﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2024v5.2" xsi:schemaLocation="http://www.irs.gov/efile">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2025-11-18T12:02:02-08:00</ReturnTs>
    <TaxPeriodEndDt>2025-06-30</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>133923827</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>Moskowitz &amp; Associates CPA's PC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>15 Thoroughbred Drive</AddressLine1Txt>
        <CityNm>Saratoga Springs</CityNm>
        <StateAbbreviationCd>NY</StateAbbreviationCd>
        <ZIPCd>12866</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2024-07-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>061600601</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>THE ZOOM FOUNDATION</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>ZOOM</BusinessNameControlTxt>
      <PhoneNum>2039899044</PhoneNum>
      <USAddress>
        <AddressLine1Txt>2 SOUND VIEW DRIVE</AddressLine1Txt>
        <CityNm>GREENWICH</CityNm>
        <StateAbbreviationCd>CT</StateAbbreviationCd>
        <ZIPCd>06830</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>SUSAN MANDEL</PersonNm>
      <PersonTitleTxt>TRUSTEE</PersonTitleTxt>
      <PhoneNum>2039899044</PhoneNum>
      <SignatureDt>2025-11-18</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>true</IRSResponsiblePrtyInfoCurrInd>
    <PreparerPersonGrp>
      <PreparerPersonNm>STEVEN MOSKOWITZ CPA</PreparerPersonNm>
      <PTIN>P00166473</PTIN>
      <PhoneNum>9149545231</PhoneNum>
      <PreparationDt>2025-11-18</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2024</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="10">
    <IRS990PF documentId="IRS990PF-01">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>2001165856</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>12000000</ContriRcvdRevAndExpnssAmt>
        <InterestOnSavRevAndExpnssAmt>7584216</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>7584216</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>8837780</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>8837780</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt referenceDocumentId="GainLossSaleOtherAssetsSch-01" referenceDocumentName="GainLossFromSaleOtherAssetsSchedule">422025056</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>449195597</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>422025056</CapGainNetIncmNetInvstIncmAmt>
        <GrossProfitRevAndExpnssAmt>0</GrossProfitRevAndExpnssAmt>
        <OtherIncomeRevAndExpnssAmt>0</OtherIncomeRevAndExpnssAmt>
        <TotalRevAndExpnssAmt>450447052</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>438447052</TotalNetInvstIncmAmt>
        <LegalFeesRevAndExpnssAmt>0</LegalFeesRevAndExpnssAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="AccountingFeesSchedule-01" referenceDocumentName="AccountingFeesSchedule">39630</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>19815</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesChrtblPrpsAmt>19815</AccountingFeesChrtblPrpsAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="OtherProfessionalFeesSchedu-01" referenceDocumentName="OtherProfessionalFeesSchedule">1040</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>520</OtherProfFeesNetInvstIncmAmt>
        <OtherProfFeesDsbrsChrtblAmt>520</OtherProfFeesDsbrsChrtblAmt>
        <InterestRevAndExpnssAmt>832049</InterestRevAndExpnssAmt>
        <InterestNetInvstIncmAmt>832049</InterestNetInvstIncmAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="TaxesSchedule-01" referenceDocumentName="TaxesSchedule">1852268</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>352268</TaxesNetInvstIncmAmt>
        <DeprecAndDpltnRevAndExpnssAmt>0</DeprecAndDpltnRevAndExpnssAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="OtherExpensesSchedule-01" referenceDocumentName="AmortizationSchedule OtherExpensesSchedule">5384168</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>5384168</OtherExpensesNetInvstIncmAmt>
        <TotOprExpensesRevAndExpnssAmt>8109155</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>6588820</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>20335</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>30426000</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>30426000</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>38535155</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>6588820</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>30446335</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>411911897</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>431858232</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>22146881</CashBOYAmt>
        <CashEOYAmt>54608103</CashEOYAmt>
