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      <ReconcilationOtherChanges>0</ReconcilationOtherChanges>
      <InfoInScheduleOPartXII>X</InfoInScheduleOPartXII>
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <AccountantCompileOrReview>0</AccountantCompileOrReview>
      <FSAudited>1</FSAudited>
      <FSAuditedBasis>
        <FinancialStatementSeparate>X</FinancialStatementSeparate>
      </FSAuditedBasis>
      <AuditCommittee>1</AuditCommittee>
      <FederalGrantAuditRequired>1</FederalGrantAuditRequired>
      <FederalGrantAuditPerformed>1</FederalGrantAuditPerformed>
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    <IRS990ScheduleA documentId="RetDoc1039100001">
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        <ContributorNumber>RESTRICTED</ContributorNumber>
        <ContributorNameBusiness>
          <BusinessNameLine1>RESTRICTED</BusinessNameLine1>
        </ContributorNameBusiness>
        <ContributorAddressUS>
          <AddressLine1>RESTRICTED</AddressLine1>
          <AddressLine2>RESTRICTED</AddressLine2>
          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>RESTRICTED</AggregateContributions>
      </ContributorInfo>
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    <IRS990ScheduleD documentId="RetDoc1040000001">
      <Land>
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        <BookValue>1001957</BookValue>
      </Land>
      <Buildings>
        <OtherCostOrOtherBasis>1798043</OtherCostOrOtherBasis>
        <Depreciation>350233</Depreciation>
        <BookValue>1447810</BookValue>
      </Buildings>
      <LeaseholdImprovements>
        <OtherCostOrOtherBasis>2348456</OtherCostOrOtherBasis>
        <Depreciation>1280064</Depreciation>
        <BookValue>1068392</BookValue>
      </LeaseholdImprovements>
      <Equipment>
        <OtherCostOrOtherBasis>66667</OtherCostOrOtherBasis>
        <Depreciation>54434</Depreciation>
        <BookValue>12233</BookValue>
      </Equipment>
      <TotalOfBookValueLandBuildings>3530392</TotalOfBookValueLandBuildings>
      <TotRevenueEtcAuditedFinclStmt>8320836</TotRevenueEtcAuditedFinclStmt>
      <RevenueNotRptdF990>0</RevenueNotRptdF990>
      <RevenueSubtotal>8320836</RevenueSubtotal>
      <RevenueNotRptdOnFinStmt>0</RevenueNotRptdOnFinStmt>
      <TotalRevenuePerForm990>8320836</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>8327647</TotExpensesEtcAuditedFinclStmt>
      <ExpensesNotRptdF990>0</ExpensesNotRptdF990>
      <ExpensesSubtotal>8327647</ExpensesSubtotal>
      <ExpensesNotRptdOnFinStmt>0</ExpensesNotRptdOnFinStmt>
      <TotalExpensesPerForm990>8327647</TotalExpensesPerForm990>
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    <IRS990ScheduleE documentId="RetDoc1040400001">
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      <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 NONDISCRIMINATION POLICY IS INCLUDED IN ALL SCHOOL LITERATURE AND IS POSTED IN THE SCHOOLS. THE ENROLLMENT AT BOTH CENTRAL CITY VALUE SCHOOL AND DOWNTOWN VALUE SCHOOL ARE 99% MINORITIES.</Explanation>
      </Form990ScheduleEPartII>
      <Form990ScheduleEPartII>
        <Identifier>EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE</Identifier>
        <ReturnReference>SCHEDULE E, PART I, LINE 6</ReturnReference>
        <Explanation>VALUE SCHOOLS RECEIVES GRANTS FROM THE U.S DEPARTMENT OF EDUCATION AND THE U.S. DEPARTMENT OF AGRICULTURE.</Explanation>
      </Form990ScheduleEPartII>
    </IRS990ScheduleE>
    <IRS990ScheduleL documentId="RetDoc1042800001">
      <LoanTable>
        <NamePerson>DR JEROME PORATH</NamePerson>
        <RelationshipWithOrganization>PRESIDENT</RelationshipWithOrganization>
        <PurposeOfLoan>GENERAL</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>500000</OriginalPrincipalAmount>
        <BalanceDue>500000</BalanceDue>
        <Default>0</Default>
        <ApprovedByBoard>1</ApprovedByBoard>
        <WrittenAgreement>1</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>ROB LOVELACE</NamePerson>
        <RelationshipWithOrganization>FORMER DIRECTOR OF VALUE SHOOLS</RelationshipWithOrganization>
        <PurposeOfLoan>GENERAL</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>587438</OriginalPrincipalAmount>
        <BalanceDue>587438</BalanceDue>
        <Default>0</Default>
        <ApprovedByBoard>1</ApprovedByBoard>
        <WrittenAgreement>1</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>ROB LOVELACE</NamePerson>
