﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2023v5.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2024-12-05T12:08:42-05:00</ReturnTs>
    <TaxPeriodEndDt>2024-05-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>320133442</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>ROBERT CLAYMAN CPA PA</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>760 US HIGHWAY 1 STE 306</AddressLine1Txt>
        <CityNm>NORTH PALM BEACH</CityNm>
        <StateAbbreviationCd>FL</StateAbbreviationCd>
        <ZIPCd>334084424</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990</ReturnTypeCd>
    <TaxPeriodBeginDt>2023-06-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>526078282</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>HOMER HOYT INSTITUE INC</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>HOME</BusinessNameControlTxt>
      <PhoneNum>5616947621</PhoneNum>
      <USAddress>
        <AddressLine1Txt>760 US HIGHWAY ONE SUITE 300</AddressLine1Txt>
        <CityNm>NORTH PALM BEACH</CityNm>
        <StateAbbreviationCd>FL</StateAbbreviationCd>
        <ZIPCd>33408</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>DR RON M DONOHUE</PersonNm>
      <PersonTitleTxt>EXEC VP/TREAS/SECRET</PersonTitleTxt>
      <PhoneNum>5616947621</PhoneNum>
      <SignatureDt>2024-12-05</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>false</IRSResponsiblePrtyInfoCurrInd>
    <PreparerPersonGrp>
      <PreparerPersonNm>ROBERT CLAYMAN CPA</PreparerPersonNm>
      <PTIN>P00242279</PTIN>
      <PhoneNum>5617760378</PhoneNum>
      <PreparationDt>2024-12-05</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2023</TaxYr>
    <BuildTS>2024-10-15 13:58:12Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="8">
    <IRS990 documentId="RetDoc3" referenceDocumentId="RetDoc7">
      <PrincipalOfficerNm>DR RON M DONOHUE</PrincipalOfficerNm>
      <USAddress>
        <AddressLine1Txt>760 US HIGHWAY ONE STE 300</AddressLine1Txt>
        <CityNm>NORTH PALM BEACH</CityNm>
        <StateAbbreviationCd>FL</StateAbbreviationCd>
        <ZIPCd>33408</ZIPCd>
      </USAddress>
      <GrossReceiptsAmt>499990</GrossReceiptsAmt>
      <GroupReturnForAffiliatesInd>false</GroupReturnForAffiliatesInd>
      <Organization501c3Ind>X</Organization501c3Ind>
      <WebsiteAddressTxt>WWW.HOYT.ORG</WebsiteAddressTxt>
      <TypeOfOrganizationCorpInd>X</TypeOfOrganizationCorpInd>
      <FormationYr>1967</FormationYr>
      <LegalDomicileStateCd>DC</LegalDomicileStateCd>
      <ActivityOrMissionDesc>TO DEVELOP AND DISSEMINATE KNOWLEDGE IN REAL ESTATE, LAND ECONOMICS AND RELATED AREAS.</ActivityOrMissionDesc>
      <VotingMembersGoverningBodyCnt>5</VotingMembersGoverningBodyCnt>
      <VotingMembersIndependentCnt>2</VotingMembersIndependentCnt>
      <TotalEmployeeCnt>4</TotalEmployeeCnt>
      <TotalGrossUBIAmt>0</TotalGrossUBIAmt>
      <PYContributionsGrantsAmt>137335</PYContributionsGrantsAmt>
      <CYContributionsGrantsAmt>51229</CYContributionsGrantsAmt>
      <CYProgramServiceRevenueAmt>0</CYProgramServiceRevenueAmt>
      <PYInvestmentIncomeAmt>58704</PYInvestmentIncomeAmt>
      <CYInvestmentIncomeAmt>69299</CYInvestmentIncomeAmt>
      <PYOtherRevenueAmt>32361</PYOtherRevenueAmt>
      <CYOtherRevenueAmt>77508</CYOtherRevenueAmt>
      <PYTotalRevenueAmt>228400</PYTotalRevenueAmt>
      <CYTotalRevenueAmt>198036</CYTotalRevenueAmt>
      <PYGrantsAndSimilarPaidAmt>121500</PYGrantsAndSimilarPaidAmt>
      <CYGrantsAndSimilarPaidAmt>97000</CYGrantsAndSimilarPaidAmt>
      <CYBenefitsPaidToMembersAmt>0</CYBenefitsPaidToMembersAmt>
      <PYSalariesCompEmpBnftPaidAmt>109607</PYSalariesCompEmpBnftPaidAmt>
      <CYSalariesCompEmpBnftPaidAmt>110786</CYSalariesCompEmpBnftPaidAmt>
      <CYTotalProfFndrsngExpnsAmt>0</CYTotalProfFndrsngExpnsAmt>
      <CYTotalFundraisingExpenseAmt>0</CYTotalFundraisingExpenseAmt>
      <PYOtherExpensesAmt>88177</PYOtherExpensesAmt>
      <CYOtherExpensesAmt>95655</CYOtherExpensesAmt>
      <PYTotalExpensesAmt>319284</PYTotalExpensesAmt>
      <CYTotalExpensesAmt>303441</CYTotalExpensesAmt>
      <PYRevenuesLessExpensesAmt>-90884</PYRevenuesLessExpensesAmt>
      <CYRevenuesLessExpensesAmt>-105405</CYRevenuesLessExpensesAmt>
      <TotalAssetsBOYAmt>2162011</TotalAssetsBOYAmt>
