<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2021v4.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2022-11-11T10:15:19-05:00</ReturnTs>
    <TaxPeriodEndDt>2021-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>465579590</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>SILVER &amp; COMPANY PA</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>2999 NE 191 STREET SUITE 330</AddressLine1Txt>
        <CityNm>AVENTURA</CityNm>
        <StateAbbreviationCd>FL</StateAbbreviationCd>
        <ZIPCd>33180</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2021-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>030473333</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>YAVITZ CYPEN FOUNDATION INC</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>YAVI</BusinessNameControlTxt>
      <PhoneNum>3055323200</PhoneNum>
      <USAddress>
        <AddressLine1Txt>PO BOX 402099</AddressLine1Txt>
        <CityNm>MIAMI BEACH</CityNm>
        <StateAbbreviationCd>FL</StateAbbreviationCd>
        <ZIPCd>33140</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>ARLYN CYPEN</PersonNm>
      <PersonTitleTxt>PRESIDENT</PersonTitleTxt>
      <PhoneNum>3055323200</PhoneNum>
      <SignatureDt>2022-11-07</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <SigningOfficerGrp>
      <PersonFullName>
        <PersonFirstNm>ARLYN</PersonFirstNm>
        <PersonLastNm>CYPEN</PersonLastNm>
      </PersonFullName>
      <SSN>XXX-XX-XXXX</SSN>
    </SigningOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>MICHAEL A SILVER</PreparerPersonNm>
      <PTIN>P01072132</PTIN>
      <PhoneNum>3059741000</PhoneNum>
      <PreparationDt>2022-11-08</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2021</TaxYr>
    <BuildTS>2022-09-23 18:48:47Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="10">
    <IRS990PF documentId="RetDoc13" referenceDocumentId="RetDoc11">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>20528016</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>111941</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>111941</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>238664</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>238664</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>1430472</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>8944802</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>1430472</CapGainNetIncmNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>1781077</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>1781077</TotalNetInvstIncmAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc2">49000</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>9800</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesChrtblPrpsAmt>39200</AccountingFeesChrtblPrpsAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="RetDoc9">335614</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>239614</OtherProfFeesNetInvstIncmAmt>
        <OtherProfFeesDsbrsChrtblAmt>96000</OtherProfFeesDsbrsChrtblAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc10">11602</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>2096</TaxesNetInvstIncmAmt>
        <TaxesDsbrsChrtblAmt>114</TaxesDsbrsChrtblAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc7">2086</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>2086</OtherExpensesNetInvstIncmAmt>
        <TotOprExpensesRevAndExpnssAmt>398302</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>253596</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>135314</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>418484</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>418484</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>816786</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>253596</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>553798</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>964291</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>1527481</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>226342</CashBOYAmt>
        <CashEOYAmt>95807</CashEOYAmt>
        <CashEOYFMVAmt>95807</CashEOYFMVAmt>
        <SavAndTempCashInvstBOYAmt>606273</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>370734</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>370734</SavAndTempCashInvstEOYFMVAmt>
        <CorporateStockBOYAmt>9143163</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc5">10349098</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>13411759</CorporateStockEOYFMVAmt>
        <CorporateBondsBOYAmt>6352682</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="RetDoc4">6378096</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>6394416</CorporateBondsEOYFMVAmt>
        <OtherInvestmentsBOYAmt>353959</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="RetDoc6">250000</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>255300</OtherInvestmentsEOYFMVAmt>
        <TotalAssetsBOYAmt>16682419</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>17443735</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>20528016</TotalAssetsEOYFMVAmt>
        <OtherLiabilitiesBOYAmt referenceDocumentId="RetDoc8">228975</OtherLiabilitiesBOYAmt>
        <OtherLiabilitiesEOYAmt referenceDocumentId="RetDoc8">26000</OtherLiabilitiesEOYAmt>
        <TotalLiabilitiesBOYAmt>228975</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>26000</TotalLiabilitiesEOYAmt>
        <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
        <NoDonorRstrNetAssestsBOYAmt>16453444</NoDonorRstrNetAssestsBOYAmt>
        <NoDonorRstrNetAssestsEOYAmt>17417735</NoDonorRstrNetAssestsEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>16453444</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>17417735</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>16682419</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>17443735</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>16453444</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>964291</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>17417735</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>17417735</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>SCHEDULE ATTACHED</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>3998070</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>3936891</CostOrOtherBasisAmt>
          <GainOrLossAmt>61179</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>61179</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>SCHEDULE ATTACHED</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>4519794</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>3577439</CostOrOtherBasisAmt>
          <GainOrLossAmt>942355</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>942355</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>1430472</CapitalGainNetIncomeAmt>
        <NetShortTermCapitalGainLossAmt>61179</NetShortTermCapitalGainLossAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>21232</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>21232</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>21232</TaxBasedOnInvestmentIncomeAmt>
        <Form2220AttachedInd referenceDocumentId="RetDoc1">X</Form2220AttachedInd>
        <EsPenaltyAmt>506</EsPenaltyAmt>
        <TaxDueAmt>21738</TaxDueAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>FL</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <IndividualWithBooksNm>ARLYN CYPEN</IndividualWithBooksNm>
        <PhoneNum>3055323200</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>PO BOX 402099</AddressLine1Txt>
          <CityNm>MIAMI BEACH</CityNm>
          <StateAbbreviationCd>FL</StateAbbreviationCd>
          <ZIPCd>33140</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>false</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>false</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ARLYN CYPEN</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO BOX 402099</AddressLine1Txt>
