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      <Desc>SUSTAINABLE URBANIZATIONMASS MIGRATION FROM RURAL AREAS TO URBAN CENTERS IN CHINA WILL HAVE PROFOUND ECONOMIC AND ENVIRONMENTAL IMPLICATIONS FOR ALL COUNTRIES. THE PAULSON INSTITUTE IS WORKING WITH CHINESE AND INTERNATIONAL PARTNERS TO DEVELOP AND SUPPORT PRINCIPLES, POLICIES, AND PROGRAMS THAT ADVANCE WORLD-CLASS SUSTAINABLE URBANIZATION PRACTICES IN CHINA. MAYORS PROGRAM: IN 2014, THE INSTITUTE HOSTED MAYORS AND VICE MAYORS FROM GUANGDONG PROVINCE FOR A TWO-WEEK TRAINING PROGRAM THAT BEGAN AT THE UNIVERSITY OF CHICAGO AND CONTINUED IN MIAMI. THE MAYORS STUDIED SUSTAINABILITY PRACTICES AND MET WITH FORMER MAYORS AND CITY OFFICIALS IN EACH LOCATION. THE FOCUS OF THE PROGRAM WAS ON REGIONAL MECHANISMS FOR ENVIRONMENTAL COOPERATION, DISASTER RESPONSE AND FLOOD CONTROL. MIAMI PROVIDED A STRONG MODEL FOR POTENTIAL PROGRAMS IN CHINA. CEO COUNCIL: THE INSTITUTE LAUNCHED A CEO COUNCIL COMPOSED OF 16 CEOS FROM LEADING GLOBAL CORPORATIONS - 8 FROM THE US AND 8 FROM CHINA. THE MEMBERS WILL WORK TOGETHER IN THE FIRST YEAR TO EXPLORE PROMOTING EFFICIENCY IN BUILDINGS WHICH ACCOUNT FOR MORE THAN 40% OF THE WORLD'S GREENHOUSE GAS EMISSIONS. THE COUNCIL APPROVED AN AGENDA OF POLICY ISSUES IN CHINA ON WHICH TO FOCUS FOR 2014 AND DISCUSSED THE NEED TO COOPERATE ON SPECIFIC PILOT PROJECTS AND RESEARCH INITIATIVES.EXPERTS CONFERENCE: THE INSTITUTE HELD THE FOURTH ANNUAL CITIES OF THE FUTURE CONFERENCE FOR EXPERTS IN THE FIELD OF SUSTAINABILITY IN 2014 IN BEIJING WITH OUR PARTNER, THE CHINA CENTER FOR INTERNATIONAL ECONOMIC EXCHANGES. THE CONFERENCE THIS YEAR REINFORCED THE THEMES TAKEN UP IN THE CEO COUNCIL: BUILDING EFFICIENCY. THE INSTITUTE HELD A ONE DAY SEMINAR CONVENING CHINESE AND INTERNATIONAL EXPERTS TO EXPLORE BEST PRACTICES IN BUILDING TECHNOLOGIES, BUILDING CODES AND ENFORCEMENT AND ENERGY EFFICIENCY. PAULSON PRIZE: THE SECOND ANNUAL PAULSON PRIZE WAS HELD IN BEIJING IN NOVEMBER. THE PRIZE WAS AWARDED TO THE SHENZHEN LOW CARBON CITY FOR ITS EXCELLENCE IN PROMOTING SUSTAINABILITY AND ITS ABILITY TO BE SCALED THROUGHOUT CHINA. THE CITY SUBSEQUENTLY HAS RECEIVED ADDITIONAL SUPPORT FROM THE LOCAL GOVERNMENT AND GREATER RECOGNITION THROUGHOUT CHINA AS A POTENTIAL MODEL FOR LOW CARBON DEVELOPMENT IN OTHER CITIES.</Desc>
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        <Desc>CONSERVATIONTHE UNPARALLELED SCALE AND SPEED OF INDUSTRIALIZATION AND URBANIZATION IN CHINA OVER THE LAST 30 YEARS HAS LED TO UNPRECEDENTED ECONOMIC GROWTH. THIS PROGRESS HAS TAKEN A TOLL ON THE NATION'S ENVIRONMENT AND BIODIVERSITY. FORTUNATELY, CHINA'S LEADERS AND THE CHINESE PUBLIC INCREASINGLY RECOGNIZE THE NEED TO BALANCE ECONOMIC GROWTH AND CONSERVATION. THE RECOGNITION THAT ECONOMIC GROWTH AND CONSERVATION ARE TWO SIDES OF THE SAME COIN PRESENTS AN OPPORTUNITY FOR THE PAULSON INSTITUTE TO SUPPORT CHINA IN MAKING MARKED PROGRESS IN THE AREA OF CONSERVATION. WE BELIEVE THAT ECONOMIC GROWTH AND ECOLOGICAL CONSERVATION CAN AND MUST GO HAND-IN-HAND.THE PAULSON INSTITUTE'S PROGRAM ON CONSERVATION FOCUSES ON WETLANDS IN CHINA AND FOREST OF GLOBAL SIGNIFICANCE.COASTAL WETLAND CONSERVATION BLUEPRINT PROJECT: PARTNERING WITH STATE FORESTRY ADMINISTRATION AND CHINESE ACADEMY OF SCIENCE, PI LAUNCHED THE PROJECT IN FEB 24, 2014 AND MORE THAN 50 CHINESE SCIENTISTS AND EXPERTS ARE WORKING ON THE PROJECT TO IDENTIFY CONSERVATION PRIORITIES, MAJOR THREATS AND EFFECTIVE STRATEGIES. THE PROJECT WILL PRODUCE SETS OF TECHNICAL REPORTS AND POLICY RECOMMENDATIONS TO THE CHINESE GOVERNMENT AGENCIES AND KEY DECISION-MAKERS TO STRENGTHEN THE CONSERVATION OF THE BIODIVERSITY AND ECOSYSTEMS OF THE COASTAL REGIONS. THE PROJECT WILL BE COMPLETED BY THE END OF SEPT. 2015.POYANG LAKE PROJECT: PARTNERING WITH INTERNATIONAL CRANE FOUNDATION AND POYANG LAKE NATURE RESERVE MANAGEMENT BUREAU, PI LAUNCHED THE PROJECT IN MAY, 2014 TO PROMOTE SUSTAINABLE FISHERY AND ADAPTIVE MANAGEMENT OF THE HABITAT OF THE MIGRATORY BIRDS IN POYANG LAKE. THE PROJECT WILL BE COMPLETED BY END OF AUG. 2015.BEIDAGANG WETLAND NATURE RESERVE PROJECT: TO PROTECT THE CRITICAL HABITAT FOR THE MIGRATORY BIRDS IN BOHAI BAY OF CHINA, PI HAS BEEN ADVOCATING FOR STRENGTHENING THE CONVERSATION AND MANAGEMENT OF BEDAGANG WETLAND IN TIANJIN. CHINA SOUTH AMERICA SUSTAINABLE SOY TRADE PROJECT: SUPPORTED BY THE FUNDING FROM MOORE FOUNDATION, PI BUILT A CONSORTIUM WITH OTHER THREE ORGANIZATIONS, NAMELY TNC, SOLIDARIDAD AND WWF TO PROMOTE SUSTAINABILITY IN THE SOY TRADE BETWEEN CHINA AND SOUTH AMERICA. THE ULTIMATE GOAL OF THE PROJECT IS TO USE CHINESE MARKET TO DRIVE SUSTAINABLE AND DECREASE THE DEFORESTATION IMPACT OF THE SOY PRODUCTION IN BRAZIL AND OTHER MAJOR SOY PRODUCER COUNTRIES. THE PROJECT CONCEPT AND CONSORTIUM WERE DEVELOPED IN 2014, BUT WAS OFFICIALLY LAUNCHED IN EARLY 2015.</Desc>
