﻿<?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="2025v4.1">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2026-06-09T11:47:45-05:00</ReturnTs>
    <TaxPeriodEndDt>2025-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>840803727</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>REESE HENRY &amp; COMPANY INC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>400 E MAIN ST STE 2</AddressLine1Txt>
        <CityNm>ASPEN</CityNm>
        <StateAbbreviationCd>CO</StateAbbreviationCd>
        <ZIPCd>81611</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990</ReturnTypeCd>
    <TaxPeriodBeginDt>2025-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>841568414</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>ASPEN BOARD OF REALTORS-BILL HELDMAN</BusinessNameLine1Txt>
        <BusinessNameLine2Txt>STARK KING MEM SCHOLARSHIP FOUNDATION</BusinessNameLine2Txt>
      </BusinessName>
      <BusinessNameControlTxt>ASPE</BusinessNameControlTxt>
      <PhoneNum>9709270235</PhoneNum>
      <USAddress>
        <AddressLine1Txt>23400 TWO RIVERS ROAD 44</AddressLine1Txt>
        <CityNm>BASALT</CityNm>
        <StateAbbreviationCd>CO</StateAbbreviationCd>
        <ZIPCd>81621</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>ROD WOELFLE</PersonNm>
      <PersonTitleTxt>PRESIDENT</PersonTitleTxt>
      <PhoneNum>9709270235</PhoneNum>
      <SignatureDt>2026-05-07</SignatureDt>
      <DiscussWithPaidPreparerInd>1</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>MARK S KAVASCH CPA</PreparerPersonNm>
      <PTIN>P00107511</PTIN>
      <PhoneNum>9709253771</PhoneNum>
    </PreparerPersonGrp>
    <TaxYr>2025</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="7">
    <IRS990 documentId="RetDoc1038000001" referenceDocumentId="RetDoc1044400001">
      <PrincipalOfficerNm>ROD WOELFLE</PrincipalOfficerNm>
      <USAddress>
        <AddressLine1Txt>23400 TWO RIVERS ROAD 44</AddressLine1Txt>
        <CityNm>BASALT</CityNm>
        <StateAbbreviationCd>CO</StateAbbreviationCd>
        <ZIPCd>81621</ZIPCd>
      </USAddress>
      <GrossReceiptsAmt>223756</GrossReceiptsAmt>
      <GroupReturnForAffiliatesInd>0</GroupReturnForAffiliatesInd>
      <Organization501c3Ind>X</Organization501c3Ind>
      <WebsiteAddressTxt>ASPENREALTORS.COM</WebsiteAddressTxt>
      <TypeOfOrganizationCorpInd>X</TypeOfOrganizationCorpInd>
      <FormationYr>1999</FormationYr>
      <LegalDomicileStateCd>CO</LegalDomicileStateCd>
      <ActivityOrMissionDesc>SCHOLARSHIP PROGRAM SET UP TO ENABLE STUDENTS TO OBTAIN POST HIGH SCHOOL EDUCATION.</ActivityOrMissionDesc>
      <VotingMembersGoverningBodyCnt>4</VotingMembersGoverningBodyCnt>
      <VotingMembersIndependentCnt>4</VotingMembersIndependentCnt>
      <TotalEmployeeCnt>0</TotalEmployeeCnt>
      <TotalVolunteersCnt>100</TotalVolunteersCnt>
      <TotalGrossUBIAmt>0</TotalGrossUBIAmt>
      <NetUnrelatedBusTxblIncmAmt>0</NetUnrelatedBusTxblIncmAmt>
      <PYContributionsGrantsAmt>100198</PYContributionsGrantsAmt>
      <CYContributionsGrantsAmt>93705</CYContributionsGrantsAmt>
      <PYProgramServiceRevenueAmt>0</PYProgramServiceRevenueAmt>
      <CYProgramServiceRevenueAmt>0</CYProgramServiceRevenueAmt>
      <PYInvestmentIncomeAmt>77092</PYInvestmentIncomeAmt>
      <CYInvestmentIncomeAmt>43260</CYInvestmentIncomeAmt>
      <PYOtherRevenueAmt>-22466</PYOtherRevenueAmt>
