﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.irs.gov/efile" returnVersion="2019v5.1">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2020-11-10T16:38:55-06:00</ReturnTs>
    <TaxPeriodEndDt>2020-06-30</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>861065772</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>DELOITTE TAX LLP</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>2901 N CENTRAL AVENUE SUITE 1200</AddressLine1Txt>
        <CityNm>PHOENIX</CityNm>
        <StateAbbreviationCd>AZ</StateAbbreviationCd>
        <ZIPCd>850122799</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2019-07-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>861026568</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>C &amp; J FOUNDATION</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>C&amp;JF</BusinessNameControlTxt>
      <PhoneNum>4809225700</PhoneNum>
      <USAddress>
        <AddressLine1Txt>8552 E SWEETWATER AVE</AddressLine1Txt>
        <CityNm>SCOTTSDALE</CityNm>
        <StateAbbreviationCd>AZ</StateAbbreviationCd>
        <ZIPCd>85260</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>LINDA F QUAYLE</PersonNm>
      <PersonTitleTxt>PRESIDENT</PersonTitleTxt>
      <PhoneNum>4809225700</PhoneNum>
      <SignatureDt>2020-11-09</SignatureDt>
      <DiscussWithPaidPreparerInd>1</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>JESSICA A DUFF</PreparerPersonNm>
      <PTIN>P00179255</PTIN>
      <PhoneNum>6022345100</PhoneNum>
      <PreparationDt>2020-11-09</PreparationDt>
    </PreparerPersonGrp>
    <FilingSecurityInformation>
      <IPAddress>
        <IPv4AddressTxt>70.185.60.103</IPv4AddressTxt>
      </IPAddress>
      <IPDt>2020-11-10</IPDt>
      <IPTm>14:48:41</IPTm>
      <IPTimezoneCd>MS</IPTimezoneCd>
      <FilingLicenseTypeCd>P</FilingLicenseTypeCd>
      <AtSubmissionCreationDeviceId>DA39A3EE5E6B4B0D3255BFEF95601890AFD80709</AtSubmissionCreationDeviceId>
      <AtSubmissionFilingDeviceId>D26F3C0795A477CF7BC892569417D02C126B63B8</AtSubmissionFilingDeviceId>
    </FilingSecurityInformation>
    <TaxYr>2019</TaxYr>
    <BuildTS>2021-04-22 16:20:28Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="7">
    <IRS990PF documentId="RetDoc1235000001">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>1103831</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <DividendsRevAndExpnssAmt>30209</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>30209</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>11186</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>384198</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>11186</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="RetDoc2001500001">211</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>211</OtherIncomeNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>41606</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>41606</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>0</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>0</CompOfcrDirTrstDsbrsChrtblAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002200001">3000</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>3000</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesChrtblPrpsAmt>0</AccountingFeesChrtblPrpsAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002300001">1912</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>1912</OtherProfFeesNetInvstIncmAmt>
        <OtherProfFeesDsbrsChrtblAmt>0</OtherProfFeesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>4912</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>4912</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>0</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>56000</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>56000</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>60912</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>4912</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>56000</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-19306</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>36694</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>-1</CashBOYAmt>
        <SavAndTempCashInvstBOYAmt>182</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>1300</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>1300</SavAndTempCashInvstEOYFMVAmt>
        <CorporateStockBOYAmt>755583</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc2018900001">665240</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>665240</CorporateStockEOYFMVAmt>
        <CorporateBondsBOYAmt>357955</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="RetDoc2044400001">437291</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>437291</CorporateBondsEOYFMVAmt>
        <TotalAssetsBOYAmt>1113719</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>1103831</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>1103831</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <CapitalStockBOYAmt>0</CapitalStockBOYAmt>
        <CapitalStockEOYAmt>0</CapitalStockEOYAmt>
        <AdditionalPaidInCapitalBOYAmt>0</AdditionalPaidInCapitalBOYAmt>
        <AdditionalPaidInCapitalEOYAmt>0</AdditionalPaidInCapitalEOYAmt>
