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      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>MR BRAD FERRER</NamePerson>
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        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>MS MARJORIE KNOWLES</NamePerson>
        <Title>TRUSTEE</Title>
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      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>MR LEE MACENCZAK</NamePerson>
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        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>MR PETER MILLER</NamePerson>
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        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
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        <NamePerson>MR NATHANIEL O'CONNELL</NamePerson>
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      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>MR DOUGLAS REID</NamePerson>
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        <NamePerson>MR GREGORY CROCHET</NamePerson>
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        <NamePerson>MR TIMOTHY GUNTER</NamePerson>
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        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
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        <NamePerson>MR DAVID HADDOW</NamePerson>
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        <NamePerson>MR DALLAS SMITH</NamePerson>
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      </Form990PartVIISectionA>
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        <NamePerson>MR RAY UTTENHOVE</NamePerson>
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        <NamePerson>MR JEFFREY WARWICK</NamePerson>
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        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
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        <NamePerson>MR DALE PALMER</NamePerson>
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        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
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      </Form990PartVIISectionA>
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        <NamePerson>MR WALTER MASSEY</NamePerson>
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        <AverageHoursPerWeek>20.00</AverageHoursPerWeek>
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        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
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        <NamePerson>JULIE VAN BALEN</NamePerson>
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        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
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      <TotalReportableCompFromOrg>0</TotalReportableCompFromOrg>
      <TotalReportableCompFrmRltdOrgs>0</TotalReportableCompFrmRltdOrgs>
      <TotalOtherCompensation>0</TotalOtherCompensation>
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      <ContractorCompensation>
        <NameOfContractor>
          <NameBusiness>
            <BusinessNameLine1>REEVES CONTRACTING CO</BusinessNameLine1>
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        <AddressOfContractor>
          <AddressUS>
            <AddressLine1>1400 BUFORD HWY BLDG C SUITE 2</AddressLine1>
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            <State>GA</State>
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        </AddressOfContractor>
        <DescriptionOfServices>BUILDING &amp; CONSTRUCTION</DescriptionOfServices>
        <Compensation>1185618</Compensation>
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      <ContractorCompensation>
        <NameOfContractor>
          <NameBusiness>
            <BusinessNameLine1>RUFFALOCODY LLC</BusinessNameLine1>
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        <AddressOfContractor>
          <AddressUS>
            <AddressLine1>PO BOX 3018</AddressLine1>
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            <State>IA</State>
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        </AddressOfContractor>
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        <Compensation>392168</Compensation>
      </ContractorCompensation>
      <ContractorCompensation>
        <NameOfContractor>
          <NameBusiness>
            <BusinessNameLine1>LMI TECHNOLOGY GROUP</BusinessNameLine1>
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        <AddressOfContractor>
          <AddressUS>
            <AddressLine1>1902 TUCKER INDUSTRIAL RD</AddressLine1>
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        </AddressOfContractor>
        <DescriptionOfServices>ELECTRICAL CONTRACTORS</DescriptionOfServices>
        <Compensation>243004</Compensation>
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      <ContractorCompensation>
        <NameOfContractor>
          <NameBusiness>
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          <AddressUS>
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          </AddressUS>
        </AddressOfContractor>
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      <ContractorCompensation>
        <NameOfContractor>
          <NameBusiness>
            <BusinessNameLine1>SEYFARTH SHAW LLP</BusinessNameLine1>
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        <AddressOfContractor>
          <AddressUS>
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            <City>ATLANTA</City>
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        </AddressOfContractor>
        <DescriptionOfServices>LEGAL SERVICES</DescriptionOfServices>
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      <NumberOfContractorsGT100K>5</NumberOfContractorsGT100K>
      <FundraisingEvents>111183</FundraisingEvents>
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        <BusinessCode>532000</BusinessCode>
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        <ExclusionAmount>15600054</ExclusionAmount>
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      <GrossRents>
        <Real>3122424</Real>
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        <TotalRevenueColumn>3122424</TotalRevenueColumn>
