﻿<?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="2012v2.1">
  <ReturnHeader binaryAttachmentCount="0">
    <Timestamp>2013-07-08T15:32:46-05:00</Timestamp>
    <TaxPeriodEndDate>2012-12-31</TaxPeriodEndDate>
    <PreparerFirm>
      <EIN>010720052</EIN>
      <PreparerFirmBusinessName>
        <BusinessNameLine1>MORRISON BROWN ARGIZ &amp; FARRA LLC</BusinessNameLine1>
      </PreparerFirmBusinessName>
      <PreparerFirmUSAddress>
        <AddressLine1>1450 BRICKELL AVENUE 18TH FLOOR</AddressLine1>
        <City>MIAMI</City>
        <State>FL</State>
        <ZIPCode>33131</ZIPCode>
      </PreparerFirmUSAddress>
    </PreparerFirm>
    <ReturnType>990PF</ReturnType>
    <TaxPeriodBeginDate>2012-01-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>450498661</EIN>
      <Name>
        <BusinessNameLine1>FUNDACION CARLOS BELTRAN INC</BusinessNameLine1>
      </Name>
      <NameControl>FUND</NameControl>
      <Phone>3053735500</Phone>
      <USAddress>
        <AddressLine1>C/O MBAF 1450 BRICKELL AVENUE 18TH</AddressLine1>
        <AddressLine2>FLOOR</AddressLine2>
        <City>MIAMI</City>
        <State>FL</State>
        <ZIPCode>33131</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>KASHYAP BAKHAI</Name>
      <Title>PRESIDENT/DIRECTOR</Title>
      <Phone>3053735500</Phone>
      <DateSigned>2013-06-26</DateSigned>
      <AuthorizeThirdParty>1</AuthorizeThirdParty>
    </Officer>
    <Preparer>
      <Name>DANIEL FLUGRATH</Name>
      <PTIN>P00640017</PTIN>
      <Phone>3053735500</Phone>
    </Preparer>
    <TaxYear>2012</TaxYear>
    <BuildTS>2016-02-24 21:20:13Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="6">
    <IRS990PF documentId="RetDoc1235000001">
      <ExemptPF>X</ExemptPF>
      <FMVAssetsEOY>1460138</FMVAssetsEOY>
      <MethodOfAccountingCash>X</MethodOfAccountingCash>
      <AnalysisOfRevenueAndExpenses>
        <ContriReceivedRevAndExpnss>213626</ContriReceivedRevAndExpnss>
        <InterestOnSavingsRevAndExpnss>5</InterestOnSavingsRevAndExpnss>
        <InterestOnSavingsNetInvstIncm>5</InterestOnSavingsNetInvstIncm>
        <InterestOnSavingsAdjNetIncm>5</InterestOnSavingsAdjNetIncm>
        <CapitalGainNetIncmNetInvstIncm>0</CapitalGainNetIncmNetInvstIncm>
        <TotalRevenueAndExpenses>213631</TotalRevenueAndExpenses>
        <TotalNetInvestmentIncome>5</TotalNetInvestmentIncome>
        <TotalAdjustedNetIncome>5</TotalAdjustedNetIncome>
        <CompOfcrDirTrstRevAndExpnss>0</CompOfcrDirTrstRevAndExpnss>
        <CompOfcrDirTrstNetInvstIncm>0</CompOfcrDirTrstNetInvstIncm>
        <CompOfcrDirTrstAdjNetIncm>0</CompOfcrDirTrstAdjNetIncm>
        <CompOfcrDirTrstDsbrsChrtblPrps>0</CompOfcrDirTrstDsbrsChrtblPrps>
        <DeprecAndDepletionRevAndExpnss referenceDocumentId="RetDoc2203000001">4886</DeprecAndDepletionRevAndExpnss>
        <DeprecAndDepletionNetInvstIncm>0</DeprecAndDepletionNetInvstIncm>
        <DeprecAndDepletionAdjNetIncm>0</DeprecAndDepletionAdjNetIncm>
        <OtherExpensesRevAndExpnss referenceDocumentId="RetDoc2003200001">75772</OtherExpensesRevAndExpnss>
        <OtherExpensesNetInvstIncm>1876</OtherExpensesNetInvstIncm>
        <OtherExpensesAdjNetIncm>1876</OtherExpensesAdjNetIncm>
        <OtherExpensesDsbrsChrtblPrps>0</OtherExpensesDsbrsChrtblPrps>
        <TotOprExpensesRevAndExpnss>80658</TotOprExpensesRevAndExpnss>
        <TotOprExpensesNetInvstIncm>1876</TotOprExpensesNetInvstIncm>
        <TotOprExpensesAdjNetIncm>1876</TotOprExpensesAdjNetIncm>
        <TotOprExpensesDsbrsChrtblPrps>0</TotOprExpensesDsbrsChrtblPrps>
        <ContriGiftsPaidRevAndExpnss>0</ContriGiftsPaidRevAndExpnss>
        <ContriGiftsPaidDsbrsChrtblPrps>0</ContriGiftsPaidDsbrsChrtblPrps>
        <TotalExpensesRevAndExpnss>80658</TotalExpensesRevAndExpnss>
