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        <GrantsOrScholarships>-1135738</GrantsOrScholarships>
        <EndOfYearBalance>38330099</EndOfYearBalance>
      </CurrentYear>
      <CurrentYearMinus1Year>
        <BeginningOfYearBalance>33609934</BeginningOfYearBalance>
        <Contributions>940086</Contributions>
        <InvestmentEarningsOrLosses>-811570</InvestmentEarningsOrLosses>
        <GrantsOrScholarships>-1206252</GrantsOrScholarships>
        <EndOfYearBalance>32532198</EndOfYearBalance>
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      <CurrentYearMinus2Years>
        <BeginningOfYearBalance>31212047</BeginningOfYearBalance>
        <Contributions>350486</Contributions>
        <InvestmentEarningsOrLosses>3131856</InvestmentEarningsOrLosses>
        <GrantsOrScholarships>-1084455</GrantsOrScholarships>
        <EndOfYearBalance>33609934</EndOfYearBalance>
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      <CurrentYearMinus3Years>
        <BeginningOfYearBalance>32502594</BeginningOfYearBalance>
        <Contributions>225598</Contributions>
        <InvestmentEarningsOrLosses>-319898</InvestmentEarningsOrLosses>
        <GrantsOrScholarships>1196247</GrantsOrScholarships>
        <EndOfYearBalance>31212047</EndOfYearBalance>
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      <BoardDesignatedEOYBalance>0.05000</BoardDesignatedEOYBalance>
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      <EndowmentsHeldByRelatedOrgs>0</EndowmentsHeldByRelatedOrgs>
      <TotalOfBookValueLandBuildings>0</TotalOfBookValueLandBuildings>
      <OtherSecurities>
        <Description>ENDOWMENT FUNDS</Description>
        <BookValue>38330100</BookValue>
        <MethodOfValuation>F</MethodOfValuation>
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      <OtherSecurities>
        <Description>MISSION BENEVOLENT INVESTMENT</Description>
        <BookValue>334279</BookValue>
        <MethodOfValuation>F</MethodOfValuation>
      </OtherSecurities>
      <OtherSecurities>
        <Description>CHARITABLE GIFT ANNUITY CASH</Description>
        <BookValue>369623</BookValue>
        <MethodOfValuation>F</MethodOfValuation>
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      <TotalOfBookValueSecurities>39034002</TotalOfBookValueSecurities>
      <OtherAssets>
        <Description>INVESTMENT IN OAKCREST</Description>
        <BookValue>2324000</BookValue>
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      <OtherAssets>
        <Description>NOTES, PROJECT COSTS, AND OTHER RECEIVABLES</Description>
        <BookValue>3887613</BookValue>
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      <TotalBookValueOtherAssets>6211613</TotalBookValueOtherAssets>
      <OtherLiabilities>
        <Description>DUE TO AFFILIATES</Description>
        <Amount>7710658</Amount>
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      <OtherLiabilities>
        <Description>CHARITABLE GIFT ANNUITY</Description>
        <Amount>368961</Amount>
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      <TotalOfAmounts>8079619</TotalOfAmounts>
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        <Identifier>DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS:</Identifier>
        <ReturnReference>PART V, LINE 4:</ReturnReference>
        <Explanation>PRESBYTERIAN HOMES FOUNDATION ENDOWMENT FUNDS WILL BE USED AS DIRECTED BY THE DONOR'S RESTRICTIONS.</Explanation>
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        <Identifier>DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48:</Identifier>
        <ReturnReference>PART X:</ReturnReference>
        <Explanation>THE ORGANIZATION AND ITS AFFILIATES ARE GENERALLY EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND APPLICABLE SECTIONS OF THE STATE STATUTES; CONSEQUENTLY, NO PROVISION HAS BEEN MADE FOR INCOME TAXES. HOWEVER, THERE ARE IMMATERIAL AMOUNTS OF UNRELATED BUSINESS INCOME IN CERTAIN AFFILIATES THAT ARE TAXABLE. THE ORGANIZATION FOLLOWS THE ACCOUNTING STANDARD FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THE ORGANIZATION FILES INFORMATION RETURNS AS A TAX-EXEMPT ORGANIZATION. SHOULD THAT STATUS BE CHALLENGED IN THE FUTURE, ALL YEARS SINCE INCEPTION COULD BE SUBJECT TO REVIEW BY THE IRS. THE ORGANIZATION'S TAX RETURNS FOR THE 2009, 2010, AND 2011 FISCAL YEARS ARE OPEN TO EXAMINATION BY THE IRS.</Explanation>
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        <MannerOfCashDisbursement>CHECK</MannerOfCashDisbursement>
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        <NontaxableBenefitsRelatedOrgs>5031</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>0</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>257978</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>KAREN MCKENNA</NamePerson>
        <BaseCompensationFilingOrg>0</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>219810</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>0</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>0</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>6594</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>0</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>457</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>0</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>226861</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>CATHY BERGLAND</NamePerson>
