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          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>901 CONGRESS AVE</AddressLine1Txt>
            <CityNm>AUSTIN</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>78701</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>State's Trust project</GrantOrContributionPurposeTxt>
          <Amt>50000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE UNIVERSITY OF TEXAS AT AUSTIN - MCCOMBS SCHOOL</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2110 SPEEDWAY STOP B6006</AddressLine1Txt>
            <CityNm>AUSTIN</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>78712</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>GOV</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>KK Salem Policy Center</GrantOrContributionPurposeTxt>
          <Amt>30000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>547000</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>220</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>19013</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncmPartVIIGrp />
        <GainSalesAstOthThanInvntryGrp>
          <BusinessCd>525990</BusinessCd>
          <UnrelatedBusinessTaxblIncmAmt>-21436</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>-144852</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <OtherRevenueDescribedGrp>
          <Desc>K-1 Inc/Loss</Desc>
          <BusinessCd>525990</BusinessCd>
          <UnrelatedBusinessTaxblIncmAmt>22167</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>7329</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>SEC 751 GAIN FROM PTSHP</Desc>
          <BusinessCd>525990</BusinessCd>
          <UnrelatedBusinessTaxblIncmAmt>21788</UnrelatedBusinessTaxblIncmAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>22519</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>-118290</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>-95771</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>
    <DepreciationSchedule documentId="DepreciationSch" />
    <GeneralExplanationAttachment documentId="GeneralExplAttach">
      <GeneralExplanationGrp>
        <IdentifierTxt>part I line 6A (990-PF)</IdentifierTxt>
        <FormAndLineReferenceDesc>PART I LINE 6A (990-PF)</FormAndLineReferenceDesc>
        <MediumExplanationTxt>RECONCILIATION OF NET GAIN/(LOSS) FROM SALES OF ASSETS NOT INCLUDED IN PART IV TOTAL INCLUDED IN PART IV: (DETAILS BELOW) NET GAIN/(LOSS): $(144,852) TOTAL NOT INCLUDED IN PART IV: PASSTHROUGH K-1 CAPITAL GAIN/(LOSS) - UBI NET GAIN/(LOSS): $(21,436) TOTAL PART I, LINE 6A: $(166,288) DETAILS OF ASSETS INCLUDED IN PART IV: PUBLICLY-TRAIDED SECURITIES GROSS SALES PRICE: $300,000 BOOK BASIS: $300,000 NET GAIN/(LOSS): $- PASSTHROUGH K-1 CAPITAL GAIN/(LOSS) - NON UBI NET GAIN/(LOSS): $(149,115) SALES OF OTHER ITEMIZED ASSETS GROSS SALES PRICE: $547,301 BOOK BASIS: $543,038 NET GAIN/(LOSS): $4,263</MediumExplanationTxt>
      </GeneralExplanationGrp>
    </GeneralExplanationAttachment>
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>BNP PARIBAS L/O TC-CYN RTY SPX</StockNm>
        <EOYBookValueAmt>75000</EOYBookValueAmt>
        <EOYFMVAmt>77175</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CITIGROUP GLBL MKTS RTY SPX DU</StockNm>
        <EOYBookValueAmt>10000</EOYBookValueAmt>
        <EOYFMVAmt>9980</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CITIGROUP GLBL MKTS TC-CYN RTY</StockNm>
        <EOYBookValueAmt>75000</EOYBookValueAmt>
        <EOYFMVAmt>75000</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>PERSEUS HOLDINGS USA, LLC</CategoryOrItemTxt>
        <BookValueAmt>0</BookValueAmt>
        <EOYFMVAmt>502950</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LiquidationExplanationStmt documentId="LiquidExpStmt">
      <ExplanationTxt>As explained below, the Foundation has no plans for dissolution. This statement is submitted to report the distribution of certain assets during the year. The distributions resulted in a substantial contraction of assets. The following information is submitted in accordance with Treasury Regulation Section 1.6043-3(a)(1) and the Form 990-PF instructions: During the taxable year ending June 30, 2021, the Foundation made distributions from assets from sources other than current income. Collectively, the distributions in excess of current income totaled $547,000. This amount represents 25% or more of the Foundation's net assets of $2,121,004 (as measured by fair market value) at the beginning of the Foundation's taxable year ending June 30, 2021. Although the Foundation technically experienced a substantial contraction, it will continue in existence and has no plans for dissolution. The Foundation made distributions of cash to the grantees listed in the attachment to Part XIV, Line 3a; each such grant was made solely for the charitable purpose specified therein.</ExplanationTxt>
    </LiquidationExplanationStmt>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>Administrative Fees</Desc>
        <RevenueAndExpensesPerBooksAmt>14294</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>14294</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>K-1 Exp AP ENERGY INFRASTRUCTU</Desc>
        <RevenueAndExpensesPerBooksAmt>5712</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>5464</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>State or Local Filing Fees</Desc>
        <RevenueAndExpensesPerBooksAmt>25</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>25</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>K-1 Inc/Loss AP ENERGY INFRASTRUCTURE FUND LLC</Desc>
        <RevenueAndExpensesPerBooksAmt>29496</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>7238</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>Sec 751 Gain AP ENERGY INFRASTRUCTURE FUND</Desc>
        <RevenueAndExpensesPerBooksAmt>21788</RevenueAndExpensesPerBooksAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherNotesLoansRcvblLongSch documentId="OthNoteLoanRcvblLong">
      <OtherNotesLoansRcvblLongGrp>
        <BorrowerNameGrp>
          <BusinessName>
            <BusinessNameLine1Txt>PERSEUS HOLDINGS USA LLC</BusinessNameLine1Txt>
          </BusinessName>
        </BorrowerNameGrp>
        <InsiderRelationshipTxt>NONE</InsiderRelationshipTxt>
        <LoanOriginalAmt>133311</LoanOriginalAmt>
        <BalanceDueAmt>133311</BalanceDueAmt>
        <NoteDt>2020-10</NoteDt>
        <LoanMaturityDt>2024-10</LoanMaturityDt>
        <RepaymentTermsTxt>PRINCIPAL &amp; INTEREST UPON MATURITY</RepaymentTermsTxt>
        <InterestRt>8.</InterestRt>
        <SecurityProvidedBorrowerTxt>NONE</SecurityProvidedBorrowerTxt>
        <LoanPurposeTxt>INVESTMENT</LoanPurposeTxt>
        <LenderConsiderationDesc>N/A</LenderConsiderationDesc>
      </OtherNotesLoansRcvblLongGrp>
    </OtherNotesLoansRcvblLongSch>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>990-PF Estimated Tax for 2020</CategoryTxt>
        <Amt>1700</Amt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>990-PF Estimated Tax for 2021</CategoryTxt>
        <Amt>500</Amt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>990-T Extension for 2020</CategoryTxt>
        <Amt>23200</Amt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>
