a -a

OMB No 1545-0052 Form 990-PF Return of Private Foundation or Section 4947(a)(1) Trust Treated as Private Foundation 201 4 Do not enter social security numbers on this form as it may be made public. Department the ► of Treasury at www.irs.gov/form990pf. Internal Revenue Service ► Information about Form 990-PF and its separate instructions is to Public Inspection For calendar year 2014 , or tax year beginning 7/01 2014, and endin Employer identification number CHESED FOUNDATION OF AMERICA 13-3922068 C/O SABR GROUP Telephone number (see instructions) 126 EAST 56 STREET, 15TH FLOOR #1520 212-936-5100 NEW YORK, NY 10022 C If exemption application is pending, check here ► n public charity G Check all that apply Initial return Initial return of a former D 1 Foreign organizations , check here q Final return Amended return q Address change Name change 2 Foreign organizations meeting the 85% test, check here and attach com p utation H Check type of organization n Section 501 (c)(3) exempt private foundation Section 4947(a)(1) nonexemppl charitable trust Other taxable private foundation E If private foundation status was terminated q under section 507(b)(1)(A), check here I Fair market value of all assets at end of year J Accounting method Cash Accrual (from Part ll, column (c), line 16) q Other (specify) F If the foundation is in a 60-month termination q $ 439, 987, 095. (Part 1, column (d) must be on cash bas(s) under section 507(b)(1)(B), check here Part A na lysis O Revenue an d (a) Revenue and (b) Net investment (c) Adjusted net (d) Disbursements Expenses (The total of amounts in expenses per books income income for charitable columns (b), (c), and (d) may not neces- purposes sarily equal the amounts in column (a) (cash basis only) (see instructions) ) 1 Contribution^s' g1efts, grants , etc, received (attach schedule) 4 , 250 , 000. 2 Ck ► it the foundn is not required to attach Sch B

3 Interest on savings and temporary cash investments 3. 3. 3. 4 Dividends and interest from securities 6 , 837 , 657. 6 , 837 , 657. 6 1 837 , 657. 5 a Gross rents b Net rental income or (loss) R 6 a Net gain or (loss ) from sale of assets not on line 10 5 , 920. E b Gross sales price for all v assets on line 6a 8 , 621,510. E 7 Capital gain net income (from Part IV, line 2) 5,920. N 8 Net short -term capital gain U 9 Income modifications E Gross sales less r- 10a returns and f^ V allowances b Less Cost of 01G O goods sold 1 J C Gross profit or (loss ) ( attach schedule) 11 Other income (attach schedule)

12 Total Add lines 1 through 11 11 093 580. 6 , 843 , 580. 6 837 , 660. 13 Compensation of officers. directors, trustees, etc 0 14 Other employee salaries and wages 15 Pension plans , employee benefits A 16a Legal fees (attach schedule) See St 1 17 , 800. 17 , 500. 17,500. D b Accounting fees (attach sch) See St 2 29, 000. M 29,000. 29,000. I C Other prof fees (attach sch) See St 3 19,042. 19,042. 19, 042. N o 1 17 Interest P E T 18 Taxes ( attach scheduleXsee instrs) R R A A 19 Depreciation (attach T T sch) and depletion N v 20 Occupancy G E 21 Travel, conferences , and meetings A E 22 Printing and publications N D xp 23 Other expenses (attach schedule) Statement 4 148,627. 148,627. 148,627. NE See S 24 Total operating and administrative E expenses . Add lines 13 through 23 s 214 , 169. 214,169. 214,169. 25 Contributions, gifts, grants paid w a 't XV 102 , 352 , 192. 102 , 352 , 192. 26 Total expenses and disbursements Add lines 24 and 25 102 , 566, 361. 214, 169. 214, 169. 102, 352, 192 . 27 Subtract line 26 from line 12 a Excess of revenue over expenses and disbursements -91,472,781. b Net investment income ( if negative, enter 0-) 6, 629,411.1 C Adjusted net income ( if negative , enter -0-) 6,623,491 . 1 BAA For Paperwork Reduction Act Notice , see instructions . TEEA0504L 12/10/14,ga corm `J`!u-F'r 12U14) Fnrm 990-PF (2014) CHRCFf FOFINDATTl1N (1F AMP..RTCA 13-3922068 Paoe 2 Attached schedules and amounts in the description Beginning of year End of year Part II Balance Sh eets column should be for end -of -year amoun ts on ly (See instructions) (a) Book Value (b) Book Value (c) Fair Market Value 1 Cash - non-interest-bearing 2 Savings and temporary cash investments 4, 449, 493. 6, 175, 496. 6, 175, 496. 3 Accounts receivable ------Less allowance for doubtful accounts 11 ------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 instructions) 7 Other notes and loans receivable (attach sch) ------Less allowance for doubtful accounts S ------S 8 Inventories for sale or use E 9 Prepaid expenses and deferred charges T S 10a Investments - U S and state government obligations (attach schedule) b Investments - corporate stock (attach schedule) STATEMENT 5 142, 592, 449. 124, 723, 116. 428, 820, 224 . c Investments - corporate bonds (attach schedule) STATEMENT 6 3, 984, 275. 3,991,375. 11 Investments - land, buildings, and equipment basis ------Less accumulated depreciation (attach schedule) ------12 Investments - mortgage loans 13 Investments - other (attach schedule) 14 Land, buildings, and equipment basis' ------Less accumulated depreciation (attach schedule) ' ______15 Other assets (describe ► SEE STATEMENT_ _7______) 1, 000, 001. 1, 000, 000. 1,000,000. 16 Total assets (to be comprtecVby allfhrrs - see the instructions Also, see page 1, Item I) 148, 041, 943. 135, 882, 887. 439, 987, 095. L 17 Accounts payable and accrued expenses AI 18 Grants payable B 19 Deferred revenue disqualified persons LI 20 Loans from officers, directors, trustees, & other 1 21 Mortgages and other notes payable (attach schedule) T 22 Other liabilities (describe' E S 23 Total liabilities (add lines 17 through 22) 0. 0. Foundations that follow SFAS 117, check here and complete lines 24 through 26 and lines 30 and 31. N F 24 Unrestricted E U Temporarily restricted T N 25 D 26 Permanently restricted that not follow SFAS 117, check here ' }{ B Foundations do S and complete lines 27 through 31. S A E L Capital stock, trust principal, or current funds T A 27 S N 28 Paid-in or capital surplus, or land, bldg, and equipment fund earnings, accumulated income, endowment, or other funds 887 . O E 29 Retained 148, 041, 943. 135, 882, R S 30 Total net assets or fund balances (see instructions) 148, 041 943. 135, 882, 887 . 31 Total liabilities and net assets/fund balances (see instructions) 148,041,943. 135,882,887. Part III 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) 1 148, 041, 943 . 2 Enter amount from Part I, line 27a 2 -91,472,781. 3 Other increases not included in line 2 (itemize) "SEE STATEMENT 8 3 79, 363, 725 . ------4 Add lines 1, 2, and 3 4 135, 932, 887 . 5 Decreases not included in line 2 (itemize) "SEE__STATEMENT _9 ______5 50,000. _m_inus 6 Total net assets or fund balances at end of year (line 4 line 5) - Part II, column (b), line 30 6 135, 882, 887. BAA TEEAO302L 12/10/14 Form 990-PF (2014) Form 990-PF (2014) CHESED FOUNDATION OF AMERICA 13-3922068 Page 3 Part IV Capital Gains and Losses for Tax on Investment Income • (a) List and describe the kind (s) of property sold (e g , real estate, ( b) How acquired (C) Date acquired (d) Date sold 2-story brick warehouse , or common stock, 200 shares MLC Company) P - Purchase (month, day , year) (month, day, year) D - Donation 1a SEE STATEMENT 10 b C d e (e) Gross sales price (f) Depreciation allowed (g) Cost or other basis (h) Gain or (loss) (or allowable) plus expense of sale (e) plus (f) minus (g) a b C d e Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (I) Gains (Column (h) (i) Fair Market Value 0) Adjusted basis (k) Excess of column (I) gain minus column ( k), but not less as of 12/31/69 as of 12/31/69 over column Q ), if any than -0-) or Losses (from column (h)) a b c d e If gain, also enter in Part I, line 7 2 Capital gain net income or (net capital loss) If (loss), enter -0- in Part I, line 7 -1 2 5 , 920. 3 Net short-term capital gain or (loss) as defined in sections 1222 (5) and (6) If gain, also enter in Part I, line 8, column (c) (see instructions) If (loss), enter -0- InPart 1,line 8 3 -538,589. PartV Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income (For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income )

