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    <ReturnTs>2016-05-13T15:41:39-07:00</ReturnTs>
    <TaxPeriodEndDt>2015-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmName>
        <BusinessNameLine1Txt>Kevin W Keithley CPA PC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>715 SW Morrison Ste 700</AddressLine1Txt>
        <CityNm>Portland</CityNm>
        <StateAbbreviationCd>OR</StateAbbreviationCd>
        <ZIPCd>97205</ZIPCd>
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    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2015-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>050438672</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>Constructive Management Foundation</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>CONS</BusinessNameControlTxt>
      <PhoneNum>8282528096</PhoneNum>
      <USAddress>
        <AddressLine1Txt>PO Box 8907</AddressLine1Txt>
        <CityNm>Asheville</CityNm>
        <StateAbbreviationCd>NC</StateAbbreviationCd>
        <ZIPCd>28814</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>Paul R Farago</PersonNm>
      <PersonTitleTxt>President</PersonTitleTxt>
      <SignatureDt>2016-05-13</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>Kevin W Keithley</PreparerPersonNm>
      <PTIN>P01366864</PTIN>
      <PhoneNum>5032285585</PhoneNum>
      <SelfEmployedInd>X</SelfEmployedInd>
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    <TaxYr>2015</TaxYr>
    <BuildTS>2016-09-27 15:27:22Z</BuildTS>
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      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>337656</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
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        <NetGainSaleAstRevAndExpnssAmt>36508</NetGainSaleAstRevAndExpnssAmt>
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        <LegalFeesRevAndExpnssAmt referenceDocumentId="LegalFeesSchedule">171</LegalFeesRevAndExpnssAmt>
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        <TotOprExpensesDsbrsChrtblAmt>0</TotOprExpensesDsbrsChrtblAmt>
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        <NetInvestmentIncomeAmt>40690</NetInvestmentIncomeAmt>
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        <SavAndTempCashInvstBOYAmt>52867</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>72714</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>72714</SavAndTempCashInvstEOYFMVAmt>
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        <CorporateStockEOYAmt referenceDocumentId="InvestmentsCorpStockSchedule">210457</CorporateStockEOYAmt>
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        <CorporateBondsEOYAmt referenceDocumentId="InvestmentsCorpBondsSchedule">10794</CorporateBondsEOYAmt>
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        <LandBldgEquipCostOrOtherBssAmt>30098</LandBldgEquipCostOrOtherBssAmt>
        <LandBldgEquipAccumDeprecAmt>29378</LandBldgEquipAccumDeprecAmt>
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        <TotalAssetsEOYAmt>318950</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>337656</TotalAssetsEOYFMVAmt>
        <OtherLiabilitiesBOYAmt referenceDocumentId="OtherLiabilitiesSchedule">13074</OtherLiabilitiesBOYAmt>
        <OtherLiabilitiesEOYAmt referenceDocumentId="OtherLiabilitiesSchedule">5201</OtherLiabilitiesEOYAmt>
        <TotalLiabilitiesBOYAmt>13074</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>5201</TotalLiabilitiesEOYAmt>
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        <RetainedEarningEOYAmt>313749</RetainedEarningEOYAmt>
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        <TotNetAstOrFundBalancesBOYAmt>322320</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-8571</ExcessRevenueOverExpensesAmt>
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        <TotNetAstOrFundBalancesEOYAmt>313749</TotNetAstOrFundBalancesEOYAmt>
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      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>See Attached Statement</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2015-01-01</AcquiredDt>
          <SoldDt>2015-12-31</SoldDt>
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          <CostOrOtherBasisAmt>4643</CostOrOtherBasisAmt>
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        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>See Attached Statement</PropertyDesc>
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          <AcquiredDt>2014-01-01</AcquiredDt>
          <SoldDt>2015-12-31</SoldDt>
          <GrossSalesPriceAmt>119504</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>82828</CostOrOtherBasisAmt>
          <GainOrLossAmt>36676</GainOrLossAmt>
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        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>Capital Gain Dividends</PropertyDesc>
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        <LiableSection4942TaxInd>false</LiableSection4942TaxInd>
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        <DistributionYr1Rt>0.08541</DistributionYr1Rt>
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        <AdjNetVlNoncharitableAssetsAmt>26163</AdjNetVlNoncharitableAssetsAmt>
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        <AdjNonchrtblNetInvstIncmPctAmt>26570</AdjNonchrtblNetInvstIncmPctAmt>
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      <ExciseTaxBasedOnInvstIncmGrp>
        <DomesticOrgMeetingSect4940eInd>X</DomesticOrgMeetingSect4940eInd>
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        <TaxBasedOnInvestmentIncomeAmt>407</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>703</EstimatedPlusOvpmtIncmTxAmt>
        <TotalPaymentsAndCreditsAmt>703</TotalPaymentsAndCreditsAmt>
        <OverpaymentAmt>296</OverpaymentAmt>
        <AppliedToESTaxAmt>296</AppliedToESTaxAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
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        <LegislativePoliticalActyInd>false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <Form990TFiledInd>false</Form990TFiledInd>
        <OrganizationDissolvedEtcInd>false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>NC</OrgReportOrRegisterStateCd>
        <OrgReportOrRegisterStateCd>RI</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <PersonsWithBooksName>
          <BusinessNameLine1Txt>Paul Farago</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>8282528096</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>PO Box 8907</AddressLine1Txt>
          <CityNm>Asheville</CityNm>
          <StateAbbreviationCd>NC</StateAbbreviationCd>
          <ZIPCd>288148907</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
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      <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>
        <UndistrIncmSect4942a2NotAppInd>false</UndistrIncmSect4942a2NotAppInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <ExcessBusinessHoldingsInd>false</ExcessBusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <TransactionsFailToQlfyAsExcInd>false</TransactionsFailToQlfyAsExcInd>
        <MaintainedExpenditureRspnsInd>false</MaintainedExpenditureRspnsInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
        <ProceedsOrNetIncomeInd>false</ProceedsOrNetIncomeInd>
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      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Paul R Farago</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO Box 8907</AddressLine1Txt>
            <CityNm>Asheville</CityNm>
            <StateAbbreviationCd>NC</StateAbbreviationCd>
            <ZIPCd>288148907</ZIPCd>
          </USAddress>
          <TitleTxt>Pres / Dir</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>April A Farago</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO Box 8907</AddressLine1Txt>
            <CityNm>Asheville</CityNm>
