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      <TotalBookValueSecuritiesAmt>10502427</TotalBookValueSecuritiesAmt>
      <OtherLiabilitiesOrgGrp>
        <Desc>LOANS AND EXCHANGES</Desc>
        <Amt>14305</Amt>
      </OtherLiabilitiesOrgGrp>
      <TotalLiabilityAmt>14305</TotalLiabilityAmt>
      <TotalRevEtcAuditedFinclStmtAmt>4491918</TotalRevEtcAuditedFinclStmtAmt>
      <NetUnrealizedGainsInvstAmt>355424</NetUnrealizedGainsInvstAmt>
      <RevenueNotReportedAmt>355424</RevenueNotReportedAmt>
      <RevenueSubtotalAmt>4136494</RevenueSubtotalAmt>
      <TotalRevenuePerForm990Amt>4136494</TotalRevenuePerForm990Amt>
      <TotExpnsEtcAuditedFinclStmtAmt>4261468</TotExpnsEtcAuditedFinclStmtAmt>
      <ExpensesSubtotalAmt>4261468</ExpensesSubtotalAmt>
      <TotalExpensesPerForm990Amt>4261468</TotalExpensesPerForm990Amt>
    </IRS990ScheduleD>
    <IRS990ScheduleF documentId="RetDoc5">
      <GrantsToOrgOutsideUSGrp>
        <CashGrantAmt>194257</CashGrantAmt>
      </GrantsToOrgOutsideUSGrp>
      <Total501c3OrgCnt>1</Total501c3OrgCnt>
      <ForeignIndividualsGrantsGrp>
        <TypeOfAssistanceTxt>FELLOWSHIPS</TypeOfAssistanceTxt>
        <RegionTxt>CANADA</RegionTxt>
        <RecipientCnt>1</RecipientCnt>
        <CashGrantAmt>9745</CashGrantAmt>
        <MannerOfCashDisbursementTxt>CHECKS</MannerOfCashDisbursementTxt>
      </ForeignIndividualsGrantsGrp>
      <TransferToForeignCorpInd>false</TransferToForeignCorpInd>
      <InterestInForeignTrustInd>false</InterestInForeignTrustInd>
      <ForeignCorpOwnershipInd>false</ForeignCorpOwnershipInd>
      <PassiveForeignInvestmestCoInd>false</PassiveForeignInvestmestCoInd>
      <ForeignPartnershipInd>false</ForeignPartnershipInd>
      <BoycottCountriesInd>false</BoycottCountriesInd>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE F, PAGE 1, PART I, LINE 2</FormAndLineReferenceDesc>
        <ExplanationTxt>STUDENTS ARE ALL STUDYING AT BETH MEDRASH GOVOHA OF AMERICA. THE FACULTY RECOMMENDS STUDENTS TO RECEIVE SCHOLARSHIPS. THIS LIST IS THEN APPROVED BY THE OFFICERS OF EDUCATIONAL ENDOWMENT FUND.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleF>
    <IRS990ScheduleI documentId="RetDoc6">
      <GrantRecordsMaintainedInd>true</GrantRecordsMaintainedInd>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1>AMERICAN FRIENDS OF YAD YEMIN</BusinessNameLine1>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1>1236 47TH STREET</AddressLine1>
          <City>BROOKLYN</City>
          <State>NY</State>
          <ZIPCode>11219</ZIPCode>
        </USAddress>
        <RecipientEIN>113299083</RecipientEIN>
        <IRCSectionDesc>3</IRCSectionDesc>
        <CashGrantAmt>10000</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1>BETH MEDRASH GOVOHA OF AMERICA</BusinessNameLine1>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1>601 PRIVATE WAY</AddressLine1>
          <City>LAKEWOOD</City>
          <State>NJ</State>
          <ZIPCode>08701</ZIPCode>
        </USAddress>
        <RecipientEIN>210634542</RecipientEIN>
        <IRCSectionDesc>3</IRCSectionDesc>
        <CashGrantAmt>77426</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1>ASSOCIATED RELIGIOUS ORGANIZATIONS</BusinessNameLine1>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1>1548 48TH STREET</AddressLine1>
          <City>BROOKLYN</City>
          <State>NY</State>
          <ZIPCode>11219</ZIPCode>
        </USAddress>
        <RecipientEIN>112534696</RecipientEIN>
        <IRCSectionDesc>3</IRCSectionDesc>
        <CashGrantAmt>25000</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1>BAIS CHINUCH L BONOS BAYIS RUCHEL</BusinessNameLine1>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1>115 CAREY STREET</AddressLine1>
          <City>LAKEWOOD</City>
          <State>NJ</State>
          <ZIPCode>08701</ZIPCode>
        </USAddress>
        <RecipientEIN>223017775</RecipientEIN>
        <IRCSectionDesc>3</IRCSectionDesc>
        <CashGrantAmt>13000</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1>BMG OF ISRAEL</BusinessNameLine1>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1>618 6TH STREET</AddressLine1>
          <City>LAKEWOOD</City>
          <State>NJ</State>
          <ZIPCode>08701</ZIPCode>
        </USAddress>
        <RecipientEIN>112891182</RecipientEIN>
        <IRCSectionDesc>3</IRCSectionDesc>
        <CashGrantAmt>100000</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1>CONG AHAVAS CHESED</BusinessNameLine1>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1>120 SECOND STREET</AddressLine1>
          <City>LAKEWOOD</City>
          <State>NJ</State>
          <ZIPCode>08701</ZIPCode>
        </USAddress>
        <RecipientEIN>222205981</RecipientEIN>
