﻿<?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="2010v3.2">
  <ReturnHeader binaryAttachmentCount="0">
    <Timestamp>2011-05-16T08:35:57-05:00</Timestamp>
    <TaxPeriodEndDate>2010-12-31</TaxPeriodEndDate>
    <PreparerFirm>
      <PreparerFirmBusinessName>
        <BusinessNameLine1>ECK SCHAFER &amp; PUNKE LLP</BusinessNameLine1>
      </PreparerFirmBusinessName>
      <PreparerFirmUSAddress>
        <AddressLine1>600 E ADAMS ST</AddressLine1>
        <City>SPRINGFIELD</City>
        <State>IL</State>
        <ZIPCode>627011624</ZIPCode>
      </PreparerFirmUSAddress>
    </PreparerFirm>
    <ReturnType>990</ReturnType>
    <TaxPeriodBeginDate>2010-01-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>237289227</EIN>
      <Name>
        <BusinessNameLine1>ILLINOIS REAL ESTATE EDUCATIONAL FOUNDATION</BusinessNameLine1>
      </Name>
      <NameControl>ILLI</NameControl>
      <Phone>2175292600</Phone>
      <USAddress>
        <AddressLine1>522 SOUTH 5TH STREET</AddressLine1>
        <City>SPRINGFIELD</City>
        <State>IL</State>
        <ZIPCode>62701</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>LEONARD TAYLOR</Name>
      <Title>TREASURER</Title>
      <Phone>2175292600</Phone>
      <DateSigned>2011-05-12</DateSigned>
      <AuthorizeThirdParty>1</AuthorizeThirdParty>
    </Officer>
    <Preparer>
      <Name>BRENT LEACH</Name>
      <Phone>2175251111</Phone>
      <DatePrepared>2011-05-12</DatePrepared>
    </Preparer>
    <TaxYear>2010</TaxYear>
    <BuildTS>2016-02-24 21:20:13Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="10">
    <IRS990 documentId="RetDoc1038000001" referenceDocumentId="RetDoc1044400001">
      <NameOfPrincipalOfficerPerson>LEONARD TAYLOR</NameOfPrincipalOfficerPerson>
      <AddressPrincipalOfficerUS>
        <AddressLine1>522 SOUTH 5TH STREET</AddressLine1>
        <City>SPRINGFIELD</City>
        <State>IL</State>
        <ZIPCode>62701</ZIPCode>
      </AddressPrincipalOfficerUS>
      <GrossReceipts>864331</GrossReceipts>
      <GroupReturnForAffiliates>0</GroupReturnForAffiliates>
      <Organization501c3>X</Organization501c3>
      <WebSite>WWW.ILREEF.ORG</WebSite>
      <TypeOfOrganizationCorporation>X</TypeOfOrganizationCorporation>
      <YearFormation>1970</YearFormation>
      <StateLegalDomicile>IL</StateLegalDomicile>
      <ActivityOrMissionDescription>PROVIDE GRANT SCHOLARSHIPS TO STUDENTS INTERESTED IN PURSUING AN EDUCATION OR CAREER IN REAL ESTATE.</ActivityOrMissionDescription>
      <NbrVotingMembersGoverningBody>18</NbrVotingMembersGoverningBody>
      <NbrIndependentVotingMembers>18</NbrIndependentVotingMembers>
      <TotalNbrEmployees>0</TotalNbrEmployees>
      <TotalNbrVolunteers>21</TotalNbrVolunteers>
      <TotalGrossUBI>0</TotalGrossUBI>
      <NetUnrelatedBusinessTxblIncome>0</NetUnrelatedBusinessTxblIncome>
      <ContributionsGrantsPriorYear>20158</ContributionsGrantsPriorYear>
      <ContributionsGrantsCurrentYear>19196</ContributionsGrantsCurrentYear>
      <ProgramServiceRevenuePriorYear>193178</ProgramServiceRevenuePriorYear>
      <ProgramServiceRevenueCY>792647</ProgramServiceRevenueCY>
      <InvestmentIncomePriorYear>12431</InvestmentIncomePriorYear>
      <InvestmentIncomeCurrentYear>14288</InvestmentIncomeCurrentYear>
      <OtherRevenuePriorYear>10735</OtherRevenuePriorYear>
      <OtherRevenueCurrentYear>13698</OtherRevenueCurrentYear>
      <TotalRevenuePriorYear>236502</TotalRevenuePriorYear>
      <TotalRevenueCurrentYear>839829</TotalRevenueCurrentYear>
      <GrantsAndSimilarAmntsPriorYear>34406</GrantsAndSimilarAmntsPriorYear>
      <GrantsAndSimilarAmntsCY>15531</GrantsAndSimilarAmntsCY>
      <BenefitsPaidToMembersPriorYear>0</BenefitsPaidToMembersPriorYear>
      <BenefitsPaidToMembersCY>0</BenefitsPaidToMembersCY>
      <SalariesEtcPriorYear>0</SalariesEtcPriorYear>
      <SalariesEtcCurrentYear>0</SalariesEtcCurrentYear>
