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        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
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      </Form990PartVIISectionA>
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        <NamePerson>MR WAYNE BOOTH</NamePerson>
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        <NamePerson>MR SHERWIN COOK</NamePerson>
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      </Form990PartVIISectionA>
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        <NamePerson>MR JIMMY THOMAS</NamePerson>
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        <NamePerson>DR JEFF GINN</NamePerson>
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        <NamePerson>DR MARK BECTON</NamePerson>
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        <NamePerson>DALE LAYER</NamePerson>
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        <NamePerson>CHRIS JOHNSON</NamePerson>
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        <NameOfContractor>
          <NameBusiness>
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          <AddressUS>
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            <BusinessNameLine1>AMERICAN ASSOCIATION OF CHRISTIAN COUNSE</BusinessNameLine1>
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        <ProgramServices>2741160</ProgramServices>
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        <ProgramServices>136787402</ProgramServices>
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        <ProgramServices>144288803</ProgramServices>
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        <ProgramServices>2454191</ProgramServices>
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        <ProgramServices>222648</ProgramServices>
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        <Description>BAD DEBT EXPENSE</Description>
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        <ManagementAndGeneral>486920</ManagementAndGeneral>
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      <AllOtherExpenses>
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        <EOY>1632486</EOY>
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        <EOY>218027</EOY>
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        <EOY>327890823</EOY>
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      <InvestmentsProgramRelated>
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      <OtherAssetsTotal>
        <BOY>2658824</BOY>
        <EOY>5666571</EOY>
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      <TotalAssets>
        <BOY>940284054</BOY>
        <EOY>1274806592</EOY>
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        <Explanation>LIBERTY UNIVERSITY HAS A COLLECTION OF SEVERAL ANIMAL TROPHIES DONATED BY A LOCAL RESIDENT. THE AUDITED FINANCIAL STATEMENTS OF THE FISCAL YEAR ENDING JUNE 30, 2012 OF LIBERTY UNIVERSITY DOES NOT CONTAIN A FOOTNOTE DESCRIBING THIS COLLECTION BECAUSE IT WAS DONATED SEVERAL YEARS AGO. HOWEVER, A FOOTNOTE WITHIN THE AFS DOES DESCRIBE THE ACCOUNTING POLICY OF LIBERTY UNIVERSITY IN ACCOUNTING FOR CONTRIBUTIONS OF WORKS OF ART, HISTORICAL TREASURES, AND OTHER SIMILAR ITEMS: "CONTRIBUTIONS OF WORKS OF ART, HISTORICAL TREASURES AND SIMILAR ASSETS HELD AS PART OF COLLECTIONS ARE NOT RECOGNIZED OR CAPITALIZED."</Explanation>
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        <ReturnReference>PART III, LINE 4:</ReturnReference>
