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        <Description2Txt>BOLIVIA HOVDE HOUSE - OUR PARTNER, ALALAY, PROVIDES HOLISTIC CARE AND EDUCATION FOR STREET CHILDREN. THE HOME SERVES 30 ABANDONED AND ABUSED GIRLS WHO WERE RESCUED FROM LIVING AND WORKING ON THE STREETS OF LA PAZ AND EL ALTO. THIS YEAR, THE HOVDE FOUNDATION SUPPORTED THE HOME'S GENERAL OPERATING EXPENSES.</Description2Txt>
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        <Description3Txt>MALAWI HOVDE HOUSE - OUR PARTNER IN MALAWI, POTHAWIRA, PROVIDES COMPREHENSIVE AND AFFORDABLE HEALTHCARE, EDUCATION, AND ORPHAN CARE TO SUPPORT THE SURROUNDING COMMUNITY. IN 2024, THE HOVDE FOUNDATION FUNDED OPERATIONAL EXPENSES FOR THE ORPHAN CARE PROGRAM, WHICH SERVED 123 CHILDREN. ADDITIONAL FUNDING SUPPORTED THE RENOVATION AND CONSTRUCTION OF A TRANSITION HOME FOR OLDER YOUTH NEEDING CONTINUED SUPPORT AS THEY GRADUATE FROM HIGH SCHOOL AND PREPARE FOR INDEPENDENT ADULTHOOD.</Description3Txt>
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        <Description4Txt>COST RICA HOVDE HOUSE - FACE OF JUSTICE WORKS TO END CHILD TRAFFICKING AND COMMERCIAL SEXUAL EXPLOITATION THROUGH PREVENTION, INTERVENTION, AND RESTORATION PROGRAMS. THE ORGANIZATION OPERATES A TEMPORARY SHELTER FOR 24 GIRLS RESCUED FROM EXPLOITATION. IN 2024, THE HOVDE FOUNDATION FUNDED THE CONTINUED CONSTRUCTION OF A NEW, PERMANENT HOME TO PROVIDE LONG-TERM CARE FOR THESE GIRLS.</Description4Txt>
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        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <QualifyingDistributionsAmt>1846696</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>334121</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr5Amt>371271</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>960423</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>636383</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>2122813</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>1777767</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>5868657</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>1846696</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToPriorYearsAmt>0</AppliedToPriorYearsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <AppliedToCurrentYearAmt>334121</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>1512575</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>0</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>0</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>7381232</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <PriorYearDeficiencyOrTaxAmt>0</PriorYearDeficiencyOrTaxAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <CorpusDistri170b1EOr4942g3Amt>0</CorpusDistri170b1EOr4942g3Amt>
        <ExcessDistriCyovFromYr5Amt>371271</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>7009961</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>960423</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>636383</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>2122813</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>1777767</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>1512575</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>ERIC D HOVDE</ContributingManagerNm>
        <ContributingManagerNm>STEVEN D HOVDE</ContributingManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ASOCIACION NUEVO AMANECER JUNTOS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientForeignAddress>
            <AddressLine1Txt>JR ABTAO 1450</AddressLine1Txt>
            <CityNm>HUNUCO</CityNm>
            <CountryCd>PE</CountryCd>
          </RecipientForeignAddress>
          <RecipientFoundationStatusTxt>PC - EQUIV. DETERMIN</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>HOVDE HOUSE PERU - OPERATIONS</GrantOrContributionPurposeTxt>
          <Amt>54232</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>BETHEL HORIZONS FOUNDATION INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>312 WISCONSIN AVENUE</AddressLine1Txt>
            <CityNm>MADISON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53703</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>2024 CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CLEAN LAKES ALLIANCE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>150 EAST GILMAN ST STE 2600</AddressLine1Txt>
            <CityNm>MADISON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53703</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>TABLE SPONSORSHIP FOR ANNUAL MEETING</GrantOrContributionPurposeTxt>
          <Amt>15000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HOGAR DE NINOS ALALAY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientForeignAddress>
            <AddressLine1Txt>AV MUNOZ REYES ENTRE CALLES 25 Y 26</AddressLine1Txt>
            <AddressLine2Txt>DE COTA COTA NO 100</AddressLine2Txt>
            <CityNm>LA PAZ</CityNm>
            <CountryCd>BL</CountryCd>
          </RecipientForeignAddress>
          <RecipientFoundationStatusTxt>PC - EQUIV. DETERMIN</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>HOVDE HOUSE BOLIVIA</GrantOrContributionPurposeTxt>
          <Amt>115000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HOPE FOR LIFE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 75684</AddressLine1Txt>
            <CityNm>SEATTLE</CityNm>
            <StateAbbreviationCd>WA</StateAbbreviationCd>
            <ZIPCd>98175</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>YOUTH IN RWANDA WITH HOLISTIC, FAMILY-CENTERED &amp; TRAUMA INFORMED INTERVENTIONS TO ESCAPE HOMELESSNESS</GrantOrContributionPurposeTxt>
          <Amt>50000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>JUNIOR ACHIEVEMENT OF WISCONSIN</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2800 ROYAL AVE STE 207</AddressLine1Txt>
            <CityNm>MONONA</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53713</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>2022-23 DANE AREA CORPORATE CAMPAIGN</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MANY HOPES</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>85 PARKWAY ROAD 2</AddressLine1Txt>
            <CityNm>BRONXVILLE</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10708</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL CONTRIBUTION TO MANY HOPES IN SUPPORT OF OTHER PARTNERS IN SEVERAL COUNTRIES</GrantOrContributionPurposeTxt>
          <Amt>930944</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>POTHAWIRA INTERNATIONAL</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>7 N FAIR MANOR CIR</AddressLine1Txt>
            <CityNm>SPRING</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>77382</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUPPORT INITIATIVES FOR WOMEN &amp; CHILDREN IN MALAWI, HOVDE HOME COSTS</GrantOrContributionPurposeTxt>
