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        <ExcessFromYear3>319639</ExcessFromYear3>
        <ExcessFromYear2>70312</ExcessFromYear2>
        <ExcessFromYear1>140544</ExcessFromYear1>
        <ExcessFromCurrentYear>120951</ExcessFromCurrentYear>
      </UndistributedIncome>
      <SupplementaryInformation>
        <AppicationSubmissionInfo>
          <RecipientName>THE CHURCHILL FOUNDATION</RecipientName>
          <RecipientUSAddress>
            <AddressLine1>1200 LIBERTY RIDGE DR STE 300</AddressLine1>
            <City>WAYNE</City>
            <State>PA</State>
            <ZIPCode>19087</ZIPCode>
          </RecipientUSAddress>
          <RecipientPhoneNumber>6109647860</RecipientPhoneNumber>
          <FormAndInfoAndMaterials>POTENTIAL RECIPIENTS ARE REQUIRED TO SUBMIT AN APPLICATION ON THE FOUNDATION'S APPLICATION FORM. THE FORM IS AVAILABLE FROM THE TRUSTEES AT ANY TIME.</FormAndInfoAndMaterials>
          <SubmissionDeadlines>N/A N/A</SubmissionDeadlines>
          <RestrictionsOnAwards>N/A</RestrictionsOnAwards>
        </AppicationSubmissionInfo>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>AMERICAN ASSOCIATION OF RHODES SCHOLAR</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>ONE MICROSOFT WAY</AddressLine1>
            <City>REDMOND</City>
            <State>WA</State>
            <ZIPCode>98052</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>EDUCATION</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>OPERATING FUND</PurposeOfGrantOrContribution>
          <Amount>950</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>AMERICAN FRIENDS OF NEW COLLEGE</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1200 LIBERTY RIDGE DR</AddressLine1>
            <City>WAYNE</City>
            <State>PA</State>
            <ZIPCode>19087</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>EDUCATION</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>OPERATING FUND</PurposeOfGrantOrContribution>
          <Amount>5000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>BLOCS</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>100 MATSONFORD ROAD SUITE 101</AddressLine1>
            <City>RADNOR</City>
            <State>PA</State>
            <ZIPCode>19087</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>EDUCATION</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>OPERATING FUND</PurposeOfGrantOrContribution>
          <Amount>5000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>CHILDREN'S SCHOLARSHIP FUND OF PHILADELPHIA</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1616 WALNUT ST STE 2200</AddressLine1>
            <City>PHILADELPHIA</City>
            <State>PA</State>
            <ZIPCode>19103</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>EDUCATION</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>OPERATING FUND</PurposeOfGrantOrContribution>
          <Amount>1500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>CHILDRENS HOSPITAL FOUNDATION</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>34TH ST CIVIC CENTER BLVD</AddressLine1>
            <City>PHILADELPHIA</City>
            <State>PA</State>
            <ZIPCode>191044399</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>EDUCATION</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>OPERATING FUND</PurposeOfGrantOrContribution>
          <Amount>6000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>FORDHAM UNIVERSITY</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>ADMINISTRATION BUILDING</AddressLine1>
            <City>BRONX</City>
            <State>NY</State>
            <ZIPCode>10458</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>EDUCATION</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>OPERATING FUND</PurposeOfGrantOrContribution>
          <Amount>50000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>GESU INSTITUTEGESU SCHOOL</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1700 W THOMPSON ST</AddressLine1>
            <City>PHILADELPHIA</City>
            <State>PA</State>
            <ZIPCode>19121</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>EDUCATION</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>OPERATING FUND</PurposeOfGrantOrContribution>
          <Amount>12000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>JEWISH FEDERATION OF GREATER PHILADELPHIA</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>2100 ARCH STREET</AddressLine1>
            <City>PHILADELPHIA</City>
            <State>PA</State>
            <ZIPCode>19103</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>EDUCATION</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>OPERATING FUND</PurposeOfGrantOrContribution>
          <Amount>5000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>MACULA VISION RESEARCH FOUNDATION</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>100 FRONT ST STE 300</AddressLine1>
            <City>WEST CONSHOHOCKEN</City>
