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          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JAMES SWARTZ</PersonNm>
          <USAddress>
            <AddressLine1Txt>220 MAHAFFY ROAD</AddressLine1Txt>
            <CityNm>GREENWICH</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>12834</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>RICHARD RUSSELL</PersonNm>
          <USAddress>
            <AddressLine1Txt>9722 VIA ELEGANTE</AddressLine1Txt>
            <CityNm>WELLINGTON</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>33411</ZIPCd>
          </USAddress>
          <TitleTxt>PAST PRESIDE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>RICHARD DONALDSON</PersonNm>
          <USAddress>
            <AddressLine1Txt>34 FREEMAN ROAD</AddressLine1Txt>
            <CityNm>CHELMSFORD</CityNm>
            <StateAbbreviationCd>MA</StateAbbreviationCd>
            <ZIPCd>01824</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>VALERIE KING</PersonNm>
          <USAddress>
            <AddressLine1Txt>6 DRIFTWOOD DRIVE</AddressLine1Txt>
            <CityNm>CHELMSFORD</CityNm>
            <StateAbbreviationCd>MA</StateAbbreviationCd>
            <ZIPCd>01824</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JOSEPH VECCHIONE</PersonNm>
          <USAddress>
            <AddressLine1Txt>4 BRISSETTE AVENUE</AddressLine1Txt>
            <CityNm>NEWBURYPORT</CityNm>
            <StateAbbreviationCd>MA</StateAbbreviationCd>
            <ZIPCd>01950</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>MARGARET SHANAHAN</PersonNm>
          <USAddress>
            <AddressLine1Txt>11 SUBWAY AVENUE</AddressLine1Txt>
            <CityNm>CHELMSFORD</CityNm>
            <StateAbbreviationCd>MA</StateAbbreviationCd>
            <ZIPCd>01826</ZIPCd>
          </USAddress>
          <TitleTxt>EXECUTIVE DI</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>20.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>31440</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>HURWIT &amp; ASSOCIATES</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>1150 WALNUT STREET</AddressLine1Txt>
            <CityNm>NEWTON</CityNm>
            <StateAbbreviationCd>MA</StateAbbreviationCd>
            <ZIPCd>02461</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>LEGAL SERVICES</ServiceTypeTxt>
          <CompensationAmt>57389</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>SCHOLARSHIPS AND GRANTS PROVIDED TO UNIVERSITY OF MASSACHUSETTS LOWELL STUDENTS.</Description1Txt>
        <Expenses1Amt>120300</Expenses1Amt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>SCHOLARSHIPS PAID</Description1Txt>
        <Expenses1Amt>120000</Expenses1Amt>
        <Description2Txt>INVESTMENT MANAGEMENT</Description2Txt>
        <Expenses2Amt>54636</Expenses2Amt>
        <TotalAmt>174636</TotalAmt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>2255731</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>42756</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>270</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>2298757</TotalFMVOfUnusedAssetsAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>2298757</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>34481</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>2264276</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>113214</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <Sect4942j3j5FndtnAndFrgnOrgInd>X</Sect4942j3j5FndtnAndFrgnOrgInd>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>417991</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>174636</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>349064</CharitableAssetsAcquisPaidAmt>
        <QualifyingDistributionsAmt>941691</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>2870</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>938821</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <QualifyingDistributionsAmt>941691</QualifyingDistributionsAmt>
        <RemainingDistriFromCorpusAmt>941691</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>941691</TotalCorpusAmt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp>
        <Section4942j3Ind>X</Section4942j3Ind>
        <LessorAdjNetIncmMinInvstRetGrp>
          <CurrentYearAmt>113214</CurrentYearAmt>
          <Year1Amt>115109</Year1Amt>
          <Year2Amt>120425</Year2Amt>
          <Year3Amt>106729</Year3Amt>
          <TotalAmt>455477</TotalAmt>
        </LessorAdjNetIncmMinInvstRetGrp>
        <Pct85LessorAdjIncmOrMinRetGrp>
          <CurrentYearAmt>96232</CurrentYearAmt>
          <Year1Amt>97843</Year1Amt>
          <Year2Amt>102361</Year2Amt>
          <Year3Amt>90720</Year3Amt>
          <TotalAmt>387156</TotalAmt>
        </Pct85LessorAdjIncmOrMinRetGrp>
        <QualifyingDistributionsGrp>
          <CurrentYearAmt>941691</CurrentYearAmt>
          <Year1Amt>818218</Year1Amt>
          <Year2Amt>1137635</Year2Amt>
          <Year3Amt>447177</Year3Amt>
          <TotalAmt>3344721</TotalAmt>
        </QualifyingDistributionsGrp>
        <QualifyingDistriMadeDrtGrp>
          <CurrentYearAmt>941691</CurrentYearAmt>
          <Year1Amt>818218</Year1Amt>
          <Year2Amt>1137635</Year2Amt>
          <Year3Amt>447177</Year3Amt>
          <TotalAmt>3344721</TotalAmt>
        </QualifyingDistriMadeDrtGrp>
        <TwoThirdsMinimumInvstRetGrp>