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        <Securities>26556476</Securities>
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        <Securities>27045607</Securities>
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        <TotalRevenueColumn>-1836790</TotalRevenueColumn>
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        <TotalRevenueColumn>0</TotalRevenueColumn>
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        <RelatedOrExemptFunctionIncome>818282</RelatedOrExemptFunctionIncome>
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        <UnrelatedBusinessRevenue>72119</UnrelatedBusinessRevenue>
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      <OtherRevenueMisc>
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      <GrantsToDomesticOrgs>
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        <ProgramServices>4287024</ProgramServices>
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        <ProgramServices>31982</ProgramServices>
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        <ProgramServices>2549722</ProgramServices>
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        <ProgramServices>79051</ProgramServices>
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        <ProgramServices>163909</ProgramServices>
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      <FeesForServicesLegal>
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        <ProgramServices>33497</ProgramServices>
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      <FeesForServicesAccounting>
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        <ProgramServices>75411</ProgramServices>
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        <Fundraising>423590</Fundraising>
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      <Advertising>
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        <ManagementAndGeneral>89180</ManagementAndGeneral>
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        <ProgramServices>3700795</ProgramServices>
        <ManagementAndGeneral>1493</ManagementAndGeneral>
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        <ProgramServices>521395</ProgramServices>
        <ManagementAndGeneral>47265</ManagementAndGeneral>
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        <ProgramServices>84652</ProgramServices>
        <ManagementAndGeneral>11836</ManagementAndGeneral>
        <Fundraising>8604</Fundraising>
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        <ProgramServices>12035164</ProgramServices>
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        <ProgramServices>1519789</ProgramServices>
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        <ProgramServices>425506</ProgramServices>
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      <OtherExpenses>
        <Description>EQUIPMENT PURCHASE</Description>
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      <OtherExpenses>
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        <ProgramServices>205935</ProgramServices>
        <ManagementAndGeneral>110000</ManagementAndGeneral>
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      <OtherExpenses>
        <Description>DUES &amp; PROFESSIONAL MEM</Description>
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      <PublicSupportPertcentPriorYear>0.55890</PublicSupportPertcentPriorYear>
      <ThirtyThreePercntTestsCY170>X</ThirtyThreePercntTestsCY170>
    </IRS990ScheduleA>
    <IRS990ScheduleB documentId="RetDoc1234500001">
      <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="RetDoc1040000001">
      <CurrentYear>
        <BeginningOfYearBalance>83659886</BeginningOfYearBalance>
        <Contributions>9229429</Contributions>
        <InvestmentEarningsOrLosses>17084386</InvestmentEarningsOrLosses>
        <OtherExpenditures>3722629</OtherExpenditures>
        <EndOfYearBalance>106251072</EndOfYearBalance>
      </CurrentYear>
      <CurrentYearMinus1Year>
        <BeginningOfYearBalance>70793273</BeginningOfYearBalance>
        <Contributions>6244428</Contributions>
        <InvestmentEarningsOrLosses>10083399</InvestmentEarningsOrLosses>
        <OtherExpenditures>3461214</OtherExpenditures>
        <EndOfYearBalance>83659886</EndOfYearBalance>
      </CurrentYearMinus1Year>
      <CurrentYearMinus2Years>
        <BeginningOfYearBalance>92050277</BeginningOfYearBalance>
        <Contributions>3111361</Contributions>
        <InvestmentEarningsOrLosses>-20998394</InvestmentEarningsOrLosses>
        <OtherExpenditures>3369972</OtherExpenditures>
        <EndOfYearBalance>70793273</EndOfYearBalance>
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      <BoardDesignatedEOYBalance>0.23000</BoardDesignatedEOYBalance>
      <PermanentEndowmentEOYBalance>0.77000</PermanentEndowmentEOYBalance>
      <EndowmentsHeldByUnrelatedOrgs>0</EndowmentsHeldByUnrelatedOrgs>
      <EndowmentsHeldByRelatedOrgs>0</EndowmentsHeldByRelatedOrgs>
      <Land>
        <OtherCostOrOtherBasis>6350400</OtherCostOrOtherBasis>
        <BookValue>6350400</BookValue>
      </Land>
      <Buildings>
        <OtherCostOrOtherBasis>52493738</OtherCostOrOtherBasis>
        <Depreciation>10546329</Depreciation>
        <BookValue>41947409</BookValue>
      </Buildings>
      <TotalOfBookValueLandBuildings>48297809</TotalOfBookValueLandBuildings>
      <OtherAssets>
        <Description>CASH SURRENDER VALUE OF CHARITABLE LIFE INSURANCE POLICIES</Description>
        <BookValue>957804</BookValue>
      </OtherAssets>
      <OtherAssets>
        <Description>RESTRICTED ASSETS</Description>
        <BookValue>36409593</BookValue>
      </OtherAssets>
      <OtherAssets>
        <Description>INVESTMENT HELD FOR AFFILIATES</Description>
        <BookValue>6947629</BookValue>
      </OtherAssets>
      <OtherAssets>
        <Description>INVESTMENT IN DIRECT FINANCING LEASES, NET</Description>
        <BookValue>158476213</BookValue>
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      <TotalBookValueOtherAssets>202791239</TotalBookValueOtherAssets>
      <OtherLiabilities>
        <Description>OBLIGATION FOR INVESTMENTS HELD IN TRUST AFFILIATES</Description>
