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        <PersonNm>Randall Howard</PersonNm>
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        <PersonNm>John Watret</PersonNm>
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        <PersonNm>Francis Ayers</PersonNm>
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        <PersonNm>Charlie Sevastos</PersonNm>
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        <PersonNm>Tim Brady</PersonNm>
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        <PersonNm>Rebecca Vasquez</PersonNm>
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        <PersonNm>Brandon Young</PersonNm>
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        <PersonNm>Steven Ridder</PersonNm>
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        <PersonNm>Susan Allen</PersonNm>
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        <PersonNm>Christina Frederick</PersonNm>
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        <PersonNm>John Johnson</PersonNm>
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        <ProgramServicesAmt>1599559</ProgramServicesAmt>
        <ManagementAndGeneralAmt>2349288</ManagementAndGeneralAmt>
      </InsuranceGrp>
      <OtherExpensesGrp>
        <Desc>EQUIPMENT RENTAL</Desc>
        <TotalAmt>16451855</TotalAmt>
        <ProgramServicesAmt>8673172</ProgramServicesAmt>
        <ManagementAndGeneralAmt>7778683</ManagementAndGeneralAmt>
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      <OtherExpensesGrp>
        <Desc>FUEL AND OIL</Desc>
        <TotalAmt>3280022</TotalAmt>
        <ProgramServicesAmt>3102305</ProgramServicesAmt>
        <ManagementAndGeneralAmt>177717</ManagementAndGeneralAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>MISCELLANEOUS</Desc>
        <TotalAmt>3404807</TotalAmt>
        <ProgramServicesAmt>1850643</ProgramServicesAmt>
        <ManagementAndGeneralAmt>1486428</ManagementAndGeneralAmt>
        <FundraisingAmt>67736</FundraisingAmt>
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      <TotalFunctionalExpensesGrp>
        <TotalAmt>456807109</TotalAmt>
        <ProgramServicesAmt>351055748</ProgramServicesAmt>
        <ManagementAndGeneralAmt>103960340</ManagementAndGeneralAmt>
        <FundraisingAmt>1791021</FundraisingAmt>
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      <CashNonInterestBearingGrp>
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        <EOYAmt>90539089</EOYAmt>
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      <SavingsAndTempCashInvstGrp>
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        <EOYAmt>75907242</EOYAmt>
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      <PledgesAndGrantsReceivableGrp>
        <BOYAmt>2674472</BOYAmt>
        <EOYAmt>1781425</EOYAmt>
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      <AccountsReceivableGrp>
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        <EOYAmt>10332691</EOYAmt>
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      <ReceivablesFromOfficersEtcGrp>
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        <EOYAmt>0</EOYAmt>
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      <RcvblFromDisqualifiedPrsnGrp>
        <BOYAmt>0</BOYAmt>
        <EOYAmt>0</EOYAmt>
      </RcvblFromDisqualifiedPrsnGrp>
      <OthNotesLoansReceivableNetGrp>
        <BOYAmt>12480150</BOYAmt>
        <EOYAmt>12016755</EOYAmt>
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      <InventoriesForSaleOrUseGrp>
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        <EOYAmt>3334604</EOYAmt>
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      <PrepaidExpensesDefrdChargesGrp>
        <BOYAmt>5480314</BOYAmt>
        <EOYAmt>3390417</EOYAmt>
      </PrepaidExpensesDefrdChargesGrp>
      <LandBldgEquipCostOrOtherBssAmt>827931890</LandBldgEquipCostOrOtherBssAmt>
      <LandBldgEquipAccumDeprecAmt>362191713</LandBldgEquipAccumDeprecAmt>
      <LandBldgEquipBasisNetGrp>
        <BOYAmt>403949713</BOYAmt>
        <EOYAmt>465740177</EOYAmt>
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        <EOYAmt>147879760</EOYAmt>
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        <EOYAmt>13974137</EOYAmt>
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      <InvestmentsProgramRelatedGrp>
        <BOYAmt>0</BOYAmt>
        <EOYAmt>0</EOYAmt>
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      <IntangibleAssetsGrp>
        <BOYAmt>0</BOYAmt>
        <EOYAmt>0</EOYAmt>
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      <OtherAssetsTotalGrp>
        <BOYAmt>3502201</BOYAmt>
        <EOYAmt>3397875</EOYAmt>
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      <TotalAssetsGrp>
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        <EOYAmt>828294172</EOYAmt>
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      <AccountsPayableAccrExpnssGrp>
        <BOYAmt>44172226</BOYAmt>
        <EOYAmt>47167078</EOYAmt>
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      <GrantsPayableGrp>
        <BOYAmt>0</BOYAmt>
        <EOYAmt>0</EOYAmt>
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      <DeferredRevenueGrp>
        <BOYAmt>27114649</BOYAmt>
        <EOYAmt>15880770</EOYAmt>
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      <TaxExemptBondLiabilitiesGrp>
        <BOYAmt>195902100</BOYAmt>
        <EOYAmt>213622515</EOYAmt>
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      <EscrowAccountLiabilityGrp>
        <BOYAmt>0</BOYAmt>
        <EOYAmt>0</EOYAmt>
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      <LoansFromOfficersDirectorsGrp>
        <BOYAmt>0</BOYAmt>
        <EOYAmt>0</EOYAmt>
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      <MortgNotesPyblScrdInvstPropGrp>
        <BOYAmt>21465457</BOYAmt>
        <EOYAmt>17407486</EOYAmt>
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      <UnsecuredNotesLoansPayableGrp>
