﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2012v2.1">
  <ReturnHeader binaryAttachmentCount="0">
    <Timestamp>2013-08-14T11:36:48-05:00</Timestamp>
    <TaxPeriodEndDate>2012-12-31</TaxPeriodEndDate>
    <PreparerFirm>
      <PreparerFirmBusinessName>
        <BusinessNameLine1>GOTHIE HOYT FILIPPETTI &amp; MALAGHAN LLC</BusinessNameLine1>
      </PreparerFirmBusinessName>
      <PreparerFirmUSAddress>
        <AddressLine1>112 NEW LONDON RD</AddressLine1>
        <City>GROTON</City>
        <State>CT</State>
        <ZIPCode>063404869</ZIPCode>
      </PreparerFirmUSAddress>
    </PreparerFirm>
    <ReturnType>990PF</ReturnType>
    <TaxPeriodBeginDate>2012-01-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>222496957</EIN>
      <Name>
        <BusinessNameLine1>OLEAN FOUNDATION INC</BusinessNameLine1>
      </Name>
      <NameControl>OLEA</NameControl>
      <Phone>4013150143</Phone>
      <USAddress>
        <AddressLine1>101 AIRPORT ROAD</AddressLine1>
        <City>WESTERLY</City>
        <State>RI</State>
        <ZIPCode>02891</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>ROBERT MASTROFINO</Name>
      <Title>FINANCE DIRECTOR</Title>
      <Phone>4013150143</Phone>
      <DateSigned>2013-07-22</DateSigned>
    </Officer>
    <Preparer>
      <Name>PAUL R FILIPPETTI</Name>
      <Phone>8605363287</Phone>
      <DatePrepared>2013-07-22</DatePrepared>
    </Preparer>
    <TaxYear>2012</TaxYear>
    <BuildTS>2016-02-25 16:41:14Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="10">
    <IRS990PF documentId="RetDoc1">
      <ExemptPF>X</ExemptPF>
      <FMVAssetsEOY>906988</FMVAssetsEOY>
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <AnalysisOfRevenueAndExpenses>
        <ContriReceivedRevAndExpnss>29343</ContriReceivedRevAndExpnss>
        <NotRequiredToAttachScheduleB>X</NotRequiredToAttachScheduleB>
        <InterestOnSavingsRevAndExpnss>38</InterestOnSavingsRevAndExpnss>
        <InterestOnSavingsNetInvstIncm>38</InterestOnSavingsNetInvstIncm>
        <InterestOnSavingsAdjNetIncm>38</InterestOnSavingsAdjNetIncm>
        <DividendsRevAndExpnss>34134</DividendsRevAndExpnss>
        <DividendsNetInvstIncm>34134</DividendsNetInvstIncm>
        <DividendsAdjNetIncm>34134</DividendsAdjNetIncm>
        <NetGainSaleAssetsRevAndExpnss>-13904</NetGainSaleAssetsRevAndExpnss>
        <GrossSalesPrice>228779</GrossSalesPrice>
        <OtherIncomeRevAndExpnss referenceDocumentId="RetDoc8">28000</OtherIncomeRevAndExpnss>
        <OtherIncomeAdjNetIncm>28000</OtherIncomeAdjNetIncm>
        <TotalRevenueAndExpenses>77611</TotalRevenueAndExpenses>
        <TotalNetInvestmentIncome>34172</TotalNetInvestmentIncome>
        <TotalAdjustedNetIncome>62172</TotalAdjustedNetIncome>
        <AccountingFeesRevAndExpnss referenceDocumentId="RetDoc2">3500</AccountingFeesRevAndExpnss>
        <AccountingFeesNetInvstIncm>1750</AccountingFeesNetInvstIncm>
        <AccountingFeesDsbrsChrtblPrps>1750</AccountingFeesDsbrsChrtblPrps>
        <OtherProfFeesRevAndExpnss referenceDocumentId="RetDoc9">8657</OtherProfFeesRevAndExpnss>
        <OtherProfFeesNetInvstIncm>8657</OtherProfFeesNetInvstIncm>
        <OtherProfFeesAdjNetIncm>8657</OtherProfFeesAdjNetIncm>
        <TaxesRevAndExpnss referenceDocumentId="RetDoc10">270</TaxesRevAndExpnss>
        <TaxesNetInvstIncm>235</TaxesNetInvstIncm>
        <TaxesAdjNetIncm>235</TaxesAdjNetIncm>
        <TaxesDsbrsChrtblPrps>35</TaxesDsbrsChrtblPrps>
        <OtherExpensesRevAndExpnss referenceDocumentId="RetDoc6">28932</OtherExpensesRevAndExpnss>
