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      <Form990PartVIISectionAGrp>
        <PersonNm>JAY HEILER</PersonNm>
        <TitleTxt>PRESIDENT</TitleTxt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>ERIK TWIST</PersonNm>
        <TitleTxt>CEO</TitleTxt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>WARD HUSETH</PersonNm>
        <TitleTxt>CFO</TitleTxt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>DR ROBERT JACKSON</PersonNm>
        <TitleTxt>CAO</TitleTxt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>KIANN MAPES</PersonNm>
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      <Form990PartVIISectionAGrp>
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      <Form990PartVIISectionAGrp>
        <PersonNm>MARILYN PAPKE</PersonNm>
        <TitleTxt>VP</TitleTxt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>JOSE R GUTIERREZ</PersonNm>
        <TitleTxt>CDO</TitleTxt>
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      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>AMANDA SHEARER</PersonNm>
        <TitleTxt>VP</TitleTxt>
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        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>6589</OtherCompensationAmt>
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      <TotReportableCompRltdOrgAmt>0</TotReportableCompRltdOrgAmt>
      <TotalOtherCompensationAmt>51266</TotalOtherCompensationAmt>
      <IndivRcvdGreaterThan100KCnt>11</IndivRcvdGreaterThan100KCnt>
      <FormerOfcrEmployeesListedInd>0</FormerOfcrEmployeesListedInd>
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      <CompensationFromOtherSrcsInd>0</CompensationFromOtherSrcsInd>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>NATIONS GROUP</BusinessNameLine1Txt>
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        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>7201 E CAMELBACK STE 360</AddressLine1Txt>
            <CityNm>SCOTTSDALE</CityNm>
            <StateAbbreviationCd>AZ</StateAbbreviationCd>
            <ZIPCd>85251</ZIPCd>
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      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>GREAT HEARTS AMERICA</BusinessNameLine1Txt>
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        <ContractorAddress>
          <USAddress>
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        </ContractorAddress>
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      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>FESTER &amp; CHAPMAN PC</BusinessNameLine1Txt>
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          <USAddress>
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      <ProgramServiceRevenueGrp>
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        <Desc>SUMMER INSTITUTE</Desc>
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      <TotalLobbyingExpendGrp>
        <FilingOrganizationsTotalAmt>0</FilingOrganizationsTotalAmt>
      </TotalLobbyingExpendGrp>
      <TotalExemptPurposeExpendGrp>
        <FilingOrganizationsTotalAmt>0</FilingOrganizationsTotalAmt>
      </TotalExemptPurposeExpendGrp>
      <LobbyingNontaxableAmountGrp>
        <FilingOrganizationsTotalAmt>0</FilingOrganizationsTotalAmt>
      </LobbyingNontaxableAmountGrp>
      <GrassrootsNontaxableGrp>
        <FilingOrganizationsTotalAmt>0</FilingOrganizationsTotalAmt>
      </GrassrootsNontaxableGrp>
    </IRS990ScheduleC>
    <IRS990ScheduleD documentId="RetDoc1040000001">
      <LandGrp>
        <OtherCostOrOtherBasisAmt>10024424</OtherCostOrOtherBasisAmt>
        <BookValueAmt>10024424</BookValueAmt>
      </LandGrp>
      <BuildingsGrp>
        <OtherCostOrOtherBasisAmt>72161855</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>5368854</DepreciationAmt>
        <BookValueAmt>66793001</BookValueAmt>
      </BuildingsGrp>
      <EquipmentGrp>
        <OtherCostOrOtherBasisAmt>2614740</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>495351</DepreciationAmt>
        <BookValueAmt>2119389</BookValueAmt>
      </EquipmentGrp>
      <OtherLandBuildingsGrp>
        <OtherCostOrOtherBasisAmt>27276614</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>80969</DepreciationAmt>