            <State>PA</State>
            <ZIPCode>194282894</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>EDUCATION</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>OPERATING FUND</PurposeOfGrantOrContribution>
          <Amount>10000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>MISCELLANEOUS UNDER 500</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>VARIOUS</AddressLine1>
            <City>VARIOUS</City>
            <State>PA</State>
            <ZIPCode>19087</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>EDUCATION</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>OPERATING FUND</PurposeOfGrantOrContribution>
          <Amount>3525</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>MONTEFIORE MEDICAL CENTER</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>111 EAST 210TH STREET</AddressLine1>
            <City>BRONX</City>
            <State>NY</State>
            <ZIPCode>10467</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>EDUCATION</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>OPERATING FUND</PurposeOfGrantOrContribution>
          <Amount>1500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>MOUNT SINAI MEDICAL CENTER</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>ONE GUSTAVE L LEVY PLACE</AddressLine1>
            <City>NEW YORK</City>
            <State>NY</State>
            <ZIPCode>100296574</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>EDUCATION</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>OPERATION FUND</PurposeOfGrantOrContribution>
          <Amount>1000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>NATIONAL MUSEUM OF AMERICAN JEWISH HISTORY (NMAJH)</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>55 NORHT 5TH ST</AddressLine1>
            <City>PHILADELPHIA</City>
            <State>PA</State>
            <ZIPCode>191062197</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>EDUCATION</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>OPERATING FUND</PurposeOfGrantOrContribution>
          <Amount>2500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>NEIGHBORHOOD HOSPICE</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>795 EAST MARSHALL STREET</AddressLine1>
            <City>WEST CHESTER</City>
            <State>PA</State>
            <ZIPCode>19380</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>EDUCATION</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>OPERATING FUND</PurposeOfGrantOrContribution>
          <Amount>1000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>SAMUEL D COZEN MEMORIAL FUND</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>200 FOUR FALLS CORPORATE CENTER</AddressLine1>
            <City>WEST CONSHOHOCKEN</City>
            <State>PA</State>
            <ZIPCode>19428</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>EDUCATION</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>OPERATION FUND</PurposeOfGrantOrContribution>
          <Amount>1000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>SCHOLAR ACADEMIES</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>2118 W NORRIS STREET</AddressLine1>
            <City>PHILADELPHIA</City>
            <State>PA</State>
            <ZIPCode>19121</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>EDUCATION</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>OPERATING FUND</PurposeOfGrantOrContribution>
          <Amount>50000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>ST JOSEPH'S PREPARATORY SCHOOL</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1733 W GIRARD AVE</AddressLine1>
            <City>PHILADELPHIA</City>
            <State>PA</State>
            <ZIPCode>19130</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>EDUCATION</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>OPERATING FUND</PurposeOfGrantOrContribution>
          <Amount>2500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>ST JAMES SCHOOL</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>3217 WEST CLEARFIELD STREET</AddressLine1>
            <City>PHILADELPHIA</City>
            <State>PA</State>
            <ZIPCode>19132</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>EDUCATION</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>OPERATING FUND</PurposeOfGrantOrContribution>
          <Amount>4000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>TEACH FOR AMERICA</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>714 MARKET ST STE 420</AddressLine1>
            <City>PHILADELPHIA</City>
            <State>PA</State>
            <ZIPCode>19106</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>EDUCATION</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>OPERATING FUND</PurposeOfGrantOrContribution>
          <Amount>1500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>THE SALVATION ARMY</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>701 NORTH BROAD ST</AddressLine1>