        <TotalExpensesNetInvstIncm>1876</TotalExpensesNetInvstIncm>
        <TotalExpensesAdjNetIncm>1876</TotalExpensesAdjNetIncm>
        <TotalExpensesDsbrsChrtblPrps>0</TotalExpensesDsbrsChrtblPrps>
        <ExcessOfRevenueOverExpenses>132973</ExcessOfRevenueOverExpenses>
        <NetInvestmentIncome>0</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
      </AnalysisOfRevenueAndExpenses>
      <BalanceSheets>
        <SavingsAndTempCashInvstBOY>1092</SavingsAndTempCashInvstBOY>
        <SavingsAndTempCashInvstEOY>72351</SavingsAndTempCashInvstEOY>
        <SavingsAndTempCashInvstEOYFMV>72351</SavingsAndTempCashInvstEOYFMV>
        <LandBuildingAndEquipmentBasis>9500</LandBuildingAndEquipmentBasis>
        <AccumDeprecLandBldgAndEquip>5528</AccumDeprecLandBldgAndEquip>
        <LandBuildingAndEquipmentBOY>758</LandBuildingAndEquipmentBOY>
        <LandBuildingAndEquipmentEOY referenceDocumentId="RetDoc2059000001">3972</LandBuildingAndEquipmentEOY>
        <LandBuildingAndEquipmentEOYFMV>3972</LandBuildingAndEquipmentEOYFMV>
        <OtherAssetsBOY referenceDocumentId="RetDoc2046600001">1325315</OtherAssetsBOY>
        <OtherAssetsEOY referenceDocumentId="RetDoc2046600001">1383815</OtherAssetsEOY>
        <OtherAssetsEOYFMV referenceDocumentId="RetDoc2046600001">1383815</OtherAssetsEOYFMV>
        <TotalAssetsBOY>1327165</TotalAssetsBOY>
        <TotalAssetsEOY>1460138</TotalAssetsEOY>
        <TotalAssetsEOYFMV>1460138</TotalAssetsEOYFMV>
        <TotalLiabilitiesBOY>0</TotalLiabilitiesBOY>
        <TotalLiabilitiesEOY>0</TotalLiabilitiesEOY>
        <OrgThatDoNotFollowSFAS117>X</OrgThatDoNotFollowSFAS117>
        <CapitalStockBOY>0</CapitalStockBOY>
        <CapitalStockEOY>0</CapitalStockEOY>
        <PaidInOrCapitalSurplusBOY>0</PaidInOrCapitalSurplusBOY>
        <PaidInOrCapitalSurplusEOY>0</PaidInOrCapitalSurplusEOY>
        <RetainedEarningsBOY>1327165</RetainedEarningsBOY>
        <RetainedEarningsEOY>1460138</RetainedEarningsEOY>
        <TotalNetAssetsBOY>1327165</TotalNetAssetsBOY>
        <TotalNetAssetsEOY>1460138</TotalNetAssetsEOY>
        <TotalLiabilitiesNetAssetsBOY>1327165</TotalLiabilitiesNetAssetsBOY>
        <TotalLiabilitiesNetAssetsEOY>1460138</TotalLiabilitiesNetAssetsEOY>
      </BalanceSheets>
      <ChangesInNetAssetsFundBalances>
        <TotalNetAssetsFundBalancesBOY>1327165</TotalNetAssetsFundBalancesBOY>
        <ExcessOfRevenueOverExpenses>132973</ExcessOfRevenueOverExpenses>
        <OtherIncreases>0</OtherIncreases>
        <Subtotal>1460138</Subtotal>
        <OtherDecreases>0</OtherDecreases>
        <TotalNetAssetsFundBalancesEOY>1460138</TotalNetAssetsFundBalancesEOY>
      </ChangesInNetAssetsFundBalances>
      <QlfyUndSect4940eForReducedTax>
        <LiableFor4942Tax>0</LiableFor4942Tax>
        <QualifyingDistributionsYear1>32466</QualifyingDistributionsYear1>
        <NoncharitableAssetsYear1>144658</NoncharitableAssetsYear1>
        <DistributionRatioYear1>0.224433</DistributionRatioYear1>
        <QualifyingDistributionsYear2>125882</QualifyingDistributionsYear2>
        <NoncharitableAssetsYear2>862583</NoncharitableAssetsYear2>
        <DistributionRatioYear2>0.145936</DistributionRatioYear2>
        <QualifyingDistributionsYear3>303168</QualifyingDistributionsYear3>
        <NoncharitableAssetsYear3>1065528</NoncharitableAssetsYear3>
        <DistributionRatioYear3>0.284524</DistributionRatioYear3>
        <QualifyingDistributionsYear4>89126</QualifyingDistributionsYear4>
        <NoncharitableAssetsYear4>1066983</NoncharitableAssetsYear4>
        <DistributionRatioYear4>0.083531</DistributionRatioYear4>
        <QualifyingDistributionsYear5>222054</QualifyingDistributionsYear5>
        <NoncharitableAssetsYear5>907639</NoncharitableAssetsYear5>
