﻿<?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="2019v5.1">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2020-11-09T10:11:11-06:00</ReturnTs>
    <TaxPeriodEndDt>2019-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmName>
        <BusinessNameLine1Txt>SHADE TREE ADVISORS LLC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>268 BROADWAY SUITE 101B</AddressLine1Txt>
        <CityNm>SARATOGA SPRINGS</CityNm>
        <StateAbbreviationCd>NY</StateAbbreviationCd>
        <ZIPCd>12866</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2019-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>223083890</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>MORSE HILL FOUNDATION INC</BusinessNameLine1Txt>
      </BusinessName>
      <InCareOfNm>% SHADE TREE ADVISORS</InCareOfNm>
      <BusinessNameControlTxt>MORS</BusinessNameControlTxt>
      <PhoneNum>5182909460</PhoneNum>
      <USAddress>
        <AddressLine1Txt>268 BROADWAY 101 C/O SHADE TREE</AddressLine1Txt>
        <CityNm>SARATOGA SPRINGS</CityNm>
        <StateAbbreviationCd>NY</StateAbbreviationCd>
        <ZIPCd>12866</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>MICHAEL B PICOTTE</PersonNm>
      <PersonTitleTxt>PRESIDENT</PersonTitleTxt>
      <PhoneNum>5182909460</PhoneNum>
      <SignatureDt>2020-07-12</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>MARY CARBONE</PreparerPersonNm>
      <PTIN>P01247414</PTIN>
      <PhoneNum>5182909460</PhoneNum>
    </PreparerPersonGrp>
    <FilingSecurityInformation>
      <IPAddress>
        <IPv4AddressTxt>184.74.33.154</IPv4AddressTxt>
      </IPAddress>
      <FederalOriginalSubmissionId>14408220203145000001</FederalOriginalSubmissionId>
      <FederalOriginalSubmissionIdDt>2020-11-09</FederalOriginalSubmissionIdDt>
      <FilingLicenseTypeCd>P</FilingLicenseTypeCd>
      <AtSubmissionCreationDeviceId>D5CA144E4D2CE97C13F326FF615E7F76E2D6D1EA</AtSubmissionCreationDeviceId>
      <AtSubmissionFilingDeviceId>974B189AA03AD2936D6956B9439A8D2DF1AA49E2</AtSubmissionFilingDeviceId>
    </FilingSecurityInformation>
    <TaxYr>2019</TaxYr>
    <BuildTS>2021-04-22 16:20:28Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="14">
    <IRS990PF documentId="IRS990PF">
      <AddressChangeInd>X</AddressChangeInd>
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>13594606</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>0</ContriRcvdRevAndExpnssAmt>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>4488</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>4488</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>126251</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>126251</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>499182</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>1044273</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>499182</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="OtherIncomeSch2">1303</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>1303</OtherIncomeNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>631224</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>631224</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <LegalFeesRevAndExpnssAmt referenceDocumentId="LegalFeesSch">684</LegalFeesRevAndExpnssAmt>
        <LegalFeesNetInvstIncmAmt>0</LegalFeesNetInvstIncmAmt>
        <LegalFeesAdjNetIncmAmt>0</LegalFeesAdjNetIncmAmt>
        <LegalFeesDsbrsChrtblAmt>0</LegalFeesDsbrsChrtblAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="AccountingFeesSch">2050</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>0</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesAdjNetIncmAmt>0</AccountingFeesAdjNetIncmAmt>
        <AccountingFeesChrtblPrpsAmt>2050</AccountingFeesChrtblPrpsAmt>
        <InterestRevAndExpnssAmt>133</InterestRevAndExpnssAmt>
        <InterestNetInvstIncmAmt>133</InterestNetInvstIncmAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="TaxesSchedule">14598</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>8409</TaxesNetInvstIncmAmt>