            <StateAbbreviationCd>NC</StateAbbreviationCd>
            <ZIPCd>288148907</ZIPCd>
          </USAddress>
          <TitleTxt>Director</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Michelle T Farago</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO Box 8907</AddressLine1Txt>
            <CityNm>Asheville</CityNm>
            <StateAbbreviationCd>NC</StateAbbreviationCd>
            <ZIPCd>288148907</ZIPCd>
          </USAddress>
          <TitleTxt>Secty / Dir</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>338926</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>57415</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>396341</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>396341</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>5945</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>390396</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>19520</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>19520</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>407</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>407</TotalTaxAmt>
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        <DistributableBeforeDedAmt>19113</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>19113</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
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        <QualifyingDistributionsAmt>42150</QualifyingDistributionsAmt>
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        <QualifyingDistributionsAmt>42150</QualifyingDistributionsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
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        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovFromYr5Amt>6492</ExcessDistriCyovFromYr5Amt>
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        <ExcessFromYear3Amt>23037</ExcessFromYear3Amt>
        <ExcessFromYear1Amt>15830</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>23037</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>Paul R Farago</ContributingManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>YMCA of Western North Carolina</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>30 Woodfin Street</AddressLine1Txt>
            <CityNm>Asheville</CityNm>
            <StateAbbreviationCd>NC</StateAbbreviationCd>
            <ZIPCd>28801</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>None</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Charitable</GrantOrContributionPurposeTxt>
          <Amt>2500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>Asheville JCC</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>236 Charlotte Street</AddressLine1Txt>
            <CityNm>Asheville</CityNm>
            <StateAbbreviationCd>NC</StateAbbreviationCd>
            <ZIPCd>28801</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>None</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Charitable</GrantOrContributionPurposeTxt>
          <Amt>2500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>John Locke Foundation</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>200 W Morgan Street Suite 200</AddressLine1Txt>
            <CityNm>Raleigh</CityNm>
            <StateAbbreviationCd>NC</StateAbbreviationCd>
            <ZIPCd>27601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>None</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Charitable</GrantOrContributionPurposeTxt>
          <Amt>500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>Preservation Society of Asheville</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>PO Box 2806</AddressLine1Txt>
            <CityNm>Asheville</CityNm>
            <StateAbbreviationCd>NC</StateAbbreviationCd>
            <ZIPCd>28802</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>None</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Charitable</GrantOrContributionPurposeTxt>
          <Amt>50</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>Carolina Day School</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>1345 Hendersonville Road</AddressLine1Txt>
            <CityNm>Asheville</CityNm>
            <StateAbbreviationCd>NC</StateAbbreviationCd>
            <ZIPCd>28803</ZIPCd>
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          <RecipientRelationshipTxt>None</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
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          <Amt>30000</Amt>
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        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>Penland School of Crafts</RecipientPersonNm>
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            <StateAbbreviationCd>NC</StateAbbreviationCd>
            <ZIPCd>28765</ZIPCd>
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          <RecipientRelationshipTxt>None</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Charitable</GrantOrContributionPurposeTxt>
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          <RecipientPersonNm>William F Buckley Jr Program</RecipientPersonNm>
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            <CityNm>New Haven</CityNm>
            <StateAbbreviationCd>CT</StateAbbreviationCd>
            <ZIPCd>06510</ZIPCd>
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          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Charitable</GrantOrContributionPurposeTxt>
          <Amt>200</Amt>
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          <RecipientPersonNm>Judical Education Program</RecipientPersonNm>
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        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
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        <CategoryTxt>Kevin W. Keithley,CPA,P.C.</CategoryTxt>
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      <InvestmentsCorporateStockGrp>
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      <InvestmentsCorporateStockGrp>
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      <InvestmentsCorporateStockGrp>
        <StockNm>Energizer Holdings</StockNm>
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        <EOYFMVAmt>5109</EOYFMVAmt>
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      <InvestmentsCorporateStockGrp>
        <StockNm>Exxon Mobil Corporation</StockNm>
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      <InvestmentsCorporateStockGrp>
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      <InvestmentsCorporateStockGrp>
        <StockNm>Merck &amp; Co.</StockNm>
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      <InvestmentsCorporateStockGrp>
        <StockNm>Alcoa Inc.</StockNm>
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      <InvestmentsCorporateStockGrp>
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      <InvestmentsCorporateStockGrp>
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      <InvestmentsCorporateStockGrp>
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      <InvestmentsCorporateStockGrp>
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      <InvestmentsCorporateStockGrp>
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      <InvestmentsCorporateStockGrp>
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      <InvestmentsCorporateStockGrp>
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      <InvestmentsCorporateStockGrp>
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      <InvestmentsCorporateStockGrp>
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      <InvestmentsCorporateStockGrp>
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      <InvestmentsCorporateStockGrp>
        <StockNm>BP PLC</StockNm>
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      <InvestmentsCorporateStockGrp>
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      <InvestmentsCorporateStockGrp>
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