EXTENSION

Form 990-PF Return of Private Foundation OMB No 1545-0052

or Section 4947(a)(1) Nonexempt Charitable Trust 00�Department of the Treasury Treated as a Private FoundationIntern al Revenue Service Note : The organization may be able to use a copy of this return to satisfy state reporting requirements.For calendar year 2004 , or tax year beginning JUL 1, 2004 , and ending JUN 30r 2005 �-7t Chnrk all that annh, IT Initial rnfi , m C,nni reh , rn 1i Amnnda.1 return F--1 Arltroee nhnnna I 1 hhmn nhannn

$9

E•

Use the IRSlabel.

Otherwise ,

Name of organizationHANDLE FOUNDATION/O STUART L. SHAPIRO, ESQUIRE

A Employer identification number

51-0259146print

artype .Number and street (or P O box number if mail Is not delivered to street address)

380 MADISON AVENUE, 25TH FLOORRoomfsulte B Telephone number

212-972-4900See SpecificInstructions . City or town, state, and ZIP code

NEW YORK, NY 10017C If exemption application is pending , check here ►00 1. Foreign organizations , check here _ ►0

H Check a of organization. X Section 501 c 3 exempt private foundationtype ()()0 Section 4947( a)(1) nonexempt char itable trust Q Other taxabl e p rivate foundation

2. FoBl�n orpanlzettac meeting the 85% test ►chec here end attach computetlon

iE If f ti t t di t d t tI Fair market value of all assets at end of year(from Part 11, col. (c), line 16)► $ 2,203,070 .

J Accounting method [] Cash E Accrual= Other (specify)

(Part 1, column (d) must be on cash basis)

erm nap r va oun on s us was ee a aunder section 507(b)(1)(A), check here ►LI

F If the foundation is in a 60-month terminationunder section 507(b)(1 B), check here... ►El

i Analysis of Revenue and Expenses(rho total of amounts In columns (b), (m, and (d) may notnecessarily equal the amounts In column (a))

( a) Revenue andexpenses per books

(b) Net investmentincome

( c) Adjusted netincome

( d) Disbursementsfor charitable purposes

(cash basis only)

1 Cont ri butions , gifts, grants , etc , received .. /A2 Check ►a H the foundati on is not required to attach Sch B

nteres3 Icash Inv trsnaentes

and temporary 122. 122. T, ENWT 24 Dividends and interest from secu ri ties . 12,889. 12,889. STATEMMT______ 35a Gross rentsb Net rental income or foss)

m 6aNet gain or (loss) from sale of assets not on

1 -2r222. mks

b Gross sales price for all 200,000.assets on line Se7 Capital gain net Income (from Part IV, line 2) 0.

M 8 Net short-term capital gain9 Income modifications

Gross sales less returns10a and allowances

b Less Cost of goods soldc Gross profit or (loss)

11 Other income12 Total . Add lines 1 through 11 10,789. 13,011.13 Compensation of officers, directo rs, trustees , etc 0. 0. 0.

14 Other employee sala ries and wages15 Pension plans , employee benefits

•NW 16a Legal fees.C b Accounting fees STMT 4 4,750. 0. 0.01W

c Other professional fees17 Interest

LO 18 Taxes42 19 Depreciation and depletionE 20 Occupancy

gspY'22 P111 9.1 1 s2 Other expenses � STMT 5 767. 0. 0.

ToJ p egti qp IA@@niexpenses . Add lines 13th

i tlve23 5,517. 0 . 0 .

2 218 580. 218,580.26

(((eee1�ateM1 Bpx8 an i bursa nts.Add lines 24 and 25 224 097. 0. 218C580.

27 Subtract line 26 from line 12:a Excess of revenue over expenses and disbu rsements -2131308.

b Net investment Income ( f nega tive. enter -0-) 13, 011.c Adjusted net income Of negative, enter -0-)

.

N/ALHA For Privacy Act and Paperwork Reduction Act Notice , see the Instructions . Form 990-PF (2004)

42350101-03-05

1

i')c')n9?n 758573 43998 2004.05080 SHANDLE FOUNDATION C/O STUA 43998 1

SHANDLE FOUNDATIONForm 990-PF (2004) C/O STUART L. SHAPIRO. ESQUIRE 51-0259146 Paget

AtlaclredsGmdulesandamounttInthe d=rlpbonBalance Sh et

Beginning of year End of yeare s tuna should be torenna-of-yearamounlsoNY (a) Book Value (b) Book Value (c) Fair Market Value

1 Cash - non-interest-bearing2 Savings and temporary cash investments 4,405. -6, 682. -6,682.3 Accounts receivable ►

Less: allowance for doubtful accounts ►4 Pledges receivable ►

Less* allowance for doubtful accounts ►5 Grants receivable . . .. .6 Receivables due from officers, directors, trustees, and other

disqualified persons7 Other notes and loans reoei%ble

Less. allowance for doubtful accounts ►

, 8 Inventories for sale or use9 Prepaid expenses and deferred charges

10a Investments - U S. and state government obligationsb Investments - corporate stockc Investments - corporate bonds ..STMT 6 924,954. 722, 733. 709,015.