      <TotalAssetsEOYAmt>2100959</TotalAssetsEOYAmt>
      <TotalLiabilitiesBOYAmt>48953</TotalLiabilitiesBOYAmt>
      <TotalLiabilitiesEOYAmt>39877</TotalLiabilitiesEOYAmt>
      <NetAssetsOrFundBalancesBOYAmt>2113058</NetAssetsOrFundBalancesBOYAmt>
      <NetAssetsOrFundBalancesEOYAmt>2061082</NetAssetsOrFundBalancesEOYAmt>
      <MissionDesc>TO DEVELOP AND DISSEMINATE KNOWLEDGE IN REAL ESTATE, LAND ECONOMICS AND RELATED AREAS.</MissionDesc>
      <SignificantNewProgramSrvcInd>false</SignificantNewProgramSrvcInd>
      <SignificantChangeInd>false</SignificantChangeInd>
      <ExpenseAmt>96286</ExpenseAmt>
      <GrantAmt>87000</GrantAmt>
      <Desc>GRANTS AND AWARDS INCLUDE 75,000 MADE TO MAURY SELDIN ADVANCED STUDIES INSTITUTE, THE ORGANIZATION'S SUPPORTED ORGANIZATION.</Desc>
      <ProgSrvcAccomActy2Grp>
        <ExpenseAmt>52373</ExpenseAmt>
        <Desc>RESEARCH, ROUNDTABLES AND CONFERENCES - THIS INCLUDES GRANTS GIVEN TO STUDY AND ADDRESS CRITICAL ISSUES IN MORTGAGE MARKETS AND THEIR RELATED CONSEQUENCES.</Desc>
      </ProgSrvcAccomActy2Grp>
      <ProgSrvcAccomActy3Grp>
        <ExpenseAmt>25069</ExpenseAmt>
        <GrantAmt>10000</GrantAmt>
        <Desc>HOYT FELLOWS, LLC WAS ORGANIZED AS A MEMBERSHIP VEHICLE TO FACILITATE THE SUPPORT OF THE ORGANIZATION IN ACHIEVING ITS OBJECTIVES IN THE DEVELOPMENT AND DISSEMINATION OF KNOWLEDGE IN REAL ESTATE, LAND ECONOMICS AND RELATED AREAS. HOMER HOYT INSTITUTE, INC. IS THE SOLE MEMBER OF HOYT FELLOWS, LLC. THEREFORE, ALL OF THE ACTIVITY OF HOYT FELLOWS, LLC IS REPORTED ON HOMER HOYT INSTUTUTE, INC'S FORM 990.</Desc>
      </ProgSrvcAccomActy3Grp>
      <TotalProgramServiceExpensesAmt>173728</TotalProgramServiceExpensesAmt>
      <DescribedInSection501c3Ind referenceDocumentId="RetDoc9">true</DescribedInSection501c3Ind>
      <ScheduleBRequiredInd referenceDocumentId="RetDoc1">true</ScheduleBRequiredInd>
      <PoliticalCampaignActyInd>false</PoliticalCampaignActyInd>
      <LobbyingActivitiesInd>false</LobbyingActivitiesInd>
      <SubjectToProxyTaxInd>false</SubjectToProxyTaxInd>
      <DonorAdvisedFundInd referenceDocumentId="RetDoc4">false</DonorAdvisedFundInd>
      <ConservationEasementsInd referenceDocumentId="RetDoc4">false</ConservationEasementsInd>
      <CollectionsOfArtInd referenceDocumentId="RetDoc4">false</CollectionsOfArtInd>
      <CreditCounselingInd referenceDocumentId="RetDoc4">false</CreditCounselingInd>
      <DonorRstrOrQuasiEndowmentsInd referenceDocumentId="RetDoc4">false</DonorRstrOrQuasiEndowmentsInd>
      <ReportLandBuildingEquipmentInd referenceDocumentId="RetDoc4">true</ReportLandBuildingEquipmentInd>
      <ReportInvestmentsOtherSecInd referenceDocumentId="RetDoc4">false</ReportInvestmentsOtherSecInd>
      <ReportProgramRelatedInvstInd referenceDocumentId="RetDoc4">false</ReportProgramRelatedInvstInd>
      <ReportOtherAssetsInd referenceDocumentId="RetDoc4">false</ReportOtherAssetsInd>
      <ReportOtherLiabilitiesInd referenceDocumentId="RetDoc4">true</ReportOtherLiabilitiesInd>
      <IncludeFIN48FootnoteInd referenceDocumentId="RetDoc4">false</IncludeFIN48FootnoteInd>
      <IndependentAuditFinclStmtInd referenceDocumentId="RetDoc4">false</IndependentAuditFinclStmtInd>
      <ConsolidatedAuditFinclStmtInd referenceDocumentId="RetDoc4">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="RetDoc5">true</GrantsToOrganizationsInd>
      <GrantsToIndividualsInd referenceDocumentId="RetDoc5">false</GrantsToIndividualsInd>
      <ScheduleJRequiredInd referenceDocumentId="RetDoc6">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 referenceDocumentId="RetDoc8">true</DisregardedEntityInd>
      <RelatedEntityInd referenceDocumentId="RetDoc8">true</RelatedEntityInd>
      <RelatedOrganizationCtrlEntInd>true</RelatedOrganizationCtrlEntInd>
      <TransactionWithControlEntInd referenceDocumentId="RetDoc8">true</TransactionWithControlEntInd>
      <TrnsfrExmptNonChrtblRltdOrgInd referenceDocumentId="RetDoc8">false</TrnsfrExmptNonChrtblRltdOrgInd>
      <ActivitiesConductedPrtshpInd referenceDocumentId="RetDoc8">false</ActivitiesConductedPrtshpInd>
      <ScheduleORequiredInd>true</ScheduleORequiredInd>
      <IRPDocumentCnt>3</IRPDocumentCnt>
      <IRPDocumentW2GCnt>0</IRPDocumentW2GCnt>
      <BackupWthldComplianceInd>true</BackupWthldComplianceInd>