        <Amount>6947629</Amount>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>UNAMORTIZED BOND PREMIUM</Description>
        <Amount>4356900</Amount>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>OBLIGATION UNDER LEASES</Description>
        <Amount>4250150</Amount>
      </OtherLiabilities>
      <TotalOfAmounts>15554679</TotalOfAmounts>
      <TotalRevenue>33140018</TotalRevenue>
      <TotalExpenses>31470989</TotalExpenses>
      <ExcessOrDeficitForYear>1669029</ExcessOrDeficitForYear>
      <NetUnrealizedGLOnInvestments>18050252</NetUnrealizedGLOnInvestments>
      <OtherAmount>1393444</OtherAmount>
      <TotalAdjustments>19443696</TotalAdjustments>
      <ExcessOrDeficitPerFS>21112725</ExcessOrDeficitPerFS>
      <TotRevenueEtcAuditedFinclStmt>50763539</TotRevenueEtcAuditedFinclStmt>
      <NetUnrealizedGainsInvestments>18050252</NetUnrealizedGainsInvestments>
      <OtherRevenues>86</OtherRevenues>
      <RevenueNotRptdF990>18050338</RevenueNotRptdF990>
      <RevenueSubtotal>32713201</RevenueSubtotal>
      <InvestmentExpensesNotIncluded>426817</InvestmentExpensesNotIncluded>
      <RevenueNotRptdOnFinStmt>426817</RevenueNotRptdOnFinStmt>
      <TotalRevenuePerForm990>33140018</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>31044172</TotExpensesEtcAuditedFinclStmt>
      <ExpensesNotRptdF990>0</ExpensesNotRptdF990>
      <ExpensesSubtotal>31044172</ExpensesSubtotal>
      <InvestmentExpensesNotIncluded2>426817</InvestmentExpensesNotIncluded2>
      <ExpensesNotRptdOnFinStmt>426817</ExpensesNotRptdOnFinStmt>
      <TotalExpensesPerForm990>31470989</TotalExpensesPerForm990>
      <Form990ScheduleDPartXIV>
        <Identifier>PART XI, LINE 8 - OTHER ADJUSTMENTS:</Identifier>
        <Explanation>TRANSFERS FROM GSU BUILDING FOUNDATION 1,095,352. GAIN ON BOND REFINANCING 298,092.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Explanation>PART X, INCOME TAXES: THE FOUNDATION'S POLICY IS TO RECORD A LIABILITY FOR ANY TAX POSITION TAKEN THAT IS BENEFICIAL TO THE FOUNDATION, INCLUDING ANY RELATED INTEREST AND PENALTIES, WHEN IT IS MORE LIKELY THAN NOT THE POSITION TAKEN BY MANAGEMENT WITH RESPECT TO A TRANSACTION OR CLASS OF TRANSACTIONS WILL BE OVERTURNED BY A TAXING AUTHORITY UPON EXAMINATION. MANAGEMENT BELEIVES THERE ARE NO SUCH POSITIONS AS OF JUNE 30, 2011 AND, ACCORDINGLY, NO LIABILITY HAS BEEN ACCRUED. PART V, ENDOWMENT FUNDS: ENDOWMENT FUNDS INTENDED USES INCLUDE SCHOLARSHIPS, FELLOWSHIPS, CHAIRS, PROFESSORSHIPS AND OTHER RELATED ACTIVITIES. PART XII, LINE 2D: $86 GSU BUILDING FOUNDATION REVENUE</Explanation>
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        <NumberOfEmployees>0</NumberOfEmployees>
        <TypeOfActivitiesConducted>GRANTS TO RECIPIENTS LOCATED IN REGION</TypeOfActivitiesConducted>
        <SpecificServicesProvided>GROUP TRANSPORTATION AND SEMINAR</SpecificServicesProvided>
        <TotalExpenditures>10073</TotalExpenditures>
      </AcctsActvsOutUSTable>
      <AcctsActvsOutUSTable>
        <Region>SOUTH ASIA</Region>
        <NumberOfOffices>0</NumberOfOffices>
        <NumberOfEmployees>0</NumberOfEmployees>
        <TypeOfActivitiesConducted>GRANTS TO RECIPIENTS LOCATED IN REGION</TypeOfActivitiesConducted>
        <SpecificServicesProvided>MARKETING RESEARCH</SpecificServicesProvided>
        <TotalExpenditures>5000</TotalExpenditures>
      </AcctsActvsOutUSTable>
      <AcctsActvsOutUSTable>
        <Region>EUROPE</Region>
        <NumberOfOffices>0</NumberOfOffices>
        <NumberOfEmployees>0</NumberOfEmployees>
        <TypeOfActivitiesConducted>GRANTS TO RECIPIENTS LOCATED IN REGION</TypeOfActivitiesConducted>
        <SpecificServicesProvided>PUBLICATION FEES</SpecificServicesProvided>
        <TotalExpenditures>2522</TotalExpenditures>
      </AcctsActvsOutUSTable>
      <AcctsActvsOutUSTable>
        <Region>CANADA</Region>
        <NumberOfOffices>0</NumberOfOffices>
        <NumberOfEmployees>0</NumberOfEmployees>
        <TypeOfActivitiesConducted>GRANTS TO RECIPIENTS LOCATED IN REGION</TypeOfActivitiesConducted>
        <SpecificServicesProvided>INVESTMENT CONSULTING FEES AND SPEAKER FEES</SpecificServicesProvided>
        <TotalExpenditures>6841</TotalExpenditures>
      </AcctsActvsOutUSTable>
      <AcctsActvsOutUSTable>
        <Region>EAST ASIA &amp; PACIFIC</Region>
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        <NumberOfEmployees>0</NumberOfEmployees>
        <TypeOfActivitiesConducted>GRANTS TO RECIPIENTS LOCATED IN REGION</TypeOfActivitiesConducted>
        <SpecificServicesProvided>SPEAKER FEES AND MOVING EXPENSES</SpecificServicesProvided>
        <TotalExpenditures>5956</TotalExpenditures>
      </AcctsActvsOutUSTable>
      <AcctsActvsOutUSTable>
        <Region>LATIN AMERICA</Region>
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        <NumberOfEmployees>0</NumberOfEmployees>
        <TypeOfActivitiesConducted>GRANTS TO RECIPIENTS LOCATED IN REGION</TypeOfActivitiesConducted>
        <SpecificServicesProvided>SPEAKER FEES</SpecificServicesProvided>
        <TotalExpenditures>1590</TotalExpenditures>
      </AcctsActvsOutUSTable>
      <SubtotalNumberOfOffices>0</SubtotalNumberOfOffices>
      <SubtotalNumberOfEmployees>0</SubtotalNumberOfEmployees>
      <ContNumberOfOffices>0</ContNumberOfOffices>
      <ContNumberOfEmployees>0</ContNumberOfEmployees>
      <TotalNumberOfOffices>0</TotalNumberOfOffices>
      <TotalNumberOfEmployees>0</TotalNumberOfEmployees>
      <SubtotalAmountSpent>31982</SubtotalAmountSpent>
      <ContAmountSpent>0</ContAmountSpent>
      <TotalAmountSpent>31982</TotalAmountSpent>
      <GrantsToOrgsOutsideUS>
        <Region>MIDDLE EAST AND NORTH AFRICA</Region>
        <PurposeOfGrant>GROUP TRANSPORTATION</PurposeOfGrant>
        <AmountOfCashGrant>7000</AmountOfCashGrant>
        <MannerOfCashDisbursement>CASH</MannerOfCashDisbursement>
        <MethodOfValuation>BOOK</MethodOfValuation>
      </GrantsToOrgsOutsideUS>
      <TransferToForeignCorp>1</TransferToForeignCorp>
      <InterestInForeignTrust>0</InterestInForeignTrust>
      <OwnForeignCorp>0</OwnForeignCorp>
      <PassiveForeignInvestCo>0</PassiveForeignInvestCo>
      <ForeignPartnership>0</ForeignPartnership>
      <BoycottCountries>0</BoycottCountries>
    </IRS990ScheduleF>
    <IRS990ScheduleG documentId="RetDoc1041200001">
