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      <ReconcilationRevenueExpnssAmt>1566824</ReconcilationRevenueExpnssAmt>
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      <InfoInScheduleOPartXIIInd>X</InfoInScheduleOPartXIIInd>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>0</AccountantCompileOrReviewInd>
      <FSAuditedInd>1</FSAuditedInd>
      <FSAuditedBasisGrp>
        <SeparateBasisFinclStmtInd>X</SeparateBasisFinclStmtInd>
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      <AuditCommitteeInd>1</AuditCommitteeInd>
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      <SupportingOrgType2Ind>X</SupportingOrgType2Ind>
      <SupportedOrganizationsCnt>1</SupportedOrganizationsCnt>
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        <SupportedOrganizationName>
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        <FormAndLineReferenceDesc>PART IV, SECTION A, LINE 3B:</FormAndLineReferenceDesc>
        <ExplanationTxt>EXAMINED IRS DETERMINATION.</ExplanationTxt>
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      <Form990ScheduleAPartVIGrp>
        <FormAndLineReferenceDesc>PART IV, SECTION A, LINE 3C:</FormAndLineReferenceDesc>
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      <Form990ScheduleAPartVIGrp>
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        <EndYearBalanceAmt>283778</EndYearBalanceAmt>
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      <CYMinus3YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>255746</BeginningYearBalanceAmt>
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        <BeginningYearBalanceAmt>266180</BeginningYearBalanceAmt>
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        <EndYearBalanceAmt>255746</EndYearBalanceAmt>
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      <PrmnntEndowmentBalanceEOYPct>1.00000</PrmnntEndowmentBalanceEOYPct>
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      <TotalBookValueLandBuildingsAmt>0</TotalBookValueLandBuildingsAmt>
      <OtherSecuritiesGrp>
        <Desc>CHARLES SCHWAB INVESTMENTS</Desc>
        <BookValueAmt>10282867</BookValueAmt>
        <MethodValuationCd>F</MethodValuationCd>
      </OtherSecuritiesGrp>
      <TotalBookValueSecuritiesAmt>10282867</TotalBookValueSecuritiesAmt>
      <FootnoteTextInd>X</FootnoteTextInd>
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      <NetUnrealizedGainsInvstAmt>1157449</NetUnrealizedGainsInvstAmt>
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      <RevenueSubtotalAmt>3706889</RevenueSubtotalAmt>
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      <RevenueNotReportedFinclStmtAmt>19076</RevenueNotReportedFinclStmtAmt>
      <TotalRevenuePerForm990Amt>3725965</TotalRevenuePerForm990Amt>
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      <ExpensesNotReportedAmt>0</ExpensesNotReportedAmt>
      <ExpensesSubtotalAmt>2140065</ExpensesSubtotalAmt>
      <InvestmentExpensesNotIncld2Amt>19076</InvestmentExpensesNotIncld2Amt>
      <ExpensesNotRptFinclStmtAmt>19076</ExpensesNotRptFinclStmtAmt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART V, LINE 4:</FormAndLineReferenceDesc>
        <ExplanationTxt>RESEARCH AND EDUCATION GRANTS</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART X, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE FOUNDATION HAS ADOPTED THE PROVISION OF ASC TOPIC 740, INCOME TAXES, RELATING TO THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THE FOUNDATION FILES INFORMATION RETURNS IN THE U.S. FEDERAL JURISDICTION, AND THE STATES OF CALIFORNIA, ILLINOIS AND NEW YORK. MANAGEMENT IS NOT AWARE OF ANY UNCERTAIN TAX POSITIONS.</ExplanationTxt>
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      <RecipientTable>
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          <CityNm>ST LOUIS</CityNm>
          <StateAbbreviationCd>MO</StateAbbreviationCd>
          <ZIPCd>63108</ZIPCd>
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        <PurposeOfGrantTxt>RESEARCH</PurposeOfGrantTxt>
