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            <BusinessNameLine1Txt>FESTER &amp; CHAPMAN PLLC</BusinessNameLine1Txt>
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        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>9019 E BAHIA DR 100</AddressLine1Txt>
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            <ZIPCd>85260</ZIPCd>
          </USAddress>
        </ContractorAddress>
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        <CompensationAmt>285700</CompensationAmt>
      </ContractorCompensationGrp>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>AMAROK DEFENSE COMPANY LLC</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
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            <ZIPCd>85254</ZIPCd>
          </USAddress>
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      <CntrctRcvdGreaterThan100KCnt>21</CntrctRcvdGreaterThan100KCnt>
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      </ProgramServiceRevenueGrp>
      <ProgramServiceRevenueGrp>
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        <BusinessCd>611710</BusinessCd>
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        <RelatedOrExemptFuncIncomeAmt>4067757</RelatedOrExemptFuncIncomeAmt>
      </ProgramServiceRevenueGrp>
      <ProgramServiceRevenueGrp>
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        <BusinessCd>611710</BusinessCd>
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        <BusinessCd>611710</BusinessCd>
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        <ProgramServicesAmt>3964619</ProgramServicesAmt>
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      <FeesForServicesLegalGrp>
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      <FeesForServicesAccountingGrp>
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      <InformationTechnologyGrp>
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        <FundraisingAmt>58901</FundraisingAmt>
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      <InterestGrp>
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        <ProgramServicesAmt>9016342</ProgramServicesAmt>
        <ManagementAndGeneralAmt>1375260</ManagementAndGeneralAmt>
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      <DepreciationDepletionGrp>
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        <ProgramServicesAmt>8467691</ProgramServicesAmt>
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      <OtherExpensesGrp>
        <Desc>SUPPLIES</Desc>
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        <FundraisingAmt>2168</FundraisingAmt>
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      <OtherExpensesGrp>
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      <OtherExpensesGrp>
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        <FundraisingAmt>21499</FundraisingAmt>
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      <DonorRestrictionNetAssetsGrp>
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      <FSAuditedInd>true</FSAuditedInd>
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        <ConsolidatedBasisFinclStmtInd>X</ConsolidatedBasisFinclStmtInd>
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        <TotalAmt>5169600</TotalAmt>
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      <GrossReceiptsRltdActivitiesAmt>183174545</GrossReceiptsRltdActivitiesAmt>
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        <ContributorUSAddress>
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          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
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      <GrassrootsNontaxableGrp>
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      <AvgLobbyingNontaxableAmountGrp>
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        <CurrentYearMinus2Amt>1000000</CurrentYearMinus2Amt>
        <CurrentYearMinus1Amt>1000000</CurrentYearMinus1Amt>
        <CurrentYearAmt>1000000</CurrentYearAmt>
        <TotalAmt>4000000</TotalAmt>
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      <AvgGrassrootsNontaxableGrp>
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        <CurrentYearMinus2Amt>250000</CurrentYearMinus2Amt>
        <CurrentYearMinus1Amt>250000</CurrentYearMinus1Amt>
        <CurrentYearAmt>250000</CurrentYearAmt>
        <TotalAmt>1000000</TotalAmt>
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      <GrassrootsCeilingAmt>1500000</GrassrootsCeilingAmt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE C, PART II-A</FormAndLineReferenceDesc>