11 InvcstrmnY - land, bulldogs, and equipment basis ►

Less axumulatad depradabon ►

12 Investments - mortgage loans .13 Investments - other STMT 7 1 r500,000. 1 500, 000. 1,500,737.14 Land, buildings, and equipment basis ►

Less accumulated dapraaatlon ►

15 Other assets (describe ►

16 Total assets to be completed b all filers 2, 4 2 9,359. 21216, 051. 2,203,070.17 Accounts payable and accrued expenses .. 2,060. 2, 060.18 Grants payable19 Deferred revenue .20 Loans from officers , directors, trustees , and other disqualified persons

21 Mortgages and other notes payable .22 Other liabilities (describe ►

23 Total liabilities (add lines 17 through 22) 2,060. 2F 060.

24

Organizations that follow SFAS 117, check here ► 0and complete lines 24 through 26 and lines 30 and 31.Unrestricted . ..

_

a 25 Temporarily restricted .co26 Permanently restricted . .

Organizations that do not follow SFAS 117, check here ► OXLL° 27

and complete lines 27 through 31.Capital stock, trust principal, or current funds 2 ,427,299. 2,213,991 .

28 Paid-in or capital surplus, or land, bldg , and equipment fund 0. 0 .29 Retained earnings, accumulated income, endowment, or other funds 0. 030 Total net assets or fund balances 2, 427,299. 2,213, 991.

31 Total liabilities and net assets and balances 2, 429,359. 2 216 0 51.f Analysis of Changes in Net Assets or Fund Balances

1 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 27a3 Other increases not included in line 2 (itemize) ►4 Add lines 1, 2, and 35 Decreases not included in line 2 (itemize) ►6 Total net assets or fund balances at end of year (line 4 minus line 5) - Part II. column (b). line 30

42351101-03-05

2,427,299.-213,308.

0.2,213,991.

0.2.213,991.

Form 990-PF (2004)

2inr,nnoln 79cc71 d'Q9R 2004.05080 SHANDLE FOUNDATION C/0 STUA 43998 1

SHANDLE FOUNDATIONForm 990-PF (2004) C/O STUART L. SHAPIRO, ESQUIRE 51-0259146 Page 3i IV Capital Gains and Losses for Tax on Investment Income

(a) List and describe the kind(s ) of property sold (e g , real estate ,2-story b rick warehouse , or common stock , 200 shs . MLC Co )

(b How acquired- Purchase

D -Donation( c Date acquired(mo , day , yr.)

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

la MERC FDS LOW DURATION BONDS P 03/22/04 10/05/04bcde

(e) Gross sales p rice ( f) Depreciation allowed(or allowable )

( g) Cost or other basisplus expense of sale

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

a 200 000. 202 222. -2,222.bCde

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

(i) F.M V as of 12/31/69 (1) Adjusted basisas of 12/31/69

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

cohthan -0-) orcol.

(k),but

(fromless

a -2,222.bcde

2)also{ If (l oo

n ,ss Ilinlineee

77

3enterr -0

e -0-in

PartPart I

I,Cap ital gain net income or (net cap ital loss). If •

2 -2,222.3

,,

Net sho rt-term cap it al gain or (loss) as defined in sections 1222 ( 5) and (6).If gain, also enter in Part I, line 8 , column (c).If (loss ), enter -0- in Part I, line 8 3 N/A

I PTV I 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 dist ri butable amount of any year in the base penod? Yes 0 NoIf'Yes ' the organization does not qual ity under section 4940(e) Do not complete this pa rt1 Enter the approp riate amount in each column for each year , see instructions before making any ent ries.

Base period yearsCalendar year or tax year beginning in

( b)Adjusted qual ifying dist ri butions (c)Net value of nonchantable-use assetsd

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

2003 138,013. 2r349, 018. .05875352002 129 645. 2,258 171. .05741152001 162 522. 2,735, 251. .05941762000 66,215. 3,063, 544. .02161391999 102,8 2. 3,000, 864. .0342775

2 Total of line 1 , column (d) .. 2 .23147403 Average dist ri bution ratio for the 5-year base pe ri od - divide the total on line 2 by 5,

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

.. 3 . 0 4 6 2 9 4 8

4 Enter the net value of nonchantable -use assets for 2004 from Part X, line 5 4 2 249,228.

5 Multiply line 4 by line 3 5 104,128.

6 Enter 1% of net investment income (1% of Part I, line 27b) 6 130.

7 Addlines5and6 7 104 258.

8 Enter qualifying dist ri butions from Part XII, line 4 8 218,580.If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1 % tax rateSee the Part VI instructions

423521R)1-03-05 Form 990-PF (2004)

1')5711920 758573 43998 2004.05080 SHANDLE FOUNDATION C/O STUA 43998

SHANDLE FOUNDATIONForm 990-PF (2004) C/O STUART L. SHAPIRO, ESQUIRE 51-0259146 Page 4

Yf Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948 - see instructions)1 a Exempt operating foundations described in section 4940(d)(2), check here ► 0 and enter 'WA" on line 1.

Date of ruling letter ( a ttach copy of ruling letter It necessa ry-see Instructions)b Domestic organizations that meet the section 4940(e) requirements in Part V, check here ► LX and enter 1% 1 130.