        <BaseCompensationFilingOrg>0</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>203199</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>0</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>0</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>6096</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>0</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>4396</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>0</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>213691</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartIII>
        <ReturnReference>PART I, LINE 3</ReturnReference>
        <Explanation>THE COMPENSATION IS DETERMINED BY THE RELATED ORGANIZATION AND THE ORGANIZATION USES A)COMPENSATION COMMITTEE B)INDEPENDENT COMPENSATION CONSULTANTS C)COMPENSATION SURVEY OR STUDY AND D)APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE TO DETERMINE COMPENSATION.</Explanation>
      </Form990ScheduleJPartIII>
    </IRS990ScheduleJ>
    <IRS990ScheduleM documentId="RetDoc1042900001">
      <SecuritiesPubliclyTraded>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>9305</NumberOfContributions>
        <NoncashContribsRptdF990>500739</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>PRICE AT DAY OF SALE</MethodOfDeterminingRevenues>
      </SecuritiesPubliclyTraded>
      <RealEstateCommercial>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>1680</NumberOfContributions>
        <NoncashContribsRptdF990>120000</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>RECENT SALES IN AREA</MethodOfDeterminingRevenues>
      </RealEstateCommercial>
      <NumberOf8283Received>0</NumberOf8283Received>
      <AnyPropertyThatMustBeHeld>0</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>1</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>0</ThirdPartiesUsed>
      <Form990ScheduleMPartII>
        <Identifier>METHOD FOR DETERMINING NUMBER OF CONTRIBUTORS:</Identifier>
        <ReturnReference>PART I, COLUMN (B):</ReturnReference>
        <Explanation>THE AMOUNT OF PUBLICLY TRADED SECURITIES CONTRIBUTED WAS MEASURED BY NUMBER OF SHARES. THE AMOUNT OF COMMERICAL REAL ESTATE CONTRIBUTED WAS MEASURED BY NUMBER OF ACRES.</Explanation>
      </Form990ScheduleMPartII>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION A, LINE 3</ReturnReference>
        <Explanation>PHS MANAGEMENT, LLC PROVIDES MANAGEMENT SERVICES FOR PRESBYTERIAN HOMES FOUNDATION. PHS MANAGEMENT, LLC PROVIDES FINANCIAL ACCOUNTING, OPERATIONAL OVERSIGHT, HUMAN RESOURCES, INFORMATION TECHNOLOGY, CLINICAL NURSING CONSULTATION, CORPORATE COMPLIANCE, COORDINATED ADVERTISING AND MARKETING, STAFFING FOR FUND DEVELOPMENT, AND NEW BUSINESS DEVELOPMENT.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION A, LINE 6</ReturnReference>
        <Explanation>THE SOLE MEMBER OF PRESBYTERIAN HOMES FOUNDATION IS PRESBYTERIAN HOMES AND SERVICES.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION A, LINE 7A</ReturnReference>
        <Explanation>THE MEMBERS OF THE ORGANIZATION ELECT THE MEMBERS OF THE GOVERNING BODY, BUT NOT IF THE PERSONS ON THE GOVERNING BODY ARE THE ORGANIZATION'S ONLY MEMBERS OR THEIR DELEGATES.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 11</ReturnReference>
        <Explanation>THE ORGANIZATION'S FORM 990 IS PROVIDED TO VOTING MEMBERS OF THE GOVERNING BODY PRIOR TO FILING WITH THE IRS. OFFICERS AND MANAGEMENT OF THE ORGANIZATION HAVE BEEN INVOLVED IN THE PREPARATION OF THE FORM 990 AND HAVE REVIEWED IT THROUGHOUT THE PROCESS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 12C</ReturnReference>
        <Explanation>THE ORGANIZATION OBTAINS ANNUALLY WRITTEN DISCLOSURES FROM GOVERNING BODY MEMBERS, OFFICERS, AND KEY EMPLOYEES. MANAGEMENT AND OFFICERS REVIEW THESE DISCLOSURES AND EVALUATE WHETHER THE INTEREST COULD RESULT IN A CONFLICT AND THEN TAKE THE NECESSARY STEPS TO REMEDIATE ANY SUCH CONFLICT.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>CHANGES IN NET ASSETS OR FUND BALANCES:</Identifier>
        <ReturnReference>FORM 990, PART XI, LINE 5:</ReturnReference>
        <Explanation>ROUNDING ADJUSTMENT TO THE FINANCIAL STATEMENTS -1,832. TOTAL TO FORM 990, PART XI, LINE 5: -1,832.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>SHARING OF HOURS</Identifier>
        <ReturnReference>FORM 990, PART VII, SECTION A</ReturnReference>
        <Explanation>OFFICERS &amp; KEY EMPLOYEES SHARE THEIR HOURS BETWEEN THE FILING ORGANIZATION AND ITS RELATED ORGANIZATIONS.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc1043400001">
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>BROADMOOR APARTMENTS INC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>2845 HAMLINE AVENUE NORTH</AddressLine1>
          <City>ROSEVILLE</City>
          <State>MN</State>
          <ZIPCode>55113</ZIPCode>
        </AddressUS>
        <EIN>201112603</EIN>
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        <LegalDomicileState>MN</LegalDomicileState>
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        <ControlledOrg>0</ControlledOrg>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>CASTLE RIDGE CARE CENTER INC</BusinessNameLine1>
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        <AddressUS>
          <AddressLine1>2845 HAMLINE AVENUE NORTH</AddressLine1>
