﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.irs.gov/efile" returnVersion="2010v3.2">
  <ReturnHeader binaryAttachmentCount="0">
    <Timestamp>2012-03-27T13:37:00-05:00</Timestamp>
    <TaxPeriodEndDate>2011-05-31</TaxPeriodEndDate>
    <ReturnType>990</ReturnType>
    <TaxPeriodBeginDate>2010-06-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>620518288</EIN>
      <Name>
        <BusinessNameLine1>FREED-HARDEMAN UNIVERSITY</BusinessNameLine1>
      </Name>
      <NameControl>FREE</NameControl>
      <Phone>7319896009</Phone>
      <USAddress>
        <AddressLine1>158 E MAIN ST</AddressLine1>
        <City>HENDERSON</City>
        <State>TN</State>
        <ZIPCode>38340</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>JOE WILEY</Name>
      <Title>PRESIDENT</Title>
      <Phone>7319896009</Phone>
      <DateSigned>2012-01-06</DateSigned>
    </Officer>
    <TaxYear>2010</TaxYear>
    <BuildTS>2016-02-24 21:20:13Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="13">
    <IRS990 referenceDocumentId="RetDoc2" documentId="RetDoc14">
      <DoingBusinessAs>
        <BusinessNameLine1>FREED-HARDEMAN UNIVERSITY</BusinessNameLine1>
      </DoingBusinessAs>
      <NameOfPrincipalOfficerPerson>JOE WILEY</NameOfPrincipalOfficerPerson>
      <AddressPrincipalOfficerUS>
        <AddressLine1>158 E MAIN ST</AddressLine1>
        <City>HENDERSON</City>
        <State>TN</State>
        <ZIPCode>38340</ZIPCode>
      </AddressPrincipalOfficerUS>
      <GrossReceipts>47206765</GrossReceipts>
      <GroupReturnForAffiliates>false</GroupReturnForAffiliates>
      <AllAffiliatesIncluded>true</AllAffiliatesIncluded>
      <Organization501c3>X</Organization501c3>
      <TypeOfOrganizationCorporation>X</TypeOfOrganizationCorporation>
      <YearFormation>1869</YearFormation>
      <StateLegalDomicile>TN</StateLegalDomicile>
      <ActivityOrMissionDescription>FREED-HARDEMAN UNIVERSITY IS A PRIVATE SCHOOL ASSOCIATED WITH CHURCHES OF CHRIST THAT EMPHASIZES BIBLICAL STUDIES AND THE SPIRITUAL DEVELOPMENT OF ITS STUDENTS.</ActivityOrMissionDescription>
      <NbrVotingMembersGoverningBody>34</NbrVotingMembersGoverningBody>
      <NbrIndependentVotingMembers>34</NbrIndependentVotingMembers>
      <TotalNbrEmployees>1133</TotalNbrEmployees>
      <TotalGrossUBI>0</TotalGrossUBI>
      <ContributionsGrantsPriorYear>6925408</ContributionsGrantsPriorYear>
      <ContributionsGrantsCurrentYear>7232877</ContributionsGrantsCurrentYear>
      <ProgramServiceRevenuePriorYear>35504163</ProgramServiceRevenuePriorYear>
      <ProgramServiceRevenueCY>35758368</ProgramServiceRevenueCY>
      <InvestmentIncomePriorYear>1208907</InvestmentIncomePriorYear>
      <InvestmentIncomeCurrentYear>1926448</InvestmentIncomeCurrentYear>
      <OtherRevenuePriorYear>2006112</OtherRevenuePriorYear>
      <OtherRevenueCurrentYear>2289072</OtherRevenueCurrentYear>
      <TotalRevenuePriorYear>45644590</TotalRevenuePriorYear>
      <TotalRevenueCurrentYear>47206765</TotalRevenueCurrentYear>
      <GrantsAndSimilarAmntsPriorYear>8910335</GrantsAndSimilarAmntsPriorYear>
      <GrantsAndSimilarAmntsCY>9687810</GrantsAndSimilarAmntsCY>
      <BenefitsPaidToMembersCY>0</BenefitsPaidToMembersCY>
      <SalariesEtcPriorYear>16363891</SalariesEtcPriorYear>
      <SalariesEtcCurrentYear>17319190</SalariesEtcCurrentYear>
      <TotalProfFundrsngExpCY>0</TotalProfFundrsngExpCY>
      <TotalFundrsngExpCurrentYear>2121755</TotalFundrsngExpCurrentYear>
      <OtherExpensePriorYear>13760289</OtherExpensePriorYear>
      <OtherExpensesCurrentYear>14987681</OtherExpensesCurrentYear>
      <TotalExpensesPriorYear>39811990</TotalExpensesPriorYear>
      <TotalExpensesCurrentYear>41217206</TotalExpensesCurrentYear>
      <RevenuesLessExpensesPriorYear>5832600</RevenuesLessExpensesPriorYear>
      <RevenuesLessExpensesCY>5989559</RevenuesLessExpensesCY>
      <TotalAssetsBOY>85551965</TotalAssetsBOY>
      <TotalAssetsEOY>93485603</TotalAssetsEOY>
      <TotalLiabilitiesBOY>35445041</TotalLiabilitiesBOY>
      <TotalLiabilitiesEOY>37000298</TotalLiabilitiesEOY>
      <NetAssetsOrFundBalancesBOY>50106924</NetAssetsOrFundBalancesBOY>
      <NetAssetsOrFundBalancesEOY>56485305</NetAssetsOrFundBalancesEOY>
      <MissionDescription>FREED-HARDEMAN UNIVERSITY IS A PRIVATE INSTITUTION ASSOCIATED WITH CHURCHES OF CHRIST DEDICATED TO MORAL AND SPIRITUAL VALUES ACADEMIC EXCELLENCE AND SERVICE IN A FRIENDLY SUPPORTIVE ENVIRONMENT.</MissionDescription>
      <SignificantNewProgramServices>false</SignificantNewProgramServices>
      <SignificantChange>false</SignificantChange>
      <Expense>37226244</Expense>
      <Grants>8910335</Grants>
      <Description>THE UNIVERSITY CONDUCTED CLASSES FOR OVER 2000 STUDENTS AND GRADUATED APPROX. 500 DURING THE FISCAL YEAR. THE EXPENSES INCLUDED FACULTY SALARIES AND BENEFITS AND AUXILIARY ENTERPRISES AND THE OPERATIONS AND MAINTENANCE TO SUPPORT THEM.</Description>
      <Activity2>
        <ActivityCode>611000</ActivityCode>
        <Expense>1869207</Expense>
        <Description>THESE EXPENSES ARE THE SALARIES AND OPERATING EXPENSES OF THE PRESIDENT AND BUSINESS OFFICERS AND SUPPORT STAFF OF THE UNIVERSITY. THESE INDIVIDUALS PERFORM THE COLLECTION OF RECEIVABLES AND THE PAYING OF THE EXPENSES OF THE UNIVERSITY.</Description>
      </Activity2>
      <Activity3>
        <ActivityCode>611000</ActivityCode>
        <Expense>2121755</Expense>
        <Description>THESE EXPENSES ARE THE SALARIES AND TRAVEL EXPENSES AND THE GENERAL OFFICE EXPENSES OF THE UNIVERSITY ADVANCEMENT OFFICE.</Description>
      </Activity3>
      <TotalProgramServiceExpense>41217206</TotalProgramServiceExpense>
      <DescribedIn501C3 referenceDocumentId="RetDoc13">true</DescribedIn501C3>
      <ScheduleBRequired referenceDocumentId="RetDoc12">true</ScheduleBRequired>
      <PoliticalActivities>false</PoliticalActivities>
