﻿<?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="2012v2.2">
  <ReturnHeader binaryAttachmentCount="0">
    <Timestamp>2013-05-03T10:18:17-00:00</Timestamp>
    <TaxPeriodEndDate>2012-12-31</TaxPeriodEndDate>
    <PreparerFirm>
      <PreparerFirmBusinessName>
        <BusinessNameLine1>Tracy J Sloan CPA</BusinessNameLine1>
      </PreparerFirmBusinessName>
      <PreparerFirmUSAddress>
        <AddressLine1>120 Village St</AddressLine1>
        <City>East Dorset</City>
        <State>VT</State>
        <ZIPCode>05253</ZIPCode>
      </PreparerFirmUSAddress>
    </PreparerFirm>
    <ReturnType>990</ReturnType>
    <TaxPeriodBeginDate>2012-01-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>030368814</EIN>
      <Name>
        <BusinessNameLine1>Underdog Foundation</BusinessNameLine1>
      </Name>
      <NameControl>UNDE</NameControl>
      <Phone>8027239909</Phone>
      <USAddress>
        <AddressLine1>PO BOX 443</AddressLine1>
        <City>ISLAND POND</City>
        <State>VT</State>
        <ZIPCode>05846</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>David Berge</Name>
      <Title>President</Title>
      <DateSigned>2013-05-03</DateSigned>
      <AuthorizeThirdParty>true</AuthorizeThirdParty>
    </Officer>
    <Preparer>
      <Name>Tracy Sloan</Name>
      <Phone>8023624143</Phone>
      <DatePrepared>2013-05-03</DatePrepared>
      <SelfEmployed>X</SelfEmployed>
    </Preparer>
    <TaxYear>2012</TaxYear>
    <BuildTS>2016-02-25 16:41:14Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="6">
    <IRS990 documentId="990" softwareId="12000057" softwareVersion="12.13.328.3">
      <NameOfPrincipalOfficerPerson>David Berge</NameOfPrincipalOfficerPerson>
      <AddressPrincipalOfficerUS>
        <AddressLine1>PO BOX 443</AddressLine1>
        <City>Island Pond</City>
        <State>VT</State>
        <ZIPCode>05846</ZIPCode>
      </AddressPrincipalOfficerUS>
      <GrossReceipts>2129</GrossReceipts>
      <GroupReturnForAffiliates>false</GroupReturnForAffiliates>
      <Organization501c3>X</Organization501c3>
      <YearFormation>2001</YearFormation>
      <StateLegalDomicile>VT</StateLegalDomicile>
      <ActivityOrMissionDescription>philanthropy, community investing and technical assistance that support education and socially responsible causes</ActivityOrMissionDescription>
      <NbrVotingMembersGoverningBody>4</NbrVotingMembersGoverningBody>
      <NbrIndependentVotingMembers>3</NbrIndependentVotingMembers>
      <TotalNbrEmployees>0</TotalNbrEmployees>
      <TotalGrossUBI>0</TotalGrossUBI>
      <ContributionsGrantsCurrentYear>0</ContributionsGrantsCurrentYear>
      <ProgramServiceRevenueCY>0</ProgramServiceRevenueCY>
      <InvestmentIncomePriorYear>3489</InvestmentIncomePriorYear>
      <InvestmentIncomeCurrentYear>2129</InvestmentIncomeCurrentYear>
      <OtherRevenueCurrentYear>0</OtherRevenueCurrentYear>
      <TotalRevenuePriorYear>3489</TotalRevenuePriorYear>
      <TotalRevenueCurrentYear>2129</TotalRevenueCurrentYear>
      <GrantsAndSimilarAmntsPriorYear>120000</GrantsAndSimilarAmntsPriorYear>
      <GrantsAndSimilarAmntsCY>99322</GrantsAndSimilarAmntsCY>
      <BenefitsPaidToMembersCY>0</BenefitsPaidToMembersCY>
      <SalariesEtcCurrentYear>0</SalariesEtcCurrentYear>
      <TotalProfFundrsngExpCY>0</TotalProfFundrsngExpCY>
      <TotalFundrsngExpCurrentYear>0</TotalFundrsngExpCurrentYear>
      <OtherExpensePriorYear>5491</OtherExpensePriorYear>
      <OtherExpensesCurrentYear>8200</OtherExpensesCurrentYear>
