﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2015v2.0" xsi:schemaLocation="http://www.irs.gov/efile">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2016-06-15T14:47:16-07:00</ReturnTs>
    <TaxPeriodEndDt>2015-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmName>
        <BusinessNameLine1Txt>DARRIN J RILEY CPA PLC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>2198 E CAMELBACK RD STE 370</AddressLine1Txt>
        <CityNm>PHOENIX</CityNm>
        <StateAbbreviationCd>AZ</StateAbbreviationCd>
        <ZIPCd>85016</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2015-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>272716378</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>Nexus Research and Policy Center</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>NEXU</BusinessNameControlTxt>
      <PhoneNum>6026350936</PhoneNum>
      <USAddress>
        <AddressLine1Txt>1350 E McKellips Road Suite 1</AddressLine1Txt>
        <CityNm>Mesa</CityNm>
        <StateAbbreviationCd>AZ</StateAbbreviationCd>
        <ZIPCd>85203</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>J JORGE KLOR DE ALVA</PersonNm>
      <PersonTitleTxt>President</PersonTitleTxt>
      <SignatureDt>2016-06-15</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>DARRIN J RILEY CPA</PreparerPersonNm>
      <PTIN>P00225254</PTIN>
      <PhoneNum>6023853979</PhoneNum>
    </PreparerPersonGrp>
    <TaxYr>2015</TaxYr>
    <BuildTS>2016-09-27 15:27:22Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="4">
    <IRS990PF documentId="IRS990PF" referenceDocumentId="GeneralExplanation" softwareId="15000324" softwareVersionNum="2015v2.0">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>3642885</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>2676</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>2676</InterestOnSavNetInvstIncmAmt>
        <InterestOnSavingsAdjNetIncmAmt>2676</InterestOnSavingsAdjNetIncmAmt>
        <TotalRevAndExpnssAmt>2676</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>2676</TotalNetInvstIncmAmt>
        <TotalAdjNetIncmAmt>2676</TotalAdjNetIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>631460</CompOfcrDirTrstRevAndExpnssAmt>
        <OthEmplSlrsWgsRevAndExpnssAmt>100586</OthEmplSlrsWgsRevAndExpnssAmt>
        <PensionEmplBnftRevAndExpnssAmt>12454</PensionEmplBnftRevAndExpnssAmt>
        <DeprecAndDpltnRevAndExpnssAmt referenceDocumentId="DepreciationSchedule">461</DeprecAndDpltnRevAndExpnssAmt>
        <OccupancyRevAndExpnssAmt>1573</OccupancyRevAndExpnssAmt>
        <TravConfMeetingRevAndExpnssAmt>19124</TravConfMeetingRevAndExpnssAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="OtherExpensesSchedule AmortizationSchedule">139481</OtherExpensesRevAndExpnssAmt>
        <TotOprExpensesRevAndExpnssAmt>905139</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>0</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>0</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>0</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>0</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>905139</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>0</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>0</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-902463</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>2676</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>2676</AdjustedNetIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>4535657</CashBOYAmt>
        <CashEOYAmt>3642655</CashEOYAmt>
        <CashEOYFMVAmt>3642655</CashEOYFMVAmt>
        <LandBldgEquipCostOrOtherBssAmt>4000</LandBldgEquipCostOrOtherBssAmt>
        <LandBldgEquipAccumDeprecAmt>3770</LandBldgEquipAccumDeprecAmt>
        <LandBOYAmt>691</LandBOYAmt>
        <LandEOYAmt referenceDocumentId="LandEtcSchedule2">230</LandEOYAmt>
        <LandEOYFMVAmt>230</LandEOYFMVAmt>
        <TotalAssetsBOYAmt>4536348</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>3642885</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>3642885</TotalAssetsEOYFMVAmt>
        <OtherLiabilitiesBOYAmt referenceDocumentId="OtherLiabilitiesSchedule">36000</OtherLiabilitiesBOYAmt>
        <OtherLiabilitiesEOYAmt referenceDocumentId="OtherLiabilitiesSchedule">45000</OtherLiabilitiesEOYAmt>
        <TotalLiabilitiesBOYAmt>36000</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>45000</TotalLiabilitiesEOYAmt>
        <OrganizationFollowsSFAS117Ind>X</OrganizationFollowsSFAS117Ind>
        <UnrestrictedBOYAmt>4500348</UnrestrictedBOYAmt>
        <UnrestrictedEOYAmt>3597885</UnrestrictedEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>4500348</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>3597885</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>4536348</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>3642885</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>4500348</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-902463</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>3597885</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>3597885</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <QlfyUndSect4940eReducedTaxGrp>
        <LiableSection4942TaxInd>false</LiableSection4942TaxInd>
        <NetVlNoncharitableAssetsYr1Amt>3085175</NetVlNoncharitableAssetsYr1Amt>
        <NetVlNoncharitableAssetsYr2Amt>3115846</NetVlNoncharitableAssetsYr2Amt>
