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          </RecipientUSAddress>
          <RecipientFoundationStatus>N/A</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>UNRESTRICTEDCHARITABLE GIFT</PurposeOfGrantOrContribution>
          <Amount>0</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>HOPE ELEMENTARY CHARTER SCHOOL</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1116 NORTH BLOUNT ST</AddressLine1>
            <City>RALEIGH</City>
            <State>NC</State>
            <ZIPCode>27604</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>N/A</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITABLEUNRESTRICTEDGIFT</PurposeOfGrantOrContribution>
          <Amount>6000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>HAYES PLACE</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>6225 BRIDGEMONT LANE</AddressLine1>
            <City>WILLOW SPRINGS</City>
            <State>NC</State>
            <ZIPCode>27592</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>N/A</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITABLEUNRESTRICEDGIFT</PurposeOfGrantOrContribution>
          <Amount>10000</Amount>
        </GrantOrContriPaidDuringYear>
        <TotGrantOrContriPaidDuringYear>67000</TotGrantOrContriPaidDuringYear>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <DividendsAndIntFromSecPartVII>
          <ExclusionCode>14</ExclusionCode>
          <RelatedOrExemptFunctionIncome>68208</RelatedOrExemptFunctionIncome>
        </DividendsAndIntFromSecPartVII>
        <GainSalesAssetsOthThanInvntry>
          <ExclusionCode>18</ExclusionCode>
          <RelatedOrExemptFunctionIncome>257426</RelatedOrExemptFunctionIncome>
        </GainSalesAssetsOthThanInvntry>
        <SubtotalsPartXVIA>
          <RelatedOrExemptFunctionIncome>325634</RelatedOrExemptFunctionIncome>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>325634</TotalPartXVIA>
      </AnalysisIncomeProducingActy>
      <RlnOfActyToAccomOfExemptPrps>
        <RlnOfActyToAccomOfExemptPrps>
          <LineNumber>N/A</LineNumber>
          <RelationshipStatement>NOT APPLICABLE</RelationshipStatement>
        </RlnOfActyToAccomOfExemptPrps>
      </RlnOfActyToAccomOfExemptPrps>
      <TrnsfrTrRlnWithNoncharitableEO>
        <TrnsfrOfCashToNoncharitableEO>false</TrnsfrOfCashToNoncharitableEO>
        <TrnsfrOthAssetsNoncharitableEO>false</TrnsfrOthAssetsNoncharitableEO>
        <SalesOrExchangesOfAssets>false</SalesOrExchangesOfAssets>
        <PurchaseAssetsNoncharitableEO>false</PurchaseAssetsNoncharitableEO>
        <RentalOfFacilitiesEtc>false</RentalOfFacilitiesEtc>
        <ReimbursementArrangements>false</ReimbursementArrangements>
        <LoansOrLoanGuarantees>false</LoansOrLoanGuarantees>
        <PerformanceOfServicesEtc>false</PerformanceOfServicesEtc>
        <SharingOfFacilitiesEtc>false</SharingOfFacilitiesEtc>
        <RelationshipsNoncharitableEOs>false</RelationshipsNoncharitableEOs>
      </TrnsfrTrRlnWithNoncharitableEO>
    </IRS990PF>
    <AccountingFeesSchedule documentId="00000004">
      <AccountingFees>
        <Category>Accounting fees ACCOUNTING/TAXES</Category>
        <Amount>6400</Amount>
      </AccountingFees>
    </AccountingFeesSchedule>
    <DepreciationSchedule documentId="00000005">
      <Depreciation>
        <DescriptionOfProperty>OFFICE EQUIPMENT</DescriptionOfProperty>
        <DateAcquired>2007-06-30</DateAcquired>
        <CostOrOtherBasis>10149</CostOrOtherBasis>
        <PriorYearsDepreciation>9564</PriorYearsDepreciation>
        <ComputationMethod>200DB</ComputationMethod>
        <Life>5.00</Life>
        <CurrentYearExpense>585</CurrentYearExpense>
      </Depreciation>
    </DepreciationSchedule>
    <GainLossSaleOtherAssetsSch documentId="00000006">
      <GainLossSaleOtherAsset>
        <Name>MARKETABLE SECURITIES</Name>
        <HowAcquired>Purchased</HowAcquired>
        <PurchaserName>
          <Individual>NA</Individual>
        </PurchaserName>
        <GrossSalesPrice>2235040</GrossSalesPrice>
        <Basis>1977614</Basis>
        <TotalNet>257426</TotalNet>
      </GainLossSaleOtherAsset>
    </GainLossSaleOtherAssetsSch>
    <InvestmentsCorpStockSchedule documentId="00000007">
      <InvestmentsCorpStock>
        <NameOfStock>Marketable Securities - At BB &amp; T</NameOfStock>
        <EOYBookValue>1619238</EOYBookValue>
        <EOYFMV>1614144</EOYFMV>
      </InvestmentsCorpStock>
    </InvestmentsCorpStockSchedule>
    <LandEtcSchedule2 documentId="00000008">
      <LandEtc>
        <CategoryOrItem>Office Equipment</CategoryOrItem>
        <CostOrOtherBasis>10149</CostOrOtherBasis>
        <AccumulatedDepreciation>10149</AccumulatedDepreciation>
      </LandEtc>
    </LandEtcSchedule2>
    <OtherExpensesSchedule documentId="00000009">
      <OtherExpenses>
        <Description>Non-personnel expenses:Postage, shipping, delivery</Description>
        <RevenueAndExpensesPerBooks>69</RevenueAndExpensesPerBooks>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Non-personnel expenses:Supplies</Description>
        <RevenueAndExpensesPerBooks>855</RevenueAndExpensesPerBooks>
        <DisbursementsCharitablePrps>855</DisbursementsCharitablePrps>
      </OtherExpenses>
    </OtherExpensesSchedule>
    <OtherIncreasesSchedule documentId="00000010">
      <OtherIncreases>
        <Description>ROUNDING</Description>
        <Amount>2</Amount>
      </OtherIncreases>
    </OtherIncreasesSchedule>
    <OtherLiabilitiesSchedule documentId="00000011">
      <OtherLiabilities>
        <Description>Unexpired call sales ( ..8036)</Description>
      </OtherLiabilities>
    </OtherLiabilitiesSchedule>
    <OtherLiabilitiesSchedule documentId="00000012">
      <OtherLiabilities>
        <Description>Unexpired call sales ( ..8036)</Description>
      </OtherLiabilities>
    </OtherLiabilitiesSchedule>
    <OtherProfessionalFeesSchedule documentId="00000013">
      <OtherProfessionalFees>
        <Category>JANNEY , MONTGOMERY SCOTT INVESTMENT FEES</Category>
        <Amount>1477</Amount>
        <NetInvestmentIncome>1477</NetInvestmentIncome>
      </OtherProfessionalFees>
      <OtherProfessionalFees>
        <Category>BB&amp; T INVESTMENT FEES</Category>
        <Amount>6965</Amount>
        <NetInvestmentIncome>6965</NetInvestmentIncome>
      </OtherProfessionalFees>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="00000014">
      <Taxes>
        <Category>Business expenses:Federal Tax on Invest. Income</Category>
        <Amount>30</Amount>
        <NetInvestmentIncome>30</NetInvestmentIncome>
      </Taxes>
      <Taxes>
        <Category>Business expenses:Taxes - other</Category>
        <Amount>91</Amount>
        <NetInvestmentIncome>91</NetInvestmentIncome>
      </Taxes>
    </TaxesSchedule>
  </ReturnData>
</Return>