﻿<?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="2014v6.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2016-02-12T12:12:35-06:00</ReturnTs>
    <TaxPeriodEndDt>2015-06-30</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>721396621</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>Carr Riggs &amp; Ingram LLC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>2583 Huntcliff Lane</AddressLine1Txt>
        <CityNm>Panama City</CityNm>
        <StateAbbreviationCd>FL</StateAbbreviationCd>
        <ZIPCd>32405</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990</ReturnTypeCd>
    <TaxPeriodBeginDt>2014-07-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>651121807</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>BAY HAVEN CHARTER ACADEMY INC</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>BAYH</BusinessNameControlTxt>
      <PhoneNum>8509133463</PhoneNum>
      <USAddress>
        <AddressLine1Txt>2501 HAWKS LANDING BLVD</AddressLine1Txt>
        <CityNm>PANAMA CITY</CityNm>
        <StateAbbreviationCd>FL</StateAbbreviationCd>
        <ZIPCd>32405</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>JEREMY HATCHER</PersonNm>
      <PersonTitleTxt>President</PersonTitleTxt>
      <PhoneNum>8509133463</PhoneNum>
      <SignatureDt>2016-02-10</SignatureDt>
      <DiscussWithPaidPreparerInd>1</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>Robert D Harris</PreparerPersonNm>
      <PTIN>P00027360</PTIN>
      <PhoneNum>8507856153</PhoneNum>
    </PreparerPersonGrp>
    <TaxYr>2014</TaxYr>
    <BuildTS>2016-08-17 19:52:53Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="6">
    <IRS990 documentId="RetDoc1038000001" referenceDocumentId="RetDoc1044400001">
      <PrincipalOfficerNm>Jeremy Hatcher</PrincipalOfficerNm>
      <USAddress>
        <AddressLine1Txt>2501 HAWKS LANDING BLVD</AddressLine1Txt>
        <CityNm>PANAMA CITY</CityNm>
        <StateAbbreviationCd>FL</StateAbbreviationCd>
        <ZIPCd>32405</ZIPCd>
      </USAddress>
      <GrossReceiptsAmt>22963217</GrossReceiptsAmt>
      <GroupReturnForAffiliatesInd>0</GroupReturnForAffiliatesInd>
      <Organization501c3Ind>X</Organization501c3Ind>
      <WebsiteAddressTxt>WWW.BHCA.WS</WebsiteAddressTxt>
      <TypeOfOrganizationOtherInd>X</TypeOfOrganizationOtherInd>
      <OtherOrganizationDsc>ORGANIZATION EXEMPT FROM INCOME TAX</OtherOrganizationDsc>
      <FormationYr>2001</FormationYr>
      <LegalDomicileStateCd>FL</LegalDomicileStateCd>
      <ActivityOrMissionDesc>The Company owns and operates a public school in Panama City, FL.</ActivityOrMissionDesc>
      <VotingMembersGoverningBodyCnt>9</VotingMembersGoverningBodyCnt>
      <VotingMembersIndependentCnt>9</VotingMembersIndependentCnt>
      <TotalEmployeeCnt>491</TotalEmployeeCnt>
      <TotalVolunteersCnt>1035</TotalVolunteersCnt>
      <TotalGrossUBIAmt>0</TotalGrossUBIAmt>
      <NetUnrelatedBusTxblIncmAmt>0</NetUnrelatedBusTxblIncmAmt>
      <PYContributionsGrantsAmt>16439909</PYContributionsGrantsAmt>
      <CYContributionsGrantsAmt>21379521</CYContributionsGrantsAmt>
      <PYProgramServiceRevenueAmt>2751542</PYProgramServiceRevenueAmt>
      <CYProgramServiceRevenueAmt>1552952</CYProgramServiceRevenueAmt>
      <PYInvestmentIncomeAmt>46712</PYInvestmentIncomeAmt>
      <CYInvestmentIncomeAmt>30744</CYInvestmentIncomeAmt>
      <PYOtherRevenueAmt>15684</PYOtherRevenueAmt>
      <CYOtherRevenueAmt>0</CYOtherRevenueAmt>
