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      <Form990PartVIISectionA>
        <NamePerson>ROCHELLE STERN MAJOR</NamePerson>
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        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
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        <NamePerson>MICHAEL JESSELSON</NamePerson>
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        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
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        <Fundraising>1880</Fundraising>
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        <Fundraising>4302</Fundraising>
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        <Fundraising>16341</Fundraising>
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        <ManagementAndGeneral>1747</ManagementAndGeneral>
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        <ManagementAndGeneral>4693</ManagementAndGeneral>
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        <Description>EDUCATION</Description>
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        <ProgramServices>82613</ProgramServices>
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      <OtherExpenses>
        <Description>POSTAGE AND SHIPPING</Description>
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        <ManagementAndGeneral>3603</ManagementAndGeneral>
        <Fundraising>32429</Fundraising>
      </OtherExpenses>
      <OtherExpenses>
        <Description>PRINTING AND PUBLICATIO</Description>
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        <ManagementAndGeneral>1120</ManagementAndGeneral>
        <Fundraising>10082</Fundraising>
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      <OtherExpenses>
        <Description>MISCELLANEOUS</Description>
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      <AllOtherExpenses>
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        <Fundraising>914</Fundraising>
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      <TotalFunctionalExpenses>
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        <Fundraising>134720</Fundraising>
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      <PledgesAndGrantsReceivable>
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      <LandBldgEquipmentAccumDeprec>26144</LandBldgEquipmentAccumDeprec>
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        <EOY>0</EOY>
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      <OtherAssetsTotal>
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        <EOY>4385</EOY>
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      <TotalAssets>
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      <AccountsPayableAccruedExpenses>
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        <EOY>273</EOY>
      </AccountsPayableAccruedExpenses>
      <TotalLiabilities>
        <BOY>4728</BOY>
        <EOY>273</EOY>
      </TotalLiabilities>
      <FollowSFAS117>X</FollowSFAS117>
      <UnrestrictedNetAssets>
        <BOY>496354</BOY>
        <EOY>387588</EOY>
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      <TemporarilyRestrictedNetAssets>
        <BOY>1963505</BOY>
        <EOY>1590201</EOY>
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      <TotalNetAssetsFundBalances>
        <BOY>2459859</BOY>
        <EOY>1977789</EOY>
      </TotalNetAssetsFundBalances>
      <TotalLiabNetAssetsFundBalances>
        <BOY>2464587</BOY>
        <EOY>1978062</EOY>
      </TotalLiabNetAssetsFundBalances>
      <ReconcilationRevenueExpenses>-482070</ReconcilationRevenueExpenses>
      <ReconcilationOtherChanges>0</ReconcilationOtherChanges>
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <AccountantCompileOrReview>0</AccountantCompileOrReview>
      <FSAudited>1</FSAudited>
      <AuditCommittee>1</AuditCommittee>
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      <FederalGrantAuditRequired>0</FederalGrantAuditRequired>
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    <IRS990ScheduleA documentId="RetDoc1039100001">
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        <CurrentTaxYearMinus3Years>985236</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>999449</CurrentTaxYearMinus2Years>
        <CurrentTaxYearMinus1Year>802060</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>1418139</CurrentTaxYear>
        <Total>7802720</Total>
      </GiftsGrantsContribReceived170>
      <Total170>
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        <CurrentTaxYearMinus3Years>985236</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>999449</CurrentTaxYearMinus2Years>