        <RetainedEarningBOYAmt>1113719</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>1103831</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>1113719</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>1103831</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>1113719</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>1103831</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>1113719</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-19306</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt referenceDocumentId="RetDoc2049700001">9418</OtherIncreasesAmt>
        <SubtotalAmt>1103831</SubtotalAmt>
        <OtherDecreasesAmt>0</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>1103831</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>GOLDMAN SACHS - PUBLICLY TRADED SECURITIES</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <SoldDt>2020-06-30</SoldDt>
          <GrossSalesPriceAmt>72000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>68690</CostOrOtherBasisAmt>
          <GainOrLossAmt>3371</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>3371</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>GOLDMAN SACHS - PUBLICLY TRADED SECURITIES</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <SoldDt>2020-06-30</SoldDt>
          <GrossSalesPriceAmt>305006</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>304395</CostOrOtherBasisAmt>
          <GainOrLossAmt>623</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>623</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAINS DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>7192</GrossSalesPriceAmt>
          <GainOrLossAmt>7192</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>7192</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>11186</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <QlfyUndSect4940eReducedTaxGrp>
        <LiableSection4942TaxInd>0</LiableSection4942TaxInd>
        <AdjustedQlfyDistriYr1Amt>4738493</AdjustedQlfyDistriYr1Amt>
        <NetVlNoncharitableAssetsYr1Amt>3826135</NetVlNoncharitableAssetsYr1Amt>
        <DistributionYr1Rt>1.238454</DistributionYr1Rt>
        <AdjustedQlfyDistriYr2Amt>355173</AdjustedQlfyDistriYr2Amt>
        <NetVlNoncharitableAssetsYr2Amt>6034031</NetVlNoncharitableAssetsYr2Amt>
        <DistributionYr2Rt>0.058862</DistributionYr2Rt>
        <AdjustedQlfyDistriYr3Amt>335000</AdjustedQlfyDistriYr3Amt>
        <NetVlNoncharitableAssetsYr3Amt>5758519</NetVlNoncharitableAssetsYr3Amt>
        <DistributionYr3Rt>0.058175</DistributionYr3Rt>
        <AdjustedQlfyDistriYr4Amt>316500</AdjustedQlfyDistriYr4Amt>
        <NetVlNoncharitableAssetsYr4Amt>5566400</NetVlNoncharitableAssetsYr4Amt>
        <DistributionYr4Rt>0.056859</DistributionYr4Rt>
        <AdjustedQlfyDistriYr5Amt>389261</AdjustedQlfyDistriYr5Amt>
        <NetVlNoncharitableAssetsYr5Amt>5875603</NetVlNoncharitableAssetsYr5Amt>
        <DistributionYr5Rt>0.066250</DistributionYr5Rt>
        <TotalDistributionRt>1.478600</TotalDistributionRt>
        <AverageDistributionRt>0.295720</AverageDistributionRt>
        <NetVlNoncharitableAssetsAmt>1102405</NetVlNoncharitableAssetsAmt>
        <AdjNetVlNoncharitableAssetsAmt>326003</AdjNetVlNoncharitableAssetsAmt>
        <NetInvestmentIncomePctAmt>367</NetInvestmentIncomePctAmt>
        <AdjNonchrtblNetInvstIncmPctAmt>326370</AdjNonchrtblNetInvstIncmPctAmt>
        <QualifyingDistributionsAmt>56000</QualifyingDistributionsAmt>
      </QlfyUndSect4940eReducedTaxGrp>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>734</InvestmentIncomeExciseTaxAmt>
        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
        <SubtotalAmt>734</SubtotalAmt>
        <SubtitleATaxAmt>0</SubtitleATaxAmt>
        <TaxBasedOnInvestmentIncomeAmt>734</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>5881</EstimatedPlusOvpmtIncmTxAmt>
        <ExtsnRequestIncomeTaxPaidAmt>0</ExtsnRequestIncomeTaxPaidAmt>
        <BackupWithholdingWithheldAmt>0</BackupWithholdingWithheldAmt>
        <TotalPaymentsAndCreditsAmt>5881</TotalPaymentsAndCreditsAmt>
        <EsPenaltyAmt>0</EsPenaltyAmt>
        <OverpaymentAmt>5147</OverpaymentAmt>
        <AppliedToESTaxAmt>5147</AppliedToESTaxAmt>
        <RefundAmt>0</RefundAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>0</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>0</MoreThan100SpentInd>
        <Form1120POLFiledInd>0</Form1120POLFiledInd>
        <Section4955OrganizationTaxAmt>0</Section4955OrganizationTaxAmt>
        <Section4955ManagersTaxAmt>0</Section4955ManagersTaxAmt>
        <TaxReimbursedAmt>0</TaxReimbursedAmt>
        <ActivitiesNotPreviouslyRptInd>0</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>0</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>0</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>0</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>1</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>1</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>AZ</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>1</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>0</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>0</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>0</OwnControlledEntityInd>
