﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xsi:schemaLocation="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2025v4.1">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2026-04-07T16:37:26-05:00</ReturnTs>
    <TaxPeriodEndDt>2025-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmName>
        <BusinessNameLine1Txt>MICHAEL SONSINO PC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>5117 PINE ST</AddressLine1Txt>
        <CityNm>BELLAIRE</CityNm>
        <StateAbbreviationCd>TX</StateAbbreviationCd>
        <ZIPCd>77401</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2025-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>746155151</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>ERNEST A MANTZEL FOUNDATION</BusinessNameLine1Txt>
        <BusinessNameLine2Txt>C/O FROST NATIONAL BANK</BusinessNameLine2Txt>
      </BusinessName>
      <InCareOfNm>% LINDSAY GLOVER</InCareOfNm>
      <BusinessNameControlTxt>ERNE</BusinessNameControlTxt>
      <PhoneNum>4097705665</PhoneNum>
      <USAddress>
        <AddressLine1Txt>PO BOX 179</AddressLine1Txt>
        <CityNm>GALVESTON</CityNm>
        <StateAbbreviationCd>TX</StateAbbreviationCd>
        <ZIPCd>77553</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>LINDSAY GLOVER</PersonNm>
      <PersonTitleTxt>TRUSTEE</PersonTitleTxt>
      <PhoneNum>4097631151</PhoneNum>
      <SignatureDt>2026-04-15</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>MICHAEL SONSINO</PreparerPersonNm>
      <PTIN>P00008583</PTIN>
      <PhoneNum>7138544501</PhoneNum>
      <PreparationDt>2026-04-15</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2025</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="9">
    <IRS990PF documentId="IRS990PF">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>11815970</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>0</ContriRcvdRevAndExpnssAmt>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <DividendsRevAndExpnssAmt>252881</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>252881</DividendsNetInvstIncmAmt>
        <DividendsAdjNetIncmAmt>252881</DividendsAdjNetIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>505999</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>2247979</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>505999</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="OtherIncomeSch2">271051</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeAdjNetIncmAmt>271051</OtherIncomeAdjNetIncmAmt>
        <TotalRevAndExpnssAmt>1029931</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>758880</TotalNetInvstIncmAmt>
        <TotalAdjNetIncmAmt>523932</TotalAdjNetIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>88987</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>44493</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstAdjNetIncmAmt>44493</CompOfcrDirTrstAdjNetIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>44494</CompOfcrDirTrstDsbrsChrtblAmt>
        <LegalFeesRevAndExpnssAmt referenceDocumentId="LegalFeesSch">1055</LegalFeesRevAndExpnssAmt>
        <LegalFeesNetInvstIncmAmt>0</LegalFeesNetInvstIncmAmt>
        <LegalFeesAdjNetIncmAmt>1055</LegalFeesAdjNetIncmAmt>
        <LegalFeesDsbrsChrtblAmt>1055</LegalFeesDsbrsChrtblAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="AccountingFeesSch">7909</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>3954</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesAdjNetIncmAmt>3954</AccountingFeesAdjNetIncmAmt>
        <AccountingFeesChrtblPrpsAmt>3955</AccountingFeesChrtblPrpsAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="TaxesSchedule">22906</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>5350</TaxesNetInvstIncmAmt>
        <TaxesAdjNetIncmAmt>5350</TaxesAdjNetIncmAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="OtherExpensesSch">50415</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesDsbrsChrtblAmt>50415</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>171272</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>53797</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesAdjNetIncmAmt>54852</TotOprExpensesAdjNetIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>99919</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>508000</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>508000</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>679272</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>53797</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesAdjNetIncmAmt>54852</TotalExpensesAdjNetIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>607919</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>350659</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>705083</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>469080</AdjustedNetIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <SavAndTempCashInvstBOYAmt>766535</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>553733</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>553733</SavAndTempCashInvstEOYFMVAmt>
        <AcctRcvblAmt>2007739</AcctRcvblAmt>
        <AcctRcvblAllwncDbtflAcctAmt>2007739</AcctRcvblAllwncDbtflAcctAmt>
        <CorporateStockBOYAmt>8127972</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="InvestCorpStockSch">8687745</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>11249696</CorporateStockEOYFMVAmt>
