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        <EndOfYearBalance>62464700</EndOfYearBalance>
      </CurrentYear>
      <CurrentYearMinus1Year>
        <BeginningOfYearBalance>60605068</BeginningOfYearBalance>
        <Contributions>740109</Contributions>
        <InvestmentEarningsOrLosses>11292439</InvestmentEarningsOrLosses>
        <GrantsOrScholarships>1474618</GrantsOrScholarships>
        <OtherExpenditures>6128960</OtherExpenditures>
        <AdministrativeExpenses>180732</AdministrativeExpenses>
        <EndOfYearBalance>64853306</EndOfYearBalance>
      </CurrentYearMinus1Year>
      <CurrentYearMinus2Years>
        <BeginningOfYearBalance>35257924</BeginningOfYearBalance>
        <Contributions>1690149</Contributions>
        <InvestmentEarningsOrLosses>28479383</InvestmentEarningsOrLosses>
        <GrantsOrScholarships>265055</GrantsOrScholarships>
        <OtherExpenditures>4391840</OtherExpenditures>
        <AdministrativeExpenses>165493</AdministrativeExpenses>
        <EndOfYearBalance>60605068</EndOfYearBalance>
      </CurrentYearMinus2Years>
      <CurrentYearMinus3Years>
        <BeginningOfYearBalance>50390021</BeginningOfYearBalance>
        <Contributions>459712</Contributions>
        <InvestmentEarningsOrLosses>-9003655</InvestmentEarningsOrLosses>
        <GrantsOrScholarships>1077748</GrantsOrScholarships>
        <OtherExpenditures>5293554</OtherExpenditures>
        <AdministrativeExpenses>216852</AdministrativeExpenses>
        <EndOfYearBalance>35257924</EndOfYearBalance>
      </CurrentYearMinus3Years>
      <BoardDesignatedEOYBalance>0.02000</BoardDesignatedEOYBalance>
      <PermanentEndowmentEOYBalance>0.80000</PermanentEndowmentEOYBalance>
      <TermEndowmentEOYBalance>0.18000</TermEndowmentEOYBalance>
      <EndowmentsHeldByUnrelatedOrgs>1</EndowmentsHeldByUnrelatedOrgs>
      <EndowmentsHeldByRelatedOrgs>0</EndowmentsHeldByRelatedOrgs>
      <Land>
        <OtherCostOrOtherBasis>116727</OtherCostOrOtherBasis>
        <BookValue>116727</BookValue>
      </Land>
      <Buildings>
        <OtherCostOrOtherBasis>90102470</OtherCostOrOtherBasis>
        <Depreciation>37122458</Depreciation>
        <BookValue>52980012</BookValue>
      </Buildings>
      <LeaseholdImprovements>
        <OtherCostOrOtherBasis>2144582</OtherCostOrOtherBasis>
        <Depreciation>1228196</Depreciation>
        <BookValue>916386</BookValue>
      </LeaseholdImprovements>
      <Equipment>
        <OtherCostOrOtherBasis>12257496</OtherCostOrOtherBasis>
        <Depreciation>9700777</Depreciation>
        <BookValue>2556719</BookValue>
      </Equipment>
      <OtherLandBuildings>
        <OtherCostOrOtherBasis>2582795</OtherCostOrOtherBasis>
        <BookValue>2582795</BookValue>
      </OtherLandBuildings>
      <TotalOfBookValueLandBuildings>59152639</TotalOfBookValueLandBuildings>
      <OtherSecurities>
        <Description>PRIVATE EQUITY</Description>
        <BookValue>1104273</BookValue>
        <MethodOfValuation>F</MethodOfValuation>
      </OtherSecurities>
      <OtherSecurities>
        <Description>REAL ESTATE</Description>
        <BookValue>23403768</BookValue>
        <MethodOfValuation>F</MethodOfValuation>
      </OtherSecurities>
      <OtherSecurities>
        <Description>INVESTMENT IN CONSOLIDATED ENTITY - COLLEGEHILL INVESTMENTS</Description>
        <BookValue>29418</BookValue>
        <MethodOfValuation>C</MethodOfValuation>
      </OtherSecurities>
      <OtherSecurities>
        <Description>RESTRICTED INVESTMENTS HELD BY BOND TRUSTEE</Description>
        <BookValue>1241461</BookValue>