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 03 Add lines 1 and 2 3 130.4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) ... 4 05 Tax based on Investment Income . Subtract line 4 from line 3. If zero or less, enter -0- . . 5 130.6 Credits/Payments:a 2004 estimated tax payments and 2003 overpayment credited to 2004 _ 6a 3,053.b Exempt foreign organizations - tax withheld at source 6bc Tax paid with application for extension of time to file (Form 8868) . 6cd Backup withholding erroneously withheld. 6d

7 Total credits and payments Add lines 6a through 6d . 7 3,053.8 Enter any penalty for underpayment of estimated tax Check here it Form 2220 is attached 8-9 Tax due . If the total of lines 5 and 8 is more than line 7, enter amount owed .. ► 9

10 Overpayment . If line 7 is more than the total of lines 5 and 8, enter the amount overpaid ► 10 2,923.11 Enter the amount of line 10 to be: Credited to 2005 estimated tax ► 2 9 2 3 . Refunded ► 11 0

1 a Du ri ng the tax year , did the organization attempt to influence any national , state, or local legislation or did it participate or inte rvene in Yes Noany political campaign? 1 a X

b Did it spend more than $ 100 du ring the year (either directly or indirectly) for political purposes (see instructions for defin it ion ) ? . .. 1b XIf the answer is "Yes " to 1 a or 1 b, attach a detailed description of the activities and copies of any matenals published ordistributed by the organization in connection with the activities.

c Did the organization file Form 1120 -POL for this year? 1c Xd Enter the amount ( if any) of tax on political expend itures ( section 4955 ) imposed du ring the year:

(1) On the organization . ► $ 0 . (2) On organization managers ► $ 0.e Enter the reimbu rsement ( d any) paid by the organization du ring the year for political expenditure tax imposed on organization

managers ► $ 0.2 Has the organization engaged in any activ it ies 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 gove rn ing instrument , articles of incorporation, or

bylaws , or other similar instruments ? If "Yes," attach a conformed copy of the changes . ... 3 X4a Did the organization have unrelated business gross income of $1,000 or more du ring the year? , . .. 4a Xb If 'Yes , has it filed a tax retu rn on Form 990 -T for this year? N/A 4b

5 Was there a liquidation , termination , dissolution , or substantial contraction du ring the year? . 5 XIf "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 gove rn ing instrument, or• By state legislation that effectively amends the governing instrument so that no mandato ry directions that conflict with the state law

remain in the governing instrument? 6 X7 Did the organization have at least $5 ,000 in assets at any time du ri ng the year? .. . . 7 X

If "Yes, " complete Part Il, col. (c), and Part XV.Be Enter the states to which the foundation reports or with which it is registered (see instructions) ►

DELAWAREb If the answer is "Yes' to line 7 , has the organization furnished a copy of Form 990-PF to the Atto rn ey General ( or designate)

of each state as required by General Instruction G? If "No," attach explanation 8b X9 Is the organization claiming status as a private operating foundation within the meaning of section 4942 (j)( 3) or 4942 (1)(5) for calendar

year 2004 or the taxable year beginning in 2004 (see instructions for Part XIV)? If "Yes, " complete Part XIV 9 X10 Did any persons become substantial cont ri butors during the tax year? u'ves,• attach a schedule lis ting their names and addresses 10 X11 Did the organization comply with the public inspection requirements for.its annual returns and exemption application? 11 X

Web site address ► N/A12 Thebooksareincareof ► STUART L SHAPIRO, ESQUIRE Telephone no ► 212-972-4900

Located at ► 380 MADISON AVENUE, NEW YORK, NY ZIP+4 ►1001713 Section 4947(a)(1) 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 ► 1 13 I N/A$ 05 Form 990-PF (2004)1 _03-

4

SHANDLE FOUNDATIONForm 990-PF (2004 ) C/O STUART L. SHAPIRO, ESQUIRE

Statements Activities for Which Form 4720 BeFile Form 4720 if any item is checked in the "Yes" column , unless an exception applies.

1 a Du ring the year did the organization (either directly or indirectly):(1) Engage in the sale or exchange , or leasing of property with a disqual ifi ed person? Q Yes M No(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified pe rs on? ... 0 Yes 0 No(3) Fumish goods , se rvices , or fac il ities to (or accept them from ) a disqualified pe rs on? Yes OX No(4) Pay compensation to, or pay or reimbu rse the expenses of, a disqual ified pe rs on? . _ _ . .. Q Yes OX No(5) Transfer any income or assets to a disqualified pe rson ( or make any of either ava il able

for the benefit or use of a disqualified pe rs on )? _ Q Yes FX No(6) Agree to pay money or property to a gove rn ment official? ( Exception . Check'No'

if the organization agreed to make a grant to or to employ the official for a pe ri od afterNotermination of government service , if terminating within 90 days .) . . . Yes FX

b If any answer is "Yes " to la(1)-(6 ), did any of the acts fail to quality under the exceptions desc ri bed in Regulationssection 53 4941 (d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions )? N/A

Organizations relying on a current notice regarding disaster assistance check here . . ►c Did the organization engage in a p ri or year in any of the acts descri bed in la, other than excepted acts , that were not corrected

before the fi rs t day of the tax year beginning in 2004? .2 Taxes on failure to dist ri bute income ( section 4942 ) (does not apply for years the organization was a p ri vate operating foundation

defined in section 4942(j)( 3) or 4942(j)(5))a At the end of tax year 2004 , did the organization have any undist ri buted income ( lines 6d and 6e, Part XIII ) for tax year( s) beginning

before 2004? Yes OX NoIf 'Yes," list the years ►

b Are there any yea rs listed in 2a for which the organization is not applying the provisions of section 4942 (a)(2) (relating to incorrectvaluation of assets ) to the year ' s undist ri buted income? ( If applying section 4942 (a)(2) to all yea rs listed , answer 'No' and attachstatement - see instructions ) . . _. _ NIA

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

3a Did the organization hold more than a 2% direct or indirect interest in any business enterprise at any timedu ri ng the year? . . = Yes El No

b If 'Yes , did it have excess business holdings in 2004 as a resu lt of (1) any purchase by the organization or disqual ified pe rsons afterMay 26 , 1969, (2 ) the lapse of the 5-year pe ri od (or longer pe ri od approved by the Commissioner under section 4943 (c)(7)) to disposeof holdings acquired by gift or bequest ; or (3) the lapse of the 10-, 15-, or 20-year first phase holding pe ri od ? (Use Schedule C,Form 4720, to determine if the organization had excess business holdings in 2004.) N/A.

