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        <ReturnReference>PART V, LINE 4:</ReturnReference>
        <Explanation>INVESTMENT RETURN OBJECTIVES, RISK PARAMETERS AND STRATEGIES: THE FOUNDATION HAS ADOPTED INVESTMENT AND SPENDING POLICIES, APPROVED BY THE BOARD OF TRUSTEES, FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT FUNDS WHILE ALSO MAINTAINING THE PURCHASING POWER OF THOSE ENDOWMENT ASSETS OF THE LONG-TERM. ACCORDINGLY, THE INVESTMENT PROCESS SEEKS TO ACHIEVE AN AFTER-COST TOTAL REAL RATE OF RETURN, INCLUDING INVESTMENT INCOME AS WELL AS CAPITAL APPRECIATION, WHICH EXCEEDS THE ANNUAL DISTRIBUTION WITH ACCEPTABLE LEVELS OF RISK. ENDOWMENT ASSETS ARE INVESTED IN A WELL DIVERSIFIED ASSET MIX, WHICH INCLUDES EQUITY AND DEBT SECURITIES, THAT IS INTENDED TO RESULT IN A CONSISTENT INFLATION-PROTECTED RATE OF RETURN THAT HAS SUFFICIENT LIQUIDITY TO MAKE AN ANNUAL DISTRIBUTION OF 5%, WHILE GROWING THE FUNDS IF POSSIBLE. THEREFORE, THE ORGANIZATION EXPECTS ITS ENDOWMENT ASSETS, OVER TIME, TO PRODUCE AN AVERAGE RATE OF RETURN OF APPROXIMATELY 8 % ANNUALLY. ACTUAL RETURNS IN ANY GIVEN YEAR MAY VARY FROM THIS AMOUNT. INVESTMENT RISK IS MEASURED IN TERMS OF THE TOTAL ENDOWMENT FUND; INVESTMENT ASSETS AND ALLOCATION BETWEEN ASSET CLASSES AND STRATEGIES ARE MANAGED TO NOT EXPOSE THE FUND TO UNACCEPTABLE LEVELS OF RISK. SPENDING POLICY: THE FOUNDATION HAS A POLICY OF APPROPRIATING FOR DISTRIBUTION EACH YEAR 5% OF ITS ENDOWMENT FUND'S AVERAGE FAIR VALUE OF THE PRIOR FIVE CALENDAR YEAR-ENDS FOR MOST OF ITS ENDOWMENTS. IN ESTABLISHING THIS POLICY, THE ORGANIZATION CONSIDERED THE LONG-TERM EXPECTED RETURN ON ITS INVESTMENT ASSETS, THE NATURE AND DURATION OF THE INDIVIDUAL ENDOWMENT FUNDS, MANY OF WHICH MUST BE MAINTAINED IN PERPETUITY BECAUSE OF DONOR-RESTRICTIONS, AND THE POSSIBLE EFFECTS OF INFLATION. THE ORGANIZATION EXPECTS THE CURRENT SPENDING POLICY TO ALLOW ITS ENDOWMENT FUNDS TO GROW AT A NOMINAL AVERAGE RATE OF 3% ANNUALLY, WHICH IS CONSISTENT WITH THE ORGANIZATION'S OBJECTIVE TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS AS WELL AS TO PROVIDE ADDITIONAL REAL GROWTH THROUGH INVESTMENT RETURN. INTENDED USE: ENOWMENT FUNDS ARE INTENDED TO BE KEPT IN PERPITUITY TO PROVIDE INCOME FOR SUPPORT OF VARIOUS ACADEMIC FUNCTIONS WITH MEMBERS CAMPUSES OF THE ASU SYSTEM.</Explanation>
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        <CompBasedOnRelatedOrgs>153919</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>0</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>29799</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>0</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>0</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>0</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>183718</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>183891</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
    </IRS990ScheduleJ>
    <IRS990ScheduleM documentId="RetDoc1042900001">
      <WorksOfArt>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>19</NumberOfContributions>
        <NoncashContribsRptdF990>647980</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FAIR MARKET VALUE</MethodOfDeterminingRevenues>
      </WorksOfArt>
      <SecuritiesPubliclyTraded>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>3</NumberOfContributions>
        <NoncashContribsRptdF990>87462</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>STOCK MARKET</MethodOfDeterminingRevenues>