        <OtherExpensesAdjNetIncm>28932</OtherExpensesAdjNetIncm>
        <TotOprExpensesRevAndExpnss>41359</TotOprExpensesRevAndExpnss>
        <TotOprExpensesNetInvstIncm>10642</TotOprExpensesNetInvstIncm>
        <TotOprExpensesAdjNetIncm>37824</TotOprExpensesAdjNetIncm>
        <TotOprExpensesDsbrsChrtblPrps>1785</TotOprExpensesDsbrsChrtblPrps>
        <ContriGiftsPaidRevAndExpnss>100319</ContriGiftsPaidRevAndExpnss>
        <ContriGiftsPaidDsbrsChrtblPrps>100319</ContriGiftsPaidDsbrsChrtblPrps>
        <TotalExpensesRevAndExpnss>141678</TotalExpensesRevAndExpnss>
        <TotalExpensesNetInvstIncm>10642</TotalExpensesNetInvstIncm>
        <TotalExpensesAdjNetIncm>37824</TotalExpensesAdjNetIncm>
        <TotalExpensesDsbrsChrtblPrps>102104</TotalExpensesDsbrsChrtblPrps>
        <ExcessOfRevenueOverExpenses>-64067</ExcessOfRevenueOverExpenses>
        <NetInvestmentIncome>23530</NetInvestmentIncome>
        <AdjustedNetIncome>24348</AdjustedNetIncome>
      </AnalysisOfRevenueAndExpenses>
      <BalanceSheets>
        <CashBOY>200</CashBOY>
        <CashEOY>200</CashEOY>
        <CashEOYFMV>200</CashEOYFMV>
        <SavingsAndTempCashInvstBOY>55894</SavingsAndTempCashInvstBOY>
        <SavingsAndTempCashInvstEOY>42483</SavingsAndTempCashInvstEOY>
        <SavingsAndTempCashInvstEOYFMV>42483</SavingsAndTempCashInvstEOYFMV>
        <AccountsReceivable>1500</AccountsReceivable>
        <AccountsReceivableEOY>1500</AccountsReceivableEOY>
        <AccountsReceivableEOYFMV>1500</AccountsReceivableEOYFMV>
        <PrepaidExpensesBOY>1000</PrepaidExpensesBOY>
        <PrepaidExpensesEOY>1266</PrepaidExpensesEOY>
        <PrepaidExpensesEOYFMV>1266</PrepaidExpensesEOYFMV>
        <InvestmentsCorpStockBOY>631739</InvestmentsCorpStockBOY>
        <InvestmentsCorpStockEOY referenceDocumentId="RetDoc5">653760</InvestmentsCorpStockEOY>
        <InvestmentsCorpStockEOYFMV>653760</InvestmentsCorpStockEOYFMV>
        <InvestmentsCorpBondsBOY>216767</InvestmentsCorpBondsBOY>
        <InvestmentsCorpBondsEOY referenceDocumentId="RetDoc4">207779</InvestmentsCorpBondsEOY>
        <InvestmentsCorpBondsEOYFMV>207779</InvestmentsCorpBondsEOYFMV>
        <TotalAssetsBOY>905600</TotalAssetsBOY>
        <TotalAssetsEOY>906988</TotalAssetsEOY>
        <TotalAssetsEOYFMV>906988</TotalAssetsEOYFMV>
        <AccountsPayableBOY>279</AccountsPayableBOY>
        <AccountsPayableEOY>12354</AccountsPayableEOY>
        <GrantsPayableBOY>27351</GrantsPayableBOY>
        <GrantsPayableEOY>29271</GrantsPayableEOY>
        <TotalLiabilitiesBOY>27630</TotalLiabilitiesBOY>
        <TotalLiabilitiesEOY>41625</TotalLiabilitiesEOY>
        <OrgThatFollowSFAS117>X</OrgThatFollowSFAS117>
        <UnrestrictedBOY>877970</UnrestrictedBOY>
        <UnrestrictedEOY>865363</UnrestrictedEOY>
        <TotalNetAssetsBOY>877970</TotalNetAssetsBOY>
        <TotalNetAssetsEOY>865363</TotalNetAssetsEOY>
        <TotalLiabilitiesNetAssetsBOY>905600</TotalLiabilitiesNetAssetsBOY>
        <TotalLiabilitiesNetAssetsEOY>906988</TotalLiabilitiesNetAssetsEOY>
      </BalanceSheets>
      <ChangesInNetAssetsFundBalances>
        <TotalNetAssetsFundBalancesBOY>877970</TotalNetAssetsFundBalancesBOY>
        <ExcessOfRevenueOverExpenses>-64067</ExcessOfRevenueOverExpenses>
        <OtherIncreases referenceDocumentId="RetDoc7">51460</OtherIncreases>
        <Subtotal>865363</Subtotal>
        <TotalNetAssetsFundBalancesEOY>865363</TotalNetAssetsFundBalancesEOY>
      </ChangesInNetAssetsFundBalances>
      <CapitalGainsAndLosses>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>FIRST ALLIED SECURITIES</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2012-02-29</DateAcquired>
