﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.irs.gov/efile" returnVersion="2022v5.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2025-01-15T14:32:07-06:00</ReturnTs>
    <TaxPeriodEndDt>2023-09-30</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>133641196</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>HIRSCH OELBAUM BRAM &amp; HANOVER CPA'S</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>42 WEST 39TH STREET 4TH FLR</AddressLine1Txt>
        <CityNm>NEW YORK</CityNm>
        <StateAbbreviationCd>NY</StateAbbreviationCd>
        <ZIPCd>10018</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2022-10-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>116548272</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>BAIS EPHRAIM CHARITABLE FOUNDATION TRUST</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>BAIS</BusinessNameControlTxt>
      <PhoneNum>9732272800</PhoneNum>
      <USAddress>
        <AddressLine1Txt>8 BOXWOOD LANE CO MARGULIES</AddressLine1Txt>
        <CityNm>MONSEY</CityNm>
        <StateAbbreviationCd>NY</StateAbbreviationCd>
        <ZIPCd>10952</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>ALLEN MARGULIES</PersonNm>
      <PersonTitleTxt>DIRECTOR</PersonTitleTxt>
      <PhoneNum>9732272800</PhoneNum>
      <SignatureDt>2025-01-15</SignatureDt>
      <DiscussWithPaidPreparerInd>1</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>0</IRSResponsiblePrtyInfoCurrInd>
    <PreparerPersonGrp>
      <PreparerPersonNm>MITCHELL LISKER</PreparerPersonNm>
      <PTIN>P00854960</PTIN>
      <PhoneNum>2122278034</PhoneNum>
      <PreparationDt>2025-01-15</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2022</TaxYr>
    <BuildTS>2024-10-15 13:58:12Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="11">
    <IRS990PF documentId="RetDoc1235000001">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>46506498</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>4300000</ContriRcvdRevAndExpnssAmt>
        <InterestOnSavRevAndExpnssAmt>1559666</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>1559666</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>239129</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>239129</DividendsNetInvstIncmAmt>
        <GrossRentsRevAndExpnssAmt>243380</GrossRentsRevAndExpnssAmt>
        <GrossRentsNetInvstIncmAmt>243380</GrossRentsNetInvstIncmAmt>
        <NetRentalIncomeOrLossAmt>21500</NetRentalIncomeOrLossAmt>
        <NetGainSaleAstRevAndExpnssAmt>137356</NetGainSaleAstRevAndExpnssAmt>
        <CapGainNetIncmNetInvstIncmAmt>137356</CapGainNetIncmNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>6479531</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>2179531</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>0</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>0</CompOfcrDirTrstDsbrsChrtblAmt>
        <LegalFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002100001">7500</LegalFeesRevAndExpnssAmt>
        <LegalFeesNetInvstIncmAmt>7500</LegalFeesNetInvstIncmAmt>
        <LegalFeesDsbrsChrtblAmt>0</LegalFeesDsbrsChrtblAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc2002500001">101733</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>52352</TaxesNetInvstIncmAmt>
        <TaxesDsbrsChrtblAmt>0</TaxesDsbrsChrtblAmt>
        <DeprecAndDpltnRevAndExpnssAmt referenceDocumentId="RetDoc2203000001">117288</DeprecAndDpltnRevAndExpnssAmt>
        <DeprecAndDpltnNetInvstIncmAmt>117288</DeprecAndDpltnNetInvstIncmAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc2003200001">44740</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>44740</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>0</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>271261</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>221880</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>0</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>2703366</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>2703366</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>2974627</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>221880</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>2703366</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>3504904</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>1957651</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>1431170</CashBOYAmt>
        <CashEOYAmt>2733964</CashEOYAmt>
        <CashEOYFMVAmt>2733964</CashEOYFMVAmt>
        <RcvblFromOfficersBOYAmt>1406659</RcvblFromOfficersBOYAmt>
        <RcvblFromOfficersEOYAmt>1270936</RcvblFromOfficersEOYAmt>
        <RcvblFromOfficersEOYFMVAmt>1270936</RcvblFromOfficersEOYFMVAmt>
        <InvstLandCostOrOtherBasisAmt>3225381</InvstLandCostOrOtherBasisAmt>
        <InvstLandAccumDepreciationAmt>861254</InvstLandAccumDepreciationAmt>
        <LandBldgInvestmentsBOYAmt>2481410</LandBldgInvestmentsBOYAmt>
        <LandBldgInvestmentsEOYAmt referenceDocumentId="RetDoc2059100001">2364127</LandBldgInvestmentsEOYAmt>
        <LandBldgInvestmentsEOYFMVAmt>2364127</LandBldgInvestmentsEOYFMVAmt>
        <OtherInvestmentsBOYAmt>31763603</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="RetDoc2018100001">40137471</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>40137471</OtherInvestmentsEOYFMVAmt>
        <TotalAssetsBOYAmt>37082842</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>46506498</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>46506498</TotalAssetsEOYFMVAmt>
        <AccountsPayableBOYAmt>1208</AccountsPayableBOYAmt>
        <AccountsPayableEOYAmt>4320</AccountsPayableEOYAmt>