        <DistributionRatioYear5>0.244650</DistributionRatioYear5>
        <TotalDistributionRatio>0.983074</TotalDistributionRatio>
        <AverageDistributionRatio>0.196615</AverageDistributionRatio>
        <NetNoncharitableAssets>66222</NetNoncharitableAssets>
        <AdjustedNoncharitableAssets>13020</AdjustedNoncharitableAssets>
        <OnePercentNetInvestmentIncome>0</OnePercentNetInvestmentIncome>
        <AdjNonchrtblAssetsAndOnePct>13020</AdjNonchrtblAssetsAndOnePct>
        <QualifyingDistributions>0</QualifyingDistributions>
      </QlfyUndSect4940eForReducedTax>
      <ExciseTaxBasedOnInvestmentIncm>
        <InvestmentIncomeExciseTax>0</InvestmentIncomeExciseTax>
        <TaxUnderSection511>0</TaxUnderSection511>
        <Subtotal>0</Subtotal>
        <SubtitleATax>0</SubtitleATax>
        <TaxBasedOnInvestmentIncome>0</TaxBasedOnInvestmentIncome>
        <TotalCreditsAndPayments>0</TotalCreditsAndPayments>
        <TaxDue>0</TaxDue>
      </ExciseTaxBasedOnInvestmentIncm>
      <StatementsRegardingActivities>
        <LegislativePoliticalActivities>0</LegislativePoliticalActivities>
        <MoreThan100Spent>0</MoreThan100Spent>
        <Form1120POLFiled>0</Form1120POLFiled>
        <Sect4955TaxOnOrganization>0</Sect4955TaxOnOrganization>
        <Sect4955TaxOnManagers>0</Sect4955TaxOnManagers>
        <ReimbursementOfTax>0</ReimbursementOfTax>
        <ActivitiesNotPrevReported>0</ActivitiesNotPrevReported>
        <ChangesToArticlesOrBylaws>0</ChangesToArticlesOrBylaws>
        <UnrelatedBusIncomeOver1000>0</UnrelatedBusIncomeOver1000>
        <TerminationEtc>0</TerminationEtc>
        <RequirementsOfSect508e>1</RequirementsOfSect508e>
        <AtLeast5000InAssets>1</AtLeast5000InAssets>
        <StatesFiledWith>FL</StatesFiledWith>
        <Form990PFFiledWithAG>1</Form990PFFiledWithAG>
        <PrivateOperatingFoundation>0</PrivateOperatingFoundation>
        <NewSubstantialContributors>0</NewSubstantialContributors>
        <InterestInControlledEntity>0</InterestInControlledEntity>
        <ApplicableInsuranceContract>0</ApplicableInsuranceContract>
        <ComplyWithPublicInspectionRqr>1</ComplyWithPublicInspectionRqr>
        <WebsiteAddress>N/A</WebsiteAddress>
        <BooksInCareOfPersonName>MORRISON BROWN ARGIZ FARRA LLP</BooksInCareOfPersonName>
        <BooksInCareOfPhoneNumber>3053735500</BooksInCareOfPhoneNumber>
        <BooksInCareOfUSAddress>
          <AddressLine1>1450 BRICKELL AVENUE 18TH FLOOR</AddressLine1>
          <City>MIAMI</City>
          <State>FL</State>
          <ZIPCode>33131</ZIPCode>
        </BooksInCareOfUSAddress>
        <ForeignBank>0</ForeignBank>
      </StatementsRegardingActivities>
      <StatementsRegardingActy4720>
        <SaleOrExchangeWithDsqflyPerson>0</SaleOrExchangeWithDsqflyPerson>
        <BorrowOrLendWithDsqflyPerson>0</BorrowOrLendWithDsqflyPerson>
        <FurnishedGoodsWithDsqflyPerson>0</FurnishedGoodsWithDsqflyPerson>
        <PayCompensationToDsqflyPerson>0</PayCompensationToDsqflyPerson>
        <TransferAssetsToDsqflyPerson>0</TransferAssetsToDsqflyPerson>
        <PaymentToGovernmentOffical>0</PaymentToGovernmentOffical>
        <UncorrectedPriorActs>0</UncorrectedPriorActs>
        <UndistributedIncomePriorYears>0</UndistributedIncomePriorYears>
        <BusinessHoldings>0</BusinessHoldings>
        <JeopardyInvestments>0</JeopardyInvestments>
        <UncorrectedJeopardyInvestments>0</UncorrectedJeopardyInvestments>
        <InfluenceLegislation>0</InfluenceLegislation>
        <InfluenceElection>0</InfluenceElection>
        <GrantsToIndividuals>0</GrantsToIndividuals>
        <GrantsToOrganizations>0</GrantsToOrganizations>
        <NoncharitablePurpose>0</NoncharitablePurpose>