        <CashEOYFMVAmt>54608103</CashEOYFMVAmt>
        <RcvblFromOfficersEOYAmt>0</RcvblFromOfficersEOYAmt>
        <OtherNtsAndLoansRcvblEOYAmt>0</OtherNtsAndLoansRcvblEOYAmt>
        <CorporateStockBOYAmt>818734878</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="InvestmentsCorpStockSchedul-01" referenceDocumentName="InvestmentsCorpStockSchedule">1198044275</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>1946557753</CorporateStockEOYFMVAmt>
        <LandBldgInvestmentsEOYAmt>0</LandBldgInvestmentsEOYAmt>
        <OtherInvestmentsEOYAmt>0</OtherInvestmentsEOYAmt>
        <LandEOYAmt>0</LandEOYAmt>
        <OtherAssetsBOYAmt>0</OtherAssetsBOYAmt>
        <OtherAssetsEOYAmt>0</OtherAssetsEOYAmt>
        <OtherAssetsEOYFMVAmt>0</OtherAssetsEOYFMVAmt>
        <TotalAssetsBOYAmt>840881759</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>1252652378</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>2001165856</TotalAssetsEOYFMVAmt>
        <AccountsPayableBOYAmt>119</AccountsPayableBOYAmt>
        <AccountsPayableEOYAmt>119</AccountsPayableEOYAmt>
        <LoansFromOfficersEOYAmt>0</LoansFromOfficersEOYAmt>
        <MortgagesAndNotesPayableEOYAmt>0</MortgagesAndNotesPayableEOYAmt>
        <OtherLiabilitiesBOYAmt>0</OtherLiabilitiesBOYAmt>
        <OtherLiabilitiesEOYAmt>0</OtherLiabilitiesEOYAmt>
        <TotalLiabilitiesBOYAmt>119</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>119</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <RetainedEarningBOYAmt>840881640</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>1252652259</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>840881640</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>1252652259</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>840881759</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>1252652378</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>840881640</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>411911897</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>1252793537</SubtotalAmt>
        <OtherDecreasesAmt referenceDocumentId="OtherDecreasesSchedule-01" referenceDocumentName="OtherDecreasesSchedule">141278</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>1252652259</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>FROM PASS THRU ENTITY - LONE CASCADE</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2023-01-01</AcquiredDt>
          <SoldDt>2024-12-31</SoldDt>
          <GrossSalesPriceAmt>179125262</GrossSalesPriceAmt>
          <DepreciationAmt>0</DepreciationAmt>
          <CostOrOtherBasisAmt>0</CostOrOtherBasisAmt>
          <GainOrLossAmt>179125262</GainOrLossAmt>
          <FMVAsOf123169Amt>0</FMVAsOf123169Amt>
          <AdjustedBasisAsOf123169Amt>0</AdjustedBasisAsOf123169Amt>
          <ExcessFMVOverAdjustedBssAmt>0</ExcessFMVOverAdjustedBssAmt>
          <GainsMinusExcessOrLossesAmt>179125262</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>FROM PASS THRU ENTITY - LONE REDWOOD</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2023-01-01</AcquiredDt>
          <SoldDt>2024-12-31</SoldDt>
          <GrossSalesPriceAmt>20553386</GrossSalesPriceAmt>
          <DepreciationAmt>0</DepreciationAmt>
          <CostOrOtherBasisAmt>0</CostOrOtherBasisAmt>
          <GainOrLossAmt>20553386</GainOrLossAmt>
          <FMVAsOf123169Amt>0</FMVAsOf123169Amt>
          <AdjustedBasisAsOf123169Amt>0</AdjustedBasisAsOf123169Amt>
          <ExcessFMVOverAdjustedBssAmt>0</ExcessFMVOverAdjustedBssAmt>
          <GainsMinusExcessOrLossesAmt>20553386</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>9560.73 SHARES LONE CEDAR</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2023-01-01</AcquiredDt>
          <SoldDt>2024-12-31</SoldDt>
          <GrossSalesPriceAmt>156508271</GrossSalesPriceAmt>
          <DepreciationAmt>0</DepreciationAmt>
          <CostOrOtherBasisAmt>9560874</CostOrOtherBasisAmt>
          <GainOrLossAmt>146947397</GainOrLossAmt>
          <FMVAsOf123169Amt>0</FMVAsOf123169Amt>
          <AdjustedBasisAsOf123169Amt>0</AdjustedBasisAsOf123169Amt>
          <ExcessFMVOverAdjustedBssAmt>0</ExcessFMVOverAdjustedBssAmt>
          <GainsMinusExcessOrLossesAmt>146947397</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>10313.80 SHARES LONE CEDAR</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2023-01-01</AcquiredDt>
          <SoldDt>2024-12-31</SoldDt>
          <GrossSalesPriceAmt>93008678</GrossSalesPriceAmt>
          <DepreciationAmt>0</DepreciationAmt>
          <CostOrOtherBasisAmt>17609667</CostOrOtherBasisAmt>
          <GainOrLossAmt>75399011</GainOrLossAmt>
          <FMVAsOf123169Amt>0</FMVAsOf123169Amt>
          <AdjustedBasisAsOf123169Amt>0</AdjustedBasisAsOf123169Amt>
          <ExcessFMVOverAdjustedBssAmt>0</ExcessFMVOverAdjustedBssAmt>