      <PYTotalRevenueAmt>19253847</PYTotalRevenueAmt>
      <CYTotalRevenueAmt>22963217</CYTotalRevenueAmt>
      <PYGrantsAndSimilarPaidAmt>0</PYGrantsAndSimilarPaidAmt>
      <CYGrantsAndSimilarPaidAmt>0</CYGrantsAndSimilarPaidAmt>
      <PYBenefitsPaidToMembersAmt>0</PYBenefitsPaidToMembersAmt>
      <CYBenefitsPaidToMembersAmt>0</CYBenefitsPaidToMembersAmt>
      <PYSalariesCompEmpBnftPaidAmt>11388539</PYSalariesCompEmpBnftPaidAmt>
      <CYSalariesCompEmpBnftPaidAmt>13072804</CYSalariesCompEmpBnftPaidAmt>
      <PYTotalProfFndrsngExpnsAmt>0</PYTotalProfFndrsngExpnsAmt>
      <CYTotalProfFndrsngExpnsAmt>0</CYTotalProfFndrsngExpnsAmt>
      <CYTotalFundraisingExpenseAmt>0</CYTotalFundraisingExpenseAmt>
      <PYOtherExpensesAmt>6093107</PYOtherExpensesAmt>
      <CYOtherExpensesAmt>6421440</CYOtherExpensesAmt>
      <PYTotalExpensesAmt>17481646</PYTotalExpensesAmt>
      <CYTotalExpensesAmt>19494244</CYTotalExpensesAmt>
      <PYRevenuesLessExpensesAmt>1772201</PYRevenuesLessExpensesAmt>
      <CYRevenuesLessExpensesAmt>3468973</CYRevenuesLessExpensesAmt>
      <TotalAssetsBOYAmt>44378906</TotalAssetsBOYAmt>
      <TotalAssetsEOYAmt>47722173</TotalAssetsEOYAmt>
      <TotalLiabilitiesBOYAmt>33795817</TotalLiabilitiesBOYAmt>
      <TotalLiabilitiesEOYAmt>38761815</TotalLiabilitiesEOYAmt>
      <NetAssetsOrFundBalancesBOYAmt>10583089</NetAssetsOrFundBalancesBOYAmt>
      <NetAssetsOrFundBalancesEOYAmt>8960358</NetAssetsOrFundBalancesEOYAmt>
      <MissionDesc>As a Community School of "choice" for teachers, parents &amp; students, BHCA, Inc.'s mission is to strive together to teach beyond the standards in order to meet each child's needs by motivating students to reach their unique potential.</MissionDesc>
      <SignificantNewProgramSrvcInd>0</SignificantNewProgramSrvcInd>
      <SignificantChangeInd>0</SignificantChangeInd>
      <ExpenseAmt>11956429</ExpenseAmt>
      <RevenueAmt>1552952</RevenueAmt>
      <Desc>BAY HAVEN CHARTER ACADEMY, INC. ENROLLED CHILDREN IN PRESCHOOL THROUGH TWELFTH GRADE</Desc>
      <TotalProgramServiceExpensesAmt>11956429</TotalProgramServiceExpensesAmt>
      <DescribedInSection501c3Ind referenceDocumentId="RetDoc1039100001">1</DescribedInSection501c3Ind>
      <ScheduleBRequiredInd>0</ScheduleBRequiredInd>
      <PoliticalCampaignActyInd>0</PoliticalCampaignActyInd>
      <LobbyingActivitiesInd>0</LobbyingActivitiesInd>
      <SubjectToProxyTaxInd>0</SubjectToProxyTaxInd>
      <DonorAdvisedFundInd referenceDocumentId="RetDoc1040000001">0</DonorAdvisedFundInd>
      <ConservationEasementsInd referenceDocumentId="RetDoc1040000001">0</ConservationEasementsInd>
      <CollectionsOfArtInd referenceDocumentId="RetDoc1040000001">0</CollectionsOfArtInd>
      <CreditCounselingInd referenceDocumentId="RetDoc1040000001">0</CreditCounselingInd>
      <TempOrPermanentEndowmentsInd referenceDocumentId="RetDoc1040000001">0</TempOrPermanentEndowmentsInd>
      <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">0</IncludeFIN48FootnoteInd>
      <IndependentAuditFinclStmtInd referenceDocumentId="RetDoc1040000001">1</IndependentAuditFinclStmtInd>
      <ConsolidatedAuditFinclStmtInd referenceDocumentId="RetDoc1040000001">1</ConsolidatedAuditFinclStmtInd>
      <SchoolOperatingInd referenceDocumentId="RetDoc1040400001">1</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>0</GrantsToOrganizationsInd>
      <GrantsToIndividualsInd>0</GrantsToIndividualsInd>
