﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.irs.gov/efile" returnVersion="2012v2.1">
  <ReturnHeader binaryAttachmentCount="0">
    <Timestamp>2014-10-14T07:57:53-05:00</Timestamp>
    <TaxPeriodEndDate>2013-11-30</TaxPeriodEndDate>
    <PreparerFirm>
      <EIN>352123203</EIN>
      <PreparerFirmBusinessName>
        <BusinessNameLine1>KSM BUSINESS SERVICES INC</BusinessNameLine1>
      </PreparerFirmBusinessName>
      <PreparerFirmUSAddress>
        <AddressLine1>PO BOX 40857</AddressLine1>
        <City>INDIANAPOLIS</City>
        <State>IN</State>
        <ZIPCode>462400857</ZIPCode>
      </PreparerFirmUSAddress>
    </PreparerFirm>
    <ReturnType>990PF</ReturnType>
    <TaxPeriodBeginDate>2012-12-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>222663141</EIN>
      <Name>
        <BusinessNameLine1>BROWN FOUNDATION INC</BusinessNameLine1>
      </Name>
      <NameControl>BROW</NameControl>
      <Phone>2018630099</Phone>
      <USAddress>
        <AddressLine1>545 CEDAR LANE</AddressLine1>
        <City>TEANECK</City>
        <State>NJ</State>
        <ZIPCode>07666</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>DAVID BROWN</Name>
      <Title>PRESIDENT</Title>
      <Phone>2014997071</Phone>
      <DateSigned>2014-10-08</DateSigned>
      <AuthorizeThirdParty>1</AuthorizeThirdParty>
    </Officer>
    <Preparer>
      <Name>W KENT MANUEL</Name>
      <PTIN>P00681810</PTIN>
      <Phone>3175802000</Phone>
      <DatePrepared>2014-10-08</DatePrepared>
    </Preparer>
    <TaxYear>2012</TaxYear>
    <BuildTS>2015-12-30 17:16:21Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="12">
    <IRS990PF documentId="RetDoc1235000001">
      <ExemptPF>X</ExemptPF>
      <FMVAssetsEOY>3937006</FMVAssetsEOY>
      <MethodOfAccountingCash>X</MethodOfAccountingCash>
      <AnalysisOfRevenueAndExpenses>
        <ContriReceivedRevAndExpnss>1800071</ContriReceivedRevAndExpnss>
        <InterestOnSavingsRevAndExpnss>438</InterestOnSavingsRevAndExpnss>
        <InterestOnSavingsNetInvstIncm>438</InterestOnSavingsNetInvstIncm>
        <DividendsRevAndExpnss>58431</DividendsRevAndExpnss>
        <DividendsNetInvstIncm>58431</DividendsNetInvstIncm>
        <GrossRentsRevAndExpnss>110986</GrossRentsRevAndExpnss>
        <GrossRentsNetInvstIncm>110986</GrossRentsNetInvstIncm>
        <NetRentalIncomeOrLoss>89134</NetRentalIncomeOrLoss>
        <CapitalGainNetIncmNetInvstIncm>0</CapitalGainNetIncmNetInvstIncm>
        <TotalRevenueAndExpenses>1969926</TotalRevenueAndExpenses>
        <TotalNetInvestmentIncome>169855</TotalNetInvestmentIncome>
        <CompOfcrDirTrstRevAndExpnss>0</CompOfcrDirTrstRevAndExpnss>
        <CompOfcrDirTrstNetInvstIncm>0</CompOfcrDirTrstNetInvstIncm>
        <CompOfcrDirTrstDsbrsChrtblPrps>0</CompOfcrDirTrstDsbrsChrtblPrps>
        <AccountingFeesRevAndExpnss referenceDocumentId="RetDoc2002200001">5000</AccountingFeesRevAndExpnss>
        <AccountingFeesNetInvstIncm>0</AccountingFeesNetInvstIncm>
        <AccountingFeesDsbrsChrtblPrps>0</AccountingFeesDsbrsChrtblPrps>
        <TaxesRevAndExpnss referenceDocumentId="RetDoc2002500001">7011</TaxesRevAndExpnss>
        <TaxesNetInvstIncm>7011</TaxesNetInvstIncm>
        <TaxesDsbrsChrtblPrps>0</TaxesDsbrsChrtblPrps>
        <DeprecAndDepletionRevAndExpnss referenceDocumentId="RetDoc2203000001">13381</DeprecAndDepletionRevAndExpnss>
        <DeprecAndDepletionNetInvstIncm>13381</DeprecAndDepletionNetInvstIncm>
        <OccupancyRevAndExpnss>1207</OccupancyRevAndExpnss>
        <OccupancyNetInvstIncm>1207</OccupancyNetInvstIncm>
        <OccupancyDsbrsChrtblPrps>0</OccupancyDsbrsChrtblPrps>
        <OtherExpensesRevAndExpnss referenceDocumentId="RetDoc2003200001">1736</OtherExpensesRevAndExpnss>
        <OtherExpensesNetInvstIncm>253</OtherExpensesNetInvstIncm>
        <OtherExpensesDsbrsChrtblPrps>0</OtherExpensesDsbrsChrtblPrps>
        <TotOprExpensesRevAndExpnss>28335</TotOprExpensesRevAndExpnss>
        <TotOprExpensesNetInvstIncm>21852</TotOprExpensesNetInvstIncm>
        <TotOprExpensesDsbrsChrtblPrps>0</TotOprExpensesDsbrsChrtblPrps>
        <ContriGiftsPaidRevAndExpnss>413000</ContriGiftsPaidRevAndExpnss>
