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      <Form990ScheduleDPartXIV>
        <Identifier>Part XIII, Line 4b</Identifier>
        <ReturnReference>Part XIII, Line 4b: Other revenue amounts included on 990 but not included in F/S</ReturnReference>
        <Explanation>student aid $4435738</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>Part XIII, Line 2d</Identifier>
        <ReturnReference>Part XIII, Line 2d: Other expenses and losses per audited F/S</ReturnReference>
        <Explanation>special event expense $27721 rental expenses $304928</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>Part XII, Line 4b</Identifier>
        <ReturnReference>Part XII, Line 4b: Other revenue amounts included on 990 but not included in F/S</ReturnReference>
        <Explanation>Student Aid $4435738</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>Part XII, Line 2d</Identifier>
        <ReturnReference>Part XII, Line 2d: Other revenue amounts included in F/S but not included on form 990</ReturnReference>
        <Explanation>special events expense $27721 Loss on Interest Rate Swap $-184000 Rental expenses $304928</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>Part XI, Line 8</Identifier>
        <ReturnReference>Part XI, Line 8: Other Changes in Net Assets or Fund Balances</ReturnReference>
        <Explanation>Loss on Interest Rate SWAP $ -184000</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>Part III, Line 1a</Identifier>
        <ReturnReference>Part III, Line 1a: If organization elected under SFAS 116 to not report are, historical treasures, o</ReturnReference>
        <Explanation>The College does not capitalize collections, primarily library books and art objects, as they are held for public exhibition and education rather than financial gain. Any proceeds from the sale of collection items are used to acquire other items for the collection. The College estimates the value of the collection to be approximately $89,000 at June 30, 2011.</Explanation>
      </Form990ScheduleDPartXIV>
    </IRS990ScheduleD>
    <IRS990ScheduleE documentId="IRS990ScheduleE" softwareId="11000144" softwareVersion="2011v1.5">
      <NondiscriminatoryPolicyStmt>true</NondiscriminatoryPolicyStmt>
      <PolicyStatementInBrochuresEtc>true</PolicyStatementInBrochuresEtc>
      <PolicyPublViaBroadcastMedia>true</PolicyPublViaBroadcastMedia>
      <MaintRacialCompositionRecords>true</MaintRacialCompositionRecords>
      <MaintScholarshipsRecords>true</MaintScholarshipsRecords>
      <MaintCopiesOfBrochuresEtc>true</MaintCopiesOfBrochuresEtc>
      <MaintCopiesOfAllSolicitations>true</MaintCopiesOfAllSolicitations>
      <DiscriminateRaceStudentsRights>false</DiscriminateRaceStudentsRights>
      <DiscriminateRaceAdmissPolicies>false</DiscriminateRaceAdmissPolicies>
      <DiscriminateRaceEmplmnFaculty>false</DiscriminateRaceEmplmnFaculty>
      <DiscriminateRaceScholarships>false</DiscriminateRaceScholarships>
      <DiscriminateRaceEducPolicies>false</DiscriminateRaceEducPolicies>
      <DiscriminateRaceUseOfFclts>false</DiscriminateRaceUseOfFclts>
      <DiscriminateRaceAthleticProg>false</DiscriminateRaceAthleticProg>
      <DiscriminateRaceOtherActy>false</DiscriminateRaceOtherActy>
      <GovernmentFinancialAidReceived>true</GovernmentFinancialAidReceived>
      <GovernmentFinancialAidRevoked>false</GovernmentFinancialAidRevoked>
      <ComplianceWithRevProc7550>true</ComplianceWithRevProc7550>
      <Form990ScheduleEPartII>
        <Identifier>Schedule E, Line 3 - Racially Nondiscriminatory Policy Publicized</Identifier>
        <Explanation>The nondiscriminatory policy is listed in the Student Handbook, the College recruitment View Book, and on the College's web site.</Explanation>
      </Form990ScheduleEPartII>
      <Form990ScheduleEPartII>
        <Identifier>Schedule E, Line 6 - Explanation of Aid or Assistance from Governmental Agency</Identifier>
        <Explanation>The organization receives funds from various programs of the United States Department of Education, such as the Federal Perkins Loan Program, the Federal Work Study Program, and the Federal Pell Program. These funds allow the College to help students to finance the cost of their education.</Explanation>
      </Form990ScheduleEPartII>
    </IRS990ScheduleE>
    <IRS990ScheduleG documentId="IRS990ScheduleG" softwareId="11000144" softwareVersion="2011v1.5">
      <MailSolicitations>X</MailSolicitations>
      <EmailSolicitations>X</EmailSolicitations>
      <InPersonSolicitations>X</InPersonSolicitations>
      <SolicitationOfNonGovtGrants>X</SolicitationOfNonGovtGrants>
      <SolicitationOfGovtGrants>X</SolicitationOfGovtGrants>
      <SpecialFundraisingEvents>X</SpecialFundraisingEvents>
      <AgreementRefFundraising>false</AgreementRefFundraising>
      <EventsInformation>
        <NameOfEvent1>ART AUCTION AND HONORS GALA</NameOfEvent1>
        <GrossReceiptsEvent1>91429</GrossReceiptsEvent1>
        <GrossRevenueEvent1>91429</GrossRevenueEvent1>
        <OtherDirectExpensesEvent1>8785</OtherDirectExpensesEvent1>
