990_P^ Return of Private Foundation OMB No 1545-0052 Form or Section 4947(a)(1) Nonexempt Charitable Trust ^oo^ Department of the Treasury Treated as a Private Foundation Internal Revenue Serwce Note : The foundation may be able to use a copy of this return to satisfy state reporting requirements For calendar y ear 2008 , or tax y ear beg inning , 2008 , and ending , 20 G Check all that apply Initial return Final return Amended return Address change Name change Name of foundation A Employer identification number Use the IRS label. THE PROGRESSIVE INSURANCE FOUNDATION 30-0013138 0 R Otherwise , Number and street ( or P o box number If mail is not delivered to street address) Room /suite B Telephone number ( see page 10 of the inuvuclcre) print >^ rri or type. 6300 WILSON MILLS RD 440-461-5000 See S pecific City or town, state, and ZIP code C If exemption application is o Tz Instructions . pending, check here m D I Foreign organ izations. check here MAYFIELD VILLAGE, OH 44143 2 Foreign organizations meeting the M I 85% test, check here and attach O H Check type of organization x Section 501 ( c 3 exempt private foundation computation . 10.0 Section 4947 (a)( 1 ) nonexem pt charitable trust Other taxable p rivate foundation E If private foundation status was terminated I Fair market value of all assets at end J Accountin g method L_J Cash LX Accrual 0, under section 507(b)(1)(A), check here . Li of year (from Part fl, col (c), line q Other ( specify) - - - - - - - - - - - - - - - _ _ _ - - - F If the foundation is in a 60-month termination 0 - 16) ► $ 737,730.00 (Part 1, column (d) must be on cash basis) under section 507(b)(1)(8), check here . 11o F-1 CM) Analysis of Revenue and Expenses (The (d) Disbursements (a) total of amounts in columns (b), (c), and (d) Revenue and (b) Net investment (c) Adjusted net for charitable may not necessarily equal the amounts in expenses per income income purposes books column (a) (see page 11 of the instructions)) (cash basis only) I Contributions , rfts, grants , etc , received (attach schedule) . 5,353,407 If the foundation is not required to 2 Check Ills- attach Sch B . 3 Interest on savings and temporary cash investments 56,381 5 6, 381 4 Dividends and interest from securities • • • • S a Gross rents . b Net rental income or (loss) o 6a Net gain or ( loss) from sale of assets not on line 1 0 5 0 9 9 3 b Gross sales puce for all 5 y assets on line 6a Y 7 Capital gain net income (from art IV O 5050993 8 Net short-term capital gain 9 Income modifications . ^\! 10 a Gross sales less returns p and allowances . t^ b Less Cost of goods sold • _ - c Gross profit or (loss) (attach sched le 11 Other income ( attach schedule) • • • • • • • 12 Total. Add lines 1 throw h 11 10, 460, 781.00 5, 107, 374.00 13 Compensation of officers, directors , trustees, etc • • 14 Other employee salaries and wages . U) 15 Pension plans , employee benefits . 16a Legal fees (attach schedule) • • • • • • • • • CL C .u b Accounting fees (attach schedule) • • • • • • 4) c Other professional fees (attach schedule) . 108,402 108,402 N 17 Interest . "Ll 18 Taxes (attach schedule) ( see page 14 of the instructions) 55 r 000 5 19 Depreciation ( attach schedule) and depletion. O Q 20 Occupancy . 0 21 Travel , conferences , and meetings . C 5 22 Printing and publications . w E 23 Other expenses (attach schedule) . 6' ed 24 Total operating and administrative expenses. W Add lines 13 through 23 163, 402.00 108, 402.00 co D 25 Contributions , gifts, grants paid . 6,471,932 6 , 471 , 932 26 Total expenses anddisbursements . Add lines 24 and 25 6, 635, 334 . 00 6, 580, 334.00 27 Subtract line 26 from line 12 a Excess of revenue over expenses and disbursements 3,825,447.00 b Net Investment income (if negative, enter -0-) 5,107,374.00 c Adjusted net income (if negative , enter -0-) . For Privacy Act and Paperwork Reduction Act Notice , see page 30 of the instructions . Form 990-PF (2008) JSA 8E14101 GGO F orm 990- PF(20081 Facie 2 Attached schedules and amounts in the Beginning of year End of year B a l ance S h eetS description column should be forend-of-year amounts only (See instructions) (a) Book Value (b) Book Value (c) Fair Market Value I Cash - non-interest-bearing , , , , , , , , , , , , , , , , , , 1,889,391 737, 730 737, 730 2 Savings and temporary cash investments . 