﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2024v5.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2025-07-21T08:16:02-04:00</ReturnTs>
    <TaxPeriodEndDt>2024-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>520783935</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>SMITH ELLIOTT KEARNS &amp; COMPANY LLC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>19405 EMERALD SQUARE STE 1400</AddressLine1Txt>
        <CityNm>HAGERSTOWN</CityNm>
        <StateAbbreviationCd>MD</StateAbbreviationCd>
        <ZIPCd>21742</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2024-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>521789319</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>ALICE V &amp; DAVID W FLETCHER</BusinessNameLine1Txt>
        <BusinessNameLine2Txt>FOUNDATION INC</BusinessNameLine2Txt>
      </BusinessName>
      <BusinessNameControlTxt>ALIC</BusinessNameControlTxt>
      <PhoneNum>3017392015</PhoneNum>
      <USAddress>
        <AddressLine1Txt>1 SOUTH POTOMAC STREET</AddressLine1Txt>
        <CityNm>HAGERSTOWN</CityNm>
        <StateAbbreviationCd>MD</StateAbbreviationCd>
        <ZIPCd>21740</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>GREGORY I SNOOK</PersonNm>
      <PersonTitleTxt>EXECUTIVE DIRECTOR</PersonTitleTxt>
      <PhoneNum>3017392015</PhoneNum>
      <SignatureDt>2025-06-16</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>true</IRSResponsiblePrtyInfoCurrInd>
    <PreparerPersonGrp>
      <PreparerPersonNm>PETER O MCDONALD CPA</PreparerPersonNm>
      <PTIN>P01282844</PTIN>
      <PhoneNum>3017335020</PhoneNum>
      <PreparationDt>2025-06-16</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2024</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="11">
    <IRS990PF documentId="RetDoc11">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>25380475</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <DividendsRevAndExpnssAmt>609382</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>609382</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>1706053</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>7372155</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>1706053</CapGainNetIncmNetInvstIncmAmt>
        <IncmModificationsAdjNetIncmAmt>7233</IncmModificationsAdjNetIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="RetDoc8">2119</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>2119</OtherIncomeNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>2317554</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>2317554</TotalNetInvstIncmAmt>
        <TotalAdjNetIncmAmt>7233</TotalAdjNetIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>65000</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>6500</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>58500</CompOfcrDirTrstDsbrsChrtblAmt>
        <PensionEmplBnftRevAndExpnssAmt>4973</PensionEmplBnftRevAndExpnssAmt>
        <PensionEmplBnftNetInvstIncmAmt>497</PensionEmplBnftNetInvstIncmAmt>
        <PensionEmplBnftDsbrsChrtblAmt>4476</PensionEmplBnftDsbrsChrtblAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc1">14840</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>3224</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesChrtblPrpsAmt>11616</AccountingFeesChrtblPrpsAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc10">14020</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>9020</TaxesNetInvstIncmAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc6">119689</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>115741</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>3948</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>218522</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>134982</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>78540</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>1009002</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>1009002</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>1227524</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>134982</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>1087542</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>1090030</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>2182572</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>7233</AdjustedNetIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <SavAndTempCashInvstBOYAmt>1564073</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>1814872</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>1814872</SavAndTempCashInvstEOYFMVAmt>
        <USGovernmentObligationsBOYAmt>2040132</USGovernmentObligationsBOYAmt>
        <USGovernmentObligationsEOYAmt referenceDocumentId="RetDoc4">2157494</USGovernmentObligationsEOYAmt>
        <USGovtObligationsEOYFMVAmt>2102335</USGovtObligationsEOYFMVAmt>
        <CorporateStockBOYAmt>8320440</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc3">8191008</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>14592772</CorporateStockEOYFMVAmt>
        <CorporateBondsBOYAmt>2045852</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="RetDoc2">2283131</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>2172477</CorporateBondsEOYFMVAmt>
        <OtherInvestmentsBOYAmt>4044982</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="RetDoc5">4666721</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>4698019</OtherInvestmentsEOYFMVAmt>
        <TotalAssetsBOYAmt>18015479</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>19113226</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>25380475</TotalAssetsEOYFMVAmt>
        <OtherLiabilitiesBOYAmt referenceDocumentId="RetDoc9">10721</OtherLiabilitiesBOYAmt>
        <OtherLiabilitiesEOYAmt referenceDocumentId="RetDoc9">11205</OtherLiabilitiesEOYAmt>
        <TotalLiabilitiesBOYAmt>10721</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>11205</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <RetainedEarningBOYAmt>18004758</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>19102021</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>18004758</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>19102021</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>18015479</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>19113226</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>18004758</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>1090030</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt referenceDocumentId="RetDoc7">7233</OtherIncreasesAmt>
