<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xsi:schemaLocation="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2022v5.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2023-11-15T19:27:09-06:00</ReturnTs>
    <TaxPeriodEndDt>2022-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmName>
        <BusinessNameLine1Txt>Foundation Source</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>3333 New Hyde Park Rd Ste 406</AddressLine1Txt>
        <CityNm>New Hyde Park</CityNm>
        <StateAbbreviationCd>NY</StateAbbreviationCd>
        <ZIPCd>11042</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2022-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>477150256</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>Waymark Foundation</BusinessNameLine1Txt>
      </BusinessName>
      <InCareOfNm>% Foundation Source</InCareOfNm>
      <BusinessNameControlTxt>WAYM</BusinessNameControlTxt>
      <PhoneNum>8008391754</PhoneNum>
      <USAddress>
        <AddressLine1Txt>Foundation Source 501 Silverside Rd</AddressLine1Txt>
        <CityNm>Wilmington</CityNm>
        <StateAbbreviationCd>DE</StateAbbreviationCd>
        <ZIPCd>198091377</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>Charles D Royal</PersonNm>
      <PersonTitleTxt>SECRETARY</PersonTitleTxt>
      <PhoneNum>8008391754</PhoneNum>
      <SignatureDt>2023-11-14</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <SigningOfficerGrp>
      <PersonFullName>
        <PersonFirstNm>Charles D</PersonFirstNm>
        <PersonLastNm>Royal</PersonLastNm>
      </PersonFullName>
      <SSN>999009999</SSN>
    </SigningOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>Jeffrey D Haskell</PreparerPersonNm>
      <PTIN>P01345770</PTIN>
      <PhoneNum>8008391754</PhoneNum>
    </PreparerPersonGrp>
    <AdditionalFilerInformation>
      <TrustedCustomerGrp />
    </AdditionalFilerInformation>
    <TaxYr>2022</TaxYr>
    <BuildTS>2023-04-26 12:10:37Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="11">
    <IRS990PF documentId="IRS990PF">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>79222584</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>0</ContriRcvdRevAndExpnssAmt>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>177082</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>177082</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>0</DividendsRevAndExpnssAmt>
        <NetGainSaleAstRevAndExpnssAmt>30507</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>189725</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>110668</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="OtherIncomeSch2">538098</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>538098</OtherIncomeNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>745687</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>825848</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <LegalFeesRevAndExpnssAmt referenceDocumentId="LegalFeesSch">41958</LegalFeesRevAndExpnssAmt>
        <LegalFeesNetInvstIncmAmt>41958</LegalFeesNetInvstIncmAmt>
        <LegalFeesAdjNetIncmAmt>0</LegalFeesAdjNetIncmAmt>
        <LegalFeesDsbrsChrtblAmt>0</LegalFeesDsbrsChrtblAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="AccountingFeesSch">8400</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>1150</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesAdjNetIncmAmt>0</AccountingFeesAdjNetIncmAmt>
        <AccountingFeesChrtblPrpsAmt>7250</AccountingFeesChrtblPrpsAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="OthProfFeesSch">569950</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>569950</OtherProfFeesNetInvstIncmAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="TaxesSchedule">3961</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>3961</TaxesNetInvstIncmAmt>
        <DeprecAndDpltnRevAndExpnssAmt referenceDocumentId="DepreciationSch">788</DeprecAndDpltnRevAndExpnssAmt>
        <DeprecAndDpltnNetInvstIncmAmt>0</DeprecAndDpltnNetInvstIncmAmt>
        <DeprecAndDpltnAdjNetIncmAmt>0</DeprecAndDpltnAdjNetIncmAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="OtherExpensesSch">128531</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>41606</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>85496</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>753588</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>658625</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesAdjNetIncmAmt>0</TotOprExpensesAdjNetIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>92746</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>1000000</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>1000000</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>1753588</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>658625</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesAdjNetIncmAmt>0</TotalExpensesAdjNetIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>1092746</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-1007901</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>167223</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <SavAndTempCashInvstBOYAmt>14875400</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>13823397</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>13823397</SavAndTempCashInvstEOYFMVAmt>
        <AcctRcvblAmt>230</AcctRcvblAmt>
        <AcctRcvblEOYAmt>230</AcctRcvblEOYAmt>
        <AcctRcvblEOYFMVAmt>230</AcctRcvblEOYFMVAmt>
        <InvstLandCostOrOtherBasisAmt>91967153</InvstLandCostOrOtherBasisAmt>
        <InvstLandAccumDepreciationAmt>8831</InvstLandAccumDepreciationAmt>
        <LandBldgInvestmentsBOYAmt>91911944</LandBldgInvestmentsBOYAmt>
        <LandBldgInvestmentsEOYAmt referenceDocumentId="InvLandSch2">91958322</LandBldgInvestmentsEOYAmt>
        <LandBldgInvestmentsEOYFMVAmt>65388357</LandBldgInvestmentsEOYFMVAmt>
        <LandBldgEquipCostOrOtherBssAmt>3944</LandBldgEquipCostOrOtherBssAmt>
        <LandBldgEquipAccumDeprecAmt>3944</LandBldgEquipAccumDeprecAmt>
        <LandBOYAmt>788</LandBOYAmt>
        <OtherAssetsBOYAmt referenceDocumentId="OtherAssetsSch">12030</OtherAssetsBOYAmt>
