﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.irs.gov/efile" returnVersion="2011v1.2">
  <ReturnHeader binaryAttachmentCount="0">
    <Timestamp>2012-08-09T11:50:04-05:00</Timestamp>
    <TaxPeriodEndDate>2011-12-31</TaxPeriodEndDate>
    <PreparerFirm>
      <EIN>362985665</EIN>
      <PreparerFirmBusinessName>
        <BusinessNameLine1>WOLF &amp; COMPANY LLP</BusinessNameLine1>
      </PreparerFirmBusinessName>
      <PreparerFirmUSAddress>
        <AddressLine1>1901 S MEYERS RD SUITE 500</AddressLine1>
        <City>OAKBROOK TERRACE</City>
        <State>IL</State>
        <ZIPCode>601815209</ZIPCode>
      </PreparerFirmUSAddress>
    </PreparerFirm>
    <ReturnType>990</ReturnType>
    <TaxPeriodBeginDate>2011-01-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>262136165</EIN>
      <Name>
        <BusinessNameLine1>ARTHROSCOPY ASSOCIATION OF NORTH</BusinessNameLine1>
        <BusinessNameLine2>AMERICA EDUCATION FOUNDATION</BusinessNameLine2>
      </Name>
      <NameControl>ARTH</NameControl>
      <Phone>8472922262</Phone>
      <USAddress>
        <AddressLine1>6300 N RIVER ROAD NO 104</AddressLine1>
        <City>ROSEMONT</City>
        <State>IL</State>
        <ZIPCode>60018</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>ED GOSS</Name>
      <Title>EXECUTIVE DIRECTOR</Title>
      <Phone>8472922262</Phone>
      <DateSigned>2012-08-02</DateSigned>
      <AuthorizeThirdParty>1</AuthorizeThirdParty>
    </Officer>
    <Preparer>
      <Name>DAVID R SIEHOFF</Name>
      <PTIN>P00175845</PTIN>
      <Phone>6305454500</Phone>
    </Preparer>
    <TaxYear>2011</TaxYear>
    <BuildTS>2016-02-24 21:20:13Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="9">
    <IRS990 documentId="RetDoc1038000001" referenceDocumentId="RetDoc1044400001">
      <NameOfPrincipalOfficerPerson>ED GOSS</NameOfPrincipalOfficerPerson>
      <AddressPrincipalOfficerUS>
        <AddressLine1>6300 N RIVER ROAD NO 104</AddressLine1>
        <City>ROSEMONT</City>
        <State>IL</State>
        <ZIPCode>60018</ZIPCode>
      </AddressPrincipalOfficerUS>
      <GrossReceipts>1474492</GrossReceipts>
      <GroupReturnForAffiliates>0</GroupReturnForAffiliates>
      <Organization501c3>X</Organization501c3>
      <WebSite>N/A</WebSite>
      <TypeOfOrganizationCorporation>X</TypeOfOrganizationCorporation>
      <YearFormation>2007</YearFormation>
      <StateLegalDomicile>IL</StateLegalDomicile>
      <ActivityOrMissionDescription>TO ADVANCE THE STUDY AND PRACTICE OF ARTHROSCOPY</ActivityOrMissionDescription>
      <NbrVotingMembersGoverningBody>9</NbrVotingMembersGoverningBody>
      <NbrIndependentVotingMembers>9</NbrIndependentVotingMembers>
      <TotalNbrEmployees>0</TotalNbrEmployees>
      <TotalNbrVolunteers>9</TotalNbrVolunteers>
      <TotalGrossUBI>0</TotalGrossUBI>
      <NetUnrelatedBusinessTxblIncome>0</NetUnrelatedBusinessTxblIncome>
      <ContributionsGrantsPriorYear>1126707</ContributionsGrantsPriorYear>
      <ContributionsGrantsCurrentYear>1000554</ContributionsGrantsCurrentYear>
      <ProgramServiceRevenuePriorYear>0</ProgramServiceRevenuePriorYear>
      <ProgramServiceRevenueCY>0</ProgramServiceRevenueCY>
      <InvestmentIncomePriorYear>304945</InvestmentIncomePriorYear>
      <InvestmentIncomeCurrentYear>441094</InvestmentIncomeCurrentYear>
      <OtherRevenuePriorYear>95116</OtherRevenuePriorYear>
      <OtherRevenueCurrentYear>32844</OtherRevenueCurrentYear>
      <TotalRevenuePriorYear>1526768</TotalRevenuePriorYear>
