<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.irs.gov/efile" returnVersion="2020v4.2">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2022-04-11T18:06:04-05:00</ReturnTs>
    <TaxPeriodEndDt>2021-06-30</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>560747981</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>DIXON HUGHES GOODMAN LLP</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>999 S SHADY GROVE RD STE 400</AddressLine1Txt>
        <CityNm>MEMPHIS</CityNm>
        <StateAbbreviationCd>TN</StateAbbreviationCd>
        <ZIPCd>38120</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990</ReturnTypeCd>
    <TaxPeriodBeginDt>2020-07-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>203643982</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>RAF INC</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>RAFI</BusinessNameControlTxt>
      <PhoneNum>9013332776</PhoneNum>
      <USAddress>
        <AddressLine1Txt>1779 KIRBY PARKWAY NO 13310</AddressLine1Txt>
        <CityNm>MEMPHIS</CityNm>
        <StateAbbreviationCd>TN</StateAbbreviationCd>
        <ZIPCd>38138</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>JOHN M SILBERSTEIN</PersonNm>
      <PersonTitleTxt>PRESIDENT</PersonTitleTxt>
      <PhoneNum>9013332776</PhoneNum>
      <SignatureDt>2022-04-05</SignatureDt>
      <DiscussWithPaidPreparerInd>1</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <SigningOfficerGrp>
      <PersonFullName>
        <PersonFirstNm>JOHN</PersonFirstNm>
        <PersonLastNm>SILBERSTEIN</PersonLastNm>
      </PersonFullName>
      <SSN>999009999</SSN>
    </SigningOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>LAKRISHA J WATSON</PreparerPersonNm>
      <PTIN>P01677333</PTIN>
      <PhoneNum>9017613000</PhoneNum>
      <PreparationDt>2022-03-31</PreparationDt>
    </PreparerPersonGrp>
    <AdditionalFilerInformation>
      <TrustedCustomerGrp>
        <TrustedCustomerCd>2</TrustedCustomerCd>
        <AuthenticationAssuranceLevelCd>AAL1</AuthenticationAssuranceLevelCd>
        <IdentityAssuranceLevelCd>IAL1</IdentityAssuranceLevelCd>
      </TrustedCustomerGrp>
    </AdditionalFilerInformation>
    <TaxYr>2020</TaxYr>
    <BuildTS>2022-09-23 18:48:47Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="5">
    <IRS990 documentId="RetDoc1038000001" referenceDocumentId="RetDoc1044400001">
      <PrincipalOfficerNm>JOHN M SILBERSTEIN</PrincipalOfficerNm>
      <USAddress>
        <AddressLine1Txt>1779 KIRBY PARKWAY NO 13310</AddressLine1Txt>
        <CityNm>MEMPHIS</CityNm>
        <StateAbbreviationCd>TN</StateAbbreviationCd>
        <ZIPCd>38138</ZIPCd>
      </USAddress>
      <GrossReceiptsAmt>3091312</GrossReceiptsAmt>
      <GroupReturnForAffiliatesInd>0</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>484654</TotalGrossUBIAmt>
      <NetUnrelatedBusTxblIncmAmt>0</NetUnrelatedBusTxblIncmAmt>
      <PYContributionsGrantsAmt>0</PYContributionsGrantsAmt>
      <CYContributionsGrantsAmt>0</CYContributionsGrantsAmt>
      <PYProgramServiceRevenueAmt>2048337</PYProgramServiceRevenueAmt>
      <CYProgramServiceRevenueAmt>2204524</CYProgramServiceRevenueAmt>
      <PYInvestmentIncomeAmt>98534</PYInvestmentIncomeAmt>
