﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2025v4.1" xsi:schemaLocation="http://www.irs.gov/efile">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2026-04-28T13:34:18-07:00</ReturnTs>
    <TaxPeriodEndDt>2025-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>463057681</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>Amatics CPA Group</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>45 Discovery Drive</AddressLine1Txt>
        <CityNm>Bozeman</CityNm>
        <StateAbbreviationCd>MT</StateAbbreviationCd>
        <ZIPCd>59718</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990</ReturnTypeCd>
    <TaxPeriodBeginDt>2025-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>810393444</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>PROPERTY AND ENVIRONMENT RESEARCH CENTER</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>PROP</BusinessNameControlTxt>
      <PhoneNum>4065879591</PhoneNum>
      <USAddress>
        <AddressLine1Txt>2048 ANALYSIS DRIVE NO A</AddressLine1Txt>
        <CityNm>BOZEMAN</CityNm>
        <StateAbbreviationCd>MT</StateAbbreviationCd>
        <ZIPCd>59718</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>BRIAN YABLONSKI</PersonNm>
      <PersonTitleTxt>CEO</PersonTitleTxt>
      <SignatureDt>2026-04-28</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>MORGAN SCARR</PreparerPersonNm>
      <PTIN>P00747394</PTIN>
      <PhoneNum>4064041925</PhoneNum>
    </PreparerPersonGrp>
    <TaxYr>2025</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="8">
    <IRS990 documentId="IRS990" referenceDocumentId="IRS990ScheduleO" softwareId="25022934" softwareVersionNum="2025v4.1">
      <PrincipalOfficerNm>BRIAN YABLONSKI</PrincipalOfficerNm>
      <USAddress>
        <AddressLine1Txt>2048 ANALYSIS DRIVE NO A</AddressLine1Txt>
        <CityNm>BOZEMAN</CityNm>
        <StateAbbreviationCd>MT</StateAbbreviationCd>
        <ZIPCd>59718</ZIPCd>
      </USAddress>
      <GrossReceiptsAmt>7979856</GrossReceiptsAmt>
      <GroupReturnForAffiliatesInd>false</GroupReturnForAffiliatesInd>
      <Organization501c3Ind>X</Organization501c3Ind>
      <WebsiteAddressTxt>WWW.PERC.ORG</WebsiteAddressTxt>
      <TypeOfOrganizationCorpInd>X</TypeOfOrganizationCorpInd>
      <FormationYr>1981</FormationYr>
      <LegalDomicileStateCd>MT</LegalDomicileStateCd>
      <ActivityOrMissionDesc>PERC IS DEDICATED TO ADVANCING CONSERVATION THROUGH MARKETS, INCENTIVES, PROPERTY RIGHTS, AND PARTNERSHIPS.</ActivityOrMissionDesc>
      <VotingMembersGoverningBodyCnt>14</VotingMembersGoverningBodyCnt>
      <VotingMembersIndependentCnt>14</VotingMembersIndependentCnt>
      <TotalEmployeeCnt>30</TotalEmployeeCnt>
      <TotalGrossUBIAmt>0</TotalGrossUBIAmt>
      <PYContributionsGrantsAmt>6352881</PYContributionsGrantsAmt>
      <CYContributionsGrantsAmt>7528494</CYContributionsGrantsAmt>
      <CYProgramServiceRevenueAmt>0</CYProgramServiceRevenueAmt>
      <PYInvestmentIncomeAmt>353409</PYInvestmentIncomeAmt>
      <CYInvestmentIncomeAmt>368882</CYInvestmentIncomeAmt>
      <PYOtherRevenueAmt>74279</PYOtherRevenueAmt>
      <CYOtherRevenueAmt>82480</CYOtherRevenueAmt>
      <PYTotalRevenueAmt>6780569</PYTotalRevenueAmt>
      <CYTotalRevenueAmt>7979856</CYTotalRevenueAmt>
      <PYGrantsAndSimilarPaidAmt>124365</PYGrantsAndSimilarPaidAmt>
      <CYGrantsAndSimilarPaidAmt>392691</CYGrantsAndSimilarPaidAmt>
      <CYBenefitsPaidToMembersAmt>0</CYBenefitsPaidToMembersAmt>
      <PYSalariesCompEmpBnftPaidAmt>2744494</PYSalariesCompEmpBnftPaidAmt>
      <CYSalariesCompEmpBnftPaidAmt>3211647</CYSalariesCompEmpBnftPaidAmt>
      <CYTotalProfFndrsngExpnsAmt>0</CYTotalProfFndrsngExpnsAmt>
      <CYTotalFundraisingExpenseAmt>588678</CYTotalFundraisingExpenseAmt>
      <PYOtherExpensesAmt>1555985</PYOtherExpensesAmt>
      <CYOtherExpensesAmt>2807454</CYOtherExpensesAmt>
      <PYTotalExpensesAmt>4424844</PYTotalExpensesAmt>
      <CYTotalExpensesAmt>6411792</CYTotalExpensesAmt>
      <PYRevenuesLessExpensesAmt>2355725</PYRevenuesLessExpensesAmt>
      <CYRevenuesLessExpensesAmt>1568064</CYRevenuesLessExpensesAmt>
      <TotalAssetsBOYAmt>12414838</TotalAssetsBOYAmt>
      <TotalAssetsEOYAmt>13988068</TotalAssetsEOYAmt>
      <TotalLiabilitiesBOYAmt>351052</TotalLiabilitiesBOYAmt>
      <TotalLiabilitiesEOYAmt>350772</TotalLiabilitiesEOYAmt>
      <NetAssetsOrFundBalancesBOYAmt>12063786</NetAssetsOrFundBalancesBOYAmt>
      <NetAssetsOrFundBalancesEOYAmt>13637296</NetAssetsOrFundBalancesEOYAmt>
      <InfoInScheduleOPartIIIInd>X</InfoInScheduleOPartIIIInd>
      <MissionDesc>PERC IS DEDICATED TO ADVANCING CONSERVATION THROUGH MARKETS, INCENTIVES, PROPERTY RIGHTS, AND PARTNERSHIPS.</MissionDesc>
      <SignificantNewProgramSrvcInd>false</SignificantNewProgramSrvcInd>
      <SignificantChangeInd>false</SignificantChangeInd>
      <ExpenseAmt>1766615</ExpenseAmt>
      <Desc>PERC'S OTHER PROGRAM SERVICES INCLUDE OUR STUDENT PROGRAM, AND OTHER RELEVANT PROGRAMMATIC OUTPUTS AS WELL AS CONSERVATION COMMUNICATION. PERC'S COMMUNICATIONS EFFORTS INCLUDE DEVELOPMENT OF CONSERVATION AWARENESS VIDEOS, PLACEMENT OF MEDIA COMMENTARY IN LEADING OUTLETS SUCH AS CBS SUNDAY MORNING, THE WALL STREET JOURNAL, NPR, AND OTHER LEADING NATIONAL, REGIONAL, AND LOCAL OUTLETS, AND RELATED EFFORTS.WE ALSO DEVELOP AND PUBLISH AN IN-HOUSE MAGAZINE, PERC REPORTS THAT COVERS TIMELY CONSERVATION INNOVATIONS AND APPROACHES. THE MAGAZINE IS DISTRIBUTED TO OVER 11,000 HOUSEHOLDS AND ORGANIZATIONS. INTERESTED PARTIES MAY REGISTER FOR A FREE SUBSCRIPTION AT WWW.PERC.ORG.</Desc>
      <ProgSrvcAccomActy2Grp>
        <ExpenseAmt>1188794</ExpenseAmt>
        <Desc>RESEARCH AND PUBLICATIONS - PERCS ACADEMIC RESEARCH IS AT THE FOREFRONT OF ALL OUR EFFORTS TO IMPROVE ENVIRONMENTAL OUTCOMES. WE TREAT RESEARCH AS THE FIRST STAGE IN A MULTI-STAGE PROCESS TO DEVELOP EFFECTIVE CONSERVATION POLICIES AND STRENGTHEN CONSERVATION PRACTICES.AS A RESULT, OUR SOLUTIONS AND INITIATIVES ARE BASED UPON RIGOROUS RESEARCH FROM A DIVERSE GROUP OF SCHOLARS AND PRACTITIONERS. CORE RESEARCH AREAS INCLUDE ISSUES RELATED TO PUBLIC LAND USE, PRIVATE LAND STEWARDSHIP, WATER, AND WILDLIFE. SPECIFIC FOCUS AREAS INCLUDE FOREST MANAGEMENT, PUBLIC LANDS FUNDING, PRIVATE CONSERVATION, WILDLIFE MIGRATION, WATER MANAGEMENT, AND ENDANGERED SPECIES RECOVERY.A MAJOR SOURCE OF RESEARCH COMES IN THE FORM OF PERCS MULTI-DAY RESEARCH AND IDEA DEVELOPMENT CONFERENCES AND IN-HOUSE SCHOLARS. THE SOLUTIONS AND PUBLICATIONS THESE CONFERENCES GENERATED (OR WILL GENERATE) INFUSE INTO BOTH THE ACADEMIC DEBATE ON CONSERVATION AND INTEGRATE INTO CONSERVATION POLICY AND PRACTICAL CONSERVATION OUTCOMES.PERCS IN-HOUSE RESEARCH INITIATIVES ARE AUGMENTED BY VISITING SCHOLARS FROM UNIVERSITIES AND CONSERVATION ORGANIZATIONS AROUND THE WORLD. DETAILS ABOUT OUR FELLOWSHIPS CAN BE FOUND ON OUR WEBSITE, WWW.PERC.ORG.</Desc>
      </ProgSrvcAccomActy2Grp>
      <ProgSrvcAccomActy3Grp>
