﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.irs.gov/efile" returnVersion="2025v4.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2026-03-24T17:51:52-05:00</ReturnTs>
    <TaxPeriodEndDt>2025-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>930396435</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>KERNUTT STOKES LLP</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>2273 NW PROFESSIONAL DR 200</AddressLine1Txt>
        <CityNm>CORVALLIS</CityNm>
        <StateAbbreviationCd>OR</StateAbbreviationCd>
        <ZIPCd>97330</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2025-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>461189467</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>CRESTMONT LAND TRUST</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>CRES</BusinessNameControlTxt>
      <PhoneNum>5413684215</PhoneNum>
      <USAddress>
        <AddressLine1Txt>5060 SW PHILOMATH BLVD 504</AddressLine1Txt>
        <CityNm>CORVALLIS</CityNm>
        <StateAbbreviationCd>OR</StateAbbreviationCd>
        <ZIPCd>97333</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>ED EASTERLING</PersonNm>
      <PersonTitleTxt>CHAIRMAN</PersonTitleTxt>
      <PhoneNum>5413684215</PhoneNum>
      <SignatureDt>2026-03-06</SignatureDt>
      <DiscussWithPaidPreparerInd>1</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>JOHN T BREWER</PreparerPersonNm>
      <PTIN>P01766123</PTIN>
      <PhoneNum>5417524556</PhoneNum>
      <PreparationDt>2026-03-05</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2025</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="7">
    <IRS990PF documentId="RetDoc1235000001">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>2257825</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>3269</ContriRcvdRevAndExpnssAmt>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>189</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>189</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>68351</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>68351</DividendsNetInvstIncmAmt>
        <GrossSalesPriceAmt>450000</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>0</CapGainNetIncmNetInvstIncmAmt>
        <NetSTCapitalGainAdjNetIncmAmt>0</NetSTCapitalGainAdjNetIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="RetDoc2001500001">10612</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>0</OtherIncomeNetInvstIncmAmt>
        <OtherIncomeAdjNetIncmAmt>10612</OtherIncomeAdjNetIncmAmt>
        <TotalRevAndExpnssAmt>82421</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>68540</TotalNetInvstIncmAmt>
        <TotalAdjNetIncmAmt>10612</TotalAdjNetIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>0</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstAdjNetIncmAmt>0</CompOfcrDirTrstAdjNetIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>0</CompOfcrDirTrstDsbrsChrtblAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002200001">3057</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>611</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesAdjNetIncmAmt>0</AccountingFeesAdjNetIncmAmt>
        <AccountingFeesChrtblPrpsAmt>2446</AccountingFeesChrtblPrpsAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc2002500001">1907</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>0</TaxesNetInvstIncmAmt>
        <TaxesAdjNetIncmAmt>0</TaxesAdjNetIncmAmt>
        <TaxesDsbrsChrtblAmt>429</TaxesDsbrsChrtblAmt>
        <DeprecAndDpltnRevAndExpnssAmt referenceDocumentId="RetDoc2203000001">12035</DeprecAndDpltnRevAndExpnssAmt>
        <DeprecAndDpltnNetInvstIncmAmt>0</DeprecAndDpltnNetInvstIncmAmt>
        <DeprecAndDpltnAdjNetIncmAmt>12035</DeprecAndDpltnAdjNetIncmAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc2003200001">1531</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>0</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesAdjNetIncmAmt>0</OtherExpensesAdjNetIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>1531</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>18530</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>611</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesAdjNetIncmAmt>12035</TotOprExpensesAdjNetIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>4406</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>0</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>0</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>18530</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>611</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesAdjNetIncmAmt>12035</TotalExpensesAdjNetIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>4406</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>63891</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>67929</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>4976</CashBOYAmt>
        <CashEOYAmt>1726</CashEOYAmt>
        <CashEOYFMVAmt>1726</CashEOYFMVAmt>
        <SavAndTempCashInvstBOYAmt>1671434</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>1750610</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>1797976</SavAndTempCashInvstEOYFMVAmt>
        <LandBldgEquipCostOrOtherBssAmt>583059</LandBldgEquipCostOrOtherBssAmt>
