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      <Form990PartVIISectionAGrp>
        <PersonNm>FRANK HICKINGBOTHAM</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
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        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>JACKIE HARRIS</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
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        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>TERRI MARDIS</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
        <AverageHoursPerWeekRt>0.25</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>PHILLIP WATTS</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
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        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>CRAIG CAMPBELL</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
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        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>CLAY CUNNINGHAM</PersonNm>
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        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>BEN SELLS</PersonNm>
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        <ReportableCompFromOrgAmt>354791</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>90440</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>JASON TOLBERT</PersonNm>
        <TitleTxt>VICE PRESIDENT FOR FINANCE</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
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        <ReportableCompFromOrgAmt>133936</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>34201</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>ANDY ALMAND</PersonNm>
        <TitleTxt>PROFESSOR</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <HighestCompensatedEmployeeInd>X</HighestCompensatedEmployeeInd>
        <ReportableCompFromOrgAmt>154410</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>40403</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>BRYAN MCKINNEY</PersonNm>
        <TitleTxt>GENERAL COUNSEL/DEAN</TitleTxt>
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        <HighestCompensatedEmployeeInd>X</HighestCompensatedEmployeeInd>
        <ReportableCompFromOrgAmt>168276</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>37074</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>JUSTIN HARDIN</PersonNm>
        <TitleTxt>VICE PRESIDENT</TitleTxt>
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        <HighestCompensatedEmployeeInd>X</HighestCompensatedEmployeeInd>
        <ReportableCompFromOrgAmt>151374</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>52898</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>TIM KNIGHT</PersonNm>
        <TitleTxt>DEAN</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <HighestCompensatedEmployeeInd>X</HighestCompensatedEmployeeInd>
        <ReportableCompFromOrgAmt>153383</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>34820</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>KELDON HENLEY</PersonNm>
        <TitleTxt>VICE PRESIDENT</TitleTxt>
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        <HighestCompensatedEmployeeInd>X</HighestCompensatedEmployeeInd>
        <ReportableCompFromOrgAmt>150667</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>32582</OtherCompensationAmt>
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      <TotalReportableCompFromOrgAmt>1266837</TotalReportableCompFromOrgAmt>
      <TotReportableCompRltdOrgAmt>0</TotReportableCompRltdOrgAmt>
      <TotalOtherCompensationAmt>322418</TotalOtherCompensationAmt>
      <IndivRcvdGreaterThan100KCnt>15</IndivRcvdGreaterThan100KCnt>
      <FormerOfcrEmployeesListedInd>0</FormerOfcrEmployeesListedInd>
      <TotalCompGreaterThan150KInd>1</TotalCompGreaterThan150KInd>
      <CompensationFromOtherSrcsInd>0</CompensationFromOtherSrcsInd>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>SODEXO</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>PO BOX 360170</AddressLine1Txt>
            <CityNm>PITTSBURGH</CityNm>
            <StateAbbreviationCd>PA</StateAbbreviationCd>
            <ZIPCd>152626170</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>CATERING SERVICES</ServicesDesc>
        <CompensationAmt>5712605</CompensationAmt>
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      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>SCOTT NELSON CONSTRUCTION</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>15265 HIGHWAY 9</AddressLine1Txt>
            <CityNm>MALVERN</CityNm>
            <StateAbbreviationCd>AR</StateAbbreviationCd>
            <ZIPCd>72104</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>CONSTRUCTION</ServicesDesc>
        <CompensationAmt>1145449</CompensationAmt>
