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        <Description>NOTES RECEIVABLE TO SPAIN</Description>
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        <MethodOfValuation>C</MethodOfValuation>
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      <TotalOfBookValueProgramRelated>3828940</TotalOfBookValueProgramRelated>
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        <ReturnReference>SCHEDULE D, PAGE 4, PART XI, LINE 8</ReturnReference>
        <Explanation>INCOME FROM ENTITIES CONSOLIDATED ON FINANCIAL STATEMENTS 4,751,828 FOREIGN CURRENCY EXCHANGE -107,296 EXPENSES FROM ENTITIES CONSOLIDATED ON FINANCIAL STATEMENT -4,156,925 FOREIGN CURRENCY EXCHANGE 107,296</Explanation>
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        <TypeOfActivitiesConducted>PROGRAM SERVICE</TypeOfActivitiesConducted>
        <SpecificServicesProvided>HOUSING, CULTURAL</SpecificServicesProvided>
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      <AcctsActvsOutUSTable>
        <Region>EUROPE</Region>
        <TypeOfActivitiesConducted>PROGRAM SERVICE</TypeOfActivitiesConducted>
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      <AcctsActvsOutUSTable>
        <Region>SOUTH AMERICA</Region>
        <TypeOfActivitiesConducted>PROGRAM SERVICE</TypeOfActivitiesConducted>
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      <AcctsActvsOutUSTable>
        <Region>RUSSIA</Region>
        <TypeOfActivitiesConducted>PROGRAM SERVICE</TypeOfActivitiesConducted>
        <SpecificServicesProvided>HOUSING, CULTURAL</SpecificServicesProvided>
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      <AcctsActvsOutUSTable>
        <Region>CENTRAL AMERICA</Region>
        <TypeOfActivitiesConducted>PROGRAM SERVICE</TypeOfActivitiesConducted>
        <SpecificServicesProvided>HOUSING, CULTURAL</SpecificServicesProvided>
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      </AcctsActvsOutUSTable>
      <AcctsActvsOutUSTable>
        <Region>SUB-SAHARAN AFRICA</Region>
        <TypeOfActivitiesConducted>PROGRAM SERVICE</TypeOfActivitiesConducted>
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      <AcctsActvsOutUSTable>
        <Region>MIDDLE EAST AND NORTH AFRICA</Region>
        <TypeOfActivitiesConducted>PROGRAM SERVICE</TypeOfActivitiesConducted>
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      <AcctsActvsOutUSTable>
        <Region>NORTH AMERICA</Region>
        <TypeOfActivitiesConducted>PROGRAM SERVICE</TypeOfActivitiesConducted>
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      <TotalAmountSpent>3203952</TotalAmountSpent>
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        <MethodOfValuation>CASH</MethodOfValuation>
      </GrantsToOrgsOutsideUS>
      <TotalNumberOf501c3Orgs>2</TotalNumberOf501c3Orgs>
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        <ReturnReference>SCHEDULE F, PAGE 1, PART I, LINE 2</ReturnReference>
        <Explanation>THE ORGANIZATION MAINTAINS FINANCIAL RECORDS TO SUBSTANTIATE THE AMOUNTS OF THE GRANTS OR ASSISTANCE PROVIDED. THE RECORDS ARE LOCATED AT A5500, UCA, TALLAHASSEE, FLORIDA 32306. THE ELIGIBLE GRANTEES ARE THE NOT-FOR-PROFIT ENTITIES CONTROLLED BY FSUIPA, INC., WHICH OPERATE IN THE HOST COUNTRIES IN SUPPORT OF THE MISSION OF FSUIPA, INC. AWARDS ARE BASED ON OPERATIONAL NEEDS OF THE ABOVE REFERENCED ENTITIES IN ORDER TO MEET THEIR FINANCIAL AND LEGAL OBLIGATIONS TO SUPPORT THE MISSION OF FSUIPA, INC.</Explanation>
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        <Identifier>ADDITIONAL INFORMATION</Identifier>
        <ReturnReference>SCHEDULE F, PAGE 5, PART V</ReturnReference>
        <Explanation>ASSISTANCE IS PROVIDED TO TWO FOREIGN EXEMPT ORGANIZATIONS THAT ASSIST THE FILING ORGANIZATION IN COMPLETING ITS EXEMPT PURPOSE. THE GRANT RECIPIENTS PROVIDE HOUSING, CULTURAL ACTIVITIES, TRAVEL, FOOD, AND OTHER ITEMS NEEDED BY STUDENTS STUDYING ABROAD. EACH FOREIGN LEGAL ENTITY THAT RECEIVES GRANT ASSISTANCE FROM FSUIPA, INC., PROVIDES ROUTINE ACCOUNTING REPORTS AND A SEPARATE FINANCIAL AUDIT REPORT, THAT IS CONSOLIDATED WITH FSUIPA, INC.'S ANNUAL AUDIT.</Explanation>
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        <Identifier>PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS INSIDE THE UNITED STATES</Identifier>