        <LandBldgEquipAccumDeprecAmt>124936</LandBldgEquipAccumDeprecAmt>
        <LandBOYAmt>470158</LandBOYAmt>
        <LandEOYAmt referenceDocumentId="RetDoc2059000001">458123</LandEOYAmt>
        <LandEOYFMVAmt>458123</LandEOYFMVAmt>
        <TotalAssetsBOYAmt>2146568</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>2210459</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>2257825</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <CapitalStockBOYAmt>0</CapitalStockBOYAmt>
        <CapitalStockEOYAmt>0</CapitalStockEOYAmt>
        <AdditionalPaidInCapitalBOYAmt>0</AdditionalPaidInCapitalBOYAmt>
        <AdditionalPaidInCapitalEOYAmt>0</AdditionalPaidInCapitalEOYAmt>
        <RetainedEarningBOYAmt>2146568</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>2210459</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>2146568</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>2210459</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>2146568</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>2210459</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>2146568</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>63891</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt>0</OtherIncreasesAmt>
        <SubtotalAmt>2210459</SubtotalAmt>
        <OtherDecreasesAmt>0</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>2210459</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>MORGAN STANLEY - US TSY NOTE</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2022-10-06</AcquiredDt>
          <SoldDt>2025-06-30</SoldDt>
          <GrossSalesPriceAmt>250000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>250000</CostOrOtherBasisAmt>
          <GainOrLossAmt>0</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>0</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>MORGAN STANLEY - US TSY NOTE</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2023-09-18</AcquiredDt>
          <SoldDt>2025-03-31</SoldDt>
          <GrossSalesPriceAmt>200000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>200000</CostOrOtherBasisAmt>
          <GainOrLossAmt>0</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>0</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>0</CapitalGainNetIncomeAmt>
        <NetShortTermCapitalGainLossAmt>0</NetShortTermCapitalGainLossAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>944</InvestmentIncomeExciseTaxAmt>
        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
        <SubtotalAmt>944</SubtotalAmt>
        <SubtitleATaxAmt>0</SubtitleATaxAmt>
        <TaxBasedOnInvestmentIncomeAmt>944</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>600</EstimatedPlusOvpmtIncmTxAmt>
        <ExemptFrgnOrgTaxWthldAtSrceAmt>0</ExemptFrgnOrgTaxWthldAtSrceAmt>
        <ExtsnRequestIncomeTaxPaidAmt>0</ExtsnRequestIncomeTaxPaidAmt>
        <BackupWithholdingWithheldAmt>0</BackupWithholdingWithheldAmt>
        <TotalPaymentsAndCreditsAmt>600</TotalPaymentsAndCreditsAmt>
        <EsPenaltyAmt>0</EsPenaltyAmt>
        <TaxDueAmt>344</TaxDueAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>0</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>0</MoreThan100SpentInd>
        <Form1120POLFiledInd>0</Form1120POLFiledInd>
        <Section4955OrganizationTaxAmt>0</Section4955OrganizationTaxAmt>
        <Section4955ManagersTaxAmt>0</Section4955ManagersTaxAmt>
        <TaxReimbursedAmt>0</TaxReimbursedAmt>
        <ActivitiesNotPreviouslyRptInd>0</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>0</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>0</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>0</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>1</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>1</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>OR</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>1</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>1</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>0</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>0</OwnControlledEntityInd>
        <DonorAdvisedFundInd>0</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>1</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>WWW.CRESTMONTLANDTRUST.ORG</WebsiteAddressTxt>
        <IndividualWithBooksNm>ED EASTERLING</IndividualWithBooksNm>
        <PhoneNum>5413684215</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>5060 SW PHILOMATH BLVD 504</AddressLine1Txt>
          <CityNm>CORVALLIS</CityNm>
          <StateAbbreviationCd>OR</StateAbbreviationCd>
          <ZIPCd>97333</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>0</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>0</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>0</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>0</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>0</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>0</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>0</PaymentToGovernmentOfficialInd>
        <UncorrectedPriorActsInd>0</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>0</UndistributedIncomePYInd>