        <BookValueAmt>27195645</BookValueAmt>
      </OtherLandBuildingsGrp>
      <TotalBookValueLandBuildingsAmt>106132459</TotalBookValueLandBuildingsAmt>
      <OtherAssetsOrgGrp>
        <Desc>DEPOSITS</Desc>
        <BookValueAmt>875</BookValueAmt>
      </OtherAssetsOrgGrp>
      <OtherAssetsOrgGrp>
        <Desc>DUE FROM RELATED PARTIES</Desc>
        <BookValueAmt>2305775</BookValueAmt>
      </OtherAssetsOrgGrp>
      <OtherAssetsOrgGrp>
        <Desc>BOND PROCEEDS</Desc>
        <BookValueAmt>20274931</BookValueAmt>
      </OtherAssetsOrgGrp>
      <TotalBookValueOtherAssetsAmt>22581581</TotalBookValueOtherAssetsAmt>
      <OtherLiabilitiesOrgGrp>
        <Desc>DUE TO RELATED PARTIES</Desc>
        <Amt>401125</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>CAPITAL RESERVE</Desc>
        <Amt>12795</Amt>
      </OtherLiabilitiesOrgGrp>
      <TotalLiabilityAmt>413920</TotalLiabilityAmt>
    </IRS990ScheduleD>
    <IRS990ScheduleI documentId="RetDoc1041900001">
      <GrantRecordsMaintainedInd>1</GrantRecordsMaintainedInd>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>CHANDLER PREPARATORY ACADEMY</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>1951 N ALMA SCHOOL RD</AddressLine1Txt>
          <CityNm>CHANDLER</CityNm>
          <StateAbbreviationCd>AZ</StateAbbreviationCd>
          <ZIPCd>85224</ZIPCd>
        </USAddress>
        <RecipientEIN>202075176</RecipientEIN>
        <IRCSectionDesc>3</IRCSectionDesc>
        <CashGrantAmt>50000</CashGrantAmt>
        <PurposeOfGrantTxt>FIELD CAMPAIGN AND SIGNAGE CONTRIBUTION</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>GREAT HEARTS AMERICA</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>3102 N 56TH ST STE 300</AddressLine1Txt>
          <CityNm>PHOENIX</CityNm>
          <StateAbbreviationCd>AZ</StateAbbreviationCd>
          <ZIPCd>85018</ZIPCd>
        </USAddress>
        <RecipientEIN>454306715</RecipientEIN>
        <IRCSectionDesc>3</IRCSectionDesc>
        <CashGrantAmt>1305000</CashGrantAmt>
        <PurposeOfGrantTxt>EDUCATION</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>ARCHWAY CLASSICAL ACADEMY ARETE</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>4525 E BASELINE RD</AddressLine1Txt>
          <CityNm>GILBERT</CityNm>
          <StateAbbreviationCd>AZ</StateAbbreviationCd>
          <ZIPCd>85234</ZIPCd>
        </USAddress>
        <RecipientEIN>464061128</RecipientEIN>
        <IRCSectionDesc>3</IRCSectionDesc>
        <CashGrantAmt>100000</CashGrantAmt>
        <PurposeOfGrantTxt>EDUCATION</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>CICERO PREPARATORY ACADEMY</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>7205 N PIMA RD STE A</AddressLine1Txt>
          <CityNm>SCOTTSDALE</CityNm>
          <StateAbbreviationCd>AZ</StateAbbreviationCd>
          <ZIPCd>85250</ZIPCd>
        </USAddress>
        <RecipientEIN>464096974</RecipientEIN>
        <IRCSectionDesc>3</IRCSectionDesc>
        <CashGrantAmt>100000</CashGrantAmt>
        <PurposeOfGrantTxt>EDUCATION</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>ARCHWAY CLASSICAL ACADEMY CICERO</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>7205 N PIMA RD STE A</AddressLine1Txt>
          <CityNm>SCOTTSDALE</CityNm>
          <StateAbbreviationCd>AZ</StateAbbreviationCd>
          <ZIPCd>85250</ZIPCd>
        </USAddress>
        <RecipientEIN>464065855</RecipientEIN>
        <IRCSectionDesc>3</IRCSectionDesc>
        <CashGrantAmt>100000</CashGrantAmt>
        <PurposeOfGrantTxt>EDUCATION</PurposeOfGrantTxt>
      </RecipientTable>
      <Total501c3OrgCnt>5</Total501c3OrgCnt>
      <TotalOtherOrgCnt>0</TotalOtherOrgCnt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART I, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>GREAT HEARTS ACADEMIES GIVES GRANTS TO ORGANIZATIONS TO WHICH THEY PROVIDE MANAGEMENT DUTIES FOR, WHICH ALLOWS THE ORGANIZATION TO CLOSELY MONITOR USE OF GRANT FUNDS.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleI>
    <IRS990ScheduleJ documentId="RetDoc1042400001">
      <Form990OfOtherOrganizationsInd>X</Form990OfOtherOrganizationsInd>
      <WrittenEmploymentContractInd>X</WrittenEmploymentContractInd>
      <CompensationSurveyInd>X</CompensationSurveyInd>
