,135

U

VILLAGE

ESCROWS

278,689

349,220

349,220

U VILLAGE CURRENT ASSETS 687,995 606,920 606,920 U VILLAGE FINANCING FEES-NET 770,312 747,932 747,932 BOULDERS CURRENT ASSETS 8,984

BOULDERS FINANCING FEES-NET 493,390 BOULDERS OTHER ASSETS 938,158

CHAMPLIN ESCROWS 99,166

CHAMPLIN CURRENT ASSETS 68,895 CHAMPLIN OTHER ASSETS 39,658 SUNRISE CURRENT ASSET 10,982

SUNRISE OTHER ASSETS 6,878,617 6,878,617 6,878,617

WYNGATE ESCROWS 53,912

WYNGATE CURRENT ASSETS 89,087 WYNGATE FINANCING FEES-NET 472,782

WYNGATE OTHER ASSETS 84,075

ESPLANADE CURRENT ASSETS 22,534 22,534

ESPLANADE FINANCING FEES-NET 1,055,128 1,001,160 1,001,160 ESPLANADE OTHER ASSETS 897,347 848,471 848,471

KEELER ESCROWS 27,937

KEELER CURRENT ASSETS 26,386 34,115 34,115

KEELER FINANCING FEES-NET 450,176 450,176

KEELER CONSTRUCTION IN PROGRESS 9,869,686

KEELER OTHER ASSETS

1,745,393

1,625,526

1,625,526

TOTAL

$ 31,404,147

$ 16,389,996

$ 16,389,996

Statement 16 - Form 990 - PF, Part II, Line 22 - Other Liabilities

Beginning

End of

Description

of Year

Year

065002 J.A. WEDUM FOUNDATION

41-60256' 61

•

Federal Statements

FYE: 12/31/2005

Statement 17 - Form 990-PF. Part III. Line 3 - Other Increases

Description Amount

UNREALIZED GAIN $ 114,570

ESPLANADE PRIOR PERIOD ADJUSTMENT 464

TOTAL

$

115,034

Statement 18 - Form 990 - PF. Part III, Line 5 - Other Decreases

Description

Amount

KEELER PRIOR PERIOD ADJUSTMENT $ 1,519,494

WEDUM PRIOR PERIOD ADJUSTMENT 2,006

TOTAL $ 1,521,500

065002 J.A. WEDUM FOUNDATION

41-6025661

Federal Statements

FYE: 12/31/2005

Statement 19 - Form 990-PF, Part VIII, Line 1 - List of Officers, Directors, Trustees ,

Etc.

Name

Address

City, State, Zip

MARY BETH WEDUM

MINNEAPOLIS MN 55345 DALE A. VESLEDAHL MINNEAPOLIS MN 55345 FRANK STARKE JOHN WOSEPKA DAYTON SOBY GARY SLETTE KATHLEEN HANSEN MINNEAPOLIS MN 55414 DANA WEDUM KENNELLY

MINNEAPOLIS MN 55345 DAWN DOWNS CALDWELL ID 83607 Title CO-CHAIRMAN 0 CO-CHAIRMAN 0 SECRETARY 0 BOARD MEMBER 0 BOARD MEMBER 0 BOARD MEMBER 0 PRESIDENT 40 ADVISORY MEM 0 ADVISORY MEM 0

Average

Hours

Compensation

Benefits

Expenses

1

065002 J.A. WEDUM FOUNDATION

41-6025661

-

Federal Statements

FYE: 12/31/2005

Form 990 -PF, Part XV, Line 2b - Application Format and Required Contents

Description

RESUME

OF ACADEMIC QUALIFICATIONS

OR STANDARD

GRANT APPL

Form 990 -PF, Part XV, Line 2c - Submission Deadlines

Description

NONE

Form 990 -PF. Part XV, Line 2d - Award Restrictions or Limitations

Description

065002 J.A. WEDUM FOUNDATION

41-6025661

Federal Statements

FYE: 12/31/2005

Statement 20 - Form 990 -PF, Part XV, Line 3a - Grants and Contributions Paid During the

'

Year

Name

Address

ALEXANDRIA YEARLY SCHOLAR ALEXANDRIA MN

CHILDRENS CHANCE

DOLLARS FOR SCHOLARS SOMERSET WI METRO STATE UNIVERSITY

ST. PAUL MN SEARCH INSTITUTE

MN

UNIVERSITY VILLAGE SCHOLA MINNEAPOLIS MN LONE TREE CAMP

GLENDO WY LONE TREE BIBLE CAMP

NM YOUNG LIFE MN ADVOCATES ID T.L.C. TOYS MN TWO FEATHERS MN ALZHEIMER'S ASSOCIATION

HELPING HANDS OF HONDURAS

MEMORY CONNECTION MN

AMERICAN BANK FOUNDATION ST. PAUL MN

BUFFALO COMMONS MEMORIAL MN

HURRICANE KATRINA BENEFIT MN

Address

Relationship

Status

Purpose

065002 J.A. WEDUM FOUNDATION

41-6025661

Federal Statements

FYE: 12/31/2005

Statement 20 - Form 990-PF , Part XV. Line 3a - Grants and Contributions Paid During the

Year ( continued)