      <EmployeeCnt>4</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>
      <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
      <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
      <IndoorTanningServicesInd>false</IndoorTanningServicesInd>
      <SubjToTaxRmnrtnExPrchtPymtInd>false</SubjToTaxRmnrtnExPrchtPymtInd>
      <SubjectToExcsTaxNetInvstIncInd>false</SubjectToExcsTaxNetInvstIncInd>
      <InfoInScheduleOPartVIInd>X</InfoInScheduleOPartVIInd>
      <GoverningBodyVotingMembersCnt>5</GoverningBodyVotingMembersCnt>
      <IndependentVotingMemberCnt>2</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>false</WhistleblowerPolicyInd>
      <DocumentRetentionPolicyInd>true</DocumentRetentionPolicyInd>
      <CompensationProcessCEOInd>false</CompensationProcessCEOInd>
      <CompensationProcessOtherInd>false</CompensationProcessOtherInd>
      <InvestmentInJointVentureInd>false</InvestmentInJointVentureInd>
      <StatesWhereCopyOfReturnIsFldCd>FL</StatesWhereCopyOfReturnIsFldCd>
      <UponRequestInd>X</UponRequestInd>
      <BooksInCareOfDetail>
        <PersonNm>DR RON M DONOHUE</PersonNm>
        <PhoneNum>5616947621</PhoneNum>
        <USAddress>
          <AddressLine1Txt>760 US HIGHWAY ONE STE 300</AddressLine1Txt>
          <CityNm>NORTH PALM BEACH</CityNm>
          <StateAbbreviationCd>FL</StateAbbreviationCd>
          <ZIPCd>33408</ZIPCd>
        </USAddress>
      </BooksInCareOfDetail>
      <Form990PartVIISectionAGrp>
        <PersonNm>DR RON M DONOHUE</PersonNm>
        <TitleTxt>EXEC VP/TREA</TitleTxt>
        <AverageHoursPerWeekRt>8.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>32.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>28378</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>166738</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>7805</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>DR JEFFREY FISHER</PersonNm>
        <TitleTxt>BOARD CHAIR/</TitleTxt>
        <AverageHoursPerWeekRt>4.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>3.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>36000</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>13200</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>DR NORMAN G MILLER</PersonNm>
        <TitleTxt>VP/ASST TREA</TitleTxt>
        <AverageHoursPerWeekRt>2.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>2.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>7200</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>THOMAS L HOWARD ESQ</PersonNm>
        <TitleTxt>ASST SECRETA</TitleTxt>
        <AverageHoursPerWeekRt>0.20</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.80</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>DR DANIEL B KOHLHEPP</PersonNm>
        <TitleTxt>DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>0.10</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <TotalReportableCompFromOrgAmt>71578</TotalReportableCompFromOrgAmt>
      <TotReportableCompRltdOrgAmt>179938</TotReportableCompRltdOrgAmt>
      <TotalOtherCompensationAmt>7805</TotalOtherCompensationAmt>
      <FormerOfcrEmployeesListedInd>false</FormerOfcrEmployeesListedInd>
      <TotalCompGreaterThan150KInd>true</TotalCompGreaterThan150KInd>
      <CompensationFromOtherSrcsInd>false</CompensationFromOtherSrcsInd>
      <MembershipDuesAmt>24929</MembershipDuesAmt>
      <AllOtherContributionsAmt>26300</AllOtherContributionsAmt>
      <TotalContributionsAmt>51229</TotalContributionsAmt>
      <InvestmentIncomeGrp>
        <TotalRevenueColumnAmt>47187</TotalRevenueColumnAmt>
        <ExclusionAmt>47187</ExclusionAmt>
      </InvestmentIncomeGrp>
      <GrossRentsGrp>
        <RealAmt>254986</RealAmt>
      </GrossRentsGrp>
      <LessRentalExpensesGrp>
        <RealAmt>179478</RealAmt>
      </LessRentalExpensesGrp>
      <RentalIncomeOrLossGrp>
        <RealAmt>75508</RealAmt>
      </RentalIncomeOrLossGrp>
      <NetRentalIncomeOrLossGrp>
        <TotalRevenueColumnAmt>75508</TotalRevenueColumnAmt>
        <ExclusionAmt>75508</ExclusionAmt>
      </NetRentalIncomeOrLossGrp>
      <GrossAmountSalesAssetsGrp>
        <SecuritiesAmt>144588</SecuritiesAmt>
      </GrossAmountSalesAssetsGrp>
      <LessCostOthBasisSalesExpnssGrp>