          <CurrentYearAmt>75476</CurrentYearAmt>
          <Year1Amt>76739</Year1Amt>
          <Year2Amt>80283</Year2Amt>
          <Year3Amt>71153</Year3Amt>
          <TotalAmt>303651</TotalAmt>
        </TwoThirdsMinimumInvstRetGrp>
      </PrivateOperatingFoundationsGrp>
      <SupplementaryInformationGrp>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>PATRICIA RIVARD-GARDNER</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 242</AddressLine1Txt>
            <CityNm>LOWELL</CityNm>
            <StateAbbreviationCd>MA</StateAbbreviationCd>
            <ZIPCd>01853</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>9789346530</RecipientPhoneNum>
          <RecipientEmailAddressTxt>PRGSALEM@AOL.COM</RecipientEmailAddressTxt>
          <FormAndInfoAndMaterialsTxt>APPLICATIONS ARE AVAILABLE AT THE INDEPENDENT UNIVERSITY ALUMNI ASSOCIATION OFFICE LOCATED AT 84 UNIVERSITY AVENUE, LOWELL, MASSACHUSETTS.</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>SUBMISSION DEADLINE FOR FISCAL YEAR ENDING 6/30/2019 WAS 11/7/2018</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>THE SCHOLARSHIPS, GRANTS OR AWARDS MUST BE USED TOWARDS TUITION, BOOKS, FEES AND OTHER RELATED EDUCATIONAL EXPENSES AT THE UNIVERSITY OF MASSACHUSETTS-LOWELL.</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>SEE ATTACHED STATEMENT</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>AVAILABLE UPON REQUEST</AddressLine1Txt>
            <CityNm>LOWELL</CityNm>
            <StateAbbreviationCd>MA</StateAbbreviationCd>
            <ZIPCd>01854</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>SCHOLARSHIPS AND GRANTS</GrantOrContributionPurposeTxt>
          <Amt>120300</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>120300</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <MembershipDuesAndAssmntGrp>
          <RelatedOrExemptFunctionIncmAmt>155</RelatedOrExemptFunctionIncmAmt>
        </MembershipDuesAndAssmntGrp>
        <IntOnSavAndTempCashInvstGrp>
          <RelatedOrExemptFunctionIncmAmt>197</RelatedOrExemptFunctionIncmAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
          <RelatedOrExemptFunctionIncmAmt>286787</RelatedOrExemptFunctionIncmAmt>
        </DivAndIntFromSecPartVIIGrp>
        <GainSalesAstOthThanInvntryGrp>
          <RelatedOrExemptFunctionIncmAmt>151777</RelatedOrExemptFunctionIncmAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <RelatedOrExemptFunctionIncmAmt>438916</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>438916</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <RlnOfActyToAccomOfExmptPrpsGrp>
        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>2</LineNumberTxt>
          <RelationshipStatementTxt>PARTCIPATION IN ALUMNI ACTIVTIES</RelationshipStatementTxt>
        </RlnOfActyToAccomOfExmptPrpsGrp>
        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>3</LineNumberTxt>
          <RelationshipStatementTxt>RAISES FUNDS FOR OPERATIONS</RelationshipStatementTxt>
        </RlnOfActyToAccomOfExmptPrpsGrp>
        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>4</LineNumberTxt>
          <RelationshipStatementTxt>RAISES FUNDS FOR SCHOLARSHIPS</RelationshipStatementTxt>
        </RlnOfActyToAccomOfExmptPrpsGrp>
        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>8</LineNumberTxt>
          <RelationshipStatementTxt>RAISES FUNDS FOR SCHOLARSHIPS</RelationshipStatementTxt>
        </RlnOfActyToAccomOfExmptPrpsGrp>
        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>11B</LineNumberTxt>
          <RelationshipStatementTxt>RAISES FUNDS FOR OPERATIONS</RelationshipStatementTxt>
        </RlnOfActyToAccomOfExmptPrpsGrp>
      </RlnOfActyToAccomOfExmptPrpsGrp>
      <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="RetDoc3">
      <AccountingFeesDetail>
        <CategoryTxt>INDIRECT ACCOUNTING FEES</CategoryTxt>
        <Amt>11088</Amt>
        <DisbursementsCharitablePrpsAmt>10866</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <DepreciationSchedule documentId="RetDoc4">
      <DepreciationPropertyGrp>
        <PropertyDesc>OFFICE FURNISHINGS</PropertyDesc>
        <AcquiredDt>1978-12-15</AcquiredDt>
        <CostOrOtherBasisAmt>390</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>390</PriorYearDepreciationAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
        <LifeRt>10.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>2 LEGAL FILE CABINETS</PropertyDesc>
        <AcquiredDt>1979-02-15</AcquiredDt>
        <CostOrOtherBasisAmt>1101</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>1101</PriorYearDepreciationAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
        <LifeRt>10.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>OFFICE FURNISHINGS</PropertyDesc>
        <AcquiredDt>1980-03-22</AcquiredDt>
        <CostOrOtherBasisAmt>375</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>375</PriorYearDepreciationAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
        <LifeRt>10.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>FOLDING MACHINE</PropertyDesc>
        <AcquiredDt>1980-05-30</AcquiredDt>
        <CostOrOtherBasisAmt>941</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>941</PriorYearDepreciationAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
        <LifeRt>10.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>2 STENO CHAIRS</PropertyDesc>