      <CYOtherRevenueAmt>-16499</CYOtherRevenueAmt>
      <PYTotalRevenueAmt>154824</PYTotalRevenueAmt>
      <CYTotalRevenueAmt>120466</CYTotalRevenueAmt>
      <PYGrantsAndSimilarPaidAmt>43000</PYGrantsAndSimilarPaidAmt>
      <CYGrantsAndSimilarPaidAmt>81650</CYGrantsAndSimilarPaidAmt>
      <PYBenefitsPaidToMembersAmt>0</PYBenefitsPaidToMembersAmt>
      <CYBenefitsPaidToMembersAmt>0</CYBenefitsPaidToMembersAmt>
      <PYSalariesCompEmpBnftPaidAmt>0</PYSalariesCompEmpBnftPaidAmt>
      <CYSalariesCompEmpBnftPaidAmt>0</CYSalariesCompEmpBnftPaidAmt>
      <PYTotalProfFndrsngExpnsAmt>0</PYTotalProfFndrsngExpnsAmt>
      <CYTotalProfFndrsngExpnsAmt>0</CYTotalProfFndrsngExpnsAmt>
      <CYTotalFundraisingExpenseAmt>23518</CYTotalFundraisingExpenseAmt>
      <PYOtherExpensesAmt>35977</PYOtherExpensesAmt>
      <CYOtherExpensesAmt>42785</CYOtherExpensesAmt>
      <PYTotalExpensesAmt>78977</PYTotalExpensesAmt>
      <CYTotalExpensesAmt>124435</CYTotalExpensesAmt>
      <PYRevenuesLessExpensesAmt>75847</PYRevenuesLessExpensesAmt>
      <CYRevenuesLessExpensesAmt>-3969</CYRevenuesLessExpensesAmt>
      <TotalAssetsBOYAmt>1022872</TotalAssetsBOYAmt>
      <TotalAssetsEOYAmt>1072937</TotalAssetsEOYAmt>
      <TotalLiabilitiesBOYAmt>24117</TotalLiabilitiesBOYAmt>
      <TotalLiabilitiesEOYAmt>25224</TotalLiabilitiesEOYAmt>
      <NetAssetsOrFundBalancesBOYAmt>998755</NetAssetsOrFundBalancesBOYAmt>
      <NetAssetsOrFundBalancesEOYAmt>1047713</NetAssetsOrFundBalancesEOYAmt>
      <MissionDesc>SCHOLARSHIP PROGRAM SET UP TO ENABLE STUDENTS TO OBTAIN POST HIGH SCHOOL EDUCATION.</MissionDesc>
      <SignificantNewProgramSrvcInd>0</SignificantNewProgramSrvcInd>
      <SignificantChangeInd>0</SignificantChangeInd>
      <ExpenseAmt>81650</ExpenseAmt>
      <GrantAmt>81650</GrantAmt>
      <RevenueAmt>105438</RevenueAmt>
      <Desc>EDUCATIONAL SCHOLARSHIP PROGRAM</Desc>
      <TotalProgramServiceExpensesAmt>81650</TotalProgramServiceExpensesAmt>
      <DescribedInSection501c3Ind referenceDocumentId="RetDoc1039100001">1</DescribedInSection501c3Ind>
      <ScheduleBRequiredInd referenceDocumentId="RetDoc1234500001">1</ScheduleBRequiredInd>
      <PoliticalCampaignActyInd>0</PoliticalCampaignActyInd>
      <LobbyingActivitiesInd>0</LobbyingActivitiesInd>
      <SubjectToProxyTaxInd>0</SubjectToProxyTaxInd>
      <DonorAdvisedFundInd>0</DonorAdvisedFundInd>
      <ConservationEasementsInd>0</ConservationEasementsInd>
      <CollectionsOfArtInd>0</CollectionsOfArtInd>
      <CreditCounselingInd>0</CreditCounselingInd>
      <DonorRstrOrQuasiEndowmentsInd>0</DonorRstrOrQuasiEndowmentsInd>
      <ReportLandBuildingEquipmentInd>0</ReportLandBuildingEquipmentInd>
      <ReportInvestmentsOtherSecInd>0</ReportInvestmentsOtherSecInd>
      <ReportProgramRelatedInvstInd>0</ReportProgramRelatedInvstInd>
      <ReportOtherAssetsInd>0</ReportOtherAssetsInd>
      <ReportOtherLiabilitiesInd>0</ReportOtherLiabilitiesInd>
      <IncludeFIN48FootnoteInd>0</IncludeFIN48FootnoteInd>
      <IndependentAuditFinclStmtInd>0</IndependentAuditFinclStmtInd>
      <ConsolidatedAuditFinclStmtInd>0</ConsolidatedAuditFinclStmtInd>
      <SchoolOperatingInd>0</SchoolOperatingInd>
      <ForeignOfficeInd>0</ForeignOfficeInd>
      <ForeignActivitiesInd>0</ForeignActivitiesInd>
      <MoreThan5000KToOrgInd>0</MoreThan5000KToOrgInd>