        <OtherLiabilitiesBOYAmt referenceDocumentId="RetDoc2065700001">158750</OtherLiabilitiesBOYAmt>
        <OtherLiabilitiesEOYAmt referenceDocumentId="RetDoc2065700001">5773334</OtherLiabilitiesEOYAmt>
        <TotalLiabilitiesBOYAmt>159958</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>5777654</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <CapitalStockBOYAmt>0</CapitalStockBOYAmt>
        <CapitalStockEOYAmt>0</CapitalStockEOYAmt>
        <AdditionalPaidInCapitalBOYAmt>0</AdditionalPaidInCapitalBOYAmt>
        <AdditionalPaidInCapitalEOYAmt>0</AdditionalPaidInCapitalEOYAmt>
        <RetainedEarningBOYAmt>36922884</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>40728844</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>36922884</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>40728844</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>37082842</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>46506498</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>36922884</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>3504904</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt referenceDocumentId="RetDoc2049700001">301056</OtherIncreasesAmt>
        <SubtotalAmt>40728844</SubtotalAmt>
        <OtherDecreasesAmt>0</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>40728844</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>WELLS FARGO #2004- REALIZED</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>-16658</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-16658</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>ROSEMAHR CAPITAL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>154014</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>154014</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>137356</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>27211</InvestmentIncomeExciseTaxAmt>
        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
        <SubtotalAmt>27211</SubtotalAmt>
        <SubtitleATaxAmt>0</SubtitleATaxAmt>
        <TaxBasedOnInvestmentIncomeAmt>27211</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>24200</EstimatedPlusOvpmtIncmTxAmt>
        <ExemptFrgnOrgTaxWthldAtSrceAmt>0</ExemptFrgnOrgTaxWthldAtSrceAmt>
        <ExtsnRequestIncomeTaxPaidAmt>0</ExtsnRequestIncomeTaxPaidAmt>
        <BackupWithholdingWithheldAmt>0</BackupWithholdingWithheldAmt>
        <TotalPaymentsAndCreditsAmt>24200</TotalPaymentsAndCreditsAmt>
        <EsPenaltyAmt>0</EsPenaltyAmt>
        <TaxDueAmt>3011</TaxDueAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>0</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>0</MoreThan100SpentInd>
        <Form1120POLFiledInd>0</Form1120POLFiledInd>
        <Section4955OrganizationTaxAmt>0</Section4955OrganizationTaxAmt>
        <Section4955ManagersTaxAmt>0</Section4955ManagersTaxAmt>
        <TaxReimbursedAmt>0</TaxReimbursedAmt>
        <ActivitiesNotPreviouslyRptInd>0</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>0</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>0</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>0</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>1</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>1</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>NY</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>1</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>0</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>0</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>0</OwnControlledEntityInd>
        <DonorAdvisedFundInd>0</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>1</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <IndividualWithBooksNm>ARI MARGULIES</IndividualWithBooksNm>
        <PhoneNum>8454260071</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>8 BOXWOOD LANE</AddressLine1Txt>
          <CityNm>MONSEY</CityNm>
          <StateAbbreviationCd>NY</StateAbbreviationCd>
          <ZIPCd>10952</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>0</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>0</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>0</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>0</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>0</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>0</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>0</PaymentToGovernmentOfficialInd>
        <UncorrectedPriorActsInd>0</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>0</UndistributedIncomePYInd>
        <BusinessHoldingsInd>0</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>0</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>0</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>0</InfluenceLegislationInd>
        <InfluenceElectionInd>0</InfluenceElectionInd>
        <GrantsToIndividualsInd>0</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>0</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>0</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>0</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>0</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>0</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>0</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ARI MARGULIES</PersonNm>
          <USAddress>
            <AddressLine1Txt>8 BOXWOOD LANE</AddressLine1Txt>
            <CityNm>MONSEY NY</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10952</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>GOLDY MARGULIES</PersonNm>
          <USAddress>
            <AddressLine1Txt>8 BOXWOOD LANE</AddressLine1Txt>