        <TaxesDsbrsChrtblAmt>33</TaxesDsbrsChrtblAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="OtherExpensesSch">82401</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>53754</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>28507</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>99866</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>62296</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesAdjNetIncmAmt>0</TotOprExpensesAdjNetIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>30590</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>622809</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>622809</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>722675</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>62296</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesAdjNetIncmAmt>0</TotalExpensesAdjNetIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>653399</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-91451</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>568928</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>400022</CashBOYAmt>
        <CashEOYAmt>96133</CashEOYAmt>
        <CashEOYFMVAmt>96133</CashEOYFMVAmt>
        <SavAndTempCashInvstBOYAmt>27149</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>153385</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>153385</SavAndTempCashInvstEOYFMVAmt>
        <CorporateStockBOYAmt>7009850</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="InvestCorpStockSch">7441781</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>10363688</CorporateStockEOYFMVAmt>
        <CorporateBondsBOYAmt>3146672</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="InvestCorpBondsSch">2968400</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>2961277</CorporateBondsEOYFMVAmt>
        <OtherAssetsBOYAmt referenceDocumentId="OtherAssetsSch">11344</OtherAssetsBOYAmt>
        <OtherAssetsEOYAmt referenceDocumentId="OtherAssetsSch">10651</OtherAssetsEOYAmt>
        <OtherAssetsEOYFMVAmt referenceDocumentId="OtherAssetsSch">20123</OtherAssetsEOYFMVAmt>
        <TotalAssetsBOYAmt>10595037</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>10670350</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>13594606</TotalAssetsEOYFMVAmt>
        <GrantsPayableBOYAmt>50000</GrantsPayableBOYAmt>
        <GrantsPayableEOYAmt>330000</GrantsPayableEOYAmt>
        <TotalLiabilitiesBOYAmt>50000</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>330000</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <CapitalStockBOYAmt>10545037</CapitalStockBOYAmt>
        <CapitalStockEOYAmt>10340350</CapitalStockEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>10545037</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>10340350</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>10595037</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>10670350</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>10545037</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-91451</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt referenceDocumentId="OtherIncreasesSch">541029</OtherIncreasesAmt>
        <SubtotalAmt>10994615</SubtotalAmt>
        <OtherDecreasesAmt referenceDocumentId="OtherDecreasesSch">654265</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>10340350</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>JENSEN QUALITY GROWTH FUND</PropertyDesc>
          <AcquiredDt>2018-12-07</AcquiredDt>
          <SoldDt>2019-01-03</SoldDt>
          <GrossSalesPriceAmt>206624</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>225267</CostOrOtherBasisAmt>
          <GainOrLossAmt>-18643</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-18643</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>VANGUARD SHORT-TERM INVESTMENT</PropertyDesc>
          <AcquiredDt>2018-09-01</AcquiredDt>
          <SoldDt>2019-01-03</SoldDt>
          <GrossSalesPriceAmt>24338</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>24394</CostOrOtherBasisAmt>
          <GainOrLossAmt>-56</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-56</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>JENSEN QUALITY GROWTH FUND</PropertyDesc>
          <AcquiredDt>2017-12-20</AcquiredDt>
          <SoldDt>2019-01-03</SoldDt>
          <GrossSalesPriceAmt>50376</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>56320</CostOrOtherBasisAmt>
          <GainOrLossAmt>-5944</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-5944</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>VANGUARD SHORT-TERM INVESTMENT</PropertyDesc>
          <AcquiredDt>2016-08-08</AcquiredDt>
          <SoldDt>2019-01-03</SoldDt>
          <GrossSalesPriceAmt>14869</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>15309</CostOrOtherBasisAmt>
          <GainsMinusExcessOrLossesAmt>-440</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>VANGUARD SHORT-TERM INVESTMENT</PropertyDesc>
          <AcquiredDt>2016-10-03</AcquiredDt>
