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      </Travel>
      <TravelEntrtnmntPublicOfficials>
        <Total>0</Total>
      </TravelEntrtnmntPublicOfficials>
      <ConferencesMeetings>
        <Total>2062</Total>
        <ManagementAndGeneral>2062</ManagementAndGeneral>
      </ConferencesMeetings>
      <Interest>
        <Total>0</Total>
      </Interest>
      <PaymentsToAffiliates>
        <Total>0</Total>
      </PaymentsToAffiliates>
      <DepreciationDepletion>
        <Total>1311396</Total>
        <ProgramServices>1311396</ProgramServices>
      </DepreciationDepletion>
      <Insurance>
        <Total>242843</Total>
        <ProgramServices>214293</ProgramServices>
        <ManagementAndGeneral>23824</ManagementAndGeneral>
        <Fundraising>4726</Fundraising>
      </Insurance>
      <OtherExpenses>
        <Description>Repairs &amp; Maint-Property</Description>
        <Total>268599</Total>
        <ProgramServices>268599</ProgramServices>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Other Expenses/Miscellaneous</Description>
        <Total>283736</Total>
        <ProgramServices>113410</ProgramServices>
        <ManagementAndGeneral>92938</ManagementAndGeneral>
        <Fundraising>77388</Fundraising>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Campus Master Plan</Description>
        <Total>445622</Total>
        <ProgramServices>445622</ProgramServices>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Student Room &amp; Board Costs</Description>
        <Total>936635</Total>
        <ProgramServices>936635</ProgramServices>
      </OtherExpenses>
      <AllOtherExpenses>
        <Total>1097005</Total>
        <ProgramServices>894089</ProgramServices>
        <ManagementAndGeneral>171239</ManagementAndGeneral>
        <Fundraising>31677</Fundraising>
      </AllOtherExpenses>
      <TotalFunctionalExpenses>
        <Total>14883015</Total>
        <ProgramServices>12192009</ProgramServices>
        <ManagementAndGeneral>1784772</ManagementAndGeneral>
        <Fundraising>906234</Fundraising>
      </TotalFunctionalExpenses>
      <JointCosts>X</JointCosts>
      <CashNonInterestBearing>
        <BOY>499840</BOY>
        <EOY>4434956</EOY>
      </CashNonInterestBearing>
      <SavingsAndTempCashInvestments>
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      </SavingsAndTempCashInvestments>
      <PledgesAndGrantsReceivable>
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        <EOY>14008586</EOY>
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      <AccountsReceivable>
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        <EOY>903455</EOY>
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      <ReceivablesFromOfficersEtc>
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      </ReceivablesFromOfficersEtc>
      <ReceivablesFromDisqualPersons>
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      </ReceivablesFromDisqualPersons>
      <OtherNotesLoansReceivableNet>
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      </OtherNotesLoansReceivableNet>
      <InventoriesForSaleOrUse>
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        <EOY>14371</EOY>
      </InventoriesForSaleOrUse>
      <PrepaidExpensesDeferredCharges>
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        <EOY>445499</EOY>
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      <LandBuildingsEquipmentBasis>35477325</LandBuildingsEquipmentBasis>
      <LandBldgEquipmentAccumDeprec>19288298</LandBldgEquipmentAccumDeprec>
      <LandBuildingsEquipmentBasisNet>
        <BOY>16627519</BOY>
        <EOY>16189027</EOY>
      </LandBuildingsEquipmentBasisNet>
      <InvestmentsPubTradedSecurities>
        <BOY>13783015</BOY>
        <EOY>21036072</EOY>
      </InvestmentsPubTradedSecurities>
      <InvestmentsOtherSecurities>
        <BOY>32468521</BOY>
        <EOY>30944290</EOY>
      </InvestmentsOtherSecurities>