          <GainsMinusExcessOrLossesAmt>75399011</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>422025056</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>6002829</InvestmentIncomeExciseTaxAmt>
        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
        <SubtotalAmt>6002829</SubtotalAmt>
        <SubtitleATaxAmt>0</SubtitleATaxAmt>
        <TaxBasedOnInvestmentIncomeAmt>6002829</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>3012520</EstimatedPlusOvpmtIncmTxAmt>
        <ExtsnRequestIncomeTaxPaidAmt>4000000</ExtsnRequestIncomeTaxPaidAmt>
        <TotalPaymentsAndCreditsAmt>7012520</TotalPaymentsAndCreditsAmt>
        <OriginalReturnOverpaymentAmt>-7012520</OriginalReturnOverpaymentAmt>
        <OverpaymentAmt>1009691</OverpaymentAmt>
        <AppliedToESTaxAmt>1009691</AppliedToESTaxAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>CT</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>true</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd referenceDocumentId="DonorAdvisedFundStmt-01" referenceDocumentName="DonorAdvisedFundStatement">true</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>zoomfoundation.org</WebsiteAddressTxt>
        <IndividualWithBooksNm>CARMINA ROTH</IndividualWithBooksNm>
        <PhoneNum>2039899044</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>2 SOUND VIEW DRIVE</AddressLine1Txt>
          <CityNm>GREENWICH</CityNm>
          <StateAbbreviationCd>CT</StateAbbreviationCd>
          <ZIPCd>06830</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>false</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <ActsFailToQlfyAsExceptionsInd>false</ActsFailToQlfyAsExceptionsInd>
        <UncorrectedPriorActsInd>false</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <BusinessHoldingsInd>true</BusinessHoldingsInd>
        <ExcessBusinessHoldingsInd>false</ExcessBusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>true</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <TransactionsFailToQlfyAsExcInd>false</TransactionsFailToQlfyAsExcInd>
        <MaintainedExpenditureRspnsInd>true</MaintainedExpenditureRspnsInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>STEPHEN F MANDEL JR</PersonNm>
          <USAddress>
            <AddressLine1Txt>C/O CUMMINGS LOCKWOOD PO BOX 2505</AddressLine1Txt>
            <CityNm>GREENWICH</CityNm>
            <StateAbbreviationCd>CT</StateAbbreviationCd>
            <ZIPCd>06836</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>SUSAN Z MANDEL</PersonNm>
          <USAddress>
            <AddressLine1Txt>C/O CUMMINGS LOCKWOOD PO BOX 2505</AddressLine1Txt>
            <CityNm>GREENWICH</CityNm>
            <StateAbbreviationCd>CT</StateAbbreviationCd>
            <ZIPCd>06836</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>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
        <Expenses1Amt>0</Expenses1Amt>
        <TotalAmt>0</TotalAmt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>1560823464</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>80895229</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>1641718693</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>1641718693</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>24625780</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>1617092913</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>80854646</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>80854646</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>6002829</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>6002829</TotalTaxAmt>
        <DistributableBeforeAdjAmt>74851817</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>74851817</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>74851817</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>30446335</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <QualifyingDistributionsAmt>30446335</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>74851817</DistributableAsAdjustedAmt>
        <ExcessDistributionCyovYr5Amt>0</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>0</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>0</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>0</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>34230858</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>34230858</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>30446335</QualifyingDistributionsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <RemainingDistriFromCorpusAmt>30446335</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>34230858</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>34230858</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>30446335</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>40620959</UndistributedIncomeCYAmt>