      <CYInvestmentIncomeAmt>212988</CYInvestmentIncomeAmt>
      <PYOtherRevenueAmt>-4831</PYOtherRevenueAmt>
      <CYOtherRevenueAmt>-8217</CYOtherRevenueAmt>
      <PYTotalRevenueAmt>2142040</PYTotalRevenueAmt>
      <CYTotalRevenueAmt>2409295</CYTotalRevenueAmt>
      <PYGrantsAndSimilarPaidAmt>120200</PYGrantsAndSimilarPaidAmt>
      <CYGrantsAndSimilarPaidAmt>113600</CYGrantsAndSimilarPaidAmt>
      <PYBenefitsPaidToMembersAmt>0</PYBenefitsPaidToMembersAmt>
      <CYBenefitsPaidToMembersAmt>0</CYBenefitsPaidToMembersAmt>
      <PYSalariesCompEmpBnftPaidAmt>0</PYSalariesCompEmpBnftPaidAmt>
      <CYSalariesCompEmpBnftPaidAmt>0</CYSalariesCompEmpBnftPaidAmt>
      <PYTotalProfFndrsngExpnsAmt>0</PYTotalProfFndrsngExpnsAmt>
      <CYTotalProfFndrsngExpnsAmt>0</CYTotalProfFndrsngExpnsAmt>
      <CYTotalFundraisingExpenseAmt>0</CYTotalFundraisingExpenseAmt>
      <PYOtherExpensesAmt>1457978</PYOtherExpensesAmt>
      <CYOtherExpensesAmt>2033575</CYOtherExpensesAmt>
      <PYTotalExpensesAmt>1578178</PYTotalExpensesAmt>
      <CYTotalExpensesAmt>2147175</CYTotalExpensesAmt>
      <PYRevenuesLessExpensesAmt>563862</PYRevenuesLessExpensesAmt>
      <CYRevenuesLessExpensesAmt>262120</CYRevenuesLessExpensesAmt>
      <TotalAssetsBOYAmt>7028402</TotalAssetsBOYAmt>
      <TotalAssetsEOYAmt>9177263</TotalAssetsEOYAmt>
      <TotalLiabilitiesBOYAmt>440868</TotalLiabilitiesBOYAmt>
      <TotalLiabilitiesEOYAmt>1601870</TotalLiabilitiesEOYAmt>
      <NetAssetsOrFundBalancesBOYAmt>6587534</NetAssetsOrFundBalancesBOYAmt>
      <NetAssetsOrFundBalancesEOYAmt>7575393</NetAssetsOrFundBalancesEOYAmt>
      <InfoInScheduleOPartIIIInd>X</InfoInScheduleOPartIIIInd>
      <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>0</SignificantNewProgramSrvcInd>
      <SignificantChangeInd>0</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>
      <DescribedInSection501c3Ind>0</DescribedInSection501c3Ind>
      <ScheduleBRequiredInd>0</ScheduleBRequiredInd>
      <PoliticalCampaignActyInd>0</PoliticalCampaignActyInd>
      <SubjectToProxyTaxInd>0</SubjectToProxyTaxInd>
      <DonorAdvisedFundInd referenceDocumentId="RetDoc1040000001">0</DonorAdvisedFundInd>
      <ConservationEasementsInd referenceDocumentId="RetDoc1040000001">0</ConservationEasementsInd>
      <CollectionsOfArtInd referenceDocumentId="RetDoc1040000001">0</CollectionsOfArtInd>
      <CreditCounselingInd referenceDocumentId="RetDoc1040000001">0</CreditCounselingInd>
      <DonorRstrOrQuasiEndowmentsInd>0</DonorRstrOrQuasiEndowmentsInd>
      <ReportLandBuildingEquipmentInd referenceDocumentId="RetDoc1040000001">1</ReportLandBuildingEquipmentInd>
      <ReportInvestmentsOtherSecInd referenceDocumentId="RetDoc1040000001">0</ReportInvestmentsOtherSecInd>
      <ReportProgramRelatedInvstInd referenceDocumentId="RetDoc1040000001">0</ReportProgramRelatedInvstInd>
      <ReportOtherAssetsInd referenceDocumentId="RetDoc1040000001">0</ReportOtherAssetsInd>
      <ReportOtherLiabilitiesInd referenceDocumentId="RetDoc1040000001">1</ReportOtherLiabilitiesInd>
      <IncludeFIN48FootnoteInd referenceDocumentId="RetDoc1040000001">1</IncludeFIN48FootnoteInd>