        <BOYAmt>0</BOYAmt>
        <EOYAmt>0</EOYAmt>
      </UnsecuredNotesLoansPayableGrp>
      <OtherLiabilitiesGrp>
        <BOYAmt>16622762</BOYAmt>
        <EOYAmt>16644247</EOYAmt>
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      <TotalLiabilitiesGrp>
        <BOYAmt>305277194</BOYAmt>
        <EOYAmt>310722096</EOYAmt>
      </TotalLiabilitiesGrp>
      <OrganizationFollowsSFAS117Ind>X</OrganizationFollowsSFAS117Ind>
      <UnrestrictedNetAssetsGrp>
        <BOYAmt>403569805</BOYAmt>
        <EOYAmt>461404306</EOYAmt>
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      <TemporarilyRstrNetAssetsGrp>
        <BOYAmt>25920542</BOYAmt>
        <EOYAmt>28371762</EOYAmt>
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      <PermanentlyRstrNetAssetsGrp>
        <BOYAmt>26801850</BOYAmt>
        <EOYAmt>27796008</EOYAmt>
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      <TotalNetAssetsFundBalanceGrp>
        <BOYAmt>456292197</BOYAmt>
        <EOYAmt>517572076</EOYAmt>
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      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>761569391</BOYAmt>
        <EOYAmt>828294172</EOYAmt>
      </TotLiabNetAssetsFundBalanceGrp>
      <ReconcilationRevenueExpnssAmt>55957247</ReconcilationRevenueExpnssAmt>
      <NetUnrlzdGainsLossesInvstAmt>5322632</NetUnrlzdGainsLossesInvstAmt>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>false</AccountantCompileOrReviewInd>
      <FSAuditedInd>true</FSAuditedInd>
      <FSAuditedBasisGrp>
        <ConsolAndSepBasisFinclStmtInd>X</ConsolAndSepBasisFinclStmtInd>
      </FSAuditedBasisGrp>
      <AuditCommitteeInd>true</AuditCommitteeInd>
      <FederalGrantAuditRequiredInd>true</FederalGrantAuditRequiredInd>
      <FederalGrantAuditPerformedInd>true</FederalGrantAuditPerformedInd>
    </IRS990>
    <IRS990ScheduleA documentId="IRS990ScheduleA">
      <SchoolInd>X</SchoolInd>
    </IRS990ScheduleA>
    <IRS990ScheduleB documentId="IRS990ScheduleB" />
    <IRS990ScheduleC documentId="IRS990ScheduleC">
      <TotalGrassrootsLobbyingGrp />
      <TotalDirectLobbyingGrp />
      <TotalLobbyingExpendGrp />
      <OtherExemptPurposeExpendGrp />
      <TotalExemptPurposeExpendGrp />
      <LobbyingNontaxableAmountGrp />
      <GrassrootsNontaxableGrp />
      <TotLbbyngGrassrootMnsNonTxGrp />
      <TotLbbyExpendMnsLbbyngNonTxGrp />
      <VolunteersInd>false</VolunteersInd>
      <PaidStaffOrManagementInd>false</PaidStaffOrManagementInd>
      <MediaAdvertisementsInd>false</MediaAdvertisementsInd>
      <MailingsMembersInd>false</MailingsMembersInd>
      <PublicationsOrBroadcastInd>false</PublicationsOrBroadcastInd>
      <GrantsOtherOrganizationsInd>false</GrantsOtherOrganizationsInd>
      <DirectContactLegislatorsInd>true</DirectContactLegislatorsInd>
      <DirectContactLegislatorsAmt>315732</DirectContactLegislatorsAmt>
      <RalliesDemonstrationsInd>false</RalliesDemonstrationsInd>
      <OtherActivitiesInd>false</OtherActivitiesInd>
      <TotalLobbyingExpendituresAmt>315732</TotalLobbyingExpendituresAmt>
      <NotDescribedSection501c3Ind>false</NotDescribedSection501c3Ind>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THE UNIVERSITY RETAINS LOBBYING FIRMS AT THE STATE AND FEDERAL LEVELS. WITHIN THE STATE, THE UNIVERSITYS LOBBYING ACTIVITIES ARE PRIMARILY IN SUPPORT OF PROGRAMS THAT BENEFIT STUDENTS OF PRIVATE INSTITUTIONS WITHIN THE STATE OF FLORIDA (E.G. THE EFFECTIVE ACCESS TO STUDENT EDUCATON (EASE) GRANT PROGRAM THAT PROVIDES SCHOLARSHIPS TO FLORIDA RESIDENTS WHO ATTEND PRIVATE INSTITUTIONS) AND OTHER STATE POLICY OR FUNDING ISSUES THAT ARE OF INTEREST TO THE UNIVERSITY. AT THE FEDERAL LEVEL, EMBRY-RIDDLES LOBBYING ACTIVITY FOCUSES ON SUPPORT OF ITS RESEARCH CENTERS AND OTHER EDUCATIONAL INITIATIVES. FEDERAL LOBBYING EFFORTS ALSO FOCUS ON ADVOCATING FOR POLICY DEVELOPMENT WITHIN THE FEDERAL AVIATION ADMINISTRATION (FAA) THAT WILL POSITIVELY IMPACT THE UNIVERSITYS STUDENTS, AS THEY PROGRESS THROUGH PILOT OR AIR TRAFFIC MANAGEMENT EDUCATIONAL PROGRAMS - TWO AREAS HEAVILY REGULATED BY THE FAA. THE UNIVERSITY WORKS TO MAKE THE FAA AWARE OF HOW POTENTIAL POLICY CHANGES AFFECT COLLEGIATE PROGRAMS.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleC>
    <IRS990ScheduleD documentId="IRS990ScheduleD">
      <ArtPublicExhibitionAmountsGrp>
        <RevenuesIncludedAmt>350000</RevenuesIncludedAmt>
        <AssetsIncludedAmt>1932711</AssetsIncludedAmt>
      </ArtPublicExhibitionAmountsGrp>
      <HeldWorksArtGrp />
      <CollUsedScholarlyRsrchInd>X</CollUsedScholarlyRsrchInd>
      <CollectionUsedPreservationInd>X</CollectionUsedPreservationInd>
      <SolicitedAssetsSaleInd>false</SolicitedAssetsSaleInd>
      <CYEndwmtFundGrp>
        <BeginningYearBalanceAmt>124599000</BeginningYearBalanceAmt>
        <ContributionsAmt>1033000</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>10200000</InvestmentEarningsOrLossesAmt>
        <GrantsOrScholarshipsAmt>1334000</GrantsOrScholarshipsAmt>
        <EndYearBalanceAmt>134498000</EndYearBalanceAmt>
      </CYEndwmtFundGrp>
      <CYMinus1YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>107307000</BeginningYearBalanceAmt>
        <ContributionsAmt>3163000</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>15260000</InvestmentEarningsOrLossesAmt>
        <GrantsOrScholarshipsAmt>1131000</GrantsOrScholarshipsAmt>
        <EndYearBalanceAmt>124599000</EndYearBalanceAmt>
      </CYMinus1YrEndwmtFundGrp>
      <CYMinus2YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>93183000</BeginningYearBalanceAmt>
        <ContributionsAmt>16787000</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>-133000</InvestmentEarningsOrLossesAmt>
        <GrantsOrScholarshipsAmt>2530000</GrantsOrScholarshipsAmt>
        <EndYearBalanceAmt>107307000</EndYearBalanceAmt>
      </CYMinus2YrEndwmtFundGrp>
      <CYMinus3YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>87614000</BeginningYearBalanceAmt>
