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      <TravelEntrtnmntPublicOfficials>
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        <ManagementAndGeneral>45108</ManagementAndGeneral>
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      <OtherExpenses>
        <Description>Janitorial Services</Description>
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        <ManagementAndGeneral>207990</ManagementAndGeneral>
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      <OtherExpenses>
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      <TotalLiabilities>
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      <FollowSFAS117>X</FollowSFAS117>
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      <InfoInScheduleOPartXI>X</InfoInScheduleOPartXI>
      <ReconcilationRevenueExpenses>337291</ReconcilationRevenueExpenses>
      <ReconcilationOtherChanges>-205000</ReconcilationOtherChanges>
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <AccountantCompileOrReview>false</AccountantCompileOrReview>
      <FSAudited>true</FSAudited>
      <AuditCommittee>true</AuditCommittee>
      <FinancialStatementBoth>X</FinancialStatementBoth>
      <FederalGrantAuditRequired>false</FederalGrantAuditRequired>
      <FederalGrantAuditPerformed>false</FederalGrantAuditPerformed>
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      <ContributorInfo>
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        <ContributorNameBusiness>
          <BusinessNameLine1>RESTRICTED</BusinessNameLine1>
        </ContributorNameBusiness>
        <ContributorAddressUS>
          <AddressLine1>RESTRICTED</AddressLine1>
          <AddressLine2>RESTRICTED</AddressLine2>
          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
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        <AggregateContributions>RESTRICTED</AggregateContributions>
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      <OtherLandBuildings>
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        <BookValue>457383</BookValue>
      </OtherLandBuildings>
      <TotalOfBookValueLandBuildings>21119861</TotalOfBookValueLandBuildings>
      <OtherLiabilities>
        <Description>Club/Camp Activity Accounts</Description>
        <Amount>105798</Amount>
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      <TotalOfAmounts>105798</TotalOfAmounts>
      <TotalRevenue>11421029</TotalRevenue>
      <TotalExpenses>11083738</TotalExpenses>
      <ExcessOrDeficitForYear>337291</ExcessOrDeficitForYear>
      <NetUnrealizedGLOnInvestments>-205000</NetUnrealizedGLOnInvestments>
      <TotalAdjustments>-205000</TotalAdjustments>
      <ExcessOrDeficitPerFS>132291</ExcessOrDeficitPerFS>
      <TotRevenueEtcAuditedFinclStmt>11216029</TotRevenueEtcAuditedFinclStmt>
      <NetUnrealizedGainsInvestments>-205000</NetUnrealizedGainsInvestments>
      <RevenueNotRptdF990>-205000</RevenueNotRptdF990>
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      <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>false</GovernmentFinancialAidReceived>
      <GovernmentFinancialAidRevoked>false</GovernmentFinancialAidRevoked>
      <ComplianceWithRevProc7550>true</ComplianceWithRevProc7550>
      <Form990ScheduleEPartII>
        <Identifier>Schedule E, Line 3 - Racially Nondiscriminatory Policy Publicized</Identifier>
        <Explanation>The following is publicized in newspaper ads and also included in the New Student Application:"Little Rock Christian Academy admits students of any race, color, national or ethnic origin to all the rights, privileges, programs, and activities generally accorded or made available to students at the school. It does not discriminate on the basis of race, color, national or ethnic origin in the administration of its educational policies, admission policies, scholarship or loan programs, athletic or other school administered programs."</Explanation>
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      <MailSolicitations>X</MailSolicitations>
      <EmailSolicitations>X</EmailSolicitations>
      <PhoneSolicitations>X</PhoneSolicitations>
      <InPersonSolicitations>X</InPersonSolicitations>
      <SpecialFundraisingEvents>X</SpecialFundraisingEvents>
      <AgreementRefFundraising>false</AgreementRefFundraising>
      <EventsInformation>
        <NameOfEvent1>PTF - Auction</NameOfEvent1>
        <GrossReceiptsEvent1>97875</GrossReceiptsEvent1>
        <GrossRevenueEvent1>97875</GrossRevenueEvent1>
        <OtherDirectExpensesEvent1>25906</OtherDirectExpensesEvent1>
        <NameOfEvent2>Warrior Club - Warrior Wear</NameOfEvent2>
        <GrossReceiptsEvent2>76488</GrossReceiptsEvent2>
        <GrossRevenueEvent2>76488</GrossRevenueEvent2>
        <OtherDirectExpensesEvent2>53531</OtherDirectExpensesEvent2>
        <TotalNumberOfOtherEvents>8</TotalNumberOfOtherEvents>
        <GrossReceiptsOtherEvents>273625</GrossReceiptsOtherEvents>