        <OtherAssetsEOYAmt referenceDocumentId="OtherAssetsSch">10600</OtherAssetsEOYAmt>
        <OtherAssetsEOYFMVAmt referenceDocumentId="OtherAssetsSch">10600</OtherAssetsEOYFMVAmt>
        <TotalAssetsBOYAmt>106800162</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>105792549</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>79222584</TotalAssetsEOYFMVAmt>
        <AccountsPayableEOYAmt>288</AccountsPayableEOYAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>288</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <RetainedEarningBOYAmt>106800162</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>105792261</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>106800162</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>105792261</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>106800162</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>105792549</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>106800162</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-1007901</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>105792261</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>105792261</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PID 55.0 LAND - JEDBURG</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <SoldDt>2022-04-22</SoldDt>
          <GrossSalesPriceAmt>189725</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>79057</CostOrOtherBasisAmt>
          <GainOrLossAmt>110668</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>110668</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>110668</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>2324</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>2324</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>2324</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>10000</EstimatedPlusOvpmtIncmTxAmt>
        <ExemptFrgnOrgTaxWthldAtSrceAmt>0</ExemptFrgnOrgTaxWthldAtSrceAmt>
        <TotalPaymentsAndCreditsAmt>10000</TotalPaymentsAndCreditsAmt>
        <Form2220AttachedInd referenceDocumentId="IRS2220">X</Form2220AttachedInd>
        <EsPenaltyAmt>0</EsPenaltyAmt>
        <OverpaymentAmt>7676</OverpaymentAmt>
        <AppliedToESTaxAmt>7676</AppliedToESTaxAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd referenceDocumentId="BinaryAttach">false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd referenceDocumentId="BinaryAttach">false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd referenceDocumentId="BinaryAttach">false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>DE</OrgReportOrRegisterStateCd>
        <OrgReportOrRegisterStateCd>SC</OrgReportOrRegisterStateCd>
        <OrgReportOrRegisterStateCd>TX</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd referenceDocumentId="DonorAdvisedFundStmt">true</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <PersonsWithBooksName>
          <BusinessNameLine1Txt>Foundation Source</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>8008391754</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>501 Silverside Road Suite 123</AddressLine1Txt>
          <CityNm>Wilmington</CityNm>
          <StateAbbreviationCd>DE</StateAbbreviationCd>
          <ZIPCd>198091377</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>true</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>true</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <ActsFailToQlfyAsExceptionsInd>false</ActsFailToQlfyAsExceptionsInd>
        <UncorrectedPriorActsInd>false</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>false</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Charles D Royal</PersonNm>
          <USAddress>
            <AddressLine1Txt>Foundation Source 501 Silverside Rd</AddressLine1Txt>
            <CityNm>Wilmington</CityNm>
            <StateAbbreviationCd>DE</StateAbbreviationCd>
            <ZIPCd>198091377</ZIPCd>
          </USAddress>
          <TitleTxt>Sec, Treas, Trustee</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>38.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Michael F Royal</PersonNm>
          <USAddress>
            <AddressLine1Txt>Foundation Source 501 Silverside Rd</AddressLine1Txt>
            <CityNm>Wilmington</CityNm>
            <StateAbbreviationCd>DE</StateAbbreviationCd>
            <ZIPCd>198091377</ZIPCd>
          </USAddress>
          <TitleTxt>Chair, Trustee</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Susannah R Whelan</PersonNm>
          <USAddress>
            <AddressLine1Txt>Foundation Source 501 Silverside Rd</AddressLine1Txt>
            <CityNm>Wilmington</CityNm>
            <StateAbbreviationCd>DE</StateAbbreviationCd>
            <ZIPCd>198091377</ZIPCd>
          </USAddress>
          <TitleTxt>Trustee, Vice Chairman</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>Pareto Asset Management</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>1985 Riviera Dr Ste 103 484</AddressLine1Txt>
            <CityNm>MOUNT PLEASANT</CityNm>
            <StateAbbreviationCd>SC</StateAbbreviationCd>
            <ZIPCd>29464</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>Investment Mgmt</ServiceTypeTxt>
          <CompensationAmt>461413</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>Foundation Source</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>55 Walls Drive 3rd Fl</AddressLine1Txt>
            <CityNm>Fairfield</CityNm>
            <StateAbbreviationCd>CT</StateAbbreviationCd>
            <ZIPCd>06824</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>Administrative</ServiceTypeTxt>
          <CompensationAmt>79555</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>Sabine &amp; Waters Inc</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>311 N Magnolia St</AddressLine1Txt>
            <CityNm>Summerville</CityNm>
            <StateAbbreviationCd>SC</StateAbbreviationCd>
            <ZIPCd>29483</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>Forestry</ServiceTypeTxt>
          <CompensationAmt>59737</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>Bank of America</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>PO Box 15284</AddressLine1Txt>