      <MoreThan5000KToIndividualsInd>0</MoreThan5000KToIndividualsInd>
      <ProfessionalFundraisingInd referenceDocumentId="RetDoc1041300001">0</ProfessionalFundraisingInd>
      <FundraisingActivitiesInd referenceDocumentId="RetDoc1041300001">1</FundraisingActivitiesInd>
      <GamingActivitiesInd referenceDocumentId="RetDoc1041300001">0</GamingActivitiesInd>
      <OperateHospitalInd>0</OperateHospitalInd>
      <GrantsToOrganizationsInd referenceDocumentId="RetDoc1041900001">0</GrantsToOrganizationsInd>
      <GrantsToIndividualsInd referenceDocumentId="RetDoc1041900001">1</GrantsToIndividualsInd>
      <ScheduleJRequiredInd>0</ScheduleJRequiredInd>
      <TaxExemptBondsInd>0</TaxExemptBondsInd>
      <EngagedInExcessBenefitTransInd>0</EngagedInExcessBenefitTransInd>
      <PYExcessBenefitTransInd>0</PYExcessBenefitTransInd>
      <LoanOutstandingInd>0</LoanOutstandingInd>
      <GrantToRelatedPersonInd>0</GrantToRelatedPersonInd>
      <BusinessRlnWithOrgMemInd>0</BusinessRlnWithOrgMemInd>
      <BusinessRlnWithFamMemInd>0</BusinessRlnWithFamMemInd>
      <BusinessRlnWith35CtrlEntInd>0</BusinessRlnWith35CtrlEntInd>
      <DeductibleNonCashContriInd>0</DeductibleNonCashContriInd>
      <DeductibleArtContributionInd>0</DeductibleArtContributionInd>
      <TerminateOperationsInd>0</TerminateOperationsInd>
      <PartialLiquidationInd>0</PartialLiquidationInd>
      <DisregardedEntityInd referenceDocumentId="RetDoc1043400001">0</DisregardedEntityInd>
      <RelatedEntityInd referenceDocumentId="RetDoc1043400001">1</RelatedEntityInd>
      <RelatedOrganizationCtrlEntInd>0</RelatedOrganizationCtrlEntInd>
      <TrnsfrExmptNonChrtblRltdOrgInd referenceDocumentId="RetDoc1043400001">0</TrnsfrExmptNonChrtblRltdOrgInd>
      <ActivitiesConductedPrtshpInd referenceDocumentId="RetDoc1043400001">0</ActivitiesConductedPrtshpInd>
      <ScheduleORequiredInd>1</ScheduleORequiredInd>
      <IRPDocumentCnt>0</IRPDocumentCnt>
      <IRPDocumentW2GCnt>0</IRPDocumentW2GCnt>
      <BackupWthldComplianceInd>1</BackupWthldComplianceInd>
      <EmployeeCnt>0</EmployeeCnt>
      <UnrelatedBusIncmOverLimitInd>0</UnrelatedBusIncmOverLimitInd>
      <ForeignFinancialAccountInd>0</ForeignFinancialAccountInd>
      <ProhibitedTaxShelterTransInd>0</ProhibitedTaxShelterTransInd>
      <TaxablePartyNotificationInd>0</TaxablePartyNotificationInd>
      <NondeductibleContributionsInd>0</NondeductibleContributionsInd>
      <QuidProQuoContributionsInd>0</QuidProQuoContributionsInd>
      <Form8282PropertyDisposedOfInd>0</Form8282PropertyDisposedOfInd>
      <IndoorTanningServicesInd>0</IndoorTanningServicesInd>
      <SubjToTaxRmnrtnExPrchtPymtInd>0</SubjToTaxRmnrtnExPrchtPymtInd>
      <SubjectToExcsTaxNetInvstIncInd>0</SubjectToExcsTaxNetInvstIncInd>
      <InfoInScheduleOPartVIInd>X</InfoInScheduleOPartVIInd>
      <GoverningBodyVotingMembersCnt>4</GoverningBodyVotingMembersCnt>
      <IndependentVotingMemberCnt>4</IndependentVotingMemberCnt>
      <FamilyOrBusinessRlnInd>0</FamilyOrBusinessRlnInd>
      <DelegationOfMgmtDutiesInd>0</DelegationOfMgmtDutiesInd>
      <ChangeToOrgDocumentsInd>0</ChangeToOrgDocumentsInd>
      <MaterialDiversionOrMisuseInd>0</MaterialDiversionOrMisuseInd>
      <MembersOrStockholdersInd>0</MembersOrStockholdersInd>
      <ElectionOfBoardMembersInd>0</ElectionOfBoardMembersInd>
      <DecisionsSubjectToApprovaInd>0</DecisionsSubjectToApprovaInd>