      <IndependentAuditFinclStmtInd referenceDocumentId="RetDoc1040000001">1</IndependentAuditFinclStmtInd>
      <ConsolidatedAuditFinclStmtInd referenceDocumentId="RetDoc1040000001">0</ConsolidatedAuditFinclStmtInd>
      <SchoolOperatingInd>0</SchoolOperatingInd>
      <ForeignOfficeInd>0</ForeignOfficeInd>
      <ForeignActivitiesInd>0</ForeignActivitiesInd>
      <MoreThan5000KToOrgInd>0</MoreThan5000KToOrgInd>
      <MoreThan5000KToIndividualsInd>0</MoreThan5000KToIndividualsInd>
      <ProfessionalFundraisingInd>0</ProfessionalFundraisingInd>
      <FundraisingActivitiesInd>0</FundraisingActivitiesInd>
      <GamingActivitiesInd>0</GamingActivitiesInd>
      <OperateHospitalInd>0</OperateHospitalInd>
      <GrantsToOrganizationsInd referenceDocumentId="RetDoc1041900001">1</GrantsToOrganizationsInd>
      <GrantsToIndividualsInd referenceDocumentId="RetDoc1041900001">0</GrantsToIndividualsInd>
      <ScheduleJRequiredInd referenceDocumentId="RetDoc1042400001">1</ScheduleJRequiredInd>
      <TaxExemptBondsInd>0</TaxExemptBondsInd>
      <LoanOutstandingInd>0</LoanOutstandingInd>
      <GrantToRelatedPersonInd>0</GrantToRelatedPersonInd>
      <BusinessRlnWithOrgMemInd>0</BusinessRlnWithOrgMemInd>
      <BusinessRlnWithFamMemInd>0</BusinessRlnWithFamMemInd>
      <BusinessRlnWith35CtrlEntInd>0</BusinessRlnWith35CtrlEntInd>
      <DeductibleNonCashContriInd>0</DeductibleNonCashContriInd>
      <DeductibleArtContributionInd>0</DeductibleArtContributionInd>
      <TerminateOperationsInd>0</TerminateOperationsInd>
      <PartialLiquidationInd>0</PartialLiquidationInd>
      <DisregardedEntityInd>0</DisregardedEntityInd>
      <RelatedEntityInd>0</RelatedEntityInd>
      <RelatedOrganizationCtrlEntInd>0</RelatedOrganizationCtrlEntInd>
      <ActivitiesConductedPrtshpInd>0</ActivitiesConductedPrtshpInd>
      <ScheduleORequiredInd>1</ScheduleORequiredInd>
      <IRPDocumentCnt>0</IRPDocumentCnt>
      <IRPDocumentW2GCnt>0</IRPDocumentW2GCnt>
      <EmployeeCnt>0</EmployeeCnt>
      <UnrelatedBusIncmOverLimitInd>1</UnrelatedBusIncmOverLimitInd>
      <Form990TFiledInd>1</Form990TFiledInd>
      <ForeignFinancialAccountInd>0</ForeignFinancialAccountInd>
      <ProhibitedTaxShelterTransInd>0</ProhibitedTaxShelterTransInd>
      <TaxablePartyNotificationInd>0</TaxablePartyNotificationInd>
      <NondeductibleContributionsInd>0</NondeductibleContributionsInd>
      <InitiationFeesAndCapContriAmt>0</InitiationFeesAndCapContriAmt>
      <GrossReceiptsForPublicUseAmt>0</GrossReceiptsForPublicUseAmt>
      <IndoorTanningServicesInd>0</IndoorTanningServicesInd>
      <SubjToTaxRmnrtnExPrchtPymtInd>0</SubjToTaxRmnrtnExPrchtPymtInd>
      <SubjectToExcsTaxNetInvstIncInd>0</SubjectToExcsTaxNetInvstIncInd>
      <InfoInScheduleOPartVIInd>X</InfoInScheduleOPartVIInd>
      <GoverningBodyVotingMembersCnt>5</GoverningBodyVotingMembersCnt>
      <IndependentVotingMemberCnt>5</IndependentVotingMemberCnt>
      <FamilyOrBusinessRlnInd>0</FamilyOrBusinessRlnInd>
      <DelegationOfMgmtDutiesInd>0</DelegationOfMgmtDutiesInd>
      <ChangeToOrgDocumentsInd>0</ChangeToOrgDocumentsInd>
      <MaterialDiversionOrMisuseInd>0</MaterialDiversionOrMisuseInd>
      <MembersOrStockholdersInd>0</MembersOrStockholdersInd>