        <ContributionsAmt>2693000</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>3796000</InvestmentEarningsOrLossesAmt>
        <GrantsOrScholarshipsAmt>920000</GrantsOrScholarshipsAmt>
        <EndYearBalanceAmt>93183000</EndYearBalanceAmt>
      </CYMinus3YrEndwmtFundGrp>
      <CYMinus4YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>73660000</BeginningYearBalanceAmt>
        <ContributionsAmt>1056000</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>15008000</InvestmentEarningsOrLossesAmt>
        <GrantsOrScholarshipsAmt>2110000</GrantsOrScholarshipsAmt>
        <EndYearBalanceAmt>87614000</EndYearBalanceAmt>
      </CYMinus4YrEndwmtFundGrp>
      <BoardDesignatedBalanceEOYPct>0.66000</BoardDesignatedBalanceEOYPct>
      <PrmnntEndowmentBalanceEOYPct>0.21000</PrmnntEndowmentBalanceEOYPct>
      <TermEndowmentBalanceEOYPct>0.13000</TermEndowmentBalanceEOYPct>
      <EndowmentsHeldUnrelatedOrgInd>false</EndowmentsHeldUnrelatedOrgInd>
      <EndowmentsHeldRelatedOrgInd>false</EndowmentsHeldRelatedOrgInd>
      <LandGrp>
        <OtherCostOrOtherBasisAmt>8177059</OtherCostOrOtherBasisAmt>
        <BookValueAmt>8177059</BookValueAmt>
      </LandGrp>
      <BuildingsGrp>
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        <DepreciationAmt>177383515</DepreciationAmt>
        <BookValueAmt>273674578</BookValueAmt>
      </BuildingsGrp>
      <LeaseholdImprovementsGrp>
        <DepreciationAmt>0</DepreciationAmt>
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      <EquipmentGrp>
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        <DepreciationAmt>142821715</DepreciationAmt>
        <BookValueAmt>66879061</BookValueAmt>
      </EquipmentGrp>
      <OtherLandBuildingsGrp>
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        <DepreciationAmt>41986483</DepreciationAmt>
        <BookValueAmt>117009479</BookValueAmt>
      </OtherLandBuildingsGrp>
      <TotalBookValueLandBuildingsAmt>465740177</TotalBookValueLandBuildingsAmt>
      <FederalIncomeTaxLiabilityAmt>0</FederalIncomeTaxLiabilityAmt>
      <OtherLiabilitiesOrgGrp>
        <Desc>ADVANCES, STUDENT LOANS/FIN AID</Desc>
        <Amt>9541500</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>STUDENT DEPOSITS/ADV PAYMENTS</Desc>
        <Amt>7102747</Amt>
      </OtherLiabilitiesOrgGrp>
      <TotalLiabilityAmt>16644247</TotalLiabilityAmt>
      <TotalRevEtcAuditedFinclStmtAmt>418124412</TotalRevEtcAuditedFinclStmtAmt>
      <NetUnrealizedGainsInvstAmt>5322632</NetUnrealizedGainsInvstAmt>
      <RevenueNotReportedAmt>5322632</RevenueNotReportedAmt>
      <RevenueSubtotalAmt>412801780</RevenueSubtotalAmt>
      <OtherRevenuesNotIncludedAmt>99962576</OtherRevenuesNotIncludedAmt>
      <RevenueNotReportedFinclStmtAmt>99962576</RevenueNotReportedFinclStmtAmt>
      <TotalRevenuePerForm990Amt>512764356</TotalRevenuePerForm990Amt>
      <TotExpnsEtcAuditedFinclStmtAmt>356844533</TotExpnsEtcAuditedFinclStmtAmt>
      <ExpensesSubtotalAmt>356844533</ExpensesSubtotalAmt>
      <OtherExpensesNotIncludedAmt>99962576</OtherExpensesNotIncludedAmt>
      <ExpensesNotRptFinclStmtAmt>99962576</ExpensesNotRptFinclStmtAmt>
      <TotalExpensesPerForm990Amt>456807109</TotalExpensesPerForm990Amt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE D, PART III, LINE 4</FormAndLineReferenceDesc>
        <ExplanationTxt>REFERENCED COLLECTIONS INCLUDE ACCIDENT INVESTIGATION CASE FILES; TECHNICAL PAPERS, REPORTS AND REFERENCE MATERIALS. THE COLLECTION IS OPEN FOR ACADEMIC AND PUBLIC RESEARCH. THE PUBLIC ART COLLECTION IS A SERIES OF 25 PIECES OF FINE ART INCLUDING, BUT NOT LIMITED TO, SCULPTURES, STATUES AND PAINTINGS. THIS COLLECTION SERVES TO ENRICH THE CULTURAL AND EDUCATIONAL ENVIRONMENT OF THE UNIVERSITY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE D, PART V, LINE 4</FormAndLineReferenceDesc>
        <ExplanationTxt>ENDOWMENT FUNDS ARE USED PRIMARILY FOR STUDENT SCHOLARSHIPS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE D, PART X, LINE 2</FormAndLineReferenceDesc>
        <ExplanationTxt>THE UNIVERSITY IS QUALIFIED AS A NONPROFIT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, AS AMENDED. ACCORDINGLY, THE UNIVERSITY IS NOT SUBJECT TO INCOME TAXES EXCEPT TO THE EXTENT IT HAS TAXABLE INCOME FROM ACTIVITIES THAT ARE NOT RELATED TO ITS EXEMPT PURPOSE. NO PROVISION FOR INCOME TAXES WAS REQUIRED FOR FISCAL YEARS 2018 OR 2017. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE UNIVERSITY AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE UNIVERSITY HAS TAKEN AN UNCERTAIN TAX POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE UNIVERSITY AND HAS CONCLUDED THAT, AS OF JUNE 30, 2018, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE UNIVERSITY IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE D, PART XI, LINE 4B</FormAndLineReferenceDesc>
        <ExplanationTxt>$99,962,576 OF INSTITUTIONALLY FUNDED SCHOLARSHIP EXPENSE WAS REPORTED ON THE AUDITED FINANCIAL STATEMENTS AS A CONTRA-REVENUE ACCOUNT.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE D, PART XII, LINE 4B</FormAndLineReferenceDesc>
        <ExplanationTxt>$99,962,576 OF INSTITUTIONALLY FUNDED SCHOLARSHIP EXPENSE WAS REPORTED ON THE FINANCIAL STATEMENTS AS A CONTRA-REVENUE ACCOUNT.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleD>
    <IRS990ScheduleE documentId="IRS990ScheduleE">
      <NondiscriminatoryPolicyStmtInd>true</NondiscriminatoryPolicyStmtInd>
      <PolicyStmtInBrochuresEtcInd>true</PolicyStmtInBrochuresEtcInd>
      <PlcyPblczdViaBroadcastMediaInd>true</PlcyPblczdViaBroadcastMediaInd>
      <MaintainRacialCompRecsInd>true</MaintainRacialCompRecsInd>
      <MaintainScholarshipsRecsInd>true</MaintainScholarshipsRecsInd>
      <MaintainCpyOfBrochuresEtcInd>true</MaintainCpyOfBrochuresEtcInd>
      <MaintainCpyOfAllSolInd>true</MaintainCpyOfAllSolInd>
      <DiscriminateRaceStdntsRghtsInd>false</DiscriminateRaceStdntsRghtsInd>
