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        <NamePerson>YVONNE JACOBS</NamePerson>
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        <NamePerson>CHRIS JARNOT</NamePerson>
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        <NamePerson>PETER MAY</NamePerson>
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        <NamePerson>BRIAN NOLAN</NamePerson>
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        <NamePerson>ANDY ARNOLD</NamePerson>
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        <NamePerson>RON DAVIS</NamePerson>
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        <NamePerson>DON REMEY</NamePerson>
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        <NamePerson>RICHARD ROTHKOPF</NamePerson>
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        <NamePerson>STEVEN VIROSTEK</NamePerson>
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        <NamePerson>ANDREW DALY</NamePerson>
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        <NamePerson>JOHN GALVIN</NamePerson>
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        <NamePerson>MARK FENSTERMACHER</NamePerson>
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        <NamePerson>KRIS SABEL</NamePerson>
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        <NamePerson>MICHAEL IMHOF</NamePerson>
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        <NamePerson>AMY HOLZFASTER</NamePerson>
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        <NamePerson>T WENNINGER</NamePerson>
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      <InformationTechnology>
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        <ManagementAndGeneral>11624</ManagementAndGeneral>
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      <Occupancy>
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        <ProgramServices>252584</ProgramServices>
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      <Travel>
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        <ProgramServices>754722</ProgramServices>
        <ManagementAndGeneral>47004</ManagementAndGeneral>
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      <ConferencesMeetings>
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        <ManagementAndGeneral>15984</ManagementAndGeneral>
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        <ManagementAndGeneral>234080</ManagementAndGeneral>
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        <ManagementAndGeneral>624139</ManagementAndGeneral>
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      <Insurance>
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        <ManagementAndGeneral>24725</ManagementAndGeneral>
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      <OtherExpenses>
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        <Total>1279423</Total>
        <ProgramServices>1279423</ProgramServices>
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      <OtherExpenses>
        <Description>AWARDS &amp; PRIZES</Description>
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        <ProgramServices>829131</ProgramServices>
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      <OtherExpenses>
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        <ProgramServices>409376</ProgramServices>
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      <AllOtherExpenses>
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        <ProgramServices>1021253</ProgramServices>
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      <TotalFunctionalExpenses>
        <Total>20125857</Total>
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        <ManagementAndGeneral>2330683</ManagementAndGeneral>
