﻿<?xml version="1.0" encoding="utf-8"?>
<Return returnVersion="2024v5.2" xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.irs.gov/efile">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2025-11-01T10:27:17-05:00</ReturnTs>
    <TaxPeriodEndDt>2024-12-31</TaxPeriodEndDt>
    <ReturnTypeCd>990</ReturnTypeCd>
    <TaxPeriodBeginDt>2024-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>460986435</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>Heartland State Economic Development Corporation</BusinessNameLine1Txt>
      </BusinessName>
      <InCareOfNm>% James B O'Regan</InCareOfNm>
      <BusinessNameControlTxt>HEAR</BusinessNameControlTxt>
      <PhoneNum>3194400431</PhoneNum>
      <USAddress>
        <AddressLine1Txt>607 Sycamore Street STE 820</AddressLine1Txt>
        <CityNm>Waterloo</CityNm>
        <StateAbbreviationCd>IA</StateAbbreviationCd>
        <ZIPCd>50703</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>JAMES B O'REGAN</PersonNm>
      <PersonTitleTxt>Manager</PersonTitleTxt>
      <PhoneNum>3194400431</PhoneNum>
      <SignatureDt>2025-11-01</SignatureDt>
    </BusinessOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>true</IRSResponsiblePrtyInfoCurrInd>
    <TaxYr>2024</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="6">
    <IRS990 documentId="IRS990-117-Copy1" referenceDocumentId="IRS990ScheduleO-196-Copy1">
      <PrincipalOfficerNm>James B ORegan</PrincipalOfficerNm>
      <USAddress>
        <AddressLine1Txt>607 Sycamore Street Ste 820</AddressLine1Txt>
        <CityNm>Waterloo</CityNm>
        <StateAbbreviationCd>IA</StateAbbreviationCd>
        <ZIPCd>50703</ZIPCd>
      </USAddress>
      <GrossReceiptsAmt>1858057</GrossReceiptsAmt>
      <GroupReturnForAffiliatesInd>false</GroupReturnForAffiliatesInd>
      <Organization501c3Ind>X</Organization501c3Ind>
      <TypeOfOrganizationCorpInd>X</TypeOfOrganizationCorpInd>
      <FormationYr>2012</FormationYr>
      <LegalDomicileStateCd>IA</LegalDomicileStateCd>
      <ActivityOrMissionDesc>Help small business get started and grow</ActivityOrMissionDesc>
      <VotingMembersGoverningBodyCnt>0</VotingMembersGoverningBodyCnt>
      <VotingMembersIndependentCnt>0</VotingMembersIndependentCnt>
      <TotalEmployeeCnt>1</TotalEmployeeCnt>
      <TotalGrossUBIAmt>0</TotalGrossUBIAmt>
      <NetUnrelatedBusTxblIncmAmt>0</NetUnrelatedBusTxblIncmAmt>
      <PYContributionsGrantsAmt>6000</PYContributionsGrantsAmt>
      <CYContributionsGrantsAmt>12250</CYContributionsGrantsAmt>
      <CYProgramServiceRevenueAmt>0</CYProgramServiceRevenueAmt>
      <PYInvestmentIncomeAmt>20011</PYInvestmentIncomeAmt>
      <CYInvestmentIncomeAmt>196355</CYInvestmentIncomeAmt>
      <PYOtherRevenueAmt>62763</PYOtherRevenueAmt>
      <CYOtherRevenueAmt>64063</CYOtherRevenueAmt>
      <PYTotalRevenueAmt>88774</PYTotalRevenueAmt>
      <CYTotalRevenueAmt>272668</CYTotalRevenueAmt>
      <CYGrantsAndSimilarPaidAmt>0</CYGrantsAndSimilarPaidAmt>
      <CYBenefitsPaidToMembersAmt>0</CYBenefitsPaidToMembersAmt>
      <PYSalariesCompEmpBnftPaidAmt>43623</PYSalariesCompEmpBnftPaidAmt>
      <CYSalariesCompEmpBnftPaidAmt>45041</CYSalariesCompEmpBnftPaidAmt>
      <CYTotalProfFndrsngExpnsAmt>0</CYTotalProfFndrsngExpnsAmt>
      <CYTotalFundraisingExpenseAmt>0</CYTotalFundraisingExpenseAmt>
      <PYOtherExpensesAmt>15919</PYOtherExpensesAmt>
