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        <BusinessNameLine1>CHORRO ASSOCIATES INC</BusinessNameLine1>
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      <PreparerFirmUSAddress>
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        <City>SAN LUIS OBISPO</City>
        <State>CA</State>
        <ZIPCode>934052377</ZIPCode>
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    <TaxPeriodBeginDate>2012-01-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>770440553</EIN>
      <Name>
        <BusinessNameLine1>LAURENCE C GAEBE FAMILY FOUNDATION</BusinessNameLine1>
        <BusinessNameLine2>INCORPORATED</BusinessNameLine2>
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      <NameControl>LAUR</NameControl>
      <Phone>8055436315</Phone>
      <USAddress>
        <AddressLine1>PO BOX 693</AddressLine1>
        <City>AVILA BEACH</City>
        <State>CA</State>
        <ZIPCode>93424</ZIPCode>
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    </Filer>
    <Officer>
      <Name>ANNE GAEBE HALL</Name>
      <Title>Vice President</Title>
      <DateSigned>2013-09-04</DateSigned>
      <AuthorizeThirdParty>true</AuthorizeThirdParty>
    </Officer>
    <Preparer>
      <Name>Paul D Porter CPA</Name>
      <PTIN>P00289920</PTIN>
      <Phone>8055448667</Phone>
    </Preparer>
    <TaxYear>2012</TaxYear>
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      <CapitalGainsAndLosses>
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          <DescriptionOfAsset>50.352 EV NATL MUN INCOM A</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2009-04-23</DateAcquired>
          <DateSold>2012-03-09</DateSold>
          <GrossSalesPrice>500</GrossSalesPrice>
          <CostOrOtherBasis>439</CostOrOtherBasis>
          <GainOrLoss>61</GainOrLoss>
          <GainsMinusExcessOrLosses>61</GainsMinusExcessOrLosses>
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        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>1442.210 WF GRW ADM</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
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        <CapitalGainsAndLossesInfo>
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          <DateAcquired>2001-01-01</DateAcquired>
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        <CapitalGainsAndLossesInfo>
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          <GrossSalesPrice>43413</GrossSalesPrice>
          <CostOrOtherBasis>40000</CostOrOtherBasis>
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        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>2656.580 BLKRCK GLB ALLOC I</DescriptionOfAsset>
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        <CapitalGainsAndLossesInfo>
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        <Overpayment>705</Overpayment>
        <AmountCreditedToNextYear>705</AmountCreditedToNextYear>
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        <MoreThan100Spent>false</MoreThan100Spent>
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        <RequirementsOfSect508e>true</RequirementsOfSect508e>
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        <StatesFiledWith>CA</StatesFiledWith>
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        <PrivateOperatingFoundation>false</PrivateOperatingFoundation>
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        <InterestInControlledEntity>false</InterestInControlledEntity>
        <ApplicableInsuranceContract>false</ApplicableInsuranceContract>
        <ComplyWithPublicInspectionRqr>true</ComplyWithPublicInspectionRqr>
        <WebsiteAddress>N/A</WebsiteAddress>
        <BooksInCareOfBusinessName>
          <BusinessNameLine1>ANNE GAEBE-HALL</BusinessNameLine1>
        </BooksInCareOfBusinessName>
        <BooksInCareOfPhoneNumber>8055436315</BooksInCareOfPhoneNumber>
        <BooksInCareOfUSAddress>
          <AddressLine1>193 FRONT STREET</AddressLine1>
          <City>AVILA BEACH</City>
          <State>CA</State>
          <ZIPCode>93424</ZIPCode>
        </BooksInCareOfUSAddress>
        <ForeignBank>false</ForeignBank>
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        <SaleOrExchangeWithDsqflyPerson>false</SaleOrExchangeWithDsqflyPerson>
        <BorrowOrLendWithDsqflyPerson>false</BorrowOrLendWithDsqflyPerson>
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        <PayCompensationToDsqflyPerson>false</PayCompensationToDsqflyPerson>
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        <PaymentToGovernmentOffical>false</PaymentToGovernmentOffical>
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        <BusinessHoldings>false</BusinessHoldings>
        <ExcessBusinessHoldings>false</ExcessBusinessHoldings>
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        <UncorrectedJeopardyInvestments>false</UncorrectedJeopardyInvestments>
        <InfluenceLegislation>false</InfluenceLegislation>
        <InfluenceElection>false</InfluenceElection>
        <GrantsToIndividuals>false</GrantsToIndividuals>
        <GrantsToOrganizations>false</GrantsToOrganizations>
        <NoncharitablePurpose>false</NoncharitablePurpose>
        <TrFailToQualifyAsExceptions>false</TrFailToQualifyAsExceptions>
