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        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>HERMAND STRICKLAND JR</PersonNm>
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      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>CHARLES WELCH</PersonNm>
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      <Form990PartVIISectionAGrp>
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      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>STEVE OWENS</PersonNm>
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        <ReportableCompFromRltdOrgAmt>160737</ReportableCompFromRltdOrgAmt>
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      <TotalReportableCompFromOrgAmt>0</TotalReportableCompFromOrgAmt>
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      <InvestmentIncomeGrp>
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        <Desc>OTHER REVENUE</Desc>
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        <ProgramServicesAmt>6374</ProgramServicesAmt>
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        <ProgramServicesAmt>37</ProgramServicesAmt>
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        <ProgramServicesAmt>8778</ProgramServicesAmt>
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        <Desc>OTHER EXPENSES</Desc>
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      <OtherExpensesGrp>
        <Desc>SUPPLIES</Desc>
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      <OtherExpensesGrp>
        <Desc>HONORARIUM &amp; CONTRACT S</Desc>
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      <OtherExpensesGrp>
        <Desc>BUSINESS MEALS &amp; ENTERT</Desc>
        <TotalAmt>117314</TotalAmt>
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      <AllOtherExpensesGrp>
        <TotalAmt>325085</TotalAmt>
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        <FundraisingAmt>43739</FundraisingAmt>
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      <TotalFunctionalExpensesGrp>
        <TotalAmt>1746673</TotalAmt>
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      <CashNonInterestBearingGrp>
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      <SavingsAndTempCashInvstGrp>
        <BOYAmt>8915701</BOYAmt>
        <EOYAmt>9073021</EOYAmt>
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      <PledgesAndGrantsReceivableGrp>
        <BOYAmt>1442071</BOYAmt>
        <EOYAmt>1431460</EOYAmt>
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      <PrepaidExpensesDefrdChargesGrp>
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        <EOYAmt>5829</EOYAmt>
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      <LandBldgEquipCostOrOtherBssAmt>1459599</LandBldgEquipCostOrOtherBssAmt>
      <LandBldgEquipAccumDeprecAmt>416333</LandBldgEquipAccumDeprecAmt>
      <LandBldgEquipBasisNetGrp>
        <BOYAmt>1065816</BOYAmt>
        <EOYAmt>1043266</EOYAmt>
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      <InvestmentsPubTradedSecGrp>
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        <EOYAmt>51438268</EOYAmt>
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        <EOYAmt>737639</EOYAmt>
      </InvestmentsOtherSecuritiesGrp>
      <OtherAssetsTotalGrp>
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        <EOYAmt>8255</EOYAmt>
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        <EOYAmt>63983938</EOYAmt>
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      <AccountsPayableAccrExpnssGrp>
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        <EOYAmt>42790</EOYAmt>
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      <UnsecuredNotesLoansPayableGrp>
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      </UnsecuredNotesLoansPayableGrp>
