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      <EndowmentsHeldByRelatedOrgs>false</EndowmentsHeldByRelatedOrgs>
      <AreRelatedOrgsListedScheduleR>false</AreRelatedOrgsListedScheduleR>
      <Land>
        <OtherCostOrOtherBasis>3615445</OtherCostOrOtherBasis>
        <BookValue>3615445</BookValue>
      </Land>
      <Buildings>
        <OtherCostOrOtherBasis>13103307</OtherCostOrOtherBasis>
        <Depreciation>952422</Depreciation>
        <BookValue>12150885</BookValue>
      </Buildings>
      <Equipment>
        <OtherCostOrOtherBasis>651030</OtherCostOrOtherBasis>
        <Depreciation>373276</Depreciation>
        <BookValue>277754</BookValue>
      </Equipment>
      <TotalOfBookValueLandBuildings>16044084</TotalOfBookValueLandBuildings>
      <TotalRevenue>6684985</TotalRevenue>
      <TotalExpenses>6207402</TotalExpenses>
      <ExcessOrDeficitForYear>477583</ExcessOrDeficitForYear>
      <ExcessOrDeficitPerFS>477583</ExcessOrDeficitPerFS>
      <TotRevenueEtcAuditedFinclStmt>6688591</TotRevenueEtcAuditedFinclStmt>
      <OtherRevenues>3606</OtherRevenues>
      <RevenueNotRptdF990>3606</RevenueNotRptdF990>
      <RevenueSubtotal>6684985</RevenueSubtotal>
      <TotalRevenuePerForm990>6684985</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>6211008</TotExpensesEtcAuditedFinclStmt>
      <OtherExpensesIncluded>3606</OtherExpensesIncluded>
      <ExpensesNotRptdF990>3606</ExpensesNotRptdF990>
      <ExpensesSubtotal>6207402</ExpensesSubtotal>
      <TotalExpensesPerForm990>6207402</TotalExpensesPerForm990>
      <Form990ScheduleDPartXIV>
        <Identifier>RECONCILIATION OF CHANGES - OTHER</Identifier>
        <ReturnReference>SCHEDULE D, PAGE 4, PART XI, LINE 8</ReturnReference>
        <Explanation>SPECIAL EVENT EXPENSE 3,606 SPECIAL EVENT EXPENSE -3,606</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>REVENUE AMOUNTS INCLUDED IN FINANCIALS - OTHER</Identifier>
        <ReturnReference>SCHEDULE D, PAGE 4, PART XII, LINE 2D</ReturnReference>
        <Explanation>SPECIAL EVENT EXPENSE 3,606</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>EXPENSE AMOUNTS INCLUDED IN FINANCIALS - OTHER</Identifier>
        <ReturnReference>SCHEDULE D, PAGE 4, PART XIII, LINE 2D</ReturnReference>
        <Explanation>SPECIAL EVENT EXPENSE 3,606</Explanation>
      </Form990ScheduleDPartXIV>
    </IRS990ScheduleD>
    <IRS990ScheduleE documentId="RetDoc5">
      <NondiscriminatoryPolicyStmt>true</NondiscriminatoryPolicyStmt>
      <PolicyStatementInBrochuresEtc>true</PolicyStatementInBrochuresEtc>
      <PolicyPublViaBroadcastMedia>false</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>true</GovernmentFinancialAidReceived>
      <GovernmentFinancialAidRevoked>false</GovernmentFinancialAidRevoked>
      <ComplianceWithRevProc7550>true</ComplianceWithRevProc7550>
      <Form990ScheduleEPartII>
        <Identifier>FINANCIAL AID OR GOVERNMENT ASSISTANCE EXPLANATION</Identifier>
        <ReturnReference>SCHEDULE E LINE 6</ReturnReference>
        <Explanation>THE ORGANIZATION RECEIVES STATE AND FEDERAL GRANTS TO OPERATE THE SCHOOL</Explanation>
      </Form990ScheduleEPartII>
    </IRS990ScheduleE>
    <IRS990ScheduleG documentId="RetDoc6">
      <LicensedStates>UT</LicensedStates>
      <EventsInformation>
        <NameOfEvent1>JOGAPALOOZA</NameOfEvent1>
        <GrossReceiptsEvent1>41345</GrossReceiptsEvent1>
        <GrossRevenueEvent1>41345</GrossRevenueEvent1>
        <OtherDirectExpensesEvent1>3606</OtherDirectExpensesEvent1>
        <GrossReceiptsTotal>41345</GrossReceiptsTotal>
        <GrossRevenueTotalEvents>41345</GrossRevenueTotalEvents>
        <OtherDirectExpensesTotalEvents>3606</OtherDirectExpensesTotalEvents>
        <DirectExpenseSummaryEvents>3606</DirectExpenseSummaryEvents>
        <NetIncomeSummary>37739</NetIncomeSummary>
      </EventsInformation>
    </IRS990ScheduleG>
    <IRS990ScheduleK documentId="RetDoc7">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>UT ST CHARTER SCHOOL FINANCE BOND</BusinessNameLine1>
          <BusinessNameLine2>UTAH STATE CHARTER SCHOOL FINANCE A</BusinessNameLine2>
