﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2023v6.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2025-05-14T12:41:41+00:00</ReturnTs>
    <TaxPeriodEndDt>2024-06-30</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>440160260</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>Forvis Mazars LLP</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>500 Ridgefield Court</AddressLine1Txt>
        <CityNm>Asheville</CityNm>
        <StateAbbreviationCd>NC</StateAbbreviationCd>
        <ZIPCd>28806</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990</ReturnTypeCd>
    <TaxPeriodBeginDt>2023-07-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>203643982</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>RAF Inc</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>RAFI</BusinessNameControlTxt>
      <PhoneNum>9013332776</PhoneNum>
      <USAddress>
        <AddressLine1Txt>1779 KIRBY PARKWAY 13310</AddressLine1Txt>
        <CityNm>MEMPHIS</CityNm>
        <StateAbbreviationCd>TN</StateAbbreviationCd>
        <ZIPCd>38138</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>JOHN M SILBERSTEIN</PersonNm>
      <PersonTitleTxt>PRESIDENT</PersonTitleTxt>
      <SignatureDt>2025-05-14</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>Amy Bibby</PreparerPersonNm>
      <PTIN>P00445891</PTIN>
      <PhoneNum>8282542254</PhoneNum>
      <PreparationDt>2023-12-18</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2023</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="5">
    <IRS990 documentId="IRS990" softwareId="23017437" softwareVersionNum="2023v6.0">
      <PrincipalOfcrBusinessName>
        <BusinessNameLine1Txt>JOHN M SILBERSTEIN</BusinessNameLine1Txt>
      </PrincipalOfcrBusinessName>
      <USAddress>
        <AddressLine1Txt>1779 KIRBY PARKWAY 13310</AddressLine1Txt>
        <CityNm>MEMPHIS</CityNm>
        <StateAbbreviationCd>TN</StateAbbreviationCd>
        <ZIPCd>38138</ZIPCd>
      </USAddress>
      <GrossReceiptsAmt>3332322</GrossReceiptsAmt>
      <GroupReturnForAffiliatesInd>false</GroupReturnForAffiliatesInd>
      <Organization501cInd organization501cTypeTxt="7">X</Organization501cInd>
      <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
      <TypeOfOrganizationCorpInd>X</TypeOfOrganizationCorpInd>
      <FormationYr>2005</FormationYr>
      <LegalDomicileStateCd>TN</LegalDomicileStateCd>
      <ActivityOrMissionDesc>RAF PROVIDES LIABILITY PROTECTION AND HELPS TO FUND HEALTH AND SAFETY EDUCATION FOR NONPROFIT ORGANIZATIONS.</ActivityOrMissionDesc>
      <VotingMembersGoverningBodyCnt>5</VotingMembersGoverningBodyCnt>
      <VotingMembersIndependentCnt>5</VotingMembersIndependentCnt>
      <TotalEmployeeCnt>0</TotalEmployeeCnt>
      <TotalVolunteersCnt>5</TotalVolunteersCnt>
      <TotalGrossUBIAmt>606311</TotalGrossUBIAmt>
      <NetUnrelatedBusTxblIncmAmt>0</NetUnrelatedBusTxblIncmAmt>
      <PYContributionsGrantsAmt>250000</PYContributionsGrantsAmt>
      <CYContributionsGrantsAmt>0</CYContributionsGrantsAmt>
      <PYProgramServiceRevenueAmt>2219499</PYProgramServiceRevenueAmt>
      <CYProgramServiceRevenueAmt>2295222</CYProgramServiceRevenueAmt>
      <PYInvestmentIncomeAmt>205541</PYInvestmentIncomeAmt>
      <CYInvestmentIncomeAmt>470246</CYInvestmentIncomeAmt>
