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        <CityNm>Santa Rosa Beach</CityNm>
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      <InCareOfNm>% PAUL ROWNEY</InCareOfNm>
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          <PropertyDesc>LT CAP GAIN DIST SCHWAB ACCT 4189</PropertyDesc>
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        <SubtitleATaxAmt>0</SubtitleATaxAmt>
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        <MoreThan100SpentInd>false</MoreThan100SpentInd>
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        <OrganizationDissolvedEtcInd>false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>TN</OrgReportOrRegisterStateCd>
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        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
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        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <IndividualWithBooksNm>PAUL ROWNEY</IndividualWithBooksNm>
        <PhoneNum>3257214515</PhoneNum>
        <LocationOfBooksUSAddress>
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        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
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        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
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      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>PAUL ROWNEY</PersonNm>
          <USAddress>
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            <CityNm>NICEVILLE</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>32578</ZIPCd>
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          <TitleTxt>FINANCIAL MANAGER</TitleTxt>
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          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>RICHARD MCKINNEY</PersonNm>
          <USAddress>
            <AddressLine1Txt>1220 SHIPLEY DRIVE</AddressLine1Txt>
            <CityNm>NICEVILLE</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>32578</ZIPCd>
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          <TitleTxt>CHAIRMAN</TitleTxt>
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        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>RICKY SHELTON</PersonNm>
          <USAddress>
            <AddressLine1Txt>1220 SHIPLEY DRIVE</AddressLine1Txt>
            <CityNm>NICEVILLE</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>32578</ZIPCd>
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          <TitleTxt>VICE-PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
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          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JOETTA SHELTON</PersonNm>
          <USAddress>
            <AddressLine1Txt>1220 SHIPLEY DRIVE</AddressLine1Txt>
            <CityNm>NICEVILLE</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>32578</ZIPCd>
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          <TitleTxt>TREASURER</TitleTxt>
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        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>MARY ALICE MINNEMA</PersonNm>
          <USAddress>
            <AddressLine1Txt>1220 SHIPLEY DRIVE</AddressLine1Txt>
            <CityNm>NICEVILLE</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>32578</ZIPCd>
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          <TitleTxt>SECRETARY</TitleTxt>
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        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>DOM DONNELLY</PersonNm>
          <USAddress>
            <AddressLine1Txt>1220 SHIPLEY DRIVE</AddressLine1Txt>
            <CityNm>NICEVILLE</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>32578</ZIPCd>
          </USAddress>
          <TitleTxt>TECHNICAL COMMUNICATIONS</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
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      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>GRANTS MADE TO 14 CHARITABLE ORGANIZATIONS - SPONSORING SCHOLARSHIPS FOR INDIVIDUALS UNDERTAKING RELIGIOUS STUDIES WITH VARIOUS INSTITUTIONS AND ORGANIZATIONS</Description1Txt>
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        <Description2Txt>DISTRIBUTIONS TO LOCAL RADIO STATION TO PROVIDE WEEKLY BIBLE READINGS</Description2Txt>
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          <RecipientPersonNm>HANDFULS OF HOPE</RecipientPersonNm>
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            <AddressLine1Txt>P O BOX 6025</AddressLine1Txt>
            <CityNm>HILLSBOROUGH</CityNm>
            <StateAbbreviationCd>NJ</StateAbbreviationCd>
            <ZIPCd>08844</ZIPCd>
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          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
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        <GrantOrContributionPdDurYrGrp>
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            <AddressLine1Txt>27068 LA PAZ RD SUITE 726</AddressLine1Txt>
            <CityNm>ALISO VIEJO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>92656</ZIPCd>
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          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>EVANGELISM AND OUTREACH</GrantOrContributionPurposeTxt>
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        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>SERVANTS HEART MINISTRY</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>495 WYCKOFF AVENUE</AddressLine1Txt>
            <CityNm>WYCKOFF</CityNm>
            <StateAbbreviationCd>NJ</StateAbbreviationCd>
            <ZIPCd>07481</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>EVANGELISM AND OUTREACH</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>GREENE YOUNG LIFE</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>P O BOX 2165</AddressLine1Txt>
            <CityNm>GREENEVILLE</CityNm>
            <StateAbbreviationCd>TN</StateAbbreviationCd>
            <ZIPCd>37744</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>EVANGELISM AND OUTREACH</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>TOUCH THE WORLD</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>1 MAPLE STREET</AddressLine1Txt>
            <CityNm>ALLENDALE</CityNm>
            <StateAbbreviationCd>NJ</StateAbbreviationCd>
            <ZIPCd>07401</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>EVANGELISM AND OUTREACH</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>BAPTIST INTERNATIONAL EVAN MINISTRY</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>P O BOX 707</AddressLine1Txt>
            <CityNm>DANVILLE</CityNm>