        <Explanation>LIBERTY UNIVERSITY HAS A COLLECTION OF SEVERAL ANIMAL TROPHIES DONATED BY LOCAL RESIDENT. THE ANIMAL TROPHIES ARE DISPLAYED WITHIN THE UNIVERSITY'S FACILITIES FOR THE EDUCATION AND ENJOYMENT OF STUDENTS AND VISITORS. THERE IS NO ADMISSION CHARGE FOR VIEWING THE COLLECTION AND LIBERTY UNIVERSITY DOES NOT ADVERTISE THAT THE COLLECTION IS OPEN TO THE GENERAL PUBLIC.</Explanation>
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        <Identifier>DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS:</Identifier>
        <ReturnReference>PART V, LINE 4:</ReturnReference>
        <Explanation>UNIVERSITY INTENDS TO MAXIMIZE THE TOTAL RETURN ON ITS RETURN ON ENDOWMENT FUNDS, AND, AS SPECIFIED IN THE UNDERLYING AGREEMENTS, IT USES THE SPENDABLE PORTION FOR PURPOSES OF THE FOLLOWING: AWARDING SCHOLARSHIPS AND GRANTS TO STUDENTS; UNIVERSITY OPERATING EXPENSES; AND CHRISTIAN MINISTRY OUTREACH.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>PART XI, LINE 8 - OTHER ADJUSTMENTS:</Identifier>
        <Explanation>CHANGE IN SPLIT INTEREST AGREEMENT AND UNREALIZED GAINS -1,163,934.</Explanation>
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      <Form990ScheduleDPartXIV>
        <Identifier>PART XII, LINE 2D - OTHER ADJUSTMENTS:</Identifier>
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      <Form990ScheduleDPartXIV>
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      <Form990ScheduleDPartXIV>
        <Identifier>PART XIII, LINE 4B - OTHER ADJUSTMENTS:</Identifier>
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        <Explanation>LIBERTY UNIVERSITY DRAWS A SUBSTANTIAL PERCENTAGE OF ITS STUDENTS NATIONWIDE, AND FOLLOWS A RACIALLY NON-DISCRIMINATORY POLICY AS TO STUDENTS. THIS POLICY IS ONLINE AND IN ALL THE BROCHURES AND CATALOGS DEALING WITH ADMISSION AND SCHOLARSHIPS</Explanation>
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        <PurposeOfGrant>ADVANCE THE GOSPEL OF JESUS CHRIST.</PurposeOfGrant>
      </RecipientTable>
      <RecipientTable>
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        <AmountOfTransaction>19999</AmountOfTransaction>
        <DescriptionOfTransaction>MARKETING CONSULTANTS</DescriptionOfTransaction>
        <SharingOfRevenues>0</SharingOfRevenues>
      </Form990ScheduleLPartIV>
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NameBusiness>
            <BusinessNameLine1>JJFW ASSOCIATES LLC</BusinessNameLine1>
          </NameBusiness>
        </NameOfInterestedPerson>
        <Relationship>ORGANIZATION 50% OWNED BY FAMILY MEMBER OF A BOARD MEMBER</Relationship>
        <AmountOfTransaction>30891</AmountOfTransaction>
        <DescriptionOfTransaction>COMMERCIAL REAL ESTATE MANAGEMENT</DescriptionOfTransaction>
        <SharingOfRevenues>0</SharingOfRevenues>
      </Form990ScheduleLPartIV>
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NamePerson>PAUL S DEMOSS</NamePerson>
        </NameOfInterestedPerson>
        <Relationship>FAMILY MEMBER OF BOARD MEMBER</Relationship>
        <AmountOfTransaction>26000</AmountOfTransaction>
        <DescriptionOfTransaction>FEES FOR CONSULTING SERVICES.</DescriptionOfTransaction>
        <SharingOfRevenues>0</SharingOfRevenues>
      </Form990ScheduleLPartIV>
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NameBusiness>
            <BusinessNameLine1>TIM LEE MINISTRIES</BusinessNameLine1>
          </NameBusiness>
        </NameOfInterestedPerson>
        <Relationship>BOARD MEMBER IS PRESIDENT OF THE ORGANIZATION</Relationship>
        <AmountOfTransaction>33000</AmountOfTransaction>
        <DescriptionOfTransaction>SUPPORT CHRISTIAN MISSIONS.</DescriptionOfTransaction>
        <SharingOfRevenues>0</SharingOfRevenues>
      </Form990ScheduleLPartIV>
      <Form990ScheduleLPartV>
        <Identifier>SCHEDULE L, PART II, LOANS TO AND FROM INTERESTED PERSONS:</Identifier>