      <MailSolicitations>X</MailSolicitations>
      <EmailSolicitations>X</EmailSolicitations>
      <PhoneSolicitations>X</PhoneSolicitations>
      <InPersonSolicitations>X</InPersonSolicitations>
      <SolicitationOfNonGovtGrants>X</SolicitationOfNonGovtGrants>
      <SpecialFundraisingEvents>X</SpecialFundraisingEvents>
      <AgreementRefFundraising>1</AgreementRefFundraising>
      <FundraiserActivityInformation>
        <NameOfOrganization>
          <BusinessNameLine1>RUFFALOCODY LLC</BusinessNameLine1>
        </NameOfOrganization>
        <AddressUS>
          <AddressLine1>PO BOX 3018</AddressLine1>
          <City>CEDAR RAPIDS</City>
          <State>IA</State>
          <ZIPCode>52406</ZIPCode>
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        <Activity>FUND RAISING SERVICES</Activity>
        <FundraiserControlOfFunds>0</FundraiserControlOfFunds>
        <GrossReceipts>564726</GrossReceipts>
        <AmountRetainedByContractor>423590</AmountRetainedByContractor>
        <NetToOrganization>141136</NetToOrganization>
      </FundraiserActivityInformation>
      <TotalGrossReceipts>564726</TotalGrossReceipts>
      <TotalRetainedByContractors>423590</TotalRetainedByContractors>
      <TotalNetToOrganization>141136</TotalNetToOrganization>
      <LicensedStates>AL</LicensedStates>
      <LicensedStates>AK</LicensedStates>
      <LicensedStates>AZ</LicensedStates>
      <LicensedStates>CA</LicensedStates>
      <LicensedStates>CO</LicensedStates>
      <LicensedStates>CT</LicensedStates>
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      <LicensedStates>DC</LicensedStates>
      <LicensedStates>FL</LicensedStates>
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      <LicensedStates>ID</LicensedStates>
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      <LicensedStates>IN</LicensedStates>
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      <LicensedStates>KY</LicensedStates>
      <LicensedStates>LA</LicensedStates>
      <LicensedStates>ME</LicensedStates>
      <LicensedStates>MD</LicensedStates>
      <LicensedStates>MA</LicensedStates>
      <LicensedStates>MI</LicensedStates>
      <LicensedStates>MN</LicensedStates>
      <LicensedStates>MS</LicensedStates>
      <LicensedStates>MO</LicensedStates>
      <LicensedStates>MT</LicensedStates>
      <LicensedStates>NE</LicensedStates>
      <LicensedStates>NV</LicensedStates>
      <LicensedStates>NH</LicensedStates>
      <LicensedStates>NJ</LicensedStates>
      <LicensedStates>NM</LicensedStates>
      <LicensedStates>NC</LicensedStates>
      <LicensedStates>ND</LicensedStates>
      <LicensedStates>OH</LicensedStates>
      <LicensedStates>OK</LicensedStates>
      <LicensedStates>OR</LicensedStates>
      <LicensedStates>PA</LicensedStates>
      <LicensedStates>RI</LicensedStates>
      <LicensedStates>SC</LicensedStates>
      <LicensedStates>SD</LicensedStates>
      <LicensedStates>TN</LicensedStates>
      <LicensedStates>TX</LicensedStates>
      <LicensedStates>UT</LicensedStates>
      <LicensedStates>VT</LicensedStates>
      <LicensedStates>VA</LicensedStates>
      <LicensedStates>WA</LicensedStates>
      <LicensedStates>WV</LicensedStates>
      <LicensedStates>WI</LicensedStates>
      <LicensedStates>WY</LicensedStates>
      <LicensedStates>AR</LicensedStates>
      <LicensedStates>NY</LicensedStates>
      <EventsInformation>
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        <CharitableContributionsEvent1>45630</CharitableContributionsEvent1>
        <GrossRevenueEvent1>4870</GrossRevenueEvent1>
        <OtherDirectExpensesEvent1>4870</OtherDirectExpensesEvent1>
        <NameOfEvent2>REAL ESTATE EVENT</NameOfEvent2>
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        <CharitableContributionsEvent2>16417</CharitableContributionsEvent2>
        <GrossRevenueEvent2>5833</GrossRevenueEvent2>
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        <CharitableContribOtherEvents>49136</CharitableContribOtherEvents>
        <GrossRevenueOtherEvents>24746</GrossRevenueOtherEvents>
        <OtherDirectExpensesOtherEvents>24746</OtherDirectExpensesOtherEvents>
        <GrossReceiptsTotal>146632</GrossReceiptsTotal>
        <CharitableContributionsTotal>111183</CharitableContributionsTotal>
        <GrossRevenueTotalEvents>35449</GrossRevenueTotalEvents>
        <OtherDirectExpensesTotalEvents>35449</OtherDirectExpensesTotalEvents>
        <DirectExpenseSummaryEvents>35449</DirectExpenseSummaryEvents>
        <NetIncomeSummary>0</NetIncomeSummary>
      </EventsInformation>
      <Form990ScheduleGPartIV>
        <Identifier>EXPLANATION OF FUNDRAISING PAYMENTS</Identifier>
        <ReturnReference>SCHEDULE G, PART I, LINE 2B, COLUMN (V)</ReturnReference>
        <Explanation>RUFFALOCODY, LLC HANDLES ALL OPERATIONS OF THE GSU CALL CENTER WHICH SOLICITS OVER THE PHONE DONATIONS ON BEHALF OF THE UNIVERSITY.</Explanation>
      </Form990ScheduleGPartIV>
    </IRS990ScheduleG>
    <IRS990ScheduleI documentId="RetDoc1041900001">
      <RecordsMaintained>1</RecordsMaintained>
      <RecipientTable>
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        </RecipientNameBusiness>
        <AddressUS>
          <AddressLine1>ONE PARK PLACE SUITE 533</AddressLine1>
          <City>ATLANTA</City>
          <State>GA</State>
          <ZIPCode>30303</ZIPCode>
        </AddressUS>
        <IRCSection>115(1)</IRCSection>
        <AmountOfCashGrant>1148214</AmountOfCashGrant>
        <MethodOfValuation>BOOK</MethodOfValuation>
        <PurposeOfGrant>FUNDS ARE PAID TO GEORGIA STATE UNIVERSITY FOR EDUCATIONAL PURPOSES AND ACADEMIC SUPPORT.</PurposeOfGrant>
      </RecipientTable>
      <RecipientTable>
        <RecipientNameBusiness>
          <BusinessNameLine1>GEORGIA STATE UNIVERSITY</BusinessNameLine1>
        </RecipientNameBusiness>
        <AddressUS>
          <AddressLine1>ONE PARK PLACE SUITE 533</AddressLine1>
          <City>ATLANTA</City>
          <State>GA</State>
          <ZIPCode>30303</ZIPCode>
        </AddressUS>
        <IRCSection>115(1)</IRCSection>
        <AmountOfCashGrant>3138810</AmountOfCashGrant>
        <MethodOfValuation>BOOK</MethodOfValuation>
        <PurposeOfGrant>TO PROVIDE SCHOLARSHIPS AND AWARDS.</PurposeOfGrant>
      </RecipientTable>