Name

Address

Address

U V KATRINA LODGING MINNEAPOLIS MN U V FLOOD VICTIM MINNEAPOLIS MN BUFFALO VETERANS MEMORIAL

BUFFALO MN

PHILANTHROPY CHRONICLE

BOULDER SENIOR LIVING LLC

CHAMPLIN SHORES CHAMPLIN MN

LIDEN HEALTH CARE CENTER MN

PRES HOMES/ NW INTERNATIO ROSEVILLE MN REDWOOD TERRACE COON RAPIDS MN WYNGATE TOWNHOMES LLC BURNSVILLE MN TOTAL

Relationship

Status

Purpose

Amount

IF-065002 J.A. WEDUM FOUNDATION_

_

41-6025061-

Federal Statements

FYE: 12/31/2005

Statement 21 - Form 990-PF , Part XVI-A. Line 1 - Program Service Revenue

Business

Unrelated

Exclusion

Exclusion

Related

Description

Code

Amount

Code

Amount

Income

REDWOOD TERRACE SHOREWOOD CAMPUS U VILLAGE CHAMPLIN SHORES BOULDERS SUNRISE WYNGATE ESPLANADE KEELER TOTAL IP IP 4i i /L, bb4 4,806,654 3,778,899

834, 680

373,012

13,264,166

438, 633

2,671,589

1,324,389

$

0

$

0

$ 27,864,686

Statement 22 - Form 990 -PF. Part XVI-A, Line 11 - Other Revenue

Business

Unrelated

Exclusion

Exclusion

Related

Description

Code

Amount

Code

Amount

Income

FEE INCOME $

C650U2 '

' rlnn^n^•i^4inn

and &mnr ± 1i-7atinn 0%1914o 1545-0171

Form 4 •`

VVM^^. V^Y ion Y^^^ ^^^..v• I .

(Rev. January 2006 )

(Including Information on Listed Property)

₂

005

Department of the Treasury Attachment

Internal Revenue Service see separate instructions . 10, Attach to your tax return . Sequence No 67

Name(s) shown on return Identifying number

J.A.

WEDUM FOUNDATION

41-6025661

Business or activity to which this form relates

INDIRECT

DEPRECIATION

Part I

Election To Expense Certain Property Under Section 179

Note: If you have an y listed p ro pe rty, com p lete Part V before you com p lete Part I.

1 Maximum amount. See the instructions for a higher limit for certain businesses 1 105 , 000 2 Total cost of section 179 property placed in service (see instructions) 2

3 Threshold cost of section 179 property before reduction in limitation 3 420 , 000 4 Reduction in limitation. Subtract line 3 from line 2. If zero or less, enter -0- 4

5 Dollar limitation for tax year. Subtract line 4 from line 1 If zero or less. enter -0-. If married filina seoarately. see instr_ . 5

6

Cost (business use only) I (c) Elected cost

7 Listed property Enter the amount from line 29 7

8 Total elected cost of section 179 property. Add amounts in column (c), lines 6 and 7 8 9 Tentative deduction. Enter the smaller of line 5 or line 8 9 10 Carryover of disallowed deduction from line 13 of your 2004 Form 4562 .. 10 11 Business income limitation. Enter the smaller of business income (not less than zero) or line 5 (see instructions) 11 12 Section 179 expense deduction. Add lines 9 and 10, but do not enter more than line 11 12 13 Ca rry over of disallowed deduction to 2006. Add lines 9 and 10 , less line 12 ' 13

Note : Do not use Part II or Part III below for listed property. Instead, use Part V.

Part II S p ecial De p reciation Allowance and Other De p reciation ( Do not include listed p ro p See instructions. ) 14 Special allowance for certain aircraft, certain property with a long production period, and qualified NYL

or GO Zone property (other than listed property) placed in service during the tax year (see instructions) 14 15 Property subject to section 168(f)(1) election _{. ... ....} 15

16 Other de p reciation ( includin g ACRS ) 16 310 Part III MACRS Depreciation ( Do not include listed property.) (See instructions.)

17 MACRS deductions for assets placed in service in tax years beginning before 2005... , , . ... . .... ... 17 6 J55 18 If you are electing to group any assets placed in service during the tax year Into one or more general asset accounts , check here . _ _

section t$-As sets rlacea in serv ice uurin zuuo tax Year using the Cienerai ue recta tton 5 stem

(a) Classification of property

(b) Month and year placed in

service

(c) Basis for depreciation (busmessrinvestment use onl y-see instructions )

(d) Recovery

period (e) Convention (f) Method (g) Depreciation deduction

19a 3-year p ro p e rty

b

5

-y

ear

p

ro

p

e

rty

6 , 311

5.0

MQ

20ODB

565

c

7-

y

ear

p

ro

p

e

rty

8 , 203

7.0

M

20ODB

327

d 10-ear p ro p e rty e 15 ear p ro p e rty f 20 ear p ro p e rty

25- year p ro p e rty 25 rs. SIL

h Residential rental 27.5 rs. MM S/L

property

27.5 y rs. MM S/L

I Nonresidential real 39 y rs. MM S/L

property _{MM S/L}

aecuon u-Ass ets riacea in service uunn zuua I ax rear u sm the Alte rnative ue rect ation system

20a Class life S/L

b 12-y ear 12 yrs. S/L

c 40 ear 40 rs MM S/L

21 Listed property . Enter amount from line 28 _{.. .... .. . . . .. .. . . . . . . . ..} 22 Total . Add amounts from line 12 , lines 14 through 17, lines 19 and 20 in column ( g), and line 21.

Enter here and on the appropriate lines of your return . Partnerships and S corporations - see instr.

23 For assets shown above and placed in service during the current year, II

7

enter the portion of the basis attributable to section 263A costs ... ... 1 23 1 1

For Paperwork Reduction Act Notice , see separate instructions . Form 4562 (2005) (Rev. 1-2006)