        <SubtotalAmt>19102021</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>19102021</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>SALE OF PUBLICLY TRADED SECURITIES</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>7137230</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>5666102</CostOrOtherBasisAmt>
          <GainOrLossAmt>1471128</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>1471128</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>1706053</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>30338</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>30338</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>30338</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>9127</EstimatedPlusOvpmtIncmTxAmt>
        <ExtsnRequestIncomeTaxPaidAmt>22000</ExtsnRequestIncomeTaxPaidAmt>
        <TotalPaymentsAndCreditsAmt>31127</TotalPaymentsAndCreditsAmt>
        <OverpaymentAmt>789</OverpaymentAmt>
        <AppliedToESTaxAmt>789</AppliedToESTaxAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</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>WWW.AVDWFLETCHERFOUNDATION.ORG</WebsiteAddressTxt>
        <IndividualWithBooksNm>GREGORY I SNOOK</IndividualWithBooksNm>
        <PhoneNum>3017392015</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>1 SOUTH POTOMAC STREET</AddressLine1Txt>
          <CityNm>HAGERSTOWN</CityNm>
          <StateAbbreviationCd>MD</StateAbbreviationCd>
          <ZIPCd>21740</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>GREGORY I SNOOK</PersonNm>
          <USAddress>
            <AddressLine1Txt>1 SOUTH POTOMAC STREET</AddressLine1Txt>
            <CityNm>HAGERSTOWN</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21740</ZIPCd>
          </USAddress>
          <TitleTxt>EXECUTIVE DI</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>20.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>65000</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ANDREW SARGENT</PersonNm>
          <USAddress>
            <AddressLine1Txt>1303 THE TERRACE</AddressLine1Txt>
            <CityNm>HAGERSTOWN</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21742</ZIPCd>
          </USAddress>
          <TitleTxt>PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ANDREW SERAFINI</PersonNm>
          <USAddress>
            <AddressLine1Txt>13918 MARSH PIKE</AddressLine1Txt>
            <CityNm>HAGERSTOWN</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21742</ZIPCd>
          </USAddress>
          <TitleTxt>SECRETARY</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>CASSANDRA LATIMER</PersonNm>
          <USAddress>
            <AddressLine1Txt>13523 THE HEIGHTS</AddressLine1Txt>
            <CityNm>HAGERSTOWN</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21742</ZIPCd>
          </USAddress>
          <TitleTxt>TREASURER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>HUGH J BRESLIN III</PersonNm>
          <USAddress>
            <AddressLine1Txt>13 EAST WASHINGTON STREET</AddressLine1Txt>
            <CityNm>HAGERSTOWN</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21740</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>HEATHER GUESSFORD</PersonNm>
          <USAddress>
            <AddressLine1Txt>83 WEST WASHINGTON STREET SUITE 101</AddressLine1Txt>
            <CityNm>HAGERSTOWN</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21740</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>N/A</Description1Txt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>22904412</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>1763633</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>24668045</TotalFMVOfUnusedAssetsAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>24668045</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>370021</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>24298024</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>1214901</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>1214901</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>30338</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>30338</TotalTaxAmt>
        <DistributableBeforeAdjAmt>1184563</DistributableBeforeAdjAmt>
        <RecoveriesQualfiedDistriAmt>7233</RecoveriesQualfiedDistriAmt>
        <DistributableBeforeDedAmt>1191796</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>1191796</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>1087542</ExpensesAndContributionsAmt>
        <QualifyingDistributionsAmt>1087542</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>1191796</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>1056305</UndistributedIncomePYAmt>
        <QualifyingDistributionsAmt>1087542</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>1056305</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>31237</AppliedToCurrentYearAmt>
        <UndistributedIncomeCYAmt>1160559</UndistributedIncomeCYAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>GREGORY I SNOOK</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>1 SOUTH POTOMAC STREET</AddressLine1Txt>
            <CityNm>HAGERSTOWN</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21740</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>3017392015</RecipientPhoneNum>
          <RecipientEmailAddressTxt>GSNOOK@AVDWFLETCHER.ORG</RecipientEmailAddressTxt>
          <FormAndInfoAndMaterialsTxt>WRITTEN APPLICATION CONTAINING DETAILS OF PROPOSED USE</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>NONE</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>NO DISBURSEMENTS OTHER THAN QUALIFIED CHARITIES</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>BROOK LANES HEALTH SERVICES INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>13121 BROOK LANE</AddressLine1Txt>
            <CityNm>HAGERSTOWN</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21742</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EQUIPMENT</GrantOrContributionPurposeTxt>
          <Amt>53788</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CHILDREN IN NEED</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>131 W NORTH AVENUE</AddressLine1Txt>