          <DateSold>2012-05-17</DateSold>
          <GrossSalesPrice>24459</GrossSalesPrice>
          <CostOrOtherBasis>25350</CostOrOtherBasis>
          <GainOrLoss>-891</GainOrLoss>
          <GainsMinusExcessOrLosses>-891</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>FIRST ALLIED SECURITIES</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2009-10-05</DateAcquired>
          <DateSold>2012-02-21</DateSold>
          <GrossSalesPrice>204320</GrossSalesPrice>
          <CostOrOtherBasis>217333</CostOrOtherBasis>
          <GainOrLoss>-13013</GainOrLoss>
          <GainsMinusExcessOrLosses>-13013</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainNetIncome>-13904</CapitalGainNetIncome>
      </CapitalGainsAndLosses>
      <QlfyUndSect4940eForReducedTax>
        <LiableFor4942Tax>false</LiableFor4942Tax>
        <QualifyingDistributionsYear1>36508</QualifyingDistributionsYear1>
        <NoncharitableAssetsYear1>874308</NoncharitableAssetsYear1>
        <DistributionRatioYear1>0.041756</DistributionRatioYear1>
        <QualifyingDistributionsYear2>64847</QualifyingDistributionsYear2>
        <NoncharitableAssetsYear2>857924</NoncharitableAssetsYear2>
        <DistributionRatioYear2>0.075586</DistributionRatioYear2>
        <QualifyingDistributionsYear3>35899</QualifyingDistributionsYear3>
        <NoncharitableAssetsYear3>771135</NoncharitableAssetsYear3>
        <DistributionRatioYear3>0.046553</DistributionRatioYear3>
        <QualifyingDistributionsYear4>80416</QualifyingDistributionsYear4>
        <NoncharitableAssetsYear4>802251</NoncharitableAssetsYear4>
        <DistributionRatioYear4>0.100238</DistributionRatioYear4>
        <QualifyingDistributionsYear5>49896</QualifyingDistributionsYear5>
        <NoncharitableAssetsYear5>840246</NoncharitableAssetsYear5>
        <DistributionRatioYear5>0.059383</DistributionRatioYear5>
        <TotalDistributionRatio>0.323516</TotalDistributionRatio>
        <AverageDistributionRatio>0.064703</AverageDistributionRatio>
        <NetNoncharitableAssets>910719</NetNoncharitableAssets>
        <AdjustedNoncharitableAssets>58926</AdjustedNoncharitableAssets>
        <OnePercentNetInvestmentIncome>235</OnePercentNetInvestmentIncome>
        <AdjNonchrtblAssetsAndOnePct>59161</AdjNonchrtblAssetsAndOnePct>
        <QualifyingDistributions>102104</QualifyingDistributions>
      </QlfyUndSect4940eForReducedTax>
      <ExciseTaxBasedOnInvestmentIncm>
        <DomesticOrgMeetingSect4940e>X</DomesticOrgMeetingSect4940e>
        <InvestmentIncomeExciseTax>235</InvestmentIncomeExciseTax>
        <Subtotal>235</Subtotal>
        <TaxBasedOnInvestmentIncome>235</TaxBasedOnInvestmentIncome>
        <EstTaxPaymentsAndOverpayment>501</EstTaxPaymentsAndOverpayment>
        <TotalCreditsAndPayments>501</TotalCreditsAndPayments>
        <Overpayment>266</Overpayment>
        <AmountCreditedToNextYear>266</AmountCreditedToNextYear>
      </ExciseTaxBasedOnInvestmentIncm>
      <StatementsRegardingActivities>
        <LegislativePoliticalActivities>false</LegislativePoliticalActivities>
        <MoreThan100Spent>false</MoreThan100Spent>
        <Form1120POLFiled>false</Form1120POLFiled>
        <ActivitiesNotPrevReported>false</ActivitiesNotPrevReported>
        <ChangesToArticlesOrBylaws>false</ChangesToArticlesOrBylaws>
        <UnrelatedBusIncomeOver1000>false</UnrelatedBusIncomeOver1000>
        <TerminationEtc>false</TerminationEtc>
        <RequirementsOfSect508e>true</RequirementsOfSect508e>
