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  <ReturnHeader binaryAttachmentCount="0">
    <Timestamp>2011-05-05T10:43:09-07:00</Timestamp>
    <TaxPeriodEndDate>2010-12-31</TaxPeriodEndDate>
    <ReturnType>990PF</ReturnType>
    <TaxPeriodBeginDate>2010-01-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>516558384</EIN>
      <Name>
        <BusinessNameLine1>F J RYAN MEMORIAL SCHOLARSHIP FUND (SBU)</BusinessNameLine1>
      </Name>
      <NameControl>FJRN</NameControl>
      <Phone>7163767238</Phone>
      <USAddress>
        <AddressLine1>201 NORTH UNION STREET</AddressLine1>
        <City>OLEAN</City>
        <State>NY</State>
        <ZIPCode>14760</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>PEGGY NAUGHTON</Name>
      <Title>TRUST OFFICER</Title>
      <Phone>7163767238</Phone>
      <DateSigned>2011-04-29</DateSigned>
    </Officer>
    <TaxYear>2010</TaxYear>
    <BuildTS>2016-02-24 21:20:13Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="5">
    <IRS990PF documentId="00000001" referenceDocumentName="ReasonableCauseExplanation GeneralExplanationAttachment">
      <ExemptPF>X</ExemptPF>
      <FMVAssetsEOY>151925</FMVAssetsEOY>
      <MethodOfAccountingCash>X</MethodOfAccountingCash>
      <AnalysisOfRevenueAndExpenses>
        <NotRequiredToAttachScheduleB>X</NotRequiredToAttachScheduleB>
        <InterestOnSavingsRevAndExpnss>1</InterestOnSavingsRevAndExpnss>
        <InterestOnSavingsNetInvstIncm>1</InterestOnSavingsNetInvstIncm>
        <DividendsRevAndExpnss>3945</DividendsRevAndExpnss>
        <DividendsNetInvstIncm>3945</DividendsNetInvstIncm>
        <NetGainSaleAssetsRevAndExpnss referenceDocumentId="00000002" referenceDocumentName="GainLossFromSaleOtherAssetsSchedule">-1035</NetGainSaleAssetsRevAndExpnss>
        <GrossSalesPrice>13045</GrossSalesPrice>
        <CapitalGainNetIncmNetInvstIncm>0</CapitalGainNetIncmNetInvstIncm>
        <TotalRevenueAndExpenses>2911</TotalRevenueAndExpenses>
        <TotalNetInvestmentIncome>3946</TotalNetInvestmentIncome>
        <CompOfcrDirTrstRevAndExpnss>1774</CompOfcrDirTrstRevAndExpnss>
        <CompOfcrDirTrstNetInvstIncm>1182</CompOfcrDirTrstNetInvstIncm>
        <CompOfcrDirTrstDsbrsChrtblPrps>592</CompOfcrDirTrstDsbrsChrtblPrps>
        <TaxesRevAndExpnss referenceDocumentId="00000005" referenceDocumentName="TaxesSchedule">36</TaxesRevAndExpnss>
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        <TotOprExpensesNetInvstIncm>1182</TotOprExpensesNetInvstIncm>
        <TotOprExpensesDsbrsChrtblPrps>642</TotOprExpensesDsbrsChrtblPrps>
        <ContriGiftsPaidRevAndExpnss>1988</ContriGiftsPaidRevAndExpnss>
        <ContriGiftsPaidDsbrsChrtblPrps>1988</ContriGiftsPaidDsbrsChrtblPrps>
        <TotalExpensesRevAndExpnss>3848</TotalExpensesRevAndExpnss>
        <TotalExpensesNetInvstIncm>1182</TotalExpensesNetInvstIncm>
        <TotalExpensesDsbrsChrtblPrps>2630</TotalExpensesDsbrsChrtblPrps>
        <ExcessOfRevenueOverExpenses>-937</ExcessOfRevenueOverExpenses>
        <NetInvestmentIncome>2764</NetInvestmentIncome>
      </AnalysisOfRevenueAndExpenses>
      <BalanceSheets>
        <SavingsAndTempCashInvstBOY>1435</SavingsAndTempCashInvstBOY>
        <SavingsAndTempCashInvstEOY>1726</SavingsAndTempCashInvstEOY>
        <SavingsAndTempCashInvstEOYFMV>1726</SavingsAndTempCashInvstEOYFMV>
        <InvestmentsOtherBOY>143979</InvestmentsOtherBOY>
        <InvestmentsOtherEOY referenceDocumentId="00000003" referenceDocumentName="InvestmentsOtherSchedule2">142751</InvestmentsOtherEOY>