      <TotalProfFundrsngExpPriorYear>0</TotalProfFundrsngExpPriorYear>
      <TotalProfFundrsngExpCY>0</TotalProfFundrsngExpCY>
      <TotalFundrsngExpCurrentYear>0</TotalFundrsngExpCurrentYear>
      <OtherExpensePriorYear>312727</OtherExpensePriorYear>
      <OtherExpensesCurrentYear>347076</OtherExpensesCurrentYear>
      <TotalExpensesPriorYear>347133</TotalExpensesPriorYear>
      <TotalExpensesCurrentYear>362607</TotalExpensesCurrentYear>
      <RevenuesLessExpensesPriorYear>-110631</RevenuesLessExpensesPriorYear>
      <RevenuesLessExpensesCY>477222</RevenuesLessExpensesCY>
      <TotalAssetsBOY>1491550</TotalAssetsBOY>
      <TotalAssetsEOY>2010231</TotalAssetsEOY>
      <TotalLiabilitiesBOY>324778</TotalLiabilitiesBOY>
      <TotalLiabilitiesEOY>366237</TotalLiabilitiesEOY>
      <NetAssetsOrFundBalancesBOY>1166772</NetAssetsOrFundBalancesBOY>
      <NetAssetsOrFundBalancesEOY>1643994</NetAssetsOrFundBalancesEOY>
      <MissionDescription>PROVIDE GRANT SCHOLARSHIPS TO STUDENTS INTERESTED IN PURSUING A REAL ESTATE CAREER.</MissionDescription>
      <SignificantNewProgramServices>0</SignificantNewProgramServices>
      <SignificantChange>0</SignificantChange>
      <Expense>15531</Expense>
      <Description>SCHOLARSHIPS ARE AWARDED TO PROMOTE AND ASSIST SUITABLE STANDARDS OF EDUCATION IN ALL PHASES OF THE FIELD OF REAL ESTATE.</Description>
      <Activity2>
        <Expense>310039</Expense>
        <Revenue>792647</Revenue>
        <Description>BROKER CONTINUING EDUCATION</Description>
      </Activity2>
      <TotalProgramServiceExpense>325570</TotalProgramServiceExpense>
      <DescribedIn501C3 referenceDocumentId="RetDoc1039100001">1</DescribedIn501C3>
      <ScheduleBRequired referenceDocumentId="RetDoc1234500001">1</ScheduleBRequired>
      <PoliticalActivities>0</PoliticalActivities>
      <LobbyingActivities>0</LobbyingActivities>
      <DonorAdvisedFunds referenceDocumentId="RetDoc1040000001">0</DonorAdvisedFunds>
      <ConservationEasements referenceDocumentId="RetDoc1040000001">0</ConservationEasements>
      <CollectionsOfArt referenceDocumentId="RetDoc1040000001">0</CollectionsOfArt>
      <CreditCounseling referenceDocumentId="RetDoc1040000001">0</CreditCounseling>
      <TermOrPermanentEndowments referenceDocumentId="RetDoc1040000001">0</TermOrPermanentEndowments>
      <ReportLandBldgEquip referenceDocumentId="RetDoc1040000001">0</ReportLandBldgEquip>
      <ReportInvestOthSecurities referenceDocumentId="RetDoc1040000001">0</ReportInvestOthSecurities>
      <ReportProgRelInvest referenceDocumentId="RetDoc1040000001">0</ReportProgRelInvest>
      <ReportOtherAssets referenceDocumentId="RetDoc1040000001">0</ReportOtherAssets>
      <ReportOtherLiabilities referenceDocumentId="RetDoc1040000001">0</ReportOtherLiabilities>
      <ReportFin48Footnote referenceDocumentId="RetDoc1040000001">0</ReportFin48Footnote>
      <IndependentAuditFinancialStmt referenceDocumentId="RetDoc1040000001">1</IndependentAuditFinancialStmt>
      <ConsolidatedAuditFinancialStmt referenceDocumentId="RetDoc1040000001">1</ConsolidatedAuditFinancialStmt>
      <School>0</School>
      <ForeignOffice>0</ForeignOffice>
      <ForeignActivities>0</ForeignActivities>
      <MoreThan5000KToOrganizations>0</MoreThan5000KToOrganizations>
      <MoreThan5000KToIndividuals>0</MoreThan5000KToIndividuals>
      <ProfessionalFundraising>0</ProfessionalFundraising>
      <FundraisingActivities>1</FundraisingActivities>
      <Gaming>0</Gaming>
      <Hospital>0</Hospital>
      <GrantsToOrganizations referenceDocumentId="RetDoc1041900001">0</GrantsToOrganizations>
      <GrantsToIndividuals referenceDocumentId="RetDoc1041900001">1</GrantsToIndividuals>
      <ScheduleJRequired referenceDocumentId="RetDoc1042400001">1</ScheduleJRequired>
      <TaxExemptBonds>0</TaxExemptBonds>
