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    <Timestamp>2012-05-03T12:57:53-07:00</Timestamp>
    <TaxPeriodEndDate>2011-12-31</TaxPeriodEndDate>
    <PreparerFirm>
      <PreparerFirmBusinessName>
        <BusinessNameLine1>VICKI PYLES OWENS CPA PC</BusinessNameLine1>
      </PreparerFirmBusinessName>
      <PreparerFirmUSAddress>
        <AddressLine1>4 N MAIN ST</AddressLine1>
        <City>CEDARTOWN</City>
        <State>GA</State>
        <ZIPCode>30125</ZIPCode>
      </PreparerFirmUSAddress>
    </PreparerFirm>
    <ReturnType>990PF</ReturnType>
    <TaxPeriodBeginDate>2011-01-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>204254147</EIN>
      <Name>
        <BusinessNameLine1>GATEWOOD FOUNDATION INC</BusinessNameLine1>
      </Name>
      <NameControl>GATE</NameControl>
      <Phone>7707490180</Phone>
      <USAddress>
        <AddressLine1>P O BOX 897</AddressLine1>
        <City>CEDARTOWN</City>
        <State>GA</State>
        <ZIPCode>30125</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>DEBORAH S FREEMAN</Name>
      <Title>PRESIDENT</Title>
      <Phone>7707490180</Phone>
      <DateSigned>2012-05-02</DateSigned>
    </Officer>
    <Preparer>
      <Name>VICKI P OWENS</Name>
      <Phone>7707488254</Phone>
    </Preparer>
    <TaxYear>2011</TaxYear>
    <BuildTS>2016-02-25 16:41:14Z</BuildTS>
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        <QualifyingDistributionsYear5>5226</QualifyingDistributionsYear5>
        <TotalDistributionRatio>1.073290</TotalDistributionRatio>
        <AverageDistributionRatio>0.268323</AverageDistributionRatio>
        <NetNoncharitableAssets>35616</NetNoncharitableAssets>
        <AdjustedNoncharitableAssets>9557</AdjustedNoncharitableAssets>
        <OnePercentNetInvestmentIncome>15</OnePercentNetInvestmentIncome>
        <AdjNonchrtblAssetsAndOnePct>9572</AdjNonchrtblAssetsAndOnePct>
        <QualifyingDistributions>500</QualifyingDistributions>
      </QlfyUndSect4940eForReducedTax>
      <ExciseTaxBasedOnInvestmentIncm>
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        <TaxUnderSection511>0</TaxUnderSection511>
        <Subtotal>29</Subtotal>
        <TaxBasedOnInvestmentIncome>29</TaxBasedOnInvestmentIncome>
        <TaxPaidOriginalReturn>0</TaxPaidOriginalReturn>
        <TaxDue>29</TaxDue>
        <AmountCreditedToNextYear>0</AmountCreditedToNextYear>
      </ExciseTaxBasedOnInvestmentIncm>
      <StatementsRegardingActivities>
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        <MoreThan100Spent>false</MoreThan100Spent>
        <Form1120POLFiled>false</Form1120POLFiled>
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        <ChangesToArticlesOrBylaws>false</ChangesToArticlesOrBylaws>
        <UnrelatedBusIncomeOver1000>false</UnrelatedBusIncomeOver1000>
        <TerminationEtc>false</TerminationEtc>
        <RequirementsOfSect508e>false</RequirementsOfSect508e>
        <AtLeast5000InAssets>true</AtLeast5000InAssets>
        <StatesFiledWith>GA</StatesFiledWith>
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        <PrivateOperatingFoundation>false</PrivateOperatingFoundation>
        <NewSubstantialContributors>false</NewSubstantialContributors>
        <InterestInControlledEntity>false</InterestInControlledEntity>
        <ApplicableInsuranceContract>false</ApplicableInsuranceContract>
        <ComplyWithPublicInspectionRqr>true</ComplyWithPublicInspectionRqr>
        <WebsiteAddress>N/A</WebsiteAddress>
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        <BooksInCareOfUSAddress>
          <AddressLine1>4 N MAIN ST</AddressLine1>
          <City>CEDARTOWN</City>
          <State>GA</State>
          <ZIPCode>30125</ZIPCode>
        </BooksInCareOfUSAddress>
        <ForeignBank>false</ForeignBank>
      </StatementsRegardingActivities>
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        <SaleOrExchangeWithDsqflyPerson>false</SaleOrExchangeWithDsqflyPerson>
        <BorrowOrLendWithDsqflyPerson>false</BorrowOrLendWithDsqflyPerson>
        <FurnishedGoodsWithDsqflyPerson>false</FurnishedGoodsWithDsqflyPerson>
        <PayCompensationToDsqflyPerson>false</PayCompensationToDsqflyPerson>
        <TransferAssetsToDsqflyPerson>false</TransferAssetsToDsqflyPerson>
        <PaymentToGovernmentOffical>false</PaymentToGovernmentOffical>
        <UncorrectedPriorActs>false</UncorrectedPriorActs>
        <UndistributedIncomePriorYears>false</UndistributedIncomePriorYears>
        <BusinessHoldings>false</BusinessHoldings>
        <JeopardyInvestments>false</JeopardyInvestments>
        <UncorrectedJeopardyInvestments>false</UncorrectedJeopardyInvestments>
