﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2011v1.2" xsi:schemaLocation="http://www.irs.gov/efile">
  <ReturnHeader binaryAttachmentCount="0">
    <Timestamp>2012-11-11T02:38:49-08:00</Timestamp>
    <TaxPeriodEndDate>2011-12-31</TaxPeriodEndDate>
    <PreparerFirm>
      <PreparerFirmBusinessName>
        <BusinessNameLine1>Capital Enhancement LLC</BusinessNameLine1>
      </PreparerFirmBusinessName>
      <PreparerFirmUSAddress>
        <AddressLine1>465 South Street</AddressLine1>
        <City>Morristown</City>
        <State>NJ</State>
        <ZIPCode>07960</ZIPCode>
      </PreparerFirmUSAddress>
    </PreparerFirm>
    <ReturnType>990PF</ReturnType>
    <TaxPeriodBeginDate>2011-01-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>223755887</EIN>
      <Name>
        <BusinessNameLine1>The Stuart S Flamberg Foundation</BusinessNameLine1>
      </Name>
      <NameControl>STUA</NameControl>
      <USAddress>
        <AddressLine1>5 Tanglewood Court</AddressLine1>
        <City>Colts Neck</City>
        <State>NJ</State>
        <ZIPCode>07722</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>Stuart S Flamberg</Name>
      <Title>Trustee</Title>
      <DateSigned>2012-11-11</DateSigned>
      <AuthorizeThirdParty>true</AuthorizeThirdParty>
    </Officer>
    <Preparer>
      <Name>Steven A Calvelli</Name>
      <Phone>9733261000</Phone>
    </Preparer>
    <TaxYear>2011</TaxYear>
    <BuildTS>2016-02-24 21:20:13Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="3">
    <IRS990PF documentId="IRS990PF" referenceDocumentId="GeneralExplanation" softwareId="11000144" softwareVersion="2011v1.2">
      <ExemptPF>X</ExemptPF>
      <FMVAssetsEOY>138581</FMVAssetsEOY>
      <MethodOfAccountingCash>X</MethodOfAccountingCash>
      <AnalysisOfRevenueAndExpenses>
        <NotRequiredToAttachScheduleB>X</NotRequiredToAttachScheduleB>
        <InterestOnSavingsRevAndExpnss>1</InterestOnSavingsRevAndExpnss>
        <InterestOnSavingsNetInvstIncm>1</InterestOnSavingsNetInvstIncm>
        <InterestOnSavingsAdjNetIncm>1</InterestOnSavingsAdjNetIncm>
        <DividendsRevAndExpnss>2888</DividendsRevAndExpnss>
        <DividendsNetInvstIncm>2888</DividendsNetInvstIncm>
        <DividendsAdjNetIncm>2888</DividendsAdjNetIncm>
        <NetGainSaleAssetsRevAndExpnss>3424</NetGainSaleAssetsRevAndExpnss>
        <GrossSalesPrice>6058</GrossSalesPrice>
        <CapitalGainNetIncmNetInvstIncm>3424</CapitalGainNetIncmNetInvstIncm>
        <NetSTCGAdjNetIncm>3424</NetSTCGAdjNetIncm>
        <TotalRevenueAndExpenses>6313</TotalRevenueAndExpenses>
        <TotalNetInvestmentIncome>6313</TotalNetInvestmentIncome>
        <TotalAdjustedNetIncome>6313</TotalAdjustedNetIncome>
        <AccountingFeesRevAndExpnss referenceDocumentId="AccountingFeesSchedule">1300</AccountingFeesRevAndExpnss>
        <TotOprExpensesRevAndExpnss>1300</TotOprExpensesRevAndExpnss>
        <TotOprExpensesNetInvstIncm>0</TotOprExpensesNetInvstIncm>
        <TotOprExpensesDsbrsChrtblPrps>0</TotOprExpensesDsbrsChrtblPrps>
        <ContriGiftsPaidRevAndExpnss>7900</ContriGiftsPaidRevAndExpnss>
        <ContriGiftsPaidDsbrsChrtblPrps>7900</ContriGiftsPaidDsbrsChrtblPrps>
        <TotalExpensesRevAndExpnss>9200</TotalExpensesRevAndExpnss>
        <TotalExpensesNetInvstIncm>0</TotalExpensesNetInvstIncm>
        <TotalExpensesDsbrsChrtblPrps>7900</TotalExpensesDsbrsChrtblPrps>
        <ExcessOfRevenueOverExpenses>-2887</ExcessOfRevenueOverExpenses>
        <NetInvestmentIncome>6313</NetInvestmentIncome>
        <AdjustedNetIncome>6313</AdjustedNetIncome>
      </AnalysisOfRevenueAndExpenses>
      <BalanceSheets>
        <CashBOY>7929</CashBOY>
        <CashEOY>735</CashEOY>
        <CashEOYFMV>735</CashEOYFMV>