            <CityNm>MIAMI BEACH</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>33140</ZIPCd>
          </USAddress>
          <TitleTxt>PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>5.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JENNIFER KAPLAN</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO BOX 402099</AddressLine1Txt>
            <CityNm>MIAMI BEACH</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>33140</ZIPCd>
          </USAddress>
          <TitleTxt>SECY - TREAS</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>8.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName referenceDocumentId="RetDoc3">
            <BusinessNameLine1Txt>JPMORGAN SECURITIES LLC</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>277 PARK AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10172</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>INV. ADVISORY</ServiceTypeTxt>
          <CompensationAmt>215614</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName referenceDocumentId="RetDoc3">
            <BusinessNameLine1Txt>CYPEN &amp; CYPEN PA</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>PO BOX 402099</AddressLine1Txt>
            <CityNm>MIAMI BEACH</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>33140</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>MANAGEMENT</ServiceTypeTxt>
          <CompensationAmt>120000</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>19356008</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>649578</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>20005586</TotalFMVOfUnusedAssetsAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>20005586</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>300084</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>19705502</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>985275</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>985275</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>21232</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>21232</TotalTaxAmt>
        <DistributableBeforeAdjAmt>964043</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>964043</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>964043</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>553798</ExpensesAndContributionsAmt>
        <QualifyingDistributionsAmt>553798</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>964043</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>395223</UndistributedIncomePYAmt>
        <QualifyingDistributionsAmt>553798</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>395223</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>158575</AppliedToCurrentYearAmt>
        <UndistributedIncomeCYAmt>805468</UndistributedIncomeCYAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>ARLYN CYPEN</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 402099</AddressLine1Txt>
            <CityNm>MIAMI BEACH</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>33140</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>3055323200</RecipientPhoneNum>
          <RecipientEmailAddressTxt>SCYPEN@CYPEN.COM</RecipientEmailAddressTxt>
          <FormAndInfoAndMaterialsTxt>NO PRESCRIBED FORM</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>NONE</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>NONE</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>SEE SCHEDULE ATTACHED</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>VARIOUS</AddressLine1Txt>
            <CityNm>VARIOUS</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>33140</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>PUBLIC SUPPORT CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>418484</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>418484</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>111941</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>238664</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>1430472</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>1781077</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>1781077</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>false</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <AccountingFeesSchedule documentId="RetDoc2">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING AND TAX PREPARATION F</CategoryTxt>
        <Amt>49000</Amt>
        <NetInvestmentIncomeAmt>9800</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>39200</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <ContractorCompensationExpln documentId="RetDoc3">
      <ContractorCompExplnGrp>
        <ContractorBusinessName>
          <BusinessNameLine1Txt>JPMORGAN SECURITIES LLC</BusinessNameLine1Txt>
        </ContractorBusinessName>
        <ExplanationTxt>INVESTMENT ADVISORY FEES</ExplanationTxt>
      </ContractorCompExplnGrp>
      <ContractorCompExplnGrp>
        <ContractorBusinessName>
          <BusinessNameLine1Txt>CYPEN &amp; CYPEN PA</BusinessNameLine1Txt>
        </ContractorBusinessName>
        <ExplanationTxt>FOUNDATION MANAGEMENT</ExplanationTxt>
      </ContractorCompExplnGrp>
    </ContractorCompensationExpln>
    <InvestmentsCorpBondsSchedule documentId="RetDoc4">
      <InvestmentsCorporateBondsGrp>
        <BondNm>CORPORATE BONDS</BondNm>
        <EOYBookValueAmt>6378096</EOYBookValueAmt>
        <EOYFMVAmt>6394416</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc5">
      <InvestmentsCorporateStockGrp>
        <StockNm>COMMON STOCK</StockNm>
        <EOYBookValueAmt>10349098</EOYBookValueAmt>
        <EOYFMVAmt>13411759</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="RetDoc6">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>MUTUAL FUNDS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>250000</BookValueAmt>
        <EOYFMVAmt>255300</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherExpensesSchedule documentId="RetDoc7">
      <OtherExpensesScheduleGrp>
        <Desc>EXPENSES</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BANK CHARGES</Desc>
        <RevenueAndExpensesPerBooksAmt>48</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>48</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>COMPUTER MAINTENANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>322</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>322</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>MEMBERSHIP FEE</Desc>
        <RevenueAndExpensesPerBooksAmt>200</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>200</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>MISCELLANEOUS</Desc>
        <RevenueAndExpensesPerBooksAmt>1516</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1516</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherLiabilitiesSchedule documentId="RetDoc8">
      <OtherLiabilitiesDetail>
        <Desc>CREDIT CARDS PAYABLE</Desc>
        <BOYBookValueAmt>228975</BOYBookValueAmt>
        <EOYBookValueAmt>26000</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
    </OtherLiabilitiesSchedule>
    <OtherProfessionalFeesSchedule documentId="RetDoc9">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT ADVISORY FEES</CategoryTxt>
        <Amt>215614</Amt>
        <NetInvestmentIncomeAmt>215614</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>MANAGEMENT FEES</CategoryTxt>
        <Amt>120000</Amt>
        <NetInvestmentIncomeAmt>24000</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>96000</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc10">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES PAID ON INVESTMENT</CategoryTxt>
        <Amt>2096</Amt>
        <NetInvestmentIncomeAmt>2096</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>ANNUAL FILING FEE</CategoryTxt>
        <Amt>114</Amt>
        <DisbursementsCharitablePrpsAmt>114</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FEDERAL TAX PAYMENTS - NET</CategoryTxt>
        <Amt>9392</Amt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>