        <MethodOfValuation>F</MethodOfValuation>
      </OtherSecurities>
      <OtherSecurities>
        <Description>INTEREST IN INVESTMENTS HELD BY OTHER</Description>
        <BookValue>4135582</BookValue>
        <MethodOfValuation>F</MethodOfValuation>
      </OtherSecurities>
      <OtherSecurities>
        <Description>BENEFICIAL INTEREST IN PERPETUAL TRUST</Description>
        <BookValue>1043427</BookValue>
        <MethodOfValuation>F</MethodOfValuation>
      </OtherSecurities>
      <OtherSecurities>
        <Description>OTHER</Description>
        <BookValue>973749</BookValue>
        <MethodOfValuation>F</MethodOfValuation>
      </OtherSecurities>
      <TotalOfBookValueSecurities>31931678</TotalOfBookValueSecurities>
      <OtherLiabilities>
        <Description>DEPOSITS</Description>
        <Amount>347569</Amount>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>ASSET RETIREMENT OBLIGATION</Description>
        <Amount>850877</Amount>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>PV OF ANNUITIES PAYABLE</Description>
        <Amount>2456729</Amount>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>REFUNDABLE LOAN PROGRAM</Description>
        <Amount>3328129</Amount>
      </OtherLiabilities>
      <TotalOfAmounts>6983304</TotalOfAmounts>
      <TotalRevenue>55301184</TotalRevenue>
      <TotalExpenses>47460917</TotalExpenses>
      <ExcessOrDeficitForYear>7840267</ExcessOrDeficitForYear>
      <NetUnrealizedGLOnInvestments>-2034207</NetUnrealizedGLOnInvestments>
      <OtherAmount>-269901</OtherAmount>
      <TotalAdjustments>-2304108</TotalAdjustments>
      <ExcessOrDeficitPerFS>5536159</ExcessOrDeficitPerFS>
      <TotRevenueEtcAuditedFinclStmt>35876635</TotRevenueEtcAuditedFinclStmt>
      <OtherRevenues>-1662244</OtherRevenues>
      <RevenueNotRptdF990>-1662244</RevenueNotRptdF990>
      <RevenueSubtotal>37538879</RevenueSubtotal>
      <OtherRevenuesNotIncluded>17762305</OtherRevenuesNotIncluded>
      <RevenueNotRptdOnFinStmt>17762305</RevenueNotRptdOnFinStmt>
      <TotalRevenuePerForm990>55301184</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>30340476</TotExpensesEtcAuditedFinclStmt>
      <OtherExpensesIncluded>691581</OtherExpensesIncluded>
      <ExpensesNotRptdF990>691581</ExpensesNotRptdF990>
      <ExpensesSubtotal>29648895</ExpensesSubtotal>
      <OtherExpensesNotIncluded>17812022</OtherExpensesNotIncluded>
      <ExpensesNotRptdOnFinStmt>17812022</ExpensesNotRptdOnFinStmt>
      <TotalExpensesPerForm990>47460917</TotalExpensesPerForm990>
      <Form990ScheduleDPartXIV>
        <Identifier>DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS:</Identifier>
        <ReturnReference>PART V, LINE 4:</ReturnReference>
        <Explanation>ENDOWMENT FUNDS ARE INTENDED TO SUPPORT THE OPERATIONS OF VARIOUS ACADEMIC PROGRAMS, PROVIDE SCHOLARSHIPS, SUPPORT AUXILIARY PROGRAMS, TO MAINTAIN CAMPUS FACILITIES, AND TO SUPPORT THE GENERAL OPERATIONS OF THE COLLEGE.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48:</Identifier>
        <ReturnReference>PART X:</ReturnReference>