            <CityNm>MONSEY NY</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10952</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
        <ContractorPaidOver50kCnt>0</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>EDUCATIONAL AND CHARITABLE AID TO 501 C 3 ORGANIZATIONS</Description1Txt>
        <Expenses1Amt>0</Expenses1Amt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <TotalAmt>0</TotalAmt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>35950537</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>2082567</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>4564179</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>42597283</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>42597283</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt referenceDocumentId="RetDoc12000100063">2733964</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>39863319</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>1993166</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>1993166</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>27211</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>27211</TotalTaxAmt>
        <DistributableBeforeAdjAmt>1965955</DistributableBeforeAdjAmt>
        <RecoveriesQualfiedDistriAmt>0</RecoveriesQualfiedDistriAmt>
        <DistributableBeforeDedAmt>1965955</DistributableBeforeDedAmt>
        <DeductionFromDistributableAmt>0</DeductionFromDistributableAmt>
        <DistributableAsAdjustedAmt>1965955</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>2703366</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <QualifyingDistributionsAmt>2703366</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>1965955</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr5Amt>400545</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>1278586</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>976760</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>390998</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>60562</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>3107451</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>2703366</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToPriorYearsAmt>0</AppliedToPriorYearsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <AppliedToCurrentYearAmt>1965955</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>737411</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>0</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>0</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>3844862</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <PriorYearDeficiencyOrTaxAmt>0</PriorYearDeficiencyOrTaxAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <CorpusDistri170b1EOr4942g3Amt>0</CorpusDistri170b1EOr4942g3Amt>
        <ExcessDistriCyovFromYr5Amt>400545</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>3444317</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>1278586</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>976760</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>390998</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>60562</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>737411</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>ARI MARGULIES</ContributingManagerNm>
        <ContributingManagerNm>GOLDY MARGULIES</ContributingManagerNm>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>ARI MARGULIES</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>8 BOXWOOD LANE</AddressLine1Txt>
            <CityNm>MONSEY</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10952</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>9732272800</RecipientPhoneNum>
          <FormAndInfoAndMaterialsTxt>LETTER FORM</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>NONE</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>NONE</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>American Friends of Sfath Emeth</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>C/O Margulies 1715 51st Street</AddressLine1Txt>
            <CityNm>Brooklyn</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11204</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>30000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Beth Rochel</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>145 Saddle River Rd</AddressLine1Txt>
            <CityNm>Airmont</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10952</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>65000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Binyan Torah</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>65 Dykstras Way E</AddressLine1Txt>
            <CityNm>Monsey</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10952</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Chaim VChesed</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>15B Jill Lane C/O Rabbi Yosef</AddressLine1Txt>
            <AddressLine2Txt>Bachar</AddressLine2Txt>
            <CityNm>Monsey</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10952</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>197600</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Chayim Vchessed</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>199 Lee Ave 268</AddressLine1Txt>
            <CityNm>Brooklyn</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11211</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>17200</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CIJE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>45 Broadway Suite 3050</AddressLine1Txt>