4a Did the organization invest du ring the year any amount in a manner that would jeopardize its cha ritable purposes?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 fi rst day of the tax year beginning in 2004? . . .5a Du ri ng 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 0 No(2) Influence the outcome of any spec ifi c public election (see section 4955); or to carry on , directly or indirectly,

any voter registration d rive? .. . ..=Yes E1 No(3) Provide a grant to an individual for travel , study , or other similar purposes ? E] Yes 0 No(4) Provide a grant to an organization other than a charitable , etc., organization desc ribed in section

509(a )( 1), (2), or (3 ), or section 4940(d)(2)? . .. E Yes [l No(5) Provide for any purpose other than religious , cha ritable , scientific , l itera ry, or educational purposes, or for

the prevention of cruelty to ch ildren or animals? El Yes Nob If any answer is'Yes'to 5a ( 1)-(5), did any of the transactions fail to qual ity under the exceptions desc ri bed in Regulations

section 53 4945 or in a current notice regarding disaster assistance ( see instructions ) ? _ N/AOrganizations relying on a current notice regarding disaster assistance check here ►0

c If the answer is 'Yes' to question 5a(4), does the organization claim exemption from the tax because it maintained

X

X

X

expenditure responsib il ity for the grant? N/A 0 Yes El NoIf "Yes," attach the statement required by Regulations section 53 . 4945-5(0).

6a Did the organization , du ring the year , receive any funds , directly or indirectly , to pay premiums ona personal benefit contract? _ .. El Yes No

b Did the organization , duimg the year , pay premiums , di re ctly or indirectly , on a pe rsonal benefit contract? 66 XIf you answered "Yes" to 6b . also file Form 8870. 7-1 1

Form 990-PF (2004)

51-0259146 Page5

42354101-03-05

519590970 758573 43998 2004.05080 SHANDLE FOUNDATION C/O STUA 43998

SHANDLE FOUNDATIONC/O STUART L. SHAPIRO, ESQUIRE 51-0259146

Information About Officers , Directors , Trustees, Foundation Managers, Highly Page 6III Paid Employees, and Contractors

i 1 i.* all nffi..nm rliranfnrc tructeae fnundatinn mananers and their cmmnensation.

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

hou rs per week devotedto position

(c) Compensation( It not paid ,enter -0-)

(d?conmbutonsto" a° u's

c ensaoon

(e) Expenseaccount, otherallowances

STUART L. SHAPIRO, ESQUIRE RESIDENT380 MADISON AVENUENEW YORK, NY 10017 1 0. 0. 0.CHARLOTTE F. SHAPIRO P/ DIRECTOR2002 WEST 14TH STREETWILMINGTON, DE 19806 0 0. 0. 0.ELIZABETH I. SHAPIRO P/ DIRECTOR2002 WEST 14TH STREETWILMINGTON DE 19806 1 0. 0. 0.MERCANTILE TRUST COMPANY GT/INV/MGMT2 HOPKINS PLAZABALTIMORE, MD 21201 1 767. 0. 0.0 /l.......e..cnf:nn ..f Fvn 6inhnct-nairi mm�Invnnc lnthar than thnca innl,fdPA on Imp IL IT none- enter "NUNt."

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

hours per weekdevoted to position

(c) Compensation(d)CnU1bcti�tolam0R1� aorbV

c ensaeon

(e) Expenseaccount, otherallowances

NONE

Total number of other employees paid over $50,000 U3 Five highest-paid independent contractors for professional services . If none , enter "NONE."

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

NONE

Total number of othe rs receiving over $50,000 for professional services 0I Dew IY_k S.immnrv of nirat-t Charitahlp Activities

List the foundation ' s four largest direct chantable activities during the tax year . Include relevant statistical information such as thenumber of organizations and other beneficiaries served , conferences convened , research papers produced, etc Expenses

N/A

2

3

4

423551 Form 990-PF (2004)01-03-056

10100123 758573 43998 2004.08010 SHANDLE FOUNDATION C/O STUA 439981

SHANDLE FOUNDATIONForm 990-PF (2004) C/O STUART L. SHAPIRO, ESQUIRE 51-0259146 Pagel

i'k3 Summary of Program -Related Investments

Desc ribe the two largest program-related investments made by the foundation dung the tax year on lines 1 and 2. Amount

1 N/A

2

All other program-related investments See instructions3

Total. Add lines 1 through 3 ► 0..

t'L Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)

1 Fair market value of assets not used (or held for use) directly in carrying out charitable, etc., purposesa Average monthly fair market value of securities 1 a 2 2 82 0 3 5.