        <ContriGiftsPaidDsbrsChrtblPrps>413000</ContriGiftsPaidDsbrsChrtblPrps>
        <TotalExpensesRevAndExpnss>441335</TotalExpensesRevAndExpnss>
        <TotalExpensesNetInvstIncm>21852</TotalExpensesNetInvstIncm>
        <TotalExpensesDsbrsChrtblPrps>413000</TotalExpensesDsbrsChrtblPrps>
        <ExcessOfRevenueOverExpenses>1528591</ExcessOfRevenueOverExpenses>
        <NetInvestmentIncome>148003</NetInvestmentIncome>
      </AnalysisOfRevenueAndExpenses>
      <BalanceSheets>
        <CashBOY>1189160</CashBOY>
        <CashEOY>906916</CashEOY>
        <CashEOYFMV>960916</CashEOYFMV>
        <InvestmentsCorpStockBOY>0</InvestmentsCorpStockBOY>
        <InvestmentsCorpStockEOY referenceDocumentId="RetDoc2018900001">13100</InvestmentsCorpStockEOY>
        <InvestmentsCorpStockEOYFMV>26660</InvestmentsCorpStockEOYFMV>
        <InvestmentsLandEtcBasis>460988</InvestmentsLandEtcBasis>
        <AccumDeprecInvestmentsLandEtc>300243</AccumDeprecInvestmentsLandEtc>
        <InvestmentsLandEtcBOY>174126</InvestmentsLandEtcBOY>
        <InvestmentsLandEtcEOY referenceDocumentId="RetDoc2059100001">160745</InvestmentsLandEtcEOY>
        <InvestmentsLandEtcEOYFMV>200745</InvestmentsLandEtcEOYFMV>
        <InvestmentsOtherBOY>150981</InvestmentsOtherBOY>
        <InvestmentsOtherEOY referenceDocumentId="RetDoc2018100001">1937952</InvestmentsOtherEOY>
        <InvestmentsOtherEOYFMV>1988692</InvestmentsOtherEOYFMV>
        <OtherAssetsBOY referenceDocumentId="RetDoc2046600001">759993</OtherAssetsBOY>
        <OtherAssetsEOY referenceDocumentId="RetDoc2046600001">759993</OtherAssetsEOY>
        <OtherAssetsEOYFMV referenceDocumentId="RetDoc2046600001">759993</OtherAssetsEOYFMV>
        <TotalAssetsBOY>2274260</TotalAssetsBOY>
        <TotalAssetsEOY>3778706</TotalAssetsEOY>
        <TotalAssetsEOYFMV>3937006</TotalAssetsEOYFMV>
        <AccountsPayableBOY>31901</AccountsPayableBOY>
        <OtherLiabilitiesBOY referenceDocumentId="RetDoc2065700001">0</OtherLiabilitiesBOY>
        <OtherLiabilitiesEOY referenceDocumentId="RetDoc2065700001">7756</OtherLiabilitiesEOY>
        <TotalLiabilitiesBOY>31901</TotalLiabilitiesBOY>
        <TotalLiabilitiesEOY>7756</TotalLiabilitiesEOY>
        <OrgThatDoNotFollowSFAS117>X</OrgThatDoNotFollowSFAS117>
        <CapitalStockBOY>0</CapitalStockBOY>
        <CapitalStockEOY>0</CapitalStockEOY>
        <PaidInOrCapitalSurplusBOY>0</PaidInOrCapitalSurplusBOY>
        <PaidInOrCapitalSurplusEOY>0</PaidInOrCapitalSurplusEOY>
        <RetainedEarningsBOY>2242359</RetainedEarningsBOY>
        <RetainedEarningsEOY>3770950</RetainedEarningsEOY>
        <TotalNetAssetsBOY>2242359</TotalNetAssetsBOY>
        <TotalNetAssetsEOY>3770950</TotalNetAssetsEOY>
        <TotalLiabilitiesNetAssetsBOY>2274260</TotalLiabilitiesNetAssetsBOY>
        <TotalLiabilitiesNetAssetsEOY>3778706</TotalLiabilitiesNetAssetsEOY>
      </BalanceSheets>
      <ChangesInNetAssetsFundBalances>
        <TotalNetAssetsFundBalancesBOY>2242359</TotalNetAssetsFundBalancesBOY>
        <ExcessOfRevenueOverExpenses>1528591</ExcessOfRevenueOverExpenses>
        <OtherIncreases>0</OtherIncreases>
        <Subtotal>3770950</Subtotal>
        <OtherDecreases>0</OtherDecreases>
        <TotalNetAssetsFundBalancesEOY>3770950</TotalNetAssetsFundBalancesEOY>
      </ChangesInNetAssetsFundBalances>
      <QlfyUndSect4940eForReducedTax>
        <LiableFor4942Tax>0</LiableFor4942Tax>
        <QualifyingDistributionsYear1>183869</QualifyingDistributionsYear1>
        <NoncharitableAssetsYear1>2728532</NoncharitableAssetsYear1>
        <DistributionRatioYear1>0.067388</DistributionRatioYear1>
        <QualifyingDistributionsYear2>507095</QualifyingDistributionsYear2>
        <NoncharitableAssetsYear2>2881535</NoncharitableAssetsYear2>
        <DistributionRatioYear2>0.175981</DistributionRatioYear2>
        <QualifyingDistributionsYear3>362739</QualifyingDistributionsYear3>
        <NoncharitableAssetsYear3>1707318</NoncharitableAssetsYear3>
        <DistributionRatioYear3>0.212461</DistributionRatioYear3>
        <QualifyingDistributionsYear4>396083</QualifyingDistributionsYear4>
        <NoncharitableAssetsYear4>1696490</NoncharitableAssetsYear4>
        <DistributionRatioYear4>0.233472</DistributionRatioYear4>
