<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.irs.gov/efile" returnVersion="2022v5.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2024-04-01T09:01:31-05:00</ReturnTs>
    <TaxPeriodEndDt>2023-06-30</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>580692043</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>MAULDIN &amp; JENKINS LLC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>200 GALLERIA PKWY SE STE 1700</AddressLine1Txt>
        <CityNm>ATLANTA</CityNm>
        <StateAbbreviationCd>GA</StateAbbreviationCd>
        <ZIPCd>303395946</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990</ReturnTypeCd>
    <TaxPeriodBeginDt>2022-07-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>586333106</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>UNIVERSITY SYSTEM OF GEORGIA</BusinessNameLine1Txt>
        <BusinessNameLine2Txt>FOUNDATION INC &amp; AFFILIATES</BusinessNameLine2Txt>
      </BusinessName>
      <BusinessNameControlTxt>UNIV</BusinessNameControlTxt>
      <PhoneNum>4049623058</PhoneNum>
      <USAddress>
        <AddressLine1Txt>270 WASHINGTON ST SW 7002</AddressLine1Txt>
        <CityNm>ATLANTA</CityNm>
        <StateAbbreviationCd>GA</StateAbbreviationCd>
        <ZIPCd>30334</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>CHRISTINA L PALOSKI</PersonNm>
      <PersonTitleTxt>ASST VICE CHAN FOR DEVELOPMENT</PersonTitleTxt>
      <PhoneNum>4049623058</PhoneNum>
      <SignatureDt>2024-03-27</SignatureDt>
      <DiscussWithPaidPreparerInd>1</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <SigningOfficerGrp>
      <PersonFullName>
        <PersonFirstNm>CHRISTINA</PersonFirstNm>
        <PersonLastNm>PALOSKI</PersonLastNm>
      </PersonFullName>
      <SSN>XXX-XX-XXXX</SSN>
    </SigningOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>1</IRSResponsiblePrtyInfoCurrInd>
    <PreparerPersonGrp>
      <PreparerPersonNm>MARY JO ALEXANDER</PreparerPersonNm>
      <PTIN>P00002534</PTIN>
      <PhoneNum>7709558600</PhoneNum>
      <PreparationDt>2024-03-27</PreparationDt>
    </PreparerPersonGrp>
    <AdditionalFilerInformation>
      <TrustedCustomerGrp>
        <TrustedCustomerCd>2</TrustedCustomerCd>
        <AuthenticationAssuranceLevelCd>AAL1</AuthenticationAssuranceLevelCd>
        <IdentityAssuranceLevelCd>IAL1</IdentityAssuranceLevelCd>
      </TrustedCustomerGrp>
    </AdditionalFilerInformation>
    <TaxYr>2022</TaxYr>
    <BuildTS>2023-04-26 12:10:37Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="12">
    <IRS990 documentId="RetDoc1038000001" referenceDocumentId="RetDoc1044400001">
      <PrincipalOfficerNm>KIRBY A THOMPSON</PrincipalOfficerNm>
      <USAddress>
        <AddressLine1Txt>270 WASHINGTON ST SW 7002</AddressLine1Txt>
        <CityNm>ATLANTA</CityNm>
        <StateAbbreviationCd>GA</StateAbbreviationCd>
        <ZIPCd>30334</ZIPCd>
      </USAddress>
      <GrossReceiptsAmt>33787049</GrossReceiptsAmt>
      <GroupReturnForAffiliatesInd>0</GroupReturnForAffiliatesInd>
      <Organization501c3Ind>X</Organization501c3Ind>
      <WebsiteAddressTxt>WWW.USGFOUNDATION.ORG</WebsiteAddressTxt>
      <TypeOfOrganizationCorpInd>X</TypeOfOrganizationCorpInd>
      <FormationYr>1995</FormationYr>
      <LegalDomicileStateCd>GA</LegalDomicileStateCd>
      <ActivityOrMissionDesc>SEE SCHEDULE O FOR COMPLETE MISSION DESCRIPTION.THE UNIVERSITY SYSTEM OF GEORGIA FOUNDATION'S PRIMARY GOAL IS TO SUPPORT THE STATE OF GEORGIA UNIVERSITY SYSTEM AND ITS 26 COLLEGES AND UNIVERSITIES TO ENSURE ACCESS TO ACADEMIC EXCELLENCE AND EDUCATIONAL OPPORTUNITIES FOR ALL GEORGIANS.</ActivityOrMissionDesc>
      <VotingMembersGoverningBodyCnt>13</VotingMembersGoverningBodyCnt>
      <VotingMembersIndependentCnt>13</VotingMembersIndependentCnt>
      <TotalEmployeeCnt>7</TotalEmployeeCnt>
      <TotalVolunteersCnt>30</TotalVolunteersCnt>
      <TotalGrossUBIAmt>0</TotalGrossUBIAmt>
      <NetUnrelatedBusTxblIncmAmt>0</NetUnrelatedBusTxblIncmAmt>
      <PYContributionsGrantsAmt>1889730</PYContributionsGrantsAmt>
      <CYContributionsGrantsAmt>3090447</CYContributionsGrantsAmt>
      <PYProgramServiceRevenueAmt>25401555</PYProgramServiceRevenueAmt>
      <CYProgramServiceRevenueAmt>28726496</CYProgramServiceRevenueAmt>
      <PYInvestmentIncomeAmt>578381</PYInvestmentIncomeAmt>
      <CYInvestmentIncomeAmt>1592751</CYInvestmentIncomeAmt>
      <PYOtherRevenueAmt>-59079</PYOtherRevenueAmt>
      <CYOtherRevenueAmt>-35248</CYOtherRevenueAmt>
      <PYTotalRevenueAmt>27810587</PYTotalRevenueAmt>
      <CYTotalRevenueAmt>33374446</CYTotalRevenueAmt>
      <PYGrantsAndSimilarPaidAmt>1479805</PYGrantsAndSimilarPaidAmt>
      <CYGrantsAndSimilarPaidAmt>4103488</CYGrantsAndSimilarPaidAmt>
      <PYBenefitsPaidToMembersAmt>0</PYBenefitsPaidToMembersAmt>
      <CYBenefitsPaidToMembersAmt>0</CYBenefitsPaidToMembersAmt>
      <PYSalariesCompEmpBnftPaidAmt>561621</PYSalariesCompEmpBnftPaidAmt>
      <CYSalariesCompEmpBnftPaidAmt>543804</CYSalariesCompEmpBnftPaidAmt>
      <PYTotalProfFndrsngExpnsAmt>0</PYTotalProfFndrsngExpnsAmt>
      <CYTotalProfFndrsngExpnsAmt>0</CYTotalProfFndrsngExpnsAmt>
      <CYTotalFundraisingExpenseAmt>223925</CYTotalFundraisingExpenseAmt>
      <PYOtherExpensesAmt>15642847</PYOtherExpensesAmt>
      <CYOtherExpensesAmt>15586304</CYOtherExpensesAmt>
      <PYTotalExpensesAmt>17684273</PYTotalExpensesAmt>
      <CYTotalExpensesAmt>20233596</CYTotalExpensesAmt>
      <PYRevenuesLessExpensesAmt>10126314</PYRevenuesLessExpensesAmt>
      <CYRevenuesLessExpensesAmt>13140850</CYRevenuesLessExpensesAmt>
      <TotalAssetsBOYAmt>553443159</TotalAssetsBOYAmt>
      <TotalAssetsEOYAmt>561632614</TotalAssetsEOYAmt>
      <TotalLiabilitiesBOYAmt>522663004</TotalLiabilitiesBOYAmt>
      <TotalLiabilitiesEOYAmt>517181549</TotalLiabilitiesEOYAmt>
      <NetAssetsOrFundBalancesBOYAmt>30780155</NetAssetsOrFundBalancesBOYAmt>
      <NetAssetsOrFundBalancesEOYAmt>44451065</NetAssetsOrFundBalancesEOYAmt>
      <MissionDesc>THE MISSION OF THE UNIVERSITY SYSTEM OF GEORGIA, A COOPERATIVE ORGANIZATION OF THE BOARD OF REGENTS, IS TO SUPPORT AND ADVANCE THE WORK OF THE UNIVERSITY SYSTEM OF GEORGIA CONSISTENT WITH THE UNIVERSITY SYSTEM'S STRATEGIC PLAN.</MissionDesc>
      <SignificantNewProgramSrvcInd>0</SignificantNewProgramSrvcInd>
      <SignificantChangeInd>0</SignificantChangeInd>
      <ExpenseAmt>18012021</ExpenseAmt>
      <GrantAmt>2658949</GrantAmt>
      <RevenueAmt>28726496</RevenueAmt>
      <Desc>REAL ESTATE SUPPORT: THE USG FOUNDATION, IN PARTNERSHIP WITH THE UNIVERSITY SYSTEM OF GEORGIA BOARD OF REGENTS, FACILITATES FINANCING OF CAPITAL IMPROVEMENT PROJECTS AND NEW FACILITIES AT USG INSTITUTIONS. WE PROVIDE BELOW-MARKET LEASE TERMS TO FINANCE CONSTRUCTION, RENOVATION, OR EXPANSION OF FACILITIES. USG FOUNDATION ALSO PROVIDES REFINANCING OF EXISTING DEBT THROUGH TAX-EXEMPT BOND FINANCING. THESE PARTNERSHIPS RESULT IN REDUCED STUDENT FEES, INCREASED BUILDING EFFICIENCIES, AND ENHANCED RISK MANAGEMENT FOR INSTITUTIONS ACROSS OUR PORTFOLIO.</Desc>
      <ProgSrvcAccomActy2Grp>
        <ExpenseAmt>1104592</ExpenseAmt>
        <GrantAmt>1104569</GrantAmt>
        <Desc>SCHOLARSHIPS AND AWARDS: USG FOUNDATION PROVIDES SCHOLARSHIP FUNDS TO ALL USG INSTITUTIONS SO THAT THEY CAN OFFER NEEDS-BASED SCHOLARSHIPS TO QUALIFIED STUDENTS. ADDITIONALLY, THE USG FOUNDATION ANNUALLY PROVIDES MONETARY AWARDS TO OUTSTANDING FACULTY SELECTED BY THE USG DEPARTMENT OF ACADEMIC AFFAIRS.</Desc>
      </ProgSrvcAccomActy2Grp>