      <ScheduleJRequiredInd>0</ScheduleJRequiredInd>
      <TaxExemptBondsInd referenceDocumentId="RetDoc1053100001">1</TaxExemptBondsInd>
      <InvestTaxExemptBondsInd>0</InvestTaxExemptBondsInd>
      <EscrowAccountInd>0</EscrowAccountInd>
      <OnBehalfOfIssuerInd>0</OnBehalfOfIssuerInd>
      <EngagedInExcessBenefitTransInd>0</EngagedInExcessBenefitTransInd>
      <PYExcessBenefitTransInd>0</PYExcessBenefitTransInd>
      <LoanOutstandingInd>0</LoanOutstandingInd>
      <GrantToRelatedPersonInd>0</GrantToRelatedPersonInd>
      <BusinessRlnWithOrgMemInd>0</BusinessRlnWithOrgMemInd>
      <BusinessRlnWithFamMemInd>0</BusinessRlnWithFamMemInd>
      <BusinessRlnWithOfficerEntInd>0</BusinessRlnWithOfficerEntInd>
      <DeductibleNonCashContriInd>0</DeductibleNonCashContriInd>
      <DeductibleArtContributionInd>0</DeductibleArtContributionInd>
      <TerminateOperationsInd>0</TerminateOperationsInd>
      <PartialLiquidationInd>0</PartialLiquidationInd>
      <DisregardedEntityInd>0</DisregardedEntityInd>
      <RelatedEntityInd>0</RelatedEntityInd>
      <RelatedOrganizationCtrlEntInd>0</RelatedOrganizationCtrlEntInd>
      <TrnsfrExmptNonChrtblRltdOrgInd>0</TrnsfrExmptNonChrtblRltdOrgInd>
      <ActivitiesConductedPrtshpInd>0</ActivitiesConductedPrtshpInd>
      <ScheduleORequiredInd>1</ScheduleORequiredInd>
      <IRPDocumentCnt>62</IRPDocumentCnt>
      <IRPDocumentW2GCnt>0</IRPDocumentW2GCnt>
      <EmployeeCnt>491</EmployeeCnt>
      <EmploymentTaxReturnsFiledInd>1</EmploymentTaxReturnsFiledInd>
      <UnrelatedBusIncmOverLimitInd>0</UnrelatedBusIncmOverLimitInd>
      <ForeignFinancialAccountInd>0</ForeignFinancialAccountInd>
      <ProhibitedTaxShelterTransInd>0</ProhibitedTaxShelterTransInd>
      <TaxablePartyNotificationInd>0</TaxablePartyNotificationInd>
      <NondeductibleContributionsInd>0</NondeductibleContributionsInd>
      <QuidProQuoContributionsInd>0</QuidProQuoContributionsInd>
      <Form8282PropertyDisposedOfInd>0</Form8282PropertyDisposedOfInd>
      <IndoorTanningServicesInd>0</IndoorTanningServicesInd>
      <InfoInScheduleOPartVIInd>X</InfoInScheduleOPartVIInd>
      <GoverningBodyVotingMembersCnt>9</GoverningBodyVotingMembersCnt>
      <IndependentVotingMemberCnt>9</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>0</WhistleblowerPolicyInd>
      <DocumentRetentionPolicyInd>0</DocumentRetentionPolicyInd>
      <CompensationProcessCEOInd>1</CompensationProcessCEOInd>
      <CompensationProcessOtherInd>1</CompensationProcessOtherInd>
      <InvestmentInJointVentureInd>0</InvestmentInJointVentureInd>
      <UponRequestInd>X</UponRequestInd>
      <BooksInCareOfDetail>
        <BusinessName>
          <BusinessNameLine1Txt>DWAN RAMSEY</BusinessNameLine1Txt>
        </BusinessName>
        <PhoneNum>8502483500</PhoneNum>
        <USAddress>
          <AddressLine1Txt>2501 HAWKS LANDING BLVD PANAMA CITY</AddressLine1Txt>
          <CityNm>PANAMA CITY</CityNm>
          <StateAbbreviationCd>FL</StateAbbreviationCd>
          <ZIPCd>32405</ZIPCd>
        </USAddress>
      </BooksInCareOfDetail>
      <Form990PartVIISectionAGrp>
        <PersonNm>Elisabeth Haney</PersonNm>
        <TitleTxt>SECRETARY Treasurer</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>SCOTT REEVE</PersonNm>
        <TitleTxt>DireCTOR</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>MARK GRAHAM</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>David Haight</PersonNm>