        <CurrentTaxYearMinus1Year>802060</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>1418139</CurrentTaxYear>
        <Total>7802720</Total>
      </Total170>
      <AmountsSubstContributorsTotal>4408100</AmountsSubstContributorsTotal>
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      <GrossInvestmentIncome170>
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        <CurrentTaxYearMinus1Year>402</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>120</CurrentTaxYear>
        <Total>14270</Total>
      </GrossInvestmentIncome170>
      <TotalSupport>7816990</TotalSupport>
      <GrossReceiptsFromAdmissionsEtc>1233016</GrossReceiptsFromAdmissionsEtc>
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      <ThirtyThreePercntTestsCY170>X</ThirtyThreePercntTestsCY170>
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        </ContributorNameBusiness>
        <ContributorAddressUS>
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          <AddressLine2>RESTRICTED</AddressLine2>
          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
        </ContributorAddressUS>
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        <BookValue>591</BookValue>
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      <TotalExpenses>2185306</TotalExpenses>
      <ExcessOrDeficitForYear>-482070</ExcessOrDeficitForYear>
      <ExcessOrDeficitPerFS>-482070</ExcessOrDeficitPerFS>
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      <RevenueSubtotal>1685236</RevenueSubtotal>
      <OtherRevenuesNotIncluded>18000</OtherRevenuesNotIncluded>
      <RevenueNotRptdOnFinStmt>18000</RevenueNotRptdOnFinStmt>
      <TotalRevenuePerForm990>1703236</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>2167306</TotExpensesEtcAuditedFinclStmt>
      <ExpensesNotRptdF990>0</ExpensesNotRptdF990>
      <ExpensesSubtotal>2167306</ExpensesSubtotal>
      <OtherExpensesNotIncluded>18000</OtherExpensesNotIncluded>
      <ExpensesNotRptdOnFinStmt>18000</ExpensesNotRptdOnFinStmt>
      <TotalExpensesPerForm990>2185306</TotalExpensesPerForm990>
    </IRS990ScheduleD>
    <IRS990ScheduleF documentId="RetDoc1040500001">
      <GrantRecordsMaintained>0</GrantRecordsMaintained>
      <AcctsActvsOutUSTable>
        <Region>ISRAEL</Region>
        <NumberOfOffices>1</NumberOfOffices>
        <NumberOfEmployees>12</NumberOfEmployees>
        <TypeOfActivitiesConducted>PROGRAM SERVICES</TypeOfActivitiesConducted>
        <SpecificServicesProvided>TEACHING AND EDUCATIONAL SERVICES</SpecificServicesProvided>
        <TotalExpenditures>1509221</TotalExpenditures>
      </AcctsActvsOutUSTable>
      <SubtotalNumberOfOffices>1</SubtotalNumberOfOffices>
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      <ContNumberOfOffices>0</ContNumberOfOffices>
      <ContNumberOfEmployees>0</ContNumberOfEmployees>
      <TotalNumberOfOffices>1</TotalNumberOfOffices>
      <TotalNumberOfEmployees>12</TotalNumberOfEmployees>
      <SubtotalAmountSpent>1509221</SubtotalAmountSpent>
      <ContAmountSpent>0</ContAmountSpent>
      <TotalAmountSpent>1509221</TotalAmountSpent>
      <NoRecipientOver5K>X</NoRecipientOver5K>
      <GrantsToOrgsOutsideUS>
        <Region>ISRAEL</Region>
        <PurposeOfGrant>GRANTS, SCHOLARSHIPS AND FELLOWSHIPS SUPPORT ACADEMIC AND COMMUNITY EDUCATION, AS WELL AS PUBLIC SERVICE PROGRAMS AND THE ESTABLISHMENT OF NEW LEADERSHIP ROLES FOR WOMEN UNDER THE AUSPICES OF NISHMAT, THE JEANNE SCHOTTENSTEIN CENTER FOR ADVANCED TORAH STUDY FOR WOMEN. GRANTS ALSO SUSTAIN NISHMAT'S ON-LINE RESOURCES FOR WOMEN AND FOR HEALTHCARE PROFESSIONALS.</PurposeOfGrant>
        <AmountOfCashGrant>961021</AmountOfCashGrant>
        <MannerOfCashDisbursement>CHECK</MannerOfCashDisbursement>
      </GrantsToOrgsOutsideUS>
      <GrantsToOrgsOutsideUS>
        <Region>ISRAEL</Region>
        <PurposeOfGrant>CAPITAL GRANT TO BUILD NEW BUILDING WITH CLASSROOMS.</PurposeOfGrant>
        <AmountOfCashGrant>398329</AmountOfCashGrant>
        <MannerOfCashDisbursement>CHECK</MannerOfCashDisbursement>
      </GrantsToOrgsOutsideUS>
      <GrantsToIndOutsideUS>
        <TypeOfAssistance>RESEARCH GRANTS</TypeOfAssistance>
        <Region>ISRAEL</Region>
        <NumberOfRecipients>10</NumberOfRecipients>
        <AmountOfCashGrant>80347</AmountOfCashGrant>
        <MannerOfCashDisbursement>CHECK</MannerOfCashDisbursement>
      </GrantsToIndOutsideUS>
      <GrantsToIndOutsideUS>
        <TypeOfAssistance>STIPENDS</TypeOfAssistance>
        <Region>ISRAEL</Region>
        <NumberOfRecipients>7</NumberOfRecipients>
        <AmountOfCashGrant>10420</AmountOfCashGrant>
        <MannerOfCashDisbursement>CHECK</MannerOfCashDisbursement>
      </GrantsToIndOutsideUS>
      <GrantsToIndOutsideUS>
