﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2014v5.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2015-05-11T16:47:34-05:00</ReturnTs>
    <TaxPeriodEndDt>2014-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>202731635</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>PAYAN &amp; PAYAN CPAS LLC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>7936 W SAHARA AVENUE</AddressLine1Txt>
        <CityNm>LAS VEGAS</CityNm>
        <StateAbbreviationCd>NV</StateAbbreviationCd>
        <ZIPCd>89117</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2014-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>237282946</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>LIED FOUNDATION TRUST</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>LIED</BusinessNameControlTxt>
      <PhoneNum>7028781559</PhoneNum>
      <USAddress>
        <AddressLine1Txt>3907 WEST CHARLESTON BLVD</AddressLine1Txt>
        <CityNm>LAS VEGAS</CityNm>
        <StateAbbreviationCd>NV</StateAbbreviationCd>
        <ZIPCd>89102</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>CHRISTINA M HIXSON</PersonNm>
      <PersonTitleTxt>TRUSTEE</PersonTitleTxt>
      <PhoneNum>7028781559</PhoneNum>
      <SignatureDt>2015-05-08</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>JASON D PAYAN CPA</PreparerPersonNm>
      <PTIN>P00293526</PTIN>
      <PhoneNum>7022339526</PhoneNum>
      <PreparationDt>2015-05-07</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2014</TaxYr>
    <BuildTS>2016-02-25 16:41:14Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="13">
    <IRS990PF documentId="RetDoc1">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>10766996</FMVAssetsEOYAmt>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>136820</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>85412</InterestOnSavNetInvstIncmAmt>
        <InterestOnSavingsAdjNetIncmAmt>136820</InterestOnSavingsAdjNetIncmAmt>
        <DividendsRevAndExpnssAmt>13912</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>13912</DividendsNetInvstIncmAmt>
        <DividendsAdjNetIncmAmt>13912</DividendsAdjNetIncmAmt>
        <GrossRentsRevAndExpnssAmt>388553</GrossRentsRevAndExpnssAmt>
        <GrossRentsNetInvstIncmAmt>388553</GrossRentsNetInvstIncmAmt>
        <GrossRentsAdjNetIncmAmt>388553</GrossRentsAdjNetIncmAmt>
        <NetRentalIncomeOrLossAmt>388553</NetRentalIncomeOrLossAmt>
        <NetGainSaleAstRevAndExpnssAmt referenceDocumentId="RetDoc4">-3316</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>500000</GrossSalesPriceAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="RetDoc11">1897</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>1897</OtherIncomeNetInvstIncmAmt>
        <OtherIncomeAdjNetIncmAmt>1897</OtherIncomeAdjNetIncmAmt>
        <TotalRevAndExpnssAmt>537866</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>489774</TotalNetInvstIncmAmt>
        <TotalAdjNetIncmAmt>541182</TotalAdjNetIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>30000</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>22500</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>7500</CompOfcrDirTrstDsbrsChrtblAmt>
        <OthEmplSlrsWgsRevAndExpnssAmt>80520</OthEmplSlrsWgsRevAndExpnssAmt>
        <OthEmplSlrsWgsDsbrsChrtblAmt>80520</OthEmplSlrsWgsDsbrsChrtblAmt>
        <LegalFeesRevAndExpnssAmt referenceDocumentId="RetDoc7">1839</LegalFeesRevAndExpnssAmt>
        <LegalFeesNetInvstIncmAmt>1839</LegalFeesNetInvstIncmAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc2">12000</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>6000</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesChrtblPrpsAmt>6000</AccountingFeesChrtblPrpsAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc13">31578</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>31154</TaxesNetInvstIncmAmt>
        <TaxesDsbrsChrtblAmt>424</TaxesDsbrsChrtblAmt>
        <DeprecAndDpltnRevAndExpnssAmt referenceDocumentId="RetDoc3">17354</DeprecAndDpltnRevAndExpnssAmt>
        <DeprecAndDpltnNetInvstIncmAmt>17354</DeprecAndDpltnNetInvstIncmAmt>
        <TravConfMeetingRevAndExpnssAmt>1272</TravConfMeetingRevAndExpnssAmt>
        <TravConfMeetingDsbrsChrtblAmt>1272</TravConfMeetingDsbrsChrtblAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc10">149400</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>148983</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>417</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>323963</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>227830</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>96133</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>1174000</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>1174000</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>1497963</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>227830</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>1270133</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-960097</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>261944</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>541182</AdjustedNetIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>285988</CashBOYAmt>
        <CashEOYAmt>314765</CashEOYAmt>
        <CashEOYFMVAmt>314765</CashEOYFMVAmt>