            <CityNm>WILMINGTON</CityNm>
            <StateAbbreviationCd>DE</StateAbbreviationCd>
            <ZIPCd>19850</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>Investment Mgmt</ServiceTypeTxt>
          <CompensationAmt>56299</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp />
      <SumOfProgramRelatedInvstGrp />
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>0</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>14949003</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>65446574</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>80395577</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>80395577</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>1205934</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>79189643</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>3959482</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>3959482</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>2324</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>2324</TotalTaxAmt>
        <DistributableBeforeAdjAmt>3957158</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>3957158</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>3957158</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>1092746</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>1092746</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>3957158</DistributableAsAdjustedAmt>
        <PriorYear1Yr>2020</PriorYear1Yr>
        <PriorYear2Yr>2019</PriorYear2Yr>
        <PriorYear3Yr>2018</PriorYear3Yr>
        <ExcessDistributionCyovYr5Amt>967713</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>478739</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>575768</ExcessDistributionCyovYr3Amt>
        <TotalExcessDistributionCyovAmt>2022220</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>1092746</QualifyingDistributionsAmt>
        <AppliedToCurrentYearAmt>1092746</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>0</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>2022220</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>2022220</ExcessDistributionCyovAppCYAmt>
        <UndistributedIncomeCYAmt>842192</UndistributedIncomeCYAmt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp></PrivateOperatingFoundationsGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>NONE</ContributingManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>NATIONAL CHRISTIAN FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>11625 RAINWATER DR STE 500</AddressLine1Txt>
            <CityNm>ALPHARETTA</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>30009</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>NC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>General &amp; Unrestricted</GrantOrContributionPurposeTxt>
          <Amt>1000000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>1000000</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>177082</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl />
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncomeGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>30507</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <OtherRevenueDescribedGrp>
          <Desc>EARNEST MONEY FORFEIT</Desc>
          <ExclusionCd>01</ExclusionCd>
          <ExclusionAmt>401000</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>HUNTING LEASE INCOME</Desc>
          <ExclusionCd>01</ExclusionCd>
          <ExclusionAmt>34689</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>LEGAL FEE REIMBURSEMENT</Desc>
          <ExclusionCd>01</ExclusionCd>
          <ExclusionAmt>45169</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>INTEREST INCOME-JEDBURG SALE</Desc>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>57240</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>745687</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>745687</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>false</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <AccountingFeesSchedule documentId="AccountingFeesSch">
      <AccountingFeesDetail>
        <CategoryTxt>Bookkeeping</CategoryTxt>
        <Amt>7250</Amt>
        <DisbursementsCharitablePrpsAmt>7250</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
      <AccountingFeesDetail>
        <CategoryTxt>General Consultations</CategoryTxt>
        <Amt>1150</Amt>
        <NetInvestmentIncomeAmt>1150</NetInvestmentIncomeAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <DepreciationSchedule documentId="DepreciationSch">
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 001.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>5576992</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 002.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>372300</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 004.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>1442549</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 005.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>282962</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 006.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>59000</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 007.0 - MOBILE</PropertyDesc>
