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      </OtherLiabilities>
      <OtherLiabilities>
        <Description>UNEARNED REVENUE</Description>
        <Amount>96593</Amount>
      </OtherLiabilities>
      <TotalOfAmounts>202572692</TotalOfAmounts>
      <TotalRevenue>11162132</TotalRevenue>
      <TotalExpenses>9138714</TotalExpenses>
      <ExcessOrDeficitForYear>2023418</ExcessOrDeficitForYear>
      <ExcessOrDeficitPerFS>2023418</ExcessOrDeficitPerFS>
      <TotRevenueEtcAuditedFinclStmt>11162132</TotRevenueEtcAuditedFinclStmt>
      <RevenueSubtotal>11162132</RevenueSubtotal>
      <TotalRevenuePerForm990>11162132</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>9138714</TotExpensesEtcAuditedFinclStmt>
      <ExpensesSubtotal>9138714</ExpensesSubtotal>
      <TotalExpensesPerForm990>9138714</TotalExpensesPerForm990>
    </IRS990ScheduleD>
    <IRS990ScheduleK documentId="RetDoc5">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>STUDENT HOUSING REV BND SERIES 2008</BusinessNameLine1>
        </IssuerName>
        <DateIssued>2008-03-06</DateIssued>
        <IssuePrice>69000000</IssuePrice>
        <DescriptionOfPurpose>PROCEEDS TO FINANCE THE COSTS OF THE ACQUISITION, CONSTRUCTION AND</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>true</OnBehalfOfIssuer>
        <PoolFinancing>false</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>REVENUE BONDS SERIES 2005A</BusinessNameLine1>
        </IssuerName>
        <DateIssued>2005-03-09</DateIssued>
        <IssuePrice>35530000</IssuePrice>
        <DescriptionOfPurpose>PROCEEDS USED TO FINANCE OR REFINANCE, IN WHOLE OR IN PART, THE COST OF</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>true</OnBehalfOfIssuer>
        <PoolFinancing>false</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>TAXABLE REVENUE BNDS SERIES 2005B</BusinessNameLine1>
        </IssuerName>
        <DateIssued>2005-03-09</DateIssued>
        <IssuePrice>5010000</IssuePrice>
        <DescriptionOfPurpose>PROCEEDS USED TO FINANCE OR REFINANCE, IN WHOLE OR IN PART, THE COST OF</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>true</OnBehalfOfIssuer>
        <PoolFinancing>false</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>LEASE REVENUE BONDS SERIES 2004</BusinessNameLine1>
        </IssuerName>
        <DateIssued>2004-05-03</DateIssued>
        <IssuePrice>35900000</IssuePrice>
        <DescriptionOfPurpose>PROCEEDS TO FINANCE OR REIMBURSE, IN WHOLE OR IN PART, THE COST OF THE</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>true</OnBehalfOfIssuer>
        <PoolFinancing>false</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartII>
        <YearOfSubstCompletion>2008</YearOfSubstCompletion>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <FinalAllocationMade>false</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartII>
        <YearOfSubstCompletion>2006</YearOfSubstCompletion>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <FinalAllocationMade>false</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartII>
        <YearOfSubstCompletion>2006</YearOfSubstCompletion>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <FinalAllocationMade>false</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartII>
        <YearOfSubstCompletion>2005</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>
      <Form990ScheduleKPartIII>
        <OwningBondFinancedProperty>false</OwningBondFinancedProperty>
        <AnyLeaseArrangements>false</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>false</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>false</AnyResearchAgreements>
        <BondCounselRoutinelyEngaged>false</BondCounselRoutinelyEngaged>
        <PostIssuanceComplianceProcdrs>false</PostIssuanceComplianceProcdrs>
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        <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>
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      <Form990ScheduleKPartIV>