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      <SavingsAndTempCashInvestments>
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      </AccountsReceivable>
      <InventoriesForSaleOrUse>
        <BOY>8507</BOY>
        <EOY>4630</EOY>
      </InventoriesForSaleOrUse>
      <PrepaidExpensesDeferredCharges>
        <BOY>55664</BOY>
        <EOY>94441</EOY>
      </PrepaidExpensesDeferredCharges>
      <LandBuildingsEquipmentBasis>14869300</LandBuildingsEquipmentBasis>
      <LandBldgEquipmentAccumDeprec>6575080</LandBldgEquipmentAccumDeprec>
      <LandBuildingsEquipmentBasisNet>
        <BOY>8371079</BOY>
        <EOY>8294220</EOY>
      </LandBuildingsEquipmentBasisNet>
      <InvestmentsPubTradedSecurities>
        <BOY>3873058</BOY>
        <EOY>6248908</EOY>
      </InvestmentsPubTradedSecurities>
      <InvestmentsOtherSecurities>
        <BOY>1013827</BOY>
        <EOY>8183</EOY>
      </InvestmentsOtherSecurities>
      <IntangibleAssets>
        <BOY>706526</BOY>
        <EOY>733413</EOY>
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      <OtherAssetsTotal>
        <EOY>364621</EOY>
      </OtherAssetsTotal>
      <TotalAssets>
        <BOY>19524374</BOY>
        <EOY>24056201</EOY>
      </TotalAssets>
      <AccountsPayableAccruedExpenses>
        <BOY>844937</BOY>
        <EOY>655308</EOY>
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      <DeferredRevenue>
        <BOY>1275635</BOY>
        <EOY>835248</EOY>
      </DeferredRevenue>
      <TaxExemptBondLiabilities>
        <BOY>5700000</BOY>
        <EOY>5600000</EOY>
      </TaxExemptBondLiabilities>
      <UnsecuredNotesLoansPayable>
        <EOY>989751</EOY>
      </UnsecuredNotesLoansPayable>
      <OtherLiabilities>
        <BOY>3926566</BOY>
        <EOY>2851755</EOY>
      </OtherLiabilities>
      <TotalLiabilities>
        <BOY>11747138</BOY>
        <EOY>10932062</EOY>
      </TotalLiabilities>
      <FollowSFAS117>X</FollowSFAS117>
      <UnrestrictedNetAssets>
        <BOY>957579</BOY>
        <EOY>3644441</EOY>
      </UnrestrictedNetAssets>
      <TemporarilyRestrictedNetAssets>
        <BOY>5514338</BOY>
        <EOY>8174379</EOY>
      </TemporarilyRestrictedNetAssets>
      <PermanentlyRestrictedNetAssets>
        <BOY>1305319</BOY>
        <EOY>1305319</EOY>
      </PermanentlyRestrictedNetAssets>
      <TotalNetAssetsFundBalances>
        <BOY>7777236</BOY>
        <EOY>13124139</EOY>
      </TotalNetAssetsFundBalances>
      <TotalLiabNetAssetsFundBalances>
        <BOY>19524374</BOY>
        <EOY>24056201</EOY>
      </TotalLiabNetAssetsFundBalances>
      <InfoInScheduleOPartXI>X</InfoInScheduleOPartXI>
      <ReconcilationRevenueExpenses>3521221</ReconcilationRevenueExpenses>
      <ReconcilationOtherChanges>1825682</ReconcilationOtherChanges>
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <AccountantCompileOrReview>0</AccountantCompileOrReview>
      <FSAudited>1</FSAudited>
      <AuditCommittee>1</AuditCommittee>
      <FinancialStatementConsolidated>X</FinancialStatementConsolidated>
      <FederalGrantAuditRequired>0</FederalGrantAuditRequired>
    </IRS990>
    <IRS990ScheduleA documentId="RetDoc1039100001">
      <PubliclySupportedOrg509a2>X</PubliclySupportedOrg509a2>
      <GiftsGrantsContribReceived509>
        <CurrentTaxYearMinus4Years>2286939</CurrentTaxYearMinus4Years>
        <CurrentTaxYearMinus3Years>2376632</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>2196450</CurrentTaxYearMinus2Years>
        <CurrentTaxYearMinus1Year>5627448</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>12770932</CurrentTaxYear>
        <Total>25258401</Total>
      </GiftsGrantsContribReceived509>
      <GrossReceiptsFromAdmissions>