        <OtherInvestmentsBOYAmt>12853</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="InvOtherSch2">12541</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>12541</OtherInvestmentsEOYFMVAmt>
        <TotalAssetsBOYAmt>8907360</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>9254019</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>11815970</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <RetainedEarningBOYAmt>8903360</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>9254019</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>8903360</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>9254019</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>8903360</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>9254019</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>8903360</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>350659</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>9254019</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>9254019</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>SEE ATTACHED SCHEDULE</PropertyDesc>
          <SoldDt>2025-12-31</SoldDt>
          <GrossSalesPriceAmt>243532</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>251508</CostOrOtherBasisAmt>
          <GainOrLossAmt>-7976</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-7976</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>SEE ATTACHED SCHEDULE</PropertyDesc>
          <SoldDt>2025-12-31</SoldDt>
          <GrossSalesPriceAmt>1652431</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>1490472</CostOrOtherBasisAmt>
          <GainOrLossAmt>161959</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>161959</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>352016</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>352016</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>505999</CapitalGainNetIncomeAmt>
        <NetShortTermCapitalGainLossAmt>-7976</NetShortTermCapitalGainLossAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>9801</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>9801</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>9801</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>12000</EstimatedPlusOvpmtIncmTxAmt>
        <ExemptFrgnOrgTaxWthldAtSrceAmt>0</ExemptFrgnOrgTaxWthldAtSrceAmt>
        <TotalPaymentsAndCreditsAmt>12000</TotalPaymentsAndCreditsAmt>
        <OverpaymentAmt>2199</OverpaymentAmt>
        <AppliedToESTaxAmt>2199</AppliedToESTaxAmt>
        <RefundAmt>0</RefundAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd referenceDocumentId="BinaryAttach BinaryAttachN1 BinaryAttachN2 BinaryAttachN3">false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd referenceDocumentId="BinaryAttach BinaryAttachN1 BinaryAttachN2 BinaryAttachN3">false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd referenceDocumentId="BinaryAttach BinaryAttachN1 BinaryAttachN2 BinaryAttachN3">false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>TX</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>true</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <PersonsWithBooksName>
          <BusinessNameLine1Txt>LINDSAY GLOVER</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>4097631151</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>2201 MARKET ST</AddressLine1Txt>
          <CityNm>GALVESTON</CityNm>
          <StateAbbreviationCd>TX</StateAbbreviationCd>
          <ZIPCd>77550</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>false</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <UncorrectedPriorActsInd>false</UncorrectedPriorActsInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RelyingCurrentNtcDsstrAsst1Ind>X</RelyingCurrentNtcDsstrAsst1Ind>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>FROST NATIONAL BANK</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO BOX 179</AddressLine1Txt>
            <CityNm>GALVESTON</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>77553</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>88987</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>PROVIDES INTEREST-FREE LOANS TO NEEDY/WORTHY STUDENTS WHO ARE TEXAS RESIDENTS AND WHO ATTEND HIGHER EDUCCATION SCHOOLS IN THE STATE OF TEXAS.</Description1Txt>
        <Expenses1Amt>607919</Expenses1Amt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp />
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>10908988</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>407035</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>11316023</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>11316023</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>169740</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>11146283</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>557314</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <Sect4942j3j5FndtnAndFrgnOrgInd>X</Sect4942j3j5FndtnAndFrgnOrgInd>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>607919</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>607919</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <PrivateOperatingFoundationsGrp>
        <Section4942j3Ind>X</Section4942j3Ind>
        <LessorAdjNetIncmMinInvstRetGrp>
          <CurrentYearAmt>469080</CurrentYearAmt>
          <Year1Amt>435821</Year1Amt>
          <Year2Amt>409593</Year2Amt>