      <TotalRevenueCurrentYear>1474492</TotalRevenueCurrentYear>
      <GrantsAndSimilarAmntsPriorYear>853450</GrantsAndSimilarAmntsPriorYear>
      <GrantsAndSimilarAmntsCY>700405</GrantsAndSimilarAmntsCY>
      <BenefitsPaidToMembersPriorYear>0</BenefitsPaidToMembersPriorYear>
      <BenefitsPaidToMembersCY>0</BenefitsPaidToMembersCY>
      <SalariesEtcPriorYear>0</SalariesEtcPriorYear>
      <SalariesEtcCurrentYear>0</SalariesEtcCurrentYear>
      <TotalProfFundrsngExpPriorYear>0</TotalProfFundrsngExpPriorYear>
      <TotalProfFundrsngExpCY>0</TotalProfFundrsngExpCY>
      <TotalFundrsngExpCurrentYear>0</TotalFundrsngExpCurrentYear>
      <OtherExpensePriorYear>118525</OtherExpensePriorYear>
      <OtherExpensesCurrentYear>155830</OtherExpensesCurrentYear>
      <TotalExpensesPriorYear>971975</TotalExpensesPriorYear>
      <TotalExpensesCurrentYear>856235</TotalExpensesCurrentYear>
      <RevenuesLessExpensesPriorYear>554793</RevenuesLessExpensesPriorYear>
      <RevenuesLessExpensesCY>618257</RevenuesLessExpensesCY>
      <TotalAssetsBOY>11086256</TotalAssetsBOY>
      <TotalAssetsEOY>11548687</TotalAssetsEOY>
      <TotalLiabilitiesBOY>19838</TotalLiabilitiesBOY>
      <TotalLiabilitiesEOY>40917</TotalLiabilitiesEOY>
      <NetAssetsOrFundBalancesBOY>11066418</NetAssetsOrFundBalancesBOY>
      <NetAssetsOrFundBalancesEOY>11507770</NetAssetsOrFundBalancesEOY>
      <MissionDescription>TO PROMOTE AND SUPPORT RESEARCH AND EDUCATION TO HELP FACILITATE ADVANCES IN THE MEDICAL FIELD OF ARTHROSCOPY</MissionDescription>
      <SignificantNewProgramServices>0</SignificantNewProgramServices>
      <SignificantChange>0</SignificantChange>
      <Expense>856235</Expense>
      <Grants>700405</Grants>
      <Description>TO PROMOTE AND SUPPORT RESEARCH AND EDUCATION TO HELP FACILITATE ADVANCES IN THE MEDICAL FIELD OF ARTHROSCOPY.</Description>
      <TotalProgramServiceExpense>856235</TotalProgramServiceExpense>
      <DescribedIn501C3 referenceDocumentId="RetDoc1039100001">1</DescribedIn501C3>
      <ScheduleBRequired referenceDocumentId="RetDoc1234500001">1</ScheduleBRequired>
      <PoliticalActivities>0</PoliticalActivities>
      <LobbyingActivities>0</LobbyingActivities>
      <SubjectToProxyTax>0</SubjectToProxyTax>
      <DonorAdvisedFunds referenceDocumentId="RetDoc1040000001">0</DonorAdvisedFunds>
      <ConservationEasements referenceDocumentId="RetDoc1040000001">0</ConservationEasements>
      <CollectionsOfArt referenceDocumentId="RetDoc1040000001">0</CollectionsOfArt>
      <CreditCounseling referenceDocumentId="RetDoc1040000001">0</CreditCounseling>
      <TermOrPermanentEndowments referenceDocumentId="RetDoc1040000001">0</TermOrPermanentEndowments>
      <ReportLandBldgEquip referenceDocumentId="RetDoc1040000001">0</ReportLandBldgEquip>
      <ReportInvestOthSecurities referenceDocumentId="RetDoc1040000001">1</ReportInvestOthSecurities>
      <ReportProgRelInvest referenceDocumentId="RetDoc1040000001">0</ReportProgRelInvest>
      <ReportOtherAssets referenceDocumentId="RetDoc1040000001">0</ReportOtherAssets>
      <ReportOtherLiabilities referenceDocumentId="RetDoc1040000001">0</ReportOtherLiabilities>
      <ReportFin48Footnote referenceDocumentId="RetDoc1040000001">1</ReportFin48Footnote>
      <IndependentAuditFinancialStmt referenceDocumentId="RetDoc1040000001">0</IndependentAuditFinancialStmt>
      <ConsolidatedAuditFinancialStmt referenceDocumentId="RetDoc1040000001">1</ConsolidatedAuditFinancialStmt>
      <School>0</School>