b Average of monthly cash balances lb 11445 .c Fair market value of all other assets 1 cd Total (add lines la, b, and c) 1d 2,283,480.e Reduction claimed for blockage or other factors reported on lines la and

1c (attach detailed explanation) 1e 0.2 Acquisition indebtedness applicable to line 1 assets . 2 03 Subtract line 2 from line 1d 3 2,283,480.4 Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see instructions) 4 34,252.5 Not value of noncharitable -use assets . Subtract line 4 from line 3 Enter here and on Part V, line 4 5 2,249,228 .6 Minimum Investment return . Enter 5% of line 5 6 112,461 .row xi Distributable Amount (see instructions) (Section 4942(1)(3) and (I)(5) private operating foundations and certain

foreign organizations check here ► and do not complete this part )1 Minimum investment return from Part X, line 6 . _ 112,461.2a Tax on investment income for 2004 from Part VI, line 5 2a 130.b Income tax for 2004. (This does not include the tax from Part VI.) 2bc Add lines 2a and 2b . ... .... .. .. ... . ... . .. ... 2c 130 .

3 Distributable amount before adjustments. Subtract line 2c from line 1 3 112, 331 .4 Recoveries of amounts treated as qualifying distributions. .. . 4 05 Add lines 3 and 4 .. 5 112, 331.6 Deduction from distributable amount (see instructions) .. 6 07 Distributable amount as adjusted Subtract line 6 from line 5. Enter here and on Part XIII, line 1 7 112 331 .

Part Qualifying Distributions (see instructions)

1 Amounts paid (including administrative expenses) to accomplish charitable, etc , purposes:a Expenses, contributions, gifts, etc. - total from Part I, column (d), line 26 1 a 218,580.b Program-related investments - total from Part IX-B lb 0

2 Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc., purposes 23 Amounts set aside for specific charitable projects that satisfy the.a Suitability test (prior IRS approval required) 3ab Cash distribution test (attach the required schedule) 3b

4 Qualifying distributions . Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4 4 218,5805 Organizations that qualify under section 4940(e) for the reduced rate of tax on net investment

income Enter 1% of Part I, line 27b 5 130.6 Adjusted qualifying distributions . Subtract line 5 from line 4 6 218, 450.

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 section4940(e) reduction of tax in those years.

Form 990-PF (2004)

42356101-03-05

711c)no)n 7 cRc7- 4'99R 2004.05080 SHANDLE FOUNDATION C/O STUA 43998 1

SHANDLE FOUNDATIONForm 990-PF (2004) C/O STUART L. SHAPIRO, ESQUIRE 51-0259146 Page8

i> X9 Undistributed Income (see instructions)

(a) (b) (c)Corpus Years prior to 2003 2003

1 Distributable amountfor 2004 from Part XI, line 7

2 Undistributed Income , If any , as of the and of 2003

a Enter amount for 2003 onlyb Total for prior years-

3 Excess distributions carryover, if any, to 2004:a From 1999b From 2000c From 2001 27r435.dFrom2002 25,396.e From 2003 32,696.t Total of lines 3a through e

4 Qualifying distributions for 2004 fromPart Xll,line 4:►$ 218 580.

a Applied to 2003, but not more than line 2ab Applied to undistributed income of prioryears (Election required - see instructions)

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

d Applied to 2004 distributable amounte Remaining amount dist ri buted out of corpus

5 Excess distr ibutions carryover applied to 2004Of an amount appears In column (d), the same amountmust be shown in column (4)

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 2b .

c Enter the amount of prior years'undistributed income for which a notice ofdeficiency has been issued, or on whichthe section 4942(a) tax has been previouslyassessed

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

e Undistributed income for 2003 Subtract line4a from line 2a. Taxable amount - see instr.

f Undistributed income for 2004. Subtractlines 4d and 5 from line 1 This amount mustbe distributed in 2005

7 Amounts treated as distributions out ofcorpus to satisfy requirements imposed bysection 170(b)(1)(E) or4942(g)(3)

8 Excess distributions carryover from 1999not applied on line 5 or line 7 . .

9 Excess dIstrIbutlons carryover to 2005.Subtract lines 7 and 8 from line 6a

10 Analysis of line 9:a Excess from 2000b Excess from 2001 27,435.c Excess from 2002 25,396.d Excess from 2003 32,696.e Excess from 2004 106.249.

42357101-03-05

1)c)nQ1n 7cRc7' 41998

0

85,527.

(d)2004

112 331.

0.

0.

0.

0.112 331.

106r249.0. 0.

191 776.

0.

0.

0.

0.

0.

0.

0.

19117 7 6.

Form 990-PF (2004)

8

2004.05080 SHANDLE FOUNDATION C/O STUA 43998 1

SHANDLE FOUNDATIONForm990-PF 2004 C/O STUART L. SHAPIRO, ESQUIRE 51-0259146 Page9

XW Private Operating Foundations (see instructions and Part Vll•A, question 9) N/A1 a It the foundation has received a ruling o r determination letter that it is a p rivate operating

foundation , and the ruling is effective fo r 2004, enter the date of the ruling _b Check box to indicate whether the organ ization is a private o eratm foundation desc ribed in section 4942(i)(3) or 4942(i)(5)

2 a Enter the lesser of the adjusted net Tax year Prior 3 yea rsincome from Part I or the minimum ( a) 2004 ( b) 2003 (c) 2002 ( d) 2001 (e) Total

investment return from Part X foreach year listed .. .