        <ExplanationTxt>NO LOBBYING EXPENSES IN THE FISCAL YEAR.</ExplanationTxt>
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        <BookValueAmt>8525242</BookValueAmt>
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      <OtherAssetsOrgGrp>
        <Desc>DUE FROM RELATED PARTY</Desc>
        <BookValueAmt>679611</BookValueAmt>
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      <OtherAssetsOrgGrp>
        <Desc>DEPOSITS</Desc>
        <BookValueAmt>364000</BookValueAmt>
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      <OtherLiabilitiesOrgGrp>
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        <Amt>12016196</Amt>
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      <OtherLiabilitiesOrgGrp>
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        <Amt>16830</Amt>
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        <NetIncomeSummaryAmt>-196919</NetIncomeSummaryAmt>
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        <PurposeOfGrantTxt>EDUCATION</PurposeOfGrantTxt>
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      <RecipientTable>
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          <BusinessNameLine1Txt>ARCHWAY CLASSICAL ACADEMY SCOTTSDAL</BusinessNameLine1Txt>
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        <USAddress>
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      <RecipientTable>
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          <BusinessNameLine1Txt>ARCHWAY CLASSICAL ACADEMY CICERO</BusinessNameLine1Txt>
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      <RecipientTable>
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      <RecipientTable>
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          <CityNm>PHOENIX</CityNm>
          <StateAbbreviationCd>AZ</StateAbbreviationCd>
          <ZIPCd>85034</ZIPCd>
        </USAddress>
        <RecipientEIN>464096974</RecipientEIN>
        <IRCSectionDesc>3</IRCSectionDesc>
        <CashGrantAmt>378377</CashGrantAmt>
        <ValuationMethodUsedDesc>FMV</ValuationMethodUsedDesc>
        <PurposeOfGrantTxt>EDUCATION</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>ARETE PREPARATORY ACADEMY</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>4717 E HILTON AVE STE 300</AddressLine1Txt>
          <CityNm>PHOENIX</CityNm>
          <StateAbbreviationCd>AZ</StateAbbreviationCd>
          <ZIPCd>85034</ZIPCd>
        </USAddress>
        <RecipientEIN>205332933</RecipientEIN>
        <IRCSectionDesc>3</IRCSectionDesc>
        <CashGrantAmt>42777</CashGrantAmt>
        <ValuationMethodUsedDesc>FMV</ValuationMethodUsedDesc>
        <PurposeOfGrantTxt>EDUCATION</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>LINCOLN PREPARATORY ACADEMY</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>4717 E HILTON AVE STE 300</AddressLine1Txt>
          <CityNm>PHOENIX</CityNm>
          <StateAbbreviationCd>AZ</StateAbbreviationCd>
          <ZIPCd>85034</ZIPCd>
        </USAddress>
        <RecipientEIN>471674469</RecipientEIN>
        <IRCSectionDesc>3</IRCSectionDesc>
        <CashGrantAmt>152777</CashGrantAmt>
        <ValuationMethodUsedDesc>FMV</ValuationMethodUsedDesc>
        <PurposeOfGrantTxt>EDUCATION</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>MARYVALE PREPARATORY ACADEMY</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>4717 E HILTON AVE STE 300</AddressLine1Txt>
          <CityNm>PHOENIX</CityNm>
          <StateAbbreviationCd>AZ</StateAbbreviationCd>
          <ZIPCd>85034</ZIPCd>
        </USAddress>
        <RecipientEIN>273289377</RecipientEIN>
        <IRCSectionDesc>3</IRCSectionDesc>
        <CashGrantAmt>1452777</CashGrantAmt>
        <ValuationMethodUsedDesc>FMV</ValuationMethodUsedDesc>
        <PurposeOfGrantTxt>EDUCATION</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>ANTHEM PREPARATORY ACADEMY</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>4717 E HILTON AVE STE 300</AddressLine1Txt>
          <CityNm>PHOENIX</CityNm>
          <StateAbbreviationCd>AZ</StateAbbreviationCd>
          <ZIPCd>85034</ZIPCd>
        </USAddress>
        <RecipientEIN>270375682</RecipientEIN>
        <IRCSectionDesc>3</IRCSectionDesc>
        <CashGrantAmt>223177</CashGrantAmt>
        <ValuationMethodUsedDesc>FMV</ValuationMethodUsedDesc>
        <PurposeOfGrantTxt>EDUCATION</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>SCOTTSDALE PREPARATORY ACADEMY</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>4717 E HILTON AVE STE 300</AddressLine1Txt>