        <TitleTxt>DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>Tiffany Ennis</PersonNm>
        <TitleTxt>direCTOR</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>Jeremy Hatcher</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>SANDY PORTER</PersonNm>
        <TitleTxt>DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>TIM KITTS</PersonNm>
        <TitleTxt>CEO</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>118853</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>DWAN RAMSEY</PersonNm>
        <TitleTxt>CFO</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>92102</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>Waylon THOMPSON</PersonNm>
        <TitleTxt>DireCTOR</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>Jon McFatter</PersonNm>
        <TitleTxt>DIreCTOR</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <TotalReportableCompFromOrgAmt>210955</TotalReportableCompFromOrgAmt>
      <TotReportableCompRltdOrgAmt>0</TotReportableCompRltdOrgAmt>
      <TotalOtherCompensationAmt>0</TotalOtherCompensationAmt>
      <IndivRcvdGreaterThan100KCnt>1</IndivRcvdGreaterThan100KCnt>
      <FormerOfcrEmployeesListedInd>0</FormerOfcrEmployeesListedInd>
      <TotalCompGreaterThan150KInd>0</TotalCompGreaterThan150KInd>
      <CompensationFromOtherSrcsInd>0</CompensationFromOtherSrcsInd>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>GAC Contractors</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>4116 N Highway 231</AddressLine1Txt>
            <CityNm>Panama City</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>32404</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>Construction Managing Services</ServicesDesc>
        <CompensationAmt>4052017</CompensationAmt>
      </ContractorCompensationGrp>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>Anderson &amp; Associates Inc</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>1022 Harmon Ave</AddressLine1Txt>
            <CityNm>Panama City</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>32401</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>Construction Services</ServicesDesc>
        <CompensationAmt>126357</CompensationAmt>
      </ContractorCompensationGrp>
      <CntrctRcvdGreaterThan100KCnt>2</CntrctRcvdGreaterThan100KCnt>
      <GovernmentGrantsAmt>19336388</GovernmentGrantsAmt>
      <AllOtherContributionsAmt>2043133</AllOtherContributionsAmt>
      <TotalContributionsAmt>21379521</TotalContributionsAmt>
      <ProgramServiceRevenueGrp>
        <Desc>Prog.serv.revenue-Related-990</Desc>
        <BusinessCd>611110</BusinessCd>
        <TotalRevenueColumnAmt>1552952</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>1552952</RelatedOrExemptFuncIncomeAmt>
      </ProgramServiceRevenueGrp>
      <TotalProgramServiceRevenueAmt>1552952</TotalProgramServiceRevenueAmt>
      <InvestmentIncomeGrp>
        <TotalRevenueColumnAmt>30744</TotalRevenueColumnAmt>
        <ExclusionAmt>30744</ExclusionAmt>
      </InvestmentIncomeGrp>
      <TotalRevenueGrp>
        <TotalRevenueColumnAmt>22963217</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>1552952</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>0</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>30744</ExclusionAmt>
      </TotalRevenueGrp>
      <OtherSalariesAndWagesGrp>
        <TotalAmt>10861305</TotalAmt>
        <ProgramServicesAmt>8161335</ProgramServicesAmt>
        <ManagementAndGeneralAmt>2699970</ManagementAndGeneralAmt>
