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            <BusinessNameLine1>FRIENDS OF THE DANCE</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 212</AddressLine1>
            <City>VAIL</City>
            <State>CO</State>
            <ZIPCode>81658</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC CHARITY</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITY</PurposeOfGrantOrContribution>
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        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
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          </RecipientBusinessName>
          <RecipientUSAddress>
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            <State>CO</State>
            <ZIPCode>80209</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC CHARITY</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITY</PurposeOfGrantOrContribution>
          <Amount>1500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>HOMESTAKE PEAK SCHOOL</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 5810</AddressLine1>
            <City>AVON</City>
            <State>CO</State>
            <ZIPCode>81620</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC CHARITY</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITY</PurposeOfGrantOrContribution>
          <Amount>2500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>ILIFF SCHOOL OF THEOLOGY</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>2201 SOUTH UNIVERSITY BLVD</AddressLine1>
            <City>DENVER</City>
            <State>CO</State>
            <ZIPCode>80210</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC CHARITY</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITY</PurposeOfGrantOrContribution>
          <Amount>5000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>KIPP COLORADO SCHOOLS</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>375 SOUTH TEJON STREET</AddressLine1>
            <City>DENVER</City>
            <State>CO</State>
            <ZIPCode>80223</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC CHARITY</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITY</PurposeOfGrantOrContribution>
          <Amount>25000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>MIDDLEBURY COLLEGE</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>NA</AddressLine1>
            <City>MIDDLEBURY</City>
            <State>VT</State>
            <ZIPCode>05753</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC CHARITY</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITY</PurposeOfGrantOrContribution>
          <Amount>25000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>NURTURING WITH NATURE</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 4364</AddressLine1>
            <City>AVON</City>
            <State>CO</State>
            <ZIPCode>81620</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC CHARITY</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITY</PurposeOfGrantOrContribution>
          <Amount>1000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>OPEN WORLD LEARNING</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>360 ACOMA ST 102</AddressLine1>
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            <State>CO</State>
            <ZIPCode>80223</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC CHARITY</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITY</PurposeOfGrantOrContribution>
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        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>RACHEL'S NETWORK</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1200 18TH ST NW STE 310</AddressLine1>
            <City>WASHINGTON</City>
            <State>DC</State>
            <ZIPCode>20036</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC CHARITY</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITY</PurposeOfGrantOrContribution>
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        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>SKI CLUB VAIL</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
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            <City>VAIL</City>
            <State>CO</State>
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          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC CHARITY</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITY</PurposeOfGrantOrContribution>
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        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
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          </RecipientBusinessName>
          <RecipientUSAddress>
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            <State>AZ</State>
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          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC CHARITY</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITY</PurposeOfGrantOrContribution>
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        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
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          <RecipientFoundationStatus>PUBLIC CHARITY</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITY</PurposeOfGrantOrContribution>
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        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
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          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>3000 BOOTH FALLS RD</AddressLine1>
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            <State>CO</State>
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          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC CHARITY</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITY</PurposeOfGrantOrContribution>
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        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>VAIL SKI &amp; SNOWBOARD CLUB</BusinessNameLine1>
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          <RecipientUSAddress>
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          <RecipientFoundationStatus>PUBLIC CHARITY</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITY</PurposeOfGrantOrContribution>
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        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
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          <RecipientUSAddress>
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            <State>CO</State>
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          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC CHARITY</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITY</PurposeOfGrantOrContribution>
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        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>VAIL VALLEY MEDICAL CENTER FOUNDATION</BusinessNameLine1>