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

Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period? EYes n No If 'Yes,' the foundation does not qualify under section 4940 (e) Do not complete this part 1 Enter the appropriate amount in each column for each year, see the instructions before making any entries a c) (d)

Base period)d years Adjusted qualifying distributions Net v alue of Distribution ratio Calendar year (or tax year noncharitable-use assets (column (b) divided by column (c)) beginning in) 2013 11,328,739. 316,739,858. 0.035767 2012 11,117,881. 251,950,599. 0.044127 2011 5, 933, 850. 202, 670, 972. 0.029278 2010 1,904,527. 144,250,345. 0.013203 2009 1,843,660. 64,813,000. 0.028446

2 Total of line 1, column (d) 2 0.150821 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 . 030164

4 Enter the net value of noncharitable-use assets for 2014 from Part X, line 5 4 394 , 992 , 257 .

5 Multiply line 4 by line 3 5 11 , 914 546.

6 Enter 1 % of net investment income (1 % of Part I, line 27b) 6 66 , 294.

7 Add lines 5 and 6 7 11 , 980 , 840.

8 Enter qualifying distributions from Part XII, line 4 8 102 , 352 , 192. 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 BAA TEEA0303L 06116/14 Form 990-PF (2014) Form 990-PF (2014) CHESED FOUNDATION OF AMERICA 13-3922068 Page 4 Part VI 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 and enter 'N/A' on line 1 Date of ruling or determination letter _ _ (attach copy of letter if necessary - see instrs) _tion_ bDomestic foundations that meet the sec_ _4940(e) requirements in Part V, 1 6,294. check here ' Fx1 and enter 1% of Part I, line 27b c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, column (b) 2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only Others enter -0-) 2 . 3 Add lines 1 and 2 3 66,294. 4 Subtitle A (income) tax (domestic section 4947(a)(1) 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 66,294. 6 Credits/Payments a 2014 estimated tax pmts and 2013 overpayment credited to 2014 6a 121,229. 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 7 121, 229. 8 Enter any penalty for underpayment of estimated tax Check here R if Form 2220 is attached 8 57. 9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed 9 0. 10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid 10 54,878. 11 Enter the amount of line 10 to be Credited to 2015 estimated tax 54, 878. Refunded 11 0. Part VII-A Statements Reg ardin g Activities 1 a During the tax year, did the foundation attempt to influence any national, state, or local legislation or did it Yes No participate or intervene in any political campaign? 1a X b Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see Instructions for the definition)? 1b X If the answer is 'Yes' to 1a or 1b, attach a detailed description of the activities and copies of any materials published or distributed by the foundation in connection with the activities c Did the foundation file Form 1120-POL for this year? 1c X d Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year (1) On the foundation ' $ 0. (2) On foundation managers 0-$ 0. e Enter the reimbursement (if any) paid by the foundation uring the year for political expenditure tax impose- foundation managers ' $ 0 2 Has the foundation 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 foundation made any changes, not previously reported to the IRS, in its governing instrument, articles of incorporation, or bylaws, or other similar instruments? If 'Yes,' attach a conformed copy of the changes 3 X 4a Did the foundation have unrelated business gross income of $1,000 or more during the year? 4a X - b If 'Yes,' has it filed a tax return on Form 990-T for this year? 4b N /A 5 Was there a liquidation, termination, dissolution, or substantial contraction during the year? 5 x If 'Yes,' attach the statement required by General Instruction T 6 Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either • By language in the governing instrument, or • By state legislation that effectively amends the governing instrument so that no mandatory directions that conflict with the state law remain in the governing instrument' 6 X 7 Did the foundation have at least $5,000 in assets at any time during the year? If 'Yes,' complete Part fl, column (c), and PartXV 7 X 8a Enter the states to which the foundation reports or with which it is registered (see instructions) 10 NY b If the answer is 'Yes' to line 7, has the foundation furnished a copy of Form 990- PF to the Attorney General (or designate) of each state as required by General Instruction G? If 'No,'attach explanation 8 bl X 9 Is the foundation claiming status as a private operating foundation within the meaning of section 49420)(3) or 4942(1)(5) for calendar year 2014 or the taxable year beginning in 2014 (see instructions for Part XIV)' If ' Yes,' complete Part XIV 9 1 1 X 10 Did any persons become substantial contributors during the tax year? If ' Yes,' attach a schedule listing their names and addresses 1 10 1 1 X BAA Form 990-PF (2014)

lEEA0304L 06/16/14 Form 990-PF (2014) CHESED FOUNDATION OF AMERICA 13-3922068 Page 5 Part VII-A Statements Reg ardin g Activities (continued 11 At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)' If 'Yes', attach schedule (see instructions) 11 X 12 Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had advisory privileges? If 'Yes,' attach statement (see instructions) 12 X 13 Did the foundation comply with the public inspection requirements for its annual returns and exemption application? 13 X Website address N/A ------14 The books are in care of HENRY REINHOLD Telephone no ' 718-871-2290 ► ------Located at 1764 49TH STREET BROOKLYN NY ZIP + 4 11204 ► ------► ------15 Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 - Check here N/11 and enter the amount of tax-exempt interest received or accrued during the year - 1 15 N/A 16 At any time during calendar year 2014, did the foundation have an interest in or a signature or other authority over a Yes No bank, securities, or other financial account in a foreign country? 16 X See the instructions for exceptions and filing requirements for FinCEN Form 114, (formerly TD F 90-22 1) If 'Yes,' enter the name of the foreign country P. Part VII-B Statements Reg ardin g Activities for Which Form 4720 May Be Req uired File Form 4720 if any item is checked in the ' Yes' column , unless an exception applies. Yes No 1 a During the year did the foundation (either directly or indirectly) (1) Engage in the sale or exchange, or leasing of property with a disqualified person? E Yes F- No (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from) a disqualified person? Yes X No (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? Yes X No (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? Yes N 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 11 No (6) Agree to pay money or property to a government official? (Exception . Check 'No' if the foundation agreed to make a grant to or to employ the official for a period after termination of governmen t service, i f t ermina t ing wi th in 90 d ays) Yes N o 11 1XI b If any answer is 'Yes' to 1 a(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 instructions)? 1 b N A Organizations relying on a current notice regarding disaster assistance check here

c Did the foundation engage in a prior year in any of the acts described in la, other than excepted acts, that were not corrected before the first day of the tax year beginning in 2014? 1 c X 2 Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private operating foundation defined in section 49420)(3) or 49420)(5)) a At the end of tax year 2014, did the foundation have any undistributed income (lines 6d and 6e, Part XIII) for tax year(s) beginning before 2014 EYes No If 'Yes,' list the years ► 20 , 20 , 20 , 20 b Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2) (relating to incorrect valuation of assets) to the year's undistributed income? (If applying section 4942(a)(2) to all years listed, answer 'No' and attach statement - see instructions) 2b N VA 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 foundation hold more than a 2% direct or indirect interest in any business q q enterprise at a ny time d u r i ng the year? }{ Yes N o

b If 'Yes,' did it have excess business holdings in 2014 as a result of (1) any purchase by the foundation or disqualified persons after Mg, 26, 1969, (2) the lapse of the 5 year period (or longer period approved by the Commissioner under seon 4943(c)(7)) to dis p ose of holdin gs acq uired by g ift or be q uest , or (3) the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine if the foundation had excess business holdings in 2014) 3b X 4 a Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes? 4a X

b Did the foundation 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 2014' 4b X BAA Form 990-PF (2014)

lEEA0305L 06/17/14 Form 990-PF (2014) CHESED FOUNDATION OF AMERICA 13-3922068 Page 6 Part VII-B Statements Reg ardin g Activities for Which Form 4720 May Be Req uired continued) 5 a During the year did the foundation pay or incur any amount to (1) Carry on propaganda , or otherwise attempt to influence legislation (section 4945 (e))7 Yes No 11 FX (2) Influence the outcome of any specific public election (see section 4955), or to carry on, directly or indirectly , any voter registration drive? Yes X No (3) Provide a grant to an individual for travel, study , or other similar purposes? Yes LX] No (4) Provide a grant to an organization other than a charitable, etc , organization described in sec t ion 4945 (d)(4)(A) ' (see instruct ions ) Yes 9 No (5) Provide for any purpose other than religious , charitable, scientific , literary, or f th preven ion of crue lty to c h i ld ren or a n imals? Yes N o e d uca t iona l purposes , or or e t 11 FX b If any answer is 'Yes' to 5a(1)-(5), did any of the transactions fail to qualify under the exceptions d escri be d in Regu l a t ions sect i on 53 4945 or in a current notice re gardin g disaster assistance (see instructions )? 5b N ' A Organizations relying on a current notice regarding disaster assistance check here

c If the answer is 'Yes' to question 5a(4), does the foundation claim exemption from the expenditure responsibility for the grant ? N/A Yes No tax because it maintained 11 If 'Yes,' attach the statement required by Regulations section 53 4945-5(d)