        <RcvFundsToPayPrsnlBnftContract>0</RcvFundsToPayPrsnlBnftContract>
        <PayPremiumsPrsnlBnftContract>0</PayPremiumsPrsnlBnftContract>
        <ProhibitedTaxShelterTransactn>0</ProhibitedTaxShelterTransactn>
      </StatementsRegardingActy4720>
      <OfcrDirTrusteesKeyEmployeeInfo>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>JESSICA BELTRAN</PersonName>
          <USAddress>
            <AddressLine1>URB FLAMBOYAN C/17 I-8</AddressLine1>
            <City>MANATI</City>
            <State>PR</State>
            <ZIPCode>00674</ZIPCode>
          </USAddress>
          <Title>PRESIDENT/DIRECTOR</Title>
          <AvgHoursPerWkDevotedToPosition>0.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>WILLIAM BRUNO</PersonName>
          <USAddress>
            <AddressLine1>C/O 1450 BRICKELL AVENUE 18TH FLOOR</AddressLine1>
            <City>MIAMI</City>
            <State>FL</State>
            <ZIPCode>33131</ZIPCode>
          </USAddress>
          <Title>VICE PRESIDENT</Title>
          <AvgHoursPerWkDevotedToPosition>0.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>BRENDA ROSARIO</PersonName>
          <USAddress>
            <AddressLine1>C/O 1450 BRICKELL AVENUE 18TH FLOOR</AddressLine1>
            <City>MIAMI</City>
            <State>FL</State>
            <ZIPCode>33131</ZIPCode>
          </USAddress>
          <Title>SECRETARY</Title>
          <AvgHoursPerWkDevotedToPosition>0.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>KASHYAP BAKHAI</PersonName>
          <USAddress>
            <AddressLine1>1001 BRICKELL BAY DRIVE 9TH FLOOR</AddressLine1>
            <City>MIAMI</City>
            <State>FL</State>
            <ZIPCode>33131</ZIPCode>
          </USAddress>
          <Title>TREASURER</Title>
          <AvgHoursPerWkDevotedToPosition>0.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>CARLOS BELTRAN</PersonName>
          <USAddress>
            <AddressLine1>URB FLAMBOYAN C/17 I-8</AddressLine1>
            <City>MANATI</City>
            <State>PR</State>
            <ZIPCode>00674</ZIPCode>
          </USAddress>
          <Title>DIRECTOR</Title>
          <AvgHoursPerWkDevotedToPosition>0.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>WILFREDO BELTRAN</PersonName>
          <USAddress>
            <AddressLine1>C/O 1450 BRICKELL AVENUE 18TH FLOOR</AddressLine1>
            <City>MIAMI</City>
            <State>FL</State>
            <ZIPCode>33131</ZIPCode>
          </USAddress>
          <Title>DIRECTOR</Title>
          <AvgHoursPerWkDevotedToPosition>0.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <CompOfHighestPaidEmplNONE>NONE</CompOfHighestPaidEmplNONE>
        <TotNumberOfOthEmplPaidOver50k>0</TotNumberOfOthEmplPaidOver50k>
        <CompOfHghstPaidCntrctNONE>NONE</CompOfHghstPaidCntrctNONE>
        <TotNumberOfCntrctPaidOver50k>0</TotNumberOfCntrctPaidOver50k>
      </OfcrDirTrusteesKeyEmployeeInfo>
      <SumOfProgramRelatedInvestments>
        <Description1>N/A</Description1>
        <Amount1>0</Amount1>
        <Total>0</Total>
      </SumOfProgramRelatedInvestments>
      <MinimumInvestmentReturn>
        <AvgMonthlyFMVOfSecurities>0</AvgMonthlyFMVOfSecurities>
        <AvgMonthlyCashBalances>67230</AvgMonthlyCashBalances>
        <FMVAllOtherNoncharitableAssets>0</FMVAllOtherNoncharitableAssets>
        <TotalFMVOfUnusedAssets>67230</TotalFMVOfUnusedAssets>
        <ReductionClaimed>0</ReductionClaimed>
        <AcquisitionIndebtedness>0</AcquisitionIndebtedness>
        <AdjTotalFMVOfUnusedAssets>67230</AdjTotalFMVOfUnusedAssets>
        <CashDeemedCharitable>1008</CashDeemedCharitable>
        <NetNoncharitableAssets>66222</NetNoncharitableAssets>
        <MinimumInvestmentReturn>3311</MinimumInvestmentReturn>
      </MinimumInvestmentReturn>