        <InvestmentsOtherEOYFMV>150199</InvestmentsOtherEOYFMV>
        <TotalAssetsBOY>145414</TotalAssetsBOY>
        <TotalAssetsEOY>144477</TotalAssetsEOY>
        <TotalAssetsEOYFMV>151925</TotalAssetsEOYFMV>
        <TotalLiabilitiesEOY>0</TotalLiabilitiesEOY>
        <OrgThatDoNotFollowSFAS117>X</OrgThatDoNotFollowSFAS117>
        <CapitalStockBOY>145358</CapitalStockBOY>
        <CapitalStockEOY>144457</CapitalStockEOY>
        <RetainedEarningsBOY>56</RetainedEarningsBOY>
        <RetainedEarningsEOY>20</RetainedEarningsEOY>
        <TotalNetAssetsBOY>145414</TotalNetAssetsBOY>
        <TotalNetAssetsEOY>144477</TotalNetAssetsEOY>
        <TotalLiabilitiesNetAssetsBOY>145414</TotalLiabilitiesNetAssetsBOY>
        <TotalLiabilitiesNetAssetsEOY>144477</TotalLiabilitiesNetAssetsEOY>
      </BalanceSheets>
      <ChangesInNetAssetsFundBalances>
        <TotalNetAssetsFundBalancesBOY>145414</TotalNetAssetsFundBalancesBOY>
        <ExcessOfRevenueOverExpenses>-937</ExcessOfRevenueOverExpenses>
        <Subtotal>144477</Subtotal>
        <TotalNetAssetsFundBalancesEOY>144477</TotalNetAssetsFundBalancesEOY>
      </ChangesInNetAssetsFundBalances>
      <CapitalGainsAndLosses>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>PUBLICLY TRADED SECURITIES</DescriptionOfAsset>
          <GrossSalesPrice>13045</GrossSalesPrice>
          <Depreciation>0</Depreciation>
          <CostOrOtherBasis>14080</CostOrOtherBasis>
          <GainOrLoss>-1035</GainOrLoss>
          <FMVAsOf123169>0</FMVAsOf123169>
          <AdjustedBasisAsOf123169>0</AdjustedBasisAsOf123169>
          <ExcessOfFMVOverAdjustedBasis>0</ExcessOfFMVOverAdjustedBasis>
          <GainsMinusExcessOrLosses>-1035</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainNetIncome>-1035</CapitalGainNetIncome>
      </CapitalGainsAndLosses>
      <QlfyUndSect4940eForReducedTax>
        <LiableFor4942Tax>false</LiableFor4942Tax>
        <QualifyingDistributionsYear1>6992</QualifyingDistributionsYear1>
        <NoncharitableAssetsYear1>126604</NoncharitableAssetsYear1>
        <DistributionRatioYear1>0.055227</DistributionRatioYear1>
        <QualifyingDistributionsYear2>7954</QualifyingDistributionsYear2>
        <NoncharitableAssetsYear2>143145</NoncharitableAssetsYear2>
        <DistributionRatioYear2>0.055566</DistributionRatioYear2>
        <QualifyingDistributionsYear3>5635</QualifyingDistributionsYear3>
        <NoncharitableAssetsYear3>163069</NoncharitableAssetsYear3>
        <DistributionRatioYear3>0.034556</DistributionRatioYear3>
        <QualifyingDistributionsYear4>3744</QualifyingDistributionsYear4>
        <NoncharitableAssetsYear4>155105</NoncharitableAssetsYear4>
        <DistributionRatioYear4>0.024138</DistributionRatioYear4>
        <QualifyingDistributionsYear5>6141</QualifyingDistributionsYear5>
        <NoncharitableAssetsYear5>147782</NoncharitableAssetsYear5>
        <DistributionRatioYear5>0.041554</DistributionRatioYear5>
        <TotalDistributionRatio>0.211041</TotalDistributionRatio>
        <AverageDistributionRatio>0.042208</AverageDistributionRatio>
        <NetNoncharitableAssets>142657</NetNoncharitableAssets>
        <AdjustedNoncharitableAssets>6021</AdjustedNoncharitableAssets>
        <OnePercentNetInvestmentIncome>28</OnePercentNetInvestmentIncome>
        <AdjNonchrtblAssetsAndOnePct>6049</AdjNonchrtblAssetsAndOnePct>
        <QualifyingDistributions>2630</QualifyingDistributions>
      </QlfyUndSect4940eForReducedTax>
      <ExciseTaxBasedOnInvestmentIncm>
        <InvestmentIncomeExciseTax>55</InvestmentIncomeExciseTax>