      <ProgSrvcAccomActy3Grp>
        <ExpenseAmt>659480</ExpenseAmt>
        <GrantAmt>339970</GrantAmt>
        <Desc>THE USG FOUNDATION IS COMMITTED TO STRENGTHENING PUBLIC INSTITUTIONS OF HIGHER LEARNING ACROSS GEORGIA. THROUGH CAPACITY BUILDING GRANTS AND PROFESSIONAL DEVELOPMENT OPPORTUNITIES, THE FOUNDATION BOLSTERS THE EFFORTS OF INSTITUTIONS AND PROGRAMS TO IMPROVE THEIR EFFICIENCY, INCREASE THEIR IMPACT, AND PLAN FOR THE FUTURE.</Desc>
      </ProgSrvcAccomActy3Grp>
      <TotalProgramServiceExpensesAmt>19776093</TotalProgramServiceExpensesAmt>
      <DescribedInSection501c3Ind referenceDocumentId="RetDoc1039100001">1</DescribedInSection501c3Ind>
      <ScheduleBRequiredInd referenceDocumentId="RetDoc1234500001">1</ScheduleBRequiredInd>
      <PoliticalCampaignActyInd>0</PoliticalCampaignActyInd>
      <LobbyingActivitiesInd>0</LobbyingActivitiesInd>
      <SubjectToProxyTaxInd>0</SubjectToProxyTaxInd>
      <DonorAdvisedFundInd referenceDocumentId="RetDoc1040000001">0</DonorAdvisedFundInd>
      <ConservationEasementsInd referenceDocumentId="RetDoc1040000001">0</ConservationEasementsInd>
      <CollectionsOfArtInd referenceDocumentId="RetDoc1040000001">0</CollectionsOfArtInd>
      <CreditCounselingInd referenceDocumentId="RetDoc1040000001">0</CreditCounselingInd>
      <DonorRstrOrQuasiEndowmentsInd>1</DonorRstrOrQuasiEndowmentsInd>
      <ReportLandBuildingEquipmentInd referenceDocumentId="RetDoc1040000001">0</ReportLandBuildingEquipmentInd>
      <ReportInvestmentsOtherSecInd referenceDocumentId="RetDoc1040000001">0</ReportInvestmentsOtherSecInd>
      <ReportProgramRelatedInvstInd referenceDocumentId="RetDoc1040000001">1</ReportProgramRelatedInvstInd>
      <ReportOtherAssetsInd referenceDocumentId="RetDoc1040000001">1</ReportOtherAssetsInd>
      <ReportOtherLiabilitiesInd referenceDocumentId="RetDoc1040000001">1</ReportOtherLiabilitiesInd>
      <IncludeFIN48FootnoteInd referenceDocumentId="RetDoc1040000001">1</IncludeFIN48FootnoteInd>
      <IndependentAuditFinclStmtInd referenceDocumentId="RetDoc1040000001">0</IndependentAuditFinclStmtInd>
      <ConsolidatedAuditFinclStmtInd referenceDocumentId="RetDoc1040000001">1</ConsolidatedAuditFinclStmtInd>
      <SchoolOperatingInd>0</SchoolOperatingInd>
      <ForeignOfficeInd>0</ForeignOfficeInd>
      <ForeignActivitiesInd>0</ForeignActivitiesInd>
      <MoreThan5000KToOrgInd>0</MoreThan5000KToOrgInd>
      <MoreThan5000KToIndividualsInd>0</MoreThan5000KToIndividualsInd>
      <ProfessionalFundraisingInd referenceDocumentId="RetDoc1041300001">0</ProfessionalFundraisingInd>
      <FundraisingActivitiesInd referenceDocumentId="RetDoc1041300001">1</FundraisingActivitiesInd>
      <GamingActivitiesInd referenceDocumentId="RetDoc1041300001">0</GamingActivitiesInd>
      <OperateHospitalInd>0</OperateHospitalInd>
      <GrantsToOrganizationsInd referenceDocumentId="RetDoc1041900001">1</GrantsToOrganizationsInd>
      <GrantsToIndividualsInd referenceDocumentId="RetDoc1041900001">1</GrantsToIndividualsInd>
      <ScheduleJRequiredInd referenceDocumentId="RetDoc1042400001">1</ScheduleJRequiredInd>
      <TaxExemptBondsInd referenceDocumentId="RetDoc1053100001 RetDoc1053100002 RetDoc1053100003">1</TaxExemptBondsInd>
      <InvestTaxExemptBondsInd>0</InvestTaxExemptBondsInd>
      <EscrowAccountInd>0</EscrowAccountInd>
      <OnBehalfOfIssuerInd>0</OnBehalfOfIssuerInd>
      <EngagedInExcessBenefitTransInd>0</EngagedInExcessBenefitTransInd>
      <PYExcessBenefitTransInd>0</PYExcessBenefitTransInd>
      <LoanOutstandingInd>0</LoanOutstandingInd>
      <GrantToRelatedPersonInd>0</GrantToRelatedPersonInd>
      <BusinessRlnWithOrgMemInd>0</BusinessRlnWithOrgMemInd>
      <BusinessRlnWithFamMemInd>0</BusinessRlnWithFamMemInd>
      <BusinessRlnWith35CtrlEntInd>0</BusinessRlnWith35CtrlEntInd>
      <DeductibleNonCashContriInd>0</DeductibleNonCashContriInd>
      <DeductibleArtContributionInd>0</DeductibleArtContributionInd>
      <TerminateOperationsInd>0</TerminateOperationsInd>
      <PartialLiquidationInd>0</PartialLiquidationInd>
      <DisregardedEntityInd referenceDocumentId="RetDoc1043400001">1</DisregardedEntityInd>
      <RelatedEntityInd referenceDocumentId="RetDoc1043400001">0</RelatedEntityInd>
      <RelatedOrganizationCtrlEntInd>0</RelatedOrganizationCtrlEntInd>
      <TrnsfrExmptNonChrtblRltdOrgInd referenceDocumentId="RetDoc1043400001">0</TrnsfrExmptNonChrtblRltdOrgInd>
      <ActivitiesConductedPrtshpInd referenceDocumentId="RetDoc1043400001">0</ActivitiesConductedPrtshpInd>
      <ScheduleORequiredInd>1</ScheduleORequiredInd>
      <InfoInScheduleOPartVInd>X</InfoInScheduleOPartVInd>
      <IRPDocumentCnt>18</IRPDocumentCnt>
      <IRPDocumentW2GCnt>0</IRPDocumentW2GCnt>
      <BackupWthldComplianceInd>1</BackupWthldComplianceInd>
      <EmployeeCnt>7</EmployeeCnt>
      <EmploymentTaxReturnsFiledInd>1</EmploymentTaxReturnsFiledInd>
      <UnrelatedBusIncmOverLimitInd>0</UnrelatedBusIncmOverLimitInd>
      <ForeignFinancialAccountInd>0</ForeignFinancialAccountInd>
      <ProhibitedTaxShelterTransInd>0</ProhibitedTaxShelterTransInd>
      <TaxablePartyNotificationInd>0</TaxablePartyNotificationInd>
      <NondeductibleContributionsInd>0</NondeductibleContributionsInd>
      <QuidProQuoContributionsInd>1</QuidProQuoContributionsInd>
      <QuidProQuoContriDisclInd>1</QuidProQuoContriDisclInd>
      <Form8282PropertyDisposedOfInd>0</Form8282PropertyDisposedOfInd>
      <RcvFndsToPayPrsnlBnftCntrctInd>0</RcvFndsToPayPrsnlBnftCntrctInd>
      <PayPremiumsPrsnlBnftCntrctInd>0</PayPremiumsPrsnlBnftCntrctInd>
      <IndoorTanningServicesInd>0</IndoorTanningServicesInd>
      <SubjToTaxRmnrtnExPrchtPymtInd>0</SubjToTaxRmnrtnExPrchtPymtInd>
      <SubjectToExcsTaxNetInvstIncInd>0</SubjectToExcsTaxNetInvstIncInd>
      <InfoInScheduleOPartVIInd>X</InfoInScheduleOPartVIInd>
      <GoverningBodyVotingMembersCnt>13</GoverningBodyVotingMembersCnt>
      <IndependentVotingMemberCnt>13</IndependentVotingMemberCnt>
      <FamilyOrBusinessRlnInd>0</FamilyOrBusinessRlnInd>
      <DelegationOfMgmtDutiesInd>0</DelegationOfMgmtDutiesInd>
      <ChangeToOrgDocumentsInd>0</ChangeToOrgDocumentsInd>
      <MaterialDiversionOrMisuseInd>0</MaterialDiversionOrMisuseInd>
      <MembersOrStockholdersInd>0</MembersOrStockholdersInd>
      <ElectionOfBoardMembersInd>0</ElectionOfBoardMembersInd>
      <DecisionsSubjectToApprovaInd>0</DecisionsSubjectToApprovaInd>
      <MinutesOfGoverningBodyInd>1</MinutesOfGoverningBodyInd>
      <MinutesOfCommitteesInd>1</MinutesOfCommitteesInd>
      <OfficerMailingAddressInd>0</OfficerMailingAddressInd>
      <LocalChaptersInd>1</LocalChaptersInd>
      <PoliciesReferenceChaptersInd>1</PoliciesReferenceChaptersInd>
      <Form990ProvidedToGvrnBodyInd>1</Form990ProvidedToGvrnBodyInd>
      <ConflictOfInterestPolicyInd>1</ConflictOfInterestPolicyInd>
      <AnnualDisclosureCoveredPrsnInd>1</AnnualDisclosureCoveredPrsnInd>
      <RegularMonitoringEnfrcInd>1</RegularMonitoringEnfrcInd>
      <WhistleblowerPolicyInd>1</WhistleblowerPolicyInd>
      <DocumentRetentionPolicyInd>1</DocumentRetentionPolicyInd>
      <CompensationProcessCEOInd>1</CompensationProcessCEOInd>
      <CompensationProcessOtherInd>1</CompensationProcessOtherInd>
      <InvestmentInJointVentureInd>0</InvestmentInJointVentureInd>
      <StatesWhereCopyOfReturnIsFldCd>GA</StatesWhereCopyOfReturnIsFldCd>
      <UponRequestInd>X</UponRequestInd>
      <BooksInCareOfDetail>
        <BusinessName>
          <BusinessNameLine1Txt>CHRISTINA PALOSKI</BusinessNameLine1Txt>
