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      <AccountsPayableAccruedExpenses>
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        <EOY>32014</EOY>
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      <DeferredRevenue>
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      </DeferredRevenue>
      <TotalLiabilities>
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        <EOY>32014</EOY>
      </TotalLiabilities>
      <FollowSFAS117>X</FollowSFAS117>
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        <EOY>1660152</EOY>
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      <TemporarilyRestrictedNetAssets>
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        <EOY>748310</EOY>
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      <PermanentlyRestrictedNetAssets>
        <BOY>1131840</BOY>
        <EOY>1060020</EOY>
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      <TotalNetAssetsFundBalances>
        <BOY>3098609</BOY>
        <EOY>3468482</EOY>
      </TotalNetAssetsFundBalances>
      <TotalLiabNetAssetsFundBalances>
        <BOY>3119437</BOY>
        <EOY>3500496</EOY>
      </TotalLiabNetAssetsFundBalances>
      <ReconcilationRevenueExpenses>190689</ReconcilationRevenueExpenses>
      <ReconciliationUnrealizedInvest>179184</ReconciliationUnrealizedInvest>
      <ReconcilationOtherChanges>0</ReconcilationOtherChanges>
      <InfoInScheduleOPartXII>X</InfoInScheduleOPartXII>
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <AccountantCompileOrReview>0</AccountantCompileOrReview>
      <FSAudited>1</FSAudited>
      <FSAuditedBasis>
        <FinancialStatementConsolidated>X</FinancialStatementConsolidated>
      </FSAuditedBasis>
      <AuditCommittee>0</AuditCommittee>
      <FederalGrantAuditRequired>0</FederalGrantAuditRequired>
    </IRS990>
    <IRS990ScheduleA documentId="RetDoc1039100001">
      <PubliclySupportedOrg170b1Avi>X</PubliclySupportedOrg170b1Avi>
      <GiftsGrantsContribReceived170>
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        <CurrentTaxYearMinus3Years>421047</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>1052597</CurrentTaxYearMinus2Years>
        <CurrentTaxYearMinus1Year>682990</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>665235</CurrentTaxYear>
        <Total>3536737</Total>
      </GiftsGrantsContribReceived170>
      <Total170>
        <CurrentTaxYearMinus4Years>714868</CurrentTaxYearMinus4Years>
        <CurrentTaxYearMinus3Years>421047</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>1052597</CurrentTaxYearMinus2Years>
        <CurrentTaxYearMinus1Year>682990</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>665235</CurrentTaxYear>
        <Total>3536737</Total>
      </Total170>
      <AmountsSubstContributorsTotal>1034586</AmountsSubstContributorsTotal>
      <PublicSupportTotal170>2502151</PublicSupportTotal170>
      <GrossInvestmentIncome170>
        <CurrentTaxYearMinus4Years>71975</CurrentTaxYearMinus4Years>
        <CurrentTaxYearMinus3Years>51446</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>36964</CurrentTaxYearMinus2Years>
        <CurrentTaxYearMinus1Year>49658</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>101998</CurrentTaxYear>
        <Total>312041</Total>
      </GrossInvestmentIncome170>
      <TotalSupport>3848778</TotalSupport>
      <PublicSupportPertcentage170>0.65010</PublicSupportPertcentage170>
      <PublicSupportPertcentPriorYear>0.78620</PublicSupportPertcentPriorYear>
      <ThirtyThreePercntTestsCY170>X</ThirtyThreePercntTestsCY170>
    </IRS990ScheduleA>
    <IRS990ScheduleB documentId="RetDoc1234500001">
      <ContributorInfo>
        <ContributorNumber>RESTRICTED</ContributorNumber>
        <ContributorNameBusiness>
          <BusinessNameLine1>RESTRICTED</BusinessNameLine1>
        </ContributorNameBusiness>
        <ContributorAddressUS>
          <AddressLine1>RESTRICTED</AddressLine1>
          <AddressLine2>RESTRICTED</AddressLine2>
          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>RESTRICTED</AggregateContributions>
      </ContributorInfo>
    </IRS990ScheduleB>
    <IRS990ScheduleD documentId="RetDoc1040000001">
      <TotalOfBookValueLandBuildings>0</TotalOfBookValueLandBuildings>
      <OtherSecurities>
        <Description>MUTUAL FUNDS</Description>
        <BookValue>2861782</BookValue>
        <MethodOfValuation>F</MethodOfValuation>
      </OtherSecurities>
      <TotalOfBookValueSecurities>2861782</TotalOfBookValueSecurities>
      <FootnoteInPartXIII>X</FootnoteInPartXIII>