      <InvestmentsProgramRelated>
        <EOY>0</EOY>
      </InvestmentsProgramRelated>
      <IntangibleAssets>
        <EOY>0</EOY>
      </IntangibleAssets>
      <OtherAssetsTotal>
        <BOY>915368</BOY>
        <EOY>1157043</EOY>
      </OtherAssetsTotal>
      <TotalAssets>
        <BOY>66791111</BOY>
        <EOY>89133299</EOY>
      </TotalAssets>
      <AccountsPayableAccruedExpenses>
        <BOY>418316</BOY>
        <EOY>1695224</EOY>
      </AccountsPayableAccruedExpenses>
      <DeferredRevenue>
        <BOY>127659</BOY>
        <EOY>21473</EOY>
      </DeferredRevenue>
      <TaxExemptBondLiabilities>
        <EOY>597977</EOY>
      </TaxExemptBondLiabilities>
      <OtherLiabilities>
        <BOY>66377</BOY>
        <EOY>44076</EOY>
      </OtherLiabilities>
      <TotalLiabilities>
        <BOY>612352</BOY>
        <EOY>2358750</EOY>
      </TotalLiabilities>
      <FollowSFAS117>X</FollowSFAS117>
      <UnrestrictedNetAssets>
        <BOY>19231895</BOY>
        <EOY>22311086</EOY>
      </UnrestrictedNetAssets>
      <TemporarilyRestrictedNetAssets>
        <BOY>11672823</BOY>
        <EOY>28197170</EOY>
      </TemporarilyRestrictedNetAssets>
      <PermanentlyRestrictedNetAssets>
        <BOY>35274041</BOY>
        <EOY>36266293</EOY>
      </PermanentlyRestrictedNetAssets>
      <TotalNetAssetsFundBalances>
        <BOY>66178759</BOY>
        <EOY>86774549</EOY>
      </TotalNetAssetsFundBalances>
      <TotalLiabNetAssetsFundBalances>
        <BOY>66791111</BOY>
        <EOY>89133299</EOY>
      </TotalLiabNetAssetsFundBalances>
      <ReconcilationRevenueExpenses>20595790</ReconcilationRevenueExpenses>
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <AccountantCompileOrReview>false</AccountantCompileOrReview>
      <FSAudited>true</FSAudited>
      <AuditCommittee>true</AuditCommittee>
      <FinancialStatementSeparate>X</FinancialStatementSeparate>
      <FederalGrantAuditRequired>false</FederalGrantAuditRequired>
      <FederalGrantAuditPerformed>false</FederalGrantAuditPerformed>
    </IRS990>
    <IRS990ScheduleA documentId="IRS990ScheduleA" softwareId="11000144" softwareVersion="2011v1.5">
      <School170b1Aii>X</School170b1Aii>
    </IRS990ScheduleA>
    <IRS990ScheduleB documentId="IRS990ScheduleB" softwareId="11000144" softwareVersion="2011v1.5">
      <ContributorInfo>
        <ContributorNumber>RESTRICTED</ContributorNumber>
        <ContributorNameBusiness>
          <BusinessNameLine1>RESTRICTED</BusinessNameLine1>
        </ContributorNameBusiness>
        <ContributorAddressUS>
          <AddressLine1>RESTRICTED</AddressLine1>
          <AddressLine2>RESTRICTED</AddressLine2>
          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>RESTRICTED</AggregateContributions>
      </ContributorInfo>
    </IRS990ScheduleB>
    <IRS990ScheduleD documentId="IRS990ScheduleD" softwareId="11000144" softwareVersion="2011v1.5">
      <CurrentYear>
        <BeginningOfYearBalance>48001536</BeginningOfYearBalance>
        <Contributions>1143952</Contributions>
        <InvestmentEarningsOrLosses>7791989</InvestmentEarningsOrLosses>
        <GrantsOrScholarships>-1231432</GrantsOrScholarships>
        <OtherExpenditures>-1311273</OtherExpenditures>
        <AdministrativeExpenses>-114410</AdministrativeExpenses>
        <EndOfYearBalance>54280362</EndOfYearBalance>
      </CurrentYear>
      <CurrentYearMinus1Year>
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        <Contributions>272780</Contributions>
        <InvestmentEarningsOrLosses>-3522658</InvestmentEarningsOrLosses>
        <GrantsOrScholarships>-1086294</GrantsOrScholarships>
        <OtherExpenditures>-1217617</OtherExpenditures>
        <AdministrativeExpenses>-126323</AdministrativeExpenses>
        <EndOfYearBalance>48001536</EndOfYearBalance>
      </CurrentYearMinus1Year>
      <CurrentYearMinus2Years>
        <BeginningOfYearBalance>50766489</BeginningOfYearBalance>
        <Contributions>326127</Contributions>
