﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2023v5.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2024-11-15T13:47:12-05:00</ReturnTs>
    <TaxPeriodEndDt>2023-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>472692787</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>ARETE ADVISORS</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>8875 RESEARCH DR</AddressLine1Txt>
        <CityNm>IRVINE</CityNm>
        <StateAbbreviationCd>CA</StateAbbreviationCd>
        <ZIPCd>926184236</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2023-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>814753149</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>THE KELEMEN FOUNDATION</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>KELE</BusinessNameControlTxt>
      <PhoneNum>9492315022</PhoneNum>
      <USAddress>
        <AddressLine1Txt>19100 VON KARMAN AVE SUITE 480</AddressLine1Txt>
        <CityNm>IRVINE</CityNm>
        <StateAbbreviationCd>CA</StateAbbreviationCd>
        <ZIPCd>92612</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>TIBOR KELEMEN</PersonNm>
      <PersonTitleTxt>PRESIDENT</PersonTitleTxt>
      <PhoneNum>9492315022</PhoneNum>
      <SignatureDt>2024-11-15</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>true</IRSResponsiblePrtyInfoCurrInd>
    <PreparerPersonGrp>
      <PreparerPersonNm>ANDREW S DIXON</PreparerPersonNm>
      <PTIN>P01389765</PTIN>
      <PhoneNum>9492033010</PhoneNum>
      <PreparationDt>2024-11-15</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2023</TaxYr>
    <BuildTS>2024-10-15 13:58:12Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="7">
    <IRS990PF documentId="RetDoc7">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>132511</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <TotalRevAndExpnssAmt>0</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>0</TotalNetInvstIncmAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc3">1952</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesChrtblPrpsAmt>1952</AccountingFeesChrtblPrpsAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc6">265</TaxesRevAndExpnssAmt>
        <TaxesDsbrsChrtblAmt>25</TaxesDsbrsChrtblAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc4">391</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesDsbrsChrtblAmt>391</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>2608</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>0</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>2368</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>0</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>0</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>2608</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>0</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>2368</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-2608</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>3619</CashBOYAmt>
        <CashEOYAmt>1011</CashEOYAmt>
        <CashEOYFMVAmt>1011</CashEOYFMVAmt>
        <RcvblFromOfficersBOYAmt>7500</RcvblFromOfficersBOYAmt>
        <RcvblFromOfficersEOYAmt referenceDocumentId="RetDoc2">7500</RcvblFromOfficersEOYAmt>
        <RcvblFromOfficersEOYFMVAmt>7500</RcvblFromOfficersEOYFMVAmt>
        <OtherNtsAndLoansRcvblAmt>124000</OtherNtsAndLoansRcvblAmt>
        <OtherNtsAndLoansRcvblBOYAmt>124000</OtherNtsAndLoansRcvblBOYAmt>
        <OtherNtsAndLoansRcvblEOYAmt referenceDocumentId="RetDoc1 RetDoc5">124000</OtherNtsAndLoansRcvblEOYAmt>
        <OtherNtsAndLoansRcvblEOYFMVAmt>124000</OtherNtsAndLoansRcvblEOYFMVAmt>
        <TotalAssetsBOYAmt>135119</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>132511</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>132511</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <RetainedEarningBOYAmt>135119</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>132511</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>135119</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>132511</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>135119</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>132511</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>135119</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-2608</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>132511</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>132511</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>0</InvestmentIncomeExciseTaxAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>CA</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <IndividualWithBooksNm>TIBOR KELEMEN</IndividualWithBooksNm>
        <PhoneNum>9492315022</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>19100 VON KARMAN AVE SUITE 480</AddressLine1Txt>
          <CityNm>IRVINE</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>92618</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>true</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>false</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <ActsFailToQlfyAsExceptionsInd>true</ActsFailToQlfyAsExceptionsInd>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>false</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>TIBOR KELEMEN</PersonNm>