      </SecuritiesPubliclyTraded>
      <OtherNonCashContributionsTable>
        <NonCashCheckbox>X</NonCashCheckbox>
        <Description>EQUIPMENT</Description>
        <NumberOfContributions>1</NumberOfContributions>
        <NoncashContribsRptdF990>460</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FAIR MARKET VALUE</MethodOfDeterminingRevenues>
      </OtherNonCashContributionsTable>
      <OtherNonCashContributionsTable>
        <NonCashCheckbox>X</NonCashCheckbox>
        <Description>SUPPLIES</Description>
        <NumberOfContributions>27</NumberOfContributions>
        <NoncashContribsRptdF990>4366</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FAIR MARKET VALUE</MethodOfDeterminingRevenues>
      </OtherNonCashContributionsTable>
      <OtherNonCashContributionsTable>
        <NonCashCheckbox>X</NonCashCheckbox>
        <Description>MUSICAL INSTRUMENTS</Description>
        <NumberOfContributions>1</NumberOfContributions>
        <NoncashContribsRptdF990>2900</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FAIR MARKET VALUE</MethodOfDeterminingRevenues>
      </OtherNonCashContributionsTable>
      <OtherNonCashContributionsTable>
        <NonCashCheckbox>X</NonCashCheckbox>
        <Description>MUSEUM EXHIBIT ITEMS</Description>
        <NumberOfContributions>11</NumberOfContributions>
        <NoncashContribsRptdF990>1100</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FAIR MARKET VALUE</MethodOfDeterminingRevenues>
      </OtherNonCashContributionsTable>
      <OtherNonCashContributionsTable>
        <NonCashCheckbox>X</NonCashCheckbox>
        <Description>LIVESTOCK</Description>
        <NumberOfContributions>6</NumberOfContributions>
        <NoncashContribsRptdF990>21998</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FAIR MARKET VALUE</MethodOfDeterminingRevenues>
      </OtherNonCashContributionsTable>
      <OtherNonCashContributionsTable>
        <NonCashCheckbox>X</NonCashCheckbox>
        <Description>FUNDRAISING ITEMS</Description>
        <NumberOfContributions>102</NumberOfContributions>
        <NoncashContribsRptdF990>32115</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FAIR MARKET VALUE</MethodOfDeterminingRevenues>
      </OtherNonCashContributionsTable>
      <AnyPropertyThatMustBeHeld>0</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>1</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>0</ThirdPartiesUsed>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 11</ReturnReference>
        <Explanation>A COPY OF THE FORM 990 WAS REVIEWED BY THE TREASURER AND AUDIT COMMITTEE OF THE EXEMPT ORGANIZATION BEFORE THE RETURN WAS FILED.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 12C</ReturnReference>
        <Explanation>AT THE FIRST BOARD MEETING FOLLOWING THE ANNUAL BOARD MEETING, AND AT THE FIRST MEETING OF EACH COMMITTEE WITH BOARD-DELEGATED POWERS FOLLOWING THE ANNUAL BOARD MEETING, AND AT SUCH OTHER TIMES AS THE BOARD OR EXECUTIVE COMMITTEE MAY DEEM APPROPRIATE, THE BOARD, OR EXECUTIVE COMMITTEE SHALL CONDUCT A REVIEW OF THE FOUNDATION'S ACTIVITIES TO ENSURE THAT THE FOUNDATION IS OPERATING IN A MANNER CONSISTENT WITH ACCOMPLISHING ITS CHARITABLE PURPOSES AND THAT ITS OPERATIONS DO NOT RESULT IN PRIVATE INUREMENT OR IMPERMISSIBLE BENEFIT TO PRIVATE INTERESTS. IN THE INSTANCE WHERE A CONFLICT OF INTEREST ARISES, THE BOARD OR EXECUTIVE COMMITTEE SHALL: (1) REQUIRE THE INTERESTED PERSON TO LEAVE