﻿<?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>2020-11-14T10:31:15-06:00</ReturnTs>
    <TaxPeriodEndDt>2019-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>410746749</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>CLIFTONLARSONALLEN LLP</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>220 S 6TH STREET SUITE 300</AddressLine1Txt>
        <CityNm>MINNEAPOLIS</CityNm>
        <StateAbbreviationCd>MN</StateAbbreviationCd>
        <ZIPCd>55402</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2019-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>411956679</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>HORST RECHELBACHER FOUNDATION</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>HORS</BusinessNameControlTxt>
      <PhoneNum>7632491405</PhoneNum>
      <USAddress>
        <AddressLine1Txt>1010 DALE STREET NORTH</AddressLine1Txt>
        <CityNm>ST PAUL</CityNm>
        <StateAbbreviationCd>MN</StateAbbreviationCd>
        <ZIPCd>55117</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>LINDA KIRAN STORDALEN</PersonNm>
      <PersonTitleTxt>PRESIDENT</PersonTitleTxt>
      <PhoneNum>7632491405</PhoneNum>
      <SignatureDt>2020-11-13</SignatureDt>
      <DiscussWithPaidPreparerInd>1</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>KAREN GRIES</PreparerPersonNm>
      <PTIN>P00078514</PTIN>
      <PhoneNum>6123764500</PhoneNum>
      <PreparationDt>2020-11-13</PreparationDt>
    </PreparerPersonGrp>
    <FilingSecurityInformation>
      <IPAddress>
        <IPv4AddressTxt>65.128.143.126</IPv4AddressTxt>
      </IPAddress>
      <IPDt>2020-11-13</IPDt>
      <IPTm>11:31:37</IPTm>
      <IPTimezoneCd>CS</IPTimezoneCd>
      <FilingLicenseTypeCd>P</FilingLicenseTypeCd>
      <AtSubmissionCreationDeviceId>AD11A60D91E3DD538039CE5F6BBD1AA7FBFFE62F</AtSubmissionCreationDeviceId>
      <AtSubmissionFilingDeviceId>AA1DCBC5EA6CA51D55B9304D21ACC821D9D41489</AtSubmissionFilingDeviceId>
    </FilingSecurityInformation>
    <TaxYr>2019</TaxYr>
    <BuildTS>2021-04-22 16:20:28Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="12">
    <IRS990PF documentId="RetDoc1235000001">
      <AddressChangeInd>X</AddressChangeInd>
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>27069024</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>1274853</ContriRcvdRevAndExpnssAmt>
        <DividendsRevAndExpnssAmt>796375</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>796375</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>-40683</NetGainSaleAstRevAndExpnssAmt>
        <CapGainNetIncmNetInvstIncmAmt>0</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="RetDoc2001500001">630524</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>0</OtherIncomeNetInvstIncmAmt>
        <OtherIncomeAdjNetIncmAmt>0</OtherIncomeAdjNetIncmAmt>
        <TotalRevAndExpnssAmt>2661069</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>796375</TotalNetInvstIncmAmt>
        <TotalAdjNetIncmAmt>0</TotalAdjNetIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>0</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstAdjNetIncmAmt>0</CompOfcrDirTrstAdjNetIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>0</CompOfcrDirTrstDsbrsChrtblAmt>
        <OthEmplSlrsWgsRevAndExpnssAmt>307309</OthEmplSlrsWgsRevAndExpnssAmt>
        <OthEmplSlrsWgsNetInvstIncmAmt>0</OthEmplSlrsWgsNetInvstIncmAmt>
        <OthEmplSlrsWgsAdjNetIncmAmt>0</OthEmplSlrsWgsAdjNetIncmAmt>
        <OthEmplSlrsWgsDsbrsChrtblAmt>307309</OthEmplSlrsWgsDsbrsChrtblAmt>
        <PensionEmplBnftRevAndExpnssAmt>18108</PensionEmplBnftRevAndExpnssAmt>
        <PensionEmplBnftNetInvstIncmAmt>0</PensionEmplBnftNetInvstIncmAmt>
        <PensionEmplBnftAdjNetIncmAmt>0</PensionEmplBnftAdjNetIncmAmt>
        <PensionEmplBnftDsbrsChrtblAmt>18108</PensionEmplBnftDsbrsChrtblAmt>
        <LegalFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002100001">77022</LegalFeesRevAndExpnssAmt>
        <LegalFeesNetInvstIncmAmt>0</LegalFeesNetInvstIncmAmt>
        <LegalFeesAdjNetIncmAmt>0</LegalFeesAdjNetIncmAmt>
        <LegalFeesDsbrsChrtblAmt>77022</LegalFeesDsbrsChrtblAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002200001">11287</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>0</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesAdjNetIncmAmt>0</AccountingFeesAdjNetIncmAmt>
        <AccountingFeesChrtblPrpsAmt>11287</AccountingFeesChrtblPrpsAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002300001">280671</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>51535</OtherProfFeesNetInvstIncmAmt>