        <SecuritiesAmt>122476</SecuritiesAmt>
      </LessCostOthBasisSalesExpnssGrp>
      <GainOrLossGrp>
        <SecuritiesAmt>22112</SecuritiesAmt>
      </GainOrLossGrp>
      <NetGainOrLossInvestmentsGrp>
        <TotalRevenueColumnAmt>22112</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>22112</RelatedOrExemptFuncIncomeAmt>
      </NetGainOrLossInvestmentsGrp>
      <OtherRevenueMiscGrp>
        <Desc>DUPLICATE GRANT RETURNED</Desc>
        <TotalRevenueColumnAmt>2000</TotalRevenueColumnAmt>
        <ExclusionAmt>2000</ExclusionAmt>
      </OtherRevenueMiscGrp>
      <OtherRevenueTotalAmt>2000</OtherRevenueTotalAmt>
      <TotalRevenueGrp>
        <TotalRevenueColumnAmt>198036</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>22112</RelatedOrExemptFuncIncomeAmt>
        <ExclusionAmt>124695</ExclusionAmt>
      </TotalRevenueGrp>
      <GrantsToDomesticOrgsGrp>
        <TotalAmt>97000</TotalAmt>
        <ProgramServicesAmt>97000</ProgramServicesAmt>
      </GrantsToDomesticOrgsGrp>
      <CompCurrentOfcrDirectorsGrp>
        <TotalAmt>71578</TotalAmt>
        <ProgramServicesAmt>33989</ProgramServicesAmt>
        <ManagementAndGeneralAmt>37589</ManagementAndGeneralAmt>
      </CompCurrentOfcrDirectorsGrp>
      <OtherSalariesAndWagesGrp>
        <TotalAmt>21508</TotalAmt>
        <ProgramServicesAmt>10754</ProgramServicesAmt>
        <ManagementAndGeneralAmt>10754</ManagementAndGeneralAmt>
      </OtherSalariesAndWagesGrp>
      <PensionPlanContributionsGrp>
        <TotalAmt>2345</TotalAmt>
        <ManagementAndGeneralAmt>2345</ManagementAndGeneralAmt>
      </PensionPlanContributionsGrp>
      <OtherEmployeeBenefitsGrp>
        <TotalAmt>8000</TotalAmt>
        <ManagementAndGeneralAmt>8000</ManagementAndGeneralAmt>
      </OtherEmployeeBenefitsGrp>
      <PayrollTaxesGrp>
        <TotalAmt>7355</TotalAmt>
        <ProgramServicesAmt>3207</ProgramServicesAmt>
        <ManagementAndGeneralAmt>4148</ManagementAndGeneralAmt>
      </PayrollTaxesGrp>
      <FeesForServicesLegalGrp>
        <TotalAmt>1440</TotalAmt>
        <ManagementAndGeneralAmt>1440</ManagementAndGeneralAmt>
      </FeesForServicesLegalGrp>
      <FeesForServicesAccountingGrp>
        <TotalAmt>6600</TotalAmt>
        <ManagementAndGeneralAmt>6600</ManagementAndGeneralAmt>
      </FeesForServicesAccountingGrp>
      <FeesForSrvcInvstMgmntFeesGrp>
        <TotalAmt>20000</TotalAmt>
        <ManagementAndGeneralAmt>20000</ManagementAndGeneralAmt>
      </FeesForSrvcInvstMgmntFeesGrp>
      <FeesForServicesOtherGrp>
        <TotalAmt>19859</TotalAmt>
        <ManagementAndGeneralAmt>19859</ManagementAndGeneralAmt>
      </FeesForServicesOtherGrp>
      <OccupancyGrp>
        <TotalAmt>23929</TotalAmt>
        <ProgramServicesAmt>12443</ProgramServicesAmt>
        <ManagementAndGeneralAmt>11486</ManagementAndGeneralAmt>
      </OccupancyGrp>
      <ConferencesMeetingsGrp>
        <TotalAmt>15088</TotalAmt>
        <ProgramServicesAmt>14913</ProgramServicesAmt>
        <ManagementAndGeneralAmt>175</ManagementAndGeneralAmt>
      </ConferencesMeetingsGrp>
      <InsuranceGrp>
        <TotalAmt>840</TotalAmt>
        <ManagementAndGeneralAmt>840</ManagementAndGeneralAmt>
      </InsuranceGrp>
      <OtherExpensesGrp>
        <Desc>MISCELLANEOUS</Desc>
        <TotalAmt>3618</TotalAmt>
        <ProgramServicesAmt>139</ProgramServicesAmt>
        <ManagementAndGeneralAmt>3479</ManagementAndGeneralAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>TELEPHONE</Desc>
        <TotalAmt>1899</TotalAmt>
        <ProgramServicesAmt>1266</ProgramServicesAmt>
        <ManagementAndGeneralAmt>633</ManagementAndGeneralAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>OFFICE SUPPLIES</Desc>
        <TotalAmt>1779</TotalAmt>
        <ManagementAndGeneralAmt>1779</ManagementAndGeneralAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>DUES AND SUBSCRIPTIONS</Desc>
        <TotalAmt>475</TotalAmt>
        <ManagementAndGeneralAmt>475</ManagementAndGeneralAmt>
      </OtherExpensesGrp>
      <AllOtherExpensesGrp>
        <TotalAmt>128</TotalAmt>
        <ProgramServicesAmt>17</ProgramServicesAmt>
        <ManagementAndGeneralAmt>111</ManagementAndGeneralAmt>
      </AllOtherExpensesGrp>
      <TotalFunctionalExpensesGrp>
        <TotalAmt>303441</TotalAmt>
