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      <NetUnrealizedGainsInvestments>43171</NetUnrealizedGainsInvestments>
      <RevenueNotRptdF990>43171</RevenueNotRptdF990>
      <RevenueSubtotal>9006990</RevenueSubtotal>
      <RevenueNotRptdOnFinStmt>0</RevenueNotRptdOnFinStmt>
      <TotalRevenuePerForm990>9006990</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>8811700</TotExpensesEtcAuditedFinclStmt>
      <ExpensesNotRptdF990>0</ExpensesNotRptdF990>
      <ExpensesSubtotal>8811700</ExpensesSubtotal>
      <ExpensesNotRptdOnFinStmt>0</ExpensesNotRptdOnFinStmt>
      <TotalExpensesPerForm990>8811700</TotalExpensesPerForm990>
      <Form990ScheduleDPartXIII>
        <Identifier>DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48:</Identifier>
        <ReturnReference>PART X, LINE 2:</ReturnReference>
        <Explanation>COLLEGIATE ACADEMIES IS A TAX EXEMPT ORGANIZATION UNDER INTERNAL REVENUE CODE SECTION 501(C)(3) AND, AS SUCH, IS NOT SUBJECT TO INCOME TAX. MANAGEMENT BELIEVES THAT ALL TAX POSITIONS WOULD BE SUSTAINED IF AUDITED. THERE WERE NO PENALTIES OR INTEREST ON INCOME TAXES INCURRED IN 2013 OR 2012, BUT IF INCURRED, THEY WOULD BE CLASSIFIED IN THE STATEMENT OF ACTIVITIES AS MANAGEMENT AND GENERAL EXPENSE. THE ORGANIZATION'S TAX FILINGS SINCE JUNE 30, 2011 ARE CURRENTLY OPEN TO AUDIT UNDER THE STATUTES OF LIMITATIONS BY THE INTERNAL REVENUE SERVICE.</Explanation>
      </Form990ScheduleDPartXIII>
    </IRS990ScheduleD>
    <IRS990ScheduleE documentId="RetDoc1040400001">
      <NondiscriminatoryPolicyStmt>1</NondiscriminatoryPolicyStmt>
      <PolicyStatementInBrochuresEtc>1</PolicyStatementInBrochuresEtc>
      <PolicyPublViaBroadcastMedia>1</PolicyPublViaBroadcastMedia>
      <MaintRacialCompositionRecords>1</MaintRacialCompositionRecords>
      <MaintScholarshipsRecords>1</MaintScholarshipsRecords>
      <MaintCopiesOfBrochuresEtc>1</MaintCopiesOfBrochuresEtc>
      <MaintCopiesOfAllSolicitations>1</MaintCopiesOfAllSolicitations>
      <DiscriminateRaceStudentsRights>0</DiscriminateRaceStudentsRights>
      <DiscriminateRaceAdmissPolicies>0</DiscriminateRaceAdmissPolicies>
      <DiscriminateRaceEmplmnFaculty>0</DiscriminateRaceEmplmnFaculty>
      <DiscriminateRaceScholarships>0</DiscriminateRaceScholarships>
      <DiscriminateRaceEducPolicies>0</DiscriminateRaceEducPolicies>
      <DiscriminateRaceUseOfFclts>0</DiscriminateRaceUseOfFclts>
      <DiscriminateRaceAthleticProg>0</DiscriminateRaceAthleticProg>
      <DiscriminateRaceOtherActy>0</DiscriminateRaceOtherActy>
      <GovernmentFinancialAidReceived>1</GovernmentFinancialAidReceived>
      <GovernmentFinancialAidRevoked>0</GovernmentFinancialAidRevoked>
      <ComplianceWithRevProc7550>1</ComplianceWithRevProc7550>
      <Form990ScheduleEPartII>
        <Identifier>EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION</Identifier>
        <ReturnReference>SCHEDULE E, PART I, LINE 3</ReturnReference>
        <Explanation>THE ORGANIZATION PUBLICIZES ITS NONDISCRIMINATORY POLICY THROUGH ALL OF ITS STUDENT RECRUITMENT EFFORTS AND MAKES CLEAR ITS BELIEF IN OFFERING EQUAL ACCESS TO ALL STUDENTS. THE POLICY IS FURTHER COMMUNICATED THROUGH THE REGISTRATION PERIOD BY DISTRIBUTION OF OUR STUDENT AND FAMILY HANDBOOK WHICH CONTAINS THE NONDISCRIMINATORY POLICY.</Explanation>
      </Form990ScheduleEPartII>
      <Form990ScheduleEPartII>
        <Identifier>EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE</Identifier>
        <ReturnReference>SCHEDULE E, PART I, LINE 6</ReturnReference>
        <Explanation>COLLEGIATE ACADEMIES RECEIVES FEDERAL GRANTS SUCH AS TITLE 1, TITLE II, IDEA AND EDUCATION JOBS FUND.</Explanation>
      </Form990ScheduleEPartII>
    </IRS990ScheduleE>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION A, LINE 6</ReturnReference>
        <Explanation>COLLEGIATE ACADEMIES IS A NON-PROFIT CORPORATION WHOSE MEMBERS ARE THE BOARD OF DIRECTORS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION A, LINE 8B</ReturnReference>
        <Explanation>COLLEGIATE ACADEMIES DOES NOT HAVE COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 11</ReturnReference>
        <Explanation>THE FORM 990 IS PRESENTED TO THE BOARD OF DIRECTORS FOR REVIEW AND APPROVAL.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 12C</ReturnReference>
        <Explanation>THE CONFLICT OF INTEREST INFORMATION IS REVIEWED ANNUALLY.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 15</ReturnReference>
        <Explanation>COMPENSATION FOR THE SCHOOL LEADER AND OTHER TOP MANAGEMENT POSITIONS INCLUDE REVIEW BY AN INDEPENDENT PERSON; FURTHERMORE, THE COMPENSATION AMOUNT IS COMPARED TO COMPENSATION OF OTHER SCHOOL LEADERS AND TOP MANAGEMENT POSITIONS WITHIN SIMILAR ORGANIZATIONS. SUCH EMPLOYEES ARE NOT INVOLVED WITH THIS REVIEW NOR APPROVE OF THEIR OWN COMPENSATION.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>COLLEGIATE ACADEMIES MAKES ITS AUDITED FINANCIAL STATEMENTS, FORM 1023 AND FORM 990 AVAILABLE UPON REQUEST.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
  </ReturnData>
</Return>