THE MEETING DURING THE DISCUSSION OF, AND VOTE ON, THE TRANSACTION OR ARRANGEMENT THAT RESULTS IN THE CONFLICT OF INTEREST; PROVIDED, HOWEVER, THAT THE INTERESTED PERSON MAY MAKE A PRESENTATION AT THE MEETING PRIOR TO LEAVING; (2) APPOINT, IF IT DEEMS APPROPRIATE, A NON-INTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT; AND (3) DETERMINE, BY A MAJORITY VOTE WITHOUT THE INTERESTED PERSON VOTING, THAT THE TRANSACTION OR ARRANGEMENT IS IN THE FOUNDATION'S BEST INTERESTS AND FOR ITS OWN BENEFIT; IS FAIR AND REASONABLE TO THE FOUNDATION; AND, AFTER EXERCISING DUE DILIGENCE, DETERMINE THAT THE FOUNDATION CANNOT OBTAIN A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT WITH REASONABLE EFFORTS UNDER THE CIRCUMSTANCES. ANY INTERESTED PERSON WHO VIOLATES THIS CONFLICT OF INTEREST POLICY SHALL BE SUBJECT TO APPROPRIATE DISCIPLINE INCLUDING REMOVAL FROM OFFICE.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Explanation>THE EXECUTIVE DIRECTOR'S COMPENSATION IS NOT REVIEWED BY THE FINANCE COMMITTEE, HOWEVER THE SALARY IS DEFINED IN ACCORDANCE WITH THE STATE OF ARKANSAS' PAY SCALES.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>THE ORGANIZATION'S POLICY DOCUMENTS AND FINANCIAL STATMENTS ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ALL OTHER FUNCTIONAL EXPENSES</Identifier>
        <ReturnReference>FORM 990, PART X, LINE 24E</ReturnReference>
        <Explanation>STUDENT AWARDS: PROGRAM SERVICE EXPENSES 7,841. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 31,506. TOTAL EXPENSES 39,347. DUES &amp; MEMBERSHIPS: PROGRAM SERVICE EXPENSES 35,768. MANAGEMENT AND GENERAL EXPENSES 609. FUNDRAISING EXPENSES 1,490. TOTAL EXPENSES 37,867. PRINTING &amp; PUBLICATIONS: PROGRAM SERVICE EXPENSES 28,208. MANAGEMENT AND GENERAL EXPENSES 8,600. FUNDRAISING EXPENSES 555. TOTAL EXPENSES 37,363. SPECIAL EVENTS: PROGRAM SERVICE EXPENSES 12,190. MANAGEMENT AND GENERAL EXPENSES 845. FUNDRAISING EXPENSES 22,502. TOTAL EXPENSES 35,537. MUSIC PERFORMANCE: PROGRAM SERVICE EXPENSES 17,169. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 16,255. TOTAL EXPENSES 33,424. REPAIRS &amp; MAINTENANCE: PROGRAM SERVICE EXPENSES 5,820. MANAGEMENT AND GENERAL EXPENSES 19,752. FUNDRAISING EXPENSES 570. TOTAL EXPENSES 26,142. EMPLOYEE &amp; FACULTY AWARDS: PROGRAM SERVICE EXPENSES 21,961. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 21,961. CONTRIBUTIONS &amp; GRANTS: PROGRAM SERVICE EXPENSES 18,618. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 100. TOTAL EXPENSES 18,718. FLORIST: PROGRAM SERVICE EXPENSES 8,376. MANAGEMENT AND GENERAL EXPENSES 643. FUNDRAISING EXPENSES 2,469. TOTAL EXPENSES 11,488. POSTAGE: PROGRAM SERVICE EXPENSES 1,888. MANAGEMENT AND GENERAL EXPENSES 7,133. FUNDRAISING EXPENSES 1,203. TOTAL EXPENSES 10,224. CREDIT CARD CHARGES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 8,659. FUNDRAISING EXPENSES 30. TOTAL EXPENSES 8,689. TELEPHONE: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 3,829. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,829. DONOR ACKNOWLEDGEMENT: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 3,294. TOTAL EXPENSES 3,294. EQUIPMENT RENTAL &amp; MAINTENANCE: PROGRAM SERVICE EXPENSES 347. MANAGEMENT AND GENERAL EXPENSES 1,645. FUNDRAISING EXPENSES 928. TOTAL EXPENSES 2,920. EMERGENCY ASSISTANCE: PROGRAM SERVICE EXPENSES 2,450. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,450. TRAINING &amp; DEVELOPMENT: PROGRAM SERVICE EXPENSES 750. MANAGEMENT AND GENERAL EXPENSES 1,347. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,097. STUDENT STIPENDS: PROGRAM SERVICE EXPENSES 455. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 455. TAXES: PROGRAM SERVICE EXPENSES 129. MANAGEMENT AND GENERAL EXPENSES 76. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 205. STUDENT INTERNSHIPS: PROGRAM SERVICE EXPENSES 158. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 158. HOSPITALITY: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 38. TOTAL EXPENSES 38.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>CHANGES IN NET ASSETS OR FUND BALANCES:</Identifier>
        <ReturnReference>FORM 990, PART XI, LINE 5:</ReturnReference>
        <Explanation>NET UNREALIZED LOSSES ON INVESTMENTS: -721,937. DONATED SERVICES AND USE OF FACILITIES: 340,266. TRANSFERS TO ASU (SCHOLARSHIPS, BUDGET SUPPLEMENTS, COLLECTIBLES) -3,119,288. TRANSFERS TO THE ALUMNI ASSOCIATION -4,340. TRANSFERS TO THE RED WOLF CLUB -20,277. TOTAL TO FORM 990, PART XI, LINE 5: -3,525,576.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>PART XII, LINE 2C:</ReturnReference>
        <Explanation>THE REVIEW PROCESS HAS NOT CHANGED FROM THE PREVIOUS YEAR.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
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      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>ARKANSAS STATE UNIVERSITY - JONESBORO</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>2105 EAST AGGIE</AddressLine1>
          <City>JONESBORO</City>
          <State>AR</State>
          <ZIPCode>72401</ZIPCode>
        </AddressUS>
        <EIN>716000556</EIN>
        <PrimaryActivities>EDUCATIONAL INSTITUTION</PrimaryActivities>
        <LegalDomicileState>AR</LegalDomicileState>
        <ExemptCodeSection>115(A)</ExemptCodeSection>
        <ControlledOrg>0</ControlledOrg>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>ARKANSAS STATE UNIVERSITY - BEEBE</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>1000 IOWA ST</AddressLine1>
          <City>BEEBE</City>
          <State>AR</State>
          <ZIPCode>72012</ZIPCode>
        </AddressUS>
        <EIN>710421333</EIN>
        <PrimaryActivities>EDUCATIONAL INSTITUTION</PrimaryActivities>
        <LegalDomicileState>AR</LegalDomicileState>
        <ExemptCodeSection>115(A)</ExemptCodeSection>
        <ControlledOrg>0</ControlledOrg>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>ARKANSAS STATE UNIVERSITY - MOUNTAIN HOME</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>1600 SOUTH COLLEGE</AddressLine1>
          <City>MOUNTAIN HOME</City>
          <State>AR</State>
          <ZIPCode>72653</ZIPCode>
        </AddressUS>
        <EIN>621687591</EIN>
        <PrimaryActivities>EDUCATIONAL INSTITUTION</PrimaryActivities>
        <LegalDomicileState>AR</LegalDomicileState>
        <ExemptCodeSection>115(A)</ExemptCodeSection>
        <ControlledOrg>0</ControlledOrg>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>ARKANSAS STATE UNIVERSITY - NEWPORT</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>7648 VICTORY BLVD</AddressLine1>
          <City>NEWPORT</City>
          <State>AR</State>
          <ZIPCode>72112</ZIPCode>
        </AddressUS>
        <EIN>710855933</EIN>
        <PrimaryActivities>EDUCATIONAL INSTITUTION</PrimaryActivities>
        <LegalDomicileState>AR</LegalDomicileState>
        <ExemptCodeSection>115(A)</ExemptCodeSection>