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        <EOYAmt>11573829</EOYAmt>
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      <TotalLiabilitiesGrp>
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        <EOYAmt>11616619</EOYAmt>
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      <OrganizationFollowsSFAS117Ind>X</OrganizationFollowsSFAS117Ind>
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      <PermanentlyRstrNetAssetsGrp>
        <BOYAmt>34552090</BOYAmt>
        <EOYAmt>41980436</EOYAmt>
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      <TotalNetAssetsFundBalanceGrp>
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        <EOYAmt>52367319</EOYAmt>
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      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>55659186</BOYAmt>
        <EOYAmt>63983938</EOYAmt>
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      <InfoInScheduleOPartXIInd>X</InfoInScheduleOPartXIInd>
      <ReconcilationRevenueExpnssAmt>4324200</ReconcilationRevenueExpnssAmt>
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      <OtherChangesInNetAssetsAmt>-3178427</OtherChangesInNetAssetsAmt>
      <InfoInScheduleOPartXIIInd>X</InfoInScheduleOPartXIIInd>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>0</AccountantCompileOrReviewInd>
      <FSAuditedInd>1</FSAuditedInd>
      <FSAuditedBasisGrp>
        <SeparateBasisFinclStmtInd>X</SeparateBasisFinclStmtInd>
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      <AuditCommitteeInd>1</AuditCommitteeInd>
      <FederalGrantAuditRequiredInd>0</FederalGrantAuditRequiredInd>
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    <IRS990ScheduleA documentId="RetDoc1039100001">
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      <GiftsGrantsContriRcvd170Grp>
        <CurrentTaxYearMinus4YearsAmt>5165342</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>3613414</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>3564263</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>5933830</CurrentTaxYearMinus1YearAmt>
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      <GovtFurnSrvcFcltsVl170Grp>
        <CurrentTaxYearMinus4YearsAmt>377978</CurrentTaxYearMinus4YearsAmt>
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        <TotalAmt>24657058</TotalAmt>
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      <SubstantialContributorsTotAmt>3808618</SubstantialContributorsTotAmt>
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      <GrossInvestmentIncome170Grp>
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      <ThirtyThrPctSuprtTestsCY170Ind>X</ThirtyThrPctSuprtTestsCY170Ind>
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    <IRS990ScheduleB documentId="RetDoc1234500001">
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        <ContributorNum>RESTRICTED</ContributorNum>
        <ContributorBusinessName>
          <BusinessNameLine1>RESTRICTED</BusinessNameLine1>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1>RESTRICTED</AddressLine1>
          <AddressLine2>RESTRICTED</AddressLine2>
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          <State>RESTRICTED</State>
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      <LandGrp>
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        <BookValueAmt>110093</BookValueAmt>
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      <BuildingsGrp>
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      <EquipmentGrp>
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      </EquipmentGrp>
      <TotalBookValueLandBuildingsAmt>1043266</TotalBookValueLandBuildingsAmt>
      <OtherLiabilitiesOrgGrp>
        <Desc>ANNUITIES PAYABLE</Desc>
        <Amt>52298</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>AMOUNTS HELD ON BEHALF OF ARKANSAS STATE UNIVERSITY</Desc>