          <CityNm>PHOENIX</CityNm>
          <StateAbbreviationCd>AZ</StateAbbreviationCd>
          <ZIPCd>85034</ZIPCd>
        </USAddress>
        <RecipientEIN>208778703</RecipientEIN>
        <IRCSectionDesc>3</IRCSectionDesc>
        <CashGrantAmt>106565</CashGrantAmt>
        <ValuationMethodUsedDesc>FMV</ValuationMethodUsedDesc>
        <PurposeOfGrantTxt>EDUCATION</PurposeOfGrantTxt>
      </RecipientTable>
      <Total501c3OrgCnt>16</Total501c3OrgCnt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE I, PAGE 1, PART I, LINE 2</FormAndLineReferenceDesc>
        <ExplanationTxt>GREAT HEARTS ARIZONA GIVES GRANTS TO ORGANIZATIONS TO WHICH THEY PROVIDE MANAGEMENT DUTIES FOR, WHICH ALLOWS THE ORGANIZATION TO CLOSELY MONITOR USE OF GRANT FUNDS.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleI>
    <IRS990ScheduleJ documentId="RetDoc9">
      <Form990OfOtherOrganizationsInd>X</Form990OfOtherOrganizationsInd>
      <WrittenEmploymentContractInd>X</WrittenEmploymentContractInd>
      <CompensationSurveyInd>X</CompensationSurveyInd>
      <BoardOrCommitteeApprovalInd>X</BoardOrCommitteeApprovalInd>
      <SeverancePaymentInd>false</SeverancePaymentInd>
      <SupplementalNonqualRtrPlanInd>false</SupplementalNonqualRtrPlanInd>
      <EquityBasedCompArrngmInd>false</EquityBasedCompArrngmInd>
      <CompBasedOnRevenueOfFlngOrgInd>false</CompBasedOnRevenueOfFlngOrgInd>
      <CompBsdOnRevRelatedOrgsInd>false</CompBsdOnRevRelatedOrgsInd>
      <CompBsdNetEarnsFlngOrgInd>false</CompBsdNetEarnsFlngOrgInd>
      <CompBsdNetEarnsRltdOrgsInd>false</CompBsdNetEarnsRltdOrgsInd>
      <AnyNonFixedPaymentsInd>false</AnyNonFixedPaymentsInd>
      <InitialContractExceptionInd>false</InitialContractExceptionInd>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>DANIEL P SCOGGIN</PersonNm>
        <TitleTxt>VICE CHAIRMAN</TitleTxt>
        <CompensationBasedOnRltdOrgsAmt>356448</CompensationBasedOnRltdOrgsAmt>
        <BonusRelatedOrganizationsAmt>200</BonusRelatedOrganizationsAmt>
        <DeferredCompRltdOrgsAmt>7133</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsRltdOrgsAmt>18749</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationRltdOrgsAmt>382530</TotalCompensationRltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>BRANDON CROWE</PersonNm>
        <TitleTxt>SUPERINTENDENT</TitleTxt>
        <BaseCompensationFilingOrgAmt>222030</BaseCompensationFilingOrgAmt>
        <BonusFilingOrganizationAmount>36500</BonusFilingOrganizationAmount>
        <DeferredCompensationFlngOrgAmt>5171</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>14104</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>277805</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>KATHERINE MCMILLAN</PersonNm>
        <TitleTxt>VP OF FINANCE</TitleTxt>
        <BaseCompensationFilingOrgAmt>163846</BaseCompensationFilingOrgAmt>
        <BonusFilingOrganizationAmount>11200</BonusFilingOrganizationAmount>
        <DeferredCompensationFlngOrgAmt>3501</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>18683</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>197230</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>LEANNE FAWCETT</PersonNm>
        <TitleTxt>EXECUTIVE DIRECTOR</TitleTxt>
        <BaseCompensationFilingOrgAmt>155697</BaseCompensationFilingOrgAmt>
        <BonusFilingOrganizationAmount>11200</BonusFilingOrganizationAmount>
        <DeferredCompensationFlngOrgAmt>3338</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>6859</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>177094</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>MAC ESAU</PersonNm>
        <TitleTxt>EXECUTIVE DIRECTOR</TitleTxt>
        <BaseCompensationFilingOrgAmt>137308</BaseCompensationFilingOrgAmt>
        <BonusFilingOrganizationAmount>11200</BonusFilingOrganizationAmount>
        <DeferredCompensationFlngOrgAmt>2324</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>18713</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>169545</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
    </IRS990ScheduleJ>
    <IRS990ScheduleK documentId="RetDoc10">
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>THE INDUSTRIAL DEVELOPMENT AUTHORIT</BusinessNameLine1Txt>
          <BusinessNameLine2Txt>OF THE CITY OF PHOENIX ARIZONA</BusinessNameLine2Txt>
        </IssuerName>
        <BondIssuerEIN>522038405</BondIssuerEIN>
        <CUSIPNum>71885FEG8</CUSIPNum>
        <BondIssuedDt>2016-02-01</BondIssuedDt>