      <LobbyingActivities>false</LobbyingActivities>
      <DonorAdvisedFunds>false</DonorAdvisedFunds>
      <ConservationEasements>false</ConservationEasements>
      <CollectionsOfArt>false</CollectionsOfArt>
      <CreditCounseling>false</CreditCounseling>
      <TermOrPermanentEndowments referenceDocumentId="RetDoc11">true</TermOrPermanentEndowments>
      <ReportLandBldgEquip>true</ReportLandBldgEquip>
      <ReportInvestOthSecurities>false</ReportInvestOthSecurities>
      <ReportProgRelInvest>false</ReportProgRelInvest>
      <ReportOtherAssets>false</ReportOtherAssets>
      <ReportOtherLiabilities>true</ReportOtherLiabilities>
      <ReportFin48Footnote>false</ReportFin48Footnote>
      <IndependentAuditFinancialStmt>false</IndependentAuditFinancialStmt>
      <ConsolidatedAuditFinancialStmt>false</ConsolidatedAuditFinancialStmt>
      <School referenceDocumentId="RetDoc10">true</School>
      <ForeignOffice>false</ForeignOffice>
      <ForeignActivities referenceDocumentId="RetDoc8">true</ForeignActivities>
      <MoreThan5000KToOrganizations>false</MoreThan5000KToOrganizations>
      <MoreThan5000KToIndividuals>false</MoreThan5000KToIndividuals>
      <ProfessionalFundraising>false</ProfessionalFundraising>
      <FundraisingActivities referenceDocumentId="RetDoc8">true</FundraisingActivities>
      <Gaming>false</Gaming>
      <Hospital>false</Hospital>
      <GrantsToOrganizations>false</GrantsToOrganizations>
      <GrantsToIndividuals referenceDocumentId="RetDoc7">true</GrantsToIndividuals>
      <ScheduleJRequired referenceDocumentId="RetDoc6">true</ScheduleJRequired>
      <TaxExemptBonds referenceDocumentId="RetDoc5">true</TaxExemptBonds>
      <InvestTaxExemptBonds>false</InvestTaxExemptBonds>
      <EscrowAccount>false</EscrowAccount>
      <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      <ExcessBenefitTransaction>false</ExcessBenefitTransaction>
      <PriorExcessBenefitTransaction>false</PriorExcessBenefitTransaction>
      <LoanToOfficerOrDQP referenceDocumentId="RetDoc4">true</LoanToOfficerOrDQP>
      <GrantToRelatedPerson>false</GrantToRelatedPerson>
      <BsnssRltnshpWithOrganization>false</BsnssRltnshpWithOrganization>
      <BsnssRltnshpThruFamilyMember>false</BsnssRltnshpThruFamilyMember>
      <OfficerEntityWithBsnssRltnshp>false</OfficerEntityWithBsnssRltnshp>
      <DeductibleNonCashContributions referenceDocumentId="RetDoc3">true</DeductibleNonCashContributions>
      <DeductibleContributionsOfArt>false</DeductibleContributionsOfArt>
      <Terminated>false</Terminated>
      <PartialLiquidation>false</PartialLiquidation>
      <DisregardedEntity>false</DisregardedEntity>
      <RelatedEntity>false</RelatedEntity>
      <RelatedOrgControlledEntity>false</RelatedOrgControlledEntity>
      <TransactionRelatedEntity>false</TransactionRelatedEntity>
      <TransfersToExemptNonChrtblOrg>false</TransfersToExemptNonChrtblOrg>
      <ActivitiesConductedPartnership>false</ActivitiesConductedPartnership>
      <ScheduleORequired>true</ScheduleORequired>
      <NumberFormsTransmittedWith1096>102</NumberFormsTransmittedWith1096>
      <NumberW2GIncluded>0</NumberW2GIncluded>
      <ComplianceWithBackupWitholding>true</ComplianceWithBackupWitholding>
      <NumberOfEmployees>1133</NumberOfEmployees>
      <EmploymentTaxReturnsFiled>true</EmploymentTaxReturnsFiled>
      <UnrelatedBusinessIncome>true</UnrelatedBusinessIncome>
      <Form990-TFiled>true</Form990-TFiled>
      <ForeignFinancialAccount>true</ForeignFinancialAccount>
      <NameOfForeignCountry>BE</NameOfForeignCountry>
      <ProhibitedTaxShelterTrans>false</ProhibitedTaxShelterTrans>
      <TaxablePartyNotification>false</TaxablePartyNotification>
      <NonDeductibleContributions>true</NonDeductibleContributions>
      <QuidProQuoContributions>true</QuidProQuoContributions>
      <QuidProQuoDisclosure>true</QuidProQuoDisclosure>
      <Form8282PropertyDisposedOf>false</Form8282PropertyDisposedOf>
      <FundsToPayPremiums>false</FundsToPayPremiums>
      <PremiumsPaid>false</PremiumsPaid>
      <Form8899Filed>true</Form8899Filed>
      <FiledLieu1041>false</FiledLieu1041>
      <LicensedMoreThanOneState>false</LicensedMoreThanOneState>
      <IndoorTanningServices>false</IndoorTanningServices>
      <Form720Filed>false</Form720Filed>
      <InfoInScheduleOPartVI>X</InfoInScheduleOPartVI>
      <NbrVotingGoverningBodyMembers>34</NbrVotingGoverningBodyMembers>
      <NumberIndependentVotingMembers>34</NumberIndependentVotingMembers>
      <FamilyOrBusinessRelationship>false</FamilyOrBusinessRelationship>
      <DelegationOfManagementDuties>false</DelegationOfManagementDuties>
      <ChangesToOrganizingDocs>false</ChangesToOrganizingDocs>
      <MaterialDiversionOrMisuse>false</MaterialDiversionOrMisuse>
      <MembersOrStockholders>false</MembersOrStockholders>
      <ElectionOfBoardMembers>false</ElectionOfBoardMembers>
      <DecisionsSubjectToApproval>false</DecisionsSubjectToApproval>
      <MinutesOfGoverningBody>true</MinutesOfGoverningBody>
      <MinutesOfCommittees>true</MinutesOfCommittees>
      <OfficerMailingAddress>false</OfficerMailingAddress>
      <LocalChapters>false</LocalChapters>
      <Form990ProvidedToGoverningBody>true</Form990ProvidedToGoverningBody>
      <ConflictOfInterestPolicy>true</ConflictOfInterestPolicy>
      <AnnualDisclosureCoveredPersons>true</AnnualDisclosureCoveredPersons>
      <RegularMonitoringEnforcement>true</RegularMonitoringEnforcement>
      <WhistleblowerPolicy>false</WhistleblowerPolicy>
      <DocumentRetentionPolicy>false</DocumentRetentionPolicy>
      <CompensationProcessCEO>true</CompensationProcessCEO>
      <CompensationProcessOther>true</CompensationProcessOther>
      <InvestmentInJointVenture>false</InvestmentInJointVenture>
      <UponRequest>X</UponRequest>
      <TheBooksAreInCareOf>
        <NamePerson>BARRY SMITH</NamePerson>
        <TelephoneNumber>7319896009</TelephoneNumber>