        <CurrentTaxYearMinus4Years>10686104</CurrentTaxYearMinus4Years>
        <CurrentTaxYearMinus3Years>10278940</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>5307336</CurrentTaxYearMinus2Years>
        <CurrentTaxYearMinus1Year>15840132</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>12060836</CurrentTaxYear>
        <Total>54173348</Total>
      </GrossReceiptsFromAdmissions>
      <Total509>
        <CurrentTaxYearMinus4Years>12973043</CurrentTaxYearMinus4Years>
        <CurrentTaxYearMinus3Years>12655572</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>7503786</CurrentTaxYearMinus2Years>
        <CurrentTaxYearMinus1Year>21467580</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>24831768</CurrentTaxYear>
        <Total>79431749</Total>
      </Total509>
      <AmtsRecdFromDisqualPersons>
        <CurrentTaxYearMinus4Years>3067831</CurrentTaxYearMinus4Years>
        <CurrentTaxYearMinus3Years>2773585</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>1675380</CurrentTaxYearMinus2Years>
        <CurrentTaxYearMinus1Year>3906540</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>2119281</CurrentTaxYear>
        <Total>13542617</Total>
      </AmtsRecdFromDisqualPersons>
      <AmtsFromSubstContributors>
        <CurrentTaxYearMinus4Years>119486</CurrentTaxYearMinus4Years>
        <CurrentTaxYearMinus3Years>1690236</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>1380982</CurrentTaxYearMinus2Years>
        <CurrentTaxYearMinus1Year>4931669</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>2214566</CurrentTaxYear>
        <Total>10336939</Total>
      </AmtsFromSubstContributors>
      <SupportFromDQPsEtc>
        <CurrentTaxYearMinus4Years>3187317</CurrentTaxYearMinus4Years>
        <CurrentTaxYearMinus3Years>4463821</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>3056362</CurrentTaxYearMinus2Years>
        <CurrentTaxYearMinus1Year>8838209</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>4333847</CurrentTaxYear>
        <Total>23879556</Total>
      </SupportFromDQPsEtc>
      <PublicSupportTotal509>55552193</PublicSupportTotal509>
      <GrossInvestmentIncome509>
        <CurrentTaxYearMinus4Years>224837</CurrentTaxYearMinus4Years>
        <CurrentTaxYearMinus3Years>116644</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>70934</CurrentTaxYearMinus2Years>
        <CurrentTaxYearMinus1Year>152336</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>215895</CurrentTaxYear>
        <Total>780646</Total>
      </GrossInvestmentIncome509>
      <InvestmentIncomeAndUBTI>
        <CurrentTaxYearMinus4Years>224837</CurrentTaxYearMinus4Years>
        <CurrentTaxYearMinus3Years>116644</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>70934</CurrentTaxYearMinus2Years>
        <CurrentTaxYearMinus1Year>152336</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>215895</CurrentTaxYear>
        <Total>780646</Total>
      </InvestmentIncomeAndUBTI>
      <OtherIncome509>
        <CurrentTaxYearMinus4Years>1155109</CurrentTaxYearMinus4Years>
        <CurrentTaxYearMinus3Years>-129896</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>-56941</CurrentTaxYearMinus2Years>
        <Total>968272</Total>
      </OtherIncome509>
      <TotalSupportTotal>
        <CurrentTaxYearMinus4Years>14352989</CurrentTaxYearMinus4Years>
        <CurrentTaxYearMinus3Years>12642320</CurrentTaxYearMinus3Years>
        <CurrentTaxYearMinus2Years>7517779</CurrentTaxYearMinus2Years>
        <CurrentTaxYearMinus1Year>21619916</CurrentTaxYearMinus1Year>
        <CurrentTaxYear>25047663</CurrentTaxYear>
        <Total>81180667</Total>
      </TotalSupportTotal>
      <PublicSupportPercentage509>0.68430</PublicSupportPercentage509>
      <PriorYearSupportPercentage>0.66560</PriorYearSupportPercentage>