        <SavAndTempCashInvstBOYAmt>1686964</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>1159991</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>1159991</SavAndTempCashInvstEOYFMVAmt>
        <CorporateBondsBOYAmt>4737475</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="RetDoc5">4259160</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>4364288</CorporateBondsEOYFMVAmt>
        <InvstLandCostOrOtherBasisAmt>2636289</InvstLandCostOrOtherBasisAmt>
        <InvstLandAccumDepreciationAmt>1818483</InvstLandAccumDepreciationAmt>
        <LandBldgInvestmentsBOYAmt>811398</LandBldgInvestmentsBOYAmt>
        <LandBldgInvestmentsEOYAmt referenceDocumentId="RetDoc6">817806</LandBldgInvestmentsEOYAmt>
        <LandBldgInvestmentsEOYFMVAmt>4927822</LandBldgInvestmentsEOYFMVAmt>
        <OtherAssetsEOYAmt referenceDocumentId="RetDoc8">130</OtherAssetsEOYAmt>
        <OtherAssetsEOYFMVAmt referenceDocumentId="RetDoc8">130</OtherAssetsEOYFMVAmt>
        <TotalAssetsBOYAmt>7521825</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>6551852</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>10766996</TotalAssetsEOYFMVAmt>
        <OtherLiabilitiesBOYAmt referenceDocumentId="RetDoc12">20231</OtherLiabilitiesBOYAmt>
        <OtherLiabilitiesEOYAmt referenceDocumentId="RetDoc12">20231</OtherLiabilitiesEOYAmt>
        <TotalLiabilitiesBOYAmt>20231</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>20231</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowSFAS117Ind>X</OrgDoesNotFollowSFAS117Ind>
        <RetainedEarningBOYAmt>7501594</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>6531621</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>7501594</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>6531621</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>7521825</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>6551852</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>7501594</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-960097</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>6541497</SubtotalAmt>
        <OtherDecreasesAmt referenceDocumentId="RetDoc9">9876</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>6531621</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <QlfyUndSect4940eReducedTaxGrp>
        <LiableSection4942TaxInd>false</LiableSection4942TaxInd>
        <AdjustedQlfyDistriYr1Amt>1259620</AdjustedQlfyDistriYr1Amt>
        <NetVlNoncharitableAssetsYr1Amt>11503092</NetVlNoncharitableAssetsYr1Amt>
        <DistributionYr1Rt>0.109503</DistributionYr1Rt>
        <AdjustedQlfyDistriYr2Amt>6120587</AdjustedQlfyDistriYr2Amt>
        <NetVlNoncharitableAssetsYr2Amt>12812566</NetVlNoncharitableAssetsYr2Amt>
        <DistributionYr2Rt>0.477702</DistributionYr2Rt>
        <AdjustedQlfyDistriYr3Amt>3366247</AdjustedQlfyDistriYr3Amt>
        <NetVlNoncharitableAssetsYr3Amt>18412449</NetVlNoncharitableAssetsYr3Amt>
        <DistributionYr3Rt>0.182825</DistributionYr3Rt>
        <AdjustedQlfyDistriYr4Amt>5380581</AdjustedQlfyDistriYr4Amt>
        <NetVlNoncharitableAssetsYr4Amt>24721621</NetVlNoncharitableAssetsYr4Amt>
        <DistributionYr4Rt>0.217647</DistributionYr4Rt>
        <AdjustedQlfyDistriYr5Amt>11514950</AdjustedQlfyDistriYr5Amt>
        <NetVlNoncharitableAssetsYr5Amt>32350337</NetVlNoncharitableAssetsYr5Amt>
        <DistributionYr5Rt>0.355945</DistributionYr5Rt>
        <TotalDistributionRt>1.343622</TotalDistributionRt>
        <AverageDistributionRt>0.268724</AverageDistributionRt>
        <NetVlNoncharitableAssetsAmt>9209694</NetVlNoncharitableAssetsAmt>
        <AdjNetVlNoncharitableAssetsAmt>2474866</AdjNetVlNoncharitableAssetsAmt>
        <NetInvestmentIncomePctAmt>2619</NetInvestmentIncomePctAmt>
        <AdjNonchrtblNetInvstIncmPctAmt>2477485</AdjNonchrtblNetInvstIncmPctAmt>
        <QualifyingDistributionsAmt>1270133</QualifyingDistributionsAmt>
      </QlfyUndSect4940eReducedTaxGrp>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>5239</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>5239</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>5239</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>8093</EstimatedPlusOvpmtIncmTxAmt>
        <TotalPaymentsAndCreditsAmt>8093</TotalPaymentsAndCreditsAmt>
        <OverpaymentAmt>2854</OverpaymentAmt>
        <AppliedToESTaxAmt>2854</AppliedToESTaxAmt>
      </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>NE</OrgReportOrRegisterStateCd>
        <OrgReportOrRegisterStateCd>NV</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <IndividualWithBooksNm>CHRISTINA M HIXSON</IndividualWithBooksNm>
        <PhoneNum>7028981559</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>3907 W CHARLESTON BLVD</AddressLine1Txt>
          <CityNm>LAS VEGAS</CityNm>
          <StateAbbreviationCd>NV</StateAbbreviationCd>
          <ZIPCd>89102</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>true</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <ActsFailToQlfyAsExceptionsInd>false</ActsFailToQlfyAsExceptionsInd>
        <UncorrectedPriorActsInd>false</UncorrectedPriorActsInd>
        <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>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>CHRISTINA M HIXSON</PersonNm>