        </BusinessName>
        <PhoneNum>4049623058</PhoneNum>
        <USAddress>
          <AddressLine1Txt>270 WASHINGTON STREET SW STE 7005A</AddressLine1Txt>
          <CityNm>ATLANTA</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30334</ZIPCd>
        </USAddress>
      </BooksInCareOfDetail>
      <Form990PartVIISectionAGrp>
        <PersonNm>CHRISTINA PALOSKI</PersonNm>
        <TitleTxt>ASST VICE CHAN FOR DEVELOPMENT</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>115974</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>10696</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>KIRBY A THOMPSON</PersonNm>
        <TitleTxt>VICE CHANCELLOR FOR DEVELO</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>101009</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>7441</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>TEDDY RUSSELL</PersonNm>
        <TitleTxt>CHAIR</TitleTxt>
        <AverageHoursPerWeekRt>2.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>CADE JOINER</PersonNm>
        <TitleTxt>VICE CHAIR</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>TY SMITH</PersonNm>
        <TitleTxt>TREASURER</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>ELIZABETH A TERRELL</PersonNm>
        <TitleTxt>SECRETARY</TitleTxt>
        <AverageHoursPerWeekRt>2.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>NEIL L PRUITT JR</PersonNm>
        <TitleTxt>PRESIDENT USGREF MANAGER,</TitleTxt>
        <AverageHoursPerWeekRt>0.50</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>GEORGE BROOKS</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
        <AverageHoursPerWeekRt>0.50</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>STEVE L KRUGER</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
        <AverageHoursPerWeekRt>0.50</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>SARAH-ELIZABETH LANGFORD</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
        <AverageHoursPerWeekRt>0.50</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>DONALD LEEBERN III</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
        <AverageHoursPerWeekRt>0.50</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>M BRIAN BLANK</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
        <AverageHoursPerWeekRt>0.50</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>COURTNEY I SMITH</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
        <AverageHoursPerWeekRt>0.50</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>T DALLAS SMITH</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
        <AverageHoursPerWeekRt>0.50</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>JAMES K SYFAN III</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
        <AverageHoursPerWeekRt>0.50</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <TotalReportableCompFromOrgAmt>216983</TotalReportableCompFromOrgAmt>
      <TotReportableCompRltdOrgAmt>0</TotReportableCompRltdOrgAmt>
      <TotalOtherCompensationAmt>18137</TotalOtherCompensationAmt>
      <IndivRcvdGreaterThan100KCnt>2</IndivRcvdGreaterThan100KCnt>
      <FormerOfcrEmployeesListedInd>0</FormerOfcrEmployeesListedInd>
      <TotalCompGreaterThan150KInd>0</TotalCompGreaterThan150KInd>
      <CompensationFromOtherSrcsInd>1</CompensationFromOtherSrcsInd>
      <CntrctRcvdGreaterThan100KCnt>0</CntrctRcvdGreaterThan100KCnt>
      <FundraisingAmt>448254</FundraisingAmt>
      <AllOtherContributionsAmt>2642193</AllOtherContributionsAmt>
      <NoncashContributionsAmt>1153</NoncashContributionsAmt>
      <TotalContributionsAmt>3090447</TotalContributionsAmt>
      <ProgramServiceRevenueGrp>
        <Desc>INTEREST-DIRECT FINANCING LEASE</Desc>
        <BusinessCd>531190</BusinessCd>
        <TotalRevenueColumnAmt>20349322</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>20349322</RelatedOrExemptFuncIncomeAmt>
      </ProgramServiceRevenueGrp>
      <ProgramServiceRevenueGrp>
        <Desc>LEASE INCOME</Desc>
        <BusinessCd>531190</BusinessCd>
        <TotalRevenueColumnAmt>7737162</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>7737162</RelatedOrExemptFuncIncomeAmt>
      </ProgramServiceRevenueGrp>
      <ProgramServiceRevenueGrp>
        <Desc>SERVICE CONTRACT REVENUE</Desc>
        <BusinessCd>900099</BusinessCd>
        <TotalRevenueColumnAmt>597026</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>597026</RelatedOrExemptFuncIncomeAmt>
      </ProgramServiceRevenueGrp>
      <ProgramServiceRevenueGrp>
        <Desc>REGISTRATION FEES</Desc>
        <BusinessCd>611430</BusinessCd>
        <TotalRevenueColumnAmt>24850</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>24850</RelatedOrExemptFuncIncomeAmt>
      </ProgramServiceRevenueGrp>
      <ProgramServiceRevenueGrp>
        <Desc>MANAGEMENT FEES</Desc>
        <BusinessCd>900099</BusinessCd>
        <TotalRevenueColumnAmt>18136</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>18136</RelatedOrExemptFuncIncomeAmt>
      </ProgramServiceRevenueGrp>
      <TotalProgramServiceRevenueAmt>28726496</TotalProgramServiceRevenueAmt>
      <InvestmentIncomeGrp>
        <TotalRevenueColumnAmt>1603119</TotalRevenueColumnAmt>
        <ExclusionAmt>1603119</ExclusionAmt>
      </InvestmentIncomeGrp>
      <GrossAmountSalesAssetsGrp>
        <SecuritiesAmt>281882</SecuritiesAmt>
      </GrossAmountSalesAssetsGrp>
      <LessCostOthBasisSalesExpnssGrp>
        <SecuritiesAmt>292250</SecuritiesAmt>
      </LessCostOthBasisSalesExpnssGrp>
      <GainOrLossGrp>
        <SecuritiesAmt>-10368</SecuritiesAmt>
      </GainOrLossGrp>
      <NetGainOrLossInvestmentsGrp>
        <TotalRevenueColumnAmt>-10368</TotalRevenueColumnAmt>
        <ExclusionAmt>-10368</ExclusionAmt>
      </NetGainOrLossInvestmentsGrp>
      <FundraisingGrossIncomeAmt>84799</FundraisingGrossIncomeAmt>
      <ContriRptFundraisingEventAmt>448254</ContriRptFundraisingEventAmt>
      <FundraisingDirectExpensesAmt>120353</FundraisingDirectExpensesAmt>
      <NetIncmFromFundraisingEvtGrp>
        <TotalRevenueColumnAmt>-35554</TotalRevenueColumnAmt>
        <ExclusionAmt>-35554</ExclusionAmt>
      </NetIncmFromFundraisingEvtGrp>
      <OtherRevenueMiscGrp>
        <Desc>REFUNDS, REIMBURSEMENTS, ETC.</Desc>
        <BusinessCd>900099</BusinessCd>
        <TotalRevenueColumnAmt>306</TotalRevenueColumnAmt>
        <ExclusionAmt>306</ExclusionAmt>
      </OtherRevenueMiscGrp>
      <OtherRevenueTotalAmt>306</OtherRevenueTotalAmt>
      <TotalRevenueGrp>
        <TotalRevenueColumnAmt>33374446</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>28726496</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>0</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>1557503</ExclusionAmt>
      </TotalRevenueGrp>
      <GrantsToDomesticOrgsGrp>
        <TotalAmt>4043488</TotalAmt>
        <ProgramServicesAmt>4043488</ProgramServicesAmt>
      </GrantsToDomesticOrgsGrp>
      <GrantsToDomesticIndividualsGrp>
        <TotalAmt>60000</TotalAmt>
        <ProgramServicesAmt>60000</ProgramServicesAmt>
      </GrantsToDomesticIndividualsGrp>
      <CompCurrentOfcrDirectorsGrp>
        <TotalAmt>306132</TotalAmt>
        <ProgramServicesAmt>146841</ProgramServicesAmt>
        <ManagementAndGeneralAmt>53182</ManagementAndGeneralAmt>
        <FundraisingAmt>106109</FundraisingAmt>
      </CompCurrentOfcrDirectorsGrp>
      <OtherSalariesAndWagesGrp>
        <TotalAmt>166231</TotalAmt>
