﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.irs.gov/efile" returnVersion="2010v3.2">
  <ReturnHeader binaryAttachmentCount="0">
    <Timestamp>2011-05-12T12:13:51-00:00</Timestamp>
    <TaxPeriodEndDate>2010-12-31</TaxPeriodEndDate>
    <PreparerFirm>
      <PreparerFirmBusinessName>
        <BusinessNameLine1>Foundation Source</BusinessNameLine1>
      </PreparerFirmBusinessName>
      <PreparerFirmUSAddress>
        <AddressLine1>55 Walls Drive</AddressLine1>
        <City>Fairfield</City>
        <State>CT</State>
        <ZIPCode>06824</ZIPCode>
      </PreparerFirmUSAddress>
    </PreparerFirm>
    <ReturnType>990PF</ReturnType>
    <TaxPeriodBeginDate>2010-01-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>260856008</EIN>
      <Name>
        <BusinessNameLine1>Keith V Kiernan Foundation</BusinessNameLine1>
      </Name>
      <NameControl>KEIT</NameControl>
      <Phone>8008391754</Phone>
      <USAddress>
        <AddressLine1>c/o Foundation Source 501 Silversid</AddressLine1>
        <City>Wilmington</City>
        <State>DE</State>
        <ZIPCode>198091377</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>Keith V Kiernan</Name>
      <Title>President</Title>
      <DateSigned>2011-05-12</DateSigned>
      <AuthorizeThirdParty>false</AuthorizeThirdParty>
    </Officer>
    <Preparer>
      <Name>Jeffrey D Haskell</Name>
      <Phone>8008391754</Phone>
      <DatePrepared>2011-05-12</DatePrepared>
    </Preparer>
    <TaxYear>2010</TaxYear>
    <BuildTS>2016-02-24 21:20:13Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="6">
    <IRS990PF referenceDocumentId="990PF:150" documentId="990PF" softwareId="10000149" softwareVersion="2010.2.15">
      <ExemptPF>X</ExemptPF>
      <FMVAssetsEOY>364347</FMVAssetsEOY>
      <MethodOfAccountingCash>X</MethodOfAccountingCash>
      <AnalysisOfRevenueAndExpenses>
        <ContriReceivedRevAndExpnss>107676</ContriReceivedRevAndExpnss>
        <DividendsRevAndExpnss>2348</DividendsRevAndExpnss>
        <DividendsNetInvstIncm>2348</DividendsNetInvstIncm>
        <NetGainSaleAssetsRevAndExpnss referenceDocumentId="990PF:72">-3864</NetGainSaleAssetsRevAndExpnss>
        <GrossSalesPrice>85738</GrossSalesPrice>
        <CapitalGainNetIncmNetInvstIncm>7562</CapitalGainNetIncmNetInvstIncm>
        <TotalRevenueAndExpenses>106160</TotalRevenueAndExpenses>
        <TotalNetInvestmentIncome>9910</TotalNetInvestmentIncome>
        <OtherProfFeesRevAndExpnss referenceDocumentId="990PF:77">2791</OtherProfFeesRevAndExpnss>
        <OtherProfFeesNetInvstIncm>2791</OtherProfFeesNetInvstIncm>
        <OtherExpensesRevAndExpnss referenceDocumentId="990PF:79">5409</OtherExpensesRevAndExpnss>
        <OtherExpensesNetInvstIncm>60</OtherExpensesNetInvstIncm>
        <OtherExpensesDsbrsChrtblPrps>5349</OtherExpensesDsbrsChrtblPrps>
        <TotOprExpensesRevAndExpnss>8200</TotOprExpensesRevAndExpnss>
        <TotOprExpensesNetInvstIncm>2851</TotOprExpensesNetInvstIncm>
        <TotOprExpensesDsbrsChrtblPrps>5349</TotOprExpensesDsbrsChrtblPrps>
        <ContriGiftsPaidRevAndExpnss>0</ContriGiftsPaidRevAndExpnss>
        <ContriGiftsPaidDsbrsChrtblPrps>0</ContriGiftsPaidDsbrsChrtblPrps>
        <TotalExpensesRevAndExpnss>8200</TotalExpensesRevAndExpnss>
        <TotalExpensesNetInvstIncm>2851</TotalExpensesNetInvstIncm>
        <TotalExpensesDsbrsChrtblPrps>5349</TotalExpensesDsbrsChrtblPrps>
        <ExcessOfRevenueOverExpenses>97960</ExcessOfRevenueOverExpenses>
        <NetInvestmentIncome>7059</NetInvestmentIncome>
      </AnalysisOfRevenueAndExpenses>
      <BalanceSheets>
        <SavingsAndTempCashInvstBOY>91534</SavingsAndTempCashInvstBOY>
        <SavingsAndTempCashInvstEOY>697</SavingsAndTempCashInvstEOY>
        <SavingsAndTempCashInvstEOYFMV>697</SavingsAndTempCashInvstEOYFMV>
        <InvestmentsCorpStockBOY>142518</InvestmentsCorpStockBOY>
        <InvestmentsCorpStockEOY referenceDocumentId="990PF:89">331315</InvestmentsCorpStockEOY>