        <DonorAdvisedFundInd>0</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>1</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <IndividualWithBooksNm>COVEY MANAGEMENT INC</IndividualWithBooksNm>
        <PhoneNum>4809225700</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>4900 N SCOTTSDALE ROAD STE 4800</AddressLine1Txt>
          <CityNm>SCOTTSDALE</CityNm>
          <StateAbbreviationCd>AZ</StateAbbreviationCd>
          <ZIPCd>85251</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>0</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>0</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>0</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>0</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>0</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>0</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>0</PaymentToGovernmentOfficialInd>
        <UncorrectedPriorActsInd>0</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>0</UndistributedIncomePYInd>
        <BusinessHoldingsInd>0</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>0</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>0</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>0</InfluenceLegislationInd>
        <InfluenceElectionInd>0</InfluenceElectionInd>
        <GrantsToIndividualsInd>0</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>0</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>0</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>0</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>0</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>0</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>0</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>LINDA F QUAYLE</PersonNm>
          <USAddress>
            <AddressLine1Txt>8552 E SWEETWATER AVE</AddressLine1Txt>
            <CityNm>SCOTTSDALE</CityNm>
            <StateAbbreviationCd>AZ</StateAbbreviationCd>
            <ZIPCd>85260</ZIPCd>
          </USAddress>
          <TitleTxt>PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>5.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>CHRISTOPHER S QUAYLE</PersonNm>
          <USAddress>
            <AddressLine1Txt>8552 E SWEETWATER AVE</AddressLine1Txt>
            <CityNm>SCOTTSDALE</CityNm>
            <StateAbbreviationCd>AZ</StateAbbreviationCd>
            <ZIPCd>85260</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>CHRISTOPHER P QUAYLE</PersonNm>
          <USAddress>
            <AddressLine1Txt>8552 E SWEETWATER AVE</AddressLine1Txt>
            <CityNm>SCOTTSDALE</CityNm>
            <StateAbbreviationCd>AZ</StateAbbreviationCd>
            <ZIPCd>85260</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>5.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>KELLY C QUAYLE</PersonNm>
          <USAddress>
            <AddressLine1Txt>8552 E SWEETWATER AVE</AddressLine1Txt>
            <CityNm>SCOTTSDALE</CityNm>
            <StateAbbreviationCd>AZ</StateAbbreviationCd>
            <ZIPCd>85260</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
        <ContractorPaidOver50kCnt>0</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>THE C &amp; J FOUNDATION DOES NOT MAKE ANY PROGRAM RELATED INVESTMENTS. DIRECT CHARITABLE ACTIVITIES ARE NOT CARRIED ON BY THE FOUNDATION. ALL ADMINISTRATION EXPENSES</Description1Txt>
        <Expenses1Amt>0</Expenses1Amt>
        <Description2Txt>INCURRED IN CONNECTION WITH THE TAX EXEMPT PURPOSE WERE ALLOCATED TO GRANT MAKING ACTIVITIES. ALL OTHER EXPENSES OF THE FOUNDATION WERE PROPERLY ALLOCABLE TO THE</Description2Txt>
        <Expenses2Amt>0</Expenses2Amt>
        <Description3Txt>INVESTMENT ACTIVITIES OF THE FOUNDATION.</Description3Txt>
        <Expenses3Amt>0</Expenses3Amt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <TotalAmt>0</TotalAmt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>1102636</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>16557</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>1119193</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>1119193</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>16788</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>1102405</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>55120</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>55120</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>734</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>734</TotalTaxAmt>
        <DistributableBeforeAdjAmt>54386</DistributableBeforeAdjAmt>
        <RecoveriesQualfiedDistriAmt>0</RecoveriesQualfiedDistriAmt>
        <DistributableBeforeDedAmt>54386</DistributableBeforeDedAmt>
        <DeductionFromDistributableAmt>0</DeductionFromDistributableAmt>