      <ExcessBenefitTransaction referenceDocumentId="RetDoc1042800001">0</ExcessBenefitTransaction>
      <PriorExcessBenefitTransaction referenceDocumentId="RetDoc1042800001">0</PriorExcessBenefitTransaction>
      <LoanToOfficerOrDQP referenceDocumentId="RetDoc1042800001">0</LoanToOfficerOrDQP>
      <GrantToRelatedPerson referenceDocumentId="RetDoc1042800001">1</GrantToRelatedPerson>
      <BsnssRltnshpWithOrganization referenceDocumentId="RetDoc1042800001">0</BsnssRltnshpWithOrganization>
      <BsnssRltnshpThruFamilyMember referenceDocumentId="RetDoc1042800001">0</BsnssRltnshpThruFamilyMember>
      <OfficerEntityWithBsnssRltnshp referenceDocumentId="RetDoc1042800001">0</OfficerEntityWithBsnssRltnshp>
      <DeductibleNonCashContributions>0</DeductibleNonCashContributions>
      <DeductibleContributionsOfArt>0</DeductibleContributionsOfArt>
      <Terminated>0</Terminated>
      <PartialLiquidation>0</PartialLiquidation>
      <DisregardedEntity referenceDocumentId="RetDoc1043400001">0</DisregardedEntity>
      <RelatedEntity referenceDocumentId="RetDoc1043400001">1</RelatedEntity>
      <RelatedOrgControlledEntity>0</RelatedOrgControlledEntity>
      <TransactionRelatedEntity referenceDocumentId="RetDoc1043400001">0</TransactionRelatedEntity>
      <TransfersToExemptNonChrtblOrg referenceDocumentId="RetDoc1043400001">1</TransfersToExemptNonChrtblOrg>
      <ActivitiesConductedPartnership referenceDocumentId="RetDoc1043400001">0</ActivitiesConductedPartnership>
      <ScheduleORequired>1</ScheduleORequired>
      <NumberFormsTransmittedWith1096>0</NumberFormsTransmittedWith1096>
      <NumberW2GIncluded>0</NumberW2GIncluded>
      <NumberOfEmployees>0</NumberOfEmployees>
      <UnrelatedBusinessIncome>0</UnrelatedBusinessIncome>
      <ForeignFinancialAccount>0</ForeignFinancialAccount>
      <ProhibitedTaxShelterTrans>0</ProhibitedTaxShelterTrans>
      <TaxablePartyNotification>0</TaxablePartyNotification>
      <NonDeductibleContributions>0</NonDeductibleContributions>
      <QuidProQuoContributions>0</QuidProQuoContributions>
      <Form8282PropertyDisposedOf>0</Form8282PropertyDisposedOf>
      <IndoorTanningServices>0</IndoorTanningServices>
      <InfoInScheduleOPartVI>X</InfoInScheduleOPartVI>
      <NbrVotingGoverningBodyMembers>18</NbrVotingGoverningBodyMembers>
      <NumberIndependentVotingMembers>18</NumberIndependentVotingMembers>
      <FamilyOrBusinessRelationship>0</FamilyOrBusinessRelationship>
      <DelegationOfManagementDuties>0</DelegationOfManagementDuties>
      <ChangesToOrganizingDocs>0</ChangesToOrganizingDocs>
      <MaterialDiversionOrMisuse>0</MaterialDiversionOrMisuse>
      <MembersOrStockholders>0</MembersOrStockholders>
      <ElectionOfBoardMembers>0</ElectionOfBoardMembers>
      <DecisionsSubjectToApproval>0</DecisionsSubjectToApproval>
      <MinutesOfGoverningBody>1</MinutesOfGoverningBody>
      <MinutesOfCommittees>1</MinutesOfCommittees>
      <OfficerMailingAddress>0</OfficerMailingAddress>
      <LocalChapters>0</LocalChapters>
      <Form990ProvidedToGoverningBody>1</Form990ProvidedToGoverningBody>
      <ConflictOfInterestPolicy>1</ConflictOfInterestPolicy>
      <AnnualDisclosureCoveredPersons>1</AnnualDisclosureCoveredPersons>
      <RegularMonitoringEnforcement>1</RegularMonitoringEnforcement>
      <WhistleblowerPolicy>1</WhistleblowerPolicy>
      <DocumentRetentionPolicy>1</DocumentRetentionPolicy>
      <CompensationProcessCEO>0</CompensationProcessCEO>
      <CompensationProcessOther>0</CompensationProcessOther>
      <InvestmentInJointVenture>1</InvestmentInJointVenture>
      <WrittenPolicyOrProcedure>1</WrittenPolicyOrProcedure>
      <StatesWhereCopyOfReturnIsFiled>IL</StatesWhereCopyOfReturnIsFiled>
      <UponRequest>X</UponRequest>
      <TheBooksAreInCareOf>
        <NameBusiness>
          <BusinessNameLine1>CATHY MADAUS</BusinessNameLine1>
        </NameBusiness>
