﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2014v5.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2015-09-25T09:00:11-05:00</ReturnTs>
    <TaxPeriodEndDt>2014-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>201696994</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>HOYT FILIPPETTI &amp; MALAGHAN LLC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>1041 POQUONNOCK RD</AddressLine1Txt>
        <CityNm>GROTON</CityNm>
        <StateAbbreviationCd>CT</StateAbbreviationCd>
        <ZIPCd>063404211</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2014-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>222496957</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>OLEAN FOUNDATION INC</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>OLEA</BusinessNameControlTxt>
      <PhoneNum>4013150143</PhoneNum>
      <USAddress>
        <AddressLine1Txt>101 AIRPORT ROAD</AddressLine1Txt>
        <CityNm>WESTERLY</CityNm>
        <StateAbbreviationCd>RI</StateAbbreviationCd>
        <ZIPCd>02891</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>ROBERT MASTROFINO</PersonNm>
      <PersonTitleTxt>FINANCE DIRECTOR</PersonTitleTxt>
      <PhoneNum>4013150143</PhoneNum>
      <SignatureDt>2015-08-11</SignatureDt>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>PAUL R FILIPPETTI</PreparerPersonNm>
      <PTIN>P00036888</PTIN>
      <PhoneNum>8605369685</PhoneNum>
      <PreparationDt>2015-09-16</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2014</TaxYr>
    <BuildTS>2016-03-07 17:11:31Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="9">
    <IRS990PF documentId="RetDoc1">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>921877</FMVAssetsEOYAmt>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>29765</ContriRcvdRevAndExpnssAmt>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>43</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>43</InterestOnSavNetInvstIncmAmt>
        <InterestOnSavingsAdjNetIncmAmt>43</InterestOnSavingsAdjNetIncmAmt>
        <DividendsRevAndExpnssAmt>35781</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>35781</DividendsNetInvstIncmAmt>
        <DividendsAdjNetIncmAmt>35781</DividendsAdjNetIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>63939</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>261727</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>63939</CapGainNetIncmNetInvstIncmAmt>
        <NetSTCapitalGainAdjNetIncmAmt>1158</NetSTCapitalGainAdjNetIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="RetDoc8">30000</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeAdjNetIncmAmt>30000</OtherIncomeAdjNetIncmAmt>
        <TotalRevAndExpnssAmt>159528</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>99763</TotalNetInvstIncmAmt>
        <TotalAdjNetIncmAmt>66982</TotalAdjNetIncmAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc3">3500</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>1750</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesChrtblPrpsAmt>1750</AccountingFeesChrtblPrpsAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="RetDoc9">8502</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>8502</OtherProfFeesNetInvstIncmAmt>
        <OtherProfFeesAdjNetIncmAmt>8502</OtherProfFeesAdjNetIncmAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc10">886</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>886</TaxesNetInvstIncmAmt>
        <TaxesAdjNetIncmAmt>886</TaxesAdjNetIncmAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc7">35284</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>2</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesAdjNetIncmAmt>35284</OtherExpensesAdjNetIncmAmt>
        <TotOprExpensesRevAndExpnssAmt>48172</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>11140</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesAdjNetIncmAmt>44672</TotOprExpensesAdjNetIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>1750</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>75647</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>75647</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>123819</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>11140</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesAdjNetIncmAmt>44672</TotalExpensesAdjNetIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>77397</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>35709</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>88623</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>22310</AdjustedNetIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>200</CashBOYAmt>
        <CashEOYAmt>100</CashEOYAmt>
        <CashEOYFMVAmt>100</CashEOYFMVAmt>
        <SavAndTempCashInvstBOYAmt>37584</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>20934</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>20934</SavAndTempCashInvstEOYFMVAmt>