      <TotalNbrOf501C3AndGovtGrants>1</TotalNbrOf501C3AndGovtGrants>
      <TotalNbrOfOtherOrganizations>0</TotalNbrOfOtherOrganizations>
      <Form990ScheduleIPartIV>
        <Identifier>PROCEDURE FOR MONITORING GRANTS IN THE U.S.:</Identifier>
        <ReturnReference>PART I, LINE 2:</ReturnReference>
        <Explanation>SCHEDULE I, PART I, LINE 2: FUNDS ARE PAID TO GEORGIA STATE UNIVERSITY FOR EDUCATIONAL PURPOSES AND ACADEMIC SUPPORT. SCHOLARSHIPS ARE PAID DIRECTLY BY GEORGIA STATE UNIVERSITY. SCHOLARSHIP RECIPIENTS ARE SELECTED BASED ON UNIVERSITY POLICY AND CRITERIA SET FORTH IN THE FUND AGREEMENTS.</Explanation>
      </Form990ScheduleIPartIV>
    </IRS990ScheduleI>
    <IRS990ScheduleJ documentId="RetDoc1042400001">
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      <SupplementalNonqualRetirePlan>0</SupplementalNonqualRetirePlan>
      <EquityBasedCompArrangement>0</EquityBasedCompArrangement>
      <CompBasedOnRevenueOfFilingOrg>0</CompBasedOnRevenueOfFilingOrg>
      <CompBasedOnRevenueRelatedOrgs>0</CompBasedOnRevenueRelatedOrgs>
      <CompBasedNetEarningsFilingOrg>0</CompBasedNetEarningsFilingOrg>
      <CompBasedNetEarningsRelateOrgs>0</CompBasedNetEarningsRelateOrgs>
      <AnyNonFixedPayments>0</AnyNonFixedPayments>
      <InitialContractException>0</InitialContractException>
      <Form990ScheduleJPartIII>
        <Identifier>SUPPLEMENTAL INFORMATION</Identifier>
        <ReturnReference>PART III</ReturnReference>
        <Explanation>COMPENSATION OF OFFICERS GEORGIA STATE UNIVERSITY FOUNDATION HAS NO EMPLOYEES. PER PART VII LINE 5, COMPENSATION OF OFFICERS LISTED ON PART VII IS FROM AN UNRELATED ORGANIZATION (GEORGIA STATE UNIVERSITY) FOR SERVICES RENDERED TO GEORGIA STATE UNIVERSITY FOUNDATION. ACCORDINGLY, WALTER MASSEY, PRESIDENT, DALE PALMER, ASSISTANT TREASURER/CFO, AND JULIE VAN BALEN, ASSISTANT SECRETARY, RECEIVED COMPENSATION OF $183,683, $156,696 AND $51,893, RESPECTIVELY, FROM GEORGIA STATE UNIVERSITY.</Explanation>
      </Form990ScheduleJPartIII>
    </IRS990ScheduleJ>
    <IRS990ScheduleK documentId="RetDoc1053100001">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>ATLANTA DEVELOPMENT AUTHORITY(PANTHER PLACE)</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>586033185</IssuerEIN>
        <CUSIPNumber>04780RBF4</CUSIPNumber>
        <DateIssued>2009-05-29</DateIssued>
        <IssuePrice>58607704</IssuePrice>
        <DescriptionOfPurpose>ACQUISITION OF FACILITIES FOR ADMINISTRATIVE OFFICES</DescriptionOfPurpose>
        <Defeased>0</Defeased>
        <OnBehalfOfIssuer>0</OnBehalfOfIssuer>
        <PoolFinancing>0</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>ALPHARETTA DEVELOPMENT AUTHORITY</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>586033185</IssuerEIN>
        <CUSIPNumber>020812BE2</CUSIPNumber>
        <DateIssued>2009-05-12</DateIssued>
        <IssuePrice>6544706</IssuePrice>
        <DescriptionOfPurpose>CONSTRUCTION OF EDUCATIONAL FACILITIES</DescriptionOfPurpose>
        <Defeased>0</Defeased>
        <OnBehalfOfIssuer>0</OnBehalfOfIssuer>
        <PoolFinancing>0</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>ATLANTA DEVELOPMENT AUTHORITY(PIEDMONT ELLIS)</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>586033185</IssuerEIN>
        <CUSIPNumber>04777LBG0</CUSIPNumber>
        <DateIssued>2005-09-08</DateIssued>
        <IssuePrice>165030809</IssuePrice>
        <DescriptionOfPurpose>CONSTRUCTION OF STUDENT HOUSING</DescriptionOfPurpose>
        <Defeased>0</Defeased>
        <OnBehalfOfIssuer>0</OnBehalfOfIssuer>
        <PoolFinancing>0</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>DEVELOPMENT AUTHORITY FULTON COUNTY (STUDENT REC CENTER)</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>586033185</IssuerEIN>
        <CUSIPNumber>359900K48</CUSIPNumber>
        <DateIssued>2011-01-01</DateIssued>
        <IssuePrice>18095000</IssuePrice>
        <DescriptionOfPurpose>REFINANCING OF ORIGINAL DEBT</DescriptionOfPurpose>
        <Defeased>0</Defeased>
        <OnBehalfOfIssuer>0</OnBehalfOfIssuer>
        <PoolFinancing>0</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartII>
        <TotalProceeds>73235000</TotalProceeds>
        <AmountInReserveFund>5101800</AmountInReserveFund>
        <IssuanceCostsFromProceeds>2440658</IssuanceCostsFromProceeds>
        <CapitalExpenditures>52000000</CapitalExpenditures>
        <AmountUnspent>3054422</AmountUnspent>
        <CurrentRefunding>1</CurrentRefunding>
        <AdvanceRefunding>0</AdvanceRefunding>
        <FinalAllocationMade>1</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>1</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartII>
        <TotalProceeds>5890000</TotalProceeds>
        <IssuanceCostsFromProceeds>127824</IssuanceCostsFromProceeds>
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        <YearOfSubstCompletion>2000</YearOfSubstCompletion>
        <CurrentRefunding>1</CurrentRefunding>
        <AdvanceRefunding>0</AdvanceRefunding>
        <FinalAllocationMade>1</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>1</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartII>
        <AmountRetired>161330000</AmountRetired>
        <TotalProceeds>161330000</TotalProceeds>
        <AmountInReserveFund>11286938</AmountInReserveFund>
        <IssuanceCostsFromProceeds>4377863</IssuanceCostsFromProceeds>
        <AmountUnspent>444482</AmountUnspent>
        <YearOfSubstCompletion>2007</YearOfSubstCompletion>
        <CurrentRefunding>0</CurrentRefunding>
        <AdvanceRefunding>0</AdvanceRefunding>
        <FinalAllocationMade>1</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>1</AdequateBooksAndRecdsMaintaind>
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      <Form990ScheduleKPartII>
        <TotalProceeds>16035000</TotalProceeds>
        <AmountInReserveFund>1603500</AmountInReserveFund>
        <IssuanceCostsFromProceeds>238618</IssuanceCostsFromProceeds>
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        <AmountUnspent>1488361</AmountUnspent>
        <YearOfSubstCompletion>2001</YearOfSubstCompletion>
        <CurrentRefunding>1</CurrentRefunding>
        <AdvanceRefunding>0</AdvanceRefunding>
        <FinalAllocationMade>1</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>1</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartIII>
