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      <NetGainOrLossInvestmentsGrp>
        <TotalRevenueColumnAmt>137691</TotalRevenueColumnAmt>
        <ExclusionAmt>137691</ExclusionAmt>
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      <TotalRevenueGrp>
        <TotalRevenueColumnAmt>1160321</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>930694</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>1950</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>227677</ExclusionAmt>
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      <InfoInScheduleOPartIXInd>X</InfoInScheduleOPartIXInd>
      <CompCurrentOfcrDirectorsGrp>
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        <ManagementAndGeneralAmt>43120</ManagementAndGeneralAmt>
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        <ManagementAndGeneralAmt>26525</ManagementAndGeneralAmt>
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      <PayrollTaxesGrp>
        <TotalAmt>35904</TotalAmt>
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        <ManagementAndGeneralAmt>28861</ManagementAndGeneralAmt>
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      <AdvertisingGrp>
        <TotalAmt>11982</TotalAmt>
        <ProgramServicesAmt>9849</ProgramServicesAmt>
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        <ProgramServicesAmt>16598</ProgramServicesAmt>
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        <ProgramServicesAmt>11409</ProgramServicesAmt>
        <ManagementAndGeneralAmt>9720</ManagementAndGeneralAmt>
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      <TravelGrp>
        <TotalAmt>40365</TotalAmt>
        <ProgramServicesAmt>27500</ProgramServicesAmt>
        <ManagementAndGeneralAmt>12865</ManagementAndGeneralAmt>
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      <ConferencesMeetingsGrp>
        <TotalAmt>209852</TotalAmt>
        <ProgramServicesAmt>209852</ProgramServicesAmt>
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      <InsuranceGrp>
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        <ManagementAndGeneralAmt>7963</ManagementAndGeneralAmt>
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        <Desc>JOURNAL PRODUCTION</Desc>
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        <ProgramServicesAmt>167079</ProgramServicesAmt>
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      <LandBldgEquipAccumDeprecAmt>87329</LandBldgEquipAccumDeprecAmt>
      <LandBldgEquipBasisNetGrp>
        <BOYAmt>0</BOYAmt>
        <EOYAmt>0</EOYAmt>
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        <EOYAmt>3159137</EOYAmt>
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        <EOYAmt>3628245</EOYAmt>
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      <AccountsPayableAccrExpnssGrp>
        <BOYAmt>23027</BOYAmt>
        <EOYAmt>18976</EOYAmt>
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      <DeferredRevenueGrp>
        <BOYAmt>356283</BOYAmt>
        <EOYAmt>425155</EOYAmt>
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      <OtherLiabilitiesGrp>
        <BOYAmt>77614</BOYAmt>
        <EOYAmt>0</EOYAmt>
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      <TotalLiabilitiesGrp>
        <BOYAmt>456924</BOYAmt>
        <EOYAmt>444131</EOYAmt>
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      <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
      <NoDonorRestrictionNetAssetsGrp>
        <BOYAmt>3078349</BOYAmt>
        <EOYAmt>3184114</EOYAmt>
      </NoDonorRestrictionNetAssetsGrp>
      <TotalNetAssetsFundBalanceGrp>
        <BOYAmt>3078349</BOYAmt>
        <EOYAmt>3184114</EOYAmt>
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      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>3535273</BOYAmt>
        <EOYAmt>3628245</EOYAmt>
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      <ReconcilationRevenueExpnssAmt>-47607</ReconcilationRevenueExpnssAmt>
      <NetUnrlzdGainsLossesInvstAmt>153372</NetUnrlzdGainsLossesInvstAmt>
      <OtherChangesInNetAssetsAmt>0</OtherChangesInNetAssetsAmt>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>0</AccountantCompileOrReviewInd>
      <FSAuditedInd>1</FSAuditedInd>
      <FSAuditedBasisGrp>
        <SeparateBasisFinclStmtInd>X</SeparateBasisFinclStmtInd>
      </FSAuditedBasisGrp>
      <AuditCommitteeInd>1</AuditCommitteeInd>
      <FederalGrantAuditRequiredInd>0</FederalGrantAuditRequiredInd>