        </IssuerName>
        <IssuerEIN>876000312</IssuerEIN>
        <CUSIPNumber>91754TAE3</CUSIPNumber>
        <DateIssued>2007-12-13</DateIssued>
        <IssuePrice>2440000</IssuePrice>
        <DescriptionOfPurpose>PURCHASE FACILITIES</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
        <PoolFinancing>false</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>UT ST CHARTER SCHOOL FINANCE BOND</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>876000312</IssuerEIN>
        <CUSIPNumber>91754TAF0</CUSIPNumber>
        <DateIssued>2007-12-13</DateIssued>
        <IssuePrice>15355000</IssuePrice>
        <DescriptionOfPurpose>PURCHASE FACILITIES</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
        <PoolFinancing>false</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartII>
        <CapitalExpenditures>2440000</CapitalExpenditures>
        <YearOfSubstCompletion>2008</YearOfSubstCompletion>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <FinalAllocationMade>true</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartII>
        <AmountInReserveFund>1253650</AmountInReserveFund>
        <IssuanceCostsFromProceeds>470985</IssuanceCostsFromProceeds>
        <CapitalExpenditures>13630365</CapitalExpenditures>
        <YearOfSubstCompletion>2008</YearOfSubstCompletion>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <FinalAllocationMade>false</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>
      <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>false</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>false</HedgeIdentifiedInBooksAndRecds>
        <GrossProceedsInvestedInGIC>false</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>false</ExceptionToRebate>
      </Form990ScheduleKPartIV>
      <Form990ScheduleKPartIV>
        <Form8038TFiled>false</Form8038TFiled>
        <VariableRateIssue>false</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>false</HedgeIdentifiedInBooksAndRecds>
        <GrossProceedsInvestedInGIC>false</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>false</ExceptionToRebate>
      </Form990ScheduleKPartIV>
    </IRS990ScheduleK>
    <IRS990ScheduleL documentId="RetDoc8">
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NamePerson>DAVID CRANDALL</NamePerson>
        </NameOfInterestedPerson>
        <Relationship>RELATIVE-BOARD</Relationship>
        <AmountOfTransaction>95305</AmountOfTransaction>
        <DescriptionOfTransaction>EMPLOYEE</DescriptionOfTransaction>
        <SharingOfRevenues>false</SharingOfRevenues>
      </Form990ScheduleLPartIV>
    </IRS990ScheduleL>
    <IRS990ScheduleO documentId="RetDoc9">
      <GeneralExplanation>
        <Identifier>RELATED PARTY INFORMATION AMONG OFFICERS</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 2</ReturnReference>
        <Explanation>DAVID CRANDALL STEVE CRANDALL BOARD MEMBER DIRECTOR BROTHER</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ORGANIZATION'S PROCESS USED TO REVIEW FORM 990</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 11B</ReturnReference>
        <Explanation>NO REVIEW WAS OR WILL BE CONDUCTED.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ENFORCEMENT OF CONFLICTS POLICY</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 12C</ReturnReference>
        <Explanation>BOARD SUBMITS FORMS WHICH ARE REVIEWED ANNUALLY.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>COMPENSATION PROCESS FOR TOP OFFICIAL</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 15A</ReturnReference>
        <Explanation>THE BOARD RECEIVES COMPENSATION AMOUNTS AND APPROVES.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>COMPENSATION PROCESS FOR OFFICERS</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 15B</ReturnReference>
        <Explanation>THE BOARD RECEIVES COMPENSATION AMOUNTS AND APPROVES.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>GOVERNING DOCUMENTS DISCLOSURE EXPLANATION</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 19</ReturnReference>
        <Explanation>UPON REQUEST</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
  </ReturnData>
</Return>