        <Explanation>(A) NAME OF PERSON: FALWELL FAMILY GST IRREVOCABLE TRUST(A) PURPOSE OF LOAN: FUND LIFE INSURANCE PREMIUM(D) LOAN WAS REPAID MARCH 11, 2013.</Explanation>
      </Form990ScheduleLPartV>
    </IRS990ScheduleL>
    <IRS990ScheduleM documentId="RetDoc1042900001">
      <SecuritiesPubliclyTraded>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>2</NumberOfContributions>
        <NoncashContribsRptdF990>165881</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>STOCK MARKET AVERAGE</MethodOfDeterminingRevenues>
      </SecuritiesPubliclyTraded>
      <SecuritiesCloselyHeldStock>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>4</NumberOfContributions>
        <NoncashContribsRptdF990>2813750</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>PROPERTY TAX ASSESSMENT</MethodOfDeterminingRevenues>
      </SecuritiesCloselyHeldStock>
      <RealEstateCommercial>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>1</NumberOfContributions>
        <NoncashContribsRptdF990>505200</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>APPRAISAL</MethodOfDeterminingRevenues>
      </RealEstateCommercial>
      <OtherNonCashContributionsTable>
        <NonCashCheckbox>X</NonCashCheckbox>
        <Description>LANDSCAPING MATERIALS</Description>
        <NumberOfContributions>10</NumberOfContributions>
        <NoncashContribsRptdF990>17950</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FAIR MARKET VALUE</MethodOfDeterminingRevenues>
      </OtherNonCashContributionsTable>
      <OtherNonCashContributionsTable>
        <NonCashCheckbox>X</NonCashCheckbox>
        <Description>MISCELLANEOUS</Description>
        <NumberOfContributions>2</NumberOfContributions>
        <NoncashContribsRptdF990>4900</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FAIR MARKET VALUE</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>PART I COLUMN B CONTAINS NUMBER OF CONTRIBUTIONS.</Explanation>
      </Form990ScheduleMPartII>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION A, LINE 2</ReturnReference>
        <Explanation>MR. JERRY FALWELL, JR. AND MR JONATHAN FALWELL CURRENTLY SIT ON THE BOARD OF TRUSTEES AND ARE BROTHERS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 11</ReturnReference>
        <Explanation>THE FORM 990 FOR FY JUNE 30, 2012 WAS PROVIDED BEFORE FILING TO THE CHANCELLOR, IN-HOUSE LEGAL COUNSEL, CHIEF FINANCIAL OFFICER, DIRECTOR OF ACCOUNTING AND THE EXECUTIVE COMMITTEE OF THE BOARD (WHICH IS THE GOVERNING BODY OF THE ORGANIZATION BETWEEN BOARD MEETINGS) FOR REVIEW.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 12C</ReturnReference>
        <Explanation>THE EXECUTIVE COMMITTEE REVIEWS THE CONFLICT OF INTEREST ANNUALLY OR WHEN A NEW BOARD MEMBER IS APPOINTED TO THE BOARD.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 15</ReturnReference>
        <Explanation>COMPENSATION OF THE CHANCELLOR AND OTHER TOP EXECUTIVES ARE REVIEWED BY THE EXECUTIVE COMMITTEE. COMPARABLE SALARY DATA IS REVIEWED WHEN SALARIES ARE SET AND ADJUSTED TO DETERMINE THE REASONABLENESS OF THE COMPENSATION.COMPENSATION IS FURTHER REVIEWED DURING THE BUDGETING PROCESS. THE CHANCELLOR'S TOTAL COMPENSATION WAS DETERMINED BY A COMPREHENSIVE MARKET ANALYSIS CONDUCTED BY AN EXECUTIVE COMPENSATION TEAM IN 2011-2012, BASED ON COMPARATIVE DATA OF TOP EXECUTIVES IN SIMILARLY SITUATED INSTITUTIONS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>CHANGES IN NET ASSETS OR FUND BALANCES:</Identifier>
        <ReturnReference>FORM 990, PART XI, LINE 5:</ReturnReference>
        <Explanation>CHANGE IN SPLIT INTEREST AGREEMENT AND UNREALIZED GAINS -1,163,934. TOTAL TO FORM 990, PART XI, LINE 5: -1,163,934.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART XII, LINE 2C</ReturnReference>
