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      <PolicyPublViaBroadcastMedia>true</PolicyPublViaBroadcastMedia>
      <PubViaBroadcastMediaExpln>THE SCHOOL'S NONDISCRIMINATORY POLICY IS DESCRIBED IN THE PARENT HANDBOOK WHICH IS HANDED OUT TO ANYONE INQUIRING ABOUT ATTENDING THE SCHOOL</PubViaBroadcastMediaExpln>
      <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>
      <GovtFinancialAidExplanation>THE SCHOOL RECEIVES ARIZONA STATE FUNDS TO OPERATE A PUBLIC CHARTER SCHOOL</GovtFinancialAidExplanation>
      <ComplianceWithRevProc7550>true</ComplianceWithRevProc7550>
    </IRS990ScheduleE>
    <IRS990ScheduleK documentId="RetDoc6">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>IDA PIMA EDUCATION BOND</BusinessNameLine1>
        </IssuerName>
        <DateIssued>2003-05-01</DateIssued>
        <IssuePrice>5435000</IssuePrice>
        <DescriptionOfPurpose>FUNDED LAND AND BUIL</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartII>
        <TotalProceeds>3414488</TotalProceeds>
        <AmountInReserveFund>1069366</AmountInReserveFund>
        <IssuanceCostsFromProceeds>12306</IssuanceCostsFromProceeds>
        <WorkingCapitalExpenditures>360</WorkingCapitalExpenditures>
        <YearOfSubstCompletion>2003</YearOfSubstCompletion>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <FinalAllocationMade>true</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartIII>
        <OwningBondFinancedProperty>false</OwningBondFinancedProperty>
        <AnyLeaseArrangements>false</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>false</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>false</AnyResearchAgreements>
        <BondCounselRoutinelyEngaged>false</BondCounselRoutinelyEngaged>
        <PostIssuanceComplianceProcdrs>true</PostIssuanceComplianceProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIV>
        <Form8038TFiled>false</Form8038TFiled>
        <VariableRateIssue>false</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>false</HedgeIdentifiedInBooksAndRecds>
        <GrossProceedsInvestedInGIC>false</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>false</ExceptionToRebate>
      </Form990ScheduleKPartIV>
    </IRS990ScheduleK>
    <IRS990ScheduleO documentId="RetDoc7">
      <GeneralExplanation>
        <Identifier>MANAGEMENT DELEGATED</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 3</ReturnReference>
        <Explanation>IMAGINE SCHOOLS INC PROVIDES COMPREHENSIVE MANAGEMENT SERVICES TO THE SCHOOL INCLUDING STAFF</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ORGANIZATION'S PROCESS USED TO REVIEW FORM 990</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 11</ReturnReference>
        <Explanation>THE 990 IS EMAILED TO THE GOVERNING BOARD BEFORE FILING</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ENFORCEMENT OF CONFLICTS POLICY</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 12C</ReturnReference>
        <Explanation>ANY CONFLICTS ARE DISCUSSED AND DISCLOSED AT BOARD MEETINGS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>GOVERNING DOCUMENTS DISCLOSURE EXPLANATION</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 19</ReturnReference>
        <Explanation>ALL GOVERNING DOCUMENTS ARE MADE AVAILABLE UPON REQUEST</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>FINANCIAL AID OR GOVERNMENT ASSISTANCE EXPLANATION</Identifier>
        <ReturnReference>SCHEDULE E, LINE 6</ReturnReference>
        <Explanation>THE SCHOOL RECEIVES ARIZONA STATE FUNDS TO OPERATE A PUBLIC CHARTER SCHOOL</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc8">
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>PATHFINDER CHARTER SCHOOL FOUNDATIO</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>3535 W DUNLAP AVE</AddressLine1>
          <City>PHOENIX</City>
          <State>AZ</State>
          <ZIPCode>85051</ZIPCode>
        </AddressUS>
        <EIN>331034701</EIN>
        <PrimaryActivities>SCHOOL</PrimaryActivities>
        <LegalDomicileState>AZ</LegalDomicileState>
        <ExemptCodeSection>170</ExemptCodeSection>
        <PublicCharityStatus>9</PublicCharityStatus>
        <DirectControllingEntityName>
          <BusinessNameLine1>SCHOOL BD</BusinessNameLine1>
        </DirectControllingEntityName>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>CORTEZ PARK CHARTER MIDDLE SCHOOL</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>3535 W DUNLAP AVE</AddressLine1>
          <City>PHOENIX</City>
          <State>AZ</State>
          <ZIPCode>85051</ZIPCode>
        </AddressUS>
        <EIN>300047634</EIN>
        <PrimaryActivities>SCHOOL</PrimaryActivities>
        <LegalDomicileState>AZ</LegalDomicileState>
        <ExemptCodeSection>170</ExemptCodeSection>
        <PublicCharityStatus>2</PublicCharityStatus>
        <DirectControllingEntityName>
          <BusinessNameLine1>SCHOOL BD</BusinessNameLine1>
        </DirectControllingEntityName>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>ROSEFIELD CHARTER ELEMENTARY SCHOOL</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>12050 N BULLARD AVE</AddressLine1>
          <City>SURPRISE</City>
          <State>AZ</State>
          <ZIPCode>85379</ZIPCode>
        </AddressUS>
        <EIN>203249197</EIN>
        <PrimaryActivities>SCHOOL</PrimaryActivities>
        <LegalDomicileState>AZ</LegalDomicileState>
        <ExemptCodeSection>509</ExemptCodeSection>
        <PublicCharityStatus>9</PublicCharityStatus>
        <DirectControllingEntityName>
          <BusinessNameLine1>SCHOOL BD</BusinessNameLine1>
        </DirectControllingEntityName>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>IMAGINE MIDDLE AT SURPRISE INC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>14850 N 156TH AVE</AddressLine1>
          <City>SURPRISE</City>
          <State>AZ</State>
          <ZIPCode>85379</ZIPCode>
        </AddressUS>
        <EIN>204931199</EIN>
        <PrimaryActivities>SCHOOL</PrimaryActivities>
        <LegalDomicileState>AZ</LegalDomicileState>
        <ExemptCodeSection>509</ExemptCodeSection>
        <PublicCharityStatus>9</PublicCharityStatus>
        <DirectControllingEntityName>
          <BusinessNameLine1>SCHOOL BD</BusinessNameLine1>
        </DirectControllingEntityName>
      </Form990ScheduleRPartII>
      <ReceiptOfIntAnnRentsRoyalties>false</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>false</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>false</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>false</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>false</LoansOrGuaranteesFromOtherOrg>
      <SaleOfAssetsToOtherOrg>false</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>false</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>false</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>false</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>false</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>false</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>false</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>false</SharingOfFacilities>
      <SharingOfPaidEmployees>false</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>false</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>false</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>false</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>false</OtherTransferFromOtherOrg>
    </IRS990ScheduleR>
  </ReturnData>
</Return>