﻿<?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="2016v3.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2018-06-11T05:54:30-05:00</ReturnTs>
    <TaxPeriodEndDt>2017-09-30</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>133597814</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>SKODY SCOT &amp; CO CPAS PC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>520 EIGHTH AVE SUITE 2200</AddressLine1Txt>
        <CityNm>NEW YORK</CityNm>
        <StateAbbreviationCd>NY</StateAbbreviationCd>
        <ZIPCd>10018</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2016-10-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>356906882</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>ILYA AND EMILIA KABAKOV FOUNDATION</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>ILYA</BusinessNameControlTxt>
      <PhoneNum>2129671100</PhoneNum>
      <USAddress>
        <AddressLine1Txt>1700 PARK AVE</AddressLine1Txt>
        <CityNm>MATTITUCK</CityNm>
        <StateAbbreviationCd>NY</StateAbbreviationCd>
        <ZIPCd>11952</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>EMILIA KABAKOV</PersonNm>
      <PersonTitleTxt>TRUSTEE</PersonTitleTxt>
      <PhoneNum>2129671100</PhoneNum>
      <SignatureDt>2018-06-11</SignatureDt>
      <DiscussWithPaidPreparerInd>1</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>WILLIAM SKODY</PreparerPersonNm>
      <PTIN>P00631754</PTIN>
      <PhoneNum>2129671100</PhoneNum>
      <PreparationDt>2018-06-11</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2016</TaxYr>
    <BuildTS>2022-09-23 18:48:47Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="8">
    <IRS990PF documentId="RetDoc1235000001">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>1694499</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>174556</ContriRcvdRevAndExpnssAmt>
        <InterestOnSavRevAndExpnssAmt>40</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>40</InterestOnSavNetInvstIncmAmt>
        <InterestOnSavingsAdjNetIncmAmt>40</InterestOnSavingsAdjNetIncmAmt>
        <DividendsRevAndExpnssAmt>14688</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>14688</DividendsNetInvstIncmAmt>
        <DividendsAdjNetIncmAmt>14688</DividendsAdjNetIncmAmt>
        <CapGainNetIncmNetInvstIncmAmt>0</CapGainNetIncmNetInvstIncmAmt>
        <NetSTCapitalGainAdjNetIncmAmt>0</NetSTCapitalGainAdjNetIncmAmt>
        <TotalRevAndExpnssAmt>189284</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>14728</TotalNetInvstIncmAmt>
        <TotalAdjNetIncmAmt>14728</TotalAdjNetIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>0</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstAdjNetIncmAmt>0</CompOfcrDirTrstAdjNetIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>0</CompOfcrDirTrstDsbrsChrtblAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002200001">1250</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>625</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesAdjNetIncmAmt>625</AccountingFeesAdjNetIncmAmt>
        <AccountingFeesChrtblPrpsAmt>0</AccountingFeesChrtblPrpsAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002300001">7762</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>7762</OtherProfFeesNetInvstIncmAmt>
        <OtherProfFeesAdjNetIncmAmt>7762</OtherProfFeesAdjNetIncmAmt>
        <OtherProfFeesDsbrsChrtblAmt>0</OtherProfFeesDsbrsChrtblAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc2002500001">295</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>0</TaxesNetInvstIncmAmt>
        <TaxesAdjNetIncmAmt>0</TaxesAdjNetIncmAmt>
        <TaxesDsbrsChrtblAmt>0</TaxesDsbrsChrtblAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc2003200001">381946</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>635</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesAdjNetIncmAmt>635</OtherExpensesAdjNetIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>380801</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>391253</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>9022</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesAdjNetIncmAmt>9022</TotOprExpensesAdjNetIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>380801</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>0</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>0</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>391253</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>9022</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesAdjNetIncmAmt>9022</TotalExpensesAdjNetIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>380801</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-201969</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>5706</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>5706</AdjustedNetIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>372429</CashBOYAmt>