        <AddressUS>
          <AddressLine1>158 E MAIN ST</AddressLine1>
          <City>HENDERSON</City>
          <State>TN</State>
          <ZIPCode>38340</ZIPCode>
        </AddressUS>
      </TheBooksAreInCareOf>
      <Form990PartVIISectionA>
        <NamePerson>TOM ANDERSON</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DR LARRY W BLOOMINGBURG</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DR JAMES O BUTTS</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>MARK CASTLEBERRY</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>KERRY E COUCH</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>GIL R COWLES</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>TERRY CREWS</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>HON JOHN DEBERRY JR</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>MICHAEL DEES</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DR JOHN DODD</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>JAMES Q EDMONDS</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DORIS FARROW</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DR BARRY V FORTNER</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>ANDREW GREGORY</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>GREG HARRISON</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>JEFF JENKINS</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DR DALE JONES</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>JOHN LAW</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DR JAY LOCKHART</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DR BILL MORGAN</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DR PHILIP B OLDHAM</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DR A LYNN PATTERSON</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>BRETT L PHARR</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>NATHAN PRIDE</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>ROBERT P SHACKLEFORD III</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>JAMES R SHAW</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DR ROBERT J SMITH</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>MARYLAND SPEARS</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>ROBERT F SWAYNE</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DANNY TALKINGTON</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>MYNONNE TATE</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DR THOMAS TOWNSEND</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>TED H WILLIAMS</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>GREGG A WOODALL</NamePerson>
        <Title>TRUSTEE</Title>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DR JOE A WILEY</NamePerson>
        <Title>PRESIDENT</Title>
        <AverageHoursPerWeek>40</AverageHoursPerWeek>
        <Officer>X</Officer>
        <KeyEmployee>X</KeyEmployee>
        <HighestCompensatedEmployee>X</HighestCompensatedEmployee>
        <ReportableCompFromOrganization>248156</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>18214</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DR MILTON R SEWELL</NamePerson>
        <Title>CHANCELLOR</Title>
        <AverageHoursPerWeek>40</AverageHoursPerWeek>
        <Officer>X</Officer>
        <KeyEmployee>X</KeyEmployee>
        <ReportableCompFromOrganization>147642</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>13364</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DR DWAYNE H WILSON</NamePerson>
        <Title>EXEC. VICE PRESIDENT</Title>
        <AverageHoursPerWeek>40</AverageHoursPerWeek>
        <Officer>X</Officer>
        <KeyEmployee>X</KeyEmployee>
        <ReportableCompFromOrganization>133973</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>12923</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DR SAMUEL T JONES</NamePerson>
        <Title>VICE PRESIDENT</Title>
        <AverageHoursPerWeek>40</AverageHoursPerWeek>
        <Officer>X</Officer>
        <KeyEmployee>X</KeyEmployee>
        <ReportableCompFromOrganization>112820</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>14267</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DAVID A CLOUSE</NamePerson>
        <Title>VICE PRESIDENT</Title>
        <AverageHoursPerWeek>40</AverageHoursPerWeek>
        <Officer>X</Officer>
        <KeyEmployee>X</KeyEmployee>
        <ReportableCompFromOrganization>104138</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>14283</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>EDWARD W SCOTT</NamePerson>
        <Title>VICE PRESIDENT</Title>
        <AverageHoursPerWeek>40</AverageHoursPerWeek>
        <Officer>X</Officer>
        <KeyEmployee>X</KeyEmployee>
        <ReportableCompFromOrganization>91302</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>8764</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>ROBERT M SCOTT</NamePerson>
        <Title>VICE PRESIDENT</Title>
        <AverageHoursPerWeek>40</AverageHoursPerWeek>
        <Officer>X</Officer>
        <KeyEmployee>X</KeyEmployee>
        <ReportableCompFromOrganization>78590</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>14864</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DR KENNETH CARGYLE</NamePerson>
        <Title>PROFESSOR</Title>
        <AverageHoursPerWeek>40</AverageHoursPerWeek>
        <KeyEmployee>X</KeyEmployee>
        <ReportableCompFromOrganization>101959</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>9215</OtherCompensation>
      </Form990PartVIISectionA>
      <TotalReportableCompFromOrg>1018580</TotalReportableCompFromOrg>
      <TotalOtherCompensation>105894</TotalOtherCompensation>
      <NumberIndividualsGT100K>6</NumberIndividualsGT100K>
      <FormersListed>false</FormersListed>
      <TotalCompGT150K>true</TotalCompGT150K>
      <CompensationFromOtherSources>false</CompensationFromOtherSources>