      <TotalExpensesPriorYear>125491</TotalExpensesPriorYear>
      <TotalExpensesCurrentYear>107522</TotalExpensesCurrentYear>
      <RevenuesLessExpensesPriorYear>-122002</RevenuesLessExpensesPriorYear>
      <RevenuesLessExpensesCY>-105393</RevenuesLessExpensesCY>
      <TotalAssetsBOY>4575479</TotalAssetsBOY>
      <TotalAssetsEOY>4470086</TotalAssetsEOY>
      <TotalLiabilitiesEOY>0</TotalLiabilitiesEOY>
      <NetAssetsOrFundBalancesBOY>4575479</NetAssetsOrFundBalancesBOY>
      <NetAssetsOrFundBalancesEOY>4470086</NetAssetsOrFundBalancesEOY>
      <MissionDescription>Philanthropy, community investing and technical assistance that support education and socially responsible causes</MissionDescription>
      <SignificantNewProgramServices>false</SignificantNewProgramServices>
      <SignificantChange>false</SignificantChange>
      <Expense>99572</Expense>
      <Grants>99322</Grants>
      <Description>philanthropy, community investing and technical assistance that support education and socially responsible causes</Description>
      <TotalProgramServiceExpense>99572</TotalProgramServiceExpense>
      <DescribedIn501C3 referenceDocumentId="990A">true</DescribedIn501C3>
      <ScheduleBRequired>false</ScheduleBRequired>
      <PoliticalActivities>false</PoliticalActivities>
      <LobbyingActivities>false</LobbyingActivities>
      <DonorAdvisedFunds referenceDocumentId="990D">true</DonorAdvisedFunds>
      <ConservationEasements>false</ConservationEasements>
      <CollectionsOfArt>false</CollectionsOfArt>
      <CreditCounseling>false</CreditCounseling>
      <TermOrPermanentEndowments>false</TermOrPermanentEndowments>
      <ReportLandBldgEquip>false</ReportLandBldgEquip>
      <ReportInvestOthSecurities referenceDocumentId="990D">true</ReportInvestOthSecurities>
      <ReportProgRelInvest>false</ReportProgRelInvest>
      <ReportOtherAssets>false</ReportOtherAssets>
      <ReportOtherLiabilities>false</ReportOtherLiabilities>
      <ReportFin48Footnote>false</ReportFin48Footnote>
      <IndependentAuditFinancialStmt>false</IndependentAuditFinancialStmt>
      <ConsolidatedAuditFinancialStmt>false</ConsolidatedAuditFinancialStmt>
      <School>false</School>
      <ForeignOffice>false</ForeignOffice>
      <ForeignActivities>false</ForeignActivities>
      <MoreThan5000KToOrganizations>false</MoreThan5000KToOrganizations>
      <MoreThan5000KToIndividuals>false</MoreThan5000KToIndividuals>
      <ProfessionalFundraising>false</ProfessionalFundraising>
      <FundraisingActivities>false</FundraisingActivities>
      <Gaming>false</Gaming>
      <Hospital>false</Hospital>
      <GrantsToOrganizations referenceDocumentId="990I">true</GrantsToOrganizations>
      <GrantsToIndividuals>false</GrantsToIndividuals>
      <ScheduleJRequired>false</ScheduleJRequired>
      <TaxExemptBonds>false</TaxExemptBonds>
      <InvestTaxExemptBonds>false</InvestTaxExemptBonds>
      <EscrowAccount>false</EscrowAccount>
      <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      <ExcessBenefitTransaction>false</ExcessBenefitTransaction>
      <PriorExcessBenefitTransaction>false</PriorExcessBenefitTransaction>
      <LoanToOfficerOrDQP>false</LoanToOfficerOrDQP>
      <GrantToRelatedPerson>false</GrantToRelatedPerson>
      <BsnssRltnshpWithOrganization>false</BsnssRltnshpWithOrganization>
      <BsnssRltnshpThruFamilyMember>false</BsnssRltnshpThruFamilyMember>
      <OfficerEntityWithBsnssRltnshp>false</OfficerEntityWithBsnssRltnshp>