          <Amt>100000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE ROAD HOME OF DANE COUNTY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>890 WEST WINGRA DRIVE</AddressLine1Txt>
            <CityNm>MADISON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53715</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>2023 AND 2024 PLEDGES</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CONSULTORES EMPRESARIALES</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientForeignAddress>
            <AddressLine1Txt>MATA REDONDA TORRE 6 PISO 4</AddressLine1Txt>
            <CityNm>SAN JOSE</CityNm>
            <CountryCd>CS</CountryCd>
          </RecipientForeignAddress>
          <RecipientFoundationStatusTxt>PC - EQUIV. DETERMIN</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>HOVDE HOME COSTA RICA OPERATIONS</GrantOrContributionPurposeTxt>
          <Amt>84308</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THORN</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>222 PACIFIC COAST HIGHWAY</AddressLine1Txt>
            <CityNm>EL SEGUNDO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>90245</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SECOND DISBURSEMENT OF 5 YEAR COMMITMENT OF $250,000</GrantOrContributionPurposeTxt>
          <Amt>50000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ESCUELA DE LA CALLE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientForeignAddress>
            <AddressLine1Txt>DIAGONAL 15 18-84 LAS ROSAS ZONA 5</AddressLine1Txt>
            <CityNm>QUETZALTENGANGO</CityNm>
            <CountryCd>GT</CountryCd>
          </RecipientForeignAddress>
          <RecipientFoundationStatusTxt>PC - EQUIV. DETERMIN</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GUATEMALA OPERATING EXPENSES</GrantOrContributionPurposeTxt>
          <Amt>2630</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>JOEY'S SONG</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>933 NORRIDGE DR</AddressLine1Txt>
            <CityNm>SUN PRAIRIE</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53590</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>2024 CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>4000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SHELTER FROM THE STORM MINISTRIES</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 152</AddressLine1Txt>
            <CityNm>SUN PRAIRIE</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53590</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GRANT FOR FLOORING PROJECT</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SHELTER FROM THE STORM MINISTRIES</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 152</AddressLine1Txt>
            <CityNm>SUN PRAIRIE</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53590</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>IN KIND DONATION OF SUPPLIES</GrantOrContributionPurposeTxt>
          <Amt>755</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>NATIONAL MULTIPLE SCLEROSIS SOCIETY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1120 JAMES DR STE A</AddressLine1Txt>
            <CityNm>HARTLAND</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53029</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>2024 CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>32921</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>BELOVED ASHVILLE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>32 OLD CHARLOTTE HWY</AddressLine1Txt>
            <CityNm>ASHEVILLE</CityNm>
            <StateAbbreviationCd>NC</StateAbbreviationCd>
            <ZIPCd>28803</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>2024 CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>AKOLA ACADEMY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>411 N AKARD ST STE 150</AddressLine1Txt>
            <CityNm>DALLAS</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>75201</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>2024 CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HOVDE PROPERTIES LLC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>122 WEST WASHINGTON AVE SUITE 350</AddressLine1Txt>
            <CityNm>MADISON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53703</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>IN KIND DONATION OF OPERATION EXPENSES</GrantOrContributionPurposeTxt>
          <Amt>1848</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CRF ROJAS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientForeignAddress>
            <AddressLine1Txt>CALLE FEDERICO ZUAZO 1598</AddressLine1Txt>
            <CityNm>EDIFICIO PARK INN PISO</CityNm>
            <CountryCd>BL</CountryCd>
          </RecipientForeignAddress>
          <RecipientFoundationStatusTxt>PC - EQUIV. DETERMIN</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>LEGAL FEES RELATED TO HOVDE HOME BOLIVIA</GrantOrContributionPurposeTxt>
          <Amt>1500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>1534138</TotalGrantOrContriPdDurYrAmt>
        <GrantOrContriApprvForFutGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE RIVER FOOD PANTRY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2201 DARWIN RD</AddressLine1Txt>
            <CityNm>MADISON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53704</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>RIVER FOOD PANTRY PLEDGE</GrantOrContributionPurposeTxt>
          <Amt>50000</Amt>
        </GrantOrContriApprvForFutGrp>
        <TotalGrantOrContriApprvFutAmt>50000</TotalGrantOrContriApprvFutAmt>
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      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
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        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>48454</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <OtherInvestmentIncomeGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>6998</ExclusionAmt>
        </OtherInvestmentIncomeGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>299372</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>0</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>481652</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>0</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>481652</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>0</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>0</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>0</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>0</PurchaseOfAssetsNonchrtblEOInd>
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        <ReimbursementArrangementsInd>0</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>0</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>0</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>0</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>0</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <AccountingFeesSchedule documentId="RetDoc2002200001">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
