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        <Explanation>THE VALDOSTA STATE UNIVERSITY FOUNDATION FOLLOWS QUIDELINES TO DETERMINE IF CANDIDATES MEET THE ELIGIBILITY REQUIREMENTS AND TO DETERMINE THE AMOUNT AWARDED FOR EACH SCHOLARSHIP.</Explanation>
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        <TotalProceeds>5589519</TotalProceeds>
        <AmountInReserveFund>33912</AmountInReserveFund>
        <IssuanceCostsFromProceeds>87000</IssuanceCostsFromProceeds>
        <CapitalExpenditures>5468607</CapitalExpenditures>
        <YearOfSubstCompletion>2009</YearOfSubstCompletion>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <FinalAllocationMade>false</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>false</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>false</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>false</HedgeIdentifiedInBooksAndRecds>
        <GrossProceedsInvestedInGIC>false</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>false</ExceptionToRebate>
      </Form990ScheduleKPartIV>
    </IRS990ScheduleK>
    <IRS990ScheduleM documentId="RetDoc9">
      <RealEstateCommercial>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>1</NumberOfContributions>
        <NoncashContribsRptdF990>1800000</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FAIR MARKET VALUE</MethodOfDeterminingRevenues>
      </RealEstateCommercial>
      <FoodInventory>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>1</NumberOfContributions>
        <NoncashContribsRptdF990>11559</NoncashContribsRptdF990>
      </FoodInventory>
      <AnyPropertyThatMustBeHeld>false</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>false</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>false</ThirdPartiesUsed>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="RetDoc10">
      <GeneralExplanation>
        <Identifier>RELATED PARTY INFORMATION AMONG OFFICERS</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 2</ReturnReference>
        <Explanation>GEORGIA GULF SULFUR GEORGIA GULF SULFUR PRESIDENT CEO BUSINESS RELATIONSHIP FOWLER,HOLLEY,RAMBO,HAYNES&amp;STALVEY FOWLER,HOLLEY,RAMBO,HAYNES&amp;STALVEY PARTNER PARTNERS BUSINESS PARTNERS SMITH BARNEY SMITH BARNEY BROKER BROKER BUSINESS RELATIONSHIP</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ORGANIZATION'S PROCESS USED TO REVIEW FORM 990</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 11B</ReturnReference>
        <Explanation>AN OFFICER REVIEWS AND SIGNS THE RETURN. A COPY OF FORM 990 IS EMAILED TO ALL TRUSTEES TO REVIEW.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>GOVERNING DOCUMENTS DISCLOSURE EXPLANATION</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 19</ReturnReference>
        <Explanation>DOCUMENTS ARE MADE AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc11">
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>VALDOSTA STATE UNIVERSITY</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>1500 N PATTERSON ST</AddressLine1>
          <City>VALDOSTA</City>
          <State>GA</State>
          <ZIPCode>31698</ZIPCode>
        </AddressUS>
        <EIN>586002072</EIN>
        <PrimaryActivities>EDUCATION</PrimaryActivities>
        <LegalDomicileState>GA</LegalDomicileState>
        <ExemptCodeSection>170B1A</ExemptCodeSection>
        <DirectControllingEntityNA>N/A</DirectControllingEntityNA>
        <ControlledOrg>false</ControlledOrg>
      </Form990ScheduleRPartII>
      <ReceiptOfIntAnnRentsRoyalties>false</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>true</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>false</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>false</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>false</LoansOrGuaranteesFromOtherOrg>
      <SaleOfAssetsToOtherOrg>false</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>false</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>false</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>true</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>false</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>true</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>false</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>true</SharingOfFacilities>
      <SharingOfPaidEmployees>true</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>true</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>false</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>false</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>false</OtherTransferFromOtherOrg>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>VALDOSTA STATE UNIVERSITY</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>B</TransactionType>
        <AmountInvolved>250716</AmountInvolved>
        <MethodOfAmtDetermination>COST</MethodOfAmtDetermination>
      </TransactionsRelatedOrgsTable>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>VALDOSTA STATE UNIVERSITY</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>I</TransactionType>
        <AmountInvolved>445918</AmountInvolved>
        <MethodOfAmtDetermination>COST</MethodOfAmtDetermination>
      </TransactionsRelatedOrgsTable>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>VALDOSTA STATE UNIVERSITY</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>K</TransactionType>
        <AmountInvolved>1782121</AmountInvolved>
        <MethodOfAmtDetermination>COST</MethodOfAmtDetermination>
      </TransactionsRelatedOrgsTable>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>VALDOSTA STATE UNIVERSITY</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>M</TransactionType>
        <AmountInvolved>60000</AmountInvolved>
        <MethodOfAmtDetermination>FAIR MARKET VALUE</MethodOfAmtDetermination>
      </TransactionsRelatedOrgsTable>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>VALDOSTA STATE UNIVERSITY</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>N</TransactionType>
        <AmountInvolved>595878</AmountInvolved>
        <MethodOfAmtDetermination>COST</MethodOfAmtDetermination>
      </TransactionsRelatedOrgsTable>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>VALDOSTA STATE UNIVERSITY</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>O</TransactionType>
        <AmountInvolved>949220</AmountInvolved>
        <MethodOfAmtDetermination>COST</MethodOfAmtDetermination>
      </TransactionsRelatedOrgsTable>
    </IRS990ScheduleR>
  </ReturnData>
</Return>