        <MaintExpendResponsibility>false</MaintExpendResponsibility>
        <RcvFundsToPayPrsnlBnftContract>false</RcvFundsToPayPrsnlBnftContract>
        <PayPremiumsPrsnlBnftContract>false</PayPremiumsPrsnlBnftContract>
        <ProhibitedTaxShelterTransactn>false</ProhibitedTaxShelterTransactn>
        <ProceedsOrNetIncome>false</ProceedsOrNetIncome>
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        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>ANN E GAEBE HALL</PersonName>
          <USAddress>
            <AddressLine1>106 FEL MAR DRIVE</AddressLine1>
            <City>SAN LUIS OBISPO</City>
            <State>CA</State>
            <ZIPCode>93405</ZIPCode>
          </USAddress>
          <Title>Vice President</Title>
          <AvgHoursPerWkDevotedToPosition>0.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
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        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>PAUL D PORTER</PersonName>
          <USAddress>
            <AddressLine1>555 CHORRO STREET STE D1</AddressLine1>
            <City>SAN LUIS OBISPO</City>
            <State>CA</State>
            <ZIPCode>93405</ZIPCode>
          </USAddress>
          <Title>Treasurer</Title>
          <AvgHoursPerWkDevotedToPosition>0.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
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        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>JOHN F SACHS</PersonName>
          <USAddress>
            <AddressLine1>1510 HIGHERA STREET</AddressLine1>
            <City>SAN LUIS OBISPO</City>
            <State>CA</State>
            <ZIPCode>93401</ZIPCode>
          </USAddress>
          <Title>Secretary</Title>
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          <Compensation>0</Compensation>
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        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>LAURENCE R GAEBE</PersonName>
          <USAddress>
            <AddressLine1>1942 RAYMOND AVE</AddressLine1>
            <City>TEMPLETON</City>
            <State>CA</State>
            <ZIPCode>93405</ZIPCode>
          </USAddress>
          <Title>President</Title>
          <AvgHoursPerWkDevotedToPosition>0.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
        </OfcrDirTrusteesOrKeyEmployee>
        <CompOfHighestPaidEmplNONE>NONE</CompOfHighestPaidEmplNONE>
        <CompOfHghstPaidCntrctNONE>NONE</CompOfHghstPaidCntrctNONE>
      </OfcrDirTrusteesKeyEmployeeInfo>
      <SummaryOfDirectCharitableActy>
        <Description1>NONOPERATING PRIVATE FOUNDATION MADE CHARITABLE CONTRIBUTIONS OF 26,500 TO OTHER CHARITABLE ORGANIZATIONS DURING THE YEAR. SEE PART XV FOR DETAILS OF DONATIONS.</Description1>
        <Expenses1>0</Expenses1>
      </SummaryOfDirectCharitableActy>
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        <AvgMonthlyCashBalances>86150</AvgMonthlyCashBalances>
        <FMVAllOtherNoncharitableAssets>0</FMVAllOtherNoncharitableAssets>
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        <ReductionClaimed>0</ReductionClaimed>
        <AdjTotalFMVOfUnusedAssets>486260</AdjTotalFMVOfUnusedAssets>
        <CashDeemedCharitable>7294</CashDeemedCharitable>
        <NetNoncharitableAssets>478966</NetNoncharitableAssets>
        <MinimumInvestmentReturn>23948</MinimumInvestmentReturn>
      </MinimumInvestmentReturn>
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        <MinimumInvestmentReturn>23948</MinimumInvestmentReturn>
        <TaxBasedOnInvestmentIncome>564</TaxBasedOnInvestmentIncome>
        <TotalTax>564</TotalTax>
        <DistributableAmountBeforeAdj>23384</DistributableAmountBeforeAdj>
        <DistributableAmountBeforeDed>23384</DistributableAmountBeforeDed>
        <DistributableAmountAsAdjusted>23384</DistributableAmountAsAdjusted>
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        <QualifyingDistributions>25600</QualifyingDistributions>
        <AdjQualifyingDistributions>25600</AdjQualifyingDistributions>
      </QualifyingDistributions>
      <UndistributedIncome>
        <DistributableAmountAsAdjusted>23384</DistributableAmountAsAdjusted>
        <ExcessDistriCarryoverYear3>2142</ExcessDistriCarryoverYear3>
        <TotalExcessDistriCarryover>2142</TotalExcessDistriCarryover>
        <QualifyingDistributions>25600</QualifyingDistributions>
        <TreatedAsDistriFromCorpus>0</TreatedAsDistriFromCorpus>
        <AppliedToCurrentYear>23384</AppliedToCurrentYear>
        <RemainingDistriFromCorpus>2216</RemainingDistriFromCorpus>
        <TotalCorpus>4358</TotalCorpus>
        <UndistributedIncomeCY>0</UndistributedIncomeCY>
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        <ExcessFromYear3>2142</ExcessFromYear3>
        <ExcessFromCurrentYear>2216</ExcessFromCurrentYear>
      </UndistributedIncome>
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        <OnlyContributesToPreselected>X</OnlyContributesToPreselected>
        <GrantOrContriPaidDuringYear>
          <RecipientPersonName>CHIROFEED CO PRADO DAY CENTER</RecipientPersonName>
          <RecipientUSAddress>
            <AddressLine1>43 PRADO ROAD</AddressLine1>
            <City>SAN LUIS OBISPO</City>
            <State>CA</State>
