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        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>BALDWIN &amp; CO REQUIRES EACH OF ITS DIRECTORS TO SIGN A CONFLICT OF INTEREST POLICY, AND DISCLOSE ANY POTENTIAL CONFLICTS DURING THE BOARD MEETINGS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 15</FormAndLineReferenceDesc>
        <ExplanationTxt>THE FOUNDATION DID NOT MAKE PAYMENTS TO ITS CEO OR OTHER BOARD MEMBERS. SHOULD THE TIME ARISE IN THE FUTURE THE FOUNDATION WILL SEEK APPROVAL FROM AN INDEPENDENT PARTY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THE FOUNDATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIALS ARE AVAILABLE TO THE PUBLIC UPON REQUEST</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
  </ReturnData>
</Return>
