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      <FederalGrantAuditRequiredInd>0</FederalGrantAuditRequiredInd>
    </IRS990>
    <IRS990ScheduleA documentId="RetDoc1039100001">
      <PublicOrganization170Ind>X</PublicOrganization170Ind>
      <GiftsGrantsContriRcvd170Grp>
        <CurrentTaxYearMinus2YearsAmt>310000</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>1849712</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>0</CurrentTaxYearAmt>
        <TotalAmt>2159712</TotalAmt>
      </GiftsGrantsContriRcvd170Grp>
      <TotalCalendarYear170Grp>
        <CurrentTaxYearMinus2YearsAmt>310000</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>1849712</CurrentTaxYearMinus1YearAmt>
        <TotalAmt>2159712</TotalAmt>
      </TotalCalendarYear170Grp>
      <SubstantialContributorsTotAmt>356756</SubstantialContributorsTotAmt>
      <PublicSupportTotal170Amt>1802956</PublicSupportTotal170Amt>
      <GrossInvestmentIncome170Grp>
        <CurrentTaxYearMinus1YearAmt>807</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>1688</CurrentTaxYearAmt>
        <TotalAmt>2495</TotalAmt>
      </GrossInvestmentIncome170Grp>
      <TotalSupportAmt>2162207</TotalSupportAmt>
      <GrossReceiptsRltdActivitiesAmt>249383</GrossReceiptsRltdActivitiesAmt>
      <First5Years170Ind>X</First5Years170Ind>
      <Form990ScheduleAPartVIGrp>
        <FormAndLineReferenceDesc>PART V</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION WAS FORMED ON 2/4/14, SO IT PREVIOUSLY FILED A 2014 SHORT YEAR RETURN FOR THE PERIOD FROM 2/4/14 THROUGH 6/30/14. THE 2013 COLUMN ON SCHEDULE A INCLUDES THE FINANCIAL INFORMATION FOR THIS PERIOD.</ExplanationTxt>
      </Form990ScheduleAPartVIGrp>
    </IRS990ScheduleA>
    <IRS990ScheduleD documentId="RetDoc1040000001">
      <LandGrp>
        <OtherCostOrOtherBasisAmt>2110849</OtherCostOrOtherBasisAmt>
        <BookValueAmt>2110849</BookValueAmt>
      </LandGrp>
      <BuildingsGrp>
        <OtherCostOrOtherBasisAmt>18709713</OtherCostOrOtherBasisAmt>
        <BookValueAmt>18709713</BookValueAmt>
      </BuildingsGrp>
      <TotalBookValueLandBuildingsAmt>20820562</TotalBookValueLandBuildingsAmt>
      <OtherLiabilitiesOrgGrp>
        <Desc>DUE TO KIPP MASSACHUSETTS, INC</Desc>
        <Amt>349239</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>NOTE PAYABLE AND ACCRUED INTEREST</Desc>
        <Amt>1543945</Amt>
      </OtherLiabilitiesOrgGrp>
      <TotalLiabilityAmt>1893184</TotalLiabilityAmt>
    </IRS990ScheduleD>
    <IRS990ScheduleK documentId="RetDoc1053100001">
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>MDFA REVENUE BONDS SERIES 2015A</BusinessNameLine1Txt>
        </IssuerName>
        <BondIssuerEIN>743253091</BondIssuerEIN>
        <BondIssuedDt>2015-04-24</BondIssuedDt>
        <IssuePriceAmt>18500000</IssuePriceAmt>
        <PurposeDesc>TO FUND CAPITAL PROJECTS</PurposeDesc>
        <DefeasedInd>0</DefeasedInd>
        <OnBehalfOfIssuerInd>0</OnBehalfOfIssuerInd>
        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <TotalProceedsAmt>18500000</TotalProceedsAmt>
        <InReserveFundAmt>800000</InReserveFundAmt>
        <IssuanceCostsFromProceedsAmt>50000</IssuanceCostsFromProceedsAmt>
        <CapitalExpendituresAmt>12492745</CapitalExpendituresAmt>
        <UnspentAmt>5157255</UnspentAmt>
        <CurrentRefundingInd>0</CurrentRefundingInd>
        <AdvanceRefundingInd>0</AdvanceRefundingInd>
        <FinalAllocationMadeInd>0</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <OwningBondFinancedPropertyInd>0</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>0</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>0</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>0</AnyResearchAgreementsInd>
        <BondIssMeetPrvtSecPymtTestInd>0</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>0</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>0</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
        <RebateNotDueYetInd>0</RebateNotDueYetInd>
        <ExceptionToRebateInd>0</ExceptionToRebateInd>
        <NoRebateDueInd>1</NoRebateDueInd>
        <VariableRateIssueInd>0</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>0</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>0</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>0</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <ProceduresCorrectiveActionInd>1</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
    </IRS990ScheduleK>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 6</FormAndLineReferenceDesc>