          <City>ROSEVILLE</City>
          <State>MN</State>
          <ZIPCode>55113</ZIPCode>
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        <EIN>510171801</EIN>
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        <LegalDomicileState>MN</LegalDomicileState>
        <ExemptCodeSection>501(C)(3)</ExemptCodeSection>
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        <ControlledOrg>0</ControlledOrg>
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      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>CENTER PARK SENIOR APARTMENTS INC</BusinessNameLine1>
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          <AddressLine1>2845 HAMLINE AVENUE NORTH</AddressLine1>
          <City>ROSEVILLE</City>
          <State>MN</State>
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        <LegalDomicileState>MN</LegalDomicileState>
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        <PublicCharityStatus>LINE 9</PublicCharityStatus>
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          <BusinessNameLine1>PHSPHHAL</BusinessNameLine1>
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      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>OPTAGE INC</BusinessNameLine1>
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          <AddressLine1>2845 HAMLINE AVENUE NORTH</AddressLine1>
          <City>ROSEVILLE</City>
          <State>MN</State>
          <ZIPCode>55113</ZIPCode>
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        <EIN>271507949</EIN>
        <PrimaryActivities>CARE FOR THE ELDERLY</PrimaryActivities>
        <LegalDomicileState>MN</LegalDomicileState>
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        <PublicCharityStatus>LINE 9</PublicCharityStatus>
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        <ControlledOrg>0</ControlledOrg>
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        <NameOfDisregardedEntity>
          <BusinessNameLine1>GIDEON POND HOUSING CORPORATION</BusinessNameLine1>
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          <AddressLine1>2845 HAMLINE AVENUE NORTH</AddressLine1>
          <City>ROSEVILLE</City>
          <State>MN</State>
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      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>GIDEON POND WEST INC</BusinessNameLine1>
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          <AddressLine1>2845 HAMLINE AVENUE NORTH</AddressLine1>
          <City>ROSEVILLE</City>
          <State>MN</State>
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      <Form990ScheduleRPartII>
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          <BusinessNameLine1>MARANATHA CONSERVATIVE BAPTIST HOME INC</BusinessNameLine1>
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          <AddressLine1>2845 HAMLINE AVENUE NORTH</AddressLine1>
          <City>ROSEVILLE</City>
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          <BusinessNameLine1>PHS MONTICELLO INC</BusinessNameLine1>
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          <AddressLine1>2845 HAMLINE AVENUE NORTH</AddressLine1>
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          <City>ROSEVILLE</City>
          <State>MN</State>
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          <BusinessNameLine1>PHSEAGLE CREST INC</BusinessNameLine1>
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          <BusinessNameLine1>PHSINVER GROVE INC</BusinessNameLine1>
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          <AddressLine1>2845 HAMLINE AVENUE NORTH</AddressLine1>
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          <AddressLine1>2845 HAMLINE AVENUE NORTH</AddressLine1>
          <City>ROSEVILLE</City>
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          <BusinessNameLine1>PRESBYTERIAN HOMES &amp; SERVICES</BusinessNameLine1>
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          <BusinessNameLine1>PRESBYTERIAN HOMES FOUNDATION</BusinessNameLine1>
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          <AddressLine1>2845 HAMLINE AVENUE NORTH</AddressLine1>
          <City>ROSEVILLE</City>
          <State>MN</State>
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        <LegalDomicileState>MN</LegalDomicileState>
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        <DirectControllingEntityName>
          <BusinessNameLine1>PHS</BusinessNameLine1>
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        <ControlledOrg>0</ControlledOrg>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>PRESBYTERIAN HOMES HOSPICE INC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>2845 HAMLINE AVENUE NORTH</AddressLine1>
          <City>ROSEVILLE</City>
          <State>MN</State>
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        </AddressUS>
        <EIN>260766609</EIN>
        <PrimaryActivities>SENIOR SERVICES</PrimaryActivities>
        <LegalDomicileState>MN</LegalDomicileState>
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        <PublicCharityStatus>LINE 9</PublicCharityStatus>
        <DirectControllingEntityName>
          <BusinessNameLine1>PHS</BusinessNameLine1>
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      <Form990ScheduleRPartII>
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