        <Amt>11334653</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>DUE TO ASU CAMPUSES</Desc>
        <Amt>184495</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>DUE TO ALUMNI ASSOCIATION</Desc>
        <Amt>2383</Amt>
      </OtherLiabilitiesOrgGrp>
      <TotalLiabilityAmt>11573829</TotalLiabilityAmt>
      <TotalRevEtcAuditedFinclStmtAmt>11722730</TotalRevEtcAuditedFinclStmtAmt>
      <NetUnrealizedGainsInvstAmt>5338636</NetUnrealizedGainsInvstAmt>
      <DonatedServicesAndUseFcltsAmt>313221</DonatedServicesAndUseFcltsAmt>
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      <RevenueSubtotalAmt>6070873</RevenueSubtotalAmt>
      <RevenueNotReportedFinclStmtAmt>0</RevenueNotReportedFinclStmtAmt>
      <TotalRevenuePerForm990Amt>6070873</TotalRevenuePerForm990Amt>
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      <OtherExpensesIncludedAmt>3178427</OtherExpensesIncludedAmt>
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      <ExpensesSubtotalAmt>1746673</ExpensesSubtotalAmt>
      <ExpensesNotRptFinclStmtAmt>0</ExpensesNotRptFinclStmtAmt>
      <TotalExpensesPerForm990Amt>1746673</TotalExpensesPerForm990Amt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART V, LINE 4:</FormAndLineReferenceDesc>
        <ExplanationTxt>INVESTMENT RETURN OBJECTIVES, RISK PARAMETERS AND STRATEGIES: THE FOUNDATION HAS ADOPTED INVESTMENT AND SPENDING POLICIES, APPROVED BY THE BOARD OF TRUSTEES, FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT FUNDS WHILE ALSO MAINTAINING THE PURCHASING POWER OF THOSE ENDOWMENT ASSETS OF THE LONG-TERM. ACCORDINGLY, THE INVESTMENT PROCESS SEEKS TO ACHIEVE AN AFTER-COST TOTAL REAL RATE OF RETURN, INCLUDING INVESTMENT INCOME AS WELL AS CAPITAL APPRECIATION, WHICH EXCEEDS THE ANNUAL DISTRIBUTION WITH ACCEPTABLE LEVELS OF RISK. ENDOWMENT ASSETS ARE INVESTED IN A WELL DIVERSIFIED ASSET MIX, WHICH INCLUDES EQUITY AND DEBT SECURITIES, THAT IS INTENDED TO RESULT IN A CONSISTENT INFLATION-PROTECTED RATE OF RETURN THAT HAS SUFFICIENT LIQUIDITY TO MAKE AN ANNUAL DISTRIBUTION OF 5%, WHILE GROWING THE FUNDS IF POSSIBLE. THEREFORE, THE ORGANIZATION EXPECTS ITS ENDOWMENT ASSETS, OVER TIME, TO PRODUCE AN AVERAGE RATE OF RETURN OF APPROXIMATELY 8% ANNUALLY. ACTUAL RETURNS IN ANY GIVEN YEAR MAY VARY FROM THIS AMOUNT. INVESTMENT RISK IS MEASURED IN TERMS OF THE TOTAL ENDOWMENT FUND; INVESTMENT ASSETS AND ALLOCATION BETWEEN ASSET CLASSES AND STRATEGIES ARE MANAGED TO NOT EXPOSE THE FUND TO UNACCEPTABLE LEVELS OF RISK. SPENDING POLICY: THE FOUNDATION HAS A POLICY OF APPROPRIATING FOR DISTRIBUTION EACH YEAR 5% OF ITS ENDOWMENT FUND'S AVERAGE FAIR VALUE OF THE PRIOR FIVE CALENDAR YEAR-ENDS FOR MOST OF ITS ENDOWMENTS. IN ESTABLISHING THIS POLICY, THE ORGANIZATION CONSIDERED THE LONG-TERM EXPECTED RETURN ON ITS INVESTMENT ASSETS, THE NATURE AND DURATION OF THE INDIVIDUAL ENDOWMENT FUNDS, MANY OF WHICH MUST BE MAINTAINED IN PERPETUITY BECAUSE OF DONOR- RESTRICTIONS, AND THE POSSIBLE EFFECTS OF INFLATION. THE ORGANIZATION EXPECTS THE CURRENT SPENDING POLICY TO ALLOW ITS ENDOWMENT FUNDS TO GROW AT A NOMINAL AVERAGE RATE OF 3% ANNUALLY, WHICH IS CONSISTENT WITH THE ORGANIZATION'S OBJECTIVE TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS AS WELL AS TO PROVIDE ADDITIONAL REAL GROWTH THROUGH INVESTMENT RETURN. INTENDED USE: ENOWMENT FUNDS ARE INTENDED TO BE KEPT IN PERPITUITY TO PROVIDE INCOME FOR SUPPORT OF VARIOUS ACADEMIC FUNCTIONS WITH MEMBERS CAMPUSES OF THE ASU SYSTEM.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART XII, LINE 2D - OTHER ADJUSTMENTS:</FormAndLineReferenceDesc>
        <ExplanationTxt>TRANSFERS TO ASU 3,178,427.</ExplanationTxt>
      </SupplementalInformationDetail>
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        <TitleTxt>PAST PRESIDENT &amp; CEO</TitleTxt>