      <InvestmentIncomePercentage>0.00960</InvestmentIncomePercentage>
      <PriorYrInvestIncomePercentage>0.01150</PriorYrInvestIncomePercentage>
      <ThirtyThreePercntTestsCY509>X</ThirtyThreePercntTestsCY509>
      <GeneralExplanation>SCHEDULE A, PART IV, SUPPLEMENTAL INFORMATION: SCHEDULE A, PART III - IN 2010 THE ORGANIZATION FILED A SHORT YEAR RETURN FOR THE PERIOD JANUARY 1, 2010 THROUGH SEPTEMBER 30, 2010, EFFECTIVELY CHANGING THEIR ACCOUNTING PERIOD FROM A CALENDAR YEAR END TO A FISCAL YEAR ENDING SEPTEMBER 30TH. IN ORDER TO PROPERLY REFLECT THE ORGANIZATION'S PUBLIC CHARITY STATUS AND PUBLIC SUPPORT FOR THE PURPOSES OF SCHEDULE A, PART III (SUPPORT SCHEDULE FOR ORGANIZATION'S DESCRIBED IN SECTION 509(A)(2)) THE ORGANIZATION REPORTED THEIR ACTIVITY FOR CALENDAR YEARS 2008 THROUGH 2009, ACITIVITY FOR THE SHORT YEAR ENDING SEPTEMBER 30, 2010, AND ACTIVITY FOR FISCAL YEAR ENDING SEPTEMBER 30, 2011 AND FISCAL YEAR ENDING SEPTEMBER 30, 2012 FOR THE 5 YEAR PUBLIC SUPPORT COMPUTATION ON SCHEDULE A. SCHEDULE A, PART III, LINE 12 - EXPLANATION FOR OTHER INCOME: INVESTMENT INCOME ALLOCATED TO BENEFICIAL INTEREST HELD FOR RELATED PARTY, GENERAL AND ADMINISTRATIVE PROGRAM REVENUE.</GeneralExplanation>
    </IRS990ScheduleA>
    <IRS990ScheduleB documentId="RetDoc1234500001">
      <ContributorInfo>
        <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>
    </IRS990ScheduleB>
    <IRS990ScheduleD documentId="RetDoc1039900001">
      <NumberDAFsHeld>16</NumberDAFsHeld>
      <DonorAdvisedContributions>0</DonorAdvisedContributions>
      <GrantsPaidFromDonorFunds>354234</GrantsPaidFromDonorFunds>
      <AggregateDAFValue>1910551</AggregateDAFValue>
      <DisclosedOrgsLegalControl>1</DisclosedOrgsLegalControl>
      <DisclosedForCharitablePurposes>1</DisclosedForCharitablePurposes>
      <CurrentYear>
        <BeginningOfYearBalance>6819657</BeginningOfYearBalance>
        <Contributions>6783374</Contributions>
        <InvestmentEarningsOrLosses>1118240</InvestmentEarningsOrLosses>
        <GrantsOrScholarships>44726</GrantsOrScholarships>
        <OtherExpenditures>5075728</OtherExpenditures>
        <AdministrativeExpenses>12428</AdministrativeExpenses>
        <EndOfYearBalance>9588389</EndOfYearBalance>
      </CurrentYear>
      <CurrentYearMinus1Year>
        <BeginningOfYearBalance>5051156</BeginningOfYearBalance>
        <Contributions>3509929</Contributions>
        <InvestmentEarningsOrLosses>-60681</InvestmentEarningsOrLosses>
        <OtherExpenditures>1668831</OtherExpenditures>
        <AdministrativeExpenses>11916</AdministrativeExpenses>
        <EndOfYearBalance>6819657</EndOfYearBalance>
      </CurrentYearMinus1Year>
      <CurrentYearMinus2Years>
        <BeginningOfYearBalance>5013573</BeginningOfYearBalance>
        <InvestmentEarningsOrLosses>224721</InvestmentEarningsOrLosses>
        <OtherExpenditures>180000</OtherExpenditures>
        <AdministrativeExpenses>7138</AdministrativeExpenses>
        <EndOfYearBalance>5051156</EndOfYearBalance>
      </CurrentYearMinus2Years>
      <CurrentYearMinus3Years>
        <BeginningOfYearBalance>4589119</BeginningOfYearBalance>
        <Contributions>767336</Contributions>
        <InvestmentEarningsOrLosses>604610</InvestmentEarningsOrLosses>
        <OtherExpenditures>941905</OtherExpenditures>
        <AdministrativeExpenses>5587</AdministrativeExpenses>
        <EndOfYearBalance>5013573</EndOfYearBalance>
      </CurrentYearMinus3Years>
      <BoardDesignatedEOYBalance>0.86390</BoardDesignatedEOYBalance>
      <PermanentEndowmentEOYBalance>0.13610</PermanentEndowmentEOYBalance>
      <EndowmentsHeldByUnrelatedOrgs>0</EndowmentsHeldByUnrelatedOrgs>
      <EndowmentsHeldByRelatedOrgs>0</EndowmentsHeldByRelatedOrgs>