        <ProgramServicesAmt>173728</ProgramServicesAmt>
        <ManagementAndGeneralAmt>129713</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </TotalFunctionalExpensesGrp>
      <CashNonInterestBearingGrp>
        <BOYAmt>104428</BOYAmt>
        <EOYAmt>143233</EOYAmt>
      </CashNonInterestBearingGrp>
      <SavingsAndTempCashInvstGrp>
        <BOYAmt>286999</BOYAmt>
        <EOYAmt>435748</EOYAmt>
      </SavingsAndTempCashInvstGrp>
      <AccountsReceivableGrp>
        <BOYAmt>8405</BOYAmt>
        <EOYAmt>30286</EOYAmt>
      </AccountsReceivableGrp>
      <PrepaidExpensesDefrdChargesGrp>
        <BOYAmt>14049</BOYAmt>
        <EOYAmt>11281</EOYAmt>
      </PrepaidExpensesDefrdChargesGrp>
      <LandBldgEquipCostOrOtherBssAmt>2734895</LandBldgEquipCostOrOtherBssAmt>
      <LandBldgEquipAccumDeprecAmt>2041594</LandBldgEquipAccumDeprecAmt>
      <LandBldgEquipBasisNetGrp>
        <BOYAmt>701375</BOYAmt>
        <EOYAmt>693301</EOYAmt>
      </LandBldgEquipBasisNetGrp>
      <InvestmentsPubTradedSecGrp>
        <BOYAmt>1039899</BOYAmt>
        <EOYAmt>780319</EOYAmt>
      </InvestmentsPubTradedSecGrp>
      <InvestmentsOtherSecuritiesGrp>
        <BOYAmt>6527</BOYAmt>
        <EOYAmt>6462</EOYAmt>
      </InvestmentsOtherSecuritiesGrp>
      <OtherAssetsTotalGrp>
        <BOYAmt>329</BOYAmt>
        <EOYAmt>329</EOYAmt>
      </OtherAssetsTotalGrp>
      <TotalAssetsGrp>
        <BOYAmt>2162011</BOYAmt>
        <EOYAmt>2100959</EOYAmt>
      </TotalAssetsGrp>
      <AccountsPayableAccrExpnssGrp>
        <BOYAmt>19022</BOYAmt>
        <EOYAmt>7862</EOYAmt>
      </AccountsPayableAccrExpnssGrp>
      <DeferredRevenueGrp>
        <BOYAmt>307</BOYAmt>
        <EOYAmt>307</EOYAmt>
      </DeferredRevenueGrp>
      <OtherLiabilitiesGrp>
        <BOYAmt>29624</BOYAmt>
        <EOYAmt>31708</EOYAmt>
      </OtherLiabilitiesGrp>
      <TotalLiabilitiesGrp>
        <BOYAmt>48953</BOYAmt>
        <EOYAmt>39877</EOYAmt>
      </TotalLiabilitiesGrp>
      <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
      <NoDonorRestrictionNetAssetsGrp>
        <BOYAmt>2113058</BOYAmt>
        <EOYAmt>2061082</EOYAmt>
      </NoDonorRestrictionNetAssetsGrp>
      <TotalNetAssetsFundBalanceGrp>
        <BOYAmt>2113058</BOYAmt>
        <EOYAmt>2061082</EOYAmt>
      </TotalNetAssetsFundBalanceGrp>
      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>2162011</BOYAmt>
        <EOYAmt>2100959</EOYAmt>
      </TotLiabNetAssetsFundBalanceGrp>
      <ReconcilationRevenueExpnssAmt>-105405</ReconcilationRevenueExpnssAmt>
      <NetUnrlzdGainsLossesInvstAmt>53429</NetUnrlzdGainsLossesInvstAmt>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>false</AccountantCompileOrReviewInd>
      <FSAuditedInd>false</FSAuditedInd>
    </IRS990>
    <IRS990ScheduleA documentId="RetDoc9">
      <SupportingOrganization509a3Ind>X</SupportingOrganization509a3Ind>
      <SupportingOrgType2Ind>X</SupportingOrgType2Ind>
      <SupportedOrganizationsCnt>1</SupportedOrganizationsCnt>
      <SupportedOrgInformationGrp>
        <SupportedOrganizationName>
          <BusinessNameLine1Txt>MAURY SELDIN ADVANCED STUDIES INSTITUTE</BusinessNameLine1Txt>
        </SupportedOrganizationName>
        <EIN>521263342</EIN>
        <OrganizationTypeCd>2</OrganizationTypeCd>
        <GoverningDocumentListedInd>true</GoverningDocumentListedInd>
        <SupportAmt>75000</SupportAmt>
        <OtherSupportAmt>0</OtherSupportAmt>
      </SupportedOrgInformationGrp>
      <SupportedOrganizationsTotalCnt>1</SupportedOrganizationsTotalCnt>
      <SupportSumAmt>75000</SupportSumAmt>
      <OtherSupportSumAmt>0</OtherSupportSumAmt>
      <Form990SchASupportingOrgGrp>
        <ListedByNameGoverningDocInd>true</ListedByNameGoverningDocInd>
        <SuprtOrgNoIRSDeterminationInd>false</SuprtOrgNoIRSDeterminationInd>
        <SupportedOrgSectionC456Ind>false</SupportedOrgSectionC456Ind>
        <SupportedOrgNotOrganizedUSInd>false</SupportedOrgNotOrganizedUSInd>
        <OrganizationChangeSuprtOrgInd>false</OrganizationChangeSuprtOrgInd>
        <SupportNonSupportedOrgInd>false</SupportNonSupportedOrgInd>
        <PaymentSubstantialContribtrInd>false</PaymentSubstantialContribtrInd>
        <LoanDisqualifiedPersonInd>false</LoanDisqualifiedPersonInd>