      <ElectionOfBoardMembersInd>0</ElectionOfBoardMembersInd>
      <DecisionsSubjectToApprovaInd>0</DecisionsSubjectToApprovaInd>
      <MinutesOfGoverningBodyInd>1</MinutesOfGoverningBodyInd>
      <MinutesOfCommitteesInd>1</MinutesOfCommitteesInd>
      <OfficerMailingAddressInd>0</OfficerMailingAddressInd>
      <LocalChaptersInd>0</LocalChaptersInd>
      <Form990ProvidedToGvrnBodyInd>0</Form990ProvidedToGvrnBodyInd>
      <ConflictOfInterestPolicyInd>1</ConflictOfInterestPolicyInd>
      <AnnualDisclosureCoveredPrsnInd>1</AnnualDisclosureCoveredPrsnInd>
      <RegularMonitoringEnfrcInd>1</RegularMonitoringEnfrcInd>
      <WhistleblowerPolicyInd>1</WhistleblowerPolicyInd>
      <DocumentRetentionPolicyInd>1</DocumentRetentionPolicyInd>
      <CompensationProcessCEOInd>0</CompensationProcessCEOInd>
      <CompensationProcessOtherInd>0</CompensationProcessOtherInd>
      <InvestmentInJointVentureInd>0</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>MICHAEL MCMILLAN</PersonNm>
        <TitleTxt>DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>THOMAS A UEBLER</PersonNm>
        <TitleTxt>VICE PRESIDENT</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>THOMAS J OLSEN</PersonNm>
        <TitleTxt>DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>JOHN M SILBERSTEIN</PersonNm>
        <TitleTxt>PRESIDENT</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>STEVEN S HECK</PersonNm>
        <TitleTxt>DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>1.00</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>10.00</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>0</FormerOfcrEmployeesListedInd>
      <TotalCompGreaterThan150KInd>0</TotalCompGreaterThan150KInd>
      <CompensationFromOtherSrcsInd>1</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>186281</CompensationAmt>
      </ContractorCompensationGrp>
      <CntrctRcvdGreaterThan100KCnt>1</CntrctRcvdGreaterThan100KCnt>
      <ProgramServiceRevenueGrp>
        <Desc>LIABILITY PROGRAM ASSE</Desc>
        <BusinessCd>524298</BusinessCd>
        <TotalRevenueColumnAmt>1688000</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>1688000</RelatedOrExemptFuncIncomeAmt>
      </ProgramServiceRevenueGrp>
      <ProgramServiceRevenueGrp>
        <Desc>JRFCO INCOME</Desc>
        <BusinessCd>524298</BusinessCd>
        <TotalRevenueColumnAmt>379541</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>103704</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>275837</UnrelatedBusinessRevenueAmt>
      </ProgramServiceRevenueGrp>
      <ProgramServiceRevenueGrp>
        <Desc>PROPERTY PREMIUMS</Desc>
        <BusinessCd>524298</BusinessCd>
        <TotalRevenueColumnAmt>136983</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>136983</RelatedOrExemptFuncIncomeAmt>
      </ProgramServiceRevenueGrp>
      <TotalProgramServiceRevenueAmt>2204524</TotalProgramServiceRevenueAmt>
      <InvestmentIncomeGrp>
        <TotalRevenueColumnAmt>63075</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>4171</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>58904</UnrelatedBusinessRevenueAmt>
      </InvestmentIncomeGrp>
      <GrossRentsGrp>