        <AdjustedQlfyDistriYr3Amt>1026349</AdjustedQlfyDistriYr3Amt>
        <NetVlNoncharitableAssetsYr3Amt>3296304</NetVlNoncharitableAssetsYr3Amt>
        <DistributionYr3Rt>0.31136</DistributionYr3Rt>
        <AdjustedQlfyDistriYr4Amt>313897</AdjustedQlfyDistriYr4Amt>
        <NetVlNoncharitableAssetsYr4Amt>1535209</NetVlNoncharitableAssetsYr4Amt>
        <DistributionYr4Rt>0.20447</DistributionYr4Rt>
        <NetVlNoncharitableAssetsYr5Amt>4632</NetVlNoncharitableAssetsYr5Amt>
        <TotalDistributionRt>0.515829</TotalDistributionRt>
        <AverageDistributionRt>0.103166</AverageDistributionRt>
        <NetVlNoncharitableAssetsAmt>3924266</NetVlNoncharitableAssetsAmt>
        <AdjNetVlNoncharitableAssetsAmt>404851</AdjNetVlNoncharitableAssetsAmt>
        <NetInvestmentIncomePctAmt>27</NetInvestmentIncomePctAmt>
        <AdjNonchrtblNetInvstIncmPctAmt>404878</AdjNonchrtblNetInvstIncmPctAmt>
      </QlfyUndSect4940eReducedTaxGrp>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>54</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>54</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>54</TaxBasedOnInvestmentIncomeAmt>
        <TaxDueAmt>54</TaxDueAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <Form990TFiledInd>false</Form990TFiledInd>
        <OrganizationDissolvedEtcInd>false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>AZ</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>true</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>WWW.NEXUSRESEARCH.ORG</WebsiteAddressTxt>
        <PersonsWithBooksName>
          <BusinessNameLine1Txt>JENN MYERS</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>6026350936</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>1350 E MCKELLIPS ROAD SUITE 1</AddressLine1Txt>
          <CityNm>MESA</CityNm>
          <StateAbbreviationCd>AZ</StateAbbreviationCd>
          <ZIPCd>85203</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>false</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <ActsFailToQlfyAsExceptionsInd>false</ActsFailToQlfyAsExceptionsInd>
        <UncorrectedPriorActsInd>false</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <UndistrIncmSect4942a2NotAppInd>false</UndistrIncmSect4942a2NotAppInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <ExcessBusinessHoldingsInd>false</ExcessBusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <TransactionsFailToQlfyAsExcInd>false</TransactionsFailToQlfyAsExcInd>
        <MaintainedExpenditureRspnsInd>false</MaintainedExpenditureRspnsInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
        <ProceedsOrNetIncomeInd>false</ProceedsOrNetIncomeInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>J JORGE KLOR DE ALVA</PersonNm>
          <USAddress>
            <AddressLine1Txt>1350 E MCKELLIPS ROAD STE 1</AddressLine1Txt>
            <CityNm>MESA</CityNm>
            <StateAbbreviationCd>AZ</StateAbbreviationCd>
            <ZIPCd>85203</ZIPCd>
          </USAddress>
          <TitleTxt>President</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>450000</CompensationAmt>
          <EmployeeBenefitProgramAmt>20331</EmployeeBenefitProgramAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>KURT SLOBODZIAN</PersonNm>
          <USAddress>
            <AddressLine1Txt>1350 E MCKELLIPS ROAD STE 1</AddressLine1Txt>
            <CityNm>MESA</CityNm>
            <StateAbbreviationCd>AZ</StateAbbreviationCd>
            <ZIPCd>85203</ZIPCd>
          </USAddress>
          <TitleTxt>VP, Treas, Sec</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>77629</CompensationAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>PATRICK CALLAN</PersonNm>
          <USAddress>
            <AddressLine1Txt>1350 E MCKELLIPS ROAD STE 1</AddressLine1Txt>
            <CityNm>MESA</CityNm>
            <StateAbbreviationCd>AZ</StateAbbreviationCd>
            <ZIPCd>85203</ZIPCd>
          </USAddress>
          <TitleTxt>Director</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>MARK SCHNEIDER</PersonNm>
          <USAddress>
            <AddressLine1Txt>1350 E MCKELLIPS ROAD STE 1</AddressLine1Txt>
            <CityNm>MESA</CityNm>
            <StateAbbreviationCd>AZ</StateAbbreviationCd>
            <ZIPCd>85203</ZIPCd>
          </USAddress>
          <TitleTxt>Director</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>15.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>83000</CompensationAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>WILLIAM F MASSY</PersonNm>
          <USAddress>
            <AddressLine1Txt>1350 E MCKELLIPS ROAD STE 1</AddressLine1Txt>
            <CityNm>MESA</CityNm>
            <StateAbbreviationCd>AZ</StateAbbreviationCd>
            <ZIPCd>85203</ZIPCd>
          </USAddress>
          <TitleTxt>Director</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>500</CompensationAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>AMERICAN INSTITUTES FOR RESEARCH</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>PO BOX 28126</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100878126</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>CONSULTING</ServiceTypeTxt>