      <DeductibleNonCashContributions>false</DeductibleNonCashContributions>
      <DeductibleContributionsOfArt>false</DeductibleContributionsOfArt>
      <Terminated>false</Terminated>
      <PartialLiquidation>false</PartialLiquidation>
      <DisregardedEntity>false</DisregardedEntity>
      <RelatedEntity referenceDocumentId="990R">true</RelatedEntity>
      <RelatedOrgControlledEntity>false</RelatedOrgControlledEntity>
      <TransfersToExemptNonChrtblOrg>false</TransfersToExemptNonChrtblOrg>
      <ActivitiesConductedPartnership>false</ActivitiesConductedPartnership>
      <ScheduleORequired>true</ScheduleORequired>
      <NumberFormsTransmittedWith1096>0</NumberFormsTransmittedWith1096>
      <NumberW2GIncluded>0</NumberW2GIncluded>
      <ComplianceWithBackupWitholding>true</ComplianceWithBackupWitholding>
      <NumberOfEmployees>0</NumberOfEmployees>
      <UnrelatedBusinessIncome>false</UnrelatedBusinessIncome>
      <ForeignFinancialAccount>false</ForeignFinancialAccount>
      <ProhibitedTaxShelterTrans>false</ProhibitedTaxShelterTrans>
      <TaxablePartyNotification>false</TaxablePartyNotification>
      <NonDeductibleContributions>false</NonDeductibleContributions>
      <QuidProQuoContributions>false</QuidProQuoContributions>
      <Form8282PropertyDisposedOf>false</Form8282PropertyDisposedOf>
      <FundsToPayPremiums>false</FundsToPayPremiums>
      <PremiumsPaid>false</PremiumsPaid>
      <ExcessBusinessHoldings>false</ExcessBusinessHoldings>
      <TaxableDistributions>false</TaxableDistributions>
      <DistributionToDonor>false</DistributionToDonor>
      <IndoorTanningServices>false</IndoorTanningServices>
      <InfoInScheduleOPartVI>X</InfoInScheduleOPartVI>
      <NbrVotingGoverningBodyMembers>4</NbrVotingGoverningBodyMembers>
      <NumberIndependentVotingMembers>3</NumberIndependentVotingMembers>
      <FamilyOrBusinessRelationship>false</FamilyOrBusinessRelationship>
      <DelegationOfManagementDuties>false</DelegationOfManagementDuties>
      <ChangesToOrganizingDocs>false</ChangesToOrganizingDocs>
      <MaterialDiversionOrMisuse>false</MaterialDiversionOrMisuse>
      <MembersOrStockholders>false</MembersOrStockholders>
      <ElectionOfBoardMembers>false</ElectionOfBoardMembers>
      <DecisionsSubjectToApproval>false</DecisionsSubjectToApproval>
      <MinutesOfGoverningBody>true</MinutesOfGoverningBody>
      <MinutesOfCommittees>true</MinutesOfCommittees>
      <OfficerMailingAddress>false</OfficerMailingAddress>
      <LocalChapters>false</LocalChapters>
      <Form990ProvidedToGoverningBody>false</Form990ProvidedToGoverningBody>
      <ConflictOfInterestPolicy>true</ConflictOfInterestPolicy>
      <AnnualDisclosureCoveredPersons>true</AnnualDisclosureCoveredPersons>
      <RegularMonitoringEnforcement>true</RegularMonitoringEnforcement>
      <WhistleblowerPolicy>false</WhistleblowerPolicy>
      <DocumentRetentionPolicy>false</DocumentRetentionPolicy>
      <CompensationProcessCEO>false</CompensationProcessCEO>
      <CompensationProcessOther>false</CompensationProcessOther>
      <InvestmentInJointVenture>true</InvestmentInJointVenture>
      <WrittenPolicyOrProcedure>true</WrittenPolicyOrProcedure>
      <UponRequest>X</UponRequest>
      <TheBooksAreInCareOf>
        <NamePerson>David Berge</NamePerson>
        <TelephoneNumber>8027239909</TelephoneNumber>
        <AddressUS>
          <AddressLine1>PO BOX 443</AddressLine1>
          <City>ISLAND POND</City>
          <State>VT</State>