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      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>CAROLINAS SHOULDER AND ELBOW SOCIETY INC</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>21 STUYVESANT RD</AddressLine1Txt>
          <CityNm>ASHEVILLE</CityNm>
          <StateAbbreviationCd>NC</StateAbbreviationCd>
          <ZIPCd>28803</ZIPCd>
        </USAddress>
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        <CashGrantAmt>19404</CashGrantAmt>
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        <PurposeOfGrantTxt>RESEARCH</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>FLORIDA ORTHOPAEDIC ACADEMIC FOUNDATION CORPORATION</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>265 E ROLLINS ST 11TH FLOOR</AddressLine1Txt>
          <CityNm>ORLANDO</CityNm>
          <StateAbbreviationCd>FL</StateAbbreviationCd>
          <ZIPCd>32804</ZIPCd>
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        <RecipientEIN>331935804</RecipientEIN>
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        <PurposeOfGrantTxt>RESEARCH</PurposeOfGrantTxt>
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      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>HH MEDSTAR HEALTH INC</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>10980 GRANTCHESTER WAY</AddressLine1Txt>
          <CityNm>COLUMBIA</CityNm>
          <StateAbbreviationCd>MD</StateAbbreviationCd>
          <ZIPCd>21044</ZIPCd>
        </USAddress>
        <RecipientEIN>521542230</RecipientEIN>
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      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>KAISER PERMANENTE SOUTHERN CALIFORNIA PERMANENTE MEDICAL GROUP</BusinessNameLine1Txt>
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        <USAddress>
          <AddressLine1Txt>393 E WALNUT ST 3RD FLOOR</AddressLine1Txt>
          <CityNm>PASADENA</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>91188</ZIPCd>
        </USAddress>
        <RecipientEIN>951750445</RecipientEIN>
        <IRCSectionDesc>N/A</IRCSectionDesc>
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        <PurposeOfGrantTxt>RESEARCH</PurposeOfGrantTxt>
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      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>MAYO CLINIC JACKSONVILLE</BusinessNameLine1Txt>
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        <USAddress>
          <AddressLine1Txt>4500 SAN PABLO RD</AddressLine1Txt>
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      <RecipientTable>
        <RecipientBusinessName>
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        <USAddress>
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        <PurposeOfGrantTxt>RESEARCH</PurposeOfGrantTxt>
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      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>ST LOUIS UNIVERSITY</BusinessNameLine1Txt>
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        <USAddress>
          <AddressLine1Txt>3545 LINDELL BOULEVARD 3RD FLOOR</AddressLine1Txt>
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          <StateAbbreviationCd>MO</StateAbbreviationCd>
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        <PurposeOfGrantTxt>RESEARCH</PurposeOfGrantTxt>
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      <RecipientTable>
        <RecipientBusinessName>
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        <USAddress>
          <AddressLine1Txt>PO BOX 461625</AddressLine1Txt>
          <CityNm>SAN ANTONIO</CityNm>
          <StateAbbreviationCd>TX</StateAbbreviationCd>
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        </USAddress>
        <RecipientEIN>743003947</RecipientEIN>
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        <PurposeOfGrantTxt>RESEARCH</PurposeOfGrantTxt>
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      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>TURNKEY AL PRACTICE INC</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>PO BOX 77862</AddressLine1Txt>
          <CityNm>CHARLOTTE</CityNm>
          <StateAbbreviationCd>NC</StateAbbreviationCd>