          <SoldDt>2019-01-03</SoldDt>
          <GrossSalesPriceAmt>217793</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>224241</CostOrOtherBasisAmt>
          <GainOrLossAmt>-6448</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-6448</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>261126</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>499182</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <QlfyUndSect4940eReducedTaxGrp>
        <LiableSection4942TaxInd>false</LiableSection4942TaxInd>
        <AdjustedQlfyDistriYr1Amt>619991</AdjustedQlfyDistriYr1Amt>
        <NetVlNoncharitableAssetsYr1Amt>13010565</NetVlNoncharitableAssetsYr1Amt>
        <DistributionYr1Rt>0.047653</DistributionYr1Rt>
        <AdjustedQlfyDistriYr2Amt>581020</AdjustedQlfyDistriYr2Amt>
        <NetVlNoncharitableAssetsYr2Amt>12677364</NetVlNoncharitableAssetsYr2Amt>
        <DistributionYr2Rt>0.045831</DistributionYr2Rt>
        <AdjustedQlfyDistriYr3Amt>591268</AdjustedQlfyDistriYr3Amt>
        <NetVlNoncharitableAssetsYr3Amt>11852982</NetVlNoncharitableAssetsYr3Amt>
        <DistributionYr3Rt>0.049883</DistributionYr3Rt>
        <AdjustedQlfyDistriYr4Amt>562078</AdjustedQlfyDistriYr4Amt>
        <NetVlNoncharitableAssetsYr4Amt>12100814</NetVlNoncharitableAssetsYr4Amt>
        <DistributionYr4Rt>0.04645</DistributionYr4Rt>
        <AdjustedQlfyDistriYr5Amt>546848</AdjustedQlfyDistriYr5Amt>
        <NetVlNoncharitableAssetsYr5Amt>11805627</NetVlNoncharitableAssetsYr5Amt>
        <DistributionYr5Rt>0.046321</DistributionYr5Rt>
        <TotalDistributionRt>0.236138</TotalDistributionRt>
        <AverageDistributionRt>0.047228</AverageDistributionRt>
        <NetVlNoncharitableAssetsAmt>13051778</NetVlNoncharitableAssetsAmt>
        <AdjNetVlNoncharitableAssetsAmt>616409</AdjNetVlNoncharitableAssetsAmt>
        <NetInvestmentIncomePctAmt>5689</NetInvestmentIncomePctAmt>
        <AdjNonchrtblNetInvstIncmPctAmt>622098</AdjNonchrtblNetInvstIncmPctAmt>
        <QualifyingDistributionsAmt>653399</QualifyingDistributionsAmt>
      </QlfyUndSect4940eReducedTaxGrp>
      <ExciseTaxBasedOnInvstIncmGrp>
        <DomesticOrgMeetingSect4940eInd>X</DomesticOrgMeetingSect4940eInd>
        <InvestmentIncomeExciseTaxAmt>5689</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>5689</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>5689</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>6400</EstimatedPlusOvpmtIncmTxAmt>
        <ExtsnRequestIncomeTaxPaidAmt>6000</ExtsnRequestIncomeTaxPaidAmt>
        <TotalPaymentsAndCreditsAmt>12400</TotalPaymentsAndCreditsAmt>
        <OverpaymentAmt>6711</OverpaymentAmt>
        <AppliedToESTaxAmt>6711</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>NY</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd referenceDocumentId="DonorAdvisedFundStmt">true</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <PersonsWithBooksName>
          <BusinessNameLine1Txt>SHADE TREE ADVISORS</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>5182909460</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>268 BROADWAY SUITE 101</AddressLine1Txt>
          <CityNm>SARATOGA SPRINGS</CityNm>
          <StateAbbreviationCd>NY</StateAbbreviationCd>
          <ZIPCd>12866</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>false</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <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>MICHAEL B PICOTTE</PersonNm>
          <USAddress>
            <AddressLine1Txt>220 SANFORD AVE</AddressLine1Txt>
            <CityNm>PALM BEACH</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>33480</ZIPCd>
          </USAddress>
          <TitleTxt>PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>MARGARET L PICOTTE</PersonNm>
          <USAddress>
            <AddressLine1Txt>220 SANFORD AVE</AddressLine1Txt>
            <CityNm>PALM BEACH</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>33480</ZIPCd>
          </USAddress>
          <TitleTxt>VP/TREASURER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>NICOLE L SMITH</PersonNm>
          <USAddress>
            <AddressLine1Txt>220 SANFORD AVE</AddressLine1Txt>
            <CityNm>PALM BEACH</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>33480</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JOSEPH M PICOTTE</PersonNm>
          <USAddress>
            <AddressLine1Txt>220 SANFORD AVE</AddressLine1Txt>
