SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 10-Q

                   QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

  For Quarter Ended March 31, 2002           Commission File Number  0-17717


                          FOUNDATION REALTY FUND, LTD.
             (Exact name of Registrant as specified in its charter)


             Florida                                        59-2802896
  (State or other jurisdiction of                      (IRS Employer ID No.)
  incorporation or organization)

  1100 Abernathy Road NE Building 500 Suite 700 Atlanta, GA             30328
 (Address of principal executive offices)                              Zip Code


  Registrant's Telephone Number, Including Area Code - (770) 551-0007


  Indicate by check mark whether the Registrant (1) has filed all reports to be
  filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
  preceeding 12 months (or shorter period that the Registrant was required to
  file such reports), and (2) has been subject to such filing requirements for
  the past 90 days.

  Yes (X)   No


Number of share outstanding of each of Registrant's classes of securities.


Title of Each Class                               Number of Units March 31, 2002
Units of Limited Partnership                                  9,407
Interests:                                                    $1,000 per unit

DOCUMENT INCORPORATION BY REFERENCE
Part IV - Registration Statement S-11, File No. 33-13849

                          FOUNDATION REALTY FUND, LTD.
                        (A Florida Limited Partnership)

<PAGE>

INDEX TO FINANCIAL STATEMENTS
Part 1- Financial Information                                           Page No.

Balance Sheets as of March 31, 2002 and
December 31, 2001                                                          3

Statements of Operations-
For the Three Months Ended March 31, 2002 and 2001                         4

Statement of Partners' Equity-
For the Three Months Ended March 31, 2002 and 2001                         5

Statements of Cash Flows-
For the Three Months Ended March 31, 2002 and 2001                         6

Notes to Financial Statements                                            7-9

Management's Discussion and Analysis Of Financial
Condition and Results of Operations                                    10-11

<PAGE>
                          FOUNDATION REALTY FUND, LTD.
                         (A Florida Limited Partnership)

                               BALANCE SHEETS

ASSETS                                       March 31, 2002   December 31, 2001
                                              (Unaudited)         (Audited)

Apartment Properties at Cost                  $ 22,645,229      $ 22,631,101
Less Accumulated Depreciation                   (8,696,685)       (8,559,129)
                                              ------------      ------------
                                                13,948,544        14,071,972

Cash and Cash Equivalents                          683,607           584,564
Restricted Cash                                    527,670           477,695
Prepaid Expenses                                    (1,452)            7,174
Deferred Loan Cost
(Net of Accumulated Amortization of
$186,994 and $176,605)                             103,885           114,273
                                              ------------      ------------

TOTAL ASSETS                                  $ 15,262,254      $ 15,255,678
                                              ============      ============

LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

Liabilities
Notes Payable                                 $ 17,116,046      $ 17,169,423
Accounts Payable                                   160,604            42,203
Security Deposits                                  101,146            99,399
Unearned Rent                                       48,049            32,369
                                              ------------      ------------
TOTAL LIABILITIES                               17,425,845        17,343,394
                                              ------------      ------------

Partner's Equity (Deficit)

Limited Partner's Equity (Deficit)
(9,407 units outstanding @ March 31, 2002
and December 31, 2001)                          (1,912,816)       (1,835,443)

General Partner's Equity (Deficit)                (250,775)         (252,273)
                                              ------------      ------------

Total Partner's Equity (Deficit)                (2,163,591)       (2,087,716)

TOTAL LIABILITIES                             ------------      ------------
AND PARTNER'S EQUITY (DEFICIT)                $ 15,262,254      $ 15,255,678
                                              ============      ============

<PAGE>
                          FOUNDATION REALTY FUND, LTD.
                         (A Florida Limited Partnership)

                            STATEMENTS OF OPERATIONS
                                   (Unaudited)

                       FOR THE THREE MONTHS ENDED MARCH 31


Property Operations:                                       2002           2001
                                                         --------       --------
Rental Income                                            $885,346       $963,995
Miscellaneous                                              35,713         32,207
                                                         --------       --------
                                                          921,059        996,202
Expenses:

Expenses
Depreciation                                              137,556        137,556
Payroll                                                   103,698        109,711
Real Estate Taxes                                          80,715         78,654
Utilities                                                  41,535         35,256
Repairs and Maintenance                                    73,240        115,260
Property Management                                        46,797         49,818
Landscaping                                                21,555         22,483
Other                                                      44,668         45,869
                                                         --------       --------
Total Expenses                                            549,764        594,607

Income from Property Operations                           371,295        401,595
Interest Income                                             1,224          9,740
                                                         --------       --------
                                                          372,519        411,335
Other Expenses:
Amortization                                               10,389         10,389
Interest Expense                                          328,884        332,813
General & Administrative-Affiliate                          1,000            115
Other General & Administrative                              2,292          1,922
                                                         --------       --------
                                                          342,565        345,239