      <ForeignOffice>0</ForeignOffice>
      <ForeignActivities>0</ForeignActivities>
      <MoreThan5000KToOrganizations>0</MoreThan5000KToOrganizations>
      <MoreThan5000KToIndividuals>0</MoreThan5000KToIndividuals>
      <ProfessionalFundraising>0</ProfessionalFundraising>
      <FundraisingActivities>0</FundraisingActivities>
      <Gaming>0</Gaming>
      <Hospital>0</Hospital>
      <GrantsToOrganizations referenceDocumentId="RetDoc1041900001">1</GrantsToOrganizations>
      <GrantsToIndividuals referenceDocumentId="RetDoc1041900001">0</GrantsToIndividuals>
      <ScheduleJRequired referenceDocumentId="RetDoc1042400001">1</ScheduleJRequired>
      <TaxExemptBonds>0</TaxExemptBonds>
      <ExcessBenefitTransaction>0</ExcessBenefitTransaction>
      <PriorExcessBenefitTransaction>0</PriorExcessBenefitTransaction>
      <LoanToOfficerOrDQP>0</LoanToOfficerOrDQP>
      <GrantToRelatedPerson>0</GrantToRelatedPerson>
      <BsnssRltnshpWithOrganization>0</BsnssRltnshpWithOrganization>
      <BsnssRltnshpThruFamilyMember>0</BsnssRltnshpThruFamilyMember>
      <OfficerEntityWithBsnssRltnshp>0</OfficerEntityWithBsnssRltnshp>
      <DeductibleNonCashContributions referenceDocumentId="RetDoc1042900001">0</DeductibleNonCashContributions>
      <DeductibleContributionsOfArt referenceDocumentId="RetDoc1042900001">0</DeductibleContributionsOfArt>
      <Terminated>0</Terminated>
      <PartialLiquidation>0</PartialLiquidation>
      <DisregardedEntity referenceDocumentId="RetDoc1043400001">0</DisregardedEntity>
      <RelatedEntity referenceDocumentId="RetDoc1043400001">1</RelatedEntity>
      <RelatedOrgControlledEntity>0</RelatedOrgControlledEntity>
      <TransactionRelatedEntity referenceDocumentId="RetDoc1043400001">0</TransactionRelatedEntity>
      <TransfersToExemptNonChrtblOrg referenceDocumentId="RetDoc1043400001">0</TransfersToExemptNonChrtblOrg>
      <ActivitiesConductedPartnership referenceDocumentId="RetDoc1043400001">0</ActivitiesConductedPartnership>
      <ScheduleORequired>1</ScheduleORequired>
      <NumberFormsTransmittedWith1096>0</NumberFormsTransmittedWith1096>
      <NumberW2GIncluded>0</NumberW2GIncluded>
      <NumberOfEmployees>0</NumberOfEmployees>
      <UnrelatedBusinessIncome>0</UnrelatedBusinessIncome>
      <ForeignFinancialAccount>0</ForeignFinancialAccount>
      <ProhibitedTaxShelterTrans>0</ProhibitedTaxShelterTrans>
      <TaxablePartyNotification>0</TaxablePartyNotification>
      <NonDeductibleContributions>0</NonDeductibleContributions>
      <QuidProQuoContributions>0</QuidProQuoContributions>
      <Form8282PropertyDisposedOf>0</Form8282PropertyDisposedOf>
      <IndoorTanningServices>0</IndoorTanningServices>
      <InfoInScheduleOPartVI>X</InfoInScheduleOPartVI>
      <NbrVotingGoverningBodyMembers>9</NbrVotingGoverningBodyMembers>
      <NumberIndependentVotingMembers>9</NumberIndependentVotingMembers>
      <FamilyOrBusinessRelationship>0</FamilyOrBusinessRelationship>
      <DelegationOfManagementDuties>0</DelegationOfManagementDuties>
      <ChangesToOrganizingDocs>0</ChangesToOrganizingDocs>
      <MaterialDiversionOrMisuse>0</MaterialDiversionOrMisuse>
      <MembersOrStockholders>0</MembersOrStockholders>
      <ElectionOfBoardMembers>0</ElectionOfBoardMembers>
      <DecisionsSubjectToApproval>1</DecisionsSubjectToApproval>
      <MinutesOfGoverningBody>1</MinutesOfGoverningBody>
      <MinutesOfCommittees>1</MinutesOfCommittees>
      <OfficerMailingAddress>0</OfficerMailingAddress>
      <LocalChapters>0</LocalChapters>