        <ReturnReference>SCHEDULE I, PAGE 1, PART I, LINE 2</ReturnReference>
        <Explanation>IN ORDER FOR A STUDENT TO BE ELIGIBLE TO RECEIVE A SCHOLARSHIP, SEVERAL CRITERIA MUST BE MEET. THE INDIVIDUAL MUST BE A DEGREE-SEEKING FSU UNDERGRADUATE OR GRADUATE STUDENT, HAVE A 3.5 OVERALL GPA, HAVE NO PRIOR FSU JUDICIAL HISTORY AND MOST MUST DEMONSTRATE FINANCIAL NEED THROUGH THE FSU FINANCIAL AID OFFICE.</Explanation>
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      <AnyNonFixedPayments>false</AnyNonFixedPayments>
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      <Form990ScheduleJPartII>
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        <NamePerson>JOHN R CARNAGHI MED</NamePerson>
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        <OtherCompensationRelatedOrgs>9923</OtherCompensationRelatedOrgs>
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        <IssuerEIN>941687665</IssuerEIN>
        <DateIssued>2004-06-11</DateIssued>
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        <DescriptionOfPurpose>REFUND 1994 BONDS</DescriptionOfPurpose>
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        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
        <PoolFinancing>false</PoolFinancing>
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        <CurrentRefunding>true</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <FinalAllocationMade>true</FinalAllocationMade>
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        <MngmentCntrctBondFinancdPrprty>false</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>false</AnyResearchAgreements>
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        <GrossProceedsInvestedInGIC>false</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>false</ExceptionToRebate>
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        <MethodOfFMVDetermination>CASH</MethodOfFMVDetermination>
        <NameBusiness>
          <BusinessNameLine1>FUNDACION - VALENCIANA FSU PROGRAMS</BusinessNameLine1>
        </NameBusiness>
        <AddressForeign>
          <AddressLine1>CALLE BLANQUERIAS 2</AddressLine1>
          <City>VALENCIA</City>
          <Country>SP</Country>
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      <DispositionTable>
        <DescriptionOfAsset>TRANSFER FOR OPERATION</DescriptionOfAsset>
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        <NameBusiness>
          <BusinessNameLine1>FSU INTERNATIONAL PROG ASSOC - UK</BusinessNameLine1>
        </NameBusiness>
        <AddressForeign>
          <AddressLine1>99 GREAT RUSSELL STREET</AddressLine1>
          <City>LONDON</City>
          <Country>UK</Country>
        </AddressForeign>
        <IRCSection>CHARITABLE</IRCSection>
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      <DirectorOfSuccessor2>false</DirectorOfSuccessor2>
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      <GeneralExplanation>
        <Identifier>ORGANIZATION'S MISSION</Identifier>
        <ReturnReference>FORM 990 - ORGANIZATION'S MISSION</ReturnReference>
        <Explanation>TO PROVIDE AND FACILITATE EDUCATIONAL OPPORTUNITIES FOR STUDENTS AND FACULTY TO STUDY, TEACH AND CONDUCT RESEARCH ABROAD THROUGH SUPPORT OF THE UNIVERSITY'S INTERNATIONAL STUDY ABROAD PROGRAMS AND THE STUDY ABROAD PROGRAM.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ADDITIONAL INFORMATION</Identifier>
        <ReturnReference>FORM 990</ReturnReference>
        <Explanation>PART X, BALANCE SHEET CERTAIN BALANCE SHEET ITEMS HAVE BEEN RECLASSIFIED TO CONFORM TO CURRENT YEAR PRESENTATION.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>FINANCIAL ACCOUNTS IN FOREIGN COUNTRIES</Identifier>
        <ReturnReference>FORM 990, PART V, LINE 4B</ReturnReference>
        <Explanation>FRANCE, ITALY, PANAMA, SPAIN, GREAT BRITAIN</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>DECISIONS SUBJECT TO APPROVAL OF MEMBERS</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 7B</ReturnReference>
        <Explanation>THE ORGANIZATION'S BUDGET IS REQUIRED TO BE APPROVED BY THE FLORIDA STATE UNIVERSITY'S PRESIDENT.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ORGANIZATION'S PROCESS USED TO REVIEW FORM 990</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 11B</ReturnReference>