            <CityNm>New York</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10006</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>12000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Cong Ahavas Tzedaka V'chesed</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1347 42nd St</AddressLine1Txt>
            <CityNm>Brooklyn</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11219</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>250000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Dressed With Dignity</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>8 Chelsea Ln</AddressLine1Txt>
            <CityNm>Chestnut Ridge</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10977</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Emergency Parnossa Initiative</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>4706 18th Avenue</AddressLine1Txt>
            <CityNm>Brooklyn</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11204</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>100000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Karlin Stolin</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>105 Grove St</AddressLine1Txt>
            <CityNm>Monsey</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10952</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>20000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Keren Gemilas Chasudim Foundation</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>4706 18th Ave</AddressLine1Txt>
            <CityNm>Brooklyn</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11204</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>36000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Kollel Zichron Shneur</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>150 Remsen Ave</AddressLine1Txt>
            <CityNm>Monsey</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10952</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Kupath Ezra</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>59 College Road</AddressLine1Txt>
            <CityNm>Monsey</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10952</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>KZM</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>10 Carlton Rd</AddressLine1Txt>
            <CityNm>Monsey</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10952</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>M L T Y</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientForeignAddress>
            <AddressLine1Txt>50 Yehezkel St</AddressLine1Txt>
            <CityNm>Jerusalem</CityNm>
            <CountryCd>IS</CountryCd>
            <ForeignPostalCd>9535134</ForeignPostalCd>
          </RecipientForeignAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>150000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Mosdos Darkei Avos</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>235 N Pascack Rd</AddressLine1Txt>
            <CityNm>Spring Valley</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10977</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Mosdos Pnei Menachem</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>4111 18th Ave</AddressLine1Txt>
            <CityNm>Brooklyn</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11218</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>50000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Ohr Sameach</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>244 Route 306</AddressLine1Txt>
            <CityNm>Monsey</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10952</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>15000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Ohr Vdaas</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>972 Chestnut Ridge Rd</AddressLine1Txt>
            <CityNm>Spring Valley</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10977</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>OJC Fund</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1303 53rd St 303</AddressLine1Txt>
            <CityNm>Brooklyn</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11219</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>295000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Various Charities</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>8 BOXWOOD LANE</AddressLine1Txt>
            <CityNm>Monsey</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10952</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>365031</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Yad Shlomo Trust</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientForeignAddress>
            <AddressLine1Txt>86 Amhurst Park</AddressLine1Txt>
            <CityNm>London</CityNm>
            <CountryCd>UK</CountryCd>
            <ForeignPostalCd>N16 5AR</ForeignPostalCd>
          </RecipientForeignAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>5500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Yeshiva Bais Dovid</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>22 W Maple Ave</AddressLine1Txt>
            <CityNm>Monsey</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10952</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Yeshuos Yisroel</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>114 Clinton Ln</AddressLine1Txt>
            <CityNm>Spring Valley</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10977</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>20500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Zichron Menachem</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>8 Elyon Rd</AddressLine1Txt>