          <ZIPCode>05846</ZIPCode>
        </AddressUS>
      </TheBooksAreInCareOf>
      <NoListedPersonsCompensated>X</NoListedPersonsCompensated>
      <Form990PartVIISectionA>
        <NamePerson>David Berge</NamePerson>
        <Title>Pres</Title>
        <AverageHoursPerWeek>002.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <Officer>X</Officer>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Alisa Gravitz</NamePerson>
        <Title>Trustee</Title>
        <AverageHoursPerWeek>000.50</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Drummond Pike</NamePerson>
        <Title>Trustee</Title>
        <AverageHoursPerWeek>000.50</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Joel Solomon</NamePerson>
        <Title>Trustee</Title>
        <AverageHoursPerWeek>000.50</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <Officer>X</Officer>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <FormersListed>false</FormersListed>
      <TotalCompGT150K>false</TotalCompGT150K>
      <CompensationFromOtherSources>false</CompensationFromOtherSources>
      <InvestmentIncome>
        <TotalRevenueColumn>2129</TotalRevenueColumn>
        <ExclusionAmount>2129</ExclusionAmount>
      </InvestmentIncome>
      <TotalRevenue>
        <TotalRevenueColumn>2129</TotalRevenueColumn>
        <ExclusionAmount>2129</ExclusionAmount>
      </TotalRevenue>
      <GrantsToDomesticOrgs>
        <Total>99322</Total>
        <ProgramServices>99322</ProgramServices>
      </GrantsToDomesticOrgs>
      <GrantsToDomesticIndividuals>
        <Total>0</Total>
      </GrantsToDomesticIndividuals>
      <ForeignGrants>
        <Total>0</Total>
      </ForeignGrants>
      <BenefitsToMembers>
        <Total>0</Total>
      </BenefitsToMembers>
      <CompCurrentOfficersDirectors>
        <Total>0</Total>
      </CompCurrentOfficersDirectors>
      <CompDisqualPersons>
        <Total>0</Total>
      </CompDisqualPersons>
      <OtherSalariesAndWages>
        <Total>0</Total>
      </OtherSalariesAndWages>
      <PensionPlanContributions>
        <Total>0</Total>
      </PensionPlanContributions>
      <OtherEmployeeBenefits>
        <Total>0</Total>
      </OtherEmployeeBenefits>
      <PayrollTaxes>
        <Total>0</Total>
      </PayrollTaxes>
      <FeesForServicesManagement>
        <Total>0</Total>
      </FeesForServicesManagement>
      <FeesForServicesLegal>
        <Total>6073</Total>
        <ManagementAndGeneral>6073</ManagementAndGeneral>
      </FeesForServicesLegal>
      <FeesForServicesAccounting>
        <Total>1250</Total>
        <ManagementAndGeneral>1250</ManagementAndGeneral>
      </FeesForServicesAccounting>
      <FeesForServicesLobbying>
        <Total>0</Total>
      </FeesForServicesLobbying>
      <FeesForServicesProfFundraising></FeesForServicesProfFundraising>
      <FeesForServicesInvstMgmntFees>
        <Total>0</Total>
      </FeesForServicesInvstMgmntFees>
      <FeesForServicesOther>
        <Total>0</Total>
      </FeesForServicesOther>
      <Advertising>
        <Total>0</Total>
      </Advertising>
      <OfficeExpenses>
        <Total>46</Total>
        <ManagementAndGeneral>46</ManagementAndGeneral>
      </OfficeExpenses>
      <InformationTechnology>
        <Total>0</Total>
      </InformationTechnology>
      <Royalties>
        <Total>0</Total>
      </Royalties>
      <Occupancy>
        <Total>0</Total>
      </Occupancy>
      <Travel>
        <Total>42</Total>
        <ManagementAndGeneral>42</ManagementAndGeneral>
