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        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HEIDELBERG COLLEGE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>310 E MARKET ST</AddressLine1Txt>
            <CityNm>TIFFIN</CityNm>
            <StateAbbreviationCd>OH</StateAbbreviationCd>
            <ZIPCd>44883</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>501(C)3</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>ADAMS FOUNDATION CHAIR</GrantOrContributionPurposeTxt>
          <Amt>1000000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UNIVERSITY OF NORTH CAROLINA</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 309</AddressLine1Txt>
            <CityNm>CHAPEL HILL</CityNm>
            <StateAbbreviationCd>NC</StateAbbreviationCd>
            <ZIPCd>27514</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>501(C)3</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>KENAN-FLAGLER BUSINESS SCHOOL FDT</GrantOrContributionPurposeTxt>
          <Amt>100000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>1270520</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>28551</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>191292</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <GainSalesAstOthThanInvntryGrp>
          <RelatedOrExemptFunctionIncmAmt>248782</RelatedOrExemptFunctionIncmAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>219843</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>248782</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>468625</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>
    </IRS990PF>
    <IRS990ScheduleB documentId="RetDoc1">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <GeneralRuleInd>X</GeneralRuleInd>
      <ContributorInformationGrp>
        <ContributorNum>1</ContributorNum>
        <ContributorPersonNm>JOHN AND PATRICIA ADAMS</ContributorPersonNm>
        <ContributorUSAddress>
          <AddressLine1Txt>2350 AIRPORT FREEWAY STE 160</AddressLine1Txt>
          <CityNm>BEDFORD</CityNm>
          <StateAbbreviationCd>TX</StateAbbreviationCd>
          <ZIPCd>76022</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>1000000</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <AmortizationSchedule documentId="RetDoc5">
      <AmortizationScheduleDetail>
        <AmortizedExpensesDesc>ORGANIZATION COSTS</AmortizedExpensesDesc>
        <AcquiredCompletedOrExpendedDt>2006-08-24</AcquiredCompletedOrExpendedDt>
        <AmortizedAmt>27475</AmortizedAmt>
        <DeductionForPriorYearsAmt>13585</DeductionForPriorYearsAmt>
        <AmortizationPeriodRt>15.0000</AmortizationPeriodRt>
        <CurrentYearAmortizationAmt>1832</CurrentYearAmortizationAmt>
        <NetInvestmentIncomeAmt>1703</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>128</AdjustedNetIncomeAmt>
        <TotalAmortizationAmt>15417</TotalAmortizationAmt>
      </AmortizationScheduleDetail>
    </AmortizationSchedule>
    <GainLossSaleOtherAssetsSch documentId="RetDoc6">
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>INVESTMENT SALES - ML</AssetDesc>
        <AcquiredDt>2008-01</AcquiredDt>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2014-12</SoldDt>
        <GrossSalesPriceAmt>1523187</GrossSalesPriceAmt>
        <BasisAmt>1274405</BasisAmt>
        <TotalNetAmt>248782</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
    </GainLossSaleOtherAssetsSch>
    <InvestmentsCorpStockSchedule documentId="RetDoc7">
      <InvestmentsCorporateStockGrp>
        <StockNm>MUTUAL FUNDS - MERRILL LYNCH</StockNm>
        <EOYBookValueAmt>5148021</EOYBookValueAmt>
        <EOYFMVAmt>5900495</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <LandEtcSchedule2 documentId="RetDoc8">
      <LandEtcGrp>
        <CategoryOrItemTxt>ACCUMULATED DEPRECIATION</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>27475</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>15417</AccumulatedDepreciationAmt>
        <BookValueAmt>12058</BookValueAmt>
      </LandEtcGrp>
    </LandEtcSchedule2>
    <OtherDecreasesSchedule documentId="RetDoc9">
      <OtherDecreasesDetail>
        <Desc>TAX EXPENSE</Desc>
        <Amt>1989</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="RetDoc10">
      <OtherExpensesScheduleGrp>
        <Desc>EXPENSES</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INVESTMENT MANAGEMENT FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>41726</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>20863</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>20863</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>8435</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>3104</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>270</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>5061</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherProfessionalFeesSchedule documentId="RetDoc11">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>ACCOUNTING</CategoryTxt>
        <Amt>1500</Amt>
        <NetInvestmentIncomeAmt>552</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>48</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>900</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>CONSULTING</CategoryTxt>
        <Amt>2787</Amt>
        <NetInvestmentIncomeAmt>1026</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>89</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>1672</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc12">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES</CategoryTxt>
        <Amt>3418</Amt>
        <NetInvestmentIncomeAmt>1709</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>1709</AdjustedNetIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>