        <InvestmentEarningsOrLosses>5201692</InvestmentEarningsOrLosses>
        <GrantsOrScholarships>-1169645</GrantsOrScholarships>
        <OtherExpenditures>-1322143</OtherExpenditures>
        <AdministrativeExpenses>-120872</AdministrativeExpenses>
        <EndOfYearBalance>53681648</EndOfYearBalance>
      </CurrentYearMinus2Years>
      <BoardDesignatedEOYBalance>0.07000</BoardDesignatedEOYBalance>
      <PermanentEndowmentEOYBalance>0.64200</PermanentEndowmentEOYBalance>
      <TermEndowmentEOYBalance>0.28800</TermEndowmentEOYBalance>
      <EndowmentsHeldByUnrelatedOrgs>false</EndowmentsHeldByUnrelatedOrgs>
      <EndowmentsHeldByRelatedOrgs>false</EndowmentsHeldByRelatedOrgs>
      <AreRelatedOrgsListedScheduleR>false</AreRelatedOrgsListedScheduleR>
      <Land>
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        <OtherCostOrOtherBasis>349265</OtherCostOrOtherBasis>
        <BookValue>1959265</BookValue>
      </Land>
      <Buildings>
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        <OtherCostOrOtherBasis>24899041</OtherCostOrOtherBasis>
        <Depreciation>15962426</Depreciation>
        <BookValue>9626615</BookValue>
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      <LeaseholdImprovements>
        <OtherCostOrOtherBasis>5743297</OtherCostOrOtherBasis>
        <Depreciation>1467081</Depreciation>
        <BookValue>4276216</BookValue>
      </LeaseholdImprovements>
      <Equipment>
        <OtherCostOrOtherBasis>2185722</OtherCostOrOtherBasis>
        <Depreciation>1858791</Depreciation>
        <BookValue>326931</BookValue>
      </Equipment>
      <TotalOfBookValueLandBuildings>16189027</TotalOfBookValueLandBuildings>
      <TotalOfBookValueSecurities>30944290</TotalOfBookValueSecurities>
      <OtherLiabilities>
        <Description>Annuity obligations</Description>
        <Amount>44076</Amount>
      </OtherLiabilities>
      <TotalOfAmounts>44076</TotalOfAmounts>
      <TotalRevenue>35478805</TotalRevenue>
      <TotalExpenses>14883015</TotalExpenses>
      <ExcessOrDeficitForYear>20595790</ExcessOrDeficitForYear>
      <ExcessOrDeficitPerFS>20595790</ExcessOrDeficitPerFS>
      <TotRevenueEtcAuditedFinclStmt>37477545</TotRevenueEtcAuditedFinclStmt>
      <DonatedSrvcAndUseOfFacilities>106875</DonatedSrvcAndUseOfFacilities>
      <OtherRevenues>98330</OtherRevenues>
      <RevenueNotRptdF990>205205</RevenueNotRptdF990>
      <RevenueSubtotal>37272340</RevenueSubtotal>
      <InvestmentExpensesNotIncluded>114410</InvestmentExpensesNotIncluded>
      <OtherRevenuesNotIncluded>-1907945</OtherRevenuesNotIncluded>
      <RevenueNotRptdOnFinStmt>-1793535</RevenueNotRptdOnFinStmt>
      <TotalRevenuePerForm990>35478805</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>14973810</TotExpensesEtcAuditedFinclStmt>
      <DonatedServicesUseOfFacilities>106875</DonatedServicesUseOfFacilities>
      <OtherExpensesIncluded>98330</OtherExpensesIncluded>
      <ExpensesNotRptdF990>205205</ExpensesNotRptdF990>
      <ExpensesSubtotal>14768605</ExpensesSubtotal>
      <InvestmentExpensesNotIncluded2>114410</InvestmentExpensesNotIncluded2>
      <ExpensesNotRptdOnFinStmt>114410</ExpensesNotRptdOnFinStmt>
      <TotalExpensesPerForm990>14883015</TotalExpensesPerForm990>
      <Form990ScheduleDPartXIV>
        <Identifier>Part XIII, Line 2d</Identifier>
        <ReturnReference>Part XIII, Line 2d: Other expenses and losses per audited F/S</ReturnReference>
        <Explanation>Trade Advertisements $82753 Cost of Sales - Gift Shop Inventory $15577</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>Part XII, Line 2d</Identifier>
        <ReturnReference>Part XII, Line 2d: Other revenue amounts included in F/S but not included on form 990</ReturnReference>
        <Explanation>Trade Advertisements $82753 Cost of Sales - Gift Shop Inventory $15577</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>Part V, Line 4</Identifier>