      <Buildings>
        <OtherCostOrOtherBasis>12258813</OtherCostOrOtherBasis>
        <Depreciation>4665401</Depreciation>
        <BookValue>7593412</BookValue>
      </Buildings>
      <Equipment>
        <OtherCostOrOtherBasis>1981786</OtherCostOrOtherBasis>
        <Depreciation>1695852</Depreciation>
        <BookValue>285934</BookValue>
      </Equipment>
      <OtherLandBuildings>
        <OtherCostOrOtherBasis>628701</OtherCostOrOtherBasis>
        <Depreciation>213827</Depreciation>
        <BookValue>414874</BookValue>
      </OtherLandBuildings>
      <TotalOfBookValueLandBuildings>8294220</TotalOfBookValueLandBuildings>
      <OtherLiabilities>
        <Description>FOREIGN CURRENCY HEDGE LIABILITY</Description>
        <Amount>1211546</Amount>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>INTEREST RATE SWAP LIABILITY</Description>
        <Amount>1640209</Amount>
      </OtherLiabilities>
      <TotalOfAmounts>2851755</TotalOfAmounts>
      <TotalRevenue>23647078</TotalRevenue>
      <TotalExpenses>20125857</TotalExpenses>
      <ExcessOrDeficitForYear>3521221</ExcessOrDeficitForYear>
      <NetUnrealizedGLOnInvestments>1738476</NetUnrealizedGLOnInvestments>
      <PriorPeriodAdjustments>87206</PriorPeriodAdjustments>
      <TotalAdjustments>1825682</TotalAdjustments>
      <ExcessOrDeficitPerFS>5346903</ExcessOrDeficitPerFS>
      <TotRevenueEtcAuditedFinclStmt>27622841</TotRevenueEtcAuditedFinclStmt>
      <NetUnrealizedGainsInvestments>1738476</NetUnrealizedGainsInvestments>
      <DonatedSrvcAndUseOfFacilities>2142067</DonatedSrvcAndUseOfFacilities>
      <OtherRevenues>358737</OtherRevenues>
      <RevenueNotRptdF990>4239280</RevenueNotRptdF990>
      <RevenueSubtotal>23383561</RevenueSubtotal>
      <OtherRevenuesNotIncluded>263517</OtherRevenuesNotIncluded>
      <RevenueNotRptdOnFinStmt>263517</RevenueNotRptdOnFinStmt>
      <TotalRevenuePerForm990>23647078</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>22584702</TotExpensesEtcAuditedFinclStmt>
      <DonatedServicesUseOfFacilities>2142067</DonatedServicesUseOfFacilities>
      <OtherExpensesIncluded>574553</OtherExpensesIncluded>
      <ExpensesNotRptdF990>2716620</ExpensesNotRptdF990>
      <ExpensesSubtotal>19868082</ExpensesSubtotal>
      <OtherExpensesNotIncluded>257775</OtherExpensesNotIncluded>
      <ExpensesNotRptdOnFinStmt>257775</ExpensesNotRptdOnFinStmt>
      <TotalExpensesPerForm990>20125857</TotalExpensesPerForm990>
      <Form990ScheduleDPartXIV>
        <Identifier>DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS:</Identifier>
        <ReturnReference>PART V, LINE 4:</ReturnReference>
        <Explanation>VAIL VALLEY FOUNDATION'S INTENDED USE OF THE PERMANENT ENDOWMENT FUND IS TO USE THE EARNINGS FROM THE INVESTED FUNDS FOR REPAIR AND MAINTENANCE EXPENSES ON THE FORD AMPHITHEATER. BOARD DESIGNATED ENDOWMENTS ARE USED TO FUND EDUCATIONAL/SCHOLARSHIP PROGRAMS.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48:</Identifier>
        <ReturnReference>PART X:</ReturnReference>
        <Explanation>THE FOUNDATION, VILAR CENTER AND YOUTH FOUNDATION ARE ORGANIZED AS COLORADO NONPROFIT CORPORATIONS AND HAVE BEEN RECOGNIZED BY THE INTERNAL REVENUE SERVICE (IRS) AS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE AS ORGANIZATIONS DESCRIBED IN SECTION 501(C)(3), AND QUALIFY FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER SECTION 170(B)(1)(A)(VI). IN ADDITION, THE FOUNDATION HAS BEEN DETERMINED NOT TO BE A PRIVATE FOUNDATION UNDER SECTION 509(A)(2) WHILE VILAR CENTER AND YOUTH FOUNDATION HAVE BEEN DETERMINED NOT TO BE PRIVATE FOUNDATIONS UNDER SECTION 509(A)(1). EACH ENTITY IS ANNUALLY REQUIRED TO FILE A RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) WITH THE IRS. IN ADDITION, THE