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        <NamePerson>AMY BRAGG CAREY</NamePerson>
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          <AddressUS>
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            <City>CHICAGO</City>
            <State>IL</State>
            <ZIPCode>60693</ZIPCode>
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            <State>MN</State>
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            <State>MN</State>
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            <City>MAITLAND</City>
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      <GrantsToDomesticIndividuals>
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        <BookValue>0</BookValue>
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      <Equipment>
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      </OtherLandBuildings>
      <TotalOfBookValueLandBuildings>57545541</TotalOfBookValueLandBuildings>
      <OtherLiabilities>
        <Description>TRUST FUND OBLIGATIONS</Description>
        <Amount>274549</Amount>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>REFUNDABLE US GOV'T STUDENT LOAN FUNDS</Description>
        <Amount>2277663</Amount>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>ASSET RETIREMENT OBLIGATION</Description>
        <Amount>730195</Amount>
      </OtherLiabilities>
      <TotalOfAmounts>3282407</TotalOfAmounts>
      <Form990ScheduleDPartXIV>
        <ReturnReference>PART III, LINE 4:</ReturnReference>
        <Explanation>THE COLLEGE HOLDS AN ART COLLECTION, WHICH FURTHERS OUR EDUCATIONAL EXEMPT PURPOSE BY PROVIDING ART STUDENTS WITH VARIOUS EXAMPLES OF ARTWORK FOR SCHOLARLY RESEARCH.</Explanation>
      </Form990ScheduleDPartXIV>
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        <Identifier>DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS:</Identifier>
        <ReturnReference>PART V, LINE 4:</ReturnReference>
        <Explanation>ENDOWMENT FUNDS ARE USED TO PROVIDE SCHOLARSHIPS AND OTHER FINANCIAL ASSISTANCE FOR STUDENTS.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48:</Identifier>
        <ReturnReference>PART X:</ReturnReference>
        <Explanation>THE INTERNAL REVENUE SERVICE HAS DETERMINED THAT THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. IT IS ALSO EXEMPT FROM STATE INCOME TAX. HOWEVER, ANY UNRELATED BUSINESS INCOME MAY BE SUBJECT TO TAXATION. THE COLLEGE HAS ADOPTED ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ENTITY'S FINANCIAL STATEMENTS AND PRESCRIBES A RECOGNITION THRESHOLD FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. THE IMPLEMENTATION OF THIS STANDARD HAD NO IMPACT ON THE COLLEGE'S FINANCIAL STATEMENTS. THE COLLEGE'S TAX RETURNS ARE OPEN TO EXAMINATIONS FOR THE YEARS 2008 THROUGH 2011.</Explanation>
      </Form990ScheduleDPartXIV>
    </IRS990ScheduleD>
    <IRS990ScheduleE documentId="RetDoc1040400001">
      <NondiscriminatoryPolicyStmt>1</NondiscriminatoryPolicyStmt>
      <PolicyStatementInBrochuresEtc>1</PolicyStatementInBrochuresEtc>
      <PolicyPublViaBroadcastMedia>1</PolicyPublViaBroadcastMedia>
      <MaintRacialCompositionRecords>1</MaintRacialCompositionRecords>
      <MaintScholarshipsRecords>1</MaintScholarshipsRecords>
      <MaintCopiesOfBrochuresEtc>1</MaintCopiesOfBrochuresEtc>
      <MaintCopiesOfAllSolicitations>1</MaintCopiesOfAllSolicitations>
      <DiscriminateRaceStudentsRights>0</DiscriminateRaceStudentsRights>
      <DiscriminateRaceAdmissPolicies>0</DiscriminateRaceAdmissPolicies>