        <ReturnReference>Part V, Line 4: Intended uses of the endowment fund.</ReturnReference>
        <Explanation>The goal of MAA's endowment is to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of endowment assets.</Explanation>
      </Form990ScheduleDPartXIV>
    </IRS990ScheduleD>
    <IRS990ScheduleE documentId="IRS990ScheduleE" softwareId="11000144" softwareVersion="2011v1.5">
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      <PolicyStatementInBrochuresEtc>true</PolicyStatementInBrochuresEtc>
      <PolicyPublViaBroadcastMedia>false</PolicyPublViaBroadcastMedia>
      <MaintRacialCompositionRecords>true</MaintRacialCompositionRecords>
      <MaintScholarshipsRecords>true</MaintScholarshipsRecords>
      <MaintCopiesOfBrochuresEtc>true</MaintCopiesOfBrochuresEtc>
      <MaintCopiesOfAllSolicitations>true</MaintCopiesOfAllSolicitations>
      <DiscriminateRaceStudentsRights>false</DiscriminateRaceStudentsRights>
      <DiscriminateRaceAdmissPolicies>false</DiscriminateRaceAdmissPolicies>
      <DiscriminateRaceEmplmnFaculty>false</DiscriminateRaceEmplmnFaculty>
      <DiscriminateRaceScholarships>false</DiscriminateRaceScholarships>
      <DiscriminateRaceEducPolicies>false</DiscriminateRaceEducPolicies>
      <DiscriminateRaceUseOfFclts>false</DiscriminateRaceUseOfFclts>
      <DiscriminateRaceAthleticProg>false</DiscriminateRaceAthleticProg>
      <DiscriminateRaceOtherActy>false</DiscriminateRaceOtherActy>
      <GovernmentFinancialAidReceived>true</GovernmentFinancialAidReceived>
      <GovernmentFinancialAidRevoked>false</GovernmentFinancialAidRevoked>
      <ComplianceWithRevProc7550>true</ComplianceWithRevProc7550>
      <Form990ScheduleEPartII>
        <Identifier>Schedule E, Line 3 - Racially Nondiscriminatory Policy Publicized</Identifier>
        <Explanation>All recruiting materials include a statement of our non-discrimination policy. We solicit students internationally, so newspapers or broadcast media would be ineffective.</Explanation>
      </Form990ScheduleEPartII>
      <Form990ScheduleEPartII>
        <Identifier>Schedule E, Line 6 - Explanation of Aid or Assistance from Governmental Agency</Identifier>
        <Explanation>Music Associates of Aspen, Inc. received contributions from the following governmental agencies:City of Aspen $ 92,105National Endowment for the Arts $ 20,000Town of Basalt $ 500</Explanation>
      </Form990ScheduleEPartII>
    </IRS990ScheduleE>
    <IRS990ScheduleF documentId="IRS990ScheduleF" softwareId="11000144" softwareVersion="2011v1.5">
      <AcctsActvsOutUSTable>
        <Region>Central America/Caribbean</Region>
        <NumberOfOffices>0</NumberOfOffices>
        <NumberOfEmployees>0</NumberOfEmployees>
        <TypeOfActivitiesConducted>Investments</TypeOfActivitiesConducted>
        <TotalExpenditures>11246143</TotalExpenditures>
      </AcctsActvsOutUSTable>
      <SubtotalAmountSpent>11246143</SubtotalAmountSpent>
      <TotalAmountSpent>11246143</TotalAmountSpent>
      <NoRecipientOver5K>X</NoRecipientOver5K>
      <TransferToForeignCorp>false</TransferToForeignCorp>
      <InterestInForeignTrust>false</InterestInForeignTrust>
      <OwnForeignCorp>false</OwnForeignCorp>
      <PassiveForeignInvestCo>true</PassiveForeignInvestCo>
      <ForeignPartnership>false</ForeignPartnership>
      <BoycottCountries>false</BoycottCountries>
    </IRS990ScheduleF>
    <IRS990ScheduleG documentId="IRS990ScheduleG" softwareId="11000144" softwareVersion="2011v1.5">
      <AgreementRefFundraising>false</AgreementRefFundraising>
      <EventsInformation>
        <NameOfEvent1>Season Benefit</NameOfEvent1>
        <GrossReceiptsEvent1>303652</GrossReceiptsEvent1>
        <CharitableContributionsEvent1>261172</CharitableContributionsEvent1>
        <GrossRevenueEvent1>42480</GrossRevenueEvent1>
        <FoodAndBeverageEvent1>18130</FoodAndBeverageEvent1>
        <EntertainmentEvent1>20191</EntertainmentEvent1>
        <OtherDirectExpensesEvent1>95787</OtherDirectExpensesEvent1>
