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      <FederalGrantAuditRequiredInd>false</FederalGrantAuditRequiredInd>
    </IRS990>
    <IRS990ScheduleD documentId="IRS990ScheduleD-01" softwareId="22015534">
      <OtherSecuritiesGrp>
        <Desc>Choice Hotels Stock (CHH)</Desc>
        <BookValueAmt>31743980</BookValueAmt>
        <MethodValuationCd>F</MethodValuationCd>
      </OtherSecuritiesGrp>
      <TotalBookValueSecuritiesAmt>31743980</TotalBookValueSecuritiesAmt>
    </IRS990ScheduleD>
    <IRS990ScheduleI documentId="IRS990ScheduleI-01" softwareId="22015534">
      <GrantRecordsMaintainedInd>true</GrantRecordsMaintainedInd>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>National Redistricting Action Fund</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>700 13th Street NW Ste 600</AddressLine1Txt>
          <CityNm>Washington</CityNm>
          <StateAbbreviationCd>DC</StateAbbreviationCd>
          <ZIPCd>20005</ZIPCd>
        </USAddress>
        <RecipientEIN>820738281</RecipientEIN>
        <IRCSectionDesc>501(c)(4)</IRCSectionDesc>
        <CashGrantAmt>300000</CashGrantAmt>
        <PurposeOfGrantTxt>To raise awareness of racial and partisan gerrymandering through advocacy and educational means.</PurposeOfGrantTxt>
      </RecipientTable>
      <Total501c3OrgCnt>0</Total501c3OrgCnt>
      <TotalOtherOrgCnt>1</TotalOtherOrgCnt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt I Line 2</FormAndLineReferenceDesc>
        <ExplanationTxt>Grantees sign a Grant Agreement requiring them to submit reports on the Grantee's use of the funds during the grant period as well as financial or program data (if any) which supports their use.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleI>
    <IRS990ScheduleO documentId="IRS990ScheduleO-01" softwareId="22015534">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt VI, Line 2</FormAndLineReferenceDesc>
        <ExplanationTxt>BRUCE AND CHARLENE BAINUM ARE MARRIED AND THEIR 3 ADULT CHILDREN ARE BRIAN, BLAKE AND BROOKE BAINUM ALL SERVE AS DIRECTORS.THE ORGANIZATION DELEGATED CONTROL OF CERTAIN MANAGEMENT FUNCTIONS TO A MANAGEMENT COMPANY - REALTY INVESTMENT COMPANY, INC. REALTY IS OWNED 25% BY THE DIRECTORS AND TRUSTS FOR THEIR BENEFIT. THE BALANCE OF REALTY IS OWNED BY DESCENDANTS OF BRUCE'S PARENTS. THREE OF THE OFFICERS ARE EMPLOYED BY REALTY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt VI, Line 3</FormAndLineReferenceDesc>
        <ExplanationTxt>CERTAIN MANAGEMENT DUTIES FOR CHARIS ADVOCACY FUND ARE PERFORMED BY REALTY INVESTMENT COMPANY, INC.PRIMARILY WITH RESPECT TO FINANCE, TAX AND ADMINISTRATION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt VI, Line 6</FormAndLineReferenceDesc>
        <ExplanationTxt>THERE IS ONE CLASS OF MEMBERS. THE BOARD IS A SEPARATE GOVERNING BODY ELECTED BY THE MEMBERS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt VI, Line 7a</FormAndLineReferenceDesc>
        <ExplanationTxt>THE MEMBERS OF THE CORPORATION HAVE THE RIGHT AND THE DUTY TO: FIX THE AUTHORIZED NUMBER OF DIRECTORS; ELECT THE DIRECTORS OF THE CORPORATION UPON ANY VACANCIES ON THE BOARD OF DIRECTORS; APPOINT THE BOARD CHAIR, WHO SERVES AT THE PLEASURE OF THE MEMBERS, FROM AMONG THE DIRECTORS THEY ELECT; AND REMOVE ANY OR ALL OF THE DIRECTORS WITH OR WITHOUT CAUSE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt VI, Line 7b</FormAndLineReferenceDesc>
        <ExplanationTxt>THE MEMBERS HAVE THE RIGHT TO: SET THE MISSION AND POLICY STATEMENT OF THE CORPORATION; APPROVE ANY CHANGES TO THE CORPORATION'S CERTIFICATE OF INCORPORATION OR THE BYLAWS; APPROVE DISSOLUTION OF THE CORPORATION AND THE RELATED DISTRIBUTION OF ASSETS, MATERIAL SALES OF ASSETS, MERGERS, CONSOLIDATIONS, CONVERSIONS OR DOMESTICATIONS; AND APPROVE ANY OTHER FUNDAMENTAL TRANSACTIONS OF THE CORPORATION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt VI, Line 11b</FormAndLineReferenceDesc>
        <ExplanationTxt>THE TREASURER AND SECRETARY PREPARE AND REVIEW THE RETURN AND THEN A COPY OF THE FORM 990 IS MADE AVAILABLE TO THE FULL GOVERNING BODY BEFORE FILING WITH THE INTERNAL REVENUE SERVICE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt VI, Line 12c</FormAndLineReferenceDesc>
        <ExplanationTxt>ANNUAL QUESTIONNAIRES DOCUMENT EACH DIRECTOR AND OFFICER'S COMPLIANCE AND DISCLOSURES.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt VI, Line 15a</FormAndLineReferenceDesc>
        <ExplanationTxt>THERE ARE NO EMPLOYEES. OFFICERS AND DIRECTORS ARE NOT COMPENSATED.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt VI, Line 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THE FUND MAKES THE ORGANIZATIONAL AND GOVERNING DOCUMENTS AVAILABLE UPON REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt XI</FormAndLineReferenceDesc>
        <ExplanationTxt>LINE 9 REPRESENTS WASH SALES</ExplanationTxt>
      </SupplementalInformationDetail>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>Three Graces FoundationInc</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>8171 Maple Lawn Bvd Ste 375</AddressLine1Txt>
          <CityNm>Fulton</CityNm>
          <StateAbbreviationCd>MD</StateAbbreviationCd>
          <ZIPCd>20759</ZIPCd>
        </USAddress>
        <EIN>200472407</EIN>
        <PrimaryActivitiesTxt>Provides Grants to Charitable, Education &amp; other Section 501c3 orgs</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>DE</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501c3</ExemptCodeSectionTxt>
        <PublicCharityStatusTxt>PF</PublicCharityStatusTxt>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <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>
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</Return>