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        <Desc>CLIMATE CHANGE AND AIR QUALITYTHIS PROGRAM ADVANCES SOLUTIONS TO CLIMATE CHANGE AND AIR POLLUTION IN CHINA AND THE UNITED STATES, ULTIMATELY CONTRIBUTING TO A SUSTAINABLE AND MUTUALLY BENEFICAL ECONOMIC GROWTH. THIS IS DONE THROUGH RESEARCH, PROJECTS, ADVOCACY, AND WORKING TOGETHER WITH A NETWORK OF NONPROFIT, COMMERCIAL, AND GOVERNMENTAL ORGANIZATIONS.AIR QUALITY WORKSHOP: IN SEPTEMBER 2014, A 2-DAY CONFERENCE WAS HELD FOR 50 MID-LEVEL GOVERNMENT OFFICIALS FROM THE ENVIRONMENTAL PROTECTION BUREAUS OF BEIJING, TIANJIN AND HEBEI PROVINCE ON HOW TO ACHIEVE IMPROVED AIR QUALITY. PI BROUGHT TO CHINA A DOZEN CURRENT AND RETIRED US AIR QUALITY REGULATORS TO SHARE THEIR PRACTICAL EXPERIENCE AND COMMENTS ON CHINA'S NEW AIR QUALITY LAWS AND ENFORCEMENT BEING DRAFTED FOR CHINA'S 13TH FIVE YEAR PLAN (2016-2020). A WHITE PAPER ON AIR QUALITY RECOMMENDATIONS WAS PUBLISHED AND DISTRIBUTED TO HIGHLIGHT THE KEY FINDINGS FROM THE WORKSHOP. SENIOR LEADERS ROUNDTABLE: IN NOVEMBER 2014, A 1/2 DAY PRIVATE FORUM WAS HELD WITH HANK PAULSON AND 30 SENIOR CHINESE AND US BUSINESS, GOVERNMENT AND NGO LEADERS TO VET AND VALIDATE THE KEY OPPORTUNITIES AND CHALLENGES FOR THE NEW PROGRAM TO ADDRESS IN DIALOGUES, PUBLICATIONS AND ADVOCACY IN 2015. THE 30 ORGANIZATIONS ALSO CONFIRMED THEIR ROLES AS KEY COLLABORATORS TO PROVIDE RESOURCES AND AMPLIFY OUR MESSAGES. DURING THE REMAINING TIME OF THE LAST FOUR MONTHS OF 2014, THE PROGRAM PREPARED KEY, NEW PUBLICATIONS AND EVENTS FOR ADVOCACY IN 2015.</Desc>
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        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>293193</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>14449</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>ROSE NIU</PersonNm>
        <TitleTxt>CHIEF CONSERVATION OFFICER</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <HighestCompensatedEmployeeInd>X</HighestCompensatedEmployeeInd>
        <ReportableCompFromOrgAmt>175890</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>22956</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>LEIGH WEDELL</PersonNm>
        <TitleTxt>DIRECTOR OF CHINA PROGRAMS</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <HighestCompensatedEmployeeInd>X</HighestCompensatedEmployeeInd>
        <ReportableCompFromOrgAmt>181914</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>7118</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>DAMIEN MA</PersonNm>
        <TitleTxt>SENIOR FELLOW</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <HighestCompensatedEmployeeInd>X</HighestCompensatedEmployeeInd>
        <ReportableCompFromOrgAmt>124191</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>14649</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>DEBORAH LEHR</PersonNm>
        <TitleTxt>CONSULTANT, SENIOR FELLOW</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <FormerOfcrDirectorTrusteeInd>X</FormerOfcrDirectorTrusteeInd>
        <ReportableCompFromOrgAmt>221667</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <TotalReportableCompFromOrgAmt>1273279</TotalReportableCompFromOrgAmt>
      <TotReportableCompRltdOrgAmt>0</TotReportableCompRltdOrgAmt>
      <TotalOtherCompensationAmt>82926</TotalOtherCompensationAmt>
      <IndivRcvdGreaterThan100KCnt>8</IndivRcvdGreaterThan100KCnt>
      <FormerOfcrEmployeesListedInd>1</FormerOfcrEmployeesListedInd>
      <TotalCompGreaterThan150KInd>1</TotalCompGreaterThan150KInd>
      <CompensationFromOtherSrcsInd>0</CompensationFromOtherSrcsInd>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>ROBBINS &amp; ASSOCIATES LLC</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>333 W WACKER DRIVE STE 830</AddressLine1Txt>
            <CityNm>CHICAGO</CityNm>
            <StateAbbreviationCd>IL</StateAbbreviationCd>
            <ZIPCd>60606</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>ACCOUNTING AND CONSULTING SERVICES</ServicesDesc>
