﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2010v3.2" xsi:schemaLocation="http://www.irs.gov/efile">
  <ReturnHeader binaryAttachmentCount="0">
    <Timestamp>2011-05-12T10:39:37-07:00</Timestamp>
    <TaxPeriodEndDate>2010-12-31</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>2010-01-01</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>2011-05-12</DateSigned>
    </Officer>
    <Preparer>
      <Name>VICKI P OWENS</Name>
      <Phone>7707488254</Phone>
    </Preparer>
    <TaxYear>2010</TaxYear>
    <BuildTS>2016-02-24 21:20:13Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="5">
    <IRS990PF documentId="00000001" referenceDocumentName="ReasonableCauseExplanation GeneralExplanationAttachment">
      <ExemptPF>X</ExemptPF>
      <FMVAssetsEOY>39098</FMVAssetsEOY>
      <MethodOfAccountingCash>X</MethodOfAccountingCash>
      <AnalysisOfRevenueAndExpenses>
        <NotRequiredToAttachScheduleB>X</NotRequiredToAttachScheduleB>
        <DividendsRevAndExpnss>1432</DividendsRevAndExpnss>
        <CapitalGainNetIncmNetInvstIncm>0</CapitalGainNetIncmNetInvstIncm>
        <TotalRevenueAndExpenses>1432</TotalRevenueAndExpenses>
        <TotalNetInvestmentIncome>0</TotalNetInvestmentIncome>
        <AccountingFeesRevAndExpnss referenceDocumentId="00000002" referenceDocumentName="AccountingFeesSchedule">175</AccountingFeesRevAndExpnss>
        <OtherProfFeesRevAndExpnss referenceDocumentId="00000005" referenceDocumentName="OtherProfessionalFeesSchedule">358</OtherProfFeesRevAndExpnss>
        <TotOprExpensesRevAndExpnss>533</TotOprExpensesRevAndExpnss>
        <TotOprExpensesNetInvstIncm>0</TotOprExpensesNetInvstIncm>
        <TotOprExpensesDsbrsChrtblPrps>0</TotOprExpensesDsbrsChrtblPrps>
        <ContriGiftsPaidRevAndExpnss>1800</ContriGiftsPaidRevAndExpnss>
        <ContriGiftsPaidDsbrsChrtblPrps>1800</ContriGiftsPaidDsbrsChrtblPrps>
        <TotalExpensesRevAndExpnss>2333</TotalExpensesRevAndExpnss>
        <TotalExpensesNetInvstIncm>0</TotalExpensesNetInvstIncm>
        <TotalExpensesDsbrsChrtblPrps>1800</TotalExpensesDsbrsChrtblPrps>
        <ExcessOfRevenueOverExpenses>-901</ExcessOfRevenueOverExpenses>
        <NetInvestmentIncome>0</NetInvestmentIncome>
      </AnalysisOfRevenueAndExpenses>
      <BalanceSheets>
        <SavingsAndTempCashInvstBOY>2811</SavingsAndTempCashInvstBOY>
        <SavingsAndTempCashInvstEOY>1262</SavingsAndTempCashInvstEOY>
        <SavingsAndTempCashInvstEOYFMV>1262</SavingsAndTempCashInvstEOYFMV>
        <InvestmentsCorpStockBOY>33423</InvestmentsCorpStockBOY>
        <InvestmentsCorpStockEOY referenceDocumentId="00000003" referenceDocumentName="InvestmentsCorpStockSchedule">37836</InvestmentsCorpStockEOY>
        <InvestmentsCorpStockEOYFMV>37836</InvestmentsCorpStockEOYFMV>
        <TotalAssetsBOY>36234</TotalAssetsBOY>
        <TotalAssetsEOY>39098</TotalAssetsEOY>
        <TotalAssetsEOYFMV>39098</TotalAssetsEOYFMV>
        <TotalLiabilitiesEOY>0</TotalLiabilitiesEOY>
        <OrgThatDoNotFollowSFAS117>X</OrgThatDoNotFollowSFAS117>
        <CapitalStockBOY>36234</CapitalStockBOY>
        <CapitalStockEOY>39098</CapitalStockEOY>
        <TotalNetAssetsBOY>36234</TotalNetAssetsBOY>
        <TotalNetAssetsEOY>39098</TotalNetAssetsEOY>
        <TotalLiabilitiesNetAssetsBOY>36234</TotalLiabilitiesNetAssetsBOY>
        <TotalLiabilitiesNetAssetsEOY>39098</TotalLiabilitiesNetAssetsEOY>
      </BalanceSheets>
      <ChangesInNetAssetsFundBalances>
        <TotalNetAssetsFundBalancesBOY>36234</TotalNetAssetsFundBalancesBOY>
        <ExcessOfRevenueOverExpenses>-901</ExcessOfRevenueOverExpenses>
        <OtherIncreases referenceDocumentId="00000004" referenceDocumentName="OtherIncreasesSchedule">3765</OtherIncreases>
        <Subtotal>39098</Subtotal>
        <TotalNetAssetsFundBalancesEOY>39098</TotalNetAssetsFundBalancesEOY>
      </ChangesInNetAssetsFundBalances>
      <QlfyUndSect4940eForReducedTax>
        <QualifyingDistributionsYear1>20500</QualifyingDistributionsYear1>
        <NoncharitableAssetsYear1>35690</NoncharitableAssetsYear1>
        <DistributionRatioYear1>0.574391</DistributionRatioYear1>