        <ExpenseAmt>1169486</ExpenseAmt>
        <Desc>LAW AND POLICY OUTREACH - THE OBJECTIVE OF PERC'S LAW AND POLICY OUTREACH IS TO DISSEMINATE TO TARGETED AUDIENCES THE IDEAS GENERATED BY OUR RESEARCHERS, FELLOWS, VISITING SCHOLARS, ENVIROPRENEURS, AND EFFORTS OF OUR CONSERVATION INNOVATION LAB. OUR POLICY EFFORTS INCLUDE OUTREACH AT THE FEDERAL LEVEL IN CONGRESS AND THE EXECUTIVE BRANCH, AS WELL AS AT THE STATE LEVEL.PERC CONTINUES TO EXPAND THE IMPACT OF OUR RESEARCH FINDING THROUGH ENGAGING POLICY MAKERS THROUGH OUR LAW AND POLICY CENTER. LAUNCHED IN 2022, IT CONTRIBUTED TO DEVELOPING TIMELY POLICY REPORTS AND PUBLICATIONS AS WELL AS PUBLIC COMMENTS AND PARTNER ENGAGEMENTS. THESE RESULTED IN INVITATIONS TO PRESENT BEFORE KEY AUDIENCES, INCLUDING CONGRESSIONAL TESTIMONY, AND FILING OF AGENCY COMMENTS AND AMICUS BRIEFS. WE ALSO USE STRATEGIC LITIGATION TO ADVANCE KEY EFFORTS.KEY TOPICS IN POLICY ADVANCEMENT INCLUDE FOREST MANAGEMENT REFORMS TO REDUCE CATASTROPHIC WILDFIRE, ENDANGERED SPECIES RECOVERY, WATER MANAGEMENT AND RECOVERY OF THE GREAT SALT LAKE, FUNDING OF OUR NATIONAL PARKS AND PUBLIC LANDS, MIGRATION ROUTES, AND MORE. LEGAL EFFORTS INCLUDED ADVANCING ENDANGERED SPECIES RECOVERY. FURTHER DETAILS CAN BE FOUND ON OUR WEBSITE: WWW.PERC.ORG.</Desc>
      </ProgSrvcAccomActy3Grp>
      <ProgSrvcAccomActyOtherGrp>
        <ExpenseAmt>698538</ExpenseAmt>
        <Desc>CONSERVATION INNOVATION LAB - LAUNCHED IN 2023, PERC'S CONSERVATION INNOVATION LAB DEVELOPS AND PROTOTYPES GROUNDBREAKING MODELS TO ADDRESS KEY CONSERVATION CHALLENGES AND ADVANCE NEW TOOLS. IN KEEPING WITH OUR BELIEF THAT CONSERVATION SHOULD UNITE AND NOT DIVIDE, PARTNERSHIPS ARE A DEFINING PILLAR OF THE LAB'S ETHOS. BY ENGAGING GROUPS THAT TRADITIONALLY DO NOT COLLABORATE, THE LAB AIMS TO FIND COMMON GROUND AND DEVELOP CREATIVE NEW SOLUTIONS THAT MUTUALLY BENEFIT STAKEHOLDERS AND CONSERVATION ALIKE.PROJECTS CURRENTLY UNDERWAY INCLUDE PRIVATE DISEASE MITIGATION FUNDS IN PARADISE VALLEY, MT, AND THE CODY AREA OF WYOMING. PERC ALSO LAUNCHED THE NATIONS FIRST VIRTUAL FENCE CONSERVATION FUND TO PROMOTE CONSERVATION THROUGH THIS INNOVATIVE NEW TOOL AND EXPANDED THESE EFFORTS WITH ADDITIONAL PROJECTS, COLORADOS FIRST ELK MIGRATION AGREEMENT, AND NUMEROUS OTHER EFFORTS UNDER DEVELOPMENT. THE GOAL IS TO PROTECT VITAL MIGRATION ROUTES, REDUCE WILDLIFE CONFLICT, PROTECT WORKING LANDSCAPES, AND MORE.</Desc>
      </ProgSrvcAccomActyOtherGrp>
      <ProgSrvcAccomActyOtherGrp>
        <ExpenseAmt>243304</ExpenseAmt>
        <Desc>CONSERVATION LEADERSHIP AND THE NEXT ERA OF CONSERVATION IS A KEY FOCUS AREA AT PERC. AS CONSERVATION CHALLENGES EVOLVEFROM SPECIES RECOVERY TO WATER SCARCITY AND LANDSCAPE FRAGMENTATIONTHERE IS A GROWING NEED FOR APPROACHES THAT MOVE BEYOND THE TOOLS OF THE PAST. PERC IS ADVANCING HIGH-LEVEL THINKING THAT WILL HELP SHAPE THE IDEAS AND POLICIES OF THE FUTUREAPPROACHES THAT HARNESS INCENTIVES, INNOVATION, AND STEWARDSHIP TO ACHIEVE DURABLE CONSERVATION OUTCOMES.THIS FOCUS AREA CONVENES CONSERVATION LEADERSINCLUDING PRACTITIONERS, CONSERVATION LEADERS, POLICYMAKERS, SCHOLARS, AND THOUGHT LEADERSTO EXCHANGE IDEAS, TACKLE EMERGING CHALLENGES, AND ADVANCE THE SOLUTIONS THAT WILL DEFINE THE NEXT ERA OF CONSERVATION. BY BRINGING TOGETHER DIVERSE EXPERTISE AND PERSPECTIVES, PERC FOSTERS COLLABORATION AND SPARKS INNOVATION TO HELP BUILD A NEW ERA OF CONSERVATION DESIGNED TO TACKLE THE CHALLENGES OF THE FUTURE.</Desc>
      </ProgSrvcAccomActyOtherGrp>
      <TotalOtherProgSrvcExpenseAmt>941842</TotalOtherProgSrvcExpenseAmt>
      <TotalProgramServiceExpensesAmt>5066737</TotalProgramServiceExpensesAmt>
      <DescribedInSection501c3Ind referenceDocumentId="IRS990ScheduleA">true</DescribedInSection501c3Ind>
      <ScheduleBRequiredInd referenceDocumentId="IRS990ScheduleB">true</ScheduleBRequiredInd>
      <PoliticalCampaignActyInd referenceDocumentId="IRS990ScheduleC">false</PoliticalCampaignActyInd>
      <LobbyingActivitiesInd referenceDocumentId="IRS990ScheduleC">true</LobbyingActivitiesInd>
      <SubjectToProxyTaxInd referenceDocumentId="IRS990ScheduleC">false</SubjectToProxyTaxInd>
      <DonorAdvisedFundInd referenceDocumentId="IRS990ScheduleD">false</DonorAdvisedFundInd>
      <ConservationEasementsInd referenceDocumentId="IRS990ScheduleD">false</ConservationEasementsInd>
      <CollectionsOfArtInd referenceDocumentId="IRS990ScheduleD">false</CollectionsOfArtInd>
      <CreditCounselingInd referenceDocumentId="IRS990ScheduleD">false</CreditCounselingInd>
      <DonorRstrOrQuasiEndowmentsInd referenceDocumentId="IRSScheduleD">true</DonorRstrOrQuasiEndowmentsInd>
      <ReportLandBuildingEquipmentInd referenceDocumentId="IRS990ScheduleD">true</ReportLandBuildingEquipmentInd>
      <ReportInvestmentsOtherSecInd referenceDocumentId="IRS990ScheduleD">false</ReportInvestmentsOtherSecInd>
      <ReportProgramRelatedInvstInd referenceDocumentId="IRS990ScheduleD">false</ReportProgramRelatedInvstInd>
      <ReportOtherAssetsInd referenceDocumentId="IRS990ScheduleD">false</ReportOtherAssetsInd>
      <ReportOtherLiabilitiesInd referenceDocumentId="IRS990ScheduleD">false</ReportOtherLiabilitiesInd>
      <IncludeFIN48FootnoteInd referenceDocumentId="IRS990ScheduleD">false</IncludeFIN48FootnoteInd>
      <IndependentAuditFinclStmtInd referenceDocumentId="IRS990ScheduleD">true</IndependentAuditFinclStmtInd>
      <ConsolidatedAuditFinclStmtInd referenceDocumentId="IRS990ScheduleD">false</ConsolidatedAuditFinclStmtInd>
      <SchoolOperatingInd>false</SchoolOperatingInd>
      <ForeignOfficeInd>false</ForeignOfficeInd>
      <ForeignActivitiesInd>false</ForeignActivitiesInd>
      <MoreThan5000KToOrgInd>false</MoreThan5000KToOrgInd>
      <MoreThan5000KToIndividualsInd>false</MoreThan5000KToIndividualsInd>
      <ProfessionalFundraisingInd>false</ProfessionalFundraisingInd>
      <FundraisingActivitiesInd>false</FundraisingActivitiesInd>
      <GamingActivitiesInd>false</GamingActivitiesInd>
      <OperateHospitalInd>false</OperateHospitalInd>
      <GrantsToOrganizationsInd referenceDocumentId="IRS990ScheduleI">true</GrantsToOrganizationsInd>
      <GrantsToIndividualsInd referenceDocumentId="IRS990ScheduleI">false</GrantsToIndividualsInd>
      <ScheduleJRequiredInd referenceDocumentId="IRS990ScheduleJ">true</ScheduleJRequiredInd>
      <TaxExemptBondsInd>false</TaxExemptBondsInd>
      <EngagedInExcessBenefitTransInd>false</EngagedInExcessBenefitTransInd>
      <PYExcessBenefitTransInd>false</PYExcessBenefitTransInd>
      <LoanOutstandingInd>false</LoanOutstandingInd>
      <GrantToRelatedPersonInd>false</GrantToRelatedPersonInd>
      <BusinessRlnWithOrgMemInd>false</BusinessRlnWithOrgMemInd>
      <BusinessRlnWithFamMemInd>false</BusinessRlnWithFamMemInd>
      <BusinessRlnWith35CtrlEntInd>false</BusinessRlnWith35CtrlEntInd>
      <DeductibleNonCashContriInd>false</DeductibleNonCashContriInd>
