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    <Timestamp>2013-06-04T09:12:48-07:00</Timestamp>
    <TaxPeriodEndDate>2012-12-31</TaxPeriodEndDate>
    <PreparerFirm>
      <PreparerFirmBusinessName>
        <BusinessNameLine1>SHIEH LEE &amp; COMPANY</BusinessNameLine1>
      </PreparerFirmBusinessName>
      <PreparerFirmUSAddress>
        <AddressLine1>9889 BELLAIRE BLVD STE 127</AddressLine1>
        <City>HOUSTON</City>
        <State>TX</State>
        <ZIPCode>770363467</ZIPCode>
      </PreparerFirmUSAddress>
    </PreparerFirm>
    <ReturnType>990PF</ReturnType>
    <TaxPeriodBeginDate>2012-01-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>760509216</EIN>
      <Name>
        <BusinessNameLine1>E &amp; M FOUNDATION INC</BusinessNameLine1>
      </Name>
      <NameControl>E&amp;MF</NameControl>
      <Phone>7139549507</Phone>
      <USAddress>
        <AddressLine1>P O BOX 772866</AddressLine1>
        <City>HOUSTON</City>
        <State>TX</State>
        <ZIPCode>77215</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>EMILY WANG</Name>
      <Title>DIRECTOR</Title>
      <Phone>7139549507</Phone>
      <DateSigned>2013-06-04</DateSigned>
    </Officer>
    <Preparer>
      <Name>VERA LEE</Name>
      <Phone>7139549507</Phone>
      <DatePrepared>2013-06-04</DatePrepared>
    </Preparer>
    <TaxYear>2012</TaxYear>
    <BuildTS>2016-02-25 16:41:14Z</BuildTS>
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      <MethodOfAccountingCash>X</MethodOfAccountingCash>
      <AnalysisOfRevenueAndExpenses>
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        <NotRequiredToAttachScheduleB>X</NotRequiredToAttachScheduleB>
        <CapitalGainNetIncmNetInvstIncm>0</CapitalGainNetIncmNetInvstIncm>
        <TotalRevenueAndExpenses>40500</TotalRevenueAndExpenses>
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        <TotalExpensesNetInvstIncm>0</TotalExpensesNetInvstIncm>
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        <InvestmentIncomeExciseTax>0</InvestmentIncomeExciseTax>
        <TaxUnderSection511>0</TaxUnderSection511>
        <TaxBasedOnInvestmentIncome>0</TaxBasedOnInvestmentIncome>
        <AmountCreditedToNextYear>0</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>
        <Form990PFFiledWithAG>false</Form990PFFiledWithAG>
        <PrivateOperatingFoundation>false</PrivateOperatingFoundation>
        <NewSubstantialContributors>false</NewSubstantialContributors>
        <InterestInControlledEntity>false</InterestInControlledEntity>
        <ApplicableInsuranceContract>false</ApplicableInsuranceContract>
        <ComplyWithPublicInspectionRqr>true</ComplyWithPublicInspectionRqr>
        <WebsiteAddress>N/A</WebsiteAddress>
        <BooksInCareOfPersonName>EMILY WANG</BooksInCareOfPersonName>
        <BooksInCareOfPhoneNumber>7139549507</BooksInCareOfPhoneNumber>
        <BooksInCareOfUSAddress>
          <AddressLine1>P O BOX 772866</AddressLine1>
          <City>HOUSTON</City>
          <State>TX</State>
          <ZIPCode>77215</ZIPCode>
        </BooksInCareOfUSAddress>
        <ForeignBank>false</ForeignBank>
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        <SaleOrExchangeWithDsqflyPerson>false</SaleOrExchangeWithDsqflyPerson>
        <BorrowOrLendWithDsqflyPerson>false</BorrowOrLendWithDsqflyPerson>
        <FurnishedGoodsWithDsqflyPerson>false</FurnishedGoodsWithDsqflyPerson>
        <PayCompensationToDsqflyPerson>false</PayCompensationToDsqflyPerson>
        <TransferAssetsToDsqflyPerson>false</TransferAssetsToDsqflyPerson>
        <PaymentToGovernmentOffical>false</PaymentToGovernmentOffical>
        <ActsFailToQualifyAsExceptions>false</ActsFailToQualifyAsExceptions>
        <UncorrectedPriorActs>false</UncorrectedPriorActs>
        <UndistributedIncomePriorYears>false</UndistributedIncomePriorYears>
        <UndistrIncome4942a2NotApplied>false</UndistrIncome4942a2NotApplied>
        <BusinessHoldings>false</BusinessHoldings>
        <ExcessBusinessHoldings>false</ExcessBusinessHoldings>
        <JeopardyInvestments>false</JeopardyInvestments>
        <UncorrectedJeopardyInvestments>false</UncorrectedJeopardyInvestments>
        <InfluenceLegislation>false</InfluenceLegislation>
        <InfluenceElection>false</InfluenceElection>
        <GrantsToIndividuals>false</GrantsToIndividuals>
        <GrantsToOrganizations>false</GrantsToOrganizations>
        <NoncharitablePurpose>false</NoncharitablePurpose>
        <TrFailToQualifyAsExceptions>false</TrFailToQualifyAsExceptions>
        <RelyingCurrNoticeDisasterAsst2>X</RelyingCurrNoticeDisasterAsst2>
        <MaintExpendResponsibility>false</MaintExpendResponsibility>
        <RcvFundsToPayPrsnlBnftContract>false</RcvFundsToPayPrsnlBnftContract>
        <PayPremiumsPrsnlBnftContract>false</PayPremiumsPrsnlBnftContract>
        <ProhibitedTaxShelterTransactn>false</ProhibitedTaxShelterTransactn>
      </StatementsRegardingActy4720>
      <OfcrDirTrusteesKeyEmployeeInfo>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>EMILY WANG</PersonName>
          <USAddress>
            <AddressLine1>PO BOX 772866</AddressLine1>
            <City>HOUSTON</City>
            <State>TX</State>
            <ZIPCode>77215</ZIPCode>
          </USAddress>
          <Title>DIRECTOR</Title>
          <AvgHoursPerWkDevotedToPosition>3.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>MING WANG</PersonName>
          <USAddress>
            <AddressLine1>PO BOX 772866</AddressLine1>
            <City>HOUSTON</City>
            <State>TX</State>
            <ZIPCode>77215</ZIPCode>