        <IssuePriceAmt>48440000</IssuePriceAmt>
        <PurposeDesc>EDUCATION FACILITY AND REFUND BONDS ISSUED</PurposeDesc>
        <DefeasedInd>false</DefeasedInd>
        <OnBehalfOfIssuerInd>false</OnBehalfOfIssuerInd>
        <PoolFinancingInd>false</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>THE INDUSTRIAL DEVELOPMENT AUTHORIT</BusinessNameLine1Txt>
          <BusinessNameLine2Txt>OF THE CITY OF PHOENIX ARIZONA</BusinessNameLine2Txt>
        </IssuerName>
        <BondIssuerEIN>522038405</BondIssuerEIN>
        <CUSIPNum>71885FDK0</CUSIPNum>
        <BondIssuedDt>2014-10-23</BondIssuedDt>
        <IssuePriceAmt>81679781</IssuePriceAmt>
        <PurposeDesc>EDUCATION FACTILITY AND REFUND BONDS</PurposeDesc>
        <DefeasedInd>false</DefeasedInd>
        <OnBehalfOfIssuerInd>false</OnBehalfOfIssuerInd>
        <PoolFinancingInd>false</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>THE INDUSTRIAL DEVELOPMENT AUTHORIT</BusinessNameLine1Txt>
          <BusinessNameLine2Txt>OF THE COUNTY OF MARICOPA</BusinessNameLine2Txt>
        </IssuerName>
        <BondIssuerEIN>860445263</BondIssuerEIN>
        <CUSIPNum>56681NBT3</CUSIPNum>
        <BondIssuedDt>2017-07-01</BondIssuedDt>
        <IssuePriceAmt>32240000</IssuePriceAmt>
        <PurposeDesc>EDUCATION FACILITY AND REFUND BONDS ISSUED</PurposeDesc>
        <DefeasedInd>false</DefeasedInd>
        <OnBehalfOfIssuerInd>false</OnBehalfOfIssuerInd>
        <PoolFinancingInd>false</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>THE INDUSTRIAL DEVELOPMENT AUTHORIT</BusinessNameLine1Txt>
          <BusinessNameLine2Txt>OF THE COUNTY OF MARICOPA</BusinessNameLine2Txt>
        </IssuerName>
        <BondIssuerEIN>860445263</BondIssuerEIN>
        <CUSIPNum>56681NCN5</CUSIPNum>
        <BondIssuedDt>2017-11-01</BondIssuedDt>
        <IssuePriceAmt>19500000</IssuePriceAmt>
        <PurposeDesc>EDUCATION FACTILITY AND REFUND BONDS</PurposeDesc>
        <DefeasedInd>false</DefeasedInd>
        <OnBehalfOfIssuerInd>false</OnBehalfOfIssuerInd>
        <PoolFinancingInd>false</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <SubstantialCompletionYr>2016</SubstantialCompletionYr>
        <RefundingTaxExemptBondsInd>true</RefundingTaxExemptBondsInd>
        <RefundingTaxableBondsInd>false</RefundingTaxableBondsInd>
        <FinalAllocationMadeInd>true</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>true</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <SubstantialCompletionYr>2014</SubstantialCompletionYr>
        <RefundingTaxExemptBondsInd>true</RefundingTaxExemptBondsInd>
        <RefundingTaxableBondsInd>false</RefundingTaxableBondsInd>
        <FinalAllocationMadeInd>true</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>true</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <SubstantialCompletionYr>2017</SubstantialCompletionYr>
        <RefundingTaxExemptBondsInd>true</RefundingTaxExemptBondsInd>
        <RefundingTaxableBondsInd>false</RefundingTaxableBondsInd>
        <FinalAllocationMadeInd>true</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>true</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <SubstantialCompletionYr>2017</SubstantialCompletionYr>
        <RefundingTaxExemptBondsInd>false</RefundingTaxExemptBondsInd>
        <RefundingTaxableBondsInd>false</RefundingTaxableBondsInd>
        <FinalAllocationMadeInd>true</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>true</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <OwningBondFinancedPropertyInd>false</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>false</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>false</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>false</AnyResearchAgreementsInd>
        <BondIssMeetPrvtSecPymtTestInd>false</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>false</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>true</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <OwningBondFinancedPropertyInd>false</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>false</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>false</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>false</AnyResearchAgreementsInd>
        <BondIssMeetPrvtSecPymtTestInd>false</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>false</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>true</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <OwningBondFinancedPropertyInd>false</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>false</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>false</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>false</AnyResearchAgreementsInd>