        <InvestmentsCorpStockBOY>84103</InvestmentsCorpStockBOY>
        <InvestmentsCorpStockEOY>52913</InvestmentsCorpStockEOY>
        <InvestmentsCorpStockEOYFMV>137846</InvestmentsCorpStockEOYFMV>
        <TotalAssetsBOY>92032</TotalAssetsBOY>
        <TotalAssetsEOY>53648</TotalAssetsEOY>
        <TotalAssetsEOYFMV>138581</TotalAssetsEOYFMV>
        <TotalLiabilitiesEOY>0</TotalLiabilitiesEOY>
        <OrgThatDoNotFollowSFAS117>X</OrgThatDoNotFollowSFAS117>
        <CapitalStockBOY>42878</CapitalStockBOY>
        <CapitalStockEOY>42878</CapitalStockEOY>
        <RetainedEarningsBOY>49154</RetainedEarningsBOY>
        <RetainedEarningsEOY>10770</RetainedEarningsEOY>
        <TotalNetAssetsBOY>92032</TotalNetAssetsBOY>
        <TotalNetAssetsEOY>53648</TotalNetAssetsEOY>
        <TotalLiabilitiesNetAssetsBOY>92032</TotalLiabilitiesNetAssetsBOY>
        <TotalLiabilitiesNetAssetsEOY>53648</TotalLiabilitiesNetAssetsEOY>
      </BalanceSheets>
      <ChangesInNetAssetsFundBalances>
        <TotalNetAssetsFundBalancesBOY>92032</TotalNetAssetsFundBalancesBOY>
        <ExcessOfRevenueOverExpenses>-2887</ExcessOfRevenueOverExpenses>
        <Subtotal>89145</Subtotal>
        <OtherDecreases referenceDocumentId="OtherDecreasesSchedule">35497</OtherDecreases>
        <TotalNetAssetsFundBalancesEOY>53648</TotalNetAssetsFundBalancesEOY>
      </ChangesInNetAssetsFundBalances>
      <CapitalGainsAndLosses>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>Fidelity</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2010-12-31</DateAcquired>
          <DateSold>2011-12-31</DateSold>
          <GrossSalesPrice>6058</GrossSalesPrice>
          <CostOrOtherBasis>2634</CostOrOtherBasis>
          <GainOrLoss>3424</GainOrLoss>
          <GainsMinusExcessOrLosses>3424</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainNetIncome>3424</CapitalGainNetIncome>
        <NetShortTermCapitalGainOrLoss>3424</NetShortTermCapitalGainOrLoss>
      </CapitalGainsAndLosses>
      <QlfyUndSect4940eForReducedTax>
        <LiableFor4942Tax>false</LiableFor4942Tax>
        <QualifyingDistributionsYear1>5239</QualifyingDistributionsYear1>
        <NoncharitableAssetsYear1>141061</NoncharitableAssetsYear1>
        <DistributionRatioYear1>0.03714</DistributionRatioYear1>
        <QualifyingDistributionsYear2>7451</QualifyingDistributionsYear2>
        <NoncharitableAssetsYear2>114022</NoncharitableAssetsYear2>
        <DistributionRatioYear2>0.06535</DistributionRatioYear2>
        <QualifyingDistributionsYear3>179</QualifyingDistributionsYear3>
        <NoncharitableAssetsYear3>145036</NoncharitableAssetsYear3>
        <DistributionRatioYear3>0.00123</DistributionRatioYear3>
        <NoncharitableAssetsYear4>149068</NoncharitableAssetsYear4>
        <TotalDistributionRatio>0.10372</TotalDistributionRatio>
        <AverageDistributionRatio>0.02593</AverageDistributionRatio>
        <NetNoncharitableAssets>141537</NetNoncharitableAssets>
        <AdjustedNoncharitableAssets>3670</AdjustedNoncharitableAssets>
        <OnePercentNetInvestmentIncome>63</OnePercentNetInvestmentIncome>
        <AdjNonchrtblAssetsAndOnePct>3733</AdjNonchrtblAssetsAndOnePct>
        <QualifyingDistributions>7900</QualifyingDistributions>
      </QlfyUndSect4940eForReducedTax>
      <ExciseTaxBasedOnInvestmentIncm>
        <DomesticOrgMeetingSect4940e>X</DomesticOrgMeetingSect4940e>
        <InvestmentIncomeExciseTax>63</InvestmentIncomeExciseTax>
        <Subtotal>63</Subtotal>
        <TaxBasedOnInvestmentIncome>63</TaxBasedOnInvestmentIncome>
        <EstTaxPaymentsAndOverpayment>39</EstTaxPaymentsAndOverpayment>
        <TaxPaidWithExtension>100</TaxPaidWithExtension>
        <TotalCreditsAndPayments>139</TotalCreditsAndPayments>
        <Overpayment>76</Overpayment>