      <DiscriminateRaceAdmissPlcyInd>false</DiscriminateRaceAdmissPlcyInd>
      <DiscriminateRaceEmplmFcultyInd>false</DiscriminateRaceEmplmFcultyInd>
      <DiscriminateRaceSchsInd>false</DiscriminateRaceSchsInd>
      <DiscriminateRaceEducPlcyInd>false</DiscriminateRaceEducPlcyInd>
      <DiscriminateRaceUseOfFcltsInd>false</DiscriminateRaceUseOfFcltsInd>
      <DiscriminateRaceAthltProgInd>false</DiscriminateRaceAthltProgInd>
      <DiscriminateRaceOtherActyInd>false</DiscriminateRaceOtherActyInd>
      <GovernmentFinancialAidRcvdInd>true</GovernmentFinancialAidRcvdInd>
      <GovernmentFinancialAidRvkdInd>false</GovernmentFinancialAidRvkdInd>
      <ComplianceWithRevProc7550Ind>true</ComplianceWithRevProc7550Ind>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE E, PART I, LINE 3</FormAndLineReferenceDesc>
        <ExplanationTxt>THE UNIVERSITY PUBLICIZES ITS RACIALLY NONDISCRIMINATORY POLICY ON ITS WEBSITE AND ADMISSIONS APPLICATIONS, BOTH OF WHICH MAY BE ACCESSED BY THE GENERAL COMMUNITY IT SERVES AND THE PUBLIC.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE E, PART I, LINE 6</FormAndLineReferenceDesc>
        <ExplanationTxt>THE UNIVERSITY RECEIVES FINANCIAL ASSISTANCE FROM FEDERAL AND STATE AGENCIES FOR STUDENT FINANCIAL AID AND ACADEMIC RESEARCH.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleE>
    <IRS990ScheduleF documentId="IRS990ScheduleF">
      <AccountActivitiesOutsideUSGrp>
        <RegionTxt>East Asia and the Pacific</RegionTxt>
        <OfficesCnt>1</OfficesCnt>
        <EmployeeCnt>14</EmployeeCnt>
        <TypeOfActivitiesConductedTxt>Program Services</TypeOfActivitiesConductedTxt>
        <SpecificServicesProvidedTxt>Higher Education</SpecificServicesProvidedTxt>
        <RegionTotalExpendituresAmt>3839070</RegionTotalExpendituresAmt>
      </AccountActivitiesOutsideUSGrp>
      <AccountActivitiesOutsideUSGrp>
        <RegionTxt>Europe (Including Iceland and Greenland)</RegionTxt>
        <OfficesCnt>1</OfficesCnt>
        <EmployeeCnt>5</EmployeeCnt>
        <TypeOfActivitiesConductedTxt>Program Services</TypeOfActivitiesConductedTxt>
        <SpecificServicesProvidedTxt>Higher Education</SpecificServicesProvidedTxt>
        <RegionTotalExpendituresAmt>302681</RegionTotalExpendituresAmt>
      </AccountActivitiesOutsideUSGrp>
      <AccountActivitiesOutsideUSGrp>
        <RegionTxt>South America</RegionTxt>
        <OfficesCnt>1</OfficesCnt>
        <EmployeeCnt>3</EmployeeCnt>
        <TypeOfActivitiesConductedTxt>Program Services</TypeOfActivitiesConductedTxt>
        <SpecificServicesProvidedTxt>Higher Education</SpecificServicesProvidedTxt>
        <RegionTotalExpendituresAmt>56000</RegionTotalExpendituresAmt>
      </AccountActivitiesOutsideUSGrp>
      <AccountActivitiesOutsideUSGrp>
        <RegionTxt>Central America and the Caribbean</RegionTxt>
        <TypeOfActivitiesConductedTxt>Investments</TypeOfActivitiesConductedTxt>
        <RegionTotalExpendituresAmt>6594210</RegionTotalExpendituresAmt>
      </AccountActivitiesOutsideUSGrp>
      <SubtotalOfficesCnt>3</SubtotalOfficesCnt>
      <SubtotalEmployeesCnt>22</SubtotalEmployeesCnt>
      <TotalOfficeCnt>3</TotalOfficeCnt>
      <TotalEmployeeCnt>22</TotalEmployeeCnt>
      <SubtotalSpentAmt>10791961</SubtotalSpentAmt>
      <TotalSpentAmt>10791961</TotalSpentAmt>
      <TransferToForeignCorpInd>true</TransferToForeignCorpInd>
      <InterestInForeignTrustInd>false</InterestInForeignTrustInd>
      <ForeignCorpOwnershipInd>true</ForeignCorpOwnershipInd>
      <PassiveForeignInvestmestCoInd>true</PassiveForeignInvestmestCoInd>
      <ForeignPartnershipInd>true</ForeignPartnershipInd>
      <BoycottCountriesInd>false</BoycottCountriesInd>
    </IRS990ScheduleF>
    <IRS990ScheduleG documentId="IRS990ScheduleG">
      <FundraisingEventInformationGrp>
        <Event1Nm>Blue Gold Gala</Event1Nm>
        <GrossReceiptsEvent1Amt>172758</GrossReceiptsEvent1Amt>
        <CharitableContriEvent1Amt>99573</CharitableContriEvent1Amt>
        <GrossRevenueEvent1Amt>73185</GrossRevenueEvent1Amt>
        <FoodAndBeverageEvent1Amt>4494</FoodAndBeverageEvent1Amt>
        <OtherDirectExpensesEvent1Amt>40844</OtherDirectExpensesEvent1Amt>
        <Event2Nm>Golf Tournament</Event2Nm>
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        <CharitableContriEvent2Amt>18836</CharitableContriEvent2Amt>
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        <DeferredCompensationFlngOrgAmt>21010</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>14978</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>254277</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>Susan Allen</PersonNm>
        <TitleTxt>Distinguished Professor</TitleTxt>
        <BaseCompensationFilingOrgAmt>217851</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>130</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>21291</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>11311</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>250583</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>Christina Frederick</PersonNm>
        <TitleTxt>Professor</TitleTxt>
        <BaseCompensationFilingOrgAmt>211796</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>130</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>20485</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>10617</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>243028</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE J PART I, LINE 1A</FormAndLineReferenceDesc>