        <ExcessDistriCyovFromYr5Amt>0</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>30446335</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>0</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>0</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>0</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>0</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>30446335</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>STEPHEN F MANDEL JR</ContributingManagerNm>
        <ContributingManagerNm>SUSAN Z MANDEL</ContributingManagerNm>
        <ShareholderManagerNm>NONE</ShareholderManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FIDELITY CHARITABLE GIFT FUND</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 770001</AddressLine1Txt>
            <CityNm>CINCINNATI</CityNm>
            <StateAbbreviationCd>OH</StateAbbreviationCd>
            <ZIPCd>45277</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>EXEMPT</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>TO FUNDCHARITABLEPROGRAMS</GrantOrContributionPurposeTxt>
          <Amt>17751000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <Amt>0</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CENTER FOR CONTEMPORARY DOCUMENTATION INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2 SOUND VIEW DRIVE</AddressLine1Txt>
            <CityNm>GREENWICH</CityNm>
            <StateAbbreviationCd>CT</StateAbbreviationCd>
            <ZIPCd>06830</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>EXEMPT</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>TO FUND CHARITABLEPROGRAMS</GrantOrContributionPurposeTxt>
          <Amt>500000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <Amt>0</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE CONNECTICUT PROJECT INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1019 MAIN STREET 1090</AddressLine1Txt>
            <CityNm>BRIDGEPORT</CityNm>
            <StateAbbreviationCd>CT</StateAbbreviationCd>
            <ZIPCd>06604</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>EXEMPT</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>TO FUNDENVIRONMENTALINITIATIVES</GrantOrContributionPurposeTxt>
          <Amt>12000000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <Amt>0</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>KOSCIUSZKO INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2 SOUND VIEW DRIVE</AddressLine1Txt>
            <CityNm>GREENWICH</CityNm>
            <StateAbbreviationCd>CT</StateAbbreviationCd>
            <ZIPCd>06830</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>EXEMPT</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>TO FUNDCIVIC PROJECTSIN CONNECTICUT</GrantOrContributionPurposeTxt>
          <Amt>175000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>30426000</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>7584216</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>8837780</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>422025056</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>438447052</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>438447052</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <RlnOfActyToAccomOfExmptPrpsGrp>
        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>1</LineNumberTxt>
          <RelationshipStatementTxt>N/A</RelationshipStatementTxt>
        </RlnOfActyToAccomOfExmptPrpsGrp>
      </RlnOfActyToAccomOfExmptPrpsGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>false</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <IRS990ScheduleB documentId="IRS990ScheduleB-01">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <GeneralRuleInd>X</GeneralRuleInd>
      <ContributorInformationGrp>
        <ContributorNum>1</ContributorNum>
        <ContributorPersonNm>STEPHEN AND SUSAN MANDEL</ContributorPersonNm>
        <ContributorUSAddress>
          <AddressLine1Txt>C/O CUMMINGS AND LOCKWOOD PO BOX 25</AddressLine1Txt>
          <CityNm>GREENWICH</CityNm>
          <StateAbbreviationCd>CT</StateAbbreviationCd>
          <ZIPCd>06836</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>12000000</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <AccountingFeesSchedule documentId="AccountingFeesSchedule-01">
      <AccountingFeesDetail>
        <CategoryTxt>STEVEN MOSKOWITZ CPA PC ACCOUNTING AND TAX SERVICES</CategoryTxt>
        <Amt>39630</Amt>
        <NetInvestmentIncomeAmt>19815</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>19815</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <ExpenditureResponsibilityStmt documentId="ExpenditureResponsibilitySt-01">
      <ExpenditureResponsibilityGrp>
        <PersonNm>KOSCIUSZKO INC</PersonNm>
        <USAddress>
          <AddressLine1Txt>C/O ZOOM FOUNDATION 2 SOUND VIEW DR</AddressLine1Txt>
