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        <Desc>MEMBERSHIP DUES</Desc>
        <BusinessCd>541900</BusinessCd>
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        <RelatedOrExemptFuncIncomeAmt>58191</RelatedOrExemptFuncIncomeAmt>
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        <SecuritiesAmt>1215954</SecuritiesAmt>
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        <SecuritiesAmt>0</SecuritiesAmt>
        <OtherAmt>0</OtherAmt>
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      <GainOrLossGrp>
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      <NetGainOrLossInvestmentsGrp>
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        <ExclusionAmt>1231641</ExclusionAmt>
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      <OtherRevenueMiscGrp>
        <Desc>OTHER REVENUE</Desc>
        <BusinessCd>900099</BusinessCd>
        <TotalRevenueColumnAmt>39000</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>39000</RelatedOrExemptFuncIncomeAmt>
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      <TotalRevenueGrp>
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        <RelatedOrExemptFuncIncomeAmt>212191</RelatedOrExemptFuncIncomeAmt>
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      <CompCurrentOfcrDirectorsGrp>
        <TotalAmt>324195</TotalAmt>
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        <TotalAmt>166515</TotalAmt>
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        <TotalAmt>10657</TotalAmt>
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        <TotalAmt>26943</TotalAmt>
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      <PayrollTaxesGrp>
        <TotalAmt>33927</TotalAmt>
      </PayrollTaxesGrp>
      <FeesForServicesAccountingGrp>
        <TotalAmt>35220</TotalAmt>
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      <FeesForServicesLobbyingGrp>
        <TotalAmt>25000</TotalAmt>
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        <TotalAmt>1832</TotalAmt>
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      <AdvertisingGrp>
        <TotalAmt>227779</TotalAmt>
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      <OfficeExpensesGrp>
        <TotalAmt>5113</TotalAmt>
      </OfficeExpensesGrp>
      <OccupancyGrp>
        <TotalAmt>64422</TotalAmt>
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      <TravelGrp>
        <TotalAmt>2766</TotalAmt>
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      <ConferencesMeetingsGrp>
        <TotalAmt>13191</TotalAmt>
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        <TotalAmt>31956</TotalAmt>
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        <TotalAmt>11573</TotalAmt>
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        <Desc>SERVICE CONTRACTS</Desc>
        <TotalAmt>30539</TotalAmt>
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      <OtherExpensesGrp>
        <Desc>PUBLIC RELATIONS</Desc>
        <TotalAmt>10444</TotalAmt>
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      <OtherExpensesGrp>
        <Desc>TAXES AND LICENSES</Desc>
        <TotalAmt>8827</TotalAmt>
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      <OtherExpensesGrp>
        <Desc>TELEPHONE</Desc>
        <TotalAmt>5115</TotalAmt>
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      <AllOtherExpensesGrp>
        <TotalAmt>5867</TotalAmt>
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      <TotalFunctionalExpensesGrp>
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        <EOYAmt>630903</EOYAmt>
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      <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
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      <TotalNetAssetsFundBalanceGrp>
        <BOYAmt>23150758</BOYAmt>
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        <EOYAmt>26176064</EOYAmt>
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      <InfoInScheduleOPartXIInd>X</InfoInScheduleOPartXIInd>
      <ReconcilationRevenueExpnssAmt>1016689</ReconcilationRevenueExpnssAmt>
      <NetUnrlzdGainsLossesInvstAmt>1400167</NetUnrlzdGainsLossesInvstAmt>