        <Explanation>WILLIAM JEWELL COLLEGE IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND A SIMILAR PROVISION OF STATE LAW. HOWEVER, WILLIAM JEWELL COLLEGE IS SUBJECT TO FEDERAL INCOME TAX ON UNRELATED BUSINESS TAXABLE INCOME, WHICH INCLUDES COLLEGE HILL INVESTMENTS, INC. THE COLLEGE IS RECOGNIZED AS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE COLLEGE MAY BE SUBJECT TO FEDERAL AND STATE INCOME TAXES ON ANY NET INCOME FROM UNRELATED BUSINESS ACTIVITIES. THE COLLEGE FILES A FORM 990 (RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX) ANNUALLY AND UNRELATED BUSINESS INCOME (UBI) IS REPORTED ON FORM 990-T AS APPROPRIATE. MANAGEMENT HAS EVALUATED THEIR MATERIAL TAX POSITIONS, WHICH INCLUDE SUCH MATTERS AS TAX EXEMPT STATUS OF EACH ENTITY AND VARIOUS POSITIONS RELATIVE TO POTENTIAL SOURCES OF UBI. AS OF JUNE 30, 2012 AND 2011, THERE WERE NO UNCERTAIN TAX BENEFITS IDENTIFIED AND RECORDED AS A LIABILITY. FORMS 990 AND 990-T FILED BY THE COLLEGE ARE NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR FISCAL YEARS ENDED JUNE 30, 2008 AND PRIOR.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>PART XI, LINE 8 - OTHER ADJUSTMENTS:</Identifier>
        <Explanation>PRESENT VALUE ADJUSTMENT TO ANNUITY OBLIGATION -68,183. LOSS ON ACTUARIAL CHANGE IN POSTRETIREMENT BENEFITS -156,892. CURRENT YEAR NET LOSS OF CONSOLIDATED ENTITY - COLLEGEHILL INVESTMENTS -44,826. TOTAL TO SCHEDULE D, PART XI, LINE 8: -269,901.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>PART XII, LINE 2D - OTHER ADJUSTMENTS:</Identifier>
        <Explanation>REVENUE OF CONSOLIDATED ENTITY - COLLEGEHILL INVESTMENTS 597,038. PRESENT VALUE ADJUSTMENT TO ANNUITY OBLIGATION -68,183. LOSS ON ACTUARIAL CHANGE IN POST RETIREMENT BENEFITS -156,892. NET UNREALIZED LOSSES ON INVESTMENTS -2,034,207.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>PART XII, LINE 4B - OTHER ADJUSTMENTS:</Identifier>
        <Explanation>FUNDRAISING EVENT EXPENSE -49,717. COLLEGE AND FEDERAL FUNDED AID 17,812,022.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>PART XIII, LINE 2D - OTHER ADJUSTMENTS:</Identifier>
        <Explanation>EXPENSES OF CONSOLIDATED ENTITY - COLLEGEHILL INVESTMENTS 641,864. FUNDRAISING EVENT EXPENSE 49,717.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>PART XIII, LINE 4B - OTHER ADJUSTMENTS:</Identifier>
        <Explanation>COLLEGE AND FEDERAL FUNDED AID 17,812,022.</Explanation>
      </Form990ScheduleDPartXIV>
    </IRS990ScheduleD>
    <IRS990ScheduleE documentId="RetDoc1040400001">
      <NondiscriminatoryPolicyStmt>1</NondiscriminatoryPolicyStmt>
      <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 COLLEGE'S NON-DISCRIMINATORY POLICY IS PROMINENT IN THE COURSE CATALOG, THE PRIMARY MARKETING BROCHURE THAT IS SENT TO PROSPECTIVE STUDENTS, THE COLLEGE'S WEBSITE AND THE COLLEGE'S APPLICATION FOR ADMISSION.</Explanation>
      </Form990ScheduleEPartII>
      <Form990ScheduleEPartII>
        <Identifier>EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE</Identifier>
        <ReturnReference>SCHEDULE E, PART I, LINE 6</ReturnReference>
        <Explanation>THE COLLEGE RECEIVES FINANCIAL SUPPORT FROM THE FEDERAL GOVERNMENT IN A VARIETY OF WAYS, INCLUDING FINANCIAL AID TO STUDENTS IN REVOLVING LOAN FUNDS AND GRANT SUPPORT FOR TEACHING AND RESEARCH PROJECTS. INFORMATION WITH REGARD TO THESE PROGRAMS IS REPORTED TO THE FUNDING AGENCY AS REQUESTED AND IS COVERED UNDER THE SCOPE OF THE SINGLE AUDIT.</Explanation>
      </Form990ScheduleEPartII>
    </IRS990ScheduleE>
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        <Region>EUROPE (INCLUDING ICELAND &amp; GREENLAND)</Region>
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        <NumberOfEmployees>0</NumberOfEmployees>
        <TypeOfActivitiesConducted>PROGRAM SERVICES</TypeOfActivitiesConducted>
        <SpecificServicesProvided>STUDY ABROAD PROGRAMS</SpecificServicesProvided>
        <TotalExpenditures>827633</TotalExpenditures>
      </AcctsActvsOutUSTable>
      <SubtotalNumberOfOffices>0</SubtotalNumberOfOffices>
