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      <LandBuildingsEquipmentBasisNet>
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      <UnsecuredNotesLoansPayable>
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        <EOY>430782</EOY>
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      <TotalLiabilities>
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        <EOY>733321</EOY>
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      <FollowSFAS117>X</FollowSFAS117>
      <UnrestrictedNetAssets>
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      <TemporarilyRestrictedNetAssets>
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        <EOY>20000</EOY>
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      <TotalNetAssetsFundBalances>
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        <EOY>755216</EOY>
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      <TotalLiabNetAssetsFundBalances>
        <BOY>1623102</BOY>
        <EOY>1488537</EOY>
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      <ReconcilationRevenueExpenses>259575</ReconcilationRevenueExpenses>
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <AccountantCompileOrReview>false</AccountantCompileOrReview>
      <FSAudited>true</FSAudited>
      <AuditCommittee>true</AuditCommittee>
      <FederalGrantAuditRequired>true</FederalGrantAuditRequired>
      <FederalGrantAuditPerformed>true</FederalGrantAuditPerformed>
    </IRS990>
    <IRS990ScheduleA documentId="RetDoc3">
      <School170b1Aii>X</School170b1Aii>
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    <IRS990ScheduleB documentId="RetDoc1">
      <ContributorInfo>
        <ContributorNumber>RESTRICTED</ContributorNumber>
        <ContributorNameBusiness>
          <BusinessNameLine1>RESTRICTED</BusinessNameLine1>
        </ContributorNameBusiness>
        <ContributorAddressUS>
          <AddressLine1>RESTRICTED</AddressLine1>
          <AddressLine2>RESTRICTED</AddressLine2>
          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>RESTRICTED</AggregateContributions>
      </ContributorInfo>
    </IRS990ScheduleB>
    <IRS990ScheduleD documentId="RetDoc4">
      <DisclosedOrgsLegalControl>false</DisclosedOrgsLegalControl>
      <DisclosedForCharitablePurposes>false</DisclosedForCharitablePurposes>
      <WrittenPolicyMonitoring>false</WrittenPolicyMonitoring>
      <Sect170hRequirementsSatisfied>false</Sect170hRequirementsSatisfied>
      <SolicitedAssetsForSale>false</SolicitedAssetsForSale>
      <AgentTrusteeEtc>false</AgentTrusteeEtc>
      <IncludedOnFS>false</IncludedOnFS>
      <EndowmentsHeldByUnrelatedOrgs>false</EndowmentsHeldByUnrelatedOrgs>
      <EndowmentsHeldByRelatedOrgs>false</EndowmentsHeldByRelatedOrgs>
      <AreRelatedOrgsListedScheduleR>false</AreRelatedOrgsListedScheduleR>
      <LeaseholdImprovements>
        <OtherCostOrOtherBasis>149991</OtherCostOrOtherBasis>
        <Depreciation>47386</Depreciation>
        <BookValue>102605</BookValue>
      </LeaseholdImprovements>
      <Equipment>
        <OtherCostOrOtherBasis>308490</OtherCostOrOtherBasis>
        <Depreciation>171886</Depreciation>
        <BookValue>136604</BookValue>
      </Equipment>
      <OtherLandBuildings>
        <OtherCostOrOtherBasis>387753</OtherCostOrOtherBasis>
        <Depreciation>126668</Depreciation>
        <BookValue>261085</BookValue>
      </OtherLandBuildings>
      <TotalOfBookValueLandBuildings>500294</TotalOfBookValueLandBuildings>
      <TotalRevenue>3106081</TotalRevenue>
      <TotalExpenses>2846506</TotalExpenses>
      <ExcessOrDeficitForYear>259575</ExcessOrDeficitForYear>
      <ExcessOrDeficitPerFS>259575</ExcessOrDeficitPerFS>
      <TotRevenueEtcAuditedFinclStmt>3106081</TotRevenueEtcAuditedFinclStmt>
      <RevenueSubtotal>3106081</RevenueSubtotal>
      <TotalRevenuePerForm990>3106081</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>2846506</TotExpensesEtcAuditedFinclStmt>
      <ExpensesSubtotal>2846506</ExpensesSubtotal>
      <TotalExpensesPerForm990>2846506</TotalExpensesPerForm990>
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    <IRS990ScheduleE documentId="RetDoc6">
      <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>FINANCIAL AID OR GOVERNMENT ASSISTANCE EXPLANATION</Identifier>
        <ReturnReference>SCHEDULE E LINE 6</ReturnReference>
        <Explanation>THE INTOWN ACADEMY RECEIVES FEDERAL GRANTS USED FOR ONGOING ACTIVITES</Explanation>
      </Form990ScheduleEPartII>
    </IRS990ScheduleE>
    <IRS990ScheduleO documentId="RetDoc7">
      <GeneralExplanation>
        <Identifier>ADDITIONAL INFORMATION</Identifier>
        <ReturnReference>FORM 990</ReturnReference>