            <CityNm>PALM BEACH</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>33480</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>MICHELLE H PICOTTE</PersonNm>
          <USAddress>
            <AddressLine1Txt>220 SANFORD AVE</AddressLine1Txt>
            <CityNm>PALM BEACH</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>33480</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName referenceDocumentId="ContractCompenExpln">
            <BusinessNameLine1Txt>MJP Holdings Inc</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>20 CORPORATE WOODS BLVD SUITE 600</AddressLine1Txt>
            <CityNm>ALBANY</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>12211</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>0</ServiceTypeTxt>
          <CompensationAmt>55194</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>PLEASE NOTE, THE FOUNDATION IS NOT INVOLVED IN ANY DIRECT CHARITABLE ACTIVITIES. ITS PRIMARY PURPOSE IS TO SUPPORT, BY CONTRIBUTIONS, OTHER CHARITABLE ORGANIZATIONS</Description1Txt>
        <Description2Txt>EXEMPT UNDER INTERNAL REVENUE CODE SECTION 501(C)(3).</Description2Txt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>5352810</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>736094</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>7161632</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>13250536</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>13250536</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>198758</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>13051778</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>652589</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>652589</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>5689</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>5689</TotalTaxAmt>
        <DistributableBeforeAdjAmt>646900</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>646900</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>646900</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>653399</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>653399</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>5689</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>647710</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>646900</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>617780</UndistributedIncomePYAmt>
        <PriorYear1Yr>2017</PriorYear1Yr>
        <PriorYear2Yr>2016</PriorYear2Yr>
        <PriorYear3Yr>2015</PriorYear3Yr>
        <QualifyingDistributionsAmt>653399</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>617780</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>35619</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>0</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>0</TotalCorpusAmt>
        <UndistributedIncomeCYAmt>611281</UndistributedIncomeCYAmt>
        <ExcessDistriCyovToNextYrAmt>0</ExcessDistriCyovToNextYrAmt>
        <ExcessFromCurrentYearAmt>0</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp></PrivateOperatingFoundationsGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>MICHAEL B PICOTTE</ContributingManagerNm>
        <ShareholderManagerNm>NONE</ShareholderManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SEE ATTACHED LIST</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>268 BROADWAY SUITE 101</AddressLine1Txt>
            <CityNm>SARATOGA SPRINGS</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>12866</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE PURPOSES</GrantOrContributionPurposeTxt>
          <Amt>622809</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>622809</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>4488</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>126251</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncmPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>1303</ExclusionAmt>
        </OtherInvestmentIncmPartVIIGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>499182</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>631224</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>631224</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>ACCOUNTING FEES</CategoryTxt>
        <Amt>2050</Amt>
        <DisbursementsCharitablePrpsAmt>2050</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <AllOthProgRltdInvestmentsSch documentId="AllOthProgInvSch">
      <AllOtherProgramRelatedInvstGrp>
        <Desc>N/A</Desc>
      </AllOtherProgramRelatedInvstGrp>
    </AllOthProgRltdInvestmentsSch>
    <ContractorCompensationExpln documentId="ContractCompenExpln">