      <SubtotalNumberOfEmployees>0</SubtotalNumberOfEmployees>
      <ContNumberOfOffices>0</ContNumberOfOffices>
      <ContNumberOfEmployees>0</ContNumberOfEmployees>
      <TotalNumberOfOffices>0</TotalNumberOfOffices>
      <TotalNumberOfEmployees>0</TotalNumberOfEmployees>
      <SubtotalAmountSpent>827633</SubtotalAmountSpent>
      <ContAmountSpent>0</ContAmountSpent>
      <TotalAmountSpent>827633</TotalAmountSpent>
      <TransferToForeignCorp>0</TransferToForeignCorp>
      <InterestInForeignTrust>0</InterestInForeignTrust>
      <OwnForeignCorp>0</OwnForeignCorp>
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      <ForeignPartnership>0</ForeignPartnership>
      <BoycottCountries>0</BoycottCountries>
    </IRS990ScheduleF>
    <IRS990ScheduleG documentId="RetDoc1041300001">
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        <NameOfEvent1>GOLF TOURNEY</NameOfEvent1>
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        <CharitableContributionsEvent1>15050</CharitableContributionsEvent1>
        <GrossRevenueEvent1>14945</GrossRevenueEvent1>
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        <NonCashPrizesEvent1>4400</NonCashPrizesEvent1>
        <RentFacilityCostsEvent1>3425</RentFacilityCostsEvent1>
        <FoodAndBeverageEvent1>3945</FoodAndBeverageEvent1>
        <OtherDirectExpensesEvent1>1693</OtherDirectExpensesEvent1>
        <NameOfEvent2>HARRIMAN - JEWELL GALA</NameOfEvent2>
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        <CharitableContributionsEvent2>85165</CharitableContributionsEvent2>
        <GrossRevenueEvent2>62055</GrossRevenueEvent2>
        <RentFacilityCostsEvent2>2715</RentFacilityCostsEvent2>
        <FoodAndBeverageEvent2>21918</FoodAndBeverageEvent2>
        <EntertainmentEvent2>5000</EntertainmentEvent2>
        <OtherDirectExpensesEvent2>5821</OtherDirectExpensesEvent2>
        <GrossReceiptsTotal>177215</GrossReceiptsTotal>
        <CharitableContributionsTotal>100215</CharitableContributionsTotal>
        <GrossRevenueTotalEvents>77000</GrossRevenueTotalEvents>
        <CashPrizesTotalEvents>800</CashPrizesTotalEvents>
        <NonCashPrizesTotalEvents>4400</NonCashPrizesTotalEvents>
        <RentFacilityCostsTotalEvents>6140</RentFacilityCostsTotalEvents>
        <FoodAndBeverageTotalEvents>25863</FoodAndBeverageTotalEvents>
        <EntertainmentTotalEvents>5000</EntertainmentTotalEvents>
        <OtherDirectExpensesTotalEvents>7514</OtherDirectExpensesTotalEvents>
        <DirectExpenseSummaryEvents>49717</DirectExpenseSummaryEvents>
        <NetIncomeSummary>27283</NetIncomeSummary>
      </EventsInformation>
    </IRS990ScheduleG>
    <IRS990ScheduleI documentId="RetDoc1041900001">
      <RecordsMaintained>1</RecordsMaintained>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>SCHOLARSHIPS</TypeOfGrant>
        <NumberOfRecipients>1004</NumberOfRecipients>
        <AmountOfCashGrant>17812022</AmountOfCashGrant>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIV>
        <Identifier>PROCEDURE FOR MONITORING GRANTS IN THE U.S.:</Identifier>
        <ReturnReference>PART I, LINE 2:</ReturnReference>
        <Explanation>SCHEDULE I, PART I, LINE 2: THE SCHOLARSHIPS/FINANCIAL AID AWARDED TO STUDENTS IS APPLIED AGAINST THEIR TUITION ACCOUNTS.</Explanation>
      </Form990ScheduleIPartIV>
    </IRS990ScheduleI>
    <IRS990ScheduleJ documentId="RetDoc1042400001">
      <TravelForCompanions>X</TravelForCompanions>
      <HousingAllowanceOrResidence>X</HousingAllowanceOrResidence>
      <ClubDuesOrFees>X</ClubDuesOrFees>