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        <GrossProceedsInvestedInGIC>false</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>false</ExceptionToRebate>
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        <GrossProceedsInvestedInGIC>false</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>false</ExceptionToRebate>
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        <GrossProceedsInvestedInGIC>false</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>false</ExceptionToRebate>
      </Form990ScheduleKPartIV>
      <Form990ScheduleKPartV>
        <Identifier>PURPOSE OF ISSUE DESCRIPTION</Identifier>
        <ReturnReference>SCHEDULE K</ReturnReference>
        <Explanation>STUDENT HOUSING REV BND SERIES 2008 EQUIPPING OF STUDENT HOUSING COMPRISING APPROXIMATELY 1473 BEDS AND RELATED AMENITIES LOCATED AT THE CAMPUS OF GEORGIA SOUTHERN UNIVERSITY TO FUND CAPITALIZED INTEREST ON THE SERIES 2008 BONDS TO FUND A DEBT SERVICE RESERVE TO PAY COSTS OF ISSUANCE OF THE SERIES 2008 BONDS AND TO PAY THE PREMIUM FOR A FINANCIAL GUARANTY INSURANCE POLICY FOR THE SERIES 2008 BONDS TO BE ISSUED BY THE BOND INSURER REVENUE BONDS SERIES 2005A CONSTRUCTION AND RENOVATION OF THE EXISTING RECREATION ACTIVITY CENTER THE RAC LOCATED ON THE CAMPUS OF GEORGIA SOUTHERN UNIVERSITY STATESBORO GEORGIA INCLUDING THE ERECTION OF AN ADDITION TO THE RAC AND THE CONSTRUCTION AND RENOVATION OF SIX ATHLETIC FIELDS AND ADDITIONAL PARKING FACILITIES TO FUND CAPITALIZED INTEREST ON THE BONDS TO FUND A DEBT SERVICE RESERVE FUND FOR THE BONDS AND TO PAY THE COSTS OF ISSUING THE BONDS INCLUDING THE PREMIUM FOR A FINANCIAL GUARANTY INSURANCE POLICY FOR THE BONDS TAXABLE REVENUE BNDS SERIES 2005B CONSTRUCTION AND RENOVATION OF THE EXISTING RECREATION ACTIVITY CENTER THE RAC LOCATED ON THE CAMPUS OF GEORGIA SOUTHERN UNIVERSITY STATESBORO GEORGIA INCLUDING THE ERECTION OF AN ADDITION TO THE RAC AND THE CONSTRUCTION AND RENOVATION OF SIX ATHLETIC FIELDS AND ADDITIONAL PARKING FACILITIES TO FUND CAPITALIZED INTEREST ON THE BONDS TO FUND A DEBT SERVICE RESERVE FUND FOR THE BONDS AND TO PAY THE COSTS OF ISSUING THE BONDS INCLUDING THE PREMIUM FOR A FINANCIAL GUARANTY INSURANCE POLICY FOR THE BONDS LEASE REVENUE BONDS SERIES 2004 DEMOLITION ACQUISITION CONSTRUCTION AND IMPROVEMENT OF CERTAIN LAND BUILDINGS AND PROPERTY LOCATED ON THE CAMPUS OF GEORGIA SOUTHERN UNIVERSITY STATESBORO GEORGIA INCLUDING THE CONSTRUCTION OF AN APPROXIMATELY 782 BED STUDENT HOUSING FACILITY AND CONSTRUCTION AND IMPROVEMENTS TO ATHLETIC FACILITIES COMPRISED OF A TRACK A SOCCER FIELD A WEIGHT ROOM RENOVATION AND EXPANSION AND A BASEBALL STADIUM RENOVATION AND EXPANSION TO FUND CAPITALIZED INTEREST ON THE BONDS TO FUND A DEBT SERVICE RESERVE FUND FOR THE BONDS AND TO PAY THE COSTS OF ISSUING THE BONDS INCLUDING THE PREMIUM FOR A FINANCIAL GUARANTY INSURANCE POLICY FOR THE BONDS STUDENT HSING REV BONDS SERIES 2011 HOUSING AND AMENITIES INCLUDING POOL AND SURFACE PARKING</Explanation>
      </Form990ScheduleKPartV>
    </IRS990ScheduleK>
    <IRS990ScheduleK documentId="RetDoc6">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>STUDENT HOUSING REV BND SERIES 2008</BusinessNameLine1>
        </IssuerName>
        <DateIssued>2008-03-06</DateIssued>
        <IssuePrice>69000000</IssuePrice>
        <DescriptionOfPurpose>PROCEEDS TO FINANCE THE COSTS OF THE ACQUISITION, CONSTRUCTION AND</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>true</OnBehalfOfIssuer>
        <PoolFinancing>false</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>REVENUE BONDS SERIES 2005A</BusinessNameLine1>
        </IssuerName>
        <DateIssued>2005-03-09</DateIssued>
        <IssuePrice>35530000</IssuePrice>
        <DescriptionOfPurpose>PROCEEDS USED TO FINANCE OR REFINANCE, IN WHOLE OR IN PART, THE COST OF</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>true</OnBehalfOfIssuer>
        <PoolFinancing>false</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>TAXABLE REVENUE BNDS SERIES 2005B</BusinessNameLine1>