        <QualifyingDistributionsYear5>12200</QualifyingDistributionsYear5>
        <NoncharitableAssetsYear5>1728043</NoncharitableAssetsYear5>
        <DistributionRatioYear5>0.007060</DistributionRatioYear5>
        <TotalDistributionRatio>0.696362</TotalDistributionRatio>
        <AverageDistributionRatio>0.139272</AverageDistributionRatio>
        <NetNoncharitableAssets>3975639</NetNoncharitableAssets>
        <AdjustedNoncharitableAssets>553695</AdjustedNoncharitableAssets>
        <OnePercentNetInvestmentIncome>1480</OnePercentNetInvestmentIncome>
        <AdjNonchrtblAssetsAndOnePct>555175</AdjNonchrtblAssetsAndOnePct>
        <QualifyingDistributions>413000</QualifyingDistributions>
      </QlfyUndSect4940eForReducedTax>
      <ExciseTaxBasedOnInvestmentIncm>
        <InvestmentIncomeExciseTax>2960</InvestmentIncomeExciseTax>
        <TaxUnderSection511>0</TaxUnderSection511>
        <Subtotal>2960</Subtotal>
        <SubtitleATax>0</SubtitleATax>
        <TaxBasedOnInvestmentIncome>2960</TaxBasedOnInvestmentIncome>
        <EstTaxPaymentsAndOverpayment>1095</EstTaxPaymentsAndOverpayment>
        <TaxPaidWithExtension>4000</TaxPaidWithExtension>
        <TotalCreditsAndPayments>5095</TotalCreditsAndPayments>
        <PenaltyForUnderpayment>35</PenaltyForUnderpayment>
        <Overpayment>2100</Overpayment>
        <AmountCreditedToNextYear>2100</AmountCreditedToNextYear>
        <AmountToBeRefunded>0</AmountToBeRefunded>
      </ExciseTaxBasedOnInvestmentIncm>
      <StatementsRegardingActivities>
        <LegislativePoliticalActivities>0</LegislativePoliticalActivities>
        <MoreThan100Spent>0</MoreThan100Spent>
        <Form1120POLFiled>0</Form1120POLFiled>
        <Sect4955TaxOnOrganization>0</Sect4955TaxOnOrganization>
        <Sect4955TaxOnManagers>0</Sect4955TaxOnManagers>
        <ReimbursementOfTax>0</ReimbursementOfTax>
        <ActivitiesNotPrevReported>0</ActivitiesNotPrevReported>
        <ChangesToArticlesOrBylaws>0</ChangesToArticlesOrBylaws>
        <UnrelatedBusIncomeOver1000>0</UnrelatedBusIncomeOver1000>
        <TerminationEtc>0</TerminationEtc>
        <RequirementsOfSect508e>1</RequirementsOfSect508e>
        <AtLeast5000InAssets>1</AtLeast5000InAssets>
        <Form990PFFiledWithAG referenceDocumentId="RetDoc2210600001">0</Form990PFFiledWithAG>
        <PrivateOperatingFoundation>0</PrivateOperatingFoundation>
        <NewSubstantialContributors>0</NewSubstantialContributors>
        <InterestInControlledEntity>0</InterestInControlledEntity>
        <ApplicableInsuranceContract>0</ApplicableInsuranceContract>
        <ComplyWithPublicInspectionRqr>1</ComplyWithPublicInspectionRqr>
        <WebsiteAddress>N/A</WebsiteAddress>
        <BooksInCareOfPersonName>DAVID BROWN</BooksInCareOfPersonName>
        <BooksInCareOfPhoneNumber>2018630099</BooksInCareOfPhoneNumber>
        <BooksInCareOfUSAddress>
          <AddressLine1>545 CEDAR LANE</AddressLine1>
          <City>TEANECK</City>
          <State>NJ</State>
          <ZIPCode>07666</ZIPCode>
        </BooksInCareOfUSAddress>
        <ForeignBank>0</ForeignBank>
      </StatementsRegardingActivities>
      <StatementsRegardingActy4720>
        <SaleOrExchangeWithDsqflyPerson>0</SaleOrExchangeWithDsqflyPerson>
        <BorrowOrLendWithDsqflyPerson>0</BorrowOrLendWithDsqflyPerson>
        <FurnishedGoodsWithDsqflyPerson>0</FurnishedGoodsWithDsqflyPerson>
        <PayCompensationToDsqflyPerson>0</PayCompensationToDsqflyPerson>
        <TransferAssetsToDsqflyPerson>0</TransferAssetsToDsqflyPerson>
        <PaymentToGovernmentOffical>0</PaymentToGovernmentOffical>
        <UncorrectedPriorActs>0</UncorrectedPriorActs>
        <UndistributedIncomePriorYears>0</UndistributedIncomePriorYears>
        <BusinessHoldings>0</BusinessHoldings>
        <JeopardyInvestments>0</JeopardyInvestments>
        <UncorrectedJeopardyInvestments>0</UncorrectedJeopardyInvestments>
        <InfluenceLegislation>0</InfluenceLegislation>
        <InfluenceElection>0</InfluenceElection>
        <GrantsToIndividuals>0</GrantsToIndividuals>
        <GrantsToOrganizations>0</GrantsToOrganizations>
        <NoncharitablePurpose>0</NoncharitablePurpose>