      <PersonalServices>X</PersonalServices>
      <WrittenPolicyReTAndEExpenses>1</WrittenPolicyReTAndEExpenses>
      <SubstantiationRequired>1</SubstantiationRequired>
      <CompensationCommittee>X</CompensationCommittee>
      <Form990OfOtherOrganizations>X</Form990OfOtherOrganizations>
      <WrittenEmploymentContract>X</WrittenEmploymentContract>
      <CompensationSurvey>X</CompensationSurvey>
      <BoardOrCommitteeApproval>X</BoardOrCommitteeApproval>
      <SeverancePayment>0</SeverancePayment>
      <SupplementalNonqualRetirePlan>1</SupplementalNonqualRetirePlan>
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      <CompBasedOnRevenueOfFilingOrg>0</CompBasedOnRevenueOfFilingOrg>
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      <CompBasedNetEarningsFilingOrg>0</CompBasedNetEarningsFilingOrg>
      <CompBasedNetEarningsRelateOrgs>0</CompBasedNetEarningsRelateOrgs>
      <AnyNonFixedPayments>0</AnyNonFixedPayments>
      <InitialContractException>0</InitialContractException>
      <Form990ScheduleJPartII>
        <NamePerson>DR ANNE DEMA</NamePerson>
        <BaseCompensationFilingOrg>130900</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>30</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>8460</DeferredCompFilingOrg>
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        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
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        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>DR CHAD JOLLY</NamePerson>
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        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>11</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>8107</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>14766</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>153122</TotalCompensationFilingOrg>
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        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>DR DAVID SALLEE</NamePerson>
        <BaseCompensationFilingOrg>289326</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>139</OtherCompensationFilingOrg>
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        <TotalCompensationFilingOrg>330953</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartIII>
        <ReturnReference>PART I, LINE 1A</ReturnReference>
        <Explanation>HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE DAVID L SALLEE, PRESIDENT OF WILLIAM JEWELL COLLEGE, IS REQUIRED TO LIVE IN THE PRESIDENT'S HOUSE ON CAMPUS. THE COST TO THE COLLEGE OF PROVIDING AND MAINTAINING THE HOUSE IS NOT INCLUDED IN HIS W-2 BECAUSE IT QUALIFIES AS A NONTAXABLE BENEFIT. HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES THE COLLEGE PAYS THE CLUB DUES FOR THE PRESDIENT, DAVID L SALLEE, TO USE FOR BUSINESS MEETINGS WITH DONORS. THE AMOUNT OF THE CLUB DUES IS NOT INCLUDED ON HIS W-2 BECAUSE THE DUES ARE 100% BUSINESS USE. PERSONAL SERVICES THE COLLEGE PAYS FOR A HOUSEKEEPER FOR THE HOUSE THE PRESIDENT RESIDES AT.</Explanation>
      </Form990ScheduleJPartIII>
      <Form990ScheduleJPartIII>
        <ReturnReference>PART I, LINE 4B</ReturnReference>
        <Explanation>DAVID SALLEE $16,500</Explanation>
      </Form990ScheduleJPartIII>
    </IRS990ScheduleJ>
    <IRS990ScheduleK documentId="RetDoc1053100001">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>HEALTH &amp; EDUCATIONAL FACILITIES AUTHORITY OF MISSOURI</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>431178966</IssuerEIN>
        <CUSIPNumber>000606901</CUSIPNumber>
        <DateIssued>2005-09-01</DateIssued>
