﻿<?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>2024-11-14T12:40:08-05:00</ReturnTs>
    <TaxPeriodEndDt>2023-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>261553776</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>SUMP &amp; ASSOCIATES PC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>8603 COMMERCE DR STE 6</AddressLine1Txt>
        <CityNm>EASTON</CityNm>
        <StateAbbreviationCd>MD</StateAbbreviationCd>
        <ZIPCd>21601</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2023-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>521709184</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>RUTH AND ROBERT ST JOHN</BusinessNameLine1Txt>
        <BusinessNameLine2Txt>FOUNDATION INC</BusinessNameLine2Txt>
      </BusinessName>
      <BusinessNameControlTxt>RUTH</BusinessNameControlTxt>
      <PhoneNum>4108222140</PhoneNum>
      <USAddress>
        <AddressLine1Txt>PO BOX 2183</AddressLine1Txt>
        <CityNm>EASTON</CityNm>
        <StateAbbreviationCd>MD</StateAbbreviationCd>
        <ZIPCd>21601</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>L STEPHEN SATCHELL</PersonNm>
      <PersonTitleTxt>TREASURER</PersonTitleTxt>
      <PhoneNum>4108222140</PhoneNum>
      <SignatureDt>2024-11-14</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>false</IRSResponsiblePrtyInfoCurrInd>
    <PreparerPersonGrp>
      <PreparerPersonNm>DARIAN L SUMP CPA</PreparerPersonNm>
      <PTIN>P00109206</PTIN>
      <PhoneNum>4107705151</PhoneNum>
      <PreparationDt>2024-11-14</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2023</TaxYr>
    <BuildTS>2024-10-15 13:58:12Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="6">
    <IRS990PF documentId="RetDoc10" referenceDocumentId="RetDoc8">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>32099</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>11</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>11</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>136276</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>136276</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>44427</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>1913692</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>44427</CapGainNetIncmNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>180714</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>180714</TotalNetInvstIncmAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc2">1800</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>1800</AccountingFeesNetInvstIncmAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc6">1220</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>1220</TaxesNetInvstIncmAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc4">34554</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>34554</OtherExpensesNetInvstIncmAmt>
        <TotOprExpensesRevAndExpnssAmt>37574</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>37574</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>0</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>186000</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>186000</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>223574</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>37574</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>186000</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-42860</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>143140</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <SavAndTempCashInvstBOYAmt>5420</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>32099</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>32099</SavAndTempCashInvstEOYFMVAmt>
        <CorporateStockBOYAmt>3536806</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc3">3575427</CorporateStockEOYAmt>
        <TotalAssetsBOYAmt>3542226</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>3607526</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>32099</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <CapitalStockBOYAmt>3456965</CapitalStockBOYAmt>
        <CapitalStockEOYAmt>3369656</CapitalStockEOYAmt>
        <RetainedEarningBOYAmt>85261</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>237870</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>3542226</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>3607526</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>3542226</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>3607526</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>3542226</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-42860</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt referenceDocumentId="RetDoc5">108160</OtherIncreasesAmt>
        <SubtotalAmt>3607526</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>3607526</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>SEE ATTACHED - BAIRD</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>562626</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>574124</CostOrOtherBasisAmt>
          <GainOrLossAmt>-11498</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-11498</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>SEE ATTACHED - BAIRD</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>1350897</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>1294972</CostOrOtherBasisAmt>
          <GainOrLossAmt>55925</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>55925</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>ISHS GOLD TRUST NEW EFT</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>169</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>169</CostOrOtherBasisAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>44427</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>1990</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>1990</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>1990</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>1640</EstimatedPlusOvpmtIncmTxAmt>
        <TotalPaymentsAndCreditsAmt>1640</TotalPaymentsAndCreditsAmt>
        <Form2220AttachedInd referenceDocumentId="RetDoc1">X</Form2220AttachedInd>
        <TaxDueAmt>350</TaxDueAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>false</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>MD</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <IndividualWithBooksNm>L STEPHEN SATCHELL</IndividualWithBooksNm>
        <PhoneNum>4108222140</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>PO BOX 2183</AddressLine1Txt>
          <CityNm>EASTON</CityNm>
          <StateAbbreviationCd>MD</StateAbbreviationCd>
          <ZIPCd>21601</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>false</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>false</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>VERNON NILY JR</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO BOX 757</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </USAddress>
          <TitleTxt>PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>LISA TOWNSEND</PersonNm>
          <USAddress>
            <AddressLine1Txt>6308 LANDING NECK ROAD</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </USAddress>
          <TitleTxt>SECRETARY</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>L STEPHEN SATCHELL</PersonNm>
          <USAddress>
            <AddressLine1Txt>28372 CANVASBACK LANE</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </USAddress>
          <TitleTxt>TREASURER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>3556116</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>18759</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>3574875</TotalFMVOfUnusedAssetsAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>3574875</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>53623</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>3521252</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>176063</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>176063</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>1990</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>1990</TotalTaxAmt>
        <DistributableBeforeAdjAmt>174073</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>174073</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>174073</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>186000</ExpensesAndContributionsAmt>
        <QualifyingDistributionsAmt>186000</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>174073</DistributableAsAdjustedAmt>
        <ExcessDistributionCyovYr5Amt>27965</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>16710</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>8068</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>11312</ExcessDistributionCyovYr2Amt>
        <TotalExcessDistributionCyovAmt>64055</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>186000</QualifyingDistributionsAmt>