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        <CompensationBasedOnRltdOrgsAmt>160737</CompensationBasedOnRltdOrgsAmt>
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        <MethodOfDeterminingRevenuesTxt>FAIR MARKET VALUE</MethodOfDeterminingRevenuesTxt>
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      <OtherNonCashContriTableGrp>
        <NonCashCheckboxInd>X</NonCashCheckboxInd>
        <Desc>LIVESTOCK</Desc>
        <ContributionCnt>2</ContributionCnt>
        <NoncashContributionsRptF990Amt>36500</NoncashContributionsRptF990Amt>
        <MethodOfDeterminingRevenuesTxt>FAIR MARKET VALUE</MethodOfDeterminingRevenuesTxt>
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      <OtherNonCashContriTableGrp>
        <NonCashCheckboxInd>X</NonCashCheckboxInd>
        <Desc>SUPPLIES</Desc>
        <ContributionCnt>26</ContributionCnt>
        <NoncashContributionsRptF990Amt>28961</NoncashContributionsRptF990Amt>
        <MethodOfDeterminingRevenuesTxt>FAIR MARKET VALUE</MethodOfDeterminingRevenuesTxt>
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        <MethodOfDeterminingRevenuesTxt>FAIR MARKET VALUE</MethodOfDeterminingRevenuesTxt>
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        <NonCashCheckboxInd>X</NonCashCheckboxInd>
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        <ContributionCnt>84</ContributionCnt>
        <NoncashContributionsRptF990Amt>11251</NoncashContributionsRptF990Amt>
        <MethodOfDeterminingRevenuesTxt>FAIR MARKET VALUE</MethodOfDeterminingRevenuesTxt>
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      <ReviewProcessUnusualNCGiftsInd>1</ReviewProcessUnusualNCGiftsInd>
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    <IRS990ScheduleO documentId="RetDoc1044400001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11</FormAndLineReferenceDesc>
        <ExplanationTxt>A COPY OF THE FORM 990 WAS REVIEWED BY THE TREASURER AND AUDIT COMMITTEE OF THE EXEMPT ORGANIZATION BEFORE THE RETURN WAS FILED.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>AT THE FIRST BOARD MEETING FOLLOWING THE ANNUAL BOARD MEETING, AND AT THE FIRST MEETING OF EACH COMMITTEE WITH BOARD-DELEGATED POWERS FOLLOWING THE ANNUAL BOARD MEETING, AND AT SUCH OTHER TIMES AS THE BOARD OR EXECUTIVE COMMITTEE MAY DEEM APPROPRIATE, THE BOARD, OR EXECUTIVE COMMITTEE SHALL CONDUCT A REVIEW OF THE FOUNDATION'S ACTIVITIES TO ENSURE THAT THE FOUNDATION IS OPERATING IN A MANNER CONSISTENT WITH ACCOMPLISHING ITS CHARITABLE PURPOSES AND THAT ITS OPERATIONS DO NOT RESULT IN PRIVATE INUREMENT OR IMPERMISSIBLE BENEFIT TO PRIVATE INTERESTS. IN THE INSTANCE WHERE A CONFLICT OF INTEREST ARISES, THE BOARD OR EXECUTIVE COMMITTEE SHALL: (1) REQUIRE THE INTERESTED PERSON TO LEAVE THE MEETING DURING THE DISCUSSION OF, AND VOTE ON, THE TRANSACTION OR ARRANGEMENT THAT RESULTS IN THE CONFLICT OF INTEREST; PROVIDED, HOWEVER, THAT THE INTERESTED PERSON MAY MAKE A PRESENTATION AT THE MEETING PRIOR TO LEAVING; (2) APPOINT, IF IT DEEMS APPROPRIATE, A NON-INTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT; AND (3) DETERMINE, BY A MAJORITY VOTE WITHOUT THE INTERESTED PERSON VOTING, THAT THE TRANSACTION OR ARRANGEMENT IS IN THE FOUNDATION'S BEST INTERESTS AND FOR ITS OWN BENEFIT; IS FAIR AND REASONABLE TO THE FOUNDATION; AND, AFTER EXERCISING DUE DILIGENCE, DETERMINE THAT THE FOUNDATION CANNOT OBTAIN A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT WITH REASONABLE EFFORTS UNDER THE CIRCUMSTANCES. ANY INTERESTED PERSON WHO VIOLATES THIS CONFLICT OF INTEREST POLICY SHALL BE SUBJECT TO APPROPRIATE DISCIPLINE INCLUDING REMOVAL FROM OFFICE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 15</FormAndLineReferenceDesc>