      </OtherSalariesAndWagesGrp>
      <PensionPlanContributionsGrp>
        <TotalAmt>427800</TotalAmt>
        <ProgramServicesAmt>287185</ProgramServicesAmt>
        <ManagementAndGeneralAmt>140615</ManagementAndGeneralAmt>
      </PensionPlanContributionsGrp>
      <OtherEmployeeBenefitsGrp>
        <TotalAmt>914170</TotalAmt>
        <ProgramServicesAmt>693150</ProgramServicesAmt>
        <ManagementAndGeneralAmt>221020</ManagementAndGeneralAmt>
      </OtherEmployeeBenefitsGrp>
      <PayrollTaxesGrp>
        <TotalAmt>869529</TotalAmt>
        <ProgramServicesAmt>640690</ProgramServicesAmt>
        <ManagementAndGeneralAmt>228839</ManagementAndGeneralAmt>
      </PayrollTaxesGrp>
      <FeesForServicesLegalGrp>
        <TotalAmt>28139</TotalAmt>
        <ManagementAndGeneralAmt>28139</ManagementAndGeneralAmt>
      </FeesForServicesLegalGrp>
      <FeesForServicesAccountingGrp>
        <TotalAmt>57751</TotalAmt>
        <ManagementAndGeneralAmt>57751</ManagementAndGeneralAmt>
      </FeesForServicesAccountingGrp>
      <FeesForServicesOtherGrp>
        <TotalAmt>205491</TotalAmt>
        <ProgramServicesAmt>186015</ProgramServicesAmt>
        <ManagementAndGeneralAmt>19476</ManagementAndGeneralAmt>
      </FeesForServicesOtherGrp>
      <TravelGrp>
        <TotalAmt>36196</TotalAmt>
        <ProgramServicesAmt>28449</ProgramServicesAmt>
        <ManagementAndGeneralAmt>7747</ManagementAndGeneralAmt>
      </TravelGrp>
      <InterestGrp>
        <TotalAmt>1693994</TotalAmt>
        <ManagementAndGeneralAmt>1693994</ManagementAndGeneralAmt>
      </InterestGrp>
      <DepreciationDepletionGrp>
        <TotalAmt>1107852</TotalAmt>
        <ProgramServicesAmt>1107852</ProgramServicesAmt>
      </DepreciationDepletionGrp>
      <InsuranceGrp>
        <TotalAmt>248934</TotalAmt>
        <ProgramServicesAmt>38341</ProgramServicesAmt>
        <ManagementAndGeneralAmt>210593</ManagementAndGeneralAmt>
      </InsuranceGrp>
      <OtherExpensesGrp>
        <Desc>SUPPLIES</Desc>
        <TotalAmt>666477</TotalAmt>
        <ManagementAndGeneralAmt>666477</ManagementAndGeneralAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>SUPPLIES</Desc>
        <TotalAmt>595831</TotalAmt>
        <ProgramServicesAmt>595831</ProgramServicesAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>UTILITIES</Desc>
        <TotalAmt>542373</TotalAmt>
        <ManagementAndGeneralAmt>542373</ManagementAndGeneralAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>EQUIPMENT RENTAL AND MA</Desc>
        <TotalAmt>260941</TotalAmt>
        <ManagementAndGeneralAmt>260941</ManagementAndGeneralAmt>
      </OtherExpensesGrp>
      <AllOtherExpensesGrp>
        <TotalAmt>977461</TotalAmt>
        <ProgramServicesAmt>217581</ProgramServicesAmt>
        <ManagementAndGeneralAmt>759880</ManagementAndGeneralAmt>
      </AllOtherExpensesGrp>
      <TotalFunctionalExpensesGrp>
        <TotalAmt>19494244</TotalAmt>
        <ProgramServicesAmt>11956429</ProgramServicesAmt>
        <ManagementAndGeneralAmt>7537815</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </TotalFunctionalExpensesGrp>
      <CashNonInterestBearingGrp>
        <BOYAmt>11755645</BOYAmt>
        <EOYAmt>9633240</EOYAmt>
      </CashNonInterestBearingGrp>
      <SavingsAndTempCashInvstGrp>
        <BOYAmt>3555103</BOYAmt>
        <EOYAmt>3658756</EOYAmt>
      </SavingsAndTempCashInvstGrp>
      <AccountsReceivableGrp>