        <AmountCreditedToNextYear>76</AmountCreditedToNextYear>
      </ExciseTaxBasedOnInvestmentIncm>
      <StatementsRegardingActivities>
        <LegislativePoliticalActivities>false</LegislativePoliticalActivities>
        <MoreThan100Spent>false</MoreThan100Spent>
        <Form1120POLFiled>false</Form1120POLFiled>
        <ActivitiesNotPrevReported>false</ActivitiesNotPrevReported>
        <ChangesToArticlesOrBylaws>false</ChangesToArticlesOrBylaws>
        <UnrelatedBusIncomeOver1000>false</UnrelatedBusIncomeOver1000>
        <Form990TFiled>false</Form990TFiled>
        <TerminationEtc>false</TerminationEtc>
        <RequirementsOfSect508e>false</RequirementsOfSect508e>
        <AtLeast5000InAssets>true</AtLeast5000InAssets>
        <StatesFiledWith>NJ</StatesFiledWith>
        <Form990PFFiledWithAG>true</Form990PFFiledWithAG>
        <PrivateOperatingFoundation>false</PrivateOperatingFoundation>
        <NewSubstantialContributors>false</NewSubstantialContributors>
        <InterestInControlledEntity>false</InterestInControlledEntity>
        <ApplicableInsuranceContract>false</ApplicableInsuranceContract>
        <ComplyWithPublicInspectionRqr>true</ComplyWithPublicInspectionRqr>
        <WebsiteAddress>N/A</WebsiteAddress>
        <BooksInCareOfBusinessName>
          <BusinessNameLine1>Stuart S Flamberg</BusinessNameLine1>
        </BooksInCareOfBusinessName>
        <BooksInCareOfUSAddress>
          <AddressLine1>5 Tanglewood Court</AddressLine1>
          <City>Colts Neck</City>
          <State>NJ</State>
          <ZIPCode>07722</ZIPCode>
        </BooksInCareOfUSAddress>
        <ForeignBank>false</ForeignBank>
      </StatementsRegardingActivities>
      <StatementsRegardingActy4720>
        <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>
        <MaintExpendResponsibility>false</MaintExpendResponsibility>
        <RcvFundsToPayPrsnlBnftContract>false</RcvFundsToPayPrsnlBnftContract>
        <PayPremiumsPrsnlBnftContract>false</PayPremiumsPrsnlBnftContract>
        <ProhibitedTaxShelterTransactn>false</ProhibitedTaxShelterTransactn>
        <ProceedsOrNetIncome>false</ProceedsOrNetIncome>
      </StatementsRegardingActy4720>
      <OfcrDirTrusteesKeyEmployeeInfo>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>Stuart S Flamberg</PersonName>
          <USAddress>
            <AddressLine1>5 Tanglewood Court</AddressLine1>
            <City>Colts Neck</City>
            <State>NJ</State>
            <ZIPCode>07722</ZIPCode>
          </USAddress>
          <Title>Trustee</Title>
          <AvgHoursPerWkDevotedToPosition>0.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
        </OfcrDirTrusteesOrKeyEmployee>
        <CompOfHighestPaidEmplNONE>NONE</CompOfHighestPaidEmplNONE>
        <CompOfHghstPaidCntrctNONE>NONE</CompOfHghstPaidCntrctNONE>
      </OfcrDirTrusteesKeyEmployeeInfo>
      <MinimumInvestmentReturn>
        <AvgMonthlyFMVOfSecurities>139360</AvgMonthlyFMVOfSecurities>
        <AvgMonthlyCashBalances>4332</AvgMonthlyCashBalances>
        <FMVAllOtherNoncharitableAssets>0</FMVAllOtherNoncharitableAssets>
        <TotalFMVOfUnusedAssets>143692</TotalFMVOfUnusedAssets>
        <ReductionClaimed>0</ReductionClaimed>
        <AdjTotalFMVOfUnusedAssets>143692</AdjTotalFMVOfUnusedAssets>
        <CashDeemedCharitable>2155</CashDeemedCharitable>
        <NetNoncharitableAssets>141537</NetNoncharitableAssets>
        <MinimumInvestmentReturn>7077</MinimumInvestmentReturn>
      </MinimumInvestmentReturn>
      <DistributableAmount>
        <MinimumInvestmentReturn>7077</MinimumInvestmentReturn>
        <TaxBasedOnInvestmentIncome>63</TaxBasedOnInvestmentIncome>
        <TotalTax>63</TotalTax>
        <DistributableAmountBeforeAdj>7014</DistributableAmountBeforeAdj>