        <RcvFundsToPayPrsnlBnftContract>0</RcvFundsToPayPrsnlBnftContract>
        <PayPremiumsPrsnlBnftContract>0</PayPremiumsPrsnlBnftContract>
        <ProhibitedTaxShelterTransactn>0</ProhibitedTaxShelterTransactn>
      </StatementsRegardingActy4720>
      <OfcrDirTrusteesKeyEmployeeInfo>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>DAVID BROWN</PersonName>
          <USAddress>
            <AddressLine1>545 CEDAR LANE</AddressLine1>
            <City>TEANECK</City>
            <State>NJ</State>
            <ZIPCode>07666</ZIPCode>
          </USAddress>
          <Title>TRUSTEE, PRESIDENT</Title>
          <AvgHoursPerWkDevotedToPosition>0.50</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>ADAM R BROWN</PersonName>
          <USAddress>
            <AddressLine1>545 CEDAR LANE</AddressLine1>
            <City>TEANECK</City>
            <State>NJ</State>
            <ZIPCode>07666</ZIPCode>
          </USAddress>
          <Title>TRUSTEE, SECRETARY</Title>
          <AvgHoursPerWkDevotedToPosition>0.25</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>NIKKI MINTZ BROWN</PersonName>
          <USAddress>
            <AddressLine1>545 CEDAR LANE</AddressLine1>
            <City>TEANECK</City>
            <State>NJ</State>
            <ZIPCode>07666</ZIPCode>
          </USAddress>
          <Title>TRUSTEE</Title>
          <AvgHoursPerWkDevotedToPosition>0.25</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <CompOfHighestPaidEmplNONE>NONE</CompOfHighestPaidEmplNONE>
        <TotNumberOfOthEmplPaidOver50k>0</TotNumberOfOthEmplPaidOver50k>
        <CompOfHghstPaidCntrctNONE>NONE</CompOfHghstPaidCntrctNONE>
        <TotNumberOfCntrctPaidOver50k>0</TotNumberOfCntrctPaidOver50k>
      </OfcrDirTrusteesKeyEmployeeInfo>
      <SumOfProgramRelatedInvestments>
        <Total>0</Total>
      </SumOfProgramRelatedInvestments>
      <MinimumInvestmentReturn>
        <AvgMonthlyFMVOfSecurities>2064062</AvgMonthlyFMVOfSecurities>
        <AvgMonthlyCashBalances>1051385</AvgMonthlyCashBalances>
        <FMVAllOtherNoncharitableAssets>920735</FMVAllOtherNoncharitableAssets>
        <TotalFMVOfUnusedAssets>4036182</TotalFMVOfUnusedAssets>
        <ReductionClaimed>0</ReductionClaimed>
        <AcquisitionIndebtedness>0</AcquisitionIndebtedness>
        <AdjTotalFMVOfUnusedAssets>4036182</AdjTotalFMVOfUnusedAssets>
        <CashDeemedCharitable>60543</CashDeemedCharitable>
        <NetNoncharitableAssets>3975639</NetNoncharitableAssets>
        <MinimumInvestmentReturn>198782</MinimumInvestmentReturn>
      </MinimumInvestmentReturn>
      <DistributableAmount>
        <MinimumInvestmentReturn>198782</MinimumInvestmentReturn>
        <TaxBasedOnInvestmentIncome>2960</TaxBasedOnInvestmentIncome>
        <TotalTax>2960</TotalTax>
        <DistributableAmountBeforeAdj>195822</DistributableAmountBeforeAdj>
        <RecoveriesQlfyDistributions>0</RecoveriesQlfyDistributions>
        <DistributableAmountBeforeDed>195822</DistributableAmountBeforeDed>
        <DeductionFrDistributableAmount>0</DeductionFrDistributableAmount>
        <DistributableAmountAsAdjusted>195822</DistributableAmountAsAdjusted>
      </DistributableAmount>
      <QualifyingDistributions>
        <ExpensesAndContributions>413000</ExpensesAndContributions>
        <ProgramRelatedInvestmentsTotal>0</ProgramRelatedInvestmentsTotal>
        <QualifyingDistributions>413000</QualifyingDistributions>
        <OnePctSect4940eOrgNetInvstIncm>0</OnePctSect4940eOrgNetInvstIncm>
        <AdjQualifyingDistributions>413000</AdjQualifyingDistributions>
      </QualifyingDistributions>
      <UndistributedIncome>
        <DistributableAmountAsAdjusted>195822</DistributableAmountAsAdjusted>
        <UndistributedIncomePriorYear>0</UndistributedIncomePriorYear>
        <TotalForPriorYears>0</TotalForPriorYears>
        <ExcessDistriCarryoverYear4>313902</ExcessDistriCarryoverYear4>
        <ExcessDistriCarryoverYear3>363501</ExcessDistriCarryoverYear3>
        <ExcessDistriCarryoverYear2>364028</ExcessDistriCarryoverYear2>
        <ExcessDistriCarryoverYear1>48846</ExcessDistriCarryoverYear1>
        <TotalExcessDistriCarryover>1090277</TotalExcessDistriCarryover>