      <Form990ProvidedToGoverningBody>1</Form990ProvidedToGoverningBody>
      <ConflictOfInterestPolicy>1</ConflictOfInterestPolicy>
      <AnnualDisclosureCoveredPersons>1</AnnualDisclosureCoveredPersons>
      <RegularMonitoringEnforcement>1</RegularMonitoringEnforcement>
      <WhistleblowerPolicy>1</WhistleblowerPolicy>
      <DocumentRetentionPolicy>1</DocumentRetentionPolicy>
      <CompensationProcessCEO>0</CompensationProcessCEO>
      <CompensationProcessOther>0</CompensationProcessOther>
      <InvestmentInJointVenture>0</InvestmentInJointVenture>
      <StatesWhereCopyOfReturnIsFiled>IL</StatesWhereCopyOfReturnIsFiled>
      <UponRequest>X</UponRequest>
      <TheBooksAreInCareOf>
        <NameBusiness>
          <BusinessNameLine1>THE ORGANIZATION</BusinessNameLine1>
        </NameBusiness>
        <TelephoneNumber>8472922262</TelephoneNumber>
        <AddressUS>
          <AddressLine1>6300 N RIVER ROAD NO 104</AddressLine1>
          <City>ROSEMONT</City>
          <State>IL</State>
          <ZIPCode>60018</ZIPCode>
        </AddressUS>
      </TheBooksAreInCareOf>
      <Form990PartVIISectionA>
        <NamePerson>ED GOSS</NamePerson>
        <Title>EXECUTIVE DIRECTOR</Title>
        <AverageHoursPerWeek>5.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <Officer>X</Officer>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>213776</ReportableCompFromRelatedOrgs>
        <OtherCompensation>16033</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>ALBERT ANDREWS</NamePerson>
        <Title>TRUSTEE</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>JAMES CHOW MD</NamePerson>
        <Title>TRUSTEE</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <Officer>X</Officer>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>KENNETH DEHAVEN MD</NamePerson>
        <Title>TRUSTEE</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>DONALD JOHNSON MD</NamePerson>
        <Title>TRUSTEE/TREASURER</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>LESLIE MATTHEWS MD</NamePerson>
        <Title>TRUSTEE/CHAIRMAN</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>GREG NELSON</NamePerson>
        <Title>TRUSTEE</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>WALTER SHELTON MD</NamePerson>
        <Title>TRUSTEE</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>RON SPARKS</NamePerson>
        <Title>TRUSTEE</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>JAMES TASTO MD</NamePerson>
        <Title>TRUSTEE</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <Officer>X</Officer>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <TotalReportableCompFromOrg>0</TotalReportableCompFromOrg>
      <TotalReportableCompFrmRltdOrgs>213776</TotalReportableCompFrmRltdOrgs>
      <TotalOtherCompensation>16033</TotalOtherCompensation>
      <NumberIndividualsGT100K>0</NumberIndividualsGT100K>
      <FormersListed>0</FormersListed>
      <TotalCompGT150K>1</TotalCompGT150K>
      <CompensationFromOtherSources>0</CompensationFromOtherSources>
      <NumberOfContractorsGT100K>0</NumberOfContractorsGT100K>
      <AllOtherContributions>1000554</AllOtherContributions>
      <TotalContributions>1000554</TotalContributions>
      <InvestmentIncome>
        <TotalRevenueColumn>441094</TotalRevenueColumn>
        <ExclusionAmount>441094</ExclusionAmount>
      </InvestmentIncome>
      <RoyaltiesRevenue>
        <TotalRevenueColumn>21870</TotalRevenueColumn>
        <ExclusionAmount>21870</ExclusionAmount>