        <TelephoneNumber>2175292600</TelephoneNumber>
        <AddressUS>
          <AddressLine1>522 SOUTH 5TH ST</AddressLine1>
          <City>SPRINGFIELD</City>
          <State>IL</State>
          <ZIPCode>62701</ZIPCode>
        </AddressUS>
      </TheBooksAreInCareOf>
      <Form990PartVIISectionA>
        <NamePerson>DOUGLAS CARPENTER</NamePerson>
        <Title>PRESIDENT</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <Officer>X</Officer>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DALE TAYLOR</NamePerson>
        <Title>VICE PRESIDENT</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <Officer>X</Officer>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>PAULA ANDERSON</NamePerson>
        <Title>DIRECTOR</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>JOAN CUNNINGHAM</NamePerson>
        <Title>DIRECTOR</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>PAULA FULTON</NamePerson>
        <Title>DIRECTOR</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>MICHAEL BUSCHER</NamePerson>
        <Title>DIRECTOR</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DIANE HAMMON</NamePerson>
        <Title>DIRECTOR</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>MELINDA HELFER</NamePerson>
        <Title>DIRECTOR</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>ROBERT EBY</NamePerson>
        <Title>DIRECTOR</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>GERALDINE MCKEON</NamePerson>
        <Title>DIRECTOR</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>MATT SILVER</NamePerson>
        <Title>DIRECTOR</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DEBBIE BORGWALD</NamePerson>
        <Title>DIRECTOR</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>PATRICIA PALZET-TAYLOR</NamePerson>
        <Title>DIRECTOR</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>NANCY SUVARNAMANI</NamePerson>
        <Title>DIRECTOR</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>SUZANNE WITTENBURG</NamePerson>
        <Title>DIRECTOR</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>JOY WOFFORD</NamePerson>
        <Title>DIRECTOR</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>SUSAN MILLER</NamePerson>
        <Title>DIRECTOR</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>LEONARD TAYLOR</NamePerson>
        <Title>TREASURER</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <Officer>X</Officer>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>156610</ReportableCompFromRelatedOrgs>
        <OtherCompensation>18366</OtherCompensation>
      </Form990PartVIISectionA>
      <TotalReportableCompFromOrg>0</TotalReportableCompFromOrg>
      <TotalReportableCompFrmRltdOrgs>156610</TotalReportableCompFrmRltdOrgs>
      <TotalOtherCompensation>18366</TotalOtherCompensation>
      <NumberIndividualsGT100K>0</NumberIndividualsGT100K>
      <FormersListed>0</FormersListed>
      <TotalCompGT150K>1</TotalCompGT150K>
      <CompensationFromOtherSources>0</CompensationFromOtherSources>
      <NumberOfContractorsGT100K>0</NumberOfContractorsGT100K>
      <AllOtherContributions>19196</AllOtherContributions>
      <TotalContributions>19196</TotalContributions>
      <ProgramServiceRevenue>
        <Description>BROKER MANAGEMENT CPE</Description>
        <BusinessCode>531390</BusinessCode>
        <TotalRevenueColumn>792647</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>792647</RelatedOrExemptFunctionIncome>
      </ProgramServiceRevenue>
      <TotalProgramServiceRevenue>792647</TotalProgramServiceRevenue>
      <InvestmentIncome>
        <TotalRevenueColumn>14288</TotalRevenueColumn>
        <ExclusionAmount>14288</ExclusionAmount>
      </InvestmentIncome>
      <GrossIncomeFundraisingEvents>27930</GrossIncomeFundraisingEvents>
      <FundraisingDirectExpenses>24502</FundraisingDirectExpenses>
      <NetIncomeFromFundraisingEvents>