            <StateAbbreviationCd>IN</StateAbbreviationCd>
            <ZIPCd>46122</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>EVANGELISM AND OUTREACH</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>STREET HOPE ALIVE</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>241 ROSA PARK BLVD</AddressLine1Txt>
            <CityNm>PATERSON</CityNm>
            <StateAbbreviationCd>NJ</StateAbbreviationCd>
            <ZIPCd>07501</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>EVANGELISM AND OUTREACH</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>CENTRAL BALLET THEATRE</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>2590 PATES HILL ROAD</AddressLine1Txt>
            <CityNm>MOSHEIM</CityNm>
            <StateAbbreviationCd>TN</StateAbbreviationCd>
            <ZIPCd>37818</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>EVANGELISM AND OUTREACH</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>NOBEL COLLECTIVE</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>190 EAST SPRINGETTSBURY AVE</AddressLine1Txt>
            <CityNm>YORK</CityNm>
            <StateAbbreviationCd>PA</StateAbbreviationCd>
            <ZIPCd>17403</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>EVANGELISM AND OUTREACH</GrantOrContributionPurposeTxt>
          <Amt>2000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>PENUEL BAPTIST CHURCH CEN MIS CLRNG</RecipientPersonNm>
          <RecipientForeignAddress>
            <AddressLine1Txt>P O BOX 219228</AddressLine1Txt>
            <CityNm>HOUSTON</CityNm>
            <CountryCd>RP</CountryCd>
          </RecipientForeignAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>EVANGELISM AND OUTREACH</GrantOrContributionPurposeTxt>
          <Amt>3000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>ALPHA MINISTRIES INTERNATIONAL</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>P O BOX 482</AddressLine1Txt>
            <CityNm>METUCHEN</CityNm>
            <StateAbbreviationCd>NJ</StateAbbreviationCd>
            <ZIPCd>08840</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>EVANGELISM AND OUTREACH</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>18000</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <ProgramServiceRevenueDtl>
          <Desc>OTHER</Desc>
          <RelatedOrExemptFunctionIncmAmt>238</RelatedOrExemptFunctionIncmAmt>
        </ProgramServiceRevenueDtl>
        <DividendsAndInterestFromSecDtl>
          <BusinessCd>523000</BusinessCd>
          <RelatedOrExemptFunctionIncmAmt>93965</RelatedOrExemptFunctionIncmAmt>
        </DividendsAndInterestFromSecDtl>
        <GainSalesAstOthThanInvntryGrp>
          <BusinessCd>523000</BusinessCd>
        </GainSalesAstOthThanInvntryGrp>
        <OtherRevenueDescribedGrp>
          <Desc>OTHER INCOME</Desc>
          <BusinessCd>523000</BusinessCd>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <RelatedOrExemptFunctionIncmAmt>94203</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>94203</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>
    <IRS990ScheduleB documentId="IRS990ScheduleB">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <GeneralRuleInd>X</GeneralRuleInd>
      <ContributorInformationGrp>
        <ContributorNum>1</ContributorNum>
        <ContributorPersonNm>RAY W ROWNEY JR</ContributorPersonNm>
        <ContributorUSAddress>
          <AddressLine1Txt>P O BOX 244</AddressLine1Txt>
          <CityNm>MOSHEIM</CityNm>
          <StateAbbreviationCd>TN</StateAbbreviationCd>
          <ZIPCd>37818</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>11900</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
      <ContributorInformationGrp>
        <ContributorNum>2</ContributorNum>
        <ContributorPersonNm>REBECCA N ROWNEY</ContributorPersonNm>
        <ContributorUSAddress>
          <AddressLine1Txt>P O BOX 244</AddressLine1Txt>
          <CityNm>MOSHEIM</CityNm>
          <StateAbbreviationCd>TN</StateAbbreviationCd>
          <ZIPCd>37818</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>6500</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <AccountingFeesSchedule documentId="AccountingFeesSchedule">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING</CategoryTxt>
        <Amt>2900</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>2900</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>2900</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsCorpBondsSchedule documentId="InvestmentsCorpBondsSchedule">
      <InvestmentsCorporateBondsGrp>
        <BondNm>BONDS</BondNm>
        <EOYBookValueAmt>48313</EOYBookValueAmt>
        <EOYFMVAmt>47843</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="InvestmentsCorpStockSchedule">
      <InvestmentsCorporateStockGrp>
        <StockNm>EQUITY SECURITIES</StockNm>
        <EOYBookValueAmt>1119564</EOYBookValueAmt>
        <EOYFMVAmt>1400334</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MUTUAL FUNDS</StockNm>
        <EOYBookValueAmt>886537</EOYBookValueAmt>
        <EOYFMVAmt>1329621</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>REITS</StockNm>
        <EOYBookValueAmt>194416</EOYBookValueAmt>
        <EOYFMVAmt>316536</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CASH EQUIVALENTS</StockNm>
        <EOYBookValueAmt>68459</EOYBookValueAmt>
        <EOYFMVAmt>68459</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSchedule">
      <OtherExpensesScheduleGrp>
        <Desc>SOFTWARE</Desc>
        <RevenueAndExpensesPerBooksAmt>438</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>438</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>438</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE SUPPLIES</Desc>
        <RevenueAndExpensesPerBooksAmt>20</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>20</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>20</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INVESTMENT FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>51</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>51</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>51</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSchedule2">
      <OtherIncomeDetail>
        <Desc>OTHER</Desc>
        <RevenueAndExpensesPerBooksAmt>238</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>238</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAX</CategoryTxt>
        <Amt>1220</Amt>
        <NetInvestmentIncomeAmt>1220</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>1220</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>EXCISE TAXES</CategoryTxt>
        <Amt>2073</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>2073</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>