          <USAddress>
            <AddressLine1Txt>3907 WEST CHARLESTON BLVD</AddressLine1Txt>
            <CityNm>LAS VEGAS</CityNm>
            <StateAbbreviationCd>NV</StateAbbreviationCd>
            <ZIPCd>89102</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>30000</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>DENNIS H SMITH</PersonNm>
          <USAddress>
            <AddressLine1Txt>5100 OBANNON DRIVE APT 49</AddressLine1Txt>
            <CityNm>LAS VEGAS</CityNm>
            <StateAbbreviationCd>NV</StateAbbreviationCd>
            <ZIPCd>89146</ZIPCd>
          </USAddress>
          <TitleTxt>OFFICE MANAG</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>53800</CompensationAmt>
          <EmployeeBenefitsAmt>12625</EmployeeBenefitsAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>WILLIAM W MANN</PersonNm>
          <USAddress>
            <AddressLine1Txt>5847 BLACK HORSE CIRCLE</AddressLine1Txt>
            <CityNm>NORTH LAS VEGAS</CityNm>
            <StateAbbreviationCd>NV</StateAbbreviationCd>
            <ZIPCd>89031</ZIPCd>
          </USAddress>
          <TitleTxt>MAINTENANCE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>55476</CompensationAmt>
          <EmployeeBenefitsAmt>9194</EmployeeBenefitsAmt>
        </CompensationHighestPaidEmplGrp>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>THE FOUNDATION'S CHARITABLE PURPOSES ARE ACCOMPLISHED SOLELY THROUGH CHARITABLE GIFTS AND GRANTS; IT DOES NOT CONDUCT DIRECT CHARITABLE ACTIVITIES.</Description1Txt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>2739284</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>1682707</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>4927952</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>9349943</TotalFMVOfUnusedAssetsAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>9349943</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>140249</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>9209694</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>460485</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>460485</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>5239</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>5239</TotalTaxAmt>
        <DistributableBeforeAdjAmt>455246</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>455246</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>455246</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>1270133</ExpensesAndContributionsAmt>
        <QualifyingDistributionsAmt>1270133</QualifyingDistributionsAmt>
        <AdjustedQualifyingDistriAmt>1270133</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>455246</DistributableAsAdjustedAmt>
        <PriorYear1Yr>2012</PriorYear1Yr>
        <PriorYear2Yr>2011</PriorYear2Yr>
        <PriorYear3Yr>2010</PriorYear3Yr>
        <ExcessDistributionCyovYr5Amt>9908992</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>4158953</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>2460118</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>5493413</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>692152</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>22713628</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>1270133</QualifyingDistributionsAmt>
        <AppliedToCurrentYearAmt>455246</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>814887</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>23528515</TotalCorpusAmt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovFromYr5Amt>9908992</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>13619523</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>4158953</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>2460118</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>5493413</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>692152</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>814887</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>CHRISTINA M HIXSON</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>3907 W CHARLESTON BLVD</AddressLine1Txt>
            <CityNm>LAS VEGAS</CityNm>
            <StateAbbreviationCd>NV</StateAbbreviationCd>
            <ZIPCd>89102</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>7028781559</RecipientPhoneNum>
          <FormAndInfoAndMaterialsTxt>NO PRESCRIBED FORM</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>N/A</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>N/A</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CATHOLIC CHARITIES OF SOUTHERN</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>NEVADA</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1501 LAS VEGAS BLVD</AddressLine1Txt>
            <AddressLine2Txt>NORTH</AddressLine2Txt>
            <CityNm>LAS VEGAS</CityNm>
            <StateAbbreviationCd>NV</StateAbbreviationCd>
            <ZIPCd>89101</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>PUBLIC</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>FOOD FOR LIED DINING ROOM</GrantOrContributionPurposeTxt>
          <Amt>100000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>DIMENSIONS EDUCATIONAL RESEARCH</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>FOUNDATION</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1010 LINCOLN MALL</AddressLine1Txt>