        <NameOfEvent2>Opera Benefit</NameOfEvent2>
        <GrossReceiptsEvent2>161295</GrossReceiptsEvent2>
        <CharitableContributionsEvent2>145895</CharitableContributionsEvent2>
        <GrossRevenueEvent2>15400</GrossRevenueEvent2>
        <RentFacilityCostsEvent2>375</RentFacilityCostsEvent2>
        <FoodAndBeverageEvent2>13259</FoodAndBeverageEvent2>
        <OtherDirectExpensesEvent2>42937</OtherDirectExpensesEvent2>
        <TotalNumberOfOtherEvents>1</TotalNumberOfOtherEvents>
        <GrossReceiptsOtherEvents>80037</GrossReceiptsOtherEvents>
        <CharitableContribOtherEvents>3400</CharitableContribOtherEvents>
        <GrossRevenueOtherEvents>76637</GrossRevenueOtherEvents>
        <FoodAndBeverageOtherEvents>26405</FoodAndBeverageOtherEvents>
        <OtherDirectExpensesOtherEvents>13076</OtherDirectExpensesOtherEvents>
        <GrossReceiptsTotal>544984</GrossReceiptsTotal>
        <CharitableContributionsTotal>410467</CharitableContributionsTotal>
        <GrossRevenueTotalEvents>134517</GrossRevenueTotalEvents>
        <RentFacilityCostsTotalEvents>375</RentFacilityCostsTotalEvents>
        <FoodAndBeverageTotalEvents>57794</FoodAndBeverageTotalEvents>
        <EntertainmentTotalEvents>20191</EntertainmentTotalEvents>
        <OtherDirectExpensesTotalEvents>151800</OtherDirectExpensesTotalEvents>
        <DirectExpenseSummaryEvents>230160</DirectExpenseSummaryEvents>
        <NetIncomeSummary>-95643</NetIncomeSummary>
      </EventsInformation>
    </IRS990ScheduleG>
    <IRS990ScheduleI documentId="IRS990ScheduleI" softwareId="11000144" softwareVersion="2011v1.5">
      <RecordsMaintained>true</RecordsMaintained>
      <NoGrantMoreThan5000>X</NoGrantMoreThan5000>
      <TotalNbrOf501C3AndGovtGrants>0</TotalNbrOf501C3AndGovtGrants>
      <TotalNbrOfOtherOrganizations>0</TotalNbrOfOtherOrganizations>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>Work Study</TypeOfGrant>
        <NumberOfRecipients>240</NumberOfRecipients>
        <AmountOfCashGrant>75425</AmountOfCashGrant>
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      <Form990ScheduleIPartIII>
        <TypeOfGrant>Scholarships</TypeOfGrant>
        <NumberOfRecipients>203</NumberOfRecipients>
        <AmountOfNonCashAssistance>527135</AmountOfNonCashAssistance>
        <MethodOfValuation>FMV</MethodOfValuation>
        <DescriptionOfNonCashAssistance>Tuition</DescriptionOfNonCashAssistance>
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      <Form990ScheduleIPartIII>
        <TypeOfGrant>Fellowships</TypeOfGrant>
        <NumberOfRecipients>226</NumberOfRecipients>
        <AmountOfCashGrant>95528</AmountOfCashGrant>
        <AmountOfNonCashAssistance>1272300</AmountOfNonCashAssistance>
        <MethodOfValuation>FMV</MethodOfValuation>
        <DescriptionOfNonCashAssistance>Tuition/R&amp;B</DescriptionOfNonCashAssistance>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>Dorm Asst - Room &amp; Board</TypeOfGrant>
        <NumberOfRecipients>12</NumberOfRecipients>
        <AmountOfNonCashAssistance>39600</AmountOfNonCashAssistance>
        <MethodOfValuation>FMV</MethodOfValuation>
        <DescriptionOfNonCashAssistance>Room &amp; Board</DescriptionOfNonCashAssistance>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIV>
        <Identifier>Grantmaker's Description of How Grants are Used</Identifier>
        <Explanation>The MAA maintains a database of grant awards to ensure that these are appropriately distributed.</Explanation>
      </Form990ScheduleIPartIV>
      <Form990ScheduleIPartIV>
        <Identifier>Additional Supplemental Information</Identifier>
        <Explanation>Part III - Grants and Other Assistance to Individuals in the U.S.The majority of MAA's grants are non-cash tuition/room &amp; board forgiveness for our program only. Cash amounts are paid to students during summer term to offset housing and other expenses.</Explanation>
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    </IRS990ScheduleI>