        <NameOfEvent2>Art Honors</NameOfEvent2>
        <GrossReceiptsEvent2>45290</GrossReceiptsEvent2>
        <GrossRevenueEvent2>45290</GrossRevenueEvent2>
        <OtherDirectExpensesEvent2>18936</OtherDirectExpensesEvent2>
        <GrossReceiptsTotal>136719</GrossReceiptsTotal>
        <GrossRevenueTotalEvents>136719</GrossRevenueTotalEvents>
        <OtherDirectExpensesTotalEvents>27721</OtherDirectExpensesTotalEvents>
        <DirectExpenseSummaryEvents>27721</DirectExpenseSummaryEvents>
        <NetIncomeSummary>108998</NetIncomeSummary>
      </EventsInformation>
    </IRS990ScheduleG>
    <IRS990ScheduleI documentId="IRS990ScheduleI" softwareId="11000144" softwareVersion="2011v1.5">
      <RecordsMaintained>true</RecordsMaintained>
      <NoGrantMoreThan5000>X</NoGrantMoreThan5000>
      <TotalNbrOf501C3AndGovtGrants>0</TotalNbrOf501C3AndGovtGrants>
      <TotalNbrOfOtherOrganizations>0</TotalNbrOfOtherOrganizations>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>SPECIFIC ASSISTANCE -SEOG</TypeOfGrant>
        <NumberOfRecipients>156</NumberOfRecipients>
        <AmountOfCashGrant>122605</AmountOfCashGrant>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>GRANTS AND ALLOCATIONS</TypeOfGrant>
        <NumberOfRecipients>400</NumberOfRecipients>
        <AmountOfCashGrant>4313133</AmountOfCashGrant>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIV>
        <Identifier>Grantmaker's Description of How Grants are Used</Identifier>
        <Explanation>The College provides scholarships to their students. Amounts awarded are determined by the financial aid department in accordance with the College's and federal agency policies. Amounts given are credited to the students account.</Explanation>
      </Form990ScheduleIPartIV>
    </IRS990ScheduleI>
    <IRS990ScheduleJ documentId="IRS990ScheduleJ" softwareId="11000144" softwareVersion="2011v1.5">
      <CompensationSurvey>X</CompensationSurvey>
      <BoardOrCommitteeApproval>X</BoardOrCommitteeApproval>
      <SeverancePayment>false</SeverancePayment>
      <SupplementalNonqualRetirePlan>false</SupplementalNonqualRetirePlan>
      <EquityBasedCompArrangement>false</EquityBasedCompArrangement>
      <CompBasedOnRevenueOfFilingOrg>false</CompBasedOnRevenueOfFilingOrg>
      <CompBasedOnRevenueRelatedOrgs>false</CompBasedOnRevenueRelatedOrgs>
      <CompBasedNetEarningsFilingOrg>false</CompBasedNetEarningsFilingOrg>
      <CompBasedNetEarningsRelateOrgs>false</CompBasedNetEarningsRelateOrgs>
      <AnyNonFixedPayments>false</AnyNonFixedPayments>
      <InitialContractException>false</InitialContractException>
      <RebuttablePresumptionProcedure>false</RebuttablePresumptionProcedure>
      <Form990ScheduleJPartII>
        <NamePerson>Donald Tuski</NamePerson>
        <BaseCompensationFilingOrg>179712</BaseCompensationFilingOrg>
        <DeferredCompFilingOrg>8985</DeferredCompFilingOrg>
        <NontaxableBenefitsFilingOrg>3290</NontaxableBenefitsFilingOrg>
        <TotalCompensationFilingOrg>191987</TotalCompensationFilingOrg>
      </Form990ScheduleJPartII>
    </IRS990ScheduleJ>
    <IRS990ScheduleK documentId="IRS990ScheduleK.1" softwareId="11000144" softwareVersion="2011v1.5">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MHHEFA Series 2011B</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>010314384</IssuerEIN>
        <DateIssued>2011-11-02</DateIssued>
        <IssuePrice>3300000</IssuePrice>
        <DescriptionOfPurpose>Purchase Property for Dorms</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MHHEFA SERIES 2010B</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>010314384</IssuerEIN>
        <CUSIPNumber>560427HA5</CUSIPNumber>
        <DateIssued>2010-06-24</DateIssued>
        <IssuePrice>2865000</IssuePrice>
        <DescriptionOfPurpose>PURCHASE OF ACADEMIC BUILDING</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>MHHEFA Series 2006F</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>010314384</IssuerEIN>
        <CUSIPNumber>560425G20</CUSIPNumber>
        <DateIssued>2006-08-01</DateIssued>
        <IssuePrice>2285000</IssuePrice>
        <DescriptionOfPurpose>Purchase and renovation of residence hall.</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartII>
        <TotalProceeds>3300000</TotalProceeds>
        <CapitalExpenditures>3300000</CapitalExpenditures>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>true</AdvanceRefunding>
        <FinalAllocationMade>true</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartII>
        <TotalProceeds>3480695</TotalProceeds>
        <AmountInReserveFund>301756</AmountInReserveFund>
        <IssuanceCostsFromProceeds>38018</IssuanceCostsFromProceeds>
        <CapitalExpenditures>3140921</CapitalExpenditures>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>true</AdvanceRefunding>
        <FinalAllocationMade>true</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartII>
        <TotalProceeds>2358231</TotalProceeds>
        <AmountInReserveFund>152932</AmountInReserveFund>