                                                         --------       --------
Net Income (Loss)                                        $ 29,954       $ 66,096
                                                         ========       ========

Allocation of Net Income (Loss) -

Limited Partners                                         $ 28,456       $ 62,791
General Partners                                         $  1,498       $  3,305
                                                         --------       --------
                                                         $ 29,954       $ 66,096
                                                         ========       ========


Net Income (Loss) Per
Limited Partnership Unit                                 $   3.02       $   6.67
                                                         ========       ========
Number of Limited Partnership Units                         9,407          9,407
                                                         ========       ========

<PAGE>
                          FOUNDATION REALTY FUND, LTD.
                         (A Florida Limited Partnership)

                    STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
                                   (Unaudited)

               FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001

<TABLE>
<CAPTION>
                              Limited Partners'    General Partners'    Total Partners'
                              Equity (Deficit)     Equity (Deficit)    Equity (Deficit)
                              ----------------     ----------------    ----------------

<C>                             <C>                  <C>                  <C>
Balance, December
31, 2000                        $(1,375,820)         $  (250,362)         $(1,626,182)

Distribution to
Partners                           (105,829)                   0             (105,829)

Net Income (Loss)                    62,791                3,305               66,096
                                -----------          -----------          -----------

Balance, March
31, 2001                        $(1,418,858)         $  (247,057)         $(1,665,915)
                                ===========          ===========          ===========

Balance December
31, 2001                        $(1,835,443)         $  (252,273)         $(2,087,716)

Distribution to
Partners                           (105,829)                   0             (105,829)

Net Income (Loss)                    28,456                1,498               29,954
                                -----------          -----------          -----------

Balance, March
31, 2002                        $(1,912,816)         $  (250,775)         $(2,163,591)
                                ===========          ===========          ===========
</TABLE>

<PAGE>
                          FOUNDATION REALTY FUND, LTD.
                         (A Florida Limited Partnership)

                            STATEMENTS OF CASH FLOWS

                       FOR THE THREE MONTHS ENDED MARCH 31
                                   (Unaudited)

                                                        2002             2001
                                                        ----             ----
Net Cash Provided By Operating
Activities:

Net Income (Loss)                                    $  29,954        $  66,096

Adjustments to Reconcile
Net Loss to Net Cash
Provided by Operating
Activities:

Depreciation                                           137,556          137,556

Amortization                                            10,389           10,389

Changes in Operating
Assets and Liabilities:

(Increase)or Decrease in Prepaids                        8,625          (34,367)

Increase in Accounts
Payable                                                118,401           99,742

Increase (Decrease)in
Security Deposits                                        1,747             (220)

Increase in Unearned
Rents                                                   15,680              653

(Increase) in Restricted
Cash                                                   (49,975)         (81,262)
                                                     ---------        ---------
Net Cash Provided by
Operating Activities:                                  272,377          198,587
                                                     ---------        ---------
Cash Flows from Investing
Activities:

Improvements to Apartment
Properties                                             (14,128)         (23,717)
                                                     ---------        ---------
Net Cash used in
Investing Activities:                                  (14,128)         (23,717)
                                                     ---------        ---------
Cash Flows from Financing
Activities:

Payments from Notes
Payable                                                (53,377)         (49,448)

Distributions to
Partners                                              (105,829)        (105,829)
                                                     ---------        ---------
Net Cash used by
Financing Activities:                                 (159,206)        (155,277)
                                                     ---------        ---------

Increase (Decrease)
in Cash                                                 99,043           19,593

Cash and Cash Equivalents
at Beginning of Period                                 584,564          698,333
                                                     ---------        ---------

Cash and Cash Equivalents
at End of Period                                     $ 683,607        $ 717,926
                                                     =========        =========
Supplemental Cash Flow
Information:

Interest Paid                                        $ 328,884        $ 332,813
                                                     =========        =========

<PAGE>
                          FOUNDATION REALTY FUND, LTD.
                         A Florida Limited Partnership)

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1 - ORGANIZATION

Foundation Realty Fund, Ltd., (the "Partnership"), a Florida Limited
Partnership, was formed April 14, 1987 under the laws of Florida. Operations
commenced on January 12, 1988. The Partnership operates two apartment
properties. The Partnership will terminate on December 31, 2020, or sooner, in
accordance with the terms of the Limited Partnership Agreement. The Partnership
has received Limited and General Partner capital contributions of $9,407,000 and
$1,000 respectively. J. Robert Love, an individual, and RJ Properties, Inc., a
wholly-owned subsidiary of Raymond James Financial, Inc. are the General
Partners and they manage and control the business of the Partnership.

