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          <CompensationAmt>82460</CompensationAmt>
          <EmployeeBenefitsAmt>21642</EmployeeBenefitsAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>SARA BAILEY</PersonNm>
          <USAddress>
            <AddressLine1Txt>3727 SE SPAULDING AVE</AddressLine1Txt>
            <CityNm>MILWAUKIE</CityNm>
            <StateAbbreviationCd>OR</StateAbbreviationCd>
            <ZIPCd>972673938</ZIPCd>
          </USAddress>
          <TitleTxt>GRANTS ASSOC</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>35.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>70705</CompensationAmt>
          <EmployeeBenefitsAmt>17676</EmployeeBenefitsAmt>
        </CompensationHighestPaidEmplGrp>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>17896236</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>1421915</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>7249589</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>26567740</TotalFMVOfUnusedAssetsAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>26567740</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>398516</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>26169224</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>1308461</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>1308461</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>22655</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>22655</TotalTaxAmt>
        <DistributableBeforeAdjAmt>1285806</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>1285806</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>1285806</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>1291087</ExpensesAndContributionsAmt>
        <QualifyingDistributionsAmt>1291087</QualifyingDistributionsAmt>
        <AdjustedQualifyingDistriAmt>1291087</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>1285806</DistributableAsAdjustedAmt>
        <ExcessDistributionCyovYr2Amt>29405</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>99480</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>128885</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>1291087</QualifyingDistributionsAmt>
        <AppliedToCurrentYearAmt>1285806</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>5281</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>134166</TotalCorpusAmt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovToNextYrAmt>134166</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear2Amt>29405</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>99480</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>5281</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>KEITH KINSMAN</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>3727 SE SPAULDING AVE</AddressLine1Txt>
            <AddressLine2Txt>MILWAUKIE</AddressLine2Txt>
            <CityNm>OR</CityNm>
            <StateAbbreviationCd>OR</StateAbbreviationCd>
            <ZIPCd>972673938</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>5036541668</RecipientPhoneNum>
          <FormAndInfoAndMaterialsTxt>SEE ATTACHED</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>SEE ATTACHED</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>SEE ATTACHED</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>STATEMENT ATTACHED</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>3727 SE SPAULDING AVE</AddressLine1Txt>
            <CityNm>MILWAULKIE</CityNm>
            <StateAbbreviationCd>OR</StateAbbreviationCd>
            <ZIPCd>97267</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>SEE ATTACHED STATEMENT</GrantOrContributionPurposeTxt>
          <Amt>1068535</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>1068535</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>156262</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>439247</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <NetRntlIncmReNotDebtFincdProp>
          <ExclusionCd>16</ExclusionCd>
          <ExclusionAmt>-2152</ExclusionAmt>
        </NetRntlIncmReNotDebtFincdProp>
        <OtherInvestmentIncmPartVIIGrp>
          <ExclusionCd>1</ExclusionCd>
          <ExclusionAmt>9</ExclusionAmt>
        </OtherInvestmentIncmPartVIIGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>1070628</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <OtherRevenueDescribedGrp>
          <Desc>FROM PARTNERSHIPS</Desc>
          <ExclusionCd>1</ExclusionCd>
          <ExclusionAmt>-165</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>1663829</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>1663829</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <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>
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      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
        <Amt>4575</Amt>
        <NetInvestmentIncomeAmt>3431</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>1144</DisbursementsCharitablePrpsAmt>
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    </AccountingFeesSchedule>
    <InvestmentsCorpBondsSchedule documentId="RetDoc5">
      <InvestmentsCorporateBondsGrp>
        <BondNm>SEE SCHEDULE OF INVESTMENTS</BondNm>
        <EOYBookValueAmt>865591</EOYBookValueAmt>
        <EOYFMVAmt>881836</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
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      <InvestmentsCorporateStockGrp>
        <StockNm>SEE SCHEDULE OF INVESTMENTS</StockNm>
        <EOYBookValueAmt>14261098</EOYBookValueAmt>
        <EOYFMVAmt>18096838</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsLandSchedule2 documentId="RetDoc7">
      <InvestmentLandGrp>