      <GovernmentGrants>3060630</GovernmentGrants>
      <AllOtherContributions>4172247</AllOtherContributions>
      <TotalContributions>7232877</TotalContributions>
      <ProgramServiceRevenue>
        <Description>TUITION</Description>
        <BusinessCode>611000</BusinessCode>
        <TotalRevenueColumn>26053533</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>26053533</RelatedOrExemptFunctionIncome>
      </ProgramServiceRevenue>
      <ProgramServiceRevenue>
        <Description>AUXILIARY ENTERPRISES</Description>
        <BusinessCode>611000</BusinessCode>
        <TotalRevenueColumn>9704835</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>9704835</RelatedOrExemptFunctionIncome>
      </ProgramServiceRevenue>
      <TotalProgramServiceRevenue>35758368</TotalProgramServiceRevenue>
      <InvestmentIncome>
        <TotalRevenueColumn>179557</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>179557</RelatedOrExemptFunctionIncome>
      </InvestmentIncome>
      <GrossAmountSalesAssets>
        <Securities>14188782</Securities>
      </GrossAmountSalesAssets>
      <LessCostOthBasisSalesExpenses>
        <Securities>12441891</Securities>
      </LessCostOthBasisSalesExpenses>
      <GainOrLoss>
        <Securities>1746891</Securities>
      </GainOrLoss>
      <NetGainOrLossInvestments>
        <TotalRevenueColumn>1746891</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>1746891</RelatedOrExemptFunctionIncome>
      </NetGainOrLossInvestments>
      <GrossIncomeFundraisingEvents>1751205</GrossIncomeFundraisingEvents>
      <FundraisingDirectExpenses>246872</FundraisingDirectExpenses>
      <NetIncomeFromFundraisingEvents>
        <TotalRevenueColumn>1504333</TotalRevenueColumn>
      </NetIncomeFromFundraisingEvents>
      <GrossSalesOfInventory>1988863</GrossSalesOfInventory>
      <CostOfGoodsSold>1204124</CostOfGoodsSold>
      <NetIncomeOrLoss>
        <TotalRevenueColumn>784739</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>784739</RelatedOrExemptFunctionIncome>
      </NetIncomeOrLoss>
      <TotalRevenue>
        <TotalRevenueColumn>47206765</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>38469555</RelatedOrExemptFunctionIncome>
        <UnrelatedBusinessRevenue>0</UnrelatedBusinessRevenue>
        <ExclusionAmount>0</ExclusionAmount>
      </TotalRevenue>
      <GrantsToDomesticIndividuals>
        <Total>8910335</Total>
        <ProgramServices>8910335</ProgramServices>
      </GrantsToDomesticIndividuals>
      <CompCurrentOfficersDirectors>
        <Total>1018610</Total>
        <ProgramServices>384671</ProgramServices>
        <ManagementAndGeneral>382129</ManagementAndGeneral>
        <Fundraising>251810</Fundraising>
      </CompCurrentOfficersDirectors>
      <CompDisqualPersons>
        <Total>13026940</Total>
        <ProgramServices>11308413</ProgramServices>
        <ManagementAndGeneral>656678</ManagementAndGeneral>
        <Fundraising>1061849</Fundraising>
      </CompDisqualPersons>
      <PensionPlanContributions>
        <Total>495421</Total>
        <ProgramServices>411482</ProgramServices>
        <ManagementAndGeneral>39138</ManagementAndGeneral>
        <Fundraising>44801</Fundraising>
      </PensionPlanContributions>
      <OtherEmployeeBenefits>
        <Total>1734175</Total>
        <ProgramServices>1381479</ProgramServices>
        <ManagementAndGeneral>202421</ManagementAndGeneral>
        <Fundraising>150275</Fundraising>
      </OtherEmployeeBenefits>
      <PayrollTaxes>
        <Total>1044044</Total>
        <ProgramServices>893401</ProgramServices>
        <ManagementAndGeneral>62561</ManagementAndGeneral>
        <Fundraising>88082</Fundraising>
      </PayrollTaxes>
      <FeesForServicesAccounting>
        <Total>81678</Total>
        <ManagementAndGeneral>81678</ManagementAndGeneral>
      </FeesForServicesAccounting>
      <FeesForServicesInvstMgmntFees>
        <Total>197733</Total>
        <ManagementAndGeneral>197733</ManagementAndGeneral>
      </FeesForServicesInvstMgmntFees>
      <FeesForServicesOther>
        <Total>70634</Total>
        <ProgramServices>43875</ProgramServices>
        <ManagementAndGeneral>26759</ManagementAndGeneral>
      </FeesForServicesOther>
      <Advertising>
        <Total>43456</Total>
        <Fundraising>43456</Fundraising>
      </Advertising>
      <OfficeExpenses>
        <Total>561272</Total>
        <ProgramServices>411517</ProgramServices>
        <ManagementAndGeneral>98659</ManagementAndGeneral>
        <Fundraising>51096</Fundraising>
      </OfficeExpenses>
      <InformationTechnology>
        <Total>721850</Total>
        <ProgramServices>721850</ProgramServices>
      </InformationTechnology>
      <Occupancy>
        <Total>19959</Total>
        <ProgramServices>19959</ProgramServices>
      </Occupancy>
      <Travel>
        <Total>804702</Total>
        <ProgramServices>727701</ProgramServices>
        <ManagementAndGeneral>25429</ManagementAndGeneral>
        <Fundraising>51572</Fundraising>
      </Travel>
      <Interest>
        <Total>760208</Total>
        <ProgramServices>760208</ProgramServices>
      </Interest>
      <DepreciationDepletion>
        <Total>2664477</Total>
        <ProgramServices>2664477</ProgramServices>
      </DepreciationDepletion>
      <Insurance>
        <Total>170178</Total>
        <ProgramServices>170178</ProgramServices>
      </Insurance>
      <OtherExpenses>
        <Description>UTILITIES</Description>
        <Total>1648705</Total>
        <ProgramServices>1648705</ProgramServices>
      </OtherExpenses>
      <OtherExpenses>
        <Description>STUDENT MEALS</Description>
        <Total>1763321</Total>
        <ProgramServices>1763321</ProgramServices>
      </OtherExpenses>
      <OtherExpenses>
        <Description>OPERATIONS AND MAINT</Description>
        <Total>1821537</Total>
        <ProgramServices>1821537</ProgramServices>