        <ExplanationTxt>FIRST-CLASS OR CHARTER TRAVEL HAS BEEN APPROVED FOR THE PRESIDENT AND HIS SPOUSE BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES AND AS STATED IN THE PRESIDENT'S EMPLOYMENT CONTRACT. CABINET MEMBERS AND OTHER EMPLOYEES MAY TRAVEL FIRST-CLASS, BASED ON CERTAIN CONDITIONS, AS PER THE UNIVERSITYS TRAVEL POLICY. PREAPPROVAL OF FIRST-CLASS OR CHARTER TRAVEL IS REQUIRED BY THE EMPLOYEES SENIOR LEADERSHIP AND THE SENIOR VICE PRESIDENT AND CFO OR PRESIDENT. TRAVEL FOR SPOUSE/COMPANION A SPOUSE/COMPANION OF CABINET MEMBERS, TRUSTEES, AND OTHER EMPLOYEES OF THE UNIVERSITY MAY TRAVEL TO FUNCTIONS OR OTHER EVENTS RELATED TO THE ONGOING BUSINESS OF THE UNIVERSITY. THE UNIVERSITY WILL REIMBURSE FOR SPOUSE/COMPANION TRAVEL ONLY WHEN THERE IS A BONA FIDE BUSINESS PURPOSE FOR THE PRESENCE OF THE SPOUSE/COMPANION. ALL SPOUSE/COMPANION TRAVEL TO BE REIMBURSED MUST BE PREAPPROVED BY AN INDIVIDUAL IN THE EMPLOYEE'S SUPERVISORY CHAIN WHO IS A SENIOR LEADER AND BY THE SENIOR VICE PRESIDENT AND CFO. HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE - HOUSING ALLOWANCE IS PROVIDED TO THE PRESIDENT AS APPROVED BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES AND STATED IN THE PRESIDENT'S EMPLOYMENT CONTRACT. HOUSING IS PROVIDED TO A KEY EMPLOYEE. THE HOUSING IS FURNISHED ON THE BUSINESS PREMISES OF THE UNIVERSITY, AT THE CONVENIENCE OF THE UNIVERSITY, AND THE EMPLOYEE IS REQUIRED TO ACCEPT SUCH LODGING AS A CONDITION OF EMPLOYMENT. HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES - DUES FOR THE PRESIDENT AS APPROVED BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES AND STATED IN THE PRESIDENT'S EMPLOYMENT CONTRACT FOR BUSINESS AND FUNDRAISING PURPOSES.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE J PART I, LINE 7</FormAndLineReferenceDesc>
        <ExplanationTxt>NONFIXED PAYMENTS SELECT PERSONS LISTED ON FORM 990, PART VII, SECTION A, LINE 1, RECEIVED AN ADDITIONAL PERFORMANCE BASED BONUS. ADDITIONALLY, ALL REFERENCED EMPLOYEES RECEIVE A SMALL HOLIDAY BONUS IN THE SAME AMOUNT AS ALL UNIVERSITY EMPLOYEES RECEIVE.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleJ>
    <IRS990ScheduleK documentId="IRS990ScheduleK">
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>VOLUSIA COUNTY EDUCATIONAL FACILITIES AUTHORITY</BusinessNameLine1Txt>
        </IssuerName>
        <BondIssuerEIN>800000613</BondIssuerEIN>
        <CUSIPNum>928836KBO</CUSIPNum>
        <BondIssuedDt>2011-07-07</BondIssuedDt>
        <IssuePriceAmt>43010368</IssuePriceAmt>
        <PurposeDesc>REFUND 1999A&amp;B BONDS</PurposeDesc>
        <DefeasedInd>true</DefeasedInd>
        <OnBehalfOfIssuerInd>false</OnBehalfOfIssuerInd>
        <PoolFinancingInd>false</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>VOLUSIA COUNTY EDUCATIONAL FACILITIES AUTHORITY</BusinessNameLine1Txt>
        </IssuerName>
        <BondIssuerEIN>800000613</BondIssuerEIN>
        <CUSIPNum>000000000</CUSIPNum>
        <BondIssuedDt>2013-11-08</BondIssuedDt>
        <IssuePriceAmt>25820000</IssuePriceAmt>
        <PurposeDesc>REFUND SERIES 2003</PurposeDesc>
        <DefeasedInd>false</DefeasedInd>
        <OnBehalfOfIssuerInd>false</OnBehalfOfIssuerInd>
        <PoolFinancingInd>false</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>VOLUSIA COUNTY EDUCATIONAL FACILITIES AUTHORITY</BusinessNameLine1Txt>
        </IssuerName>
        <BondIssuerEIN>800000613</BondIssuerEIN>
        <CUSIPNum>000000000</CUSIPNum>
        <BondIssuedDt>2015-02-12</BondIssuedDt>
        <IssuePriceAmt>50740000</IssuePriceAmt>
        <PurposeDesc>PARTIALLY REFUND SERIES 2005 AND R</PurposeDesc>
        <DefeasedInd>false</DefeasedInd>
        <OnBehalfOfIssuerInd>false</OnBehalfOfIssuerInd>
        <PoolFinancingInd>false</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>VOLUSIA COUNTY EDUCATIONAL FACILITIES AUTHORITY</BusinessNameLine1Txt>
        </IssuerName>
        <BondIssuerEIN>800000613</BondIssuerEIN>
        <CUSIPNum>928836KYO</CUSIPNum>
        <BondIssuedDt>2015-03-23</BondIssuedDt>
        <IssuePriceAmt>76273696</IssuePriceAmt>
        <PurposeDesc>CONSTRUCTION AND CAPITAL IMPROVEME</PurposeDesc>
        <DefeasedInd>false</DefeasedInd>
        <OnBehalfOfIssuerInd>false</OnBehalfOfIssuerInd>
        <PoolFinancingInd>false</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <RetiredAmt>11235000</RetiredAmt>
        <BondDefeasedAmt>30620000</BondDefeasedAmt>
        <TotalProceedsAmt>43010368</TotalProceedsAmt>
        <InReserveFundAmt>0</InReserveFundAmt>
        <CapitalizedInterestAmt>0</CapitalizedInterestAmt>
        <RefundingEscrowAmt>0</RefundingEscrowAmt>
        <IssuanceCostsFromProceedsAmt>561230</IssuanceCostsFromProceedsAmt>
        <CreditEnhancementAmt>521903</CreditEnhancementAmt>
        <WorkingCapitalExpendituresAmt>0</WorkingCapitalExpendituresAmt>
        <CapitalExpendituresAmt>0</CapitalExpendituresAmt>
        <OtherSpentProceedsAmt>41927235</OtherSpentProceedsAmt>
        <UnspentAmt>0</UnspentAmt>
        <CurrentRefundingInd>true</CurrentRefundingInd>
        <AdvanceRefundingInd>false</AdvanceRefundingInd>
        <FinalAllocationMadeInd>true</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>true</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <RetiredAmt>6549000</RetiredAmt>
        <BondDefeasedAmt>0</BondDefeasedAmt>
        <TotalProceedsAmt>25820000</TotalProceedsAmt>
        <InReserveFundAmt>0</InReserveFundAmt>
        <CapitalizedInterestAmt>0</CapitalizedInterestAmt>
        <RefundingEscrowAmt>0</RefundingEscrowAmt>
        <IssuanceCostsFromProceedsAmt>181750</IssuanceCostsFromProceedsAmt>
        <CreditEnhancementAmt>0</CreditEnhancementAmt>
        <WorkingCapitalExpendituresAmt>0</WorkingCapitalExpendituresAmt>
        <CapitalExpendituresAmt>0</CapitalExpendituresAmt>
        <OtherSpentProceedsAmt>25638250</OtherSpentProceedsAmt>
        <UnspentAmt>0</UnspentAmt>
        <CurrentRefundingInd>true</CurrentRefundingInd>
        <AdvanceRefundingInd>false</AdvanceRefundingInd>
        <FinalAllocationMadeInd>true</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>true</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <RetiredAmt>7135000</RetiredAmt>
        <BondDefeasedAmt>0</BondDefeasedAmt>
        <TotalProceedsAmt>50740000</TotalProceedsAmt>
        <InReserveFundAmt>0</InReserveFundAmt>