        <CostOrOtherBasisAmt>2480</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 008.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>489519</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 009.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>55140</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 017.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>83979</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 018.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>206460</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 018.5 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>403480</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 019.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>1384278</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 020.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>684108</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 021.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>841106</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 022.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>69712</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 023.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>20458</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 024.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>20200</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 028.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>769249</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 032.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>601631</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 033.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>691631</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 034.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>124500</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 034.1 - BUILDI</PropertyDesc>
        <CostOrOtherBasisAmt>290500</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 035.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>123000</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 035.1 - BUILDI</PropertyDesc>
        <CostOrOtherBasisAmt>287000</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 039.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>3668004</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 040.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>800831</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 056.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>54000</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 057.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>3483074</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 059.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>2124026</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 065.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>121754</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 066.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>779097</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 067.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>76046</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 068.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>86020</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 069.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>28000</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 070.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>35653063</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 070.1 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>961593</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 070.2 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>437296</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 071.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>6608274</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 072.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>3742353</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 073.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>12535155</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 090.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>805741</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 091.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>470800</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 092.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>470800</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 093.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>552077</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 094.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>520052</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 095.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>584562</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 096.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>584562</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 098.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>26000</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 099.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>17250</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>COMPUTER EQUIP - S</PropertyDesc>
        <AcquiredDt>2017-12-21</AcquiredDt>
        <CostOrOtherBasisAmt>3944</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>3156</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>5</LifeRt>
        <CurrentYearExpenseAmt>788</CurrentYearExpenseAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 102.1 MINERAL</PropertyDesc>
        <CostOrOtherBasisAmt>10900</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 102.2 MINERAL</PropertyDesc>
        <CostOrOtherBasisAmt>39100</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>CARRYING COSTS '18</PropertyDesc>
        <CostOrOtherBasisAmt>223604</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>CARRYING COSTS '19</PropertyDesc>
        <CostOrOtherBasisAmt>226713</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>CARRYING COSTS '20</PropertyDesc>
        <CostOrOtherBasisAmt>205601</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>CARRYING COSTS '21</PropertyDesc>
        <CostOrOtherBasisAmt>172281</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>CARRYING COSTS '22</PropertyDesc>
        <AcquiredDt>2022-12-31</AcquiredDt>
        <CostOrOtherBasisAmt>150650</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>FURNITURE&amp;FIXTURES</PropertyDesc>
        <CostOrOtherBasisAmt>8831</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>8831</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>7</LifeRt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 70.0 - LAND</PropertyDesc>
        <AcquiredDt>2022-12-31</AcquiredDt>
        <CostOrOtherBasisAmt>43792</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 70.1 - LAND</PropertyDesc>
        <AcquiredDt>2022-12-31</AcquiredDt>