      <DiscriminateRaceEmplmnFaculty>0</DiscriminateRaceEmplmnFaculty>
      <DiscriminateRaceScholarships>0</DiscriminateRaceScholarships>
      <DiscriminateRaceEducPolicies>0</DiscriminateRaceEducPolicies>
      <DiscriminateRaceUseOfFclts>0</DiscriminateRaceUseOfFclts>
      <DiscriminateRaceAthleticProg>0</DiscriminateRaceAthleticProg>
      <DiscriminateRaceOtherActy>0</DiscriminateRaceOtherActy>
      <GovernmentFinancialAidReceived>1</GovernmentFinancialAidReceived>
      <GovernmentFinancialAidRevoked>0</GovernmentFinancialAidRevoked>
      <ComplianceWithRevProc7550>1</ComplianceWithRevProc7550>
      <Form990ScheduleEPartII>
        <Identifier>EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION</Identifier>
        <ReturnReference>SCHEDULE E, PART I, LINE 3</ReturnReference>
        <Explanation>THE POLICY IS CONTAINED IN ALL REGISTRATION AND PROMOTIONAL MATERIALS.</Explanation>
      </Form990ScheduleEPartII>
      <Form990ScheduleEPartII>
        <Identifier>EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE</Identifier>
        <ReturnReference>SCHEDULE E, PART I, LINE 6</ReturnReference>
        <Explanation>THE COLLEGE RECEIVES BOTH FEDERAL AND STATE FUNDING.</Explanation>
      </Form990ScheduleEPartII>
    </IRS990ScheduleE>
    <IRS990ScheduleG documentId="RetDoc1041200001">
      <MailSolicitations>X</MailSolicitations>
      <EmailSolicitations>X</EmailSolicitations>
      <PhoneSolicitations>X</PhoneSolicitations>
      <InPersonSolicitations>X</InPersonSolicitations>
      <SolicitationOfNonGovtGrants>X</SolicitationOfNonGovtGrants>
      <SolicitationOfGovtGrants>X</SolicitationOfGovtGrants>
      <SpecialFundraisingEvents>X</SpecialFundraisingEvents>
      <AgreementRefFundraising>1</AgreementRefFundraising>
      <FundraiserActivityInformation>
        <NameOfOrganization>
          <BusinessNameLine1>KMA DIRECT COMMUNICATIONS</BusinessNameLine1>
        </NameOfOrganization>
        <AddressUS>
          <AddressLine1>5151 BELT LINE ROAD SUITE 900</AddressLine1>
          <City>DALLAS</City>
          <State>TX</State>
          <ZIPCode>75254</ZIPCode>
        </AddressUS>
        <Activity>MARKETING</Activity>
        <FundraiserControlOfFunds>0</FundraiserControlOfFunds>
        <GrossReceipts>2621569</GrossReceipts>
        <AmountRetainedByContractor>760445</AmountRetainedByContractor>
        <NetToOrganization>1861124</NetToOrganization>
      </FundraiserActivityInformation>
      <TotalGrossReceipts>2621569</TotalGrossReceipts>
      <TotalRetainedByContractors>760445</TotalRetainedByContractors>
      <TotalNetToOrganization>1861124</TotalNetToOrganization>
      <LicensedStates>AK</LicensedStates>
      <LicensedStates>CA</LicensedStates>
      <LicensedStates>GA</LicensedStates>
      <LicensedStates>KS</LicensedStates>
      <LicensedStates>KY</LicensedStates>
      <LicensedStates>ME</LicensedStates>
      <LicensedStates>MA</LicensedStates>
      <LicensedStates>MS</LicensedStates>
      <LicensedStates>MN</LicensedStates>
      <LicensedStates>MO</LicensedStates>
      <LicensedStates>NE</LicensedStates>
      <LicensedStates>NC</LicensedStates>
      <LicensedStates>OR</LicensedStates>
      <LicensedStates>RI</LicensedStates>
      <LicensedStates>TN</LicensedStates>
      <LicensedStates>UT</LicensedStates>
      <LicensedStates>VA</LicensedStates>
      <LicensedStates>WV</LicensedStates>
      <LicensedStates>DE</LicensedStates>
      <LicensedStates>HI</LicensedStates>