        <ProgramServicesAmt>103040</ProgramServicesAmt>
        <ManagementAndGeneralAmt>26472</ManagementAndGeneralAmt>
        <FundraisingAmt>36719</FundraisingAmt>
      </OtherSalariesAndWagesGrp>
      <PensionPlanContributionsGrp>
        <TotalAmt>33875</TotalAmt>
        <ProgramServicesAmt>18738</ProgramServicesAmt>
        <ManagementAndGeneralAmt>6636</ManagementAndGeneralAmt>
        <FundraisingAmt>8501</FundraisingAmt>
      </PensionPlanContributionsGrp>
      <OtherEmployeeBenefitsGrp>
        <TotalAmt>6272</TotalAmt>
        <ProgramServicesAmt>5044</ProgramServicesAmt>
        <ManagementAndGeneralAmt>743</ManagementAndGeneralAmt>
        <FundraisingAmt>485</FundraisingAmt>
      </OtherEmployeeBenefitsGrp>
      <PayrollTaxesGrp>
        <TotalAmt>31294</TotalAmt>
        <ProgramServicesAmt>16726</ProgramServicesAmt>
        <ManagementAndGeneralAmt>5247</ManagementAndGeneralAmt>
        <FundraisingAmt>9321</FundraisingAmt>
      </PayrollTaxesGrp>
      <FeesForServicesLegalGrp>
        <TotalAmt>27194</TotalAmt>
        <ProgramServicesAmt>27194</ProgramServicesAmt>
      </FeesForServicesLegalGrp>
      <FeesForServicesAccountingGrp>
        <TotalAmt>113765</TotalAmt>
        <ManagementAndGeneralAmt>113765</ManagementAndGeneralAmt>
      </FeesForServicesAccountingGrp>
      <FeesForSrvcInvstMgmntFeesGrp>
        <TotalAmt>6609</TotalAmt>
        <ManagementAndGeneralAmt>6609</ManagementAndGeneralAmt>
      </FeesForSrvcInvstMgmntFeesGrp>
      <FeesForServicesOtherGrp>
        <TotalAmt>491999</TotalAmt>
        <ProgramServicesAmt>484513</ProgramServicesAmt>
        <ManagementAndGeneralAmt>2459</ManagementAndGeneralAmt>
        <FundraisingAmt>5027</FundraisingAmt>
      </FeesForServicesOtherGrp>
      <AdvertisingGrp>
        <TotalAmt>12000</TotalAmt>
        <ProgramServicesAmt>12000</ProgramServicesAmt>
      </AdvertisingGrp>
      <OfficeExpensesGrp>
        <TotalAmt>47235</TotalAmt>
        <ProgramServicesAmt>35511</ProgramServicesAmt>
        <ManagementAndGeneralAmt>7133</ManagementAndGeneralAmt>
        <FundraisingAmt>4591</FundraisingAmt>
      </OfficeExpensesGrp>
      <InformationTechnologyGrp>
        <TotalAmt>30271</TotalAmt>
        <ProgramServicesAmt>16672</ProgramServicesAmt>
        <ManagementAndGeneralAmt>5417</ManagementAndGeneralAmt>
        <FundraisingAmt>8182</FundraisingAmt>
      </InformationTechnologyGrp>
      <TravelGrp>
        <TotalAmt>69905</TotalAmt>
        <ProgramServicesAmt>59324</ProgramServicesAmt>
        <ManagementAndGeneralAmt>1020</ManagementAndGeneralAmt>
        <FundraisingAmt>9561</FundraisingAmt>
      </TravelGrp>
      <ConferencesMeetingsGrp>
        <TotalAmt>117834</TotalAmt>
        <ProgramServicesAmt>98185</ProgramServicesAmt>
        <ManagementAndGeneralAmt>3909</ManagementAndGeneralAmt>
        <FundraisingAmt>15740</FundraisingAmt>
      </ConferencesMeetingsGrp>
      <InterestGrp>
        <TotalAmt>14598255</TotalAmt>
        <ProgramServicesAmt>14598255</ProgramServicesAmt>
      </InterestGrp>
      <InsuranceGrp>
        <TotalAmt>39573</TotalAmt>
        <ProgramServicesAmt>39573</ProgramServicesAmt>
      </InsuranceGrp>
      <OtherExpensesGrp>
        <Desc>RECOGNITION AND ACHIEVE</Desc>
        <TotalAmt>19671</TotalAmt>
        <ProgramServicesAmt>10134</ProgramServicesAmt>
        <ManagementAndGeneralAmt>961</ManagementAndGeneralAmt>
        <FundraisingAmt>8576</FundraisingAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>MEMBERSHIP DUES</Desc>
        <TotalAmt>3608</TotalAmt>
        <ProgramServicesAmt>753</ProgramServicesAmt>
        <ManagementAndGeneralAmt>25</ManagementAndGeneralAmt>
        <FundraisingAmt>2830</FundraisingAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>EQUIPMENT RENTAL</Desc>
        <TotalAmt>3529</TotalAmt>
        <FundraisingAmt>3529</FundraisingAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>DECORATIONS AND FURNISH</Desc>
        <TotalAmt>2456</TotalAmt>
        <ProgramServicesAmt>102</ProgramServicesAmt>
        <FundraisingAmt>2354</FundraisingAmt>
      </OtherExpensesGrp>
      <AllOtherExpensesGrp>
        <TotalAmt>2400</TotalAmt>
        <FundraisingAmt>2400</FundraisingAmt>
      </AllOtherExpensesGrp>
      <TotalFunctionalExpensesGrp>
        <TotalAmt>20233596</TotalAmt>
        <ProgramServicesAmt>19776093</ProgramServicesAmt>
        <ManagementAndGeneralAmt>233578</ManagementAndGeneralAmt>
        <FundraisingAmt>223925</FundraisingAmt>
      </TotalFunctionalExpensesGrp>
      <CashNonInterestBearingGrp>
        <BOYAmt>2047660</BOYAmt>
        <EOYAmt>2451181</EOYAmt>
      </CashNonInterestBearingGrp>
      <SavingsAndTempCashInvstGrp>
        <BOYAmt>198177</BOYAmt>
        <EOYAmt>138743</EOYAmt>
      </SavingsAndTempCashInvstGrp>
      <AccountsReceivableGrp>
        <BOYAmt>861132</BOYAmt>
        <EOYAmt>1842830</EOYAmt>
      </AccountsReceivableGrp>
      <PrepaidExpensesDefrdChargesGrp>
        <EOYAmt>11184</EOYAmt>
      </PrepaidExpensesDefrdChargesGrp>
      <InvestmentsPubTradedSecGrp>
        <BOYAmt>6382489</BOYAmt>
        <EOYAmt>6897308</EOYAmt>
      </InvestmentsPubTradedSecGrp>
      <InvestmentsProgramRelatedGrp>
        <BOYAmt>492305623</BOYAmt>
        <EOYAmt>491659837</EOYAmt>
      </InvestmentsProgramRelatedGrp>
      <OtherAssetsTotalGrp>
        <BOYAmt>51648078</BOYAmt>
        <EOYAmt>58631531</EOYAmt>
      </OtherAssetsTotalGrp>
      <TotalAssetsGrp>
        <BOYAmt>553443159</BOYAmt>
        <EOYAmt>561632614</EOYAmt>
      </TotalAssetsGrp>
      <AccountsPayableAccrExpnssGrp>
        <BOYAmt>4356691</BOYAmt>
        <EOYAmt>4286490</EOYAmt>
      </AccountsPayableAccrExpnssGrp>
      <TaxExemptBondLiabilitiesGrp>
        <BOYAmt>438624703</BOYAmt>
        <EOYAmt>436706631</EOYAmt>
      </TaxExemptBondLiabilitiesGrp>
      <MortgNotesPyblScrdInvstPropGrp>
        <BOYAmt>68631610</BOYAmt>
        <EOYAmt>65603428</EOYAmt>
      </MortgNotesPyblScrdInvstPropGrp>
      <OtherLiabilitiesGrp>
        <BOYAmt>11050000</BOYAmt>
        <EOYAmt>10585000</EOYAmt>
      </OtherLiabilitiesGrp>
      <TotalLiabilitiesGrp>
        <BOYAmt>522663004</BOYAmt>
        <EOYAmt>517181549</EOYAmt>
      </TotalLiabilitiesGrp>
      <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
      <NoDonorRestrictionNetAssetsGrp>
        <BOYAmt>27174921</BOYAmt>
        <EOYAmt>39524980</EOYAmt>
      </NoDonorRestrictionNetAssetsGrp>
      <DonorRestrictionNetAssetsGrp>
        <BOYAmt>3605234</BOYAmt>
        <EOYAmt>4926085</EOYAmt>
      </DonorRestrictionNetAssetsGrp>
      <TotalNetAssetsFundBalanceGrp>
        <BOYAmt>30780155</BOYAmt>
        <EOYAmt>44451065</EOYAmt>
      </TotalNetAssetsFundBalanceGrp>
      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>553443159</BOYAmt>
        <EOYAmt>561632614</EOYAmt>
      </TotLiabNetAssetsFundBalanceGrp>
      <ReconcilationRevenueExpnssAmt>13140850</ReconcilationRevenueExpnssAmt>
      <NetUnrlzdGainsLossesInvstAmt>530060</NetUnrlzdGainsLossesInvstAmt>
      <OtherChangesInNetAssetsAmt>0</OtherChangesInNetAssetsAmt>
      <InfoInScheduleOPartXIIInd>X</InfoInScheduleOPartXIIInd>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>0</AccountantCompileOrReviewInd>
      <FSAuditedInd>1</FSAuditedInd>
      <FSAuditedBasisGrp>
        <ConsolidatedBasisFinclStmtInd>X</ConsolidatedBasisFinclStmtInd>
      </FSAuditedBasisGrp>
      <AuditCommitteeInd>1</AuditCommitteeInd>
      <FederalGrantAuditRequiredInd>1</FederalGrantAuditRequiredInd>
