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      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AccountantCompileOrReviewInd>0</AccountantCompileOrReviewInd>
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        <CurrentTaxYearMinus3YearsAmt>34870</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>145490</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>43983</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>59813</CurrentTaxYearAmt>
        <TotalAmt>319104</TotalAmt>
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      <SubstantialContributorsTotAmt>102943</SubstantialContributorsTotAmt>
      <PublicSupportTotal170Amt>216161</PublicSupportTotal170Amt>
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        <CurrentTaxYearMinus4YearsAmt>19803</CurrentTaxYearMinus4YearsAmt>
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        <CurrentTaxYearMinus1YearAmt>25324</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>36431</CurrentTaxYearAmt>
        <TotalAmt>132087</TotalAmt>
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      <PublicSupportPY170Pct>0.44550</PublicSupportPY170Pct>
      <ThirtyThrPctSuprtTestsCY170Ind>X</ThirtyThrPctSuprtTestsCY170Ind>
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        <ContributorBusinessName>
          <BusinessNameLine1>RESTRICTED</BusinessNameLine1>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1>RESTRICTED</AddressLine1>
          <AddressLine2>RESTRICTED</AddressLine2>
          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
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        <BookValueAmt>0</BookValueAmt>
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      <OtherSecuritiesGrp>
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        <BookValueAmt>129057</BookValueAmt>
        <MethodValuationCd>F</MethodValuationCd>
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      <OtherSecuritiesGrp>
        <Desc>BRIDGE BUILDER CORE PLUS BOND</Desc>
        <BookValueAmt>156492</BookValueAmt>
        <MethodValuationCd>F</MethodValuationCd>
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      <OtherSecuritiesGrp>
        <Desc>BRIDGE BUILDER LARGE VALUE</Desc>
        <BookValueAmt>58254</BookValueAmt>
        <MethodValuationCd>F</MethodValuationCd>
      </OtherSecuritiesGrp>
      <OtherSecuritiesGrp>
        <Desc>BRIDGE BUILDER LARGE GROWTH</Desc>
        <BookValueAmt>71412</BookValueAmt>
        <MethodValuationCd>F</MethodValuationCd>
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      <OtherSecuritiesGrp>
        <Desc>BRIDGE BUILDER INTL EQUITY</Desc>
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        <MethodValuationCd>F</MethodValuationCd>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 6</FormAndLineReferenceDesc>
        <ExplanationTxt>ALL PANORAMA RESIDENTS ARE MEMBERS OF THE ORGANIZATION AND EACH SHALL BE ENTITLED TO ONE VOTE ON ALL MATTERS SUBMITTED TO A VOTE OF THE MEMBERSHIP.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 7A</FormAndLineReferenceDesc>
        <ExplanationTxt>THE MANAGEMENT OF ALL AFFAIRS, PROPERTY, AND INTERESTS OF THE CORPORATION SHALL BE VESTED IN A BOARD OF TRUSTEES CONSISTING OF EIGHT ELECTED RESIDENTS AND UP TO FOUR ADDITIONAL APPOINTED RESIDENT TRUSTEES. THE RESULTS OF THE ELECTION OF NEW TRUSTEES SHALL BE CERTIFIED AT THE ANNUAL MEETING OF THE MEMBERS. THE BOARD OF TRUSTEES SHALL BE ELECTED AT THE ANNUAL MEETING OF THE MEMBERS. CANDIDATES FOR THE BOARD MUST BE RESIDENTS OF PANORAMA AND ARE ELECTED FOR A FULL TERM OF THREE (3) YEARS TO SUCCEED THE TRUSTEES WHOSE TERMS EXPIRE AT THAT MEETING. TRUSTEES MAY BE ELECTED FOR A SECOND FULL TERM. TRUSTEES SHALL NOT BE ELIGIBLE TO SERVE MORE THAN TWO CONSECUTIVE FULL TERMS. THE BOARD OF TRUSTEES MAY, AT ITS DISCRETION, APPOINT INDIVIDUALS WITH SPECIFIC SKILLS FOR POSITIONS SUCH AS TREASURER OR LIBRARIAN, TO ONE-YEAR TERMS AS VOTING MEMBERS OF THE BOARD. THE APPOINTMENTS MAY BE RENEWED AT THE ANNUAL MEETING OF THE BOARD. IN ADDITION TO THE POWERS AND AUTHORITIES EXPRESSLY CONFERRED UPON IT BY THE BYLAWS AND ARTICLES OF INCORPORATION, THE BOARD OF TRUSTEES MAY EXERCISE ALL SUCH POWERS OF THE CORPORATION AND DO ALL SUCH LAWFUL ACTS AND THINGS AS ARE NOT BY STATUTE, OR BY THE ARTICLES OF INCORPORATION, OR BY THE BYLAWS DIRECTED OR REQUIRED TO BE EXERCISED OR DONE BY THE MEMBERS OF THE CORPORATION. THE OFFICERS OF THE CORPORATION SHALL BE A PRESIDENT, ONE OR MORE VICE PRESIDENTS, A SECRETARY, A TREASURER, A LIBRARIAN, AND SUCH ASSISTANT LIBRARIANS AND ASSISTANT TREASURERS AS THE BOARD MAY DESIGNATE. ALL OFFICERS SHALL BE ELECTED OR APPOINTED FOR TERMS OF ONE YEAR BY THE BOARD OF TRUSTEES. ALL OFFICERS SHALL HOLD OFFICE UNTIL THEIR SUCCESSORS ARE ELECTED OR APPOINTED. ANY TWO OR MORE OFFICES MAY BE HELD BY THE SAME PERSON, EXCEPT THE OFFICES OF PRESIDENT AND SECRETARY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>THE TREASURER AND THE PRESIDENT REVIEW THE TAX RETURN BEFORE FILING WITH THE IRS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THE DOCUMENTS ARE AVAILABLE UPON REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
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</Return>