      <LicensedStates>ID</LicensedStates>
      <LicensedStates>LA</LicensedStates>
      <LicensedStates>MT</LicensedStates>
      <LicensedStates>NE</LicensedStates>
      <LicensedStates>SD</LicensedStates>
      <LicensedStates>TX</LicensedStates>
      <LicensedStates>VT</LicensedStates>
      <LicensedStates>WY</LicensedStates>
      <LicensedStates>CT</LicensedStates>
      <LicensedStates>WI</LicensedStates>
      <EventsInformation>
        <NameOfEvent1>GOLF CLASSIC EVENT</NameOfEvent1>
        <GrossReceiptsEvent1>70220</GrossReceiptsEvent1>
        <CharitableContributionsEvent1>70220</CharitableContributionsEvent1>
        <NonCashPrizesEvent1>7421</NonCashPrizesEvent1>
        <RentFacilityCostsEvent1>3000</RentFacilityCostsEvent1>
        <FoodAndBeverageEvent1>20762</FoodAndBeverageEvent1>
        <OtherDirectExpensesEvent1>3079</OtherDirectExpensesEvent1>
        <GrossReceiptsTotal>70220</GrossReceiptsTotal>
        <CharitableContributionsTotal>70220</CharitableContributionsTotal>
        <NonCashPrizesTotalEvents>7421</NonCashPrizesTotalEvents>
        <RentFacilityCostsTotalEvents>3000</RentFacilityCostsTotalEvents>
        <FoodAndBeverageTotalEvents>20762</FoodAndBeverageTotalEvents>
        <OtherDirectExpensesTotalEvents>3079</OtherDirectExpensesTotalEvents>
        <DirectExpenseSummaryEvents>34262</DirectExpenseSummaryEvents>
        <NetIncomeSummary>-34262</NetIncomeSummary>
      </EventsInformation>
    </IRS990ScheduleG>
    <IRS990ScheduleI documentId="RetDoc1041900001">
      <RecordsMaintained>1</RecordsMaintained>
      <RecipientTable>
        <RecipientNameBusiness>
          <BusinessNameLine1>NORTHWESTERN FOUNDATION</BusinessNameLine1>
        </RecipientNameBusiness>
        <AddressUS>
          <AddressLine1>3003 SNELLING AVENUE NORTH</AddressLine1>
          <City>SAINT PAUL</City>
          <State>MN</State>
          <ZIPCode>55113</ZIPCode>
        </AddressUS>
        <EINOfRecipient>411878924</EINOfRecipient>
        <IRCSection>501(C)(3)</IRCSection>
        <AmountOfCashGrant>93487</AmountOfCashGrant>
        <MethodOfValuation>N/A</MethodOfValuation>
        <DescriptionOfNonCashAssistance>N/A</DescriptionOfNonCashAssistance>
        <PurposeOfGrant>GENERAL OPERATING SUPPORT</PurposeOfGrant>
      </RecipientTable>
      <RecipientTable>
        <RecipientNameBusiness>
          <BusinessNameLine1>TRANS WORLD RADIO</BusinessNameLine1>
        </RecipientNameBusiness>
        <AddressUS>
          <AddressLine1>PO BOX 8700</AddressLine1>
          <City>CARY</City>
          <State>NC</State>
          <ZIPCode>27512</ZIPCode>
        </AddressUS>
        <EINOfRecipient>221690564</EINOfRecipient>
        <IRCSection>501(C)(3)</IRCSection>
        <AmountOfCashGrant>81250</AmountOfCashGrant>
        <MethodOfValuation>N/A</MethodOfValuation>
        <DescriptionOfNonCashAssistance>N/A</DescriptionOfNonCashAssistance>
        <PurposeOfGrant>MISSIONS GIVING</PurposeOfGrant>
      </RecipientTable>
      <TotalNbrOf501C3AndGovtGrants>2</TotalNbrOf501C3AndGovtGrants>
      <TotalNbrOfOtherOrganizations>0</TotalNbrOfOtherOrganizations>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>SCHOLARSHIPS &amp; TUITION ASSISTANCE</TypeOfGrant>
        <NumberOfRecipients>1638</NumberOfRecipients>
        <AmountOfCashGrant>15240555</AmountOfCashGrant>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIV>
        <Identifier>PROCEDURE FOR MONITORING GRANTS IN THE U.S.:</Identifier>
        <ReturnReference>PART I, LINE 2:</ReturnReference>