          <Year3Amt>360314</Year3Amt>
          <TotalAmt>1674808</TotalAmt>
        </LessorAdjNetIncmMinInvstRetGrp>
        <Pct85LessorAdjIncmOrMinRetGrp>
          <CurrentYearAmt>398718</CurrentYearAmt>
          <Year1Amt>370448</Year1Amt>
          <Year2Amt>348154</Year2Amt>
          <Year3Amt>306267</Year3Amt>
          <TotalAmt>1423587</TotalAmt>
        </Pct85LessorAdjIncmOrMinRetGrp>
        <QualifyingDistributionsGrp>
          <CurrentYearAmt>607919</CurrentYearAmt>
          <Year1Amt>634972</Year1Amt>
          <Year2Amt>545675</Year2Amt>
          <Year3Amt>604116</Year3Amt>
          <TotalAmt>2392682</TotalAmt>
        </QualifyingDistributionsGrp>
        <QualifyingDistriNotUsedDrtGrp />
        <QualifyingDistriMadeDrtGrp>
          <CurrentYearAmt>607919</CurrentYearAmt>
          <Year1Amt>634972</Year1Amt>
          <Year2Amt>545675</Year2Amt>
          <Year3Amt>604116</Year3Amt>
          <TotalAmt>2392682</TotalAmt>
        </QualifyingDistriMadeDrtGrp>
        <TotalAssetsGrp />
        <TotalAssetsSect4942j3BiGrp>
          <TotalAmt>0</TotalAmt>
        </TotalAssetsSect4942j3BiGrp>
        <TwoThirdsMinimumInvstRetGrp>
          <CurrentYearAmt>371545</CurrentYearAmt>
          <Year1Amt>345526</Year1Amt>
          <Year2Amt>300606</Year2Amt>
          <Year3Amt>301124</Year3Amt>
          <TotalAmt>1318801</TotalAmt>
        </TwoThirdsMinimumInvstRetGrp>
        <TotalSupportGrp />
        <PublicSupportType />
        <LargestSupportFromEOGrp />
        <GrossInvestmentIncomeGrp />
      </PrivateOperatingFoundationsGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>NONE</ContributingManagerNm>
        <ShareholderManagerNm>NONE</ShareholderManagerNm>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>ERNEST A MANTZEL FOUNDATION</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 8210</AddressLine1Txt>
            <CityNm>GALVESTON</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>77553</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>4097705665</RecipientPhoneNum>
          <FormAndInfoAndMaterialsTxt>SEE ATTACHED APPLICATION AND RULES</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>SEE ATTACHED APPLICATION AND RULES</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>SEE ATTACHED APPLICATION AND RULES</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SEE ATTACHED SCHEDULE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>SEE ATTACHED SCHEDULE</AddressLine1Txt>
            <CityNm>GALVESTON</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>77553</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusCd>I</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>EDUCATIONAL LOAN</GrantOrContributionPurposeTxt>
          <Amt>508000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>508000</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp />
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>252881</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncomeGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>505999</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <OtherRevenueDescribedGrp>
          <Desc>LOAN REPAYMENTS</Desc>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>271051</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>1029931</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>1029931</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="AccountingFeesSch">
      <AccountingFeesDetail>
        <CategoryTxt>TAX PREPARATION FEES</CategoryTxt>
        <Amt>7909</Amt>
        <NetInvestmentIncomeAmt>3954</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>3954</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>3955</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>EQUITY AND BOND FUNDS</StockNm>
        <EOYBookValueAmt>8687745</EOYBookValueAmt>
        <EOYFMVAmt>11249696</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ACCRUED DIVIDEND</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>8541</BookValueAmt>
        <EOYFMVAmt>8541</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>GRANT TO BE REPAID</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>4000</BookValueAmt>
        <EOYFMVAmt>4000</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LegalFeesSchedule documentId="LegalFeesSch">
      <LegalFeesGrp>
        <CategoryTxt>LEGAL FEES</CategoryTxt>
        <LegalFeesAmt>1055</LegalFeesAmt>
        <AdjustedNetIncomeAmt>1055</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>1055</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>ADMINISTRATIVE FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>0</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>LOAN PROCESSING CHARGES</Desc>
        <RevenueAndExpensesPerBooksAmt>50415</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>50415</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>LOAN REPAYMENTS</Desc>
        <RevenueAndExpensesPerBooksAmt>271051</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>271051</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES</CategoryTxt>
        <Amt>5350</Amt>
        <NetInvestmentIncomeAmt>5350</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>5350</AdjustedNetIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FEDERAL INCOME TAX</CategoryTxt>
        <Amt>17556</Amt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>