6a Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums Yes No on a personal benefit contract 11 X b Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? 6 b X If 'Yes' to 6b, file Form 8870 7 a At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction? E Yes No b If 'Yes,' did the foundation receive any proceeds or have any net income attributable to the transaction? N/A 7 b Part VIII Information About Officers , Directors , Trustees , Foundation Managers, Highly Paid Employees, and Contractors 1 1 it au nffirare rlirartnrc tructeec_ foundation managers and their compensation (see instructions). (b)Title, and average (c) Compensation (d) Contributions to (e) Expense account, week employee benefit other allowances (a) Name and address hours per (If not paid , devoted to position enter -0-) plans and deferred compensation PRESIDENT 0. 0. 0. -GEORGE-KARFUNKEL------56-STREETL-15TH FLOOR- 0 -126-EAST------NEW YORK , NY 10022 RENE KARFUNKEL VICE PRESIDE 0. 0. 0. ------56-STREETL-15TH FLOOR- 0 -126-EAST------NEW YORK , NY 10022 TRUSTEE 0. 0. 0. -BERNARD-KARFUNKEL------126-EAST 56-STREET,-15TH FLOOR- 0 ------NEW YORK , NY 10022 ------

2 Compensation of five highest-paid employees (other than those included on line 1 - see instructions). If none, enter ' NONE.' (a) Name and address of each employee (b) Title, and average (c) Compensation (d) Contributions to (e) Expense account, paid more than $50,000 hours per week employee benefit other allowances devoted to position plans and deferred compensation NONE ------

------

------

------Total number of other employees paid over $50,000 U BAA TEEA0306L 06/17/14 Form 990-PF (2014) Form 990-PF (2014) CHESED FOUNDATION OF AMERICA 13-3922068 Page 7 Part VIII Information About Officers , Directors , Trustees , Foundation Managers , Highly Paid Employees, and Contractors (continued) 3 Five highest- paid independent contractors for professional services (see instructions). If none , enter ' NONE.' (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation NONE

Total number of others receiving over $50,000 for professional services 0

Part IX-A Summary of Direct Charitable Activities

List the foundation's four largest direct charitable activities during the tax year Include relevant statistical information such as the number of Expenses organizations and other beneficia ri es served, conferences convened, research papers produced, etc

1 ------N/A ------

2

3 ------=------

4

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

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2 Amount 1 N7------N/A ------

2 ------

All other program-related investments See instructions 3 ------

Total . Add lines 1 through 3 P. , 0.. BAA Form 990-PF (2014)

TEEA0307L 06/17/14 Form 990-PF (2014) CHESED FOUNDATION OF AMERICA 13-3922068 Page 8 Part X 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, purposes a Average monthly fair market value of securities 1 a 394, 458, 696. bAverage of monthly cash balances 1 b 5,548,672. c Fair market value of all other assets (see instructions) 1 c 1,000,000. d Total (add lines 1a, b, and c) 1 d 401, 007, 368 . e Reduction claimed for blockage or other factors reported on lines 1 a and 1c (attach detailed explanation) 1 e 0. 2 Acquisition indebtedness applicable to line 1 assets 2 0. 3 Subtract line 2 from line Id 3 401,007 , 368. 4 Cash deemed held for charitable activities Enter 1-1/2% of line 3 (for greater amount, see instructions) 4 6,015,111. 5 Net value of noncharitable - use assets . Subtract line 4 from line 3 Enter here and on Part V, line 4 5 394, 992, 257 . 6 Minimum investment return . Enter 5% of line 5 6 19,749,613. Part XI Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(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 1 19, 749, 613. 2a Tax on investment income for 2014 from Part VI, line 5 2a 66,294. b Income tax for 2014 (This does not include the tax from Part VI) 2b c Add lines 2a and 2b 2c 66,294. 3 Distributable amount before adjustments Subtract line 2c from line 1 3 19, 683, 319. 4 Recoveries of amounts treated as qualifying distributions 4 5 Add lines 3 and 4 5 19,683,319. 6 Deduction from distributable amount (see instructions) 6 7 Distributable amount as adjusted Subtract line 6 from line 5 Enter here and on Part XIII, line 1 7 19,683,319. PartXII 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 102, 352, 192 . b Program-related investments - total from Part IX-B 1 b 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 charitable projects that satisfy the a Suitability test (prior IRS approval required) 3a b Cash distribution test (attach the required schedule) 3 b 4 Qualifying distributions . Add lines 1a through 3b Enter here and on Part V, line 8, and Part XIII, line 4 4 102, 352, 192 .

5 Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment income Enter 1% of Part I, line 27b (see instructions) 5 66,294. 6 Adjusted qualifying distributions . Subtract line 5 from line 4 6 102, 285, 898 .

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 BAA Form 990-PF (2014)

TEEA0308L 06/17/14 Form 990-PF (2014) CHESED FOUNDATION OF AMERICA 13-3922068 Page 9 Part XIII Undistributed Income (see instructions)

(a) (b) (c) (d) Corpus Years prior to 2013 2013 2014

1 Distributable amount for 2014 from Part XI, line 7 19, 683, 319. 2 Undistributed income, if any, as of the end of 2014 a Enter amount for 2013 only 15,729,861. b Total for prior years 20 _ , 20 20 0. 3 Excess distributions carryover, if any, to 2014 a From 2009 b From 2010 c From 2011 d From 2012 e From 2013 f Total of lines 3a through e 0. 4 Qualifying distributions for 2014 from Part XII, line 4 1 $ 102, 352, 192 . a Applied to 2013, but not more than line 2a 15,729,861. b Applied to undistributed income of prior years (Election required - see instructions) 0. c Treated as distributions out of corpus (Election required - see instructions) 0. d Applied to 2014 distributable amount 19,683,319. e Remaining amount distributed out of corpus 66,939,012. 5 Excess distributions carryover applied to 2014 0. 0. (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 66,939,012. b Prior years' undistributed income Subtract line 4b from line 2b 0. 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 0.

d Subtract line 6c from line 6b Taxable amount - see instructions 0. e Undistributed income for 2013 Subtract line 4a from line 2a Taxable amount - see instructions 0.

f Undistributed income for 2014 Subtract lines 4d and 5 from line 1 This amount must be distributed in 2015 0. 7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) 0.

8 Excess distributions carryover from 2009 not applied on line 5 or line 7 (see instructions) 0. 9 Excess distributions carryover to 2015. Subtract lines 7 and 8 from line 6a 66,939,012. 10 Analysis of line 9 a Excess from 2010 b Excess from 2011 c Excess from 2012 d Excess from 2013 e Excess from 2014 66,939,012. BAA Form 990-PF (2014)

TEEA0309L 12/10/14 Form 990-PF (2014) CHESED FOUNDATION OF AMERICA 13-3922068 Page 10 Part XIV Private O p eratin g Foundations (see instructions and Part VII-A, q uestion 9) N/A 1 a If the foundation has received a ruling or determination letter that it is a private operating foundation, and the ruling is'effective for 2014, enter the date of the ruling b Check box to indicate whether the foundation is a private operating foundation described in section n 4942(1)(3) or 4942(1)(5) 2 a Enter the lesser of the adjusted net Tax year Prior 3 years I the minimum income from Part or Total investment return from Part X for (a) 2014 (b) 2013 (c) 2012 (d) 2011 (e) 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 exem p t activities Subtract line 2d from line 2c 3 Complete 3a, b, or c for the alternative test relied upon a 'Assets' alternative test - enter (1) Value of all assets (2) Value of assets qualifying under section 49420)(3)(B)(i) 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(j)(3)(B)(iu) (3) Largest amount of support from an exempt organization (4) Gross investment income Part XV Supplementary Information (Complete this part only if the foundation had $5,000 or more in assets at any time during the year - see 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 tax year (but only if they have contributed more than $5,000) (See section 507(d)(2) GEORGE KARFUNKEL