        <QualifyingDistributions>413000</QualifyingDistributions>
        <AppliedToYear1>0</AppliedToYear1>
        <AppliedToPriorYears>0</AppliedToPriorYears>
        <TreatedAsDistriFromCorpus>0</TreatedAsDistriFromCorpus>
        <AppliedToCurrentYear>195822</AppliedToCurrentYear>
        <RemainingDistriFromCorpus>217178</RemainingDistriFromCorpus>
        <ExcessDistriCyovAppCYCorpus>0</ExcessDistriCyovAppCYCorpus>
        <ExcessDistriCyovAppliedCY>0</ExcessDistriCyovAppliedCY>
        <TotalCorpus>1307455</TotalCorpus>
        <PriorYearUndistributedIncome>0</PriorYearUndistributedIncome>
        <PriorYearDeficiencyOrTax>0</PriorYearDeficiencyOrTax>
        <TaxableAmount1>0</TaxableAmount1>
        <TaxableAmount2>0</TaxableAmount2>
        <UndistributedIncomeCY>0</UndistributedIncomeCY>
        <DistriFromCorpus170b1EOr4942g3>0</DistriFromCorpus170b1EOr4942g3>
        <ExcessDistriCyovFromYear5>0</ExcessDistriCyovFromYear5>
        <ExcessDistriCyovToNextYear>1307455</ExcessDistriCyovToNextYear>
        <ExcessFromYear4>313902</ExcessFromYear4>
        <ExcessFromYear3>363501</ExcessFromYear3>
        <ExcessFromYear2>364028</ExcessFromYear2>
        <ExcessFromYear1>48846</ExcessFromYear1>
        <ExcessFromCurrentYear>217178</ExcessFromCurrentYear>
      </UndistributedIncome>
      <SupplementaryInformation>
        <ContributingManager>DAVID BROWN</ContributingManager>
        <OnlyContributesToPreselected>X</OnlyContributesToPreselected>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>AMERICAN LUNG ASSOCIATION</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>14 WALL STREET</AddressLine1>
            <City>NEW YORK</City>
            <State>NY</State>
            <ZIPCode>10005</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>PC</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL FUND</PurposeOfGrantOrContribution>
          <Amount>2500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>BARD COLLEGE</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 5000</AddressLine1>
            <City>ANNANDALE ON HUDSON</City>
            <State>NY</State>
            <ZIPCode>12504</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>PC</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL FUND</PurposeOfGrantOrContribution>
          <Amount>25000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>EG JUSTICE</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 57297</AddressLine1>
            <City>WASHINGTON</City>
            <State>DC</State>
            <ZIPCode>20037</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>PC</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL FUND</PurposeOfGrantOrContribution>
          <Amount>15000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>HAMPSHIRE COLLEGE TRUSTEES</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>893 WEST STREET</AddressLine1>
            <City>AMHERST</City>
            <State>MA</State>
            <ZIPCode>01002</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>PC</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL FUND</PurposeOfGrantOrContribution>
          <Amount>100000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>HUMAN RIGHTS WATCH INC</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>350 FIFTH AVENUE 34TH FLOOR</AddressLine1>
            <City>NEW YORK</City>
            <State>NY</State>
            <ZIPCode>10118</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>PC</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL FUND</PurposeOfGrantOrContribution>
          <Amount>115000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>INTERNATIONAL CRISIS GROUP</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1629 K STREET NW NO 450</AddressLine1>
            <City>WASHINGTON</City>
            <State>DC</State>
            <ZIPCode>20006</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>PC</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL FUND</PurposeOfGrantOrContribution>
          <Amount>52000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>MARTHA'S VINEYARD HEBREW CENTER</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 692</AddressLine1>
            <City>VINEYARD HVN</City>