      <CYOtherExpensesAmt>106191</CYOtherExpensesAmt>
      <PYTotalExpensesAmt>59542</PYTotalExpensesAmt>
      <CYTotalExpensesAmt>151232</CYTotalExpensesAmt>
      <PYRevenuesLessExpensesAmt>29232</PYRevenuesLessExpensesAmt>
      <CYRevenuesLessExpensesAmt>121436</CYRevenuesLessExpensesAmt>
      <TotalAssetsBOYAmt>306517</TotalAssetsBOYAmt>
      <TotalAssetsEOYAmt>2068631</TotalAssetsEOYAmt>
      <TotalLiabilitiesBOYAmt>243979</TotalLiabilitiesBOYAmt>
      <TotalLiabilitiesEOYAmt>1882638</TotalLiabilitiesEOYAmt>
      <NetAssetsOrFundBalancesBOYAmt>62538</NetAssetsOrFundBalancesBOYAmt>
      <NetAssetsOrFundBalancesEOYAmt>185993</NetAssetsOrFundBalancesEOYAmt>
      <MissionDesc>To help businesses grow and succeed</MissionDesc>
      <SignificantNewProgramSrvcInd>false</SignificantNewProgramSrvcInd>
      <SignificantChangeInd>false</SignificantChangeInd>
      <Desc>Help small business expand &amp; grow. Helped supported business recover from a building fire to continue operations.</Desc>
      <DescribedInSection501c3Ind referenceDocumentId="IRS990ScheduleA-127-Copy1">true</DescribedInSection501c3Ind>
      <ScheduleBRequiredInd>false</ScheduleBRequiredInd>
      <PoliticalCampaignActyInd>false</PoliticalCampaignActyInd>
      <LobbyingActivitiesInd>false</LobbyingActivitiesInd>
      <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
      <ConservationEasementsInd>false</ConservationEasementsInd>
      <CollectionsOfArtInd>false</CollectionsOfArtInd>
      <CreditCounselingInd>false</CreditCounselingInd>
      <DonorRstrOrQuasiEndowmentsInd>false</DonorRstrOrQuasiEndowmentsInd>
      <ReportLandBuildingEquipmentInd referenceDocumentId="IRS990ScheduleD-178-Copy1">true</ReportLandBuildingEquipmentInd>
      <ReportInvestmentsOtherSecInd>false</ReportInvestmentsOtherSecInd>
      <ReportProgramRelatedInvstInd>false</ReportProgramRelatedInvstInd>
      <ReportOtherAssetsInd>false</ReportOtherAssetsInd>
      <ReportOtherLiabilitiesInd referenceDocumentId="IRS990ScheduleD-127-Copy1">true</ReportOtherLiabilitiesInd>
      <IncludeFIN48FootnoteInd>false</IncludeFIN48FootnoteInd>
      <IndependentAuditFinclStmtInd>false</IndependentAuditFinclStmtInd>
      <ConsolidatedAuditFinclStmtInd>false</ConsolidatedAuditFinclStmtInd>
      <SchoolOperatingInd>false</SchoolOperatingInd>
      <ForeignOfficeInd>false</ForeignOfficeInd>
      <ForeignActivitiesInd>false</ForeignActivitiesInd>
      <MoreThan5000KToOrgInd>false</MoreThan5000KToOrgInd>
      <MoreThan5000KToIndividualsInd>false</MoreThan5000KToIndividualsInd>
      <ProfessionalFundraisingInd>false</ProfessionalFundraisingInd>
      <FundraisingActivitiesInd>false</FundraisingActivitiesInd>
      <GamingActivitiesInd>false</GamingActivitiesInd>
      <OperateHospitalInd>false</OperateHospitalInd>
      <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
      <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
      <ScheduleJRequiredInd>false</ScheduleJRequiredInd>
      <TaxExemptBondsInd>false</TaxExemptBondsInd>
      <EngagedInExcessBenefitTransInd>false</EngagedInExcessBenefitTransInd>
      <PYExcessBenefitTransInd>false</PYExcessBenefitTransInd>
      <LoanOutstandingInd referenceDocumentId="IRS990ScheduleL-127-Copy1">true</LoanOutstandingInd>
      <GrantToRelatedPersonInd>false</GrantToRelatedPersonInd>
      <BusinessRlnWithOrgMemInd>false</BusinessRlnWithOrgMemInd>