      <DistributableAmount>
        <MinimumInvestmentReturn>3311</MinimumInvestmentReturn>
        <TotalTax>0</TotalTax>
        <DistributableAmountBeforeAdj>3311</DistributableAmountBeforeAdj>
        <RecoveriesQlfyDistributions>0</RecoveriesQlfyDistributions>
        <DistributableAmountBeforeDed>3311</DistributableAmountBeforeDed>
        <DeductionFrDistributableAmount>0</DeductionFrDistributableAmount>
        <DistributableAmountAsAdjusted>3311</DistributableAmountAsAdjusted>
      </DistributableAmount>
      <QualifyingDistributions>
        <ExpensesAndContributions>0</ExpensesAndContributions>
        <ProgramRelatedInvestmentsTotal>0</ProgramRelatedInvestmentsTotal>
        <QualifyingDistributions>0</QualifyingDistributions>
        <OnePctSect4940eOrgNetInvstIncm>0</OnePctSect4940eOrgNetInvstIncm>
        <AdjQualifyingDistributions>0</AdjQualifyingDistributions>
      </QualifyingDistributions>
      <UndistributedIncome>
        <DistributableAmountAsAdjusted>3311</DistributableAmountAsAdjusted>
        <UndistributedIncomePriorYear>0</UndistributedIncomePriorYear>
        <TotalForPriorYears>0</TotalForPriorYears>
        <ExcessDistriCarryoverYear5>177512</ExcessDistriCarryoverYear5>
        <ExcessDistriCarryoverYear4>36389</ExcessDistriCarryoverYear4>
        <ExcessDistriCarryoverYear3>249990</ExcessDistriCarryoverYear3>
        <ExcessDistriCarryoverYear2>82755</ExcessDistriCarryoverYear2>
        <ExcessDistriCarryoverYear1>25233</ExcessDistriCarryoverYear1>
        <TotalExcessDistriCarryover>571879</TotalExcessDistriCarryover>
        <QualifyingDistributions>0</QualifyingDistributions>
        <AppliedToYear1>0</AppliedToYear1>
        <AppliedToPriorYears>0</AppliedToPriorYears>
        <TreatedAsDistriFromCorpus>0</TreatedAsDistriFromCorpus>
        <AppliedToCurrentYear>0</AppliedToCurrentYear>
        <RemainingDistriFromCorpus>0</RemainingDistriFromCorpus>
        <ExcessDistriCyovAppCYCorpus>3311</ExcessDistriCyovAppCYCorpus>
        <ExcessDistriCyovAppliedCY>3311</ExcessDistriCyovAppliedCY>
        <TotalCorpus>568568</TotalCorpus>
        <PriorYearUndistributedIncome>0</PriorYearUndistributedIncome>
        <PriorYearDeficiencyOrTax>0</PriorYearDeficiencyOrTax>
        <TaxableAmount1>0</TaxableAmount1>
        <TaxableAmount2>0</TaxableAmount2>
        <UndistributedIncomeCY>0</UndistributedIncomeCY>
        <DistriFromCorpus170b1EOr4942g3>0</DistriFromCorpus170b1EOr4942g3>
        <ExcessDistriCyovFromYear5>174201</ExcessDistriCyovFromYear5>
        <ExcessDistriCyovToNextYear>394367</ExcessDistriCyovToNextYear>
        <ExcessFromYear4>36389</ExcessFromYear4>
        <ExcessFromYear3>249990</ExcessFromYear3>
        <ExcessFromYear2>82755</ExcessFromYear2>
        <ExcessFromYear1>25233</ExcessFromYear1>
      </UndistributedIncome>
      <SupplementaryInformation>
        <ContributingManager>CARLOS BELTRAN</ContributingManager>
        <OnlyContributesToPreselected>X</OnlyContributesToPreselected>
        <TotGrantOrContriPaidDuringYear>0</TotGrantOrContriPaidDuringYear>
        <TotGrantOrContriApprovedFuture>0</TotGrantOrContriApprovedFuture>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <IntOnSavingsAndTempCashInvst>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>5</ExclusionAmount>
        </IntOnSavingsAndTempCashInvst>
        <SubtotalsPartXVIA>
          <UnrelatedBusinessIncomeAmount>0</UnrelatedBusinessIncomeAmount>
          <ExclusionAmount>5</ExclusionAmount>
          <RelatedOrExemptFunctionIncome>0</RelatedOrExemptFunctionIncome>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>5</TotalPartXVIA>
      </AnalysisIncomeProducingActy>
      <TrnsfrTrRlnWithNoncharitableEO>
        <TrnsfrOfCashToNoncharitableEO>0</TrnsfrOfCashToNoncharitableEO>