      <MinutesOfGoverningBodyInd>1</MinutesOfGoverningBodyInd>
      <MinutesOfCommitteesInd>1</MinutesOfCommitteesInd>
      <OfficerMailingAddressInd>0</OfficerMailingAddressInd>
      <LocalChaptersInd>0</LocalChaptersInd>
      <Form990ProvidedToGvrnBodyInd>1</Form990ProvidedToGvrnBodyInd>
      <ConflictOfInterestPolicyInd>0</ConflictOfInterestPolicyInd>
      <WhistleblowerPolicyInd>0</WhistleblowerPolicyInd>
      <DocumentRetentionPolicyInd>0</DocumentRetentionPolicyInd>
      <CompensationProcessCEOInd>0</CompensationProcessCEOInd>
      <CompensationProcessOtherInd>0</CompensationProcessOtherInd>
      <InvestmentInJointVentureInd>0</InvestmentInJointVentureInd>
      <StatesWhereCopyOfReturnIsFldCd>CO</StatesWhereCopyOfReturnIsFldCd>
      <UponRequestInd>X</UponRequestInd>
      <BooksInCareOfDetail>
        <PersonNm>EMILY VANGERPEN</PersonNm>
        <PhoneNum>9709270235</PhoneNum>
        <USAddress>
          <AddressLine1Txt>23400 TWO RIVERS ROAD</AddressLine1Txt>
          <CityNm>BASALT</CityNm>
          <StateAbbreviationCd>CO</StateAbbreviationCd>
          <ZIPCd>81621</ZIPCd>
        </USAddress>
      </BooksInCareOfDetail>
      <NoListedPersonsCompensatedInd>X</NoListedPersonsCompensatedInd>
      <Form990PartVIISectionAGrp>
        <PersonNm>ROD WOELFLE</PersonNm>
        <TitleTxt>PRESIDENT</TitleTxt>
        <AverageHoursPerWeekRt>3.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>GINI KING</PersonNm>
        <TitleTxt>MEMBER</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>MARK LEWIS</PersonNm>
        <TitleTxt>MEMBER</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>KRISTEN MALEY</PersonNm>
        <TitleTxt>MEMBER</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <TotalReportableCompFromOrgAmt>0</TotalReportableCompFromOrgAmt>
      <TotReportableCompRltdOrgAmt>0</TotReportableCompRltdOrgAmt>
      <TotalOtherCompensationAmt>0</TotalOtherCompensationAmt>
      <IndivRcvdGreaterThan100KCnt>0</IndivRcvdGreaterThan100KCnt>
      <FormerOfcrEmployeesListedInd>0</FormerOfcrEmployeesListedInd>
      <TotalCompGreaterThan150KInd>0</TotalCompGreaterThan150KInd>
      <CompensationFromOtherSrcsInd>0</CompensationFromOtherSrcsInd>
      <CntrctRcvdGreaterThan100KCnt>0</CntrctRcvdGreaterThan100KCnt>
      <FundraisingAmt>86229</FundraisingAmt>
      <AllOtherContributionsAmt>7476</AllOtherContributionsAmt>
      <TotalContributionsAmt>93705</TotalContributionsAmt>
      <InvestmentIncomeGrp>
        <TotalRevenueColumnAmt>24718</TotalRevenueColumnAmt>
        <ExclusionAmt>24718</ExclusionAmt>
      </InvestmentIncomeGrp>
      <GrossAmountSalesAssetsGrp>
        <SecuritiesAmt>86124</SecuritiesAmt>
      </GrossAmountSalesAssetsGrp>
      <LessCostOthBasisSalesExpnssGrp>
        <SecuritiesAmt>67582</SecuritiesAmt>
      </LessCostOthBasisSalesExpnssGrp>
      <GainOrLossGrp>
        <SecuritiesAmt>18542</SecuritiesAmt>
      </GainOrLossGrp>
      <NetGainOrLossInvestmentsGrp>
        <TotalRevenueColumnAmt>18542</TotalRevenueColumnAmt>
        <ExclusionAmt>18542</ExclusionAmt>
      </NetGainOrLossInvestmentsGrp>
      <FundraisingGrossIncomeAmt>19209</FundraisingGrossIncomeAmt>
      <ContriRptFundraisingEventAmt>86229</ContriRptFundraisingEventAmt>
      <FundraisingDirectExpensesAmt>35708</FundraisingDirectExpensesAmt>
      <NetIncmFromFundraisingEvtGrp>