      <PYOtherRevenueAmt>36140</PYOtherRevenueAmt>
      <CYOtherRevenueAmt>65688</CYOtherRevenueAmt>
      <PYTotalRevenueAmt>2711180</PYTotalRevenueAmt>
      <CYTotalRevenueAmt>2831156</CYTotalRevenueAmt>
      <PYGrantsAndSimilarPaidAmt>100500</PYGrantsAndSimilarPaidAmt>
      <CYGrantsAndSimilarPaidAmt>86000</CYGrantsAndSimilarPaidAmt>
      <PYBenefitsPaidToMembersAmt>0</PYBenefitsPaidToMembersAmt>
      <CYBenefitsPaidToMembersAmt>0</CYBenefitsPaidToMembersAmt>
      <PYSalariesCompEmpBnftPaidAmt>0</PYSalariesCompEmpBnftPaidAmt>
      <CYSalariesCompEmpBnftPaidAmt>0</CYSalariesCompEmpBnftPaidAmt>
      <PYTotalProfFndrsngExpnsAmt>0</PYTotalProfFndrsngExpnsAmt>
      <CYTotalProfFndrsngExpnsAmt>0</CYTotalProfFndrsngExpnsAmt>
      <CYTotalFundraisingExpenseAmt>0</CYTotalFundraisingExpenseAmt>
      <PYOtherExpensesAmt>2081064</PYOtherExpensesAmt>
      <CYOtherExpensesAmt>2129505</CYOtherExpensesAmt>
      <PYTotalExpensesAmt>2181564</PYTotalExpensesAmt>
      <CYTotalExpensesAmt>2215505</CYTotalExpensesAmt>
      <PYRevenuesLessExpensesAmt>529616</PYRevenuesLessExpensesAmt>
      <CYRevenuesLessExpensesAmt>615651</CYRevenuesLessExpensesAmt>
      <TotalAssetsBOYAmt>8795054</TotalAssetsBOYAmt>
      <TotalAssetsEOYAmt>9476899</TotalAssetsEOYAmt>
      <TotalLiabilitiesBOYAmt>532981</TotalLiabilitiesBOYAmt>
      <TotalLiabilitiesEOYAmt>434329</TotalLiabilitiesEOYAmt>
      <NetAssetsOrFundBalancesBOYAmt>8262073</NetAssetsOrFundBalancesBOYAmt>
      <NetAssetsOrFundBalancesEOYAmt>9042570</NetAssetsOrFundBalancesEOYAmt>
      <MissionDesc>RAF FACILITATES VARIOUS INSURANCE PROGRAMS FOR THE BENEFIT OF NONPROFIT ORGANIZATIONS AND THEIR OFFICERS THROUGHOUT NORTH AMERICA. RAF ALSO SUPPORTS THE HEALTH AND SAFETY EDUCATIONAL INITIATIVES OF VARIOUS NONPROFIT ORGANIZATIONS AS WELL AS THEIR OFFICERS, ADVISORS, AND MEMBERS.</MissionDesc>
      <SignificantNewProgramSrvcInd>false</SignificantNewProgramSrvcInd>
      <SignificantChangeInd>false</SignificantChangeInd>
      <Desc>provide funding for EDUCATIONAL programming and resources and provide grants to pike university, inc.</Desc>
      <ProgSrvcAccomActy2Grp>
        <Desc>FACILITATE VARIOUS INSURANCE PROGRAMS FOR THE BENEFIT OF PARTICIPATING NONPROFIT ORGANIZATIONS AND THEIR OFFICERS AND ADVISORS.</Desc>
      </ProgSrvcAccomActy2Grp>
      <TotalProgramServiceExpensesAmt>0</TotalProgramServiceExpensesAmt>
      <DescribedInSection501c3Ind>false</DescribedInSection501c3Ind>
      <ScheduleBRequiredInd>false</ScheduleBRequiredInd>
      <PoliticalCampaignActyInd>false</PoliticalCampaignActyInd>
      <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
      <ConservationEasementsInd>false</ConservationEasementsInd>
      <CollectionsOfArtInd>false</CollectionsOfArtInd>
      <CreditCounselingInd>false</CreditCounselingInd>
      <DonorRstrOrQuasiEndowmentsInd>false</DonorRstrOrQuasiEndowmentsInd>
      <ReportLandBuildingEquipmentInd referenceDocumentId="IRS990ScheduleD">true</ReportLandBuildingEquipmentInd>
      <ReportInvestmentsOtherSecInd>false</ReportInvestmentsOtherSecInd>
      <ReportProgramRelatedInvstInd>false</ReportProgramRelatedInvstInd>
      <ReportOtherAssetsInd referenceDocumentId="IRS990ScheduleD">true</ReportOtherAssetsInd>