        <Explanation>SCHEDULE I, PART I, LINE 2: NORTHWESTERN COLLEGE MAKES CONTRIBUTIONS TO NORTHWESTERN FOUNDATION, A RELATED ORGANIZATION UNDER COMMON MANAGEMENT. FOR THE GRANTS TO UNRELATED ORGANIZATIONS, IN EACH INSTANCE, SENIOR MANAGEMENT MONITORED RECIPIENT SPENDING VIA COMMUNICATION WITH THE ORGANIZATIONS TO SEE HOW OPERATIONS WERE RUNNING. A SITE VISIT BY SENIOR MANAGEMENT IS ALSO CONDUCTED TO CHECK THE STATUS OF THE ORGANIZATION AND MONITOR THE PROGRESS OF THE INTENDED PROJECT. GRANTS AND SCHOLARSHIPS ARE AWARDED TO STUDENTS WHO ARE SELECTED BY COMMITTEE BASED ON FINANCIAL NEED AND SCHOLASTIC PERFORMANCE.</Explanation>
      </Form990ScheduleIPartIV>
    </IRS990ScheduleI>
    <IRS990ScheduleJ documentId="RetDoc1042400001">
      <TravelForCompanions>X</TravelForCompanions>
      <IdemnificationGrossUpPayments>X</IdemnificationGrossUpPayments>
      <HousingAllowanceOrResidence>X</HousingAllowanceOrResidence>
      <ClubDuesOrFees>X</ClubDuesOrFees>
      <WrittenPolicyReTAndEExpenses>1</WrittenPolicyReTAndEExpenses>
      <SubstantiationRequired>1</SubstantiationRequired>
      <CompensationSurvey>X</CompensationSurvey>
      <BoardOrCommitteeApproval>X</BoardOrCommitteeApproval>
      <SeverancePayment>0</SeverancePayment>
      <SupplementalNonqualRetirePlan>0</SupplementalNonqualRetirePlan>
      <EquityBasedCompArrangement>0</EquityBasedCompArrangement>
      <CompBasedOnRevenueOfFilingOrg>0</CompBasedOnRevenueOfFilingOrg>
      <CompBasedOnRevenueRelatedOrgs>0</CompBasedOnRevenueRelatedOrgs>
      <CompBasedNetEarningsFilingOrg>0</CompBasedNetEarningsFilingOrg>
      <CompBasedNetEarningsRelateOrgs>0</CompBasedNetEarningsRelateOrgs>
      <AnyNonFixedPayments>0</AnyNonFixedPayments>
      <InitialContractException>0</InitialContractException>
      <Form990ScheduleJPartII>
        <NamePerson>DR ALAN CURETON</NamePerson>
        <BaseCompensationFilingOrg>193800</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>48666</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>11628</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>11531</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>265625</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>DOUGLAS R SCHROEDER</NamePerson>
        <BaseCompensationFilingOrg>132344</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>6</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>7941</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>11280</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>151571</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>DR PAUL VIRTS</NamePerson>
        <BaseCompensationFilingOrg>128459</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>5075</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>7708</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>11265</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>152507</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>DR JANET SOMMERS</NamePerson>
        <BaseCompensationFilingOrg>129030</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>-907</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>7742</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>14200</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>150065</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartIII>
        <ReturnReference>PART I, LINE 1A</ReturnReference>