        <IRCSectionDesc>3</IRCSectionDesc>
        <CashGrantAmt>17500</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1>CONG AGUDATH ISRAEL OF BORO PARK</BusinessNameLine1>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1>4911 16TH AVENUE</AddressLine1>
          <City>BROOKLYN</City>
          <State>NY</State>
          <ZIPCode>11204</ZIPCode>
        </USAddress>
        <RecipientEIN>113132653</RecipientEIN>
        <IRCSectionDesc>3</IRCSectionDesc>
        <CashGrantAmt>40000</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1>CONG OROS BAIS YAAKOV OF LAKEWOOD</BusinessNameLine1>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1>C/O CHAYA BIRNBAUM</AddressLine1>
          <AddressLine2>50 LAPSLEY LN</AddressLine2>
          <City>LAKEWOOD</City>
          <State>NJ</State>
          <ZIPCode>08701</ZIPCode>
        </USAddress>
        <RecipientEIN>800209193</RecipientEIN>
        <IRCSectionDesc>3</IRCSectionDesc>
        <CashGrantAmt>6500</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1>OHEL TORAH</BusinessNameLine1>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1>423 SECOND ST</AddressLine1>
          <City>LAKEWOOD</City>
          <State>NJ</State>
          <ZIPCode>08701</ZIPCode>
        </USAddress>
        <RecipientEIN>222328117</RecipientEIN>
        <IRCSectionDesc>3</IRCSectionDesc>
        <CashGrantAmt>10000</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1>CONG AHAVAS TZDOKAH VCHESED</BusinessNameLine1>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1>5323 12TH AVENUE</AddressLine1>
          <City>BROOKLYN</City>
          <State>NY</State>
          <ZIPCode>11219</ZIPCode>
        </USAddress>
        <RecipientEIN>112558749</RecipientEIN>
        <CashGrantAmt>300000</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1>CONG KOL ARYEH OF LAKEWOOD</BusinessNameLine1>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1>521 HOPE CHAPEL ROAD</AddressLine1>
          <City>LAKEWOOD</City>
          <State>NJ</State>
          <ZIPCode>08701</ZIPCode>
        </USAddress>
        <RecipientEIN>223837327</RecipientEIN>
        <CashGrantAmt>5200</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1>CONGREGATION ZICRON BINYAMIN</BusinessNameLine1>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1>701 PRINCETON AVENUE</AddressLine1>
          <City>LAKEWOOD</City>
          <State>NJ</State>
          <ZIPCode>08701</ZIPCode>
        </USAddress>
        <RecipientEIN>223684722</RecipientEIN>
        <CashGrantAmt>29000</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1>FRIENDS OF TIFERET TZION</BusinessNameLine1>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1>13 WASHINGTON AVENUE</AddressLine1>
          <City>LAKEWOOD</City>
          <State>NJ</State>
          <ZIPCode>08701</ZIPCode>
        </USAddress>
        <RecipientEIN>760762771</RecipientEIN>
        <CashGrantAmt>100000</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1>KEREN HACHESED STUDENT AID FUND</BusinessNameLine1>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1>48 AROSA HILL</AddressLine1>
          <City>LAKEWOOD</City>
          <State>NJ</State>
          <ZIPCode>08701</ZIPCode>
        </USAddress>
        <RecipientEIN>222182267</RecipientEIN>
        <CashGrantAmt>10000</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1>LAKEWOOD CHEDER SCHOOL</BusinessNameLine1>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1>1785 SWARTHMORE AVENUE</AddressLine1>
          <City>LAKEWOOD</City>
          <State>NJ</State>
          <ZIPCode>08701</ZIPCode>
        </USAddress>
        <RecipientEIN>222137420</RecipientEIN>
        <CashGrantAmt>5925</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1>LAKEWOOD TEACHER'S SEMINARY</BusinessNameLine1>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1>117 SEVENTH STREET</AddressLine1>
          <City>LAKEWOOD</City>
          <State>NJ</State>
          <ZIPCode>08701</ZIPCode>
        </USAddress>
        <RecipientEIN>810564517</RecipientEIN>
        <CashGrantAmt>17000</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1>LAKEWOOD RESOURCE REFERRAL CENTER</BusinessNameLine1>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1>212 SECOND STREET</AddressLine1>
          <City>LAKEWOOD</City>
          <State>NJ</State>
          <ZIPCode>08701</ZIPCode>
        </USAddress>
        <RecipientEIN>201324142</RecipientEIN>
        <CashGrantAmt>650000</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1>SHUVU YISROEL OF YAD HARASHASH</BusinessNameLine1>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1>508 KINGS HIGHWAY</AddressLine1>
          <City>BROOKLYN</City>
          <State>NY</State>
          <ZIPCode>11223</ZIPCode>