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      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>1</AccountantCompileOrReviewInd>
      <AcctCompileOrReviewBasisGrp>
        <ConsolidatedBasisFinclStmtInd>X</ConsolidatedBasisFinclStmtInd>
      </AcctCompileOrReviewBasisGrp>
      <FSAuditedInd>0</FSAuditedInd>
      <AuditCommitteeInd>0</AuditCommitteeInd>
      <FederalGrantAuditRequiredInd>0</FederalGrantAuditRequiredInd>
    </IRS990>
    <IRS990ScheduleC documentId="RetDoc1039500001">
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      <SubstantiallyAllDuesNondedInd>0</SubstantiallyAllDuesNondedInd>
      <OnlyInHouseLobbyingInd>0</OnlyInHouseLobbyingInd>
      <AgreeCarryoverPriorYearInd>0</AgreeCarryoverPriorYearInd>
      <DuesAssessmentsAmt>58191</DuesAssessmentsAmt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART I-A, LINE 1</FormAndLineReferenceDesc>
        <ExplanationTxt>INDIRECT AND DIRECT SUPPORT OF PUBLIC CANDIDATES FOR ELECTIVE OFFICES.</ExplanationTxt>
      </SupplementalInformationDetail>
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        <BookValueAmt>17167</BookValueAmt>
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      </EquipmentGrp>
      <OtherLandBuildingsGrp>
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        <DepreciationAmt>52267</DepreciationAmt>
        <BookValueAmt>32360</BookValueAmt>
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      <TotalBookValueLandBuildingsAmt>73512</TotalBookValueLandBuildingsAmt>
      <OtherSecuritiesGrp>
        <Desc>MUTUAL FUNDS</Desc>
        <BookValueAmt>24602639</BookValueAmt>
        <MethodValuationCd>F</MethodValuationCd>
      </OtherSecuritiesGrp>
      <OtherSecuritiesGrp>
        <Desc>HEDGE FUND</Desc>
        <BookValueAmt>77904</BookValueAmt>
        <MethodValuationCd>F</MethodValuationCd>
      </OtherSecuritiesGrp>
      <OtherSecuritiesGrp>
        <Desc>MERCHANT SERVICES, INC.</Desc>
        <BookValueAmt>490014</BookValueAmt>
        <MethodValuationCd>F</MethodValuationCd>
      </OtherSecuritiesGrp>
      <TotalBookValueSecuritiesAmt>25170557</TotalBookValueSecuritiesAmt>
      <OtherLiabilitiesOrgGrp>
        <Desc>OPERATING LEASE LIABILITY</Desc>
        <Amt>565256</Amt>
      </OtherLiabilitiesOrgGrp>
      <TotalLiabilityAmt>565256</TotalLiabilityAmt>
      <FootnoteTextInd>X</FootnoteTextInd>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART X, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>DEFERRED TAXES ARE PROVIDED ON A LIABILITY METHOD WHEREBY DEFERRED TAX ASSETS ARE RECOGNIZED FOR DEDUCTIBLE TEMPORARY DIFFERENCES AND OPERATING LOSS AND TAX CREDIT CARRY FORWARDS AND DEFERRED TAX LIABILITIES ARE RECOGNIZED FOR TAXABLE TEMPORARY DIFFERENCES. DEFERRED TAX ASSETS ARE REDUCED BY A VALUATION ALLOWANCE WHEN, IN THE OPINION OF MANAGEMENT, IT IS MORE-LIKELY-THAN-NOT THAT SOME PORTION OR ALL OF THE DEFERRED TAX ASSETS WILL NOT BE REALIZED. MANAGEMENT HAS EVALUATED THE EFFECT OF GUIDANCE SURROUNDING UNCERTAIN INCOME TAX POSITIONS AND CONCLUDED THAT THE ASSOCIATION HAS NO SIGNIFICANT FINANCIAL STATEMENT EXPOSURE TO UNCERTAIN INCOME TAX POSITIONS AT DECEMBER 31, 2025 AND 2024. THE ASSOCIATION IS NOT CURRENTLY UNDER AUDIT BY ANY TAX JURISDICTION.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleD>
    <IRS990ScheduleJ documentId="RetDoc1042400001">
      <BoardOrCommitteeApprovalInd>X</BoardOrCommitteeApprovalInd>
      <SeverancePaymentInd>0</SeverancePaymentInd>
      <SupplementalNonqualRtrPlanInd>0</SupplementalNonqualRtrPlanInd>
      <EquityBasedCompArrngmInd>0</EquityBasedCompArrngmInd>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>NANCY THOMAS</PersonNm>
        <TitleTxt>CEO/PRESIDENT/SECRETARY/TREASURER</TitleTxt>
        <BaseCompensationFilingOrgAmt>190000</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>0</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>5256</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>15200</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>1823</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>212279</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART I, LINE 3</FormAndLineReferenceDesc>