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      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>BALDWIN &amp; SHELL</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>1000 W CAPITOL AVE</AddressLine1Txt>
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            <StateAbbreviationCd>AR</StateAbbreviationCd>
            <ZIPCd>72201</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>CONSTRUCTION</ServicesDesc>
        <CompensationAmt>676670</CompensationAmt>
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      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>MUSCO SPORTS LIGHTING</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>211 2ND AVE W PO BOX 808</AddressLine1Txt>
            <CityNm>OSKALOOSA</CityNm>
            <StateAbbreviationCd>IA</StateAbbreviationCd>
            <ZIPCd>52577</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>LIGHTING</ServicesDesc>
        <CompensationAmt>649500</CompensationAmt>
      </ContractorCompensationGrp>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>BBA CORP</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>11621 KANIS RD</AddressLine1Txt>
            <CityNm>LITTLE ROCK</CityNm>
            <StateAbbreviationCd>AR</StateAbbreviationCd>
            <ZIPCd>72211</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>BOOKSTORE</ServicesDesc>
        <CompensationAmt>578338</CompensationAmt>
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      <CntrctRcvdGreaterThan100KCnt>37</CntrctRcvdGreaterThan100KCnt>
      <FundraisingAmt>239129</FundraisingAmt>
      <GovernmentGrantsAmt>1888080</GovernmentGrantsAmt>
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      <TotalContributionsAmt>11596716</TotalContributionsAmt>
      <ProgramServiceRevenueGrp>
        <Desc>TUITION AND FEES</Desc>
        <BusinessCd>611600</BusinessCd>
        <TotalRevenueColumnAmt>55755206</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>55755206</RelatedOrExemptFuncIncomeAmt>
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      <ProgramServiceRevenueGrp>
        <Desc>ROOM AND BOARD</Desc>
        <BusinessCd>611600</BusinessCd>
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        <RelatedOrExemptFuncIncomeAmt>5235955</RelatedOrExemptFuncIncomeAmt>
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      <TotalProgramServiceRevenueAmt>60991161</TotalProgramServiceRevenueAmt>
      <InvestmentIncomeGrp>
        <TotalRevenueColumnAmt>1782101</TotalRevenueColumnAmt>
        <ExclusionAmt>1782101</ExclusionAmt>
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      <IncmFromInvestBondProceedsGrp>
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        <ExclusionAmt>103152</ExclusionAmt>
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      <GrossAmountSalesAssetsGrp>
        <SecuritiesAmt>19541560</SecuritiesAmt>
        <OtherAmt>51896</OtherAmt>
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      <LessCostOthBasisSalesExpnssGrp>
        <SecuritiesAmt>15504053</SecuritiesAmt>
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      <GainOrLossGrp>
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        <OtherAmt>51896</OtherAmt>
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      <NetGainOrLossInvestmentsGrp>
        <TotalRevenueColumnAmt>4089403</TotalRevenueColumnAmt>
        <ExclusionAmt>4089403</ExclusionAmt>
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      <FundraisingGrossIncomeAmt>57434</FundraisingGrossIncomeAmt>
      <ContriRptFundraisingEventAmt>239129</ContriRptFundraisingEventAmt>
      <FundraisingDirectExpensesAmt>93832</FundraisingDirectExpensesAmt>
      <NetIncmFromFundraisingEvtGrp>
        <TotalRevenueColumnAmt>-36398</TotalRevenueColumnAmt>
        <ExclusionAmt>-36398</ExclusionAmt>
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      <OtherRevenueMiscGrp>
        <Desc>AUXILIARY REVENUE</Desc>
        <BusinessCd>611710</BusinessCd>
        <TotalRevenueColumnAmt>8856957</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>8856957</RelatedOrExemptFuncIncomeAmt>
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      <OtherRevenueMiscGrp>
        <Desc>CHANGE VALUE SPLIT INTEREST</Desc>
        <BusinessCd>611710</BusinessCd>
        <TotalRevenueColumnAmt>2165615</TotalRevenueColumnAmt>
        <ExclusionAmt>2165615</ExclusionAmt>
      </OtherRevenueMiscGrp>
      <OtherRevenueMiscGrp>
        <Desc>GATE RECEIPTS</Desc>
        <BusinessCd>611710</BusinessCd>
        <TotalRevenueColumnAmt>62927</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>62927</RelatedOrExemptFuncIncomeAmt>
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      <MiscellaneousRevenueGrp>
        <TotalRevenueColumnAmt>2036024</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>2036024</RelatedOrExemptFuncIncomeAmt>
      </MiscellaneousRevenueGrp>
      <OtherRevenueTotalAmt>13121523</OtherRevenueTotalAmt>