        <RealAmt>183950</RealAmt>
      </GrossRentsGrp>
      <LessRentalExpensesGrp>
        <RealAmt>192167</RealAmt>
      </LessRentalExpensesGrp>
      <RentalIncomeOrLossGrp>
        <RealAmt>-8217</RealAmt>
      </RentalIncomeOrLossGrp>
      <NetRentalIncomeOrLossGrp>
        <TotalRevenueColumnAmt>-8217</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>-8217</RelatedOrExemptFuncIncomeAmt>
      </NetRentalIncomeOrLossGrp>
      <GrossAmountSalesAssetsGrp>
        <SecuritiesAmt>639763</SecuritiesAmt>
      </GrossAmountSalesAssetsGrp>
      <LessCostOthBasisSalesExpnssGrp>
        <SecuritiesAmt>489850</SecuritiesAmt>
      </LessCostOthBasisSalesExpnssGrp>
      <GainOrLossGrp>
        <SecuritiesAmt>149913</SecuritiesAmt>
      </GainOrLossGrp>
      <NetGainOrLossInvestmentsGrp>
        <TotalRevenueColumnAmt>149913</TotalRevenueColumnAmt>
        <UnrelatedBusinessRevenueAmt>149913</UnrelatedBusinessRevenueAmt>
      </NetGainOrLossInvestmentsGrp>
      <TotalRevenueGrp>
        <TotalRevenueColumnAmt>2409295</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>1924641</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>484654</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>0</ExclusionAmt>
      </TotalRevenueGrp>
      <InfoInScheduleOPartIXInd>X</InfoInScheduleOPartIXInd>
      <GrantsToDomesticOrgsGrp>
        <TotalAmt>113600</TotalAmt>
      </GrantsToDomesticOrgsGrp>
      <FeesForServicesLegalGrp>
        <TotalAmt>31719</TotalAmt>
      </FeesForServicesLegalGrp>
      <FeesForServicesAccountingGrp>
        <TotalAmt>9626</TotalAmt>
      </FeesForServicesAccountingGrp>
      <FeesForServicesOtherGrp>
        <TotalAmt>361049</TotalAmt>
      </FeesForServicesOtherGrp>
      <InsuranceGrp>
        <TotalAmt>155809</TotalAmt>
      </InsuranceGrp>
      <OtherExpensesGrp>
        <Desc>LIABILITY CLAIMS</Desc>
        <TotalAmt>1026726</TotalAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>EDUCATION</Desc>
        <TotalAmt>281504</TotalAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>PROPERTY CLAIMS</Desc>
        <TotalAmt>165816</TotalAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>MISCELLANEOUS</Desc>
        <TotalAmt>1326</TotalAmt>
      </OtherExpensesGrp>
      <TotalFunctionalExpensesGrp>
        <TotalAmt>2147175</TotalAmt>
      </TotalFunctionalExpensesGrp>
      <CashNonInterestBearingGrp>
        <BOYAmt>672921</BOYAmt>
        <EOYAmt>1930607</EOYAmt>
      </CashNonInterestBearingGrp>
      <AccountsReceivableGrp>
        <BOYAmt>15920</BOYAmt>
        <EOYAmt>0</EOYAmt>
      </AccountsReceivableGrp>
      <OthNotesLoansReceivableNetGrp>
        <BOYAmt>135295</BOYAmt>
        <EOYAmt>122981</EOYAmt>
      </OthNotesLoansReceivableNetGrp>
      <LandBldgEquipCostOrOtherBssAmt>2447833</LandBldgEquipCostOrOtherBssAmt>
      <LandBldgEquipAccumDeprecAmt>404576</LandBldgEquipAccumDeprecAmt>
      <LandBldgEquipBasisNetGrp>
        <BOYAmt>2149438</BOYAmt>
        <EOYAmt>2043257</EOYAmt>
      </LandBldgEquipBasisNetGrp>
      <InvestmentsPubTradedSecGrp>
        <BOYAmt>3772154</BOYAmt>
        <EOYAmt>4809320</EOYAmt>
      </InvestmentsPubTradedSecGrp>
