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      <TotalRevEtcAuditedFinclStmtAmt>799968</TotalRevEtcAuditedFinclStmtAmt>
      <NetUnrealizedGainsInvstAmt>47796</NetUnrealizedGainsInvstAmt>
      <RevenueNotReportedAmt>47796</RevenueNotReportedAmt>
      <RevenueSubtotalAmt>752172</RevenueSubtotalAmt>
      <TotalRevenuePerForm990Amt>752172</TotalRevenuePerForm990Amt>
      <TotExpnsEtcAuditedFinclStmtAmt>970228</TotExpnsEtcAuditedFinclStmtAmt>
      <ExpensesSubtotalAmt>970228</ExpensesSubtotalAmt>
      <TotalExpensesPerForm990Amt>970228</TotalExpensesPerForm990Amt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE D, PAGE 3, PART X</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ASSOCIATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. INCOME FROM ACTIVITIES NOT DIRECTLY RELATED TO THE ASSOCIATION'S TAX-EXEMPT PURPOSE IS SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. FOR THE YEARS ENDED JUNE 30, 2016 AND 2015, THE ASSOCIATION DID NOT HAVE ANY UNRELATED BUSINESS INCOME, AND ACCORDINGLY, NO UNRELATED BUSINESS INCOME TAX. MANAGEMENT BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN, AND AS SUCH DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. THE IRS FORM 990'S ARE SUBJECT TO EXAMINATION BY THE APPROPRIATE REGULATORY AUTHORITIES AND THE RETURNS ARE TYPICALLY OPEN FOR THE LAST THREE YEARS.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleD>
    <IRS990ScheduleI documentId="RetDoc4">
      <GrantRecordsMaintainedInd>false</GrantRecordsMaintainedInd>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>BIRMINGHAM SOUTHERN COLLEGE</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>900 ARKADELPHIA RD</AddressLine1Txt>
          <CityNm>BIRMINGHAM</CityNm>
          <StateAbbreviationCd>AL</StateAbbreviationCd>
          <ZIPCd>35254</ZIPCd>
        </USAddress>
        <RecipientEIN>630288811</RecipientEIN>
        <IRCSectionDesc>501C3</IRCSectionDesc>
        <CashGrantAmt>22051</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>CENTRE COLLEGE</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>600 W WALNUT STREET</AddressLine1Txt>
          <CityNm>DANVILLE</CityNm>
          <StateAbbreviationCd>KY</StateAbbreviationCd>
          <ZIPCd>40422</ZIPCd>
        </USAddress>
        <RecipientEIN>610444671</RecipientEIN>
        <IRCSectionDesc>501C3</IRCSectionDesc>
        <CashGrantAmt>30231</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>FURMAN UNIVERSITY</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>3300 POINSETT HWY</AddressLine1Txt>
          <CityNm>GREENVILLE</CityNm>
          <StateAbbreviationCd>SC</StateAbbreviationCd>
          <ZIPCd>29613</ZIPCd>
        </USAddress>
        <RecipientEIN>570314395</RecipientEIN>
        <IRCSectionDesc>501C3</IRCSectionDesc>
        <CashGrantAmt>34242</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>HENDRIX COLLEGE</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>1600 WASHINGTON AVE</AddressLine1Txt>
          <CityNm>CONWAY</CityNm>
          <StateAbbreviationCd>AR</StateAbbreviationCd>
          <ZIPCd>72032</ZIPCd>
        </USAddress>
        <RecipientEIN>710236897</RecipientEIN>
        <IRCSectionDesc>501C3</IRCSectionDesc>
        <CashGrantAmt>22500</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>MILLSAPS COLLEGE</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>1701 NORTH STATE STREET</AddressLine1Txt>
          <CityNm>JACKSON</CityNm>
          <StateAbbreviationCd>MS</StateAbbreviationCd>
          <ZIPCd>39210</ZIPCd>
        </USAddress>
        <RecipientEIN>640303084</RecipientEIN>
        <IRCSectionDesc>501C3</IRCSectionDesc>
        <CashGrantAmt>5669</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>ROLLINS COLLEGE</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>1000 HOLT AVENUE</AddressLine1Txt>
          <CityNm>WINTER PARK</CityNm>
          <StateAbbreviationCd>FL</StateAbbreviationCd>
          <ZIPCd>32789</ZIPCd>
        </USAddress>
        <RecipientEIN>540624440</RecipientEIN>
        <IRCSectionDesc>501C3</IRCSectionDesc>
        <CashGrantAmt>44450</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>SPELMAN COLLEGE</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>350 SPELMAN LANE</AddressLine1Txt>
          <CityNm>ATLANTA</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30314</ZIPCd>
        </USAddress>
        <RecipientEIN>580566243</RecipientEIN>
        <IRCSectionDesc>501C3</IRCSectionDesc>