      <TotalRevenueGrp>
        <TotalRevenueColumnAmt>91647658</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>71947069</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>0</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>8103873</ExclusionAmt>
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      <GrantsToDomesticIndividualsGrp>
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        <ProgramServicesAmt>34056655</ProgramServicesAmt>
      </GrantsToDomesticIndividualsGrp>
      <CompCurrentOfcrDirectorsGrp>
        <TotalAmt>445910</TotalAmt>
        <ManagementAndGeneralAmt>287794</ManagementAndGeneralAmt>
        <FundraisingAmt>158116</FundraisingAmt>
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        <TotalAmt>19947504</TotalAmt>
        <ProgramServicesAmt>18054447</ProgramServicesAmt>
        <ManagementAndGeneralAmt>1542682</ManagementAndGeneralAmt>
        <FundraisingAmt>350375</FundraisingAmt>
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      <PensionPlanContributionsGrp>
        <TotalAmt>1068728</TotalAmt>
        <ProgramServicesAmt>890177</ProgramServicesAmt>
        <ManagementAndGeneralAmt>150607</ManagementAndGeneralAmt>
        <FundraisingAmt>27944</FundraisingAmt>
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        <ProgramServicesAmt>2932337</ProgramServicesAmt>
        <ManagementAndGeneralAmt>496114</ManagementAndGeneralAmt>
        <FundraisingAmt>92052</FundraisingAmt>
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        <ProgramServicesAmt>1119271</ProgramServicesAmt>
        <ManagementAndGeneralAmt>189366</ManagementAndGeneralAmt>
        <FundraisingAmt>35136</FundraisingAmt>
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      <FeesForServicesLegalGrp>
        <TotalAmt>35805</TotalAmt>
        <ManagementAndGeneralAmt>35805</ManagementAndGeneralAmt>
      </FeesForServicesLegalGrp>
      <FeesForServicesAccountingGrp>
        <TotalAmt>177323</TotalAmt>
        <ManagementAndGeneralAmt>177323</ManagementAndGeneralAmt>
      </FeesForServicesAccountingGrp>
      <AdvertisingGrp>
        <TotalAmt>516253</TotalAmt>
        <ProgramServicesAmt>245578</ProgramServicesAmt>
        <ManagementAndGeneralAmt>270675</ManagementAndGeneralAmt>
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      <OfficeExpensesGrp>
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        <ProgramServicesAmt>1339383</ProgramServicesAmt>
        <ManagementAndGeneralAmt>69932</ManagementAndGeneralAmt>
        <FundraisingAmt>41745</FundraisingAmt>
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        <TotalAmt>579463</TotalAmt>
        <ManagementAndGeneralAmt>579463</ManagementAndGeneralAmt>
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        <ProgramServicesAmt>3283436</ProgramServicesAmt>
        <ManagementAndGeneralAmt>292555</ManagementAndGeneralAmt>
        <FundraisingAmt>13641</FundraisingAmt>
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        <ProgramServicesAmt>497513</ProgramServicesAmt>
        <ManagementAndGeneralAmt>67927</ManagementAndGeneralAmt>
        <FundraisingAmt>45778</FundraisingAmt>
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      <ConferencesMeetingsGrp>
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        <ProgramServicesAmt>105261</ProgramServicesAmt>
        <ManagementAndGeneralAmt>8313</ManagementAndGeneralAmt>
        <FundraisingAmt>808</FundraisingAmt>
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        <ProgramServicesAmt>2391995</ProgramServicesAmt>
        <ManagementAndGeneralAmt>213127</ManagementAndGeneralAmt>
        <FundraisingAmt>9937</FundraisingAmt>
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        <ProgramServicesAmt>5388259</ProgramServicesAmt>
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        <ManagementAndGeneralAmt>675598</ManagementAndGeneralAmt>
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        <Desc>AUXILIARY</Desc>
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        <ProgramServicesAmt>5677605</ProgramServicesAmt>
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        <ProgramServicesAmt>3238315</ProgramServicesAmt>
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      <OtherExpensesGrp>
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        <ProgramServicesAmt>1196055</ProgramServicesAmt>
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      <OtherExpensesGrp>
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        <TotalAmt>643398</TotalAmt>
        <ProgramServicesAmt>487476</ProgramServicesAmt>
        <ManagementAndGeneralAmt>118068</ManagementAndGeneralAmt>
        <FundraisingAmt>37854</FundraisingAmt>
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      <AllOtherExpensesGrp>