        <TrnsfrOthAssetsNoncharitableEO>0</TrnsfrOthAssetsNoncharitableEO>
        <SalesOrExchangesOfAssets>0</SalesOrExchangesOfAssets>
        <PurchaseAssetsNoncharitableEO>0</PurchaseAssetsNoncharitableEO>
        <RentalOfFacilitiesEtc>0</RentalOfFacilitiesEtc>
        <ReimbursementArrangements>0</ReimbursementArrangements>
        <LoansOrLoanGuarantees>0</LoansOrLoanGuarantees>
        <PerformanceOfServicesEtc>0</PerformanceOfServicesEtc>
        <SharingOfFacilitiesEtc>0</SharingOfFacilitiesEtc>
        <RelationshipsNoncharitableEOs>0</RelationshipsNoncharitableEOs>
      </TrnsfrTrRlnWithNoncharitableEO>
    </IRS990PF>
    <IRS990ScheduleB documentId="RetDoc1234500001">
      <Organization501c3ExemptPF>X</Organization501c3ExemptPF>
      <GeneralRule>X</GeneralRule>
      <ContributorInfo>
        <ContributorNumber>1</ContributorNumber>
        <ContributorNameIndividual>THE BORAS CORPORATION</ContributorNameIndividual>
        <ContributorAddressUS>
          <AddressLine1>18 CORPORATE PLAZA DRIVE</AddressLine1>
          <City>NEWPORT BEACH</City>
          <State>CA</State>
          <ZIPCode>92660</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>65500</AggregateContributions>
        <PersonContributionType>X</PersonContributionType>
      </ContributorInfo>
      <ContributorInfo>
        <ContributorNumber>2</ContributorNumber>
        <ContributorNameIndividual>ALEX J GIERBOLINI</ContributorNameIndividual>
        <ContributorAddressUS>
          <AddressLine1>ALTURAS DE TORRIMAR 19 CALLS VANDA</AddressLine1>
          <City>GUAYNABO</City>
          <State>PR</State>
          <ZIPCode>00966</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>5000</AggregateContributions>
        <PersonContributionType>X</PersonContributionType>
      </ContributorInfo>
      <ContributorInfo>
        <ContributorNumber>3</ContributorNumber>
        <ContributorNameIndividual>100 MILE MAN PARTNERS LLC</ContributorNameIndividual>
        <ContributorAddressUS>
          <AddressLine1>1350 AVENUE OF THE AMERICAS 15TH FL</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10019</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>5645</AggregateContributions>
        <PersonContributionType>X</PersonContributionType>
      </ContributorInfo>
      <ContributorInfo>
        <ContributorNumber>4</ContributorNumber>
        <ContributorNameIndividual>BELLA INTERNATIONAL CORP</ContributorNameIndividual>
        <ContributorAddressUS>
          <AddressLine1>POBOX 190816</AddressLine1>
          <City>SAN JUAN</City>
          <State>PR</State>
          <ZIPCode>009190816</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>5000</AggregateContributions>
        <PersonContributionType>X</PersonContributionType>
      </ContributorInfo>
      <ContributorInfo>
        <ContributorNumber>5</ContributorNumber>
        <ContributorNameIndividual>FIRST MEDICAL HEATH PLAN INC</ContributorNameIndividual>
        <ContributorAddressUS>
          <AddressLine1>POBOX 191580</AddressLine1>
          <City>SAN JUAN</City>
          <State>PR</State>
          <ZIPCode>009191580</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>5000</AggregateContributions>
        <PersonContributionType>X</PersonContributionType>
      </ContributorInfo>
      <ContributorInfo>
        <ContributorNumber>6</ContributorNumber>
        <ContributorNameIndividual>WORLD WIDE TECHNOLOGY FOUNDATION</ContributorNameIndividual>
        <ContributorAddressUS>
          <AddressLine1>60 WELDON PARKWAY</AddressLine1>
          <City>SAINT LOUIS</City>
          <State>MO</State>
          <ZIPCode>63101</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>10000</AggregateContributions>