        <OtherProfFeesAdjNetIncmAmt>0</OtherProfFeesAdjNetIncmAmt>
        <OtherProfFeesDsbrsChrtblAmt>229136</OtherProfFeesDsbrsChrtblAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc2002500001">101289</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>0</TaxesNetInvstIncmAmt>
        <TaxesAdjNetIncmAmt>0</TaxesAdjNetIncmAmt>
        <TaxesDsbrsChrtblAmt>99153</TaxesDsbrsChrtblAmt>
        <OccupancyRevAndExpnssAmt>35847</OccupancyRevAndExpnssAmt>
        <OccupancyNetInvstIncmAmt>0</OccupancyNetInvstIncmAmt>
        <OccupancyAdjNetIncmAmt>0</OccupancyAdjNetIncmAmt>
        <OccupancyDsbrsChrtblAmt>35847</OccupancyDsbrsChrtblAmt>
        <TravConfMeetingRevAndExpnssAmt>16298</TravConfMeetingRevAndExpnssAmt>
        <TravConfMeetingNetInvstIncmAmt>0</TravConfMeetingNetInvstIncmAmt>
        <TravConfMeetingAdjNetIncmAmt>0</TravConfMeetingAdjNetIncmAmt>
        <TravConfMeetingDsbrsChrtblAmt>16298</TravConfMeetingDsbrsChrtblAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc2003200001">294742</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>0</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesAdjNetIncmAmt>0</OtherExpensesAdjNetIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>294742</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>1142573</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>51535</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesAdjNetIncmAmt>0</TotOprExpensesAdjNetIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>1088902</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>382500</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>382500</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>1525073</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>51535</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesAdjNetIncmAmt>0</TotalExpensesAdjNetIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>1471402</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>1135996</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>744840</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <SavAndTempCashInvstBOYAmt>6819296</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>8948128</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>8948128</SavAndTempCashInvstEOYFMVAmt>
        <USGovernmentObligationsBOYAmt>7249452</USGovernmentObligationsBOYAmt>
        <USGovernmentObligationsEOYAmt referenceDocumentId="RetDoc2210400001">5497662</USGovernmentObligationsEOYAmt>
        <USGovtObligationsEOYFMVAmt>5576586</USGovtObligationsEOYFMVAmt>
        <CorporateStockBOYAmt>316965</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc2018900001">500000</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>517680</CorporateStockEOYFMVAmt>
        <CorporateBondsBOYAmt>7269072</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="RetDoc2044400001">7652191</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>7750348</CorporateBondsEOYFMVAmt>
        <InvstLandCostOrOtherBasisAmt>2510365</InvstLandCostOrOtherBasisAmt>
        <LandBldgInvestmentsBOYAmt>4051069</LandBldgInvestmentsBOYAmt>
        <LandBldgInvestmentsEOYAmt>2510365</LandBldgInvestmentsEOYAmt>
        <LandBldgInvestmentsEOYFMVAmt>2510365</LandBldgInvestmentsEOYFMVAmt>
        <LandBldgEquipCostOrOtherBssAmt>1839401</LandBldgEquipCostOrOtherBssAmt>
        <LandBldgEquipAccumDeprecAmt>73484</LandBldgEquipAccumDeprecAmt>
        <LandBOYAmt>137348</LandBOYAmt>
        <LandEOYAmt>1765917</LandEOYAmt>
        <LandEOYFMVAmt>1765917</LandEOYFMVAmt>
        <TotalAssetsBOYAmt>25843202</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>26874263</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>27069024</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <CapitalStockBOYAmt>0</CapitalStockBOYAmt>
        <CapitalStockEOYAmt>0</CapitalStockEOYAmt>
        <AdditionalPaidInCapitalBOYAmt>0</AdditionalPaidInCapitalBOYAmt>
        <AdditionalPaidInCapitalEOYAmt>0</AdditionalPaidInCapitalEOYAmt>
        <RetainedEarningBOYAmt>25843202</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>26874263</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>25843202</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>26874263</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>25843202</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>26874263</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>25843202</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>1135996</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt>0</OtherIncreasesAmt>
        <SubtotalAmt>26979198</SubtotalAmt>