        <CompensationAmt>468748</CompensationAmt>
      </ContractorCompensationGrp>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>CHINA INTERNATIONAL INTELLECTECH CORPORA</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <ForeignAddress>
            <AddressLine1Txt>RM 1209 TOWER C1 ORIENTAL PLAZA 1 E</AddressLine1Txt>
            <CityNm>BEIJING</CityNm>
            <CountryCd>CH</CountryCd>
            <ForeignPostalCd>100738</ForeignPostalCd>
          </ForeignAddress>
        </ContractorAddress>
        <ServicesDesc>MANAGEMENT</ServicesDesc>
        <CompensationAmt>427873</CompensationAmt>
      </ContractorCompensationGrp>
      <ContractorCompensationGrp>
        <ContractorName>
          <PersonNm>ENERGY INNOVATION POLICY AND TECH L</PersonNm>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>6 COMPTON CIRCLE</AddressLine1Txt>
            <CityNm>MILL VALLEY</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94941</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>PROGRAM CONSULTING</ServicesDesc>
        <CompensationAmt>250000</CompensationAmt>
      </ContractorCompensationGrp>
      <ContractorCompensationGrp>
        <ContractorName>
          <PersonNm>DEBORAH LEHR</PersonNm>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>3108 WOODLAND DRIVE</AddressLine1Txt>
            <CityNm>WASHINGTON</CityNm>
            <StateAbbreviationCd>DC</StateAbbreviationCd>
            <ZIPCd>20008</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>PROGRAM CONSULTING</ServicesDesc>
        <CompensationAmt>180000</CompensationAmt>
      </ContractorCompensationGrp>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>HEIDRICK &amp; STRUGGLES</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <ForeignAddress>
            <AddressLine1Txt>STE 718 S TOWER KERRY CTR 1 GUANGH</AddressLine1Txt>
            <CityNm>BEIJING</CityNm>
            <ProvinceOrStateNm>CHAOYANG DISTRICT</ProvinceOrStateNm>
            <CountryCd>CH</CountryCd>
            <ForeignPostalCd>100020</ForeignPostalCd>
          </ForeignAddress>
        </ContractorAddress>
        <ServicesDesc>EXECUTIVE SEARCH</ServicesDesc>
        <CompensationAmt>146785</CompensationAmt>
      </ContractorCompensationGrp>
      <CntrctRcvdGreaterThan100KCnt>8</CntrctRcvdGreaterThan100KCnt>
      <RelatedOrganizationsAmt>4000000</RelatedOrganizationsAmt>
      <AllOtherContributionsAmt>5849695</AllOtherContributionsAmt>
      <NoncashContributionsAmt>3000052</NoncashContributionsAmt>
      <TotalContributionsAmt>9849695</TotalContributionsAmt>
      <InvestmentIncomeGrp>
        <TotalRevenueColumnAmt>407</TotalRevenueColumnAmt>
        <ExclusionAmt>407</ExclusionAmt>
      </InvestmentIncomeGrp>
      <GrossAmountSalesAssetsGrp>
        <SecuritiesAmt>2999622</SecuritiesAmt>
      </GrossAmountSalesAssetsGrp>
      <LessCostOthBasisSalesExpnssGrp>
        <SecuritiesAmt>3000052</SecuritiesAmt>
      </LessCostOthBasisSalesExpnssGrp>
      <GainOrLossGrp>
        <SecuritiesAmt>-430</SecuritiesAmt>
      </GainOrLossGrp>
      <NetGainOrLossInvestmentsGrp>
        <TotalRevenueColumnAmt>-430</TotalRevenueColumnAmt>
        <ExclusionAmt>-430</ExclusionAmt>
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      <OtherRevenueMiscGrp>
        <Desc>HONORARIA AND REIMBURSEMENTS</Desc>
        <BusinessCd>900099</BusinessCd>
        <TotalRevenueColumnAmt>22702</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>22702</RelatedOrExemptFuncIncomeAmt>
      </OtherRevenueMiscGrp>
      <OtherRevenueTotalAmt>22702</OtherRevenueTotalAmt>
      <TotalRevenueGrp>
        <TotalRevenueColumnAmt>9872374</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>22702</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>0</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>-23</ExclusionAmt>
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      <GrantsToDomesticOrgsGrp>
        <TotalAmt>365000</TotalAmt>
        <ProgramServicesAmt>365000</ProgramServicesAmt>
      </GrantsToDomesticOrgsGrp>
      <ForeignGrantsGrp>
        <TotalAmt>529651</TotalAmt>
        <ProgramServicesAmt>529651</ProgramServicesAmt>
      </ForeignGrantsGrp>
      <CompCurrentOfcrDirectorsGrp>
        <TotalAmt>1115402</TotalAmt>
        <ProgramServicesAmt>957369</ProgramServicesAmt>
        <ManagementAndGeneralAmt>158033</ManagementAndGeneralAmt>