        <DistributableAmountBeforeDed>7014</DistributableAmountBeforeDed>
        <DistributableAmountAsAdjusted>7014</DistributableAmountAsAdjusted>
      </DistributableAmount>
      <QualifyingDistributions>
        <ExpensesAndContributions>7900</ExpensesAndContributions>
        <QualifyingDistributions>7900</QualifyingDistributions>
        <OnePctSect4940eOrgNetInvstIncm>63</OnePctSect4940eOrgNetInvstIncm>
        <AdjQualifyingDistributions>7837</AdjQualifyingDistributions>
      </QualifyingDistributions>
      <UndistributedIncome>
        <DistributableAmountAsAdjusted>7014</DistributableAmountAsAdjusted>
        <UndistributedIncomePriorYear>6875</UndistributedIncomePriorYear>
        <QualifyingDistributions>7900</QualifyingDistributions>
        <AppliedToYear1>6875</AppliedToYear1>
        <TreatedAsDistriFromCorpus>0</TreatedAsDistriFromCorpus>
        <AppliedToCurrentYear>1025</AppliedToCurrentYear>
        <UndistributedIncomeCY>5989</UndistributedIncomeCY>
      </UndistributedIncome>
      <SupplementaryInformation>
        <OnlyContributesToPreselected>X</OnlyContributesToPreselected>
        <GrantOrContriPaidDuringYear>
          <RecipientPersonName>CHABAD Jewish Center</RecipientPersonName>
          <RecipientUSAddress>
            <AddressLine1>14 South Holmdel Road</AddressLine1>
            <City>Holmdel</City>
            <State>NJ</State>
            <ZIPCode>07733</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>Charity</RecipientRelationship>
          <RecipientFoundationStatus>Unrelated</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>General Purpose</PurposeOfGrantOrContribution>
          <Amount>5400</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientPersonName>NYU Stern School</RecipientPersonName>
          <RecipientUSAddress>
            <AddressLine1>PO Box 837</AddressLine1>
            <City>New York</City>
            <State>NY</State>
            <ZIPCode>10009</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>Charity</RecipientRelationship>
          <RecipientFoundationStatus>Unrelated</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>General Purpose</PurposeOfGrantOrContribution>
          <Amount>2500</Amount>
        </GrantOrContriPaidDuringYear>
        <TotGrantOrContriPaidDuringYear>7900</TotGrantOrContriPaidDuringYear>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <IntOnSavingsAndTempCashInvst>
          <RelatedOrExemptFunctionIncome>1</RelatedOrExemptFunctionIncome>
        </IntOnSavingsAndTempCashInvst>
        <DividendsAndIntFromSecPartVII>
          <RelatedOrExemptFunctionIncome>2888</RelatedOrExemptFunctionIncome>
        </DividendsAndIntFromSecPartVII>
        <GainSalesAssetsOthThanInvntry>
          <RelatedOrExemptFunctionIncome>3424</RelatedOrExemptFunctionIncome>
        </GainSalesAssetsOthThanInvntry>
        <SubtotalsPartXVIA>
          <RelatedOrExemptFunctionIncome>6313</RelatedOrExemptFunctionIncome>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>6313</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>
    </IRS990PF>
    <AccountingFeesSchedule documentId="AccountingFeesSchedule" softwareId="11000144" softwareVersion="2011v1.2">
      <AccountingFees>
        <Category>Capital Enhancement</Category>
        <Amount>1300</Amount>
        <NetInvestmentIncome>0</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </AccountingFees>
    </AccountingFeesSchedule>
    <OtherDecreasesSchedule documentId="OtherDecreasesSchedule" softwareId="11000144" softwareVersion="2011v1.2">
      <OtherDecreases>
        <Description>Decreases in asset value</Description>
        <Amount>35497</Amount>
      </OtherDecreases>
    </OtherDecreasesSchedule>
  </ReturnData>
</Return>