            <CityNm>HAGERSTOWN</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21740</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL FUND</GrantOrContributionPurposeTxt>
          <Amt>30000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>COLLEGIUM SANCTORUM ANGELORUM INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>36 S POTOMAC STREET</AddressLine1Txt>
            <AddressLine2Txt>SUITE 203</AddressLine2Txt>
            <CityNm>HAGERSTOWN</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21740</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL FUND</GrantOrContributionPurposeTxt>
          <Amt>50000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FELLOWSHIP OF CHRISTIAN ATHLETES</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1110 OPAL COURT SUITE 3</AddressLine1Txt>
            <CityNm>HAGERSTOWN</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21740</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>BUILDING RENOVATIONS</GrantOrContributionPurposeTxt>
          <Amt>15000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FORT RITCHIE COMMUNITY CENTER CORPO</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 755</AddressLine1Txt>
            <CityNm>CASCADE</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21719</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL FUND</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FROSTBURG STATE UNIVERSITY FOUNDATI</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>101 BRADDOCK ROAD</AddressLine1Txt>
            <CityNm>FROSTBURG</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21532</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL FUND</GrantOrContributionPurposeTxt>
          <Amt>20000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>GATEKEEPERS CORPORATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>223 N PROSPECT STREET</AddressLine1Txt>
            <AddressLine2Txt>SUITE 405</AddressLine2Txt>
            <CityNm>HAGERSTOWN</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21740</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PROGRAM SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>150000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>GIRLS INC OF WASHINGTON COUNTY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>626 WASHINGTON STREET</AddressLine1Txt>
            <CityNm>HAGERSTOWN</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21740</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL FUND</GrantOrContributionPurposeTxt>
          <Amt>30100</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HAGERSTOWN AVIATION MUSEUM INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>18450 SHOWALTER ROAD</AddressLine1Txt>
            <AddressLine2Txt>BLDG 8</AddressLine2Txt>
            <CityNm>HAGERSTOWN</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21742</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL FUND</GrantOrContributionPurposeTxt>
          <Amt>50000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>INTERFAITH SERVICE COALITION OF HAN</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>116 WEST HIGH STREET</AddressLine1Txt>
            <CityNm>HANCOCK</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21750</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL FUND</GrantOrContributionPurposeTxt>
          <Amt>9500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MARYLAND SYMPHONY ORCHESTRA</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>21 SOUTH POTOMAC STREET</AddressLine1Txt>
            <CityNm>HAGERSTOWN</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21740</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL FUND</GrantOrContributionPurposeTxt>
          <Amt>15000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MARYLAND THEATRE ASSOCIATION INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>21 SOUTH POTOMAC ST</AddressLine1Txt>
            <CityNm>HAGERSTOWN</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21740</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>BUILDING RENOVATIONS</GrantOrContributionPurposeTxt>
          <Amt>315514</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>REHOBOTH UNITED METHODIST</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>CHURCH</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>16829 LAPPANS ROAD</AddressLine1Txt>
            <CityNm>WILLIAMSPORT</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21795</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>FOOD PANTRY</GrantOrContributionPurposeTxt>
          <Amt>15000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>REACH OF WASHINGTON COUNTY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>140 WEST FRANKLIN STREET</AddressLine1Txt>
            <CityNm>HAGERSTOWN</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21740</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PROGRAM SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SAN MAR CHILDREN'S HOME</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>8504 MAPLEVILLE RD</AddressLine1Txt>
            <CityNm>BOONSBORO</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21713</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL FUND</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>VOLUNTEER ASSOC FOR POTOMAC CENTER</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1380 MARSHALL STREET</AddressLine1Txt>
            <CityNm>HAGERSTOWN</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21740</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL FUND</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>WASHINGTON COUNTY COUNCIL OF CHURCH</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>DBA HAGERSTOWN AREA RELIGIOUS COUNCIL</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 1158</AddressLine1Txt>
            <CityNm>HAGERSTOWN</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21741</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>MICAH'S BACKPACK</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>WASHINGTON COUNTY LEADERSHIP</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>DEVELOPMENT PROGRAM INC</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>11 PUBLIC SQUARE</AddressLine1Txt>
            <AddressLine2Txt>SUITE 400B</AddressLine2Txt>
            <CityNm>HAGERSTOWN</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21740</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>TECHNOLOGY UPGRADES</GrantOrContributionPurposeTxt>