        <TotalRevenueColumnAmt>-16499</TotalRevenueColumnAmt>
        <ExclusionAmt>-16499</ExclusionAmt>
      </NetIncmFromFundraisingEvtGrp>
      <TotalRevenueGrp>
        <TotalRevenueColumnAmt>120466</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>0</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>0</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>26761</ExclusionAmt>
      </TotalRevenueGrp>
      <GrantsToDomesticIndividualsGrp>
        <TotalAmt>81650</TotalAmt>
        <ProgramServicesAmt>81650</ProgramServicesAmt>
      </GrantsToDomesticIndividualsGrp>
      <FeesForServicesAccountingGrp>
        <TotalAmt>3580</TotalAmt>
        <ManagementAndGeneralAmt>3580</ManagementAndGeneralAmt>
      </FeesForServicesAccountingGrp>
      <FeesForSrvcInvstMgmntFeesGrp>
        <TotalAmt>9808</TotalAmt>
        <ManagementAndGeneralAmt>9808</ManagementAndGeneralAmt>
      </FeesForSrvcInvstMgmntFeesGrp>
      <OfficeExpensesGrp>
        <TotalAmt>2194</TotalAmt>
        <ManagementAndGeneralAmt>439</ManagementAndGeneralAmt>
        <FundraisingAmt>1755</FundraisingAmt>
      </OfficeExpensesGrp>
      <ConferencesMeetingsGrp>
        <TotalAmt>2170</TotalAmt>
        <ManagementAndGeneralAmt>434</ManagementAndGeneralAmt>
        <FundraisingAmt>1736</FundraisingAmt>
      </ConferencesMeetingsGrp>
      <OtherExpensesGrp>
        <Desc>REIMBURSEMENTS</Desc>
        <TotalAmt>25033</TotalAmt>
        <ManagementAndGeneralAmt>5006</ManagementAndGeneralAmt>
        <FundraisingAmt>20027</FundraisingAmt>
      </OtherExpensesGrp>
      <TotalFunctionalExpensesGrp>
        <TotalAmt>124435</TotalAmt>
        <ProgramServicesAmt>81650</ProgramServicesAmt>
        <ManagementAndGeneralAmt>19267</ManagementAndGeneralAmt>
        <FundraisingAmt>23518</FundraisingAmt>
      </TotalFunctionalExpensesGrp>
      <CashNonInterestBearingGrp>
        <BOYAmt>71885</BOYAmt>
        <EOYAmt>71742</EOYAmt>
      </CashNonInterestBearingGrp>
      <AccountsReceivableGrp>
        <BOYAmt>718</BOYAmt>
        <EOYAmt>879</EOYAmt>
      </AccountsReceivableGrp>
      <InvestmentsPubTradedSecGrp>
        <BOYAmt>950269</BOYAmt>
        <EOYAmt>1000316</EOYAmt>
      </InvestmentsPubTradedSecGrp>
      <TotalAssetsGrp>
        <BOYAmt>1022872</BOYAmt>
        <EOYAmt>1072937</EOYAmt>
      </TotalAssetsGrp>
      <AccountsPayableAccrExpnssGrp>
        <BOYAmt>24117</BOYAmt>
        <EOYAmt>25224</EOYAmt>
      </AccountsPayableAccrExpnssGrp>
      <TotalLiabilitiesGrp>
        <BOYAmt>24117</BOYAmt>
        <EOYAmt>25224</EOYAmt>
      </TotalLiabilitiesGrp>
      <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
      <NoDonorRestrictionNetAssetsGrp>
        <BOYAmt>998755</BOYAmt>
        <EOYAmt>1047713</EOYAmt>
      </NoDonorRestrictionNetAssetsGrp>
      <TotalNetAssetsFundBalanceGrp>
        <BOYAmt>998755</BOYAmt>
        <EOYAmt>1047713</EOYAmt>
      </TotalNetAssetsFundBalanceGrp>
      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>1022872</BOYAmt>
        <EOYAmt>1072937</EOYAmt>
      </TotLiabNetAssetsFundBalanceGrp>
      <ReconcilationRevenueExpnssAmt>-3969</ReconcilationRevenueExpnssAmt>
      <NetUnrlzdGainsLossesInvstAmt>52927</NetUnrlzdGainsLossesInvstAmt>
      <OtherChangesInNetAssetsAmt>0</OtherChangesInNetAssetsAmt>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>0</AccountantCompileOrReviewInd>