        <ControlledOrg>0</ControlledOrg>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>ARKANSAS STATE UNIVERSITY ALUMNI ASSOCIATION INC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>2600 ALUMNI BLVD</AddressLine1>
          <City>JONESBORO</City>
          <State>AR</State>
          <ZIPCode>72401</ZIPCode>
        </AddressUS>
        <EIN>581723646</EIN>
        <PrimaryActivities>SOCIAL ALUMNI ENTITY FOR THE SUPPORT OF ARKANSAS STATE UNIVERSITY</PrimaryActivities>
        <LegalDomicileState>AR</LegalDomicileState>
        <ExemptCodeSection>501(C)(7)</ExemptCodeSection>
        <ControlledOrg>0</ControlledOrg>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>ARKANSAS STATE UNIVERSITY RED WOLF CLUB INC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>1000 OLYMPIC DRIVE</AddressLine1>
          <City>JONESBORO</City>
          <State>AR</State>
          <ZIPCode>72401</ZIPCode>
        </AddressUS>
        <EIN>710526367</EIN>
        <PrimaryActivities>ACADEMIC BOOSTER ACTIVITIES</PrimaryActivities>
        <LegalDomicileState>AR</LegalDomicileState>
        <ExemptCodeSection>501(C)(3)</ExemptCodeSection>
        <ControlledOrg>0</ControlledOrg>
      </Form990ScheduleRPartII>
      <ReceiptOfIntAnnRentsRoyalties>0</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>1</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>0</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>0</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>0</LoansOrGuaranteesFromOtherOrg>
      <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>ARKANSAS STATE UNIVERSITY-JONESBORO</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>B</TransactionType>
        <AmountInvolved>1985041</AmountInvolved>
        <MethodOfAmtDetermination>CASH</MethodOfAmtDetermination>
      </TransactionsRelatedOrgsTable>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>ARKANSAS STATE UNIVERSITY-BEEBE</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>B</TransactionType>
        <AmountInvolved>53459</AmountInvolved>
        <MethodOfAmtDetermination>CASH</MethodOfAmtDetermination>
      </TransactionsRelatedOrgsTable>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>ARKANSAS STATE UNIVERSITY-MOUNTAIN HOME</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>B</TransactionType>
        <AmountInvolved>939791</AmountInvolved>
        <MethodOfAmtDetermination>CASH</MethodOfAmtDetermination>
      </TransactionsRelatedOrgsTable>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>ARKANSAS STATE UNIVERSITY-NEWPORT</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>B</TransactionType>
        <AmountInvolved>140998</AmountInvolved>
        <MethodOfAmtDetermination>CASH</MethodOfAmtDetermination>
      </TransactionsRelatedOrgsTable>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>ARKANSAS STATE UNIVERSITY ALUMNI ASSOCIATION INC</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>B</TransactionType>
        <AmountInvolved>4340</AmountInvolved>
        <MethodOfAmtDetermination>CASH</MethodOfAmtDetermination>
      </TransactionsRelatedOrgsTable>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>ARKANSAS STATE UNIVERSITY RED WOLF CLUB INC</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>B</TransactionType>
        <AmountInvolved>20277</AmountInvolved>
        <MethodOfAmtDetermination>CASH</MethodOfAmtDetermination>
      </TransactionsRelatedOrgsTable>
    </IRS990ScheduleR>
  </ReturnData>
</Return>