SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION STATEMENT PURSUANT TO RULES 13d-1 AND 13d-2
Under the Securities Exchange Act of 1934
(Amendment No. 11)*
ELK ASSOCIATES FUNDING CORPORATION
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(Name of Issuer)
Common Stock, $.01 Par Value
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(Title of Class of Securities)
287166102
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(CUSIP Number)
Check the following box if a fee is being paid with this statement [ ].
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*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
CUSIP No. 287166102 13G Page 2 of 5 Pages
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1. NAME OF REPORTING PERSON(S)
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON(S)
Gary C. Granoff
###-##-####
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF 5. SOLE VOTING POWER
SHARES 309,808
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 10,900
REPORTING --------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 309,808
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8. SHARED DISPOSITIVE POWER
10,900
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
320,708
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [X]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
18.37%
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12. TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
13G Page 3 of 5 Pages
Item 1. (a) Name of Issuer:
Elk Associates Funding Corporation
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(b) Address of Issuer's Principal Executive Offices:
747 Third Avenue, 4th Fl, NY NY 10017
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Item 2. (a) Name of Person Filing:
Gary C. Granoff
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(b) Address of Principal Business Office, or if None, Residence:
C/O Elk Associates Funding Corporation, 747 Third Ave, 4th Fl,
NY NY 10017
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(c) Citizenship:
U.S.A.
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(d) Title of Class of Securities:
Common Stock, Par Value $.01
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(e) CUSIP Number:
287166102
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Item 3. If this statement is filed pursuant to Rules 13d-1(b), or
13d-2(b), check whether the person filing is a: N/A
(a) [ ] Broker or Dealer registered under Section 15 of the
Act,
(b) [ ] Bank as defined in Section 3(a)(6) of the Act,
(c) [ ] Insurance Company as defined in Section 3(a)(19) of
the Act,
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act,
(e) [ ] Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940,
(f) [ ] Employee Benefit Plan, Pension Fund which is subject
to the provisions of the Employee Retirement Income
Security Act of 1974 or Endowment Fund; see Section
240.13d-1(b)(ii)(F); see Item 7,
(g) [ ] Parent Holding Company, in accordance with Section
240.13d-1(b)(1)(ii)(G); see Item 7,
(h) [ ] Group, in accordance with Section
240.13d-1(b)(1)(ii)(H).
<PAGE>
13-G Page 4 of 5 Pages
Item 4. Ownership.
If more than five percent of the class is owned, indicate:
(a) Amount beneficially owned: 320,708
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(b) Percent of class: 18.37%
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(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote 309,808
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(ii) Shared power to vote or to direct the vote 10,900
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(iii) Sole power to dispose or to direct the disposition of
309,808
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(iv) Shared power to dispose or to direct the disposition of
10,900
--------------------------------------------------, and
(d) Shares which there is a right to acquire: 0
----------------------.
Item 5. Ownership of Five Percent or Less of a Class.
N/A
Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
N/A
Item 7. Identification and Classification of the Subsidiary which Acquired
the Security Being Reported on By the Parent Holding Company.
N/A
Item 8. Identification and Classification of Members of the Group.
N/A
Item 9. Notice of Dissolution of Group.
N/A
Item 10. Certification.
By signing below -I/we- certify that, to the best of my/our
knowledge and belief, the securities referred to above were acquired
in the ordinary course of business and were not acquired for the
purpose of and do not have the effect of changing or influencing the
control of the issuer of such securities and were not acquired in
connection with or as a participant in any transaction having such
purpose or effect.
<PAGE>
13-G Page 5 of 5 Pages
Signature.
After reasonable inquiry and to the best of my knowledge and
belief, -I/we- certify that the information set forth in this
statement is true, complete and correct.
Date: May 26, 1998
/s/ Gary C. Granoff
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(Signature)*
Gary C. Granoff
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(Name/Title)
* Attention. Intentional misstatements or omissions of fact constitute
federal criminal violations (see 18 U.S.C. 1001).
* Excludes 24,933 shares owned by Mr. Granoff's wife as to which he disclaims
beneficial ownership. Also exludes 10,500 shares owned by one of Mr.
Granoff's sons as to which shares he does not exercise any control and
disclaims beneficial ownership. Includes 10,900 shares owned by the Granoff
Family Foundation, a charitable foundation for which Mr. Granoff and his
father, mother and brother are trustees. Also includes 35,321 shares held
by Mr. Granoff as trustee for his children and other family members. Also
includes 261 shares held by GCG Associates Inc., a corporation owned by Mr.
Granoff. Also includes 76,084 shares owned by DAPARY Management Corp., a
corporation controlled by Mr. Granoff.
(022597DTI)