        <OtherDecreasesAmt referenceDocumentId="RetDoc2049800001">104935</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>26874263</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICLY TRADED SECURITIES</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <CostOrOtherBasisAmt>40683</CostOrOtherBasisAmt>
          <GainOrLossAmt>-40683</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-40683</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>-40683</CapitalGainNetIncomeAmt>
        <NetShortTermCapitalGainLossAmt>-40683</NetShortTermCapitalGainLossAmt>
      </CapGainsLossTxInvstIncmDetail>
      <QlfyUndSect4940eReducedTaxGrp>
        <LiableSection4942TaxInd>0</LiableSection4942TaxInd>
        <AdjustedQlfyDistriYr1Amt>1057676</AdjustedQlfyDistriYr1Amt>
        <NetVlNoncharitableAssetsYr1Amt>22868774</NetVlNoncharitableAssetsYr1Amt>
        <DistributionYr1Rt>0.046250</DistributionYr1Rt>
        <AdjustedQlfyDistriYr2Amt>780189</AdjustedQlfyDistriYr2Amt>
        <NetVlNoncharitableAssetsYr2Amt>8890607</NetVlNoncharitableAssetsYr2Amt>
        <DistributionYr2Rt>0.087754</DistributionYr2Rt>
        <AdjustedQlfyDistriYr3Amt>171156</AdjustedQlfyDistriYr3Amt>
        <NetVlNoncharitableAssetsYr3Amt>8816358</NetVlNoncharitableAssetsYr3Amt>
        <DistributionYr3Rt>0.019413</DistributionYr3Rt>
        <AdjustedQlfyDistriYr4Amt>121857</AdjustedQlfyDistriYr4Amt>
        <NetVlNoncharitableAssetsYr4Amt>4216003</NetVlNoncharitableAssetsYr4Amt>
        <DistributionYr4Rt>0.028903</DistributionYr4Rt>
        <AdjustedQlfyDistriYr5Amt>1018318</AdjustedQlfyDistriYr5Amt>
        <NetVlNoncharitableAssetsYr5Amt>348414</NetVlNoncharitableAssetsYr5Amt>
        <DistributionYr5Rt>2.922724</DistributionYr5Rt>
        <TotalDistributionRt>3.105044</TotalDistributionRt>
        <AverageDistributionRt>0.621009</AverageDistributionRt>
        <NetVlNoncharitableAssetsAmt>25668029</NetVlNoncharitableAssetsAmt>
        <AdjNetVlNoncharitableAssetsAmt>15940077</AdjNetVlNoncharitableAssetsAmt>
        <NetInvestmentIncomePctAmt>7448</NetInvestmentIncomePctAmt>
        <AdjNonchrtblNetInvstIncmPctAmt>15947525</AdjNonchrtblNetInvstIncmPctAmt>
        <QualifyingDistributionsAmt>1513454</QualifyingDistributionsAmt>
      </QlfyUndSect4940eReducedTaxGrp>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>14897</InvestmentIncomeExciseTaxAmt>
        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
        <SubtotalAmt>14897</SubtotalAmt>
        <SubtitleATaxAmt>0</SubtitleATaxAmt>
        <TaxBasedOnInvestmentIncomeAmt>14897</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>20300</EstimatedPlusOvpmtIncmTxAmt>
        <ExtsnRequestIncomeTaxPaidAmt>0</ExtsnRequestIncomeTaxPaidAmt>
        <BackupWithholdingWithheldAmt>0</BackupWithholdingWithheldAmt>
        <TotalPaymentsAndCreditsAmt>20300</TotalPaymentsAndCreditsAmt>
        <Form2220AttachedInd referenceDocumentId="RetDoc1192000001">X</Form2220AttachedInd>
        <EsPenaltyAmt>478</EsPenaltyAmt>
        <OverpaymentAmt>4925</OverpaymentAmt>
        <AppliedToESTaxAmt>4925</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>MN</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>1</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>0</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>0</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>0</OwnControlledEntityInd>
        <DonorAdvisedFundInd>0</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>1</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <PersonsWithBooksName>
          <BusinessNameLine1Txt>THE FOUNDATION</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>7632491405</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>1010 DALE STREET NORTH</AddressLine1Txt>
          <CityNm>ST PAUL</CityNm>
          <StateAbbreviationCd>MN</StateAbbreviationCd>
          <ZIPCd>55117</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>0</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>0</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>0</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>0</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>1</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>0</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>0</PaymentToGovernmentOfficialInd>
        <ActsFailToQlfyAsExceptionsInd>0</ActsFailToQlfyAsExceptionsInd>
        <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 KIRAN STORDALEN</PersonNm>
          <USAddress>
            <AddressLine1Txt>1010 DALE STREET NORTH</AddressLine1Txt>
            <CityNm>ST PAUL</CityNm>