        <AtLeast5000InAssets>true</AtLeast5000InAssets>
        <StatesFiledWith>RI</StatesFiledWith>
        <Form990PFFiledWithAG>true</Form990PFFiledWithAG>
        <PrivateOperatingFoundation>false</PrivateOperatingFoundation>
        <NewSubstantialContributors>false</NewSubstantialContributors>
        <InterestInControlledEntity>false</InterestInControlledEntity>
        <ApplicableInsuranceContract>false</ApplicableInsuranceContract>
        <ComplyWithPublicInspectionRqr>true</ComplyWithPublicInspectionRqr>
        <WebsiteAddress>N/A</WebsiteAddress>
        <BooksInCareOfPersonName>BOB MASTROFINO</BooksInCareOfPersonName>
        <BooksInCareOfPhoneNumber>4013150413</BooksInCareOfPhoneNumber>
        <BooksInCareOfUSAddress>
          <AddressLine1>101 AIRPORT ROAD</AddressLine1>
          <City>WESTERLY</City>
          <State>RI</State>
          <ZIPCode>02891</ZIPCode>
        </BooksInCareOfUSAddress>
        <ForeignBank>false</ForeignBank>
      </StatementsRegardingActivities>
      <StatementsRegardingActy4720>
        <SaleOrExchangeWithDsqflyPerson>false</SaleOrExchangeWithDsqflyPerson>
        <BorrowOrLendWithDsqflyPerson>false</BorrowOrLendWithDsqflyPerson>
        <FurnishedGoodsWithDsqflyPerson>false</FurnishedGoodsWithDsqflyPerson>
        <PayCompensationToDsqflyPerson>false</PayCompensationToDsqflyPerson>
        <TransferAssetsToDsqflyPerson>false</TransferAssetsToDsqflyPerson>
        <PaymentToGovernmentOffical>false</PaymentToGovernmentOffical>
        <UndistributedIncomePriorYears>false</UndistributedIncomePriorYears>
        <BusinessHoldings>false</BusinessHoldings>
        <JeopardyInvestments>false</JeopardyInvestments>
        <UncorrectedJeopardyInvestments>false</UncorrectedJeopardyInvestments>
        <InfluenceLegislation>false</InfluenceLegislation>
        <InfluenceElection>false</InfluenceElection>
        <GrantsToIndividuals>false</GrantsToIndividuals>
        <GrantsToOrganizations>false</GrantsToOrganizations>
        <NoncharitablePurpose>false</NoncharitablePurpose>
        <RcvFundsToPayPrsnlBnftContract>false</RcvFundsToPayPrsnlBnftContract>
        <PayPremiumsPrsnlBnftContract>false</PayPremiumsPrsnlBnftContract>
        <ProhibitedTaxShelterTransactn>false</ProhibitedTaxShelterTransactn>
      </StatementsRegardingActy4720>
      <OfcrDirTrusteesKeyEmployeeInfo>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName referenceDocumentId="RetDoc3">BRUCE OLEAN</PersonName>
          <USAddress>
            <AddressLine1>C/O OLEAN FOUNDATION INC</AddressLine1>
            <AddressLine2>101 AIRPORT ROAD</AddressLine2>
            <City>WESTERLY</City>
            <State>RI</State>
            <ZIPCode>02891</ZIPCode>
          </USAddress>
          <Title>PRESIDENT</Title>
          <AvgHoursPerWkDevotedToPosition>2.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName referenceDocumentId="RetDoc3">RALPH ABRUZZESE</PersonName>
          <USAddress>
            <AddressLine1>C/O OLEAN FOUNDATION INC</AddressLine1>
            <AddressLine2>101 AIRPORT ROAD</AddressLine2>
            <City>WESTERLY</City>
            <State>RI</State>
            <ZIPCode>02891</ZIPCode>
          </USAddress>
          <Title>VICE PRES.</Title>
          <AvgHoursPerWkDevotedToPosition>2.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName referenceDocumentId="RetDoc3">MARGARET STEELE</PersonName>
          <USAddress>
            <AddressLine1>C/O OLEAN FOUNDATION INC</AddressLine1>
            <AddressLine2>101 AIRPORT ROAD</AddressLine2>
            <City>WESTERLY</City>