        <ControlledDisqualifiedPrsnInd>false</ControlledDisqualifiedPrsnInd>
        <DisqualifiedPrsnControllIntInd>false</DisqualifiedPrsnControllIntInd>
        <DisqualifiedPrsnOwnrIntInd>false</DisqualifiedPrsnOwnrIntInd>
        <ExcessBusinessHoldingsRulesInd>false</ExcessBusinessHoldingsRulesInd>
        <ContributionControllerInd>false</ContributionControllerInd>
        <ContributionFamilyInd>false</ContributionFamilyInd>
        <Contribution35ControlledInd>false</Contribution35ControlledInd>
      </Form990SchASupportingOrgGrp>
      <MajorityDirTrstSupportedOrgInd>true</MajorityDirTrstSupportedOrgInd>
    </IRS990ScheduleA>
    <IRS990ScheduleB documentId="RetDoc1">
      <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>
    <IRS990ScheduleD documentId="RetDoc4">
      <LandGrp>
        <InvestmentCostOrOtherBasisAmt>400000</InvestmentCostOrOtherBasisAmt>
        <BookValueAmt>400000</BookValueAmt>
      </LandGrp>
      <BuildingsGrp>
        <InvestmentCostOrOtherBasisAmt>2204700</InvestmentCostOrOtherBasisAmt>
        <DepreciationAmt>1947334</DepreciationAmt>
        <BookValueAmt>257366</BookValueAmt>
      </BuildingsGrp>
      <OtherLandBuildingsGrp>
        <InvestmentCostOrOtherBasisAmt>43068</InvestmentCostOrOtherBasisAmt>
        <OtherCostOrOtherBasisAmt>87127</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>94260</DepreciationAmt>
        <BookValueAmt>35935</BookValueAmt>
      </OtherLandBuildingsGrp>
      <TotalBookValueLandBuildingsAmt>693301</TotalBookValueLandBuildingsAmt>
      <OtherLiabilitiesOrgGrp>
        <Desc>TENANT DEPOSITS</Desc>
        <Amt>31708</Amt>
      </OtherLiabilitiesOrgGrp>
      <TotalLiabilityAmt>31708</TotalLiabilityAmt>
    </IRS990ScheduleD>
    <IRS990ScheduleI documentId="RetDoc5">
      <GrantRecordsMaintainedInd>true</GrantRecordsMaintainedInd>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>MAURY SELDIN ADVANCED STUDIES INSTI</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>760 US HIGHWAY ONE 300</AddressLine1Txt>
          <CityNm>NORTH PALM BEACH</CityNm>
          <StateAbbreviationCd>FL</StateAbbreviationCd>
          <ZIPCd>33408</ZIPCd>
        </USAddress>
        <RecipientEIN>521263342</RecipientEIN>
        <IRCSectionDesc>501C3</IRCSectionDesc>
        <CashGrantAmt>10000</CashGrantAmt>
        <PurposeOfGrantTxt>SUPPORT ORGANIZATION</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>MAURY SELDIN ADVANCED STUDIES INSTI</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>760 US HIGHWAY ONE 300</AddressLine1Txt>
          <CityNm>NORTH PALM BEACH</CityNm>
          <StateAbbreviationCd>FL</StateAbbreviationCd>
          <ZIPCd>33408</ZIPCd>
        </USAddress>
        <RecipientEIN>521263342</RecipientEIN>
        <IRCSectionDesc>501C3</IRCSectionDesc>
        <CashGrantAmt>75000</CashGrantAmt>
        <PurposeOfGrantTxt>SUPPORT ORGANIZATION</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>REAL PROPERTY &amp; INFRASTRUCTURE INST</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>760 US HIGHWAY ONE 300</AddressLine1Txt>
          <CityNm>NORTH PALM BEACH</CityNm>
          <StateAbbreviationCd>FL</StateAbbreviationCd>
          <ZIPCd>33408</ZIPCd>
        </USAddress>
        <RecipientEIN>521256535</RecipientEIN>
        <IRCSectionDesc>501C3</IRCSectionDesc>
        <CashGrantAmt>10000</CashGrantAmt>
        <PurposeOfGrantTxt>LAND ECONOMIC STUDIE</PurposeOfGrantTxt>
      </RecipientTable>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE I, PAGE 1, PART I, LINE 2</FormAndLineReferenceDesc>
        <ExplanationTxt>ALL FUNDS GRANTED ARE FOR PREAPPROVED PROGRAMS WHICH ARE REVIEWED ANNUALLY AT A BOARD MEETING. THE BOARD ALSO REVIEWS ANNUAL FINANCIAL STATEMENTS OF THE GRANT RECIPIENTS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE I, PAGE 4, PART IV</FormAndLineReferenceDesc>
        <ExplanationTxt>PART II: LINE 1 COLUMN(H)PURPOSE OF GRANT OR ASSISTANCE ASSISTANCE: SUPPORT ORGANIZATION. TO FURTHER STUDIES IN LAND ECONOMICS.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleI>
    <IRS990ScheduleJ documentId="RetDoc6">
      <BoardOrCommitteeApprovalInd>X</BoardOrCommitteeApprovalInd>
      <SeverancePaymentInd>false</SeverancePaymentInd>
      <SupplementalNonqualRtrPlanInd>false</SupplementalNonqualRtrPlanInd>
