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        <IndividualWithBooksNm>BRYANT H PRENTICE III</IndividualWithBooksNm>
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            <CityNm>BUFFALO</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
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            <CityNm>ERIE</CityNm>
            <StateAbbreviationCd>PA</StateAbbreviationCd>
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          <PersonNm>MARC C HUTCHINSON</PersonNm>
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            <CityNm>GREAT FALLS</CityNm>
            <StateAbbreviationCd>VA</StateAbbreviationCd>
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          <PersonNm>ROBERT ZAK</PersonNm>
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            <AddressLine1Txt>1088 DELAWARE AVENUE</AddressLine1Txt>
            <CityNm>BUFFALO</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
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          <TitleTxt>SECRETARY</TitleTxt>
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          <PersonNm>FRANCIS J FELSER</PersonNm>
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            <AddressLine1Txt>4780 DOLPHIN CAY SOUTH</AddressLine1Txt>
            <CityNm>SAINT PETERSBURG</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
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          <PersonNm>JOAN P PRENTICE</PersonNm>
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        <QualifyingDistributionsAmt>1204716</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToPriorYearsAmt>0</AppliedToPriorYearsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <AppliedToCurrentYearAmt>1204716</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>0</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>41730</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>41730</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>4146712</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <PriorYearDeficiencyOrTaxAmt>0</PriorYearDeficiencyOrTaxAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <CorpusDistri170b1EOr4942g3Amt>0</CorpusDistri170b1EOr4942g3Amt>
        <ExcessDistriCyovFromYr5Amt>501252</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>3645460</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>974985</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>889255</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>64994</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>1716226</ExcessFromYear1Amt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>BRYANT H PRENTICE III</ContributingManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CANISIUS COLLEGE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2001 MAIN ST</AddressLine1Txt>
            <CityNm>BUFFALO</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>14208</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>ADMINISTRATION OF THE SCHOLARSHIP PROGRAM AND SCHOLARSHIP AWARDS</GrantOrContributionPurposeTxt>
          <Amt>288157</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UNIVERSITY OF BUFFALO FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>101 SERVICE CENTER RD</AddressLine1Txt>
            <CityNm>BUFFALO</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>14260</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>ADMINISTRATION OF THE SCHOLARSHIP PROGRAM AND SCHOLARSHIP AWARDS</GrantOrContributionPurposeTxt>
          <Amt>652000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>940157</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>126</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>416410</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>370055</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>0</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>786591</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>0</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>786591</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <RlnOfActyToAccomOfExmptPrpsGrp>
        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>3</LineNumberTxt>
          <RelationshipStatementTxt>OTHER INVESTMENT INCOME IS USED TO FUND SCHOLARSHIP PROGRAM.</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>
    <IRS990ScheduleB documentId="RetDoc1234500001">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <GeneralRuleInd>X</GeneralRuleInd>
      <ContributorInformationGrp>
        <ContributorNum>1</ContributorNum>
        <ContributorBusinessName>
          <BusinessNameLine1Txt>BRYANT &amp; STRATTON COLLEGE</BusinessNameLine1Txt>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1Txt>110 BROADWAY</AddressLine1Txt>
          <CityNm>BUFFALO</CityNm>
          <StateAbbreviationCd>NY</StateAbbreviationCd>
          <ZIPCd>14203</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>5002500</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <AccountingFeesSchedule documentId="RetDoc2002200001">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
        <Amt>18550</Amt>
        <NetInvestmentIncomeAmt>9275</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>9275</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsCorpBondsSchedule documentId="RetDoc2044400001">
      <InvestmentsCorporateBondsGrp>
        <BondNm>FIXED INCOME</BondNm>
        <EOYBookValueAmt>6824432</EOYBookValueAmt>
        <EOYFMVAmt>6635432</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc2018900001">
      <InvestmentsCorporateStockGrp>
        <StockNm>EQUITIES</StockNm>
        <EOYBookValueAmt>10675998</EOYBookValueAmt>
        <EOYFMVAmt>16480319</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="RetDoc2018100001">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>BRYANT &amp; STRATTON COLLEGE STOCK</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>3997700</BookValueAmt>
        <EOYFMVAmt>3997700</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>EFFERENT LABS STOCK</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>743000</BookValueAmt>
        <EOYFMVAmt>743000</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>TRESCA GROUP INC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>200000</BookValueAmt>
        <EOYFMVAmt>200000</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ADVENTURE SPORTS DEV</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>75000</BookValueAmt>
        <EOYFMVAmt>75000</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>SUP ERIE ADVENTURES</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>60000</BookValueAmt>
        <EOYFMVAmt>60000</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LegalFeesSchedule documentId="RetDoc2002100001">
      <LegalFeesGrp>
        <CategoryTxt>LEGAL FEES</CategoryTxt>
        <LegalFeesAmt>11919</LegalFeesAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>11919</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherAssetsSchedule documentId="RetDoc2046600001">
      <OtherAssetsScheduleGrp>
        <Desc>LOAN - STC ARCHITECTURAL</Desc>
        <BOYBookValueAmt>325000</BOYBookValueAmt>
        <EOYBookValueAmt>325000</EOYBookValueAmt>
        <EOYFMVAmt>325000</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>LOAN - TRESCA DESIGN LLC</Desc>
        <BOYBookValueAmt>475000</BOYBookValueAmt>
        <EOYBookValueAmt>443000</EOYBookValueAmt>
        <EOYFMVAmt>443000</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherDecreasesSchedule documentId="RetDoc2049800001">
      <OtherDecreasesDetail>
        <Desc>DIFFERENCE BETWEEN FMV AND BASIS OF CONTRIBUTED STOCK</Desc>
        <Amt>16200</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="RetDoc2003200001">
      <OtherExpensesScheduleGrp>
        <Desc>INVESTMENT FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>85314</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>85314</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>WEB SERVICES FEE</Desc>
        <RevenueAndExpensesPerBooksAmt>1125</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1125</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>STATE REGISTRATION FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>15</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>15</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncreasesSchedule documentId="RetDoc2049700001">
      <OtherIncreasesDetail>
        <Desc>EXCISE TAX REFUND - NONTAXABLE</Desc>
        <Amt>280</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
  </ReturnData>
</Return>