      </Travel>
      <TravelEntrtnmntPublicOfficials>
        <Total>0</Total>
      </TravelEntrtnmntPublicOfficials>
      <ConferencesMeetings>
        <Total>0</Total>
      </ConferencesMeetings>
      <Interest>
        <Total>0</Total>
      </Interest>
      <PaymentsToAffiliates>
        <Total>0</Total>
      </PaymentsToAffiliates>
      <DepreciationDepletion>
        <Total>0</Total>
      </DepreciationDepletion>
      <Insurance>
        <Total>0</Total>
      </Insurance>
      <OtherExpenses>
        <Description>BANK SERVICE CHARGES</Description>
        <Total>45</Total>
        <ManagementAndGeneral>45</ManagementAndGeneral>
      </OtherExpenses>
      <OtherExpenses>
        <Description>FILING FEES</Description>
        <Total>321</Total>
        <ManagementAndGeneral>321</ManagementAndGeneral>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Sponsorship</Description>
        <Total>250</Total>
        <ProgramServices>250</ProgramServices>
      </OtherExpenses>
      <AllOtherExpenses>
        <Total>173</Total>
        <ManagementAndGeneral>173</ManagementAndGeneral>
      </AllOtherExpenses>
      <TotalFunctionalExpenses>
        <Total>107522</Total>
        <ProgramServices>99572</ProgramServices>
        <ManagementAndGeneral>7950</ManagementAndGeneral>
        <Fundraising>0</Fundraising>
      </TotalFunctionalExpenses>
      <CashNonInterestBearing>
        <BOY>42530</BOY>
        <EOY>95228</EOY>
      </CashNonInterestBearing>
      <SavingsAndTempCashInvestments>
        <BOY>1156044</BOY>
        <EOY>897953</EOY>
      </SavingsAndTempCashInvestments>
      <OtherNotesLoansReceivableNet>
        <EOY>100000</EOY>
      </OtherNotesLoansReceivableNet>
      <InvestmentsOtherSecurities>
        <BOY>3366905</BOY>
        <EOY>3366905</EOY>
      </InvestmentsOtherSecurities>
      <OtherAssetsTotal>
        <BOY>10000</BOY>
        <EOY>10000</EOY>
      </OtherAssetsTotal>
      <TotalAssets>
        <BOY>4575479</BOY>
        <EOY>4470086</EOY>
      </TotalAssets>
      <TotalLiabilities>
        <BOY>0</BOY>
        <EOY>0</EOY>
      </TotalLiabilities>
      <FollowSFAS117>X</FollowSFAS117>
      <UnrestrictedNetAssets>
        <BOY>4575479</BOY>
        <EOY>4470086</EOY>
      </UnrestrictedNetAssets>
      <TotalNetAssetsFundBalances>
        <BOY>4575479</BOY>
        <EOY>4470086</EOY>
      </TotalNetAssetsFundBalances>
      <TotalLiabNetAssetsFundBalances>
        <BOY>4575479</BOY>
        <EOY>4470086</EOY>
      </TotalLiabNetAssetsFundBalances>
      <InfoInScheduleOPartXI>X</InfoInScheduleOPartXI>
      <ReconcilationRevenueExpenses>-105393</ReconcilationRevenueExpenses>
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <AccountantCompileOrReview>false</AccountantCompileOrReview>
      <FSAudited>false</FSAudited>
      <FederalGrantAuditRequired>false</FederalGrantAuditRequired>
    </IRS990>
    <IRS990ScheduleA documentId="990A" softwareId="12000057" softwareVersion="12.13.328.3">
      <SupportingOrganization509a3>X</SupportingOrganization509a3>
      <SupportingOrg509a3Type3FuncInt>X</SupportingOrg509a3Type3FuncInt>
      <CertificationCheckbox>X</CertificationCheckbox>
      <WrittenIRSDetermination>X</WrittenIRSDetermination>
      <ContribByControllingIndividual>false</ContribByControllingIndividual>
      <ContributionByRelatedParty>false</ContributionByRelatedParty>
      <ContribBy35ControlledEntity>false</ContribBy35ControlledEntity>
      <SupportedOrgInformation>