        <PrepaidExpensesBOYAmt>1000</PrepaidExpensesBOYAmt>
        <PrepaidExpensesEOYAmt>1000</PrepaidExpensesEOYAmt>
        <PrepaidExpensesEOYFMVAmt>1000</PrepaidExpensesEOYFMVAmt>
        <CorporateStockBOYAmt>698326</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc5">733410</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>733410</CorporateStockEOYFMVAmt>
        <CorporateBondsBOYAmt>191019</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="RetDoc4">166433</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>166433</CorporateBondsEOYFMVAmt>
        <TotalAssetsBOYAmt>928129</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>921877</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>921877</TotalAssetsEOYFMVAmt>
        <AccountsPayableBOYAmt>229</AccountsPayableBOYAmt>
        <AccountsPayableEOYAmt>650</AccountsPayableEOYAmt>
        <GrantsPayableBOYAmt>25661</GrantsPayableBOYAmt>
        <TotalLiabilitiesBOYAmt>25890</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>650</TotalLiabilitiesEOYAmt>
        <OrganizationFollowsSFAS117Ind>X</OrganizationFollowsSFAS117Ind>
        <UnrestrictedBOYAmt>902239</UnrestrictedBOYAmt>
        <UnrestrictedEOYAmt>921227</UnrestrictedEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>902239</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>921227</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>928129</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>921877</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>902239</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>35709</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>937948</SubtotalAmt>
        <OtherDecreasesAmt referenceDocumentId="RetDoc6">16721</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>921227</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>FIRST ALLIED SECURITIES</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2014-04-24</AcquiredDt>
          <SoldDt>2014-11-13</SoldDt>
          <GrossSalesPriceAmt>31160</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>30002</CostOrOtherBasisAmt>
          <GainOrLossAmt>1158</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>1158</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>FIRST ALLIED SECURITIES</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2009-11-19</AcquiredDt>
          <SoldDt>2014-12-02</SoldDt>
          <GrossSalesPriceAmt>147373</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>121865</CostOrOtherBasisAmt>
          <GainOrLossAmt>25508</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>25508</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>KINDER MORGAN - FIRST ALLED</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2007-12-21</AcquiredDt>
          <SoldDt>2014-12-02</SoldDt>
          <GrossSalesPriceAmt>83194</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>45921</CostOrOtherBasisAmt>
          <GainOrLossAmt>37273</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>37273</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>63939</CapitalGainNetIncomeAmt>
        <NetShortTermCapitalGainLossAmt>1158</NetShortTermCapitalGainLossAmt>
      </CapGainsLossTxInvstIncmDetail>
      <QlfyUndSect4940eReducedTaxGrp>
        <LiableSection4942TaxInd>false</LiableSection4942TaxInd>
        <AdjustedQlfyDistriYr1Amt>66432</AdjustedQlfyDistriYr1Amt>
        <NetVlNoncharitableAssetsYr1Amt>911643</NetVlNoncharitableAssetsYr1Amt>
        <DistributionYr1Rt>0.072871</DistributionYr1Rt>
        <AdjustedQlfyDistriYr2Amt>101869</AdjustedQlfyDistriYr2Amt>
        <NetVlNoncharitableAssetsYr2Amt>910719</NetVlNoncharitableAssetsYr2Amt>
        <DistributionYr2Rt>0.111856</DistributionYr2Rt>
        <AdjustedQlfyDistriYr3Amt>36508</AdjustedQlfyDistriYr3Amt>
        <NetVlNoncharitableAssetsYr3Amt>874308</NetVlNoncharitableAssetsYr3Amt>
        <DistributionYr3Rt>0.041756</DistributionYr3Rt>
        <AdjustedQlfyDistriYr4Amt>64847</AdjustedQlfyDistriYr4Amt>
        <NetVlNoncharitableAssetsYr4Amt>857924</NetVlNoncharitableAssetsYr4Amt>
        <DistributionYr4Rt>0.075586</DistributionYr4Rt>
        <AdjustedQlfyDistriYr5Amt>35899</AdjustedQlfyDistriYr5Amt>
        <NetVlNoncharitableAssetsYr5Amt>771135</NetVlNoncharitableAssetsYr5Amt>
        <DistributionYr5Rt>0.046553</DistributionYr5Rt>
        <TotalDistributionRt>0.348622</TotalDistributionRt>
        <AverageDistributionRt>0.069724</AverageDistributionRt>
        <NetVlNoncharitableAssetsAmt>921394</NetVlNoncharitableAssetsAmt>
        <AdjNetVlNoncharitableAssetsAmt>64243</AdjNetVlNoncharitableAssetsAmt>
        <NetInvestmentIncomePctAmt>886</NetInvestmentIncomePctAmt>
        <AdjNonchrtblNetInvstIncmPctAmt>65129</AdjNonchrtblNetInvstIncmPctAmt>
        <QualifyingDistributionsAmt>77397</QualifyingDistributionsAmt>
      </QlfyUndSect4940eReducedTaxGrp>
      <ExciseTaxBasedOnInvstIncmGrp>