            <CityNm>Monsey</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10952</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>26360</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>American Committee for Sanz Institutions</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1611 46th Street Suite B3</AddressLine1Txt>
            <CityNm>Brooklyn</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11204</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>400000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>American Friends of Bnos Hadassah</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>8 BOXWOOD LANE</AddressLine1Txt>
            <CityNm>Monsey</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10952</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>American Friends of Ish El Rayahu</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>106 Magnolia Dr</AddressLine1Txt>
            <CityNm>Lakewood</CityNm>
            <StateAbbreviationCd>NJ</StateAbbreviationCd>
            <ZIPCd>08701</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Bais Yaakov Elementary School</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientForeignAddress>
            <AddressLine1Txt>15 Saranac Blvd</AddressLine1Txt>
            <CityNm>Toronto</CityNm>
            <ProvinceOrStateNm>Ontario</ProvinceOrStateNm>
            <CountryCd>CA</CountryCd>
            <ForeignPostalCd>M6A 2G4</ForeignPostalCd>
          </RecipientForeignAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>18000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Be'er Hagolah Institutes</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>671 Louisiana Ave</AddressLine1Txt>
            <CityNm>Brooklyn</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11239</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>BMG</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>601 Private Way</AddressLine1Txt>
            <CityNm>Lakewood</CityNm>
            <StateAbbreviationCd>NJ</StateAbbreviationCd>
            <ZIPCd>08701</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Bnos Chaya Pessel</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>148 Rodney St Apt 4</AddressLine1Txt>
            <CityNm>Brooklyn</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11211</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Cong Beis Yisroel Premishlan</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>c/o Margulies 1225 49th St Apt 1E</AddressLine1Txt>
            <AddressLine2Txt>Brooklyn NY 11219</AddressLine2Txt>
            <CityNm>Brooklyn</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11232</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>8600</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Cong Beth Pinchas</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>c/o Mr Goldberger 107 Skillman</AddressLine1Txt>
            <AddressLine2Txt>Street Apt 1B</AddressLine2Txt>
            <CityNm>Brooklyn</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11025</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>8075</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Cong Chevra Shas</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1569 45th St</AddressLine1Txt>
            <CityNm>Brooklyn</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11219</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Cong Zichron Menachem</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>858 Driggs Ave</AddressLine1Txt>
            <CityNm>Brooklyn</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11211</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>12500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Congregation Imrei Binah</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>47 Briarcliff Dr</AddressLine1Txt>
            <CityNm>Monsey</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10952</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>KYZZ</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>8 Pinewood Dr</AddressLine1Txt>
            <CityNm>Monsey</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10952</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Mechon Beth Yakov</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1683 42nd St</AddressLine1Txt>
            <CityNm>Brooklyn</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11204</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>6000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Global Center of Square</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>36 Truman Ave Unit 114</AddressLine1Txt>
            <CityNm>Spring Valley</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10977</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>450000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Smach Zavilin</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>18 Stonehouse Dr</AddressLine1Txt>
            <CityNm>Spring Valley</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10977</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Tiferes Mordechai</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>50 Mountain Ave</AddressLine1Txt>
            <CityNm>Monsey</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10952</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Tova Uvrucha</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>101 Walworth St</AddressLine1Txt>
            <CityNm>Brooklyn</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11205</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL AND CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>2703366</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>01</ExclusionCd>