      <DeductibleArtContributionInd>false</DeductibleArtContributionInd>
      <TerminateOperationsInd>false</TerminateOperationsInd>
      <PartialLiquidationInd>false</PartialLiquidationInd>
      <DisregardedEntityInd>false</DisregardedEntityInd>
      <RelatedEntityInd>false</RelatedEntityInd>
      <RelatedOrganizationCtrlEntInd>false</RelatedOrganizationCtrlEntInd>
      <TrnsfrExmptNonChrtblRltdOrgInd>false</TrnsfrExmptNonChrtblRltdOrgInd>
      <ActivitiesConductedPrtshpInd>false</ActivitiesConductedPrtshpInd>
      <ScheduleORequiredInd>true</ScheduleORequiredInd>
      <IRPDocumentCnt>85</IRPDocumentCnt>
      <IRPDocumentW2GCnt>0</IRPDocumentW2GCnt>
      <BackupWthldComplianceInd>true</BackupWthldComplianceInd>
      <EmployeeCnt>30</EmployeeCnt>
      <EmploymentTaxReturnsFiledInd>true</EmploymentTaxReturnsFiledInd>
      <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
      <ForeignFinancialAccountInd>false</ForeignFinancialAccountInd>
      <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
      <TaxablePartyNotificationInd>false</TaxablePartyNotificationInd>
      <NondeductibleContributionsInd>false</NondeductibleContributionsInd>
      <QuidProQuoContributionsInd>false</QuidProQuoContributionsInd>
      <Form8282PropertyDisposedOfInd>false</Form8282PropertyDisposedOfInd>
      <Form8282FiledCnt>0</Form8282FiledCnt>
      <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
      <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
      <Form8899Filedind>false</Form8899Filedind>
      <Form1098CFiledInd>false</Form1098CFiledInd>
      <IndoorTanningServicesInd>false</IndoorTanningServicesInd>
      <SubjToTaxRmnrtnExPrchtPymtInd>false</SubjToTaxRmnrtnExPrchtPymtInd>
      <SubjectToExcsTaxNetInvstIncInd>false</SubjectToExcsTaxNetInvstIncInd>
      <InfoInScheduleOPartVIInd>X</InfoInScheduleOPartVIInd>
      <GoverningBodyVotingMembersCnt>14</GoverningBodyVotingMembersCnt>
      <IndependentVotingMemberCnt>14</IndependentVotingMemberCnt>
      <FamilyOrBusinessRlnInd>false</FamilyOrBusinessRlnInd>
      <DelegationOfMgmtDutiesInd>false</DelegationOfMgmtDutiesInd>
      <ChangeToOrgDocumentsInd>false</ChangeToOrgDocumentsInd>
      <MaterialDiversionOrMisuseInd>false</MaterialDiversionOrMisuseInd>
      <MembersOrStockholdersInd>false</MembersOrStockholdersInd>
      <ElectionOfBoardMembersInd>false</ElectionOfBoardMembersInd>
      <DecisionsSubjectToApprovaInd>false</DecisionsSubjectToApprovaInd>
      <MinutesOfGoverningBodyInd>true</MinutesOfGoverningBodyInd>
      <MinutesOfCommitteesInd>true</MinutesOfCommitteesInd>
      <OfficerMailingAddressInd>false</OfficerMailingAddressInd>
      <LocalChaptersInd>false</LocalChaptersInd>
      <Form990ProvidedToGvrnBodyInd>true</Form990ProvidedToGvrnBodyInd>
      <ConflictOfInterestPolicyInd>true</ConflictOfInterestPolicyInd>
      <AnnualDisclosureCoveredPrsnInd>true</AnnualDisclosureCoveredPrsnInd>
      <RegularMonitoringEnfrcInd>true</RegularMonitoringEnfrcInd>
      <WhistleblowerPolicyInd>true</WhistleblowerPolicyInd>
      <DocumentRetentionPolicyInd>true</DocumentRetentionPolicyInd>
      <CompensationProcessCEOInd>true</CompensationProcessCEOInd>
      <CompensationProcessOtherInd>true</CompensationProcessOtherInd>
      <InvestmentInJointVentureInd>false</InvestmentInJointVentureInd>
      <StatesWhereCopyOfReturnIsFldCd>AK</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>AL</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>AR</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>CA</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>CO</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>CT</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>DC</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>FL</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>GA</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>HI</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>IL</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>KS</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>KY</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>LA</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>MA</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>MD</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>ME</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>MI</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>MN</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>MO</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>MS</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>NC</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>ND</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>NH</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>NJ</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>NM</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>NV</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>NY</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>OH</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>OK</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>OR</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>PA</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>RI</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>SC</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>TN</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>UT</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>VA</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>WA</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>WI</StatesWhereCopyOfReturnIsFldCd>
      <StatesWhereCopyOfReturnIsFldCd>WV</StatesWhereCopyOfReturnIsFldCd>
      <UponRequestInd>X</UponRequestInd>
      <BooksInCareOfDetail>
        <PersonNm>BRIAN YABLONSKI</PersonNm>
        <PhoneNum>4065879591</PhoneNum>
        <USAddress>
          <AddressLine1Txt>2048 ANALYSIS DRIVE A</AddressLine1Txt>
          <CityNm>BOZEMAN</CityNm>
          <StateAbbreviationCd>MT</StateAbbreviationCd>
          <ZIPCd>59718</ZIPCd>
        </USAddress>
      </BooksInCareOfDetail>
      <Form990PartVIISectionAGrp>
        <PersonNm>BRIAN YABLONSKI</PersonNm>
        <TitleTxt>CEO</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>416740</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>33267</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>RUPERT MUNRO</PersonNm>
        <TitleTxt>COO</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <ReportableCompFromOrgAmt>243670</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>27975</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>JONATHAN WOOD</PersonNm>
        <TitleTxt>VP OF LAW &amp; POLICY</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <ReportableCompFromOrgAmt>215113</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>27392</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>JOHN WLEZIEN</PersonNm>