      <EquityBasedCompArrngmInd>true</EquityBasedCompArrngmInd>
      <CompBasedOnRevenueOfFlngOrgInd>false</CompBasedOnRevenueOfFlngOrgInd>
      <CompBsdOnRevRelatedOrgsInd>false</CompBsdOnRevRelatedOrgsInd>
      <CompBsdNetEarnsFlngOrgInd>false</CompBsdNetEarnsFlngOrgInd>
      <CompBsdNetEarnsRltdOrgsInd>false</CompBsdNetEarnsRltdOrgsInd>
      <AnyNonFixedPaymentsInd>false</AnyNonFixedPaymentsInd>
      <InitialContractExceptionInd>false</InitialContractExceptionInd>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>DR RON M DONOHUE</PersonNm>
        <TitleTxt>EXEC VP/TREAS/SECRET</TitleTxt>
        <BaseCompensationFilingOrgAmt>28378</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>113510</CompensationBasedOnRltdOrgsAmt>
        <BonusRelatedOrganizationsAmt>53228</BonusRelatedOrganizationsAmt>
        <DeferredCompensationFlngOrgAmt>1135</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>6670</DeferredCompRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>29513</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>173408</TotalCompensationRltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE J, PAGE 1, PART I, LINE 4</FormAndLineReferenceDesc>
        <ExplanationTxt>DR. RON M DONOHUE 0 0 53,228</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE J, PART III</FormAndLineReferenceDesc>
        <ExplanationTxt>PART I, LINE 4C: BONUS PAID IS FROM A WHOLLY OWNED TAXABLE SUBSIDIARY AND IS BASED ON A PERCENTAGE OF EXTERNALLY GENERATED CONSULTING INCOME EARNED BY THAT SUBSIDIARY.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleJ>
    <IRS990ScheduleO documentId="RetDoc7">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>A DRAFT OF THE TAX RETURN WAS E-MAILED IN A PDF FILE TO ALL THE BOARD MEMBERS. BOARD MEMBERS REVIEWED THE RETURN AND SUBMITTED QUESTIONS, COMMENTS AND PROPOSED CHANGES TO TAX PREPARER. AFTER CHANGES WERE MADE ANOTHER DRAFT WAS AGAIN E-MAILED TO BOARD MEMBERS FOR APPROVAL AND ACCEPTANCE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>BOARD MEMBERS ARE REQUIRED TO DISCLOSE ANY CONFLICT OF INTEREST AS IT ARISES. AT THE ANNUAL BOARD MEETING BOARD MEMBERS ARE AGAIN ASKED TO DISCLOSE ANY CONFLICT AND ARE REQUIRED TO DOCUMENT AND PRESENT TO THE BOARD THE ACTUAL CONFLICT.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>A WRITTEN REQUEST MUST BE MADE TO REVIEW THE DOCUMENTS. THE DOCUMENTS MAY BE REVIEWED AT THE ORGANIZATION'S OFFICE OR A COPY CAN BE MAILED.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc8">
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>HOYT FELLOWS LLC</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>760 US HIGHWAY ONE STE 300</AddressLine1Txt>
          <CityNm>NORTH PALM BEACH</CityNm>
          <StateAbbreviationCd>FL</StateAbbreviationCd>
          <ZIPCd>33408</ZIPCd>
        </USAddress>
        <EIN>526078282</EIN>
        <PrimaryActivitiesTxt>MEMBERSHIP</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>FL</LegalDomicileStateCd>
        <TotalIncomeAmt>24936</TotalIncomeAmt>
        <EndOfYearAssetsAmt>61721</EndOfYearAssetsAmt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>HOMER HOYT</BusinessNameLine1Txt>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>MAURY SELDIN ADVANCED STUDIES</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>760 US HIGHWAY ONE 300</AddressLine1Txt>
          <CityNm>NORTH PALM BEACH</CityNm>
          <StateAbbreviationCd>FL</StateAbbreviationCd>
          <ZIPCd>33408</ZIPCd>
        </USAddress>
        <EIN>521263442</EIN>
        <PrimaryActivitiesTxt>SCHOOL</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>DC</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501C3</ExemptCodeSectionTxt>
        <PublicCharityStatusTxt>12B</PublicCharityStatusTxt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>HOMER HOYT</BusinessNameLine1Txt>
        </DirectControllingEntityName>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>HOYT ADVISORY SERVICES</BusinessNameLine1Txt>
        </RelatedOrganizationName>
        <USAddress>
          <AddressLine1Txt>760 US HIGHWAY ONE 300</AddressLine1Txt>
          <CityNm>NORTH PALM BEACH</CityNm>
          <StateAbbreviationCd>FL</StateAbbreviationCd>
          <ZIPCd>33408</ZIPCd>
        </USAddress>
