﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xsi:schemaLocation="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2013v3.1">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2014-11-17T15:50:39-06:00</ReturnTs>
    <TaxPeriodEndDt>2013-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmName>
        <BusinessNameLine1>ERNST &amp; YOUNG US LLP</BusinessNameLine1>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1>5 TIMES SQUARE</AddressLine1>
        <City>NEW YORK</City>
        <State>NY</State>
        <ZIPCode>10036</ZIPCode>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2013-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>200911399</EIN>
      <BusinessName>
        <BusinessNameLine1>Jay and Kelly Sugarman Foundation</BusinessNameLine1>
        <BusinessNameLine2>c/o Jay Sugarman</BusinessNameLine2>
      </BusinessName>
      <InCareOfNm>% JAY SUGARMAN</InCareOfNm>
      <BusinessNameControlTxt>JAYA</BusinessNameControlTxt>
      <PhoneNum>2129309400</PhoneNum>
      <USAddress>
        <AddressLine1>1114 Avenue of the Americas</AddressLine1>
        <AddressLine2>Suite</AddressLine2>
        <City>New York</City>
        <State>NY</State>
        <ZIPCode>10036</ZIPCode>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>JAY SUGARMAN</PersonNm>
      <PersonTitleTxt>President</PersonTitleTxt>
      <SignatureDt>2014-11-17</SignatureDt>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>Donald Eagle</PreparerPersonNm>
      <PTIN>P00735372</PTIN>
    </PreparerPersonGrp>
    <TaxYr>2013</TaxYr>
    <BuildTS>2015-12-30 17:16:21Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="10">
    <IRS990PF documentId="IRS990PF">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>2707402</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>174250</ContriRcvdRevAndExpnssAmt>
        <InterestOnSavRevAndExpnssAmt>79</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>79</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>25871</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>25871</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>331761</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>1146721</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>331761</CapGainNetIncmNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>531961</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>357711</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>6000</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>6000</CompOfcrDirTrstDsbrsChrtblAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="OthProfFeesSch">24313</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>24313</OtherProfFeesNetInvstIncmAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="TaxesSchedule">387</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>387</TaxesNetInvstIncmAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="OtherExpensesSch">333</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>35</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>298</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>31033</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>24735</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>6298</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>505500</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>505500</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>536533</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>24735</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>511798</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-4572</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>332976</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>9340</CashBOYAmt>
        <CashEOYAmt>224007</CashEOYAmt>
        <CashEOYFMVAmt>224007</CashEOYFMVAmt>
        <SavAndTempCashInvstBOYAmt>254417</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>178739</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>178739</SavAndTempCashInvstEOYFMVAmt>
        <CorporateStockBOYAmt>939755</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="InvestCorpStockSch">796194</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>2304656</CorporateStockEOYFMVAmt>
        <TotalAssetsBOYAmt>1203512</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>1198940</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>2707402</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowSFAS117Ind>X</OrgDoesNotFollowSFAS117Ind>
        <CapitalStockBOYAmt>1203512</CapitalStockBOYAmt>
        <CapitalStockEOYAmt>1198940</CapitalStockEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>1203512</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>1198940</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>1203512</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>1198940</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>1203512</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-4572</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>1198940</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>1198940</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>US TRUST #8563</PropertyDesc>
          <GrossSalesPriceAmt>1146721</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>815583</CostOrOtherBasisAmt>