            <State>RI</State>
            <ZIPCode>02891</ZIPCode>
          </USAddress>
          <Title>DIRECTOR</Title>
          <AvgHoursPerWkDevotedToPosition>2.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName referenceDocumentId="RetDoc3">BOB HOFFMAN</PersonName>
          <USAddress>
            <AddressLine1>C/O OLEAN FOUNDATION INC</AddressLine1>
            <AddressLine2>101 AIRPORT ROAD</AddressLine2>
            <City>WESTERLY</City>
            <State>RI</State>
            <ZIPCode>02891</ZIPCode>
          </USAddress>
          <Title>TREASURER</Title>
          <AvgHoursPerWkDevotedToPosition>2.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName referenceDocumentId="RetDoc3">DICK MANSFIELD</PersonName>
          <USAddress>
            <AddressLine1>C/O OLEAN FOUNDATION INC</AddressLine1>
            <AddressLine2>101 AIRPORT ROAD</AddressLine2>
            <City>WESTERLY</City>
            <State>RI</State>
            <ZIPCode>02891</ZIPCode>
          </USAddress>
          <Title>DIRECTOR</Title>
          <AvgHoursPerWkDevotedToPosition>2.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <CompOfHighestPaidEmplNONE>NONE</CompOfHighestPaidEmplNONE>
        <CompOfHghstPaidCntrctNONE>NONE</CompOfHghstPaidCntrctNONE>
      </OfcrDirTrusteesKeyEmployeeInfo>
      <SummaryOfDirectCharitableActy>
        <Description1>TO PROVIDE FUNDS TO PROVIDERS OF HABILITATION AND REHABILITATION SERVICES SO THAT THEY CAN OPTIMALLY MEET THE NEEDS OF PERSONS WITH PHYSICAL, EMOTIONAL, MENTAL, SOCIAL, AND/OR VOCATIONAL DISABILITIES.</Description1>
        <Expenses1>100319</Expenses1>
      </SummaryOfDirectCharitableActy>
      <SumOfProgramRelatedInvestments>
        <Description1>N/A</Description1>
      </SumOfProgramRelatedInvestments>
      <MinimumInvestmentReturn>
        <AvgMonthlyFMVOfSecurities>890197</AvgMonthlyFMVOfSecurities>
        <AvgMonthlyCashBalances>34391</AvgMonthlyCashBalances>
        <FMVAllOtherNoncharitableAssets>0</FMVAllOtherNoncharitableAssets>
        <TotalFMVOfUnusedAssets>924588</TotalFMVOfUnusedAssets>
        <AdjTotalFMVOfUnusedAssets>924588</AdjTotalFMVOfUnusedAssets>
        <CashDeemedCharitable>13869</CashDeemedCharitable>
        <NetNoncharitableAssets>910719</NetNoncharitableAssets>
        <MinimumInvestmentReturn>45536</MinimumInvestmentReturn>
      </MinimumInvestmentReturn>
      <DistributableAmount>
        <MinimumInvestmentReturn>45536</MinimumInvestmentReturn>
        <TaxBasedOnInvestmentIncome>235</TaxBasedOnInvestmentIncome>
        <TotalTax>235</TotalTax>
        <DistributableAmountBeforeAdj>45301</DistributableAmountBeforeAdj>
        <DistributableAmountBeforeDed>45301</DistributableAmountBeforeDed>
        <DistributableAmountAsAdjusted>45301</DistributableAmountAsAdjusted>
      </DistributableAmount>
      <QualifyingDistributions>
        <ExpensesAndContributions>102104</ExpensesAndContributions>
        <QualifyingDistributions>102104</QualifyingDistributions>
        <OnePctSect4940eOrgNetInvstIncm>235</OnePctSect4940eOrgNetInvstIncm>
        <AdjQualifyingDistributions>101869</AdjQualifyingDistributions>
      </QualifyingDistributions>
      <UndistributedIncome>
        <DistributableAmountAsAdjusted>45301</DistributableAmountAsAdjusted>
        <ExcessDistriCarryoverYear5>9050</ExcessDistriCarryoverYear5>
        <ExcessDistriCarryoverYear4>40817</ExcessDistriCarryoverYear4>
        <ExcessDistriCarryoverYear2>22395</ExcessDistriCarryoverYear2>
        <TotalExcessDistriCarryover>72262</TotalExcessDistriCarryover>