        <TaxUnderSection511>0</TaxUnderSection511>
        <Subtotal>55</Subtotal>
        <TaxBasedOnInvestmentIncome>55</TaxBasedOnInvestmentIncome>
        <TaxPaidOriginalReturn>0</TaxPaidOriginalReturn>
        <TaxDue>55</TaxDue>
        <AmountCreditedToNextYear>0</AmountCreditedToNextYear>
      </ExciseTaxBasedOnInvestmentIncm>
      <StatementsRegardingActivities>
        <LegislativePoliticalActivities>false</LegislativePoliticalActivities>
        <MoreThan100Spent>false</MoreThan100Spent>
        <Form1120POLFiled>false</Form1120POLFiled>
        <ActivitiesNotPrevReported>false</ActivitiesNotPrevReported>
        <ChangesToArticlesOrBylaws>false</ChangesToArticlesOrBylaws>
        <UnrelatedBusIncomeOver1000>false</UnrelatedBusIncomeOver1000>
        <TerminationEtc>false</TerminationEtc>
        <RequirementsOfSect508e>true</RequirementsOfSect508e>
        <AtLeast5000InAssets>true</AtLeast5000InAssets>
        <StatesFiledWith>NY</StatesFiledWith>
        <Form990PFFiledWithAG>true</Form990PFFiledWithAG>
        <PrivateOperatingFoundation>false</PrivateOperatingFoundation>
        <NewSubstantialContributors>false</NewSubstantialContributors>
        <InterestInControlledEntity>false</InterestInControlledEntity>
        <ApplicableInsuranceContract>false</ApplicableInsuranceContract>
        <ComplyWithPublicInspectionRqr>false</ComplyWithPublicInspectionRqr>
        <WebsiteAddress>N/A</WebsiteAddress>
        <BooksInCareOfBusinessName>
          <BusinessNameLine1>COMMUNITY BANK NA</BusinessNameLine1>
        </BooksInCareOfBusinessName>
        <BooksInCareOfPhoneNumber>7163767238</BooksInCareOfPhoneNumber>
        <BooksInCareOfUSAddress>
          <AddressLine1>201 NORTH UNION ST</AddressLine1>
          <City>OLEAN</City>
          <State>NY</State>
          <ZIPCode>14760</ZIPCode>
        </BooksInCareOfUSAddress>
        <ForeignBank>false</ForeignBank>
      </StatementsRegardingActivities>
      <StatementsRegardingActy4720>
        <SaleOrExchangeWithDsqflyPerson>false</SaleOrExchangeWithDsqflyPerson>
        <BorrowOrLendWithDsqflyPerson>false</BorrowOrLendWithDsqflyPerson>
        <FurnishedGoodsWithDsqflyPerson>false</FurnishedGoodsWithDsqflyPerson>
        <PayCompensationToDsqflyPerson>false</PayCompensationToDsqflyPerson>
        <TransferAssetsToDsqflyPerson>false</TransferAssetsToDsqflyPerson>
        <PaymentToGovernmentOffical>false</PaymentToGovernmentOffical>
        <UncorrectedPriorActs>false</UncorrectedPriorActs>
        <UndistributedIncomePriorYears>false</UndistributedIncomePriorYears>
        <UndistrIncome4942a2NotApplied>true</UndistrIncome4942a2NotApplied>
        <BusinessHoldings>false</BusinessHoldings>
        <JeopardyInvestments>false</JeopardyInvestments>
        <UncorrectedJeopardyInvestments>false</UncorrectedJeopardyInvestments>
        <InfluenceLegislation>false</InfluenceLegislation>
        <InfluenceElection>false</InfluenceElection>
        <GrantsToIndividuals>false</GrantsToIndividuals>
        <GrantsToOrganizations>false</GrantsToOrganizations>
        <NoncharitablePurpose>false</NoncharitablePurpose>
        <RcvFundsToPayPrsnlBnftContract>false</RcvFundsToPayPrsnlBnftContract>
        <PayPremiumsPrsnlBnftContract>false</PayPremiumsPrsnlBnftContract>
        <ProhibitedTaxShelterTransactn>false</ProhibitedTaxShelterTransactn>
      </StatementsRegardingActy4720>
      <OfcrDirTrusteesKeyEmployeeInfo>
        <OfcrDirTrusteesOrKeyEmployee>
          <BusinessName>