        <AcquiredDt>1983-08-08</AcquiredDt>
        <CostOrOtherBasisAmt>178</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>178</PriorYearDepreciationAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
        <LifeRt>10.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>1 PRINTER STAND/CONNECTOR</PropertyDesc>
        <AcquiredDt>1985-09-30</AcquiredDt>
        <CostOrOtherBasisAmt>187</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>187</PriorYearDepreciationAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
        <LifeRt>7.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>1 REFRIGERATOR</PropertyDesc>
        <AcquiredDt>1987-03-02</AcquiredDt>
        <CostOrOtherBasisAmt>150</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>150</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>7.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>1 5 SHELF OAK BOOKCASE</PropertyDesc>
        <AcquiredDt>1989-05-22</AcquiredDt>
        <CostOrOtherBasisAmt>213</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>213</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>7.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>CARRIER AIR CONDITIONER</PropertyDesc>
        <AcquiredDt>1988-07-22</AcquiredDt>
        <CostOrOtherBasisAmt>500</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>500</PriorYearDepreciationAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
        <LifeRt>7.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>COMPUTER DESK AND HUTCH</PropertyDesc>
        <AcquiredDt>1990-05-07</AcquiredDt>
        <CostOrOtherBasisAmt>421</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>421</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>7.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>2 DRAWER FILE CABINET</PropertyDesc>
        <AcquiredDt>1990-05-07</AcquiredDt>
        <CostOrOtherBasisAmt>75</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>75</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>7.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>U MASS LOWELL ARM CHAIR (DISPLAY)</PropertyDesc>
        <AcquiredDt>1992-04-01</AcquiredDt>
        <CostOrOtherBasisAmt>156</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>156</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>7.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>OFFICE TELEPHONE</PropertyDesc>
        <AcquiredDt>1993-12-21</AcquiredDt>
        <CostOrOtherBasisAmt>127</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>127</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>7.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>CARPETING - BLUE HILL 30 OZ</PropertyDesc>
        <AcquiredDt>1994-04-14</AcquiredDt>
        <CostOrOtherBasisAmt>1760</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>1433</PriorYearDepreciationAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
        <LifeRt>31.0000</LifeRt>
        <CurrentYearExpenseAmt>57</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>SEAL ONLY MACHINE/MODEL 5621</PropertyDesc>
        <AcquiredDt>1980-09-26</AcquiredDt>
        <CostOrOtherBasisAmt>2520</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>2520</PriorYearDepreciationAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
        <LifeRt>10.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>AMANA AIR CONDITIONER</PropertyDesc>
        <AcquiredDt>1995-05-31</AcquiredDt>
        <CostOrOtherBasisAmt>680</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>680</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>5.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>OFFICE FURN, TABLE, BOOKCASES, SHELVES,</PropertyDesc>
        <AcquiredDt>1994-12-20</AcquiredDt>
        <CostOrOtherBasisAmt>6443</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>6443</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>7.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>MICROWAVE OVEN</PropertyDesc>
        <AcquiredDt>1997-06-24</AcquiredDt>
        <CostOrOtherBasisAmt>140</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>140</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>5.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>LASER PRINTER</PropertyDesc>
        <AcquiredDt>1997-09-02</AcquiredDt>
        <CostOrOtherBasisAmt>385</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>385</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>5.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>SAVIN COPIER</PropertyDesc>
        <AcquiredDt>2002-06-29</AcquiredDt>
        <CostOrOtherBasisAmt>6740</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>6740</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>7.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>CONFERENCE CALL EQUIPMENT</PropertyDesc>
        <AcquiredDt>2002-04-29</AcquiredDt>
        <CostOrOtherBasisAmt>605</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>605</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>5.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PANAFAX UF790 FACSIMILE</PropertyDesc>
        <AcquiredDt>2002-04-07</AcquiredDt>
        <CostOrOtherBasisAmt>995</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>995</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>7.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>SYLVANIA TV/VCR COMBO</PropertyDesc>