      <ContractorCompExplnGrp>
        <ContractorPersonNm>MJP Holdings Inc</ContractorPersonNm>
        <ExplanationTxt>INVESTMENT CONSULTING AND ADMINISTRATIVE SERVICES</ExplanationTxt>
      </ContractorCompExplnGrp>
    </ContractorCompensationExpln>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsCorpBondsSchedule documentId="InvestCorpBondsSch">
      <InvestmentsCorporateBondsGrp>
        <BondNm>VANGUARD SHORT TERM</BondNm>
        <EOYBookValueAmt>2968400</EOYBookValueAmt>
        <EOYFMVAmt>2961277</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>JENSEN LARGE GROWTH</StockNm>
        <EOYBookValueAmt>1572880</EOYBookValueAmt>
        <EOYFMVAmt>2706446</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MECHANICAL TECHNOLOGY STOCK</StockNm>
        <EOYBookValueAmt>262506</EOYBookValueAmt>
        <EOYFMVAmt>1319</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MJP INTERNATIONAL FUND</StockNm>
        <EOYBookValueAmt>693239</EOYBookValueAmt>
        <EOYFMVAmt>854509</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MJP LARGE CAP FUND</StockNm>
        <EOYBookValueAmt>1127166</EOYBookValueAmt>
        <EOYFMVAmt>2824384</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MJP SMALL CAP FUND</StockNm>
        <EOYBookValueAmt>1257779</EOYBookValueAmt>
        <EOYFMVAmt>1448819</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SEMPER VIC PARTNERS</StockNm>
        <EOYBookValueAmt>2528211</EOYBookValueAmt>
        <EOYFMVAmt>2528211</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <LegalFeesSchedule documentId="LegalFeesSch">
      <LegalFeesGrp>
        <CategoryTxt>LEGAL FEES</CategoryTxt>
        <LegalFeesAmt>684</LegalFeesAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherAssetsSchedule documentId="OtherAssetsSch">
      <OtherAssetsScheduleGrp>
        <Desc>KMP PROPERTIES</Desc>
        <BOYBookValueAmt>11344</BOYBookValueAmt>
        <EOYBookValueAmt>10651</EOYBookValueAmt>
        <EOYFMVAmt>20123</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherDecreasesSchedule documentId="OtherDecreasesSch">
      <OtherDecreasesDetail>
        <Desc>2018 CHECKS CLEARED IN 2019</Desc>
        <Amt>374265</Amt>
      </OtherDecreasesDetail>
      <OtherDecreasesDetail>
        <Desc>INCREASE IN GRANTS PAYABLE</Desc>
        <Amt>280000</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>NY CHAR500</Desc>
        <RevenueAndExpensesPerBooksAmt>750</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>750</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>MJP HOLDINGS</Desc>
        <RevenueAndExpensesPerBooksAmt>55194</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>27597</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>27597</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>ADV/MANAG FEES - FIDUCIARY TR</Desc>
        <RevenueAndExpensesPerBooksAmt>3664</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>3664</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OTHER DEDUCTIONS FROM K-1S</Desc>
        <RevenueAndExpensesPerBooksAmt>22493</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>22493</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>NY LAW JOURNAL</Desc>
        <RevenueAndExpensesPerBooksAmt>160</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>160</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>AMEX FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>140</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>OTHER INCOME FROM K-1S</Desc>
        <RevenueAndExpensesPerBooksAmt>1303</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1303</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="OtherIncreasesSch">
      <OtherIncreasesDetail>
        <Desc>2019 CHECKS NOT CLEARED</Desc>
        <Amt>47500</Amt>
      </OtherIncreasesDetail>
      <OtherIncreasesDetail>
        <Desc>K-1 TAX EXEMPT INCOME</Desc>
        <Amt>303</Amt>
      </OtherIncreasesDetail>
      <OtherIncreasesDetail>
        <Desc>UNREALIZED ADJUSTMENT</Desc>
        <Amt>493226</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>FEDERAL TAXES</CategoryTxt>
        <Amt>6156</Amt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES FROM K-1S</CategoryTxt>
        <Amt>8409</Amt>
        <NetInvestmentIncomeAmt>8409</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FLORIDA BUSINESS TAX</CategoryTxt>
        <Amt>33</Amt>
        <DisbursementsCharitablePrpsAmt>33</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>