        <Explanation>THE ORGANIZATION DID NOT CHANGE ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>REASON FOR AMENDING RETURN:</Identifier>
        <ReturnReference>PAGE 1 PART B</ReturnReference>
        <Explanation>RETURN AMENDED TO CORRECT RESPONSE TO SCHEDULE L, PART II TO INDICATE BOARD APPROVAL OF LOAN TO INTERESTED PERSONS.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc1043400001">
      <Form990ScheduleRPartI>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>C&amp;C JETTING</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>1971 UNIVERSITY BLVD</AddressLine1>
          <City>LYNCHBURG</City>
          <State>VA</State>
          <ZIPCode>24502</ZIPCode>
        </AddressUS>
        <EIN>540946734</EIN>
        <PrimaryActivities>AIRFARE FOR UNIVERSITY AFFAIRS</PrimaryActivities>
        <LegalDomicileState>VA</LegalDomicileState>
        <TotalIncome>374942</TotalIncome>
        <EOYAssets>5012887</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>LIBERTY UNIVERSITY INC</BusinessNameLine1>
        </DirectControllingEntityName>
      </Form990ScheduleRPartI>
      <Form990ScheduleRPartI>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>LU PLAZA HOLDINGSLLC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>1971 UNIVERSITY BLVD</AddressLine1>
          <City>LYNCHBURG</City>
          <State>VA</State>
          <ZIPCode>24502</ZIPCode>
        </AddressUS>
        <EIN>270217985</EIN>
        <PrimaryActivities>REAL ESTATE HOLDINGS</PrimaryActivities>
        <LegalDomicileState>VA</LegalDomicileState>
        <TotalIncome>1324135</TotalIncome>
        <EOYAssets>18459955</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>LIBERTY UNIVERSITY INC</BusinessNameLine1>
        </DirectControllingEntityName>
      </Form990ScheduleRPartI>
      <Form990ScheduleRPartI>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>LU CANDLERS STATION HOLDINGSLLC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>1971 UNIVERSITY BLVD</AddressLine1>
          <City>LYNCHBURG</City>
          <State>VA</State>
          <ZIPCode>24502</ZIPCode>
        </AddressUS>
        <EIN>271753489</EIN>
        <PrimaryActivities>REAL ESTATE HOLDINGS</PrimaryActivities>
        <LegalDomicileState>VA</LegalDomicileState>
        <TotalIncome>2425082</TotalIncome>
        <EOYAssets>19873073</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>LIBERTY UNIVERSITY INC</BusinessNameLine1>
        </DirectControllingEntityName>
      </Form990ScheduleRPartI>
      <Form990ScheduleRPartI>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>LIBERTY RIDGE LLC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>1971 UNIVERSITY BLVD</AddressLine1>
          <City>LYNCHBURG</City>
          <State>VA</State>
          <ZIPCode>24502</ZIPCode>
        </AddressUS>
        <EIN>270714028</EIN>
        <PrimaryActivities>REAL ESTATE HOLDINGS</PrimaryActivities>
        <LegalDomicileState>VA</LegalDomicileState>
        <TotalIncome>274597</TotalIncome>
        <EOYAssets>1835931</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>LIBERTY UNIVERSITY INC</BusinessNameLine1>
        </DirectControllingEntityName>
      </Form990ScheduleRPartI>
      <Form990ScheduleRPartI>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>LU RAQUET SPORTS LLC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>1971 UNIVERSITY BLVD</AddressLine1>
          <City>LYNCHBURG</City>
          <State>VA</State>
          <ZIPCode>24502</ZIPCode>
        </AddressUS>
        <EIN>274785690</EIN>
        <PrimaryActivities>RECREATION</PrimaryActivities>
        <LegalDomicileState>VA</LegalDomicileState>
