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        <ExplanationTxt>TO QUALIFY FOR LIMITED DONOR DISCLOSURE UNDER THE SPECIAL RULE ON SCHEDULE B, THE PUBLIC SUPPORT TEST HAS BEEN COMPLETED TO DEMONSTRATE THE UNIVERSITY MEETS THE QUANTITATIVE SUPPORT TEST UNDER SECTION 509(A)(1) OF THE INTERNAL REVENUE CODE, WHICH REQUIRES AN ORGANIZATION TO RECEIVE A SUBSTANTIAL PART OF ITS SUPPORT FROM A GOVERNMENTAL UNIT OR FROM THE GENERAL PUBLIC.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Schedule C, Part II-B, Line 1 DETAILED DESCRIPTION OF THE LOBBYING ACTIVITY</FormAndLineReferenceDesc>
        <ExplanationTxt>VARIOUS ORGANIZATIONS WERE PAID FOR LOBBYING ON BEHALF OF JACKSONVILLE UNIVERSITY FOR THE PURPOSE OF STRATEGIC CONSULTING SERVICES WITH A FOCUS ON LOCAL AND STATE LEGISLATIVE INITIATIVES FOR THE ENTREPRENEURSHIP POLICY INNOVATION CENTER (EPIC) AND OTHER REVITALIZATION AND REDEVELOPMENT PROJECTS ON AND OFF CAMPUS.</ExplanationTxt>
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      <SupplementalInformationDetail>
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        <FormAndLineReferenceDesc>Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote</FormAndLineReferenceDesc>
        <ExplanationTxt>The University is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code. U.S. GAAP prescribes recognition thresholds and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Tax benefits will be recognized only if the tax position is considered more-likely-than-not to be sustained in a tax examination, with a tax examination being presumed to occur. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. The University does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. The University recognizes interest and/or penalties related to income tax matters in income tax expense. The University did not have any amount accrued for interest and penalties at June 30, 2018 and 2017.</ExplanationTxt>
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        <NontaxableBenefitsFilingOrgAmt>5288</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>220282</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Schedule J, Part I, Line 1a First-class or charter travel</FormAndLineReferenceDesc>
        <ExplanationTxt>Don Capener, Dean of Davis College of Business, is allowed to upgrade from Coach to First Class on two trips per year. This is not treated as taxable compensation to the individual.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Schedule J, Part I, Line 1a Housing allowance or residence for personal use</FormAndLineReferenceDesc>
        <ExplanationTxt>Tim Cost received a taxable housing allowance as part of his employment.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Schedule J, Part I, Line 1a Health or social club dues or initiation fees</FormAndLineReferenceDesc>
        <ExplanationTxt>Tim Cost received payments for club dues. The clubs were used entirely for business purposes and not treated as taxable compensation.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan</FormAndLineReferenceDesc>
        <ExplanationTxt>President Tim Cost participated in a 457(f) nonqualified deferred compensation plan. The total contributions for 2017 were $67,500.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Schedule J, Part I, Line 6a Compensation contingent on net earnings of the organization</FormAndLineReferenceDesc>
        <ExplanationTxt>A portion of the bonus compensation payments for Eman Othman represent contractual agreements that provide orthodontics program faculty members additional compensation for a percentage of the net accrual operational earnings generated by the university's orthodontic clinic. The University operates a very successful, high customer volume, orthodontic teaching clinic that serves the dental needs of the local community while providing the necessary clinical training for students attending the University's accredited orthodontic professional certification program.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Schedule J, Part I, Line 7 Non-fixed payments</FormAndLineReferenceDesc>
        <ExplanationTxt>Christine Sapienza was a recipient of the Faculty Award for Excellence. Faculty, staff, administrators, and students nominate full-time faculty members for the Faculty Awards for Excellence, and a selection committee composed of faculty, staff, and students select award recipients after reviewing the submitted nominations. Award recipients are selected based on professional accomplishments as noted in each nominee's cover letter, resume/CV, and other materials submitted with the nomination.</ExplanationTxt>
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        <BondReferenceCd>A</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>Higher Educational Facilities Financing Authority</BusinessNameLine1Txt>
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        <BondIssuerEIN>900058227</BondIssuerEIN>
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        <BondIssuedDt>2018-06-19</BondIssuedDt>
        <IssuePriceAmt>97993064</IssuePriceAmt>
        <PurposeDesc>See Part VI</PurposeDesc>
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        <OnBehalfOfIssuerInd>false</OnBehalfOfIssuerInd>