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 GEORGE KARFUNKEL

2 Information Regarding Contribution , Grant, Gift, Loan , Scholarship, etc, Programs: foundation only makes contributions to preselected charitable organizations and does not accept unsolicited Check here 0' rx] if the requests for funds If the foundation 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 or e-mail address of the person to whom applications should be addressed

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

c Any submission deadlines

Any restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other factors

BAA TEEA0310L 06/17/14 Form 990-PF (2014) Form 990-PF (2014) CHESED FOUNDATION OF AMERICA 13-3922068 Page 11 Part,XV Supplementary Information (continued) 3 Grants and Contributions Paid During the Year or Approved for Future Payment If recipient is an individual, Recipient show any relationship to any Foundation Purpose of grant or of Amount foundation manager or stat us contribution N ame an d add ress (h ome or business) subs tantial contri butor recipient a Paid during the year SEE STATEMENT 11

Total 3a 102, 352, 192. b Approved for future payment

Total - 3 bl BAA m_EA0501L 06/17/14 Form 990-PF (2014) Form 990-PF (2014) CHESED FOUNDATION OF AMERICA 13-3922068 Page 12 Part XVI-A Analysis of Income - Producing Activities

Enter gross amounts unless otherwise indicated Unrelated business income Excluded by section 512, 513, or 514 (e) (a) (b) (c) (d) Related or exempt Business Amount Exclu - Amount function income code Sion (See instructions 1 Program service revenue code a b c d e f g Fees and contracts from government agencies 2 Membership dues and assessments 3 Interest on savings and temporary cash investments 14 3. 4 Dividends and interest from securities 14 6,837,657. 5 Net rental income or (loss) from real estate a Debt-financed property b Not debt-financed property 6 Net rental income or (loss) from personal property 7 Other investment income 8 Gain or (loss) from sales of assets other than inventory 5,920. 9 Net income or (loss) from special events 10 Gross profit or (loss) from sales of inventory 11 Other revenue a b c d e 12 Subtotal Add columns (b), (d), and (e) 6,837,660 5,920. 13 Total. Add line 12, columns (b), (d), and (e) 13 6, 843, 580. (See worksheet in line 1 3 i nstructions to verify calculations ) Part XVI-B Relationship of Activities to the Accomplishment of Exempt Purposes

BAA TEEA0502L 06/17/14 Form 99U-PF (-1U14) Form 990-PF (2014) CHESED FOUNDATION OF AMERICA 13-3922068 Page 13 Part XVII Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations Yes No 1 Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations? a Transfers from the reporting foundation to a noncharitable exempt organization of (1) Cash a (1) X (2) Other assets 1 a (2) 1 1 X b Other transactions (1) Sales of assets to a noncharitable exempt organization 1 b (1) X (2) Purchases of assets from a noncharltable exempt organization 1 b (2) X (3) Rental of facilities, equipment, or other assets 1 b (3) X (4) Reimbursement arrangements 1 b (4) X (5) Loans or loan guarantees 1 b (5) X (6) Performance of services or membership or fundraising solicitations 1 b (6) X c Sharing of facilities, equipment, mailing lists, other assets, or paid employees 1 c X

d If the answer to any of the above is 'Yes,' complete the following schedule Column (b) should always show the fair market val ue of the goods, other assets, or services given by the reporting foundation If the foundation 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 received (a) Line no. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements N/A

2 a Is the foundation directly or indirectly affiliated with, or related to, one or more tax - exempt organizations described in section 501 (c) of the Code (other than section 501 (c)(3)) or in section 527 E]Yes Fv1 No b If 'Yes,' complete the following schedule (a) Name of organization (b) Type of organization (c) Description of relationship N/A

Under penalties of pert , I decl that I have examined this return, including acc correct, and complete eclarati f preparer (other than taxpayer) is based on al Sign

Here I

ignature of officer or truste Date Print/Type preparer's name Preparer's signatur

Paid HENRY REINHOLD HENRY REI Preparer Firm's name ' HENRY REINHOLD, CPA Use Only Firm's address ' 1354 E. 13TH ST. BROOKLYN, NY 11230 BAA 2014 FEDERAL STATEMENTS PAGE 1 CHESED FOUNDATION OF AMERICA CLIENT C2 C/O SABR GROUP 13-3922068 10/28/15 05 00PM STATEMENT 1 FORM 990- PF, PART I , LINE 16A LEGAL FEES

(A) (B) NET (C) (D) EXPENSES INVESTMENT ADJUSTED CHARITABLE PER BOOKS INCOME NET INCOME PURPOSES LEGAL FEES $ 17,500. $ 17,500. $ 17,500. TOTAL $ 17,500. $ 17,500. $ 17,500. $ 0.

STATEMENT 2 FORM 990-PF, PART I , LINE 16B ACCOUNTING FEES

(A) (B) NET (C) (D) EXPENSES INVESTMENT ADJUSTED CHARITABLE PER BOOKS INCOME NET INCOME PURPOSES ACCOUNTING FEES $ 29 , 000. $ 29 , 000. $ 29 , 000 . TOTAL 29,000. 29,000. 29,000. 0.

STATEMENT 3 FORM 990- PF, PART I, LINE 16C OTHER PROFESSIONAL FEES

(A) (B) NET (C) (D) EXPENSES INVESTMENT ADJUSTED CHARITABLE PER BOOKS INCOME NET INCOME PURPOSES CONSULTING $ 19,042. $ 19,042. $ 19,042. TOTAL $ 19,042. $ 19,042. $ 19,042. $ 0.

STATEMENT 4 FORM 990-PF , PART I , LINE 23 OTHER EXPENSES

(A) (B) NET (C) (D) EXPENSES INVESTMENT ADJUSTED CHARITABLE PER BOOKS INCOME NET INCOME PURPOSES LICENSE & FEES $ 1,500. $ 1,500. $ 1,500. OFFICE EXPENSE 147,127. 147,127. 147,127. TOTAL $ 148,627. $ 148,627. $ 148,627. $ 0. 2014 FEDERAL STATEMENTS PAGE 2 CHESED FOUNDATION OF AMERICA CLIENT C2 C/O SABR GROUP 13-3922068 10/28/15 05 OOPM

STATEMENT 5 FORM 990-PF , PART II, LINE 10B INVESTMENTS - CORPORATE STOCKS

VALUATION BOOK FAIR MARKET CORPORATE STOCKS METHOD VALUE VALUE SEE SCHEDULE COST $ 124723116. $ 428,820,224. TOTAL $ 124723116. $ 428,820,224.

STATEMENT 6 FORM 990-PF , PART II, LINE 10C INVESTMENTS - CORPORATE BONDS

VALUATION BOOK FAIR MARKET CORPORATE BONDS METHOD VALUE VALUE SEE SCHEDULE COST $ 3,984,275. $ 3,991,375. TOTAL $ 3,984,275. $ 3,991,375.

STATEMENT 7 FORM 990-PF , PART II , LINE 15 OTHER ASSETS

FAIR MARKET BOOK VALUE VALUE OTHER RECEIVABLE $ 1,000,000. $ 1,000,000. TOTAL $ 1,000,000. $ 1,000,000.

STATEMENT 8 FORM 990- PF, PART III, LINE 3 OTHER INCREASES

FMV ADJUSTMENT $ 79,363,725. TOTAL $ 79,363,725.

STATEMENT 9 FORM 990-PF, PART III, LINE 5 OTHER DECREASES

TAXES $ 50,000. TOTAL $ 50,000. 2014 FEDERAL STATEMENTS PAGE 31 CHESED FOUNDATION OF AMERICA CLIENT C2 C/O SABR GROUP 13-39220681 10/28/15 05 OOPM

STATEMENT 10 FORM 990-PF , PART IV, LINE 1 CAPITAL GAINS AND LOSSES FOR TAX ON INVESTMENT INCOME

(B) HOW (C) DATE (D) DATE ITEM (A) DESCRIPTION ACQUIRED ACQUIRED SOLD 1 25000 AMERICAN AIRLINES GROUP PURCHASED 6/02/2015 6/05/2015 2 4691 AVENTINE RENEWABLE ENERGY PURCHASED VARIOUS VARIOUS 3 100000 BANK OF AMERICA PURCHASED 3/30/2015 5/04/2015 4 575497 BIOTIME DONATED VARIOUS VARIOUS 5 50000 HERTZ GLOBAL HLDGS INC PURCHASED 1/22/2015 5/06/2015 6 500 HERTZ GLOBAL HLDGS INC CALL 6/19/15 21 PURCHASED 2/05/2015 4/30/2015 7 500 HERTZ GLOBAL HLDGS INC PUT 6/19/15 21 PURCHASED 2/15/2015 2/20/2015 8 200000 TOWER GROUP INTNL LTD PURCHASED VARIOUS 9/16/2014 9 104699 TRANSMERIDIAN PURCHASED 6/30/2010 5/07/2015 10 50000 USG CORP NEW PURCHASED VARIOUS 1/15/2015

(E) (F) (G) (H) (I) (J) (K) (L) GROSS DEPREC. COST GAIN FMV ADJ. BAS. EXCESS GAIN ITEM SALES ALLOWED BASIS (LOSS) 12/31/69 12/31/69 (I)-(J) (LOSS) 1 1099975. 1050005. 49,970. $ 49,970. 2 65,623. 46,964. 18,659. 18,659. 3 1579966. 1550005. 29,961. 29,961. 4 2517065. 1882654. 634,411. 634,411. 5 1109975. 1060005. 49,970. 49,970. 6 129,472. 55,525. 73,947. 73,947. 7 94,473. 50,525. 43,948. 43,948. 8 500,000. 1286385. -786,385. -786,385. 9 0. 120,000. -120,000. -120,000. 10 1524961. 1513522. 11,439. 11,439. TOTAL $ 5,920.