            <AddressLine2Txt>SUITE 103</AddressLine2Txt>
            <CityNm>LINCOLN</CityNm>
            <StateAbbreviationCd>NE</StateAbbreviationCd>
            <ZIPCd>68508</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>PUBLIC</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>NATURE EXPLORE PROGRAM</GrantOrContributionPurposeTxt>
          <Amt>100000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>LAS VEGAS RESCUE MISSION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>480 WEST BONANZA ROAD</AddressLine1Txt>
            <CityNm>LAS VEGAS</CityNm>
            <StateAbbreviationCd>NV</StateAbbreviationCd>
            <ZIPCd>891063227</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>PUBLIC</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>FEED THE HOMELESS IN LAS VEGAS</GrantOrContributionPurposeTxt>
          <Amt>100000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>LINCOLN CHILDREN'S MUSEUM</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1420 P STREET</AddressLine1Txt>
            <CityNm>LINCOLN</CityNm>
            <StateAbbreviationCd>NE</StateAbbreviationCd>
            <ZIPCd>685081635</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>PUBLIC</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EARLY CHILDHOOD LEARNING CENTER</GrantOrContributionPurposeTxt>
          <Amt>250000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>NEVADA BALLET THEATRE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1651 INNER CIRCLE</AddressLine1Txt>
            <CityNm>LAS VEGAS</CityNm>
            <StateAbbreviationCd>NV</StateAbbreviationCd>
            <ZIPCd>89134</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>PUBLIC</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>PROGRAM OPERATING FUNDS</GrantOrContributionPurposeTxt>
          <Amt>100000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>NEW TECHNOLOGICAL SEMINARY</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>OF THE WEST</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>54 N OAKLAND AVENUE</AddressLine1Txt>
            <CityNm>PASADENA</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>91101</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>PUBLIC</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>ENDOWMENT</GrantOrContributionPurposeTxt>
          <Amt>100000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>OPPORTUNITY VILLAGE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>6300 W OAKEEY BLVD</AddressLine1Txt>
            <CityNm>LAS VEGAS</CityNm>
            <StateAbbreviationCd>NV</StateAbbreviationCd>
            <ZIPCd>89146</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>PUBLIC</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>JOB DISCOVERY II PROGRAM</GrantOrContributionPurposeTxt>
          <Amt>100000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE ANIMAL FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>655 NORTH MOHAVE ROAD</AddressLine1Txt>
            <CityNm>LAS VEGAS</CityNm>
            <StateAbbreviationCd>NV</StateAbbreviationCd>
            <ZIPCd>89101</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>PUBLIC</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL OPERATIONS OF ANIMAL SHELTER</GrantOrContributionPurposeTxt>
          <Amt>100000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE REBEL GOLF FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>4505 MARYLAND PARKWAY</AddressLine1Txt>
            <CityNm>LAS VEGAS</CityNm>
            <StateAbbreviationCd>NV</StateAbbreviationCd>
            <ZIPCd>89154</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>PUBLIC</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>ENDOWMENT</GrantOrContributionPurposeTxt>
          <Amt>100000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE SALVATION ARMY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2900 PALOMINO LANE</AddressLine1Txt>
            <AddressLine2Txt>PO BOX 28369</AddressLine2Txt>
            <CityNm>LAS VEGAS</CityNm>
            <StateAbbreviationCd>NV</StateAbbreviationCd>
            <ZIPCd>89126</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>PUBLIC</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>ADULT REHABILITATION PROGRAMS/MEALS</GrantOrContributionPurposeTxt>
          <Amt>124000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>1174000</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>136820</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>13912</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <NetRntlIncmReNotDebtFincdProp>
          <ExclusionCd>16</ExclusionCd>
          <ExclusionAmt>388553</ExclusionAmt>
        </NetRntlIncmReNotDebtFincdProp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>-3316</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <OtherRevenueDescribedGrp>
          <Desc>MISCELLANEOUS INCOME</Desc>
          <ExclusionCd>1</ExclusionCd>
          <ExclusionAmt>1897</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>537866</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>537866</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>INDIRECT ACCOUNTING FEES</CategoryTxt>
        <Amt>12000</Amt>