            <StateAbbreviationCd>MN</StateAbbreviationCd>
            <ZIPCd>55117</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR, PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>5.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>NICOLE MR THOMAS</PersonNm>
          <USAddress>
            <AddressLine1Txt>1010 DALE STREET NORTH</AddressLine1Txt>
            <CityNm>ST PAUL</CityNm>
            <StateAbbreviationCd>MN</StateAbbreviationCd>
            <ZIPCd>55117</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR, VICE PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>5.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JAMES R GREUPNER</PersonNm>
          <USAddress>
            <AddressLine1Txt>1010 DALE STREET NORTH</AddressLine1Txt>
            <CityNm>ST PAUL</CityNm>
            <StateAbbreviationCd>MN</StateAbbreviationCd>
            <ZIPCd>55117</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR, SECRETARY, TREASURER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>5.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>BRIAN C ELKIN</PersonNm>
          <USAddress>
            <AddressLine1Txt>945 PIONEER DRIVE</AddressLine1Txt>
            <CityNm>OSCEOLA</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>54020</ZIPCd>
          </USAddress>
          <TitleTxt>MAINTENANCE MANAGER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>71792</CompensationAmt>
          <EmployeeBenefitsAmt>0</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>6000</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>CHERYL ELLIOTT</PersonNm>
          <USAddress>
            <AddressLine1Txt>945 PIONEER DRIVE</AddressLine1Txt>
            <CityNm>OSCEOLA</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>54020</ZIPCd>
          </USAddress>
          <TitleTxt>PROGRAM COORDINATOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>52233</CompensationAmt>
          <EmployeeBenefitsAmt>0</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>6000</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>JODI GENTLE</PersonNm>
          <USAddress>
            <AddressLine1Txt>945 PIONEER DRIVE</AddressLine1Txt>
            <CityNm>OSCEOLA</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>54020</ZIPCd>
          </USAddress>
          <TitleTxt>PROGRAM COORDINATOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>51776</CompensationAmt>
          <EmployeeBenefitsAmt>0</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>6000</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>ALEX SITTLOW</PersonNm>
          <USAddress>
            <AddressLine1Txt>945 PIONEER DRIVE</AddressLine1Txt>
            <CityNm>OSCEOLA</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>54020</ZIPCd>
          </USAddress>
          <TitleTxt>CARETAKER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>45150</CompensationAmt>
          <EmployeeBenefitsAmt>0</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>6000</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>JEAN SAZEVICH</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>4808 DOWLING STREET</AddressLine1Txt>
            <CityNm>MINNEAPOLIS</CityNm>
            <StateAbbreviationCd>MN</StateAbbreviationCd>
            <ZIPCd>55406</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>MANAGING DIRECTOR</ServiceTypeTxt>
          <CompensationAmt>103748</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>FOUNDATION SOURCE</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>55 WALLS DRIVE 3RD FLOOR</AddressLine1Txt>
            <CityNm>FAIRFIELD</CityNm>
            <StateAbbreviationCd>CT</StateAbbreviationCd>
            <ZIPCd>06824</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>ADMINISTRATIVE</ServiceTypeTxt>
          <CompensationAmt>84127</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <ContractorPaidOver50kCnt>0</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>THE HORST RECHELBACHER FOUNDATION IS A FAMILY FOUNDATION THAT OPERATES MULTIPLE PROGRAMS AT THE ACREAGE ON 350 ACRES OF PRISTINE HARDWOOD FORESTS, OAK SAVANNAS, MEADOWS, PRAIRIES, WETLANDS AND SHORES OF THE ST. CROIX RIVER. THE ACREAGE WORKS WITH PARTNER NON-PROFITS TO OFFER A MULTITUDE OF PROGRAMS INCLUDING EDUCATIONAL CLASSES, ENVIRONMENTAL RESEARCH, AND ART EVENTS THAT UTILIZE THE UNIQUE NATURE-BASED SETTING, SCULPTURE GARDEN, ANIMALS AND BUILDINGS THAT ENCOMPASS THE PROPERTY. AGRICULTURAL LAND WAS UTILIZED BY THE UNIVERSITY OF MINNESOTA PLANT EDUCATION GROUP FOR RESEARCH PURPOSES. THE FOUNDATION IS ACTIVELY CONSERVING, RESTORING, MANAGING, AND PRESERVING THE NATURAL ECOSYSTEMS, HABITATS, HISTORICAL SIGNIFICANCE AND NATURAL RESORCES ON THE PROPERTY.</Description1Txt>