            <State>MA</State>
            <ZIPCode>02568</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>PC</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL FUND</PurposeOfGrantOrContribution>
          <Amount>3000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>NEW YORK FOUNDATION FOR THE ARTS INC</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>20 JAY STREET NO 740</AddressLine1>
            <City>BROOKLYN</City>
            <State>NY</State>
            <ZIPCode>11201</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>PC</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL FUND</PurposeOfGrantOrContribution>
          <Amount>5000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>OLANA PARTNERSHIP</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 199</AddressLine1>
            <City>HUDSON</City>
            <State>NY</State>
            <ZIPCode>125340199</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>PC</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL FUND</PurposeOfGrantOrContribution>
          <Amount>3000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>TEMPLE EMETH - REFORM CONGREGATION</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1666 WINDSOR ROAD</AddressLine1>
            <City>TEANECK</City>
            <State>NJ</State>
            <ZIPCode>07666</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>PC</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL FUND</PurposeOfGrantOrContribution>
          <Amount>27500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>THOMAS COLE NATIONAL HISTORIC SITE</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>218 SPRING STREET PO BOX 426</AddressLine1>
            <City>CATSKILL</City>
            <State>NY</State>
            <ZIPCode>12414</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>PC</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL FUND</PurposeOfGrantOrContribution>
          <Amount>15000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>WORLD POLICY INSTITUTE INC</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>220 FIFTH AVENUE</AddressLine1>
            <City>NEW YORK</City>
            <State>NY</State>
            <ZIPCode>10001</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>PC</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL FUND</PurposeOfGrantOrContribution>
          <Amount>50000</Amount>
        </GrantOrContriPaidDuringYear>
        <TotGrantOrContriPaidDuringYear>413000</TotGrantOrContriPaidDuringYear>
        <TotGrantOrContriApprovedFuture>0</TotGrantOrContriApprovedFuture>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <IntOnSavingsAndTempCashInvst>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>438</ExclusionAmount>
        </IntOnSavingsAndTempCashInvst>
        <DividendsAndIntFromSecPartVII>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>58431</ExclusionAmount>
        </DividendsAndIntFromSecPartVII>
        <NetRntlIncmReNotDebtFincdProp>
          <ExclusionCode>16</ExclusionCode>
          <ExclusionAmount>89134</ExclusionAmount>
        </NetRntlIncmReNotDebtFincdProp>
        <SubtotalsPartXVIA>
          <UnrelatedBusinessIncomeAmount>0</UnrelatedBusinessIncomeAmount>
          <ExclusionAmount>148003</ExclusionAmount>
          <RelatedOrExemptFunctionIncome>0</RelatedOrExemptFunctionIncome>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>148003</TotalPartXVIA>
      </AnalysisIncomeProducingActy>
      <TrnsfrTrRlnWithNoncharitableEO>
        <TrnsfrOfCashToNoncharitableEO>0</TrnsfrOfCashToNoncharitableEO>
        <TrnsfrOthAssetsNoncharitableEO>0</TrnsfrOthAssetsNoncharitableEO>
        <SalesOrExchangesOfAssets>0</SalesOrExchangesOfAssets>
        <PurchaseAssetsNoncharitableEO>0</PurchaseAssetsNoncharitableEO>
        <RentalOfFacilitiesEtc>0</RentalOfFacilitiesEtc>
        <ReimbursementArrangements>0</ReimbursementArrangements>
        <LoansOrLoanGuarantees>0</LoansOrLoanGuarantees>
        <PerformanceOfServicesEtc>0</PerformanceOfServicesEtc>
        <SharingOfFacilitiesEtc>0</SharingOfFacilitiesEtc>
        <RelationshipsNoncharitableEOs>0</RelationshipsNoncharitableEOs>
      </TrnsfrTrRlnWithNoncharitableEO>