        <TitleTxt>VP OF MARKETING</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <ReportableCompFromOrgAmt>174937</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>8853</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>SHAWN REGAN</PersonNm>
        <TitleTxt>VP of Research</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <ReportableCompFromOrgAmt>147023</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>19355</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>HANNAH DOWNEY</PersonNm>
        <TitleTxt>POLICY DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <ReportableCompFromOrgAmt>144539</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>21658</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>TRAVIS BRAMMER</PersonNm>
        <TitleTxt>DIR. OF CONSERVATI</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <ReportableCompFromOrgAmt>109920</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>21288</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>SARAH LUTIGER</PersonNm>
        <TitleTxt>DIRECTOR OF OP.</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <ReportableCompFromOrgAmt>110667</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>13699</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>DYLAN PAUL SOARES</PersonNm>
        <TitleTxt>CONSERVATION COUNS</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <ReportableCompFromOrgAmt>109375</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>12315</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>LOREN BOUGH</PersonNm>
        <TitleTxt>Chair</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>ROBERT CLEMENT</PersonNm>
        <TitleTxt>Director</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>WILL PRICE</PersonNm>
        <TitleTxt>Director</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>CHRISTOPHER COSTELLO</PersonNm>
        <TitleTxt>Director</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>KIMBERLY DENNIS</PersonNm>
        <TitleTxt>Director</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>ADAM PUTNAM</PersonNm>
        <TitleTxt>Director</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>GARY RIESCHEL</PersonNm>
        <TitleTxt>Vice Chair</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>HENRY BUTLER</PersonNm>
        <TitleTxt>Director</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>BRAD LEVINE</PersonNm>
        <TitleTxt>Director</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>JAMES HUFFMAN</PersonNm>
        <TitleTxt>Secretary</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>KC WALSH</PersonNm>
        <TitleTxt>Treasurer</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>REGINALD BROWN</PersonNm>
        <TitleTxt>Director</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>KRISTINA KENDALL</PersonNm>
        <TitleTxt>Director</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>ROBERT BONNIE</PersonNm>
        <TitleTxt>Director</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>ISABEL BEHNCKE</PersonNm>
        <TitleTxt>Director</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <TotalReportableCompFromOrgAmt>1671984</TotalReportableCompFromOrgAmt>
      <TotalOtherCompensationAmt>185802</TotalOtherCompensationAmt>
      <IndivRcvdGreaterThan100KCnt>9</IndivRcvdGreaterThan100KCnt>
      <FormerOfcrEmployeesListedInd>false</FormerOfcrEmployeesListedInd>
      <TotalCompGreaterThan150KInd>true</TotalCompGreaterThan150KInd>
      <CompensationFromOtherSrcsInd>false</CompensationFromOtherSrcsInd>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>JAVELIN GROUP LLC</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>203 SOUTH UNION ST STE 200</AddressLine1Txt>
            <CityNm>ALEXANDRIA</CityNm>
            <StateAbbreviationCd>VA</StateAbbreviationCd>
            <ZIPCd>22314</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>PUBLICITY CONSULTING</ServicesDesc>
        <CompensationAmt>198000</CompensationAmt>
      </ContractorCompensationGrp>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>HOUSEHOLD FILM CO</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>1567 FRENCH CT</AddressLine1Txt>
            <CityNm>ERIE</CityNm>
            <StateAbbreviationCd>CO</StateAbbreviationCd>
            <ZIPCd>80516</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>PRODUCTION SERVICES</ServicesDesc>
        <CompensationAmt>170435</CompensationAmt>
      </ContractorCompensationGrp>
      <CntrctRcvdGreaterThan100KCnt>2</CntrctRcvdGreaterThan100KCnt>
      <AllOtherContributionsAmt>7528494</AllOtherContributionsAmt>
      <TotalContributionsAmt>7528494</TotalContributionsAmt>
      <TotalProgramServiceRevenueAmt>0</TotalProgramServiceRevenueAmt>
      <InvestmentIncomeGrp>
        <TotalRevenueColumnAmt>368882</TotalRevenueColumnAmt>
        <ExclusionAmt>368882</ExclusionAmt>
      </InvestmentIncomeGrp>
      <IncmFromInvestBondProceedsGrp>
        <TotalRevenueColumnAmt>0</TotalRevenueColumnAmt>
      </IncmFromInvestBondProceedsGrp>
      <RoyaltiesRevenueGrp>
        <TotalRevenueColumnAmt>0</TotalRevenueColumnAmt>
      </RoyaltiesRevenueGrp>
      <GrossRentsGrp>
        <RealAmt>62491</RealAmt>
      </GrossRentsGrp>
      <RentalIncomeOrLossGrp>
        <RealAmt>62491</RealAmt>
      </RentalIncomeOrLossGrp>
      <NetRentalIncomeOrLossGrp>
        <TotalRevenueColumnAmt>62491</TotalRevenueColumnAmt>
        <ExclusionAmt>62491</ExclusionAmt>
      </NetRentalIncomeOrLossGrp>
      <NetGainOrLossInvestmentsGrp>
        <TotalRevenueColumnAmt>0</TotalRevenueColumnAmt>
      </NetGainOrLossInvestmentsGrp>
      <NetIncmFromFundraisingEvtGrp>
        <TotalRevenueColumnAmt>0</TotalRevenueColumnAmt>
      </NetIncmFromFundraisingEvtGrp>
      <NetIncomeFromGamingGrp>
        <TotalRevenueColumnAmt>0</TotalRevenueColumnAmt>
      </NetIncomeFromGamingGrp>
      <NetIncomeOrLossGrp>
        <TotalRevenueColumnAmt>0</TotalRevenueColumnAmt>
      </NetIncomeOrLossGrp>
      <OtherRevenueMiscGrp>
        <Desc>OTHER INCOME</Desc>
        <BusinessCd>900099</BusinessCd>
        <TotalRevenueColumnAmt>19989</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>19989</RelatedOrExemptFuncIncomeAmt>
      </OtherRevenueMiscGrp>
      <OtherRevenueTotalAmt>19989</OtherRevenueTotalAmt>
      <TotalRevenueGrp>
        <TotalRevenueColumnAmt>7979856</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>19989</RelatedOrExemptFuncIncomeAmt>
        <ExclusionAmt>431373</ExclusionAmt>
      </TotalRevenueGrp>
      <InfoInScheduleOPartIXInd>X</InfoInScheduleOPartIXInd>
      <GrantsToDomesticOrgsGrp>
        <TotalAmt>392691</TotalAmt>
        <ProgramServicesAmt>392691</ProgramServicesAmt>
      </GrantsToDomesticOrgsGrp>
      <GrantsToDomesticIndividualsGrp>
        <TotalAmt>0</TotalAmt>
      </GrantsToDomesticIndividualsGrp>
      <ForeignGrantsGrp>
        <TotalAmt>0</TotalAmt>
      </ForeignGrantsGrp>