      </CompCurrentOfcrDirectorsGrp>
      <CompDisqualPersonsGrp>
        <TotalAmt>41667</TotalAmt>
        <ProgramServicesAmt>41667</ProgramServicesAmt>
      </CompDisqualPersonsGrp>
      <OtherSalariesAndWagesGrp>
        <TotalAmt>799018</TotalAmt>
        <ProgramServicesAmt>315795</ProgramServicesAmt>
        <ManagementAndGeneralAmt>483223</ManagementAndGeneralAmt>
      </OtherSalariesAndWagesGrp>
      <PensionPlanContributionsGrp>
        <TotalAmt>20008</TotalAmt>
        <ProgramServicesAmt>16562</ProgramServicesAmt>
        <ManagementAndGeneralAmt>3446</ManagementAndGeneralAmt>
      </PensionPlanContributionsGrp>
      <OtherEmployeeBenefitsGrp>
        <TotalAmt>184515</TotalAmt>
        <ProgramServicesAmt>130170</ProgramServicesAmt>
        <ManagementAndGeneralAmt>54345</ManagementAndGeneralAmt>
      </OtherEmployeeBenefitsGrp>
      <PayrollTaxesGrp>
        <TotalAmt>73825</TotalAmt>
        <ProgramServicesAmt>51125</ProgramServicesAmt>
        <ManagementAndGeneralAmt>22700</ManagementAndGeneralAmt>
      </PayrollTaxesGrp>
      <FeesForServicesManagementGrp>
        <TotalAmt>1351444</TotalAmt>
        <ProgramServicesAmt>1162588</ProgramServicesAmt>
        <ManagementAndGeneralAmt>188856</ManagementAndGeneralAmt>
      </FeesForServicesManagementGrp>
      <FeesForServicesLegalGrp>
        <TotalAmt>81101</TotalAmt>
        <ProgramServicesAmt>38000</ProgramServicesAmt>
        <ManagementAndGeneralAmt>43101</ManagementAndGeneralAmt>
      </FeesForServicesLegalGrp>
      <FeesForServicesAccountingGrp>
        <TotalAmt>469529</TotalAmt>
        <ManagementAndGeneralAmt>469529</ManagementAndGeneralAmt>
      </FeesForServicesAccountingGrp>
      <FeesForServicesOtherGrp>
        <TotalAmt>315206</TotalAmt>
        <ProgramServicesAmt>272114</ProgramServicesAmt>
        <ManagementAndGeneralAmt>43092</ManagementAndGeneralAmt>
      </FeesForServicesOtherGrp>
      <AdvertisingGrp>
        <TotalAmt>15677</TotalAmt>
        <ProgramServicesAmt>3805</ProgramServicesAmt>
        <ManagementAndGeneralAmt>11872</ManagementAndGeneralAmt>
      </AdvertisingGrp>
      <OfficeExpensesGrp>
        <TotalAmt>66650</TotalAmt>
        <ProgramServicesAmt>6293</ProgramServicesAmt>
        <ManagementAndGeneralAmt>60357</ManagementAndGeneralAmt>
      </OfficeExpensesGrp>
      <InformationTechnologyGrp>
        <TotalAmt>58172</TotalAmt>
        <ManagementAndGeneralAmt>58172</ManagementAndGeneralAmt>
      </InformationTechnologyGrp>
      <OccupancyGrp>
        <TotalAmt>265934</TotalAmt>
        <ProgramServicesAmt>6243</ProgramServicesAmt>
        <ManagementAndGeneralAmt>259691</ManagementAndGeneralAmt>
      </OccupancyGrp>
      <TravelGrp>
        <TotalAmt>801507</TotalAmt>
        <ProgramServicesAmt>551860</ProgramServicesAmt>
        <ManagementAndGeneralAmt>249647</ManagementAndGeneralAmt>
      </TravelGrp>
      <ConferencesMeetingsGrp>
        <TotalAmt>34660</TotalAmt>
        <ProgramServicesAmt>24818</ProgramServicesAmt>
        <ManagementAndGeneralAmt>9842</ManagementAndGeneralAmt>
      </ConferencesMeetingsGrp>
      <DepreciationDepletionGrp>
        <TotalAmt>43685</TotalAmt>
        <ManagementAndGeneralAmt>43685</ManagementAndGeneralAmt>
      </DepreciationDepletionGrp>
      <InsuranceGrp>
        <TotalAmt>3821</TotalAmt>
        <ManagementAndGeneralAmt>3821</ManagementAndGeneralAmt>
      </InsuranceGrp>
      <OtherExpensesGrp>
        <Desc>OTHER EXPENSE</Desc>
        <TotalAmt>17227</TotalAmt>
        <ProgramServicesAmt>17116</ProgramServicesAmt>
        <ManagementAndGeneralAmt>111</ManagementAndGeneralAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>DUES, FILING AND BANK F</Desc>
        <TotalAmt>10772</TotalAmt>
        <ProgramServicesAmt>1598</ProgramServicesAmt>
        <ManagementAndGeneralAmt>9174</ManagementAndGeneralAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>MISCELLANEOUS EXPENSE</Desc>
        <TotalAmt>1592</TotalAmt>
        <ManagementAndGeneralAmt>1592</ManagementAndGeneralAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>GIFT EXPENSES</Desc>
        <TotalAmt>1277</TotalAmt>
        <ProgramServicesAmt>16</ProgramServicesAmt>
        <ManagementAndGeneralAmt>1261</ManagementAndGeneralAmt>
      </OtherExpensesGrp>
      <TotalFunctionalExpensesGrp>
        <TotalAmt>6667340</TotalAmt>
        <ProgramServicesAmt>4491790</ProgramServicesAmt>