        <BusinessHoldingsInd>0</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>0</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>0</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>0</InfluenceLegislationInd>
        <InfluenceElectionInd>0</InfluenceElectionInd>
        <GrantsToIndividualsInd>0</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>0</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>0</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>0</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>0</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>0</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>0</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ED EASTERLING</PersonNm>
          <USAddress>
            <AddressLine1Txt>5060 SW PHILOMATH BLVD 504</AddressLine1Txt>
            <CityNm>CORVALLIS</CityNm>
            <StateAbbreviationCd>OR</StateAbbreviationCd>
            <ZIPCd>97333</ZIPCd>
          </USAddress>
          <TitleTxt>FOUNDING TRUSTEE &amp; CHAIRMAN</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>4.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>YOHN BALDWIN</PersonNm>
          <USAddress>
            <AddressLine1Txt>5060 SW PHILOMATH BLVD 504</AddressLine1Txt>
            <CityNm>CORVALLIS</CityNm>
            <StateAbbreviationCd>OR</StateAbbreviationCd>
            <ZIPCd>97333</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.20</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>WAYNE PHILLIPS</PersonNm>
          <USAddress>
            <AddressLine1Txt>5060 SW PHILOMATH BLVD 504</AddressLine1Txt>
            <CityNm>CORVALLIS</CityNm>
            <StateAbbreviationCd>OR</StateAbbreviationCd>
            <ZIPCd>97333</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.20</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>RANDY HEREFORD</PersonNm>
          <USAddress>
            <AddressLine1Txt>5060 SW PHILOMATH BLVD 504</AddressLine1Txt>
            <CityNm>CORVALLIS</CityNm>
            <StateAbbreviationCd>OR</StateAbbreviationCd>
            <ZIPCd>97333</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.20</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
        <ContractorPaidOver50kCnt>0</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>OWN AND OPERATE SELF-SUSTAINING, PRIVATELY OWNED PUBLIC SPACES AS A CHARITABLE ORGANIZATION TO PROVIDE ENHANCED RECREATIONAL EDUCATION AND RESEARCH EXPERIENCES WITH AN ENVIRONMENTAL FOCUS TO ITS VISITORS; WITH FREE INDIVIDUAL ACCESS, COMPARING AND CONTRASTING WITH SIMILAR NEARBY PUBLIC FACILITIES TO ENHANCE THE OVERALL EXPERIENCE AT ALL PUBLIC SPACES SERVING THE COMMUNITY. CRESTMONT LAND TRUST PURCHASED ITS' FIRST OPEN SPACE PROPERTY PARCEL ON NOVEMBER 5, 2012. CRESTMONT LAND TRUST CONTINUES TO BUILD AND MAINTAIN TRAILS, RESTORE WILDLIFE AND FLORA HABITAT, AND PROVIDE EDUCATIONAL AND RESEARCH ACCESS.</Description1Txt>
        <Expenses1Amt>18530</Expenses1Amt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <TotalAmt>0</TotalAmt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>1666302</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>84315</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>1750617</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>1750617</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>26259</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>1724358</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>86218</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <Sect4942j3j5FndtnAndFrgnOrgInd>X</Sect4942j3j5FndtnAndFrgnOrgInd>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>4406</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <QualifyingDistributionsAmt>4406</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <PrivateOperatingFoundationsGrp>
        <PrivateOperatingFndtnRulingDt>2014-09-04</PrivateOperatingFndtnRulingDt>
        <Section4942j3Ind>X</Section4942j3Ind>
        <LessorAdjNetIncmMinInvstRetGrp>
          <CurrentYearAmt>0</CurrentYearAmt>
          <Year1Amt>5396</Year1Amt>
          <Year2Amt>2199</Year2Amt>
          <Year3Amt>95</Year3Amt>
          <TotalAmt>7690</TotalAmt>
        </LessorAdjNetIncmMinInvstRetGrp>
        <Pct85LessorAdjIncmOrMinRetGrp>
          <CurrentYearAmt>0</CurrentYearAmt>
          <Year1Amt>4587</Year1Amt>
          <Year2Amt>1869</Year2Amt>
          <Year3Amt>81</Year3Amt>
          <TotalAmt>6537</TotalAmt>
        </Pct85LessorAdjIncmOrMinRetGrp>
        <QualifyingDistributionsGrp>
          <CurrentYearAmt>4406</CurrentYearAmt>
          <Year1Amt>4358</Year1Amt>
          <Year2Amt>4128</Year2Amt>
          <Year3Amt>4994</Year3Amt>
          <TotalAmt>17886</TotalAmt>
        </QualifyingDistributionsGrp>
        <QualifyingDistriNotUsedDrtGrp>
          <CurrentYearAmt>0</CurrentYearAmt>
          <Year1Amt>0</Year1Amt>
          <Year2Amt>0</Year2Amt>
          <Year3Amt>0</Year3Amt>
          <TotalAmt>0</TotalAmt>
        </QualifyingDistriNotUsedDrtGrp>
        <QualifyingDistriMadeDrtGrp>
          <CurrentYearAmt>4406</CurrentYearAmt>
          <Year1Amt>4358</Year1Amt>
          <Year2Amt>4128</Year2Amt>
          <Year3Amt>4994</Year3Amt>
          <TotalAmt>17886</TotalAmt>
        </QualifyingDistriMadeDrtGrp>