      <FederalGrantAuditPerformedInd>1</FederalGrantAuditPerformedInd>
    </IRS990>
    <IRS990ScheduleA documentId="RetDoc1039100001">
      <CollegeOrganizationInd>X</CollegeOrganizationInd>
      <GiftsGrantsContriRcvd170Grp>
        <CurrentTaxYearMinus4YearsAmt>2252785</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>1586698</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>5024570</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>1889730</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>3090447</CurrentTaxYearAmt>
        <TotalAmt>13844230</TotalAmt>
      </GiftsGrantsContriRcvd170Grp>
      <TotalCalendarYear170Grp>
        <CurrentTaxYearMinus4YearsAmt>2252785</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>1586698</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>5024570</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>1889730</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>3090447</CurrentTaxYearAmt>
        <TotalAmt>13844230</TotalAmt>
      </TotalCalendarYear170Grp>
      <SubstantialContributorsTotAmt>1225547</SubstantialContributorsTotAmt>
      <PublicSupportTotal170Amt>12618683</PublicSupportTotal170Amt>
      <GrossInvestmentIncome170Grp>
        <CurrentTaxYearMinus4YearsAmt>366940</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>538337</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>141791</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>146399</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>1603119</CurrentTaxYearAmt>
        <TotalAmt>2796586</TotalAmt>
      </GrossInvestmentIncome170Grp>
      <OtherIncome170Grp>
        <CurrentTaxYearMinus4YearsAmt>37</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>673</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>15704</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>34</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>306</CurrentTaxYearAmt>
        <TotalAmt>16754</TotalAmt>
      </OtherIncome170Grp>
      <TotalSupportAmt>16657570</TotalSupportAmt>
      <GrossReceiptsRltdActivitiesAmt>118124760</GrossReceiptsRltdActivitiesAmt>
      <PublicSupportCY170Pct>0.75750</PublicSupportCY170Pct>
      <PublicSupportPY170Pct>0.85320</PublicSupportPY170Pct>
      <ThirtyThrPctSuprtTestsCY170Ind>X</ThirtyThrPctSuprtTestsCY170Ind>
      <Form990ScheduleAPartVIGrp>
        <FormAndLineReferenceDesc>SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME:</FormAndLineReferenceDesc>
        <ExplanationTxt>REFUNDS - 2018 AMOUNT: $ 37. 2019 AMOUNT: $ 673. 2020 AMOUNT: $ 15,704. 2021 AMOUNT: $ 34. 2022 AMOUNT: $ 306.</ExplanationTxt>
      </Form990ScheduleAPartVIGrp>
    </IRS990ScheduleA>
    <IRS990ScheduleB documentId="RetDoc1234500001">
      <ContributorInformationGrp>
        <ContributorNum>RESTRICTED</ContributorNum>
        <ContributorBusinessName>
          <BusinessNameLine1>RESTRICTED</BusinessNameLine1>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1>RESTRICTED</AddressLine1>
          <AddressLine2>RESTRICTED</AddressLine2>
          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
        </ContributorUSAddress>
        <TotalContributionsAmt>RESTRICTED</TotalContributionsAmt>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <IRS990ScheduleD documentId="RetDoc1040000001">
      <InclEscrowCustodialAcctLiabInd>1</InclEscrowCustodialAcctLiabInd>
      <CYEndwmtFundGrp>
        <BeginningYearBalanceAmt>6377892</BeginningYearBalanceAmt>
        <ContributionsAmt>170393</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>601286</InvestmentEarningsOrLossesAmt>
        <GrantsOrScholarshipsAmt>20000</GrantsOrScholarshipsAmt>
        <AdministrativeExpensesAmt>232263</AdministrativeExpensesAmt>
        <EndYearBalanceAmt>6897308</EndYearBalanceAmt>
      </CYEndwmtFundGrp>
      <CYMinus1YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>7049732</BeginningYearBalanceAmt>
        <ContributionsAmt>437980</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>-850521</InvestmentEarningsOrLossesAmt>
        <GrantsOrScholarshipsAmt>30633</GrantsOrScholarshipsAmt>
        <AdministrativeExpensesAmt>228666</AdministrativeExpensesAmt>
        <EndYearBalanceAmt>6377892</EndYearBalanceAmt>
      </CYMinus1YrEndwmtFundGrp>
      <CYMinus2YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>5366599</BeginningYearBalanceAmt>
        <ContributionsAmt>298936</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>1608193</InvestmentEarningsOrLossesAmt>
        <GrantsOrScholarshipsAmt>20263</GrantsOrScholarshipsAmt>
        <AdministrativeExpensesAmt>203733</AdministrativeExpensesAmt>
        <EndYearBalanceAmt>7049732</EndYearBalanceAmt>
      </CYMinus2YrEndwmtFundGrp>
      <CYMinus3YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>5461737</BeginningYearBalanceAmt>
        <ContributionsAmt>141046</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>1111</InvestmentEarningsOrLossesAmt>
        <GrantsOrScholarshipsAmt>12295</GrantsOrScholarshipsAmt>
        <AdministrativeExpensesAmt>225000</AdministrativeExpensesAmt>
        <EndYearBalanceAmt>5366599</EndYearBalanceAmt>
      </CYMinus3YrEndwmtFundGrp>
      <CYMinus4YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>5458580</BeginningYearBalanceAmt>
        <ContributionsAmt>47977</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>263451</InvestmentEarningsOrLossesAmt>
        <GrantsOrScholarshipsAmt>25000</GrantsOrScholarshipsAmt>
        <AdministrativeExpensesAmt>283271</AdministrativeExpensesAmt>
        <EndYearBalanceAmt>5461737</EndYearBalanceAmt>
      </CYMinus4YrEndwmtFundGrp>
      <BoardDesignatedBalanceEOYPct>0.77000</BoardDesignatedBalanceEOYPct>
      <PrmnntEndowmentBalanceEOYPct>0.23000</PrmnntEndowmentBalanceEOYPct>
      <TermEndowmentBalanceEOYPct>0.00000</TermEndowmentBalanceEOYPct>
      <EndowmentsHeldUnrelatedOrgInd>1</EndowmentsHeldUnrelatedOrgInd>
      <EndowmentsHeldRelatedOrgInd>0</EndowmentsHeldRelatedOrgInd>
      <TotalBookValueLandBuildingsAmt>0</TotalBookValueLandBuildingsAmt>
      <InvstProgramRelatedOrgGrp>
        <Desc>INVESTMENTS IN FINANCE LEASE</Desc>
        <BookValueAmt>491659837</BookValueAmt>
        <MethodValuationCd>F</MethodValuationCd>
      </InvstProgramRelatedOrgGrp>
      <TotalBookValueProgramRltdAmt>491659837</TotalBookValueProgramRltdAmt>
      <OtherAssetsOrgGrp>
        <Desc>ASSETS LIMITED TO USE</Desc>
        <BookValueAmt>53416541</BookValueAmt>
      </OtherAssetsOrgGrp>
      <OtherAssetsOrgGrp>
        <Desc>DEBT ISSUANCE COST</Desc>
        <BookValueAmt>5214990</BookValueAmt>
      </OtherAssetsOrgGrp>
      <TotalBookValueOtherAssetsAmt>58631531</TotalBookValueOtherAssetsAmt>
      <OtherLiabilitiesOrgGrp>
        <Desc>REFUNDING SERIES 2018B USG REAL ESTATE FOUNDATION VIII, LLC TAXABLE BONDS</Desc>
        <Amt>10585000</Amt>
      </OtherLiabilitiesOrgGrp>
      <TotalLiabilityAmt>10585000</TotalLiabilityAmt>
      <FootnoteTextInd>X</FootnoteTextInd>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART V, LINE 4:</FormAndLineReferenceDesc>