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      <WrittenPolicyReTAndEExpenses>true</WrittenPolicyReTAndEExpenses>
      <SubstantiationRequired>true</SubstantiationRequired>
      <CompensationCommittee>X</CompensationCommittee>
      <Form990OfOtherOrganizations>X</Form990OfOtherOrganizations>
      <WrittenEmploymentContract>X</WrittenEmploymentContract>
      <CompensationSurvey>X</CompensationSurvey>
      <BoardOrCommitteeApproval>X</BoardOrCommitteeApproval>
      <SeverancePayment>false</SeverancePayment>
      <SupplementalNonqualRetirePlan>false</SupplementalNonqualRetirePlan>
      <EquityBasedCompArrangement>false</EquityBasedCompArrangement>
      <CompBasedOnRevenueOfFilingOrg>false</CompBasedOnRevenueOfFilingOrg>
      <CompBasedOnRevenueRelatedOrgs>false</CompBasedOnRevenueRelatedOrgs>
      <CompBasedNetEarningsFilingOrg>false</CompBasedNetEarningsFilingOrg>
      <CompBasedNetEarningsRelateOrgs>false</CompBasedNetEarningsRelateOrgs>
      <AnyNonFixedPayments>false</AnyNonFixedPayments>
      <InitialContractException>false</InitialContractException>
      <RebuttablePresumptionProcedure>false</RebuttablePresumptionProcedure>
      <Form990ScheduleJPartII>
        <NamePerson>Molly McArdle</NamePerson>
        <BaseCompensationFilingOrg>145596</BaseCompensationFilingOrg>
        <OtherCompensationFilingOrg>21984</OtherCompensationFilingOrg>
        <DeferredCompFilingOrg>1438</DeferredCompFilingOrg>
        <NontaxableBenefitsFilingOrg>11667</NontaxableBenefitsFilingOrg>
        <TotalCompensationFilingOrg>180685</TotalCompensationFilingOrg>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>Matthew Loden</NamePerson>
        <BaseCompensationFilingOrg>136030</BaseCompensationFilingOrg>
        <OtherCompensationFilingOrg>8400</OtherCompensationFilingOrg>
        <DeferredCompFilingOrg>5167</DeferredCompFilingOrg>
        <NontaxableBenefitsFilingOrg>6697</NontaxableBenefitsFilingOrg>
        <TotalCompensationFilingOrg>156294</TotalCompensationFilingOrg>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>Jennifer Elliot</NamePerson>
        <BaseCompensationFilingOrg>168115</BaseCompensationFilingOrg>
        <OtherCompensationFilingOrg>19129</OtherCompensationFilingOrg>
        <DeferredCompFilingOrg>11010</DeferredCompFilingOrg>
        <NontaxableBenefitsFilingOrg>7417</NontaxableBenefitsFilingOrg>
        <TotalCompensationFilingOrg>205671</TotalCompensationFilingOrg>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>Asadour Santourian</NamePerson>
        <BaseCompensationFilingOrg>134270</BaseCompensationFilingOrg>
        <OtherCompensationFilingOrg>22000</OtherCompensationFilingOrg>
        <DeferredCompFilingOrg>9360</DeferredCompFilingOrg>
        <NontaxableBenefitsFilingOrg>9597</NontaxableBenefitsFilingOrg>
        <TotalCompensationFilingOrg>175227</TotalCompensationFilingOrg>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>Alan Fletcher</NamePerson>
        <BaseCompensationFilingOrg>313160</BaseCompensationFilingOrg>
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        <DeferredCompFilingOrg>14292</DeferredCompFilingOrg>
        <NontaxableBenefitsFilingOrg>6697</NontaxableBenefitsFilingOrg>
        <TotalCompensationFilingOrg>432961</TotalCompensationFilingOrg>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartIII>
        <Identifier>Sch J, Part I, Line 1a</Identifier>
        <ReturnReference>Part I, Line 1a: Relevant information in regards to selections on 1a.</ReturnReference>
      </Form990ScheduleJPartIII>
    </IRS990ScheduleJ>
    <IRS990ScheduleK documentId="IRS990ScheduleK.1" softwareId="11000144" softwareVersion="2011v1.5">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>CECFA</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>840892767</IssuerEIN>
        <DateIssued>2012-08-15</DateIssued>
        <IssuePrice>15000000</IssuePrice>