      <BenefitsToMembersGrp>
        <TotalAmt>0</TotalAmt>
      </BenefitsToMembersGrp>
      <CompCurrentOfcrDirectorsGrp>
        <TotalAmt>416740</TotalAmt>
        <ProgramServicesAmt>323502</ProgramServicesAmt>
        <ManagementAndGeneralAmt>44359</ManagementAndGeneralAmt>
        <FundraisingAmt>48879</FundraisingAmt>
      </CompCurrentOfcrDirectorsGrp>
      <CompDisqualPersonsGrp>
        <TotalAmt>0</TotalAmt>
      </CompDisqualPersonsGrp>
      <OtherSalariesAndWagesGrp>
        <TotalAmt>2329581</TotalAmt>
        <ProgramServicesAmt>1796972</ProgramServicesAmt>
        <ManagementAndGeneralAmt>273588</ManagementAndGeneralAmt>
        <FundraisingAmt>259021</FundraisingAmt>
      </OtherSalariesAndWagesGrp>
      <PensionPlanContributionsGrp>
        <TotalAmt>0</TotalAmt>
      </PensionPlanContributionsGrp>
      <OtherEmployeeBenefitsGrp>
        <TotalAmt>292577</TotalAmt>
        <ProgramServicesAmt>254864</ProgramServicesAmt>
        <ManagementAndGeneralAmt>5820</ManagementAndGeneralAmt>
        <FundraisingAmt>31893</FundraisingAmt>
      </OtherEmployeeBenefitsGrp>
      <PayrollTaxesGrp>
        <TotalAmt>172749</TotalAmt>
        <ProgramServicesAmt>141011</ProgramServicesAmt>
        <ManagementAndGeneralAmt>14303</ManagementAndGeneralAmt>
        <FundraisingAmt>17435</FundraisingAmt>
      </PayrollTaxesGrp>
      <FeesForServicesManagementGrp>
        <TotalAmt>0</TotalAmt>
      </FeesForServicesManagementGrp>
      <FeesForServicesLegalGrp>
        <TotalAmt>1443</TotalAmt>
        <ProgramServicesAmt>1443</ProgramServicesAmt>
      </FeesForServicesLegalGrp>
      <FeesForServicesAccountingGrp>
        <TotalAmt>75344</TotalAmt>
        <ManagementAndGeneralAmt>75344</ManagementAndGeneralAmt>
      </FeesForServicesAccountingGrp>
      <FeesForServicesLobbyingGrp>
        <TotalAmt>14393</TotalAmt>
        <ProgramServicesAmt>14393</ProgramServicesAmt>
      </FeesForServicesLobbyingGrp>
      <FeesForServicesProfFundraising>
        <TotalAmt>0</TotalAmt>
      </FeesForServicesProfFundraising>
      <FeesForSrvcInvstMgmntFeesGrp>
        <TotalAmt>0</TotalAmt>
      </FeesForSrvcInvstMgmntFeesGrp>
      <FeesForServicesOtherGrp>
        <TotalAmt>733044</TotalAmt>
        <ProgramServicesAmt>640840</ProgramServicesAmt>
        <ManagementAndGeneralAmt>2582</ManagementAndGeneralAmt>
        <FundraisingAmt>89622</FundraisingAmt>
      </FeesForServicesOtherGrp>
      <AdvertisingGrp>
        <TotalAmt>0</TotalAmt>
      </AdvertisingGrp>
      <OfficeExpensesGrp>
        <TotalAmt>204488</TotalAmt>
        <ProgramServicesAmt>116778</ProgramServicesAmt>
        <ManagementAndGeneralAmt>84272</ManagementAndGeneralAmt>
        <FundraisingAmt>3438</FundraisingAmt>
      </OfficeExpensesGrp>
      <InformationTechnologyGrp>
        <TotalAmt>0</TotalAmt>
      </InformationTechnologyGrp>
      <RoyaltiesGrp>
        <TotalAmt>0</TotalAmt>
      </RoyaltiesGrp>
      <OccupancyGrp>
        <TotalAmt>42030</TotalAmt>
        <ProgramServicesAmt>1080</ProgramServicesAmt>
        <ManagementAndGeneralAmt>40842</ManagementAndGeneralAmt>
        <FundraisingAmt>108</FundraisingAmt>
      </OccupancyGrp>
      <TravelGrp>
        <TotalAmt>296926</TotalAmt>
        <ProgramServicesAmt>258346</ProgramServicesAmt>
        <ManagementAndGeneralAmt>11558</ManagementAndGeneralAmt>
        <FundraisingAmt>27022</FundraisingAmt>
      </TravelGrp>
      <PymtTravelEntrtnmntPubOfclGrp>
        <TotalAmt>0</TotalAmt>
      </PymtTravelEntrtnmntPubOfclGrp>
      <ConferencesMeetingsGrp>
        <TotalAmt>0</TotalAmt>
      </ConferencesMeetingsGrp>
      <InterestGrp>
        <TotalAmt>0</TotalAmt>
      </InterestGrp>
      <PaymentsToAffiliatesGrp>
        <TotalAmt>0</TotalAmt>
      </PaymentsToAffiliatesGrp>
      <DepreciationDepletionGrp>
        <TotalAmt>217988</TotalAmt>
        <ProgramServicesAmt>176570</ProgramServicesAmt>
        <ManagementAndGeneralAmt>17439</ManagementAndGeneralAmt>
        <FundraisingAmt>23979</FundraisingAmt>
      </DepreciationDepletionGrp>
      <InsuranceGrp>
        <TotalAmt>23112</TotalAmt>
        <ProgramServicesAmt>1291</ProgramServicesAmt>
        <ManagementAndGeneralAmt>21733</ManagementAndGeneralAmt>
        <FundraisingAmt>88</FundraisingAmt>
      </InsuranceGrp>
      <OtherExpensesGrp>
        <Desc>Printing and Publications</Desc>
        <TotalAmt>828065</TotalAmt>
        <ProgramServicesAmt>757768</ProgramServicesAmt>
        <ManagementAndGeneralAmt>425</ManagementAndGeneralAmt>
        <FundraisingAmt>69872</FundraisingAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>DUES, SUBSCRIPTIONS</Desc>
        <TotalAmt>158949</TotalAmt>
        <ProgramServicesAmt>108099</ProgramServicesAmt>
        <ManagementAndGeneralAmt>35020</ManagementAndGeneralAmt>
        <FundraisingAmt>15830</FundraisingAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>REPAIRS &amp; MAINTENANCE</Desc>
        <TotalAmt>81266</TotalAmt>
        <ProgramServicesAmt>6859</ProgramServicesAmt>
        <ManagementAndGeneralAmt>74407</ManagementAndGeneralAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>OUTREACH EXPENSE</Desc>
        <TotalAmt>56102</TotalAmt>
        <ProgramServicesAmt>40628</ProgramServicesAmt>
        <ManagementAndGeneralAmt>15334</ManagementAndGeneralAmt>
        <FundraisingAmt>140</FundraisingAmt>
      </OtherExpensesGrp>
      <AllOtherExpensesGrp>
        <TotalAmt>74304</TotalAmt>
        <ProgramServicesAmt>33602</ProgramServicesAmt>
        <ManagementAndGeneralAmt>39351</ManagementAndGeneralAmt>
        <FundraisingAmt>1351</FundraisingAmt>
      </AllOtherExpensesGrp>
      <TotalFunctionalExpensesGrp>
        <TotalAmt>6411792</TotalAmt>
        <ProgramServicesAmt>5066737</ProgramServicesAmt>
        <ManagementAndGeneralAmt>756377</ManagementAndGeneralAmt>
        <FundraisingAmt>588678</FundraisingAmt>
      </TotalFunctionalExpensesGrp>
      <CashNonInterestBearingGrp>
        <BOYAmt>440996</BOYAmt>
        <EOYAmt>409455</EOYAmt>
      </CashNonInterestBearingGrp>
      <SavingsAndTempCashInvstGrp>
        <BOYAmt>571163</BOYAmt>
        <EOYAmt>554066</EOYAmt>
      </SavingsAndTempCashInvstGrp>
      <PledgesAndGrantsReceivableGrp>
        <BOYAmt>536236</BOYAmt>
        <EOYAmt>0</EOYAmt>
      </PledgesAndGrantsReceivableGrp>
      <AccountsReceivableGrp>
        <EOYAmt>8908</EOYAmt>
      </AccountsReceivableGrp>
      <ReceivablesFromOfficersEtcGrp>
        <EOYAmt>0</EOYAmt>
      </ReceivablesFromOfficersEtcGrp>
      <RcvblFromDisqualifiedPrsnGrp>
        <EOYAmt>0</EOYAmt>
      </RcvblFromDisqualifiedPrsnGrp>
      <OthNotesLoansReceivableNetGrp>
        <EOYAmt>0</EOYAmt>
      </OthNotesLoansReceivableNetGrp>
      <InventoriesForSaleOrUseGrp>
        <EOYAmt>0</EOYAmt>
      </InventoriesForSaleOrUseGrp>
      <PrepaidExpensesDefrdChargesGrp>
        <EOYAmt>0</EOYAmt>
      </PrepaidExpensesDefrdChargesGrp>