        <CapitalizedInterestAmt>0</CapitalizedInterestAmt>
        <RefundingEscrowAmt>0</RefundingEscrowAmt>
        <IssuanceCostsFromProceedsAmt>324722</IssuanceCostsFromProceedsAmt>
        <CreditEnhancementAmt>0</CreditEnhancementAmt>
        <WorkingCapitalExpendituresAmt>0</WorkingCapitalExpendituresAmt>
        <CapitalExpendituresAmt>0</CapitalExpendituresAmt>
        <OtherSpentProceedsAmt>50415278</OtherSpentProceedsAmt>
        <UnspentAmt>0</UnspentAmt>
        <CurrentRefundingInd>false</CurrentRefundingInd>
        <AdvanceRefundingInd>true</AdvanceRefundingInd>
        <FinalAllocationMadeInd>true</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>true</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <RetiredAmt>1044300</RetiredAmt>
        <BondDefeasedAmt>0</BondDefeasedAmt>
        <TotalProceedsAmt>76299686</TotalProceedsAmt>
        <InReserveFundAmt>0</InReserveFundAmt>
        <CapitalizedInterestAmt>0</CapitalizedInterestAmt>
        <RefundingEscrowAmt>0</RefundingEscrowAmt>
        <IssuanceCostsFromProceedsAmt>773696</IssuanceCostsFromProceedsAmt>
        <CreditEnhancementAmt>0</CreditEnhancementAmt>
        <WorkingCapitalExpendituresAmt>0</WorkingCapitalExpendituresAmt>
        <CapitalExpendituresAmt>75525928</CapitalExpendituresAmt>
        <OtherSpentProceedsAmt>0</OtherSpentProceedsAmt>
        <UnspentAmt>62</UnspentAmt>
        <SubstantialCompletionYr>2018</SubstantialCompletionYr>
        <CurrentRefundingInd>false</CurrentRefundingInd>
        <AdvanceRefundingInd>false</AdvanceRefundingInd>
        <FinalAllocationMadeInd>false</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>true</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <OwningBondFinancedPropertyInd>false</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>false</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>false</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>true</AnyResearchAgreementsInd>
        <EngageBondCounselResearchInd>false</EngageBondCounselResearchInd>
        <PrivateBusUseByOthersPct>0.00020</PrivateBusUseByOthersPct>
        <TotalPrivateBusinessUsePct>0.00020</TotalPrivateBusinessUsePct>
        <BondIssMeetPrvtSecPymtTestInd>false</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>false</ChangeInUseBondFinancedPropInd>
        <RemedialActionTakenInd>false</RemedialActionTakenInd>
        <ProcsNonqualifiedBondRemdtdInd>true</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <OwningBondFinancedPropertyInd>false</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>false</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>false</MgmtContractBondFincdPropInd>
        <EngageBondCounselContractsInd>false</EngageBondCounselContractsInd>
        <AnyResearchAgreementsInd>true</AnyResearchAgreementsInd>
        <EngageBondCounselResearchInd>false</EngageBondCounselResearchInd>
        <PrivateBusUseByOthersPct>0</PrivateBusUseByOthersPct>
        <BondIssMeetPrvtSecPymtTestInd>false</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>false</ChangeInUseBondFinancedPropInd>
        <RemedialActionTakenInd>false</RemedialActionTakenInd>
        <ProcsNonqualifiedBondRemdtdInd>true</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <OwningBondFinancedPropertyInd>false</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>false</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>true</MgmtContractBondFincdPropInd>
        <EngageBondCounselContractsInd>false</EngageBondCounselContractsInd>
        <AnyResearchAgreementsInd>true</AnyResearchAgreementsInd>
        <EngageBondCounselResearchInd>false</EngageBondCounselResearchInd>
        <PrivateBusUseByOthersPct>0.02430</PrivateBusUseByOthersPct>
        <TotalPrivateBusinessUsePct>0.02430</TotalPrivateBusinessUsePct>
        <BondIssMeetPrvtSecPymtTestInd>false</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>false</ChangeInUseBondFinancedPropInd>
        <RemedialActionTakenInd>false</RemedialActionTakenInd>
        <ProcsNonqualifiedBondRemdtdInd>true</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <OwningBondFinancedPropertyInd>false</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>false</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>false</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>false</AnyResearchAgreementsInd>
        <PrivateBusUseByOthersPct>0</PrivateBusUseByOthersPct>
        <BondIssMeetPrvtSecPymtTestInd>false</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>false</ChangeInUseBondFinancedPropInd>
        <RemedialActionTakenInd>false</RemedialActionTakenInd>
        <ProcsNonqualifiedBondRemdtdInd>true</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <Form8038TFiledInd>false</Form8038TFiledInd>
        <RebateNotDueYetInd>false</RebateNotDueYetInd>
        <ExceptionToRebateInd>false</ExceptionToRebateInd>
        <NoRebateDueInd>true</NoRebateDueInd>
        <VariableRateIssueInd>false</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>false</HedgeIdentifiedInBksAndRecInd>
        <HedgeProviderName>
          <BusinessNameLine1Txt>0</BusinessNameLine1Txt>
        </HedgeProviderName>
        <GrossProceedsInvestedInGICInd>false</GrossProceedsInvestedInGICInd>
        <GICProviderName>
          <BusinessNameLine1Txt>0</BusinessNameLine1Txt>
        </GICProviderName>
        <GrossProceedsInvestedInd>false</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>true</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <Form8038TFiledInd>false</Form8038TFiledInd>
        <RebateNotDueYetInd>true</RebateNotDueYetInd>
        <ExceptionToRebateInd>false</ExceptionToRebateInd>
        <NoRebateDueInd>false</NoRebateDueInd>
        <VariableRateIssueInd>false</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>false</HedgeIdentifiedInBksAndRecInd>
        <HedgeProviderName>
          <BusinessNameLine1Txt>0</BusinessNameLine1Txt>
        </HedgeProviderName>
        <GrossProceedsInvestedInGICInd>false</GrossProceedsInvestedInGICInd>