        <ManagementAndGeneralAmt>2175550</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </TotalFunctionalExpensesGrp>
      <CashNonInterestBearingGrp>
        <BOYAmt>187047</BOYAmt>
        <EOYAmt>1816941</EOYAmt>
      </CashNonInterestBearingGrp>
      <SavingsAndTempCashInvstGrp>
        <BOYAmt>2829732</BOYAmt>
        <EOYAmt>4129554</EOYAmt>
      </SavingsAndTempCashInvstGrp>
      <PledgesAndGrantsReceivableGrp>
        <BOYAmt>200000</BOYAmt>
        <EOYAmt>657892</EOYAmt>
      </PledgesAndGrantsReceivableGrp>
      <PrepaidExpensesDefrdChargesGrp>
        <BOYAmt>33893</BOYAmt>
        <EOYAmt>193152</EOYAmt>
      </PrepaidExpensesDefrdChargesGrp>
      <LandBldgEquipCostOrOtherBssAmt>238561</LandBldgEquipCostOrOtherBssAmt>
      <LandBldgEquipAccumDeprecAmt>91718</LandBldgEquipAccumDeprecAmt>
      <LandBldgEquipBasisNetGrp>
        <BOYAmt>148626</BOYAmt>
        <EOYAmt>146843</EOYAmt>
      </LandBldgEquipBasisNetGrp>
      <OtherAssetsTotalGrp>
        <BOYAmt>163833</BOYAmt>
        <EOYAmt>56675</EOYAmt>
      </OtherAssetsTotalGrp>
      <TotalAssetsGrp>
        <BOYAmt>3563131</BOYAmt>
        <EOYAmt>7001057</EOYAmt>
      </TotalAssetsGrp>
      <AccountsPayableAccrExpnssGrp>
        <BOYAmt>248876</BOYAmt>
        <EOYAmt>288251</EOYAmt>
      </AccountsPayableAccrExpnssGrp>
      <GrantsPayableGrp>
        <EOYAmt>170000</EOYAmt>
      </GrantsPayableGrp>
      <EscrowAccountLiabilityGrp>
        <EOYAmt>23517</EOYAmt>
      </EscrowAccountLiabilityGrp>
      <TotalLiabilitiesGrp>
        <BOYAmt>248876</BOYAmt>
        <EOYAmt>481768</EOYAmt>
      </TotalLiabilitiesGrp>
      <OrganizationFollowsSFAS117Ind>X</OrganizationFollowsSFAS117Ind>
      <UnrestrictedNetAssetsGrp>
        <BOYAmt>2714111</BOYAmt>
        <EOYAmt>4240985</EOYAmt>
      </UnrestrictedNetAssetsGrp>
      <TemporarilyRstrNetAssetsGrp>
        <BOYAmt>600144</BOYAmt>
        <EOYAmt>2278304</EOYAmt>
      </TemporarilyRstrNetAssetsGrp>
      <TotalNetAssetsFundBalanceGrp>
        <BOYAmt>3314255</BOYAmt>
        <EOYAmt>6519289</EOYAmt>
      </TotalNetAssetsFundBalanceGrp>
      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>3563131</BOYAmt>
        <EOYAmt>7001057</EOYAmt>
      </TotLiabNetAssetsFundBalanceGrp>
      <ReconcilationRevenueExpnssAmt>3205034</ReconcilationRevenueExpnssAmt>
      <OtherChangesInNetAssetsAmt>0</OtherChangesInNetAssetsAmt>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>0</AccountantCompileOrReviewInd>
      <FSAuditedInd>1</FSAuditedInd>
      <FSAuditedBasisGrp>
        <SeparateBasisFinclStmtInd>X</SeparateBasisFinclStmtInd>
      </FSAuditedBasisGrp>
      <AuditCommitteeInd>0</AuditCommitteeInd>
      <FederalGrantAuditRequiredInd>0</FederalGrantAuditRequiredInd>
    </IRS990>
    <IRS990ScheduleA documentId="RetDoc1039100001">
      <PublicOrganization170Ind>X</PublicOrganization170Ind>
      <GiftsGrantsContriRcvd170Grp>
        <CurrentTaxYearMinus3YearsAmt>991262</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>4051649</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>6251931</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>9849695</CurrentTaxYearAmt>
        <TotalAmt>21144537</TotalAmt>
      </GiftsGrantsContriRcvd170Grp>
      <TotalCalendarYear170Grp>
        <CurrentTaxYearMinus3YearsAmt>991262</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>4051649</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>6251931</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>9849695</CurrentTaxYearAmt>
        <TotalAmt>21144537</TotalAmt>
      </TotalCalendarYear170Grp>
      <SubstantialContributorsTotAmt>19444741</SubstantialContributorsTotAmt>
      <PublicSupportTotal170Amt>1699796</PublicSupportTotal170Amt>
      <GrossInvestmentIncome170Grp>
        <CurrentTaxYearMinus3YearsAmt>554</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>27228</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>2552</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>22679</CurrentTaxYearAmt>
        <TotalAmt>53013</TotalAmt>
      </GrossInvestmentIncome170Grp>
      <TotalSupportAmt>21197550</TotalSupportAmt>
      <First5Years170Ind>X</First5Years170Ind>
      <Form990ScheduleAPartVIGrp>
        <FormAndLineReferenceDesc>SHORT YEAR:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE INSTITUTE WAS ORGANIZED ON 4/21/2011 AND HAS ADOPTED A CALENDAR YEAR. THEREFORE, THE INSTITUTE'S INITIAL RETURN WAS FOR A SHORT YEAR 4/21/2011 - 12/31/2011</ExplanationTxt>