        <OwningBondFinancedProperty>1</OwningBondFinancedProperty>
        <AnyLeaseArrangements>1</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>0</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>0</AnyResearchAgreements>
        <BondCounselRoutinelyEngaged>0</BondCounselRoutinelyEngaged>
        <PercentageOfPrvtBusinessReUBI>0.01670</PercentageOfPrvtBusinessReUBI>
        <TotalPrivateBusinessUse>0.01670</TotalPrivateBusinessUse>
        <PostIssuanceComplianceProcdrs>1</PostIssuanceComplianceProcdrs>
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      <Form990ScheduleKPartIII>
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        <AnyLeaseArrangements>0</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>0</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>0</AnyResearchAgreements>
        <BondCounselRoutinelyEngaged>0</BondCounselRoutinelyEngaged>
        <PostIssuanceComplianceProcdrs>1</PostIssuanceComplianceProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIII>
        <OwningBondFinancedProperty>1</OwningBondFinancedProperty>
        <AnyLeaseArrangements>0</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>0</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>0</AnyResearchAgreements>
        <BondCounselRoutinelyEngaged>0</BondCounselRoutinelyEngaged>
        <PostIssuanceComplianceProcdrs>1</PostIssuanceComplianceProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIII>
        <OwningBondFinancedProperty>1</OwningBondFinancedProperty>
        <AnyLeaseArrangements>0</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>0</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>0</AnyResearchAgreements>
        <BondCounselRoutinelyEngaged>0</BondCounselRoutinelyEngaged>
        <PostIssuanceComplianceProcdrs>1</PostIssuanceComplianceProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIV>
        <Form8038TFiled>0</Form8038TFiled>
        <VariableRateIssue>0</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>0</HedgeIdentifiedInBooksAndRecds>
        <NameOfHedgeProvider>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </NameOfHedgeProvider>
        <GrossProceedsInvestedInGIC>0</GrossProceedsInvestedInGIC>
        <NameOfGICProvider>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </NameOfGICProvider>
        <GrossProceedsInvested>0</GrossProceedsInvested>
        <ExceptionToRebate>0</ExceptionToRebate>
      </Form990ScheduleKPartIV>
      <Form990ScheduleKPartIV>
        <Form8038TFiled>0</Form8038TFiled>
        <VariableRateIssue>0</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>0</HedgeIdentifiedInBooksAndRecds>
        <NameOfHedgeProvider>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </NameOfHedgeProvider>
        <GrossProceedsInvestedInGIC>0</GrossProceedsInvestedInGIC>
        <NameOfGICProvider>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </NameOfGICProvider>
        <GrossProceedsInvested>0</GrossProceedsInvested>
        <ExceptionToRebate>0</ExceptionToRebate>
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      <Form990ScheduleKPartIV>
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        <VariableRateIssue>0</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>0</HedgeIdentifiedInBooksAndRecds>
        <NameOfHedgeProvider>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </NameOfHedgeProvider>
        <GrossProceedsInvestedInGIC>0</GrossProceedsInvestedInGIC>
        <NameOfGICProvider>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </NameOfGICProvider>
        <GrossProceedsInvested>0</GrossProceedsInvested>
        <ExceptionToRebate>0</ExceptionToRebate>
      </Form990ScheduleKPartIV>
    </IRS990ScheduleK>
    <IRS990ScheduleL documentId="RetDoc1042800001">
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NameBusiness>
            <BusinessNameLine1>JOHN F PENNEBAKER CO INC</BusinessNameLine1>
          </NameBusiness>
        </NameOfInterestedPerson>
        <Relationship>BROTHER OF FORMER GSUF TRUSTEE</Relationship>
        <AmountOfTransaction>15582</AmountOfTransaction>
        <DescriptionOfTransaction>THE JOHN F PENNEBAKER CO, INC WAS PAID $15,582.10 DURING THE TAX YEAR ENDING 06/30/11. JOHN PENNEBAKER, PRESIDENT, IS THE BROTHER OF VACHEL PENNEBAKER WHO WAS A FORMER GSUF TRUSTEE DURING FY 2008. THE PAYMENT WAS FOR MODIFICATIONS TO THE STUDENT RECREATION CENTER'S HVAC SYSTEM. BIDS WERE SUBMITTED BY FOUR COMPANIES AND THE JOHN F. PENNEBAKER CO. INC. HAD THE LOWEST BID.</DescriptionOfTransaction>
        <SharingOfRevenues>0</SharingOfRevenues>
      </Form990ScheduleLPartIV>
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NameBusiness>
            <BusinessNameLine1>REEVES CONTRACTING CO</BusinessNameLine1>
          </NameBusiness>
        </NameOfInterestedPerson>
        <Relationship>OWNER SON OF GSU TRUSTEE</Relationship>
        <AmountOfTransaction>20952</AmountOfTransaction>
        <DescriptionOfTransaction>DEAN REEVES OWNS REEVES CONTRACTING. HE IS THE SON OF GSU FOUNDATION BOARD MEMBER WILLIAM REEVES. WILLIAM REEVES HAS NO OWNERSHIP, FINANCIAL INTEREST, ROLE, OR STOCK IN REEVES CONTRACTING CO. REEVES CONTRACTING WAS AWARDED THE PROJECT IN THE TAX YEAR ENDING 06/30/10 AS THEY WERE DETERMINED TO BE THE LOWEST RESPONSIVE AND RESPONSIBLE BIDDER IN A COMPETITIVE BID PROCESS. REEVES CONTRACTING RECEIVED $20,952.25 AS A FINAL PAYMENT FROM GSUF DURING THE TAX YEAR ENDING 06/30/11.</DescriptionOfTransaction>
        <SharingOfRevenues>0</SharingOfRevenues>
      </Form990ScheduleLPartIV>
    </IRS990ScheduleL>
    <IRS990ScheduleM documentId="RetDoc1042900001">
      <WorksOfArt>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>2</NumberOfContributions>
        <MethodOfDeterminingRevenues>OPINION OF EXPERTS</MethodOfDeterminingRevenues>
      </WorksOfArt>
      <AnyPropertyThatMustBeHeld>0</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>1</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>0</ThirdPartiesUsed>
      <Form990ScheduleMPartII>
        <Identifier>NON REPORTING OF REVENUE:</Identifier>
        <ReturnReference>PART I, LINE 33:</ReturnReference>