        <BondIssMeetPrvtSecPymtTestInd>false</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>false</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>false</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <OwningBondFinancedPropertyInd>false</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>false</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>false</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>false</AnyResearchAgreementsInd>
        <BondIssMeetPrvtSecPymtTestInd>false</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>false</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>false</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <Form8038TFiledInd>false</Form8038TFiledInd>
        <RebateNotDueYetInd>false</RebateNotDueYetInd>
        <ExceptionToRebateInd>false</ExceptionToRebateInd>
        <NoRebateDueInd>false</NoRebateDueInd>
        <VariableRateIssueInd>false</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>false</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>false</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>false</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>true</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <Form8038TFiledInd>false</Form8038TFiledInd>
        <RebateNotDueYetInd>false</RebateNotDueYetInd>
        <ExceptionToRebateInd>false</ExceptionToRebateInd>
        <NoRebateDueInd>false</NoRebateDueInd>
        <VariableRateIssueInd>false</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>false</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>false</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>false</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>true</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <Form8038TFiledInd>false</Form8038TFiledInd>
        <RebateNotDueYetInd>false</RebateNotDueYetInd>
        <ExceptionToRebateInd>false</ExceptionToRebateInd>
        <NoRebateDueInd>false</NoRebateDueInd>
        <VariableRateIssueInd>false</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>false</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>false</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>false</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>false</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <Form8038TFiledInd>false</Form8038TFiledInd>
        <RebateNotDueYetInd>false</RebateNotDueYetInd>
        <ExceptionToRebateInd>false</ExceptionToRebateInd>
        <NoRebateDueInd>false</NoRebateDueInd>
        <VariableRateIssueInd>false</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>false</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>false</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>false</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>false</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <ProceduresCorrectiveActionInd>false</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <ProceduresCorrectiveActionInd>false</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <ProceduresCorrectiveActionInd>false</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <ProceduresCorrectiveActionInd>false</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PURPOSE OF ISSUE DESCRIPTION</FormAndLineReferenceDesc>
        <ExplanationTxt>THE INDUSTRIAL DEVELOPMENT AUTHORITY EDUCATION FACILITY AND REFUND BONDS ISSUED</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PURPOSE OF ISSUE DESCRIPTION</FormAndLineReferenceDesc>
        <ExplanationTxt>THE INDUSTRIAL DEVELOPMENT AUTHORITY EDUCATION FACTILITY AND REFUND BONDS</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PURPOSE OF ISSUE DESCRIPTION</FormAndLineReferenceDesc>
        <ExplanationTxt>THE INDUSTRIAL DEVELOPMENT AUTHORITY EDUCATION FACILITY AND REFUND BONDS ISSUED</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PURPOSE OF ISSUE DESCRIPTION</FormAndLineReferenceDesc>
        <ExplanationTxt>THE INDUSTRIAL DEVELOPMENT AUTHORITY EDUCATION FACTILITY AND REFUND BONDS</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleK>
    <IRS990ScheduleK documentId="RetDoc11">
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>ARIZONA INDUSTRIAL DEVELOPMENT</BusinessNameLine1Txt>
          <BusinessNameLine2Txt>AUTHORITY</BusinessNameLine2Txt>
        </IssuerName>
        <BondIssuedDt>2021-06-01</BondIssuedDt>
        <IssuePriceAmt>59020000</IssuePriceAmt>
        <DefeasedInd>false</DefeasedInd>