        <CategoryOrItemTxt>LAND</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>263821</CostOrOtherBasisAmt>
        <BookValueAmt>263821</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>FURNITURE AND FIXTURES</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>7812</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>6240</AccumulatedDepreciationAmt>
        <BookValueAmt>1572</BookValueAmt>
        <EOYFMVAmt>1542</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>BUILDINGS</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>843768</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>130735</AccumulatedDepreciationAmt>
        <BookValueAmt>713033</BookValueAmt>
        <EOYFMVAmt>1190000</EOYFMVAmt>
      </InvestmentLandGrp>
    </InvestmentsLandSchedule2>
    <InvestmentsOtherSchedule2 documentId="RetDoc8">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>SEE SCHEDULE OF INVESTMENTS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>5618321</BookValueAmt>
        <EOYFMVAmt>5417874</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LegalFeesSchedule documentId="RetDoc9">
      <LegalFeesGrp>
        <CategoryTxt>LEGAL-GRANTS</CategoryTxt>
        <LegalFeesAmt>315</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>315</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
      <LegalFeesGrp>
        <CategoryTxt>LEGAL-OTHER</CategoryTxt>
        <LegalFeesAmt>1132</LegalFeesAmt>
        <NetInvestmentIncomeAmt>1132</NetInvestmentIncomeAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherExpensesSchedule documentId="RetDoc10">
      <OtherExpensesScheduleGrp>
        <Desc>TREEHOUSE, MILWAUKIE, OR</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>1121</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1121</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>PROPERTY TAX-TREEHOUSE</Desc>
        <RevenueAndExpensesPerBooksAmt>4518</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>4518</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>REFUND-ALARM PERMIT</Desc>
        <RevenueAndExpensesPerBooksAmt>-50</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-50</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INVESTMENT DEPRECIATION</Desc>
        <RevenueAndExpensesPerBooksAmt>7963</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>7963</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>EXPENSES</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BANK FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>411</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>411</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>CHARITABLE SEMINARS</Desc>
        <RevenueAndExpensesPerBooksAmt>95</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>95</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>CONTINUING EDUCATION</Desc>
        <RevenueAndExpensesPerBooksAmt>334</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>334</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>DUES SUBSCRIPTS MEMB</Desc>
        <RevenueAndExpensesPerBooksAmt>1113</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>750</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>363</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INVESTMENT EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>1000</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1000</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>6170</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>3085</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>3085</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>GRANT MANAGEMENT EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>5500</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>5500</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>SEC 481(A) ADJUSTMENT</Desc>
        <RevenueAndExpensesPerBooksAmt>853</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>427</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INVESTMENT DEPRECIATION</Desc>
        <RevenueAndExpensesPerBooksAmt>2661</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1331</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc11">
      <OtherIncomeDetail>
        <Desc>FROM PARTNERSHIPS</Desc>
        <RevenueAndExpensesPerBooksAmt>9</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>9</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>FROM PARTNERSHIPS</Desc>
        <RevenueAndExpensesPerBooksAmt>-165</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-165</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherLiabilitiesSchedule documentId="RetDoc12">
      <OtherLiabilitiesDetail>
        <Desc>SECURITY DEPOSIT</Desc>
        <BOYBookValueAmt>1400</BOYBookValueAmt>
        <EOYBookValueAmt>1400</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
    </OtherLiabilitiesSchedule>
    <OtherProfessionalFeesSchedule documentId="RetDoc13">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT ADVISORS</CategoryTxt>
        <Amt>145730</Amt>
        <NetInvestmentIncomeAmt>145730</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc14">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES WITHHELD</CategoryTxt>
        <Amt>7285</Amt>
        <NetInvestmentIncomeAmt>7285</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>OR DEPT OF JUSTICE</CategoryTxt>
        <Amt>1200</Amt>
        <DisbursementsCharitablePrpsAmt>1200</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>PROPERTY TAX-MCNARY</CategoryTxt>
        <Amt>12086</Amt>
        <NetInvestmentIncomeAmt>12086</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FEDERAL EXCISE TAX</CategoryTxt>
        <Amt>54726</Amt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>