        <PoolFinancingInd>false</PoolFinancingInd>
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      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>City of Jacksonville Florida</BusinessNameLine1Txt>
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        <BondIssuerEIN>596000344</BondIssuerEIN>
        <CUSIPNum>46936RAD4</CUSIPNum>
        <BondIssuedDt>2018-06-19</BondIssuedDt>
        <IssuePriceAmt>41187643</IssuePriceAmt>
        <PurposeDesc>See Part VI</PurposeDesc>
        <DefeasedInd>false</DefeasedInd>
        <OnBehalfOfIssuerInd>false</OnBehalfOfIssuerInd>
        <PoolFinancingInd>false</PoolFinancingInd>
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        <BondReferenceCd>A</BondReferenceCd>
        <RetiredAmt>0</RetiredAmt>
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        <IssuanceCostsFromProceedsAmt>1625094</IssuanceCostsFromProceedsAmt>
        <CreditEnhancementAmt>0</CreditEnhancementAmt>
        <WorkingCapitalExpendituresAmt>526000</WorkingCapitalExpendituresAmt>
        <CapitalExpendituresAmt>1172217</CapitalExpendituresAmt>
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        <UnspentAmt>29906154</UnspentAmt>
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        <FinalAllocationMadeInd>false</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>true</AdequateBooksAndRecMaintInd>
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        <BondReferenceCd>A</BondReferenceCd>
        <OwningBondFinancedPropertyInd>false</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>false</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>false</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>false</AnyResearchAgreementsInd>
        <PrivateBusUseByOthersPct>0.0</PrivateBusUseByOthersPct>
        <PrivateBusConcerningUBIPct>0.0</PrivateBusConcerningUBIPct>
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        <BondIssMeetPrvtSecPymtTestInd>false</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>false</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>true</ProcsNonqualifiedBondRemdtdInd>
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      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>B</BondReferenceCd>
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        <AnyLeaseArrangementsInd>false</AnyLeaseArrangementsInd>
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        <ProcsNonqualifiedBondRemdtdInd>true</ProcsNonqualifiedBondRemdtdInd>
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      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <Form8038TFiledInd>false</Form8038TFiledInd>
        <RebateNotDueYetInd>true</RebateNotDueYetInd>
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      <TaxExemptBondsArbitrageGrp>
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        <HedgeIdentifiedInBksAndRecInd>false</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>false</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>false</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>true</WrittenProcToMonitorReqsInd>
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      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <ProceduresCorrectiveActionInd>true</ProceduresCorrectiveActionInd>
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      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <ProceduresCorrectiveActionInd>true</ProceduresCorrectiveActionInd>
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        <FormAndLineReferenceDesc>Schedule K, Part I Higher Educational Facilities Financing Authority JU Project 2018A-1</FormAndLineReferenceDesc>
        <ExplanationTxt>*Description of Purpose: The proceeds of the Bonds will be used to fund a loan to the Borrower for the purpose of: (i) financing, reimbursing or refinancing a portion of the costs of acquiring, construction, renovating, and equipping the costs of Projects consisting of the acquisition, construction and installation of certain educational facilities including but not limited to the renovation of existing residence halls, the construction and/or renovation of various other facilities and capital expenditures, and the installation of facilities , furnishings, fixtures and equipment related to the foregoing (ii) refinancing projects through the financing of certain outstanding indebtedness of the Borrower (iii) funding debt service reserves for the Bonds and (iv) paying all or a portion of the costs of issuing Bonds The Refunded Obligations consist of the following: (i) Promissory Note dated November 21, 2011, in the original principal amount of $63,000,000, issued by the Borrower, which refunded the outstanding Higher Educational Facilities Financing Authority Revenue Bonds (Jacksonville University) Project 2006, issued October 12, 2006; (ii) Promissory Note dated November 4, 2016, issued by the Borrower, in the original principal amount of $6,300,000.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Schedule K, Part I City of Jacksonville, FL Educ Facilities Rev Bonds (JU Project) Series2018 B</FormAndLineReferenceDesc>