        <Explanation>TAX GROSS-UP PAYMENTS: DR. CURETON - $9,138 - TAX GROSS UP FOR THE MORTGAGE FORGIVENESS - INCLUDED IN TAXABLE COMPENSATION. HOUSING ALLOWANCES: DR. CURETON - $18,187 - INCLUDED IN TAXABLE COMPENSATION. DR. CURETON - $17,500 - MORTGAGE FORGIVENESS, INCLUDED IN TAXABLE COMPENSATION. SOCIAL CLUB DUES: DR. CURETON - $6,428 - NOT INCLUDIBLE IN TAXABLE COMPENSATION.</Explanation>
      </Form990ScheduleJPartIII>
    </IRS990ScheduleJ>
    <IRS990ScheduleK documentId="RetDoc1053100001">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>COLORADO EDUCATIONAL &amp; CULTURAL FACILITIES AUTHORITY</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>840896727</IssuerEIN>
        <CUSIPNumber>19645RGG0</CUSIPNumber>
        <DateIssued>2008-08-21</DateIssued>
        <IssuePrice>6500000</IssuePrice>
        <DescriptionOfPurpose>FACILITY PURCHASE, CONSTRUCTION &amp; RENOVATION</DescriptionOfPurpose>
        <Defeased>0</Defeased>
        <OnBehalfOfIssuer>0</OnBehalfOfIssuer>
        <PoolFinancing>0</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>CITY OF ARDEN HILLS MINNESOTA</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>416008992</IssuerEIN>
        <CUSIPNumber>03977PAA5</CUSIPNumber>
        <DateIssued>2010-11-18</DateIssued>
        <IssuePrice>8000000</IssuePrice>
        <DescriptionOfPurpose>CONSTRUCTION OF THE BILLY GRAHAM COMMUNITY LIFE COMMONS BUILDING</DescriptionOfPurpose>
        <Defeased>0</Defeased>
        <OnBehalfOfIssuer>0</OnBehalfOfIssuer>
        <PoolFinancing>0</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartII>
        <TotalProceeds>6500000</TotalProceeds>
        <IssuanceCostsFromProceeds>130000</IssuanceCostsFromProceeds>
        <CreditEnhancement>60698</CreditEnhancement>
        <CapitalExpenditures>6309302</CapitalExpenditures>
        <YearOfSubstCompletion>2011</YearOfSubstCompletion>
        <CurrentRefunding>0</CurrentRefunding>
        <AdvanceRefunding>0</AdvanceRefunding>
        <FinalAllocationMade>1</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>1</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartII>
        <AmountRetired>305000</AmountRetired>
        <TotalProceeds>8000000</TotalProceeds>
        <IssuanceCostsFromProceeds>67750</IssuanceCostsFromProceeds>
        <WorkingCapitalExpenditures>6678</WorkingCapitalExpenditures>
        <CapitalExpenditures>7925572</CapitalExpenditures>
        <YearOfSubstCompletion>2012</YearOfSubstCompletion>
        <CurrentRefunding>0</CurrentRefunding>
        <AdvanceRefunding>0</AdvanceRefunding>
        <FinalAllocationMade>1</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>1</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartIII>
        <OwningBondFinancedProperty>0</OwningBondFinancedProperty>
        <AnyLeaseArrangements>0</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>0</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>0</AnyResearchAgreements>
        <PostIssuanceComplianceProcdrs>1</PostIssuanceComplianceProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIII>
        <OwningBondFinancedProperty>0</OwningBondFinancedProperty>
        <AnyLeaseArrangements>0</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>0</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>0</AnyResearchAgreements>
        <PostIssuanceComplianceProcdrs>1</PostIssuanceComplianceProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIV>
        <Form8038TFiled>0</Form8038TFiled>
        <VariableRateIssue>0</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>0</HedgeIdentifiedInBooksAndRecds>