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    <IRS990ScheduleA documentId="RetDoc1039100001">
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      <GrossReceiptsAdmissionsGrp>
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        <CurrentTaxYearMinus3YearsAmt>842765</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>770808</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>1010135</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>930694</CurrentTaxYearAmt>
        <TotalAmt>4181435</TotalAmt>
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      <Total509Grp>
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        <CurrentTaxYearMinus3YearsAmt>842765</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>770808</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>1010135</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>930694</CurrentTaxYearAmt>
        <TotalAmt>4181435</TotalAmt>
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      <AmountsRcvdDsqlfyPersonGrp>
        <TotalAmt>0</TotalAmt>
      </AmountsRcvdDsqlfyPersonGrp>
      <SubstantialContributorsAmtGrp>
        <TotalAmt>0</TotalAmt>
      </SubstantialContributorsAmtGrp>
      <SubstAndDsqlfyPrsnsTotGrp>
        <TotalAmt>0</TotalAmt>
      </SubstAndDsqlfyPrsnsTotGrp>
      <PublicSupportTotal509Amt>4181435</PublicSupportTotal509Amt>
      <GrossInvestmentIncome509Grp>
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        <CurrentTaxYearMinus3YearsAmt>92962</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>79298</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>89875</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>89986</CurrentTaxYearAmt>
        <TotalAmt>442791</TotalAmt>
      </GrossInvestmentIncome509Grp>
      <InvestmentIncomeAndUBTIGrp>
        <CurrentTaxYearMinus4YearsAmt>90670</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>92962</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>79298</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>89875</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>89986</CurrentTaxYearAmt>
        <TotalAmt>442791</TotalAmt>
      </InvestmentIncomeAndUBTIGrp>
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        <CurrentTaxYearMinus3YearsAmt>5000</CurrentTaxYearMinus3YearsAmt>
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        <TotalAmt>15238</TotalAmt>
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        <CurrentTaxYearMinus2YearsAmt>855344</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>1100010</CurrentTaxYearMinus1YearAmt>
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      </TotalSupportCalendarYearGrp>
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      <PublicSupportPY509Pct>0.81100</PublicSupportPY509Pct>
      <InvestmentIncomeCYPct>0.09540</InvestmentIncomeCYPct>
      <InvestmentIncomePYPct>0.08050</InvestmentIncomePYPct>
      <ThirtyThrPctSuprtTestsCY509Ind>X</ThirtyThrPctSuprtTestsCY509Ind>
      <Form990ScheduleAPartVIGrp>
        <FormAndLineReferenceDesc>SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME:</FormAndLineReferenceDesc>
        <ExplanationTxt>MISCELLANEOUS INCOME - 2020 AMOUNT: $ 5,000. 2021 AMOUNT: $ 5,000. 2022 AMOUNT: $ 5,238.</ExplanationTxt>
      </Form990ScheduleAPartVIGrp>
      <Form990ScheduleAPartVIGrp>
        <FormAndLineReferenceDesc>FORM 990, SCHEDULE A, PART III, LINE 12: OTHER INCOME</FormAndLineReferenceDesc>
        <ExplanationTxt>THE AMOUNTS REPORTED ON LINE 12 IN COLUMNS (A) THROUGH (D) HAVE BEEN REVISED TO REMOVE GAINS FROM SALES OF CAPITAL ASSETS.</ExplanationTxt>
      </Form990ScheduleAPartVIGrp>
    </IRS990ScheduleA>
    <IRS990ScheduleD documentId="RetDoc1040000001">
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        <DepreciationAmt>40529</DepreciationAmt>
        <BookValueAmt>0</BookValueAmt>
      </EquipmentGrp>
      <OtherLandBuildingsGrp>
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        <DepreciationAmt>46800</DepreciationAmt>
        <BookValueAmt>0</BookValueAmt>
      </OtherLandBuildingsGrp>
      <TotalBookValueLandBuildingsAmt>0</TotalBookValueLandBuildingsAmt>
      <FootnoteTextInd>X</FootnoteTextInd>
      <TotalRevEtcAuditedFinclStmtAmt>1313693</TotalRevEtcAuditedFinclStmtAmt>
      <NetUnrealizedGainsInvstAmt>153372</NetUnrealizedGainsInvstAmt>
      <RevenueNotReportedAmt>153372</RevenueNotReportedAmt>
