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        <EndOfYearBalance>41989865</EndOfYearBalance>
      </CurrentYearMinus2Years>
      <EndowmentsHeldByUnrelatedOrgs>false</EndowmentsHeldByUnrelatedOrgs>
      <EndowmentsHeldByRelatedOrgs>false</EndowmentsHeldByRelatedOrgs>
      <AreRelatedOrgsListedScheduleR>false</AreRelatedOrgsListedScheduleR>
      <Land>
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        <BookValue>3316134</BookValue>
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      <Buildings>
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        <Depreciation>13682512</Depreciation>
        <BookValue>52660096</BookValue>
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      <LeaseholdImprovements>
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        <Depreciation>3187825</Depreciation>
        <BookValue>4219970</BookValue>
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      <Equipment>
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        <Depreciation>8998360</Depreciation>
        <BookValue>2499255</BookValue>
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        <Depreciation>-31102</Depreciation>
        <BookValue>826887</BookValue>
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      <TotalOfBookValueLandBuildings>63522342</TotalOfBookValueLandBuildings>
      <OtherLiabilities>
        <Description>STUDENT DEPOSITS</Description>
        <Amount>33602</Amount>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>Rounding</Description>
        <Amount>3</Amount>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>INTEREST SWAP LIABILITY</Description>
        <Amount>1333646</Amount>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>ANNUITY PAYMENT LIABILITIES</Description>
        <Amount>871228</Amount>
      </OtherLiabilities>
      <TotalOfAmounts>2238479</TotalOfAmounts>
      <TotalRevenue>40505104</TotalRevenue>
      <TotalExpenses>28787161</TotalExpenses>
      <ExcessOrDeficitForYear>11717943</ExcessOrDeficitForYear>
      <ExcessOrDeficitPerFS>11717943</ExcessOrDeficitPerFS>
      <TotRevenueEtcAuditedFinclStmt>40505104</TotRevenueEtcAuditedFinclStmt>
      <RevenueSubtotal>40505104</RevenueSubtotal>
      <TotalRevenuePerForm990>40505104</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>28787161</TotExpensesEtcAuditedFinclStmt>
      <ExpensesSubtotal>28787161</ExpensesSubtotal>
      <TotalExpensesPerForm990>28787161</TotalExpensesPerForm990>
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    <IRS990ScheduleE documentId="IRS990ScheduleE" softwareId="10000105" softwareVersion="2010v3.2">
      <NondiscriminatoryPolicyStmt>true</NondiscriminatoryPolicyStmt>
      <PolicyStatementInBrochuresEtc>true</PolicyStatementInBrochuresEtc>
      <PolicyPublViaBroadcastMedia>true</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 ADVERTISEMENTS, SOLICITATIONS FOR STUDENTS AND STUDENT HANDBOOKS INCLUDE A STATEMENT THAT THE SCHOOL DOES NOT DISCRIMINATE.</Explanation>
      </Form990ScheduleEPartII>
    </IRS990ScheduleE>
    <IRS990ScheduleI documentId="IRS990ScheduleI" softwareId="10000105" softwareVersion="2010v3.2">
      <RecordsMaintained>true</RecordsMaintained>
      <NoGrantMoreThan5000>X</NoGrantMoreThan5000>
      <TotalNbrOf501C3AndGovtGrants>0</TotalNbrOf501C3AndGovtGrants>
      <TotalNbrOfOtherOrganizations>0</TotalNbrOfOtherOrganizations>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>SCHOLARSHIPS</TypeOfGrant>
        <NumberOfRecipients>817</NumberOfRecipients>
        <AmountOfCashGrant>1919784</AmountOfCashGrant>
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    </IRS990ScheduleI>
    <IRS990ScheduleJ documentId="IRS990ScheduleJ" softwareId="10000105" softwareVersion="2010v3.2">