        <GICProviderName>
          <BusinessNameLine1Txt>0</BusinessNameLine1Txt>
        </GICProviderName>
        <GrossProceedsInvestedInd>false</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>true</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <Form8038TFiledInd>false</Form8038TFiledInd>
        <RebateNotDueYetInd>true</RebateNotDueYetInd>
        <ExceptionToRebateInd>false</ExceptionToRebateInd>
        <NoRebateDueInd>false</NoRebateDueInd>
        <VariableRateIssueInd>false</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>false</HedgeIdentifiedInBksAndRecInd>
        <HedgeProviderName>
          <BusinessNameLine1Txt>0</BusinessNameLine1Txt>
        </HedgeProviderName>
        <GrossProceedsInvestedInGICInd>false</GrossProceedsInvestedInGICInd>
        <GICProviderName>
          <BusinessNameLine1Txt>0</BusinessNameLine1Txt>
        </GICProviderName>
        <GrossProceedsInvestedInd>false</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>true</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <Form8038TFiledInd>false</Form8038TFiledInd>
        <RebateNotDueYetInd>true</RebateNotDueYetInd>
        <ExceptionToRebateInd>false</ExceptionToRebateInd>
        <NoRebateDueInd>false</NoRebateDueInd>
        <VariableRateIssueInd>false</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>false</HedgeIdentifiedInBksAndRecInd>
        <HedgeProviderName>
          <BusinessNameLine1Txt>0</BusinessNameLine1Txt>
        </HedgeProviderName>
        <GrossProceedsInvestedInGICInd>false</GrossProceedsInvestedInGICInd>
        <GICProviderName>
          <BusinessNameLine1Txt>0</BusinessNameLine1Txt>
        </GICProviderName>
        <GrossProceedsInvestedInd>false</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>true</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <ProceduresCorrectiveActionInd>true</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <ProceduresCorrectiveActionInd>true</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <ProceduresCorrectiveActionInd>true</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <ProceduresCorrectiveActionInd>true</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE K, PART I, COLUMN F</FormAndLineReferenceDesc>
        <ExplanationTxt>07/07/2011 43,010,368 VOLUSIA COUNTY EDUCATIONAL FACILITIES AUTHORITY - SERIES 2011 - REFUNDING - SERIES 1999A AND 1999B ISSUE DATED 7/13/1999. SCHEDULE K, PART I, COLUMN F 11/08/2013 25,820,000 VOLUSIA COUNTY EDUCATIONAL FACILITIES AUTHORITY - SERIES 2013 - REFUNDING SERIES 2003 ISSUE DATED 8/21/2003. SCHEDULE K, PART I, COLUMN F 02/12/2015 50,740,000 VOLUSIA COUNTY EDUCATIONAL FACILITIES AUTHORITY - SERIES 2015A - PARTIAL REFUNDING - SERIES 2005 ISSUE DATED 8/18/2005. SCHEDULE K, PART I, COLUMN F 03/23/2015 76,273,696 VOLUSIA COUNTY EDUCATIONAL FACILITIES AUTHORITY SERIES 2015B NEW MONEY/CONSTRUCTION. SCHEDULE K, PART II, LINE 11 07/07/2011 43,010,368 VOLUSIA COUNTY EDUCATIONAL FACILITIES AUTHORITY - THE OTHER SPENT PROCEEDS ARE THE REFUNDING PROCEEDS OF THE ISSUE. SCHEDULE K, PART II, LINE 11 11/08/2013 25,820,000 VOLUSIA COUNTY EDUCATIONAL FACILITIES AUTHORITY - THE OTHER SPENT PROCEEDS ARE THE REFUNDING PROCEEDS OF THE ISSUE. SCHEDULE K, PART II, LINE 11 02/12/2015 50,740,000 VOLUSIA COUNTY EDUCATIONAL FACILITIES AUTHORITY - THE OTHER SPENT PROCEEDS ARE THE REFUNDING PROCEEDS OF THE ISSUE. SCHEDULE K, PART II, LINE 12 03/23/2015 76,273,696 VOLUSIA COUNTY EDUCATIONAL FACILITIES AUTHORITY - THE OTHER UNSPENT PROCEEDS ARE THE BALANCE OF THE PROCEEDS IN THE CONSTRUCTION FUND. SCHEDULE K, PART IV, LINE 2C 07/07/2011 43,010,368 VOLUSIA COUNTY EDUCATIONAL FACILITIES AUTHORITY - REBATE COMPUTATIONS COMPLETED 6/30/18. SCHEDULE K, PART IV, LINE 2C 11/08/2013 25,820,000 VOLUSIA COUNTY EDUCATIONAL FACILITIES AUTHORITY - REBATE COMPUTATIONS COMPLETED 6/30/18. SCHEDULE K, PART IV, LINE 2C 02/12/2015 50,740,000 VOLUSIA COUNTY EDUCATIONAL FACILITIES AUTHORITY - REBATE COMPUTATIONS COMPLETED 6/30/18. SCHEDULE K, PART IV, LINE 2C 03/23/2015 76,273,696 VOLUSIA COUNTY EDUCATIONAL FACILITIES AUTHORITY - REBATE COMPUTATIONS COMPLETED 6/30/18. SCHEDULE K, PART I, COLUMN F 07/01/2015 26,535,000 VOLUSIA COUNTY EDUCATIONAL FACILITIES AUTHORITY - SERIES 2015C - REFUNDING - PARTIAL REFUNDING SERIES 2005 ISSUE DATED 8/18/2005. SCHEDULE K, PART II, LINE 11 07/01/2015 26,535,000 VOLUSIA COUNTY EDUCATIONAL FACILITIES AUTHORITY - THE OTHER SPENT PROCEEDS ARE THE REFUNDING PROCEEDS OF THE ISSUE. SCHEDULE K, PART IV, LINE 2C 07/01/2015 26,535,000 VOLUSIA COUNTY EDUCATIONAL FACILITIES AUTHORITY - REBATE COMPUTATIONS COMPLETED 6/30/17. SCHEDULE K, PART I, COLUMN F 08/17/2017 54,335,668 VOLUSIA COUNTY EDUCATIONAL FACILITIES AUTHORITY SERIES 2017 ADVANCE REFUNDING SERIES 2011 ISSUE DATED 7/7/2011 AND NEW MONEY/CONSTRUCTION. SCHEDULE K, PART II, LINE 12 08/17/2017 54,335,668 VOLUSIA COUNTY EDUCATIONAL FACILITIES AUTHORITY THE OTHER UNSPENT PROCEEDS ARE THE BALANCE OF THE PROCEEDS IN THE CONSTRUCTION FUND.</ExplanationTxt>
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        <PrivateBusUseByOthersPct>0.01860</PrivateBusUseByOthersPct>
        <TotalPrivateBusinessUsePct>0.01860</TotalPrivateBusinessUsePct>
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        <NoRebateDueInd>false</NoRebateDueInd>
        <VariableRateIssueInd>false</VariableRateIssueInd>
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      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <ProceduresCorrectiveActionInd>true</ProceduresCorrectiveActionInd>
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        <NameOfInterested>
          <PersonNm>HF COMMERCIAL INVESTMENTS LLP</PersonNm>
        </NameOfInterested>
        <RelationshipDescriptionTxt>TRUSTEE HOSSEINI, PRINCIPAL</RelationshipDescriptionTxt>
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        <TransactionDesc>LEASE OFFICE SPACE</TransactionDesc>