      <ReportOtherLiabilitiesInd referenceDocumentId="IRS990ScheduleD">true</ReportOtherLiabilitiesInd>
      <IncludeFIN48FootnoteInd referenceDocumentId="IRS990ScheduleD">true</IncludeFIN48FootnoteInd>
      <IndependentAuditFinclStmtInd>false</IndependentAuditFinclStmtInd>
      <ConsolidatedAuditFinclStmtInd>false</ConsolidatedAuditFinclStmtInd>
      <SchoolOperatingInd>false</SchoolOperatingInd>
      <ForeignOfficeInd>false</ForeignOfficeInd>
      <ForeignActivitiesInd>false</ForeignActivitiesInd>
      <MoreThan5000KToOrgInd>false</MoreThan5000KToOrgInd>
      <MoreThan5000KToIndividualsInd>false</MoreThan5000KToIndividualsInd>
      <ProfessionalFundraisingInd>false</ProfessionalFundraisingInd>
      <FundraisingActivitiesInd>false</FundraisingActivitiesInd>
      <GamingActivitiesInd>false</GamingActivitiesInd>
      <OperateHospitalInd>false</OperateHospitalInd>
      <GrantsToOrganizationsInd referenceDocumentId="IRS990ScheduleI">true</GrantsToOrganizationsInd>
      <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
      <ScheduleJRequiredInd referenceDocumentId="IRS990ScheduleJ">true</ScheduleJRequiredInd>
      <TaxExemptBondsInd>false</TaxExemptBondsInd>
      <LoanOutstandingInd>false</LoanOutstandingInd>
      <GrantToRelatedPersonInd>false</GrantToRelatedPersonInd>
      <BusinessRlnWithOrgMemInd>false</BusinessRlnWithOrgMemInd>
      <BusinessRlnWithFamMemInd>false</BusinessRlnWithFamMemInd>
      <BusinessRlnWith35CtrlEntInd>false</BusinessRlnWith35CtrlEntInd>
      <DeductibleNonCashContriInd>false</DeductibleNonCashContriInd>
      <DeductibleArtContributionInd>false</DeductibleArtContributionInd>
      <TerminateOperationsInd>false</TerminateOperationsInd>
      <PartialLiquidationInd>false</PartialLiquidationInd>
      <DisregardedEntityInd>false</DisregardedEntityInd>
      <RelatedEntityInd>false</RelatedEntityInd>
      <RelatedOrganizationCtrlEntInd>false</RelatedOrganizationCtrlEntInd>
      <ActivitiesConductedPrtshpInd>false</ActivitiesConductedPrtshpInd>
      <ScheduleORequiredInd>true</ScheduleORequiredInd>
      <IRPDocumentCnt>0</IRPDocumentCnt>
      <IRPDocumentW2GCnt>0</IRPDocumentW2GCnt>
      <EmployeeCnt>0</EmployeeCnt>
      <UnrelatedBusIncmOverLimitInd>true</UnrelatedBusIncmOverLimitInd>
      <Form990TFiledInd>true</Form990TFiledInd>
      <ForeignFinancialAccountInd>false</ForeignFinancialAccountInd>
      <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
      <TaxablePartyNotificationInd>false</TaxablePartyNotificationInd>
      <NondeductibleContributionsInd>false</NondeductibleContributionsInd>
      <InitiationFeesAndCapContriAmt>0</InitiationFeesAndCapContriAmt>
      <GrossReceiptsForPublicUseAmt>0</GrossReceiptsForPublicUseAmt>
      <IndoorTanningServicesInd>false</IndoorTanningServicesInd>
      <SubjToTaxRmnrtnExPrchtPymtInd>false</SubjToTaxRmnrtnExPrchtPymtInd>
      <SubjectToExcsTaxNetInvstIncInd>false</SubjectToExcsTaxNetInvstIncInd>
      <InfoInScheduleOPartVIInd>X</InfoInScheduleOPartVIInd>
      <GoverningBodyVotingMembersCnt>5</GoverningBodyVotingMembersCnt>
      <IndependentVotingMemberCnt>5</IndependentVotingMemberCnt>
      <FamilyOrBusinessRlnInd>false</FamilyOrBusinessRlnInd>
      <DelegationOfMgmtDutiesInd>false</DelegationOfMgmtDutiesInd>
      <ChangeToOrgDocumentsInd>false</ChangeToOrgDocumentsInd>