        <OnBehalfOfIssuerInd>false</OnBehalfOfIssuerInd>
        <PoolFinancingInd>false</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>THE INDUSTRIAL DEVELOPMENT AUTHORIT</BusinessNameLine1Txt>
          <BusinessNameLine2Txt>OF THE CITY OF PHOENIX AZ</BusinessNameLine2Txt>
        </IssuerName>
        <BondIssuerEIN>860445652</BondIssuerEIN>
        <BondIssuedDt>2025-06-01</BondIssuedDt>
        <IssuePriceAmt>16850000</IssuePriceAmt>
        <DefeasedInd>false</DefeasedInd>
        <OnBehalfOfIssuerInd>false</OnBehalfOfIssuerInd>
        <PoolFinancingInd>false</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <RefundingTaxExemptBondsInd>false</RefundingTaxExemptBondsInd>
        <RefundingTaxableBondsInd>false</RefundingTaxableBondsInd>
        <FinalAllocationMadeInd>false</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>false</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <RefundingTaxExemptBondsInd>false</RefundingTaxExemptBondsInd>
        <RefundingTaxableBondsInd>false</RefundingTaxableBondsInd>
        <FinalAllocationMadeInd>false</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>false</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <OwningBondFinancedPropertyInd>false</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>false</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>false</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>false</AnyResearchAgreementsInd>
        <BondIssMeetPrvtSecPymtTestInd>false</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>false</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>false</ProcsNonqualifiedBondRemdtdInd>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990 - ORGANIZATION'S MISSION</FormAndLineReferenceDesc>
        <ExplanationTxt>GREAT HEARTS IS A NON-PROFIT NETWORK OF PUBLIC CHARTER SCHOOLS DEDICATED TO IMPROVING EDUCATION NATIONWIDE THROUGH CLASSICAL PREPARATORY K-12 ACADEMIES. A GREAT HEARTS EDUCATION PREPARES STUDENTS TO BE MORE THAN JUST PROFICIENT TEST TAKERS, BUT RATHER, TO BECOME GREAT-HEARTED LEADERS CAPABLE OF SUCCESS THROUGHOUT THEIR HIGHER EDUCATION AND PROFESSIONAL CAREERS. WITH A CURRICULUM BUILT UPON A CLASSICAL LIBERAL ARTS TRADITION AND A REVOLUTIONARY APPROACH TO SCHOOL ITSELF, GREAT HEARTS CULTIVATES THE HEARTS AND MINDS OF STUDENTS IN THE PURSUIT OF TRUTH, GOODNESS, AND BEAUTY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 6</FormAndLineReferenceDesc>
        <ExplanationTxt>THE SOLE MEMBER OF THE ORGANIZATION IS GREATHEARTS AMERICA, AN ORGANIZATION EXEMPT FROM TAXATION UNDER INTERNAL REVENUE CODE SETION 501(C)(3).</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 7A</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION'S TAX-EXEMPT SOLE MEMBER APPOINTS THE ORGANIZATION'S DIRECTORS, FILLS VACANCIES ON THE BOARD, AND MAY REMOVE DIRECTORS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>A DRAFT COPY IS SENT TO THE GREAT HEARTS ARIZONA BOARD MEMBERS BEFORE IT WAS FILED NOTING THE REVIEW THE VP OF FINANCE FOR GREAT HEARTS ARIZONA HAD COMPLETED REGARDING THE DOCUMENT. THE BOARD WAS GIVEN THE OPPORTUNITY TO ASK ANY QUESTIONS REGARDING THE DOCUMENT. AFTER FILING, COPIES ARE POSTED ON THE GREATHEARTS WEBSITE. LOCATED HERE: HTTPS://ARIZONA.GREATHEARTSAMERICA.ORG/FINANCE-COMPLIANCE/</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>BOARD MEMBERS COMPLETE AND SIGN A CONFLICT OF INTEREST FORM ANNUALLY. OFFICERS AND ALL EMPLOYEES ARE REQUIRED TO SIGN THE EMPLOYEE HANDBOOK ANNUALLY. THE HANDBOOK INCLUDES A CONFLICT OF INTEREST FORM WHICH NEEDS TO BE COMPLETED AND SUBMITTED TO HUMAN RESOURCES IF A POTENTIAL CONFLICT OF INTEREST EXISTS. THESE DOCUMENTS ARE REVIEWED BY HUMAN RESOURCES AND ANY CONFLICTS ARE IDENTIFIED AND REPORTED TO THE AUDITORS AND THE BOARD TO MONITOR.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 15A</FormAndLineReferenceDesc>
        <ExplanationTxt>COMPENSATION FOR OFFICERS, EMPLOYEES AND FACULTY ARE DETERMINED BASED ON INDEPENDENT COMPENSATION STUDIES AND SALARIES OF COMPARABLE NON-PROFIT ORGANIZATIONS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 15B</FormAndLineReferenceDesc>
        <ExplanationTxt>THE BOARD APPROVES COMPENSATION FOR KEY STAFF.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THE 990 TAX RETURN AND VARIOUS FINANCIAL AND COMPLIANCE RELATED ITEMS ARE POSTED ON THE GREAT HEARTS WEBSITE. FORM 1023 IS AVAILABLE UPON REQUEST. THE LINK IS AS FOLLOWS: HTTPS://ARIZONA.GREATHEARTSAMERICA.ORG/FINANCE- COMPLIANCE/</ExplanationTxt>
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