        <BOYAmt>832451</BOYAmt>
        <EOYAmt>985322</EOYAmt>
      </AccountsReceivableGrp>
      <InventoriesForSaleOrUseGrp>
        <BOYAmt>4970</BOYAmt>
        <EOYAmt>7071</EOYAmt>
      </InventoriesForSaleOrUseGrp>
      <PrepaidExpensesDefrdChargesGrp>
        <BOYAmt>108002</BOYAmt>
        <EOYAmt>221710</EOYAmt>
      </PrepaidExpensesDefrdChargesGrp>
      <LandBldgEquipCostOrOtherBssAmt>38398532</LandBldgEquipCostOrOtherBssAmt>
      <LandBldgEquipAccumDeprecAmt>6630565</LandBldgEquipAccumDeprecAmt>
      <LandBldgEquipBasisNetGrp>
        <BOYAmt>27410283</BOYAmt>
        <EOYAmt>31767967</EOYAmt>
      </LandBldgEquipBasisNetGrp>
      <OtherAssetsTotalGrp>
        <BOYAmt>712452</BOYAmt>
        <EOYAmt>1448107</EOYAmt>
      </OtherAssetsTotalGrp>
      <TotalAssetsGrp>
        <BOYAmt>44378906</BOYAmt>
        <EOYAmt>47722173</EOYAmt>
      </TotalAssetsGrp>
      <AccountsPayableAccrExpnssGrp>
        <BOYAmt>1773412</BOYAmt>
        <EOYAmt>786869</EOYAmt>
      </AccountsPayableAccrExpnssGrp>
      <DeferredRevenueGrp>
        <BOYAmt>48678</BOYAmt>
        <EOYAmt>45554</EOYAmt>
      </DeferredRevenueGrp>
      <MortgNotesPyblScrdInvstPropGrp>
        <BOYAmt>31973727</BOYAmt>
        <EOYAmt>31720589</EOYAmt>
      </MortgNotesPyblScrdInvstPropGrp>
      <OtherLiabilitiesGrp>
        <BOYAmt>0</BOYAmt>
        <EOYAmt>6208803</EOYAmt>
      </OtherLiabilitiesGrp>
      <TotalLiabilitiesGrp>
        <BOYAmt>33795817</BOYAmt>
        <EOYAmt>38761815</EOYAmt>
      </TotalLiabilitiesGrp>
      <OrganizationFollowsSFAS117Ind>X</OrganizationFollowsSFAS117Ind>
      <UnrestrictedNetAssetsGrp>
        <BOYAmt>9556837</BOYAmt>
        <EOYAmt>7749267</EOYAmt>
      </UnrestrictedNetAssetsGrp>
      <TemporarilyRstrNetAssetsGrp>
        <BOYAmt>1026252</BOYAmt>
        <EOYAmt>1211091</EOYAmt>
      </TemporarilyRstrNetAssetsGrp>
      <TotalNetAssetsFundBalanceGrp>
        <BOYAmt>10583089</BOYAmt>
        <EOYAmt>8960358</EOYAmt>
      </TotalNetAssetsFundBalanceGrp>
      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>44378906</BOYAmt>
        <EOYAmt>47722173</EOYAmt>
      </TotLiabNetAssetsFundBalanceGrp>
      <ReconcilationRevenueExpnssAmt>3468973</ReconcilationRevenueExpnssAmt>
      <PriorPeriodAdjustmentsAmt>-5091704</PriorPeriodAdjustmentsAmt>
      <OtherChangesInNetAssetsAmt>0</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>
    <IRS990ScheduleA documentId="RetDoc1039100001">
      <SchoolInd>X</SchoolInd>
    </IRS990ScheduleA>
    <IRS990ScheduleD documentId="RetDoc1040000001">
      <LandGrp>
        <OtherCostOrOtherBasisAmt>2305128</OtherCostOrOtherBasisAmt>
        <BookValueAmt>2305128</BookValueAmt>
      </LandGrp>
      <BuildingsGrp>
        <OtherCostOrOtherBasisAmt>29609227</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>3446487</DepreciationAmt>
        <BookValueAmt>26162740</BookValueAmt>
      </BuildingsGrp>
      <LeaseholdImprovementsGrp>
        <OtherCostOrOtherBasisAmt>2286259</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>1148907</DepreciationAmt>
        <BookValueAmt>1137352</BookValueAmt>
      </LeaseholdImprovementsGrp>
      <EquipmentGrp>
        <OtherCostOrOtherBasisAmt>4197918</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>2035171</DepreciationAmt>
        <BookValueAmt>2162747</BookValueAmt>
      </EquipmentGrp>
      <TotalBookValueLandBuildingsAmt>31767967</TotalBookValueLandBuildingsAmt>