        <ExplanationTxt>TO SUPPORT THE EXEMPT PURPOSES OF THE FOUNDATION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART X, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE FOUNDATION QUALIFIES AS A TAX-EXEMPT ORGANIZATION AS DESCRIBED IN INTERNAL REVENUE CODE SECTION 501(C)(3) AND HAS BEEN CLASSIFIED BY THE INTERNAL REVENUE SERVICE AS A PUBLICLY SUPPORTED ORGANIZATION AND NOT AS A PRIVATE FOUNDATION. HOWEVER, INCOME FROM CERTAIN ACTIVITIES NOT DIRECTLY RELATED TO THE FOUNDATION'S TAX-EXEMPT PURPOSE IS SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. THE FOUNDATION FOLLOWS THE STATUTORY REQUIREMENTS FOR ITS INCOME TAX ACCOUNTING AND GENERALLY AVOIDS RISKS ASSOCIATED WITH POTENTIALLY PROBLEMATIC TAX POSITIONS THAT MAY BE CHALLENGED UPON EXAMINATION. MANAGEMENT BELIEVES ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING ADDITIONAL INCOME TAXES FROM ACTIVITIES DEEMED TO BE UNRELATED TO THE FOUNDATION'S TAX-EXEMPT STATUS WOULD NOT HAVE A MATERIAL EFFECT ON THE FOUNDATION'S CONSOLIDATED FINANCIAL STATEMENTS. THE ORGANIZATION HAS NO UNCERTAIN TAX LIABILITIES UNDER FIN 48.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleD>
    <IRS990ScheduleG documentId="RetDoc1041300001">
      <FundraisingEventInformationGrp>
        <Event1Nm>GALA</Event1Nm>
        <GrossReceiptsEvent1Amt>533053</GrossReceiptsEvent1Amt>
        <CharitableContriEvent1Amt>448254</CharitableContriEvent1Amt>
        <GrossRevenueEvent1Amt>84799</GrossRevenueEvent1Amt>
        <FoodAndBeverageEvent1Amt>31569</FoodAndBeverageEvent1Amt>
        <OtherDirectExpensesEvent1Amt>88784</OtherDirectExpensesEvent1Amt>
        <GrossReceiptsTotalAmt>533053</GrossReceiptsTotalAmt>
        <CharitableContributionsTotAmt>448254</CharitableContributionsTotAmt>
        <GrossRevenueTotalEventsAmt>84799</GrossRevenueTotalEventsAmt>
        <FoodAndBeverageTotalEventsAmt>31569</FoodAndBeverageTotalEventsAmt>
        <OthDirectExpnssTotalEventsAmt>88784</OthDirectExpnssTotalEventsAmt>
        <DirectExpenseSummaryEventsAmt>120353</DirectExpenseSummaryEventsAmt>
        <NetIncomeSummaryAmt>-35554</NetIncomeSummaryAmt>
      </FundraisingEventInformationGrp>
    </IRS990ScheduleG>
    <IRS990ScheduleI documentId="RetDoc1041900001">
      <GrantRecordsMaintainedInd>1</GrantRecordsMaintainedInd>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>ABRAHAM BALDWIN AGRICULTURAL COLLEGE FOUNDATION</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>ABAC 13 2802 MOORE HWY</AddressLine1Txt>
          <CityNm>TIFTON</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>31793</ZIPCd>
        </USAddress>
        <RecipientEIN>586073263</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>91022</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>SCHOLARSHIPS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>ALBANY STATE UNIVERSITY</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>504 COLLEGE DRIVE</AddressLine1Txt>
          <CityNm>ALBANY</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>31705</ZIPCd>
        </USAddress>
        <RecipientEIN>580001996</RecipientEIN>
        <IRCSectionDesc>GOV</IRCSectionDesc>
        <CashGrantAmt>11500</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>SCHOLARSHIPS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>ALBANY STATE UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>504 COLLEGE DRIVE</AddressLine1Txt>
          <CityNm>ALBANY</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>31705</ZIPCd>
        </USAddress>
        <RecipientEIN>237032763</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>35000</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>SCHOLARSHIPS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>ATLANTA METROPOLITAN STATE COLLEGE FOUNDATION INC</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>1630 METROPOLITAN PARKWAY</AddressLine1Txt>
          <CityNm>ATLANTA</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30310</ZIPCd>
        </USAddress>
        <RecipientEIN>581727943</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>10000</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>SCHOLARSHIPS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>AUGUSTA STATE UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>2500 WALTON WAY</AddressLine1Txt>
          <CityNm>AUGUSTA</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30904</ZIPCd>
        </USAddress>
        <RecipientEIN>237419286</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>78841</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>SCHOLARSHIPS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>CLAYTON STATE UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>2000 CLAYTON STATE BLVD</AddressLine1Txt>
          <CityNm>MORROW</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30260</ZIPCd>
        </USAddress>
        <RecipientEIN>237419285</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>17000</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>SCHOLARSHIPS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>COLLEGE OF COASTAL GEORGIA FOUNDATION</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>4225 UNIVERSITY AVENUE</AddressLine1Txt>
          <CityNm>MORROW</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>31907</ZIPCd>
        </USAddress>
        <RecipientEIN>586043198</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>129330</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>CAPACITY BUILDING GRANT AND SCHOLARSHIPS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>COLUMBUS STATE UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>4225 UNIVERSITY AVENUE</AddressLine1Txt>
          <CityNm>COLUMBUS</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>31907</ZIPCd>
        </USAddress>
        <RecipientEIN>586043198</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>77748</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>SCHOLARSHIPS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>DALTON STATE COLLEGE FOUNDATION</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>2400 DILLIONVILLE ROAD</AddressLine1Txt>
          <CityNm>ALBANY</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>31717</ZIPCd>
        </USAddress>
        <RecipientEIN>580964652</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>31879</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>SCHOLARSHIPS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>EAST GEORGIA STATE COLLEGE FOUNDATION</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>131 COLLEGE CIRCLE</AddressLine1Txt>
          <CityNm>SWAINSBORO</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30401</ZIPCd>
        </USAddress>
        <RecipientEIN>581318200</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>40624</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>SCHOLARSHIPS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>FORT VALLEY STATE UNIVERSITY</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>1005 STATE UNIVERSITY DRIVE</AddressLine1Txt>
          <CityNm>FORT VALLEY</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>31030</ZIPCd>
        </USAddress>
        <RecipientEIN>586002062</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>516523</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>CAPITAL IMPROVEMENTS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>FORT VALLEY STATE UNIVERSITY FOUNDATION INC</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>1005 STATE UNIVERSITY DRIVE</AddressLine1Txt>
          <CityNm>FORT VALLEY</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>31030</ZIPCd>
        </USAddress>
        <RecipientEIN>237281905</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>116000</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>CAPACITY BUILDING GRANT AND SCHOLARSHIPS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>GEORGIA COLLEGE &amp; STATE UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>CAMPUS BOX 96</AddressLine1Txt>