        <TotalRevenueColumn>3428</TotalRevenueColumn>
        <ExclusionAmount>3428</ExclusionAmount>
      </NetIncomeFromFundraisingEvents>
      <OtherRevenueMisc>
        <Description>OTHER INCOME</Description>
        <BusinessCode>531390</BusinessCode>
        <TotalRevenueColumn>10270</TotalRevenueColumn>
        <ExclusionAmount>10270</ExclusionAmount>
      </OtherRevenueMisc>
      <TotalOtherRevenue>10270</TotalOtherRevenue>
      <TotalRevenue>
        <TotalRevenueColumn>839829</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>792647</RelatedOrExemptFunctionIncome>
        <UnrelatedBusinessRevenue>0</UnrelatedBusinessRevenue>
        <ExclusionAmount>27986</ExclusionAmount>
      </TotalRevenue>
      <GrantsToDomesticIndividuals>
        <Total>15531</Total>
        <ProgramServices>15531</ProgramServices>
      </GrantsToDomesticIndividuals>
      <FeesForServicesLegal>
        <Total>98</Total>
        <ManagementAndGeneral>98</ManagementAndGeneral>
      </FeesForServicesLegal>
      <FeesForServicesAccounting>
        <Total>4268</Total>
        <ManagementAndGeneral>4268</ManagementAndGeneral>
      </FeesForServicesAccounting>
      <OfficeExpenses>
        <Total>1412</Total>
        <ManagementAndGeneral>1412</ManagementAndGeneral>
      </OfficeExpenses>
      <Travel>
        <Total>878</Total>
        <ManagementAndGeneral>878</ManagementAndGeneral>
      </Travel>
      <ConferencesMeetings>
        <Total>155</Total>
        <ManagementAndGeneral>155</ManagementAndGeneral>
      </ConferencesMeetings>
      <OtherExpenses>
        <Description>BROKER MANAGEMENT CPE</Description>
        <Total>310039</Total>
        <ProgramServices>310039</ProgramServices>
      </OtherExpenses>
      <OtherExpenses>
        <Description>OTHER</Description>
        <Total>16287</Total>
        <ManagementAndGeneral>16287</ManagementAndGeneral>
      </OtherExpenses>
      <OtherExpenses>
        <Description>SALARY BILL BACKS</Description>
        <Total>13527</Total>
        <ManagementAndGeneral>13527</ManagementAndGeneral>
      </OtherExpenses>
      <OtherExpenses>
        <Description>AWARDS</Description>
        <Total>412</Total>
        <ManagementAndGeneral>412</ManagementAndGeneral>
      </OtherExpenses>
      <TotalFunctionalExpenses>
        <Total>362607</Total>
        <ProgramServices>325570</ProgramServices>
        <ManagementAndGeneral>37037</ManagementAndGeneral>
        <Fundraising>0</Fundraising>
      </TotalFunctionalExpenses>
      <SavingsAndTempCashInvestments>
        <BOY>1471094</BOY>
        <EOY>2008193</EOY>
      </SavingsAndTempCashInvestments>
      <AccountsReceivable>
        <BOY>20456</BOY>
        <EOY>2038</EOY>
      </AccountsReceivable>
      <TotalAssets>
        <BOY>1491550</BOY>
        <EOY>2010231</EOY>
      </TotalAssets>
      <AccountsPayableAccruedExpenses>
        <BOY>319222</BOY>
        <EOY>366237</EOY>
      </AccountsPayableAccruedExpenses>
      <DeferredRevenue>
        <BOY>5556</BOY>
      </DeferredRevenue>
      <TotalLiabilities>
        <BOY>324778</BOY>
        <EOY>366237</EOY>
      </TotalLiabilities>
      <FollowSFAS117>X</FollowSFAS117>
      <UnrestrictedNetAssets>
        <BOY>1116772</BOY>
        <EOY>1593994</EOY>
      </UnrestrictedNetAssets>
      <PermanentlyRestrictedNetAssets>
        <BOY>50000</BOY>
        <EOY>50000</EOY>
      </PermanentlyRestrictedNetAssets>
      <TotalNetAssetsFundBalances>
        <BOY>1166772</BOY>
        <EOY>1643994</EOY>
      </TotalNetAssetsFundBalances>
      <TotalLiabNetAssetsFundBalances>
        <BOY>1491550</BOY>
        <EOY>2010231</EOY>
      </TotalLiabNetAssetsFundBalances>
      <ReconcilationRevenueExpenses>477222</ReconcilationRevenueExpenses>
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <AccountantCompileOrReview>0</AccountantCompileOrReview>
      <FSAudited>1</FSAudited>