        <TotalIncome>250540</TotalIncome>
        <EOYAssets>97299</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>LIBERTY UNIVERSITY INC</BusinessNameLine1>
        </DirectControllingEntityName>
      </Form990ScheduleRPartI>
      <Form990ScheduleRPartI>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>LIBERTY MOUNTAIN CONFERENCE CENTER LLC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>1971 UNIVERSITY BLVD</AddressLine1>
          <City>LYNCHBURG</City>
          <State>VA</State>
          <ZIPCode>24502</ZIPCode>
        </AddressUS>
        <EIN>275427434</EIN>
        <PrimaryActivities>CENTER FOR EDUCATIONAL CONFERENCES</PrimaryActivities>
        <LegalDomicileState>VA</LegalDomicileState>
        <TotalIncome>17073</TotalIncome>
        <EOYAssets>617220</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>LIBERTY UNIVERSITY INC</BusinessNameLine1>
        </DirectControllingEntityName>
      </Form990ScheduleRPartI>
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>TRBC INC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>1971 UNIVERSITY BLVD</AddressLine1>
          <City>LYNCHBURG</City>
          <State>VA</State>
          <ZIPCode>24502</ZIPCode>
        </AddressUS>
        <EIN>260061907</EIN>
        <PrimaryActivities>RELIGIOUS</PrimaryActivities>
        <LegalDomicileState>VA</LegalDomicileState>
        <ExemptCodeSection>501(C)(3)</ExemptCodeSection>
        <PublicCharityStatus>PUBLIC CHARITY</PublicCharityStatus>
        <DirectControllingEntityName>
          <BusinessNameLine1>TRBC INC</BusinessNameLine1>
        </DirectControllingEntityName>
        <ControlledOrg>0</ControlledOrg>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>LIBERTY UNIVERSITY FOUNDATION</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>1971 UNIVERSITY BLVD</AddressLine1>
          <City>LYNCHBURG</City>
          <State>VA</State>
          <ZIPCode>24502</ZIPCode>
        </AddressUS>
        <EIN>541939910</EIN>
        <PrimaryActivities>RELIGIOUS</PrimaryActivities>
        <LegalDomicileState>DC</LegalDomicileState>
        <ExemptCodeSection>501(C)(3)</ExemptCodeSection>
        <PublicCharityStatus>PUBLIC CHARITY</PublicCharityStatus>
        <DirectControllingEntityName>
          <BusinessNameLine1>LIBERTY UNIVERSITY INC</BusinessNameLine1>
        </DirectControllingEntityName>
        <ControlledOrg>1</ControlledOrg>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>LIBERTY GODPARENT HOME</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>1971 UNIVERSITY BLVD</AddressLine1>
          <City>LYNCHBURG</City>
          <State>VA</State>
          <ZIPCode>24502</ZIPCode>
        </AddressUS>
        <EIN>521372460</EIN>
        <PrimaryActivities>PROVIDES SERVICES TO UNWED PREGNANT MOTHERS</PrimaryActivities>
        <LegalDomicileState>VA</LegalDomicileState>
        <ExemptCodeSection>501(C)(3)</ExemptCodeSection>
        <PublicCharityStatus>PUBLIC CHARITY</PublicCharityStatus>
        <DirectControllingEntityName>
          <BusinessNameLine1>LIBERTY UNIVERSITY INC</BusinessNameLine1>
        </DirectControllingEntityName>
        <ControlledOrg>1</ControlledOrg>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>LIBERTY CHRISTIAN ACADEMY</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>1971 UNIVERSITY BLVD</AddressLine1>
          <City>LYNCHBURG</City>
          <State>VA</State>
          <ZIPCode>24502</ZIPCode>
        </AddressUS>
        <EIN>540831546</EIN>
        <PrimaryActivities>CHRISTIAN SCHOOL</PrimaryActivities>
        <LegalDomicileState>VA</LegalDomicileState>
        <ExemptCodeSection>501(C)(3)</ExemptCodeSection>
        <PublicCharityStatus>PUBLIC CHARITY</PublicCharityStatus>