        <GrossProceedsInvestedInGIC>0</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>0</GrossProceedsInvested>
        <ExceptionToRebate>0</ExceptionToRebate>
      </Form990ScheduleKPartIV>
      <Form990ScheduleKPartIV>
        <Form8038TFiled>0</Form8038TFiled>
        <VariableRateIssue>0</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>0</HedgeIdentifiedInBooksAndRecds>
        <GrossProceedsInvestedInGIC>0</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>0</GrossProceedsInvested>
        <ExceptionToRebate>0</ExceptionToRebate>
      </Form990ScheduleKPartIV>
      <FedTaxRequirementsCompliance>X</FedTaxRequirementsCompliance>
    </IRS990ScheduleK>
    <IRS990ScheduleL documentId="RetDoc1042800001">
      <LoanTable>
        <NamePerson>DR ALAN CURETON</NamePerson>
        <PurposeOfLoan>LOAN FOR MORTGAGE</PurposeOfLoan>
        <LoanFromOrganization>X</LoanFromOrganization>
        <OriginalPrincipalAmount>350000</OriginalPrincipalAmount>
        <BalanceDue>296928</BalanceDue>
        <Default>0</Default>
        <ApprovedByBoard>1</ApprovedByBoard>
        <WrittenAgreement>1</WrittenAgreement>
      </LoanTable>
      <TotalBalanceDue>296928</TotalBalanceDue>
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NamePerson>DR CURETON'S SPOUSE</NamePerson>
        </NameOfInterestedPerson>
        <Relationship>SPOUSE OF PRESIDENT</Relationship>
        <AmountOfTransaction>19500</AmountOfTransaction>
        <DescriptionOfTransaction>EMPLOYMENT COMPENSATION</DescriptionOfTransaction>
        <SharingOfRevenues>0</SharingOfRevenues>
      </Form990ScheduleLPartIV>
    </IRS990ScheduleL>
    <IRS990ScheduleM documentId="RetDoc1042900001">
      <SecuritiesPubliclyTraded>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>19</NumberOfContributions>
        <NoncashContribsRptdF990>92070</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>QUOTED PRICE</MethodOfDeterminingRevenues>
      </SecuritiesPubliclyTraded>
      <AnyPropertyThatMustBeHeld>0</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>1</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>0</ThirdPartiesUsed>
      <Form990ScheduleMPartII>
        <Identifier>NON REPORTING OF REVENUE:</Identifier>
        <ReturnReference>PART I, LINE 33:</ReturnReference>
        <Explanation>WE RECORD CONTRIBUTIONS OVER OUR CAPITALIZATION POLICY AMOUNT OF $2,500.</Explanation>
      </Form990ScheduleMPartII>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION A, LINE 1</ReturnReference>
        <Explanation>NORTHWESTERN COLLEGE HAS AN EXECUTIVE COMMITTEE, CONSISTING OF THE CHAIR, VICE-CHAIR AND SECRETARY OF THE BOARD OF TRUSTEES, THE PRESIDENT OF THE COLLEGE, AND THE CHAIR OF EACH OF THE STANDING COMMITTEES OF THE BOARD OF TRUSTEES. THE EXECUTIVE COMMITTEE HAS THE AUTHORITY TO ACT ON BEHALF OF THE BOARD OF TRUSTEES ON ALL MATTERES EXCEPT FOR THE FOLLOWING, WHICH ARE RESERVED FOR THE FULL BOARD OF TRUSTEES: PRESIDENTIAL SELECTION AND TERMINATION, TRUSTEE AND BOARD OFFICER SELECTION, CHARTER AND BYLAW AMENDMENT, CHANGING THE INSTITUTION'S MISSION, INCURRING CORPORATE INDEBTEDNESS BEYOND WHAT THE BOARD OF TRUSTEES HAS AUTHORIZED BY RESOLUTION, APPROVAL OF THE ANNUAL BUDGET, AND CONFERRAL OF DEGREES.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 11</ReturnReference>
        <Explanation>THE FORM 990 IS REVIEWED AND APPROVED BY MANAGEMENT, AND IS PROVIDED TO THE FULL BOARD OF TRUSTEES PRIOR TO FILING WITH THE IRS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 12C</ReturnReference>