        <NetInvestmentIncomeAmt>6000</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>6000</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <DepreciationSchedule documentId="RetDoc3">
      <DepreciationPropertyGrp>
        <PropertyDesc>DEPRECIATION</PropertyDesc>
        <CurrentYearExpenseAmt>17354</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
    </DepreciationSchedule>
    <GainLossSaleOtherAssetsSch documentId="RetDoc4">
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>PRUDENTIAL FINANCIAL INC.</AssetDesc>
        <AcquiredDt>2004-10</AcquiredDt>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2014-04</SoldDt>
        <GrossSalesPriceAmt>500000</GrossSalesPriceAmt>
        <BasisAmt>503310</BasisAmt>
        <SalesExpenseAmt>6</SalesExpenseAmt>
        <TotalNetAmt>-3316</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
    </GainLossSaleOtherAssetsSch>
    <InvestmentsCorpBondsSchedule documentId="RetDoc5">
      <InvestmentsCorporateBondsGrp>
        <BondNm>FIXED INCOME SECURITIES</BondNm>
        <EOYBookValueAmt>4259160</EOYBookValueAmt>
        <EOYFMVAmt>4364288</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsLandSchedule2 documentId="RetDoc6">
      <InvestmentLandGrp>
        <CategoryOrItemTxt>LAND, BUILDING &amp; EQUIPMENT</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>2636289</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>1818483</AccumulatedDepreciationAmt>
        <BookValueAmt>817806</BookValueAmt>
        <EOYFMVAmt>4927822</EOYFMVAmt>
      </InvestmentLandGrp>
    </InvestmentsLandSchedule2>
    <LegalFeesSchedule documentId="RetDoc7">
      <LegalFeesGrp>
        <CategoryTxt>INDIRECT LEGAL FEES</CategoryTxt>
        <LegalFeesAmt>1839</LegalFeesAmt>
        <NetInvestmentIncomeAmt>1839</NetInvestmentIncomeAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherAssetsSchedule documentId="RetDoc8">
      <OtherAssetsScheduleGrp>
        <Desc>OTHER ASSET</Desc>
        <EOYBookValueAmt>130</EOYBookValueAmt>
        <EOYFMVAmt>130</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherDecreasesSchedule documentId="RetDoc9">
      <OtherDecreasesDetail>
        <Desc>PRIOR PERIOD ADJUSTMENT - INCOME TAX PMT</Desc>
        <Amt>7687</Amt>
      </OtherDecreasesDetail>
      <OtherDecreasesDetail>
        <Desc>PRIOR PERIOD ADJUSTMENT</Desc>
        <Amt>2189</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="RetDoc10">
      <OtherExpensesScheduleGrp>
        <Desc>EXPENSES</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE SUPPLIES</Desc>
        <RevenueAndExpensesPerBooksAmt>1143</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1143</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>POSTAGE</Desc>
        <RevenueAndExpensesPerBooksAmt>103</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>103</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>44362</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>44362</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>MISCELLANEOUS</Desc>
        <RevenueAndExpensesPerBooksAmt>165</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>165</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>TELEPHONE</Desc>
        <RevenueAndExpensesPerBooksAmt>3739</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>3739</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>REPAIRS &amp; MAINTENANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>65083</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>65083</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>SEWER &amp; DISPOSAL</Desc>
        <RevenueAndExpensesPerBooksAmt>6484</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>6484</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>UTILITIES</Desc>
        <RevenueAndExpensesPerBooksAmt>27904</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>27904</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>AUTOMOBILE EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>417</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>417</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc11">
      <OtherIncomeDetail>
        <Desc>MISCELLANEOUS INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>1897</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1897</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>1897</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherLiabilitiesSchedule documentId="RetDoc12">
      <OtherLiabilitiesDetail>
        <Desc>SECURITY DEPOSITS</Desc>
        <BOYBookValueAmt>20231</BOYBookValueAmt>
        <EOYBookValueAmt>20231</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
    </OtherLiabilitiesSchedule>
    <TaxesSchedule documentId="RetDoc13">
      <TaxesDetail>
        <CategoryTxt>OTHER TAXES</CategoryTxt>
        <Amt>20</Amt>
        <NetInvestmentIncomeAmt>20</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>PAYROLL TAXES</CategoryTxt>
        <Amt>16409</Amt>
        <NetInvestmentIncomeAmt>15985</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>424</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>PROPERTY TAXES</CategoryTxt>
        <Amt>15149</Amt>
        <NetInvestmentIncomeAmt>15149</NetInvestmentIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>