      <AuditCommittee>1</AuditCommittee>
      <FinancialStatementBoth>X</FinancialStatementBoth>
      <FederalGrantAuditRequired>0</FederalGrantAuditRequired>
    </IRS990>
    <IRS990ScheduleA documentId="RetDoc1039100001">
      <PubliclySupportedOrg170b1Avi>X</PubliclySupportedOrg170b1Avi>
      <GiftsGrantsContribReceived170>
        <CurrentTaxYearMinus4Years>20617</CurrentTaxYearMinus4Years>
        <CurrentTaxYearMinus3Years>26061</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>36965</CurrentTaxYearMinus2Years>
        <CurrentTaxYearMinus1Year>20158</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>19196</CurrentTaxYear>
        <Total>122997</Total>
      </GiftsGrantsContribReceived170>
      <Total170>
        <CurrentTaxYearMinus4Years>20617</CurrentTaxYearMinus4Years>
        <CurrentTaxYearMinus3Years>26061</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>36965</CurrentTaxYearMinus2Years>
        <CurrentTaxYearMinus1Year>20158</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>19196</CurrentTaxYear>
        <Total>122997</Total>
      </Total170>
      <AmountsSubstContributorsTotal>14842</AmountsSubstContributorsTotal>
      <PublicSupportTotal170>108155</PublicSupportTotal170>
      <GrossInvestmentIncome170>
        <CurrentTaxYearMinus4Years>25884</CurrentTaxYearMinus4Years>
        <CurrentTaxYearMinus3Years>33690</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>33414</CurrentTaxYearMinus2Years>
        <CurrentTaxYearMinus1Year>12431</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>14288</CurrentTaxYear>
        <Total>119707</Total>
      </GrossInvestmentIncome170>
      <OtherIncome170>
        <CurrentTaxYearMinus4Years>4000</CurrentTaxYearMinus4Years>
        <CurrentTaxYearMinus3Years>59</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus1Year>4822</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>10270</CurrentTaxYear>
        <Total>19151</Total>
      </OtherIncome170>
      <TotalSupport>261855</TotalSupport>
      <GrossReceiptsFromAdmissionsEtc>2412358</GrossReceiptsFromAdmissionsEtc>
      <PublicSupportPertcentage170>0.41300</PublicSupportPertcentage170>
      <PublicSupportPertcentPriorYear>0.49010</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>
      <TotalRevenue>839829</TotalRevenue>
      <TotalExpenses>362607</TotalExpenses>
      <ExcessOrDeficitForYear>477222</ExcessOrDeficitForYear>
      <TotalAdjustments>0</TotalAdjustments>
      <ExcessOrDeficitPerFS>477222</ExcessOrDeficitPerFS>
      <TotRevenueEtcAuditedFinclStmt>864331</TotRevenueEtcAuditedFinclStmt>
      <OtherRevenues>24502</OtherRevenues>
      <RevenueNotRptdF990>24502</RevenueNotRptdF990>
      <RevenueSubtotal>839829</RevenueSubtotal>
      <RevenueNotRptdOnFinStmt>0</RevenueNotRptdOnFinStmt>
      <TotalRevenuePerForm990>839829</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>387109</TotExpensesEtcAuditedFinclStmt>
      <OtherExpensesIncluded>24502</OtherExpensesIncluded>
      <ExpensesNotRptdF990>24502</ExpensesNotRptdF990>
      <ExpensesSubtotal>362607</ExpensesSubtotal>
      <ExpensesNotRptdOnFinStmt>0</ExpensesNotRptdOnFinStmt>
      <TotalExpensesPerForm990>362607</TotalExpensesPerForm990>
      <Form990ScheduleDPartXIV>
        <Identifier>DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48:</Identifier>
        <ReturnReference>PART X:</ReturnReference>
        <Explanation>THE ENTITY REVIEWED THE TAX POSITIONS FOR THE OPEN TAX YEARS AS OF DECEMBER 31, 2010 AND IT WAS DETERMINED THAT NO PROVISION FOR UNCERTAIN TAX POSITIONS IS REQUIRED.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>PART XII, LINE 2D - OTHER ADJUSTMENTS:</Identifier>
        <Explanation>SPECIAL EVENT EXPENSES NETTED DIRECTLY AGAINST SPECIAL EVENT REVENUE</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>PART XIII, LINE 2D - OTHER ADJUSTMENTS:</Identifier>