        <Expenses1Amt>1023566</Expenses1Amt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <TotalAmt>0</TotalAmt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>14648095</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>7660124</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>3750694</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>26058913</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>26058913</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>390884</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>25668029</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>1283401</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>1283401</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>14897</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>14897</TotalTaxAmt>
        <DistributableBeforeAdjAmt>1268504</DistributableBeforeAdjAmt>
        <RecoveriesQualfiedDistriAmt>0</RecoveriesQualfiedDistriAmt>
        <DistributableBeforeDedAmt>1268504</DistributableBeforeDedAmt>
        <DeductionFromDistributableAmt>0</DeductionFromDistributableAmt>
        <DistributableAsAdjustedAmt>1268504</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>1471402</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>42052</CharitableAssetsAcquisPaidAmt>
        <QualifyingDistributionsAmt>1513454</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>0</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>1513454</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>1268504</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr5Amt>1000897</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr2Amt>336843</ExcessDistributionCyovYr2Amt>
        <TotalExcessDistributionCyovAmt>1337740</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>1513454</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToPriorYearsAmt>0</AppliedToPriorYearsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <AppliedToCurrentYearAmt>1268504</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>244950</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>0</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>0</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>1582690</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <PriorYearDeficiencyOrTaxAmt>0</PriorYearDeficiencyOrTaxAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <CorpusDistri170b1EOr4942g3Amt>0</CorpusDistri170b1EOr4942g3Amt>
        <ExcessDistriCyovFromYr5Amt>1000897</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>581793</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear2Amt>336843</ExcessFromYear2Amt>
        <ExcessFromCurrentYearAmt>244950</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MINNESOTA CHILDREN'S HOSPITAL - PALLIATIVE CARE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>5901 LINCOLN DRIVE MAIL STOP</AddressLine1Txt>
            <AddressLine2Txt>CBC-3-FOUN</AddressLine2Txt>
            <CityNm>EDINA</CityNm>
            <StateAbbreviationCd>MN</StateAbbreviationCd>
            <ZIPCd>55436</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PEDIATRIC PAIN, PALLIATIVE AND INTEGRATIVE MEDICINE CLINIC</GrantOrContributionPurposeTxt>
          <Amt>225000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UNIVERSITY OF MINNESOTA FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>200 OAK STREET SE SUITE 500</AddressLine1Txt>
            <CityNm>MINNEAPOLIS</CityNm>
            <StateAbbreviationCd>MN</StateAbbreviationCd>
            <ZIPCd>55455</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>CFAN'S STACKMAN-BORLAUG CENTER RESEARCH AT THE ACREAGE</GrantOrContributionPurposeTxt>
          <Amt>80000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>BEAUTY CHANGES LIVES</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 7174</AddressLine1Txt>
            <CityNm>RANCHO SANTA FE</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>920677174</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>2019 HORST RECHELBACHER SCHOLARSHIP PROGRAM</GrantOrContributionPurposeTxt>
          <Amt>55000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>GOOD ACRE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1790 LARPENTEUR AVE W</AddressLine1Txt>
            <CityNm>ST PAUL</CityNm>
            <StateAbbreviationCd>MN</StateAbbreviationCd>
            <ZIPCd>551135736</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>IMMIGRANT FARMING</GrantOrContributionPurposeTxt>