        <CostOrOtherBasisAmt>1175</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 70.2 - LAND</PropertyDesc>
        <AcquiredDt>2022-12-31</AcquiredDt>
        <CostOrOtherBasisAmt>620</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 71.0 - LAND</PropertyDesc>
        <AcquiredDt>2022-12-31</AcquiredDt>
        <CostOrOtherBasisAmt>9359</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 055.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>159218</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PID 055.0 - LAND -</PropertyDesc>
        <CostOrOtherBasisAmt>801863</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
    </DepreciationSchedule>
    <InvestmentsLandSchedule2 documentId="InvLandSch2">
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 001.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>5576992</CostOrOtherBasisAmt>
        <BookValueAmt>5576992</BookValueAmt>
        <EOYFMVAmt>5576992</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 002.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>372300</CostOrOtherBasisAmt>
        <BookValueAmt>372300</BookValueAmt>
        <EOYFMVAmt>372300</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 004.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>1442549</CostOrOtherBasisAmt>
        <BookValueAmt>1442549</BookValueAmt>
        <EOYFMVAmt>1442549</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 005.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>282962</CostOrOtherBasisAmt>
        <BookValueAmt>282962</BookValueAmt>
        <EOYFMVAmt>282962</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 006.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>59000</CostOrOtherBasisAmt>
        <BookValueAmt>59000</BookValueAmt>
        <EOYFMVAmt>59000</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 007.0 - MOBILE</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>2480</CostOrOtherBasisAmt>
        <BookValueAmt>2480</BookValueAmt>
        <EOYFMVAmt>2480</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 008.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>489519</CostOrOtherBasisAmt>
        <BookValueAmt>489519</BookValueAmt>
        <EOYFMVAmt>489519</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 009.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>55140</CostOrOtherBasisAmt>
        <BookValueAmt>55140</BookValueAmt>
        <EOYFMVAmt>55140</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 017.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>83979</CostOrOtherBasisAmt>
        <BookValueAmt>83979</BookValueAmt>
        <EOYFMVAmt>83979</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 018.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>206460</CostOrOtherBasisAmt>
        <BookValueAmt>206460</BookValueAmt>
        <EOYFMVAmt>206460</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 018.5 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>403480</CostOrOtherBasisAmt>
        <BookValueAmt>403480</BookValueAmt>
        <EOYFMVAmt>403480</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 019.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>1384278</CostOrOtherBasisAmt>
        <BookValueAmt>1384278</BookValueAmt>
        <EOYFMVAmt>1384278</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 020.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>684108</CostOrOtherBasisAmt>
        <BookValueAmt>684108</BookValueAmt>
        <EOYFMVAmt>684108</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 021.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>841106</CostOrOtherBasisAmt>
        <BookValueAmt>841106</BookValueAmt>
        <EOYFMVAmt>841106</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 022.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>69712</CostOrOtherBasisAmt>
        <BookValueAmt>69712</BookValueAmt>
        <EOYFMVAmt>69712</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 023.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>20458</CostOrOtherBasisAmt>
        <BookValueAmt>20458</BookValueAmt>
        <EOYFMVAmt>20458</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 024.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>20200</CostOrOtherBasisAmt>
        <BookValueAmt>20200</BookValueAmt>
        <EOYFMVAmt>20200</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 028.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>769249</CostOrOtherBasisAmt>
        <BookValueAmt>769249</BookValueAmt>
        <EOYFMVAmt>769249</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 032.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>601631</CostOrOtherBasisAmt>
        <BookValueAmt>601631</BookValueAmt>
        <EOYFMVAmt>601631</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 033.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>691631</CostOrOtherBasisAmt>
        <BookValueAmt>691631</BookValueAmt>
        <EOYFMVAmt>691631</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 034.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>124500</CostOrOtherBasisAmt>
        <BookValueAmt>124500</BookValueAmt>
        <EOYFMVAmt>124500</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 034.1 - BUILDI</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>290500</CostOrOtherBasisAmt>
        <BookValueAmt>290500</BookValueAmt>
        <EOYFMVAmt>290500</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 035.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>123000</CostOrOtherBasisAmt>
        <BookValueAmt>123000</BookValueAmt>
        <EOYFMVAmt>123000</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 035.1 - BUILDI</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>287000</CostOrOtherBasisAmt>
        <BookValueAmt>287000</BookValueAmt>
        <EOYFMVAmt>287000</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 039.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>3668004</CostOrOtherBasisAmt>
        <BookValueAmt>3668004</BookValueAmt>
        <EOYFMVAmt>3668004</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 040.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>800831</CostOrOtherBasisAmt>