        <Explanation>SPECIAL EVENT EXPENSES NETTED DIRECTLY AGAINST SPECIAL EVENT REVENUE</Explanation>
      </Form990ScheduleDPartXIV>
    </IRS990ScheduleD>
    <IRS990ScheduleG documentId="RetDoc1041300001">
      <EventsInformation>
        <NameOfEvent1>BANQUET</NameOfEvent1>
        <GrossReceiptsEvent1>27930</GrossReceiptsEvent1>
        <GrossRevenueEvent1>27930</GrossRevenueEvent1>
        <FoodAndBeverageEvent1>16809</FoodAndBeverageEvent1>
        <OtherDirectExpensesEvent1>7693</OtherDirectExpensesEvent1>
        <GrossReceiptsTotal>27930</GrossReceiptsTotal>
        <GrossRevenueTotalEvents>27930</GrossRevenueTotalEvents>
        <FoodAndBeverageTotalEvents>16809</FoodAndBeverageTotalEvents>
        <OtherDirectExpensesTotalEvents>7693</OtherDirectExpensesTotalEvents>
        <DirectExpenseSummaryEvents>24502</DirectExpenseSummaryEvents>
        <NetIncomeSummary>3428</NetIncomeSummary>
      </EventsInformation>
    </IRS990ScheduleG>
    <IRS990ScheduleI documentId="RetDoc1041900001">
      <RecordsMaintained>1</RecordsMaintained>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>EDUCATIONAL SCHOLARSHIPS</TypeOfGrant>
        <NumberOfRecipients>34</NumberOfRecipients>
        <AmountOfCashGrant>15531</AmountOfCashGrant>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIV>
        <Identifier>PROCEDURE FOR MONITORING GRANTS IN THE U.S.:</Identifier>
        <ReturnReference>PART I, LINE 2:</ReturnReference>
        <Explanation>SCHEDULE I, PART I, LINE 2: A DESIGNATED COMMITTEE REVIEWS REQUESTS FOR SCHOLARSHIPS TO DETERMINE IF A CANDIDATE MEETS THE SPECIFIC REQUIREMENTS FOR EACH SCHOLARSHIP. THIS REVIEW IS PERFORMED TWICE PER YEAR. AFTER THE MONEY IS AWARDED, IT IS USUALLY SUBMITTED DIRECTLY TO THE SCHOOL IN WHICH THE CANDIDATE IS ATTENDING. IN CASES WHERE PAYMENT TO THE SCHOOL DIRECTLY IS NOT POSSIBLE, THE CANDIDATE MUST SUBMIT DOCUMENTATION FOR REIMBURSEMENT TO BE SURE THE AWARDED MONEY IS USED FOR THE APPROPRIATE PURPOSES.</Explanation>
      </Form990ScheduleIPartIV>
    </IRS990ScheduleI>
    <IRS990ScheduleJ documentId="RetDoc1042400001">
      <SeverancePayment>0</SeverancePayment>
      <SupplementalNonqualRetirePlan>0</SupplementalNonqualRetirePlan>
      <EquityBasedCompArrangement>0</EquityBasedCompArrangement>
      <CompBasedOnRevenueOfFilingOrg>0</CompBasedOnRevenueOfFilingOrg>
      <CompBasedOnRevenueRelatedOrgs>0</CompBasedOnRevenueRelatedOrgs>
      <CompBasedNetEarningsFilingOrg>0</CompBasedNetEarningsFilingOrg>
      <CompBasedNetEarningsRelateOrgs>0</CompBasedNetEarningsRelateOrgs>
      <AnyNonFixedPayments>0</AnyNonFixedPayments>
      <InitialContractException>0</InitialContractException>
      <Form990ScheduleJPartII>
        <NamePerson>LEONARD TAYLOR</NamePerson>
        <BaseCompensationFilingOrg>0</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>115000</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>40428</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>0</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>1182</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>0</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>9326</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>0</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>9040</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>0</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>174976</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
    </IRS990ScheduleJ>
    <IRS990ScheduleL documentId="RetDoc1042800001">
      <Form990ScheduleLPartIII>
        <NameOfInterestedPerson>DIONNA TAYLOR</NameOfInterestedPerson>
        <RelationshipWithOrganization>DAUGHTER OF AN ILLINOIS REAL ESTATE EDUCATION FOUNDATION BOARD MEMBER</RelationshipWithOrganization>
        <AmountOfGrant>1000</AmountOfGrant>
        <TypeOfAssistance>SCHOLARSHIP</TypeOfAssistance>
      </Form990ScheduleLPartIII>