        <DomesticOrgMeetingSect4940eInd>X</DomesticOrgMeetingSect4940eInd>
        <InvestmentIncomeExciseTaxAmt>886</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>886</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>886</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>701</EstimatedPlusOvpmtIncmTxAmt>
        <TotalPaymentsAndCreditsAmt>701</TotalPaymentsAndCreditsAmt>
        <Form2220AttachedInd referenceDocumentId="RetDoc2">X</Form2220AttachedInd>
        <EsPenaltyAmt>6</EsPenaltyAmt>
        <TaxDueAmt>191</TaxDueAmt>
      </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>RI</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <IndividualWithBooksNm>BOB MASTROFINO</IndividualWithBooksNm>
        <PhoneNum>4013150413</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>101 AIRPORT ROAD</AddressLine1Txt>
          <CityNm>WESTERLY</CityNm>
          <StateAbbreviationCd>RI</StateAbbreviationCd>
          <ZIPCd>02891</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>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>BRUCE OLEAN</PersonNm>
          <USAddress>
            <AddressLine1Txt>C/O OLEAN FOUNDATION INC</AddressLine1Txt>
            <AddressLine2Txt>101 AIRPORT ROAD</AddressLine2Txt>
            <CityNm>WESTERLY</CityNm>
            <StateAbbreviationCd>RI</StateAbbreviationCd>
            <ZIPCd>02891</ZIPCd>
          </USAddress>
          <TitleTxt>PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>RALPH ABRUZZESE</PersonNm>
          <USAddress>
            <AddressLine1Txt>C/O OLEAN FOUNDATION INC</AddressLine1Txt>
            <AddressLine2Txt>101 AIRPORT ROAD</AddressLine2Txt>
            <CityNm>WESTERLY</CityNm>
            <StateAbbreviationCd>RI</StateAbbreviationCd>
            <ZIPCd>02891</ZIPCd>
          </USAddress>
          <TitleTxt>VICE PRES.</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>MARGARET STEELE</PersonNm>
          <USAddress>
            <AddressLine1Txt>C/O OLEAN FOUNDATION INC</AddressLine1Txt>
            <AddressLine2Txt>101 AIRPORT ROAD</AddressLine2Txt>
            <CityNm>WESTERLY</CityNm>
            <StateAbbreviationCd>RI</StateAbbreviationCd>
            <ZIPCd>02891</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>BOB HOFFMAN</PersonNm>
          <USAddress>
            <AddressLine1Txt>C/O OLEAN FOUNDATION INC</AddressLine1Txt>
            <AddressLine2Txt>101 AIRPORT ROAD</AddressLine2Txt>
            <CityNm>WESTERLY</CityNm>
            <StateAbbreviationCd>RI</StateAbbreviationCd>
            <ZIPCd>02891</ZIPCd>
          </USAddress>
          <TitleTxt>TREASURER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>DICK MANSFIELD</PersonNm>
          <USAddress>
            <AddressLine1Txt>C/O OLEAN FOUNDATION INC</AddressLine1Txt>
            <AddressLine2Txt>101 AIRPORT ROAD</AddressLine2Txt>
            <CityNm>WESTERLY</CityNm>
            <StateAbbreviationCd>RI</StateAbbreviationCd>
            <ZIPCd>02891</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>TO PROVIDE FUNDS TO PROVIDERS OF HABILITATION AND REHABILITATION SERVICES SO THAT THEY CAN OPTIMALLY MEET THE NEEDS OF PERSONS WITH PHYSICAL, EMOTIONAL, MENTAL, SOCIAL, AND/OR VOCATIONAL DISABILITIES.</Description1Txt>
        <Expenses1Amt>75647</Expenses1Amt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>892966</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>42459</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>935425</TotalFMVOfUnusedAssetsAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>935425</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>14031</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>921394</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>46070</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>46070</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>886</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>886</TotalTaxAmt>
        <DistributableBeforeAdjAmt>45184</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>45184</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>45184</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>77397</ExpensesAndContributionsAmt>
        <QualifyingDistributionsAmt>77397</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>886</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>76511</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>45184</DistributableAsAdjustedAmt>
        <ExcessDistributionCyovYr4Amt>22395</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr2Amt>56803</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>21285</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>100483</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>77397</QualifyingDistributionsAmt>