STATEMENT 11 FORM 990-PF, PART XV, LINE 3A RECIPIENT PAID DURING THE YEAR

FOUND- DONEE ATION PURPOSE OF NAME AND ADDRESS RELATIONSHIP STATUS GRANT SEE ATTACHED SCHEDULE PUBLIC AMOUNTS ARE $ 4,410,192. GIVEN TO COVER OPERATING EXPENSES FOR SCHOOLS AND SYNAGOGUES AS WELL AS EDUCATIONAL SCHOLARSHIPS AND ASSISTANCE TO THE NEEDY. 2014 FEDERAL STATEMENTS PAGE 41 CHESED FOUNDATION OF AMERICA CLIENT C2 C/O SABR GROUP 13-3922068 10/28/15 05 OOPM

STATEMENT 11 (CONTINUED) FORM 990-PF, PART XV, LINE 3A RECIPIENT PAID DURING THE YEAR

FOUND- DONEE ATION PURPOSE OF NAME AND ADDRESS RELATIONSHIP STATUS GRANT KOLLEL YETEV LEV OF PUBLIC AMOUNTS ARE $ 5,174,000.1 JERUSALEM GIVEN TO COVER 80 BROADWAY OPERATING BROOKLYN, NY 11211 EXPENSES FOR SCHOOLS AND SYNAGOGUES AS WELL AS EDUCATIONAL SCHOLARSHIPS AND ASSISTANCE TO THE NEEDY.

YEHUDA & ARI NEUBERGER PUBLIC AMOUNTS ARE 92, 768, 000. 1 FOUNDATION INC GIVEN TO COVER 101 WEST MOUNT ROYAL AVENUE OPERATING BALTIMORE, MD 21201 EXPENSES FOR SCHOOLS AND SYNAGOGUES AS WELL AS EDUCATIONAL SCHOLARSHIPS AND ASSISTANCE TO THE NEEDY.

TOTAL $ 102352192. 1 C CHESED FOUNDATION OF AMERICA INVESTMENTS 6/30/2015

DESCRIPTION COST MARKET VALUE

CORPORATE STOCK AMTRUST 56,707,031 400,129,708 BANK OF AMERICA 1,942,520 1,892,250 BIOTIME INC 9,600,000 5,808,000 CITI 17,980,070 2,103,815 CORBUS PHARMACEUTICALS 2,250,000 1,540,000 DOLAN COMPANY 171,467 0 EVERGREEN ENERGY 914,750 15 FORD 1,552,975 1,501,000 GENERAL MOTORS COMPANY 3,910,005 3,333,000 HALCON RESOURCES CORP 2,349,619 174,000 LEHMAN BROS 502,422 0 M & T BANK CORP 382,308 320,820 NEWMONT MINING CORP 15,494,805 4,672,000 ST JOE 3,200,965 1,588,595 UNITED STATES STL CORP NEW 2,400,005 1,031,000 USG 4,021,395 4,168,500 VISTEON CORP WTS 1,342,779 557,520 WTS MAGNUM HUNTER RESOURCES 0 0 TOTAL CORPORATE STOCK 124,723 , 116 428, 820,224

CORPORATE BONDS BANK OF AMERICA 9/29/49 999,505 995,625 CITI GROUP 12/29/49 2,983,765 2,928,750 DELPHI AUTOMOTIVE AYATEMS CORP 1,005 67,500 TOTAL CORPORATE BONDS 3,984, 275 3 , 991,875

TOTAL INVESTMENTS 128,707 , 391 432 , 812,099 CHESED FOUNDATION OF AMERICA CONTRIBUTIONS PAID July 2014 through June 2015

Date Name Debit DONATIONS 07/01/2014 BETH JACOB OF BORO PARK 10,000 00 07/03/2014 AMERICAN FRIENDS OF YESHIVATH BEER YACOV 5,000 00 07/07/2014 CONG TORAS CHAIM 10,000 00 07/07/2014 CONG TORAS CHAIM 3,000.00 07/07/2014 CHAYIM V'CHESED INC 2,000 00 07/08/2014 CONG TOLDOS AHARON 10,000 00 07/08/2014 KOLLEL AVREICHIM D'CHASIDEI BELZ 1,800 00 07/11/2014 CONG YESHIVA SHAAR HATALMUD 50,000 00 07/14/2014 ZIBO 2,000 00 07/14/2014 MERKAZ OLUMNI BELZ 2,000 00 07/15/2014 NECHOMAS IRAEL 2,00000 07/16/2014 AMERICAN FRIENDS OF BELZ 400,000 00 07/16/2014 MIKVA RAMU 3,60000 07/16/2014 COMG SHMIA TOVA 2,000 00 07/17/2014 CONG BAIS CHAIM YESHOUA 5,00000 07/23/2014 AMERICAN FRIENDS OF RAMBAM 25,000 00 07/23/2014 MOSDOT OHEL ISRAEL 6,00000 07/23/2014 MESIFTA YESHIVA RABBI CHAIM BERLIN 2,000 00 07/25/2014 CONG SHEM MSHMUEL 1,00000 07/25/2014 CONG SHEM MSHMUEL 700 00 07/29/2014 yeshiva beer abraham 500 00 07/30/2014 AMERICAN FRIENDS OF BELZ 7,200 00 07/30/2014 CONG GMACH ZICHRON SHLOMO 3,000 00 07/30/2014 MEMORIAL SLOAN KETERING 1,00000 07/31/2014 YESHIVA SHEARUTH HAPLETA 2,000 00 08/04/2014 LIMUDEI DAAS 10,000 00 08/04/2014 YESHIVA CHASAN SOFER 10,000 00 08/06/2014 CONG KLAL YIREI HASHEM INC 5,000 00 08/06/2014 MEKAZ CHASIDEI VZNITZ 5,000 00 08/07/2014 CONG YISMACH MOSHE 1,00000 08/08/2014 CONG TORAS CHAIM 13,000 00 08/11/2014 AMERICAN DIABITIES ASSOC 12.00 08/11/2014 THE WOMENS NETWORK 15,000 00 08/12/2014 PROSPECT WITNESS 500 00 08/13/2014 CONG TORAH TEMIMA 2,00000 08/13/2014 CONG VAYEDABER DOVID 5,000 00 08/19/2014 TALMUD TORAH YESHIVA IMREI CHAIM VIZNITZ 14,000 00 08/20/2014 CONG KOLLEL CHASIDEI RACHMISTRIVKA 500 00 08/20/2014 A TIME 1,00000 08/21/2014 BETH JACOB OF BORO PARK 5,000 00 08/21/2014 BETH JACOB OF BORO PARK 17,000 00 08/22/2014 YESHIVA ZICHRON MEIR 1,800 00 08/22/2014 CONG BNEI USHER 5,000 00 08/26/2014 cong ohev shalom 3,000 00 08/28/2014 CONG BETH AHRON 3,000 00 09/02/2014 CONG BAIS YEHUDAH 550 00 09/02/2014 CONG BAIS CHAIM YESHOUA 1,200 00 09/02/2014 CONG BAIS CHAIM YESHOUA 3,000 00 09/03/2014 CONG DARCHEI TZEDEK INC 5,000 00 09/04/2014 BENJAMIN HOUSE FALORY SVS 3,000 00 09/04/2014 JEWISH CENTER FOR SPECIAL EDUCATION 500 00 09/05/2014 YESHIVA ZICHRON MOSHE 1,00000 09/08/2014 CATSKILL HATZOLAH 1,00000 09/09/2014 CONG HECHEL MOSHE 2,000 00 09/09/2014 BOBBIES PLACE 10,000 00 09/10/2014 CONG YESHIVA SHAAR HATALMUD 50,000 00 09/10/2014 CONG BAIS MORDICHAI 2,000 00 09/10/2014 CONG BETH SHLOIME 1,00000 09/11/2014 CHEVRA MAFIZAI SEFORIM 14,000 00 09/11/2014 CHEVRA MAFIZAI SEFORIM 10,000 00 09/12/2014 THE WOMENS NETWORK 100,000 00 09/12/2014 CONG TIFERES SHOLOM 5,00000 09/15/2014 CONG YOEL MOSHE 10,000 00 09/15/2014 KOILI SHEMA 5,000 00 09/15/2014 CONG BAIS CHAIM YESHOUA 1,00000 09/17/2014 CHESED LEAVROHOM 5,000 00 09/17/2014 BAIS SHMUEL TZVI 10,000 00