          <ExclusionAmt>1559666</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>01</ExclusionCd>
          <ExclusionAmt>239129</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <NetRntlIncmReDebtFincdPropGrp>
          <ExclusionCd>16</ExclusionCd>
        </NetRntlIncmReDebtFincdPropGrp>
        <NetRntlIncmReNotDebtFincdProp>
          <ExclusionCd>16</ExclusionCd>
          <ExclusionAmt>21500</ExclusionAmt>
        </NetRntlIncmReNotDebtFincdProp>
        <OtherInvestmentIncomeGrp>
          <ExclusionCd>01</ExclusionCd>
        </OtherInvestmentIncomeGrp>
        <GainSalesAstOthThanInvntryGrp>
          <RelatedOrExemptFunctionIncmAmt>137356</RelatedOrExemptFunctionIncmAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>0</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>1820295</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>137356</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>1957651</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <RlnOfActyToAccomOfExmptPrpsGrp>
        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>4</LineNumberTxt>
          <RelationshipStatementTxt>TO SUPPORT CHARITABLE AND EDUCATIONAL INSTITUTIONS WITH EMPHASIS ON</RelationshipStatementTxt>
        </RlnOfActyToAccomOfExmptPrpsGrp>
        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>4</LineNumberTxt>
          <RelationshipStatementTxt>INDIGENT STUDENTS.</RelationshipStatementTxt>
        </RlnOfActyToAccomOfExmptPrpsGrp>
        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>5</LineNumberTxt>
          <RelationshipStatementTxt>TO SUPPORT CHARITABLE AND EDUCATIONAL INSTITUTIONS WITH EMPHASIS ON</RelationshipStatementTxt>
        </RlnOfActyToAccomOfExmptPrpsGrp>
        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>5</LineNumberTxt>
          <RelationshipStatementTxt>INDIGENT STUDENTS.</RelationshipStatementTxt>
        </RlnOfActyToAccomOfExmptPrpsGrp>
      </RlnOfActyToAccomOfExmptPrpsGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>0</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>0</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>0</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>0</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>0</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>0</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>0</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>0</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>0</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>0</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <IRS990ScheduleB documentId="RetDoc1234500001">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <GeneralRuleInd>X</GeneralRuleInd>
      <ContributorInformationGrp>
        <ContributorNum>1</ContributorNum>
        <ContributorBusinessName>
          <BusinessNameLine1Txt>DAVIDS COOKIES INC</BusinessNameLine1Txt>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1Txt>11 CLIFFSIDE DRIVE</AddressLine1Txt>
          <CityNm>CEDAR DRIVE</CityNm>
          <StateAbbreviationCd>NJ</StateAbbreviationCd>
          <ZIPCd>07009</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>3200000</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
      <ContributorInformationGrp>
        <ContributorNum>2</ContributorNum>
        <ContributorBusinessName>
          <BusinessNameLine1Txt>THE AVIGDOR OSTREICHER FAMILY</BusinessNameLine1Txt>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1Txt>100 WASHINGTON AVE</AddressLine1Txt>
          <CityNm>NEW SQUARE</CityNm>
          <StateAbbreviationCd>NY</StateAbbreviationCd>
          <ZIPCd>10952</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>1100000</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <CashDeemedCharitableExplnStmt documentId="RetDoc12000100063">
      <ShortExplanationTxt>THE FOUNDATION HAS MADE INTEREST FREE LOANS TO CHARITABLE ORGANIZATIONS. THESE ARE DEEMED TO BE HELD FOR CHARITABLE PURPOSE.</ShortExplanationTxt>
    </CashDeemedCharitableExplnStmt>
    <DepreciationSchedule documentId="RetDoc2203000001">
      <DepreciationPropertyGrp>
        <PropertyDesc>APARTMENT 130 BATES DRIVE MONSEY NY</PropertyDesc>
        <AcquiredDt>2010-07-15</AcquiredDt>
        <CostOrOtherBasisAmt>318000</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>138768</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>27.500000000000</LifeRt>
        <CurrentYearExpenseAmt>11564</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>11564</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>ROSEGARDEN WAY UNIT #302</PropertyDesc>
        <AcquiredDt>2015-09-30</AcquiredDt>
        <CostOrOtherBasisAmt>317896</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>80920</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>27.500000000000</LifeRt>
        <CurrentYearExpenseAmt>11560</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>11560</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>ROSEGARDEN WAY UNIT #103</PropertyDesc>
        <AcquiredDt>2015-09-30</AcquiredDt>
        <CostOrOtherBasisAmt>317896</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>80920</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>27.500000000000</LifeRt>
        <CurrentYearExpenseAmt>11560</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>11560</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>ROSEGARDEN WAY UNIT #203</PropertyDesc>
        <AcquiredDt>2015-09-30</AcquiredDt>
        <CostOrOtherBasisAmt>317896</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>80920</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>27.500000000000</LifeRt>