      <FSAuditedInd>0</FSAuditedInd>
      <FederalGrantAuditRequiredInd>0</FederalGrantAuditRequiredInd>
    </IRS990>
    <IRS990ScheduleA documentId="RetDoc1039100001">
      <PubliclySupportedOrg509a2Ind>X</PubliclySupportedOrg509a2Ind>
      <GiftsGrantsContrisRcvd509Grp>
        <CurrentTaxYearMinus4YearsAmt>12545</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>1400</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>1350</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>100198</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>93705</CurrentTaxYearAmt>
        <TotalAmt>209198</TotalAmt>
      </GiftsGrantsContrisRcvd509Grp>
      <GrossReceiptsAdmissionsGrp>
        <CurrentTaxYearMinus4YearsAmt>120771</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>139781</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>113369</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>22550</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>19209</CurrentTaxYearAmt>
        <TotalAmt>415680</TotalAmt>
      </GrossReceiptsAdmissionsGrp>
      <Total509Grp>
        <CurrentTaxYearMinus4YearsAmt>133316</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>141181</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>114719</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>122748</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>112914</CurrentTaxYearAmt>
        <TotalAmt>624878</TotalAmt>
      </Total509Grp>
      <AmountsRcvdDsqlfyPersonGrp>
        <CurrentTaxYearMinus1YearAmt>275</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>1000</CurrentTaxYearAmt>
        <TotalAmt>1275</TotalAmt>
      </AmountsRcvdDsqlfyPersonGrp>
      <SubstantialContributorsAmtGrp>
        <TotalAmt>0</TotalAmt>
      </SubstantialContributorsAmtGrp>
      <SubstAndDsqlfyPrsnsTotGrp>
        <CurrentTaxYearMinus1YearAmt>275</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>1000</CurrentTaxYearAmt>
        <TotalAmt>1275</TotalAmt>
      </SubstAndDsqlfyPrsnsTotGrp>
      <PublicSupportTotal509Amt>623603</PublicSupportTotal509Amt>
      <GrossInvestmentIncome509Grp>
        <CurrentTaxYearMinus4YearsAmt>15270</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>23382</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>22706</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>30728</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>24718</CurrentTaxYearAmt>
        <TotalAmt>116804</TotalAmt>
      </GrossInvestmentIncome509Grp>
      <InvestmentIncomeAndUBTIGrp>
        <CurrentTaxYearMinus4YearsAmt>15270</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>23382</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>22706</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>30728</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>24718</CurrentTaxYearAmt>
        <TotalAmt>116804</TotalAmt>
      </InvestmentIncomeAndUBTIGrp>
      <TotalSupportCalendarYearGrp>
        <CurrentTaxYearMinus4YearsAmt>148586</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>164563</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>137425</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>153476</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>137632</CurrentTaxYearAmt>
        <TotalAmt>741682</TotalAmt>
      </TotalSupportCalendarYearGrp>
      <PublicSupportCY509Pct>0.84080</PublicSupportCY509Pct>
