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      <Form990ScheduleEPartII>
        <Identifier>EXPLANATION OF DOCUMENT RETENTION</Identifier>
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      </Form990ScheduleEPartII>
      <Form990ScheduleEPartII>
        <Identifier>EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE</Identifier>
        <ReturnReference>SCHEDULE E, PART I, LINE 6</ReturnReference>
        <Explanation>LISA ACADEMY RECEIVES FEDERAL AND STATE FUNDING FOR THEIR PROGRAMS.</Explanation>
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        <CUSIPNumber>NONEAVAIL</CUSIPNumber>
        <DateIssued>2010-12-15</DateIssued>
        <IssuePrice>5500000</IssuePrice>
        <DescriptionOfPurpose>QUALIFIED SCHOOL CONTRUCTION BONDS, SR CHARTER SCHOOL LEASE BDS SERIES 2010Q</DescriptionOfPurpose>
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        <OnBehalfOfIssuer>0</OnBehalfOfIssuer>
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        <CUSIPNumber>NONEAVAIL</CUSIPNumber>
        <DateIssued>2010-12-15</DateIssued>
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        <DescriptionOfPurpose>QUALIFIED SCHOOL CONTRUCTION BONDS, SR CHARTER SCHOOL LEASE BDS SERIES 2010Q</DescriptionOfPurpose>
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        <IssuePrice>705000</IssuePrice>
        <DescriptionOfPurpose>SUBORDINATE CHARTER SCHOOL LEASE REVENUE BONDS, SERIES 2010Z</DescriptionOfPurpose>
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        <FinalAllocationMade>1</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>1</AdequateBooksAndRecdsMaintaind>
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        <AnyResearchAgreements>0</AnyResearchAgreements>
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        <NoRebateDue>0</NoRebateDue>
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      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION A, LINE 8B</ReturnReference>
        <Explanation>THESE COMMITTEES DO NOT HAVE AUTHORITY TO ACT ON BEHALF OF GOVERNING BODY.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 11</ReturnReference>
        <Explanation>THE BOARD COUNCILS ACCOUNTING PERSONNEL RESPONSIBLE FOR PROVIDING INFORMATION THAT IS SUPPLIED TO PREPARERS OF FORM 990.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 15A</ReturnReference>
        <Explanation>APPROVED BY COMMITTEE.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND POLICIES AVAILABLE TO THE PUBLIC UPON REQUEST AT 21 CORPORATE HILL DRIVE, LITTLE ROCK, AR 72205, AND ALSO 5410 LANDERS ROAD, SHERWOOD, AR 72117.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Explanation>THE PROCESS HAS NOT CHANGED SINCE THE PRIOR YEAR WITH RESPECT TO THE COMMITTEE SELECTING AN INDEPENDENT ACCOUNTING FIRM AND OVERSEEING THE AUDIT.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
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          <City>LITTLE ROCK</City>
          <State>AR</State>
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        </AddressUS>
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        <PrimaryActivities>INVESTMENTS</PrimaryActivities>
        <LegalDomicileState>AR</LegalDomicileState>
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        <DirectControllingEntityName>
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</Return>