b 85% of line 2ac Qual ifying dist ri butions from Part XII,

line 4 for each year listedd Amounts included in line 2c notused directly for active conduct ofexempt activities . .

e Qual ifying dist ri butions made directlyfor active conduct of exempt activities.Subtract line 2d from line 2c

3 Complete 3a, b, or c for thealte rnative test relied upon.

a Assets' a lte rnative test - enter:(1) Value of all assets

(2) Value of assets qual ifyingunder section 4942(I)(3)(B)(i)

b Endowment alternative test - enter2/3 of minimum investment retu rnshown in Pa rt X , line 6 for each yearlisted . . .... . .

c Support' alternative test - enter(1) Total support other than gross

investment income (interest,dividends , rents , payments onsecurities loans (section512(a)(5)), or roya lties)

(2) Support from general publicand 5 or more exemptorganizations as provided insection 4942(j)(3)(B)(w)

(3) Largest amount of support froman exempt organization

4 Gross investment income' Supplementary Information (Complete this part only if the organization had $5,000 or more in assets

at any time during the year-see page 26 of the instructions.)1 Information Regarding Foundation Managers:

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

NONE

b List any manage rs 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 orother entity) of which the foundation has a 10% or greater interest

NONE2 Information Regarding Contribution , Grant, Gift, Loan, Scholarship , etc., Programs:

Check here ► L1 if the organization only makes contributions to preselected charitable organizations and does not accept unsolicited requests for funds. Ifthe organization makes gifts, grants, etc. (see instructions) to individuals or organizations under other conditions, complete items 2a, b, c, and d.

a The name , address , and telephone number of the pe rs on to whom applications should be addressed:SHANDLE FOUNDATION, PO BOX 3835, GREENVILLE, DE 19807

b The form in which applications should be submitted and information and mate rials they should include:FORM REQUIRED

c Any submission deadlines

d Any restrictions or limitations on awards , such as by geographical areas , charit able fields , kinds of institutions , or other facto rs .NONE

423581 /01-03-05 Form 990-PF (2004)9

SHANDLE FOUNDATIONForm 990-PF (2004) C/O STUART L. SHAPIRO, ESQUIRE 51 -025 9 1 46 Page10........F t Supplementary Information (continued)3 Grants and Contributions Paid During the Year or Annroved for Future Payment

Recipient if recipient is an individual,show any relationship to Foundation Purpose of grant or

f status of cont ribution AmountName and address (home or business) any oundation manager

or substantial contributor recipienta Paid during the year

SEE STATEMENT 8Total ► 3a 218 580.

b Approved for future payment

NONE

Total ► 3b I U.423601/01-03- 05 Form 990-PF (2004)

1019S70920 758573 43998 2004.05080 SHANDLE FOUNDATION C/O STUA 43998 1

• SHANDLE FOUNDATIONForm 990-PF (2004) C/O STUART L. SHAPIRO, ESQUIRE 51-0259146 Paae11

It t» Analysis of Income-Producing Activities

Enter

1 Pro

bcdaf

92 Me3 Into

inv4 Div5 Net

ab

6 Notpro

70t8 Gal

tha9 Net

10 Gr11 Ot

abede

12 Su

ross amounts unless otherwise indicated Unrelate d business income Excluded D section 512, 513, or514 (e)I

gram se rvice revenue .Businesscode

( b)Amount

con_code

(d)Amount

Related or exemptfunction income

Fees and contracts from govern ment agenciesmbership dues and assessmentsrest on savings and tempora ry cashestments .. 14 122.idends and interest from secu rities 14 12r889.rental income or (loss ) from real estate:Debt-financed propertyNot debt-financed propertyrental income or (loss ) from personal

.pertyer investment incomen or (loss ) from sales of assets othern inventory . . . 18, -2,222.income or (loss ) from special events ..ss profit or ( loss) from sales of inventoryerrevenue:

btotal Add columns (b), (d), and (e) 0. 10,789.

toh

toh

1 0.

13 Total. Add line 12, columns (b), (d), and (e) 13 10,789.(See worksheet in line 13 instructions to verify calculations.)

Part XVI-S Relationship of Activities to the Accomplishment of Exempt Purposes

110130.1-05 Form 990-PF (2004)

SHANDLE FOUNDATIONForm 990-PF(2004 ) C/O STUART L. SHAPIRO, ESQUIRE 51-0259146 pa e12VW,flt 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 501(c) of . Yes Nothe Code (other than section 501 (c)(3) organizations) or in section 527, relating to political organizations?

a Transfers from the reporting organization to a noncharitable exempt organization of.(1) Cash . ............................................. .................... ...... ................................................................... ....... 1 am

;• ' '

X. .(2) Other assets .. .................... ................. ............ ............ ............ ......................................................... 1 a(2) X

b Other transactions:(1) Sales of assets to a noncharitable exempt organization ................................................................................ ................ 1 b 1 X

(2) Purchases of assets from a noncharitable exempt organization ......................................... ................................................ 1 b 2 X(3) Rental of facilities, equipment, or other assets ............................................................................................... ........... 1 b(3)(4) Reimbursement arrangements ..................... ......................... .................... ............. ................ ............... 1b 4 X