      <HousingAllowanceOrResidence>X</HousingAllowanceOrResidence>
      <WrittenPolicyReTAndEExpenses>true</WrittenPolicyReTAndEExpenses>
      <CompensationCommittee>X</CompensationCommittee>
      <WrittenEmploymentContract>X</WrittenEmploymentContract>
      <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>WRAY CLEERE</NamePerson>
        <BaseCompensationFilingOrg>236500</BaseCompensationFilingOrg>
        <TotalCompensationFilingOrg>236500</TotalCompensationFilingOrg>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>JAMES MELLICHAMP</NamePerson>
        <BaseCompensationFilingOrg>155000</BaseCompensationFilingOrg>
        <TotalCompensationFilingOrg>155000</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="10000105" softwareVersion="2010v3.2">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>DEVELOPMENT AUTHORITY OF ATHENS-CLARK COUNTY GEORGIA</BusinessNameLine1>
        </IssuerName>
        <DateIssued>2006-09-01</DateIssued>
        <IssuePrice>13000000</IssuePrice>
        <DescriptionOfPurpose>PURCHASE ATHENS FACILITIES</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>PRIVATE COLLEGE AND UNIVERSITIES AUTHORITY</BusinessNameLine1>
        </IssuerName>
        <DateIssued>2000-08-03</DateIssued>
        <IssuePrice>3485000</IssuePrice>
        <DescriptionOfPurpose>FINANCE A DORMITORY</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>PRIVATE COLLEGE AND UNIVERSITIES AUTHORITY</BusinessNameLine1>
        </IssuerName>
        <DateIssued>1999-09-01</DateIssued>
        <IssuePrice>4500000</IssuePrice>
        <DescriptionOfPurpose>FINANCE A DORMITORY</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartII>
        <TotalProceeds>13000000</TotalProceeds>
        <CapitalExpenditures>13000000</CapitalExpenditures>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartII>
        <TotalProceeds>3485000</TotalProceeds>
        <CapitalExpenditures>3485000</CapitalExpenditures>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartII>
        <TotalProceeds>4500000</TotalProceeds>
        <CapitalExpenditures>4500000</CapitalExpenditures>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
    </IRS990ScheduleK>
    <IRS990ScheduleM documentId="IRS990ScheduleM" softwareId="10000105" softwareVersion="2010v3.2">
      <WorksOfArt>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>2</NumberOfContributions>
        <NoncashContribsRptdF990>609080</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>APPRASIAL</MethodOfDeterminingRevenues>
      </WorksOfArt>
      <SecuritiesCloselyHeldStock>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>1</NumberOfContributions>
        <NoncashContribsRptdF990>279680</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>APPRASIAL</MethodOfDeterminingRevenues>
      </SecuritiesCloselyHeldStock>
      <RealEstateCommercial>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>1</NumberOfContributions>
        <NoncashContribsRptdF990>54000</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FMV</MethodOfDeterminingRevenues>
      </RealEstateCommercial>
      <NumberOf8283Received>2</NumberOf8283Received>
      <AnyPropertyThatMustBeHeld>false</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>false</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>false</ThirdPartiesUsed>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="IRS990ScheduleO" softwareId="10000105" softwareVersion="2010v3.2">
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 19</Identifier>
        <ReturnReference>Form 990, Part VI, Line 19: Other Organization Documents Publicly Available</ReturnReference>
        <Explanation>GIVEN UPON REQUEST</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 9</Identifier>