        <DescriptionOfPurpose>Construction of new buildings</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
        <PoolFinancing>false</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartII>
        <TotalProceeds>597977</TotalProceeds>
        <CapitalExpenditures>597977</CapitalExpenditures>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <FinalAllocationMade>false</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartIV>
        <Form8038TFiled>false</Form8038TFiled>
        <VariableRateIssue>true</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>false</HedgeIdentifiedInBooksAndRecds>
        <GrossProceedsInvestedInGIC>false</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>false</ExceptionToRebate>
      </Form990ScheduleKPartIV>
      <FedTaxRequirementsCompliance>X</FedTaxRequirementsCompliance>
    </IRS990ScheduleK>
    <IRS990ScheduleL documentId="IRS990ScheduleL" softwareId="11000144" softwareVersion="2011v1.5">
      <Form990ScheduleLPartIII>
        <NameOfInterestedPerson>Christopher Halen</NameOfInterestedPerson>
        <RelationshipWithOrganization>Child of Trustee-D. Halen</RelationshipWithOrganization>
        <AmountOfGrant>2100</AmountOfGrant>
        <TypeOfAssistance>tuition forgiveness</TypeOfAssistance>
      </Form990ScheduleLPartIII>
      <Form990ScheduleLPartIII>
        <NameOfInterestedPerson>Josue Valdepenas</NameOfInterestedPerson>
        <RelationshipWithOrganization>Child of Trustee-J. Valdepenas</RelationshipWithOrganization>
        <AmountOfGrant>3200</AmountOfGrant>
        <TypeOfAssistance>tuition forgiveness</TypeOfAssistance>
      </Form990ScheduleLPartIII>
      <Form990ScheduleLPartIII>
        <NameOfInterestedPerson>Alejandro Valdepenas</NameOfInterestedPerson>
        <RelationshipWithOrganization>Child of Trustee-J. Valdepenas</RelationshipWithOrganization>
        <AmountOfGrant>3200</AmountOfGrant>
        <TypeOfAssistance>tuition forgiveness</TypeOfAssistance>
      </Form990ScheduleLPartIII>
      <Form990ScheduleLPartIII>
        <NameOfInterestedPerson>George Meyer</NameOfInterestedPerson>
        <RelationshipWithOrganization>Child of Trustee-C. Heard</RelationshipWithOrganization>
        <AmountOfGrant>3200</AmountOfGrant>
        <TypeOfAssistance>tuition forgiveness</TypeOfAssistance>
      </Form990ScheduleLPartIII>
      <Form990ScheduleLPartIII>
        <NameOfInterestedPerson>Allison Mase</NameOfInterestedPerson>
        <RelationshipWithOrganization>Child of Trustee-R. Mase</RelationshipWithOrganization>
        <AmountOfGrant>3200</AmountOfGrant>
        <TypeOfAssistance>tuition forgiveness</TypeOfAssistance>
      </Form990ScheduleLPartIII>
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NamePerson>Edgar Meyer</NamePerson>
        </NameOfInterestedPerson>
        <Relationship>Trustee spouse</Relationship>
        <AmountOfTransaction>10495</AmountOfTransaction>
        <DescriptionOfTransaction>Faculty compensation</DescriptionOfTransaction>
        <SharingOfRevenues>false</SharingOfRevenues>
      </Form990ScheduleLPartIV>
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NamePerson>Renata Arado</NamePerson>
        </NameOfInterestedPerson>
        <Relationship>Trustee spouse</Relationship>
        <AmountOfTransaction>20173</AmountOfTransaction>
        <DescriptionOfTransaction>Faculty compensation</DescriptionOfTransaction>
        <SharingOfRevenues>false</SharingOfRevenues>
      </Form990ScheduleLPartIV>
      <Form990ScheduleLPartV>
        <Explanation>Form 990, Schedule L, Part IIITuition forgiveness is offered to all faculty dependents regardless of board member status.</Explanation>
      </Form990ScheduleLPartV>
    </IRS990ScheduleL>
    <IRS990ScheduleM documentId="IRS990ScheduleM" softwareId="11000144" softwareVersion="2011v1.5">
      <SecuritiesPubliclyTraded>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>10</NumberOfContributions>
        <NoncashContribsRptdF990>59153</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FMV</MethodOfDeterminingRevenues>