        <QualifyingDistributionsYear2>20485</QualifyingDistributionsYear2>
        <NoncharitableAssetsYear2>51360</NoncharitableAssetsYear2>
        <DistributionRatioYear2>0.398851</DistributionRatioYear2>
        <QualifyingDistributionsYear3>5453</QualifyingDistributionsYear3>
        <NoncharitableAssetsYear3>102291</NoncharitableAssetsYear3>
        <DistributionRatioYear3>0.053309</DistributionRatioYear3>
        <QualifyingDistributionsYear4>5226</QualifyingDistributionsYear4>
        <TotalDistributionRatio>1.026551</TotalDistributionRatio>
        <AverageDistributionRatio>0.342184</AverageDistributionRatio>
        <NetNoncharitableAssets>38512</NetNoncharitableAssets>
        <AdjustedNoncharitableAssets>13178</AdjustedNoncharitableAssets>
        <AdjNonchrtblAssetsAndOnePct>13178</AdjNonchrtblAssetsAndOnePct>
        <QualifyingDistributions>1800</QualifyingDistributions>
      </QlfyUndSect4940eForReducedTax>
      <ExciseTaxBasedOnInvestmentIncm>
        <InvestmentIncomeExciseTax>0</InvestmentIncomeExciseTax>
        <TaxUnderSection511>0</TaxUnderSection511>
        <TaxBasedOnInvestmentIncome>0</TaxBasedOnInvestmentIncome>
        <AmountCreditedToNextYear>0</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>false</RequirementsOfSect508e>
        <AtLeast5000InAssets>true</AtLeast5000InAssets>
        <StatesFiledWith>GA</StatesFiledWith>
        <Form990PFFiledWithAG>true</Form990PFFiledWithAG>
        <PrivateOperatingFoundation>false</PrivateOperatingFoundation>
        <NewSubstantialContributors>false</NewSubstantialContributors>
        <InterestInControlledEntity>false</InterestInControlledEntity>
        <ApplicableInsuranceContract>false</ApplicableInsuranceContract>
        <ComplyWithPublicInspectionRqr>true</ComplyWithPublicInspectionRqr>
        <WebsiteAddress>N/A</WebsiteAddress>
        <BooksInCareOfPersonName>REED FREEMAN</BooksInCareOfPersonName>
        <BooksInCareOfPhoneNumber>7707490180</BooksInCareOfPhoneNumber>
        <BooksInCareOfUSAddress>
          <AddressLine1>4 N MAIN ST</AddressLine1>
          <City>CEDARTOWN</City>
          <State>GA</State>
          <ZIPCode>30125</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>
        <RcvFundsToPayPrsnlBnftContract>false</RcvFundsToPayPrsnlBnftContract>
        <PayPremiumsPrsnlBnftContract>false</PayPremiumsPrsnlBnftContract>
        <ProhibitedTaxShelterTransactn>false</ProhibitedTaxShelterTransactn>
      </StatementsRegardingActy4720>
      <OfcrDirTrusteesKeyEmployeeInfo>
        <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>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </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>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <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>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </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>1800</Expenses1>
      </SummaryOfDirectCharitableActy>
      <MinimumInvestmentReturn>
        <AvgMonthlyFMVOfSecurities>0</AvgMonthlyFMVOfSecurities>
        <AvgMonthlyCashBalances>0</AvgMonthlyCashBalances>
        <FMVAllOtherNoncharitableAssets>39098</FMVAllOtherNoncharitableAssets>
        <TotalFMVOfUnusedAssets>39098</TotalFMVOfUnusedAssets>
        <AdjTotalFMVOfUnusedAssets>39098</AdjTotalFMVOfUnusedAssets>
        <CashDeemedCharitable>586</CashDeemedCharitable>
        <NetNoncharitableAssets>38512</NetNoncharitableAssets>
        <MinimumInvestmentReturn>1926</MinimumInvestmentReturn>
      </MinimumInvestmentReturn>
      <DistributableAmount>
        <MinimumInvestmentReturn>1926</MinimumInvestmentReturn>
        <DistributableAmountBeforeAdj>1926</DistributableAmountBeforeAdj>
        <DistributableAmountBeforeDed>1926</DistributableAmountBeforeDed>
        <DistributableAmountAsAdjusted>1926</DistributableAmountAsAdjusted>
      </DistributableAmount>
      <QualifyingDistributions>
        <ExpensesAndContributions>1800</ExpensesAndContributions>
        <QualifyingDistributions>1800</QualifyingDistributions>