        <CashGrantAmt>14803</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>UNIVERSITY OF THE SOUTH</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>735 UNIVERSITY AVENUE</AddressLine1Txt>
          <CityNm>SEWANEE</CityNm>
          <StateAbbreviationCd>TN</StateAbbreviationCd>
          <ZIPCd>37375</ZIPCd>
        </USAddress>
        <RecipientEIN>640475697</RecipientEIN>
        <IRCSectionDesc>501C3</IRCSectionDesc>
        <CashGrantAmt>27301</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>CENTENARY COLLEGE OF LOUISIANA</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>2911 CENTENARY BOULEVARD</AddressLine1Txt>
          <CityNm>SHREVEPORT</CityNm>
          <StateAbbreviationCd>LA</StateAbbreviationCd>
          <ZIPCd>71104</ZIPCd>
        </USAddress>
        <RecipientEIN>720408915</RecipientEIN>
        <IRCSectionDesc>501C3</IRCSectionDesc>
        <CashGrantAmt>10500</CashGrantAmt>
      </RecipientTable>
      <Total501c3OrgCnt>9</Total501c3OrgCnt>
    </IRS990ScheduleI>
    <IRS990ScheduleJ documentId="RetDoc5">
      <ClubDuesOrFeesInd>X</ClubDuesOrFeesInd>
      <WrittenPolicyRefTAndEExpnssInd>true</WrittenPolicyRefTAndEExpnssInd>
      <SubstantiationRequiredInd>true</SubstantiationRequiredInd>
      <WrittenEmploymentContractInd>X</WrittenEmploymentContractInd>
      <CompensationSurveyInd>X</CompensationSurveyInd>
      <BoardOrCommitteeApprovalInd>X</BoardOrCommitteeApprovalInd>
      <SeverancePaymentInd>false</SeverancePaymentInd>
      <SupplementalNonqualRtrPlanInd>false</SupplementalNonqualRtrPlanInd>
      <EquityBasedCompArrngmInd>false</EquityBasedCompArrngmInd>
      <CompBasedOnRevenueOfFlngOrgInd>false</CompBasedOnRevenueOfFlngOrgInd>
      <CompBsdOnRevRelatedOrgsInd>false</CompBsdOnRevRelatedOrgsInd>
      <CompBsdNetEarnsFlngOrgInd>false</CompBsdNetEarnsFlngOrgInd>
      <CompBsdNetEarnsRltdOrgsInd>false</CompBsdNetEarnsRltdOrgsInd>
      <AnyNonFixedPaymentsInd>false</AnyNonFixedPaymentsInd>
      <InitialContractExceptionInd>false</InitialContractExceptionInd>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>R OWEN WILLIAMS</PersonNm>
        <TitleTxt>PRESIDENT</TitleTxt>
        <BaseCompensationFilingOrgAmt>238872</BaseCompensationFilingOrgAmt>
        <DeferredCompensationFlngOrgAmt>20858</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>22248</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>281978</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
    </IRS990ScheduleJ>
    <IRS990ScheduleO documentId="RetDoc6">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990 - ORGANIZATION'S MISSION</FormAndLineReferenceDesc>
        <ExplanationTxt>TO STRENGTHEN, PROMOTE, AND SHOWCASE LIBERAL ARTS EDUCATION THROUGH COLLABORATION AMONG ITS 16 MEMBER INSTITUTIONS. THE 16 MEMBER INSTITUTIONS INCLUDE BIRMINGHAM-SOUTHERN COLLEGE, CENTENARY COLLEGE, CENTRE COLLEGE, DAVIDSON COLLEGE, FURMAN UNIVERSITY, HENDRIX COLLEGE, MILLSAPS COLLEGE, MOREHOUSE COLLEGE, RHODES COLLEGE, UNIVERSITY OF RICHMOND, ROLLINS COLLEGE, UNIVERSITY OF THE SOUTH, SOUTHWESTERN UNIVERSITY, SPELMAN COLLEGE, TRINITY UNIVERSITY, AND WASHINGTON AND LEE UNIVERSITY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990</FormAndLineReferenceDesc>
        <ExplanationTxt>EMORY UNIVERSITY PROCESSES PAYROLL AND FRINGE BENEFITS FOR THE ASSOCIATION. EMORY UNIVERSITY IS NOT A MEMBER COLLEGE. THE PAYROLL AMOUNTS ARE REIMBURSED TO EMORY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 2, PART III, LINE 4D</FormAndLineReferenceDesc>
        <ExplanationTxt>DIVERSITY PROGRAM: THE DIVERSITY PROGRAM ACKNOWLEDGES THE LACK OF RACIAL DIVERSITY AMONG THE FACULTY OF THE ASSOCIATION'S INSTITUTIONS AND PROPOSED WAYS TO ADDRESS AND IMPROVE THAT SITUATION. THE PROGRAM UTILIZED A PART-TIME CONSULTANT AND HELD MEETINGS WITH REPRESENTATIVES OF THE MEMBER INSTITUTIONS. THE FINDINGS OF THE PROGRAM ARE INCORPORATED INTO THE ASSOCIATIONS VISION 2020 STRATEGIC PLAN.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>DRAFT OF THE FORM 990 IS REVIEWED BY THE EXECUTIVE COMMITTEE, APPROVED AND THEN FINALIZED.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION MONITORS AND ENFORCE COMPLIANCE WITH CONFLICT OF INTEREST POLICY THROUGH ANNUAL REVIEWS AND AN OPEN DOOR POLICY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 15A</FormAndLineReferenceDesc>
        <ExplanationTxt>THE BOARD OF DIRECTORS REVIEWS THE SALARIES OF ALL EMPLOYEES ON AN ANNUAL BASIS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>UPON REQUEST</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
  </ReturnData>
</Return>