      <TotRevenueEtcAuditedFinclStmt>935965</TotRevenueEtcAuditedFinclStmt>
      <NetUnrealizedGainsInvestments>179185</NetUnrealizedGainsInvestments>
      <RevenueNotRptdF990>179185</RevenueNotRptdF990>
      <RevenueSubtotal>756780</RevenueSubtotal>
      <InvestmentExpensesNotIncluded>10453</InvestmentExpensesNotIncluded>
      <RevenueNotRptdOnFinStmt>10453</RevenueNotRptdOnFinStmt>
      <TotalRevenuePerForm990>767233</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>566091</TotExpensesEtcAuditedFinclStmt>
      <ExpensesNotRptdF990>0</ExpensesNotRptdF990>
      <ExpensesSubtotal>566091</ExpensesSubtotal>
      <InvestmentExpensesNotIncluded2>10453</InvestmentExpensesNotIncluded2>
      <ExpensesNotRptdOnFinStmt>10453</ExpensesNotRptdOnFinStmt>
      <TotalExpensesPerForm990>576544</TotalExpensesPerForm990>
      <Form990ScheduleDPartXIII>
        <Identifier>DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48:</Identifier>
        <ReturnReference>PART X, LINE 2:</ReturnReference>
        <Explanation>THE ASSOCIATION'S USE FIN 48/ASC 740 IN 2012 RESULTED IN NO MATERIAL IMPACT ON THE ASSOCIATION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS.</Explanation>
      </Form990ScheduleDPartXIII>
    </IRS990ScheduleD>
    <IRS990ScheduleF documentId="RetDoc1040500001">
      <GrantRecordsMaintained>1</GrantRecordsMaintained>
      <AcctsActvsOutUSTable>
        <Region>EUROPE</Region>
        <NumberOfOffices>0</NumberOfOffices>
        <NumberOfEmployees>0</NumberOfEmployees>
        <TypeOfActivitiesConducted>SCHOLARSHIPS</TypeOfActivitiesConducted>
        <TotalExpenditures>40000</TotalExpenditures>
      </AcctsActvsOutUSTable>
      <AcctsActvsOutUSTable>
        <Region>CANADA</Region>
        <NumberOfOffices>0</NumberOfOffices>
        <NumberOfEmployees>0</NumberOfEmployees>
        <TypeOfActivitiesConducted>SCHOLARSHIPSSCHOLARSHIPS</TypeOfActivitiesConducted>
        <TotalExpenditures>5000</TotalExpenditures>
      </AcctsActvsOutUSTable>
      <AcctsActvsOutUSTable>
        <Region>EAST ASIA AND THE PACIFIC</Region>
        <NumberOfOffices>0</NumberOfOffices>
        <NumberOfEmployees>0</NumberOfEmployees>
        <TypeOfActivitiesConducted>SCHOLARSHIPS</TypeOfActivitiesConducted>
        <TotalExpenditures>25000</TotalExpenditures>
      </AcctsActvsOutUSTable>
      <SubtotalNumberOfOffices>0</SubtotalNumberOfOffices>
      <SubtotalNumberOfEmployees>0</SubtotalNumberOfEmployees>
      <ContNumberOfOffices>0</ContNumberOfOffices>
      <ContNumberOfEmployees>0</ContNumberOfEmployees>
      <TotalNumberOfOffices>0</TotalNumberOfOffices>
      <TotalNumberOfEmployees>0</TotalNumberOfEmployees>
      <SubtotalAmountSpent>70000</SubtotalAmountSpent>
      <ContAmountSpent>0</ContAmountSpent>
      <TotalAmountSpent>70000</TotalAmountSpent>
      <GrantsToIndOutsideUS>
        <TypeOfAssistance>SCHLOARSHIPS</TypeOfAssistance>
        <Region>EUROPE (INCLUDING ICELAND &amp; GREENLAND) -</Region>
        <NumberOfRecipients>5</NumberOfRecipients>
        <AmountOfCashGrant>40000</AmountOfCashGrant>
        <MannerOfCashDisbursement>CHECK</MannerOfCashDisbursement>
        <MethodOfValuation>CASH</MethodOfValuation>
      </GrantsToIndOutsideUS>
      <GrantsToIndOutsideUS>
        <TypeOfAssistance>SCHOLARSHIP</TypeOfAssistance>
        <Region>NORTH AMERICA - CANADA AND MEXICO, BUT</Region>
        <NumberOfRecipients>1</NumberOfRecipients>
        <AmountOfCashGrant>5000</AmountOfCashGrant>
        <MannerOfCashDisbursement>CHECK</MannerOfCashDisbursement>
        <MethodOfValuation>CASH</MethodOfValuation>
      </GrantsToIndOutsideUS>
      <GrantsToIndOutsideUS>
        <TypeOfAssistance>SCHOLARSHIPS</TypeOfAssistance>
        <Region>EAST ASIA</Region>
        <NumberOfRecipients>2</NumberOfRecipients>
        <AmountOfCashGrant>25000</AmountOfCashGrant>
        <MannerOfCashDisbursement>CHECK</MannerOfCashDisbursement>
        <MethodOfValuation>CASH</MethodOfValuation>
      </GrantsToIndOutsideUS>
      <TransferToForeignCorp>0</TransferToForeignCorp>
      <InterestInForeignTrust>0</InterestInForeignTrust>
      <OwnForeignCorp>0</OwnForeignCorp>
      <PassiveForeignInvestCo>0</PassiveForeignInvestCo>
      <ForeignPartnership>0</ForeignPartnership>
      <BoycottCountries>0</BoycottCountries>
      <Form990ScheduleFPartV>
        <Identifier>PROCEDURE FOR MONITORING GRANTS OUTSIDE THE U.S.:</Identifier>
        <Explanation>SCHEDULE F, PART I, LINE 2: APPLICANTS MUST BE ENTERING A PROGRAM THAT PROMOTES THE ADVANCEMENT OF COMMERCIAL AVIATION THROUGH PROVIDING TRAINING FOR CAREERS AS A PILOT, FLIGHT ATTENDANT OR AIRCRAFT MECHANIC, OR PROVIDING STUDY IN THE FIELDS OF AERONAUTICS, AIRCRAFT LEASE/FINANCIAL MANAGEMENT AND AIRLINE MANAGEMENT.</Explanation>
