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      <GrantsPayable>
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      <DeferredRevenue>
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      <EscrowAccountLiability>
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      <LoansFromOfficersDirectors>
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      </LoansFromOfficersDirectors>
      <MortNotesPyblSecuredInvestProp>
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        <EOY>416533</EOY>
      </MortNotesPyblSecuredInvestProp>
      <UnsecuredNotesLoansPayable>
        <BOY>0</BOY>
        <EOY>0</EOY>
      </UnsecuredNotesLoansPayable>
      <OtherLiabilities>
        <BOY>2175136</BOY>
        <EOY>2414044</EOY>
      </OtherLiabilities>
      <TotalLiabilities>
        <BOY>4378575</BOY>
        <EOY>3353665</EOY>
      </TotalLiabilities>
      <FollowSFAS117>X</FollowSFAS117>
      <UnrestrictedNetAssets>
        <BOY>22822834</BOY>
        <EOY>24598245</EOY>
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      <TemporarilyRestrictedNetAssets>
        <BOY>0</BOY>
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      <PermanentlyRestrictedNetAssets>
        <BOY>0</BOY>
        <EOY>0</EOY>
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      <TotalNetAssetsFundBalances>
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      </TotalNetAssetsFundBalances>
      <TotalLiabNetAssetsFundBalances>
        <BOY>27201409</BOY>
        <EOY>27951910</EOY>
      </TotalLiabNetAssetsFundBalances>
      <ReconcilationRevenueExpenses>781997</ReconcilationRevenueExpenses>
      <ReconciliationUnrealizedInvest>1139520</ReconciliationUnrealizedInvest>
      <ReconcilationPriorAdjustment>-146106</ReconcilationPriorAdjustment>
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <AccountantCompileOrReview>false</AccountantCompileOrReview>
      <FSAudited>true</FSAudited>
      <FSAuditedBasis>
        <FinancialStatementConsolidated>X</FinancialStatementConsolidated>
      </FSAuditedBasis>
      <AuditCommittee>true</AuditCommittee>
      <FederalGrantAuditRequired>false</FederalGrantAuditRequired>
    </IRS990>
    <IRS990ScheduleD documentId="IRS990ScheduleD">
      <ArtPublicExhibitionAmts />
      <HeldWorksOfArtAmts />
      <CurrentYearMinus3Years />
      <CurrentYearMinus4Years />
      <Land>
        <InvestmentCostOrOtherBasis>0</InvestmentCostOrOtherBasis>
        <OtherCostOrOtherBasis>1663053</OtherCostOrOtherBasis>
        <BookValue>1663053</BookValue>
      </Land>
      <Buildings>
        <InvestmentCostOrOtherBasis>0</InvestmentCostOrOtherBasis>
        <OtherCostOrOtherBasis>16562285</OtherCostOrOtherBasis>
        <Depreciation>6237610</Depreciation>
        <BookValue>10324675</BookValue>
      </Buildings>
      <LeaseholdImprovements />
      <Equipment>
        <InvestmentCostOrOtherBasis>0</InvestmentCostOrOtherBasis>
        <OtherCostOrOtherBasis>3147880</OtherCostOrOtherBasis>
        <Depreciation>2371879</Depreciation>
        <BookValue>776001</BookValue>
      </Equipment>
      <OtherLandBuildings>
        <OtherCostOrOtherBasis>1486948</OtherCostOrOtherBasis>
        <BookValue>1486948</BookValue>
      </OtherLandBuildings>
      <TotalOfBookValueLandBuildings>14250677</TotalOfBookValueLandBuildings>
      <FederalIncomeTaxLiability>0</FederalIncomeTaxLiability>
      <OtherLiabilities>
        <Description>FEES HELD FOR PARTICIPANTS</Description>
        <Amount>1900684</Amount>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>DEPOSITS</Description>
        <Amount>513360</Amount>
      </OtherLiabilities>
      <TotalOfAmounts>2414044</TotalOfAmounts>
      <TotRevenueEtcAuditedFinclStmt>7671500</TotRevenueEtcAuditedFinclStmt>
      <NetUnrealizedGainsInvestments>1139520</NetUnrealizedGainsInvestments>
      <RevenueNotRptdF990>1139520</RevenueNotRptdF990>
      <RevenueSubtotal>6531980</RevenueSubtotal>
      <TotalRevenuePerForm990>6531980</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>5749983</TotExpensesEtcAuditedFinclStmt>
      <ExpensesSubtotal>5749983</ExpensesSubtotal>
      <TotalExpensesPerForm990>5749983</TotalExpensesPerForm990>
      <Form990ScheduleDPartXIII>
        <Identifier>ASC 48 DISCLOSURE</Identifier>
        <ReturnReference>PART X, LINE 2</ReturnReference>
        <Explanation>Management has evaluated their income tax positions under the guidance included in ASC 740. Based on their review, management has not identified any material uncertain tax positions to be recorded or disclosed in the financial statements.</Explanation>