Page 1 CHESED FOUNDATION OF AMERICA CONTRIBUTIONS PAID July 2014 through June 2015

Date Name Debit 09/18/2014 FRIENDS OF MOSDOS GUR 20,000 00 09/22/2014 CONG ZICHRON REB MORDECHAI BINIK ZH CORP 250,000 00 09/22/2014 MOSDOS BETH YOSEF ZVI 5,000 00 09/22/2014 KAREN ELUZAR 2,000 00 09/22/2014 CHAIM VOCHESED 500 00 09/24/2014 CONG TORAS CHAIM 13,000 00 09/24/2014 CONG AHAVATH TZEDAKA VOCHESED 3,000 00 09/24/2014 KEREN HAYELED HATZALAH 500 00 09/30/2014 YESHIVA ZICHRON MOSHE 10,000 00 09/30/2014 CONG OHR HATORAH 5,00000 09/30/2014 KEREN ZICHRON MOISHE 5,000 00 09/30/2014 CONG BETH USHER 1,00000 09/30/2014 CONG OHR YECHESKEL 1,00000 10/01/2014 YESHIVA CHASAN SOFER 90,000 00 10/02/2014 ONEG SHABBOS & YOM TOV 18,000 00 10/02/2014 CONG TORAS CHAIM 3,000 00 10/02/2014 CONG MACHNE CHAIM 2,00000 10/02/2014 CONG BNEI YAAKOV 500 00 10/06/2014 CONG BAIS CHAIM YESHOUA 2,000 00 10/07/2014 MISASKIM 10,000 00 10/07/2014 KOLLEL MAHEH SIMCHA 1,00000 10/08/2014 YESHIVA CHASAN SOFER 5,000 00 10/09/2014 KEREN YISOCHER DOV 500 00 10/15/2014 YESHIVA NOVOMINSK 180 00 10/16/2014 CONG ZICHRON REB MORDECHAI BINIK ZH CORP 50,000 00 10/21/2014 CHAIM VOCHESED 10,000 00 10/23/2014 BETH ELIYAHU CONG 2,00000 10/24/2014 CONG YETEV LEV D'SATMAR 10,000 00 10/27/2014 AMERICAN FRIENDS OF MACHON DANIEL 200,000 00 10/27/2014 KOLLEL MAHEH SIMCHA 5,000 00 10/30/2014 AMERICAN FRIENDS OF OLD CITY 10,000 00 11/04/2014 CONG & GMACH ZICHRON SHLOMO 4,00000 11/05/2014 CONG YESHIVA SHAAR HATALMUD 50.000 00 11/06/2014 AMERICAN FRIENDS OF BELZ 500,000 00 11/07/2014 MOSDOS BETH YOSEF ZVI 25,000 00 11/07/2014 CONG BNEI AHARON 3,000 00 11/10/2014 CONG TORAS CHAIM 3,00000 11/10/2014 BIKOR CHOLIM OF BOBOV 1,00000 11/13/2014 CONG KOLLEL ACB 80,000 00 11/13/2014 CONG AHAVATH SHOLEM 2,000 00 11/13/2014 AHAVAS CHESED 180 00 11/14/2014 CONG PAILE YOETZ 5,000 00 11/14/2014 AMERICAN FRIENDS OF TIFERES 1,200 00 11/17/2014 MOSDOS BETH YOSEF ZVI 20,000 00 11/18/2014 IMCHA 30,000 00 11/18/2014 CONG TOLDOS AHARON 25,000 00 11/18/2014 YESHIVA MKOR CHAIM 10,000 00 11/18/2014 YESHIVA NOVOMINSK-ALUMNI FUND 5,000 00 11/18/2014 CONG NACHLAS MOSHE 2,000 00 11/19/2014 MEORAT HATORAH 10,000 00 11/21/2014 CONG KEREN OHR 25,000 00 11/21/2014 SHUVU 5,00000 11/24/2014 CONG BAIS CHAIM YESHOUA 2,00000 11/24/2014 CONG AHAVATH YERISHOLAIM 2,000.00 11/24/2014 CHESED OF LAKEWOOD 2,000.00 11/24/2014 KHAL CHASIDEI YERUSHALAYIM 180 00 11/25/2014 OSEH CHESED 500 00 11/26/2014 CONG TORAS CHAIM 5,000 00 11/26/2014 BNOS ROCHEL 3,00000 11/26/2014 CONG OHEL SHOLOM DOV 2,00000 11/26/2014 TORAH SCHOOL OF ISRAEL 500 00 11/26/2014 CONG CHUH CHASAM SOFER 500 00 11/28/2014 AMERICAN FRIENDS OF ZIV HATORAH 1,000 00 12/01/2014 CONG KNESET MORDECHAI 5,000 00 12/01/2014 KEREN OHR CHAIM 2,000 00 12/01/2014 CONG YISMACH MOSHE 500 00 12/02/2014 CONG OHELEY SHEM 5,000 00 12/02/2014 VAAD HACHNUSAS ORCHIM 1,00000

Page 2 CHESED FOUNDATION OF AMERICA CONTRIBUTIONS PAID July 2014 through June 2015