      <MaterialDiversionOrMisuseInd>false</MaterialDiversionOrMisuseInd>
      <MembersOrStockholdersInd>false</MembersOrStockholdersInd>
      <ElectionOfBoardMembersInd>false</ElectionOfBoardMembersInd>
      <DecisionsSubjectToApprovaInd>false</DecisionsSubjectToApprovaInd>
      <MinutesOfGoverningBodyInd>true</MinutesOfGoverningBodyInd>
      <MinutesOfCommitteesInd>true</MinutesOfCommitteesInd>
      <OfficerMailingAddressInd>false</OfficerMailingAddressInd>
      <LocalChaptersInd>false</LocalChaptersInd>
      <Form990ProvidedToGvrnBodyInd>false</Form990ProvidedToGvrnBodyInd>
      <ConflictOfInterestPolicyInd>true</ConflictOfInterestPolicyInd>
      <AnnualDisclosureCoveredPrsnInd>true</AnnualDisclosureCoveredPrsnInd>
      <RegularMonitoringEnfrcInd>true</RegularMonitoringEnfrcInd>
      <WhistleblowerPolicyInd>true</WhistleblowerPolicyInd>
      <DocumentRetentionPolicyInd>true</DocumentRetentionPolicyInd>
      <CompensationProcessCEOInd>false</CompensationProcessCEOInd>
      <CompensationProcessOtherInd>false</CompensationProcessOtherInd>
      <InvestmentInJointVentureInd>false</InvestmentInJointVentureInd>
      <StatesWhereCopyOfReturnIsFldCd>TN</StatesWhereCopyOfReturnIsFldCd>
      <UponRequestInd>X</UponRequestInd>
      <BooksInCareOfDetail>
        <BusinessName>
          <BusinessNameLine1Txt>ROBERT R PARSONS JR</BusinessNameLine1Txt>
        </BusinessName>
        <PhoneNum>9013332776</PhoneNum>
        <USAddress>
          <AddressLine1Txt>1779 KIRBY PARKWAY 13310</AddressLine1Txt>
          <CityNm>MEMPHIS</CityNm>
          <StateAbbreviationCd>TN</StateAbbreviationCd>
          <ZIPCd>38138</ZIPCd>
        </USAddress>
      </BooksInCareOfDetail>
      <NoListedPersonsCompensatedInd>X</NoListedPersonsCompensatedInd>
      <Form990PartVIISectionAGrp>
        <PersonNm>JOHN M SILBERSTEIN</PersonNm>
        <TitleTxt>PRESIDENT</TitleTxt>
        <AverageHoursPerWeekRt>1.0</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>THOMAS A UEBLER</PersonNm>
        <TitleTxt>VICE PRESIDENT</TitleTxt>
        <AverageHoursPerWeekRt>1.0</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>MICHAEL MCMILLAN</PersonNm>
        <TitleTxt>DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>1.0</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>STEVEN S HECK</PersonNm>
        <TitleTxt>DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>1.0</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>THOMAS J OLSEN</PersonNm>
        <TitleTxt>DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>1.0</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>JUSTIN A BUCK</PersonNm>
        <TitleTxt>CEO/SECRETARY/TREASURER</TitleTxt>
        <AverageHoursPerWeekRt>10.0</AverageHoursPerWeekRt>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <TotalReportableCompFromOrgAmt>0</TotalReportableCompFromOrgAmt>
      <TotReportableCompRltdOrgAmt>0</TotReportableCompRltdOrgAmt>
      <TotalOtherCompensationAmt>0</TotalOtherCompensationAmt>
      <IndivRcvdGreaterThan100KCnt>0</IndivRcvdGreaterThan100KCnt>
      <FormerOfcrEmployeesListedInd>false</FormerOfcrEmployeesListedInd>
      <TotalCompGreaterThan150KInd>false</TotalCompGreaterThan150KInd>