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 persons (attach schedule) (see page 15 of the instructions) 7 Other notes and loans receivable (attach schedule) ► _ _ _ _ _ Less allowance for doubtful accounts ► _ 8 Inventories for sale or use 9 Prepaid expenses and deferred charges . Q 10 a Investments - U S and state government obligations (attach schedule) b Investments - corporate stock (attach schedule) . c Investments - corporate bonds (attach schedule). , 11 Investments - land, buildings, ► 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 ► ____________________ ) 16 Total assets (to be completed by all filers - see the instructions Also, see page 1 , item 1) , 1, 889, 391.00 737, 730.00 737, 730.00 17 Accounts payable and accrued expenses , , . , , , . 18 Grants payable ,,,,, ,,,,,,,,,,,,,,,,,, 0 19 Deferred revenue 20 Loans from officers, directors, trustees, and other disqualified persons a 21 Mortgages and other notes payable (attach schedule) , , , , 22 Other liabilities (describe drafts- &- otji r 73,885 23 Total liabilities (add lines 17 through 22) . 73, 885.00 Foundations that follow SFAS 117, check here ► and complete lines 24 through 26 and lines 30 and 31. 24 Unrestricted ..... .................... 1,889,391 663,845 .S 25 Temporarily restricted . m 26 Permanently restricted . Foundations that do not follow SFAS 117, q LL check here and complete lines 27 through 31. ► o 27 Capital stock, trust principal, or current funds , , , , , 28 Paid - in or capital surplus, or land, bldg , and equipment fund 29 Retained earnings, accumulated income, endowment, or other funds 30 Total net assets or fund balances (see page 17 of the Z°' instructions) , . 1 , 889 , 391 663 , 845.00 31 Total liabilities and net assets/fund balances (see page 17 of the instructions) . ..................... 1,889,391 737,730 1 FMYMM Analysis of Chan ges in Net Assets or Fund Balances I Total net assets or fund balances at beginning of year - Part II, column (a), line 30 (must agree with end-of-year figure reported on prior years return) , , , , , , , , , , ,, , , , , , , , , , , , , , , , , , , 1 1, 889, 391.00 2 Enter amount from Part I, fine 27a ........... .................. ... ... ... 2 3,825,447.00 3 Other increases not included in line 2 (itemize) ►________________________________ 3 4 Add lines 1, 2, and 3 4 5, 714, 838.00 5 Decreases not included in line 2 FF BETWEEN FMV AND BOOK VALUE 5 5,050,993 6 Total net assets or fund balances at end of year (line 4 minus line 5) - Part II, column (b), line 30 .. 6 663, 84 5.00 JSA Form 990-PF (2008) 8E1420 1 000 Form 9904F (2008) Page 3 Capital Gains and Losses for Tax on Investment Income (b) How (c) Date (a) List and describe the kind(s) of property sold (e g , real estate , acquired acquired (d) Date sold P-Purcha mo ,day, yr ) 2-story brick warehouse , or common stock, 200 shs MLC Co) D-Donation (mo ,day, yr) 1a10,725 SHS APPLE COMPUTER D 5-28-08 5-28-08 b7,200 SHS APPLE COMPUTER D 2-19-08 2-19-08 c21,093 SHS MONSANTO D 2-19-08 2-19-08 d e Depreciation allowed (9) Cost or other basis (h) Gain or (loss) (e) Gross sales price (f) (or allowable) plus expense of sale (e) plus (f) minus (g) a 1,992,851 101,784 1,891,067.00 b 883,484 52,714 830,770.00 c 2,477,071 147,915 2,329,156.00 d e Complete only for assets showing gain in column ( h) and owned by the foundation on 12/31/69 (I) Gains (Col (h) gain minus Adjusted basis ( k) Excess of col (I) col (k), but not less than -0-) or (1) F M V as of 12/31/69 (j) as of 12 /31/69 over col ()), if any Losses (from col (h)) a 1,891,067.00 b 830,770.00 c 2,329,156.00 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 } 2 5, 050, 993.00 3 Net short-term capital gain or ( loss) as defined in sections 1222 (5) and (6) If gain , also enter in Part I, line 8, column ( c) (see pages 13 and 17 of the instructions) If (loss ), enter -0- in Part I , line 8. 3 Ml^ 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 perloV . Yes F] No If "Yes," the foundation does not qualify under section 4940 (e) Do not complete this part I Enter the annrnnnate amount in each column for each vaar see nane 1R of the instruction before makinn any entries Base peaod years (b) (c) Distribution ratio Calendar year (or tax year beg inning in ) Adjusted qualifying distributions Net value of nonchantable-use assets (col (b) divided by col (c)) 2007 6,108,394 3,750,332 1.6288 2006 5,792,041 2,717,411 2.1315 2005 5,378,121 3,596,566 1.4953 2004 2,012,491 2,209,809 0.9107 2003 834,650 373,833 2.2327 2 Total of line 1 , column (d) 2 8.3990 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 .