        <ExplanationTxt>THE EXECUTIVE DIRECTOR'S COMPENSATION IS NOT REVIEWED BY THE FINANCE COMMITTEE, HOWEVER THE SALARY IS DEFINED IN ACCORDANCE WITH THE STATE OF ARKANSAS' PAY SCALES.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION'S POLICY DOCUMENTS AND FINANCIAL STATMENTS ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART IX, LINE 24E</FormAndLineReferenceDesc>
        <ExplanationTxt>REPAIRS &amp; MAINTENANCE: PROGRAM SERVICE EXPENSES 46,158. MANAGEMENT AND GENERAL EXPENSES 27,339. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 73,497. STUDENT RECOGNITION: PROGRAM SERVICE EXPENSES 54,880. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 54,880. SPECIAL EVENTS: PROGRAM SERVICE EXPENSES 16,258. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 14,727. TOTAL EXPENSES 30,985. MUSIC PERFORMANCE: PROGRAM SERVICE EXPENSES 5,997. MANAGEMENT AND GENERAL EXPENSES 500. FUNDRAISING EXPENSES 20,665. TOTAL EXPENSES 27,162. DUES &amp; MEMBERSHIPS: PROGRAM SERVICE EXPENSES 19,278. MANAGEMENT AND GENERAL EXPENSES 1,216. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 20,494. POSTAGE: PROGRAM SERVICE EXPENSES 3,362. MANAGEMENT AND GENERAL EXPENSES 9,248. FUNDRAISING EXPENSES 411. TOTAL EXPENSES 13,021. STUDENT INTERNSHIPS: PROGRAM SERVICE EXPENSES 12,500. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 12,500. STUDENT AWARDS: PROGRAM SERVICE EXPENSES 12,424. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 12,424. CONTRIBUTIONS &amp; GRANTS: PROGRAM SERVICE EXPENSES 12,388. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 12,388. FLORIST: PROGRAM SERVICE EXPENSES 9,185. MANAGEMENT AND GENERAL EXPENSES 1,271. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 10,456. PRINTING &amp; PUBLICATIONS: PROGRAM SERVICE EXPENSES 691. MANAGEMENT AND GENERAL EXPENSES 1,129. FUNDRAISING EXPENSES 7,719. TOTAL EXPENSES 9,539. CREDIT CARD CHARGES: PROGRAM SERVICE EXPENSES 30. MANAGEMENT AND GENERAL EXPENSES 8,783. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 8,813. SCHOLARSHIPS: PROGRAM SERVICE EXPENSES 6,700. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 6,700. EXHIBIT AWARDS: PROGRAM SERVICE EXPENSES 5,750. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 5,750. EMPLOYEE &amp; FACULTY AWARDS: PROGRAM SERVICE EXPENSES 5,462. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 5,462. TELEPHONE: PROGRAM SERVICE EXPENSES 110. MANAGEMENT AND GENERAL EXPENSES 4,537. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 4,647. AUTO REPAIRS &amp; MAINTENANCE: PROGRAM SERVICE EXPENSES 2,202. MANAGEMENT AND GENERAL EXPENSES 1,626. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,828. STUDENT STIPENDS: PROGRAM SERVICE EXPENSES 3,538. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,538. TRAINING &amp; DEVELOPMENT: PROGRAM SERVICE EXPENSES 1,600. MANAGEMENT AND GENERAL EXPENSES 1,411. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,011. EQUIPMENT RENTAL &amp; MAINTENANCE: PROGRAM SERVICE EXPENSES 2,121. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 217. TOTAL EXPENSES 2,338. EXHIBIT SUPPLIES: PROGRAM SERVICE EXPENSES 2,333. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,333. EMERGENCY ASSISTANCE: PROGRAM SERVICE EXPENSES 710. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 710. TAXES: PROGRAM SERVICE EXPENSES 476. MANAGEMENT AND GENERAL EXPENSES 66. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 542. HOSPITALITY: PROGRAM SERVICE EXPENSES 35. MANAGEMENT AND GENERAL EXPENSES 32. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 67.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XI, LINE 9:</FormAndLineReferenceDesc>
        <ExplanationTxt>TRANSFERS TO ASU (SCHOLARSHIPS, BUDGET SUPPLEMENTS, COLLECTIBLES) -2,893,604. TRANSFERS TO ARKANSAS STATE UNIVERSITY ALUMNI ASSOCIATION, INC. -13,840. TRANSFERS TO ARKANSAS STATE UNIVERSITY RED WOLVES FOUNDATION, INC. -170,983. TRANSFERS TO ARKANSAS STATE UNIVERSITY RED WOLF FOUNDATION, INC. -100,000.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART XII, LINE 2C:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE REVIEW PROCESS HAS NOT CHANGED FROM THE PREVIOUS YEAR.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