        <EIN>521442963</EIN>
        <PrimaryActivitiesTxt>CONSULTING</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>MD</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <ReceiptOfIntAnntsRntsRyltsInd>false</ReceiptOfIntAnntsRntsRyltsInd>
      <GiftGrntOrCapContriToOthOrgInd>true</GiftGrntOrCapContriToOthOrgInd>
      <GiftGrntCapContriFromOthOrgInd>false</GiftGrntCapContriFromOthOrgInd>
      <LoansOrGuaranteesToOtherOrgInd>false</LoansOrGuaranteesToOtherOrgInd>
      <LoansOrGuaranteesFromOthOrgInd>false</LoansOrGuaranteesFromOthOrgInd>
      <DivRelatedOrganizationInd>false</DivRelatedOrganizationInd>
      <AssetSaleToOtherOrgInd>false</AssetSaleToOtherOrgInd>
      <AssetPurchaseFromOtherOrgInd>false</AssetPurchaseFromOtherOrgInd>
      <AssetExchangeInd>false</AssetExchangeInd>
      <RentalOfFacilitiesToOthOrgInd>false</RentalOfFacilitiesToOthOrgInd>
      <RentalOfFcltsFromOthOrgInd>false</RentalOfFcltsFromOthOrgInd>
      <PerformOfServicesForOthOrgInd>false</PerformOfServicesForOthOrgInd>
      <PerformOfServicesByOtherOrgInd>true</PerformOfServicesByOtherOrgInd>
      <SharingOfFacilitiesInd>false</SharingOfFacilitiesInd>
      <PaidEmployeesSharingInd>false</PaidEmployeesSharingInd>
      <ReimbursementPaidToOtherOrgInd>false</ReimbursementPaidToOtherOrgInd>
      <ReimbursementPaidByOtherOrgInd>true</ReimbursementPaidByOtherOrgInd>
      <TransferToOtherOrgInd>false</TransferToOtherOrgInd>
      <TransferFromOtherOrgInd>false</TransferFromOtherOrgInd>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1Txt>HOYT ADVISORY SERVICES INC</BusinessNameLine1Txt>
        </OtherOrganizationName>
        <TransactionTypeTxt>Q</TransactionTypeTxt>
        <InvolvedAmt>7100</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>ACTUAL EXPENSES</MethodOfAmountDeterminationTxt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1Txt>HOYT ADVISORY SERVICES INC</BusinessNameLine1Txt>
        </OtherOrganizationName>
        <TransactionTypeTxt>M</TransactionTypeTxt>
        <InvolvedAmt>52779</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>FEES FOR SERVICE RENDERED</MethodOfAmountDeterminationTxt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1Txt>MAURY SELDIN ADVANCED STUDIES INST</BusinessNameLine1Txt>
        </OtherOrganizationName>
        <TransactionTypeTxt>B</TransactionTypeTxt>
        <InvolvedAmt>85000</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>BOARD APPROVED</MethodOfAmountDeterminationTxt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1Txt>MAURY SELDIN ADVANCED STUDIES INST</BusinessNameLine1Txt>
        </OtherOrganizationName>
        <TransactionTypeTxt>Q</TransactionTypeTxt>
        <InvolvedAmt>860</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>ACTUAL EXPENSE</MethodOfAmountDeterminationTxt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1Txt>MAURY SELDIN ADVANCED STUDIES INST</BusinessNameLine1Txt>
        </OtherOrganizationName>
        <TransactionTypeTxt>P</TransactionTypeTxt>
        <InvolvedAmt>4305</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>ACTUAL EXPENSE</MethodOfAmountDeterminationTxt>
      </TransactionsRelatedOrgGrp>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE R</FormAndLineReferenceDesc>
        <ExplanationTxt>SCHEDULE R PART I: INDENTIFICATION OF DISREGARDED ENTITIES LINE 1: COLUMUMN (A): DISREGARDED ENTITIES: HOYT FELLOWS, LLC 52-6078282 COLUMUMN (B): PRIMARY ACTIVITY: MEMBERSHIP VEHICLE TO FACILITATE THE COLLECTION OF DUES COLUMUMN (F): DIRECT CONTROLLING INTEREST: HOMER HOYT INSTITUTE, INC. SCHEDULE R PART II: INDENTIFICATION OF RELATED TAX-EXPEMPT ORGANIZATIONS LINE 1: COLUMUMN (A): RELATED TAX-EXPEMPT ORGANIZATION: MAURY SELDIN ADVANCED STUDIES INSTITUTE, INC 52-1263342 COLUMUMN (B): PRIMARY ACTIVITY: SCHOOL COLUMUMN (E): PUBLIC CHARITY STATUS: 170(B)(1)(A)(II) COLUMUMN (F): DIRECT CONTROLLING INTEREST: HOMER HOYT INSTITUTE, INC. SCHEDULE R PART IV: INDENTIFICATION OF RELATED ORGANIZATIONS TAXABLE AS A CORPORATION LINE 1: COLUMUMN (A): RELATED ORGANIZATION: HOYT ADVISORY SERVICES, INC 52-1442963 COLUMUMN (B): PRIMARY ACTIVITY: REAL ESTATE CONSULTING COLUMUMN (D): DIRECT CONTROLLING INTEREST: HOMER HOYT INSTITUTE, INC.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleR>
  </ReturnData>
</Return>