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      <PaidInCapSrplsLandBldgEqpFund>
        <BOY>4968734</BOY>
        <EOY>4910762</EOY>
      </PaidInCapSrplsLandBldgEqpFund>
      <RetainedEarningsEndowmentEtc>
        <BOY>0</BOY>
        <EOY>0</EOY>
      </RetainedEarningsEndowmentEtc>
      <TotalNetAssetsFundBalances>
        <BOY>6746617</BOY>
        <EOY>7159453</EOY>
      </TotalNetAssetsFundBalances>
      <TotalLiabNetAssetsFundBalances>
        <BOY>15298992</BOY>
        <EOY>15474268</EOY>
      </TotalLiabNetAssetsFundBalances>
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <AccountantCompileOrReview>0</AccountantCompileOrReview>
      <FSAudited>1</FSAudited>
      <AuditCommittee>1</AuditCommittee>
      <FinancialStatementSeparate>X</FinancialStatementSeparate>
      <FederalGrantAuditRequired>0</FederalGrantAuditRequired>
    </IRS990>
    <IRS990ScheduleA documentId="RetDoc1039100001">
      <School170b1Aii>X</School170b1Aii>
    </IRS990ScheduleA>
    <IRS990ScheduleD documentId="RetDoc1040000001">
      <Land>
        <OtherCostOrOtherBasis>452430</OtherCostOrOtherBasis>
        <BookValue>452430</BookValue>
      </Land>
      <Buildings>
        <OtherCostOrOtherBasis>13394663</OtherCostOrOtherBasis>
        <Depreciation>2904195</Depreciation>
        <BookValue>10490468</BookValue>
      </Buildings>
      <Equipment>
        <OtherCostOrOtherBasis>420010</OtherCostOrOtherBasis>
        <Depreciation>260544</Depreciation>
        <BookValue>159466</BookValue>
      </Equipment>
      <TotalOfBookValueLandBuildings>11102364</TotalOfBookValueLandBuildings>
      <TotalRevenue>7271598</TotalRevenue>
      <TotalExpenses>6858762</TotalExpenses>
      <ExcessOrDeficitForYear>412836</ExcessOrDeficitForYear>
      <TotalAdjustments>0</TotalAdjustments>
      <ExcessOrDeficitPerFS>412836</ExcessOrDeficitPerFS>
      <TotRevenueEtcAuditedFinclStmt>7271598</TotRevenueEtcAuditedFinclStmt>
      <RevenueNotRptdF990>0</RevenueNotRptdF990>
      <RevenueSubtotal>7271598</RevenueSubtotal>
      <RevenueNotRptdOnFinStmt>0</RevenueNotRptdOnFinStmt>
      <TotalRevenuePerForm990>7271598</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>6858762</TotExpensesEtcAuditedFinclStmt>
      <ExpensesNotRptdF990>0</ExpensesNotRptdF990>
      <ExpensesSubtotal>6858762</ExpensesSubtotal>
      <ExpensesNotRptdOnFinStmt>0</ExpensesNotRptdOnFinStmt>
      <TotalExpensesPerForm990>6858762</TotalExpensesPerForm990>
    </IRS990ScheduleD>
    <IRS990ScheduleE documentId="RetDoc1040400001">
      <NondiscriminatoryPolicyStmt>1</NondiscriminatoryPolicyStmt>
      <PolicyStatementInBrochuresEtc>1</PolicyStatementInBrochuresEtc>
      <PolicyPublViaBroadcastMedia>1</PolicyPublViaBroadcastMedia>
      <PubViaBroadcastMediaExpln>NEWSPAPER ADVERTISEMENTS FOR THE SCHOOL TO PUBLICIZE THAT IT DOES NOT DISCRIMINATE AGAINST ANY STUDENTS.</PubViaBroadcastMediaExpln>
      <MaintRacialCompositionRecords>1</MaintRacialCompositionRecords>
      <MaintScholarshipsRecords>1</MaintScholarshipsRecords>
      <MaintCopiesOfBrochuresEtc>1</MaintCopiesOfBrochuresEtc>
      <MaintCopiesOfAllSolicitations>1</MaintCopiesOfAllSolicitations>
      <DiscriminateRaceStudentsRights>0</DiscriminateRaceStudentsRights>
      <DiscriminateRaceAdmissPolicies>0</DiscriminateRaceAdmissPolicies>
      <DiscriminateRaceEmplmnFaculty>0</DiscriminateRaceEmplmnFaculty>
      <DiscriminateRaceScholarships>0</DiscriminateRaceScholarships>
      <DiscriminateRaceEducPolicies>0</DiscriminateRaceEducPolicies>
      <DiscriminateRaceUseOfFclts>0</DiscriminateRaceUseOfFclts>
      <DiscriminateRaceAthleticProg>0</DiscriminateRaceAthleticProg>