        <InvestmentsCorpStockEOYFMV>363650</InvestmentsCorpStockEOYFMV>
        <TotalAssetsBOY>234052</TotalAssetsBOY>
        <TotalAssetsEOY>332012</TotalAssetsEOY>
        <TotalAssetsEOYFMV>364347</TotalAssetsEOYFMV>
        <TotalLiabilitiesEOY>0</TotalLiabilitiesEOY>
        <OrgThatDoNotFollowSFAS117>X</OrgThatDoNotFollowSFAS117>
        <RetainedEarningsBOY>234052</RetainedEarningsBOY>
        <RetainedEarningsEOY>332012</RetainedEarningsEOY>
        <TotalNetAssetsBOY>234052</TotalNetAssetsBOY>
        <TotalNetAssetsEOY>332012</TotalNetAssetsEOY>
        <TotalLiabilitiesNetAssetsBOY>234052</TotalLiabilitiesNetAssetsBOY>
        <TotalLiabilitiesNetAssetsEOY>332012</TotalLiabilitiesNetAssetsEOY>
      </BalanceSheets>
      <ChangesInNetAssetsFundBalances>
        <TotalNetAssetsFundBalancesBOY>234052</TotalNetAssetsFundBalancesBOY>
        <ExcessOfRevenueOverExpenses>97960</ExcessOfRevenueOverExpenses>
        <Subtotal>332012</Subtotal>
        <TotalNetAssetsFundBalancesEOY>332012</TotalNetAssetsFundBalancesEOY>
      </ChangesInNetAssetsFundBalances>
      <CapitalGainsAndLosses>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>Publicly-traded Securities</DescriptionOfAsset>
          <GrossSalesPrice>85738</GrossSalesPrice>
          <CostOrOtherBasis>78176</CostOrOtherBasis>
          <GainOrLoss>7562</GainOrLoss>
          <GainsMinusExcessOrLosses>7562</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainNetIncome>7562</CapitalGainNetIncome>
      </CapitalGainsAndLosses>
      <QlfyUndSect4940eForReducedTax>
        <LiableFor4942Tax>false</LiableFor4942Tax>
        <QualifyingDistributionsYear1>4736</QualifyingDistributionsYear1>
        <NoncharitableAssetsYear1>120655</NoncharitableAssetsYear1>
        <DistributionRatioYear1>000.039252</DistributionRatioYear1>
        <QualifyingDistributionsYear2>8460</QualifyingDistributionsYear2>
        <NoncharitableAssetsYear2>111833</NoncharitableAssetsYear2>
        <DistributionRatioYear2>000.075649</DistributionRatioYear2>
        <NoncharitableAssetsYear3>25567</NoncharitableAssetsYear3>
        <TotalDistributionRatio>000.114901</TotalDistributionRatio>
        <AverageDistributionRatio>000.038300</AverageDistributionRatio>
        <NetNoncharitableAssets>237713</NetNoncharitableAssets>
        <AdjustedNoncharitableAssets>9104</AdjustedNoncharitableAssets>
        <OnePercentNetInvestmentIncome>71</OnePercentNetInvestmentIncome>
        <AdjNonchrtblAssetsAndOnePct>9175</AdjNonchrtblAssetsAndOnePct>
        <QualifyingDistributions>5349</QualifyingDistributions>
      </QlfyUndSect4940eForReducedTax>
      <ExciseTaxBasedOnInvestmentIncm>
        <InvestmentIncomeExciseTax>141</InvestmentIncomeExciseTax>
        <Subtotal>141</Subtotal>
        <TaxBasedOnInvestmentIncome>141</TaxBasedOnInvestmentIncome>
        <EstTaxPaymentsAndOverpayment>413</EstTaxPaymentsAndOverpayment>
        <TotalCreditsAndPayments>413</TotalCreditsAndPayments>
        <TaxPaidOriginalReturn>413</TaxPaidOriginalReturn>
        <Overpayment>272</Overpayment>
        <AmountCreditedToNextYear>272</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>true</Form990PFFiledWithAG>
        <PrivateOperatingFoundation>false</PrivateOperatingFoundation>
        <NewSubstantialContributors>false</NewSubstantialContributors>
        <InterestInControlledEntity>false</InterestInControlledEntity>
        <ApplicableInsuranceContract>false</ApplicableInsuranceContract>
        <ComplyWithPublicInspectionRqr>true</ComplyWithPublicInspectionRqr>
        <BooksInCareOfBusinessName>
          <BusinessNameLine1>co Foundation Source</BusinessNameLine1>
        </BooksInCareOfBusinessName>
        <BooksInCareOfPhoneNumber>8008391754</BooksInCareOfPhoneNumber>
        <BooksInCareOfUSAddress>
          <AddressLine1>501 Silverside Road Suite 123</AddressLine1>
          <City>Wilmington</City>
          <State>DE</State>
          <ZIPCode>198091377</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>