      <BoardOrCommitteeApprovalInd>X</BoardOrCommitteeApprovalInd>
      <SeverancePaymentInd>0</SeverancePaymentInd>
      <SupplementalNonqualRtrPlanInd>0</SupplementalNonqualRtrPlanInd>
      <EquityBasedCompArrngmInd>0</EquityBasedCompArrngmInd>
      <CompBasedOnRevenueOfFlngOrgInd>0</CompBasedOnRevenueOfFlngOrgInd>
      <CompBsdOnRevRelatedOrgsInd>0</CompBsdOnRevRelatedOrgsInd>
      <CompBsdNetEarnsFlngOrgInd>0</CompBsdNetEarnsFlngOrgInd>
      <CompBsdNetEarnsRltdOrgsInd>0</CompBsdNetEarnsRltdOrgsInd>
      <AnyNonFixedPaymentsInd>1</AnyNonFixedPaymentsInd>
      <InitialContractExceptionInd>0</InitialContractExceptionInd>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>DR DANIEL SCOGGIN</PersonNm>
        <TitleTxt>PRESIDENT</TitleTxt>
        <BaseCompensationFilingOrgAmt>182522</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>9775</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>6848</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>199145</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>WARD HUSETH</PersonNm>
        <TitleTxt>CFO</TitleTxt>
        <BaseCompensationFilingOrgAmt>175861</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>12690</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>2430</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>190981</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>JOSE R GUTIERREZ</PersonNm>
        <TitleTxt>CDO</TitleTxt>
        <BaseCompensationFilingOrgAmt>151094</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>300</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>3216</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>154610</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART I, LINE 7</FormAndLineReferenceDesc>
        <ExplanationTxt>EXECUTIVES RECEIVE BONUSES WHICH ARE BASED ON THE CEO'S JUDGEMENT AND BOD REVIEW OF THE ORGANIZATION'S PERFORMANCE BASED ON STATED ORGANIZATIONAL GOALS. SUCH GOALS TYPICALLY INCLUDE: FINANCIAL PERFORMANCE, FULFILLING THE MISSION WITH REGARDS TO ACADEMIC SUCCESS, AND SUPPORTING PHILANTHROPIC/FUNDRAISING EFFORTS.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleJ>
    <IRS990ScheduleK documentId="RetDoc1053100001">
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX ARIZONA</BusinessNameLine1Txt>
        </IssuerName>
        <BondIssuerEIN>522038405</BondIssuerEIN>
        <CUSIPNum>71885FDK0</CUSIPNum>
        <BondIssuedDt>2014-10-23</BondIssuedDt>
        <IssuePriceAmt>81679781</IssuePriceAmt>
        <PurposeDesc>EDUCATION FACILITY AND REFUND BONDS ISSUED 11/25/2013</PurposeDesc>
        <DefeasedInd>0</DefeasedInd>
        <OnBehalfOfIssuerInd>0</OnBehalfOfIssuerInd>
        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX ARIZONA</BusinessNameLine1Txt>
        </IssuerName>
        <BondIssuerEIN>522038405</BondIssuerEIN>
        <CUSIPNum>71885FAV9</CUSIPNum>
        <BondIssuedDt>2012-01-25</BondIssuedDt>
        <IssuePriceAmt>16406596</IssuePriceAmt>
        <PurposeDesc>EDUCATION FACILITY</PurposeDesc>
        <DefeasedInd>0</DefeasedInd>
        <OnBehalfOfIssuerInd>0</OnBehalfOfIssuerInd>
        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX ARIZONA</BusinessNameLine1Txt>
        </IssuerName>
        <BondIssuerEIN>522038405</BondIssuerEIN>
        <CUSIPNum>71885FBE6</CUSIPNum>
        <BondIssuedDt>2012-11-30</BondIssuedDt>
        <IssuePriceAmt>12585000</IssuePriceAmt>
        <PurposeDesc>EDUCATION FACILITY</PurposeDesc>
        <DefeasedInd>0</DefeasedInd>
        <OnBehalfOfIssuerInd>0</OnBehalfOfIssuerInd>
        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE TOWN OF FLORENCE INC</BusinessNameLine1Txt>
        </IssuerName>
        <BondIssuerEIN>341975556</BondIssuerEIN>
        <CUSIPNum>340375AD6</CUSIPNum>
        <BondIssuedDt>2010-12-07</BondIssuedDt>
        <IssuePriceAmt>11630000</IssuePriceAmt>
        <PurposeDesc>EDUCATION FACILITY AND REFUND BONDS ISSUED 7/28/2008</PurposeDesc>
        <DefeasedInd>0</DefeasedInd>
        <OnBehalfOfIssuerInd>0</OnBehalfOfIssuerInd>
        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <RetiredAmt>65000</RetiredAmt>
        <TotalProceedsAmt>81679781</TotalProceedsAmt>
        <InReserveFundAmt>5302750</InReserveFundAmt>