        </USAddress>
        <RecipientEIN>112676252</RecipientEIN>
        <CashGrantAmt>50000</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1>STAM GEMILAS CHESED FUND</BusinessNameLine1>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1>615 FOREST AVENUE</AddressLine1>
          <City>LAKEWOOD</City>
          <State>NJ</State>
          <ZIPCode>08701</ZIPCode>
        </USAddress>
        <RecipientEIN>222371278</RecipientEIN>
        <CashGrantAmt>10000</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1>TALMUD TORAH BAIS AVRAHAM</BusinessNameLine1>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1>915 NEW HAMPSHIRE AVENUE</AddressLine1>
          <City>LAKEWOOD</City>
          <State>NJ</State>
          <ZIPCode>08701</ZIPCode>
        </USAddress>
        <RecipientEIN>202355056</RecipientEIN>
        <CashGrantAmt>11500</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1>TIFERES ACHIM</BusinessNameLine1>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1>1442 45TH STREET</AddressLine1>
          <City>BROOKLYN</City>
          <State>NY</State>
          <ZIPCode>11219</ZIPCode>
        </USAddress>
        <RecipientEIN>112700650</RecipientEIN>
        <CashGrantAmt>8500</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1>TORAS CHESED INC</BusinessNameLine1>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1>421 SIXTH STREET</AddressLine1>
          <City>LAKEWOOD</City>
          <State>NJ</State>
          <ZIPCode>08701</ZIPCode>
        </USAddress>
        <RecipientEIN>223297123</RecipientEIN>
        <CashGrantAmt>6000</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1>YESHIVA GEDOLAH ZICHRON MOSHE</BusinessNameLine1>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1>PO BOX 580</AddressLine1>
          <City>SOUTH FALLSBURG</City>
          <State>NY</State>
          <ZIPCode>12779</ZIPCode>
        </USAddress>
        <RecipientEIN>141509297</RecipientEIN>
        <CashGrantAmt>51000</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1>YESHIVA UNIVERSITY</BusinessNameLine1>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1>500 WEST 185TH STREET</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10033</ZIPCode>
        </USAddress>
        <RecipientEIN>131624225</RecipientEIN>
        <CashGrantAmt>36318</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1>VARIOUS ORGANIZATIONS</BusinessNameLine1>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1>601 PRIVATE WAY</AddressLine1>
          <City>LAKEWOOD</City>
          <State>NJ</State>
          <ZIPCode>08701</ZIPCode>
        </USAddress>
        <RecipientEIN>020677193</RecipientEIN>
        <IRCSectionDesc>3</IRCSectionDesc>
        <CashGrantAmt>69716</CashGrantAmt>
      </RecipientTable>
      <Total501c3OrgCnt>73</Total501c3OrgCnt>
      <GrantsOtherAsstToIndivInUSGrp>
        <GrantTypeTxt>SCHOLARSHIPS</GrantTypeTxt>
        <RecipientCnt>649</RecipientCnt>
        <CashGrantAmt>2176581</CashGrantAmt>
      </GrantsOtherAsstToIndivInUSGrp>
    </IRS990ScheduleI>
    <IRS990ScheduleO documentId="RetDoc7">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART V, LINE 4B</FormAndLineReferenceDesc>
        <ExplanationTxt>CANADA</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 2</FormAndLineReferenceDesc>
        <ExplanationTxt>YITZCHOK KOTLER ARON KOTLER PRES. TRUSTEE BROTHERS</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>A COPY OF FORM 990 WAS PROVIDED TO AN OFFICER FOR REVIEW AND COMMENTS PRIOR TO FILING.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>ATTORNEY REVIEWS TRANSACTIONS FOR POSSIBLE CONFLICTS</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>DOCUMENTS ARE MADE AVAILABLE UPON WRITTEN REQUEST SENT TO THE ORGANIZATION.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
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        <DisregardedEntityName>
          <BusinessNameLine1>CEDARBRIDGE DEVELOPMENT</BusinessNameLine1>
          <BusinessNameLine2>LLC</BusinessNameLine2>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1>242 4TH STREET</AddressLine1>
          <City>LAKEWOOD</City>
          <State>NJ</State>
          <ZIPCode>08701</ZIPCode>
        </USAddress>
        <EIN>260302989</EIN>
        <PrimaryActivitiesTxt>REAL ESTAT</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NJ</LegalDomicileStateCd>
        <EndOfYearAssetsAmt>10502427</EndOfYearAssetsAmt>
        <DirectControllingEntityName>
          <BusinessNameLine1>CEDARBRIDG</BusinessNameLine1>
          <BusinessNameLine2>E DEVELOPMENT URBAN RENEWAL CORP</BusinessNameLine2>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
    </IRS990ScheduleR>
  </ReturnData>
</Return>