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      <TotalLiabilities>
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      <FollowSFAS117>X</FollowSFAS117>
      <UnrestrictedNetAssets>
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      <TotalNetAssetsFundBalances>
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      <TotalLiabNetAssetsFundBalances>
        <BOY>8344027</BOY>
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      <ReconcilationRevenueExpenses>332313</ReconcilationRevenueExpenses>
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      <InfoInScheduleOPartXII>X</InfoInScheduleOPartXII>
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
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          <AddressLine2>RESTRICTED</AddressLine2>
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          <State>RESTRICTED</State>
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        <Description>BOND TRUST ACCOUNTS</Description>
        <BookValue>867987</BookValue>
        <MethodOfValuation>F</MethodOfValuation>
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      <TotalOfBookValueSecurities>867987</TotalOfBookValueSecurities>
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      <OtherAssets>
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        <Identifier>EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION</Identifier>
        <ReturnReference>SCHEDULE E, PART I, LINE 3</ReturnReference>
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      <Form990ScheduleEPartII>
        <Identifier>EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE</Identifier>
        <ReturnReference>SCHEDULE E, PART I, LINE 6</ReturnReference>
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        <DateIssued>2007-03-23</DateIssued>
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      <GeneralExplanation>
        <Identifier>FORM 990, PART VI, SECTION B, LINE 11</Identifier>
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      <GeneralExplanation>
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        <Explanation>EVERY BOARD TRUSTEE IS REQUIRED TO COMPLETE AN ANNUAL STATEMENT OF FINANCIAL DISCLOSURE FOR THE SCHOOL'S ANNUAL REPORT TO THE NEW YORK STATE EDUCATION DEPARTMENT.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 15</ReturnReference>
        <Explanation>THE PRINCIPAL AND BUSINESS MANAGER ARE HIRED BY THE BOARD OF TRUSTEES. EACH OF THESE EMPLOYEES IS INTERVIEWED BY THE BOARD OR A COMMITTEE OF THE BOARD. THE PRINCIPAL IS EVALUATED ANNUALLY AND COMPENSATION IS BASED ON PRIOR YEAR PERFORMANCE.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>THE ORGANIZATION'S GOVERNING DOCUMENTS, FINANCIAL STATEMENTS AND FORM 990 ARE AVAILABLE UPON REQUEST AND ALSO THE FORM 990 IS AVAILABLE THROUGH GUIDESTAR.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART XII, LINE 2C:</ReturnReference>
        <Explanation>THE BOARD OF DIRECTORS OVERSEES THE FINANCIAL STATEMENT AUDIT AND THE SELECTION OF THE INDEPENDENT AUDITOR. THIS PROCESS HAS NOT CHANGED FROM PRIOR YEAR.</Explanation>
      </GeneralExplanation>
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          <State>NY</State>
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      <PerformOfServicesForOtherOrgs>0</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>0</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>0</SharingOfFacilities>
      <SharingOfPaidEmployees>1</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>1</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>1</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>0</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>0</OtherTransferFromOtherOrg>
    </IRS990ScheduleR>
  </ReturnData>
</Return>