ENTITIES ARE SUBJECT TO INCOME TAX ON NET INCOME THAT IS DERIVED FROM BUSINESS ACTIVITIES THAT ARE UNRELATED TO THEIR EXEMPT PURPOSES. VILAR CENTER AND YOUTH FOUNDATION HAVE DETERMINED THEY ARE NOT SUBJECT TO UNRELATED BUSINESS INCOME TAX AND HAVE NOT FILED AN EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN (FORM 990-T) WITH THE IRS. THE FOUNDATION FILES AN EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN (FORM 990-T) WITH THE IRS TO REPORT ITS UNRELATED BUSINESS TAXABLE INCOME AND ITS TAX FILINGS ARE NO LONGER SUBJECT TO EXAMINATION FOR YEARS BEFORE 2009. VVF BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN AFFECTING ITS ANNUAL FILING REQUIREMENTS, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. THE ENTITIES WOULD RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS AND LIABILITIES IN INCOME TAX EXPENSE IF SUCH INTEREST AND PENALTIES ARE INCURRED.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Explanation>PART XII, LINE 2B - OTHER ADJUSTMENTS: $85,016 - INVESTMENT INCOME REPORTED ON RELATED ENTITY'S TAX RETURN $282,264 - UNREALIZED GAIN/LOSS REPORTED ON RELATED ENTITY'S TAX RETURN ($8,543) - REALIZED GAIN/LOSS REPORTED ON RELATED ENTITY'S TAX RETURN PART XII, LINE 4B - OTHER ADJUSTMENTS: $111,550 - SPECIAL EVENT INCOME TRANSFERRED TO RELATED ORGANIZATION $151,967 - CONTRIBUTION FROM RELATED ENTITY ELIMINATED FOR CONSOLIDATION PART XIII, LINE 2B - OTHER ADJUSTMENTS: $568,128 - DEPRECIATION EXPENSE REPORTED ON RELATED ENTITY'S TAX RETURN $6,425 - EXPENSES REPORTED ON RELATED ENTITY'S TAX RETURN PART XIII - LINE 4B - OTHER ADJUSTMENTS: $257,775 - GRANT TO RELATED ORGANIZATION CONSOLIDATED FOR FINANCIAL STATEMENT REPORTING</Explanation>
      </Form990ScheduleDPartXIV>
    </IRS990ScheduleD>
    <IRS990ScheduleG documentId="RetDoc1041300001">
      <EventsInformation>
        <NameOfEvent1>BLACK DIAMOND BALL</NameOfEvent1>
        <GrossReceiptsEvent1>480526</GrossReceiptsEvent1>
        <CharitableContributionsEvent1>325976</CharitableContributionsEvent1>
        <GrossRevenueEvent1>154550</GrossRevenueEvent1>
        <RentFacilityCostsEvent1>123246</RentFacilityCostsEvent1>
        <FoodAndBeverageEvent1>47383</FoodAndBeverageEvent1>
        <EntertainmentEvent1>21318</EntertainmentEvent1>
        <OtherDirectExpensesEvent1>15877</OtherDirectExpensesEvent1>
        <NameOfEvent2>HOLD EM FOR HOPE</NameOfEvent2>
        <GrossReceiptsEvent2>71900</GrossReceiptsEvent2>
        <CharitableContributionsEvent2>71175</CharitableContributionsEvent2>
        <GrossRevenueEvent2>725</GrossRevenueEvent2>
        <RentFacilityCostsEvent2>17417</RentFacilityCostsEvent2>
        <FoodAndBeverageEvent2>25339</FoodAndBeverageEvent2>
        <EntertainmentEvent2>11655</EntertainmentEvent2>
        <OtherDirectExpensesEvent2>789</OtherDirectExpensesEvent2>
        <GrossReceiptsTotal>552426</GrossReceiptsTotal>
        <CharitableContributionsTotal>397151</CharitableContributionsTotal>
        <GrossRevenueTotalEvents>155275</GrossRevenueTotalEvents>
        <RentFacilityCostsTotalEvents>140663</RentFacilityCostsTotalEvents>
        <FoodAndBeverageTotalEvents>72722</FoodAndBeverageTotalEvents>
        <EntertainmentTotalEvents>32973</EntertainmentTotalEvents>
        <OtherDirectExpensesTotalEvents>16666</OtherDirectExpensesTotalEvents>
        <DirectExpenseSummaryEvents>263024</DirectExpenseSummaryEvents>
        <NetIncomeSummary>-107749</NetIncomeSummary>
      </EventsInformation>
    </IRS990ScheduleG>
    <IRS990ScheduleI documentId="RetDoc1041900001">
      <RecordsMaintained>1</RecordsMaintained>
      <RecipientTable>
        <RecipientNameBusiness>
          <BusinessNameLine1>BRAVO VAIL VALLEY MUSIC FESTIVAL</BusinessNameLine1>
        </RecipientNameBusiness>
        <AddressUS>