      </RoyaltiesRevenue>
      <OtherRevenueMisc>
        <Description>INCREASE IN CASH VALUE</Description>
        <BusinessCode>900099</BusinessCode>
        <TotalRevenueColumn>10974</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>10974</RelatedOrExemptFunctionIncome>
      </OtherRevenueMisc>
      <TotalOtherRevenue>10974</TotalOtherRevenue>
      <TotalRevenue>
        <TotalRevenueColumn>1474492</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>10974</RelatedOrExemptFunctionIncome>
        <UnrelatedBusinessRevenue>0</UnrelatedBusinessRevenue>
        <ExclusionAmount>462964</ExclusionAmount>
      </TotalRevenue>
      <GrantsToDomesticOrgs>
        <Total>700405</Total>
        <ProgramServices>700405</ProgramServices>
      </GrantsToDomesticOrgs>
      <FeesForServicesInvstMgmntFees>
        <Total>72776</Total>
        <ProgramServices>72776</ProgramServices>
      </FeesForServicesInvstMgmntFees>
      <OfficeExpenses>
        <Total>326</Total>
        <ProgramServices>326</ProgramServices>
      </OfficeExpenses>
      <Travel>
        <Total>13516</Total>
        <ProgramServices>13516</ProgramServices>
      </Travel>
      <ConferencesMeetings>
        <Total>19261</Total>
        <ProgramServices>19261</ProgramServices>
      </ConferencesMeetings>
      <Insurance>
        <Total>17655</Total>
        <ProgramServices>17655</ProgramServices>
      </Insurance>
      <OtherExpenses>
        <Description>EDUCATIONAL SUPPLIES</Description>
        <Total>32296</Total>
        <ProgramServices>32296</ProgramServices>
      </OtherExpenses>
      <TotalFunctionalExpenses>
        <Total>856235</Total>
        <ProgramServices>856235</ProgramServices>
        <ManagementAndGeneral>0</ManagementAndGeneral>
        <Fundraising>0</Fundraising>
      </TotalFunctionalExpenses>
      <SavingsAndTempCashInvestments>
        <BOY>634951</BOY>
        <EOY>490844</EOY>
      </SavingsAndTempCashInvestments>
      <PledgesAndGrantsReceivable>
        <BOY>939867</BOY>
        <EOY>683667</EOY>
      </PledgesAndGrantsReceivable>
      <AccountsReceivable>
        <BOY>153331</BOY>
        <EOY>129472</EOY>
      </AccountsReceivable>
      <InvestmentsOtherSecurities>
        <BOY>9338680</BOY>
        <EOY>10189302</EOY>
      </InvestmentsOtherSecurities>
      <OtherAssetsTotal>
        <BOY>19427</BOY>
        <EOY>55402</EOY>
      </OtherAssetsTotal>
      <TotalAssets>
        <BOY>11086256</BOY>
        <EOY>11548687</EOY>
      </TotalAssets>
      <AccountsPayableAccruedExpenses>
        <BOY>19838</BOY>
        <EOY>40917</EOY>
      </AccountsPayableAccruedExpenses>
      <TotalLiabilities>
        <BOY>19838</BOY>
        <EOY>40917</EOY>
      </TotalLiabilities>
      <FollowSFAS117>X</FollowSFAS117>
      <TemporarilyRestrictedNetAssets>
        <BOY>11066418</BOY>
        <EOY>11507770</EOY>
      </TemporarilyRestrictedNetAssets>
      <TotalNetAssetsFundBalances>
        <BOY>11066418</BOY>
        <EOY>11507770</EOY>
      </TotalNetAssetsFundBalances>
      <TotalLiabNetAssetsFundBalances>
        <BOY>11086256</BOY>
        <EOY>11548687</EOY>
      </TotalLiabNetAssetsFundBalances>
      <InfoInScheduleOPartXI>X</InfoInScheduleOPartXI>
      <ReconcilationRevenueExpenses>618257</ReconcilationRevenueExpenses>
      <ReconcilationOtherChanges>-176905</ReconcilationOtherChanges>
      <InfoInScheduleOPartXII>X</InfoInScheduleOPartXII>
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <AccountantCompileOrReview>0</AccountantCompileOrReview>