        <QualifyingDistributions>102104</QualifyingDistributions>
        <AppliedToCurrentYear>45301</AppliedToCurrentYear>
        <RemainingDistriFromCorpus>56803</RemainingDistriFromCorpus>
        <TotalCorpus>129065</TotalCorpus>
        <UndistributedIncomeCY>0</UndistributedIncomeCY>
        <ExcessDistriCyovFromYear5>9050</ExcessDistriCyovFromYear5>
        <ExcessDistriCyovToNextYear>120015</ExcessDistriCyovToNextYear>
        <ExcessFromYear4>40817</ExcessFromYear4>
        <ExcessFromYear2>22395</ExcessFromYear2>
        <ExcessFromCurrentYear>56803</ExcessFromCurrentYear>
      </UndistributedIncome>
      <SupplementaryInformation>
        <OnlyContributesToPreselected>X</OnlyContributesToPreselected>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>FRANK OLEAN CENTER INC</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>101 AIRPORT ROAD</AddressLine1>
            <City>WESTERLY</City>
            <State>RI</State>
            <ZIPCode>02891</ZIPCode>
          </RecipientUSAddress>
          <PurposeOfGrantOrContribution>VAN PURCHASE</PurposeOfGrantOrContribution>
          <Amount>22620</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>FRANK OLEAN CENTER INC &amp; COMM VOC</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>101 AIRPORT ROAD</AddressLine1>
            <City>WESTERLY</City>
            <State>RI</State>
            <ZIPCode>02891</ZIPCode>
          </RecipientUSAddress>
          <PurposeOfGrantOrContribution>CONSUMER NEEDS, ACTIVITIES, PROGRAMS</PurposeOfGrantOrContribution>
          <Amount>57699</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>COMMUNITY VOCATIONAL SVCS</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>101 AIRPORT ROAD</AddressLine1>
            <City>WESTERLY</City>
            <State>RI</State>
            <ZIPCode>02891</ZIPCode>
          </RecipientUSAddress>
          <PurposeOfGrantOrContribution>RENOVATIONS TO WATERFORD DAY SERVICE</PurposeOfGrantOrContribution>
          <Amount>20000</Amount>
        </GrantOrContriPaidDuringYear>
        <TotGrantOrContriPaidDuringYear>100319</TotGrantOrContriPaidDuringYear>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <IntOnSavingsAndTempCashInvst>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>38</ExclusionAmount>
        </IntOnSavingsAndTempCashInvst>
        <DividendsAndIntFromSecPartVII>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>34134</ExclusionAmount>
        </DividendsAndIntFromSecPartVII>
        <GainSalesAssetsOthThanInvntry>
          <ExclusionCode>18</ExclusionCode>
          <ExclusionAmount>-13904</ExclusionAmount>
        </GainSalesAssetsOthThanInvntry>
        <NetIncomeLossFromSpecialEvents>
          <RelatedOrExemptFunctionIncome>-932</RelatedOrExemptFunctionIncome>
        </NetIncomeLossFromSpecialEvents>
        <SubtotalsPartXVIA>
          <ExclusionAmount>20268</ExclusionAmount>
          <RelatedOrExemptFunctionIncome>-932</RelatedOrExemptFunctionIncome>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>19336</TotalPartXVIA>
      </AnalysisIncomeProducingActy>
      <RlnOfActyToAccomOfExemptPrps>
        <RlnOfActyToAccomOfExemptPrps>
          <LineNumber>9</LineNumber>
          <RelationshipStatement>ANNUAL GOLF TOURNEY TO RAISE FUNDS TO DISTRIBUTE TO NON</RelationshipStatement>
        </RlnOfActyToAccomOfExemptPrps>
        <RlnOfActyToAccomOfExemptPrps>
          <LineNumber>9</LineNumber>
          <RelationshipStatement>PROFIT ORGANIZATIONS WHICH MEET THE MISSION</RelationshipStatement>
        </RlnOfActyToAccomOfExemptPrps>