      </OtherExpenses>
      <OtherExpenses>
        <Description>PRINCIPAL PAYMENTS</Description>
        <Total>1383955</Total>
        <ProgramServices>1383955</ProgramServices>
      </OtherExpenses>
      <OtherExpenses>
        <Description>SERVICE CONTRACTS AND REPAIRS</Description>
        <Total>205358</Total>
        <ProgramServices>188923</ProgramServices>
        <ManagementAndGeneral>16435</ManagementAndGeneral>
      </OtherExpenses>
      <AllOtherExpenses>
        <Total>2068658</Total>
        <ProgramServices>1610257</ProgramServices>
        <ManagementAndGeneral>79587</ManagementAndGeneral>
        <Fundraising>378814</Fundraising>
      </AllOtherExpenses>
      <TotalFunctionalExpenses>
        <Total>41217206</Total>
        <ProgramServices>37226244</ProgramServices>
        <ManagementAndGeneral>1869207</ManagementAndGeneral>
        <Fundraising>2121755</Fundraising>
      </TotalFunctionalExpenses>
      <CashNonInterestBearing>
        <BOY>2623163</BOY>
        <EOY>2129248</EOY>
      </CashNonInterestBearing>
      <AccountsReceivable>
        <BOY>1544796</BOY>
        <EOY>1267025</EOY>
      </AccountsReceivable>
      <OtherNotesLoansReceivableNet>
        <BOY>1915204</BOY>
        <EOY>1822967</EOY>
      </OtherNotesLoansReceivableNet>
      <InventoriesForSaleOrUse>
        <BOY>1122392</BOY>
        <EOY>875443</EOY>
      </InventoriesForSaleOrUse>
      <PrepaidExpensesDeferredCharges>
        <BOY>559676</BOY>
        <EOY>851846</EOY>
      </PrepaidExpensesDeferredCharges>
      <LandBuildingsEquipmentBasis>70090523</LandBuildingsEquipmentBasis>
      <LandBldgEquipmentAccumDeprec>22559320</LandBldgEquipmentAccumDeprec>
      <LandBuildingsEquipmentBasisNet>
        <BOY>44905602</BOY>
        <EOY>47531203</EOY>
      </LandBuildingsEquipmentBasisNet>
      <InvestmentsPubTradedSecurities>
        <BOY>32669510</BOY>
        <EOY>38808563</EOY>
      </InvestmentsPubTradedSecurities>
      <OtherAssetsTotal>
        <BOY>211622</BOY>
        <EOY>199308</EOY>
      </OtherAssetsTotal>
      <TotalAssets>
        <BOY>85551965</BOY>
        <EOY>93485603</EOY>
      </TotalAssets>
      <AccountsPayableAccruedExpenses>
        <BOY>3447806</BOY>
        <EOY>4839293</EOY>
      </AccountsPayableAccruedExpenses>
      <GrantsPayable>
        <BOY>1185708</BOY>
        <EOY>1390356</EOY>
      </GrantsPayable>
      <DeferredRevenue>
        <BOY>2926803</BOY>
        <EOY>2821952</EOY>
      </DeferredRevenue>
      <TaxExemptBondLiabilities>
        <BOY>13805842</BOY>
        <EOY>12470333</EOY>
      </TaxExemptBondLiabilities>
      <MortNotesPyblSecuredInvestProp>
        <BOY>10458396</BOY>
        <EOY>9478364</EOY>
      </MortNotesPyblSecuredInvestProp>
      <OtherLiabilities>
        <BOY>3620486</BOY>
        <EOY>6000000</EOY>
      </OtherLiabilities>
      <TotalLiabilities>
        <BOY>35445041</BOY>
        <EOY>37000298</EOY>
      </TotalLiabilities>
      <UnrestrictedNetAssets>
        <BOY>14956399</BOY>
        <EOY>16676172</EOY>
      </UnrestrictedNetAssets>
      <TemporarilyRestrictedNetAssets>
        <BOY>21832712</BOY>
        <EOY>26481187</EOY>
      </TemporarilyRestrictedNetAssets>
      <PermanentlyRestrictedNetAssets>
        <BOY>13317813</BOY>
        <EOY>13327946</EOY>
      </PermanentlyRestrictedNetAssets>
      <TotalNetAssetsFundBalances>
        <BOY>50106924</BOY>
        <EOY>56485305</EOY>
      </TotalNetAssetsFundBalances>
      <TotalLiabNetAssetsFundBalances>
        <BOY>85551965</BOY>
        <EOY>93485603</EOY>
      </TotalLiabNetAssetsFundBalances>
      <InfoInScheduleOPartXI>X</InfoInScheduleOPartXI>
      <ReconcilationRevenueExpenses>5989559</ReconcilationRevenueExpenses>
      <ReconcilationOtherChanges>388822</ReconcilationOtherChanges>
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <AccountantCompileOrReview>false</AccountantCompileOrReview>
      <FSAudited>true</FSAudited>
      <AuditCommittee>true</AuditCommittee>
      <FinancialStatementConsolidated>X</FinancialStatementConsolidated>
      <FederalGrantAuditRequired>true</FederalGrantAuditRequired>
      <FederalGrantAuditPerformed>true</FederalGrantAuditPerformed>
    </IRS990>
    <IRS990ScheduleA documentId="RetDoc13">
      <School170b1Aii>X</School170b1Aii>
      <ContribByControllingIndividual>false</ContribByControllingIndividual>
      <ContributionByRelatedParty>false</ContributionByRelatedParty>
      <ContribBy35ControlledEntity>false</ContribBy35ControlledEntity>
      <PublicSupportPercentage509>0.0</PublicSupportPercentage509>
      <PriorYearSupportPercentage>0.0</PriorYearSupportPercentage>
      <InvestmentIncomePercentage>0.0</InvestmentIncomePercentage>
      <PriorYrInvestIncomePercentage>0.0</PriorYrInvestIncomePercentage>
    </IRS990ScheduleA>
    <IRS990ScheduleB documentId="RetDoc12">
      <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="RetDoc11">
      <CurrentYear>
        <BeginningOfYearBalance>28104138</BeginningOfYearBalance>
        <Contributions>621128</Contributions>
        <InvestmentEarningsOrLosses>5530140</InvestmentEarningsOrLosses>
        <GrantsOrScholarships>1227984</GrantsOrScholarships>
        <AdministrativeExpenses>237859</AdministrativeExpenses>
        <EndOfYearBalance>32789563</EndOfYearBalance>
      </CurrentYear>
      <CurrentYearMinus1Year>
        <BeginningOfYearBalance>24404087</BeginningOfYearBalance>
        <Contributions>1302743</Contributions>
        <InvestmentEarningsOrLosses>3870900</InvestmentEarningsOrLosses>
        <GrantsOrScholarships>3870900</GrantsOrScholarships>
        <AdministrativeExpenses>217986</AdministrativeExpenses>
        <EndOfYearBalance>28104138</EndOfYearBalance>
      </CurrentYearMinus1Year>
      <BoardDesignatedEOYBalance>.05429</BoardDesignatedEOYBalance>
      <PermanentEndowmentEOYBalance>.38000</PermanentEndowmentEOYBalance>