    </IRS990PF>
    <IRS990ScheduleB documentId="RetDoc1234500001">
      <Organization501c3ExemptPF>X</Organization501c3ExemptPF>
      <GeneralRule>X</GeneralRule>
      <ContributorInfo>
        <ContributorNumber>1</ContributorNumber>
        <ContributorNameIndividual>DAVID BROWN</ContributorNameIndividual>
        <ContributorAddressUS>
          <AddressLine1>545 CEDAR LANE</AddressLine1>
          <City>TEANECK</City>
          <State>NJ</State>
          <ZIPCode>07666</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>1800071</AggregateContributions>
        <NoncashContributionType>X</NoncashContributionType>
      </ContributorInfo>
      <NoncashProperty>
        <ContributorNumberFromPartI>1</ContributorNumberFromPartI>
        <NoncashPropertyDescription>17,030 SHARES BOSTON PROPERTIES INC.</NoncashPropertyDescription>
        <FairMarketValue>1800071</FairMarketValue>
        <DateReceived>2012-12-24</DateReceived>
      </NoncashProperty>
    </IRS990ScheduleB>
    <AccountingFeesSchedule documentId="RetDoc2002200001">
      <AccountingFees>
        <Category>TAX PREPARATION FEES</Category>
        <Amount>5000</Amount>
        <NetInvestmentIncome>0</NetInvestmentIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </AccountingFees>
    </AccountingFeesSchedule>
    <DepreciationSchedule documentId="RetDoc2203000001">
      <Depreciation>
        <DescriptionOfProperty>BUILDING</DescriptionOfProperty>
        <DateAcquired>1991-05-01</DateAcquired>
        <CostOrOtherBasis>412000</CostOrOtherBasis>
        <PriorYearsDepreciation>282122</PriorYearsDepreciation>
        <ComputationMethod>SL</ComputationMethod>
        <Life>31.500000000000</Life>
        <CurrentYearExpense>13079</CurrentYearExpense>
        <NetInvestmentIncome>13079</NetInvestmentIncome>
      </Depreciation>
      <Depreciation>
        <DescriptionOfProperty>BUILDING IMPROVEMENTS</DescriptionOfProperty>
        <DateAcquired>1991-12-01</DateAcquired>
        <CostOrOtherBasis>3150</CostOrOtherBasis>
        <PriorYearsDepreciation>2134</PriorYearsDepreciation>
        <ComputationMethod>SL</ComputationMethod>
        <Life>31.500000000000</Life>
        <CurrentYearExpense>100</CurrentYearExpense>
        <NetInvestmentIncome>100</NetInvestmentIncome>
      </Depreciation>
      <Depreciation>
        <DescriptionOfProperty>BUILDING IMPROVEMENTS</DescriptionOfProperty>
        <DateAcquired>1992-01-01</DateAcquired>
        <CostOrOtherBasis>2225</CostOrOtherBasis>
        <PriorYearsDepreciation>1050</PriorYearsDepreciation>
        <ComputationMethod>SL</ComputationMethod>
        <Life>31.500000000000</Life>
        <CurrentYearExpense>71</CurrentYearExpense>
        <NetInvestmentIncome>71</NetInvestmentIncome>
      </Depreciation>
      <Depreciation>
        <DescriptionOfProperty>BUILDING IMPROVEMENTS</DescriptionOfProperty>
        <DateAcquired>1997-12-01</DateAcquired>
        <CostOrOtherBasis>3613</CostOrOtherBasis>
        <PriorYearsDepreciation>1556</PriorYearsDepreciation>
        <ComputationMethod>SL</ComputationMethod>
        <Life>27.500000000000</Life>
        <CurrentYearExpense>131</CurrentYearExpense>
        <NetInvestmentIncome>131</NetInvestmentIncome>
      </Depreciation>
      <Depreciation>
        <DescriptionOfProperty>LAND</DescriptionOfProperty>
        <DateAcquired>1991-05-01</DateAcquired>
        <CostOrOtherBasis>40000</CostOrOtherBasis>
        <ComputationMethod>L</ComputationMethod>
        <Rate>0.000000000000</Rate>
        <CurrentYearExpense>0</CurrentYearExpense>
        <NetInvestmentIncome>0</NetInvestmentIncome>
      </Depreciation>
    </DepreciationSchedule>
    <ExplnOfNonFilingWithAGStmt documentId="RetDoc2210600001">
      <Statement>NONE IS REQUIRED FOR THIS FOUNDATION.</Statement>
    </ExplnOfNonFilingWithAGStmt>
    <InvestmentsCorpStockSchedule documentId="RetDoc2018900001">
      <InvestmentsCorpStock>
        <NameOfStock>GENERAL ELECTRIC CO</NameOfStock>
        <EOYBookValue>13100</EOYBookValue>
        <EOYFMV>26660</EOYFMV>
      </InvestmentsCorpStock>
    </InvestmentsCorpStockSchedule>
    <InvestmentsLandSchedule2 documentId="RetDoc2059100001">
