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        <DescriptionOfPurpose>RENOVATION OF REAL PROPERTY AND REPAYMENT OF PREVIOUSLY ISSUED DEBT</DescriptionOfPurpose>
        <Defeased>0</Defeased>
        <OnBehalfOfIssuer>0</OnBehalfOfIssuer>
        <PoolFinancing>0</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <BondReferenceCd>B</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1>PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENT</BusinessNameLine1>
        </IssuerName>
        <DateIssued>2012-03-01</DateIssued>
        <IssuePrice>14000000</IssuePrice>
        <DescriptionOfPurpose>ACQUISITION, DEMOTION AND SITE PREP FOR THE NEW HIGH SCHOOL</DescriptionOfPurpose>
        <Defeased>0</Defeased>
        <OnBehalfOfIssuer>0</OnBehalfOfIssuer>
        <PoolFinancing>0</PoolFinancing>
      </Form990ScheduleKPartI>
    </IRS990ScheduleK>
    <IRS990ScheduleL documentId="RetDoc1042800001">
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NameBusiness>
            <BusinessNameLine1>SANTILLI &amp; THOMSON LLC</BusinessNameLine1>
          </NameBusiness>
        </NameOfInterestedPerson>
        <Relationship>VENDOR / MANAGEMENT COMPANY FOR ORGANIZATION</Relationship>
        <AmountOfTransaction>37644</AmountOfTransaction>
        <DescriptionOfTransaction>MICHAEL THOMSON AND GERALD SANTILLI ARE FORMER BOARD MEMBERS OF THE ORGANIZATION AND CONTINUE TO BE CONTRACTED AS THE MANAGEMENT COMPANY FOR THE ORGANIZATION.</DescriptionOfTransaction>
        <SharingOfRevenues>0</SharingOfRevenues>
      </Form990ScheduleLPartIV>
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NamePerson>PAUL STADELBERGER</NamePerson>
        </NameOfInterestedPerson>
        <Relationship>CHARTER SCHOOL LIAISON</Relationship>
        <DescriptionOfTransaction>ALSO IS THE CEO EMPLOYEE OF THE RELATED PARTY - NEW FOUNDATIONS CHARTER SCHOOL.</DescriptionOfTransaction>
        <SharingOfRevenues>0</SharingOfRevenues>
      </Form990ScheduleLPartIV>
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NamePerson>KISHA THOMPSON</NamePerson>
        </NameOfInterestedPerson>
        <Relationship>VOTING SECRETARY OF THE ORGANIZATION</Relationship>
        <DescriptionOfTransaction>ALSO A VOTING BOARD MEMBER OF THE RELATED PARTY - NEW FOUNDATIONS CHARTER SCHOOL.</DescriptionOfTransaction>
        <SharingOfRevenues>0</SharingOfRevenues>
      </Form990ScheduleLPartIV>
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NamePerson>TOM SHIRLEY</NamePerson>
        </NameOfInterestedPerson>
        <Relationship>VICE PRESIDENT OF THE BOARD</Relationship>
        <DescriptionOfTransaction>ALSO A VOTING BOARD MEMBER OF THE RELATED PARTY - NEW FOUNDATIONS CHARTER SCHOOL.</DescriptionOfTransaction>
        <SharingOfRevenues>0</SharingOfRevenues>
      </Form990ScheduleLPartIV>
    </IRS990ScheduleL>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION A, LINE 3</ReturnReference>
        <Explanation>THE ORGANIZATION HAS A CONTRACT WITH A THIRD PARTY ENTITY AS THE MANAGEMENT COMPANY, HANDLING ADMINISTRATIVE AND ORGANIZATIONAL DUTIES.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 11</ReturnReference>
        <Explanation>A COPY OF THE 990 IS FORWARDED TO THE BOARD PRESIDENT FOR REVIEW AND APPROVAL.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>THE ORGANIZATION MAKES ITS REQUIRED DOCUMENTS AVAILABLE TO THE PUBLIC UPON WRITTEN OR VERBAL REQUEST.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc1043400001">
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>NEW FOUNDATIONS CHARTER SCHOOL</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>8001 TORRESDALE AVENUE</AddressLine1>
          <City>PHILADELPHIA</City>
          <State>PA</State>
          <ZIPCode>19136</ZIPCode>
        </AddressUS>
        <EIN>233040993</EIN>
        <PrimaryActivities>ORGANIZATIONAL SUPPORT OF FACILITY USE.</PrimaryActivities>
        <LegalDomicileState>PA</LegalDomicileState>
        <ExemptCodeSection>501(C)(3)</ExemptCodeSection>
        <ControlledOrg>0</ControlledOrg>
      </Form990ScheduleRPartII>
      <ReceiptOfIntAnnRentsRoyalties>0</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>0</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>0</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>0</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>0</LoansOrGuaranteesFromOtherOrg>
      <DividendsRelatedOrganization>0</DividendsRelatedOrganization>
      <SaleOfAssetsToOtherOrg>0</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>0</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>0</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>1</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>0</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>0</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>0</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>0</SharingOfFacilities>
      <SharingOfPaidEmployees>0</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>0</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>0</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>0</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>0</OtherTransferFromOtherOrg>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>NEW FOUNDATIONS CHARTER SCHOOL</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>J</TransactionType>
      </TransactionsRelatedOrgsTable>
    </IRS990ScheduleR>
  </ReturnData>
</Return>