Date Name Debit 12/02/2014 IRGUN SHIUREI TORAH 1,00000 12/04/2014 CONG KHAL BETH JOSEPH 2,000 00 12/04/2014 CONG NEIR BORACH 500 00 12/05/2014 CONG TOLDOS AHARON 30,000 00 12/05/2014 BINYON JERUSALEM 5,000 00 12/05/2014 CONG TOLDOS AVRUHOM YITZCHOK 3,000 00 12/05/2014 CONG BETH MORDICHAI 2,000 00 12/08/2014 CONG TORAS CHAIM 10,000 00 12/08/2014 CONG BNEI YISSOCHER 2,000 00 12/10/2014 CONG ZICHRON MOSHE 6,000 00 12/12/2014 NER ISRAEL RABBINICAL COLLAGE 10,000 00 12/12/2014 VAAD HACHNUSAS ORCHIM 2,00000 12/15/2014 CONG TORAS CHAIM 1,000 00 12/17/2014 YESHIVA CHASAN SOFER 3,000 00 12/17/2014 MIFAL EZRA 180 00 12/19/2014 ISRAEL CANCER RESEARCH FUND 3,500 00 12/31/2014 CONG YESHIVA SHAAR HATALMUD 50,000 00 12/31/2014 MIFAL HASHAS 1,00000 01/02/2015 CAMP HASC 10,000 00 01/02/2015 CONG TORAS CHAIM 3,000 00 01/02/2015 AMERICAN FRIENDS OF CHABAD OF SLOVAKIA 1,00000 01/05/2015 COMPUTER SCIENCE FOR THE BLIND 10,000 00 01/06/2015 CONG KOLEL AVREICHIM OF CHASIDEI BRESLOV 20,000 00 01/06/2015 BORO PARK JEWISH COMMUNITY COUNCIL 2,000 00 01/08/2015 SLABODKA YESHIVA 36,000 00 01/08/2015 KEREN ORAH 12,000.00 01/08/2015 HEICAL YITZCHOK SPINKA 2,00000 01/12/2015 HEICAL YITZCHOK SPINKA 3,000 00 01/13/2015 KAMINTZER YESHIVA OF JERUSALEM 10,000 00 01/14/2015 CONG SHEM MSHMUEL 5,00000 01/15/2015 CONG SHAAREI ORAH 25,000 00 01/15/2015 CONG KHAL KEDUSHAS YOM TOV 2,000 00 01/16/2015 RIVKAH LAUFER BIKUR CHOLIM 200 00 01/20/2015 CONG BAIS CHAIM YESHOUA 1,00000 01/21/2015 IMCHA 30,000 00 01/21/2015 FRIENDS OF GOOR 20,000 00 01/22/2015 CONG SHEM MSHMUEL 5,00000 01/26/2015 CONG KEREN ORAH 30,000 00 02/03/2015 CONG TORAS CHAIM D'FLATBUSH 3,000 00 02/04/2015 ORTHODOX UNION 100 00 02/05/2015 KEREN ELUZAR 2,00000 02/06/2015 YESHIVAS MIR JERUSALEM 25,000 00 02/09/2015 CONG BAIS CHAIM YESHOUA 1,50000 02/11/2015 AMERICAN FRIENDS OF OHEV ISRAEL 500 00 02/11/2015 ALUMNI UTA 1,000 00 02/11/2015 CONG BETH OSHER 2,000 00 02/12/2015 RACHELS PLACE 1,80000 02/12/2015 CONG TORAS CHAIM 2,000 00 02/17/2015 TORAH TEMIMAH 2,00000 02/18/2015 AMERICAN FRIENDS OF THE OLD CITY 12,000 00 02/18/2015 KHAL MINCHAS CHINUCH 5,00000 02/18/2015 CONG KEREN ANEYAI YISROEL INC 1,00000 02/19/2015 YESHIVA SHAREI HATZLACHA 10,000 00 02/24/2015 NEFESH HACHAIM INC 1,00000 02/25/2015 CONG TORAS CHAIM 3,00000 02/25/2015 CONG GEMACH AVROHOM SHIMON 4,000 00 02/26/2015 BAIS YAAKOV SCHOOL FOR GIRLS 1,00000 02/27/2015 CONG BETH SHLOIME 1,00000 02/27/2015 IRGUN SHIUREI TORAH 500 00 02/27/2015 CONG YESHIVA BAIS ISRAEL 2,00000 03/02/2015 CONG TORAS CHAIM 6,000 00 03/02/2015 CONG YESHIVA SHAAR HATALMUD 50,000 00 03/03/2015 CONG APIRYON SHEL SHLOMO 1,000 00 03/03/2015 LIMUDEI DAAS 10,000 00 03/04/2015 PIKUACH NEFESH FUND 1,00000 03/04/2015 MOSDOS BETH YOSEF ZVI 60,000 00 03/09/2015 CONG SONS OF JUDAH 1,00000 03/09/2015 CONG OHR YECHESKEL 1,00000

Page 3 CHESED FOUNDATION OF AMERICA CONTRIBUTIONS PAID July 2014 through June 2015

Date Name Deb it

03/09/2015 CONG BORO MINYAN 10,000 00 03/10/2015 CONG BNEI YISSOCHER 2,00000 03/10/2015 KEREN OHR 3,600 00 03/10/2015 KOLLEL CHASIDEI GUR 10,000 00 03/11/2015 BATS HAMEDRISH NETZACH YISROEL 2,500 00 03/11/2015 YESHIVAS CHASAN SOFER 2,000 00 03/11/2015 CONG OHR CHAIM 3,00000 03/12/2015 CONG BAIS CHAIM YESHOUA 2,00000 03/13/2015 CHASDEI UVOS 2,50000 03/16/2015 CONG BETH ELIYAHU 3,000.00 03/16/2015 CONG ZICHRON R MORDICHAI 300,000 00 03/17/2015 CONG BNAI YOEL 2,00000 03/17/2015 CONG YISMACH MOSHE 1,00000 03/17/2015 CONG YETEV LEV D'SATMAR 3,00000 03/17/2015 YESHIVA TIFERETH SHMUEL 5,00000 03/19/2015 CONG SONS OF JUDAH 350 00 03/19/2015 CONG TOLDOS AHARON 25,000 00 03/19/2015 MOSDOS BETH YOSEF ZVI 30,000 00 03/20/2015 BOBBIES PLACE 10,000 00 03/20/2015 HATZALOH 200 00 03/23/2015 CONG YESHIVA GEDOLAH OF BAYONE 1,00000 03/23/2015 VAAD HARABANIM 2,00000 03/24/2015 YESHIVA BAIS CHAIM YESHUAH 10,000 00 03/24/2015 YESHIVA HAGRAM 30,000 00 03/25/2015 CONG TORAS CHAIM 6,00000 03/25/2015 CHEVRA MAFIZAI SEFORIM 32,000 00 03/26/2015 CONG ZICHRON YITZCHOK 3,00000 03/27/2015 KNESET MORDECHAI 2,000 00 03/27/2015 KEREN YISOCHER DOV 1,00000 03/27/2015 CONG HEICHAL MOSHE HOMEGRAD 2,00000 03/27/2015 CONG KOLEL ACB 40,000 00 03/30/2015 MOSDOS BOBOV 45 500 00 03/30/2015 CONG BAIS HATFILAH 1,00000 03/30/2015 BTY FOUNDATION 7,200 00 03/31/2015 KHAL CHASIDEI YERUSHALAYIM 180 00 03/31/2015 SATMAR BIKUR CHOLIM 150 00 03/31/2015 KEREN ZICHRON MOISHE 5,000 00 03/31/2015 BMG 500 00 03/31/2015 OHR SHMUEL 1,00000 04/01/2015 BAIS MEDRASH KEREM SHLOMO 1,000 00 04/01/2015 YESHIVA SOLOMON KLUGER 10,000 00 04/02/2015 HEICHEL MENACHEM 2,000 00 04/02/2015 MISASKIM 5,000 00 04/02/2015 YESHIVA TIFERETH SHMUEL 10,000.00 04/03/2015 CONG MACHZIKAI HADAS 2,00000 04/03/2015 CONG BATS CHAIM YESHOUA 2,00000 04/03/2015 ZICHRON ELIYAHU 200,000 00 04/06/2015 MIFAL OHR AKIBA 2,000 00 04/07/2015 CCK 10,000 00 04/14/2015 NSHEI NOVOMINSK 180 00 04/14/2015 MOSDOS OHEL YISROEL INC 7,000 00 04/16/2015 CONG OHR YECHESKEL 1,00000 04/16/2015 CONG YESHIVA GEDOLAH OF BAYONE 1,00000 04/22/2015 HEICHEL AVROHOM 2,00000 04/22/2015 KOLEL SHOMREI HACHMAS 1,80000 04/23/2015 CONG YESHIVA SHAAR HATALMUD 50,000 00 04/23/2015 CONG YESHIVA SHAAR HATALMUD 6,00000 04/23/2015 CONG TIFERES TZVI 5,000 00 04/24/2015 CONG ZICHRON MEIR 3,000 00 04/27/2015 BONEI OILEM 5,00000 04/27/2015 CONG YESHIVA YAD MOSHE 500 00 04/28/2015 CONG GMACH ZICHRON SHLOMO 4,200 00 04/28/2015 GMACH MOSHE AHRON 1,000 00 04/29/2015 KEREN HAYELED HATZALAH 1,00000 04/30/2015 CONG TOLDOS AHARON 10,000 00 04/30/2015 CONG TORAH VYIRAH 10,000 00 05/04/2015 MOSDOS BETH YOSEF ZVI 25,000 00 05/04/2015 TZIIDKAS ERETZ HAKODESH 3,00000

Page 4 CHESED FOUNDATION OF AMERICA CONTRIBUTIONS PAID July 2014 through June 2015