        <PersonContributionType>X</PersonContributionType>
      </ContributorInfo>
      <ContributorInfo>
        <ContributorNumber>7</ContributorNumber>
        <ContributorNameIndividual>JAMES B NUTTER COMPANY</ContributorNameIndividual>
        <ContributorAddressUS>
          <AddressLine1>4153 BROADWAY</AddressLine1>
          <City>KANSAS CITY</City>
          <State>MO</State>
          <ZIPCode>64111</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>15000</AggregateContributions>
        <PersonContributionType>X</PersonContributionType>
      </ContributorInfo>
      <ContributorInfo>
        <ContributorNumber>8</ContributorNumber>
        <ContributorNameIndividual>KAREN ROODMAN REV LIV TRUST</ContributorNameIndividual>
        <ContributorAddressUS>
          <AddressLine1>218 CRANDON DR</AddressLine1>
          <City>SAINT LOUIS</City>
          <State>MO</State>
          <ZIPCode>63105</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>5000</AggregateContributions>
        <PersonContributionType>X</PersonContributionType>
      </ContributorInfo>
      <ContributorInfo>
        <ContributorNumber>9</ContributorNumber>
        <ContributorNameIndividual>MORGAN STANLEY</ContributorNameIndividual>
        <ContributorAddressUS>
          <AddressLine1>1 NEW YORK PLAZA 7TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10004</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>5000</AggregateContributions>
        <PersonContributionType>X</PersonContributionType>
      </ContributorInfo>
      <ContributorInfo>
        <ContributorNumber>10</ContributorNumber>
        <ContributorNameIndividual>ST JAMES SECURITY SERVICES INC</ContributorNameIndividual>
        <ContributorAddressUS>
          <AddressLine1>1604 AVE PONCE DE LEON URB CARIBE</AddressLine1>
          <City>SAN JUAN</City>
          <State>PR</State>
          <ZIPCode>00926</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>5000</AggregateContributions>
        <PersonContributionType>X</PersonContributionType>
      </ContributorInfo>
      <ContributorInfo>
        <ContributorNumber>11</ContributorNumber>
        <ContributorNameIndividual>TICKET LEAP</ContributorNameIndividual>
        <ContributorAddressUS>
          <AddressLine1>2401 WALNUT ST SUITE 502</AddressLine1>
          <City>PHILADELPHIA</City>
          <State>PA</State>
          <ZIPCode>19103</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>10756</AggregateContributions>
        <PersonContributionType>X</PersonContributionType>
      </ContributorInfo>
    </IRS990ScheduleB>
    <DepreciationSchedule documentId="RetDoc2203000001">
      <Depreciation>
        <DescriptionOfProperty>COMPUTER</DescriptionOfProperty>
        <DateAcquired>2010-01-27</DateAcquired>
        <CostOrOtherBasis>743</CostOrOtherBasis>
        <PriorYearsDepreciation>387</PriorYearsDepreciation>
        <ComputationMethod>200DB</ComputationMethod>
        <Life>5.000000000000</Life>
        <CurrentYearExpense>142</CurrentYearExpense>
        <NetInvestmentIncome>0</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
      </Depreciation>
      <Depreciation>
        <DescriptionOfProperty>FILE CABINET</DescriptionOfProperty>
        <DateAcquired>2010-01-27</DateAcquired>
        <CostOrOtherBasis>657</CostOrOtherBasis>
        <PriorYearsDepreciation>255</PriorYearsDepreciation>
        <ComputationMethod>200DB</ComputationMethod>
        <Life>7.000000000000</Life>
        <CurrentYearExpense>115</CurrentYearExpense>
        <NetInvestmentIncome>0</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
      </Depreciation>
      <Depreciation>
        <DescriptionOfProperty>FURNITURE</DescriptionOfProperty>
        <DateAcquired>2012-09-28</DateAcquired>