      <OtherLiabilitiesOrgGrp>
        <Desc>DEFERRED INFLOWS</Desc>
        <Amt>2243549</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>NET PENSION LIABILITY - FRS</Desc>
        <Amt>1185073</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>NET PENSION LIABILITY - HIS</Desc>
        <Amt>2780181</Amt>
      </OtherLiabilitiesOrgGrp>
      <TotalLiabilityAmt>6208803</TotalLiabilityAmt>
      <TotalRevEtcAuditedFinclStmtAmt>22963217</TotalRevEtcAuditedFinclStmtAmt>
      <RevenueNotReportedAmt>0</RevenueNotReportedAmt>
      <RevenueSubtotalAmt>22963217</RevenueSubtotalAmt>
      <RevenueNotReportedFinclStmtAmt>0</RevenueNotReportedFinclStmtAmt>
      <TotalRevenuePerForm990Amt>22963217</TotalRevenuePerForm990Amt>
      <TotExpnsEtcAuditedFinclStmtAmt>19494245</TotExpnsEtcAuditedFinclStmtAmt>
      <ExpensesNotReportedAmt>0</ExpensesNotReportedAmt>
      <ExpensesSubtotalAmt>19494245</ExpensesSubtotalAmt>
      <ExpensesNotRptFinclStmtAmt>0</ExpensesNotRptFinclStmtAmt>
      <TotalExpensesPerForm990Amt>19494245</TotalExpensesPerForm990Amt>
    </IRS990ScheduleD>
    <IRS990ScheduleE documentId="RetDoc1040400001">
      <NondiscriminatoryPolicyStmtInd>1</NondiscriminatoryPolicyStmtInd>
      <PolicyStmtInBrochuresEtcInd>1</PolicyStmtInBrochuresEtcInd>
      <PlcyPblczdViaBroadcastMediaInd>1</PlcyPblczdViaBroadcastMediaInd>
      <MaintainRacialCompRecsInd>1</MaintainRacialCompRecsInd>
      <MaintainScholarshipsRecsInd>1</MaintainScholarshipsRecsInd>
      <MaintainCpyOfBrochuresEtcInd>1</MaintainCpyOfBrochuresEtcInd>
      <MaintainCpyOfAllSolInd>1</MaintainCpyOfAllSolInd>
      <DiscriminateRaceStdntsRghtsInd>0</DiscriminateRaceStdntsRghtsInd>
      <DiscriminateRaceAdmissPlcyInd>0</DiscriminateRaceAdmissPlcyInd>
      <DiscriminateRaceEmplmFcultyInd>0</DiscriminateRaceEmplmFcultyInd>
      <DiscriminateRaceSchsInd>0</DiscriminateRaceSchsInd>
      <DiscriminateRaceEducPlcyInd>0</DiscriminateRaceEducPlcyInd>
      <DiscriminateRaceUseOfFcltsInd>0</DiscriminateRaceUseOfFcltsInd>
      <DiscriminateRaceAthltProgInd>0</DiscriminateRaceAthltProgInd>
      <DiscriminateRaceOtherActyInd>0</DiscriminateRaceOtherActyInd>
      <GovernmentFinancialAidRcvdInd>0</GovernmentFinancialAidRcvdInd>
      <GovernmentFinancialAidRvkdInd>0</GovernmentFinancialAidRvkdInd>
      <ComplianceWithRevProc7550Ind>1</ComplianceWithRevProc7550Ind>
    </IRS990ScheduleE>
    <IRS990ScheduleK documentId="RetDoc1053100001">
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>Bay County FL</BusinessNameLine1Txt>
        </IssuerName>
        <BondIssuerEIN>596000512</BondIssuerEIN>
        <CUSIPNum>072222AE2</CUSIPNum>
        <BondIssuedDt>2010-09-14</BondIssuedDt>
        <IssuePriceAmt>11715000</IssuePriceAmt>
        <PurposeDesc>Refinance the 2004 Bond issue</PurposeDesc>
        <DefeasedInd>0</DefeasedInd>
        <OnBehalfOfIssuerInd>1</OnBehalfOfIssuerInd>
        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>Bay County FL</BusinessNameLine1Txt>
        </IssuerName>
        <BondIssuerEIN>596000512</BondIssuerEIN>
        <CUSIPNum>072222AJ1</CUSIPNum>
        <BondIssuedDt>2013-04-25</BondIssuedDt>
        <IssuePriceAmt>19800000</IssuePriceAmt>
        <PurposeDesc>Capital Expenditures</PurposeDesc>
        <DefeasedInd>0</DefeasedInd>
        <OnBehalfOfIssuerInd>1</OnBehalfOfIssuerInd>
        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <RetiredAmt>710000</RetiredAmt>