        <CapitalizedInterestAmt>1376776</CapitalizedInterestAmt>
        <IssuanceCostsFromProceedsAmt>1720920</IssuanceCostsFromProceedsAmt>
        <CapitalExpendituresAmt>33973239</CapitalExpendituresAmt>
        <OtherSpentProceedsAmt>39306096</OtherSpentProceedsAmt>
        <SubstantialCompletionYr>2014</SubstantialCompletionYr>
        <CurrentRefundingInd>1</CurrentRefundingInd>
        <AdvanceRefundingInd>0</AdvanceRefundingInd>
        <FinalAllocationMadeInd>1</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <RetiredAmt>336596</RetiredAmt>
        <TotalProceedsAmt>16406596</TotalProceedsAmt>
        <InReserveFundAmt>1183163</InReserveFundAmt>
        <CapitalizedInterestAmt>197780</CapitalizedInterestAmt>
        <IssuanceCostsFromProceedsAmt>526336</IssuanceCostsFromProceedsAmt>
        <CapitalExpendituresAmt>14500000</CapitalExpendituresAmt>
        <SubstantialCompletionYr>2012</SubstantialCompletionYr>
        <CurrentRefundingInd>0</CurrentRefundingInd>
        <AdvanceRefundingInd>0</AdvanceRefundingInd>
        <FinalAllocationMadeInd>1</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <TotalProceedsAmt>12585000</TotalProceedsAmt>
        <CapitalizedInterestAmt>534863</CapitalizedInterestAmt>
        <IssuanceCostsFromProceedsAmt>462019</IssuanceCostsFromProceedsAmt>
        <CapitalExpendituresAmt>11588118</CapitalExpendituresAmt>
        <SubstantialCompletionYr>2012</SubstantialCompletionYr>
        <CurrentRefundingInd>0</CurrentRefundingInd>
        <AdvanceRefundingInd>0</AdvanceRefundingInd>
        <FinalAllocationMadeInd>1</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <RetiredAmt>324167</RetiredAmt>
        <TotalProceedsAmt>11630000</TotalProceedsAmt>
        <CapitalizedInterestAmt>362468</CapitalizedInterestAmt>
        <IssuanceCostsFromProceedsAmt>492020</IssuanceCostsFromProceedsAmt>
        <CapitalExpendituresAmt>10308662</CapitalExpendituresAmt>
        <OtherSpentProceedsAmt>466850</OtherSpentProceedsAmt>
        <SubstantialCompletionYr>2010</SubstantialCompletionYr>
        <CurrentRefundingInd>1</CurrentRefundingInd>
        <AdvanceRefundingInd>0</AdvanceRefundingInd>
        <FinalAllocationMadeInd>1</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <OwningBondFinancedPropertyInd>0</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>0</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>0</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>0</AnyResearchAgreementsInd>
        <PrivateBusUseByOthersPct>0.00000</PrivateBusUseByOthersPct>
        <PrivateBusConcerningUBIPct>0.00000</PrivateBusConcerningUBIPct>
        <TotalPrivateBusinessUsePct>0.00000</TotalPrivateBusinessUsePct>
        <BondIssMeetPrvtSecPymtTestInd>0</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>0</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>1</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <OwningBondFinancedPropertyInd>0</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>0</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>0</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>0</AnyResearchAgreementsInd>
        <PrivateBusUseByOthersPct>0.00000</PrivateBusUseByOthersPct>
        <PrivateBusConcerningUBIPct>0.00000</PrivateBusConcerningUBIPct>
        <TotalPrivateBusinessUsePct>0.00000</TotalPrivateBusinessUsePct>
        <BondIssMeetPrvtSecPymtTestInd>0</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>0</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>1</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <OwningBondFinancedPropertyInd>0</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>0</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>0</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>0</AnyResearchAgreementsInd>
        <PrivateBusUseByOthersPct>0.00000</PrivateBusUseByOthersPct>
        <PrivateBusConcerningUBIPct>0.00000</PrivateBusConcerningUBIPct>
        <TotalPrivateBusinessUsePct>0.00000</TotalPrivateBusinessUsePct>