        <Explanation>A COPY OF THE FORM 990 WAS PROVIDED TO THE GOVERNING BODY PRIOR TO SUBMISSION TO THE INTERNAL REVENUE SERVICE THROUGH ELECTRONIC MAIL.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>COMPENSATION PROCESS FOR TOP OFFICIAL</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 15A</ReturnReference>
        <Explanation>ORGANIZATION DOES NOT HAVE ANY EMPLOYEES.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>COMPENSATION PROCESS FOR OFFICERS</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 15B</ReturnReference>
        <Explanation>ORGANIZATION DOES NOT HAVE ANY EMPLOYEES.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>GOVERNING DOCUMENTS DISCLOSURE EXPLANATION</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 19</ReturnReference>
        <Explanation>GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ADDITIONAL INFORMATION</Identifier>
        <ReturnReference>FORM 990, PART VII</ReturnReference>
        <Explanation>SEE SCHEDULE J, PART III FOR ADDITIONAL INFORMATION RELATED TO ESTIMATED AMOUNT OF OTHER COMPENSATION FROM THE ORGANZIATION AND RELATED ORGANIZATIONS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>RELATED ORGANIZATIONS</Identifier>
        <ReturnReference>FORM 990, PAGE 7, PART VII</ReturnReference>
        <Explanation>EACH BOARD MEMBER WITH COMPENSATION FROM A RELATED ORGANIZATION SPENDS AT LEAST 40 HOURS A WEEK DEVOTED TO FLORIDA STATE UNIVERSITY BUSINESS.</Explanation>
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          <BusinessNameLine1>FLORIDA STATE UNIVERSITY</BusinessNameLine1>
        </NameOfDisregardedEntity>
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          <AddressLine1>A2201 UNIVERSITY CENTER</AddressLine1>
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          <State>FL</State>
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        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
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          <BusinessNameLine1>FUNDACION - VALENCIANA FSU PROGRAMS</BusinessNameLine1>
        </NameOfDisregardedEntity>
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          <AddressLine1>CALLE BLANQUERIAS 2</AddressLine1>
          <City>VALENCIA</City>
          <Country>SP</Country>
        </AddressForeign>
        <PrimaryActivities>EXEMPT ORG</PrimaryActivities>
        <LegalDomicileForeignCountry>SP</LegalDomicileForeignCountry>
        <DirectControllingEntityName>
          <BusinessNameLine1>FSU IPA</BusinessNameLine1>
        </DirectControllingEntityName>
        <ControlledOrg>false</ControlledOrg>
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        <NameOfDisregardedEntity>
          <BusinessNameLine1>FSU INTERNATIONAL PROGRAMS ASSOC-UK</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressForeign>
          <AddressLine1>99 GREAT RUSSELL STREET</AddressLine1>
          <City>LONDON</City>
          <Country>UK</Country>
        </AddressForeign>
        <PrimaryActivities>EXEMPT ORG</PrimaryActivities>
        <LegalDomicileForeignCountry>UK</LegalDomicileForeignCountry>
        <DirectControllingEntityName>
          <BusinessNameLine1>FSU IPA</BusinessNameLine1>
        </DirectControllingEntityName>
        <ControlledOrg>false</ControlledOrg>
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      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>FOUNDATION FSU - PANAMA</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressForeign>
          <AddressLine1>JACINTO PALACIOS COBO STR BLG 227</AddressLine1>
          <City>PANAMA</City>
          <Country>PM</Country>
        </AddressForeign>
        <PrimaryActivities>EXEMPT ORG</PrimaryActivities>
        <LegalDomicileForeignCountry>PM</LegalDomicileForeignCountry>
        <DirectControllingEntityName>
          <BusinessNameLine1>FSU IPA</BusinessNameLine1>
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      <ExchangeOfAssets>false</ExchangeOfAssets>
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        <MethodOfAmtDetermination>CASH</MethodOfAmtDetermination>
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          <BusinessNameLine1>FSU INTERNATIONAL PROGRAMS ASSOC-UK</BusinessNameLine1>
        </NameOfOtherOrganization>
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        <MethodOfAmtDetermination>CASH</MethodOfAmtDetermination>
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</Return>