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        <ManagementAndGeneral>2606</ManagementAndGeneral>
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      </OtherExpenses>
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      <OtherExpenses>
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      <ReconcilationRevenueExpenses>-449537</ReconcilationRevenueExpenses>
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <AccountantCompileOrReview>false</AccountantCompileOrReview>
      <FSAudited>true</FSAudited>
      <FSAuditedBasis>
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      <AuditCommittee>true</AuditCommittee>
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        <Explanation>THE COLLEGE IS CLASSIFIED AS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501 (C)(3) OF THE INTERNAL REVENUE CODE AND, THEREFORE, IS NOT SUBJECT TO TAXES ON INCOME DERIVED FROM ITS EXEMPT ACTIVITIES. THE ORGANIZATION HAS BEEN CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A)(2). THE COLLEGE IS GENERALLY NO LONGER SUBJECT TO EXAMINATION BY INCOME TAXING AUTHORITIES FOR YEARS ENDED PRIOR TO MAY 31, 2010.</Explanation>
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      <MaintRacialCompositionRecords>true</MaintRacialCompositionRecords>
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      <MaintCopiesOfBrochuresEtc>true</MaintCopiesOfBrochuresEtc>
      <MaintCopiesOfAllSolicitations>true</MaintCopiesOfAllSolicitations>
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      <DiscriminateRaceAdmissPolicies>false</DiscriminateRaceAdmissPolicies>
      <DiscriminateRaceEmplmnFaculty>false</DiscriminateRaceEmplmnFaculty>
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      <DiscriminateRaceUseOfFclts>false</DiscriminateRaceUseOfFclts>
      <DiscriminateRaceAthleticProg>false</DiscriminateRaceAthleticProg>
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      <GovernmentFinancialAidReceived>true</GovernmentFinancialAidReceived>
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        <Explanation>STUDENTS ARE AWARDED SCHOLARSHIPS BASED ON AN EVALUATION OF NEED AND ELIGIBILITY FOR SPECIFIC AWARDS IN ACCORDANCE WITH ANY DONOR STIPULATIONS. THE FINANCIAL AID DEPARTMENT IS RESPONSIBLE FOR MAKING SCHOLARSHIP AWARDS AND FOR MONITORING ONGOING ELIGIBILITY (E.G. MAINTENANCE OF SATISFACTORY ACADEMIC PROGRESS).</Explanation>
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        <IssuePrice>7500000</IssuePrice>
        <DescriptionOfPurpose>REFINANCING</DescriptionOfPurpose>
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        <Explanation>THE AUDIT COMMITTEE REVIEWS A DRAFT OF THE FORM 990 BEFORE IT IS FILED AND NOTIFIES THE BOARD OF DIRECTORS THAT THEY HAVE REVIEWED IT AND IT IS AVAILABLE UPON REQUEST FOR ANY OTHER BOARD MEMBERS WISHING TO REVIEW.</Explanation>
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      <GeneralExplanation>
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      <LoansOrGuaranteesToOtherOrg>false</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>false</LoansOrGuaranteesFromOtherOrg>
      <DividendsRelatedOrganization>false</DividendsRelatedOrganization>
      <SaleOfAssetsToOtherOrg>false</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>false</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>false</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>false</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>false</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>false</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>false</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>false</SharingOfFacilities>
      <SharingOfPaidEmployees>false</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>false</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>false</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>false</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>false</OtherTransferFromOtherOrg>
    </IRS990ScheduleR>
  </ReturnData>
</Return>