        <Name>
          <BusinessNameLine1>Tides Foundation</BusinessNameLine1>
        </Name>
        <EIN>510198509</EIN>
        <TypeOfOrganization>7</TypeOfOrganization>
        <ListedInGoverningDoc>true</ListedInGoverningDoc>
        <SupportedOrganizationNotified>true</SupportedOrganizationNotified>
        <OrganizedInUS>true</OrganizedInUS>
        <Amount>0</Amount>
      </SupportedOrgInformation>
      <TotalNumberOfSupportedOrgs>1</TotalNumberOfSupportedOrgs>
      <PublicSupportPertcentage170>0.00000</PublicSupportPertcentage170>
      <PublicSupportPercentage509>0.00000</PublicSupportPercentage509>
      <InvestmentIncomePercentage>0.00000</InvestmentIncomePercentage>
    </IRS990ScheduleA>
    <IRS990ScheduleD documentId="990D" softwareId="12000057" softwareVersion="12.13.328.3">
      <NumberDAFsHeld>8</NumberDAFsHeld>
      <GrantsPaidFromDonorFunds>69572</GrantsPaidFromDonorFunds>
      <AggregateDAFValue>1837637</AggregateDAFValue>
      <DisclosedOrgsLegalControl>true</DisclosedOrgsLegalControl>
      <DisclosedForCharitablePurposes>true</DisclosedForCharitablePurposes>
      <IncludedOnFS>false</IncludedOnFS>
      <OtherSecurities>
        <Description>Financial derivatives and other financial products</Description>
      </OtherSecurities>
      <OtherSecurities>
        <Description>Closely-held equity interests</Description>
      </OtherSecurities>
      <OtherSecurities>
        <Description>Underdog Ventures Legacy Fund</Description>
        <BookValue>1100000</BookValue>
        <MethodOfValuation>C</MethodOfValuation>
      </OtherSecurities>
      <OtherSecurities>
        <Description>Underdog Ventures LLC</Description>
        <BookValue>647343</BookValue>
        <MethodOfValuation>C</MethodOfValuation>
      </OtherSecurities>
      <OtherSecurities>
        <Description>Pura Vida Coffee</Description>
        <MethodOfValuation>C</MethodOfValuation>
      </OtherSecurities>
      <OtherSecurities>
        <Description>Altrushare Securities</Description>
        <BookValue>926835</BookValue>
        <MethodOfValuation>C</MethodOfValuation>
      </OtherSecurities>
      <OtherSecurities>
        <Description>Innesfarm Inc</Description>
        <BookValue>667727</BookValue>
        <MethodOfValuation>C</MethodOfValuation>
      </OtherSecurities>
      <OtherSecurities>
        <Description>RSF Social Investment Fund</Description>
        <BookValue>25000</BookValue>
        <MethodOfValuation>C</MethodOfValuation>
      </OtherSecurities>
      <TotalOfBookValueSecurities>3366905</TotalOfBookValueSecurities>
      <OtherLiabilities>
        <Description>Federal income taxes</Description>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>Loans</Description>
      </OtherLiabilities>
    </IRS990ScheduleD>
    <IRS990ScheduleI documentId="990I" softwareId="12000057" softwareVersion="12.13.328.3">
      <RecordsMaintained>true</RecordsMaintained>
      <RecipientTable>
        <RecipientNameBusiness>
          <BusinessNameLine1>ROBERT TOIGO FOUNDATION</BusinessNameLine1>
        </RecipientNameBusiness>
        <AddressUS>
          <AddressLine1>180 GRAND AVE</AddressLine1>
          <City>OAKLAND</City>
          <State>CA</State>
          <ZIPCode>94612</ZIPCode>
        </AddressUS>
        <EINOfRecipient>133565420</EINOfRecipient>
        <IRCSection>501C 3</IRCSection>
        <AmountOfCashGrant>12500</AmountOfCashGrant>
        <PurposeOfGrant>Program Support</PurposeOfGrant>
      </RecipientTable>