      <BusinessRlnWithFamMemInd>false</BusinessRlnWithFamMemInd>
      <BusinessRlnWith35CtrlEntInd>false</BusinessRlnWith35CtrlEntInd>
      <DeductibleNonCashContriInd>false</DeductibleNonCashContriInd>
      <DeductibleArtContributionInd>false</DeductibleArtContributionInd>
      <TerminateOperationsInd>false</TerminateOperationsInd>
      <PartialLiquidationInd>false</PartialLiquidationInd>
      <DisregardedEntityInd>false</DisregardedEntityInd>
      <RelatedEntityInd referenceDocumentId="IRS990ScheduleR-127-Copy1">true</RelatedEntityInd>
      <RelatedOrganizationCtrlEntInd>false</RelatedOrganizationCtrlEntInd>
      <TrnsfrExmptNonChrtblRltdOrgInd>false</TrnsfrExmptNonChrtblRltdOrgInd>
      <ActivitiesConductedPrtshpInd>false</ActivitiesConductedPrtshpInd>
      <ScheduleORequiredInd>true</ScheduleORequiredInd>
      <IRPDocumentCnt>2</IRPDocumentCnt>
      <IRPDocumentW2GCnt>1</IRPDocumentW2GCnt>
      <BackupWthldComplianceInd>false</BackupWthldComplianceInd>
      <EmployeeCnt>1</EmployeeCnt>
      <EmploymentTaxReturnsFiledInd>true</EmploymentTaxReturnsFiledInd>
      <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
      <ForeignFinancialAccountInd>false</ForeignFinancialAccountInd>
      <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
      <TaxablePartyNotificationInd>false</TaxablePartyNotificationInd>
      <NondeductibleContributionsInd>false</NondeductibleContributionsInd>
      <QuidProQuoContributionsInd>false</QuidProQuoContributionsInd>
      <Form8282PropertyDisposedOfInd>false</Form8282PropertyDisposedOfInd>
      <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
      <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
      <Form8899Filedind>true</Form8899Filedind>
      <Form1098CFiledInd>true</Form1098CFiledInd>
      <IndoorTanningServicesInd>false</IndoorTanningServicesInd>
      <SubjToTaxRmnrtnExPrchtPymtInd>false</SubjToTaxRmnrtnExPrchtPymtInd>
      <SubjectToExcsTaxNetInvstIncInd>false</SubjectToExcsTaxNetInvstIncInd>
      <InfoInScheduleOPartVIInd>X</InfoInScheduleOPartVIInd>
      <GoverningBodyVotingMembersCnt>0</GoverningBodyVotingMembersCnt>
      <IndependentVotingMemberCnt>0</IndependentVotingMemberCnt>
      <FamilyOrBusinessRlnInd>false</FamilyOrBusinessRlnInd>
      <DelegationOfMgmtDutiesInd>false</DelegationOfMgmtDutiesInd>
      <ChangeToOrgDocumentsInd>false</ChangeToOrgDocumentsInd>
      <MaterialDiversionOrMisuseInd>false</MaterialDiversionOrMisuseInd>
      <MembersOrStockholdersInd>false</MembersOrStockholdersInd>
      <ElectionOfBoardMembersInd>false</ElectionOfBoardMembersInd>
      <DecisionsSubjectToApprovaInd>false</DecisionsSubjectToApprovaInd>
      <MinutesOfGoverningBodyInd>true</MinutesOfGoverningBodyInd>
      <MinutesOfCommitteesInd>false</MinutesOfCommitteesInd>
      <OfficerMailingAddressInd>false</OfficerMailingAddressInd>
      <LocalChaptersInd>false</LocalChaptersInd>
      <Form990ProvidedToGvrnBodyInd>true</Form990ProvidedToGvrnBodyInd>
      <ConflictOfInterestPolicyInd>false</ConflictOfInterestPolicyInd>
      <WhistleblowerPolicyInd>false</WhistleblowerPolicyInd>
      <DocumentRetentionPolicyInd>false</DocumentRetentionPolicyInd>
      <CompensationProcessCEOInd>false</CompensationProcessCEOInd>
      <CompensationProcessOtherInd>false</CompensationProcessOtherInd>