        <BondIssMeetPrvtSecPymtTestInd>0</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>0</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>1</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <OwningBondFinancedPropertyInd>0</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>0</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>0</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>0</AnyResearchAgreementsInd>
        <PrivateBusUseByOthersPct>0.00000</PrivateBusUseByOthersPct>
        <PrivateBusConcerningUBIPct>0.00000</PrivateBusConcerningUBIPct>
        <TotalPrivateBusinessUsePct>0.00000</TotalPrivateBusinessUsePct>
        <BondIssMeetPrvtSecPymtTestInd>0</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>0</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>1</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
        <RebateNotDueYetInd>0</RebateNotDueYetInd>
        <ExceptionToRebateInd>0</ExceptionToRebateInd>
        <NoRebateDueInd>0</NoRebateDueInd>
        <VariableRateIssueInd>0</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>0</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>0</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>1</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
        <RebateNotDueYetInd>0</RebateNotDueYetInd>
        <ExceptionToRebateInd>0</ExceptionToRebateInd>
        <NoRebateDueInd>0</NoRebateDueInd>
        <VariableRateIssueInd>0</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>0</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>0</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>1</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
        <RebateNotDueYetInd>0</RebateNotDueYetInd>
        <ExceptionToRebateInd>0</ExceptionToRebateInd>
        <NoRebateDueInd>0</NoRebateDueInd>
        <VariableRateIssueInd>0</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>0</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>0</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>1</WrittenProcToMonitorReqsInd>
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      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
        <RebateNotDueYetInd>0</RebateNotDueYetInd>
        <ExceptionToRebateInd>0</ExceptionToRebateInd>
        <NoRebateDueInd>0</NoRebateDueInd>
        <VariableRateIssueInd>0</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>0</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>0</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>1</WrittenProcToMonitorReqsInd>
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      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <ProceduresCorrectiveActionInd>1</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
      <ProceduresCorrectiveActionGrp>
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        <BondReferenceCd>C</BondReferenceCd>
        <ProceduresCorrectiveActionInd>1</ProceduresCorrectiveActionInd>
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        <ProceduresCorrectiveActionInd>1</ProceduresCorrectiveActionInd>
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    </IRS990ScheduleK>
    <IRS990ScheduleL documentId="RetDoc1042800001">
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        <LoanPurposeTxt>NATIONAL EXPANSION</LoanPurposeTxt>
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        <DefaultInd>0</DefaultInd>
        <BoardOrCommitteeApprovalInd>1</BoardOrCommitteeApprovalInd>
        <WrittenAgreementInd>1</WrittenAgreementInd>
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      <LoansBtwnOrgInterestedPrsnGrp>
        <BusinessName>
          <BusinessNameLine1Txt>CHARTER SCHOOL FUND DBA CHARTER SCHOOL GROWTH FUND</BusinessNameLine1Txt>
        </BusinessName>
        <RelationshipWithOrgTxt>SUBSTANTIAL CONTRIBUTOR</RelationshipWithOrgTxt>
        <LoanPurposeTxt>GENERAL SUPPORT OF MANAGEMENT OF THE ORGANIZATION</LoanPurposeTxt>
        <LoanToOrganizationInd>X</LoanToOrganizationInd>
        <OriginalPrincipalAmt>400000</OriginalPrincipalAmt>
        <BalanceDueAmt>404135</BalanceDueAmt>
        <DefaultInd>0</DefaultInd>
        <BoardOrCommitteeApprovalInd>1</BoardOrCommitteeApprovalInd>
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      <TotalBalanceDueAmt>2431593</TotalBalanceDueAmt>
    </IRS990ScheduleL>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11</FormAndLineReferenceDesc>