        <Amt>21932</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>21932</DisbursementsCharitablePrpsAmt>
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    </AccountingFeesSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc2018900001">
      <InvestmentsCorporateStockGrp>
        <StockNm>EPLUS STOCK</StockNm>
        <EOYBookValueAmt>17566</EOYBookValueAmt>
        <EOYFMVAmt>258875</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="RetDoc2018100001">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>M3 PARTNERS, LP</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>561760</BookValueAmt>
        <EOYFMVAmt>561760</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>HEALTHX VENTURES FUND I LP</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>165577</BookValueAmt>
        <EOYFMVAmt>165577</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>HEALTHX VENTURES FUND II LP</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>413245</BookValueAmt>
        <EOYFMVAmt>413245</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>NR LEGARDO DE ESPARANZA</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>30576</BookValueAmt>
        <EOYFMVAmt>30576</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>MIDWEST ADVISORS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>2704029</BookValueAmt>
        <EOYFMVAmt>2384088</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>BROOKFIELD BUSINESS PARTNERS LP</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>1048</BookValueAmt>
        <EOYFMVAmt>1048</EOYFMVAmt>
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    </InvestmentsOtherSchedule2>
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      <LandEtcGrp>
        <CategoryOrItemTxt>LAND</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>326470</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>0</AccumulatedDepreciationAmt>
        <BookValueAmt>326470</BookValueAmt>
        <EOYFMVAmt>326470</EOYFMVAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>BUILDINGS</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>1684497</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>225657</AccumulatedDepreciationAmt>
        <BookValueAmt>1458840</BookValueAmt>
        <EOYFMVAmt>1684497</EOYFMVAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>PERSONAL PROPERTY</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>18507</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>11417</AccumulatedDepreciationAmt>
        <BookValueAmt>7090</BookValueAmt>
        <EOYFMVAmt>18507</EOYFMVAmt>
      </LandEtcGrp>
    </LandEtcSchedule2>
    <OtherDecreasesSchedule documentId="RetDoc2049800001">
      <OtherDecreasesDetail>
        <Desc>UNREALIZED GAIN/LOSS</Desc>
        <Amt>554834</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="RetDoc2003200001">
      <OtherExpensesScheduleGrp>
        <Desc>IT SERVICES</Desc>
        <RevenueAndExpensesPerBooksAmt>4000</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>4000</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>IT WEBSITE</Desc>
        <RevenueAndExpensesPerBooksAmt>5904</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>5904</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>11410</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>4409</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>POSTAGE AND DELIVERY</Desc>
        <RevenueAndExpensesPerBooksAmt>51</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>51</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>SUBSCRIPTIONS</Desc>
        <RevenueAndExpensesPerBooksAmt>3560</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>3560</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>SUPPLIES</Desc>
        <RevenueAndExpensesPerBooksAmt>36</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>36</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>TELEPHONE</Desc>
        <RevenueAndExpensesPerBooksAmt>1048</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>1048</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>21243</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>21243</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BANK FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>40</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>40</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OTHER COSTS</Desc>
        <RevenueAndExpensesPerBooksAmt>2450</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>2450</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>STAFF DEVELOPMENT</Desc>
        <RevenueAndExpensesPerBooksAmt>5000</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>5000</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>CONFERENCE</Desc>
        <RevenueAndExpensesPerBooksAmt>30278</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>30278</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INVESTMENT EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>64239</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>64239</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>MEALS</Desc>
        <RevenueAndExpensesPerBooksAmt>545</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>545</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>FROM K-1 M3 PARTNERS LP</Desc>
        <RevenueAndExpensesPerBooksAmt>22804</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>22804</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>FROM K-1 HEALTHX VENTURES FUND I LP</Desc>
        <RevenueAndExpensesPerBooksAmt>5787</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>5787</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>FROM K-1 HEALTHX VENTURES FUND II LP</Desc>
        <RevenueAndExpensesPerBooksAmt>15427</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>15427</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>FROM K-1 BROOKFIELD BUSINESS PARTNERS</Desc>
        <RevenueAndExpensesPerBooksAmt>27</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>27</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc2001500001">
      <OtherIncomeDetail>
        <Desc>EXCISE TAX REFUND</Desc>
        <RevenueAndExpensesPerBooksAmt>6998</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>6998</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>6998</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="RetDoc2002300001">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>CONSULTANTS</CategoryTxt>
        <Amt>15045</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>15045</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc2002500001">
      <TaxesDetail>
        <CategoryTxt>PAYROLL TAXES</CategoryTxt>
        <Amt>11963</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>11963</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>