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          <RecipientFoundationStatus>501(C)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>OPERATING SUPPORT</PurposeOfGrantOrContribution>
          <Amount>7000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>PPNNE</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>128 LAKESIDE AVE SUITE 301</AddressLine1>
            <City>BURLINGTON</City>
            <State>VT</State>
            <ZIPCode>05401</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>501(C)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>ST. JOHNSBURY FACILITY STARTUP</PurposeOfGrantOrContribution>
          <Amount>5000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>CRAFTSBURY COMMUNITY CARE CENTER</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1784 EAST CRAFTSBURY ROAD</AddressLine1>
            <City>CRAFTSBURY</City>
            <State>VT</State>
            <ZIPCode>05826</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>501(C)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CAPITAL CAMPAIGN</PurposeOfGrantOrContribution>
          <Amount>11000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>HARDWICK ELEMENTARY SCHOOL</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>135 SOUTH MAIN STREET</AddressLine1>
            <City>HARDWICK</City>
            <State>VT</State>
            <ZIPCode>05843</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>501(C)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>PASSAGEWORKS TRAINING</PurposeOfGrantOrContribution>
          <Amount>2500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>VERMONT RURAL EDUCATION COLLABORATIVE</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 86</AddressLine1>
            <City>CABOT</City>
            <State>VT</State>
            <ZIPCode>05647</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>501(C)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>PROGRAM SUPPORT</PurposeOfGrantOrContribution>
          <Amount>24000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>LUND FAMILY CENTER</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 4009</AddressLine1>
            <City>BURLINGTON</City>
            <State>VT</State>
            <ZIPCode>05406</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>501(C)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>PROGRAM SUPPORT</PurposeOfGrantOrContribution>
          <Amount>8000</Amount>
        </GrantOrContriPaidDuringYear>
        <TotGrantOrContriPaidDuringYear>118000</TotGrantOrContriPaidDuringYear>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <DividendsAndIntFromSecPartVII>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>78111</ExclusionAmount>
        </DividendsAndIntFromSecPartVII>
        <GainSalesAssetsOthThanInvntry>
          <ExclusionCode>18</ExclusionCode>
          <ExclusionAmount>86074</ExclusionAmount>
        </GainSalesAssetsOthThanInvntry>
        <SubtotalsPartXVIA>
          <ExclusionAmount>164185</ExclusionAmount>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>164185</TotalPartXVIA>
      </AnalysisIncomeProducingActy>
      <TrnsfrTrRlnWithNoncharitableEO>
        <TrnsfrOfCashToNoncharitableEO>false</TrnsfrOfCashToNoncharitableEO>
        <TrnsfrOthAssetsNoncharitableEO>false</TrnsfrOthAssetsNoncharitableEO>
        <SalesOrExchangesOfAssets>false</SalesOrExchangesOfAssets>
        <PurchaseAssetsNoncharitableEO>false</PurchaseAssetsNoncharitableEO>
        <RentalOfFacilitiesEtc>false</RentalOfFacilitiesEtc>
        <ReimbursementArrangements>false</ReimbursementArrangements>
        <LoansOrLoanGuarantees>false</LoansOrLoanGuarantees>
        <PerformanceOfServicesEtc>false</PerformanceOfServicesEtc>
        <SharingOfFacilitiesEtc>false</SharingOfFacilitiesEtc>
        <RelationshipsNoncharitableEOs>false</RelationshipsNoncharitableEOs>
      </TrnsfrTrRlnWithNoncharitableEO>
    </IRS990PF>
    <ExplnOfNonFilingWithAGStmt documentId="ExplanationOfNonFilingWithAGSt" softwareId="12000229" softwareVersion="2012v2.0">
      <Statement>VT DOES NOT REQUIRE IT TO BE FILED.</Statement>
    </ExplnOfNonFilingWithAGStmt>
    <InvestmentsCorpStockSchedule documentId="InvestmentsCorpStockSchedule" softwareId="12000229" softwareVersion="2012v2.0">
      <InvestmentsCorpStock>
        <NameOfStock>CORPORATE STOCK</NameOfStock>
        <EOYBookValue>2574877</EOYBookValue>
        <EOYFMV>2574877</EOYFMV>
      </InvestmentsCorpStock>
    </InvestmentsCorpStockSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSchedule" softwareId="12000229" softwareVersion="2012v2.0">
      <OtherExpenses>
        <Description>STAFF DEVELOPMENT</Description>
        <RevenueAndExpensesPerBooks>242</RevenueAndExpensesPerBooks>
        <DisbursementsCharitablePrps>242</DisbursementsCharitablePrps>
      </OtherExpenses>
      <OtherExpenses>
        <Description>OFFICE COSTS</Description>
        <RevenueAndExpensesPerBooks>1809</RevenueAndExpensesPerBooks>
        <DisbursementsCharitablePrps>1809</DisbursementsCharitablePrps>
      </OtherExpenses>
      <OtherExpenses>
        <Description>ADMINISTRATIVE FEES</Description>
        <RevenueAndExpensesPerBooks>11423</RevenueAndExpensesPerBooks>
        <DisbursementsCharitablePrps>11423</DisbursementsCharitablePrps>
      </OtherExpenses>
    </OtherExpensesSchedule>
    <OtherIncreasesSchedule documentId="OtherIncreasesSchedule" softwareId="12000229" softwareVersion="2012v2.0">
      <OtherIncreases>
        <Description>PRIOR YEAR UNREALIZED GAIN</Description>
        <Amount>139932</Amount>
      </OtherIncreases>
    </OtherIncreasesSchedule>
    <OtherProfessionalFeesSchedule documentId="OtherProfessionalFeesSchedule" softwareId="12000229" softwareVersion="2012v2.0">
      <OtherProfessionalFees>
        <Category>PAYROLL PROCESSING FEES</Category>
        <Amount>1051</Amount>
        <NetInvestmentIncome>0</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>1051</DisbursementsCharitablePrps>
      </OtherProfessionalFees>
      <OtherProfessionalFees>
        <Category>INVESTMENT MANAGEMENT FEES</Category>
        <Amount>35051</Amount>
        <NetInvestmentIncome>35051</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </OtherProfessionalFees>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule" softwareId="12000229" softwareVersion="2012v2.0">
      <Taxes>
        <Category>PAYROLL TAXES</Category>
        <Amount>3105</Amount>
        <DisbursementsCharitablePrps>3105</DisbursementsCharitablePrps>
      </Taxes>
      <Taxes>
        <Category>FOREIGN TAXES</Category>
        <Amount>1547</Amount>
        <NetInvestmentIncome>1547</NetInvestmentIncome>
      </Taxes>
      <Taxes>
        <Category>2012 ESTIMATED EXCISE TAX</Category>
        <Amount>700</Amount>
      </Taxes>
      <Taxes>
        <Category>2011 EXCISE TAX</Category>
        <Amount>154</Amount>
      </Taxes>
    </TaxesSchedule>
  </ReturnData>
</Return>