        <IssuePrice>17880000</IssuePrice>
        <DescriptionOfPurpose>REFUND/CAPITAL PROJECTS</DescriptionOfPurpose>
        <Defeased>0</Defeased>
        <OnBehalfOfIssuer>0</OnBehalfOfIssuer>
        <PoolFinancing>0</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartII>
        <AmountRetired>3380000</AmountRetired>
        <TotalProceeds>17880000</TotalProceeds>
        <AmountInReserveFund>1241461</AmountInReserveFund>
        <RefundingEscrow>10877712</RefundingEscrow>
        <IssuanceCostsFromProceeds>731863</IssuanceCostsFromProceeds>
        <CapitalExpenditures>5028964</CapitalExpenditures>
        <YearOfSubstCompletion>2006</YearOfSubstCompletion>
        <CurrentRefunding>1</CurrentRefunding>
        <AdvanceRefunding>1</AdvanceRefunding>
        <FinalAllocationMade>1</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>1</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartIII>
        <OwningBondFinancedProperty>0</OwningBondFinancedProperty>
        <AnyLeaseArrangements>0</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>0</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>0</AnyResearchAgreements>
        <PrcntgePrvtBusinessUseByOthers>0.00000</PrcntgePrvtBusinessUseByOthers>
        <PercentageOfPrvtBusinessReUBI>0.00000</PercentageOfPrvtBusinessReUBI>
        <TotalPrivateBusinessUse>0.00000</TotalPrivateBusinessUse>
        <PostIssuanceComplianceProcdrs>1</PostIssuanceComplianceProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIV>
        <Form8038TFiled>0</Form8038TFiled>
        <VariableRateIssue>0</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>0</HedgeIdentifiedInBooksAndRecds>
        <GrossProceedsInvestedInGIC>1</GrossProceedsInvestedInGIC>
        <NameOfGICProvider>
          <BusinessNameLine1>MBIA</BusinessNameLine1>
        </NameOfGICProvider>
        <TermOfGIC>30.000000000000</TermOfGIC>
        <RegulatorySafeHarborSatisfied>1</RegulatorySafeHarborSatisfied>
        <GrossProceedsInvested>1</GrossProceedsInvested>
        <ExceptionToRebate>0</ExceptionToRebate>
      </Form990ScheduleKPartIV>
      <FedTaxRequirementsCompliance>X</FedTaxRequirementsCompliance>
    </IRS990ScheduleK>
    <IRS990ScheduleM documentId="RetDoc1042900001">
      <SecuritiesPubliclyTraded>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>22</NumberOfContributions>
        <NoncashContribsRptdF990>426921</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>AVG HIGH/LOW PRICE</MethodOfDeterminingRevenues>
      </SecuritiesPubliclyTraded>
      <RealEstateResidential>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>1</NumberOfContributions>
        <NoncashContribsRptdF990>30000</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FMV</MethodOfDeterminingRevenues>
      </RealEstateResidential>
      <OtherNonCashContributionsTable>
        <NonCashCheckbox>X</NonCashCheckbox>
        <Description>GIFT-IN-KIND</Description>
        <NumberOfContributions>7</NumberOfContributions>
        <NoncashContribsRptdF990>113039</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FMV</MethodOfDeterminingRevenues>
      </OtherNonCashContributionsTable>
      <AnyPropertyThatMustBeHeld>0</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>1</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>0</ThirdPartiesUsed>
      <Form990ScheduleMPartII>
        <Identifier>METHOD FOR DETERMINING NUMBER OF CONTRIBUTORS:</Identifier>
        <ReturnReference>PART I, COLUMN (B):</ReturnReference>
        <Explanation>SCHEDULE M IS REPORTED USING THE NUMBER OF CONTRIBUTORS.</Explanation>