        <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>
        <PayPremiumsPrsnlBnftContract>false</PayPremiumsPrsnlBnftContract>
        <ProhibitedTaxShelterTransactn>false</ProhibitedTaxShelterTransactn>
        <ProceedsOrNetIncome>true</ProceedsOrNetIncome>
      </StatementsRegardingActy4720>
      <OfcrDirTrusteesKeyEmployeeInfo>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>Keith V Kiernan</PersonName>
          <USAddress>
            <AddressLine1>c/o Foundation Source 501 Silversid</AddressLine1>
            <City>Wilmington</City>
            <State>DE</State>
            <ZIPCode>19809</ZIPCode>
          </USAddress>
          <Title>President / Director / Secretary</Title>
          <AvgHoursPerWkDevotedToPosition>001.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
        </OfcrDirTrusteesOrKeyEmployee>
        <CompOfHighestPaidEmplNONE>NONE</CompOfHighestPaidEmplNONE>
      </OfcrDirTrusteesKeyEmployeeInfo>
      <MinimumInvestmentReturn>
        <AvgMonthlyFMVOfSecurities>236457</AvgMonthlyFMVOfSecurities>
        <AvgMonthlyCashBalances>4876</AvgMonthlyCashBalances>
        <FMVAllOtherNoncharitableAssets>0</FMVAllOtherNoncharitableAssets>
        <TotalFMVOfUnusedAssets>241333</TotalFMVOfUnusedAssets>
        <AdjTotalFMVOfUnusedAssets>241333</AdjTotalFMVOfUnusedAssets>
        <CashDeemedCharitable referenceDocumentId="990PF:240">3620</CashDeemedCharitable>
        <NetNoncharitableAssets>237713</NetNoncharitableAssets>
        <MinimumInvestmentReturn>11886</MinimumInvestmentReturn>
      </MinimumInvestmentReturn>
      <DistributableAmount>
        <MinimumInvestmentReturn>11886</MinimumInvestmentReturn>
        <TaxBasedOnInvestmentIncome>141</TaxBasedOnInvestmentIncome>
        <TotalTax>141</TotalTax>
        <DistributableAmountBeforeAdj>11745</DistributableAmountBeforeAdj>
        <DistributableAmountBeforeDed>11745</DistributableAmountBeforeDed>
        <DistributableAmountAsAdjusted>11745</DistributableAmountAsAdjusted>
      </DistributableAmount>
      <QualifyingDistributions>
        <ExpensesAndContributions referenceDocumentId="990PF:241">5349</ExpensesAndContributions>
        <QualifyingDistributions>5349</QualifyingDistributions>
        <AdjQualifyingDistributions>5349</AdjQualifyingDistributions>
      </QualifyingDistributions>
      <UndistributedIncome>
        <DistributableAmountAsAdjusted>11745</DistributableAmountAsAdjusted>
        <ExcessDistriCarryoverYear2>2345</ExcessDistriCarryoverYear2>
        <TotalExcessDistriCarryover>2345</TotalExcessDistriCarryover>
        <QualifyingDistributions>5349</QualifyingDistributions>
        <AppliedToCurrentYear>5349</AppliedToCurrentYear>
        <ExcessDistriCyovAppCYCorpus>2345</ExcessDistriCyovAppCYCorpus>
        <ExcessDistriCyovAppliedCY>2345</ExcessDistriCyovAppliedCY>
        <UndistributedIncomeCY>4051</UndistributedIncomeCY>
      </UndistributedIncome>
      <SupplementaryInformation>
        <ContributingManager>Keith V Kiernan</ContributingManager>
        <OnlyContributesToPreselected>X</OnlyContributesToPreselected>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <DividendsAndIntFromSecPartVII>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>2348</ExclusionAmount>
        </DividendsAndIntFromSecPartVII>
        <GainSalesAssetsOthThanInvntry>
          <ExclusionCode>18</ExclusionCode>
          <ExclusionAmount>-3864</ExclusionAmount>
        </GainSalesAssetsOthThanInvntry>
        <SubtotalsPartXVIA>
          <ExclusionAmount>-1516</ExclusionAmount>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>-1516</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>
    <IRS990ScheduleB documentId="990B" softwareId="10000149" softwareVersion="2010.2.15">
      <Organization501c3ExemptPF>X</Organization501c3ExemptPF>
      <GeneralRule>X</GeneralRule>
      <ContributorInfo>
        <ContributorNumber>0001</ContributorNumber>