      <RevenueSubtotalAmt>1160321</RevenueSubtotalAmt>
      <RevenueNotReportedFinclStmtAmt>0</RevenueNotReportedFinclStmtAmt>
      <TotalRevenuePerForm990Amt>1160321</TotalRevenuePerForm990Amt>
      <TotExpnsEtcAuditedFinclStmtAmt>1207928</TotExpnsEtcAuditedFinclStmtAmt>
      <ExpensesNotReportedAmt>0</ExpensesNotReportedAmt>
      <ExpensesSubtotalAmt>1207928</ExpensesSubtotalAmt>
      <ExpensesNotRptFinclStmtAmt>0</ExpensesNotRptFinclStmtAmt>
      <TotalExpensesPerForm990Amt>1207928</TotalExpensesPerForm990Amt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART X, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ASSOCIATION HAS RECEIVED TAX-EXEMPT STATUS FROM THE INTERNAL REVENUE SERVICE AND CALIFORNIA FRANCHISE TAX BOARD UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC) AND SECTION 23701(D) OF THE REVENUE AND TAXATION CODE, RESPECTIVELY. THE ASSOCIATION RECOGNIZES THE FINANCIAL STATEMENT BENEFIT OF TAX POSITIONS, SUCH AS ITS FILING STATUS AS TAX-EXEMPT, ONLY AFTER DETERMINING THAT THE RELEVANT TAX AUTHORITY WOULD MORE LIKELY THAN NOT SUSTAIN THE POSITION FOLLOWING AN AUDIT. THE ASSOCIATION IS SUBJECT TO POTENTIAL INCOME TAX AUDITS ON OPEN TAX YEARS BY ANY TAXING JURISDICTION IN WHICH IT OPERATES. THE STATUTE OF LIMITATIONS FOR FEDERAL PURPOSES IS THREE YEARS AND FOR CALIFORNIA PURPOSES IS FOUR YEARS.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleD>
    <IRS990ScheduleJ documentId="RetDoc1042400001">
      <Form990OfOtherOrganizationsInd>X</Form990OfOtherOrganizationsInd>
      <WrittenEmploymentContractInd>X</WrittenEmploymentContractInd>
      <CompensationSurveyInd>X</CompensationSurveyInd>
      <BoardOrCommitteeApprovalInd>X</BoardOrCommitteeApprovalInd>
      <SeverancePaymentInd>0</SeverancePaymentInd>
      <SupplementalNonqualRtrPlanInd>0</SupplementalNonqualRtrPlanInd>
      <EquityBasedCompArrngmInd>0</EquityBasedCompArrngmInd>
      <CompBasedOnRevenueOfFlngOrgInd>0</CompBasedOnRevenueOfFlngOrgInd>
      <CompBsdOnRevRelatedOrgsInd>0</CompBsdOnRevRelatedOrgsInd>
      <CompBsdNetEarnsFlngOrgInd>0</CompBsdNetEarnsFlngOrgInd>
      <CompBsdNetEarnsRltdOrgsInd>0</CompBsdNetEarnsRltdOrgsInd>
      <AnyNonFixedPaymentsInd>0</AnyNonFixedPaymentsInd>
      <InitialContractExceptionInd>0</InitialContractExceptionInd>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>WADE MARTIN</PersonNm>
        <TitleTxt>EXECUTIVE DIRECTOR</TitleTxt>
        <BaseCompensationFilingOrgAmt>154000</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>0</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>0</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>154000</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
    </IRS990ScheduleJ>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 6</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ASSOCIATION HAS BOTH INDIVIDUAL AND INSTITUTIONAL MEMBERS WHO SHARE IN ITS EDUCATIONAL OBJECTIVES AND COMMITMENT TO EXCELLENCE IN ECONOMIC RESEARCH.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 7A</FormAndLineReferenceDesc>
        <ExplanationTxt>ASSOCIATION'S MEMBERS ARE ABLE TO SUBMIT NAMES OF NOMINEES FOR BALLOT AS OUTLINED IN THE BY-LAWS; MEMBERS VOTE IN AN ANNUAL BOARD ELECTION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 7B</FormAndLineReferenceDesc>
        <ExplanationTxt>CHANGES TO THE BYLAWS ARE SUBJECT TO REVIEW AND APPROVAL BY THE MEMBERS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>EXECUTIVE DIRECTOR, MANAGEMENT, AND BOARD MEMBERS REVIEW AND APPROVE THE FORM 990 RETURN BEFORE IT IS FILED WITH THE IRS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>CONFLICT OF INTEREST POLICY IS REVIEWED AND SIGNED BY ALL BOARD MEMBERS ON A YEARLY BASIS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 15A</FormAndLineReferenceDesc>
        <ExplanationTxt>EXECUTIVE COMPENSATION AT SIMILAR NON-PROFIT ORGANIZATIONS IS REVIEWED BY THE BOARD. EXECUTIVE DIRECTOR'S COMPENSATION IS APPROVED BY THE BOARD.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>POLICIES ARE AVAILABLE UPON REQUEST. FINANCIAL STATEMENTS ARE AVAILABLE ON THE ASSOCIATION'S WEBSITE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART IX, LINE 11G</FormAndLineReferenceDesc>
        <ExplanationTxt>OUTSIDE SERVICES: PROGRAM SERVICE EXPENSES 101,276. MANAGEMENT AND GENERAL EXPENSES 49,486. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 150,762.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
  </ReturnData>
</Return>