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        <DistributableAsAdjustedAmt>75743</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>100129</ExpensesAndContributionsAmt>
        <QualifyingDistributionsAmt>100129</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>75743</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>79115</UndistributedIncomePYAmt>
        <PriorYear1Yr>2021</PriorYear1Yr>
        <TotalForPriorYearsAmt>17852</TotalForPriorYearsAmt>
        <QualifyingDistributionsAmt>100129</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>79115</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>21014</AppliedToCurrentYearAmt>
        <PriorYearUndistributedIncmAmt>17852</PriorYearUndistributedIncmAmt>
        <PriorYearDeficiencyOrTaxAmt>17852</PriorYearDeficiencyOrTaxAmt>
        <UndistributedIncomeCYAmt>54729</UndistributedIncomeCYAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FLORIDA STATE UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>325 W COLLEGE AVE</AddressLine1Txt>
            <CityNm>TALLAHASSEE</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>32301</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>DONATION</GrantOrContributionPurposeTxt>
          <Amt>28822</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SALVATION ARMY EMPTY STOCKING FUND</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>615 SLATERS LANE</AddressLine1Txt>
            <CityNm>ALEXANDRIA</CityNm>
            <StateAbbreviationCd>VA</StateAbbreviationCd>
            <ZIPCd>22314</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>DONATION</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FIRST BAPTIST CHURCH</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>640 GRACE AVE</AddressLine1Txt>
            <CityNm>PANAMA CITY</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>32401</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>DONATION</GrantOrContributionPurposeTxt>
          <Amt>15830</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HISTORICAL SOCIETY OF BAY COUNTY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>133 HARRISON AVE</AddressLine1Txt>
            <CityNm>PANAMA CITY</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>32401</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>DONATION</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>BAY COUNTY COUNCIL OF AGING</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1116 FRANKFORD AVE</AddressLine1Txt>
            <CityNm>PANAMA CITY</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>32401</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>DONATION</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>64652</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <RelatedOrExemptFunctionIncmAmt>566</RelatedOrExemptFunctionIncmAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <RelatedOrExemptFunctionIncmAmt>34102</RelatedOrExemptFunctionIncmAmt>
        </DividendsAndInterestFromSecDtl>
        <NetRentalIncomePersonalPropGrp>
          <RelatedOrExemptFunctionIncmAmt>-31307</RelatedOrExemptFunctionIncmAmt>
        </NetRentalIncomePersonalPropGrp>
        <GainSalesAstOthThanInvntryGrp>
          <RelatedOrExemptFunctionIncmAmt>-19825</RelatedOrExemptFunctionIncmAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <RelatedOrExemptFunctionIncmAmt>-16464</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>-16464</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <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>
    <DepreciationSchedule documentId="RetDoc2">
      <DepreciationPropertyGrp>
        <PropertyDesc>RENTAL PROPERTY</PropertyDesc>
        <AcquiredDt>2019-07-01</AcquiredDt>
        <CostOrOtherBasisAmt>285000</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>41455</PriorYearDepreciationAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
        <LifeRt>27.5000</LifeRt>
        <CurrentYearExpenseAmt>10364</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>10364</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>3628</AdjustedNetIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>FURNISHINGS</PropertyDesc>
        <AcquiredDt>2020-07-29</AcquiredDt>
        <CostOrOtherBasisAmt>1261</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>525</PriorYearDepreciationAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
        <LifeRt>7.0000</LifeRt>
        <CurrentYearExpenseAmt>181</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>181</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>64</AdjustedNetIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>A/C</PropertyDesc>
        <AcquiredDt>2020-07-07</AcquiredDt>
        <CostOrOtherBasisAmt>4850</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>1455</PriorYearDepreciationAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
        <LifeRt>10.0000</LifeRt>
        <CurrentYearExpenseAmt>485</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>485</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>169</AdjustedNetIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>DISHWASHER</PropertyDesc>
        <AcquiredDt>2021-07-28</AcquiredDt>
        <CostOrOtherBasisAmt>1574</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>603</PriorYearDepreciationAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
        <LifeRt>5.0000</LifeRt>
        <CurrentYearExpenseAmt>315</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>315</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>111</AdjustedNetIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>COUCH AND CHAIR</PropertyDesc>
        <AcquiredDt>2021-11-02</AcquiredDt>
        <CostOrOtherBasisAmt>2050</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>488</PriorYearDepreciationAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
        <LifeRt>7.0000</LifeRt>
        <CurrentYearExpenseAmt>293</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>293</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>102</AdjustedNetIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>COMPUTER</PropertyDesc>
        <AcquiredDt>2021-12-28</AcquiredDt>
        <CostOrOtherBasisAmt>2431</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>729</PriorYearDepreciationAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
        <LifeRt>5.0000</LifeRt>
        <CurrentYearExpenseAmt>487</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>487</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>171</AdjustedNetIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>KITCHEN REMODEL</PropertyDesc>
        <AcquiredDt>2024-05-12</AcquiredDt>
        <CostOrOtherBasisAmt>6833</CostOrOtherBasisAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
        <LifeRt>27.5000</LifeRt>
        <CurrentYearExpenseAmt>41</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>41</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>14</AdjustedNetIncomeAmt>
      </DepreciationPropertyGrp>
    </DepreciationSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc3">
      <InvestmentsCorporateStockGrp>
        <EOYBookValueAmt>1206764</EOYBookValueAmt>
        <EOYFMVAmt>1513877</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <LandEtcSchedule2 documentId="RetDoc4">
      <LandEtcGrp>
        <CostOrOtherBasisAmt>303999</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>57421</AccumulatedDepreciationAmt>
        <BookValueAmt>246578</BookValueAmt>
        <EOYFMVAmt>303999</EOYFMVAmt>
      </LandEtcGrp>
    </LandEtcSchedule2>
    <OtherExpensesSchedule documentId="RetDoc5">
      <OtherExpensesScheduleGrp>
        <Desc>EMERALD COAST</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>HOA FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>10532</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>10532</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>3687</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>6845</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>UTILITIES</Desc>
        <RevenueAndExpensesPerBooksAmt>1929</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1929</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>675</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>1254</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>RE TAXES</Desc>
        <RevenueAndExpensesPerBooksAmt>5380</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>5380</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>1883</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>3497</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>REPAIRS</Desc>
        <RevenueAndExpensesPerBooksAmt>3500</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>3500</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>1225</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>2275</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>1951</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1951</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>683</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>1268</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BANK FEES</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>EXPENSES</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>ADVISORY FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>13041</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>13041</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OTHER</Desc>
        <RevenueAndExpensesPerBooksAmt>2875</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>2875</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherProfessionalFeesSchedule documentId="RetDoc6">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>EMERALD COAST</CategoryTxt>
        <Amt>12712</Amt>
        <NetInvestmentIncomeAmt>12712</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>4450</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>8262</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc7">
      <TaxesDetail>
        <CategoryTxt>PRIOR YEAR TAXES</CategoryTxt>
        <Amt>654</Amt>
        <NetInvestmentIncomeAmt>654</NetInvestmentIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>