        <ContributorNameIndividual>Kiernan Keith V</ContributorNameIndividual>
        <ContributorAddressUS>
          <AddressLine1>35226 Overfalls Drive</AddressLine1>
          <City>Lewes</City>
          <State>DE</State>
          <ZIPCode>19958</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>107676</AggregateContributions>
        <PersonContributionType>X</PersonContributionType>
        <NoncashContributionType>X</NoncashContributionType>
      </ContributorInfo>
      <NoncashProperty>
        <ContributorNumberFromPartI>0001</ContributorNumberFromPartI>
        <NoncashPropertyDescription>RAYTHEON CO.</NoncashPropertyDescription>
        <FairMarketValue>11676</FairMarketValue>
        <DateReceived>2010-12-13</DateReceived>
      </NoncashProperty>
    </IRS990ScheduleB>
    <GeneralExplanationAttachment documentId="990PF:150" softwareId="10000149" softwareVersion="2010.2.15"></GeneralExplanationAttachment>
    <InvestmentsCorpStockSchedule documentId="990PF:89" softwareId="10000149" softwareVersion="2010.2.15">
      <InvestmentsCorpStock>
        <NameOfStock>1356 shares of ABERDEEN INTERNATIONAL EQUITY FUND CLASS A GIGAX</NameOfStock>
        <EOYBookValue>20568</EOYBookValue>
        <EOYFMV>18394</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>2937 shares of AMERICAN CENTURY HERITAGE INVESTOR CLASS TWHIX</NameOfStock>
        <EOYBookValue>56030</EOYBookValue>
        <EOYFMV>61622</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>821 shares of AMERICAN GROWTH FUND OF AMERICA GFAFX</NameOfStock>
        <EOYBookValue>26485</EOYBookValue>
        <EOYFMV>24838</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>2030 shares of CREDIT SUISSE INSTI FD INTERNATIONAL FOCUS PTF WPIEX</NameOfStock>
        <EOYBookValue>24433</EOYBookValue>
        <EOYFMV>26445</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>401 shares of FID ADV SER I FID ADV SMALL CAP FD INSTI CLASS FSCIX</NameOfStock>
        <EOYBookValue>9850</EOYBookValue>
        <EOYFMV>10558</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>308 shares of FIDELITY ADVISOR SERIES I, FID ADV SMALL CAP FD A FSCDX</NameOfStock>
        <EOYBookValue>5836</EOYBookValue>
        <EOYFMV>7765</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1006 shares of FIDELITY CONTRA FUND FCNTX</NameOfStock>
        <EOYBookValue>57228</EOYBookValue>
        <EOYFMV>68103</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>611 shares of HEARTLAND VALUE PLUS FUND INVESTOR CLASS SHS HRVIX</NameOfStock>
        <EOYBookValue>13452</EOYBookValue>
        <EOYFMV>18231</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>8326 shares of PRUDENTIAL JENNISON EQUITY INCOME A SPQAX</NameOfStock>
        <EOYBookValue>103346</EOYBookValue>
        <EOYFMV>111648</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>528 shares of THE GROWTH FUND OF AMERICA, INC., CLASS F-2 SHS GFFFX</NameOfStock>
        <EOYBookValue>14087</EOYBookValue>
        <EOYFMV>16046</EOYFMV>
      </InvestmentsCorpStock>
    </InvestmentsCorpStockSchedule>
    <OtherExpensesSchedule documentId="990PF:79" softwareId="10000149" softwareVersion="2010.2.15">
      <OtherExpenses>
        <Description>Administrative Fees</Description>
        <RevenueAndExpensesPerBooks>5349</RevenueAndExpensesPerBooks>
        <DisbursementsCharitablePrps>5349</DisbursementsCharitablePrps>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Bank Charge</Description>
        <RevenueAndExpensesPerBooks>60</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>60</NetInvestmentIncome>
      </OtherExpenses>
    </OtherExpensesSchedule>
    <OtherProfessionalFeesSchedule documentId="990PF:77" softwareId="10000149" softwareVersion="2010.2.15">
      <OtherProfessionalFees>
        <Category>Investment Management Services</Category>
        <Amount>2791</Amount>
        <NetInvestmentIncome>2791</NetInvestmentIncome>
      </OtherProfessionalFees>
    </OtherProfessionalFeesSchedule>
  </ReturnData>
</Return>