        <Explanation>SCHEDULE A THE INTOWN ACADEMY ORIGINALLY FILED FOR EXEMPT STATUS UNDER SECTION 170(B)(1)(A)(VI) AND CHECKED BOX 7 ON SCHEDULE A. THEY SHOULD HAVE FILED FOR EXEMPT STATUS UNDER SECTION 170(B)(1)(A)(II) AS A SCHOOL WHICH IS EXEMPT FROM FILING SCHEDULE A. AS OF THE FILING DATE OF THS RETURN, THE INTOWN ACADEMY HAS FILED ALL APPROPRIATE PAPERWORK TO CHANGE ITS CHARITABLE STATUS. THEREFORE SCHEDULE A WAS NOT COMPLETED FOR THE FISCAL YEAR ENDING JUNE 30, 2012.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>EXPLANATION ON VOLUNTEERS AND TYPES OF SERVICES OR BENEFITS</Identifier>
        <ReturnReference>FORM 990, PAGE 1, PART I, LINE 6</ReturnReference>
        <Explanation>VOLUNTEERS AND THEIR HOURS ARE TRACKED THROUGH A KIOSK STATION AT THE SCHOOL. THE SOFTWARE TRACKS THEIR NAME, DATE, TIME THEY SIGNED IN AND OUT, AND THE PURPOSE OF THEIR VISIT. 183 VOLUNTEERS HELPED IN A VARIETY OF EDUCATION RELATED ACTIVITIES INCLUDING TUTORING AND TEACHER AIDE. VOLUNTEERS ALSO HELPED AFTER HOURS TO PAINT THE SCHOOL. VOLUNTEERS LOGGED A TOTAL OF 3,274 HOURS DURING THE FISCAL YEAR.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ADDITIONAL INFORMATION</Identifier>
        <ReturnReference>FORM 990, PART VI</ReturnReference>
        <Explanation>SECTION A, LINE 1A&amp;B DURING THE FISCAL YEAR ENDING JUNE 30, 2012, CHERIE PHEARS AND CHARLES RICHARDSON RESIGNED. THEREFORE 12 VOTING MEMBERS SERVED THROUGHOUT THE FISCAL YEAR BUT ONLY 10 WERE ON THE BOARD OF DIRECTORS AS OF JUNE 30, 2012.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>MANAGEMENT DELEGATED</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 3</ReturnReference>
        <Explanation>THE INTOWN ACADEMY CONTRACTS EDISON LEARNING AS ITS EDUCATION MANAGEMENT COMPANY TO SUPERVISE THE DAILY OPERATIONS OF THE SCHOOL.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ORGANIZATION'S PROCESS USED TO REVIEW FORM 990</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 11B</ReturnReference>
        <Explanation>THE FINANCE &amp; AUDIT CHAIR AND TAX PREPARER (WARREN AVERETT, LLC) PREPARED THE 990. IT WAS THEN GIVEN TO THE FINANCE &amp; AUDIT COMITTEE &amp; THE OPERATIONS MANAGER FOR REVIEW. ONCE REVIEWED IT WAS DISTRIBUTED TO THE ENTIRE GOVERNING BOARD PRIOR TO FILING.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ENFORCEMENT OF CONFLICTS POLICY</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 12C</ReturnReference>
        <Explanation>ALL BOARD MEMBERS ARE COVERED UNDER THE POLICY, AND THE BOARD HAS A FORM EACH MEMBER FILLS OUT ONCE A YEAR DISCLOSING ANY CONFLICTS OF INTEREST. ALSO OUR GOVERNANCE COMMITTEE INVESTIGATES, FOLLOWS UP, AND RULES ACCORDINGLY OVER ANY PERCEIVED CONFLICTS OF INTEREST. IF THERE IS ANY PERCEIVED OR KNOWN CONFLICT OF INTEREST SURROUNDING A BOARD MEMBER AND DELIBERATIONS/VOTES ARE INVOLVED, THE BOARD WOULD EXCUSE THE BOARD MEMBER FROM THOSE DELIBERATIONS/VOTES. IF THAT PERCEIVED OR KNOWN CONFLICT OF INTEREST WAS NOT ALREADY DISCLOSED PER OUR FORM, THEN IT WOULD BE VIEWED AS AN INFRACTION OF THE STATEMENT OF PERSONAL AND PROFESSIONAL STANDARDS OF CONDUCT AND WOULD BE REPORTED AS IDENTIFIED IN OUR POLICY.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>COMPENSATION PROCESS FOR TOP OFFICIAL</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 15A</ReturnReference>
        <Explanation>PRIOR TO THE BEGINNING OF EACH SCHOOL YEAR, THE BOARD OF DIRECTORS WORK WITH THE EDUCATION MANAGEMENT COMPANY TO DETERMINE THE SALARY OF THE PRINCIPAL, WHO IS THE LEADER OF THE SCHOOL.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>COMPENSATION PROCESS FOR OFFICERS</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 15B</ReturnReference>
        <Explanation>PRIOR TO THE BEGINNING OF EACH SCHOOL YEAR, THE BOARD OF DIRECTORS WORK WITH THE EDUCATION MANAGEMENT COMPANY TO DETERMINE THE SALARY OF THE PRINCIPAL, WHO IS THE LEADER OF THE SCHOOL. THE PRINCIPAL THEN WORKS WITH THE EDUCATION MANAGEMENT COMPANY TO DETERMINE THE SALARIES OF THE REST OF THE STAFF.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>GOVERNING DOCUMENTS DISCLOSURE EXPLANATION</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 19</ReturnReference>
        <Explanation>A COPY OF THE BOARD MINUTES ARE KEPT IN A BINDER IN THE MAIN OFFICE OF THE SCHOOL. ALL OTHER DOCUMENTS ARE AVAILABLE UPON REQUEST.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ADDITIONAL INFORMATION</Identifier>
        <ReturnReference>FORM 990, PART VII</ReturnReference>
        <Explanation>LOLA BURSE AND MELISSA MASON DID NOT WORK FOR THE INTOWN ACADEMY UNTIL 2012. THEREFORE THEIR COMPENSATION IS NOT REPORTED ON PART VII FOR THE FISCAL YEAR ENDING JUNE 30, 2012.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
  </ReturnData>
</Return>