      </Form990ScheduleFPartV>
    </IRS990ScheduleF>
    <IRS990ScheduleI documentId="RetDoc1041900001">
      <RecordsMaintained>1</RecordsMaintained>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>SCHOLARSHIPS</TypeOfGrant>
        <NumberOfRecipients>24</NumberOfRecipients>
        <AmountOfCashGrant>127583</AmountOfCashGrant>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>GRANTS</TypeOfGrant>
        <NumberOfRecipients>11</NumberOfRecipients>
        <AmountOfCashGrant>70000</AmountOfCashGrant>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIV>
        <Explanation>APPLICANTS MUST BE ENTERING A PROGRAM THAT PROMOTES THE ADVANCEMENT OF COMMERCIAL AVIATION THROUGH PROVIDING TRAINING FOR CAREERS AS A PILOT, FLIGHT ATTENDANT OR AIRCRAFT MECHANIC, OR PROVIDING STUDY IN THE FIELDS OF AERONAUTICS,AIRCRAFT LEASE/MANAGEMENT AND AIRLINE MANAGEMENT.</Explanation>
      </Form990ScheduleIPartIV>
    </IRS990ScheduleI>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION A, LINE 3</ReturnReference>
        <Explanation>SMITHBUCKLIN, AN ASSOCIATION MANAGEMENT COMPANY, MANAGES ALL ASPECTS OF THE ORGANIZATION'S OPERATIONS IN ACCORDANCE WITH ORGANIZATION BYLAWS AND POLICIES. OPERATIONS MAY INCLUDE BUT ARE NOT LIMITED TO: ADMINISTRATION, MEMBERSHIP, FINANCE &amp; ACCOUNTING, EDUCATION,AND INFORMATION TECHNOLOGY. SMITHBUCKLIN EMPLOYEES PROVIDE THESE SERVICES AND TOTAL FEES PAID TO SMITHBUCKLIN WERE $120,989.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 11</ReturnReference>
        <Explanation>PREPARED BY AUDITORS, REVIEWED BY ACCOUNTING, PRESENTED TO ACCOUNT EXECUTIVE, SENT TO TREASURER FOR REVIEW.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 12C</ReturnReference>
        <Explanation>CONFLICT ISSUES PRESENTED BY BOARD MEMBERS IF ANY OCCUR</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>UPON REQUEST</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>OTHER FEES</Identifier>
        <ReturnReference>FORM 990, PART IX, LINE 11G</ReturnReference>
        <Explanation>ADMINISTRATIVE TIME: PROGRAM SERVICE EXPENSES 42,779. MANAGEMENT AND GENERAL EXPENSES 51,803. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 94,582.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART XII, LINE 2C</ReturnReference>
        <Explanation>THERE IS NO CHANGE FROM PRIOR YEAR.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc1043400001">
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>INTERNATION SOCIETY OF TRANSPORT AIRCRAFT TRADING</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>330 N WABASH AVE</AddressLine1>
          <City>CHICAGO</City>
          <State>IL</State>
          <ZIPCode>60611</ZIPCode>
        </AddressUS>
        <EIN>521304567</EIN>
        <PrimaryActivities>TRADE ASSOCIATION</PrimaryActivities>
        <LegalDomicileState>IL</LegalDomicileState>
        <ExemptCodeSection>501 (C) 6</ExemptCodeSection>
        <ControlledOrg>0</ControlledOrg>
      </Form990ScheduleRPartII>
      <ReceiptOfIntAnnRentsRoyalties>0</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>0</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>1</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>0</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>0</LoansOrGuaranteesFromOtherOrg>
      <DividendsRelatedOrganization>0</DividendsRelatedOrganization>
      <SaleOfAssetsToOtherOrg>0</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>0</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>0</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>0</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>0</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>0</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>0</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>0</SharingOfFacilities>
      <SharingOfPaidEmployees>0</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>0</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>0</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>0</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>0</OtherTransferFromOtherOrg>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>INTERNATIONAL SOCIETY OF TRANSPORT AIRCRAFT TRADING</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>C</TransactionType>
        <AmountInvolved>389432</AmountInvolved>
        <MethodOfAmtDetermination>CASH</MethodOfAmtDetermination>
      </TransactionsRelatedOrgsTable>
    </IRS990ScheduleR>
  </ReturnData>
</Return>