          <Amt>12500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MACPHAIL CENTER FOR MUSIC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>501 S 2ND STREET</AddressLine1Txt>
            <CityNm>MINNEAPOLIS</CityNm>
            <StateAbbreviationCd>MN</StateAbbreviationCd>
            <ZIPCd>55401</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>YOUTH MUSIC PROGRAMS</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>382500</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>796375</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>-40683</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <OtherRevenueDescribedGrp>
          <Desc>INSURANCE PROCEEDS</Desc>
          <ExclusionCd>01</ExclusionCd>
          <ExclusionAmt>630524</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>0</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>1386216</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>0</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>1386216</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>
    <IRS990ScheduleB documentId="RetDoc1234500001">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <GeneralRuleInd>X</GeneralRuleInd>
      <ContributorInformationGrp>
        <ContributorNum>1</ContributorNum>
        <ContributorBusinessName>
          <BusinessNameLine1Txt>ESTATE OF HORST RECHELBACHER</BusinessNameLine1Txt>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1Txt>100 WASHINGTON AVE S STE 1300</AddressLine1Txt>
          <CityNm>MINNEAPOLIS</CityNm>
          <StateAbbreviationCd>MN</StateAbbreviationCd>
          <ZIPCd>55401</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>1274853</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <AccountingFeesSchedule documentId="RetDoc2002200001">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING</CategoryTxt>
        <Amt>11287</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>11287</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsCorpBondsSchedule documentId="RetDoc2044400001">
      <InvestmentsCorporateBondsGrp>
        <BondNm>BANK OF AMERICA CORP FXD TO 032025 VAR THRAFTR 6.1000%</BondNm>
        <EOYBookValueAmt>397230</EOYBookValueAmt>
        <EOYFMVAmt>445520</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>CAP ONE FIN CORP FXD TO 062020 VAR THRAFTER 5.5500%</BondNm>
        <EOYBookValueAmt>308890</EOYBookValueAmt>
        <EOYFMVAmt>304461</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>CITIGROUP INC FXD TO 082020 VAR THRAFTR 5.9500%</BondNm>
        <EOYBookValueAmt>202451</EOYBookValueAmt>
        <EOYFMVAmt>204646</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>CITIGROUP INC FXD TO 112020 VAR THRAFTR 6.1250%</BondNm>
        <EOYBookValueAmt>525608</EOYBookValueAmt>
        <EOYFMVAmt>516250</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>GENERAL MOTORS FIN CO FXD TO 092027 VAR THRAFTR 5.7500%</BondNm>
        <EOYBookValueAmt>214540</EOYBookValueAmt>
        <EOYFMVAmt>203500</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>GOLDMAN SACHS GROUP INC FXD TO 052019 VAR THRAFTR 5.7846%</BondNm>
        <EOYBookValueAmt>56115</EOYBookValueAmt>
        <EOYFMVAmt>54270</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>TRUIST FINANCIAL CORP FXD TO 122019 VAR THRAFTR 5.7536%</BondNm>
        <EOYBookValueAmt>316701</EOYBookValueAmt>
        <EOYFMVAmt>300900</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>US BANCORP FXD TO 012021 VAR THRAFTR 5.1250%</BondNm>
        <EOYBookValueAmt>406513</EOYBookValueAmt>
        <EOYFMVAmt>411288</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>WELLS FARGO &amp; CO FXD TO 062025 FLTS THRAFTR 5.8750%</BondNm>
        <EOYBookValueAmt>436386</EOYBookValueAmt>
        <EOYFMVAmt>445000</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>COCA-COLA CO/THE</BondNm>
        <EOYBookValueAmt>146473</EOYBookValueAmt>
        <EOYFMVAmt>148593</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>ECOLAB INC</BondNm>
        <EOYBookValueAmt>103302</EOYBookValueAmt>
        <EOYFMVAmt>103197</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>JPMORGAN CHASE &amp; CO</BondNm>
        <EOYBookValueAmt>103007</EOYBookValueAmt>
        <EOYFMVAmt>103204</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>INDIANA MICHIGAN POWER CO</BondNm>
        <EOYBookValueAmt>102981</EOYBookValueAmt>
        <EOYFMVAmt>102982</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>UNITEDHEALTH GROUP INC</BondNm>
        <EOYBookValueAmt>104688</EOYBookValueAmt>