        <ExplanationTxt>THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS AND ISSUES AUTHORIZATION FOR COMPENSATION FOR THE PRESIDENT/CEO.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleJ>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>THE FINANCE COMMITTEE WHICH CONSISTS OF MEMBERS OF THE BOARD WILL REVIEW A DRAFT OF THE 990 ON BEHALF OF THE BOARD. THE TAX RETURN IS ALSO REVIEWED BY THE PRESIDENT AND TREASUER BEFORE FILING WITH THE IRS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>THIS IS DONE ON A PER VOTE BASIS. AFTER A MOTION IS SECONDED, ANYONE WITH A CONFLICT OF INTEREST ON THE MOTION IS REQUESTED TO LEAVE THE ROOM BEFORE THE DISCUSSION STARTS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 15</FormAndLineReferenceDesc>
        <ExplanationTxt>PROCESS FOR DETERMINING COMPENSATION FOR OFFICERS AND KEY EMPLOYEES IS DONE BY THE BOARD (FOR THE PRESIDENT) AND BY THE PRESIDENT FOR OTHER KEY EMPLOYEES/STAFF.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENT AVAILABLE TO THE PUBLIC UPON REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XI, LINE 9:</FormAndLineReferenceDesc>
        <ExplanationTxt>BOOK/TAX DIFFERENCES - LOSS ON INVESTMENT -27,018. CHANGE IN CASH SURRENDER VALUE 4,565.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>RETAIL ADVANCEMENT FUND</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>5101 MONUMENT AVENUE</AddressLine1Txt>
          <CityNm>RICHMOND</CityNm>
          <StateAbbreviationCd>VA</StateAbbreviationCd>
          <ZIPCd>23230</ZIPCd>
        </USAddress>
        <EIN>843933913</EIN>
        <PrimaryActivitiesTxt>SUPPORT AND EXPAND RMA CHARITABLE ACTIVITIES</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>VA</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(C)(3)</ExemptCodeSectionTxt>
        <PublicCharityStatusTxt>LINE 7</PublicCharityStatusTxt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>RETAIL MERCHANTS ASSOCIATION</BusinessNameLine1Txt>
        </DirectControllingEntityName>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>MERCHANTS' SERVICES LLC</BusinessNameLine1Txt>
        </RelatedOrganizationName>
        <USAddress>
          <AddressLine1Txt>5101 MONUMENT AVENUE</AddressLine1Txt>
          <CityNm>RICHMOND</CityNm>
          <StateAbbreviationCd>VA</StateAbbreviationCd>
          <ZIPCd>23230</ZIPCd>
        </USAddress>
        <EIN>541782825</EIN>
        <PrimaryActivitiesTxt>MISCELLANEOUS SERVICES</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>VA</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <EntityTypeTxt>C</EntityTypeTxt>
        <OwnershipPct>1.00000</OwnershipPct>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <ReceiptOfIntAnntsRntsRyltsInd>0</ReceiptOfIntAnntsRntsRyltsInd>
      <GiftGrntOrCapContriToOthOrgInd>0</GiftGrntOrCapContriToOthOrgInd>
      <GiftGrntCapContriFromOthOrgInd>0</GiftGrntCapContriFromOthOrgInd>
      <LoansOrGuaranteesToOtherOrgInd>1</LoansOrGuaranteesToOtherOrgInd>
      <LoansOrGuaranteesFromOthOrgInd>0</LoansOrGuaranteesFromOthOrgInd>
      <DivRelatedOrganizationInd>0</DivRelatedOrganizationInd>
      <AssetSaleToOtherOrgInd>0</AssetSaleToOtherOrgInd>
      <AssetPurchaseFromOtherOrgInd>0</AssetPurchaseFromOtherOrgInd>
      <AssetExchangeInd>0</AssetExchangeInd>
      <RentalOfFacilitiesToOthOrgInd>0</RentalOfFacilitiesToOthOrgInd>
      <RentalOfFcltsFromOthOrgInd>0</RentalOfFcltsFromOthOrgInd>
      <PerformOfServicesForOthOrgInd>0</PerformOfServicesForOthOrgInd>
      <PerformOfServicesByOtherOrgInd>1</PerformOfServicesByOtherOrgInd>
      <SharingOfFacilitiesInd>1</SharingOfFacilitiesInd>
      <PaidEmployeesSharingInd>1</PaidEmployeesSharingInd>
      <ReimbursementPaidToOtherOrgInd>0</ReimbursementPaidToOtherOrgInd>
      <ReimbursementPaidByOtherOrgInd>0</ReimbursementPaidByOtherOrgInd>
      <TransferToOtherOrgInd>0</TransferToOtherOrgInd>
      <TransferFromOtherOrgInd>0</TransferFromOtherOrgInd>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1Txt>RETAIL ADVANCEMENT FUND</BusinessNameLine1Txt>
        </OtherOrganizationName>
        <TransactionTypeTxt>M</TransactionTypeTxt>
        <InvolvedAmt>80000</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>FMV</MethodOfAmountDeterminationTxt>
      </TransactionsRelatedOrgGrp>
    </IRS990ScheduleR>
  </ReturnData>
</Return>