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        </USAddress>
        <RecipientEIN>412408017</RecipientEIN>
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      <RecipientTable>
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          <BusinessNameLine1Txt>UNIVERSITY HOSPITALS CLEVELAND MEDICAL CENTER</BusinessNameLine1Txt>
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          <AddressLine1Txt>11100 EUCLID AVE</AddressLine1Txt>
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        <PurposeOfGrantTxt>RESEARCH</PurposeOfGrantTxt>
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      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>UNIVERSITY OF CHICAGO DEPT OF ORTHOPEDIC SURGERY</BusinessNameLine1Txt>
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        <USAddress>
          <AddressLine1Txt>6054 S DREXEL AVE SUITE 300</AddressLine1Txt>
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      <RecipientTable>
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          <BusinessNameLine1Txt>UNIVERSITY OF FLORIDA</BusinessNameLine1Txt>
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        <USAddress>
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      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>UNIVERSITY OF MARYLAND</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>PO BOX 41428</AddressLine1Txt>
          <CityNm>BALTIMORE</CityNm>
          <StateAbbreviationCd>MD</StateAbbreviationCd>
          <ZIPCd>21203</ZIPCd>
        </USAddress>
        <RecipientEIN>520591653</RecipientEIN>
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        <CashGrantAmt>21972</CashGrantAmt>
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        <PurposeOfGrantTxt>RESEARCH</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>AMERICAN SHOULDER AND ELBOW SURGEONS</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>1515 E WOODFIELD ROAD 345</AddressLine1Txt>
          <CityNm>SCHAUMBURG</CityNm>
          <StateAbbreviationCd>IL</StateAbbreviationCd>
          <ZIPCd>60173</ZIPCd>
        </USAddress>
        <RecipientEIN>411474626</RecipientEIN>
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        <PurposeOfGrantTxt>FELLOWS DAY CONTRIBUTION</PurposeOfGrantTxt>
      </RecipientTable>
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      <GrantsOtherAsstToIndivInUSGrp>
        <GrantTypeTxt>MY MOBILITY STUDY</GrantTypeTxt>
        <RecipientCnt>3</RecipientCnt>
        <CashGrantAmt>79500</CashGrantAmt>
      </GrantsOtherAsstToIndivInUSGrp>
      <GrantsOtherAsstToIndivInUSGrp>
        <GrantTypeTxt>RESEARCH GRANT</GrantTypeTxt>
        <RecipientCnt>2</RecipientCnt>
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      </GrantsOtherAsstToIndivInUSGrp>
      <GrantsOtherAsstToIndivInUSGrp>
        <GrantTypeTxt>FELLOWSHIP EDUCATION GRANT</GrantTypeTxt>
        <RecipientCnt>25</RecipientCnt>
        <CashGrantAmt>550798</CashGrantAmt>
      </GrantsOtherAsstToIndivInUSGrp>
      <GrantsOtherAsstToIndivInUSGrp>
        <GrantTypeTxt>INDIVIDUAL GRANTS UNDER $5,000</GrantTypeTxt>
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        <CashGrantAmt>11216</CashGrantAmt>
      </GrantsOtherAsstToIndivInUSGrp>
      <GrantsOtherAsstToIndivInUSGrp>
        <GrantTypeTxt>5070-20F</GrantTypeTxt>
        <RecipientCnt>1</RecipientCnt>
        <CashGrantAmt>16079</CashGrantAmt>
      </GrantsOtherAsstToIndivInUSGrp>
      <GrantsOtherAsstToIndivInUSGrp>
        <GrantTypeTxt>NDSI SCHOLAR</GrantTypeTxt>
        <RecipientCnt>1</RecipientCnt>
        <CashGrantAmt>24000</CashGrantAmt>
      </GrantsOtherAsstToIndivInUSGrp>
      <GrantsOtherAsstToIndivInUSGrp>
        <GrantTypeTxt>FELLOW STIPEND</GrantTypeTxt>
        <RecipientCnt>6</RecipientCnt>
        <CashGrantAmt>19500</CashGrantAmt>
      </GrantsOtherAsstToIndivInUSGrp>
      <GrantsOtherAsstToIndivInUSGrp>
        <GrantTypeTxt>EXACTECH TOUR AND RECEPTION</GrantTypeTxt>
        <RecipientCnt>1</RecipientCnt>
        <CashGrantAmt>18342</CashGrantAmt>
      </GrantsOtherAsstToIndivInUSGrp>