      <InvestmentInJointVentureInd>false</InvestmentInJointVentureInd>
      <StatesWhereCopyOfReturnIsFldCd>IA</StatesWhereCopyOfReturnIsFldCd>
      <BooksInCareOfDetail>
        <PersonNm>JOHN W ADAMS</PersonNm>
        <PhoneNum>3192383699</PhoneNum>
        <USAddress>
          <AddressLine1Txt>9009 Boston Avenue</AddressLine1Txt>
          <CityNm>Urbandale</CityNm>
          <StateAbbreviationCd>IA</StateAbbreviationCd>
          <ZIPCd>50322</ZIPCd>
        </USAddress>
      </BooksInCareOfDetail>
      <NoListedPersonsCompensatedInd>X</NoListedPersonsCompensatedInd>
      <Form990PartVIISectionAGrp>
        <PersonNm>JAMES B O'REGAN</PersonNm>
        <TitleTxt>Manager</TitleTxt>
        <AverageHoursPerWeekRt>0.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>MARK BARLOON</PersonNm>
        <TitleTxt>Director</TitleTxt>
        <AverageHoursPerWeekRt>0.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>TONY YOUNG</PersonNm>
        <TitleTxt>Director</TitleTxt>
        <AverageHoursPerWeekRt>0.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <TotalReportableCompFromOrgAmt>0</TotalReportableCompFromOrgAmt>
      <TotReportableCompRltdOrgAmt>0</TotReportableCompRltdOrgAmt>
      <TotalOtherCompensationAmt>0</TotalOtherCompensationAmt>
      <IndivRcvdGreaterThan100KCnt>0</IndivRcvdGreaterThan100KCnt>
      <FormerOfcrEmployeesListedInd>false</FormerOfcrEmployeesListedInd>
      <TotalCompGreaterThan150KInd>false</TotalCompGreaterThan150KInd>
      <CompensationFromOtherSrcsInd>false</CompensationFromOtherSrcsInd>
      <AllOtherContributionsAmt>12250</AllOtherContributionsAmt>
      <TotalContributionsAmt>12250</TotalContributionsAmt>
      <InvestmentIncomeGrp>
        <TotalRevenueColumnAmt>13393</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>13393</RelatedOrExemptFuncIncomeAmt>
      </InvestmentIncomeGrp>
      <GrossRentsGrp>
        <RealAmt>26569</RealAmt>
      </GrossRentsGrp>
      <RentalIncomeOrLossGrp>
        <RealAmt>26569</RealAmt>
      </RentalIncomeOrLossGrp>
      <NetRentalIncomeOrLossGrp>
        <TotalRevenueColumnAmt>26569</TotalRevenueColumnAmt>
      </NetRentalIncomeOrLossGrp>
      <GrossAmountSalesAssetsGrp>
        <OtherAmt>182962</OtherAmt>
      </GrossAmountSalesAssetsGrp>
      <GainOrLossGrp>
        <OtherAmt>182962</OtherAmt>
      </GainOrLossGrp>
      <NetGainOrLossInvestmentsGrp>
        <TotalRevenueColumnAmt>182962</TotalRevenueColumnAmt>
      </NetGainOrLossInvestmentsGrp>
      <FundraisingGrossIncomeAmt>7828</FundraisingGrossIncomeAmt>
      <FundraisingDirectExpensesAmt>7615</FundraisingDirectExpensesAmt>
      <NetIncmFromFundraisingEvtGrp>
        <TotalRevenueColumnAmt>213</TotalRevenueColumnAmt>
      </NetIncmFromFundraisingEvtGrp>
      <GrossSalesOfInventoryAmt>1615055</GrossSalesOfInventoryAmt>
      <CostOfGoodsSoldAmt>1577774</CostOfGoodsSoldAmt>
      <NetIncomeOrLossGrp>
        <TotalRevenueColumnAmt>37281</TotalRevenueColumnAmt>
      </NetIncomeOrLossGrp>
      <TotalRevenueGrp>
        <TotalRevenueColumnAmt>272668</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>13393</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>0</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>0</ExclusionAmt>
      </TotalRevenueGrp>
      <OtherSalariesAndWagesGrp>
        <TotalAmt>42000</TotalAmt>
        <ProgramServicesAmt>42000</ProgramServicesAmt>