        <IssuanceCostsFromProceeds>66743</IssuanceCostsFromProceeds>
        <CapitalExpenditures>2135000</CapitalExpenditures>
        <OtherSpentProceeds>3645</OtherSpentProceeds>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <FinalAllocationMade>true</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartIII>
        <OwningBondFinancedProperty>false</OwningBondFinancedProperty>
        <AnyLeaseArrangements>true</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>false</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>false</AnyResearchAgreements>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIII>
        <OwningBondFinancedProperty>false</OwningBondFinancedProperty>
        <AnyLeaseArrangements>true</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>false</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>false</AnyResearchAgreements>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIII>
        <OwningBondFinancedProperty>false</OwningBondFinancedProperty>
        <AnyLeaseArrangements>false</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>false</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>false</AnyResearchAgreements>
        <PostIssuanceComplianceProcdrs>true</PostIssuanceComplianceProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIV>
        <Form8038TFiled>false</Form8038TFiled>
        <VariableRateIssue>false</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>false</HedgeIdentifiedInBooksAndRecds>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>false</ExceptionToRebate>
      </Form990ScheduleKPartIV>
      <Form990ScheduleKPartIV>
        <Form8038TFiled>false</Form8038TFiled>
        <VariableRateIssue>false</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>false</HedgeIdentifiedInBooksAndRecds>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>false</ExceptionToRebate>
      </Form990ScheduleKPartIV>
      <Form990ScheduleKPartIV>
        <Form8038TFiled>false</Form8038TFiled>
        <VariableRateIssue>true</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>true</HedgeIdentifiedInBooksAndRecds>
        <NameOfHedgeProvider>
          <BusinessNameLine1>TD Bank</BusinessNameLine1>
        </NameOfHedgeProvider>
        <TermOfHedge>10.0000</TermOfHedge>
        <HedgeTerminated>false</HedgeTerminated>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>false</ExceptionToRebate>
      </Form990ScheduleKPartIV>
      <FedTaxRequirementsCompliance>X</FedTaxRequirementsCompliance>
    </IRS990ScheduleK>
    <IRS990ScheduleM documentId="IRS990ScheduleM" softwareId="11000144" softwareVersion="2011v1.5">
      <WorksOfArt>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>127</NumberOfContributions>
        <NoncashContribsRptdF990>91429</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>SALES PRICE</MethodOfDeterminingRevenues>
      </WorksOfArt>
      <SecuritiesPubliclyTraded>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>40</NumberOfContributions>
        <NoncashContribsRptdF990>311259</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>QUOTED PRICE</MethodOfDeterminingRevenues>
      </SecuritiesPubliclyTraded>
      <AnyPropertyThatMustBeHeld>false</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>true</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>false</ThirdPartiesUsed>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="IRS990ScheduleO" softwareId="11000144" softwareVersion="2011v1.5">
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 19</Identifier>
        <ReturnReference>Form 990, Part VI, Line 19: Other Organization Documents Publicly Available</ReturnReference>
        <Explanation>The College makes its governing documents and financial statements available to the public upon request.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 15b</Identifier>
        <ReturnReference>Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees</ReturnReference>
        <Explanation>The President's or CEO's compensation is determined by the Executive Committee of the Board of Trustees. They conduct a review of the President annually, review the salary survey made available by the Association of Independent Colleges of Art and Design (AICAD) as a resource in determining the level of compensation and review and update his employment contract.The President determines the compensation for the Officers of the College. He conducts an annual review of each Officer or Vice President and reviews the salary survey made available by the Association of Independent Colleges of Art and Design (AICAD) as a resource in determining levels of compensation.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 11</Identifier>
        <ReturnReference>Form 990, Part VI, Line 11: Form 990 Review Process</ReturnReference>
        <Explanation>The Board Chair, Finance Committee, and management review the 990 prior to submission. Prior to filing with the IRS, the 990 is made available to all Board of Directors.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
  </ReturnData>
</Return>