        <SharingOfRevenuesInd>false</SharingOfRevenuesInd>
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        <NonCashCheckboxInd>X</NonCashCheckboxInd>
        <ContributionCnt>1</ContributionCnt>
        <NoncashContributionsRptF990Amt>350000</NoncashContributionsRptF990Amt>
        <MethodOfDeterminingRevenuesTxt>FMV</MethodOfDeterminingRevenuesTxt>
      </WorksOfArtGrp>
      <ArtHistoricalTreasuresGrp />
      <ArtFractionalInterestGrp />
      <BooksAndPublicationsGrp />
      <ClothingAndHouseholdGoodsGrp />
      <CarsAndOtherVehiclesGrp />
      <BoatsAndPlanesGrp />
      <IntellectualPropertyGrp />
      <SecuritiesPubliclyTradedGrp>
        <NonCashCheckboxInd>X</NonCashCheckboxInd>
        <ContributionCnt>3</ContributionCnt>
        <NoncashContributionsRptF990Amt>64318</NoncashContributionsRptF990Amt>
        <MethodOfDeterminingRevenuesTxt>public exchange</MethodOfDeterminingRevenuesTxt>
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      <SecuritiesCloselyHeldStockGrp />
      <SecurPrtnrshpTrustIntrstsGrp />
      <SecuritiesMiscellaneousGrp />
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      <QualifiedContribOtherGrp />
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      <RealEstateOtherGrp />
      <CollectiblesGrp />
      <FoodInventoryGrp />
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      <TaxidermyGrp />
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      <ScientificSpecimensGrp />
      <ArchaeologicalArtifactsGrp />
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        <FormAndLineReferenceDesc>FORM 990 PART I, LINE 1</FormAndLineReferenceDesc>
        <ExplanationTxt>Embry-Riddle Aeronautical University is a private co-educational institution of higher learning. The University has long been the established leader in aeronautics and aerospace education; however, Embry-Riddles aviation background has expanded over the years to include seven primary fields of study: Applied Science, Aviation, Business, Computers and Technology, Engineering, Space, and Safety, Security and Intelligence.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Section B, Line 11b</FormAndLineReferenceDesc>
        <ExplanationTxt>PRIOR TO FILING, THE FORM 990 IS REVIEWED BY THE SENIOR VICE-PRESIDENT/CFO AND INDEPENDENT TAX ACCOUNTANTS AT KPMG LLP. ALL MEMBERS OF THE BOARD OF TRUSTEES ARE PROVIDED AN ELECTRONIC COPY OF THE COMPLETE FORM PRIOR TO FILING WITH THE IRS.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Section B, Line 12c</FormAndLineReferenceDesc>
        <ExplanationTxt>THE UNIVERSITYS INTERNAL AUDIT, RISK AND COMPLIANCE DEPARTMENT ISSUES AND RECEIVES ANNUALLY CONFLICT OF INTEREST DISCLOSURE FORMS FROM UNIVERSITY EMPLOYEES AND THE BOARD OF TRUSTEES. MOREOVER, ACTUAL OR POTENTIAL CONFLICTS OF INTEREST ARE REVIEWED, EVALUATED AND MONITORED BY THE UNIVERSITYS GENERAL COUNSEL. CONFLICTS ARE EITHER RESOLVED OR FORWARDED TO HURMAN RESOURCES AND THE PARTICULAR EMPLOYEES SUPERVISORY CHAIN OF COMMMAND FOR DISCIPLINARY ACTION FOR AN UNRESOLVED CONFLICT OF INTEREST.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Section B, Line 15</FormAndLineReferenceDesc>
        <ExplanationTxt>THE UNIVERSITY'S VICE PRESIDENT OF HUMAN RESOURCES AND PRESIDENT REVIEW COMPARABILITY DATA FOR ALL UNIVERSITY TOP MANAGEMENT EMPLOYEES, AND THE PRESIDENT IS REQUIRED TO APPROVE ALL SALARIES AT OR ABOVE $200,000. THE VICE PRESIDENT OF HUMAN RESOURCES PROVIDES SALARY AND BENEFIT COMPARABILITY DATA TO THE CHAIR OF THE BOARD OF TRUSTEES WHO REVIEWS THE DATA WITH THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES IN RELATION TO SALARY AND BENEFITS OF THE PRESIDENT.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Section C, Line 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THE UNIVERSITY MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. THE FORM 990 AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS ARE DISCLOSED ON THE UNIVERSITY'S WEBSITE.</ExplanationTxt>
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          <CityNm>SAO PAULO</CityNm>
          <CountryCd>BR</CountryCd>
          <ForeignPostalCd>04552-040</ForeignPostalCd>
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        <TotalIncomeAmt>598201</TotalIncomeAmt>
        <EndOfYearAssetsAmt>471507</EndOfYearAssetsAmt>
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          <BusinessNameLine1Txt>Embry-Riddle Aeronautical Univ ASIA LTD</BusinessNameLine1Txt>
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          <AddressLine1Txt>75 BUKIT TIMAH RD 020102 BOON SIEW</AddressLine1Txt>
          <CityNm>siew bldg</CityNm>
          <CountryCd>SN</CountryCd>
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        <PrimaryActivitiesTxt>HIGHER ED</PrimaryActivitiesTxt>
        <LegalDomicileForeignCountryCd>SN</LegalDomicileForeignCountryCd>
        <ExemptCodeSectionTxt>501(C)(3)</ExemptCodeSectionTxt>
        <PublicCharityStatusTxt>SCHOOL</PublicCharityStatusTxt>
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          <AddressLine1Txt>Kurfuerstenstrasse 56</AddressLine1Txt>
          <CityNm>Berlin</CityNm>
          <CountryCd>GM</CountryCd>
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      <AssetExchangeInd>false</AssetExchangeInd>
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      <ReimbursementPaidToOtherOrgInd>true</ReimbursementPaidToOtherOrgInd>
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      <TransferFromOtherOrgInd>true</TransferFromOtherOrgInd>
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        <MethodOfAmountDeterminationTxt>CASH TRANSFER</MethodOfAmountDeterminationTxt>
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        <TransactionTypeTxt>P</TransactionTypeTxt>
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        <MethodOfAmountDeterminationTxt>CASH TRANSFER</MethodOfAmountDeterminationTxt>
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