          <USAddress>
            <AddressLine1Txt>19100 VON KARMAN AVE SUITE 480</AddressLine1Txt>
            <CityNm>IRVINE</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>92618</ZIPCd>
          </USAddress>
          <TitleTxt>PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.50</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>TAM T DOAN</PersonNm>
          <USAddress>
            <AddressLine1Txt>19100 VON KARMAN AVE SUITE 480</AddressLine1Txt>
            <CityNm>IRVINE</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>92612</ZIPCd>
          </USAddress>
          <TitleTxt>SECRETARY</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.50</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>0</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>0</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>131500</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>131500</TotalFMVOfUnusedAssetsAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>131500</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>1973</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>129527</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>6476</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>6476</MinimumInvestmentReturnAmt>
        <DistributableBeforeAdjAmt>6476</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>6476</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>6476</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>2368</ExpensesAndContributionsAmt>
        <QualifyingDistributionsAmt>2368</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>6476</DistributableAsAdjustedAmt>
        <ExcessDistributionCyovYr5Amt>4269</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>9095</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>2431</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr1Amt>4316</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>20111</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>2368</QualifyingDistributionsAmt>
        <AppliedToCurrentYearAmt>2368</AppliedToCurrentYearAmt>
        <ExcessDistriCyovAppCYCorpusAmt>4108</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>4108</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>16003</TotalCorpusAmt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovFromYr5Amt>161</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>15842</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>9095</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>2431</ExcessFromYear3Amt>
        <ExcessFromYear1Amt>4316</ExcessFromYear1Amt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
      </SupplementaryInformationGrp>
      <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="RetDoc3">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
        <Amt>1952</Amt>
        <DisbursementsCharitablePrpsAmt>1952</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <OtherExpensesSchedule documentId="RetDoc4">
      <OtherExpensesScheduleGrp>
        <Desc>EXPENSES</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BANK FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>391</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>391</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherNotesLoansRcvblLongSch documentId="RetDoc1">
      <OtherNotesLoansRcvblLongGrp>
        <BorrowerNameGrp>
          <PersonNm>THE KELEMEN CAPITAL</PersonNm>
        </BorrowerNameGrp>
        <InsiderRelationshipTxt>ENTITY OF MANAGER</InsiderRelationshipTxt>
        <LoanOriginalAmt>24000</LoanOriginalAmt>
        <BalanceDueAmt>24000</BalanceDueAmt>
        <NoteDt>2021-12</NoteDt>
        <InterestRt>0.0000</InterestRt>
        <SecurityProvidedBorrowerTxt>N/A</SecurityProvidedBorrowerTxt>
        <LoanPurposeTxt>OPERATIONAL</LoanPurposeTxt>
      </OtherNotesLoansRcvblLongGrp>
    </OtherNotesLoansRcvblLongSch>
    <OtherNotesLoansRcvblShortSch2 documentId="RetDoc5">
      <OtherNotesLoansRcvblShortGrp>
        <Organization501c3Name>
          <BusinessNameLine1Txt>LOAN RECEIVABLE</BusinessNameLine1Txt>
        </Organization501c3Name>
        <BalanceDueAmt>100000</BalanceDueAmt>
      </OtherNotesLoansRcvblShortGrp>
    </OtherNotesLoansRcvblShortSch2>
    <OtherReceivablesOfficersSch documentId="RetDoc2">
      <OfficerOtherRcvblGrp>
        <BorrowerPersonNm>TIBOR KELEMEN</BorrowerPersonNm>
        <BorrowerTitleTxt>PRESIDENT</BorrowerTitleTxt>
        <LoanOriginalAmt>7500</LoanOriginalAmt>
        <BalanceDueAmt>7500</BalanceDueAmt>
        <NoteDt>2022-02</NoteDt>
        <RepaymentTermsTxt>N/A</RepaymentTermsTxt>
        <SecurityProvidedBorrowerTxt>N/A</SecurityProvidedBorrowerTxt>
        <LoanPurposeTxt>PERSONAL</LoanPurposeTxt>
        <ConsiderationFMVAmt>7500</ConsiderationFMVAmt>
      </OfficerOtherRcvblGrp>
    </OtherReceivablesOfficersSch>
    <TaxesSchedule documentId="RetDoc6">
      <TaxesDetail>
        <CategoryTxt>LICENSES AND PERMITS</CategoryTxt>
        <Amt>265</Amt>
        <DisbursementsCharitablePrpsAmt>25</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>