        </IssuerName>
        <DateIssued>2005-03-09</DateIssued>
        <IssuePrice>5010000</IssuePrice>
        <DescriptionOfPurpose>PROCEEDS USED TO FINANCE OR REFINANCE, IN WHOLE OR IN PART, THE COST OF</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>true</OnBehalfOfIssuer>
        <PoolFinancing>false</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>LEASE REVENUE BONDS SERIES 2004</BusinessNameLine1>
        </IssuerName>
        <DateIssued>2004-05-03</DateIssued>
        <IssuePrice>35900000</IssuePrice>
        <DescriptionOfPurpose>PROCEEDS TO FINANCE OR REIMBURSE, IN WHOLE OR IN PART, THE COST OF THE</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>true</OnBehalfOfIssuer>
        <PoolFinancing>false</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartII>
        <YearOfSubstCompletion>2008</YearOfSubstCompletion>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <FinalAllocationMade>false</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartII>
        <YearOfSubstCompletion>2006</YearOfSubstCompletion>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <FinalAllocationMade>false</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartII>
        <YearOfSubstCompletion>2006</YearOfSubstCompletion>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <FinalAllocationMade>false</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartII>
        <YearOfSubstCompletion>2005</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>
      <Form990ScheduleKPartIII>
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        <AnyLeaseArrangements>false</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>false</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>false</AnyResearchAgreements>
        <BondCounselRoutinelyEngaged>false</BondCounselRoutinelyEngaged>
        <PostIssuanceComplianceProcdrs>false</PostIssuanceComplianceProcdrs>
      </Form990ScheduleKPartIII>
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        <AnyLeaseArrangements>false</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>false</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>false</AnyResearchAgreements>
        <BondCounselRoutinelyEngaged>false</BondCounselRoutinelyEngaged>
        <PostIssuanceComplianceProcdrs>false</PostIssuanceComplianceProcdrs>
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        <Form8038TFiled>false</Form8038TFiled>
        <VariableRateIssue>false</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>false</HedgeIdentifiedInBooksAndRecds>
        <GrossProceedsInvestedInGIC>false</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>false</ExceptionToRebate>
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        <GrossProceedsInvestedInGIC>false</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>false</ExceptionToRebate>
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        <VariableRateIssue>false</VariableRateIssue>
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        <GrossProceedsInvestedInGIC>false</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>false</ExceptionToRebate>
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        <VariableRateIssue>false</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>false</HedgeIdentifiedInBooksAndRecds>
        <GrossProceedsInvestedInGIC>false</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>false</ExceptionToRebate>
      </Form990ScheduleKPartIV>
      <Form990ScheduleKPartV>
        <Identifier>PURPOSE OF ISSUE DESCRIPTION</Identifier>
        <ReturnReference>SCHEDULE K</ReturnReference>