        <CashEOYAmt>421781</CashEOYAmt>
        <CashEOYFMVAmt>421781</CashEOYFMVAmt>
        <SavAndTempCashInvstBOYAmt>906246</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>642929</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>642929</SavAndTempCashInvstEOYFMVAmt>
        <CorporateStockBOYAmt>595129</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc2018900001">596230</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>629789</CorporateStockEOYFMVAmt>
        <TotalAssetsBOYAmt>1873804</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>1660940</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>1694499</TotalAssetsEOYFMVAmt>
        <AccountsPayableBOYAmt>10895</AccountsPayableBOYAmt>
        <TotalLiabilitiesBOYAmt>10895</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrganizationFollowsSFAS117Ind>X</OrganizationFollowsSFAS117Ind>
        <UnrestrictedBOYAmt>1862909</UnrestrictedBOYAmt>
        <UnrestrictedEOYAmt>1660940</UnrestrictedEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>1862909</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>1660940</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>1873804</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>1660940</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>1862909</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-201969</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt>0</OtherIncreasesAmt>
        <SubtotalAmt>1660940</SubtotalAmt>
        <OtherDecreasesAmt>0</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>1660940</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <QlfyUndSect4940eReducedTaxGrp>
        <LiableSection4942TaxInd>0</LiableSection4942TaxInd>
        <AdjustedQlfyDistriYr1Amt>46512</AdjustedQlfyDistriYr1Amt>
        <NetVlNoncharitableAssetsYr1Amt>1811375</NetVlNoncharitableAssetsYr1Amt>
        <DistributionYr1Rt>0.025678</DistributionYr1Rt>
        <AdjustedQlfyDistriYr2Amt>10784</AdjustedQlfyDistriYr2Amt>
        <NetVlNoncharitableAssetsYr2Amt>1687965</NetVlNoncharitableAssetsYr2Amt>
        <DistributionYr2Rt>0.006389</DistributionYr2Rt>
        <AdjustedQlfyDistriYr3Amt>84662</AdjustedQlfyDistriYr3Amt>
        <NetVlNoncharitableAssetsYr3Amt>1235865</NetVlNoncharitableAssetsYr3Amt>
        <DistributionYr3Rt>0.068504</DistributionYr3Rt>
        <AdjustedQlfyDistriYr4Amt>140929</AdjustedQlfyDistriYr4Amt>
        <NetVlNoncharitableAssetsYr4Amt>1032555</NetVlNoncharitableAssetsYr4Amt>
        <DistributionYr4Rt>0.136486</DistributionYr4Rt>
        <TotalDistributionRt>0.237057</TotalDistributionRt>
        <AverageDistributionRt>0.059264</AverageDistributionRt>
        <NetVlNoncharitableAssetsAmt>1825525</NetVlNoncharitableAssetsAmt>
        <AdjNetVlNoncharitableAssetsAmt>108188</AdjNetVlNoncharitableAssetsAmt>
        <NetInvestmentIncomePctAmt>57</NetInvestmentIncomePctAmt>
        <AdjNonchrtblNetInvstIncmPctAmt>108245</AdjNonchrtblNetInvstIncmPctAmt>
        <QualifyingDistributionsAmt>380801</QualifyingDistributionsAmt>
      </QlfyUndSect4940eReducedTaxGrp>
      <ExciseTaxBasedOnInvstIncmGrp>
        <DomesticOrgMeetingSect4940eInd>X</DomesticOrgMeetingSect4940eInd>
        <InvestmentIncomeExciseTaxAmt>57</InvestmentIncomeExciseTaxAmt>
        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
        <SubtotalAmt>57</SubtotalAmt>
        <SubtitleATaxAmt>0</SubtitleATaxAmt>
        <TaxBasedOnInvestmentIncomeAmt>57</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>250</EstimatedPlusOvpmtIncmTxAmt>
        <TotalPaymentsAndCreditsAmt>250</TotalPaymentsAndCreditsAmt>
        <OverpaymentAmt>193</OverpaymentAmt>
        <AppliedToESTaxAmt>0</AppliedToESTaxAmt>
        <RefundAmt>193</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>0</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>1</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>NY</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>1</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>0</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd referenceDocumentId="RetDoc2089200001">1</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>0</OwnControlledEntityInd>