(5) Loans or loan guarantees ........................................................................................................................ .... 1b 5 X(6) Performance of services or membership orfundralsing solicitations ....... ............................................ ......... ......... 1b 6 X

c Sharing of facilities, equipment, mailing lists, other assets, or paid employees ..... ........................................... ................ .... III: Xd 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, ot

or services given by the reporting organization. If the organization received less than fair market value in any transaction or sharing arrangement,her assets,show in

(a) Name of organization (b) Type of organization ( c) Desc ription of relationshipN/A

Under peneldes of ury , I declare that I have ad this return , In cl uding accompanying sc`_, .-- --' -.,------ --, .- °- . --' -. -- • ----.-'- -- . _ -...... ._

end complete o mar mqf Man or fldudary) Is ed c

2 Signature of officer or trusteeC PreparersmW

C signaturem R,,,snar (ory rs MAMA, SIDLOW & ASS Ip:3 nrolme, ,2002 WEST 14TH STREET

andMaxt WILMINGTON DE 1980(1

42382101 _03-05

2a Is the organization directly or indirectly affiliated with, or related to, one or more tax-exempt organizations describedIn section 501(c) of the Code (other than section 501(c)(3)) or in section 527? ........................ ............................. ... 0 Yes ® NoIf Vnc ' nmm�lnfe fhn fnIIn, nnn enhndulnIN

SHAND•LE FOUNDATION C/O STUART L. SHAPIRO 51-0259146

FORM 990-PF GAIN OR (LOSS) FROM SALE OF ASSETS STATEMENT 1

(A)DESCRIPTION OF PROPERTY

MERC FDS LOW DURATION BONDS

(B)GROSS

SALES PRICE

(C)COST OR

OTHER BASIS

MANNER DATEACQUIRED ACQUIRED DATE SOLD

PURCHASED 03/22/04 10/05/04

(D) (E) (F)EXPENSE OF

SALE DEPREC. GAIN OR LOSS

200,000. 202,222. 0. 0. -2,222.

CAPITAL GAINS DIVIDENDS FROM PART IV

TOTAL TO FORM 990-PF, PART I, LINE 6A

0.

-2,222.

FORM 990-PF INTEREST ON SAVINGS AND TEMPORARY CASH INVESTMENTS STATEMENT 2

SOURCE

MERCANTILE TRUST COMPANY

TOTAL TO FORM 990-PF, PART I, LINE 3, COLUMN A

AMOUNT

122.

122.

FORM 990-PF DIVIDENDS AND INTEREST FROM SECURITIES STATEMENT 3

CAPITAL GAINS COLUMN (A)SOURCE GROSS AMOUNT DIVIDENDS AMOUNT

MERCANTILE TRUST COMPANY 12,889. 0. 12,889.

TOTAL TO FM 990-PF, PART I, LN 4 12,889. 0. 12,889.

13 STATEMENT(S) 1, 2, 312520920 758573 43998 2004.05080 SHANDLE FOUNDATION C/O STUA 439981

SHANDLE'FOUNtATION C/O STUART L. SHAPIRO 51-0259146

FORM 990-PF ACCOUNTING FEES STATEMENT 4

(A) (B) (C) (D)EXPENSES NET INVEST- ADJUSTED CHARITABLE

DESCRIPTION PER BOOKS MENT INCOME NET INCOME PURPOSES

ACCOUNTING FEES 4,750. 0. 0.

TO FORM 990-PF, PG 1, LN 16B 4,750. 0. 0.

FORM 990-PF OTHER EXPENSES STATEMENT 5

(A) (B) (C) (D)EXPENSES NET INVEST- ADJUSTED CHARITABLE

DESCRIPTION PER BOOKS MENT INCOME NET INCOME PURPOSES

BANK FEES 767. 0. 0.

TO FORM 990-PF, PG 1, LN 23 767. 0. 0.

FORM 990-PF CORPORATE BONDS STATEMENT 6

DESCRIPTION

MERCANTILE LOW DURATION BOND FUND

TOTAL TO FORM 990-PF, PART II, LINE 10C

BOOK VALUE

722,733.

722,733. 709,015.

FAIR MARKETVALUE

709,015.

FORM 990-PF OTHER INVESTMENTS STATEMENT 7

DESCRIPTION

CUMBER INTERNATIONAL SA

TOTAL TO FORM 990-PF, PART II, LINE 13

BOOK VALUE

1,500,000.

1,500,000 . 1,500,737.

FAIR MARKETVALUE

1,500,737.

14 STATEMENT(S) 4, 5, 6, 712520920 758573 43998 2004.05080 SHANDLE FOUNDATION C/O STUA 43998 1

SHANDLE,FOUNDATION C/O STUART L. SHAPIRO 51-0259146

FORM 990-PF GRANTS AND CONTRIBUTIONSPAID DURING THE YEAR

STATEMENT 8

RECIPIENT RECIPIENTRECIPIENT NAME AND ADDRESS STATUS PURPOSE OF GRANT RELATIONSHP AMOUNT

AMERICAN CIVIL LIBERTIES PUBLIC GENERAL OPERATING NONEFOUNDATION , 125 BROAD FUNDSSTREET, NY, NY 10004 4,000.

UNIVERSITY SETTLEMENT PUBLIC GENERAL OPERATING NONEHOUSE, 184 ELDRIDGE STREET FUNDS, NY, NY 10002 50,000.

DAULTON SCHOOL, 108 E. 89TH PUBLIC GENERAL OPERATING NONESTREET, NY, NY 10028 FUNDS 5,000.