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          <BusinessNameLine1>ARKANSAS STATE UNIVERSITY - JONESBORO</BusinessNameLine1>
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          <AddressLine1>2105 EAST AGGIE</AddressLine1>
          <City>JONESBORO</City>
          <State>AR</State>
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      <IdRelatedTaxExemptOrgGrp>
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          <BusinessNameLine1>ARKANSAS STATE UNIVERSITY - BEEBE</BusinessNameLine1>
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          <City>BEEBE</City>
          <State>AR</State>
          <ZIPCode>72012</ZIPCode>
        </USAddress>
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      <IdRelatedTaxExemptOrgGrp>
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          <BusinessNameLine1>ARKANSAS STATE UNIVERSITY - MOUNTAIN HOME</BusinessNameLine1>
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          <City>MOUNTAIN HOME</City>
          <State>AR</State>
          <ZIPCode>72653</ZIPCode>
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        <ControlledOrganizationInd>0</ControlledOrganizationInd>
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      <IdRelatedTaxExemptOrgGrp>
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          <BusinessNameLine1>ARKANSAS STATE UNIVERSITY - NEWPORT</BusinessNameLine1>
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          <State>AR</State>
          <ZIPCode>72112</ZIPCode>
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          <AddressLine1>2600 ALUMNI BLVD</AddressLine1>
          <City>JONESBORO</City>
          <State>AR</State>
          <ZIPCode>72401</ZIPCode>
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        <EIN>581723646</EIN>
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        <LegalDomicileStateCd>AR</LegalDomicileStateCd>
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      <IdRelatedTaxExemptOrgGrp>
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          <City>JONESBORO</City>
          <State>AR</State>
          <ZIPCode>72401</ZIPCode>
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        <EIN>710526367</EIN>
        <PrimaryActivitiesTxt>ACADEMIC BOOSTER ACTIVITIES</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>AR</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(C)(3)</ExemptCodeSectionTxt>
        <PublicCharityStatusTxt>5</PublicCharityStatusTxt>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
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      <IdRelatedTaxExemptOrgGrp>
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          <BusinessNameLine1>ARKANSAS STATE UNIVERSITY REAL ESTATE FOUNDATION INC</BusinessNameLine1>
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          <AddressLine1>PO BOX 1990</AddressLine1>
          <City>STATE UNIVERSITY</City>
          <State>AR</State>
          <ZIPCode>72467</ZIPCode>
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        <EIN>454896479</EIN>
        <PrimaryActivitiesTxt>RECEIVES, HOLDS AND ADMINISTERS REAL &amp; PERSONAL PROPERTY DONATIONS</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>AR</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(C)(13)</ExemptCodeSectionTxt>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>ASU RESEARCH &amp; INNOVATION FOUNDATION INC</BusinessNameLine1>
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          <AddressLine1>PO BOX 1990</AddressLine1>
          <City>STATE UNIVERSITY</City>
          <State>AR</State>