Operating profits and losses are allocated 95% to the Limited Partners and 5% to
the General Partners. Cash from operations will be shared 95% by the Limited
Partners and 5% by the General Partners; however, distributions to the General
Partners are subordinated to certain preferred returns to the Limited Partners.
The Limited Partnership Agreement states that no cash from operations shall be
distributed to the General Partners in any year until Limited Partners have
received distributions in such year in an amount equal to 7% of their adjusted
capital contribution. Profit and loss and cash distributions from sales of
properties will be allocated as formulated in the Limited Partnership Agreement.

The Limited Partnership Agreement states that cash distribution from sales will
be distributed first to the General Partners until they receive 5% of aggregate
distributions of cash from operations. Cash distributions from sales will be
distributed second to each Limited Partner an equal amount to their adjusted
capital contribution plus an amount equal to an 8% per annum, cumulative but
non-compounded return. Cash distributions from sales will be distributed third
to the General Partners until they have received cumulative distributions in an
amount equal to 3% of the aggregate disposition price of properties sold by the
Partnership. Cash distributions from sales will be distributed fourth, the
balance if any, 85% to the Limited Partners and 15% to the General Partners.

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES:

Basis of Accounting/Revenue Recognition

The Partnership utilizes the accrual basis of accounting whereby revenues and
other fees are recognized when earned and expenses are recognized as obligations
are incurred. The Partnership does not recognize revenue upon the collection of
security deposits but sets up a liability for the amount received.

Cash and Cash Equivalents

It is the Partnership's policy to include short-term investments with an
original maturity of three months or less in Cash and Cash Equivalents. These
short-term investments are comprised of money market funds, and repurchase
agreements.

<PAGE>
Restricted Cash

Restricted cash includes $426,524 at March 31, 2002 and $378,296 at December 31,
2001 of cash held in escrow for the payment of real estate taxes and capital
replacement items. Restricted cash also includes $101,146 at March 31, 2002 and
$99,399 at December 31, 2001 of tenant security deposits held in an escrow
account.

Income Taxes

No provisions for income taxes has been made in these financial statements, as
income taxes are a liability of the partners rather than of the Partnership.

Depreciation

The apartment buildings are being depreciated over 35 years using the
straight-line method. Furniture and fixtures are being depreci- ated over 8
years using the straight-line method.

NOTE 3 - COMPENSATION, REIMBURSEMENTS AND ACCRUALS TO THE GENERAL PARTNERS AND
AFFILIATES:

The General Partners and affiliates are entitled to the following types of
compensation and reimbursement for costs and expenses incurred for the
Partnership for the three months ended March 31, 2002.

Property Management Fees                                              $46,797
General and Administrative Costs                                        1,000

The terms of the property management agreement call for the Corporate General
Partner to receive a monthly fee of up to 5% of the monthly gross receipts from
residential property operations.

Property management fees in the amount of $11,100 are due to the Corporate
General Partner at March 31, 2002. Property management fees in the amount of
$15,801 were due to the Corporate General Partner at December 31, 2001. There
were no amounts due from related parties at March 31, 2002 or December 31, 2001.

NOTE 4 - LEASES AND APARTMENT PROPERTIES:

The Partnership owns apartment complexes leased to residents under short term
operating leases. A summary of the apartment properties is as follows:

                                          March 31, 2002      December 31, 2001
                                          --------------      -----------------

Land                                      $  3,141,510          $  3,141,510
Buildings                                   17,298,118            17,298,118
Furniture & Fixtures                         2,205,601             2,191,473
Apartment Properties,
at Cost                                     22,645,229            22,631,101
Less: Accumulated
Depreciation                                (8,696,685)           (8,559,129)
                                          ------------          ------------
                                          $ 13,948,544          $ 14,071,972
                                          ============          ============
<PAGE>
NOTE 5 - NOTES PAYABLE:

The notes payable are secured by the apartment properties.

NOTE 6 - BASIS OF PREPARATION:

The unaudited financial statements presented herein have been pre- pared in
accordance with the instructions to Form 10-Q and do not include all of the
information and note disclosures required by generally accepted accounting
principals. These statements should be read in conjunction with the financial
statements and notes thereto included in the Partnership's Form 10-K for the
year ended December 31, 2001. In the opinion of management, such financial
statements include all adjustments, consisting only of normal recurring adjust-
ments, necessary to summarize fairly the Partnership's financial position and
results of operations. The results of operations for the periods may not be
indicative of the result to be expected for the year.