      </Form990ScheduleAPartVIGrp>
    </IRS990ScheduleA>
    <IRS990ScheduleB documentId="RetDoc1234500001">
      <ContributorInformationGrp>
        <ContributorNum>RESTRICTED</ContributorNum>
        <ContributorBusinessName>
          <BusinessNameLine1>RESTRICTED</BusinessNameLine1>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1>RESTRICTED</AddressLine1>
          <AddressLine2>RESTRICTED</AddressLine2>
          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
        </ContributorUSAddress>
        <TotalContributionsAmt>RESTRICTED</TotalContributionsAmt>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <IRS990ScheduleC documentId="RetDoc1039500001">
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      <TotalLobbyingExpendGrp>
        <FilingOrganizationsTotalAmt>0</FilingOrganizationsTotalAmt>
      </TotalLobbyingExpendGrp>
      <TotalExemptPurposeExpendGrp>
        <FilingOrganizationsTotalAmt>0</FilingOrganizationsTotalAmt>
      </TotalExemptPurposeExpendGrp>
      <LobbyingNontaxableAmountGrp>
        <FilingOrganizationsTotalAmt>0</FilingOrganizationsTotalAmt>
      </LobbyingNontaxableAmountGrp>
      <GrassrootsNontaxableGrp>
        <FilingOrganizationsTotalAmt>0</FilingOrganizationsTotalAmt>
      </GrassrootsNontaxableGrp>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART I-A, LINE 1:</FormAndLineReferenceDesc>
        <ExplanationTxt>NONE. PROTECTIVE ELECTION UNDER 501(H).</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleC>
    <IRS990ScheduleD documentId="RetDoc1040000001">
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      <InclEscrowCustodialAcctLiabInd>1</InclEscrowCustodialAcctLiabInd>
      <ExplanationProvidedInd>X</ExplanationProvidedInd>
      <LeaseholdImprovementsGrp>
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        <DepreciationAmt>5353</DepreciationAmt>
        <BookValueAmt>48179</BookValueAmt>
      </LeaseholdImprovementsGrp>
      <EquipmentGrp>
        <InvestmentCostOrOtherBasisAmt>94373</InvestmentCostOrOtherBasisAmt>
        <DepreciationAmt>39554</DepreciationAmt>
        <BookValueAmt>54819</BookValueAmt>
      </EquipmentGrp>
      <OtherLandBuildingsGrp>
        <InvestmentCostOrOtherBasisAmt>90656</InvestmentCostOrOtherBasisAmt>
        <DepreciationAmt>46811</DepreciationAmt>
        <BookValueAmt>43845</BookValueAmt>
      </OtherLandBuildingsGrp>
      <TotalBookValueLandBuildingsAmt>146843</TotalBookValueLandBuildingsAmt>
      <FootnoteTextInd>X</FootnoteTextInd>
      <TotalRevEtcAuditedFinclStmtAmt>9872374</TotalRevEtcAuditedFinclStmtAmt>
      <RevenueNotReportedAmt>0</RevenueNotReportedAmt>
      <RevenueSubtotalAmt>9872374</RevenueSubtotalAmt>
      <RevenueNotReportedFinclStmtAmt>0</RevenueNotReportedFinclStmtAmt>
      <TotalRevenuePerForm990Amt>9872374</TotalRevenuePerForm990Amt>
      <TotExpnsEtcAuditedFinclStmtAmt>6667340</TotExpnsEtcAuditedFinclStmtAmt>
      <ExpensesNotReportedAmt>0</ExpensesNotReportedAmt>
      <ExpensesSubtotalAmt>6667340</ExpensesSubtotalAmt>
      <ExpensesNotRptFinclStmtAmt>0</ExpensesNotRptFinclStmtAmt>
      <TotalExpensesPerForm990Amt>6667340</TotalExpensesPerForm990Amt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART IV, LINE 2B:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE PAULSON INSTITUTE OFFERS A 401(K) PLAN FOR QUALIFIED EMPLOYEES, ADMINISTERED BY IRON FINANCIAL. ASSETS ARE HELD IN SEPARATE ACCOUNTS WITH TD TRUST COMPANY FOR THE BENEFIT OF THE NAMED-EMPLOYEE. THE AMOUNT REFLECTED ON LINE 21 OF FORM 990 PART X IS THE OUTSTANDING EMPLOYER CONTRIBUTION TO THE PLAN AS OF 12/31/14</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART X, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE INSTITUTE FOLLOWS THE REQUIREMENTS FOR ACCOUNTING FOR UNCERTAIN TAX POSITIONS. THE INSTITUTE HAS DETERMINED THAT IT IS NOT REQUIRED TO RECORD A LIABILITY RELATED TO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2014.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleD>
    <IRS990ScheduleF documentId="RetDoc1040500001">
      <GrantRecordsMaintainedInd>1</GrantRecordsMaintainedInd>
      <AccountActivitiesOutsideUSGrp>
        <RegionTxt>EAST ASIA AND THE PACIFIC</RegionTxt>
        <EmployeeCnt>5</EmployeeCnt>