      <InvestmentLand>
        <CategoryOrItem>BUILDING</CategoryOrItem>
        <CostOrOtherBasis>412000</CostOrOtherBasis>
        <AccumulatedDepreciation>295201</AccumulatedDepreciation>
        <BookValue>116799</BookValue>
      </InvestmentLand>
      <InvestmentLand>
        <CategoryOrItem>BUILDING IMPROVEMENTS</CategoryOrItem>
        <CostOrOtherBasis>3150</CostOrOtherBasis>
        <AccumulatedDepreciation>2234</AccumulatedDepreciation>
        <BookValue>916</BookValue>
      </InvestmentLand>
      <InvestmentLand>
        <CategoryOrItem>BUILDING IMPROVEMENTS</CategoryOrItem>
        <CostOrOtherBasis>2225</CostOrOtherBasis>
        <AccumulatedDepreciation>1121</AccumulatedDepreciation>
        <BookValue>1104</BookValue>
      </InvestmentLand>
      <InvestmentLand>
        <CategoryOrItem>BUILDING IMPROVEMENTS</CategoryOrItem>
        <CostOrOtherBasis>3613</CostOrOtherBasis>
        <AccumulatedDepreciation>1687</AccumulatedDepreciation>
        <BookValue>1926</BookValue>
      </InvestmentLand>
      <InvestmentLand>
        <CategoryOrItem>LAND</CategoryOrItem>
        <CostOrOtherBasis>40000</CostOrOtherBasis>
        <AccumulatedDepreciation>0</AccumulatedDepreciation>
        <BookValue>40000</BookValue>
      </InvestmentLand>
    </InvestmentsLandSchedule2>
    <InvestmentsOtherSchedule2 documentId="RetDoc2018100001">
      <InvestmentsOther>
        <CategoryOrItem>APARTMENT INVESTMENT &amp; MANAGEMENT CO</CategoryOrItem>
        <ListedAtCostOrFMV>AT COST</ListedAtCostOrFMV>
        <BookValue>29457</BookValue>
        <EOYFMV>54815</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>BOSTON PROPERTIES INC</CategoryOrItem>
        <ListedAtCostOrFMV>AT COST</ListedAtCostOrFMV>
        <BookValue>1802015</BookValue>
        <EOYFMV>1694315</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>HOME PROPERTIES INC</CategoryOrItem>
        <ListedAtCostOrFMV>AT COST</ListedAtCostOrFMV>
        <BookValue>56761</BookValue>
        <EOYFMV>131450</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>UDR INC</CategoryOrItem>
        <ListedAtCostOrFMV>AT COST</ListedAtCostOrFMV>
        <BookValue>49719</BookValue>
        <EOYFMV>108112</EOYFMV>
      </InvestmentsOther>
    </InvestmentsOtherSchedule2>
    <OtherAssetsSchedule documentId="RetDoc2046600001">
      <OtherAssets>
        <Description>ART WORKS &amp; ANTIQUE CARPETS</Description>
        <BOYBookValue>751530</BOYBookValue>
        <EOYBookValue>751530</EOYBookValue>
        <EOYFMV>751530</EOYFMV>
      </OtherAssets>
      <OtherAssets>
        <Description>REAL ESTATE TAX SELF ESCROW</Description>
        <BOYBookValue>8463</BOYBookValue>
        <EOYBookValue>8463</EOYBookValue>
        <EOYFMV>8463</EOYFMV>
      </OtherAssets>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="RetDoc2003200001">
      <OtherExpenses>
        <Description>INSURANCE</Description>
        <RevenueAndExpensesPerBooks>1383</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>0</NetInvestmentIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </OtherExpenses>
      <OtherExpenses>
        <Description>MISC. EXPENSES</Description>
        <RevenueAndExpensesPerBooks>100</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>0</NetInvestmentIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </OtherExpenses>
      <OtherExpenses>
        <Description>G &amp; A</Description>
        <RevenueAndExpensesPerBooks>253</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>253</NetInvestmentIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </OtherExpenses>
    </OtherExpensesSchedule>
    <OtherLiabilitiesSchedule documentId="RetDoc2065700001">
      <OtherLiabilities>
        <Description>TENANT SECURITY DEPOSIT</Description>
        <BOYBookValue>0</BOYBookValue>
        <EOYBookValue>7756</EOYBookValue>
      </OtherLiabilities>
    </OtherLiabilitiesSchedule>
    <TaxesSchedule documentId="RetDoc2002500001">
      <Taxes>
        <Category>REAL ESTATE TAXES</Category>
        <Amount>7011</Amount>
        <NetInvestmentIncome>7011</NetInvestmentIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </Taxes>
    </TaxesSchedule>
  </ReturnData>
</Return>