          <CompensationAmt>102195</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>Nexus Research and Policy Center, an independent, not-for-profit, nonpartisan institution, promotes both access to higher education and educational success with demonstrable learning and degree completion achievement. Nexus does this through research on teaching, learning and educational best practices and by preparing action-oriented analyses of pressing policy issues facing states and the nation regarding the improvement of educational efficiency, effectiveness and degree completion success. Nexus is especially dedicated to studying and supporting underserved student populations and the institutions that seek to educate them.To help reach its goals, Nexus undertakes research and promotes policies that improve the proprietary education sector and that contribute to a better understanding across all sectors of higher education. With the assistance of educators, policymakers, and philanthropic foundations, Nexus has worked to build a foundation of transparency and independence that incl</Description1Txt>
        <Expenses1Amt>0</Expenses1Amt>
      </SummaryOfDirectChrtblActyGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>0</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>3984026</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>3984026</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>3984026</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>59760</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>3924266</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>196213</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <Sect4942j3j5FndtnAndFrgnOrgInd>X</Sect4942j3j5FndtnAndFrgnOrgInd>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>0</ExpensesAndContributionsAmt>
      </QualifyingDistriPartXIIGrp>
      <PrivateOperatingFoundationsGrp>
        <PrivateOperatingFndtnRulingDt>2012-03-13</PrivateOperatingFndtnRulingDt>
        <Section4942j3Ind>X</Section4942j3Ind>
        <LessorAdjNetIncmMinInvstRetGrp>
          <CurrentYearAmt>2676</CurrentYearAmt>
          <Year1Amt>3040</Year1Amt>
          <Year2Amt>3968</Year2Amt>
          <Year3Amt>6362</Year3Amt>
          <TotalAmt>16046</TotalAmt>
        </LessorAdjNetIncmMinInvstRetGrp>
        <Pct85LessorAdjIncmOrMinRetGrp>
          <CurrentYearAmt>2275</CurrentYearAmt>
          <Year1Amt>2584</Year1Amt>
          <Year2Amt>3373</Year2Amt>
          <Year3Amt>5408</Year3Amt>
          <TotalAmt>13640</TotalAmt>
        </Pct85LessorAdjIncmOrMinRetGrp>
        <QualifyingDistributionsGrp>
          <Year3Amt>1026413</Year3Amt>
          <TotalAmt>1026413</TotalAmt>
        </QualifyingDistributionsGrp>
        <QualifyingDistriMadeDrtGrp>
          <Year3Amt>1026413</Year3Amt>
          <TotalAmt>1026413</TotalAmt>
        </QualifyingDistriMadeDrtGrp>
        <TwoThirdsMinimumInvstRetGrp>
          <CurrentYearAmt>130809</CurrentYearAmt>
          <Year1Amt>102839</Year1Amt>
          <Year2Amt>103861</Year2Amt>
          <Year3Amt>109876</Year3Amt>
          <TotalAmt>447385</TotalAmt>
        </TwoThirdsMinimumInvstRetGrp>
      </PrivateOperatingFoundationsGrp>
      <SupplementaryInformationGrp>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>2676</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>2676</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>2676</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>false</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <DepreciationSchedule documentId="DepreciationSchedule" softwareId="15000324" softwareVersionNum="2015v2.0">
      <DepreciationPropertyGrp>
        <PropertyDesc>COMPUTER EQUIPMENT</PropertyDesc>
        <AcquiredDt>2011-06-30</AcquiredDt>
        <CostOrOtherBasisAmt>4000</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>3309</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <Rt>0.1152</Rt>
        <CurrentYearExpenseAmt>461</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
    </DepreciationSchedule>
    <LandEtcSchedule2 documentId="LandEtcSchedule2" softwareId="15000324" softwareVersionNum="2015v2.0">
      <LandEtcGrp>
        <CategoryOrItemTxt>Machinery and Equipment</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>4000</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>3770</AccumulatedDepreciationAmt>
        <BookValueAmt>230</BookValueAmt>
        <EOYFMVAmt>230</EOYFMVAmt>
      </LandEtcGrp>
    </LandEtcSchedule2>
    <OtherExpensesSchedule documentId="OtherExpensesSchedule" softwareId="15000324" softwareVersionNum="2015v2.0">
      <OtherExpensesScheduleGrp>
        <Desc>COMPUTER DATA ACCESS SERVICE</Desc>
        <RevenueAndExpensesPerBooksAmt>700</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>DUES, FEES, SUBSCRIPTIONS</Desc>
        <RevenueAndExpensesPerBooksAmt>1431</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>3370</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OUTSIDE SERVICES</Desc>
        <RevenueAndExpensesPerBooksAmt>118975</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>POSTAGE</Desc>
        <RevenueAndExpensesPerBooksAmt>203</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>RESEARCH DISSEMINATION</Desc>
        <RevenueAndExpensesPerBooksAmt>2500</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>SUPPLIES</Desc>
        <RevenueAndExpensesPerBooksAmt>4176</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>TELEPHONE</Desc>
        <RevenueAndExpensesPerBooksAmt>8126</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
  </ReturnData>
</Return>