        <AdjQualifyingDistributions>1800</AdjQualifyingDistributions>
      </QualifyingDistributions>
      <UndistributedIncome>
        <DistributableAmountAsAdjusted>1926</DistributableAmountAsAdjusted>
        <UndistributedIncomePriorYear>1770</UndistributedIncomePriorYear>
        <ExcessDistriCarryoverYear2>21206</ExcessDistriCarryoverYear2>
        <ExcessDistriCarryoverYear1>17965</ExcessDistriCarryoverYear1>
        <TotalExcessDistriCarryover>39171</TotalExcessDistriCarryover>
        <QualifyingDistributions>1800</QualifyingDistributions>
        <AppliedToYear1>1770</AppliedToYear1>
        <RemainingDistriFromCorpus>30</RemainingDistriFromCorpus>
        <TotalCorpus>39201</TotalCorpus>
        <UndistributedIncomeCY>1926</UndistributedIncomeCY>
        <ExcessDistriCyovToNextYear>39201</ExcessDistriCyovToNextYear>
        <ExcessFromYear2>21206</ExcessFromYear2>
        <ExcessFromYear1>17965</ExcessFromYear1>
        <ExcessFromCurrentYear>30</ExcessFromCurrentYear>
      </UndistributedIncome>
      <SupplementaryInformation>
        <ContributingManager>REED DEBORAH FREEMAN</ContributingManager>
        <OnlyContributesToPreselected>X</OnlyContributesToPreselected>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>CEDARVALLEY ARTS FESTIVAL</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>COLLEGE STREET</AddressLine1>
            <City>CEDARTOWN</City>
            <State>GA</State>
            <ZIPCode>30125</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>CHURCH</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>BENEVLENCE</PurposeOfGrantOrContribution>
          <Amount>300</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>CHEROKEE RENAISSANCE</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>EVERGREEN LANE</AddressLine1>
            <City>CEDARTOWN</City>
            <State>GA</State>
            <ZIPCode>30125</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>SCHOOL</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>EDUCATION</PurposeOfGrantOrContribution>
          <Amount>500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>NORTHSIDE ROAR</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PHILPOT STREET</AddressLine1>
            <City>CEDARTOWN</City>
            <State>GA</State>
            <ZIPCode>30125</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>SCHOOL</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>EDUCATION</PurposeOfGrantOrContribution>
          <Amount>1000</Amount>
        </GrantOrContriPaidDuringYear>
        <TotGrantOrContriPaidDuringYear>1800</TotGrantOrContriPaidDuringYear>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <ProgramServiceRevenuePartVII>
          <Description>NONE</Description>
        </ProgramServiceRevenuePartVII>
        <DividendsAndIntFromSecPartVII>
          <RelatedOrExemptFunctionIncome>1432</RelatedOrExemptFunctionIncome>
        </DividendsAndIntFromSecPartVII>
        <SubtotalsPartXVIA>
          <RelatedOrExemptFunctionIncome>1432</RelatedOrExemptFunctionIncome>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>1432</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="00000002">
      <AccountingFees>
        <Category>VICKI OWENS CPA TAX RETURN</Category>
        <Amount>175</Amount>
      </AccountingFees>
    </AccountingFeesSchedule>
    <InvestmentsCorpStockSchedule documentId="00000003">
      <InvestmentsCorpStock>
        <NameOfStock>MULTI-FINANCIAL BROKERAGE</NameOfStock>
        <EOYBookValue>37836</EOYBookValue>
        <EOYFMV>37836</EOYFMV>
      </InvestmentsCorpStock>
    </InvestmentsCorpStockSchedule>
    <OtherIncreasesSchedule documentId="00000004">
      <OtherIncreases>
        <Description>INCREASE IN MARKET VALUE</Description>
        <Amount>3765</Amount>
      </OtherIncreases>
    </OtherIncreasesSchedule>
    <OtherProfessionalFeesSchedule documentId="00000005">
      <OtherProfessionalFees>
        <Category>D. REED FREEMAN INV. ADVISORY SERVICES</Category>
        <Amount>358</Amount>
      </OtherProfessionalFees>
    </OtherProfessionalFeesSchedule>
  </ReturnData>
</Return>