            <City>PHILADELPHIA</City>
            <State>PA</State>
            <ZIPCode>19123</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>EDUCATION</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>OPERATING FUND</PurposeOfGrantOrContribution>
          <Amount>2000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>YALE LAW SCHOOL FUND</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 208215</AddressLine1>
            <City>NEW HAVEN</City>
            <State>CT</State>
            <ZIPCode>06520</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>EDUCATION</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>OPERATING FUND</PurposeOfGrantOrContribution>
          <Amount>3800</Amount>
        </GrantOrContriPaidDuringYear>
        <TotGrantOrContriPaidDuringYear>169775</TotGrantOrContriPaidDuringYear>
        <TotGrantOrContriApprovedFuture>0</TotGrantOrContriApprovedFuture>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <IntOnSavingsAndTempCashInvst>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>24</ExclusionAmount>
        </IntOnSavingsAndTempCashInvst>
        <DividendsAndIntFromSecPartVII>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>3859</ExclusionAmount>
        </DividendsAndIntFromSecPartVII>
        <GainSalesAssetsOthThanInvntry>
          <ExclusionCode>01</ExclusionCode>
          <ExclusionAmount>-68696</ExclusionAmount>
        </GainSalesAssetsOthThanInvntry>
        <OtherRevenueDescribed>
          <Description>SCP PRIVATE EQUITY LOSS</Description>
          <ExclusionCode>25</ExclusionCode>
          <ExclusionAmount>-23393</ExclusionAmount>
        </OtherRevenueDescribed>
        <SubtotalsPartXVIA>
          <UnrelatedBusinessIncomeAmount>0</UnrelatedBusinessIncomeAmount>
          <ExclusionAmount>-88206</ExclusionAmount>
          <RelatedOrExemptFunctionIncome>0</RelatedOrExemptFunctionIncome>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>-88206</TotalPartXVIA>
      </AnalysisIncomeProducingActy>
      <TrnsfrTrRlnWithNoncharitableEO>
        <TrnsfrOfCashToNoncharitableEO>0</TrnsfrOfCashToNoncharitableEO>
        <TrnsfrOthAssetsNoncharitableEO>0</TrnsfrOthAssetsNoncharitableEO>
        <SalesOrExchangesOfAssets>0</SalesOrExchangesOfAssets>
        <PurchaseAssetsNoncharitableEO>0</PurchaseAssetsNoncharitableEO>
        <RentalOfFacilitiesEtc>0</RentalOfFacilitiesEtc>
        <ReimbursementArrangements>0</ReimbursementArrangements>
        <LoansOrLoanGuarantees>0</LoansOrLoanGuarantees>
        <PerformanceOfServicesEtc>0</PerformanceOfServicesEtc>
        <SharingOfFacilitiesEtc>0</SharingOfFacilitiesEtc>
        <RelationshipsNoncharitableEOs>0</RelationshipsNoncharitableEOs>
      </TrnsfrTrRlnWithNoncharitableEO>
    </IRS990PF>
    <InvestmentsCorpStockSchedule documentId="RetDoc2018900001">
      <InvestmentsCorpStock>
        <NameOfStock>GOLDMAN-SACHS CORPORATE STOCKS</NameOfStock>
        <EOYBookValue>76412</EOYBookValue>
        <EOYFMV>74576</EOYFMV>
      </InvestmentsCorpStock>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="RetDoc2018100001">
      <InvestmentsOther>
        <CategoryOrItem>SCP PRIVATE EQUITY II INV PTP LP</CategoryOrItem>
        <ListedAtCostOrFMV>AT COST</ListedAtCostOrFMV>
        <BookValue>789414</BookValue>
        <EOYFMV>789414</EOYFMV>
      </InvestmentsOther>
    </InvestmentsOtherSchedule2>
    <OtherExpensesSchedule documentId="RetDoc2003200001">
      <OtherExpenses>
        <Description>BANK CHARGES</Description>
        <RevenueAndExpensesPerBooks>80</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>80</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </OtherExpenses>
      <OtherExpenses>
        <Description>SUBSCRIPTIONS AND DUES</Description>
        <RevenueAndExpensesPerBooks>50</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>0</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>50</DisbursementsCharitablePrps>
      </OtherExpenses>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc2001500001">
      <OtherIncome>
        <Description>SCP PRIVATE EQUITY LOSS</Description>
        <RevenueAndExpensesPerBooks>-23393</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>-23393</NetInvestmentIncome>
        <AdjustedNetIncome>-23393</AdjustedNetIncome>
      </OtherIncome>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="RetDoc2002300001">
      <OtherProfessionalFees>
        <Category>GOLDMAN SACHS - INVESTMENT EXPENSE</Category>
        <Amount>1000</Amount>
        <NetInvestmentIncome>1000</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </OtherProfessionalFees>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc2002500001">
      <Taxes>
        <Category>FOREIGN TAXES PAID</Category>
        <Amount>82</Amount>
        <NetInvestmentIncome>82</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </Taxes>
    </TaxesSchedule>
  </ReturnData>
</Return>