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        <ExplanationTxt>THE BOARD REVIEWS THE FORM 990 10 DAYS PRIOR TO SUBMITTING.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>ANY PERSON DEFINED AS A "COVERED PERSON" WILL ANNUALLY BE REQUIRED TO COMPLETE A CONFLICT OF INTEREST QUESTIONNAIRE. THE RESULTS OF THIS WILL BE REVIEWED AT A MEETING OF THE BOARD OF DIRECTORS OR A COMMITTEE MEETING. THE PRESIDENT WILL DISCLOSE THE CONFLICT REPORTED AND THE BOARD OF DIRECTORS WILL EVALUATE THE DISCLOSURE. THE DISCLOSURE AND THE BOARDS DECISION WILL BE RECORDED IN THE MINUTES.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 15A</FormAndLineReferenceDesc>
        <ExplanationTxt>NATIONAL REALTY DEVELOPMENT CORPORATION DOES HAVE A COMPENSATION POLICY IN PLACE TO DETERMINE THE COMPENSATION OF THE DIRECTORS, OFFICERS AND KEY EMPLOYEES HOWEVER THERE IS NO COMPENSATION BEING PAID TO ANY OF THE ABOVE GROUPS OF PEOPLE. THE POLICY HOWEVER DOES INCLUDE 1)REVIEW AND APPROVAL, 2)USE OF DATA AS TO COMPARABLE COMPENSATION AND 3)CONTEMPORANEOUS DOCUMENTATION AND RECORDKEEPING.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART IX, LINE 24E</FormAndLineReferenceDesc>
        <ExplanationTxt>DEPR-BLDG - HOUSTON, TX 27,802 0 0 DEPR-BLDG - PAULS VALLEY, OK 21,155 0 0 CO-OP FEE 10,208 0 0 DEPR-IMPROVEMENTS - HOUSTON, TX 7,693 0 0 CONTRIBUTION 6,027 0 0 DEPR-BLDG - 305 FALLS LANE MD 4,779 0 0 DEPR-BLDG-117 E DOVER 305 MD 4,746 0 0 DEPR-BLDG-117 E DOVER 301 MD 4,641 0 0 DEPR-BLDG-110 BONFIELD OXFORD M 3,431 0 0 DEPR-BLDG-100 E DIVISION MD 2,738 0 0 FILING FEES 874 0 0 DEPR-BLDG - 305 FALL LANE MD 507 0 0 DEPR-BLDG 100 E DIVISION OXFORD 379 0 0 DEPR-BLDG 110 BONFIELD ROOF 351 0 0 DEPR-BLDG - 305 FALLS LANE HVAC 212 0 0 DEPR-BLDG - 100 E DIVISION HVAC 210 0 0 DEPR-BLDG 305 FALLS LANE FENCE 65 0 0 DEPR-BLGE-100 E DIVISION OXFORD 8 0 0 DEPR-BLDG - 117 E DOVER 305 IM 7 0 0 DEPR-BLDG - 305 FALL LANE MD DE 4 0 0 DEPR-HOUSTON IMPROV-K1 SIGN 3 0 0 DEPR-BLDG - 305 FALL LANE MD SI 2 0 0 DEPR-BLDG-117 E DOVER 301 MD I 2 0 0 DEPR-BLDG-117 E DOVER 305 MD I 1 0 0 DEPR-BLDG - 117 E DOVER 305 DE 1 0 0 TOTAL 95,846 0 0</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XI, LINE 9</FormAndLineReferenceDesc>
        <ExplanationTxt>DISTRIBUTIONS -800,000</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
  </ReturnData>
</Return>