      <CompensationFromOtherSrcsInd>true</CompensationFromOtherSrcsInd>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>Oak Service Corporation</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>8347 West Range Cove</AddressLine1Txt>
            <CityNm>Memphis</CityNm>
            <StateAbbreviationCd>TN</StateAbbreviationCd>
            <ZIPCd>38125</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>Staffing Services</ServicesDesc>
        <CompensationAmt>837874</CompensationAmt>
      </ContractorCompensationGrp>
      <CntrctRcvdGreaterThan100KCnt>1</CntrctRcvdGreaterThan100KCnt>
      <TotalContributionsAmt>0</TotalContributionsAmt>
      <ProgramServiceRevenueGrp>
        <Desc>JRFCO Income</Desc>
        <BusinessCd>524298</BusinessCd>
        <TotalRevenueColumnAmt>136552</TotalRevenueColumnAmt>
        <UnrelatedBusinessRevenueAmt>136552</UnrelatedBusinessRevenueAmt>
      </ProgramServiceRevenueGrp>
      <ProgramServiceRevenueGrp>
        <Desc>Liability Program Assessments</Desc>
        <BusinessCd>524298</BusinessCd>
        <TotalRevenueColumnAmt>1895487</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>1895487</RelatedOrExemptFuncIncomeAmt>
      </ProgramServiceRevenueGrp>
      <ProgramServiceRevenueGrp>
        <Desc>Property Premiums</Desc>
        <BusinessCd>524298</BusinessCd>
        <TotalRevenueColumnAmt>263183</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>263183</RelatedOrExemptFuncIncomeAmt>
      </ProgramServiceRevenueGrp>
      <TotalOthProgramServiceRevGrp>
        <TotalRevenueColumnAmt>0</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>0</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>0</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>0</ExclusionAmt>
      </TotalOthProgramServiceRevGrp>
      <TotalProgramServiceRevenueAmt>2295222</TotalProgramServiceRevenueAmt>
      <InvestmentIncomeGrp>
        <TotalRevenueColumnAmt>159805</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>487</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>159318</UnrelatedBusinessRevenueAmt>
      </InvestmentIncomeGrp>
      <GrossRentsGrp>
        <RealAmt>253030</RealAmt>
      </GrossRentsGrp>
      <LessRentalExpensesGrp>
        <RealAmt>190725</RealAmt>
      </LessRentalExpensesGrp>
      <RentalIncomeOrLossGrp>
        <RealAmt>62305</RealAmt>
        <PersonalAmt>0</PersonalAmt>
      </RentalIncomeOrLossGrp>
      <NetRentalIncomeOrLossGrp>
        <TotalRevenueColumnAmt>62305</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>62305</RelatedOrExemptFuncIncomeAmt>
      </NetRentalIncomeOrLossGrp>
      <LessCostOthBasisSalesExpnssGrp>
        <SecuritiesAmt>310441</SecuritiesAmt>
      </LessCostOthBasisSalesExpnssGrp>
      <GainOrLossGrp>
        <SecuritiesAmt>-310441</SecuritiesAmt>
        <OtherAmt>0</OtherAmt>
      </GainOrLossGrp>
      <NetGainOrLossInvestmentsGrp>
        <TotalRevenueColumnAmt>310441</TotalRevenueColumnAmt>
        <UnrelatedBusinessRevenueAmt>310441</UnrelatedBusinessRevenueAmt>
      </NetGainOrLossInvestmentsGrp>
      <OtherRevenueMiscGrp>
        <Desc>MISCELLANEOUS</Desc>
        <BusinessCd>900099</BusinessCd>
        <TotalRevenueColumnAmt>3383</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>3383</RelatedOrExemptFuncIncomeAmt>
      </OtherRevenueMiscGrp>