        <ExplanationTxt>*Description of Purpose: The proceeds of the Bonds will be used to fund a loan to the Borrower for the purpose of: (i) financing, reimbursing or refinancing a portion of the costs of acquiring, constructing, renovating, and equipping the costs of the Project (as defined herein), (ii) funding debt service reserves for the Bonds, and (iii) paying all or a portion of the costs of issuing the Bonds The project consists of the acquisition, construction and installation of certain educational facilities including but not limited to: (i) the construction of a new three-story building containing approximately 104,000 square feet for the Brooks Rehabilitation College of Healthcare Sciences which contains the Keigwin School of Applied Health Sciences and the School of Orthodontics, (ii) the renovation of existing residence halls, (iii) the construction and/or renovation of various other facilities and capital expenditures, and (iv) the installation of facilities, furnishings, fixtures and equipment related to the foregoing.</ExplanationTxt>
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      <WorksOfArtGrp>
        <NonCashCheckboxInd>X</NonCashCheckboxInd>
        <ContributionCnt>1</ContributionCnt>
        <NoncashContributionsRptF990Amt>115114</NoncashContributionsRptF990Amt>
        <MethodOfDeterminingRevenuesTxt>Opinions of experts</MethodOfDeterminingRevenuesTxt>
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      <BooksAndPublicationsGrp>
        <NonCashCheckboxInd>X</NonCashCheckboxInd>
        <NoncashContributionsRptF990Amt>300</NoncashContributionsRptF990Amt>
        <MethodOfDeterminingRevenuesTxt>Cost</MethodOfDeterminingRevenuesTxt>
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        <NonCashCheckboxInd>X</NonCashCheckboxInd>
        <ContributionCnt>3</ContributionCnt>
        <NoncashContributionsRptF990Amt>9509</NoncashContributionsRptF990Amt>
        <MethodOfDeterminingRevenuesTxt>Cost</MethodOfDeterminingRevenuesTxt>
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      <SecuritiesPubliclyTradedGrp>
        <NonCashCheckboxInd>X</NonCashCheckboxInd>
        <ContributionCnt>25</ContributionCnt>
        <NoncashContributionsRptF990Amt>538540</NoncashContributionsRptF990Amt>
        <MethodOfDeterminingRevenuesTxt>Market value</MethodOfDeterminingRevenuesTxt>
      </SecuritiesPubliclyTradedGrp>
      <OtherNonCashContriTableGrp>
        <NonCashCheckboxInd>X</NonCashCheckboxInd>
        <Desc>Furniture Fixtures &amp; Equipment</Desc>
        <ContributionCnt>15</ContributionCnt>
        <NoncashContributionsRptF990Amt>30835</NoncashContributionsRptF990Amt>
        <MethodOfDeterminingRevenuesTxt>Cost</MethodOfDeterminingRevenuesTxt>
      </OtherNonCashContriTableGrp>
      <OtherNonCashContriTableGrp>
        <NonCashCheckboxInd>X</NonCashCheckboxInd>
        <Desc>Miscellaneous</Desc>
        <ContributionCnt>36</ContributionCnt>
        <NoncashContributionsRptF990Amt>178</NoncashContributionsRptF990Amt>
        <MethodOfDeterminingRevenuesTxt>Cost</MethodOfDeterminingRevenuesTxt>
      </OtherNonCashContriTableGrp>
      <Form8283ReceivedCnt>3</Form8283ReceivedCnt>
      <AnyPropertyThatMustBeHeldInd>false</AnyPropertyThatMustBeHeldInd>
      <ReviewProcessUnusualNCGiftsInd>true</ReviewProcessUnusualNCGiftsInd>
      <ThirdPartiesUsedInd>false</ThirdPartiesUsedInd>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Schedule M, Part I Explanations of reporting method for number of contributions</FormAndLineReferenceDesc>
        <ExplanationTxt>Art - Works of art - Number of Contributions Boats and planes - Number of Items Received</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="IRS990ScheduleO" softwareId="17005876" softwareVersionNum="2017v2.2">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part III, Line 1 ORGANIZATION'S MISSION STATEMENT</FormAndLineReferenceDesc>
        <ExplanationTxt>(CONTINUED FROM PART III) THE UNIVERSITY SERVES AN ETHNICALLY AND GEOGRAPHICALLY DIVERSE, PREDOMINANTLY UNDERGRADUATE STUDENT BODY, AS WELL AS ADULT LEARNERS IN SELECTED UNDERGRADUATE AND GRADUATE PROGRAMS. OUR LEARNING COMMUNITY PROVIDES PERSONALIZED SERVICE, CLOSE STUDENT-FACULTY INTERACTION, AND AN EXTENSIVE ARRAY OF EDUCATIONAL AND CO-CURRICULAR PROGRAMS. WE EMPHASIZE ENGAGED LEARNING, THE INTEGRATION OF THINKING WITH DOING, AND THE COMBINATION OF PROFESSIONAL PREPARATION WITH A STRONG LIBERAL ARTS FOUNDATION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Line 1a Delegate broad authority to a committee</FormAndLineReferenceDesc>
        <ExplanationTxt>The executive committee has all powers of the board except as prohibited by law and except that it shall not have the power to alter or revoke any previous order, resolution or vote of a meeting of the board unless specifically granted such power by the board. The committee shall have as its special responsibility oversight for the preparation and implementation of the University's strategic plan presented by the President. The members of the executive committee shall consist of all the officers of the board and the chairs of the standing committees. The president of the university shall serve on the executive committee without vote.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Line 11b Review of form 990 by governing body</FormAndLineReferenceDesc>