      </Form990ScheduleMPartII>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 11</ReturnReference>
        <Explanation>AN INDEPENDENT ACCOUNTING FIRM COMPILES AND REVIEWS THE FORM 990. THE FORM 990 IS REVIEWED BY THE COLLEGE'S FINANCIAL OFFICER, ACCOUNTING PERSONNEL, AND CERTAIN MEMBERS OF THE PRESIDENT'S CABINET AND QUESTIONS ARE FOLLOWED-UP ON AND RESOLVED. THE FINAL DRAFT OF THE 990 IS REVIEWED BY THE AUDIT COMMITTEE WITH A REPRESENTATIVE OF THE INDEPENDENT ACCOUNTING FIRM. A COPY OF THE FORM 990, NORMALLY IN ELECTRONIC FORM, IS PROVIDED TO THE ENTIRE BOARD OF TRUSTEES AND CERTAIN MEMBERS OF THE PRESIDENT'S CABINET FOR THEIR REVIEW PRIOR TO THE FIRST FULL BOARD MEETING OF THE CALENDAR YEAR OR AT A SPECIAL MEETING OF THE BOARD CALLED THEREAFTER. THE AUDIT COMMITTEE RECOMMENDS THE FORM 990 TO THE FULL BOARD FOR APPROVAL. FURTHER, A FINAL COPY OF THE FORM 990 IS PROVIDED TO EACH MEMBER OF THE BOARD OF TRUSTEES BEFORE IT IS FILED.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 12C</ReturnReference>
        <Explanation>THE COLLEGE HAS A PUBLISHED CONFLICT OF INTEREST POLICY THAT STATES IN PART: BY DEFINITION, A CONFLICT OF INTEREST OCCURS WHERE AN INDIVIDUAL'S OBLIGATION TO FURTHER THE COLLEGE'S CHARITABLE PURPOSE IS AT ODDS WITH HIS/HER OWN FINANCIAL INTERESTS. SUCH A CONFLICT OF INTEREST EXISTS IF AN EMPLOYEE OR MEMBER OF THE BOARD OF TRUSTEES HAS AN EXTERNAL FINANCIAL INTEREST OR FIDUCIARY OR OTHER LEGAL OBLIGATION THAT REASONABLY COULD BE SEEN AS CREATING AN INCENTIVE FOR THE INDIVIDUAL TO MODIFY THE CONDUCT OF HIS/HER COLLEGE ACTIVITIES OR TO INFLUENCE THE CONDUCT OF OTHERS. SERVING PRIVATE INTERESTS MORE THAN INSUBSTANTIALLY IS INCONSISTENT WITH ACCOMPLISHING THE COLLEGE'S CHARITABLE PURPOSES. EMPLOYEES AND MEMBERS OF THE BOARD OF TRUSTEES HAVE AN OBLIGATION TO CONDUCT BUSINESS WITHIN GUIDELINES THAT PROHIBIT ACTUAL OR POTENTIAL CONFLICTS OF INTEREST AND/OR THREATEN THE COLLEGE'S TAX-EXEMPT PURPOSE. A CONFLICT OF INTEREST POLICY IS INTENDED TO HELP ENSURE THAT WHEN ACTUAL OR POTENTIAL CONFLICTS OF INTEREST ARISE THE COLLEGE HAS A PROCESS IN PLACE TO COLLECT ADEQUATE DISCLOSURES TO ADVISE THE GOVERNING BODY ABOUT ALL THE RELEVANT FACTS CONCERNING THE SITUATION. A CONFLICT OF INTEREST POLICY IS ALSO INTENDED TO ESTABLISHED PROCEDURES UNDER WHICH MEMBERS OF THE BOARD OF TRUSTEES THAT HAVE A CONFLICT OF INTEREST WILL BE EXCUSED FROM VOTING ON SUCH MATTERS. ALL MEMBERS OF THE BOARD OF TRUSTEES, THE PRESIDENT OF THE COLLEGE AND MEMBERS OF THE PRESIDENT'S CABINET ARE REQUIRED TO COMPLETE AND SIGN AN ANNUAL COMPLIANCE QUESTIONNAIRE AS A CONDITION OF CONTINUAL BOARD MEMBERSHIP AND/OR EMPLOYMENT AND AS REQUIRED BY THE COLLEGE'S ANNUAL TAX RETURN, FORM 990.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 15A</ReturnReference>
        <Explanation>THE FOLLOWING PROCESS IS FOLLOWED TO SATISFY A "REBUTTABLE PRESUMPTION TEST" WHEN ESTABLISHING COMPENSATION AND BENEFITS FOR THE COLLEGE'S PRESIDENT AS DEFINED BY THE INTERNAL REVENUE SERVICE: - THE PRESIDENT'S COMPENSATION AND BENEFITS WILL BE REVIEWED AND APPROVED ON AN ANNUAL BASIS BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES OR A DULY APPOINTED COMPENSATION COMMITTEE THEREOF, PROVIDED THAT ANY PERSON(S) WITH CONFLICTS OF INTEREST ARE NOT INVOLVED IN THIS REVIEW OR APPROVAL; - COMPENSATION AND BENEFITS ARE REVIEWED AND APPROVED USING DATA AND SURVEYS FOR PRESDIENTS AT SIMILARLY SITUATED PRIVATE COLLEGES AND UNIVERSITIES; - COMPENSATION PLANS WILL SUPPORT THE COLLEGE'S MISSION, STRATEGY, AND VALUES; - CONTEMPORANEOUS DOCUMENTATION AND RECORDKEEPING IS MAINTAINED WITH RESPECT TO THE DELIBERATIONS AND DECISIONS REGARDING THE PRESIDENT'S COMPENSATION AND BENEFITS ARRANGEMENTS. ANY QUESTIONS ON EXECUTIVE COMPENSATION ARE DIRECTED TO THE CHAIR OF THE BOARD OF TRUSTEES.