          <Amt>10100</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>WASHINGTON COUNTY MUSEUM OF FINE AR</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 423</AddressLine1Txt>
            <CityNm>HAGERSTOWN</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21741</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL FUND</GrantOrContributionPurposeTxt>
          <Amt>100000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>WOMEN'S CLUB FOUNDATION INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>31 SOUTH PROSPECT STREET</AddressLine1Txt>
            <CityNm>HAGERSTOWN</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21740</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>BUILDING REPAIRS</GrantOrContributionPurposeTxt>
          <Amt>55000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>1009002</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>609382</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <OtherInvestmentIncomeGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>2119</ExclusionAmt>
        </OtherInvestmentIncomeGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>1706053</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>2317554</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>2317554</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>
    <AccountingFeesSchedule documentId="RetDoc1">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING-PREP OF 990-PF &amp; PLAN</CategoryTxt>
        <Amt>6600</Amt>
        <DisbursementsCharitablePrpsAmt>6600</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
      <AccountingFeesDetail>
        <CategoryTxt>AUDIT FEES</CategoryTxt>
        <Amt>6000</Amt>
        <NetInvestmentIncomeAmt>3000</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>3000</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING - PAYROLL &amp; OTHER RET</CategoryTxt>
        <Amt>2240</Amt>
        <NetInvestmentIncomeAmt>224</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>2016</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsCorpBondsSchedule documentId="RetDoc2">
      <InvestmentsCorporateBondsGrp>
        <BondNm>CORPORATE OBLIGATIONS</BondNm>
        <EOYBookValueAmt>2283131</EOYBookValueAmt>
        <EOYFMVAmt>2172477</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc3">
      <InvestmentsCorporateStockGrp>
        <StockNm>VARIOUS CORPORATE STOCKS</StockNm>
        <EOYBookValueAmt>8191008</EOYBookValueAmt>
        <EOYFMVAmt>14592772</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsGovtObligationsSch documentId="RetDoc4">
      <USGovtObligationsBookVlEOYAmt>2082494</USGovtObligationsBookVlEOYAmt>
      <USGovtObligationsEOYFMVAmt>2033949</USGovtObligationsEOYFMVAmt>
      <StateLocalSecBookVlEOYAmt>75000</StateLocalSecBookVlEOYAmt>
      <StateLocalSecEOYFMVAmt>68386</StateLocalSecEOYFMVAmt>
    </InvestmentsGovtObligationsSch>
    <InvestmentsOtherSchedule2 documentId="RetDoc5">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>DOMESTIC MUTUAL FUNDS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>1566862</BookValueAmt>
        <EOYFMVAmt>1551563</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>CORPORATE ASSET BACKED/CMO SECURITIE</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>349640</BookValueAmt>
        <EOYFMVAmt>339978</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>REAL ESTATE INVESTMENT TRUSTS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>43727</BookValueAmt>
        <EOYFMVAmt>64949</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>RECEIVABLE - WELLS FARGO</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>33713</BookValueAmt>
        <EOYFMVAmt>33713</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>OTHER INVESTMENTS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>1050000</BookValueAmt>
        <EOYFMVAmt>980087</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>REAL ASSET FUNDS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>1622779</BookValueAmt>
        <EOYFMVAmt>1727729</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherExpensesSchedule documentId="RetDoc6">
      <OtherExpensesScheduleGrp>
        <Desc>EXPENSES</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>3638</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>363</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>3275</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INVESTMENT FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>115378</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>115378</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>271</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>271</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>DUES &amp; MEMBERSHIPS</Desc>
        <RevenueAndExpensesPerBooksAmt>402</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>402</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc8">
      <OtherIncomeDetail>
        <Desc>MISCELLANEOUS INVESTMENT INCO</Desc>
        <RevenueAndExpensesPerBooksAmt>2119</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>2119</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="RetDoc7">
      <OtherIncreasesDetail>
        <Desc>RECOVERY OF PRIOR YEAR GRANT</Desc>
        <Amt>7233</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherLiabilitiesSchedule documentId="RetDoc9">
      <OtherLiabilitiesDetail>
        <Desc>FEDERAL PAYROLL TAXES PAYABLE</Desc>
        <BOYBookValueAmt>684</BOYBookValueAmt>
        <EOYBookValueAmt>672</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
      <OtherLiabilitiesDetail>
        <Desc>MARYLAND PAYROLL TAXES PAYABLE</Desc>
        <BOYBookValueAmt>649</BOYBookValueAmt>
        <EOYBookValueAmt>646</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
      <OtherLiabilitiesDetail>
        <Desc>SALARIES PAYABLE</Desc>
        <BOYBookValueAmt>9388</BOYBookValueAmt>
        <EOYBookValueAmt>9887</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
    </OtherLiabilitiesSchedule>
    <TaxesSchedule documentId="RetDoc10">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES &amp; ADR FEES</CategoryTxt>
        <Amt>9020</Amt>
        <NetInvestmentIncomeAmt>9020</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>EXCISE TAX</CategoryTxt>
        <Amt>5000</Amt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>