        <TypeOfActivitiesConductedTxt>PROGRAM ON SUSTAINABLE URBANIZATION</TypeOfActivitiesConductedTxt>
        <SpecificServicesProvidedTxt>MAYOR'S TRAINING CONFERENCE, CEO COUNCIL, PAULSON PRIZE, PCAT</SpecificServicesProvidedTxt>
        <RegionTotalExpendituresAmt>370784</RegionTotalExpendituresAmt>
      </AccountActivitiesOutsideUSGrp>
      <AccountActivitiesOutsideUSGrp>
        <RegionTxt>EAST ASIA AND THE PACIFIC</RegionTxt>
        <EmployeeCnt>4</EmployeeCnt>
        <TypeOfActivitiesConductedTxt>CONSERVATION</TypeOfActivitiesConductedTxt>
        <SpecificServicesProvidedTxt>WETLAND BLUEPRINT, NETWORK/TRAINING PROJECTS</SpecificServicesProvidedTxt>
        <RegionTotalExpendituresAmt>673864</RegionTotalExpendituresAmt>
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      <AccountActivitiesOutsideUSGrp>
        <RegionTxt>EAST ASIA AND THE PACIFIC</RegionTxt>
        <EmployeeCnt>12</EmployeeCnt>
        <TypeOfActivitiesConductedTxt>CLIMATE CHANGE</TypeOfActivitiesConductedTxt>
        <SpecificServicesProvidedTxt>GREENTECH PROJECT, ROUNDTABLE EVENTS, PROGRAM DEVELOPMENT AND DELIVERABLES</SpecificServicesProvidedTxt>
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      <AccountActivitiesOutsideUSGrp>
        <RegionTxt>EAST ASIA AND THE PACIFIC</RegionTxt>
        <OfficesCnt>1</OfficesCnt>
        <EmployeeCnt>11</EmployeeCnt>
        <TypeOfActivitiesConductedTxt>OTHER PROGRAMS AND ADMINISTRATION</TypeOfActivitiesConductedTxt>
        <SpecificServicesProvidedTxt>REPRESENTATIVE OFFICE IN BEIJING, CHINA TO SUPPORT ITS PROGRAM ACTIVITIES IN EAST ASIA AND THE PACIFIC</SpecificServicesProvidedTxt>
        <RegionTotalExpendituresAmt>617591</RegionTotalExpendituresAmt>
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      <SubtotalOfficesCnt>1</SubtotalOfficesCnt>
      <SubtotalEmployeesCnt>32</SubtotalEmployeesCnt>
      <ContinutationTotalOfficeCnt>0</ContinutationTotalOfficeCnt>
      <ContinutationTotalEmployeeCnt>0</ContinutationTotalEmployeeCnt>
      <TotalOfficeCnt>1</TotalOfficeCnt>
      <TotalEmployeeCnt>32</TotalEmployeeCnt>
      <SubtotalSpentAmt>2203885</SubtotalSpentAmt>
      <ContinuationSpentAmt>0</ContinuationSpentAmt>
      <TotalSpentAmt>2203885</TotalSpentAmt>
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        <RegionTxt>EAST ASIA AND THE PACIFIC</RegionTxt>
        <PurposeOfGrantTxt>TO PROMOTE CONSERVATION OF CHINA'S COASTAL WETLAND BY CARRYING OUT THE FOLLOWING TASKS: 1) ASSESS THE CURRENT STATUS, TRENDS AND EXISTING PROBLEMS OF COASTAL WETLAND MANAGEMENT IN CHINA; 2) COLLECTCASES OF BEST PRACTICES ON WETLAND CONSERVATION IN THE UNITES STATES AND CHINA; 3) DEVELOP STRATEGIES, POLICY FRAMEWORKS AND PRIORITY ACTIONS FOR COASTAL WETLAND MANAGEMENT; AND 4) PROVIDE IMPLEMENTABLE POLICY RECOMMENDATIONS TO POLICYMAKERS AND PRACTICAL MANAGEMENT TOOLS TO RELEVANT GOVERNMENT AGENCIES.</PurposeOfGrantTxt>
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        <MannerOfCashDisbursementTxt>WIRE</MannerOfCashDisbursementTxt>
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      <GrantsToOrgOutsideUSGrp>
        <RegionTxt>EAST ASIA AND THE PACIFIC</RegionTxt>
        <PurposeOfGrantTxt>THE PRIZE FOR CITIES OF THE FUTURE IS AWARDED ANNUALLY TO A MUNICIPAL-LEVEL SUSTAINABILITY PROJECT IN CHINA THAT OFFERS A CREATIVE, EFFECTIVE AND SCALABLE SOLUTION TO PROMOTING SUSTAINABLE DEVELOPMENT. THE COMPETITION IS DESIGNED TO PROMOTE THESE EFFORTS TO A WIDE AUDIENCE ACROSS CHINA. IT RECOGNIZES THE ACHIEVEMENTS OF OUTSTANDING CHINESE MUNICIPALITIES SELECTED BY A JURY OF EXPERTS BOTH FROM THE UNITED STATES AND CHINA.</PurposeOfGrantTxt>
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        <MannerOfCashDisbursementTxt>WIRE</MannerOfCashDisbursementTxt>
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        <FormAndLineReferenceDesc>PART I, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>GRANTEES ARE REQUIRED TO SUBMIT PROJECT PROGRESS AND FINANCIAL REPORTS TO THE INSTITUTE ACCORDING TO THE PERIODIC REPORTING SCHEDULE OUTLINED IN THE GRANT AGREEMENT. REPORTS MUST BE APPROVED BEFORE THE NEXT INSTALLMENT PAYMENT CAN BE MADE.</ExplanationTxt>
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          <StateAbbreviationCd>IL</StateAbbreviationCd>
          <ZIPCd>60637</ZIPCd>
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      <RecipientTable>