        <CurrentYearExpenseAmt>11560</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>11560</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>ROSEGARDEN WAY UNIT #303</PropertyDesc>
        <AcquiredDt>2015-09-30</AcquiredDt>
        <CostOrOtherBasisAmt>317896</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>80920</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>27.500000000000</LifeRt>
        <CurrentYearExpenseAmt>11560</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>11560</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>ROSEGARDEN WAY UNIT #111</PropertyDesc>
        <AcquiredDt>2015-09-30</AcquiredDt>
        <CostOrOtherBasisAmt>317896</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>80920</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>27.500000000000</LifeRt>
        <CurrentYearExpenseAmt>11560</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>11560</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>ROSEGARDEN WAY UNIT #112</PropertyDesc>
        <AcquiredDt>2015-09-30</AcquiredDt>
        <CostOrOtherBasisAmt>317896</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>91530</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>27.500000000000</LifeRt>
        <CurrentYearExpenseAmt>11560</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>11560</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>GLEN HILL</PropertyDesc>
        <AcquiredDt>2019-10-12</AcquiredDt>
        <CostOrOtherBasisAmt>1000000</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>109088</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>27.500000000000</LifeRt>
        <CurrentYearExpenseAmt>36364</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>36364</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
    </DepreciationSchedule>
    <InvestmentsLandSchedule2 documentId="RetDoc2059100001">
      <InvestmentLandGrp>
        <CategoryOrItemTxt>APARTMENT 130 BATES DRIVE MONSEY NY</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>318000</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>150332</AccumulatedDepreciationAmt>
        <BookValueAmt>167668</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>ROSEGARDEN WAY UNIT #302</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>317896</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>92480</AccumulatedDepreciationAmt>
        <BookValueAmt>225416</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>ROSEGARDEN WAY UNIT #103</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>317896</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>92480</AccumulatedDepreciationAmt>
        <BookValueAmt>225416</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>ROSEGARDEN WAY UNIT #203</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>317896</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>92480</AccumulatedDepreciationAmt>
        <BookValueAmt>225416</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>ROSEGARDEN WAY UNIT #303</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>317896</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>92480</AccumulatedDepreciationAmt>
        <BookValueAmt>225416</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>ROSEGARDEN WAY UNIT #111</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>317896</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>92480</AccumulatedDepreciationAmt>
        <BookValueAmt>225416</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>ROSEGARDEN WAY UNIT #112</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>317896</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>103090</AccumulatedDepreciationAmt>
        <BookValueAmt>214806</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>GLEN HILL</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>1000000</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>145452</AccumulatedDepreciationAmt>
        <BookValueAmt>854548</BookValueAmt>
      </InvestmentLandGrp>
    </InvestmentsLandSchedule2>
    <InvestmentsOtherSchedule2 documentId="RetDoc2018100001">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>GLAZER CAPITAL MNGMT LP</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>2342265</BookValueAmt>
        <EOYFMVAmt>2342265</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>GUARANTEED NOTES</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>23816271</BookValueAmt>
        <EOYFMVAmt>23816271</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>WELLS FARGO #1 SECURITIES</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>4131714</BookValueAmt>
        <EOYFMVAmt>4131714</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>WELLS FARGO #2 SECURITIES</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>148445</BookValueAmt>
        <EOYFMVAmt>148445</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ROSEMAWR CAPITAL</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>221928</BookValueAmt>
        <EOYFMVAmt>221928</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>AREL AUSTIN</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>41058</BookValueAmt>
        <EOYFMVAmt>41058</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>BRADFORD CAPITAL</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>311991</BookValueAmt>
        <EOYFMVAmt>311991</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>LRE ORLANDO LLC K-1</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>523549</BookValueAmt>
        <EOYFMVAmt>523549</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>MDLIFE CLASS A</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>486</BookValueAmt>