      <DiscriminateRaceOtherActy>0</DiscriminateRaceOtherActy>
      <GovernmentFinancialAidReceived>1</GovernmentFinancialAidReceived>
      <GovernmentFinancialAidRevoked>0</GovernmentFinancialAidRevoked>
      <GovtFinancialAidExplanation>THE SCHOOL RECEIVES FUNDING FROM THE STATE OF MICHIGAN SCHOOL AID FUND, WHICH PROVIDES FOR A SPECIFIC ANNUAL AMOUNT OF REVENUE PER STUDENT BASED ON A STATE-WIDE FORMULA.</GovtFinancialAidExplanation>
      <ComplianceWithRevProc7550>1</ComplianceWithRevProc7550>
    </IRS990ScheduleE>
    <IRS990ScheduleK documentId="RetDoc1053100001">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>Michigan Public Educational Facilities Authority</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>371455760</IssuerEIN>
        <CUSIPNumber>594569BT1</CUSIPNumber>
        <DateIssued>2006-07-26</DateIssued>
        <IssuePrice>8885023</IssuePrice>
        <DescriptionOfPurpose>Finance construction and equipping of school facilities.</DescriptionOfPurpose>
        <Defeased>0</Defeased>
        <OnBehalfOfIssuer>0</OnBehalfOfIssuer>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartII>
        <TotalProceeds>7840000</TotalProceeds>
        <AmountDefeased>5570000</AmountDefeased>
        <CapitalExpenditures>2270000</CapitalExpenditures>
        <CurrentRefunding>1</CurrentRefunding>
        <AdvanceRefunding>0</AdvanceRefunding>
        <FinalAllocationMade>1</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>1</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartIII>
        <OwningBondFinancedProperty>0</OwningBondFinancedProperty>
        <AnyLeaseArrangements>0</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>0</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>0</AnyResearchAgreements>
        <BondCounselRoutinelyEngaged>0</BondCounselRoutinelyEngaged>
        <PostIssuanceComplianceProcdrs>1</PostIssuanceComplianceProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIV>
        <Form8038TFiled>0</Form8038TFiled>
        <VariableRateIssue>0</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>0</HedgeIdentifiedInBooksAndRecds>
        <GrossProceedsInvestedInGIC>0</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>0</GrossProceedsInvested>
        <ExceptionToRebate>0</ExceptionToRebate>
      </Form990ScheduleKPartIV>
    </IRS990ScheduleK>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Section A, line 3</Identifier>
        <Explanation>THE ORGANIZATION CONTRACTS WITH A NOT-FOR-PROFIT ORGANIZATION WHICH PROVIDES EDUCATION SERVICES AND STAFFING PURSUANT TO A MANAGEMENT AGREEMENT.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Section A, line 7b</Identifier>
        <Explanation>Some decisions are approved by GVSU University Board.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Section B, line 11</Identifier>
        <Explanation>Each member will receive a PDF copy of the final draft of the Form 990 before it is submitted.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Section B, line 15</Identifier>
        <Explanation>Head of School: Review by the Board of Trustees with compensation changes revealed at meeting Director of Business Services: Written review by Head of School with compensation changes revealed in document</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Section C, line 19</Identifier>
        <Explanation>Audited financial statements are available to the public on the websites of the Michigan Department of Education and the Michigan Department of Treasury. Articles of Incorporation are available on the website of the Michigan Department of Labor and Economic Growth.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
  </ReturnData>
</Return>