      <FSAudited>1</FSAudited>
      <AuditCommittee>1</AuditCommittee>
      <FinancialStatementConsolidated>X</FinancialStatementConsolidated>
      <FederalGrantAuditRequired>0</FederalGrantAuditRequired>
    </IRS990>
    <IRS990ScheduleA documentId="RetDoc1039100001">
      <SupportingOrganization509a3>X</SupportingOrganization509a3>
      <SupportingOrg509a3Type1>X</SupportingOrg509a3Type1>
      <WrittenIRSDetermination>X</WrittenIRSDetermination>
      <ContribByControllingIndividual>0</ContribByControllingIndividual>
      <ContributionByRelatedParty>0</ContributionByRelatedParty>
      <ContribBy35ControlledEntity>0</ContribBy35ControlledEntity>
      <SupportedOrgInformation>
        <Name>
          <BusinessNameLine1>ARTHROSCOPY ASSOCIATION OF NORTH AMERICA</BusinessNameLine1>
        </Name>
        <EIN>363166049</EIN>
        <TypeOfOrganization>9</TypeOfOrganization>
        <ListedInGoverningDoc>1</ListedInGoverningDoc>
        <SupportedOrganizationNotified>1</SupportedOrganizationNotified>
        <OrganizedInUS>1</OrganizedInUS>
        <Amount>700405</Amount>
      </SupportedOrgInformation>
      <TotalNumberOfSupportedOrgs>1</TotalNumberOfSupportedOrgs>
      <SumOfAmounts>700405</SumOfAmounts>
    </IRS990ScheduleA>
    <IRS990ScheduleB documentId="RetDoc1234500001">
      <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="RetDoc1040000001">
      <TotalOfBookValueLandBuildings>0</TotalOfBookValueLandBuildings>
      <OtherSecurities>
        <Description>PUBLICLY TRADED EQUITY TYPE INVESTMENTS</Description>
        <BookValue>3265773</BookValue>
        <MethodOfValuation>F</MethodOfValuation>
      </OtherSecurities>
      <OtherSecurities>
        <Description>PUBLICLY TRADED BONDS</Description>
        <BookValue>6923529</BookValue>
        <MethodOfValuation>F</MethodOfValuation>
      </OtherSecurities>
      <TotalOfBookValueSecurities>10189302</TotalOfBookValueSecurities>
      <TotalRevenue>1474492</TotalRevenue>
      <TotalExpenses>856235</TotalExpenses>
      <ExcessOrDeficitForYear>618257</ExcessOrDeficitForYear>
      <NetUnrealizedGLOnInvestments>-176905</NetUnrealizedGLOnInvestments>
      <TotalAdjustments>-176905</TotalAdjustments>
      <ExcessOrDeficitPerFS>441352</ExcessOrDeficitPerFS>
      <TotRevenueEtcAuditedFinclStmt>6943216</TotRevenueEtcAuditedFinclStmt>
      <NetUnrealizedGainsInvestments>-176905</NetUnrealizedGainsInvestments>
      <OtherRevenues>6418810</OtherRevenues>
      <RevenueNotRptdF990>6241905</RevenueNotRptdF990>
      <RevenueSubtotal>701311</RevenueSubtotal>
      <InvestmentExpensesNotIncluded>72776</InvestmentExpensesNotIncluded>
      <OtherRevenuesNotIncluded>700405</OtherRevenuesNotIncluded>
      <RevenueNotRptdOnFinStmt>773181</RevenueNotRptdOnFinStmt>
      <TotalRevenuePerForm990>1474492</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>6485781</TotExpensesEtcAuditedFinclStmt>
      <OtherExpensesIncluded>6402727</OtherExpensesIncluded>
      <ExpensesNotRptdF990>6402727</ExpensesNotRptdF990>
      <ExpensesSubtotal>83054</ExpensesSubtotal>
      <InvestmentExpensesNotIncluded2>72776</InvestmentExpensesNotIncluded2>
      <OtherExpensesNotIncluded>700405</OtherExpensesNotIncluded>
      <ExpensesNotRptdOnFinStmt>773181</ExpensesNotRptdOnFinStmt>
      <TotalExpensesPerForm990>856235</TotalExpensesPerForm990>
      <Form990ScheduleDPartXIV>
        <Identifier>DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48:</Identifier>