        <CostOrOtherBasis>8100</CostOrOtherBasis>
        <ComputationMethod>200DB</ComputationMethod>
        <Life>7.000000000000</Life>
        <CurrentYearExpense>4629</CurrentYearExpense>
        <NetInvestmentIncome>0</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
      </Depreciation>
    </DepreciationSchedule>
    <LandEtcSchedule2 documentId="RetDoc2059000001">
      <LandEtc>
        <CategoryOrItem>COMPUTER</CategoryOrItem>
        <CostOrOtherBasis>743</CostOrOtherBasis>
        <AccumulatedDepreciation>529</AccumulatedDepreciation>
        <BookValue>214</BookValue>
      </LandEtc>
      <LandEtc>
        <CategoryOrItem>FILE CABINET</CategoryOrItem>
        <CostOrOtherBasis>657</CostOrOtherBasis>
        <AccumulatedDepreciation>370</AccumulatedDepreciation>
        <BookValue>287</BookValue>
      </LandEtc>
      <LandEtc>
        <CategoryOrItem>FURNITURE</CategoryOrItem>
        <CostOrOtherBasis>8100</CostOrOtherBasis>
        <AccumulatedDepreciation>4629</AccumulatedDepreciation>
        <BookValue>3471</BookValue>
      </LandEtc>
    </LandEtcSchedule2>
    <OtherAssetsSchedule documentId="RetDoc2046600001">
      <OtherAssets>
        <Description>INVESTMENT IN NET ASSETS-CARLOS BELTRAN BASEBALL ACADEMY</Description>
        <BOYBookValue>1280315</BOYBookValue>
        <EOYBookValue>1338815</EOYBookValue>
        <EOYFMV>1338815</EOYFMV>
      </OtherAssets>
      <OtherAssets>
        <Description>DUE FROM INTEGRA DESIGN GROUP</Description>
        <BOYBookValue>45000</BOYBookValue>
        <EOYBookValue>45000</EOYBookValue>
        <EOYFMV>45000</EOYFMV>
      </OtherAssets>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="RetDoc2003200001">
      <OtherExpenses>
        <Description>BANK CHARGES</Description>
        <RevenueAndExpensesPerBooks>1876</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>1876</NetInvestmentIncome>
        <AdjustedNetIncome>1876</AdjustedNetIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </OtherExpenses>
      <OtherExpenses>
        <Description>EVENT EXPENSES</Description>
        <RevenueAndExpensesPerBooks>71674</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>0</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </OtherExpenses>
      <OtherExpenses>
        <Description>POSTAGE</Description>
        <RevenueAndExpensesPerBooks>63</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>0</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </OtherExpenses>
      <OtherExpenses>
        <Description>INSURANCE</Description>
        <RevenueAndExpensesPerBooks>586</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>0</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </OtherExpenses>
      <OtherExpenses>
        <Description>OFFICE SUPPLIES</Description>
        <RevenueAndExpensesPerBooks>61</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>0</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </OtherExpenses>
      <OtherExpenses>
        <Description>PAYROLL SERVICE FEE</Description>
        <RevenueAndExpensesPerBooks>258</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>0</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </OtherExpenses>
      <OtherExpenses>
        <Description>OUTSIDE CONTRACT SERVICES</Description>
        <RevenueAndExpensesPerBooks>1200</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>0</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </OtherExpenses>
      <OtherExpenses>
        <Description>DUES &amp; SUBSCRIPTIONS</Description>
        <RevenueAndExpensesPerBooks>54</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>0</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </OtherExpenses>
    </OtherExpensesSchedule>
  </ReturnData>
</Return>