        <ReturnReference>Form 990, Part VI, Line 9: Officer, Director, Trustee, Key Employee Mailing Address</ReturnReference>
        <Explanation>1. EDWARD ARIAIL, P O BOX 1450, CLARKESVILLE, GA 305232. THOMAS A ARRENDALE, III. P O BOX 558, BALDWIN, GA 305113. ELIZABETH E BINGHAM, 600 NORTH GAREY AVENUE, POMONA, CA 91767-46124. NATHAN BURGEN, 643 IRVIN ST, CORNELIA, GA 305315. MARTHA CANTRELL, P O BOX 70, CLARKESVILLE, GA 305236. DENNIS T CATHEY, P O BOX 689, CORNELIA, GA 305317. BEN F CHEEK, III, P O BOX 880, TOCCOA, GA 305778. JAMES E CORNWELL, P O BOX 758, TOCCOA, GA 305779. DWIGHT H EVANS, 2084 SPENCERS WAY, STONE MOUNTAIN, GA 3008710. DAVID C FOSTER, P O BOX 25, CLARKESVILLE, GA 3052311. JOHN FOSTER, P O BOX 100, CORNELIA, GA 3053112. MACK H GUEST, III, P O BOX 749, WATKINSVILLE, GA 3060613. THOMAS M HENSLEY, JR, P O BOX 558, BALDWIN GA 3051114. CATHY HENSON, 2500 PEACJTREE RD. NW, #702, ATLANTA, GA 30305-561215. JANE G HIGDON, 2982 HUNTSHIRE PLACE, ATLANTA, GA 30340-431216. JAMES C HOBBS, III, 3913 PACES FERRY DRIVE, ATLANTA, GA 30339-441517. WILLIAM M HOUSE, 500 SPRING ST., SE, STE. 202, GAINESVILLE, GA 3050318. TOMMY IRVIN, 204 AGRICULTURE BUILDING, ATLANTA, GA 3033419. STEVE JONES, P O BOX 133, ATHENS, GA 30603-013320. JAMES R LEMAY, 123 LAKESHORE DRIVE, MARIETTA, GA 30067-411521. COURTHEY LOUDERMILK, 3657 PEACHTREE RD., NE, 2C, ATLANTA, GA 3031922. ROBERTC LOWER, ONE ATLANTIC CENTER, ATLANTA, GA 30309-344923. WILLIAM S LOYD, P O BOX 1900, CORNELIA, GA 3053124. MYLLE MANGUM, 1770 INDIAN TRAIL ROAD, SUITE 300, NORCROSS GA 30093-264325. BILLY MASON, 2000 MORRIS AVE., BIRMINGHAM, AL 3520326. SHIRLEY J MEEKS, 1178 HWY 51 NORTH, HOMER, GA 3054727. JIM PARHAM, 5146 COLBERT RD., LAKELAND, FL 3381228. JOSEPH M PIPER, 952 WESSELL RD., NW, GAINESVILLE, GA 30501-284929. TOM RICHARD 8473 S. HOWELL AVE, OAK CREEK, WI 531530. BRIAN RICKMAN, P O BOX 2138, CLARKESVILLE, GA 3052331. STANLEY W ROBERTS, 34S POND ST, TOCCOA, GA 30577-260732. PAUL C ROSSER, 524 W PEACHTREE ST., NW, ATLANTA, GA 30308-351233. BETTY L SIEGEL, 1000 CHASTAIN RD. #9106, KENNESAW, GA 30144-559134. DOCK C SISK, P O BOX 308, HOMER, GA 30547-030835. EUGENE SUTHERLAND, P O BOX 786, FOREST PARK, GA 30298-078636. D STEWART SWANSON, 2125 BENT CREEK MANOR, ALPHARETTE, GA 3000537. JOSEPH A WINGATE, P O BOX 1450, CORNELIA, GA 30531</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 College gives a copy of the annual audit to the each member of the board of trustees at the annual meeting. The College mails a copy of the annual tax return Form 990 to all members of the board of trustees after it is prepared.</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>THE COLLEGE HAS A FATHER AND SON AS TRUSTEES. THIS IS OUT OF 35 TRUSTEES.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part III, Line 4d</Identifier>
        <ReturnReference>Form 990, Part III, Line 4d : Other Program Services Description</ReturnReference>
        <Explanation>OTHER PROGRAM SERVICES 4: Auxiliary/Operations - Resident domitories, food services. security, and other campus operations.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Explanation>Client Note 1 - It is the policy of the College to meet 100 percent of demonstrated, unmet financial need through grants, loans, work and/ or scholarship programs, for those students who apply for aid by May 1 for the following fall semester. Students receiving financial aid must maintain satisfactory academic progress in order to continue to receive financial assistance. The Vice President for Academic Affairs supervises and approves the awarding of all institutional aid.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
  </ReturnData>
</Return>