        <ExplanationTxt>KIPP MASSACHUSETTS, INC. (SEE SCHEDULE R) IS THE SOLE MEMBER OF THE ORGANIZATION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 7A</FormAndLineReferenceDesc>
        <ExplanationTxt>THE SOLE MEMBER OF THE ORGANIZATION ELECTS THE ORGANIZATION'S TRUSTEES. THE ORGANIZATION AND ITS MEMBER SHARE A COMMON BOARD.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11</FormAndLineReferenceDesc>
        <ExplanationTxt>ALL MEMBERS OF THE BOARD OF TRUSTEES RECEIVE A COPY OF THE 990 AND REVIEW IT BEFORE IT IS SUBMITTED.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>EACH TRUSTEE PROVIDES THE BOARD WITH ANNUAL WRITTEN DISCLOSURE OF ANY CONFLICTS OF INTEREST. THESE DISCLOSURES ARE REVIEWED AND MONITORED BY THE BOARD PRESIDENT.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 15</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION DOES NOT CURRENTLY HAVE OR COMPENSATE ANY EMPLOYEES.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THESE ITEMS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XII, LINE 2C:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE BOARD OF TRUSTEES ASSUMES OVERSIGHT FOR THE AUDIT. THE PROCESS HAS NOT CHANGED IN FISCAL YEAR 2016.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc1043400001">
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>KIPP MASSACHUSETTS INC</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>90 HIGH ROCK STREET</AddressLine1Txt>
          <CityNm>LYNN</CityNm>
          <StateAbbreviationCd>MA</StateAbbreviationCd>
          <ZIPCd>01902</ZIPCd>
        </USAddress>
        <EIN>464881350</EIN>
        <PrimaryActivitiesTxt>SUPPORT KIPP ACADEMY LYNN AND BOSTON CHARTER SCHOOLS</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>MA</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(C)(3)</ExemptCodeSectionTxt>
        <PublicCharityStatusTxt>LINE 7</PublicCharityStatusTxt>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>KIPP LYNN FUND INC</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>90 HIGH ROCK STREET</AddressLine1Txt>
          <CityNm>LYNN</CityNm>
          <StateAbbreviationCd>MA</StateAbbreviationCd>
          <ZIPCd>01902</ZIPCd>
        </USAddress>
        <EIN>743153091</EIN>
        <PrimaryActivitiesTxt>SUPPORT KIPP ACADEMY LYNN CHARTER SCHOOLS AND KIPP MASSACHUSETTS, INC.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>MA</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(C)(3)</ExemptCodeSectionTxt>
        <PublicCharityStatusTxt>LINE 7</PublicCharityStatusTxt>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <ReceiptOfIntAnntsRntsRyltsInd>0</ReceiptOfIntAnntsRntsRyltsInd>
      <GiftGrntOrCapContriToOthOrgInd>0</GiftGrntOrCapContriToOthOrgInd>
      <GiftGrntCapContriFromOthOrgInd>0</GiftGrntCapContriFromOthOrgInd>
      <LoansOrGuaranteesToOtherOrgInd>0</LoansOrGuaranteesToOtherOrgInd>
      <LoansOrGuaranteesFromOthOrgInd>1</LoansOrGuaranteesFromOthOrgInd>
      <DivRelatedOrganizationInd>0</DivRelatedOrganizationInd>
      <AssetSaleToOtherOrgInd>0</AssetSaleToOtherOrgInd>
      <AssetPurchaseFromOtherOrgInd>0</AssetPurchaseFromOtherOrgInd>
      <AssetExchangeInd>0</AssetExchangeInd>
      <RentalOfFacilitiesToOthOrgInd>0</RentalOfFacilitiesToOthOrgInd>
      <RentalOfFcltsFromOthOrgInd>0</RentalOfFcltsFromOthOrgInd>
      <PerformOfServicesForOthOrgInd>0</PerformOfServicesForOthOrgInd>
      <PerformOfServicesByOtherOrgInd>0</PerformOfServicesByOtherOrgInd>
      <SharingOfFacilitiesInd>0</SharingOfFacilitiesInd>
      <PaidEmployeesSharingInd>0</PaidEmployeesSharingInd>
      <ReimbursementPaidToOtherOrgInd>0</ReimbursementPaidToOtherOrgInd>
      <ReimbursementPaidByOtherOrgInd>0</ReimbursementPaidByOtherOrgInd>
      <TransferToOtherOrgInd>0</TransferToOtherOrgInd>
      <TransferFromOtherOrgInd>0</TransferFromOtherOrgInd>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1Txt>KIPP MASSACHUSETTS INC</BusinessNameLine1Txt>
        </OtherOrganizationName>
        <TransactionTypeTxt>E</TransactionTypeTxt>
        <InvolvedAmt>349239</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>INTERCOMPANY DUE TO</MethodOfAmountDeterminationTxt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1Txt>KIPP LYNN FUND INC</BusinessNameLine1Txt>
        </OtherOrganizationName>
        <TransactionTypeTxt>E</TransactionTypeTxt>
        <InvolvedAmt>1543945</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>INTERCOMPANY NOTE PAYABLE AND ACC</MethodOfAmountDeterminationTxt>
      </TransactionsRelatedOrgGrp>
    </IRS990ScheduleR>
  </ReturnData>
</Return>