            <ZIPCode>93401</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>NONE</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>SEE PART IX-A</PurposeOfGrantOrContribution>
          <Amount>500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientPersonName>JACKS HELPING HANDS</RecipientPersonName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 14718</AddressLine1>
            <City>SAN LUIS OBISPO</City>
            <State>CA</State>
            <ZIPCode>93406</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>NONE</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>SEE PART IX-A</PurposeOfGrantOrContribution>
          <Amount>100</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientPersonName>CUESTA COLLEGE NURSING</RecipientPersonName>
          <RecipientUSAddress>
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            <City>SAN LUIS OBISPO</City>
            <State>CA</State>
            <ZIPCode>93403</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>NONE</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>SEE PART IX-A</PurposeOfGrantOrContribution>
          <Amount>5000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientPersonName>PRADO DAY CENTER</RecipientPersonName>
          <RecipientUSAddress>
            <AddressLine1>43 PRADO ROAD</AddressLine1>
            <City>SAN LUIS OBISPO</City>
            <State>CA</State>
            <ZIPCode>93401</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>NONE</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>SEE PART IX-A</PurposeOfGrantOrContribution>
          <Amount>5000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientPersonName>WOODS HUMANE SOCIETY</RecipientPersonName>
          <RecipientUSAddress>
            <AddressLine1>875 OKLAHOMA AVENUE</AddressLine1>
            <City>SAN LUIS OBISPO</City>
            <State>CA</State>
            <ZIPCode>93405</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>NONE</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>SEE PART IX-A</PurposeOfGrantOrContribution>
          <Amount>5000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>FOOD BANK OF SLO</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>2212 GOLDEN HILL ROAD</AddressLine1>
            <City>PASO ROBLES</City>
            <State>CA</State>
            <ZIPCode>93446</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>NONE</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>SEE PART IX-A</PurposeOfGrantOrContribution>
          <Amount>10000</Amount>
        </GrantOrContriPaidDuringYear>
        <TotGrantOrContriPaidDuringYear>25600</TotGrantOrContriPaidDuringYear>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <DividendsAndIntFromSecPartVII>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>15249</ExclusionAmount>
        </DividendsAndIntFromSecPartVII>
        <GainSalesAssetsOthThanInvntry>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>22307</ExclusionAmount>
        </GainSalesAssetsOthThanInvntry>
        <SubtotalsPartXVIA>
          <ExclusionAmount>37556</ExclusionAmount>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>37556</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>
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        <Category>ACCOUNTING</Category>
        <Amount>1560</Amount>
        <NetInvestmentIncome>1560</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </AccountingFees>
    </AccountingFeesSchedule>
    <LegalFeesSchedule documentId="LegalFeesSchedule" softwareId="12000229" softwareVersion="2012v2.0">
      <LegalFees>
        <Category>LEGAL FEES</Category>
        <Amount>798</Amount>
        <NetInvestmentIncome>798</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </LegalFees>
    </LegalFeesSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSchedule" softwareId="12000229" softwareVersion="2012v2.0">
      <OtherExpenses>
        <Description>POSTAGE</Description>
        <RevenueAndExpensesPerBooks>43</RevenueAndExpensesPerBooks>
      </OtherExpenses>
    </OtherExpensesSchedule>
    <OtherProfessionalFeesSchedule documentId="OtherProfessionalFeesSchedule" softwareId="12000229" softwareVersion="2012v2.0">
      <OtherProfessionalFees>
        <Category>INVESTMENT FEES</Category>
        <Amount>5748</Amount>
        <NetInvestmentIncome>5748</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </OtherProfessionalFees>
      <OtherProfessionalFees>
        <Category>CA ATTORNEY GENERAL RRF-1 FEE</Category>
        <Amount>25</Amount>
        <NetInvestmentIncome>0</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </OtherProfessionalFees>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule" softwareId="12000229" softwareVersion="2012v2.0">
      <Taxes>
        <Category>INTERNAL REVENUE SERVICE</Category>
        <Amount>1200</Amount>
        <NetInvestmentIncome>1200</NetInvestmentIncome>
      </Taxes>
      <Taxes>
        <Category>FRANCHISE TAX BOARD</Category>
        <Amount>10</Amount>
        <NetInvestmentIncome>10</NetInvestmentIncome>
      </Taxes>
      <Taxes>
        <Category>FOREIGN TAX ON INVESTMENTS</Category>
        <Amount>52</Amount>
        <NetInvestmentIncome>52</NetInvestmentIncome>
      </Taxes>
    </TaxesSchedule>
  </ReturnData>
</Return>