        <BookValueAmt>800831</BookValueAmt>
        <EOYFMVAmt>800831</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 056.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>54000</CostOrOtherBasisAmt>
        <BookValueAmt>54000</BookValueAmt>
        <EOYFMVAmt>54000</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 057.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>3483074</CostOrOtherBasisAmt>
        <BookValueAmt>3483074</BookValueAmt>
        <EOYFMVAmt>3483074</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 059.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>2124026</CostOrOtherBasisAmt>
        <BookValueAmt>2124026</BookValueAmt>
        <EOYFMVAmt>2124026</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 065.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>121754</CostOrOtherBasisAmt>
        <BookValueAmt>121754</BookValueAmt>
        <EOYFMVAmt>121754</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 066.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>779097</CostOrOtherBasisAmt>
        <BookValueAmt>779097</BookValueAmt>
        <EOYFMVAmt>779097</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 067.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>76046</CostOrOtherBasisAmt>
        <BookValueAmt>76046</BookValueAmt>
        <EOYFMVAmt>76046</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 068.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>86020</CostOrOtherBasisAmt>
        <BookValueAmt>86020</BookValueAmt>
        <EOYFMVAmt>86020</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 069.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>28000</CostOrOtherBasisAmt>
        <BookValueAmt>28000</BookValueAmt>
        <EOYFMVAmt>28000</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 070.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>35653063</CostOrOtherBasisAmt>
        <BookValueAmt>35653063</BookValueAmt>
        <EOYFMVAmt>35653063</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 070.1 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>961593</CostOrOtherBasisAmt>
        <BookValueAmt>961593</BookValueAmt>
        <EOYFMVAmt>961593</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 070.2 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>437296</CostOrOtherBasisAmt>
        <BookValueAmt>437296</BookValueAmt>
        <EOYFMVAmt>437296</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 071.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>6608274</CostOrOtherBasisAmt>
        <BookValueAmt>6608274</BookValueAmt>
        <EOYFMVAmt>6608274</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 072.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>3742353</CostOrOtherBasisAmt>
        <BookValueAmt>3742353</BookValueAmt>
        <EOYFMVAmt>3742353</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 073.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>12535155</CostOrOtherBasisAmt>
        <BookValueAmt>12535155</BookValueAmt>
        <EOYFMVAmt>12535155</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 090.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>805741</CostOrOtherBasisAmt>
        <BookValueAmt>805741</BookValueAmt>
        <EOYFMVAmt>805741</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 091.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>470800</CostOrOtherBasisAmt>
        <BookValueAmt>470800</BookValueAmt>
        <EOYFMVAmt>470800</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 092.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>470800</CostOrOtherBasisAmt>
        <BookValueAmt>470800</BookValueAmt>
        <EOYFMVAmt>470800</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 093.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>552077</CostOrOtherBasisAmt>
        <BookValueAmt>552077</BookValueAmt>
        <EOYFMVAmt>552077</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 094.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>520052</CostOrOtherBasisAmt>
        <BookValueAmt>520052</BookValueAmt>
        <EOYFMVAmt>520052</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 095.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>584562</CostOrOtherBasisAmt>
        <BookValueAmt>584562</BookValueAmt>
        <EOYFMVAmt>584562</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 096.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>584562</CostOrOtherBasisAmt>
        <BookValueAmt>584562</BookValueAmt>
        <EOYFMVAmt>584562</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 098.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>26000</CostOrOtherBasisAmt>
        <BookValueAmt>26000</BookValueAmt>
        <EOYFMVAmt>26000</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 099.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>17250</CostOrOtherBasisAmt>
        <BookValueAmt>17250</BookValueAmt>
        <EOYFMVAmt>17250</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 102.1 MINERAL</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>10900</CostOrOtherBasisAmt>
        <BookValueAmt>10900</BookValueAmt>
        <EOYFMVAmt>10900</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 102.2 MINERAL</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>39100</CostOrOtherBasisAmt>
        <BookValueAmt>39100</BookValueAmt>
        <EOYFMVAmt>39100</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>CARRYING COSTS '18</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>223604</CostOrOtherBasisAmt>
        <BookValueAmt>223604</BookValueAmt>
        <EOYFMVAmt>223604</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>CARRYING COSTS '19</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>226713</CostOrOtherBasisAmt>
        <BookValueAmt>226713</BookValueAmt>
        <EOYFMVAmt>226713</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>CARRYING COSTS '20</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>205601</CostOrOtherBasisAmt>
        <BookValueAmt>205601</BookValueAmt>
        <EOYFMVAmt>205601</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>CARRYING COSTS '21</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>172281</CostOrOtherBasisAmt>