    </IRS990ScheduleL>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <GeneralExplanation>
        <Identifier>FORM 990, PART VI, SECTION B, LINE 11</Identifier>
        <Explanation>AUTHORIZATION IS GIVEN TO ILLINOIS ASSOCIATION OF REALTORS, A RELATED ENTITY, FOR REVIEW OF THE 990 BY THE AUDIT COMMITTEE AND EXECUTIVE COMMITTEE PRIOR TO FILING. A COPY OF THE RETURN IS ALSO GIVEN TO ILLINOIS REAL ESTATE EDUCATIONAL FOUNDATION BOARD FOR REVIEW.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 12C</ReturnReference>
        <Explanation>CONFLICT OF INTEREST POLICY IS PROVIDED TO EACH BOARD MEMBER AT EVERY MEETING.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>ALL DOCUMENTS ARE AVAILABLE UPON REQUEST.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc1043400001">
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>ILLINOIS ASSOCIATION OF REALTORS</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>522 S 5TH ST</AddressLine1>
          <City>SPRINGFIELD</City>
          <State>IL</State>
          <ZIPCode>62701</ZIPCode>
        </AddressUS>
        <EIN>370644545</EIN>
        <PrimaryActivities>ESTABLISH AND MAINTAIN ETHICAL CODES AMONG REALTORS AND PROMOTE EDUCATION</PrimaryActivities>
        <LegalDomicileState>IL</LegalDomicileState>
        <ExemptCodeSection>501(C)(6)</ExemptCodeSection>
        <DirectControllingEntityNA>N/A</DirectControllingEntityNA>
        <ControlledOrg>0</ControlledOrg>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartIV>
        <NameOfRelatedOrg>
          <BusinessNameLine1>REAL ESTATE ADMINISTRATIVE SERVICES INC</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>522 S 5TH STREET</AddressLine1>
          <City>SPRINGFIELD</City>
          <State>IL</State>
          <ZIPCode>62701</ZIPCode>
        </AddressUS>
        <EIN>371362955</EIN>
        <PrimaryActivity>PROVIDE REAL ESTATE ADMINISTRATIVE SERVICES</PrimaryActivity>
        <LegalDomicileState>IL</LegalDomicileState>
        <TypeOfEntity>C</TypeOfEntity>
      </Form990ScheduleRPartIV>
      <ReceiptOfIntAnnRentsRoyalties>0</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>0</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>0</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>0</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>0</LoansOrGuaranteesFromOtherOrg>
      <SaleOfAssetsToOtherOrg>0</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>0</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>0</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>0</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>1</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>0</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>0</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>1</SharingOfFacilities>
      <SharingOfPaidEmployees>1</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>1</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>0</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>0</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>0</OtherTransferFromOtherOrg>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>REAL ESTATE ADMINISTRATIVE SERVICES INC</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>N</TransactionType>
        <AmountInvolved>211666</AmountInvolved>
      </TransactionsRelatedOrgsTable>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>REAL ESTATE ADMINISTRATIVE SERVICES INC</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>J</TransactionType>
        <AmountInvolved>88156</AmountInvolved>
      </TransactionsRelatedOrgsTable>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>ILLINOIS ASSOCIATION OF REALTORS</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>O</TransactionType>
        <AmountInvolved>52888</AmountInvolved>
      </TransactionsRelatedOrgsTable>
    </IRS990ScheduleR>
  </ReturnData>
</Return>