        <Explanation>PART I, LINE 1 (ART - WORKS OF ART): A ZERO AMOUNT WAS REPORTED ON FORM 990, PART VIII STATEMENT OF REVENUE, LINE 1G, BECAUSE THE FOUNDATION DID NOT CAPITALIZE THE WORKS OF ART RECEIVED. PART I, COLUMN(B): COLUMN (B) REPORTS THE NUMBER OF CONTRIBUTIONS RECEIVED.</Explanation>
      </Form990ScheduleMPartII>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <GeneralExplanation>
        <Identifier>FORM 990, PART VI, SECTION B, LINE 11</Identifier>
        <Explanation>THE ORGANIZATION PROVIDES THE FEDERAL FORM 990 TO THE AUDIT COMMITTEE FOR REVIEW. ONCE APPROVED THE 990 IS SENT TO THE FULL BOARD OF TRUSTEES FOR REVIEW AND COMMENTS. IT IS THEN FILED WITH THE IRS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 12C</ReturnReference>
        <Explanation>THE ORGANIZATION SENDS CONFLICT OF INTEREST STATEMENTS TO ALL TRUSTEES, DIRECTORS, AND SIGNIFICANT MEMBERS OF THE GSU FOUNDATION COMMUNITY TO DISCLOSE ANY POSSIBLE CONFLICTS. THE AUDIT COMMITTEE REGULARLY REVIEWS ANY CONFLICTS THAT MAY ARISE THROUGHOUT THE YEAR ON A CASE BY CASE BASIS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 15</ReturnReference>
        <Explanation>ALL COMPENSATION REPORTED ON THE FORM 990 IS FROM AN UNRELATED ORGANIZATION (GEORGIA STATE UNIVERSITY) FOR SERVICES RENDERED TO GEORGIA STATE UNIVERSITY FOUNDATION. COMPENSATION IS HANDLED ACCORDING TO GEORGIA STATE UNIVERSITY POLICY AND ALL DECISIONS ARE MADE THROUGH THE UNIVERSITY PROCESS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 18</ReturnReference>
        <Explanation>FORMS 990 AND 990T ARE DOCUMENTED AND LOCATED ON THE ORGANIZATION'S WEB SITE FOR PUBLIC REVIEW AT WWW.GSUFOUNDATION.ORG</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>ALL GOVERNING DOCUMENTS AND POLICIES ARE LOCATED ON THE ORGANIZATION'S WEB SITE FOR PUBLIC REVIEW AT WWW.GSUFOUNDATION.ORG</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>CHANGES IN NET ASSETS OR FUND BALANCES:</Identifier>
        <ReturnReference>FORM 990, PART XI, LINE 5:</ReturnReference>
        <Explanation>NET UNREALIZED GAINS ON INVESTMENTS: 18,050,252. TRANSFERS FROM GSU BUILDING FOUNDATION 1,095,352. GAIN ON BOND REFINANCING 298,092. TOTAL TO FORM 990, PART XI, LINE 5: 19,443,696.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>AUDIT COMMITTEE</Identifier>
        <ReturnReference>FORM 990, PART XI, LINE 2C</ReturnReference>
        <Explanation>THE AUDIT COMMITTEE PROVIDES INDEPENDENT OVERSIGHT WHICH INCLUDES: SELECTING THE INDEPENDENT AUDITING FIRM FOR THE ANNUAL AUDIT; MEETING WITH THE AUDITOR PRIOR TO THE AUDIT TO DISCUSS THE SCOPE OF THE AUDIT; MEETING WITH THE AUDITOR AFTER THE ANNUAL AUDIT TO REVIEW THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS AND THE MANAGEMENT LETTER; MEETING WITH THE AUDITOR AFTER THE ANNUAL AUDIT TO REVIEW THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS AND THE MANAGEMENT LETTER; ENSURING THAT MANAGEMENT ADDRESSES ANY ISSUES DETERMINED IN THE AUDITOR'S MANAGEMENT LETTER; RECOMMENDING THE ACCEPTANCE OF THE AUDIT TO THE EXECUTIVE COMMITTEE AND THE BOARD OF TRUSTEES; EDUCATING TRUSTEES ON AUDIT ISSUES, RECOMMENDING APPROVAL OF AUDIT FEES; REBIDDING THE SELECTION OF THE INDEPENDENT AUDIT FIRM EVERY 3 - 5 YEARS; APPROVING ACCOUNTING POLICIES AND STANDARDS, REVIEWING AND MAKING RECOMMENDATIONS ON INTERNAL CONTROLS; AND OVERSEEING POLICIES AND PROCEDURES FOR REPORTING QUESTIONABLE ACCOUNTING OR AUDITING MATTERS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ADDITIONAL STATEMENT RELATED TO FUNDRAISING ACTIVITY</Identifier>
        <Explanation>THE COST OF SERVICES RENDERED BY THE DEVELOPMENT DIVISION OF GEORGIA STATE UNIVERSITY FOR FUNDRAISING ACTIVITIES ARE BORNE BOTH BY THE FOUNDATION AND THE UNIVERSITY. THE PORTION OF THE COSTS BORNE BY THE UNIVERSITY IS NOT INCLUDED IN THE FOUNDATION'S FINANCIAL STATEMENTS, AS THESE COSTS WOULD HAVE BEEN INCURRED BY THE UNIVERSITY EVEN IF THE FOUNDATION DID NOT EXIST. THE COST OF THE SERVICES PROVIDED BY THE UNIVERSITY APPROXIMATED $2,804,296 FOR THE YEAR ENDED JUNE 30, 2011.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART V, LINE 1C</ReturnReference>
        <Explanation>THE ORGANIZATION DID NOT HAVE ANY REPORTABLE GAMING (GAMBLING) WINNINGS TO PRIZE WINNERS AND THEREFORE THE BACKUP WITHHOLDING RULES DID NOT APPLY. THE ORGANIZATION ALSO DID NOT HAVE ANY REPORTABLE PAYMENTS TO VENDORS. THEREFORE, THE BACKUP WITHHOLDING RULES DID NOT APPLY. FORM 990, PART V, LINE 2A AND LINE 2B: THE ORGANIZATION DID NOT HAVE ANY EMPLOYEES AND THEREFORE THE FEDERAL EMPLOYMENT TAX RETURNS WERE NOT FILED. FORM 990, PART V, LINE 7G AND LINE 7H: THE ORGANIZATION DID NOT RECEIVE CONTRIBUTIONS OF QUALIFIED INTELLECTUAL PROPERTY AND WAS THEREFORE NOT REQUIRED TO FILE FORM 8899. LIKEWISE, THERE WERE NO CONTRIBUTIONS OF CARS, BOATS, AIRPLANES, OR OTHER VEHICLES, AND FORM 1098-C WAS NOT REQUIRED.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc1043400001">
      <Form990ScheduleRPartI>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>UNIVERSITY LOFTS LLC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>ONE PARK PLACE SUITE 533</AddressLine1>
          <City>ATLANTA</City>
          <State>GA</State>
          <ZIPCode>30303</ZIPCode>
        </AddressUS>
        <EIN>586033185</EIN>
        <PrimaryActivities>STUDENT HOUSING FACILITY FOR THE UNIVERSITY STUDENTS</PrimaryActivities>
        <LegalDomicileState>GA</LegalDomicileState>
        <TotalIncome>3473773</TotalIncome>
        <EOYAssets>39145</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>GEORGIA STATE UNIVERSITY FOUNDATION</BusinessNameLine1>
        </DirectControllingEntityName>
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      <Form990ScheduleRPartI>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>PIEDMONTELLIS LLC</BusinessNameLine1>
        </NameOfDisregardedEntity>
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          <AddressLine1>ONE PARK PLACE SUITE 533</AddressLine1>
          <City>ATLANTA</City>
          <State>GA</State>
          <ZIPCode>30303</ZIPCode>
        </AddressUS>
        <EIN>586033185</EIN>
        <PrimaryActivities>TO ACQUIRE,DEVELOP, OPERATE AND MANAGE REAL PROPERTY FOR STUDENT HOUSING</PrimaryActivities>
        <LegalDomicileState>GA</LegalDomicileState>
        <TotalIncome>9705998</TotalIncome>
        <EOYAssets>154235583</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>GEORGIA STATE UNIVERSITY FOUNDATION</BusinessNameLine1>