        <BookValueAmt>172281</BookValueAmt>
        <EOYFMVAmt>172281</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>CARRYING COSTS '22</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>150650</CostOrOtherBasisAmt>
        <BookValueAmt>150650</BookValueAmt>
        <EOYFMVAmt>150650</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>FURNITURE&amp;FIXTURES</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>8831</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>8831</AccumulatedDepreciationAmt>
        <EOYFMVAmt>8831</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 70.0 - LAND</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>43792</CostOrOtherBasisAmt>
        <BookValueAmt>43792</BookValueAmt>
        <EOYFMVAmt>43792</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 70.1 - LAND</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>1175</CostOrOtherBasisAmt>
        <BookValueAmt>1175</BookValueAmt>
        <EOYFMVAmt>1175</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 70.2 - LAND</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>620</CostOrOtherBasisAmt>
        <BookValueAmt>620</BookValueAmt>
        <EOYFMVAmt>620</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 71.0 - LAND</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>9359</CostOrOtherBasisAmt>
        <BookValueAmt>9359</BookValueAmt>
        <EOYFMVAmt>9359</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 055.0 - LAND -</CategoryOrItemTxt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PID 055.0 - LAND -</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>801863</CostOrOtherBasisAmt>
        <BookValueAmt>801863</BookValueAmt>
        <EOYFMVAmt>801863</EOYFMVAmt>
      </InvestmentLandGrp>
    </InvestmentsLandSchedule2>
    <LandEtcSchedule2 documentId="LandEtcSch2">
      <LandEtcGrp>
        <CategoryOrItemTxt>COMPUTER EQUIP - S</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>3944</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>3944</AccumulatedDepreciationAmt>
      </LandEtcGrp>
    </LandEtcSchedule2>
    <LegalFeesSchedule documentId="LegalFeesSch">
      <LegalFeesGrp>
        <CategoryTxt>Document Review/Drafting</CategoryTxt>
        <LegalFeesAmt>5259</LegalFeesAmt>
        <NetInvestmentIncomeAmt>5259</NetInvestmentIncomeAmt>
      </LegalFeesGrp>
      <LegalFeesGrp>
        <CategoryTxt>NET GENERAL CONSULTATIONS</CategoryTxt>
        <LegalFeesAmt>36699</LegalFeesAmt>
        <NetInvestmentIncomeAmt>36699</NetInvestmentIncomeAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherAssetsSchedule documentId="OtherAssetsSch">
      <OtherAssetsScheduleGrp>
        <Desc>NET START-UP COSTS</Desc>
        <EOYBookValueAmt>10600</EOYBookValueAmt>
        <EOYFMVAmt>10600</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>Administrative Fees</Desc>
        <RevenueAndExpensesPerBooksAmt>79555</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>79555</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>AMORTIZATION EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>1429</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BANK CHARGES</Desc>
        <RevenueAndExpensesPerBooksAmt>33</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>33</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>DUES &amp; MEMBERSHIPS</Desc>
        <RevenueAndExpensesPerBooksAmt>5941</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>5941</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>HOA FEES &amp; UTILITIES</Desc>
        <RevenueAndExpensesPerBooksAmt>14212</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>14212</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>729</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>729</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>PROPERTY INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>16310</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>16310</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>PROPERTY MAINTENANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>9500</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>9500</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>REGISTERED AGENT FEE</Desc>
        <RevenueAndExpensesPerBooksAmt>822</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>822</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>Earnest Money Forfeit</Desc>
        <RevenueAndExpensesPerBooksAmt>401000</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>401000</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>Hunting Lease Income</Desc>
        <RevenueAndExpensesPerBooksAmt>34689</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>34689</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>Legal Fee Reimbursement</Desc>
        <RevenueAndExpensesPerBooksAmt>45169</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>45169</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>Interest Income-Jedburg Sale</Desc>
        <RevenueAndExpensesPerBooksAmt>57240</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>57240</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>CONSULTANT FEES</CategoryTxt>
        <Amt>2001</Amt>
        <NetInvestmentIncomeAmt>2001</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>FORESTRY SERVICES</CategoryTxt>
        <Amt>50237</Amt>
        <NetInvestmentIncomeAmt>50237</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT MANAGEMENT SERVICES</CategoryTxt>
        <Amt>517712</Amt>
        <NetInvestmentIncomeAmt>517712</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>FRANCHISE TAXES</CategoryTxt>
        <Amt>1374</Amt>
        <NetInvestmentIncomeAmt>1374</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>OIL &amp; GAS PRODUCTION TAX</CategoryTxt>
        <Amt>45</Amt>
        <NetInvestmentIncomeAmt>45</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>Property Taxes</CategoryTxt>
        <Amt>2542</Amt>
        <NetInvestmentIncomeAmt>2542</NetInvestmentIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>