      <LandBldgEquipCostOrOtherBssAmt>2382360</LandBldgEquipCostOrOtherBssAmt>
      <LandBldgEquipAccumDeprecAmt>910181</LandBldgEquipAccumDeprecAmt>
      <LandBldgEquipBasisNetGrp>
        <BOYAmt>1573070</BOYAmt>
        <EOYAmt>1472179</EOYAmt>
      </LandBldgEquipBasisNetGrp>
      <InvestmentsPubTradedSecGrp>
        <BOYAmt>9285067</BOYAmt>
        <EOYAmt>11534732</EOYAmt>
      </InvestmentsPubTradedSecGrp>
      <InvestmentsOtherSecuritiesGrp>
        <EOYAmt>0</EOYAmt>
      </InvestmentsOtherSecuritiesGrp>
      <InvestmentsProgramRelatedGrp>
        <EOYAmt>0</EOYAmt>
      </InvestmentsProgramRelatedGrp>
      <IntangibleAssetsGrp>
        <EOYAmt>0</EOYAmt>
      </IntangibleAssetsGrp>
      <OtherAssetsTotalGrp>
        <BOYAmt>8306</BOYAmt>
        <EOYAmt>8728</EOYAmt>
      </OtherAssetsTotalGrp>
      <TotalAssetsGrp>
        <BOYAmt>12414838</BOYAmt>
        <EOYAmt>13988068</EOYAmt>
      </TotalAssetsGrp>
      <AccountsPayableAccrExpnssGrp>
        <BOYAmt>351052</BOYAmt>
        <EOYAmt>350772</EOYAmt>
      </AccountsPayableAccrExpnssGrp>
      <TotalLiabilitiesGrp>
        <BOYAmt>351052</BOYAmt>
        <EOYAmt>350772</EOYAmt>
      </TotalLiabilitiesGrp>
      <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
      <NoDonorRestrictionNetAssetsGrp>
        <BOYAmt>10416384</BOYAmt>
        <EOYAmt>12276807</EOYAmt>
      </NoDonorRestrictionNetAssetsGrp>
      <DonorRestrictionNetAssetsGrp>
        <BOYAmt>1647402</BOYAmt>
        <EOYAmt>1360489</EOYAmt>
      </DonorRestrictionNetAssetsGrp>
      <TotalNetAssetsFundBalanceGrp>
        <BOYAmt>12063786</BOYAmt>
        <EOYAmt>13637296</EOYAmt>
      </TotalNetAssetsFundBalanceGrp>
      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>12414838</BOYAmt>
        <EOYAmt>13988068</EOYAmt>
      </TotLiabNetAssetsFundBalanceGrp>
      <ReconcilationRevenueExpnssAmt>1568064</ReconcilationRevenueExpnssAmt>
      <NetUnrlzdGainsLossesInvstAmt>5446</NetUnrlzdGainsLossesInvstAmt>
      <InfoInScheduleOPartXIIInd>X</InfoInScheduleOPartXIIInd>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>false</AccountantCompileOrReviewInd>
      <FSAuditedInd>true</FSAuditedInd>
      <FSAuditedBasisGrp>
        <SeparateBasisFinclStmtInd>X</SeparateBasisFinclStmtInd>
      </FSAuditedBasisGrp>
      <AuditCommitteeInd>true</AuditCommitteeInd>
      <FederalGrantAuditRequiredInd>false</FederalGrantAuditRequiredInd>
    </IRS990>
    <IRS990ScheduleA documentId="IRS990ScheduleA" softwareId="25022934" softwareVersionNum="2025v4.1">
      <PublicOrganization170Ind>X</PublicOrganization170Ind>
      <GiftsGrantsContriRcvd170Grp>
        <CurrentTaxYearMinus4YearsAmt>2966283</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>4912650</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>5691224</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>6352881</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>7528494</CurrentTaxYearAmt>
        <TotalAmt>27451532</TotalAmt>
      </GiftsGrantsContriRcvd170Grp>
      <TaxRevLeviedOrgnztnlBnft170Grp>
        <TotalAmt>0</TotalAmt>
      </TaxRevLeviedOrgnztnlBnft170Grp>
      <GovtFurnSrvcFcltsVl170Grp>
        <TotalAmt>0</TotalAmt>
      </GovtFurnSrvcFcltsVl170Grp>
      <TotalCalendarYear170Grp>
        <CurrentTaxYearMinus4YearsAmt>2966283</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>4912650</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>5691224</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>6352881</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>7528494</CurrentTaxYearAmt>
        <TotalAmt>27451532</TotalAmt>
      </TotalCalendarYear170Grp>
      <SubstantialContributorsTotAmt>2934984</SubstantialContributorsTotAmt>
      <PublicSupportTotal170Amt>24516548</PublicSupportTotal170Amt>
      <GrossInvestmentIncome170Grp>
        <CurrentTaxYearMinus4YearsAmt>25613</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>72127</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>228768</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>353409</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>368882</CurrentTaxYearAmt>
        <TotalAmt>1048799</TotalAmt>
      </GrossInvestmentIncome170Grp>
      <UnrelatedBusinessNetIncm170Grp>
        <TotalAmt>0</TotalAmt>
      </UnrelatedBusinessNetIncm170Grp>
      <OtherIncome170Grp>
        <CurrentTaxYearMinus4YearsAmt>29817</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>26487</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>18787</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>29772</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>19989</CurrentTaxYearAmt>
        <TotalAmt>124852</TotalAmt>
      </OtherIncome170Grp>
      <TotalSupportAmt>28625183</TotalSupportAmt>
      <PublicSupportCY170Pct>0.85650</PublicSupportCY170Pct>
      <PublicSupportPY170Pct>0.81280</PublicSupportPY170Pct>
      <ThirtyThrPctSuprtTestsCY170Ind>X</ThirtyThrPctSuprtTestsCY170Ind>
    </IRS990ScheduleA>
    <IRS990ScheduleB documentId="IRS990ScheduleB" softwareId="25022934" softwareVersionNum="2025v4.1">
      <ContributorInformationGrp>
        <ContributorNum>RESTRICTED</ContributorNum>
        <ContributorBusinessName>
          <BusinessNameLine1>RESTRICTED</BusinessNameLine1>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1>RESTRICTED</AddressLine1>
          <AddressLine2>RESTRICTED</AddressLine2>
          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
        </ContributorUSAddress>
        <TotalContributionsAmt>RESTRICTED</TotalContributionsAmt>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <IRS990ScheduleC documentId="IRS990ScheduleC" softwareId="25022934" softwareVersionNum="2025v4.1">
      <Form4720FiledSection4955TaxInd>false</Form4720FiledSection4955TaxInd>
      <CorrectionMadeInd>false</CorrectionMadeInd>
      <TotalDirectLobbyingGrp>
        <FilingOrganizationsTotalAmt>14393</FilingOrganizationsTotalAmt>
      </TotalDirectLobbyingGrp>
      <TotalLobbyingExpendGrp>
        <FilingOrganizationsTotalAmt>14393</FilingOrganizationsTotalAmt>
      </TotalLobbyingExpendGrp>
      <OtherExemptPurposeExpendGrp>
        <FilingOrganizationsTotalAmt>5808721</FilingOrganizationsTotalAmt>
      </OtherExemptPurposeExpendGrp>
      <TotalExemptPurposeExpendGrp>
        <FilingOrganizationsTotalAmt>5823114</FilingOrganizationsTotalAmt>
      </TotalExemptPurposeExpendGrp>
      <LobbyingNontaxableAmountGrp>
        <FilingOrganizationsTotalAmt>441156</FilingOrganizationsTotalAmt>
      </LobbyingNontaxableAmountGrp>
      <GrassrootsNontaxableGrp>
        <FilingOrganizationsTotalAmt>110289</FilingOrganizationsTotalAmt>
      </GrassrootsNontaxableGrp>
      <Form4720FiledInd>false</Form4720FiledInd>
      <AvgLobbyingNontaxableAmountGrp>
        <CurrentYearMinus3Amt>310903</CurrentYearMinus3Amt>
        <CurrentYearMinus2Amt>324309</CurrentYearMinus2Amt>