        <ExplanationTxt>The University uses its external tax advisors to prepare and review its 990 tax return on a timely basis. The content information is provided by the Controller of the University and is subject to review by the Chief Financial Officer. The 990 is then reviewed and approved by the Audit Committee of the Board of Trustees and their review is reported to the Board. Copies of the 990 are made available to members of the Board before final submission.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Line 12c Conflict of interest policy</FormAndLineReferenceDesc>
        <ExplanationTxt>The University requires on an annual basis written confirmation from all executive staff and board of trustees' members full &amp; complete acknowledgement of compliance with the University's conflict of interest policy. The University's purchasing policies &amp; procedures also ensure that all purchasing decisions are evaluated on a stringent quality and cost/benefit process that is not influenced by potential related party of conflict of interest. Individuals are prohibited from voting on any matter where a conflict of interest exists. If an individual is unsure whether a conflict exists or not, they may request the Board or Committee to resolve the matter via vote.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Line 15a Process to establish compensation of top management official</FormAndLineReferenceDesc>
        <ExplanationTxt>The University determines its annual compensation for all executive, senior level and key employees on a consistent basis through the use of independent, comparative compensation data from peer institutions of similar size and complexity. The employment contracts of the University's President and other key senior officers and employees are also reviewed and approved by a select group of board of trustee's members. The evaluation is performed annually, the last time being April-May 2018. Evidence of deliberation and decision is contained in the minutes of the board of trustees meetings.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Line 15b Process to establish compensation of other employees</FormAndLineReferenceDesc>
        <ExplanationTxt>The University determines its annual compensation for all executive, senior level and key employees on a consistent basis through the use of independent, comparative compensation data from peer institutions of similar size and complexity. The evaluation is performed annually, the last time being April-May 2018. Evidence of deliberation and decision is contained in the minutes of the board of trustees meetings.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Line 19 Required documents available to the public</FormAndLineReferenceDesc>
        <ExplanationTxt>The governing documents, conflict of interest policy and financial statements are available upon request.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VIII, Line 11d Other Miscellaneous Revenue</FormAndLineReferenceDesc>
        <ExplanationTxt>Misc. Revenue - Total Revenue: 1802322, Related or Exempt Function Revenue: 1797097, Unrelated Business Revenue: 5225, Revenue Excluded from Tax Under Sections 512, 513, or 514: ;</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part XI, Line 9 Other changes in net assets or fund balances</FormAndLineReferenceDesc>
        <ExplanationTxt>Change in Fair Value Interest Rate Swap - 1954460; Uncollected Pledges - -365848;</ExplanationTxt>
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          <BusinessNameLine1Txt>JACKSONVILLE UNIVERSITY CLINIC LLC</BusinessNameLine1Txt>
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          <AddressLine1Txt>2800 UNIVERSITY BOULEVARD NORTH</AddressLine1Txt>
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          <StateAbbreviationCd>FL</StateAbbreviationCd>
          <ZIPCd>32211</ZIPCd>
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        <PrimaryActivitiesTxt>ORTHODONTIC CLINIC OPERATIONS</PrimaryActivitiesTxt>
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          <BusinessNameLine1Txt>JU</BusinessNameLine1Txt>
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        <DisregardedEntityName>
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          <CityNm>Jacksonville</CityNm>
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        <PrimaryActivitiesTxt>Flight Team Exercises</PrimaryActivitiesTxt>
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        <LegalDomicileStateCd>FL</LegalDomicileStateCd>
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      <AssetExchangeInd>false</AssetExchangeInd>
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      <RentalOfFcltsFromOthOrgInd>false</RentalOfFcltsFromOthOrgInd>
      <PerformOfServicesForOthOrgInd>false</PerformOfServicesForOthOrgInd>
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      <SharingOfFacilitiesInd>false</SharingOfFacilitiesInd>
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      <TransferToOtherOrgInd>false</TransferToOtherOrgInd>
      <TransferFromOtherOrgInd>false</TransferFromOtherOrgInd>
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