        <Explanation>THE COLLEGE'S CONFLICT OF INTEREST POLICY APPLIES TO ITS BOARD OF TRUSTEES, OFFICERS AND MANAGEMENT EMPLOYEES. IT IS THE RESPONSIBILITY OF ALL INTERESTED PERSONS TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST AS SOON AS THEY BECOME AWARE OF THEM. DISCLOSURES ARE MADE TO THE PRESIDENT OF THE COLLEGE OR THE CHAIR OF THE BOARD OF TRUSTEES, AS APPROPRIATE, WHO BRING THE MATTER TO THE ATTENTION OF THE ENTIRE BOARD OF TRUSTEES. THE BOARD THEN DETERMINES IF A CONFLICT EXISTS, WHETHER IT IS MATERIAL, AND WHETHER IT IS JUST, FAIR AND REASONABLE TO NORTHWESTERN COLLEGE. THE INTERESTED PERSON LEAVES THE ROOM FOR DISCUSSIONS INVOLVING, AND MAY NOT VOTE ON, THE RELEVANT CONTRACT OR TRANSACTION.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 15A</ReturnReference>
        <Explanation>PRESIDENT OF NORTHWESTERN COLLEGE: IN 2011, NORTHWESTERN RECEIVED COMPARISON DATA FROM THREE MAIN SOURCES: (1) COUNCIL FOR CHRISTIAN COLLEGES AND UNIVERSITIES, (2) CUPA AND (3) YAFFE &amp; CO. ALL THREE OF THESE SOURCES TARGET HIGHER EDUCATION COMPENSATION. THE OFFICE OF HUMAN RESOURCES IS RESPONSIBLE TO REVIEW THE SURVEYS RELATED TO TOP MANAGEMENT AS WELL AS ALL EMPLOYEES AND ENSURE THAT WAGES ARE WITHIN AN APPROPRIATE RANGE. THE PRESIDENT'S SALARY WAS OFFICIALLY REVIEWED BY BOTH THE BOARD OF TRUSTEES AND CLIFTONLARSONALLEN LLP. THE LAST REVIEW WAS COMPELETED IN 2011 FOR PRESIDENT, A. CURETON. OTHER OFFICERS, DIRECTORS, TRUSTEES AND KEY EMPLOYEES: NORTHWESTERN COLLEGE HAS A FORMAL SALARY PROGRAM WITH SALARY GRADES AND SALARY RANGES FOR POSITIONS. NORTHWESTERN COLLEGE ANNUALLY PARTICIPATES IN MULTIPLE SALARY SURVEYS AND ALSO REVIEWS LOCAL SALARY DATA TO DETERMINE SALARY GRADE RANGES. ANNUALLY, THE PROCESS IS REVIEWED BY HUMAN RESOURCES AND SALARY GRADE INCREASES ARE MADE TO THE MINIMUM, MIDPOINT AND MAXIMUM OF THE PAY RANGE. ANNUALLY, VICE PRESIDENT SALARIES ARE REVIEWED BY THE PRESIDENT. THE PRESIDENT HAS ACCESS TO SALARY SURVEY DATA AND FROM THERE A REQUEST FOR SALARY CHANGE IS MADE BY THE PRESIDENT AND PRESENTED TO HUMAN RESOURCES FOR REVIEW AND PROCESSING. THE LAST REVIEW INCLUDED COMPARABILITY DATA AND CONTEMPORANEOUS SUBSTANTIATION WAS IN 2011 FOR VP OF FINANCE, D. SCHROEDER AND OTHER VICE PRESIDENTS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>NORTHWESTERN COLLEGE DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>CHANGES IN NET ASSETS OR FUND BALANCES:</Identifier>
        <ReturnReference>FORM 990, PART XI, LINE 5:</ReturnReference>
        <Explanation>NET UNREALIZED LOSSES ON INVESTMENTS: -531,216. CHANGE IN VALUE OF ANNUITIES, TRUSTS 27,620. CHANGE IN VALUE OF INTEREST RATE SWAP -288,439. PRIOR YEAR ADJUSTMENT -98,720. TOTAL TO FORM 990, PART XI, LINE 5: -890,755.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>AVERAGE WEEKLY HOURS</Identifier>
        <ReturnReference>FORM 990, PART VII, SECTION A</ReturnReference>
        <Explanation>DR. ALAN CURETON AND DOUGLAS R. SCHROEDER ALSO SERVE NORTHWESTERN FOUNDATION, A RELATED ORGANIZATION. EACH INDIVIDUAL SPENDS APPROXIMATELY 45 HOURS PER WEEK IN THE SERVICE OF NORTHWESTERN COLLEGE AND APPROXIMATELY 2 HOURS PER WEEK IN THE SERVICE OF NORTHWESTERN FOUNDATION. DANIEL E. STOLTZ, RONALD HALVERSON, CAROLE LEHN AND GROVER SAYRE, III, ALSO SERVE NORTHWESTERN FOUNDATION. EACH INDIVIDUAL SPENDS APPROXIMATELY 2 HOURS PER WEEK IN THE SERVICE OF NORTHWESTERN COLLEGE AND APPROXIMATELY 2 HOURS PER WEEK IN THE SERVICE OF NORTHWESTERN FOUNDATION.</Explanation>
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