      <InvestmentsProgramRelatedGrp>
        <BOYAmt>271098</BOYAmt>
        <EOYAmt>271098</EOYAmt>
      </InvestmentsProgramRelatedGrp>
      <OtherAssetsTotalGrp>
        <BOYAmt>11576</BOYAmt>
        <EOYAmt>0</EOYAmt>
      </OtherAssetsTotalGrp>
      <TotalAssetsGrp>
        <BOYAmt>7028402</BOYAmt>
        <EOYAmt>9177263</EOYAmt>
      </TotalAssetsGrp>
      <AccountsPayableAccrExpnssGrp>
        <BOYAmt>6892</BOYAmt>
        <EOYAmt>30562</EOYAmt>
      </AccountsPayableAccrExpnssGrp>
      <OtherLiabilitiesGrp>
        <BOYAmt>433976</BOYAmt>
        <EOYAmt>1571308</EOYAmt>
      </OtherLiabilitiesGrp>
      <TotalLiabilitiesGrp>
        <BOYAmt>440868</BOYAmt>
        <EOYAmt>1601870</EOYAmt>
      </TotalLiabilitiesGrp>
      <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
      <NoDonorRestrictionNetAssetsGrp>
        <BOYAmt>6587534</BOYAmt>
        <EOYAmt>7575393</EOYAmt>
      </NoDonorRestrictionNetAssetsGrp>
      <TotalNetAssetsFundBalanceGrp>
        <BOYAmt>6587534</BOYAmt>
        <EOYAmt>7575393</EOYAmt>
      </TotalNetAssetsFundBalanceGrp>
      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>7028402</BOYAmt>
        <EOYAmt>9177263</EOYAmt>
      </TotLiabNetAssetsFundBalanceGrp>
      <InfoInScheduleOPartXIInd>X</InfoInScheduleOPartXIInd>
      <ReconcilationRevenueExpnssAmt>262120</ReconcilationRevenueExpnssAmt>
      <NetUnrlzdGainsLossesInvstAmt>829443</NetUnrlzdGainsLossesInvstAmt>
      <OtherChangesInNetAssetsAmt>-103704</OtherChangesInNetAssetsAmt>
      <InfoInScheduleOPartXIIInd>X</InfoInScheduleOPartXIIInd>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>0</AccountantCompileOrReviewInd>
      <FSAuditedInd>1</FSAuditedInd>
      <FSAuditedBasisGrp>
        <SeparateBasisFinclStmtInd>X</SeparateBasisFinclStmtInd>
      </FSAuditedBasisGrp>
      <AuditCommitteeInd>1</AuditCommitteeInd>
      <FederalGrantAuditRequiredInd>0</FederalGrantAuditRequiredInd>
    </IRS990>
    <IRS990ScheduleD documentId="RetDoc1040000001">
      <BuildingsGrp>
        <OtherCostOrOtherBasisAmt>2386068</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>377860</DepreciationAmt>
        <BookValueAmt>2008208</BookValueAmt>
      </BuildingsGrp>
      <EquipmentGrp>
        <OtherCostOrOtherBasisAmt>61765</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>26716</DepreciationAmt>
        <BookValueAmt>35049</BookValueAmt>
      </EquipmentGrp>
      <TotalBookValueLandBuildingsAmt>2043257</TotalBookValueLandBuildingsAmt>
      <OtherLiabilitiesOrgGrp>
        <Desc>ESTIMATED CLAIMS PAYABLE</Desc>
        <Amt>1281980</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>DEPOSITS</Desc>
        <Amt>11925</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>PREMIUMS PAYABLE</Desc>
        <Amt>277403</Amt>
      </OtherLiabilitiesOrgGrp>
      <TotalLiabilityAmt>1571308</TotalLiabilityAmt>
      <FootnoteTextInd>X</FootnoteTextInd>
      <TotalRevEtcAuditedFinclStmtAmt>3327201</TotalRevEtcAuditedFinclStmtAmt>
      <NetUnrealizedGainsInvstAmt>829443</NetUnrealizedGainsInvstAmt>
      <OtherRevenueAmt>192167</OtherRevenueAmt>
      <RevenueNotReportedAmt>1021610</RevenueNotReportedAmt>