        <DonorAdvisedFundInd>0</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>1</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <PersonsWithBooksName>
          <BusinessNameLine1Txt>THE FOUNDATION</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>2129671100</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>1700 PARK AVE</AddressLine1Txt>
          <CityNm>MATTITUCK</CityNm>
          <StateAbbreviationCd>NY</StateAbbreviationCd>
          <ZIPCd>11952</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>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>EMILIA KABAKOV</PersonNm>
          <USAddress>
            <AddressLine1Txt>C/O ORG 1700 PARK AVENUE</AddressLine1Txt>
            <CityNm>MATTITUCK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11952</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>VIOLA KANEVSKY</PersonNm>
          <USAddress>
            <AddressLine1Txt>C/O ORG 1700 PARK AVENUE</AddressLine1Txt>
            <CityNm>MATTITUCK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11952</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ISIS KANEVSKY</PersonNm>
          <USAddress>
            <AddressLine1Txt>C/O ORG 1700 PARK AVENUE</AddressLine1Txt>
            <CityNm>MATTITUCK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11952</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</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 SHIP OF TOLERANCE - THE MISSION OF THE SHIP OF TOLERANCE IS TO EDUCATE AND CONNECT YOUTH OF DIFFERENT CONTINENTS, CULTURES, AND IDENTITIES THROUGH THE LANGUAGE OF ART. IT IS A CONCEPTUAL PIECE THAT IS MEANT TO REFLECT HOW DIVERGENT CULTURES INTERPRET TOLERANCE AND HOW THESE INTERPRETATIONS OVERLAP. THE SHIP'S SAILS ARE STITCHED TOGETHER FROM PAINTINGS BY HUNDREDS OF LOCAL SCHOOLCHILDREN FROM DIFFERENT ETHNIC AND SOCIAL BACKGROUNDS, AND WILL CONVEY A MESSAGE OF TOLERANCE AND HOPE. BY PARTICIPATING IN THE CREATION OF THIS SHIP CHILDREN WILL LEARN ABOUT RESPECTING DIFFERENT CULTURES AND IDEAS WHILE APPRECIATING HOW THEY DIFFER FROM THEIR OWN. IN SHORT, THROUGH THIS CREATIVE PROCESS THEY WILL BOTH DEMONSTRATE AND GAIN A VIBRANT LESSON IN TOLERANCE.</Description1Txt>
        <Expenses1Amt>380451</Expenses1Amt>
        <Description2Txt>THE KABAKOV AWARD - AN HONORARY FELLOWSHIP AWARDED TO A TYLER SCHOOL OF ART STUDENT COMPLETING AN MFA DEGREE, WHOSE ACHIEVEMENT HAS BEEN RECOGNIZED AS DEMONSTRATING EXTRAORDINARY PROMISE IN ANY AREA OF ARTISTIC PRACTICE.</Description2Txt>
        <Expenses2Amt>0</Expenses2Amt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <TotalAmt>0</TotalAmt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>617433</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>1235892</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>1853325</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>1853325</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>27800</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>1825525</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>91276</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <Sect4942j3j5FndtnAndFrgnOrgInd>X</Sect4942j3j5FndtnAndFrgnOrgInd>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>380801</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <QualifyingDistributionsAmt>380801</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>57</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>380744</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <PrivateOperatingFoundationsGrp>
        <PrivateOperatingFndtnRulingDt>2012-09-26</PrivateOperatingFndtnRulingDt>
        <Section4942j3Ind>X</Section4942j3Ind>
        <LessorAdjNetIncmMinInvstRetGrp>
          <CurrentYearAmt>5706</CurrentYearAmt>
          <Year1Amt>2241</Year1Amt>
          <Year2Amt>0</Year2Amt>
          <Year3Amt>0</Year3Amt>
          <TotalAmt>7947</TotalAmt>
        </LessorAdjNetIncmMinInvstRetGrp>
        <Pct85LessorAdjIncmOrMinRetGrp>
          <CurrentYearAmt>4850</CurrentYearAmt>
          <Year1Amt>1905</Year1Amt>
          <Year2Amt>0</Year2Amt>
          <Year3Amt>0</Year3Amt>
          <TotalAmt>6755</TotalAmt>
        </Pct85LessorAdjIncmOrMinRetGrp>
        <QualifyingDistributionsGrp>
          <CurrentYearAmt>380801</CurrentYearAmt>