          <CityNm>MILLEDGEVILLE</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>31061</ZIPCd>
        </USAddress>
        <RecipientEIN>586043972</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>10000</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>SCHOLARSHIPS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>GEORGIA COLLEGE AND STATE UNIVERSITY</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>CAMPUS BOX 96</AddressLine1Txt>
          <CityNm>MILLEDGEVILLE</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>31061</ZIPCd>
        </USAddress>
        <RecipientEIN>586002064</RecipientEIN>
        <IRCSectionDesc>GOV</IRCSectionDesc>
        <CashGrantAmt>1105816</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>SCHOLARSHIPS AND CAPITAL IMPROVEMENTS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>GEORGIA GWINNETT COLLEGE FOUNDATION</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>1000 UNIVERSITY CENTER LN</AddressLine1Txt>
          <CityNm>LAWRENCEVILLE</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30043</ZIPCd>
        </USAddress>
        <RecipientEIN>205107997</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>10500</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>SCHOLARSHIPS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>GEORGIA HIGHLANDS COLLEGE FOUNDATION</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>3175 CEDAR TOWN HIGHWAY</AddressLine1Txt>
          <CityNm>ROME</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30161</ZIPCd>
        </USAddress>
        <RecipientEIN>237332373</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>10000</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>SCHOLARSHIPS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>GEORGIA SOUTHERN UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>PO BOX 8053 2472 AKINS BOULEVARD</AddressLine1Txt>
          <CityNm>STATESBORO</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30460</ZIPCd>
        </USAddress>
        <RecipientEIN>586034031</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>142385</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>CAPACITY BUILDING GRANT AND SCHOLARSHIPS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>GEORGIA SOUTHWESTERN STATE UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>PO BOX 926</AddressLine1Txt>
          <CityNm>AMERICUS</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>31709</ZIPCd>
        </USAddress>
        <RecipientEIN>581386358</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>60000</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>CAPACITY BUILDING GRANT AND SCHOLARSHIPS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>GEORGIA STATE UNIVERSITY</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>ONE PARK PLACE SUITE 533</AddressLine1Txt>
          <CityNm>ATLANTA</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30303</ZIPCd>
        </USAddress>
        <RecipientEIN>586002050</RecipientEIN>
        <IRCSectionDesc>GOV</IRCSectionDesc>
        <CashGrantAmt>22500</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>SCHOLARSHIPS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>GEORGIA STATE UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>ONE PARK PLACE SUITE 533</AddressLine1Txt>
          <CityNm>ATLANTA</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30303</ZIPCd>
        </USAddress>
        <RecipientEIN>586033185</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>226364</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>SCHOLARSHIPS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>GEORGIA TECH FOUNDATION INC</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>760 SPRING STREET 4TH FLOOR</AddressLine1Txt>
          <CityNm>ATLANTA</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30308</ZIPCd>
        </USAddress>
        <RecipientEIN>586043294</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>25500</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>SCHOLARSHIPS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>GORDON COLLEGE FOUNDATION INC</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>419 COLLEGE DRIVE</AddressLine1Txt>
          <CityNm>BARNESVILLE</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30204</ZIPCd>
        </USAddress>
        <RecipientEIN>237271047</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>10750</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>SCHOLARSHIPS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>KENNESAW STATE UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>1000 CHASTAIN ROAD SUITE 9101</AddressLine1Txt>
          <CityNm>KENNESAW</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30144</ZIPCd>
        </USAddress>
        <RecipientEIN>237034345</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>771155</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>SCHOLARSHIPS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>MIDDLE GEORGIA STATE UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>100 COLLEGE STATION DR</AddressLine1Txt>
          <CityNm>MACON</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>31206</ZIPCd>
        </USAddress>
        <RecipientEIN>237066010</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>12500</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>SCHOLARSHIPS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>SAVANNAH STATE UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>PO BOX 201439</AddressLine1Txt>
          <CityNm>SAVANNAH</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>31404</ZIPCd>
        </USAddress>
        <RecipientEIN>237305890</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>169083</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>SCHOLARSHIPS AND CAPITAL IMPROVEMENTS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>SOUTH GEORGIA STATE COLLEGE</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>100 WEST COLLEGE PARK DR</AddressLine1Txt>
          <CityNm>DOUGLAS</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>31533</ZIPCd>
        </USAddress>
        <RecipientEIN>581282314</RecipientEIN>
        <IRCSectionDesc>GOV</IRCSectionDesc>
        <CashGrantAmt>158616</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>SCHOLARSHIPS AND CAPITAL IMPROVEMENTS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>UNIVERSITY OF NORTH GEORGIA FOUNDATION - DAHLONEGA INC</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>PO BOX 1599</AddressLine1Txt>
          <CityNm>DAHLONEGA</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30533</ZIPCd>
        </USAddress>
        <RecipientEIN>237066297</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>74882</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>SCHOLARSHIPS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>UNIVERSITY OF WEST GEORGIA FOUNDATION</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>1903 MAPLE STREET</AddressLine1Txt>
          <CityNm>CARROLLTON</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30118</ZIPCd>
        </USAddress>
        <RecipientEIN>586056464</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>10000</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>SCHOLARSHIPS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>VALDOSTA STATE UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>1500 N PATTERSON ST</AddressLine1Txt>