      <TermEndowmentEOYBalance>.36570</TermEndowmentEOYBalance>
      <EndowmentsHeldByUnrelatedOrgs>false</EndowmentsHeldByUnrelatedOrgs>
      <EndowmentsHeldByRelatedOrgs>false</EndowmentsHeldByRelatedOrgs>
      <AreRelatedOrgsListedScheduleR>false</AreRelatedOrgsListedScheduleR>
      <Land>
        <InvestmentCostOrOtherBasis>4869899</InvestmentCostOrOtherBasis>
        <BookValue>4869899</BookValue>
      </Land>
      <Buildings>
        <InvestmentCostOrOtherBasis>56736934</InvestmentCostOrOtherBasis>
        <Depreciation>16924948</Depreciation>
        <BookValue>39811986</BookValue>
      </Buildings>
      <Equipment>
        <InvestmentCostOrOtherBasis>7089568</InvestmentCostOrOtherBasis>
        <Depreciation>5243186</Depreciation>
        <BookValue>1846382</BookValue>
      </Equipment>
      <OtherLandBuildings>
        <InvestmentCostOrOtherBasis>1394121</InvestmentCostOrOtherBasis>
        <Depreciation>391185</Depreciation>
        <BookValue>1002936</BookValue>
      </OtherLandBuildings>
      <TotalOfBookValueLandBuildings>47531203</TotalOfBookValueLandBuildings>
      <OtherAssets>
        <Description>BOND AND LEASE ISSUE COSTS</Description>
        <BookValue>199308</BookValue>
      </OtherAssets>
      <TotalBookValueOtherAssets>199308</TotalBookValueOtherAssets>
      <OtherLiabilities>
        <Description>OPERATING LINE OF CREDIT</Description>
        <Amount>6000000</Amount>
      </OtherLiabilities>
      <TotalOfAmounts>6000000</TotalOfAmounts>
      <TotalRevenue>47206765</TotalRevenue>
      <TotalExpenses>41217206</TotalExpenses>
      <ExcessOrDeficitForYear>5989559</ExcessOrDeficitForYear>
      <NetUnrealizedGLOnInvestments>388822</NetUnrealizedGLOnInvestments>
      <InvestmentExpenses>197733</InvestmentExpenses>
      <TotalAdjustments>586555</TotalAdjustments>
      <ExcessOrDeficitPerFS>6576114</ExcessOrDeficitPerFS>
      <TotRevenueEtcAuditedFinclStmt>36398662</TotRevenueEtcAuditedFinclStmt>
      <RevenueSubtotal>36398662</RevenueSubtotal>
      <OtherRevenuesNotIncluded>11592842</OtherRevenuesNotIncluded>
      <RevenueNotRptdOnFinStmt>11592842</RevenueNotRptdOnFinStmt>
      <TotalRevenuePerForm990>47991504</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>36083014</TotExpensesEtcAuditedFinclStmt>
      <ExpensesSubtotal>36083014</ExpensesSubtotal>
      <OtherExpensesNotIncluded>5134192</OtherExpensesNotIncluded>
      <ExpensesNotRptdOnFinStmt>5134192</ExpensesNotRptdOnFinStmt>
      <TotalExpensesPerForm990>41217206</TotalExpensesPerForm990>
      <Form990ScheduleDPartXIV>
        <Explanation>PART XII 4B TRANSFERS AND AID TO STUDENTS PART XIII 4B AID TO STUDENTS</Explanation>
      </Form990ScheduleDPartXIV>
    </IRS990ScheduleD>
    <IRS990ScheduleE documentId="RetDoc10">
      <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>false</GovernmentFinancialAidReceived>
      <GovernmentFinancialAidRevoked>false</GovernmentFinancialAidRevoked>
      <ComplianceWithRevProc7550>true</ComplianceWithRevProc7550>
      <Form990ScheduleEPartII>
        <Explanation>THE POLICY IS NOTED IN THE SCHOOL CATALOG THE SCHOOL WEBSITE AND ALL RECRUITING BROCHURES.</Explanation>
      </Form990ScheduleEPartII>
    </IRS990ScheduleE>
    <IRS990ScheduleF documentId="RetDoc9">
      <GrantRecordsMaintained>false</GrantRecordsMaintained>
      <AcctsActvsOutUSTable>
        <Region>EUROPE</Region>
        <NumberOfOffices>1</NumberOfOffices>
        <NumberOfEmployees>3</NumberOfEmployees>
        <TypeOfActivitiesConducted>EDUCATIONAL OPPORTUNITY</TypeOfActivitiesConducted>
        <SpecificServicesProvided>CLASSES OFFERED</SpecificServicesProvided>
        <TotalExpenditures>436884</TotalExpenditures>
      </AcctsActvsOutUSTable>
      <SubtotalNumberOfEmployees>1</SubtotalNumberOfEmployees>
      <ContNumberOfEmployees>3</ContNumberOfEmployees>
      <SubtotalAmountSpent>436884</SubtotalAmountSpent>
      <TransferToForeignCorp>false</TransferToForeignCorp>
      <InterestInForeignTrust>false</InterestInForeignTrust>
      <OwnForeignCorp>false</OwnForeignCorp>
      <PassiveForeignInvestCo>false</PassiveForeignInvestCo>
      <ForeignPartnership>false</ForeignPartnership>
      <BoycottCountries>false</BoycottCountries>
    </IRS990ScheduleF>
    <IRS990ScheduleG documentId="RetDoc8">
      <MailSolicitations>X</MailSolicitations>
      <EmailSolicitations>X</EmailSolicitations>
      <PhoneSolicitations>X</PhoneSolicitations>
      <InPersonSolicitations>X</InPersonSolicitations>
      <SolicitationOfNonGovtGrants>X</SolicitationOfNonGovtGrants>
      <SolicitationOfGovtGrants>X</SolicitationOfGovtGrants>
      <SpecialFundraisingEvents>X</SpecialFundraisingEvents>
      <AgreementRefFundraising>false</AgreementRefFundraising>
      <LicensedStates>TN</LicensedStates>
      <EventsInformation>
        <NameOfEvent1>BENEFIT DINNER</NameOfEvent1>
        <GrossReceiptsEvent1>1751205</GrossReceiptsEvent1>
        <GrossRevenueEvent1>1751205</GrossRevenueEvent1>
        <OtherDirectExpensesEvent1>246872</OtherDirectExpensesEvent1>
        <GrossReceiptsTotal>1751205</GrossReceiptsTotal>
        <OtherDirectExpensesTotalEvents>246872</OtherDirectExpensesTotalEvents>
        <DirectExpenseSummaryEvents>246872</DirectExpenseSummaryEvents>
        <NetIncomeSummary>1504333</NetIncomeSummary>
      </EventsInformation>
      <GamingInformation>
        <VolunteerLaborBingo>false</VolunteerLaborBingo>
        <VolunteerLaborPullTabs>false</VolunteerLaborPullTabs>
        <VolunteerLaborOtherGaming>false</VolunteerLaborOtherGaming>
      </GamingInformation>
      <Licensed>false</Licensed>
      <LicenseSuspendedEtc>false</LicenseSuspendedEtc>
      <GamingWithNonmembers>false</GamingWithNonmembers>
      <MemberOfOtherEntity>false</MemberOfOtherEntity>
      <ContractWith3rdPartyForGamRev>false</ContractWith3rdPartyForGamRev>