        <AppliedToCurrentYearAmt>174073</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>11927</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>75982</TotalCorpusAmt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovFromYr5Amt>27965</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>48017</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>16710</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>8068</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>11312</ExcessFromYear2Amt>
        <ExcessFromCurrentYearAmt>11927</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>BAY HUNDRED COMMUNITY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 12</AddressLine1Txt>
            <CityNm>MCDANIEL</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21647</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>2500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>BOY SCOUTS TROOP 190</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>100 PEACHBLOSSOM ROAD</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>4000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>BOY SCOUTS TROOP 532</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>502 DUTCHMANS LANE</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>4000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CASA OF MID-SHORE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1 S WASHINGTON STREET</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CHANGING MY STARS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>5380 CASSON NECK ROAD</AddressLine1Txt>
            <CityNm>CAMBRIDGE</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21613</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CHANNEL MARKER</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>8626 BROOKS DRIVE</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>7500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CHESAPEAKE MULTICULTURAL</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>331 E DOVER STREET 1</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CRITCHLOW ADKINS CHILDRENS CENTER</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>11 MAGNOLIA STREET</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>12500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CUB SCOUTS TROOP 190</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>100 PEACHBLOSSOM ROAD</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>4000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>DIXON HOUSE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>108 HIGGINS STREET</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>DORCAS SOCIETY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>7050 OLD SCHOOLHOUSE LANE</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>EASTON HIGH SOS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>723 MECKLENBURG AVENUE</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>15000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>EES CARE PACKS PROGRAM</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>102 E DOVER STREET</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FIRST NIGHT TALBOT</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>11 S HARRISON STREET</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>2500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FOR ALL SEASONS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>300 TALBOT STREET</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>12500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>IMAGINATION LIBRARY OF TALBOT CTY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>122 HUGHLETT STREET</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MID SHORE COMMUNITY FOUNDATION</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>RISE ABOVE HUNGER</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>102 DOVER STREET</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>2500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>PARTNERS IN CARE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>400 BROOKLETTS AVENUE</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>5500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>PICKERING CREEK AUDUBON FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>11450 AUDUBON LANE</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>POSITIVE STRIDES</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>6292 STATUM ROAD</AddressLine1Txt>
            <CityNm>PRESTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21655</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>6000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ST MARK'S VILLAGE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>212 BAY STREET</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ST MICHAELS COMMUNITY CENTER</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>103 RAILROAD AVENUE</AddressLine1Txt>
            <CityNm>ST MICHAELS</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21663</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ST VINCENT DEPAUL SOCIETY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>29533 CANVASBACK DRIVE</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>6000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>TALBOT COUNTY ARTS COUNCIL</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 6</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>4500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>TALBOT COUNTY FAMILY SUPPORT CENTER</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>126 PORT STREET</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>7000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>TALBOT COUNTY SHERIFF OFFICE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>28640 MARYS CT STE 100</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>15000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>TALBOT MENTORS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>108 MARYLAND AVENUE</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>3000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>TRED AVON PLAYERS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>200 OXFORD ROAD</AddressLine1Txt>
            <CityNm>OXFORD</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21654</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>4000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>VENTURING CREW 532</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>502 DUTCHMANS LANE</AddressLine1Txt>
            <CityNm>EASTON</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUSTAINING GRANT</GrantOrContributionPurposeTxt>
          <Amt>3000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>186000</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>11</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>136276</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <GainSalesAstOthThanInvntryGrp>
          <RelatedOrExemptFunctionIncmAmt>44427</RelatedOrExemptFunctionIncmAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>136287</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>44427</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>180714</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <RlnOfActyToAccomOfExmptPrpsGrp>
        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>4</LineNumberTxt>
          <RelationshipStatementTxt>DIVIDENDS AND INTEREST FROM ROBERT W. BAIRD &amp; CO.</RelationshipStatementTxt>
        </RlnOfActyToAccomOfExmptPrpsGrp>
      </RlnOfActyToAccomOfExmptPrpsGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>false</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <AccountingFeesSchedule documentId="RetDoc2">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
        <Amt>1800</Amt>
        <NetInvestmentIncomeAmt>1800</NetInvestmentIncomeAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc3">
      <InvestmentsCorporateStockGrp>
        <StockNm>ROBERT W BAIRD &amp; COMPANY</StockNm>
        <EOYBookValueAmt>3575427</EOYBookValueAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <OtherExpensesSchedule documentId="RetDoc4">
      <OtherExpensesScheduleGrp>
        <Desc>EXPENSES</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INVESTMENT MANAGEMENT FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>34022</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>34022</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE ASSISTANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>300</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>300</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>PO BOX RENTAL</Desc>
        <RevenueAndExpensesPerBooksAmt>232</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>232</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncreasesSchedule documentId="RetDoc5">
      <OtherIncreasesDetail>
        <Desc>CURRENT YR ADJUSTMENT TO FMV</Desc>
        <Amt>108160</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <TaxesSchedule documentId="RetDoc6">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAX WITHHELD</CategoryTxt>
        <Amt>1220</Amt>
        <NetInvestmentIncomeAmt>1220</NetInvestmentIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>