        <ReturnReference>PART X:</ReturnReference>
        <Explanation>THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. UNDER THIS SECTION THE ORGANIZATION IS SUBJECT TO TAX ON INCOME WHICH IS UNRELATED TO THEIR EXEMPT PURPOSE. THE ORGANIZATION RECOGNIZES THE FINANCIAL IMPACT OF A TAX POSITION WHEN IT IS MORE LIKELY THAN NOT THAT THE POSITION WILL BE SUSTAINED UPON EXAMINATION. THE ORGANIZATION HAS NO ON-GOING FEDERAL OR STATE INCOME TAX AUDITS.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>PART XII, LINE 2D - OTHER ADJUSTMENTS:</Identifier>
        <Explanation>REVENUE REPORTED BY CONSOLIDATED ENTITY ON SEPARATE 990 FORM 6,418,810.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>PART XII, LINE 4B - OTHER ADJUSTMENTS:</Identifier>
        <Explanation>REVENUE REPORTED BY CONSOLIDATED ENTITY ELIMINATED IN CONSOLIDATION 700,405.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>PART XIII, LINE 2D - OTHER ADJUSTMENTS:</Identifier>
        <Explanation>EXPENSES REPORTED BY CONSOLIDATED ENTITY ON SEPARATE 990 FORM 6,402,727.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>PART XIII, LINE 4B - OTHER ADJUSTMENTS:</Identifier>
        <Explanation>EXPENSES ELIMINATED IN CONSOLIDATION 700,405.</Explanation>
      </Form990ScheduleDPartXIV>
    </IRS990ScheduleD>
    <IRS990ScheduleI documentId="RetDoc1041900001">
      <RecordsMaintained>1</RecordsMaintained>
      <RecipientTable>
        <RecipientNameBusiness>
          <BusinessNameLine1>ARTHROSCOPY ASSOCIATION OF NORTH AMERICA</BusinessNameLine1>
        </RecipientNameBusiness>
        <AddressUS>
          <AddressLine1>6300 NORTH RIVER ROAD</AddressLine1>
          <City>ROSEMONT</City>
          <State>IL</State>
          <ZIPCode>60018</ZIPCode>
        </AddressUS>
        <EINOfRecipient>363166049</EINOfRecipient>
        <IRCSection>501(C)3</IRCSection>
        <AmountOfCashGrant>700405</AmountOfCashGrant>
        <PurposeOfGrant>TO ASSIST IN FUNDING EDUCATIONAL PURPOSE</PurposeOfGrant>
      </RecipientTable>
      <Form990ScheduleIPartIV>
        <Identifier>PROCEDURE FOR MONITORING GRANTS IN THE U.S.:</Identifier>
        <ReturnReference>PART I, LINE 2:</ReturnReference>
        <Explanation>SCHEDULE I, PART I, LINE 2: CHAIRMAN OF BOARD OF TRUSTEES ATTENDS BOARD OF DIRECTORS MEETINGS OF ARTHOSCOPY ASSOCIATION OF NORTH AMERICA AND IS ABLE TO MONITOR THE ADMINISTRATION OF THE GRANT THROUGH THE FINANCIAL PRESENTATION AT SUCH MEETINGS.</Explanation>
      </Form990ScheduleIPartIV>
    </IRS990ScheduleI>
    <IRS990ScheduleJ documentId="RetDoc1042400001">
      <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>ED GOSS</NamePerson>
        <BaseCompensationFilingOrg>0</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>213776</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>0</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>0</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>16033</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>0</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>0</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>229809</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
    </IRS990ScheduleJ>
    <IRS990ScheduleM documentId="RetDoc1042900001">
      <SecuritiesPubliclyTraded>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>1</NumberOfContributions>
        <NoncashContribsRptdF990>5243</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>PUBLICLY TRADED MARKET</MethodOfDeterminingRevenues>
      </SecuritiesPubliclyTraded>