        <CurrentYearMinus1Amt>352521</CurrentYearMinus1Amt>
        <CurrentYearAmt>441156</CurrentYearAmt>
        <TotalAmt>1428889</TotalAmt>
      </AvgLobbyingNontaxableAmountGrp>
      <LobbyingCeilingAmt>2143334</LobbyingCeilingAmt>
      <AvgTotalLobbyingExpendGrp>
        <CurrentYearAmt>14393</CurrentYearAmt>
        <TotalAmt>14393</TotalAmt>
      </AvgTotalLobbyingExpendGrp>
      <AvgGrassrootsNontaxableGrp>
        <CurrentYearMinus3Amt>77726</CurrentYearMinus3Amt>
        <CurrentYearMinus2Amt>81077</CurrentYearMinus2Amt>
        <CurrentYearMinus1Amt>88130</CurrentYearMinus1Amt>
        <CurrentYearAmt>110289</CurrentYearAmt>
        <TotalAmt>357222</TotalAmt>
      </AvgGrassrootsNontaxableGrp>
      <GrassrootsCeilingAmt>535833</GrassrootsCeilingAmt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Part II-B, Line 1i - Other Activities Description</FormAndLineReferenceDesc>
        <ExplanationTxt>COMMUNICATION WITH LEGISLATIVE STAFF ON POTENTIAL LEGISLATIVE CHANGES</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Part IV - Additional Information</FormAndLineReferenceDesc>
      </SupplementalInformationDetail>
    </IRS990ScheduleC>
    <IRS990ScheduleD documentId="IRS990ScheduleD" softwareId="25022934" softwareVersionNum="2025v4.1">
      <CYEndwmtFundGrp>
        <BeginningYearBalanceAmt>118570</BeginningYearBalanceAmt>
        <InvestmentEarningsOrLossesAmt>12131</InvestmentEarningsOrLossesAmt>
        <EndYearBalanceAmt>130701</EndYearBalanceAmt>
      </CYEndwmtFundGrp>
      <CYMinus1YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>111444</BeginningYearBalanceAmt>
        <InvestmentEarningsOrLossesAmt>7126</InvestmentEarningsOrLossesAmt>
        <EndYearBalanceAmt>118570</EndYearBalanceAmt>
      </CYMinus1YrEndwmtFundGrp>
      <CYMinus2YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>101864</BeginningYearBalanceAmt>
        <InvestmentEarningsOrLossesAmt>9580</InvestmentEarningsOrLossesAmt>
        <EndYearBalanceAmt>111444</EndYearBalanceAmt>
      </CYMinus2YrEndwmtFundGrp>
      <CYMinus3YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>116903</BeginningYearBalanceAmt>
        <InvestmentEarningsOrLossesAmt>-15039</InvestmentEarningsOrLossesAmt>
        <EndYearBalanceAmt>101864</EndYearBalanceAmt>
      </CYMinus3YrEndwmtFundGrp>
      <CYMinus4YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>114738</BeginningYearBalanceAmt>
        <InvestmentEarningsOrLossesAmt>2165</InvestmentEarningsOrLossesAmt>
        <EndYearBalanceAmt>116903</EndYearBalanceAmt>
      </CYMinus4YrEndwmtFundGrp>
      <BoardDesignatedBalanceEOYPct>0.12000</BoardDesignatedBalanceEOYPct>
      <PrmnntEndowmentBalanceEOYPct>0.88000</PrmnntEndowmentBalanceEOYPct>
      <EndowmentsHeldUnrelatedOrgInd>false</EndowmentsHeldUnrelatedOrgInd>
      <EndowmentsHeldRelatedOrgInd>false</EndowmentsHeldRelatedOrgInd>
      <RelatedOrgListSchRInd>false</RelatedOrgListSchRInd>
      <LandGrp>
        <OtherCostOrOtherBasisAmt>115000</OtherCostOrOtherBasisAmt>
        <BookValueAmt>115000</BookValueAmt>
      </LandGrp>
      <BuildingsGrp>
        <OtherCostOrOtherBasisAmt>1579119</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>671890</DepreciationAmt>
        <BookValueAmt>907229</BookValueAmt>
      </BuildingsGrp>
      <LeaseholdImprovementsGrp>
        <OtherCostOrOtherBasisAmt>509608</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>91949</DepreciationAmt>
        <BookValueAmt>417659</BookValueAmt>
      </LeaseholdImprovementsGrp>
      <EquipmentGrp>
        <OtherCostOrOtherBasisAmt>77909</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>77318</DepreciationAmt>
        <BookValueAmt>591</BookValueAmt>
      </EquipmentGrp>
      <OtherLandBuildingsGrp>
        <OtherCostOrOtherBasisAmt>100724</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>69024</DepreciationAmt>
        <BookValueAmt>31700</BookValueAmt>
      </OtherLandBuildingsGrp>
      <TotalBookValueLandBuildingsAmt>1472179</TotalBookValueLandBuildingsAmt>
      <TotalRevEtcAuditedFinclStmtAmt>7985302</TotalRevEtcAuditedFinclStmtAmt>
      <NetUnrealizedGainsInvstAmt>5446</NetUnrealizedGainsInvstAmt>
      <RevenueNotReportedAmt>5446</RevenueNotReportedAmt>
      <RevenueSubtotalAmt>7979856</RevenueSubtotalAmt>
      <TotalRevenuePerForm990Amt>7979856</TotalRevenuePerForm990Amt>
      <TotExpnsEtcAuditedFinclStmtAmt>6411792</TotExpnsEtcAuditedFinclStmtAmt>
      <ExpensesSubtotalAmt>6411792</ExpensesSubtotalAmt>
      <TotalExpensesPerForm990Amt>6411792</TotalExpensesPerForm990Amt>
    </IRS990ScheduleD>
    <IRS990ScheduleI documentId="IRS990ScheduleI" softwareId="25022934" softwareVersionNum="2025v4.1">
      <GrantRecordsMaintainedInd>false</GrantRecordsMaintainedInd>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>E SPEAR RANCH</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>260 SHETLAND RD</AddressLine1Txt>
          <CityNm>RIVERTON</CityNm>
          <StateAbbreviationCd>WY</StateAbbreviationCd>
          <ZIPCd>82501</ZIPCd>
        </USAddress>
        <CashGrantAmt>58275</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>OUTREACH</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>EAGLE ROCK RANCH LLC</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>14709 CO RD 77</AddressLine1Txt>
          <CityNm>JEFFERSON</CityNm>
          <StateAbbreviationCd>CO</StateAbbreviationCd>
          <ZIPCd>80456</ZIPCd>
        </USAddress>
        <CashGrantAmt>6000</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>OUTREACH</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>EMIGRANT PEAK RANCH</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>769 EAST RIVER RD SUITE A</AddressLine1Txt>
          <CityNm>PRAY</CityNm>
          <StateAbbreviationCd>MT</StateAbbreviationCd>
          <ZIPCd>59065</ZIPCd>
        </USAddress>
        <CashGrantAmt>5300</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>OUTREACH</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>HUTTINGER BUILDING &amp; FENCING</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>81 RESERVOIR RD</AddressLine1Txt>
          <CityNm>WILSALL</CityNm>
          <StateAbbreviationCd>MT</StateAbbreviationCd>
          <ZIPCd>59086</ZIPCd>
        </USAddress>
        <CashGrantAmt>5864</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>OUTREACH</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>PITCHFORK RANCH LLC</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>20A RD 5RU</AddressLine1Txt>
          <CityNm>MEETEETSE</CityNm>
          <StateAbbreviationCd>WY</StateAbbreviationCd>
          <ZIPCd>82433</ZIPCd>
        </USAddress>
        <CashGrantAmt>23775</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>OUTREACH</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>THE BOX X LLC</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>13487 US HY 212</AddressLine1Txt>