          </USAddress>
          <Title>DIRECTOR</Title>
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          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>GRACE SHIEH</PersonName>
          <USAddress>
            <AddressLine1>9889 BELLAIRE 127</AddressLine1>
            <City>HOUSTO</City>
            <State>TX</State>
            <ZIPCode>77036</ZIPCode>
          </USAddress>
          <Title>DIRECTOR</Title>
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          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <CompOfHighestPaidEmplNONE>NONE</CompOfHighestPaidEmplNONE>
        <TotNumberOfOthEmplPaidOver50k>0</TotNumberOfOthEmplPaidOver50k>
        <CompOfHghstPaidCntrctNONE>NONE</CompOfHghstPaidCntrctNONE>
        <TotNumberOfCntrctPaidOver50k>0</TotNumberOfCntrctPaidOver50k>
      </OfcrDirTrusteesKeyEmployeeInfo>
      <MinimumInvestmentReturn>
        <AvgMonthlyFMVOfSecurities>291237</AvgMonthlyFMVOfSecurities>
        <AvgMonthlyCashBalances>3787</AvgMonthlyCashBalances>
        <FMVAllOtherNoncharitableAssets>0</FMVAllOtherNoncharitableAssets>
        <TotalFMVOfUnusedAssets>295024</TotalFMVOfUnusedAssets>
        <AdjTotalFMVOfUnusedAssets>295024</AdjTotalFMVOfUnusedAssets>
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      </MinimumInvestmentReturn>
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        <MinimumInvestmentReturn>14530</MinimumInvestmentReturn>
        <DistributableAmountBeforeAdj>14530</DistributableAmountBeforeAdj>
        <DistributableAmountBeforeDed>14530</DistributableAmountBeforeDed>
        <DistributableAmountAsAdjusted>14530</DistributableAmountAsAdjusted>
      </DistributableAmount>
      <QualifyingDistributions>
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        <QualifyingDistributions>40100</QualifyingDistributions>
        <AdjQualifyingDistributions>40100</AdjQualifyingDistributions>
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        <ExcessDistriCarryoverYear3>20765</ExcessDistriCarryoverYear3>
        <ExcessDistriCarryoverYear2>2594</ExcessDistriCarryoverYear2>
        <ExcessDistriCarryoverYear1>2807</ExcessDistriCarryoverYear1>
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        <QualifyingDistributions>40100</QualifyingDistributions>
        <RemainingDistriFromCorpus>40100</RemainingDistriFromCorpus>
        <ExcessDistriCyovAppCYCorpus>14530</ExcessDistriCyovAppCYCorpus>
        <ExcessDistriCyovAppliedCY>14530</ExcessDistriCyovAppliedCY>
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        <UndistributedIncomeCY>0</UndistributedIncomeCY>
        <ExcessDistriCyovToNextYear>51736</ExcessDistriCyovToNextYear>
        <ExcessFromYear3>6235</ExcessFromYear3>
        <ExcessFromYear2>2594</ExcessFromYear2>
        <ExcessFromYear1>2807</ExcessFromYear1>
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      </UndistributedIncome>
      <SupplementaryInformation>
        <OnlyContributesToPreselected>X</OnlyContributesToPreselected>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>TEXAS BUDDHIST ASSOCIATION</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>6969 WEST BRANCH DR</AddressLine1>
            <City>HOUSTON</City>
            <State>TX</State>
            <ZIPCode>77072</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>EXEMPT ORG</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>DONATION</PurposeOfGrantOrContribution>
          <Amount>500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>UNIVERSITY OF ST THOMAS</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>3800 MONTROSE BLVD</AddressLine1>
            <City>HOUSTON</City>
            <State>TX</State>
            <ZIPCode>77006</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>EXEMPT ORG</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>DONATION</PurposeOfGrantOrContribution>
          <Amount>5000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>CHUNG TAI ZEN CENTER OF HOUSTON</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>12129 BELLAIRE BLVD</AddressLine1>
            <City>HOUSTON</City>
            <State>TX</State>
            <ZIPCode>77072</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>EXEMPTORG</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>DONATION</PurposeOfGrantOrContribution>
          <Amount>400</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>HOUSTON EVERGREEN CHINESE SCHOOL</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>8900 BELLAIRE BLVD</AddressLine1>
            <City>HOUSTON</City>
            <State>TX</State>
            <ZIPCode>77036</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>EXEMPTORG</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>DONATION</PurposeOfGrantOrContribution>
          <Amount>200</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>BUDDHIST TZU CHI FOUNDATION</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>6200 CORPORATE DR</AddressLine1>
            <City>HOUSTON</City>
            <State>TX</State>
            <ZIPCode>77036</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>EXEMPT ORGEXEMPT ORG</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>DONATION</PurposeOfGrantOrContribution>
          <Amount>34000</Amount>
        </GrantOrContriPaidDuringYear>
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        <PerformanceOfServicesEtc>false</PerformanceOfServicesEtc>
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      <AllOthProgRltdInvestments>
        <Description>NONE</Description>
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