      <RecipientTable>
        <RecipientNameBusiness>
          <BusinessNameLine1>TIDES FOUNDATION</BusinessNameLine1>
        </RecipientNameBusiness>
        <AddressUS>
          <AddressLine1>PO BOX 29903</AddressLine1>
          <City>SAN FRANCISCO</City>
          <State>CA</State>
          <ZIPCode>94129</ZIPCode>
        </AddressUS>
        <EINOfRecipient>510198509</EINOfRecipient>
        <IRCSection>501C 3</IRCSection>
        <AmountOfCashGrant>17822</AmountOfCashGrant>
        <PurposeOfGrant>Program Support</PurposeOfGrant>
      </RecipientTable>
      <RecipientTable>
        <RecipientNameBusiness>
          <BusinessNameLine1>SOCIAL VENTURE NETWORK</BusinessNameLine1>
        </RecipientNameBusiness>
        <AddressUS>
          <AddressLine1>PO BOX 29221</AddressLine1>
          <City>SAN FRANCISCO</City>
          <State>CA</State>
          <ZIPCode>941290221</ZIPCode>
        </AddressUS>
        <EINOfRecipient>650055983</EINOfRecipient>
        <IRCSection>501C 3</IRCSection>
        <AmountOfCashGrant>65000</AmountOfCashGrant>
        <PurposeOfGrant>Program Support</PurposeOfGrant>
      </RecipientTable>
      <TotalNbrOfOtherOrganizations>3</TotalNbrOfOtherOrganizations>
    </IRS990ScheduleI>
    <IRS990ScheduleO documentId="990O" softwareId="12000057" softwareVersion="12.13.328.3">
      <GeneralExplanation>
        <Identifier>Form 990 Part XI</Identifier>
        <ReturnReference>5</ReturnReference>
        <Explanation>Income from pass thru exempt purpose related investments is not consolidated for book purpose.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990 Part VI</Identifier>
        <ReturnReference>B 12</ReturnReference>
        <Explanation>Board members are asked to disclosure conflicts of interest when private companies are discussed. Potential conflicts of interest are disclosed and discussed by board members at board meetings.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="990R" softwareId="12000057" softwareVersion="12.13.328.3">
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>Tides Foundation</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>1014 Torney Ave</AddressLine1>
          <City>San Francisco</City>
          <State>CA</State>
          <ZIPCode>94129</ZIPCode>
        </AddressUS>
        <EIN>510198509</EIN>
        <LegalDomicileState>CA</LegalDomicileState>
        <ExemptCodeSection>501 C 3</ExemptCodeSection>
        <DirectControllingEntityNA>N/A</DirectControllingEntityNA>
        <ControlledOrg>false</ControlledOrg>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartIII>
        <NameOfRelatedOrg>
          <BusinessNameLine1>UV Legacy Fund</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>23 Route 105</AddressLine1>
          <City>Island Pond</City>
          <State>VT</State>
          <ZIPCode>05846</ZIPCode>
        </AddressUS>
        <EIN>113601517</EIN>
        <PrimaryActivity>Social Venture</PrimaryActivity>
        <LegalDomicileState>VT</LegalDomicileState>
        <DirectControllingEntityName>
          <BusinessNameLine1>na</BusinessNameLine1>
        </DirectControllingEntityName>
        <PredominantIncomeType>Related</PredominantIncomeType>
        <DisproportionateAllocations>false</DisproportionateAllocations>
        <GeneralOrManagingPartner>false</GeneralOrManagingPartner>
        <PercentageOwnership>0.98860</PercentageOwnership>
      </Form990ScheduleRPartIII>
    </IRS990ScheduleR>
  </ReturnData>
</Return>