        <TotalAssetsGrp>
          <CurrentYearAmt>2257824</CurrentYearAmt>
          <Year1Amt>2174027</Year1Amt>
          <Year2Amt>2100883</Year2Amt>
          <Year3Amt>2036117</Year3Amt>
          <TotalAmt>8568851</TotalAmt>
        </TotalAssetsGrp>
        <TotalAssetsSect4942j3BiGrp>
          <CurrentYearAmt>458123</CurrentYearAmt>
          <Year1Amt>470158</Year1Amt>
          <Year2Amt>482193</Year2Amt>
          <Year3Amt>494228</Year3Amt>
          <TotalAmt>1904702</TotalAmt>
        </TotalAssetsSect4942j3BiGrp>
        <TwoThirdsMinimumInvstRetGrp>
          <CurrentYearAmt>57479</CurrentYearAmt>
          <Year1Amt>54435</Year1Amt>
          <Year2Amt>51463</Year2Amt>
          <Year3Amt>50299</Year3Amt>
          <TotalAmt>213676</TotalAmt>
        </TwoThirdsMinimumInvstRetGrp>
        <TotalSupportGrp>
          <TotalAmt>0</TotalAmt>
        </TotalSupportGrp>
        <PublicSupportType>
          <TotalAmt>0</TotalAmt>
        </PublicSupportType>
        <LargestSupportFromEOGrp>
          <TotalAmt>0</TotalAmt>
        </LargestSupportFromEOGrp>
        <GrossInvestmentIncomeGrp>
          <TotalAmt>0</TotalAmt>
        </GrossInvestmentIncomeGrp>
      </PrivateOperatingFoundationsGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>ED EASTERLING</ContributingManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <TotalGrantOrContriPdDurYrAmt>0</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <ProgramServiceRevenueDtl>
          <Desc>CATTLE SALES</Desc>
          <RelatedOrExemptFunctionIncmAmt>10612</RelatedOrExemptFunctionIncmAmt>
        </ProgramServiceRevenueDtl>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>189</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>68351</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>0</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>68540</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>10612</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>79152</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <RlnOfActyToAccomOfExmptPrpsGrp>
        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>1A</LineNumberTxt>
          <RelationshipStatementTxt>CATTLE RAISED AND SOLD FOR HABITAT RESTORATION THAT FURTHERS THE FOUNDATON'S CHARITABLE PURPOSE.</RelationshipStatementTxt>
        </RlnOfActyToAccomOfExmptPrpsGrp>
      </RlnOfActyToAccomOfExmptPrpsGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>0</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>0</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>0</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>0</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>0</RentalOfFacilitiesOthAssetsInd>
        <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>3057</Amt>
        <NetInvestmentIncomeAmt>611</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>2446</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <DepreciationSchedule documentId="RetDoc2203000001">
      <DepreciationPropertyGrp>
        <PropertyDesc>OPERATING PROPERTY - OREGON LAND</PropertyDesc>
        <AcquiredDt>2012-11-05</AcquiredDt>
        <CostOrOtherBasisAmt>402528</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
        <CurrentYearExpenseAmt>0</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>FENCE</PropertyDesc>
        <AcquiredDt>2013-06-30</AcquiredDt>
        <CostOrOtherBasisAmt>10349</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>7935</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>15.000000000000</LifeRt>
        <CurrentYearExpenseAmt>690</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>690</AdjustedNetIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>FENCE INSTALLATION</PropertyDesc>
        <AcquiredDt>2013-09-30</AcquiredDt>
        <CostOrOtherBasisAmt>20897</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>15671</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>15.000000000000</LifeRt>
        <CurrentYearExpenseAmt>1393</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>1393</AdjustedNetIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>ROADS &amp; TRAILS</PropertyDesc>
        <AcquiredDt>2013-09-30</AcquiredDt>
        <CostOrOtherBasisAmt>52062</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>39049</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>15.000000000000</LifeRt>
        <CurrentYearExpenseAmt>3471</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>3471</AdjustedNetIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>FENCE</PropertyDesc>
        <AcquiredDt>2014-11-10</AcquiredDt>
        <CostOrOtherBasisAmt>33664</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>22814</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>15.000000000000</LifeRt>
        <CurrentYearExpenseAmt>2244</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>2244</AdjustedNetIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>ROADS &amp; TRAILS</PropertyDesc>
        <AcquiredDt>2014-12-15</AcquiredDt>
        <CostOrOtherBasisAmt>13131</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>8823</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>15.000000000000</LifeRt>