          <ZIPCode>72467</ZIPCode>
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        <EIN>203239949</EIN>
        <PrimaryActivitiesTxt>RESEARCH ENTITY FOR THE SUPPORT OF ARKANSAS STATE UNIVERSITY</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>AR</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(C)(3)</ExemptCodeSectionTxt>
        <PublicCharityStatusTxt>5</PublicCharityStatusTxt>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
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      <ReceiptOfIntAnntsRntsRyltsInd>0</ReceiptOfIntAnntsRntsRyltsInd>
      <GiftGrntOrCapContriToOthOrgInd>1</GiftGrntOrCapContriToOthOrgInd>
      <GiftGrntCapContriFromOthOrgInd>1</GiftGrntCapContriFromOthOrgInd>
      <LoansOrGuaranteesToOtherOrgInd>0</LoansOrGuaranteesToOtherOrgInd>
      <LoansOrGuaranteesFromOthOrgInd>0</LoansOrGuaranteesFromOthOrgInd>
      <DivRelatedOrganizationInd>0</DivRelatedOrganizationInd>
      <AssetSaleToOtherOrgInd>0</AssetSaleToOtherOrgInd>
      <AssetPurchaseFromOtherOrgInd>0</AssetPurchaseFromOtherOrgInd>
      <AssetExchangeInd>0</AssetExchangeInd>
      <RentalOfFacilitiesToOthOrgInd>0</RentalOfFacilitiesToOthOrgInd>
      <RentalOfFcltsFromOthOrgInd>0</RentalOfFcltsFromOthOrgInd>
      <PerformOfServicesForOthOrgInd>0</PerformOfServicesForOthOrgInd>
      <PerformOfServicesByOtherOrgInd>0</PerformOfServicesByOtherOrgInd>
      <SharingOfFacilitiesInd>0</SharingOfFacilitiesInd>
      <PaidEmployeesSharingInd>0</PaidEmployeesSharingInd>
      <ReimbursementPaidToOtherOrgInd>0</ReimbursementPaidToOtherOrgInd>
      <ReimbursementPaidByOtherOrgInd>0</ReimbursementPaidByOtherOrgInd>
      <TransferToOtherOrgInd>0</TransferToOtherOrgInd>
      <TransferFromOtherOrgInd>0</TransferFromOtherOrgInd>
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          <BusinessNameLine1>ARKANSAS STATE UNIVERSITY-JONESBORO</BusinessNameLine1>
        </OtherOrganizationName>
        <TransactionTypeTxt>B</TransactionTypeTxt>
        <InvolvedAmt>1693139</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>CASH</MethodOfAmountDeterminationTxt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1>ARKANSAS STATE UNIVERSITY-BEEBE</BusinessNameLine1>
        </OtherOrganizationName>
        <TransactionTypeTxt>B</TransactionTypeTxt>
        <InvolvedAmt>80112</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>CASH</MethodOfAmountDeterminationTxt>
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      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1>ARKANSAS STATE UNIVERSITY-MOUNTAIN HOME</BusinessNameLine1>
        </OtherOrganizationName>
        <TransactionTypeTxt>B</TransactionTypeTxt>
        <InvolvedAmt>920081</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>CASH</MethodOfAmountDeterminationTxt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1>ARKANSAS STATE UNIVERSITY-NEWPORT</BusinessNameLine1>
        </OtherOrganizationName>
        <TransactionTypeTxt>B</TransactionTypeTxt>
        <InvolvedAmt>214112</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>CASH</MethodOfAmountDeterminationTxt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1>ARKANSAS STATE UNIVERSITY RED WOLVES FOUNDATION INC</BusinessNameLine1>
        </OtherOrganizationName>
        <TransactionTypeTxt>B</TransactionTypeTxt>
        <InvolvedAmt>170983</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>CASH</MethodOfAmountDeterminationTxt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1>ARKANSAS STATE UNIVERSITY REAL ESTATE FOUNDATION INC</BusinessNameLine1>
        </OtherOrganizationName>
        <TransactionTypeTxt>C</TransactionTypeTxt>
        <InvolvedAmt>53562</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>CASH</MethodOfAmountDeterminationTxt>
      </TransactionsRelatedOrgGrp>
    </IRS990ScheduleR>
  </ReturnData>
</Return>