          <GainOrLossAmt>331138</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>331138</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>623</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>331761</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <QlfyUndSect4940eReducedTaxGrp>
        <LiableSection4942TaxInd>false</LiableSection4942TaxInd>
        <AdjustedQlfyDistriYr1Amt>637047</AdjustedQlfyDistriYr1Amt>
        <NetVlNoncharitableAssetsYr1Amt>2487680</NetVlNoncharitableAssetsYr1Amt>
        <DistributionYr1Rt>0.256081</DistributionYr1Rt>
        <AdjustedQlfyDistriYr2Amt>312158</AdjustedQlfyDistriYr2Amt>
        <NetVlNoncharitableAssetsYr2Amt>2877801</NetVlNoncharitableAssetsYr2Amt>
        <DistributionYr2Rt>0.108471</DistributionYr2Rt>
        <AdjustedQlfyDistriYr3Amt>604719</AdjustedQlfyDistriYr3Amt>
        <NetVlNoncharitableAssetsYr3Amt>2836079</NetVlNoncharitableAssetsYr3Amt>
        <DistributionYr3Rt>0.213224</DistributionYr3Rt>
        <AdjustedQlfyDistriYr4Amt>1279043</AdjustedQlfyDistriYr4Amt>
        <NetVlNoncharitableAssetsYr4Amt>2978356</NetVlNoncharitableAssetsYr4Amt>
        <DistributionYr4Rt>0.429446</DistributionYr4Rt>
        <AdjustedQlfyDistriYr5Amt>1304306</AdjustedQlfyDistriYr5Amt>
        <NetVlNoncharitableAssetsYr5Amt>5832986</NetVlNoncharitableAssetsYr5Amt>
        <DistributionYr5Rt>0.223609</DistributionYr5Rt>
        <TotalDistributionRt>1.230831</TotalDistributionRt>
        <AverageDistributionRt>0.246166</AverageDistributionRt>
        <NetVlNoncharitableAssetsAmt>2429457</NetVlNoncharitableAssetsAmt>
        <AdjNetVlNoncharitableAssetsAmt>598050</AdjNetVlNoncharitableAssetsAmt>
        <NetInvestmentIncomePctAmt>3330</NetInvestmentIncomePctAmt>
        <AdjNonchrtblNetInvstIncmPctAmt>601380</AdjNonchrtblNetInvstIncmPctAmt>
        <QualifyingDistributionsAmt>511798</QualifyingDistributionsAmt>
      </QlfyUndSect4940eReducedTaxGrp>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>6660</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>6660</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>6660</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>2721</EstimatedPlusOvpmtIncmTxAmt>
        <AppliedToEsTaxAmt>5000</AppliedToEsTaxAmt>
        <TotalPaymentsAndCreditsAmt>7721</TotalPaymentsAndCreditsAmt>
        <OverpaymentAmt>1061</OverpaymentAmt>
        <AppliedToESTaxAmt>1061</AppliedToESTaxAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd referenceDocumentId="BinaryAttach BinaryAttachN1 BinaryAttachN2">false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd referenceDocumentId="BinaryAttach BinaryAttachN1 BinaryAttachN2">false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd referenceDocumentId="BinaryAttach BinaryAttachN1 BinaryAttachN2">false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>DE</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>false</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <PersonsWithBooksName>
          <BusinessNameLine1>JAY SUGARMAN</BusinessNameLine1>
        </PersonsWithBooksName>
        <PhoneNum>2129309400</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1>1114 AVENUE OF THE AMERICAS</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10036</ZIPCode>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>true</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <ActsFailToQlfyAsExceptionsInd>false</ActsFailToQlfyAsExceptionsInd>
        <UncorrectedPriorActsInd>false</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm referenceDocumentId="CompensationExpl">JAY SUGARMAN</PersonNm>
          <USAddress>
            <AddressLine1>1114 Avenue of the Americas</AddressLine1>
            <City>New York</City>
            <State>NY</State>
            <ZIPCode>10036</ZIPCode>
          </USAddress>
          <TitleTxt>PRESIDENT/TREASURER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>5.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm referenceDocumentId="CompensationExpl">KELLY SUGARMAN</PersonNm>
          <USAddress>
            <AddressLine1>1114 Avenue of the Americas</AddressLine1>
            <City>New York</City>
            <State>NY</State>
            <ZIPCode>10036</ZIPCode>
          </USAddress>
          <TitleTxt>VICE PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>5.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm referenceDocumentId="CompensationExpl">WENDY FORSHAY</PersonNm>
          <USAddress>
            <AddressLine1>1114 Avenue of the Americas</AddressLine1>
            <City>New York</City>
            <State>NY</State>
            <ZIPCode>10036</ZIPCode>
          </USAddress>
          <TitleTxt>SECRETARY</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>10.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>6000</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp />
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>NONE</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>2152048</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>314406</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>2466454</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>2466454</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>36997</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>2429457</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>121473</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>121473</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>6660</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>6660</TotalTaxAmt>