Date Name Debit 05/04/2015 CONG BAIS CHAIM YESHOUA 1,00000 05/04/2015 HATZALOH 200 00 05/06/2015 CONG TORAS CHAIM D'FLATBUSH 3,00000 05/11/2015 UNITED INSTITUTE OF KARLIN STOLIN 2,00000 05/12/2015 RCCS 10,000 00 05/12/2015 CONG GMACH ZICHRON SHLOMO 500 00 05/15/2015 CONG BAIS CHAIM YESHOUA 25,000 00 05/15/2015 AMERICAN FRIENDS OF MEOR HATALMUD 25,000.00 05/15/2015 CONG TORAS CHAIM 10,000 00 05/21/2015 CONG KEREN OHR 25,000 00 05/21/2015 ZICHRON ELIYAHU 18,000 00 05/22/2015 MOSDOT BOTOSHION 500 00 05/26/2015 KOLEL ZICHRON ELIYAHU 2,000 00 05/28/2015 CHUSH 500 00 06/02/2015 MIFAL CHESED 2,00000 06/02/2015 CONG NACHLAS YACO 1,00000 06/03/2015 CONG TOLDOS AHARON 2,000 00 06/03/2015 CONG SONS OF JUDAH 1,25000 06/03/2015 CONG SONS OF JUDAH 12,000 00 06/03/2015 CONG EZRAS SHOLEM 5,000 00 06/03/2015 CONG BETH ELIYAHU 2,000 00 06/04/2015 CONG TORAS CHAIM 3,000 00 06/05/2015 YESHIVA NOVOMINSK 26,000 00 06/05/2015 cong khal yireh hashem 2,00000 06/12/2015 MEFEZIZ SEFORIM 5,000 00 06/12/2015 CONG TIFERES SHALOM D'NADVORNE 25,000 00 06/15/2015 SANZ INSTITUTION OF ISRAEL 50,000 00 06/18/2015 MEMORIAL SLOAN KETERING 1,000.00 06/19/2015 YESHIVA AHAVAS YAAKOV 500 00 06/22/2015 CONG KOLEL ACB 55,000 00 06/22/2015 CONG KOLEL ACB 16,000 00 06/23/2015 CONG YESHIVA SHAAR HATALMUD 56,000 00 06/23/2015 CONG SAR SHALOM 5,00000 06/23/2015 CONG SAR SHALOM 5,00000 06/23/2015 CONG YISMACH MOSHE 1,00000 06/24/2015 YESHIVA TELSHE ALUMNI 1,000 00 06/26/2015 CONG TOLDOS AHARON 10,000 00 Total DONATIONS 4,410,192 00

TOTAL 4,410 , 19 2.00

Page 5 OMB No 1545-0047 Schedule B (Form 990, 990-EZ, or 990-PF) Schedule of Contributors Attach to Form 990, Form 990-EZ, or Form 990-PF 2^^ 4 Department of the Treasury 11 Internal Revenue Service Information about Schedule B (Form 990 , 990-EZ, 990-PF) and its instructions is at www.irs.gov/form990. Name of the organization CHESED FOUNDATION OF AMERICA Employer identification number C/O SABR GROUP 113-3922068 Organization type (check one)* Filers of: Section: Form 990 or 990-EZ q 501 (c)( ) (enter number) organization q 4947(a)(1) nonexempt charitable trust not treated as a private foundation q 527 political organization

Form 990-PF IAI 501 (c)(3) exempt private foundation q 4947(a)(1) nonexempt charitable trust treated as a private foundation q 501 (c)(3) taxable private foundation

Check if your organization is covered by the General Rule or a Special Rule

Note . Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule See instructions General Rule n For an organization filing Form 990, 990-EZ , or 990-PF that received, during the year , contributions totaling $5,000 or more ( in money or property) from any one contributor Complete Parts I and II See instructions for determining a contributor's total contributions

Special Rules q For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 33-1/3% support test of the regulations under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990 or 990-EZ), Part II, line 13, 16a, or 16b, and that received from any one contributor, during the year, total contributions of the greater of (1) $5,000 or (2) 2% of the amount on (1) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1 Complete Parts I and II

q For an organization described in section 501(c)(7) , (8), or ( 10) filing Form 990 or 990-EZ that received from any one contributor, during the year , total contributions of more than $ 1 000 exclus i vely for religious , charitable, scientific , literary, or educational purposes, or for the prevention of cruelty to children or animals Complete Parts I, II, and III

q For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor, during the year, contributions exclusively for religious, charitable, etc , purposes, but no such contributions totaled more than $1 000 If this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc , purpose Do not complete any of the parts unless the General Rule applies to this organization bec use 10. ^ it received nonexcluslvely religious, charitable, etc , contributions totaling $5,000 or more during the year

Caution : An organization that is not covered by the General Rule and/or the Special Rules does not file Schedule B (Form 990, 990-EZ, or 990-PF), but it must answer 'No' on Part IV, line 2, of its Form 990, or check the box on line H of Its Form 990-EZ or on its Form 990-PF, Part I, line 2, to certify that it does not meet the filing requirements of Schedule B (Form 990, 990-EZ, or 990-PF) BAA For Paperwork Reduction Act Notice, see the Instructions for Form 990, 990EZ, Schedule B (Form 990, 990-EZ, or 990-PF) (2014) or 990-PF.

TEEA0701L 11/13/14 Schedule B (Form 990 , 990-EZ, or 990-PF) (2014) 1 of 1 of Part 1 of organization CHESED FOUNDATION OF AMERICA 13- 3922068

Part I Contributors (see instructions) Use duplicate copies of Part I if additional space is needed.

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

Person 1 GEORGE KARFUNKEL ------Payroll 59 MAIDEN LANE, PLAZA - LEVEL ------$- - - 2,250,000 . Noncash 1XI (Complete Part II for NEW YORK, NY 10038 ______noncashcontributions

a b Number Name , address , and ZIP + 4 Total Type of co ntribution contributions

Person X 2 -- GEORGE KARFUNKEL ------Payroll 59-MAIDEN- LANE, PLAZA- LEVEL ------$- - - 2,000,000_ Noncash fl

(CompletePltePHthPart II fo ) NEW YORK, NY 10038 - n)

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

Person --- Payroll Noncash

(Complete Part II for ______noncashcontributions

a b d Number Name , address, and ZIP + 4 Type of co ntribution

Person --- Payroll

Noncash El (Complete Part II for ______noncash contributions

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

Person ------Payroll $------Noncash ------F1 (Complete Part II for ______noncash contributions

a b c d Number Name , address, and ZIP + 4 Total Type of contribution contributions

Person ------Payroll Noncash

Complete Part II for ______noncash contributions

BAA TEEA0702L 07/17/14 Schedule B (Form 990 , 990-EZ, or 990-PF) (2014) Schedule B (Form 990, 990-EZ, or 990-PF) (2014) Page 1 to 1 of Part II Name of organization Employer identification number CHESED FOUNDATION OF AMERICA 13-3922068

Part li Noncash Property (see instructions) Use duplicate copies of Part II if additional space is needed

(a) No. (b) (C) (d) from Description of noncash property given FMV (or estimate) Date received Part I (see instructions)

500,000 SH-CORBUS-PHARMACEUTICALS ------1 ------$ 2, 2 5 0, 0 0 0. 11/13/14 ------

(a) No. (b) (C) (d) from Description of noncash property given FMV (or estimate) Date received Part I (see instructions)

------

(a) No. (b) (c) (d) from Description of noncash property given FMV (or estimate) Date received Part I (see instructions)

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(a) No. (b) (c) (d) from Description of noncash property given FMV (or estimate) Date received Part I (see instructions)

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(a) No. (b) (C) (d) from Description of noncash property given FMV (or estimate Date received Part I (see instructions)

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(a) No. (b) (c) (d) from Description of noncash property given FMV (or estimate) Date received Part I (see instructions)

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BAA Sched ule B (Form 990. 990-EZ. or 990-PF) (2014)

TEEA0703L 07/14/14 Schedule B (Form 990, 990-EZ, or 990-P F Page 1 to 1 of Part III Name of organization Employer identification number CHESED FOUNDATION OF AMERICA 13-3922068 Part III J Exclusively religious , charitable, etc., contributions to organizations described in section 501(c)(7), (8) or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry For organizations completing Part III, enter the total of exclusively religious, charitable, etc , contributions of $1,000 or less for the year (Enter this information once See instructions $ Use duplicate copies of Part III if additional space is needed (a) b of gift No. from Purpose Useof gift Description of how gift is held Part I N/A ------

(e) Transfer of gift Transferee's name , address, and ZIP + 4 Relationship of transferor to transferee

------

(a) (b) (c) (d) No. from Purpose of gift Use of gift Description of how gift is held Part l

------I (e) Transfer of gift Transferee ' s name , address , and ZIP + 4 Relationship of transferor to transferee

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a b c (d) No. from Purpose of gift Useof gift Description of how gift is held Part I ------

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(e) Transfer of gift Transferee's name , address, and ZIP + 4 Relationship of transferor to transferee

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(c)c (d) No. from Purpose of gift Use gift Description of how gift is held Part I ------

------I (e) Transfer of gift Transferee' s name , address , and ZIP + 4 Relationship of transferor to transferee

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BAA Schedule B (Form 990, 990-EZ, or 990-PF) (2014) TEEA0704L 11/13/14