        <TotalProceedsAmt>11719977</TotalProceedsAmt>
        <InReserveFundAmt>819800</InReserveFundAmt>
        <IssuanceCostsFromProceedsAmt>243400</IssuanceCostsFromProceedsAmt>
        <SubstantialCompletionYr>2010</SubstantialCompletionYr>
        <CurrentRefundingInd>1</CurrentRefundingInd>
        <AdvanceRefundingInd>0</AdvanceRefundingInd>
        <FinalAllocationMadeInd>1</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <TotalProceedsAmt>19550116</TotalProceedsAmt>
        <InReserveFundAmt>1166622</InReserveFundAmt>
        <IssuanceCostsFromProceedsAmt>391000</IssuanceCostsFromProceedsAmt>
        <CapitalExpendituresAmt>17078646</CapitalExpendituresAmt>
        <UnspentAmt>913848</UnspentAmt>
        <SubstantialCompletionYr>2015</SubstantialCompletionYr>
        <CurrentRefundingInd>0</CurrentRefundingInd>
        <AdvanceRefundingInd>0</AdvanceRefundingInd>
        <FinalAllocationMadeInd>0</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
        <RebateNotDueYetInd>1</RebateNotDueYetInd>
        <ExceptionToRebateInd>0</ExceptionToRebateInd>
        <NoRebateDueInd>0</NoRebateDueInd>
        <VariableRateIssueInd>1</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>0</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>1</GrossProceedsInvestedInGICInd>
        <GICProviderName>
          <BusinessNameLine1Txt>Natixis Funding</BusinessNameLine1Txt>
          <BusinessNameLine2Txt>Corp</BusinessNameLine2Txt>
        </GICProviderName>
        <TermOfGICPct>5.000000000000</TermOfGICPct>
        <RegulatorySafeHarborStsfdInd>1</RegulatorySafeHarborStsfdInd>
        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>0</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
        <RebateNotDueYetInd>1</RebateNotDueYetInd>
        <ExceptionToRebateInd>0</ExceptionToRebateInd>
        <NoRebateDueInd>0</NoRebateDueInd>
        <VariableRateIssueInd>0</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>0</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>1</GrossProceedsInvestedInGICInd>
        <GICProviderName>
          <BusinessNameLine1Txt>Natixis Funding</BusinessNameLine1Txt>
          <BusinessNameLine2Txt>Corp</BusinessNameLine2Txt>
        </GICProviderName>
        <TermOfGICPct>5.000000000000</TermOfGICPct>
        <RegulatorySafeHarborStsfdInd>1</RegulatorySafeHarborStsfdInd>
        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>0</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
    </IRS990ScheduleK>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Section B, line 11</FormAndLineReferenceDesc>
        <ExplanationTxt>The 990 is not presented to the board prior to filing the return. The CFO reconciles the 990 information to the audited financial statements.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Section B, line 12c</FormAndLineReferenceDesc>
        <ExplanationTxt>BOARD IS MADE AWARE OF POLICY</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Section B, line 15</FormAndLineReferenceDesc>
        <ExplanationTxt>Board approves the salary policy.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Section C, line 19</FormAndLineReferenceDesc>
        <ExplanationTxt>UPON REQUEST</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990. Part XII, line 2c</FormAndLineReferenceDesc>
        <ExplanationTxt>No change in the process from the prior year.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
  </ReturnData>
</Return>