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>THE ORGANIZATION'S CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. THE GOVERNING DOCUMENTS ARE NOT AVAILABLE TO THE PUBLIC.</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: -2,034,207. PRESENT VALUE ADJUSTMENT TO ANNUITY OBLIGATION -68,183. LOSS ON ACTUARIAL CHANGE IN POSTRETIREMENT BENEFITS -156,892. CURRENT YEAR NET LOSS OF CONSOLIDATED ENTITY - COLLEGEHILL INVESTMENTS -44,826. TOTAL TO FORM 990, PART XI, LINE 5: -2,304,108.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PAGE 12, PART XII, LINE 2C</ReturnReference>
        <Explanation>THE ORGANIZATION'S FINANCIAL STATEMENTS WERE AUDITED BY AN INDEPENDENT ACCOUNTANT ON A CONSOLIDATED BASIS. THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES RESPONSIBLITY FOR OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT ACCOUNTANT.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PAGE 1, PART I, LINE 6</ReturnReference>
        <Explanation>VOLUNTEERS INCLUDE INDIVIDUALS PROVIDING SUPPORT FOR ALUMNI ORGANIZATIONS, ATHLETICS EVENTS AND OTHER STUDENT ACTIVITIES AND BOARD MEMBERS.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc1043500001">
      <Form990ScheduleRPartIV>
        <NameOfRelatedOrg>
          <BusinessNameLine1>COLLEGEHILL INVESTMENTS INC</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>500 COLLEGE HILL</AddressLine1>
          <City>LIBERTY</City>
          <State>MO</State>
          <ZIPCode>64068</ZIPCode>
        </AddressUS>
        <EIN>431427371</EIN>
        <PrimaryActivity>GOLF COURSE/CONDO SALES</PrimaryActivity>
        <LegalDomicileState>MO</LegalDomicileState>
        <DirectControllingEntityNA>N/A</DirectControllingEntityNA>
        <TypeOfEntity>C</TypeOfEntity>
        <ShareOfTotalIncome>-44826</ShareOfTotalIncome>
        <ShareOfEOYAssets>305603</ShareOfEOYAssets>
        <PercentageOwnership>1.00000</PercentageOwnership>
      </Form990ScheduleRPartIV>
      <ReceiptOfIntAnnRentsRoyalties>0</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>1</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>0</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>1</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>0</LoansOrGuaranteesFromOtherOrg>
      <SaleOfAssetsToOtherOrg>0</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>0</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>0</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>1</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>0</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>0</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>0</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>0</SharingOfFacilities>
      <SharingOfPaidEmployees>1</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>0</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>1</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>0</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>0</OtherTransferFromOtherOrg>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>COLLEGE HILL INVESTMENTS</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>D</TransactionType>
        <AmountInvolved>268435</AmountInvolved>
        <MethodOfAmtDetermination>CASH</MethodOfAmtDetermination>
      </TransactionsRelatedOrgsTable>
    </IRS990ScheduleR>
  </ReturnData>
</Return>