          <Year1Amt>46512</Year1Amt>
          <Year2Amt>10784</Year2Amt>
          <Year3Amt>84662</Year3Amt>
          <TotalAmt>522759</TotalAmt>
        </QualifyingDistributionsGrp>
        <QualifyingDistriNotUsedDrtGrp>
          <CurrentYearAmt>0</CurrentYearAmt>
          <Year1Amt>0</Year1Amt>
          <Year2Amt>0</Year2Amt>
          <Year3Amt>0</Year3Amt>
          <TotalAmt>0</TotalAmt>
        </QualifyingDistriNotUsedDrtGrp>
        <QualifyingDistriMadeDrtGrp>
          <CurrentYearAmt>380801</CurrentYearAmt>
          <Year1Amt>46512</Year1Amt>
          <Year2Amt>10784</Year2Amt>
          <Year3Amt>84662</Year3Amt>
          <TotalAmt>522759</TotalAmt>
        </QualifyingDistriMadeDrtGrp>
        <TotalAssetsGrp>
          <CurrentYearAmt>1694499</CurrentYearAmt>
          <Year1Amt>1889143</Year1Amt>
          <Year2Amt>1747149</Year2Amt>
          <Year3Amt>1557933</Year3Amt>
          <TotalAmt>6888724</TotalAmt>
        </TotalAssetsGrp>
        <TotalAssetsSect4942j3BiGrp>
          <CurrentYearAmt>28150</CurrentYearAmt>
          <Year1Amt>23260</Year1Amt>
          <Year2Amt>5200</Year2Amt>
          <Year3Amt>42632</Year3Amt>
          <TotalAmt>99242</TotalAmt>
        </TotalAssetsSect4942j3BiGrp>
        <TwoThirdsMinimumInvstRetGrp>
          <CurrentYearAmt>60851</CurrentYearAmt>
          <Year1Amt>60379</Year1Amt>
          <Year2Amt>56265</Year2Amt>
          <Year3Amt>50350</Year3Amt>
          <TotalAmt>227845</TotalAmt>
        </TwoThirdsMinimumInvstRetGrp>
        <TotalSupportGrp>
          <TotalAmt>0</TotalAmt>
        </TotalSupportGrp>
        <PublicSupportType>
          <TotalAmt>0</TotalAmt>
        </PublicSupportType>
        <LargestSupportFromEOGrp>
          <TotalAmt>0</TotalAmt>
        </LargestSupportFromEOGrp>
        <GrossInvestmentIncomeGrp>
          <TotalAmt>0</TotalAmt>
        </GrossInvestmentIncomeGrp>
      </PrivateOperatingFoundationsGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>EMILIA KABAKOV</ContributingManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <TotalGrantOrContriPdDurYrAmt>0</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <ProgramServiceRevPartVIIGrp>
          <Desc>THE SHIP OF TOLERANCE</Desc>
        </ProgramServiceRevPartVIIGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>40</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>14688</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>0</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>14728</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>0</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>14728</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <RlnOfActyToAccomOfExmptPrpsGrp>
        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>1A</LineNumberTxt>
          <RelationshipStatementTxt>PROGRAM INCOME USED IN FURTHERANCE OF THE FOUNDATION'S EXEMPT PURPOSE.</RelationshipStatementTxt>
        </RlnOfActyToAccomOfExmptPrpsGrp>
      </RlnOfActyToAccomOfExmptPrpsGrp>
      <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>EVELYN TOLSTON</BusinessNameLine1Txt>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1Txt>160 EAST 84TH STREET 10D</AddressLine1Txt>
          <CityNm>NEW YORK</CityNm>
          <StateAbbreviationCd>NY</StateAbbreviationCd>
          <ZIPCd>10028</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>5000</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
      <ContributorInformationGrp>
        <ContributorNum>2</ContributorNum>
        <ContributorBusinessName>
          <BusinessNameLine1Txt>ROBERT AND KATE S NIEHAUS</BusinessNameLine1Txt>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1Txt>770 PARK AVE 700</AddressLine1Txt>
          <CityNm>NEW YORK</CityNm>
          <StateAbbreviationCd>NY</StateAbbreviationCd>
          <ZIPCd>10021</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>50000</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
      <ContributorInformationGrp>
        <ContributorNum>3</ContributorNum>
        <ContributorBusinessName>
          <BusinessNameLine1Txt>FORD FOUNDATION</BusinessNameLine1Txt>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1Txt>809 UNITED NATIONS PLAZA</AddressLine1Txt>
          <CityNm>NEW YORK</CityNm>
          <StateAbbreviationCd>NY</StateAbbreviationCd>
          <ZIPCd>10017</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>50000</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