        <CurrentYearExpenseAmt>875</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>875</AdjustedNetIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>CULVERT</PropertyDesc>
        <AcquiredDt>2018-10-31</AcquiredDt>
        <CostOrOtherBasisAmt>17070</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>6970</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>15.000000000000</LifeRt>
        <CurrentYearExpenseAmt>1138</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>1138</AdjustedNetIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>2019 CULVERT</PropertyDesc>
        <AcquiredDt>2019-01-17</AcquiredDt>
        <CostOrOtherBasisAmt>18105</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>6639</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>15.000000000000</LifeRt>
        <CurrentYearExpenseAmt>1207</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>1207</AdjustedNetIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>FENCE</PropertyDesc>
        <AcquiredDt>2020-01-27</AcquiredDt>
        <CostOrOtherBasisAmt>15253</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>5000</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>15.000000000000</LifeRt>
        <CurrentYearExpenseAmt>1017</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>1017</AdjustedNetIncomeAmt>
      </DepreciationPropertyGrp>
    </DepreciationSchedule>
    <LandEtcSchedule2 documentId="RetDoc2059000001">
      <LandEtcGrp>
        <CategoryOrItemTxt>OPERATING PROPERTY - OREGON LAND</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>402528</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>0</AccumulatedDepreciationAmt>
        <BookValueAmt>402528</BookValueAmt>
        <EOYFMVAmt>402528</EOYFMVAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>FENCE</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>10349</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>8625</AccumulatedDepreciationAmt>
        <BookValueAmt>1724</BookValueAmt>
        <EOYFMVAmt>1724</EOYFMVAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>FENCE INSTALLATION</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>20897</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>17064</AccumulatedDepreciationAmt>
        <BookValueAmt>3833</BookValueAmt>
        <EOYFMVAmt>3833</EOYFMVAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>ROADS &amp; TRAILS</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>52062</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>42520</AccumulatedDepreciationAmt>
        <BookValueAmt>9542</BookValueAmt>
        <EOYFMVAmt>9542</EOYFMVAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>FENCE</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>33664</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>25058</AccumulatedDepreciationAmt>
        <BookValueAmt>8606</BookValueAmt>
        <EOYFMVAmt>8606</EOYFMVAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>ROADS &amp; TRAILS</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>13131</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>9698</AccumulatedDepreciationAmt>
        <BookValueAmt>3433</BookValueAmt>
        <EOYFMVAmt>3433</EOYFMVAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>CULVERT</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>17070</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>8108</AccumulatedDepreciationAmt>
        <BookValueAmt>8962</BookValueAmt>
        <EOYFMVAmt>8962</EOYFMVAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>2019 CULVERT</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>18105</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>7846</AccumulatedDepreciationAmt>
        <BookValueAmt>10259</BookValueAmt>
        <EOYFMVAmt>10259</EOYFMVAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>FENCE</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>15253</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>6017</AccumulatedDepreciationAmt>
        <BookValueAmt>9236</BookValueAmt>
        <EOYFMVAmt>9236</EOYFMVAmt>
      </LandEtcGrp>
    </LandEtcSchedule2>
    <OtherExpensesSchedule documentId="RetDoc2003200001">
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>931</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>931</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>TECHNOLOGY</Desc>
        <RevenueAndExpensesPerBooksAmt>600</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>600</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc2001500001">
      <OtherIncomeDetail>
        <Desc>CATTLE SALES</Desc>
        <RevenueAndExpensesPerBooksAmt>10612</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>10612</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <TaxesSchedule documentId="RetDoc2002500001">
      <TaxesDetail>
        <CategoryTxt>PROPERTY TAXES</CategoryTxt>
        <Amt>429</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>429</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>OREGON CT-12 TAX EXPENSE</CategoryTxt>
        <Amt>258</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FEDERAL TAX EXPENSE</CategoryTxt>
        <Amt>1220</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>