NOTE 7 - OTHER MATTERS:

A solicitation of proxy was made to the limited partners during 2001. The
subject matter of the proxy involved the Corporate General Partner seeking
approval from the limited partners to sell the assets owned by the partnership
and approval to windup partnership operations. A majority of limited partners
voted to approve the sale of the partnership assets and windup the partnership
operations.

NOTE 8 - SUBSEQUENT EVENT:

On May 1, 2002, the Partnership paid distributions of $105,829 to the Limited
Partners.


<PAGE>
                          FOUNDATION REALTY FUND, LTD.
                        (A Florida Limited Partnership)

Management's Discussion and Analysis of Financial Condition and
Results of Operations

Rental income for the three months ended March 31, 2002 was $885,346 as compared
to $963,995 for the comparable period ended March 31, 2001. Income from property
operations for the three months ended March 31, 2002 was $371,295 as compared to
$401,595 for the comparable period ended March 31, 2001. The decrease in rental
income was a result of lower occupancy levels at the Oakwood Village Apartments
in Atlanta, Georgia and the Springfield Apartments in Durham, North Carolina.
The Atlanta and Durham markets experienced negative job growth when comparing
the first quarter 2001 time period to the first quarter 2002 time period. A
decline in the number of jobs in a market has a direct negative impact on the
occupancy rate or resultant income levels of apartment communities. In addition,
the environment of lower interest rates during 2001 and continuing into 2002 has
contributed to many "traditional renters" becoming home owners.

Property operating expenses decreased $44,843 from the first quarter of 2001 to
the first quarter of 2002. Payroll expense decreased $6,013 consisting primarily
of incentive compensation awards for the property personnel for obtaining net
operating income objectives in 2001. Finally, repair and maintenance expenses
decreased $42,020. This decrease is primarily attributed to spending $24,559 for
painting and wood replacement at the Springfield Apartments in Durham, North
Carolina in 2001 and a $15,273 decrease in appliance replacement and general
repairs at this same apartment community.

Interest expense decreased from $332,813 for the three months ended March 31,
2001 to $328,884 for the three months ended March 31, 2002. This decrease in
interest expense is a result of a lower principal loan balances on the
partnership's conventional amortizing loans.

Net income for the three months ended March 31, 2002 was $29,954 or $3.02 per
Limited Partnership Unit outstanding as compared to income of $66,096 or $6.67
per Limited Partnership Unit for the comparable period ended March 31, 2001. The
$36,142 decrease in net income was primarily a result of an decrease in property
operating expenses of $44,843 as described above offset by decreased rental
income of $75,143.

<PAGE>
Liquidity and Capital Resources


In management's opinion, working capital reserves and liquidity from property
operations are sufficient to meet the short-term operating needs of the
Partnership. The sole long-term commitments of the Partnership are the mortgages
payable which have balloon payments due November 2004. Management plans to meet
these commitments through a property sale or through approaching lenders to
refinance the Partnership mortgages. We are currently in the process of
marketing both properties for sale. If offers at acceptable prices are received,
it is probable that we may sell one or both of the properties. Capital
expenditures for any material commitments, should they occur, will be funded
from two sources-working capital reserves and proceeds earned from property
operations.

Cash provided by operating activities increased by $73,790 for the three month
period ended March 31, 2002 as compared to the three month period ended March
31, 2001. The increase resulted primarily from a $31,287 decrease in the change
of restricted cash being held by the properties' lenders for future capital
replacement items; a $42,993 decrease in the change of prepaid balances; a
$33,665 increase in the change of accounts payable and unearned rents, offset by
an decrease in net operating income of $36,142.

Cash used by investing activities totaled $23,717 at March 31, 2001 as compared
to $14,128 at March 31, 2002. The $9,589 decrease for the three
month period ended March 31, 2002 is primarily attributable to the purchase of a
golf cart for $3,793 at the Oakwood Village Apartments and $4,620 in roof
repairs at the same community in 2001. There were no corresponding expenses in
2002.

Cash used by financing activities increased by $3,929 from the three month
period ended March 31, 2001 when compared to the three month period ended March
31, 2002. The increase is solely attributed to the
increase in principal payments on the partnership debt. The monthly debt service
commitments total $52,777 for Oakwood Village and $74,644 for Springfield. The
debt service is adequately funded from Partnership operations.

<PAGE>
                                   SIGNATURES


 Pursuant to the requirements of the Securities and Exchange Act of 1934, the
 report has been signed by the following persons on behalf of the Registrant and
 in the capacities and on the date indicated.

 FOUNDATION REALTY FUND, LTD.
 A Florida Limited Partnership

 By: RJ PROPERTIES, INC. a General Partner




   5/03/02                 J. Robert Love - President
    Date                    (Signature)


   5/03/02                 Alan G. Lee - Assistant Secretary
    Date                    (Signature)