          <AddressLine1>PO BOX 2270</AddressLine1>
          <City>VAIL</City>
          <State>CO</State>
          <ZIPCode>81658</ZIPCode>
        </AddressUS>
        <EINOfRecipient>841074065</EINOfRecipient>
        <IRCSection>501(C)(3)</IRCSection>
        <AmountOfCashGrant>146000</AmountOfCashGrant>
        <PurposeOfGrant>GENERAL SUPPORT</PurposeOfGrant>
      </RecipientTable>
      <RecipientTable>
        <RecipientNameBusiness>
          <BusinessNameLine1>SKI &amp; SNOWBOARD CLUB VAIL</BusinessNameLine1>
        </RecipientNameBusiness>
        <AddressUS>
          <AddressLine1>598 VAIL VALLEY DRIVE</AddressLine1>
          <City>VAIL</City>
          <State>CO</State>
          <ZIPCode>81657</ZIPCode>
        </AddressUS>
        <EINOfRecipient>846038792</EINOfRecipient>
        <IRCSection>501(C)(3)</IRCSection>
        <AmountOfCashGrant>20000</AmountOfCashGrant>
        <PurposeOfGrant>GENERAL SUPPORT</PurposeOfGrant>
      </RecipientTable>
      <RecipientTable>
        <RecipientNameBusiness>
          <BusinessNameLine1>THE FAMILY LEARNING CENTER</BusinessNameLine1>
        </RecipientNameBusiness>
        <AddressUS>
          <AddressLine1>31626 HIGHWAY 6</AddressLine1>
          <City>EDWARDS</City>
          <State>CO</State>
          <ZIPCode>81632</ZIPCode>
        </AddressUS>
        <EINOfRecipient>841519047</EINOfRecipient>
        <IRCSection>501(C)(3)</IRCSection>
        <AmountOfCashGrant>10000</AmountOfCashGrant>
        <PurposeOfGrant>GENERAL SUPPORT</PurposeOfGrant>
      </RecipientTable>
      <RecipientTable>
        <RecipientNameBusiness>
          <BusinessNameLine1>THE YOUTH FOUNDATION</BusinessNameLine1>
        </RecipientNameBusiness>
        <AddressUS>
          <AddressLine1>PO BOX 309</AddressLine1>
          <City>VAIL</City>
          <State>CO</State>
          <ZIPCode>81658</ZIPCode>
        </AddressUS>
        <EINOfRecipient>841442909</EINOfRecipient>
        <IRCSection>501(C)(3)</IRCSection>
        <AmountOfCashGrant>257775</AmountOfCashGrant>
        <PurposeOfGrant>GENERAL SUPPORT</PurposeOfGrant>
      </RecipientTable>
      <RecipientTable>
        <RecipientNameBusiness>
          <BusinessNameLine1>THE BRIGHT FUTURE FOUNDATION</BusinessNameLine1>
        </RecipientNameBusiness>
        <AddressUS>
          <AddressLine1>PO BOX 2558</AddressLine1>
          <City>AVON</City>
          <State>CO</State>
          <ZIPCode>81620</ZIPCode>
        </AddressUS>
        <EINOfRecipient>841519047</EINOfRecipient>
        <IRCSection>501(C)(3)</IRCSection>
        <AmountOfCashGrant>6000</AmountOfCashGrant>
        <PurposeOfGrant>GENERAL SUPPORT</PurposeOfGrant>
      </RecipientTable>
      <RecipientTable>
        <RecipientNameBusiness>
          <BusinessNameLine1>COLORADO CHILDREN'S CHORALE</BusinessNameLine1>
        </RecipientNameBusiness>
        <AddressUS>
          <AddressLine1>2420 W 26TH AVE STE 350-D</AddressLine1>
          <City>DENVER</City>
          <State>CO</State>
          <ZIPCode>80211</ZIPCode>
        </AddressUS>
        <EINOfRecipient>840682417</EINOfRecipient>
        <IRCSection>501(C)(3)</IRCSection>
        <AmountOfCashGrant>8500</AmountOfCashGrant>
        <PurposeOfGrant>GENERAL SUPPORT</PurposeOfGrant>
      </RecipientTable>
      <TotalNbrOf501C3AndGovtGrants>6</TotalNbrOf501C3AndGovtGrants>
      <TotalNbrOfOtherOrganizations>0</TotalNbrOfOtherOrganizations>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>COLLEGE TUITION AND BOOKS ASSISTANCE.</TypeOfGrant>
        <NumberOfRecipients>10</NumberOfRecipients>
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        <Identifier>PROCEDURE FOR MONITORING GRANTS IN THE U.S.:</Identifier>
        <ReturnReference>PART I, LINE 2:</ReturnReference>