        <DistributableBeforeAdjAmt>114813</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>114813</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>114813</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>511798</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>511798</QualifyingDistributionsAmt>
        <AdjustedQualifyingDistriAmt>511798</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>114813</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <PriorYear1Yr>2011</PriorYear1Yr>
        <PriorYear2Yr>2010</PriorYear2Yr>
        <PriorYear3Yr>2009</PriorYear3Yr>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr5Amt>1013997</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>1105111</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>463173</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>312158</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>515313</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>3409752</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>511798</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>114813</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>396985</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>3806737</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovFromYr5Amt>1013997</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>2792740</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>1105111</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>463173</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>312158</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>515313</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>396985</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp />
      <SupplementaryInformationGrp>
        <ContributingManagerNm>JAY SUGARMAN</ContributingManagerNm>
        <ContributingManagerNm>KELLY SUGARMAN</ContributingManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1>all recipients</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>see attached</AddressLine1>
            <AddressLine2>see attached</AddressLine2>
            <City>see attached</City>
            <State>NY</State>
            <ZIPCode>11111</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>none</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SEE SCHEDULE ATTACHED</GrantOrContributionPurposeTxt>
          <Amt>505500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>505500</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>79</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>25871</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncmPartVIIGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>331761</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>357711</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>357711</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="IRS990ScheduleB">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <GeneralRuleInd>X</GeneralRuleInd>
      <ContributorInformationGrp>
        <ContributorNum>1</ContributorNum>
        <ContributorPersonNm>Jay Sugarman</ContributorPersonNm>
        <ContributorUSAddress>
          <AddressLine1>One Central Park West - Penthouse</AddressLine1>
          <City>New York</City>
          <State>NY</State>
          <ZIPCode>10023</ZIPCode>
        </ContributorUSAddress>
        <TotalContributionsAmt>174250</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
      <NonCashPropertyContributionGrp>
        <ContributorNum>1</ContributorNum>
        <NoncashPropertyDesc>CASH</NoncashPropertyDesc>
        <FairMarketValueAmt>174250</FairMarketValueAmt>
      </NonCashPropertyContributionGrp>
    </IRS990ScheduleB>
    <CompensationExplanation documentId="CompensationExpl">
      <CompensationExplanationGrp>
        <PersonNm>WENDY FORSHAY</PersonNm>
        <ShortExplanationTxt>**RESIGNED 02/15/2013</ShortExplanationTxt>
      </CompensationExplanationGrp>
    </CompensationExplanation>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>SEE US TRUST SCHEDULE ATTACHED</StockNm>
        <EOYBookValueAmt>796194</EOYBookValueAmt>
        <EOYFMVAmt>2240441</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>4,500 SHS I-STAR FINANCIAL</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>64215</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsLandSchedule2 documentId="InvLandSch2" />
    <LandEtcSchedule2 documentId="LandEtcSch2" />
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>BANK FEE-US TRUST 9664</Desc>
        <RevenueAndExpensesPerBooksAmt>35</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>35</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>CORPORATION SERVICES FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>298</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>298</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>ASSET MGMT FEES/BANK FEES</CategoryTxt>
        <Amt>24313</Amt>
        <NetInvestmentIncomeAmt>24313</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES</CategoryTxt>
        <Amt>387</Amt>
        <NetInvestmentIncomeAmt>387</NetInvestmentIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>