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        <FormAndLineReferenceDesc>Part I Line 1</FormAndLineReferenceDesc>
        <ExplanationTxt>DIRECTLY TO EDUCATIONAL INSTITUTIONS FOR THE BENEFIT OF THE RECIPIENTS. THE</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Part I Line 1</FormAndLineReferenceDesc>
        <ExplanationTxt>SCHOLARSHIPS SUPPORT THE EDUCATION OF THE NEXT GENERATION OF LEADERS WHO</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Part I Line 1</FormAndLineReferenceDesc>
        <ExplanationTxt>UPHOLD VALUES OF INTELLECTUAL RIGOR, ETHICAL LEADERSHIP, AND DEDICATION TO</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Part I Line 1</FormAndLineReferenceDesc>
        <ExplanationTxt>CORE AMERICAN PRINCIPLES.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Part III Line 1</FormAndLineReferenceDesc>
        <ExplanationTxt>TO HONOR THE LEGACY OF CONSERVATIVE- AND LIBERTARIAN-MINDED DONORS,</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Part III Line 1</FormAndLineReferenceDesc>
        <ExplanationTxt>NATIONAL SCHOLARSHIP TRUST PROVIDES FINANCIAL SUPPORT TO QUALIFIED</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Part III Line 1</FormAndLineReferenceDesc>
        <ExplanationTxt>UNDERGRADUATE AND GRADUATE STUDENTS ATTENDING ACCREDITED U.S.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Part III Line 1</FormAndLineReferenceDesc>
        <ExplanationTxt>INSTITUTIONS. SCHOLARSHIPS ARE AWARDED ON AN OBJECTIVE, NON-DISCRIMINATORY</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Part III Line 1</FormAndLineReferenceDesc>
        <ExplanationTxt>BASIS AND DISBURSED DIRECTLY TO EDUCATIONAL INSTITUTIONS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Part VI Line 1A</FormAndLineReferenceDesc>
        <ExplanationTxt>IF ANY DIRECTORS ARE RELATED, THEIR VOTING RIGHTS ARE COLLECTIVELY ADJUSTED</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Part VI Line 1A</FormAndLineReferenceDesc>
        <ExplanationTxt>TO EQUAL THE VOTING POWER OF A SINGLE DIRECTOR.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Part VI Line 2</FormAndLineReferenceDesc>
        <ExplanationTxt>NATALIO D. BUDASOFF AND CHRISTINE A. BUDASOFF HAVE A FAMILY RELATIONSHIP.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
  </ReturnData>
</Return>