        <AppliedToCurrentYearAmt>45184</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>32213</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>132696</TotalCorpusAmt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovToNextYrAmt>132696</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>22395</ExcessFromYear4Amt>
        <ExcessFromYear2Amt>56803</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>21285</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>32213</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FRANK OLEAN CENTER INC &amp; COMM VOC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>101 AIRPORT ROAD</AddressLine1Txt>
            <CityNm>WESTERLY</CityNm>
            <StateAbbreviationCd>RI</StateAbbreviationCd>
            <ZIPCd>02891</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>CONSUMER NEEDS, ACTIVITIES, PROGRAMS</GrantOrContributionPurposeTxt>
          <Amt>75647</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>75647</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>43</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>35781</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>63939</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp>
          <RelatedOrExemptFunctionIncmAmt>-5282</RelatedOrExemptFunctionIncmAmt>
        </NetIncomeLossFromSpecialEvtGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>99763</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>-5282</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>94481</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <RlnOfActyToAccomOfExmptPrpsGrp>
        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>9</LineNumberTxt>
          <RelationshipStatementTxt>ANNUAL GOLF TOURNEY TO RAISE FUNDS TO DISTRIBUTE TO NON</RelationshipStatementTxt>
        </RlnOfActyToAccomOfExmptPrpsGrp>
        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>9</LineNumberTxt>
          <RelationshipStatementTxt>PROFIT ORGANIZATIONS WHICH MEET THE MISSION</RelationshipStatementTxt>
        </RlnOfActyToAccomOfExmptPrpsGrp>
        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>9</LineNumberTxt>
          <RelationshipStatementTxt>STATEMENT OF THE FOUNDATION.</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>
    <AccountingFeesSchedule documentId="RetDoc3">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING &amp; AUDITING</CategoryTxt>
        <Amt>3500</Amt>
        <NetInvestmentIncomeAmt>1750</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>1750</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsCorpBondsSchedule documentId="RetDoc4">
      <InvestmentsCorporateBondsGrp>
        <BondNm>FIRST ALLIED SECURITIES A/C</BondNm>
        <EOYBookValueAmt>57713</EOYBookValueAmt>
        <EOYFMVAmt>57713</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>FIRST ALLIED SECURITIES MM A/C</BondNm>
        <EOYBookValueAmt>108720</EOYBookValueAmt>
        <EOYFMVAmt>108720</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc5">
      <InvestmentsCorporateStockGrp>
        <StockNm>FIRST ALLIED SECURITIES A/C</StockNm>
        <EOYBookValueAmt>722276</EOYBookValueAmt>
        <EOYFMVAmt>722276</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>STEADFAST INCOME REIT</StockNm>
        <EOYBookValueAmt>11134</EOYBookValueAmt>
        <EOYFMVAmt>11134</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <OtherDecreasesSchedule documentId="RetDoc6">
      <OtherDecreasesDetail>
        <Desc>UNREALIZED LOSS</Desc>
        <Amt>16721</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="RetDoc7">
      <OtherExpensesScheduleGrp>
        <Desc>GOLF TOURNEY &amp; OTHER FUNDR</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>COST OF GOODS SOLD</Desc>
        <RevenueAndExpensesPerBooksAmt>35282</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>35282</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>EXPENSES</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>MISCELLANEOUS</Desc>
        <RevenueAndExpensesPerBooksAmt>2</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>2</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>2</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc8">
      <OtherIncomeDetail>
        <Desc>GOLF TOURNEY &amp; OTHER FUNDR</Desc>
        <RevenueAndExpensesPerBooksAmt>30000</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>30000</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="RetDoc9">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT MANAGEMENT FEES</CategoryTxt>
        <Amt>8502</Amt>
        <NetInvestmentIncomeAmt>8502</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>8502</AdjustedNetIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc10">
      <TaxesDetail>
        <CategoryTxt>EXCISE TAXES</CategoryTxt>
        <Amt>886</Amt>
        <NetInvestmentIncomeAmt>886</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>886</AdjustedNetIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>