        <DirectControllingEntityName>
          <BusinessNameLine1>LIBERTY CHRISTIAN ACADEMY</BusinessNameLine1>
        </DirectControllingEntityName>
        <ControlledOrg>0</ControlledOrg>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartIV>
        <NameOfRelatedOrg>
          <BusinessNameLine1>FALWELL AVIATION</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>310 HANGAR ROAD</AddressLine1>
          <City>LYNCHBURG</City>
          <State>VA</State>
          <ZIPCode>24502</ZIPCode>
        </AddressUS>
        <EIN>540755641</EIN>
        <PrimaryActivity>PROVIDES FLIGHT INSTRUCTION TO STUDENTS AND CHARTER SERVICES TO PUBLIC</PrimaryActivity>
        <LegalDomicileState>VA</LegalDomicileState>
        <DirectControllingEntityName>
          <BusinessNameLine1>LIBERTY UNIVERSITY INC</BusinessNameLine1>
        </DirectControllingEntityName>
        <TypeOfEntity>C</TypeOfEntity>
        <ShareOfTotalIncome>8118741</ShareOfTotalIncome>
        <ShareOfEOYAssets>4082198</ShareOfEOYAssets>
        <PercentageOwnership>1.00000</PercentageOwnership>
      </Form990ScheduleRPartIV>
      <Form990ScheduleRPartIV>
        <NameOfRelatedOrg>
          <BusinessNameLine1>LIBERTY MOUNTAIN CAPITAL</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>1971 UNIVERSITY BLVD</AddressLine1>
          <City>LYNCHBURG</City>
          <State>VA</State>
          <ZIPCode>24502</ZIPCode>
        </AddressUS>
        <EIN>272376207</EIN>
        <PrimaryActivity>INVESTMENT HOLDINGS COMPANY</PrimaryActivity>
        <LegalDomicileState>VA</LegalDomicileState>
        <DirectControllingEntityName>
          <BusinessNameLine1>LIBERTY UNIVERSITY INC</BusinessNameLine1>
        </DirectControllingEntityName>
        <TypeOfEntity>C</TypeOfEntity>
        <ShareOfTotalIncome>17073</ShareOfTotalIncome>
        <ShareOfEOYAssets>270242</ShareOfEOYAssets>
        <PercentageOwnership>1.00000</PercentageOwnership>
      </Form990ScheduleRPartIV>
      <Form990ScheduleRPartIV>
        <NameOfRelatedOrg>
          <BusinessNameLine1>G&amp;J THOMAS</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>PO BOX 228</AddressLine1>
          <City>FOREST</City>
          <State>VA</State>
          <ZIPCode>24551</ZIPCode>
        </AddressUS>
        <EIN>450596703</EIN>
        <PrimaryActivity>STUDENT HOUSING</PrimaryActivity>
        <LegalDomicileState>VA</LegalDomicileState>
        <DirectControllingEntityName>
          <BusinessNameLine1>LIBERTY UNIVERSITY INC</BusinessNameLine1>
        </DirectControllingEntityName>
        <TypeOfEntity>S</TypeOfEntity>
        <ShareOfTotalIncome>-29837</ShareOfTotalIncome>
        <ShareOfEOYAssets>2813750</ShareOfEOYAssets>
        <PercentageOwnership>1.00000</PercentageOwnership>
      </Form990ScheduleRPartIV>
      <ReceiptOfIntAnnRentsRoyalties>1</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>1</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>1</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>0</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>1</SharingOfFacilities>
      <SharingOfPaidEmployees>1</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>1</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>1</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>0</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>0</OtherTransferFromOtherOrg>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>FALWELL AVIATION</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>A</TransactionType>
        <AmountInvolved>30161</AmountInvolved>
        <MethodOfAmtDetermination>ACCRUAL</MethodOfAmtDetermination>
      </TransactionsRelatedOrgsTable>
    </IRS990ScheduleR>
  </ReturnData>
</Return>