        <DistributableAsAdjustedAmt>54386</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>56000</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <QualifyingDistributionsAmt>56000</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>0</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>56000</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>54386</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr5Amt>98637</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>40628</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>52610</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>60786</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>4550224</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>4802885</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>56000</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToPriorYearsAmt>0</AppliedToPriorYearsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <AppliedToCurrentYearAmt>54386</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>1614</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>0</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>0</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>4804499</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <PriorYearDeficiencyOrTaxAmt>0</PriorYearDeficiencyOrTaxAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <CorpusDistri170b1EOr4942g3Amt>0</CorpusDistri170b1EOr4942g3Amt>
        <ExcessDistriCyovFromYr5Amt>98637</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>4705862</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>40628</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>52610</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>60786</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>4550224</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>1614</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>PHOENIX CHILDREN'S HOSPITAL FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1919 E THOMAS ROAD</AddressLine1Txt>
            <CityNm>PHOENIX</CityNm>
            <StateAbbreviationCd>AZ</StateAbbreviationCd>
            <ZIPCd>85016</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>13000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>VICTORY JUNCTION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>4500 ADAMS WAY</AddressLine1Txt>
            <CityNm>RANDLEMAN</CityNm>
            <StateAbbreviationCd>NC</StateAbbreviationCd>
            <ZIPCd>27317</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>13000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>JOHNS HOPKINS UNIVERSITY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>3910 KESWICK ROAD NO N4327B</AddressLine1Txt>
            <CityNm>BALTIMORE</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21211</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>30000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>56000</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>30209</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <OtherInvestmentIncmPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>211</ExclusionAmt>
        </OtherInvestmentIncmPartVIIGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>11186</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>0</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>41606</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>0</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>41606</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>0</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>0</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>0</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>0</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>0</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>0</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>0</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>0</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>0</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>0</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <AccountingFeesSchedule documentId="RetDoc2002200001">
      <AccountingFeesDetail>
        <CategoryTxt>PROFESSIONAL FEES</CategoryTxt>
        <Amt>3000</Amt>
        <NetInvestmentIncomeAmt>3000</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsCorpBondsSchedule documentId="RetDoc2044400001">
      <InvestmentsCorporateBondsGrp>
        <BondNm>GOLDMAN SACHS</BondNm>
        <EOYBookValueAmt>437291</EOYBookValueAmt>
        <EOYFMVAmt>437291</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc2018900001">
      <InvestmentsCorporateStockGrp>
        <StockNm>GOLDMAN SACHS</StockNm>
        <EOYBookValueAmt>665240</EOYBookValueAmt>
        <EOYFMVAmt>665240</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc2001500001">
      <OtherIncomeDetail>
        <Desc>MORGAN STANLEY REFUND</Desc>
        <RevenueAndExpensesPerBooksAmt>211</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>211</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>211</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="RetDoc2049700001">
      <OtherIncreasesDetail>
        <Desc>UNREALIZED GAIN/LOSS ADJUSTMENT</Desc>
        <Amt>9418</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherProfessionalFeesSchedule documentId="RetDoc2002300001">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>CONSULTING &amp; ADVISORY FEES</CategoryTxt>
        <Amt>1912</Amt>
        <NetInvestmentIncomeAmt>1912</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
  </ReturnData>
</Return>