        <RelationshipWithOrganization>FORMER DIRECTOR OF VALUE SHOOLS</RelationshipWithOrganization>
        <PurposeOfLoan>GENERAL</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>150000</OriginalPrincipalAmount>
        <BalanceDue>150000</BalanceDue>
        <Default>0</Default>
        <ApprovedByBoard>1</ApprovedByBoard>
        <WrittenAgreement>1</WrittenAgreement>
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      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 11</ReturnReference>
        <Explanation>THE CEO AND CFO REVIEW THE FORM 990.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 12C</ReturnReference>
        <Explanation>THE CEO MONITORS THE POLICY. OFFICERS AND DIRECTORS MUST COMPLETE THE CALIFORNIA FORM 700 - STATEMENT OF ECONOMIC INTERESTS ANNUALLY.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 15</ReturnReference>
        <Explanation>THE BOARD OF DIRECTORS APPROVE THE COMPENSATION PACKAGES FOR ALL EMPLOYEES.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. ALL BOARD OF DIRECTORS' MEETING AGENDAS AND MINUTES, ALONG WITH FINANCIAL STATEMENTS AND CORPORATE DOCUMENTS ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>FINANCIAL STATEMENTS AND REPORTING</Identifier>
        <ReturnReference>FORM 990, PART XII, LINE 2C</ReturnReference>
        <Explanation>NO CHANGES WERE MADE TO THE OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR, AS COMPARED TO THE PRIOR TAX YEAR.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
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      <Form990ScheduleRPartI>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>VSF SCHOOL FACILITIES #1 LLC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>680 WILSHIRE PLACE SUITE 315</AddressLine1>
          <City>LOS ANGELES</City>
          <State>CA</State>
          <ZIPCode>90005</ZIPCode>
        </AddressUS>
        <PrimaryActivities>SUPPORTS THE VALUE SCHOOLS FOUNDATION</PrimaryActivities>
        <LegalDomicileState>CA</LegalDomicileState>
        <TotalIncome>0</TotalIncome>
        <EOYAssets>0</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>VALUE SCHOOLS FOUNDATION</BusinessNameLine1>
        </DirectControllingEntityName>
      </Form990ScheduleRPartI>
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>VALUE SCHOOLS FOUNDATION</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>950 W WASHINGTON BLVD</AddressLine1>
          <City>LOS ANGELES</City>
          <State>CA</State>
          <ZIPCode>90015</ZIPCode>
        </AddressUS>
        <EIN>455233028</EIN>
        <PrimaryActivities>TO FACILITATE THE DEVELOPMENT OF CHARTER SCHOOLS</PrimaryActivities>
        <LegalDomicileState>CA</LegalDomicileState>
        <ExemptCodeSection>501(C)(3)</ExemptCodeSection>
        <PublicCharityStatus>LINE 7</PublicCharityStatus>
        <DirectControllingEntityNA>N/A</DirectControllingEntityNA>
        <ControlledOrg>0</ControlledOrg>
      </Form990ScheduleRPartII>
      <ReceiptOfIntAnnRentsRoyalties>0</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>0</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>0</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>1</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>0</LoansOrGuaranteesFromOtherOrg>
      <DividendsRelatedOrganization>0</DividendsRelatedOrganization>
      <SaleOfAssetsToOtherOrg>0</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>0</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>0</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>0</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>0</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>0</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>0</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>0</SharingOfFacilities>
      <SharingOfPaidEmployees>0</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>0</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>0</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>0</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>0</OtherTransferFromOtherOrg>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>VSF SCHOOL FACILITIES #1 LLC</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>D</TransactionType>
        <AmountInvolved>51414</AmountInvolved>
        <MethodOfAmtDetermination>FMV</MethodOfAmtDetermination>
      </TransactionsRelatedOrgsTable>
    </IRS990ScheduleR>
  </ReturnData>
</Return>