      </OtherSalariesAndWagesGrp>
      <PayrollTaxesGrp>
        <TotalAmt>3041</TotalAmt>
        <ProgramServicesAmt>3041</ProgramServicesAmt>
      </PayrollTaxesGrp>
      <FeesForServicesLegalGrp>
        <TotalAmt>2397</TotalAmt>
        <ProgramServicesAmt>2397</ProgramServicesAmt>
      </FeesForServicesLegalGrp>
      <FeesForServicesAccountingGrp>
        <TotalAmt>3000</TotalAmt>
        <ProgramServicesAmt>3000</ProgramServicesAmt>
      </FeesForServicesAccountingGrp>
      <InformationTechnologyGrp>
        <TotalAmt>3340</TotalAmt>
        <ProgramServicesAmt>3340</ProgramServicesAmt>
      </InformationTechnologyGrp>
      <OccupancyGrp>
        <TotalAmt>6000</TotalAmt>
        <ProgramServicesAmt>6000</ProgramServicesAmt>
      </OccupancyGrp>
      <InterestGrp>
        <TotalAmt>91531</TotalAmt>
        <ProgramServicesAmt>91531</ProgramServicesAmt>
      </InterestGrp>
      <OtherExpensesGrp>
        <Desc>Bank Charges</Desc>
        <TotalAmt>415</TotalAmt>
        <ProgramServicesAmt>415</ProgramServicesAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>Real Estate Tax</Desc>
        <TotalAmt>-671</TotalAmt>
        <ProgramServicesAmt>-671</ProgramServicesAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>Software</Desc>
        <TotalAmt>134</TotalAmt>
        <ProgramServicesAmt>134</ProgramServicesAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>Repair</Desc>
        <TotalAmt>45</TotalAmt>
        <ProgramServicesAmt>45</ProgramServicesAmt>
      </OtherExpensesGrp>
      <TotalFunctionalExpensesGrp>
        <TotalAmt>151232</TotalAmt>
        <ProgramServicesAmt>151232</ProgramServicesAmt>
        <ManagementAndGeneralAmt>0</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </TotalFunctionalExpensesGrp>
      <CashNonInterestBearingGrp>
        <BOYAmt>148046</BOYAmt>
        <EOYAmt>39428</EOYAmt>
      </CashNonInterestBearingGrp>
      <SavingsAndTempCashInvstGrp>
        <BOYAmt>125</BOYAmt>
        <EOYAmt>613512</EOYAmt>
      </SavingsAndTempCashInvstGrp>
      <AccountsReceivableGrp>
        <BOYAmt>27050</BOYAmt>
        <EOYAmt>18240</EOYAmt>
      </AccountsReceivableGrp>
      <OthNotesLoansReceivableNetGrp>
        <BOYAmt>20000</BOYAmt>
        <EOYAmt>1097</EOYAmt>
      </OthNotesLoansReceivableNetGrp>
      <PrepaidExpensesDefrdChargesGrp>
        <EOYAmt>6019</EOYAmt>
      </PrepaidExpensesDefrdChargesGrp>
      <LandBldgEquipCostOrOtherBssAmt>1308012</LandBldgEquipCostOrOtherBssAmt>
      <LandBldgEquipBasisNetGrp>
        <BOYAmt>32498</BOYAmt>
        <EOYAmt>1308012</EOYAmt>
      </LandBldgEquipBasisNetGrp>
      <OtherAssetsTotalGrp>
        <BOYAmt>78798</BOYAmt>
        <EOYAmt>82323</EOYAmt>
      </OtherAssetsTotalGrp>
      <TotalAssetsGrp>
        <BOYAmt>306517</BOYAmt>
        <EOYAmt>2068631</EOYAmt>
      </TotalAssetsGrp>
      <AccountsPayableAccrExpnssGrp>
        <BOYAmt>144067</BOYAmt>
        <EOYAmt>30055</EOYAmt>
      </AccountsPayableAccrExpnssGrp>
      <LoansFromOfficersDirectorsGrp>
        <BOYAmt>58619</BOYAmt>
        <EOYAmt>186887</EOYAmt>
      </LoansFromOfficersDirectorsGrp>
      <MortgNotesPyblScrdInvstPropGrp>
        <BOYAmt>30515</BOYAmt>
        <EOYAmt>1654883</EOYAmt>
      </MortgNotesPyblScrdInvstPropGrp>
      <UnsecuredNotesLoansPayableGrp>
        <BOYAmt>9759</BOYAmt>
        <EOYAmt>10813</EOYAmt>