            <BusinessNameLine1>COMMUNITY BANK NA</BusinessNameLine1>
          </BusinessName>
          <USAddress>
            <AddressLine1>201 N UNION ST</AddressLine1>
            <City>OLEAN</City>
            <State>NY</State>
            <ZIPCode>14760</ZIPCode>
          </USAddress>
          <Title>TRUSTEE</Title>
          <AvgHoursPerWkDevotedToPosition>3.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>1774</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <CompOfHighestPaidEmplNONE>NONE</CompOfHighestPaidEmplNONE>
        <TotNumberOfOthEmplPaidOver50k>0</TotNumberOfOthEmplPaidOver50k>
        <CompOfHghstPaidCntrctNONE>NONE</CompOfHghstPaidCntrctNONE>
        <TotNumberOfCntrctPaidOver50k>0</TotNumberOfCntrctPaidOver50k>
      </OfcrDirTrusteesKeyEmployeeInfo>
      <SummaryOfDirectCharitableActy>
        <Description1>ST. BONAVENTURE UNIVERISTY SCHOLARSHIP FUND</Description1>
        <Expenses1>1988</Expenses1>
      </SummaryOfDirectCharitableActy>
      <MinimumInvestmentReturn>
        <AvgMonthlyFMVOfSecurities>142246</AvgMonthlyFMVOfSecurities>
        <AvgMonthlyCashBalances>2583</AvgMonthlyCashBalances>
        <FMVAllOtherNoncharitableAssets>0</FMVAllOtherNoncharitableAssets>
        <TotalFMVOfUnusedAssets>144829</TotalFMVOfUnusedAssets>
        <AdjTotalFMVOfUnusedAssets>144829</AdjTotalFMVOfUnusedAssets>
        <CashDeemedCharitable>2172</CashDeemedCharitable>
        <NetNoncharitableAssets>142657</NetNoncharitableAssets>
        <MinimumInvestmentReturn>7133</MinimumInvestmentReturn>
      </MinimumInvestmentReturn>
      <DistributableAmount>
        <MinimumInvestmentReturn>7133</MinimumInvestmentReturn>
        <TaxBasedOnInvestmentIncome>55</TaxBasedOnInvestmentIncome>
        <TotalTax>55</TotalTax>
        <DistributableAmountBeforeAdj>7078</DistributableAmountBeforeAdj>
        <DistributableAmountBeforeDed>7078</DistributableAmountBeforeDed>
        <DistributableAmountAsAdjusted>7078</DistributableAmountAsAdjusted>
      </DistributableAmount>
      <QualifyingDistributions>
        <ExpensesAndContributions>2630</ExpensesAndContributions>
        <QualifyingDistributions>2630</QualifyingDistributions>
        <AdjQualifyingDistributions>2630</AdjQualifyingDistributions>
      </QualifyingDistributions>
      <UndistributedIncome>
        <DistributableAmountAsAdjusted>7078</DistributableAmountAsAdjusted>
        <ExcessDistriCarryoverYear1>734</ExcessDistriCarryoverYear1>
        <TotalExcessDistriCarryover>734</TotalExcessDistriCarryover>
        <QualifyingDistributions>2630</QualifyingDistributions>
        <AppliedToCurrentYear>2630</AppliedToCurrentYear>
        <ExcessDistriCyovAppCYCorpus>734</ExcessDistriCyovAppCYCorpus>
        <ExcessDistriCyovAppliedCY>734</ExcessDistriCyovAppliedCY>
        <UndistributedIncomeCY>3714</UndistributedIncomeCY>
      </UndistributedIncome>
      <SupplementaryInformation>
        <ContributingManager>NA</ContributingManager>
        <ShareholderManager>NA</ShareholderManager>
        <OnlyContributesToPreselected>X</OnlyContributesToPreselected>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>ST BONAVENTURE UNIVERSITY</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 2500</AddressLine1>
            <City>ST BONAVENTURE</City>
            <State>NY</State>
            <ZIPCode>14778</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>PRIVATE</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>ASSISTANCEEDUCATIONAL</PurposeOfGrantOrContribution>
          <Amount>1988</Amount>