        <RlnOfActyToAccomOfExemptPrps>
          <LineNumber>9</LineNumber>
          <RelationshipStatement>STATEMENT OF THE FOUNDATION.</RelationshipStatement>
        </RlnOfActyToAccomOfExemptPrps>
      </RlnOfActyToAccomOfExemptPrps>
      <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>
    <AccountingFeesSchedule documentId="RetDoc2">
      <AccountingFees>
        <Category>ACCOUNTING &amp; AUDITING</Category>
        <Amount>3500</Amount>
        <NetInvestmentIncome>1750</NetInvestmentIncome>
        <DisbursementsCharitablePrps>1750</DisbursementsCharitablePrps>
      </AccountingFees>
    </AccountingFeesSchedule>
    <CompensationExplanation documentId="RetDoc3">
      <Compensation>
        <PersonName>BRUCE OLEAN</PersonName>
      </Compensation>
      <Compensation>
        <PersonName>RALPH ABRUZZESE</PersonName>
      </Compensation>
      <Compensation>
        <PersonName>MARGARET STEELE</PersonName>
      </Compensation>
      <Compensation>
        <PersonName>BOB HOFFMAN</PersonName>
      </Compensation>
      <Compensation>
        <PersonName>DICK MANSFIELD</PersonName>
      </Compensation>
    </CompensationExplanation>
    <InvestmentsCorpBondsSchedule documentId="RetDoc4">
      <InvestmentsCorpBonds>
        <NameOfBond>FIRST ALLIED SECURITIES A/C</NameOfBond>
        <EOYBookValue>90319</EOYBookValue>
        <EOYFMV>90319</EOYFMV>
      </InvestmentsCorpBonds>
      <InvestmentsCorpBonds>
        <NameOfBond>FIRST ALLIED SECURITIES MM A/C</NameOfBond>
        <EOYBookValue>117460</EOYBookValue>
        <EOYFMV>117460</EOYFMV>
      </InvestmentsCorpBonds>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc5">
      <InvestmentsCorpStock>
        <NameOfStock>FIRST ALLIED SECURITIES A/C</NameOfStock>
        <EOYBookValue>653760</EOYBookValue>
        <EOYFMV>653760</EOYFMV>
      </InvestmentsCorpStock>
    </InvestmentsCorpStockSchedule>
    <OtherExpensesSchedule documentId="RetDoc6">
      <OtherExpenses>
        <Description>GOLF TOURNEY &amp; OTHER FUNDR</Description>
      </OtherExpenses>
      <OtherExpenses>
        <Description>COST OF GOODS SOLD</Description>
        <RevenueAndExpensesPerBooks>28932</RevenueAndExpensesPerBooks>
        <AdjustedNetIncome>28932</AdjustedNetIncome>
      </OtherExpenses>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc8">
      <OtherIncome>
        <Description>GOLF TOURNEY &amp; OTHER FUNDR</Description>
        <RevenueAndExpensesPerBooks>28000</RevenueAndExpensesPerBooks>
        <AdjustedNetIncome>28000</AdjustedNetIncome>
      </OtherIncome>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="RetDoc7">
      <OtherIncreases>
        <Description>UNREALIZED GAINS</Description>
        <Amount>51460</Amount>
      </OtherIncreases>
    </OtherIncreasesSchedule>
    <OtherProfessionalFeesSchedule documentId="RetDoc9">
      <OtherProfessionalFees>
        <Category>INVESTMENT MANAGEMENT FEES</Category>
        <Amount>8657</Amount>
        <NetInvestmentIncome>8657</NetInvestmentIncome>
        <AdjustedNetIncome>8657</AdjustedNetIncome>
      </OtherProfessionalFees>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc10">
      <Taxes>
        <Category>LICENSES</Category>
        <Amount>35</Amount>
        <DisbursementsCharitablePrps>35</DisbursementsCharitablePrps>
      </Taxes>
      <Taxes>
        <Category>EXCISE TAXES</Category>
        <Amount>235</Amount>
        <NetInvestmentIncome>235</NetInvestmentIncome>
        <AdjustedNetIncome>235</AdjustedNetIncome>
      </Taxes>
    </TaxesSchedule>
  </ReturnData>
</Return>