        <AcquiredDt>2004-03-15</AcquiredDt>
        <CostOrOtherBasisAmt>120</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>120</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>5.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>DELL COMPUTER</PropertyDesc>
        <AcquiredDt>2005-01-19</AcquiredDt>
        <CostOrOtherBasisAmt>1759</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>1759</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>5.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>COMPUTER</PropertyDesc>
        <AcquiredDt>2010-04-20</AcquiredDt>
        <CostOrOtherBasisAmt>951</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>951</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>5.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>HP COMPUTER</PropertyDesc>
        <AcquiredDt>2011-07-20</AcquiredDt>
        <CostOrOtherBasisAmt>1319</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>1319</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>5.0000</LifeRt>
      </DepreciationPropertyGrp>
    </DepreciationSchedule>
    <GainLossSaleOtherAssetsSch documentId="RetDoc5">
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>MORGAN STANLEY</AssetDesc>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <GrossSalesPriceAmt>345832</GrossSalesPriceAmt>
        <BasisAmt>194055</BasisAmt>
        <TotalNetAmt>151777</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
    </GainLossSaleOtherAssetsSch>
    <InvestmentsCorpStockSchedule documentId="RetDoc6">
      <InvestmentsCorporateStockGrp>
        <StockNm>MORGAN STANLEY-CORPORATE EQUITIES</StockNm>
        <EOYBookValueAmt>8782260</EOYBookValueAmt>
        <EOYFMVAmt>8782260</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <LandEtcSchedule2 documentId="RetDoc7">
      <LandEtcGrp>
        <CostOrOtherBasisAmt>29231</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>28961</AccumulatedDepreciationAmt>
        <BookValueAmt>270</BookValueAmt>
        <EOYFMVAmt>270</EOYFMVAmt>
      </LandEtcGrp>
    </LandEtcSchedule2>
    <LegalFeesSchedule documentId="RetDoc8">
      <LegalFeesGrp>
        <CategoryTxt>INDIRECT LEGAL FEES</CategoryTxt>
        <LegalFeesAmt>57389</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>56241</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherDecreasesSchedule documentId="RetDoc9">
      <OtherDecreasesDetail>
        <Desc>NET UNREALIZED LOSS ON INVESTMENTS</Desc>
        <Amt>694614</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="RetDoc10">
      <OtherExpensesScheduleGrp>
        <Desc>EXPENSES</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>MANAGEMENT FEES - TRUST</Desc>
        <RevenueAndExpensesPerBooksAmt>54636</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>54636</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>SCHOLARSHIP BANQUET</Desc>
        <RevenueAndExpensesPerBooksAmt>609</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>609</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>490</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>481</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE TELEPHONE</Desc>
        <RevenueAndExpensesPerBooksAmt>843</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>826</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>MISCELLANEOUS</Desc>
        <RevenueAndExpensesPerBooksAmt>2286</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>2240</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>ADMINSTRATIVE HELP</Desc>
        <RevenueAndExpensesPerBooksAmt>499</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>489</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BOARD MTGS</Desc>
        <RevenueAndExpensesPerBooksAmt>1552</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>1552</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>PUBLIC RELATIONS</Desc>
        <RevenueAndExpensesPerBooksAmt>1580</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>1548</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE SUPPLIES AND EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>4707</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>4613</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>POSTAGE</Desc>
        <RevenueAndExpensesPerBooksAmt>231</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>226</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>PAYROLL TAXES AND BENEFITS</Desc>
        <RevenueAndExpensesPerBooksAmt>3303</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>3237</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>SCHOLARSHIPS AND GRANTS</Desc>
        <RevenueAndExpensesPerBooksAmt>120300</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>120300</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc11">
      <OtherIncomeDetail>
        <Desc>MEMBERSHIP DUES</Desc>
        <RevenueAndExpensesPerBooksAmt>155</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>155</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="RetDoc12">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INDIRECT OTHER PROFESSIONAL FEES</CategoryTxt>
        <Amt>400</Amt>
        <DisbursementsCharitablePrpsAmt>400</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc13">
      <TaxesDetail>
        <CategoryTxt>FEDERAL TAXES</CategoryTxt>
        <Amt>8865</Amt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>