      <AnyPropertyThatMustBeHeld>0</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>0</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>0</ThirdPartiesUsed>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION A, LINE 7B</ReturnReference>
        <Explanation>PART VI; SECITON A; QUESTION 7B: ARTHROSCOPY ASSOCIATION OF NORTH AMERICA BOARD OF DIRECTORS APPOINTS FOUNDATION TRUSTEES AND APPROVES SOME OF THEIR ACTIONS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 11</ReturnReference>
        <Explanation>FORM 990, PAGE 6, PART VI, LINE 10: THE BOARD OF DIRECTORS MAY MAKE INQUIRIES OF THE ASSOCIATION STAFF ASSIGNED TO ITS PREPARATION OR OF THE INDEPENDENT AUDITORS WHO PREPARED THE RETURN.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 12C</ReturnReference>
        <Explanation>EACH MEETING BEGINS WITH AFFIRMATION OR EDITING OF WRITTEN INFORMATION SUPPLIED TO THE FOUNDATION THROUGH THE AAOS WEBSITE REGARDING DECLARED CONFLICTS OF INTEREST.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>GOVERNING DOCUMENTS (BYLAWS), CONFLICT OF INTEREST POLICY, AND OUR FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.</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: -176,905.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART XI, LINE 2C</ReturnReference>
        <Explanation>NO CHANGE FROM PRIOR YEAR.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc1043400001">
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>ARTHOSCOPY ASSOCIATION OF NORTH AMERICA</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>6300 NORTH RIVER ROAD</AddressLine1>
          <City>ROSEMONT</City>
          <State>IL</State>
          <ZIPCode>60018</ZIPCode>
        </AddressUS>
        <EIN>363166049</EIN>
        <PrimaryActivities>TO PROMOTE EDUCATION IN THE FIELD OF ARTHOSCOPY</PrimaryActivities>
        <LegalDomicileState>IL</LegalDomicileState>
        <ExemptCodeSection>501(C)3</ExemptCodeSection>
        <PublicCharityStatus>LINE 9</PublicCharityStatus>
        <ControlledOrg>0</ControlledOrg>
      </Form990ScheduleRPartII>
      <ReceiptOfIntAnnRentsRoyalties>0</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>1</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>0</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>0</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>0</LoansOrGuaranteesFromOtherOrg>
      <SaleOfAssetsToOtherOrg>0</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>0</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>0</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>0</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>0</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>0</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>0</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>0</SharingOfFacilities>
      <SharingOfPaidEmployees>0</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>0</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>0</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>0</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>0</OtherTransferFromOtherOrg>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>ARTHROSCOPY ASSOCIATION OF NORTH AMERICA</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>B</TransactionType>
        <AmountInvolved>700405</AmountInvolved>
        <MethodOfAmtDetermination>CASH AMOUNT</MethodOfAmtDetermination>
      </TransactionsRelatedOrgsTable>
    </IRS990ScheduleR>
  </ReturnData>
</Return>