      </Form990ScheduleDPartXIII>
    </IRS990ScheduleD>
    <IRS990ScheduleO documentId="IRS990ScheduleO">
      <GeneralExplanation>
        <Identifier>NUMBER OF EMPLOYEES</Identifier>
        <ReturnReference>FORM 990, PART V, LINE 2A</ReturnReference>
        <Explanation>SIGMA KAPPA HAD 11 EMPLOYEES DURING THE FISCAL YEAR. SIGMA KAPPA UTILIZES A PROFESSIONAL EMPLOYER ORGANIZATION, WHICH FILES THE W-3 ON THEIR BEHALF. CHANGES TO THE ORGANIZATIONS GOVERNING DOCUMENTS FORM 990, PART VI, LINE 4 THE ORGANIZATION HAS REDEFINED THE POSITIONS OF THE BOARD OF DIRECTORS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>PROCESS TO REVIEW THE FORM 990</Identifier>
        <ReturnReference>FORM 990, PART VI, SECTION B, QUESTION 11B</ReturnReference>
        <Explanation>A REVIEW OF THE TAX RETURN IS PERFORMED BY THE TREASURER, WITH INITIAL QUESTIONS DIRECTED TO THE EXECUTIVE DIRECTOR. THE RETURN IS ALSO REVIEWED BY AN INDEPENDENT PUBLIC ACCOUNTING FIRM. THE TAX RETURNS ARE THEN PRESENTED TO THE BOARD OF DIRECTORS FOR THEIR REVIEW.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>PROCESS FOR MONITORING COMPLIANCE WITH CONFLICT OF INTEREST POLICY</Identifier>
        <ReturnReference>FORM 990, PART VI, SECTION B, QUESTION 12C</ReturnReference>
        <Explanation>AN ANNUAL QUESTIONNAIRE IS COMPLETED AND SIGNED BY THE BOARD AND OFFICERS AND EXECUTIVE DIRECTOR. THE EXECUTIVE DIRECTOR REVIEWS THE SIGNED COPIES AND DISCUSSES ANY CONFLICTS WITH THE BOARD. A MEMBER WITH A CONFLICT WOULD SELF DISCLOSE DURING A DISCUSSION INVOLVING THE CONFLICT AND WOULD NOT VOTE.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>REVIEW OF CEO OR TOP MGMT OFFICIAL COMPENSATION</Identifier>
        <ReturnReference>FORM 990, PART VI, SECTION B, QUESTION 15A</ReturnReference>
        <Explanation>THE EXECUTIVE DIRECTORS PERFORMANCE IS ASSESSED CONTINUALLY BY THE PRESIDENT OF THE BOARD OF DIRECTORS WITH CONTINUAL FEED PROVIDED TO THE REMAINING BOARD MEMBERS. THE COMPENSATION OF THE EXECUTIVE DIRECTOR IS REVIEWED AND ADJUSTED AS A RESULT OF THE ONGOING PERFORMANCE ASSESSMENTS. COMPENSATION WAS LAST REVIEWED AND ADJUSTED IN SEPTEMBER 2011. THE PRESIDENT OF THE BOARD OF DIRECTORS ALSO CONDUCTS A PERFORMANCE REVIEW OF THE EXECUTIVE DIRECTOR ANNUALLY AND THIS WAS LAST DONE IN JANUARY 2012.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>AVAILABILITY OF GOVERNING DOCUMENTS, COI POLICY, AND FINANCIAL STATEMENTS</Identifier>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="IRS990ScheduleR">
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>SIGMA KAPPA NATIONAL HOUSING CORP GROUP</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>8733 FOUNDERS ROAD</AddressLine1>
          <City>INDIANAPOLIS</City>
          <State>IN</State>
          <ZIPCode>46268</ZIPCode>
        </AddressUS>
        <EIN>911753026</EIN>
        <PrimaryActivities>HOUSING</PrimaryActivities>
        <LegalDomicileState>IN</LegalDomicileState>
        <ExemptCodeSection>501(C)(7)</ExemptCodeSection>
        <PublicCharityStatus>N/A</PublicCharityStatus>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
        <ControlledOrg>false</ControlledOrg>
      </Form990ScheduleRPartII>
      <ReceiptOfIntAnnRentsRoyalties>false</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>false</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>false</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>true</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>false</LoansOrGuaranteesFromOtherOrg>
      <DividendsRelatedOrganization>false</DividendsRelatedOrganization>
      <SaleOfAssetsToOtherOrg>false</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>false</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>false</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>false</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>false</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>true</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>false</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>false</SharingOfFacilities>
      <SharingOfPaidEmployees>false</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>false</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>false</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>false</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>false</OtherTransferFromOtherOrg>
    </IRS990ScheduleR>
  </ReturnData>
</Return>