        <CharitableContribOtherEvents>990</CharitableContribOtherEvents>
        <GrossRevenueOtherEvents>272635</GrossRevenueOtherEvents>
        <OtherDirectExpensesOtherEvents>92315</OtherDirectExpensesOtherEvents>
        <GrossReceiptsTotal>447988</GrossReceiptsTotal>
        <CharitableContributionsTotal>990</CharitableContributionsTotal>
        <GrossRevenueTotalEvents>446998</GrossRevenueTotalEvents>
        <OtherDirectExpensesTotalEvents>171752</OtherDirectExpensesTotalEvents>
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      <WrittenPolicyReTAndEExpenses>true</WrittenPolicyReTAndEExpenses>
      <SubstantiationRequired>true</SubstantiationRequired>
      <BoardOrCommitteeApproval>X</BoardOrCommitteeApproval>
      <SeverancePayment>false</SeverancePayment>
      <SupplementalNonqualRetirePlan>false</SupplementalNonqualRetirePlan>
      <EquityBasedCompArrangement>false</EquityBasedCompArrangement>
      <CompBasedOnRevenueOfFilingOrg>false</CompBasedOnRevenueOfFilingOrg>
      <CompBasedOnRevenueRelatedOrgs>false</CompBasedOnRevenueRelatedOrgs>
      <CompBasedNetEarningsFilingOrg>false</CompBasedNetEarningsFilingOrg>
      <CompBasedNetEarningsRelateOrgs>false</CompBasedNetEarningsRelateOrgs>
      <AnyNonFixedPayments>false</AnyNonFixedPayments>
      <InitialContractException>false</InitialContractException>
      <RebuttablePresumptionProcedure>false</RebuttablePresumptionProcedure>
      <Form990ScheduleJPartII>
        <NamePerson>Gary Arnold</NamePerson>
        <BaseCompensationFilingOrg>185000</BaseCompensationFilingOrg>
        <BonusFilingOrg>10000</BonusFilingOrg>
        <TotalCompensationFilingOrg>195000</TotalCompensationFilingOrg>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartIII>
        <Identifier>Sch J, Part I, Line 1a</Identifier>
        <ReturnReference>Part I, Line 1a: Relevant information in regards to selections on 1a.</ReturnReference>
      </Form990ScheduleJPartIII>
    </IRS990ScheduleJ>
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      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>Arkansas Development Finance Authority</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>710503641</IssuerEIN>
        <CUSIPNumber>04109KBB2</CUSIPNumber>
        <DateIssued>2008-07-01</DateIssued>
        <IssuePrice>18360068</IssuePrice>
        <DescriptionOfPurpose>New construction and retirement of existing debt</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
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        <AmountInReserveFund>741100</AmountInReserveFund>
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        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <FinalAllocationMade>true</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
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      <FedTaxRequirementsCompliance>X</FedTaxRequirementsCompliance>
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      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 19</Identifier>
        <ReturnReference>Form 990, Part VI, Line 19: Other Organization Documents Publicly Available</ReturnReference>
        <Explanation>No documents available to the public.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 11</Identifier>
        <ReturnReference>Form 990, Part VI, Line 11: Form 990 Review Process</ReturnReference>
        <Explanation>Form 990 reviewed by the CFO</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Explanation>Client Note 1 - Little Rock Christian Academy Foundation, Inc.(71-0750154) has operated as the fund-raising entity for Little Rock Christian Academy, a private, religious school. This was its sole purpose. During the fiscal year ended June 30, 2003, management concluded that it would be more practical and economical to operate the fund-raising activities and the school activities in one entity. All assets of the Foundation (cash and promises to give) were transferred to Little Rock Christian Academy, Inc. (71-0750151).</Explanation>
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          <City>Little Rock</City>
          <State>AR</State>
          <ZIPCode>722227450</ZIPCode>
        </AddressUS>
        <EIN>710750154</EIN>
        <PrimaryActivities>Fundraiser for Little Rock Christian Academy, Inc.</PrimaryActivities>
        <LegalDomicileState>AR</LegalDomicileState>
        <ExemptCodeSection>501 (c) 3</ExemptCodeSection>
        <PublicCharityStatus>PF</PublicCharityStatus>
        <DirectControllingEntityNA>N/A</DirectControllingEntityNA>
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      <GiftGrantOrCapContrFrOtherOrg>false</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>false</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>false</LoansOrGuaranteesFromOtherOrg>
      <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>
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