        <Explanation>SCHEDULE I, PART I, LINE 2: VAIL VALLEY FOUNDATION'S CHIEF FINANCIAL OFFICER PERFORMS A FOLLOW UP PHONE CALL WITH RECIPIENTS OF GRANTS. BASED ON THE EXTENSIVE RELATIONSHIPS THE FOUNDATION HOLDS WITH BUSINESSES AND THE COMMUNITY, THE FOUNDATION DEEMS TO HAVE ADEQUATELY FULFILLED THE MONITORING PROCEDURES FOR GRANTEES.</Explanation>
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        <ReturnReference>PART I, LINE 7</ReturnReference>
        <Explanation>THE ORGANIZATION'S COMPENSATION COMMITTEE ANNUALLY REVIEWS THE PERFORMANCES OF THE EXECUTIVE STAFF AND OTHER STAFF AS IDENTIFIED BY THE COMMITTEE TO DETERMINE IF ADDITIONAL COMPENSATION IN THE FORM OF BONUSES IS AVAILABLE AND WILL BE PAID. DURING FISCAL YEAR ENDING SEPTEMBER 30, 2012 THE COMPENSATION COMMITTEE AWARDED THE PRESIDENT/CEO, THE CHIEF FINANCIAL OFFICER, EXECUTIVE DIRECTOR - VPAC, AND THE VP OF SALES &amp; OPERATIONS A BONUS BASED ON REVIEW OF THEIR PERFORMANCES AND SERVICES TO THE ORGANIZATION.</Explanation>
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        <CUSIPNumber>19645RBF7</CUSIPNumber>
        <DateIssued>2007-08-08</DateIssued>
        <IssuePrice>5970000</IssuePrice>
        <DescriptionOfPurpose>REFINANCE EXISTING LOANS, RESTRUCTURE DEBT, &amp; FUND RENOVATION OF THEATER.</DescriptionOfPurpose>
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        <OnBehalfOfIssuer>0</OnBehalfOfIssuer>
        <PoolFinancing>0</PoolFinancing>
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      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION A, LINE 8B</ReturnReference>
        <Explanation>VAIL VALLEY FOUNDATION, INC. DOES NOT HAVE ANY COMMITTEES WITH THE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 11</ReturnReference>
        <Explanation>A COPY OF THE FORM 990 IS REVIEWED BY THE CHIEF FINANCIAL OFFICER AND THE CONTROLLER BEFORE FILING.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 15</ReturnReference>
        <Explanation>THE COMPENSATION COMMITTEE IS MADE UP OF BOARD MEMBERS FROM THE FOUNDATION. THIS COMMITTEE MEETS AT THE END OF THE YEAR TO DETERMINE COMPENSATION ADJUSTMENTS. PRIOR TO THE MEETING, THE CFO PROVIDES THE COMMITTEE WITH A PACKAGE SUMMARIZING COMPENSATION INFORMATION. AT THE MEETING THEY DETERMINE IF THEY WILL APPROVE ANY COMPENSATION ADJUSTMENT FOR THE CEO, OTHER OFFICERS, AND KEY EMPLOYEES FOR THE UPCOMING YEAR. THE COMPENSATION COMMITTEE ALSO COMPARES COMPENSATION LEVELS OF THE ABOVE POSITIONS TO THAT OF SIMILAR POSITIONS IN OTHER ORGANIZATIONS COMPARABLE TO VAIL VALLEY, IN ITS DETERMINATION OF COMPENSATION ADJUSTMENTS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>VAIL VALLEY FOUNDATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENT AVAILABLE TO THE PUBLIC UPON REQUEST.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990,PART VII, LINE 1A</ReturnReference>
        <Explanation>THE BOARD MEMBERS, CFO AND PRESIDENT OF VAIL VALLEY FOUNDATION ALSO SERVE ON THE BOARD OF VILAR CENTER FOR THE ARTS FOUNDATION AND THE YOUTH FOUNDATION, RELATED ORGANIZATIONS. THE BOARD MEMBERS DEVOTE, ON AVERAGE, A HALF HOUR PER WEEK TO THE RELATED ORGANIZATIONS. THE CFO AND PRESIDENT DEVOTE, ON AVERAGE, TEN HOURS PER WEEK TO VILAR CENTER FOR THE ARTS FOUNDATION AND A HALF HOUR PER WEEK TO THE YOUTH FOUNDATION.</Explanation>
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      <GeneralExplanation>
        <Identifier>CHANGES IN NET ASSETS OR FUND BALANCES:</Identifier>
        <ReturnReference>FORM 990, PART XI, LINE 5:</ReturnReference>
        <Explanation>NET UNREALIZED GAINS ON INVESTMENTS: 1,738,476. PRIOR PERIOD ADJUSTMENTS: 87,206. TOTAL TO FORM 990, PART XI, LINE 5: 1,825,682.</Explanation>
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