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        <Description>ASSET HELD FOR SALE</Description>
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        <ReturnReference>SCHEDULE E, PART I, LINE 3</ReturnReference>
        <Explanation>BROCHUES AND MATERIALS CONTAIN POLICY SUMMARY.</Explanation>
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      <EquityBasedCompArrangement>0</EquityBasedCompArrangement>
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      <CompBasedNetEarningsRelateOrgs>0</CompBasedNetEarningsRelateOrgs>
      <AnyNonFixedPayments>0</AnyNonFixedPayments>
      <InitialContractException>0</InitialContractException>
      <Form990ScheduleJPartII>
        <NamePerson>ROBERT GEE</NamePerson>
        <Title>FORMER EXEC DIR/PRES/CEO</Title>
        <BaseCompensationFilingOrg>252158</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
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        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
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      <Form990ScheduleJPartII>
        <NamePerson>DR JOHN BRIDGES</NamePerson>
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        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
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        <IssuerName>
          <BusinessNameLine1>MASSACHUSETTS DEVELOPMENT FINANCE AGENCY</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>043431814</IssuerEIN>
        <DateIssued>2009-05-22</DateIssued>
        <IssuePrice>2640000</IssuePrice>
        <DescriptionOfPurpose>TO PURCHASE LAND AND BUILDING LOCATED ON ONAWA LANE IN FALMOUTH, MA.</DescriptionOfPurpose>
        <Defeased>0</Defeased>
        <OnBehalfOfIssuer>0</OnBehalfOfIssuer>
        <PoolFinancing>0</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartII>
        <BondReferenceCd>A</BondReferenceCd>
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        <CurrentRefunding>0</CurrentRefunding>
        <AdvanceRefunding>0</AdvanceRefunding>
        <FinalAllocationMade>0</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>0</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
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        <BondReferenceCd>A</BondReferenceCd>
        <OwningBondFinancedProperty>0</OwningBondFinancedProperty>
        <AnyLeaseArrangements>0</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>0</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>0</AnyResearchAgreements>
        <BondIssMeetPrvtSecurityPayTest>0</BondIssMeetPrvtSecurityPayTest>
        <ChangeInUseBondFinancedProp>0</ChangeInUseBondFinancedProp>
        <NonQualifiedBondRemedProcdrs>0</NonQualifiedBondRemedProcdrs>
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        <BondReferenceCd>A</BondReferenceCd>
        <Form8038TFiled>0</Form8038TFiled>
        <RebateNotDueYet>0</RebateNotDueYet>
        <ExceptionToRebate>0</ExceptionToRebate>
        <NoRebateDue>0</NoRebateDue>
        <VariableRateIssue>0</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>0</HedgeIdentifiedInBooksAndRecds>
        <GrossProceedsInvestedInGIC>0</GrossProceedsInvestedInGIC>
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        <WrittenProcToMonitorReqs>0</WrittenProcToMonitorReqs>
      </Form990ScheduleKPartIV>
    </IRS990ScheduleK>
    <IRS990ScheduleL documentId="RetDoc1042800001">
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NamePerson>ROBERT GEE</NamePerson>
        </NameOfInterestedPerson>
        <Relationship>FORMER EXECUTIVE DIRECTOR AND FOUNDER OF THE SCHOOL</Relationship>
        <AmountOfTransaction>255993</AmountOfTransaction>
        <DescriptionOfTransaction>RECEIVED SALARIES AND WAGES DURING A PORTION OF YEAR IN HIS ROLE AS A PROFESSOR</DescriptionOfTransaction>
        <SharingOfRevenues>0</SharingOfRevenues>
      </Form990ScheduleLPartIV>
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NamePerson>DR JOHN BRIDGES</NamePerson>
        </NameOfInterestedPerson>
        <Relationship>FORMER BOARD MEMBER AND INTERIM PRESIDENT DURING THE CURRENT YEAR</Relationship>
        <AmountOfTransaction>173228</AmountOfTransaction>
        <DescriptionOfTransaction>RECEIVED COMPENSATION DURING THE YEAR IN HIS ROLE AS INTERIM PRESIDENT MAKING HIM A KEY EMPLOYEE</DescriptionOfTransaction>
        <SharingOfRevenues>0</SharingOfRevenues>
      </Form990ScheduleLPartIV>
    </IRS990ScheduleL>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION A, LINE 3</ReturnReference>
        <Explanation>THE COMPANY UTILIZES THE SERVICES OF A MANAGEMENT COMPANY TO PERFORM THE BURSAR FUNCTION.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 11</ReturnReference>
        <Explanation>THE ORGANIZATION'S PRESIDENT REVIEWS AND APPROVES THE RETURN.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 15A</ReturnReference>
        <Explanation>THE ORGANIZATION'S BOARD OF DIRECTORS DETERMINES THE COMPENSATION AMOUNT INCLUDING ANY BONUSES BASED ON AN EXISTING EMPLOYMENT AGREEMENT.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>THESE DOCUMENTS ARE AVAILABLE UPON REQUEST OR THROUGH VARIOUS WEBSITES AVAILABLE TO THE PUBLIC.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART XII, LINE 2C</ReturnReference>
        <Explanation>THE PROCESS FOR OVERSIGHT OF THE AUDIT AND SELELCTION OF AN INDEPENDENT ACCOUNTANT BY THE AUDIT COMMITTEE HAS NOT CHANGED.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
  </ReturnData>
</Return>