      <CharitableDistribRequired>false</CharitableDistribRequired>
    </IRS990ScheduleG>
    <IRS990ScheduleI documentId="RetDoc7">
      <RecordsMaintained>true</RecordsMaintained>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>SCHOLARSHIPS</TypeOfGrant>
        <NumberOfRecipients>1350</NumberOfRecipients>
        <MethodOfValuation>BOOK</MethodOfValuation>
        <DescriptionOfNonCashAssistance>SCHOLARSHIPS OR AWARDS</DescriptionOfNonCashAssistance>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIV>
        <Explanation>SCHOLARSHIPS AND AWARDS ARE GRANTED BASED ON NEED AND IN COMPLIANCE WITH STATE AND FEDERAL REGULATIONS.</Explanation>
      </Form990ScheduleIPartIV>
    </IRS990ScheduleI>
    <IRS990ScheduleJ documentId="RetDoc6">
      <TravelForCompanions>X</TravelForCompanions>
      <WrittenPolicyReTAndEExpenses>false</WrittenPolicyReTAndEExpenses>
      <SubstantiationRequired>true</SubstantiationRequired>
      <CompensationSurvey>X</CompensationSurvey>
      <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>
      <Form990ScheduleJPartII>
        <NamePerson>JOE A WILEY</NamePerson>
        <BaseCompensationFilingOrg>248156</BaseCompensationFilingOrg>
        <NontaxableBenefitsFilingOrg>18214</NontaxableBenefitsFilingOrg>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>MILTON R SEWELL</NamePerson>
        <BaseCompensationFilingOrg>147672</BaseCompensationFilingOrg>
        <NontaxableBenefitsFilingOrg>13364</NontaxableBenefitsFilingOrg>
      </Form990ScheduleJPartII>
    </IRS990ScheduleJ>
    <IRS990ScheduleK documentId="RetDoc5">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>FIRST BANK</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>521339252</IssuerEIN>
        <DateIssued>2005-10-06</DateIssued>
        <IssuePrice>6500000</IssuePrice>
        <DescriptionOfPurpose>BUILD AND EQUIP DORMRITORIES</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
        <PoolFinancing>false</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartII>
        <AmountRetired>500000</AmountRetired>
        <TotalProceeds>6500000</TotalProceeds>
        <IssuanceCostsFromProceeds>20000</IssuanceCostsFromProceeds>
        <CapitalExpenditures>6480000</CapitalExpenditures>
        <YearOfSubstCompletion>2006</YearOfSubstCompletion>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <FinalAllocationMade>true</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartIII>
        <OwningBondFinancedProperty>false</OwningBondFinancedProperty>
        <AnyLeaseArrangements>false</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>false</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>false</AnyResearchAgreements>
        <BondCounselRoutinelyEngaged>false</BondCounselRoutinelyEngaged>
        <PostIssuanceComplianceProcdrs>false</PostIssuanceComplianceProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIV>
        <Form8038TFiled>false</Form8038TFiled>
        <VariableRateIssue>true</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>false</HedgeIdentifiedInBooksAndRecds>
        <SuperintegratedHedge>false</SuperintegratedHedge>
        <HedgeTerminated>false</HedgeTerminated>
        <GrossProceedsInvestedInGIC>false</GrossProceedsInvestedInGIC>
        <RegulatorySafeHarborSatisfied>false</RegulatorySafeHarborSatisfied>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>false</ExceptionToRebate>
      </Form990ScheduleKPartIV>
    </IRS990ScheduleK>
    <IRS990ScheduleL documentId="RetDoc4">
      <LoanTable>
        <NamePerson>JOHN BROWN</NamePerson>
        <PurposeOfLoan>10 YEAR INTEREST FREE LOAN</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>6700000</OriginalPrincipalAmount>
        <BalanceDue>6700000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>MARK CASTLEBERRY</NamePerson>
        <PurposeOfLoan>10 YEAR INTEREST FREE LOAN</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>400000</OriginalPrincipalAmount>
        <BalanceDue>400000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>TOMMY TOWNSEND</NamePerson>
        <PurposeOfLoan>10 YEAR INTEREST FREE LOAN</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>150000</OriginalPrincipalAmount>
        <BalanceDue>150000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>MILTON SEWELL</NamePerson>
        <PurposeOfLoan>10 YEAR INTEREST FREE LOAN</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>100000</OriginalPrincipalAmount>
        <BalanceDue>100000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>LARRY BLOOMINGBURG</NamePerson>
        <PurposeOfLoan>10 YEAR INTEREST FREE LOAN</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>100000</OriginalPrincipalAmount>
        <BalanceDue>100000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>JOHN DODD</NamePerson>
        <PurposeOfLoan>10 YEAR INTEREST FREE LOAN</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>100000</OriginalPrincipalAmount>
        <BalanceDue>100000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>BILL MORGAN</NamePerson>
        <PurposeOfLoan>10 YEAR IN TERST FREE LOAN</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>100000</OriginalPrincipalAmount>
        <BalanceDue>100000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>LYNN PATTERSON</NamePerson>
        <PurposeOfLoan>10 YEAR INTEREST FREE LOAN</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>100000</OriginalPrincipalAmount>
        <BalanceDue>100000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>ROBERT SHACKLEFORD</NamePerson>
        <PurposeOfLoan>10 YEAR INTEREST FREE LOAN</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>200000</OriginalPrincipalAmount>
        <BalanceDue>200000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>DALE JONES</NamePerson>
        <PurposeOfLoan>10 YEAR INTEREST FREE LOAN</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>50000</OriginalPrincipalAmount>