      <RevenueSubtotalAmt>2305591</RevenueSubtotalAmt>
      <OtherRevenuesNotIncludedAmt>103704</OtherRevenuesNotIncludedAmt>
      <RevenueNotReportedFinclStmtAmt>103704</RevenueNotReportedFinclStmtAmt>
      <TotalRevenuePerForm990Amt>2409295</TotalRevenuePerForm990Amt>
      <TotExpnsEtcAuditedFinclStmtAmt>2339342</TotExpnsEtcAuditedFinclStmtAmt>
      <OtherExpensesIncludedAmt>192167</OtherExpensesIncludedAmt>
      <ExpensesNotReportedAmt>192167</ExpensesNotReportedAmt>
      <ExpensesSubtotalAmt>2147175</ExpensesSubtotalAmt>
      <ExpensesNotRptFinclStmtAmt>0</ExpensesNotRptFinclStmtAmt>
      <TotalExpensesPerForm990Amt>2147175</TotalExpensesPerForm990Amt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART X, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>RAF, INC. HAS DETERMINED THAT IT DOES NOT HAVE ANY MATERIAL UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2021.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART XI, LINE 2D - OTHER ADJUSTMENTS:</FormAndLineReferenceDesc>
        <ExplanationTxt>RENTAL EXPENSES 192,167.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART XI, LINE 4B - OTHER ADJUSTMENTS:</FormAndLineReferenceDesc>
        <ExplanationTxt>JRFCO INCOME 103,704.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART XII, LINE 2D - OTHER ADJUSTMENTS:</FormAndLineReferenceDesc>
        <ExplanationTxt>RENTAL EXPENSES 192,167.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleD>
    <IRS990ScheduleI documentId="RetDoc1041900001">
      <GrantRecordsMaintainedInd>0</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>
        <CashGrantAmt>113600</CashGrantAmt>
        <PurposeOfGrantTxt>HEALTH AND SAFETY EDUCATION GRANT</PurposeOfGrantTxt>
      </RecipientTable>
    </IRS990ScheduleI>
    <IRS990ScheduleJ documentId="RetDoc1042400001">
      <SeverancePaymentInd>0</SeverancePaymentInd>
      <SupplementalNonqualRtrPlanInd>0</SupplementalNonqualRtrPlanInd>
      <EquityBasedCompArrngmInd>0</EquityBasedCompArrngmInd>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VII, LINE 5:</FormAndLineReferenceDesc>
        <ExplanationTxt>UNRELATED ORGANIZATION: OAK SERVICE CORPORATION COMPENSATION: $51,025 RETIREMENT: $2,640 NON TAXABLE BENEFITS: $2,964 PERSON RECEIVING COMPENSATION: JUSTIN A. BUCK</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleJ>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>THE 990 IS REVIEWED BY THE CEO AND KEY ACCOUNTING PERSONNEL.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</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, SECTION C, LINE 19</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 IX, LINE 11G</FormAndLineReferenceDesc>
        <ExplanationTxt>BANK SERVICE FEES 674. CONTRACTED SERVICES 307,260. INSURANCE PROGRAMS AND INSPECTION FEES 53,115.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XI, LINE 9:</FormAndLineReferenceDesc>
        <ExplanationTxt>JRFCO INCOME -103,704.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XII, LINE 2C</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION DID NOT CHANGE ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE YEAR.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
  </ReturnData>
</Return>