        <TypeOfAssistance>FACULTY SALARIES</TypeOfAssistance>
        <Region>ISRAEL</Region>
        <NumberOfRecipients>10</NumberOfRecipients>
        <AmountOfCashGrant>59104</AmountOfCashGrant>
        <MannerOfCashDisbursement>CHECK</MannerOfCashDisbursement>
      </GrantsToIndOutsideUS>
      <TransferToForeignCorp>0</TransferToForeignCorp>
      <InterestInForeignTrust>0</InterestInForeignTrust>
      <OwnForeignCorp>0</OwnForeignCorp>
      <PassiveForeignInvestCo>0</PassiveForeignInvestCo>
      <ForeignPartnership>0</ForeignPartnership>
      <BoycottCountries>0</BoycottCountries>
    </IRS990ScheduleF>
    <IRS990ScheduleG documentId="RetDoc1041300001">
      <EventsInformation>
        <NameOfEvent1>22ST ANNIVERSARY DINNER</NameOfEvent1>
        <GrossReceiptsEvent1>289200</GrossReceiptsEvent1>
        <GrossRevenueEvent1>289200</GrossRevenueEvent1>
        <OtherDirectExpensesEvent1>8750</OtherDirectExpensesEvent1>
        <NameOfEvent2>NISHMAT AT SOTHEBY'S</NameOfEvent2>
        <GrossReceiptsEvent2>27594</GrossReceiptsEvent2>
        <GrossRevenueEvent2>27594</GrossRevenueEvent2>
        <OtherDirectExpensesEvent2>3290</OtherDirectExpensesEvent2>
        <GrossReceiptsTotal>316794</GrossReceiptsTotal>
        <GrossRevenueTotalEvents>316794</GrossRevenueTotalEvents>
        <OtherDirectExpensesTotalEvents>12040</OtherDirectExpensesTotalEvents>
        <DirectExpenseSummaryEvents>12040</DirectExpenseSummaryEvents>
        <NetIncomeSummary>304754</NetIncomeSummary>
      </EventsInformation>
    </IRS990ScheduleG>
    <IRS990ScheduleI documentId="RetDoc1041900001">
      <RecordsMaintained>1</RecordsMaintained>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>STIPENDS</TypeOfGrant>
        <NumberOfRecipients>6</NumberOfRecipients>
        <AmountOfCashGrant>32500</AmountOfCashGrant>
        <AmountOfNonCashAssistance>0</AmountOfNonCashAssistance>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIV>
        <Identifier>PROCEDURE FOR MONITORING GRANTS IN THE U.S.:</Identifier>
        <ReturnReference>PART I, LINE 2:</ReturnReference>
        <Explanation>SCHEDULE I, PART I, LINE 2: THE FOUNDATION HAS A MONITORING PROCEDURE WHICH IS CURRENTLY BEING ENHANCED PER ITS AUDITORS' RECOMMENDATIONS.</Explanation>
      </Form990ScheduleIPartIV>
    </IRS990ScheduleI>
    <IRS990ScheduleM documentId="RetDoc1042900001">
      <RealEstateResidential>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>1</NumberOfContributions>
        <NoncashContribsRptdF990>10000</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>COST BASIS</MethodOfDeterminingRevenues>
      </RealEstateResidential>
      <OtherNonCashContributionsTable>
        <NonCashCheckbox>X</NonCashCheckbox>
        <Description>SERVICES - LECTURES</Description>
        <NumberOfContributions>1</NumberOfContributions>
        <NoncashContribsRptdF990>1500</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>COST</MethodOfDeterminingRevenues>
      </OtherNonCashContributionsTable>
      <AnyPropertyThatMustBeHeld>0</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>0</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>0</ThirdPartiesUsed>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION A, LINE 2</ReturnReference>
        <Explanation>SANDY SELIGSON AND LISA SEPTIMUS ARE MOTHER AND DAUGHTER. DR. FELIX GLAUBACH AND MIRIAM GLAUBACH ARE HUSBAND AND WIFE.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 11</ReturnReference>
        <Explanation>FORM 990 PRESENTED TO EXECUTIVE COMMITTEE FOR APPROVAL, THEN PRESENTED TO AFN BOARD FOR APPROVAL. IN EACH CASE THERE IS DISCUSSION AND MOTION TO APPROVE AND THEN VOTE.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 12C</ReturnReference>
        <Explanation>BOARD MEMBERS AND OFFICERS HAVE TO FILL OUT CONFLICT OF POLICY FORM ANNUALLY, STATING ANY TRANSACTIONS THAT MAY CAUSE CONFLICT. THIS IS ALSO DISCUSSED AT PERIODIC BOARD MEETINGS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 15A</ReturnReference>
        <Explanation>AFN RETAINED JOEL PAUL ASSOCIATES ("JPA"), AN EXECUTIVE SEARCH FIRM, TO CONDUCT THE SEARCH FOR A NEW EXECUTIVE DIRECTOR AND TO SET HIS OR HER SALARY, WHICH IS BASED UPON SALARIES OF EXECUTIVE DIRECTORS THAT WORK FOR TAX-EXEMPT ORGANIZATIONS THAT ARE SIMILAR TO AFN. AFN'S BOARD THEN DELIBERATED AND MADE A DECISION BASED UPON JPA'S REPORT. THE BOARD'S DELIBERATIONS AND DECISION ARE MEMORIALIZED IN MINUTES THAT ARE PREPARED BY AFN STAFF WITH BOARD OVERSIGHT, AND APPROVED BY BOARD VOTE.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>THE FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST TO THE ORGANIZATION OR FROM THE NYS ATTORNEY GENERAL.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
  </ReturnData>
</Return>