          <CityNm>ALZADA</CityNm>
          <StateAbbreviationCd>MT</StateAbbreviationCd>
          <ZIPCd>59311</ZIPCd>
        </USAddress>
        <CashGrantAmt>85000</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>OUTREACH</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>THE NATURE CONSERVANCY</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>32 SOUTH EWING ST</AddressLine1Txt>
          <CityNm>HELENA</CityNm>
          <StateAbbreviationCd>MT</StateAbbreviationCd>
          <ZIPCd>59601</ZIPCd>
        </USAddress>
        <CashGrantAmt>115000</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>OUTREACH</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>UNIVERSITY OF WY FOUNDATION</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>222 S 22ND ST</AddressLine1Txt>
          <CityNm>LARAMIE</CityNm>
          <StateAbbreviationCd>WY</StateAbbreviationCd>
          <ZIPCd>82070</ZIPCd>
        </USAddress>
        <CashGrantAmt>62055</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>CONSERVATION AND RESEARCH</PurposeOfGrantTxt>
      </RecipientTable>
      <Total501c3OrgCnt>2</Total501c3OrgCnt>
      <TotalOtherOrgCnt>6</TotalOtherOrgCnt>
    </IRS990ScheduleI>
    <IRS990ScheduleJ documentId="IRS990ScheduleJ" softwareId="25022934" softwareVersionNum="2025v4.1">
      <CompensationCommitteeInd>X</CompensationCommitteeInd>
      <BoardOrCommitteeApprovalInd>X</BoardOrCommitteeApprovalInd>
      <SeverancePaymentInd>false</SeverancePaymentInd>
      <SupplementalNonqualRtrPlanInd>false</SupplementalNonqualRtrPlanInd>
      <EquityBasedCompArrngmInd>false</EquityBasedCompArrngmInd>
      <CompBasedOnRevenueOfFlngOrgInd>false</CompBasedOnRevenueOfFlngOrgInd>
      <CompBsdOnRevRelatedOrgsInd>false</CompBsdOnRevRelatedOrgsInd>
      <CompBsdNetEarnsFlngOrgInd>false</CompBsdNetEarnsFlngOrgInd>
      <CompBsdNetEarnsRltdOrgsInd>false</CompBsdNetEarnsRltdOrgsInd>
      <AnyNonFixedPaymentsInd>false</AnyNonFixedPaymentsInd>
      <InitialContractExceptionInd>false</InitialContractExceptionInd>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>BRIAN YABLONSKI</PersonNm>
        <TitleTxt>CEO</TitleTxt>
        <BaseCompensationFilingOrgAmt>286740</BaseCompensationFilingOrgAmt>
        <BonusFilingOrganizationAmount>130000</BonusFilingOrganizationAmount>
        <DeferredCompensationFlngOrgAmt>17500</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>15767</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>450007</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>HANNAH DOWNEY</PersonNm>
        <TitleTxt>POLICY DIRECTOR</TitleTxt>
        <BaseCompensationFilingOrgAmt>138539</BaseCompensationFilingOrgAmt>
        <BonusFilingOrganizationAmount>6000</BonusFilingOrganizationAmount>
        <DeferredCompensationFlngOrgAmt>7654</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>14004</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>166197</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>JOHN WLEZIEN</PersonNm>
        <TitleTxt>VP OF MARKETING</TitleTxt>
        <BaseCompensationFilingOrgAmt>158937</BaseCompensationFilingOrgAmt>
        <BonusFilingOrganizationAmount>16000</BonusFilingOrganizationAmount>
        <DeferredCompensationFlngOrgAmt>8758</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>95</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>183790</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>JONATHAN WOOD</PersonNm>
        <TitleTxt>VP OF LAW &amp; POLICY</TitleTxt>
        <BaseCompensationFilingOrgAmt>194113</BaseCompensationFilingOrgAmt>
        <BonusFilingOrganizationAmount>21000</BonusFilingOrganizationAmount>
        <DeferredCompensationFlngOrgAmt>11625</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>15767</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>242505</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>RUPERT MUNRO</PersonNm>
        <TitleTxt>COO</TitleTxt>
        <BaseCompensationFilingOrgAmt>213670</BaseCompensationFilingOrgAmt>
        <BonusFilingOrganizationAmount>30000</BonusFilingOrganizationAmount>
        <DeferredCompensationFlngOrgAmt>12208</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>15767</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>271645</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>SHAWN REGAN</PersonNm>
        <TitleTxt>VP of Research</TitleTxt>
        <BaseCompensationFilingOrgAmt>132023</BaseCompensationFilingOrgAmt>
        <BonusFilingOrganizationAmount>15000</BonusFilingOrganizationAmount>
        <DeferredCompensationFlngOrgAmt>7516</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>11839</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>166378</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
    </IRS990ScheduleJ>
    <IRS990ScheduleO documentId="IRS990ScheduleO" softwareId="25022934" softwareVersionNum="2025v4.1">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Section B, Line 11b</FormAndLineReferenceDesc>
        <ExplanationTxt>A DRAFT COPY OF THE FORM 990 IS APPROVED BY THE BOARD PRIOR TO FILING.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Section B, Line 12c</FormAndLineReferenceDesc>
        <ExplanationTxt>THE BOARD OF DIRECTORS HAS ESTABLISHED A GRIEVANCE COMMITTEE TO FACILITATE ACORRIDOR AND ACCESS FOR PERC EMPLOYEES TO THE BOARD OF DIRECTORS SHOULD ANYCONFLICTS OF INTEREST ARISE. THE GRIEVANCE COMMITTEE CONSISTS OF ONE PERCEMPLOYEE AND 2 PERC DIRECTORS. THESE INDIVIDUALS REPORT TO THE ENTIREBOARD AT EACH BOARD MEETING SHOULD A CONFLICT ARISE. TO DATE, THIS COMMITTEE HASHAD NOTHING TO REPORT.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Section B, Line 15a</FormAndLineReferenceDesc>
        <ExplanationTxt>EXECUTIVE COMPENSATION IS REVIEWED AND ESTABLISHED ON AN ANNUAL BASIS.A NUMBER OF PERC DIRECTORS SIT ON OTHER NATIONAL NONPROFIT BOARDS AND HAVEAN ACCURATE ASSESSMENT OF CEO PAY FOR NONPROFIT LEADERS WHO HAVE SENIOREXECUTIVE STATUS. THE CEOS ANNUAL PERFORMANCE IS REVIEWED BY THE BOARDAT A BOARD MEETING AND ANY POTENTIAL MERIT PAY RESULTING FROM THE REVIEW IS APPROVED BY THE BOARD.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Section B, Line 15b</FormAndLineReferenceDesc>
        <ExplanationTxt>EXECUTIVE COMPENSATION IS REVIEWED AND ESTABLISHED ON AN ANNUAL BASIS.KEY EMPLOYEE COMPENSATION IS SET BY THE CEO IN CONSULTATION WITH THE BOARD CHAIRMAN ANNUALLY AND REVIEWED AS APPROPRIATE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Section C, Line 19</FormAndLineReferenceDesc>
        <ExplanationTxt>UPON REQUEST, THESE DOCUMENTS ARE AVAILABLE FOR PUBLIC INSPECTION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part XII, Line 2c</FormAndLineReferenceDesc>
        <ExplanationTxt>THE OVERSIGHT PROCESS FOR THE AUDIT OF THE FINANCIAL STATEMENTS HAS NOTCHANGED FROM THE PRIOR YEAR.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
  </ReturnData>
</Return>