        <Explanation>STUDENT HOUSING REV BND SERIES 2008 EQUIPPING OF STUDENT HOUSING COMPRISING APPROXIMATELY 1473 BEDS AND RELATED AMENITIES LOCATED AT THE CAMPUS OF GEORGIA SOUTHERN UNIVERSITY TO FUND CAPITALIZED INTEREST ON THE SERIES 2008 BONDS TO FUND A DEBT SERVICE RESERVE TO PAY COSTS OF ISSUANCE OF THE SERIES 2008 BONDS AND TO PAY THE PREMIUM FOR A FINANCIAL GUARANTY INSURANCE POLICY FOR THE SERIES 2008 BONDS TO BE ISSUED BY THE BOND INSURER REVENUE BONDS SERIES 2005A CONSTRUCTION AND RENOVATION OF THE EXISTING RECREATION ACTIVITY CENTER THE RAC LOCATED ON THE CAMPUS OF GEORGIA SOUTHERN UNIVERSITY STATESBORO GEORGIA INCLUDING THE ERECTION OF AN ADDITION TO THE RAC AND THE CONSTRUCTION AND RENOVATION OF SIX ATHLETIC FIELDS AND ADDITIONAL PARKING FACILITIES TO FUND CAPITALIZED INTEREST ON THE BONDS TO FUND A DEBT SERVICE RESERVE FUND FOR THE BONDS AND TO PAY THE COSTS OF ISSUING THE BONDS INCLUDING THE PREMIUM FOR A FINANCIAL GUARANTY INSURANCE POLICY FOR THE BONDS TAXABLE REVENUE BNDS SERIES 2005B CONSTRUCTION AND RENOVATION OF THE EXISTING RECREATION ACTIVITY CENTER THE RAC LOCATED ON THE CAMPUS OF GEORGIA SOUTHERN UNIVERSITY STATESBORO GEORGIA INCLUDING THE ERECTION OF AN ADDITION TO THE RAC AND THE CONSTRUCTION AND RENOVATION OF SIX ATHLETIC FIELDS AND ADDITIONAL PARKING FACILITIES TO FUND CAPITALIZED INTEREST ON THE BONDS TO FUND A DEBT SERVICE RESERVE FUND FOR THE BONDS AND TO PAY THE COSTS OF ISSUING THE BONDS INCLUDING THE PREMIUM FOR A FINANCIAL GUARANTY INSURANCE POLICY FOR THE BONDS LEASE REVENUE BONDS SERIES 2004 DEMOLITION ACQUISITION CONSTRUCTION AND IMPROVEMENT OF CERTAIN LAND BUILDINGS AND PROPERTY LOCATED ON THE CAMPUS OF GEORGIA SOUTHERN UNIVERSITY STATESBORO GEORGIA INCLUDING THE CONSTRUCTION OF AN APPROXIMATELY 782 BED STUDENT HOUSING FACILITY AND CONSTRUCTION AND IMPROVEMENTS TO ATHLETIC FACILITIES COMPRISED OF A TRACK A SOCCER FIELD A WEIGHT ROOM RENOVATION AND EXPANSION AND A BASEBALL STADIUM RENOVATION AND EXPANSION TO FUND CAPITALIZED INTEREST ON THE BONDS TO FUND A DEBT SERVICE RESERVE FUND FOR THE BONDS AND TO PAY THE COSTS OF ISSUING THE BONDS INCLUDING THE PREMIUM FOR A FINANCIAL GUARANTY INSURANCE POLICY FOR THE BONDS STUDENT HSING REV BONDS SERIES 2011 HOUSING AND AMENITIES INCLUDING POOL AND SURFACE PARKING</Explanation>
      </Form990ScheduleKPartV>
    </IRS990ScheduleK>
    <IRS990ScheduleO documentId="RetDoc7">
      <GeneralExplanation>
        <Identifier>ORGANIZATION'S MISSION</Identifier>
        <ReturnReference>FORM 990 - ORGANIZATION'S MISSION</ReturnReference>
        <Explanation>THE GEORGIA SOUTHERN UNIVERSITY HOUSING FOUNDATION, INC. EXISTS FOR THE PURPOSE OF PROVIDING STUDENT HOUSING AND FACILITIES FOR GEORGIA SOUTHERN UNIVERSITY. THE ORGANIZATION IS RESPONSIBLE FOR BUILDING OR RENOVATING THE STUDENT HOUSING AND FACILITIES.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ALL OTHER ACHIEVEMENTS DESCRIPTION</Identifier>
        <ReturnReference>FORM 990, PAGE 2, PART III, LINE 4D</ReturnReference>
        <Explanation>PROVIDE HOUSING AND FACILITIES FOR GEORGIA SOUTHERN UNIVERSITY STUDENTS</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ORGANIZATION'S PROCESS USED TO REVIEW FORM 990</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 11B</ReturnReference>
        <Explanation>THE TREASURER AND SECRETARY REVIEW THE FORM 990 BEFORE FILING.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>GOVERNING DOCUMENTS DISCLOSURE EXPLANATION</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 19</ReturnReference>
        <Explanation>DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST TO THE GOVERNING BOARD.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>GROUP RETURN METHOD</Identifier>
        <ReturnReference>FORM 990, PAGE 7, PART VII</ReturnReference>
        <Explanation>PARENT ORGANIZATION HAS FILED A CONSOLIDATED RETURN</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
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        <NameOfDisregardedEntity>
          <BusinessNameLine1>GEORGIA SOUTHERN UNIVERSITY HOUSING</BusinessNameLine1>
          <BusinessNameLine2>FOUNDATION ONE LLC</BusinessNameLine2>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>PO BOX 8020</AddressLine1>
          <City>STATESBORO</City>
          <State>GA</State>
          <ZIPCode>30460</ZIPCode>
        </AddressUS>