        <ExplanationTxt>THE 990 IS PREPARED BY AN EXTERNAL CPA FIRM AND IS REVIEWED INTERNALLY BY THE CFO.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>BOARD MEMBERS, OFFICERS AND ALL EMPLOYEES COMPLETE AND SIGN A CONFLICT OF INTEREST AGREEMENT. THESE AGREEMENTS ARE REVIEWED BY HUMAN RESOURCES AND ANY CONFLICTS ARE IDENTIFIED AND REPORTED TO THE AUDITORS AND THE BOARD TO MONITOR.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 15</FormAndLineReferenceDesc>
        <ExplanationTxt>SUBJECT TO THE ORGANIZATION'S CONFLICT OF INTEREST POLICY, THE COMPENSATION OF THE ORGANIZATION'S PRESIDENT AND OTHER OFFICERS ARE DETERMINED BASED ON AN ORGANIZATION-WIDE SALARY RANGE TABLE WHICH FACTORS IN EDUCATION AND EXPERIENCE. THE ORGANIZATION'S BOARD APPROVES THE COMPENSATION OF KEY STAFF.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THE GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc1043400001">
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          <BusinessNameLine1Txt>CHANDLER PREPARATORY ACADEMY</BusinessNameLine1Txt>
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      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>GLENDALE PREPARATORY ACADEMY</BusinessNameLine1Txt>
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          <StateAbbreviationCd>AZ</StateAbbreviationCd>
          <ZIPCd>85018</ZIPCd>
        </USAddress>
        <EIN>208760987</EIN>
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        <DirectControllingEntityName>
          <BusinessNameLine1Txt>GREAT HEARTS ACADEMIES</BusinessNameLine1Txt>
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        <ControlledOrganizationInd>1</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>ARETE PREPARATORY ACADEMY</BusinessNameLine1Txt>
        </DisregardedEntityName>
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          <AddressLine1Txt>4525 E BASELINE RD</AddressLine1Txt>
          <CityNm>GILBERT</CityNm>
          <StateAbbreviationCd>AZ</StateAbbreviationCd>
          <ZIPCd>85234</ZIPCd>
        </USAddress>
        <EIN>205332933</EIN>
        <PrimaryActivitiesTxt>EDUCATION</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>AZ</LegalDomicileStateCd>
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          <BusinessNameLine1Txt>GREAT HEARTS ACADEMIES</BusinessNameLine1Txt>
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        <ControlledOrganizationInd>1</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>TELEOS PREPARATORY ACADEMY</BusinessNameLine1Txt>
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          <AddressLine1Txt>1401 E JEFFERSON ST</AddressLine1Txt>
          <CityNm>PHOENIX</CityNm>
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        </USAddress>
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      <IdRelatedTaxExemptOrgGrp>
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          <BusinessNameLine1Txt>VERITAS PREPARATORY ACADEMY</BusinessNameLine1Txt>
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      <IdRelatedTaxExemptOrgGrp>
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        <EIN>208778703</EIN>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>TRIVIUM PREPARATORY ACADEMY</BusinessNameLine1Txt>
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      <IdRelatedTaxExemptOrgGrp>
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        <EIN>270375682</EIN>
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          <BusinessNameLine1Txt>GREAT HEARTS ACADEMIES</BusinessNameLine1Txt>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>ARCHWAY CLASSICAL ACADEMY VERITAS</BusinessNameLine1Txt>
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        <EIN>273364820</EIN>
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          <BusinessNameLine1Txt>GREAT HEARTS ACADEMIES</BusinessNameLine1Txt>
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      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
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          <BusinessNameLine1Txt>ARCHWAY CLASSICAL ACADEMY TRIVIUM</BusinessNameLine1Txt>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
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</Return>