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        <NamePerson>Geoffrey C Shepard</NamePerson>
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      </Form990PartVIISectionA>
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        <NamePerson>Eugene S Mills</NamePerson>
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      </Form990PartVIISectionA>
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        <NamePerson>Ernie Z Park</NamePerson>
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      </Form990PartVIISectionA>
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        <NamePerson>Elizabeth Power Robison</NamePerson>
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        <NamePerson>Edward O Petersen</NamePerson>
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        <OtherCostOrOtherBasis>128175451</OtherCostOrOtherBasis>
        <Depreciation>40907328</Depreciation>
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        <Depreciation>18229748</Depreciation>
        <BookValue>3579081</BookValue>
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      <OtherLandBuildings>
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        <BookValue>580524</BookValue>
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        <Description>Interest Rate Swap Liabiility</Description>
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        <Description>Actuarial Liability</Description>
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      <TotalRevenue>69352089</TotalRevenue>
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      <NetUnrealizedGLOnInvestments>5333981</NetUnrealizedGLOnInvestments>
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        <Identifier>Part X</Identifier>
        <ReturnReference>Part X : FIN48 Footnote</ReturnReference>
        <Explanation>Not Applicable</Explanation>
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      <Form990ScheduleDPartXIV>
        <Identifier>Part XI, Line 8</Identifier>
        <ReturnReference>Part XI, Line 8: Other Changes in Net Assets or Fund Balances</ReturnReference>
        <Explanation>Loss on interest rate swaps $ -2355595 Actuarial Adjustments $ -208091</Explanation>
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      <Form990ScheduleDPartXIV>
        <Identifier>Part V, Line 4</Identifier>
        <ReturnReference>Part V, Line 4: Intended uses of the endowment fund.</ReturnReference>
        <Explanation>Endowment funds are invested to produce an annual income stream to support endowed faculty compensation and research, general operations, student scholarhsips and facilities maintenance</Explanation>
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      <MaintCopiesOfAllSolicitations>true</MaintCopiesOfAllSolicitations>
      <DiscriminateRaceStudentsRights>false</DiscriminateRaceStudentsRights>
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      <DiscriminateRaceEmplmnFaculty>false</DiscriminateRaceEmplmnFaculty>
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      <DiscriminateRaceAthleticProg>false</DiscriminateRaceAthleticProg>
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      <GovernmentFinancialAidReceived>true</GovernmentFinancialAidReceived>
      <GovernmentFinancialAidRevoked>false</GovernmentFinancialAidRevoked>
      <GovtFinancialAidExplanation>The college participates in several federal and state student financial aid programs designed to assist students in thepayment of their tuition and fees. Such aid takes the form of grants, loans and work study.</GovtFinancialAidExplanation>
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      <Form990ScheduleJPartIII>
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        <ReturnReference>Part I, Line 1a: Relevant information in regards to selections on 1a.</ReturnReference>
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        <IssuerEIN>951644048</IssuerEIN>
        <CUSIPNumber>96677PAC8</CUSIPNumber>
        <DateIssued>2008-11-13</DateIssued>
        <IssuePrice>56000000</IssuePrice>
        <DescriptionOfPurpose>To finance the planning, construction, renovation and/or rem</DescriptionOfPurpose>
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        <CapitalExpenditures>4307000</CapitalExpenditures>
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        <AdvanceRefunding>false</AdvanceRefunding>
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        <MngmentCntrctBondFinancdPrprty>false</MngmentCntrctBondFinancdPrprty>
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            <BusinessNameLine1>BewleyLass&amp;Miller E Parks</BusinessNameLine1>
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        <Relationship>Trustee</Relationship>
        <AmountOfTransaction>16844</AmountOfTransaction>
        <DescriptionOfTransaction>Legal Services</DescriptionOfTransaction>
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      <ThirdPartiesUsed>true</ThirdPartiesUsed>
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        <Identifier>Part I, Line 32, Hire and Use of Third Parties</Identifier>
        <Explanation>The College hires brokers for the sale of stock gifts.</Explanation>
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      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 19</Identifier>
        <ReturnReference>Form 990, Part VI, Line 19: Other Organization Documents Publicly Available</ReturnReference>
        <Explanation>The college's audited financial statements have all the related and required footnote disclosures.Governing policies of the Board of Trustees are included in the bylaws and other articles of incorporation.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 15b</Identifier>
        <ReturnReference>Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees</ReturnReference>
        <Explanation>The Executive Committee of the Board of Trustees reviews and approves the President's compensation package. The compensation of officers is approved through the annual budget process. Compensation is presented to the Finance Committee for approval and recommendation to the Board of Trustees. The approval process is documented in the Committee and Board of Trustees minutes of meetings held.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 12c</Identifier>
        <ReturnReference>Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts</ReturnReference>
        <Explanation>A survey is sent annually to all Trustees and Officers and results are closely monitored.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 11</Identifier>
        <ReturnReference>Form 990, Part VI, Line 11: Form 990 Review Process</ReturnReference>
        <Explanation>Copy of 990 to Audit Committee on 01/26/11 and then sent to Board of Trustees on 02/09/11 before submission to IRS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part III, Line 4d</Identifier>
        <ReturnReference>Form 990, Part III, Line 4d : Other Program Services Description</ReturnReference>
        <Explanation>OTHER PROGRAM SERVICES 4: Auxiliary Enterprises: Residential facilities and support, including food services.</Explanation>
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</Return>