      <MiscellaneousRevenueGrp>
        <TotalRevenueColumnAmt>0</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>0</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>0</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>0</ExclusionAmt>
      </MiscellaneousRevenueGrp>
      <OtherRevenueTotalAmt>3383</OtherRevenueTotalAmt>
      <TotalRevenueGrp>
        <TotalRevenueColumnAmt>2831156</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>2224845</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>606311</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>0</ExclusionAmt>
      </TotalRevenueGrp>
      <InfoInScheduleOPartIXInd>X</InfoInScheduleOPartIXInd>
      <GrantsToDomesticOrgsGrp>
        <TotalAmt>86000</TotalAmt>
      </GrantsToDomesticOrgsGrp>
      <FeesForServicesLegalGrp>
        <TotalAmt>22339</TotalAmt>
      </FeesForServicesLegalGrp>
      <FeesForServicesAccountingGrp>
        <TotalAmt>8525</TotalAmt>
      </FeesForServicesAccountingGrp>
      <FeesForServicesOtherGrp>
        <TotalAmt>268500</TotalAmt>
      </FeesForServicesOtherGrp>
      <OfficeExpensesGrp>
        <TotalAmt>1463</TotalAmt>
      </OfficeExpensesGrp>
      <InsuranceGrp>
        <TotalAmt>234429</TotalAmt>
      </InsuranceGrp>
      <OtherExpensesGrp>
        <Desc>Liability Claims</Desc>
        <TotalAmt>713702</TotalAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>Education</Desc>
        <TotalAmt>638796</TotalAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>Property Claims</Desc>
        <TotalAmt>239600</TotalAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>miscellaneous</Desc>
        <TotalAmt>2151</TotalAmt>
      </OtherExpensesGrp>
      <AllOtherExpensesGrp>
        <TotalAmt>0</TotalAmt>
      </AllOtherExpensesGrp>
      <TotalFunctionalExpensesGrp>
        <TotalAmt>2215505</TotalAmt>
      </TotalFunctionalExpensesGrp>
      <SavingsAndTempCashInvstGrp>
        <BOYAmt>2164767</BOYAmt>
        <EOYAmt>233008</EOYAmt>
      </SavingsAndTempCashInvstGrp>
      <AccountsReceivableGrp>
        <BOYAmt>6320</BOYAmt>
        <EOYAmt>11649</EOYAmt>
      </AccountsReceivableGrp>
      <ReceivablesFromOfficersEtcGrp>
        <EOYAmt>0</EOYAmt>
      </ReceivablesFromOfficersEtcGrp>
      <RcvblFromDisqualifiedPrsnGrp>
        <EOYAmt>0</EOYAmt>
      </RcvblFromDisqualifiedPrsnGrp>
      <OthNotesLoansReceivableNetGrp>
        <BOYAmt>8112</BOYAmt>
        <EOYAmt>5875</EOYAmt>
      </OthNotesLoansReceivableNetGrp>
      <LandBldgEquipCostOrOtherBssAmt>2540038</LandBldgEquipCostOrOtherBssAmt>
      <LandBldgEquipAccumDeprecAmt>762035</LandBldgEquipAccumDeprecAmt>
      <LandBldgEquipBasisNetGrp>
        <BOYAmt>1866388</BOYAmt>
        <EOYAmt>1778003</EOYAmt>
      </LandBldgEquipBasisNetGrp>
      <InvestmentsPubTradedSecGrp>
        <BOYAmt>4478369</BOYAmt>
        <EOYAmt>4090023</EOYAmt>
      </InvestmentsPubTradedSecGrp>
      <InvestmentsOtherSecuritiesGrp>
        <BOYAmt>0</BOYAmt>
      </InvestmentsOtherSecuritiesGrp>
      <InvestmentsProgramRelatedGrp>
        <BOYAmt>271098</BOYAmt>
        <EOYAmt>271098</EOYAmt>
      </InvestmentsProgramRelatedGrp>
      <OtherAssetsTotalGrp>
        <BOYAmt>0</BOYAmt>
        <EOYAmt>3087243</EOYAmt>
      </OtherAssetsTotalGrp>