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          <CityNm>BERKELEY</CityNm>
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      <RecipientTable>
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          <BusinessNameLine1Txt>INTERNATIONAL CRANE FOUNDATION</BusinessNameLine1Txt>
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          <CityNm>BARABOO</CityNm>
          <StateAbbreviationCd>WI</StateAbbreviationCd>
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        <PersonNm>ROSE NIU</PersonNm>
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        <TotalCompensationFilingOrgAmt>198846</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
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      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>LEIGH WEDELL</PersonNm>
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        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
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        <PersonNm>DEBORAH LEHR</PersonNm>
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        <ExplanationTxt>PART I, LINE 1A: DUE TO REMOTE LOCATION OF CERTAIN FOREIGN ACTIVITIES, FROM TIME TO TIME, CHARTER TRAVEL MAY BE NECESSARY. THE INSTITUTE'S POLICY ON AIR TRAVEL REQUIRES THAT FOR DOMESTIC TRAVEL, ANY CLASS OF TRAVEL ABOVE ECONOMY OR ECONOMY PLUS MUST BE APPROVED IN ADVANCE, AND ONLY IN SITUATIONS IN WHICH ECONOMY TRAVEL IS NOT PRACTICAL. BUSINESS OR FIRST CLASS MAY BE UTILIZED FOR INTERNATIONAL TRAVEL, WITH CERTAIN LIMITATIONS, AND MUST BE APPROVED IN ADVANCE, AND ONLY IN SITUATIONS IN WHICH ECONOMY TRAVEL IS NOT PRACTICAL.</ExplanationTxt>
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        <RelationshipDescriptionTxt>MS. LEHR IS SPOUSE OF DIRECTOR JOHN F W ROGERS AND FORMERLY A KEY EMPLOYEE</RelationshipDescriptionTxt>
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        <TransactionDesc>DURING 2014, MS. LEHR PROVIDED PROGRAM CONSULTING SERVICES TO THE INSTITUTE. PRIOR TO MARCH 2014, MS. LEHR WAS A FULL TIME EMPLOYEE WITH THE INSTITUTE. IN 2013 MS. LEHR WAS A KEY EMPLOYEE OF THE INSTITUTE.</TransactionDesc>
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        <ContributionCnt>1</ContributionCnt>
        <MethodOfDeterminingRevenuesTxt>NAV-PUBLICLY TRADED FUND</MethodOfDeterminingRevenuesTxt>
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        <ExplanationTxt>THE PAULSON INSTITUTE ENGAGES THE SERVICES OF INVESTMENT COMPANIES TO HOLD STOCK AND BOND DONATIONS FROM CONTRIBUTORS. THE INVESTMENT COMPANIES THEN SELL THE INVESTMENTS ON THE INSTITUTE'S BEHALF.</ExplanationTxt>
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        <FormAndLineReferenceDesc>FORM 990, PART III, LINE 2</FormAndLineReferenceDesc>
        <ExplanationTxt>DURING 2014, THE PAULSON INSTITUTE INITIATED A PROGRAM ON CLIMATE CHANGE AND AIR QUALITY. THIS PROGRAM ADVANCES SOLUTIONS TO CLIMATE CHANGE AND AIR POLLUTION IN CHINA AND THE UNITED STATES, ULTIMATELY CONTRIBUTING TO A SUSTAINABLE AND MUTUALLY BENEFICAL ECONOMIC GROWTH. THIS IS DONE THROUGH RESEARCH, PROJECTS, ADVOCACY, AND WORKING TOGETHER WITH A NETWORK OF NONPROFIT, COMMERCIAL, AND GOVERNMENTAL ORGANIZATIONS.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 2</FormAndLineReferenceDesc>
        <ExplanationTxt>DIRECTOR AND CHAIRMAN HENRY M. PAULSON, JR. IS MARRIED TO VICE PRESIDENT AND SECRETARY WENDY J. PAULSON.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11</FormAndLineReferenceDesc>
        <ExplanationTxt>THE BOARD RETAINS THE SERVICES OF A CPA FIRM TO PREPARE THE ORGANIZATION'S FORM 990. MANAGEMENT REVIEWS THE COMPLETED FORM 990 AND PROVIDES A FULL COPY TO ALL MEMBERS OF THE GOVERNING BODY PRIOR TO FILING. THE GOVERNING BODY IS PROVIDED A REASONABLE AMOUNT OF TIME TO REVIEW THE RETURN AND ASK ANY QUESTIONS DIRECTLY TO ORGANIZATION MANAGEMENT OR THE CONTACT AT THE CPA FIRM PRIOR TO FILING. IF REQUESTED BY THE BOARD, A MEETING OR CONFERENCE CALL IS LATER SCHEDULED FOR THE CPA FIRM AND ORGANIZATION MANAGEMENT TO DISCUSS THE FORM 990.</ExplanationTxt>
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        <ExplanationTxt>EACH YEAR, COVERED PERSONS ARE REQURIRED TO SIGN A DISCLOSURE STATEMENT INDICATING THEIR ACKNOWLEDGEMENT OF THE CONFLICTS POLICY AND TO DISCLOSE RELATIONSHIPS THAT MIGHT GIVE RISE TO A CONFLICT.</ExplanationTxt>
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