        <EOYFMVAmt>104773</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>GOLDMAN SACHS GROUP, INC</BondNm>
        <EOYBookValueAmt>100000</EOYBookValueAmt>
        <EOYFMVAmt>99347</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>MORGAN STANLEY</BondNm>
        <EOYBookValueAmt>153138</EOYBookValueAmt>
        <EOYFMVAmt>154881</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>CAPITAL ONE FINANCIAL CORP</BondNm>
        <EOYBookValueAmt>102906</EOYBookValueAmt>
        <EOYFMVAmt>105367</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>MORGAN STANLEY</BondNm>
        <EOYBookValueAmt>107595</EOYBookValueAmt>
        <EOYFMVAmt>109388</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>FORD MOTOR CO</BondNm>
        <EOYBookValueAmt>101700</EOYBookValueAmt>
        <EOYFMVAmt>103332</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>OCCIDENTAL PETROLEUM CORP</BondNm>
        <EOYBookValueAmt>199955</EOYBookValueAmt>
        <EOYFMVAmt>200382</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>SEMPRA ENERGY 5.750%</BondNm>
        <EOYBookValueAmt>125000</EOYBookValueAmt>
        <EOYFMVAmt>132850</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>US BANCORP 5.15%</BondNm>
        <EOYBookValueAmt>150004</EOYBookValueAmt>
        <EOYFMVAmt>155580</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>WELLS FARGO &amp; COMPANY DEP SHS</BondNm>
        <EOYBookValueAmt>122841</EOYBookValueAmt>
        <EOYFMVAmt>127700</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>WELLS FARGO &amp; COMPANY 5.125%</BondNm>
        <EOYBookValueAmt>50000</EOYBookValueAmt>
        <EOYFMVAmt>50940</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>ILLINOIS ST GO BDS 2012</BondNm>
        <EOYBookValueAmt>150000</EOYBookValueAmt>
        <EOYFMVAmt>153375</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>MORGAN STANLEY BK N A CD 2.5</BondNm>
        <EOYBookValueAmt>200000</EOYBookValueAmt>
        <EOYFMVAmt>202593</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>STATE OF WISCONSIN G/O BOND OF 2010</BondNm>
        <EOYBookValueAmt>103380</EOYBookValueAmt>
        <EOYFMVAmt>103151</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>BERKSHIRE HATHAWAY INC</BondNm>
        <EOYBookValueAmt>254427</EOYBookValueAmt>
        <EOYFMVAmt>265803</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>APPLE INC</BondNm>
        <EOYBookValueAmt>262732</EOYBookValueAmt>
        <EOYFMVAmt>262309</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>WELLS FARGO BK N A CA CD CLL</BondNm>
        <EOYBookValueAmt>245000</EOYBookValueAmt>
        <EOYFMVAmt>245366</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>NATIONAL RURAL UTILITIES COOP CALLABLE</BondNm>
        <EOYBookValueAmt>105193</EOYBookValueAmt>
        <EOYFMVAmt>109483</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>AMERICAN EXPRESS CO</BondNm>
        <EOYBookValueAmt>203006</EOYBookValueAmt>
        <EOYFMVAmt>202114</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>BANK OF AMERICA CORP</BondNm>
        <EOYBookValueAmt>216506</EOYBookValueAmt>
        <EOYFMVAmt>229456</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>BANK NEW YORK MELLON CORP</BondNm>
        <EOYBookValueAmt>101506</EOYBookValueAmt>
        <EOYFMVAmt>101151</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>GENERAL ELECTRIC COMPANY</BondNm>
        <EOYBookValueAmt>109256</EOYBookValueAmt>
        <EOYFMVAmt>98168</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>J P MORGAN CHASE &amp; CO</BondNm>
        <EOYBookValueAmt>202506</EOYBookValueAmt>
        <EOYFMVAmt>203287</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>JPMORGAN CHASE &amp; CO</BondNm>
        <EOYBookValueAmt>144756</EOYBookValueAmt>
        <EOYFMVAmt>158038</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>METLIFE INC</BondNm>
        <EOYBookValueAmt>208006</EOYBookValueAmt>
        <EOYFMVAmt>203043</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>MORGAN STANLEY</BondNm>
        <EOYBookValueAmt>152631</EOYBookValueAmt>
        <EOYFMVAmt>156815</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>MORGAN STANLEY</BondNm>
        <EOYBookValueAmt>201506</EOYBookValueAmt>
        <EOYFMVAmt>204129</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>WELLS FARGO &amp; CO</BondNm>
        <EOYBookValueAmt>153756</EOYBookValueAmt>
        <EOYFMVAmt>163716</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc2018900001">
      <InvestmentsCorporateStockGrp>
        <StockNm>ALL STATE CORP</StockNm>