      <TotalAssetsGrp>
        <BOYAmt>8795054</BOYAmt>
        <EOYAmt>9476899</EOYAmt>
      </TotalAssetsGrp>
      <AccountsPayableAccrExpnssGrp>
        <BOYAmt>73238</BOYAmt>
        <EOYAmt>15797</EOYAmt>
      </AccountsPayableAccrExpnssGrp>
      <LoansFromOfficersDirectorsGrp>
        <EOYAmt>0</EOYAmt>
      </LoansFromOfficersDirectorsGrp>
      <OtherLiabilitiesGrp>
        <BOYAmt>459743</BOYAmt>
        <EOYAmt>418532</EOYAmt>
      </OtherLiabilitiesGrp>
      <TotalLiabilitiesGrp>
        <BOYAmt>532981</BOYAmt>
        <EOYAmt>434329</EOYAmt>
      </TotalLiabilitiesGrp>
      <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
      <NoDonorRestrictionNetAssetsGrp>
        <BOYAmt>8262073</BOYAmt>
        <EOYAmt>9042570</EOYAmt>
      </NoDonorRestrictionNetAssetsGrp>
      <TotalNetAssetsFundBalanceGrp>
        <BOYAmt>8262073</BOYAmt>
        <EOYAmt>9042570</EOYAmt>
      </TotalNetAssetsFundBalanceGrp>
      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>8795054</BOYAmt>
        <EOYAmt>9476899</EOYAmt>
      </TotLiabNetAssetsFundBalanceGrp>
      <InfoInScheduleOPartXIInd>X</InfoInScheduleOPartXIInd>
      <ReconcilationRevenueExpnssAmt>615651</ReconcilationRevenueExpnssAmt>
      <NetUnrlzdGainsLossesInvstAmt>206461</NetUnrlzdGainsLossesInvstAmt>
      <OtherChangesInNetAssetsAmt>-41615</OtherChangesInNetAssetsAmt>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>false</AccountantCompileOrReviewInd>
      <FSAuditedInd>false</FSAuditedInd>
      <FederalGrantAuditRequiredInd>false</FederalGrantAuditRequiredInd>
    </IRS990>
    <IRS990ScheduleD documentId="IRS990ScheduleD" softwareId="23017437" softwareVersionNum="2023v6.0">
      <BuildingsGrp>
        <OtherCostOrOtherBasisAmt>2444234</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>712785</DepreciationAmt>
        <BookValueAmt>1731449</BookValueAmt>
      </BuildingsGrp>
      <EquipmentGrp>
        <OtherCostOrOtherBasisAmt>95804</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>49250</DepreciationAmt>
        <BookValueAmt>46554</BookValueAmt>
      </EquipmentGrp>
      <TotalBookValueLandBuildingsAmt>1778003</TotalBookValueLandBuildingsAmt>
      <OtherAssetsOrgGrp>
        <Desc>white horse line of credit</Desc>
        <BookValueAmt>810148</BookValueAmt>
      </OtherAssetsOrgGrp>
      <OtherAssetsOrgGrp>
        <Desc>WRI loan</Desc>
        <BookValueAmt>2000050</BookValueAmt>
      </OtherAssetsOrgGrp>
      <OtherAssetsOrgGrp>
        <Desc>funds held by property managers</Desc>
        <BookValueAmt>277045</BookValueAmt>
      </OtherAssetsOrgGrp>
      <TotalBookValueOtherAssetsAmt>3087243</TotalBookValueOtherAssetsAmt>
      <OtherLiabilitiesOrgGrp>
        <Desc>Estimated Claims Payable</Desc>
        <Amt>187320</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>Deposits</Desc>
        <Amt>14330</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>Premiums Payable</Desc>
        <Amt>216882</Amt>
      </OtherLiabilitiesOrgGrp>
      <TotalLiabilityAmt>418532</TotalLiabilityAmt>
      <FootnoteTextInd>X</FootnoteTextInd>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote</FormAndLineReferenceDesc>
        <ExplanationTxt>raf, inc. has determined that it does not have any material uncertain tax positions as of June 30, 2024.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleD>