        </GrantOrContriPaidDuringYear>
        <TotGrantOrContriPaidDuringYear>1988</TotGrantOrContriPaidDuringYear>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <IntOnSavingsAndTempCashInvst>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>1</ExclusionAmount>
        </IntOnSavingsAndTempCashInvst>
        <DividendsAndIntFromSecPartVII>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>3945</ExclusionAmount>
        </DividendsAndIntFromSecPartVII>
        <GainSalesAssetsOthThanInvntry>
          <ExclusionCode>18</ExclusionCode>
          <ExclusionAmount>-1035</ExclusionAmount>
        </GainSalesAssetsOthThanInvntry>
        <SubtotalsPartXVIA>
          <ExclusionAmount>2911</ExclusionAmount>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>2911</TotalPartXVIA>
      </AnalysisIncomeProducingActy>
      <TrnsfrTrRlnWithNoncharitableEO>
        <TrnsfrOfCashToNoncharitableEO>false</TrnsfrOfCashToNoncharitableEO>
        <TrnsfrOthAssetsNoncharitableEO>false</TrnsfrOthAssetsNoncharitableEO>
        <SalesOrExchangesOfAssets>false</SalesOrExchangesOfAssets>
        <PurchaseAssetsNoncharitableEO>false</PurchaseAssetsNoncharitableEO>
        <RentalOfFacilitiesEtc>false</RentalOfFacilitiesEtc>
        <ReimbursementArrangements>false</ReimbursementArrangements>
        <LoansOrLoanGuarantees>false</LoansOrLoanGuarantees>
        <PerformanceOfServicesEtc>false</PerformanceOfServicesEtc>
        <SharingOfFacilitiesEtc>false</SharingOfFacilitiesEtc>
        <RelationshipsNoncharitableEOs>false</RelationshipsNoncharitableEOs>
      </TrnsfrTrRlnWithNoncharitableEO>
    </IRS990PF>
    <GainLossSaleOtherAssetsSch documentId="00000002">
      <GainLossSaleOtherAsset>
        <Name>PUBLICLY TRADED SECURITIES</Name>
        <HowAcquired>Purchased</HowAcquired>
        <PurchaserName>
          <Business>
            <BusinessNameLine1>CBNA</BusinessNameLine1>
          </Business>
        </PurchaserName>
        <GrossSalesPrice>13045</GrossSalesPrice>
        <Basis>14080</Basis>
        <TotalNet>-1035</TotalNet>
      </GainLossSaleOtherAsset>
    </GainLossSaleOtherAssetsSch>
    <InvestmentsOtherSchedule2 documentId="00000003">
      <InvestmentsOther>
        <CategoryOrItem>LARGE CAP VALUE 60</CategoryOrItem>
        <BookValue>28955</BookValue>
        <EOYFMV>27055</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>CORE FIXED INC 64</CategoryOrItem>
        <BookValue>84185</BookValue>
        <EOYFMV>86036</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>LARGE CAP GROWTH 57</CategoryOrItem>
        <BookValue>20754</BookValue>
        <EOYFMV>27305</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>CMALL CAP VALUE 58</CategoryOrItem>
        <BookValue>4104</BookValue>
        <EOYFMV>4841</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>SMALL CAP GROWTH 67</CategoryOrItem>
        <BookValue>4753</BookValue>
        <EOYFMV>4962</EOYFMV>
      </InvestmentsOther>
    </InvestmentsOtherSchedule2>
    <OtherExpensesSchedule documentId="00000004">
      <OtherExpenses>
        <Description>NY Charitable Filing Fee</Description>
        <RevenueAndExpensesPerBooks>50</RevenueAndExpensesPerBooks>
        <DisbursementsCharitablePrps>50</DisbursementsCharitablePrps>
      </OtherExpenses>
    </OtherExpensesSchedule>
    <TaxesSchedule documentId="00000005">
      <Taxes>
        <Category>Balance due per 2008 990PF</Category>
        <Amount>36</Amount>
      </Taxes>
    </TaxesSchedule>
  </ReturnData>
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