          <CityNm>GREENWICH</CityNm>
          <StateAbbreviationCd>CT</StateAbbreviationCd>
          <ZIPCd>06830</ZIPCd>
        </USAddress>
        <GrantDt>2024-08-30</GrantDt>
        <GrantAmt>175000</GrantAmt>
        <PurposeOfGrantTxt>TO FUND THE ORGANIZATIONSS SOCIAL WELFARE PURPOSES, INCLUDING BUT NOT LIMITED TO CIVIC PROJECTS IN CONNECTICUT.</PurposeOfGrantTxt>
        <ExpendedByGranteeAmt>148905</ExpendedByGranteeAmt>
        <AnyDiversionByGranteeTxt>TAXPAYER IS UNAWARE OF ANY DIVERSION OF FUNDS FROM THE GRANTS PURPOSE.</AnyDiversionByGranteeTxt>
        <DatesOfReportsByGranteeTxt>6/30/25</DatesOfReportsByGranteeTxt>
        <VerificationDt>2025-06-30</VerificationDt>
        <ResultsOfVerificationTxt>THERE IS NO EVIDENCE THAT THE GRANTEE HAS USED GRANT OTHER THAN STATED PURPOSE.</ResultsOfVerificationTxt>
      </ExpenditureResponsibilityGrp>
    </ExpenditureResponsibilityStmt>
    <GainLossSaleOtherAssetsSch documentId="GainLossSaleOtherAssetsSch-01">
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>FROM PASS THRU ENTITY - LONE CASCADE</AssetDesc>
        <HowAcquiredTxt>Purchased</HowAcquiredTxt>
        <SoldDt>2024-12</SoldDt>
        <GrossSalesPriceAmt>179125262</GrossSalesPriceAmt>
        <BasisAmt>0</BasisAmt>
        <TotalNetAmt>179125262</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>FROM PASS THRU ENTITY - LONE REDWOOD</AssetDesc>
        <HowAcquiredTxt>Purchased</HowAcquiredTxt>
        <SoldDt>2024-12</SoldDt>
        <GrossSalesPriceAmt>20553386</GrossSalesPriceAmt>
        <BasisAmt>0</BasisAmt>
        <TotalNetAmt>20553386</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>9560.73 SHARES LONE CEDAR</AssetDesc>
        <HowAcquiredTxt>Purchased</HowAcquiredTxt>
        <SoldDt>2024-12</SoldDt>
        <GrossSalesPriceAmt>156508271</GrossSalesPriceAmt>
        <BasisAmt>9560874</BasisAmt>
        <TotalNetAmt>146947397</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>10313.80 SHARES LONE CEDAR</AssetDesc>
        <HowAcquiredTxt>Purchased</HowAcquiredTxt>
        <SoldDt>2024-12</SoldDt>
        <GrossSalesPriceAmt>93008678</GrossSalesPriceAmt>
        <BasisAmt>17609667</BasisAmt>
        <TotalNetAmt>75399011</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
    </GainLossSaleOtherAssetsSch>
    <InvestmentsCorpStockSchedule documentId="InvestmentsCorpStockSchedul-01">
      <InvestmentsCorporateStockGrp>
        <StockNm>SHARES OF LONE CEDAR LTD</StockNm>
        <EOYBookValueAmt>18954711</EOYBookValueAmt>
        <EOYFMVAmt>269113646</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>LONE CASCADE LP</StockNm>
        <EOYBookValueAmt>1011168981</EOYBookValueAmt>
        <EOYFMVAmt>1466389221</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>LONE REDWOOD LP</StockNm>
        <EOYBookValueAmt>54428559</EOYBookValueAmt>
        <EOYFMVAmt>79427777</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>LONE BASIN LP</StockNm>
        <EOYBookValueAmt>3949951</EOYBookValueAmt>
        <EOYFMVAmt>4212019</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>FREMEN CAPITAL</StockNm>
        <EOYBookValueAmt>100000000</EOYBookValueAmt>
        <EOYFMVAmt>117415090</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>STORK INFRASTRUCTURE PARTNERS</StockNm>
        <EOYBookValueAmt>9542073</EOYBookValueAmt>
        <EOYFMVAmt>10000000</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <OtherDecreasesSchedule documentId="OtherDecreasesSchedule-01">
      <OtherDecreasesDetail>
        <Desc>NONDEDUCTIBLE EXPENSES FROM PASS THRU ENTITY</Desc>
        <Amt>141278</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSchedule-01">
      <OtherExpensesScheduleGrp>
        <Desc>OTHER LOSSES FROM PASS THRU ENTITES</Desc>
        <RevenueAndExpensesPerBooksAmt>1033456</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1033456</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>PORTFOLIO DEDUCTIONS FROM PASS THRU ENTITES</Desc>
        <RevenueAndExpensesPerBooksAmt>4350712</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>4350712</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherProfessionalFeesSchedule documentId="OtherProfessionalFeesSchedu-01">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>MORGAN LEWIS LEGAL FEES</CategoryTxt>
        <Amt>1040</Amt>
        <NetInvestmentIncomeAmt>520</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>520</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule-01">
      <TaxesDetail>
        <CategoryTxt>FEDERAL TAXES</CategoryTxt>
        <Amt>1500000</Amt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES PAID</CategoryTxt>
        <Amt>352268</Amt>
        <NetInvestmentIncomeAmt>352268</NetInvestmentIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>