      <PublicSupportPY509Pct>0.83930</PublicSupportPY509Pct>
      <InvestmentIncomeCYPct>0.15750</InvestmentIncomeCYPct>
      <InvestmentIncomePYPct>0.16030</InvestmentIncomePYPct>
      <ThirtyThrPctSuprtTestsCY509Ind>X</ThirtyThrPctSuprtTestsCY509Ind>
    </IRS990ScheduleA>
    <IRS990ScheduleB documentId="RetDoc1234500001">
      <ContributorInformationGrp>
        <ContributorNum>RESTRICTED</ContributorNum>
        <ContributorBusinessName>
          <BusinessNameLine1>RESTRICTED</BusinessNameLine1>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1>RESTRICTED</AddressLine1>
          <AddressLine2>RESTRICTED</AddressLine2>
          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
        </ContributorUSAddress>
        <TotalContributionsAmt>RESTRICTED</TotalContributionsAmt>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <IRS990ScheduleG documentId="RetDoc1041300001">
      <FundraisingEventInformationGrp>
        <Event1Nm>GOLF TOURNAMENT</Event1Nm>
        <GrossReceiptsEvent1Amt>105438</GrossReceiptsEvent1Amt>
        <CharitableContriEvent1Amt>86229</CharitableContriEvent1Amt>
        <GrossRevenueEvent1Amt>19209</GrossRevenueEvent1Amt>
        <RentFacilityCostsEvent1Amt>4430</RentFacilityCostsEvent1Amt>
        <FoodAndBeverageEvent1Amt>3940</FoodAndBeverageEvent1Amt>
        <OtherDirectExpensesEvent1Amt>27338</OtherDirectExpensesEvent1Amt>
        <GrossReceiptsTotalAmt>105438</GrossReceiptsTotalAmt>
        <CharitableContributionsTotAmt>86229</CharitableContributionsTotAmt>
        <GrossRevenueTotalEventsAmt>19209</GrossRevenueTotalEventsAmt>
        <RentFcltyCostsTotalEventsAmt>4430</RentFcltyCostsTotalEventsAmt>
        <FoodAndBeverageTotalEventsAmt>3940</FoodAndBeverageTotalEventsAmt>
        <OthDirectExpnssTotalEventsAmt>27338</OthDirectExpnssTotalEventsAmt>
        <DirectExpenseSummaryEventsAmt>35708</DirectExpenseSummaryEventsAmt>
        <NetIncomeSummaryAmt>-16499</NetIncomeSummaryAmt>
      </FundraisingEventInformationGrp>
    </IRS990ScheduleG>
    <IRS990ScheduleI documentId="RetDoc1041900001">
      <GrantRecordsMaintainedInd>1</GrantRecordsMaintainedInd>
      <GrantsOtherAsstToIndivInUSGrp>
        <GrantTypeTxt>EDUCATIONAL SCHOLARSHIPS</GrantTypeTxt>
        <RecipientCnt>16</RecipientCnt>
        <CashGrantAmt>81650</CashGrantAmt>
        <ValuationMethodUsedDesc>N/A</ValuationMethodUsedDesc>
        <NonCashAssistanceDesc>N/A</NonCashAssistanceDesc>
      </GrantsOtherAsstToIndivInUSGrp>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART I, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>TRUSTEE COMMITTEE EVALUATES APPLICATIONS SUBMITTED BY HIGH SCHOOL STUDENTS SEEKING FINANCIAL ASSISTANCE FOR A COLLEGE EDUCATION. SCHOLARSHIP AWARDS ARE SENT DIRECTLY TO THE STUDENT'S COLLEGE ONCE THEIR ADMISSION IS CONFIRMED BY THE COLLEGE AND THE STUDENT IS IN GOOD STANDING.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleI>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>COPY OF THE ORGANIZATION'S TAX RETURN IS GIVEN TO THE BOARD OF TRUSTEES FOR REVIEW AND APPROVAL PRIOR TO FILING.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION MAINTAINS OFFICE HOURS FROM 9AM TO 5PM, MONDAY THROUGH FRIDAY ON AN ANNUAL BASIS. ANYONE INTERESTED IN OBTAINING THE ORGANIZATION'S ORGANIZING DOCUMENTS OR FORM 990 MAY DO SO DURING THOSE HOURS.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc1043400001">