      <ContributorInformationGrp>
        <ContributorNum>4</ContributorNum>
        <ContributorBusinessName>
          <BusinessNameLine1Txt>GALERIE BRECKNER</BusinessNameLine1Txt>
        </ContributorBusinessName>
        <ContributorForeignAddress>
          <AddressLine1Txt>ALTESTADT 7</AddressLine1Txt>
          <CityNm>DUSSELDORF</CityNm>
          <CountryCd>GM</CountryCd>
          <ForeignPostalCd>40213</ForeignPostalCd>
        </ContributorForeignAddress>
        <TotalContributionsAmt>49970</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
      <ContributorInformationGrp>
        <ContributorNum>5</ContributorNum>
        <ContributorBusinessName>
          <BusinessNameLine1Txt>FRANK V SICA</BusinessNameLine1Txt>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1Txt>C/O ORG 1700 PARK AVE</AddressLine1Txt>
          <CityNm>MATTITUCK</CityNm>
          <StateAbbreviationCd>NY</StateAbbreviationCd>
          <ZIPCd>11952</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>10000</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <AccountingFeesSchedule documentId="RetDoc2002200001">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING</CategoryTxt>
        <Amt>1250</Amt>
        <NetInvestmentIncomeAmt>625</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>625</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc2018900001">
      <InvestmentsCorporateStockGrp>
        <StockNm>PUBLICLY TRADED SECURITIES</StockNm>
        <EOYBookValueAmt>596230</EOYBookValueAmt>
        <EOYFMVAmt>629789</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <OtherExpensesSchedule documentId="RetDoc2003200001">
      <OtherExpensesScheduleGrp>
        <Desc>DUES &amp; FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>790</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>300</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>300</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>150</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>370</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>200</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BANK SERVICE FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>335</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>335</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>335</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>PROGRAM EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>380451</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>380451</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherProfessionalFeesSchedule documentId="RetDoc2002300001">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT SERVICE</CategoryTxt>
        <Amt>7762</Amt>
        <NetInvestmentIncomeAmt>7762</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>7762</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <SubstantialContributorsSch documentId="RetDoc2089200001">
      <SubstantialContributorDetail>
        <PersonNm>ROBERT AND KATE NIEHAUS</PersonNm>
        <USAddress>
          <AddressLine1Txt>770 PARKE AVE 160</AddressLine1Txt>
          <CityNm>NEW YORK</CityNm>
          <StateAbbreviationCd>NY</StateAbbreviationCd>
          <ZIPCd>10021</ZIPCd>
        </USAddress>
      </SubstantialContributorDetail>
      <SubstantialContributorDetail>
        <BusinessName>
          <BusinessNameLine1Txt>FORD FOUNDATION</BusinessNameLine1Txt>
        </BusinessName>
        <USAddress>
          <AddressLine1Txt>809 UNITED NATIONS PLAZA</AddressLine1Txt>
          <CityNm>NEW YORK</CityNm>
          <StateAbbreviationCd>NY</StateAbbreviationCd>
          <ZIPCd>10017</ZIPCd>
        </USAddress>
      </SubstantialContributorDetail>
      <SubstantialContributorDetail>
        <PersonNm>GALERIE BRECKNER</PersonNm>
        <ForeignAddress>
          <AddressLine1Txt>ALTESTADT 7</AddressLine1Txt>
          <CityNm>DUSSELDORF</CityNm>
          <CountryCd>GM</CountryCd>
          <ForeignPostalCd>40213</ForeignPostalCd>
        </ForeignAddress>
      </SubstantialContributorDetail>
    </SubstantialContributorsSch>
    <TaxesSchedule documentId="RetDoc2002500001">
      <TaxesDetail>
        <CategoryTxt>ESTIMATED FEDERAL EXCISE TAX PAYMENT</CategoryTxt>
        <Amt>250</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FEDERAL EXCISE TAX</CategoryTxt>
        <Amt>45</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>