        <EOYBookValueAmt>125000</EOYBookValueAmt>
        <EOYFMVAmt>130700</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>AXA EQUITABLE HLDG INC</StockNm>
        <EOYBookValueAmt>100000</EOYBookValueAmt>
        <EOYFMVAmt>104400</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BANK OF AMER CORP</StockNm>
        <EOYBookValueAmt>100000</EOYBookValueAmt>
        <EOYFMVAmt>106400</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CAPITAL ONE FINANCIAL</StockNm>
        <EOYBookValueAmt>50000</EOYBookValueAmt>
        <EOYFMVAmt>50180</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MORGAN STANLEY</StockNm>
        <EOYBookValueAmt>125000</EOYBookValueAmt>
        <EOYFMVAmt>126000</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsGovtObligationsSch documentId="RetDoc2210400001">
      <USGovtObligationsBookVlEOYAmt>0</USGovtObligationsBookVlEOYAmt>
      <USGovtObligationsEOYFMVAmt>0</USGovtObligationsEOYFMVAmt>
      <StateLocalSecBookVlEOYAmt>5497662</StateLocalSecBookVlEOYAmt>
      <StateLocalSecEOYFMVAmt>5576586</StateLocalSecEOYFMVAmt>
    </InvestmentsGovtObligationsSch>
    <LegalFeesSchedule documentId="RetDoc2002100001">
      <LegalFeesGrp>
        <CategoryTxt>LEGAL</CategoryTxt>
        <LegalFeesAmt>77022</LegalFeesAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>77022</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherDecreasesSchedule documentId="RetDoc2049800001">
      <OtherDecreasesDetail>
        <Desc>PRIOR PERIOD ADJUSTMENT</Desc>
        <Amt>104935</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="RetDoc2003200001">
      <OtherExpensesScheduleGrp>
        <Desc>COMPUTERS/ELECTRONIC DEVICES</Desc>
        <RevenueAndExpensesPerBooksAmt>1727</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>1727</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>EQUIPMENT/FURNITURE PURCHASE</Desc>
        <RevenueAndExpensesPerBooksAmt>12803</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>12803</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE SUPPLIES</Desc>
        <RevenueAndExpensesPerBooksAmt>8498</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>8498</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>PROPERTY INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>37503</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>37503</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>PROPERTY MAINTENANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>152692</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>152692</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>WEBSITE HOSTING/SUPPORT</Desc>
        <RevenueAndExpensesPerBooksAmt>2527</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>2527</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>CREDIT CARD FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>224</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>224</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>MISCELLANEOUS</Desc>
        <RevenueAndExpensesPerBooksAmt>11966</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>11966</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>ANIMAL CARE</Desc>
        <RevenueAndExpensesPerBooksAmt>59707</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>59707</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>LAND MANAGEMENT SUPPLIES</Desc>
        <RevenueAndExpensesPerBooksAmt>7095</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>7095</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc2001500001">
      <OtherIncomeDetail>
        <Desc>INSURANCE PROCEEDS</Desc>
        <RevenueAndExpensesPerBooksAmt>630524</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="RetDoc2002300001">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT MANAGEMENT SERVICES</CategoryTxt>
        <Amt>51535</Amt>
        <NetInvestmentIncomeAmt>51535</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>PHILANTHROPIC CONSULTING SERVICES</CategoryTxt>
        <Amt>201427</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>201427</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>OTHER PROFESSIONAL FEES</CategoryTxt>
        <Amt>27709</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>27709</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc2002500001">
      <TaxesDetail>
        <CategoryTxt>PROPERTY TAXES</CategoryTxt>
        <Amt>99153</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>99153</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>EXCISE TAXES</CategoryTxt>
        <Amt>2136</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>