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>ASPEN BOARD OF REALTORS</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>23400 TWO RIVERS ROAD STE 44</AddressLine1Txt>
          <CityNm>BASALT</CityNm>
          <StateAbbreviationCd>CO</StateAbbreviationCd>
          <ZIPCd>81621</ZIPCd>
        </USAddress>
        <EIN>840700334</EIN>
        <PrimaryActivitiesTxt>MEMBERSHIP</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>CO</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(C)(6)</ExemptCodeSectionTxt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>ASPEN BOARD OF REALTORS</BusinessNameLine1Txt>
        </DirectControllingEntityName>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <ReceiptOfIntAnntsRntsRyltsInd>0</ReceiptOfIntAnntsRntsRyltsInd>
      <GiftGrntOrCapContriToOthOrgInd>0</GiftGrntOrCapContriToOthOrgInd>
      <GiftGrntCapContriFromOthOrgInd>0</GiftGrntCapContriFromOthOrgInd>
      <LoansOrGuaranteesToOtherOrgInd>0</LoansOrGuaranteesToOtherOrgInd>
      <LoansOrGuaranteesFromOthOrgInd>0</LoansOrGuaranteesFromOthOrgInd>
      <DivRelatedOrganizationInd>0</DivRelatedOrganizationInd>
      <AssetSaleToOtherOrgInd>0</AssetSaleToOtherOrgInd>
      <AssetPurchaseFromOtherOrgInd>0</AssetPurchaseFromOtherOrgInd>
      <AssetExchangeInd>0</AssetExchangeInd>
      <RentalOfFacilitiesToOthOrgInd>0</RentalOfFacilitiesToOthOrgInd>
      <RentalOfFcltsFromOthOrgInd>0</RentalOfFcltsFromOthOrgInd>
      <PerformOfServicesForOthOrgInd>0</PerformOfServicesForOthOrgInd>
      <PerformOfServicesByOtherOrgInd>1</PerformOfServicesByOtherOrgInd>
      <SharingOfFacilitiesInd>1</SharingOfFacilitiesInd>
      <PaidEmployeesSharingInd>1</PaidEmployeesSharingInd>
      <ReimbursementPaidToOtherOrgInd>0</ReimbursementPaidToOtherOrgInd>
      <ReimbursementPaidByOtherOrgInd>1</ReimbursementPaidByOtherOrgInd>
      <TransferToOtherOrgInd>0</TransferToOtherOrgInd>
      <TransferFromOtherOrgInd>0</TransferFromOtherOrgInd>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1Txt>ASPEN BOARD OF REALTORS</BusinessNameLine1Txt>
        </OtherOrganizationName>
        <TransactionTypeTxt>M</TransactionTypeTxt>
        <InvolvedAmt>1500</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>ESTIMATED</MethodOfAmountDeterminationTxt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1Txt>ASPEN BOARD OF REALTORS</BusinessNameLine1Txt>
        </OtherOrganizationName>
        <TransactionTypeTxt>N</TransactionTypeTxt>
        <InvolvedAmt>1500</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>ESTIMATED</MethodOfAmountDeterminationTxt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1Txt>ASPEN BOARD OF REALTORS</BusinessNameLine1Txt>
        </OtherOrganizationName>
        <TransactionTypeTxt>O</TransactionTypeTxt>
        <InvolvedAmt>25034</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>ACTUAL AMOUNTS</MethodOfAmountDeterminationTxt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1Txt>ASPEN BOARD OF REALTORS</BusinessNameLine1Txt>
        </OtherOrganizationName>
        <TransactionTypeTxt>Q</TransactionTypeTxt>
        <InvolvedAmt>30790</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>ACTUAL AMOUNTS</MethodOfAmountDeterminationTxt>
      </TransactionsRelatedOrgGrp>
    </IRS990ScheduleR>
  </ReturnData>
</Return>