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        <ProgramServicesAmt>406090</ProgramServicesAmt>
        <ManagementAndGeneralAmt>922633</ManagementAndGeneralAmt>
        <FundraisingAmt>187076</FundraisingAmt>
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      <TotalFunctionalExpensesGrp>
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        <ProgramServicesAmt>81309853</ProgramServicesAmt>
        <ManagementAndGeneralAmt>6578077</ManagementAndGeneralAmt>
        <FundraisingAmt>1022847</FundraisingAmt>
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        <EOYAmt>15244398</EOYAmt>
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        <EOYAmt>6259719</EOYAmt>
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        <EOYAmt>1892080</EOYAmt>
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      <AccountsReceivableGrp>
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        <EOYAmt>231341</EOYAmt>
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      <OthNotesLoansReceivableNetGrp>
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        <EOYAmt>329196</EOYAmt>
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        <EOYAmt>377351</EOYAmt>
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        <EOYAmt>413298</EOYAmt>
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      <LandBldgEquipBasisNetGrp>
        <BOYAmt>91758329</BOYAmt>
        <EOYAmt>98865077</EOYAmt>
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      <InvestmentsPubTradedSecGrp>
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        <EOYAmt>73034082</EOYAmt>
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        <EOYAmt>0</EOYAmt>
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        <BOYAmt>32599279</BOYAmt>
        <EOYAmt>34949265</EOYAmt>
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      <TotalAssetsGrp>
        <BOYAmt>226598867</BOYAmt>
        <EOYAmt>231595807</EOYAmt>
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      <AccountsPayableAccrExpnssGrp>
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        <EOYAmt>3063440</EOYAmt>
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      <DeferredRevenueGrp>
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        <EOYAmt>1608286</EOYAmt>
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      <TaxExemptBondLiabilitiesGrp>
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        <EOYAmt>42846181</EOYAmt>
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      <MortgNotesPyblScrdInvstPropGrp>
        <BOYAmt>8414165</BOYAmt>
        <EOYAmt>9596466</EOYAmt>
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      <OtherLiabilitiesGrp>
        <BOYAmt>60597</BOYAmt>
        <EOYAmt>29564</EOYAmt>
      </OtherLiabilitiesGrp>
      <TotalLiabilitiesGrp>
        <BOYAmt>58412738</BOYAmt>
        <EOYAmt>57143937</EOYAmt>
      </TotalLiabilitiesGrp>
      <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
      <NoDonorRestrictionNetAssetsGrp>
        <BOYAmt>14452536</BOYAmt>
        <EOYAmt>20442625</EOYAmt>
      </NoDonorRestrictionNetAssetsGrp>
      <DonorRestrictionNetAssetsGrp>
        <BOYAmt>153733593</BOYAmt>
        <EOYAmt>154009245</EOYAmt>
      </DonorRestrictionNetAssetsGrp>
      <TotalNetAssetsFundBalanceGrp>
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        <FormAndLineReferenceDesc>DATE REBATE COMPUTATION PERFORMED</FormAndLineReferenceDesc>
        <ExplanationTxt>ISSUER NAME: CITY OF ARKADELPHIA, AR DATE THE REBATE COMPUTATION WAS PERFORMED: 03/01/2025 ISSUER NAME: CITY OF ARKADELPHIA, AR DATE THE REBATE COMPUTATION WAS PERFORMED: 03/01/2025 ISSUER NAME: CITY OF ARKADELPHIA, AR DATE THE REBATE COMPUTATION WAS PERFORMED: 03/01/2025 ISSUER NAME: CITY OF ARKADELPHIA, AR DATE THE REBATE COMPUTATION WAS PERFORMED: 03/01/2025</ExplanationTxt>
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        <ExplanationTxt>FORM 990 IS REVIEWED BY THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES, THEN MADE AVAILABLE TO ALL TRUSTEES PRIOR TO ITS FILING.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>TRUSTEES, FACULTY, AND STAFF MUST COMPLETE OR UPDATE A CONFLICT OF INTEREST DISCLOSURE FORM EACH YEAR. A MANAGEMENT PLAN IS CREATED AND MONITORED FOR ANY IDENTIFIED POTENTIAL CONFLICTS.</ExplanationTxt>
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      <SupplementalInformationDetail>
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        <ExplanationTxt>AN EXECUTIVE COMPENSATION REVIEW PROCESS MUST BE CONDUCTED NO LESS THAN EVERY 24 MONTHS.</ExplanationTxt>
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        <ExplanationTxt>CONFLICT OF INTEREST POLICY IS POSTED ON THE UNIVERSITY'S WEBSITE. AUDITED FINANCIAL STATEMENTS AND FORM 990 ARE AVAILABLE UPON REQUEST.</ExplanationTxt>
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</Return>