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        <GrantOrContriPaidDuringYear>
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            <BusinessNameLine1>YOUTHBIZ</BusinessNameLine1>
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          <RecipientFoundationStatus>PUBLIC CHARITY</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITY</PurposeOfGrantOrContribution>
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      <TrnsfrTrRlnWithNoncharitableEO>
        <TrnsfrOfCashToNoncharitableEO>0</TrnsfrOfCashToNoncharitableEO>
        <TrnsfrOthAssetsNoncharitableEO>0</TrnsfrOthAssetsNoncharitableEO>
        <SalesOrExchangesOfAssets>0</SalesOrExchangesOfAssets>
        <PurchaseAssetsNoncharitableEO>0</PurchaseAssetsNoncharitableEO>
        <RentalOfFacilitiesEtc>0</RentalOfFacilitiesEtc>
        <ReimbursementArrangements>0</ReimbursementArrangements>
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        <PerformanceOfServicesEtc>0</PerformanceOfServicesEtc>
        <SharingOfFacilitiesEtc>0</SharingOfFacilitiesEtc>
        <RelationshipsNoncharitableEOs>0</RelationshipsNoncharitableEOs>
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    <IRS990ScheduleB documentId="RetDoc1234500001">
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      <GeneralRule>X</GeneralRule>
      <ContributorInfo>
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        <ContributorNameIndividual>BJORN K BORGEN</ContributorNameIndividual>
        <ContributorAddressUS>
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          <City>DENVER</City>
          <State>CO</State>
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        <PersonContributionType>X</PersonContributionType>
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      <ContributorInfo>
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        <ContributorNameIndividual>BJORN K BORGEN</ContributorNameIndividual>
        <ContributorAddressUS>
          <AddressLine1>44 COOK ST 609</AddressLine1>
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          <State>CO</State>
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      <ContributorInfo>
        <ContributorNumber>3</ContributorNumber>
        <ContributorNameIndividual>BJORN K BORGEN</ContributorNameIndividual>
        <ContributorAddressUS>
          <AddressLine1>44 COOK ST 609</AddressLine1>
          <City>DENVER</City>
          <State>CO</State>
          <ZIPCode>80206</ZIPCode>
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        <AggregateContributions>210720</AggregateContributions>
        <NoncashContributionType>X</NoncashContributionType>
      </ContributorInfo>
      <ContributorInfo>
        <ContributorNumber>4</ContributorNumber>
        <ContributorNameIndividual>BJORN K BORGEN</ContributorNameIndividual>
        <ContributorAddressUS>
          <AddressLine1>44 COOK ST 609</AddressLine1>
          <City>DENVER</City>
          <State>CO</State>
          <ZIPCode>80206</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>410385</AggregateContributions>
        <NoncashContributionType>X</NoncashContributionType>
      </ContributorInfo>
      <ContributorInfo>
        <ContributorNumber>5</ContributorNumber>
        <ContributorNameIndividual>BJORN K BORGEN</ContributorNameIndividual>
        <ContributorAddressUS>
          <AddressLine1>44 COOK ST 609</AddressLine1>
          <City>DENVER</City>
          <State>CO</State>
          <ZIPCode>80206</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>212994</AggregateContributions>
        <NoncashContributionType>X</NoncashContributionType>
      </ContributorInfo>
      <NoncashProperty>
        <ContributorNumberFromPartI>2</ContributorNumberFromPartI>
        <NoncashPropertyDescription>1010 SHARES AAPL</NoncashPropertyDescription>
        <FairMarketValue>410115</FairMarketValue>
        <DateReceived>2011-12-27</DateReceived>
      </NoncashProperty>
      <NoncashProperty>
        <ContributorNumberFromPartI>3</ContributorNumberFromPartI>
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        <FairMarketValue>210720</FairMarketValue>
        <DateReceived>2011-12-27</DateReceived>
      </NoncashProperty>
      <NoncashProperty>
        <ContributorNumberFromPartI>4</ContributorNumberFromPartI>
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        <FairMarketValue>410385</FairMarketValue>
        <DateReceived>2011-12-27</DateReceived>
      </NoncashProperty>
      <NoncashProperty>
        <ContributorNumberFromPartI>5</ContributorNumberFromPartI>
        <NoncashPropertyDescription>3090 SHARES RGLD</NoncashPropertyDescription>
        <FairMarketValue>212994</FairMarketValue>
        <DateReceived>2011-12-27</DateReceived>
      </NoncashProperty>
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      <InvestmentsOther>
        <CategoryOrItem>EQUITIES - COLO STATE BANK</CategoryOrItem>
        <ListedAtCostOrFMV>AT COST</ListedAtCostOrFMV>
        <BookValue>6411234</BookValue>
        <EOYFMV>7378320</EOYFMV>
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    </InvestmentsOtherSchedule2>
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        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
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    </OtherExpensesSchedule>
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        <Description>PTP ORD INC RECAPTURE</Description>
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        <NetInvestmentIncome>29697</NetInvestmentIncome>
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      <OtherIncome>
        <Description>PTP PASSTHRU ROYALTIES</Description>
        <RevenueAndExpensesPerBooks>337</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>337</NetInvestmentIncome>
      </OtherIncome>
      <OtherIncome>
        <Description>PTP 1231 LOSSES</Description>
        <RevenueAndExpensesPerBooks>-536</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>-536</NetInvestmentIncome>
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      <OtherIncome>
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        <AdjustedNetIncome>0</AdjustedNetIncome>
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        <Category>CUSTODIAN FEES</Category>
        <Amount>2097</Amount>
        <NetInvestmentIncome>0</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
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    </OtherProfessionalFeesSchedule>
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        <Amount>2547</Amount>
        <NetInvestmentIncome>0</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
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      <Taxes>
        <Category>EXCISE/INCOME TAXES PAID</Category>
        <Amount>12957</Amount>
        <NetInvestmentIncome>0</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
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    </TaxesSchedule>
  </ReturnData>
</Return>