JEWISH FEDERATION OF PUBLIC GENERAL OPERATING NONEDELAWARE, 100W. 10TH FUNDSSTREET, WILMINGTON, DE 125,000.

JUVENILE DIABETES RESEARCH PUBLIC GENERAL OPERATING NONEFOUNDATION, 432 PARK FUNDSAVENUE, NY, NY 10016 500.

LEUKEMIA AND LYMHOMA PUBLIC GENERAL OPERATING NONESOCIETY, 475 PARK AVENUE, FUNDSNY, NY 10016 250.

CARLETON COLLEGE, ONE NORTH PUBLIC GENERAL OPERATING NONECOLLEGE STREET, NORTHFIELD, FUNDSMINN 55057 5,000.

VILLAGE COMMUNITY SCHOOL, PUBLIC GENERAL OPERATING NONEWILMINGTON, DE 19808 FUNDS 26,300.

AMNESTY LEADERSHIP GROUP, 5 PUBLIC GENERAL OPERATING NONEPENN PLAZA, NY, NY 10001 FUNDS 2,500.

CRANSTON HEIGHTS FIRE PUBLIC GENERAL OPERATING NONECOMPANY, 3306 KIRKWOOD FUNDSHIGHWAY, WILM. DE 19808 30.

TOTAL TO FORM 990-PF, PART XV, LINE 3A 218,580.

15 STATEMENT(S) 810140123 758573 43998 2004.08010 SHANDLE FOUNDATION C/O STUA 43998 1

Form 8868(Rev. December 2004)Depar rient of the Treasu ryInternal Revenue Service

OMB No . 1545-1709Application for Extension of Time To File an

Exempt Organization Return► File a for each return.

• If you are filing for an Automatic 3-Month Extension , complete only Part I and check this box . ... . ................. ► EXI• If you are filing for an Additional (not automatic) 3-Month Extension , complete only Part it (on page 2 of this form).Do not complete Part 11 unless you have already been granted an automatic 3-month extension on a previously filed Form 8868.

t Automatic 3-Month Extension of Time - Only submit original (no copies needed)

Form 990-T corporations requesting an automatic 6-month extension - check this box and complete Part I only .. ►

All other corporations (including Form 990-C filers) must use Form 7004 to request an extension of time to file income taxrefums. Partnerships, REMICs, and trusts must use Form 8736 to request an extension of time to file Form 1065, 1066, or 1041.

Electronic Filing (e-file). Form 8868 can be filed electronically if you want a 3-month automatic extension of time to file one of the returns notedbelow (6 months for corporate Form 990-T filers). However, you cannot file it electronically if you want the additional (not automatic) 3-monthextension , instead you must submit the fully completed signed page 2 (Part II ) of Form 8868 . For more details on the electronic filing of this form,visit www. irs.gov/efile.

Type or Name of Exempt Organizationprint SHANDLE FOUNDATION

C/O STUART L. SHAPIRO, EFile by thedue date forfiling yourreturn Seein structions

Employer identification number

51-0259146Number, street, and room or suite no. If a P.O. box, see Instructions.380 MADISON AVENUE, 25TH FLOORCrty, town or post office, state, and ZIP code. For a foreign address , see instructions.NEW YORK, NY 10017

Check type of return to be filed (file a separate application for each return):

Form 990 El Form 990-T (corporation ) 0 Form 4720Form 990-BL 0 Form 990-T (sec. 401 (a) or 406 (a) trust) 0 Form 5227

Q Form 990-EZ El Form 990-T (trust other than above) El Form 6069Form 990-PF El Form 1041-A El Form 8870

• The books are in the care of ► STUART L SHAPIRO , ESQUIRETelephone No.► 212-972-4900 FAX No. ►

• If the organization does not have an office or place of business in the United States , check this box ..... ..... . ► El• If this is for a Group Return , enter the organization 's four digit Group Exemption Number (GEN) . If this is for the whole group , check thisbox ► El . If it is for part of the group, check this box ► 0 and attach a list with the names and EINs of all members the extension will cover.

1 I request an automatic 3-month (6-months for a Form 990-T corporation) extension of time until FEBRUARY 15, 2006to file the exempt organization return for the organization named above . The extension is for the organization 's return for:► El calendar year or► [X tax year beginning JUL 1, 2004 ,and ending JUN 30, 2005

2 If this tax year is for less than 12 months , check reason : 0 Initial return El Final return El Change in accounting period

3a If this application is for Form 990-BL, 990-PF, 990-T, 4720, or 6069 , enter the tentative tax, less anynonrefundable credits . See instructions ...... ... . . . . . . .. . ...... ... ... ... ...... . $ 130.

b If this application is for Form 990-PF or 990-T, enter any refundable credits and estimatedtax payments made. Include any prior year overpayment allowed as a credit ... ..... .... . . ... .. $ 3,053.

c Balance Due. Subtract line 3b from line 3a. Include your payment with this form, or, if required, deposit with FTDcoupon or, if required, by using EFTPS (Electronic Federal Tax Payment System). See instructions . . ,... ... . $ 0.

Caution . If you are going to make an electronic fund withdrawal with this Form 8868, see Form 8453-EO and Form 8879-EO for payment instructions.

LHA F PrivaR ' ` iW ork R

JAS Il2006 0

423831 OGDEN1, UT01-10-05

Act Notice, see instructions. Form 8868 (Rev. 12-2004)

16