        <BalanceDue>50000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>JAMES Q EDMONDS</NamePerson>
        <PurposeOfLoan>10 YEAR INTEREST FREE LOAN</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>100000</OriginalPrincipalAmount>
        <BalanceDue>100000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>KERRY COUCH</NamePerson>
        <PurposeOfLoan>10 YEAR INTEREST FREE LOAN</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>100000</OriginalPrincipalAmount>
        <BalanceDue>100000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>MICHAEL DEES</NamePerson>
        <PurposeOfLoan>10 YEAR INTEREST FREE LOAN</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>100000</OriginalPrincipalAmount>
        <BalanceDue>100000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>BARRY FORTNER</NamePerson>
        <PurposeOfLoan>10 YEAR INTEREST FREE LOAN</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>100000</OriginalPrincipalAmount>
        <BalanceDue>100000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>JIM SHAW</NamePerson>
        <PurposeOfLoan>10 YEAR INTEREST FREE LOAN</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>200000</OriginalPrincipalAmount>
        <BalanceDue>200000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>JOHN LAW</NamePerson>
        <PurposeOfLoan>10 YEAR INTEREST FREE LOAN</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>100000</OriginalPrincipalAmount>
        <BalanceDue>100000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>BRETT PHARR</NamePerson>
        <PurposeOfLoan>10 YEAR INTEREST FREE LOAN</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>100000</OriginalPrincipalAmount>
        <BalanceDue>100000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>BOB SWAYNE</NamePerson>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>100000</OriginalPrincipalAmount>
        <BalanceDue>100000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>TED WILLIAMS</NamePerson>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>100000</OriginalPrincipalAmount>
        <BalanceDue>100000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>JOE WILEY</NamePerson>
        <PurposeOfLoan>10 YEAR INTEREST FREE LOAN</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>60000</OriginalPrincipalAmount>
        <BalanceDue>60000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>DWAYNE WILSON</NamePerson>
        <PurposeOfLoan>10 YEAR INTEREST FREE LOAN</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>40000</OriginalPrincipalAmount>
        <BalanceDue>40000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>SAM JONES</NamePerson>
        <PurposeOfLoan>10 YEAR INTEREST FREE LOAN</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>20000</OriginalPrincipalAmount>
        <BalanceDue>20000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>WAYNE SCOTT</NamePerson>
        <PurposeOfLoan>10 YEAR INTEREST FREE LOAN</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>20000</OriginalPrincipalAmount>
        <BalanceDue>20000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>DAVE CLOUSE</NamePerson>
        <PurposeOfLoan>10 YEAR INTEREST FREE LOAN</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>10000</OriginalPrincipalAmount>
        <BalanceDue>10000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>PHIL OLDHAM</NamePerson>
        <PurposeOfLoan>10 YEAR INTEREST FREE LOAN</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>50000</OriginalPrincipalAmount>
        <BalanceDue>50000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>JAMES GARDNER</NamePerson>
        <PurposeOfLoan>10 YEAR INTEREST FREE LOAN</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>100000</OriginalPrincipalAmount>
        <BalanceDue>100000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>TERRELL CREWS</NamePerson>
        <PurposeOfLoan>10 YEAR INTEREST FREE LOAN</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>500000</OriginalPrincipalAmount>
        <BalanceDue>500000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <LoanTable>
        <NamePerson>JAMES T ANDERSON</NamePerson>
        <PurposeOfLoan>10 YEAR INTEREST FREE LOAN</PurposeOfLoan>
        <LoanToOrganization>X</LoanToOrganization>
        <OriginalPrincipalAmount>200000</OriginalPrincipalAmount>
        <BalanceDue>200000</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
    </IRS990ScheduleL>
    <IRS990ScheduleM documentId="RetDoc3">
      <SecuritiesPubliclyTraded>
        <NumberOfContributions>7</NumberOfContributions>
        <NoncashContribsRptdF990>150630</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>MARKET VALUE</MethodOfDeterminingRevenues>
      </SecuritiesPubliclyTraded>
      <AnyPropertyThatMustBeHeld>false</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>true</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>true</ThirdPartiesUsed>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="RetDoc2">
      <GeneralExplanation>
        <Explanation>PART VI SECTION A LINE 11A A COPY OF THE 990 IS SENT TO ALL MEMBERS OF THE AUDIT COMMITTEE AND MADE AVAILABLE TO ALL MEMBERS OF THE BOARD OF TRUSTEES UPON REQUEST PART VI SECTION B LINE 12C AN ELECTRONIC VERSION OF THE CONFLICT OF INTEREST POLICY IS MADE AVAILABLE TO ALL ON THE UNIVERSITY WEBSITE. ALL BOARD MEMBERS SIGN A STATEMENT ACKNOWLEDGING THE POLICY AND UNDERSTAND THERE ARE PENALTIES FOR NON-COMPLIANCE PART VI SECTION B LINES 15A &amp; B A. THE COMPENSATION FOR THE PRESIDENT OF THE UNIVERSITY WAS DECIDED ON BY A RECOMMENDATION OF THE SEARCH COMMITTEE OF THE BOARD. COMPARATIVE DATA WAS GATHERED FROM SEVERAL INSTITUTIONS. RAISES ARE APPROVED EACH YEAR BY THE BOARD OF TRUSTEES B. THE COMPENSATION FOR OTHER OFFICERS AND KEY EMPLOYEES IS SET BY THE PRESIDENT AND HIS CABINET.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
  </ReturnData>
</Return>