        </DirectControllingEntityName>
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      <Form990ScheduleRPartI>
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          <BusinessNameLine1>RIALTO CENTER LLC</BusinessNameLine1>
        </NameOfDisregardedEntity>
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          <AddressLine1>ONE PARK PLACE SUITE 533</AddressLine1>
          <City>ATLANTA</City>
          <State>GA</State>
          <ZIPCode>30303</ZIPCode>
        </AddressUS>
        <EIN>586033185</EIN>
        <PrimaryActivities>TO PURCHASE AND RENOVATE THE RIALTO THEATER FOR BENEFIT AND USE BY THE UNIV.</PrimaryActivities>
        <LegalDomicileState>GA</LegalDomicileState>
        <TotalIncome>79304</TotalIncome>
        <EOYAssets>494732</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>GEORGIA STATE UNIVERSITY FOUNDATION</BusinessNameLine1>
        </DirectControllingEntityName>
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          <BusinessNameLine1>PANTHER PLACE LLC</BusinessNameLine1>
        </NameOfDisregardedEntity>
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          <AddressLine1>PO BOX 4076</AddressLine1>
          <City>ATLANTA</City>
          <State>GA</State>
          <ZIPCode>30302</ZIPCode>
        </AddressUS>
        <EIN>586033185</EIN>
        <PrimaryActivities>TO PURCHASE THE SUNTRUST BUILD. TO PROVIDE OFFICE &amp; CLASSROOM TO THE UNIV.</PrimaryActivities>
        <LegalDomicileState>GA</LegalDomicileState>
        <TotalIncome>3123544</TotalIncome>
        <EOYAssets>62317211</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>GEORGIA STATE UNIVERSITY FOUNDATION</BusinessNameLine1>
        </DirectControllingEntityName>
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          <AddressLine1>ONE PARK PLACE SUITE 533</AddressLine1>
          <City>ATLANTA</City>
          <State>GA</State>
          <ZIPCode>30303</ZIPCode>
        </AddressUS>
        <EIN>586033185</EIN>
        <PrimaryActivities>TO PROVIDE A PRACTICE FOOTBALL FIELD AND FACILITY USE BY THE UNIVERSITY</PrimaryActivities>
        <LegalDomicileState>GA</LegalDomicileState>
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        <EOYAssets>7890</EOYAssets>
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      </Form990ScheduleRPartI>
      <Form990ScheduleRPartI>
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          <BusinessNameLine1>PANTHER LOT LLC</BusinessNameLine1>
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          <AddressLine1>ONE PARK PLACE SUITE 533</AddressLine1>
          <City>ATLANTA</City>
          <State>GA</State>
          <ZIPCode>30303</ZIPCode>
        </AddressUS>
        <EIN>586033185</EIN>
        <PrimaryActivities>TO ACQUIRE, DEVELOP, OPERATE, AND MANAGE REAL PROPERTY USE BY THE UNIVERSIT</PrimaryActivities>
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        <TotalIncome>-691642</TotalIncome>
        <EOYAssets>101308</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>GEORGIA STATE UNIVERSITY FOUNDATION</BusinessNameLine1>
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      </Form990ScheduleRPartI>
      <Form990ScheduleRPartI>
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          <BusinessNameLine1>PANTHER REAL ESTATE LLC</BusinessNameLine1>
        </NameOfDisregardedEntity>
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          <AddressLine1>ONE PARK PLACE SUITE 533</AddressLine1>
          <City>ATLANTA</City>
          <State>GA</State>
          <ZIPCode>30303</ZIPCode>
        </AddressUS>
        <EIN>586033185</EIN>
        <PrimaryActivities>TO PURCHASE REAL ESTATE FOR USE OF THE UNIVERSITY</PrimaryActivities>
        <LegalDomicileState>GA</LegalDomicileState>
        <TotalIncome>23380</TotalIncome>
        <EOYAssets>-8194</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>GEORGIA STATE UNIVERSITY FOUNDATION</BusinessNameLine1>
        </DirectControllingEntityName>
      </Form990ScheduleRPartI>
      <Form990ScheduleRPartII>
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          <BusinessNameLine1>GEORGIA STATE UNIVERSITY BUILDING FOUNDATION</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>PO BOX 3963</AddressLine1>
          <City>ATLANTA</City>
          <State>GA</State>
          <ZIPCode>30303</ZIPCode>
        </AddressUS>
        <EIN>581998542</EIN>
        <PrimaryActivities>LEGAL ENTITY TO HOLD TITLE TO PROPERTY</PrimaryActivities>
        <LegalDomicileState>GA</LegalDomicileState>
        <ExemptCodeSection>501 C(2)</ExemptCodeSection>
        <DirectControllingEntityName>
          <BusinessNameLine1>GEORGIA STATE UNIVERSITY FOUNDATION</BusinessNameLine1>
        </DirectControllingEntityName>
        <ControlledOrg>0</ControlledOrg>
      </Form990ScheduleRPartII>
      <ReceiptOfIntAnnRentsRoyalties>0</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>0</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>1</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>0</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>0</LoansOrGuaranteesFromOtherOrg>
      <SaleOfAssetsToOtherOrg>0</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>0</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>0</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>0</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>0</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>0</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>0</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>0</SharingOfFacilities>
      <SharingOfPaidEmployees>0</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>0</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>0</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>0</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>0</OtherTransferFromOtherOrg>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>GEORGIA STATE UNIVERSITY BUILDING FOUNDATION</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>C</TransactionType>
        <AmountInvolved>1095352</AmountInvolved>
        <MethodOfAmtDetermination>CASH</MethodOfAmtDetermination>
      </TransactionsRelatedOrgsTable>
    </IRS990ScheduleR>
  </ReturnData>
</Return>