    <IRS990ScheduleI documentId="IRS990ScheduleI" softwareId="23017437" softwareVersionNum="2023v6.0">
      <GrantRecordsMaintainedInd>false</GrantRecordsMaintainedInd>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>PIKE University</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>1779 Kirby Pkwy 13890</AddressLine1Txt>
          <CityNm>Memphis</CityNm>
          <StateAbbreviationCd>TN</StateAbbreviationCd>
          <ZIPCd>38138</ZIPCd>
        </USAddress>
        <RecipientEIN>203287316</RecipientEIN>
        <IRCSectionDesc>501(c)(3)</IRCSectionDesc>
        <CashGrantAmt>86000</CashGrantAmt>
        <PurposeOfGrantTxt>Health and Safety Education Grant</PurposeOfGrantTxt>
      </RecipientTable>
      <Total501c3OrgCnt>1</Total501c3OrgCnt>
      <TotalOtherOrgCnt>0</TotalOtherOrgCnt>
    </IRS990ScheduleI>
    <IRS990ScheduleJ documentId="IRS990ScheduleJ" softwareId="23017437" softwareVersionNum="2023v6.0">
      <SeverancePaymentInd>false</SeverancePaymentInd>
      <SupplementalNonqualRtrPlanInd>false</SupplementalNonqualRtrPlanInd>
      <EquityBasedCompArrngmInd>false</EquityBasedCompArrngmInd>
    </IRS990ScheduleJ>
    <IRS990ScheduleO documentId="IRS990ScheduleO" softwareId="23017437" softwareVersionNum="2023v6.0">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Line 11b Review of form 990 by governing body</FormAndLineReferenceDesc>
        <ExplanationTxt>the 990 is reviewed by the ceo and key accounting personnel.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Line 12c Conflict of interest policy</FormAndLineReferenceDesc>
        <ExplanationTxt>the conflict of interest policy is reviewed and revisited during each election cycle. (every two years). There is an on-going discussion and education regarding conflict of interest issues.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Line 19 Required documents available to the public</FormAndLineReferenceDesc>
        <ExplanationTxt>the organization's governing documents, financial statements and conflict of interest policy are available upon request.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VII, Section A, Line 5</FormAndLineReferenceDesc>
        <ExplanationTxt>UNRELATED ORGANIZATION: OAK SERVICE CORPORATION COMPENSATION: $66,428 NON TAXABLE BENEFITS: $5,942 PERSON RECEIVING COMPENSATION: JUSTIN A. BUCK</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part IX, Line 11g Other Fees</FormAndLineReferenceDesc>
        <ExplanationTxt>Contracted Services - Total Expense: 240000, Program Service Expense: , Management and General Expenses: , Fundraising Expenses: ; Insurance Programs and Inspection Fees - Total Expense: 28500, Program Service Expense: , Management and General Expenses: , Fundraising Expenses: ;</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part XI, Line 9 Other changes in net assets or fund balances</FormAndLineReferenceDesc>
        <ExplanationTxt>JRFCO Income - -41615;</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part XII, Line 2b</FormAndLineReferenceDesc>
        <ExplanationTxt>The audit was not complete at the time of the 990 filing.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
  </ReturnData>
</Return>