        <EOYFMVAmt>486</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ROSEMAWR MUNICIPAL</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>898514</BookValueAmt>
        <EOYFMVAmt>898514</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>METEORA CAPITAL</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>872673</BookValueAmt>
        <EOYFMVAmt>872673</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>GLAZER INDEX FUND A</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>1880841</BookValueAmt>
        <EOYFMVAmt>1880841</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>GLAZER INDEX FUND B</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>1897481</BookValueAmt>
        <EOYFMVAmt>1897481</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>GLAZER SPECIAL OPP FUND</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>562237</BookValueAmt>
        <EOYFMVAmt>562237</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ALLEGRO UNITED HOLDINGS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>843820</BookValueAmt>
        <EOYFMVAmt>843820</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>SPRING MILLS HOLDINGS LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>237649</BookValueAmt>
        <EOYFMVAmt>237649</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>JEST ALAMO LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>438283</BookValueAmt>
        <EOYFMVAmt>438283</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>M1 Life LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>659</BookValueAmt>
        <EOYFMVAmt>659</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>YB LIFE 25 LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>480274</BookValueAmt>
        <EOYFMVAmt>480274</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>YYB LIFE 500 (AV) ELBOGEN TRUST</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>487333</BookValueAmt>
        <EOYFMVAmt>487333</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LegalFeesSchedule documentId="RetDoc2002100001">
      <LegalFeesGrp>
        <CategoryTxt>PROFESSIONAL FEES</CategoryTxt>
        <LegalFeesAmt>3750</LegalFeesAmt>
        <NetInvestmentIncomeAmt>3750</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
      <LegalFeesGrp>
        <CategoryTxt>PROFESSIONAL FEES</CategoryTxt>
        <LegalFeesAmt>3750</LegalFeesAmt>
        <NetInvestmentIncomeAmt>3750</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
      <LegalFeesGrp>
        <CategoryTxt>TITLE EXPENSE</CategoryTxt>
        <LegalFeesAmt>0</LegalFeesAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherExpensesSchedule documentId="RetDoc2003200001">
      <OtherExpensesScheduleGrp>
        <Desc>MANAGEMENT FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>1635</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1635</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>CONDO FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>3952</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>3952</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>REPAIRS</Desc>
        <RevenueAndExpensesPerBooksAmt>7613</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>7613</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BANK FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>974</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>974</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BANK FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>974</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>974</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>CONDO FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>25725</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>25725</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>FILING FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>40</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>40</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>SUPPLIES</Desc>
        <RevenueAndExpensesPerBooksAmt>124</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>124</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>REPAIRS</Desc>
        <RevenueAndExpensesPerBooksAmt>3703</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>3703</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncreasesSchedule documentId="RetDoc2049700001">
      <OtherIncreasesDetail>
        <Desc>UNREALIZED GAIN(LOSS) WELLS FARGO #1</Desc>
        <Amt>291805</Amt>
      </OtherIncreasesDetail>
      <OtherIncreasesDetail>
        <Desc>UNREALIZED GAIN(LOSS) WELLS FARGO #2</Desc>
        <Amt>9251</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherLiabilitiesSchedule documentId="RetDoc2065700001">
      <OtherLiabilitiesDetail>
        <Desc>TENANT SECURITY</Desc>
        <BOYBookValueAmt>8750</BOYBookValueAmt>
        <EOYBookValueAmt>8750</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
      <OtherLiabilitiesDetail>
        <Desc>LOANS</Desc>
        <BOYBookValueAmt>150000</BOYBookValueAmt>
        <EOYBookValueAmt>5764584</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
    </OtherLiabilitiesSchedule>
    <TaxesSchedule documentId="RetDoc2002500001">
      <TaxesDetail>
        <CategoryTxt>IRS 990 TAX</CategoryTxt>
        <Amt>49381</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>REAL ESTATE TAX</CategoryTxt>
        <Amt>3160</Amt>
        <NetInvestmentIncomeAmt>3160</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>REAL ESTATE TAX</CategoryTxt>
        <Amt>49192</Amt>
        <NetInvestmentIncomeAmt>49192</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>