      </SecuritiesPubliclyTraded>
      <OtherNonCashContributionsTable>
        <NonCashCheckbox>X</NonCashCheckbox>
        <Description>Gifts-in-kind</Description>
        <NumberOfContributions>20</NumberOfContributions>
        <NoncashContribsRptdF990>147478</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FMV</MethodOfDeterminingRevenues>
      </OtherNonCashContributionsTable>
      <AnyPropertyThatMustBeHeld>false</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>true</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>true</ThirdPartiesUsed>
      <Form990ScheduleMPartII>
        <Identifier>Part I, Line 32, Hire and Use of Third Parties</Identifier>
        <Explanation>MAA utilizes a broker to sell contributed securities.</Explanation>
      </Form990ScheduleMPartII>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="IRS990ScheduleO" softwareId="11000144" softwareVersion="2011v1.5">
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 19</Identifier>
        <ReturnReference>Form 990, Part VI, Line 19: Other Organization Documents Publicly Available</ReturnReference>
        <Explanation>The organization's governing documents, conflict of interest policy and financial statements are not made available to the public.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 15b</Identifier>
        <ReturnReference>Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees</ReturnReference>
        <Explanation>The Compensation Committee annually reviews compensation of the VP for Finance and Administration and compares this with other similar positions at similar institutions. The Committee approves this compensation after its review.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 12c</Identifier>
        <ReturnReference>Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts</ReturnReference>
        <Explanation>Upon discovery, all conflicts of interest, including potential conflicts, are reported to the Executive Committee for appropriate resolution.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 11</Identifier>
        <ReturnReference>Form 990, Part VI, Line 11: Form 990 Review Process</ReturnReference>
        <Explanation>The Form 990, along with all supporting schedules, is made available to the full board prior to filing.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 7b</Identifier>
        <ReturnReference>Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders</ReturnReference>
        <Explanation>Per the Bylaws of Music Associates of Aspen, Inc., voting members of the Corporation approve all amendments to the Corporation's Articles of Incorporation and the Bylaws. Per the Articles of Incorporation of the Music Associates of Aspen, Inc., voting members must approve the sale, lease, exchange or other disposition of all, or substantially all, of the Corporation's property.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 7a</Identifier>
        <ReturnReference>Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body</ReturnReference>
        <Explanation>Per the Bylaws of Music Associates of Aspen, Inc., voting members of the Corporation approve the Members of the Board of Trustees and the Members of the Corporation in accordance with the provisions of these Bylaws.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 6</Identifier>
        <ReturnReference>Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder</ReturnReference>
        <Explanation>The Corporation has voting and non-voting members.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 2</Identifier>
        <ReturnReference>Form 990, Part VI, Line 2: Description of Business or Family Relationship of Officers, Directors, Et</ReturnReference>
        <Explanation>Kay Bucksbaum and Ann Friedman, both members of the Board of Trustees, have a family relationship.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
  </ReturnData>
</Return>