        <InfluenceLegislation>false</InfluenceLegislation>
        <InfluenceElection>false</InfluenceElection>
        <GrantsToIndividuals>false</GrantsToIndividuals>
        <GrantsToOrganizations>false</GrantsToOrganizations>
        <NoncharitablePurpose>false</NoncharitablePurpose>
        <RcvFundsToPayPrsnlBnftContract>false</RcvFundsToPayPrsnlBnftContract>
        <PayPremiumsPrsnlBnftContract>false</PayPremiumsPrsnlBnftContract>
        <ProhibitedTaxShelterTransactn>false</ProhibitedTaxShelterTransactn>
      </StatementsRegardingActy4720>
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        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>DEBORAH S FREEMAN</PersonName>
          <USAddress>
            <AddressLine1>607 CHEROKEE RD</AddressLine1>
            <City>CEDARTOWN</City>
            <State>GA</State>
            <ZIPCode>30125</ZIPCode>
          </USAddress>
          <Title>PRESIDENT</Title>
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          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
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        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>MOLLY F JORDAN</PersonName>
          <USAddress>
            <AddressLine1>CHEROKEE RD</AddressLine1>
            <City>CEDARTOWN</City>
            <State>GA</State>
            <ZIPCode>30125</ZIPCode>
          </USAddress>
          <Title>SECRETARY</Title>
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          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>JOHN R FREEMAN</PersonName>
          <USAddress>
            <AddressLine1>607 CHEROKEE RD</AddressLine1>
            <City>CEDARTOWN</City>
            <State>GA</State>
            <ZIPCode>30125</ZIPCode>
          </USAddress>
          <Title>TREASURER</Title>
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        </OfcrDirTrusteesOrKeyEmployee>
        <CompOfHighestPaidEmplNONE>NONE</CompOfHighestPaidEmplNONE>
        <TotNumberOfOthEmplPaidOver50k>0</TotNumberOfOthEmplPaidOver50k>
        <CompOfHghstPaidCntrctNONE>NONE</CompOfHghstPaidCntrctNONE>
        <TotNumberOfCntrctPaidOver50k>0</TotNumberOfCntrctPaidOver50k>
      </OfcrDirTrusteesKeyEmployeeInfo>
      <SummaryOfDirectCharitableActy>
        <Description1>PROVIDED FUNDS TO 501(C)(3) ORGANIZATIONS</Description1>
        <Expenses1>500</Expenses1>
      </SummaryOfDirectCharitableActy>
      <MinimumInvestmentReturn>
        <AvgMonthlyFMVOfSecurities>0</AvgMonthlyFMVOfSecurities>
        <AvgMonthlyCashBalances>0</AvgMonthlyCashBalances>
        <FMVAllOtherNoncharitableAssets>36158</FMVAllOtherNoncharitableAssets>
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      </MinimumInvestmentReturn>
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        <TaxBasedOnInvestmentIncome>29</TaxBasedOnInvestmentIncome>
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        <DistributableAmountBeforeAdj>1752</DistributableAmountBeforeAdj>
        <DistributableAmountBeforeDed>1752</DistributableAmountBeforeDed>
        <DistributableAmountAsAdjusted>1752</DistributableAmountAsAdjusted>
      </DistributableAmount>
      <QualifyingDistributions>
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        <QualifyingDistributions>500</QualifyingDistributions>
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        <ExcessFromYear1>30</ExcessFromYear1>
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      <SupplementaryInformation>
        <ContributingManager>REED DEBORAH FREEMAN</ContributingManager>
        <OnlyContributesToPreselected>X</OnlyContributesToPreselected>
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          <RecipientBusinessName>
            <BusinessNameLine1>GEORGIA LAND TRUST</BusinessNameLine1>
          </RecipientBusinessName>
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            <City>CEDARTOWN</City>
            <State>GA</State>
            <ZIPCode>30125</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>CHURCH</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CONSERVATION</PurposeOfGrantOrContribution>
          <Amount>500</Amount>
        </GrantOrContriPaidDuringYear>
        <TotGrantOrContriPaidDuringYear>500</TotGrantOrContriPaidDuringYear>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
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        </ProgramServiceRevenuePartVII>
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      <OtherProfessionalFees>
        <Category>D. REED FREEMAN INV. ADVISORY SERVICES</Category>
        <Amount>380</Amount>
      </OtherProfessionalFees>
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