      </UnsecuredNotesLoansPayableGrp>
      <OtherLiabilitiesGrp>
        <BOYAmt>1019</BOYAmt>
      </OtherLiabilitiesGrp>
      <TotalLiabilitiesGrp>
        <BOYAmt>243979</BOYAmt>
        <EOYAmt>1882638</EOYAmt>
      </TotalLiabilitiesGrp>
      <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
      <NoDonorRestrictionNetAssetsGrp>
        <BOYAmt>62538</BOYAmt>
        <EOYAmt>185993</EOYAmt>
      </NoDonorRestrictionNetAssetsGrp>
      <TotalNetAssetsFundBalanceGrp>
        <BOYAmt>62538</BOYAmt>
        <EOYAmt>185993</EOYAmt>
      </TotalNetAssetsFundBalanceGrp>
      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>306517</BOYAmt>
        <EOYAmt>2068631</EOYAmt>
      </TotLiabNetAssetsFundBalanceGrp>
      <ReconcilationRevenueExpnssAmt>121436</ReconcilationRevenueExpnssAmt>
      <OtherChangesInNetAssetsAmt>0</OtherChangesInNetAssetsAmt>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>false</AccountantCompileOrReviewInd>
      <FSAuditedInd>false</FSAuditedInd>
      <FederalGrantAuditRequiredInd>false</FederalGrantAuditRequiredInd>
    </IRS990>
    <IRS990ScheduleA documentId="IRS990ScheduleA-164-Copy1">
      <CommunityTrustInd>X</CommunityTrustInd>
      <GiftsGrantsContriRcvd170Grp>
        <CurrentTaxYearMinus4YearsAmt>6000</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>6000</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>6000</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>6000</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>12250</CurrentTaxYearAmt>
        <TotalAmt>36250</TotalAmt>
      </GiftsGrantsContriRcvd170Grp>
      <TotalCalendarYear170Grp>
        <CurrentTaxYearMinus4YearsAmt>6000</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>6000</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>6000</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>6000</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>12250</CurrentTaxYearAmt>
        <TotalAmt>36250</TotalAmt>
      </TotalCalendarYear170Grp>
      <PublicSupportTotal170Amt>36250</PublicSupportTotal170Amt>
      <TotalSupportAmt>36250</TotalSupportAmt>
      <PublicSupportCY170Pct>1.00000</PublicSupportCY170Pct>
      <PublicSupportPY170Pct>1.00000</PublicSupportPY170Pct>
      <ThirtyThrPctSuprtTestsCY170Ind>X</ThirtyThrPctSuprtTestsCY170Ind>
    </IRS990ScheduleA>
    <IRS990ScheduleD documentId="IRS990ScheduleD-178-Copy1">
      <LandGrp>
        <InvestmentCostOrOtherBasisAmt>1308012</InvestmentCostOrOtherBasisAmt>
        <BookValueAmt>1308012</BookValueAmt>
      </LandGrp>
      <TotalBookValueLandBuildingsAmt>1308012</TotalBookValueLandBuildingsAmt>
    </IRS990ScheduleD>
    <IRS990ScheduleL documentId="IRS990ScheduleL-192-Copy1">
      <LoansBtwnOrgInterestedPrsnGrp>
        <PersonNm>JIM O'REGAN</PersonNm>
        <RelationshipWithOrgTxt>Manager</RelationshipWithOrgTxt>
        <LoanPurposeTxt>Operating Capital</LoanPurposeTxt>
        <LoanToOrganizationInd>X</LoanToOrganizationInd>
        <OriginalPrincipalAmt>83000</OriginalPrincipalAmt>
        <BalanceDueAmt>83000</BalanceDueAmt>
        <DefaultInd>false</DefaultInd>
        <BoardOrCommitteeApprovalInd>true</BoardOrCommitteeApprovalInd>
        <WrittenAgreementInd>true</WrittenAgreementInd>
      </LoansBtwnOrgInterestedPrsnGrp>
      <LoansBtwnOrgInterestedPrsnGrp>
        <PersonNm>JIM O'REGAN</PersonNm>