        <PrimaryActivities>LEASE</PrimaryActivities>
        <LegalDomicileState>GA</LegalDomicileState>
        <TotalIncome>1894004</TotalIncome>
        <EOYAssets>60763424</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>GEORGIA SO</BusinessNameLine1>
          <BusinessNameLine2>UTHERN HOUSING FOUNDATION INC</BusinessNameLine2>
        </DirectControllingEntityName>
      </Form990ScheduleRPartI>
      <Form990ScheduleRPartI>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>GEORGIA SOUTHERN UNIVERSITY HOUSING</BusinessNameLine1>
          <BusinessNameLine2>FOUNDATION TWO LLC</BusinessNameLine2>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>PO BOX 8020</AddressLine1>
          <City>STATESBORO</City>
          <State>GA</State>
          <ZIPCode>30460</ZIPCode>
        </AddressUS>
        <PrimaryActivities>LEASE</PrimaryActivities>
        <LegalDomicileState>GA</LegalDomicileState>
        <TotalIncome>1792143</TotalIncome>
        <EOYAssets>55754446</EOYAssets>
        <DirectControllingEntityName>
          <BusinessNameLine1>GEORIGA SO</BusinessNameLine1>
          <BusinessNameLine2>UTHERN HOUSING FOUNDATION INC</BusinessNameLine2>
        </DirectControllingEntityName>
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      <Form990ScheduleRPartI>
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          <City>STATESBORO</City>
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        <DirectControllingEntityName>
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        <AddressUS>
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          <City>STATESBORO</City>
          <State>GA</State>
          <ZIPCode>30460</ZIPCode>
        </AddressUS>
        <EIN>586002059</EIN>
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        <LegalDomicileState>GA</LegalDomicileState>
        <ExemptCodeSection>170(B)</ExemptCodeSection>
        <PublicCharityStatus>2</PublicCharityStatus>
        <DirectControllingEntityNA>N/A</DirectControllingEntityNA>
        <ControlledOrg>false</ControlledOrg>
      </Form990ScheduleRPartII>
      <ReceiptOfIntAnnRentsRoyalties>true</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>false</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>false</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>false</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>true</LoansOrGuaranteesFromOtherOrg>
      <SaleOfAssetsToOtherOrg>false</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>false</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>false</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>true</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>false</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>false</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>false</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>false</SharingOfFacilities>
      <SharingOfPaidEmployees>false</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>true</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>false</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>false</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>false</OtherTransferFromOtherOrg>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>GEORGIA SOUTHERN UNIVERSITY</BusinessNameLine1>
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      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>GEORGIA SOUTHERN UNIVERSITY</BusinessNameLine1>
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      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>GEORGIA SOUTHERN UNIVERSITY</BusinessNameLine1>
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      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>GEORGIA SOUTHERN UNIVERSITY</BusinessNameLine1>
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        <TransactionType>O</TransactionType>
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    </IRS990ScheduleR>
  </ReturnData>
</Return>