    </IRS990ScheduleI>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 3</FormAndLineReferenceDesc>
        <ExplanationTxt>MANAGEMENT DUTIES DURING THE YEAR WERE PERFORMED BY EMPLOYEES OF THE AMERICAN SHOULDER AND ELBOW SURGEONS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>AN INDEPENDENT CERTIFIED PUBLIC ACCOUNTING FIRM (CPA) PREPARES THE FOUNDATION'S FORM 990 AND SUBMITS THE FORM TO THE FOUNDATION'S MANAGEMENT FOR REVIEW. WITHIN MANAGEMENT, THE FORM IS REVIEWED BY A CERTIFIED PUBLIC ACCOUNTANT WITH EXTENSIVE NONPROFIT ACCOUNTING EXPERIENCE. THE MANAGEMENT COMPANY SUBMITS THE FORM TO THE FOUNDATION'S TREASURER FOR REVIEW. AN ELECTRONIC COPY OF THE FORM IS ALSO PROVIDED TO ALL VOTING MEMBERS OF THE BOARD FOR REVIEW. QUESTIONS AND COMMENTS ON THE FORM BY THE TREASURER AND BOARD MEMBERS ARE DIRECTED BACK TO THE CPA AND INTERNAL ACCOUNTANT FOR RESOLUTION. AFTER ALL DISCUSSION POINTS ARE RESOLVED, THE FORMS ARE FINALIZED AND PROVIDED TO THE TREASURER FOR FINAL REVIEW AND SIGNATURE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>INTERESTED PARTIES MUST DISCLOSE THEIR POSITION PRIOR TO ENGAGING IN ANY TRANSACTION THAT GIVES RISE TO CONFLICT. THE CONFLICT IS THEN EVALUATED BY THE EXECUTIVE COMMITTEE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XII, LINE 2C:</FormAndLineReferenceDesc>
        <ExplanationTxt>THERE WERE NO CHANGES MADE TO THE OVERSIGHT OR SELECTION PROCESSES DURING THE TAX YEAR.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc1043400001">
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>AMERICAN SHOULDER AND ELBOW SURGEONS</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>1515 E WOODFIELD ROAD SUITE 345</AddressLine1Txt>
          <CityNm>SCHAUMBURG</CityNm>
          <StateAbbreviationCd>IL</StateAbbreviationCd>
          <ZIPCd>60173</ZIPCd>
        </USAddress>
        <EIN>411474626</EIN>
        <PrimaryActivitiesTxt>EDUCATION</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>IL</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(C)(6)</ExemptCodeSectionTxt>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <ReceiptOfIntAnntsRntsRyltsInd>0</ReceiptOfIntAnntsRntsRyltsInd>
      <GiftGrntOrCapContriToOthOrgInd>1</GiftGrntOrCapContriToOthOrgInd>
      <GiftGrntCapContriFromOthOrgInd>1</GiftGrntCapContriFromOthOrgInd>
      <LoansOrGuaranteesToOtherOrgInd>0</LoansOrGuaranteesToOtherOrgInd>
      <LoansOrGuaranteesFromOthOrgInd>0</LoansOrGuaranteesFromOthOrgInd>
      <DivRelatedOrganizationInd>0</DivRelatedOrganizationInd>
      <AssetSaleToOtherOrgInd>0</AssetSaleToOtherOrgInd>
      <AssetPurchaseFromOtherOrgInd>0</AssetPurchaseFromOtherOrgInd>
      <AssetExchangeInd>0</AssetExchangeInd>
      <RentalOfFacilitiesToOthOrgInd>0</RentalOfFacilitiesToOthOrgInd>
      <RentalOfFcltsFromOthOrgInd>0</RentalOfFcltsFromOthOrgInd>
      <PerformOfServicesForOthOrgInd>0</PerformOfServicesForOthOrgInd>
      <PerformOfServicesByOtherOrgInd>0</PerformOfServicesByOtherOrgInd>
      <SharingOfFacilitiesInd>1</SharingOfFacilitiesInd>
      <PaidEmployeesSharingInd>1</PaidEmployeesSharingInd>
      <ReimbursementPaidToOtherOrgInd>1</ReimbursementPaidToOtherOrgInd>
      <ReimbursementPaidByOtherOrgInd>1</ReimbursementPaidByOtherOrgInd>
      <TransferToOtherOrgInd>0</TransferToOtherOrgInd>
      <TransferFromOtherOrgInd>0</TransferFromOtherOrgInd>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1Txt>AMERICAN SHOULDER &amp; ELBOW SURGEONS</BusinessNameLine1Txt>
        </OtherOrganizationName>
        <TransactionTypeTxt>C</TransactionTypeTxt>
        <InvolvedAmt>1007498</InvolvedAmt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1Txt>AMERICAN SHOULDER &amp; ELBOW SURGEONS</BusinessNameLine1Txt>
        </OtherOrganizationName>
        <TransactionTypeTxt>O</TransactionTypeTxt>
        <InvolvedAmt>350248</InvolvedAmt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1Txt>AMERICAN SHOULDER &amp; ELBOW SURGEONS</BusinessNameLine1Txt>
        </OtherOrganizationName>
        <TransactionTypeTxt>B</TransactionTypeTxt>
        <InvolvedAmt>21644</InvolvedAmt>
      </TransactionsRelatedOrgGrp>
    </IRS990ScheduleR>
  </ReturnData>
</Return>