        <RelationshipWithOrgTxt>Manager</RelationshipWithOrgTxt>
        <LoanPurposeTxt>New Empire, LLC purchase</LoanPurposeTxt>
        <LoanToOrganizationInd>X</LoanToOrganizationInd>
        <OriginalPrincipalAmt>59205</OriginalPrincipalAmt>
        <BalanceDueAmt>59205</BalanceDueAmt>
        <DefaultInd>false</DefaultInd>
        <BoardOrCommitteeApprovalInd>true</BoardOrCommitteeApprovalInd>
        <WrittenAgreementInd>true</WrittenAgreementInd>
      </LoansBtwnOrgInterestedPrsnGrp>
      <LoansBtwnOrgInterestedPrsnGrp>
        <PersonNm>SBT INC</PersonNm>
        <RelationshipWithOrgTxt>Owned by Manager</RelationshipWithOrgTxt>
        <LoanPurposeTxt>Operating Capital</LoanPurposeTxt>
        <LoanToOrganizationInd>X</LoanToOrganizationInd>
        <OriginalPrincipalAmt>44682</OriginalPrincipalAmt>
        <BalanceDueAmt>44682</BalanceDueAmt>
        <DefaultInd>false</DefaultInd>
        <BoardOrCommitteeApprovalInd>true</BoardOrCommitteeApprovalInd>
        <WrittenAgreementInd>true</WrittenAgreementInd>
      </LoansBtwnOrgInterestedPrsnGrp>
      <TotalBalanceDueAmt>186887</TotalBalanceDueAmt>
    </IRS990ScheduleL>
    <IRS990ScheduleO documentId="IRS990ScheduleO-197-Copy1">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Part VI Line 11b</FormAndLineReferenceDesc>
        <ExplanationTxt>Board reviewed Form 990 before it was filed with the IRS at a special</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Part VI Line 11b</FormAndLineReferenceDesc>
        <ExplanationTxt>board meeting 10/18/2025</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Part VI Line 19</FormAndLineReferenceDesc>
        <ExplanationTxt>Articles of incorporation and bylaws are available to the public</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Part VI Line 19</FormAndLineReferenceDesc>
        <ExplanationTxt>upon request to the Board of Directors. No such requests were made.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="IRS990ScheduleR-198-Copy1">
      <ReceiptOfIntAnntsRntsRyltsInd>false</ReceiptOfIntAnntsRntsRyltsInd>
      <GiftGrntOrCapContriToOthOrgInd>false</GiftGrntOrCapContriToOthOrgInd>
      <GiftGrntCapContriFromOthOrgInd>false</GiftGrntCapContriFromOthOrgInd>
      <LoansOrGuaranteesToOtherOrgInd>false</LoansOrGuaranteesToOtherOrgInd>
      <LoansOrGuaranteesFromOthOrgInd>false</LoansOrGuaranteesFromOthOrgInd>
      <DivRelatedOrganizationInd>false</DivRelatedOrganizationInd>
      <AssetSaleToOtherOrgInd>false</AssetSaleToOtherOrgInd>
      <AssetPurchaseFromOtherOrgInd>false</AssetPurchaseFromOtherOrgInd>
      <AssetExchangeInd>false</AssetExchangeInd>
      <RentalOfFacilitiesToOthOrgInd>false</RentalOfFacilitiesToOthOrgInd>
      <RentalOfFcltsFromOthOrgInd>false</RentalOfFcltsFromOthOrgInd>
      <PerformOfServicesForOthOrgInd>false</PerformOfServicesForOthOrgInd>
      <PerformOfServicesByOtherOrgInd>false</PerformOfServicesByOtherOrgInd>
      <SharingOfFacilitiesInd>false</SharingOfFacilitiesInd>
      <PaidEmployeesSharingInd>false</PaidEmployeesSharingInd>
      <ReimbursementPaidToOtherOrgInd>false</ReimbursementPaidToOtherOrgInd>
      <ReimbursementPaidByOtherOrgInd>false</ReimbursementPaidByOtherOrgInd>
      <TransferToOtherOrgInd>false</TransferToOtherOrgInd>
      <TransferFromOtherOrgInd>false</TransferFromOtherOrgInd>
    </IRS990ScheduleR>
  </ReturnData>
</Return>