          <CityNm>VALDOSTA</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>31698</ZIPCd>
        </USAddress>
        <RecipientEIN>581582136</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>21000</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>SCHOLARSHIPS</PurposeOfGrantTxt>
      </RecipientTable>
      <Total501c3OrgCnt>29</Total501c3OrgCnt>
      <TotalOtherOrgCnt>0</TotalOtherOrgCnt>
      <GrantsOtherAsstToIndivInUSGrp>
        <GrantTypeTxt>FACULTY AWARDS</GrantTypeTxt>
        <RecipientCnt>12</RecipientCnt>
        <CashGrantAmt>60000</CashGrantAmt>
      </GrantsOtherAsstToIndivInUSGrp>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART II, LINE 1, COLUMN C</FormAndLineReferenceDesc>
        <ExplanationTxt>GOVERNING AGENCY FOR UNIVERSITIES AND COLLEGES LISTED ON PART II: THE UNIVERSITY SYSTEM OF GEORGIA</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleI>
    <IRS990ScheduleJ documentId="RetDoc1042400001">
      <SeverancePaymentInd>0</SeverancePaymentInd>
      <SupplementalNonqualRtrPlanInd>0</SupplementalNonqualRtrPlanInd>
      <EquityBasedCompArrngmInd>0</EquityBasedCompArrngmInd>
      <CompBasedOnRevenueOfFlngOrgInd>0</CompBasedOnRevenueOfFlngOrgInd>
      <CompBsdOnRevRelatedOrgsInd>0</CompBsdOnRevRelatedOrgsInd>
      <CompBsdNetEarnsFlngOrgInd>0</CompBsdNetEarnsFlngOrgInd>
      <CompBsdNetEarnsRltdOrgsInd>0</CompBsdNetEarnsRltdOrgsInd>
      <AnyNonFixedPaymentsInd>0</AnyNonFixedPaymentsInd>
      <InitialContractExceptionInd>0</InitialContractExceptionInd>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART VII, LINE 1B, COLUMN D</FormAndLineReferenceDesc>
        <ExplanationTxt>OFFICERS ARE COMPENSATED BY THE UNIVERSITY SYSTEM OF GEORGIA, AN UNRELATED ENTITY, WHICH IS REIMBURSED BY THE FOUNDATION. IN 2022, OFFICERS KIRBY THOMPSON AND CHRISTINA PALOSKI RECEIVED COMPENSATION IN THE AMOUNTS OF $108,450 AND $126,670, RESPECTIVELY, FOR SERVICES TO THE FOUNDATION.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleJ>
    <IRS990ScheduleK documentId="RetDoc1053100001">
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>GEORGIA HIGHER EDUCATION FACILITIES AUTHORITY</BusinessNameLine1Txt>
        </IssuerName>
        <BondIssuerEIN>134350870</BondIssuerEIN>
        <CUSIPNum>373511GP3</CUSIPNum>
        <BondIssuedDt>2015-06-09</BondIssuedDt>
        <IssuePriceAmt>88939086</IssuePriceAmt>
        <PurposeDesc>FUNDS FOR REFUNDING PRIOR ISSUE (USGREF I, LLC)</PurposeDesc>
        <DefeasedInd>0</DefeasedInd>
        <OnBehalfOfIssuerInd>1</OnBehalfOfIssuerInd>
        <PoolFinancingInd>1</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>GEORGIA HIGHER EDUCATION FACILITIES AUTHORITY</BusinessNameLine1Txt>
        </IssuerName>
        <BondIssuerEIN>134350870</BondIssuerEIN>
        <CUSIPNum>373511JD7</CUSIPNum>
        <BondIssuedDt>2019-03-27</BondIssuedDt>
        <IssuePriceAmt>65447401</IssuePriceAmt>
        <PurposeDesc>FUNDS FOR PRIOR ISSUE (USGREF II, LLC)</PurposeDesc>
        <DefeasedInd>0</DefeasedInd>
        <OnBehalfOfIssuerInd>1</OnBehalfOfIssuerInd>
        <PoolFinancingInd>1</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>GEORGIA HIGHER EDUCATION FACILITIES AUTHORITY</BusinessNameLine1Txt>
        </IssuerName>
        <BondIssuerEIN>134350870</BondIssuerEIN>
        <CUSIPNum>373511KA1</CUSIPNum>
        <BondIssuedDt>2020-03-19</BondIssuedDt>
        <IssuePriceAmt>57031696</IssuePriceAmt>
        <PurposeDesc>FUNDS FOR PRIOR ISSUE (USGREF III, LLC)</PurposeDesc>
        <DefeasedInd>0</DefeasedInd>
        <OnBehalfOfIssuerInd>1</OnBehalfOfIssuerInd>
        <PoolFinancingInd>1</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>BARNESVILLE - LAMAR COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY</BusinessNameLine1Txt>
        </IssuerName>
        <BondIssuerEIN>581587819</BondIssuerEIN>
        <CUSIPNum>068049BR5</CUSIPNum>
        <BondIssuedDt>2018-06-28</BondIssuedDt>
        <IssuePriceAmt>27566193</IssuePriceAmt>
        <PurposeDesc>FUNDS FOR PRIOR ISSUE (USGREF VI, LLC)</PurposeDesc>
        <DefeasedInd>0</DefeasedInd>
        <OnBehalfOfIssuerInd>1</OnBehalfOfIssuerInd>
        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <RetiredAmt>15620000</RetiredAmt>
        <TotalProceedsAmt>88939086</TotalProceedsAmt>
        <IssuanceCostsFromProceedsAmt>898308</IssuanceCostsFromProceedsAmt>
        <OtherSpentProceedsAmt>88040778</OtherSpentProceedsAmt>
        <RefundingTaxExemptBondsInd>0</RefundingTaxExemptBondsInd>
        <RefundingTaxableBondsInd>1</RefundingTaxableBondsInd>
        <FinalAllocationMadeInd>1</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <RetiredAmt>50175000</RetiredAmt>
        <TotalProceedsAmt>65447401</TotalProceedsAmt>
        <IssuanceCostsFromProceedsAmt>656939</IssuanceCostsFromProceedsAmt>
        <OtherSpentProceedsAmt>64790462</OtherSpentProceedsAmt>
        <RefundingTaxExemptBondsInd>1</RefundingTaxExemptBondsInd>
        <RefundingTaxableBondsInd>0</RefundingTaxableBondsInd>
        <FinalAllocationMadeInd>1</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <RetiredAmt>50850000</RetiredAmt>
        <TotalProceedsAmt>57031696</TotalProceedsAmt>
        <IssuanceCostsFromProceedsAmt>666577</IssuanceCostsFromProceedsAmt>
        <RefundingTaxExemptBondsInd>1</RefundingTaxExemptBondsInd>
        <RefundingTaxableBondsInd>0</RefundingTaxableBondsInd>
        <FinalAllocationMadeInd>1</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <RetiredAmt>6176628</RetiredAmt>
        <TotalProceedsAmt>27566193</TotalProceedsAmt>
        <IssuanceCostsFromProceedsAmt>531804</IssuanceCostsFromProceedsAmt>
        <OtherSpentProceedsAmt>27034388</OtherSpentProceedsAmt>
        <RefundingTaxExemptBondsInd>1</RefundingTaxExemptBondsInd>
        <RefundingTaxableBondsInd>0</RefundingTaxableBondsInd>
        <FinalAllocationMadeInd>1</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <OwningBondFinancedPropertyInd>1</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>0</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>1</MgmtContractBondFincdPropInd>
        <EngageBondCounselContractsInd>1</EngageBondCounselContractsInd>
        <AnyResearchAgreementsInd>0</AnyResearchAgreementsInd>
        <PrivateBusUseByOthersPct>0.04620</PrivateBusUseByOthersPct>
        <TotalPrivateBusinessUsePct>0.04620</TotalPrivateBusinessUsePct>
        <BondIssMeetPrvtSecPymtTestInd>0</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>0</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>1</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <OwningBondFinancedPropertyInd>1</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>0</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>0</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>0</AnyResearchAgreementsInd>
        <BondIssMeetPrvtSecPymtTestInd>0</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>0</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>1</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <OwningBondFinancedPropertyInd>1</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>0</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>1</MgmtContractBondFincdPropInd>
        <EngageBondCounselContractsInd>1</EngageBondCounselContractsInd>
        <AnyResearchAgreementsInd>0</AnyResearchAgreementsInd>
        <PrivateBusUseByOthersPct>0.03710</PrivateBusUseByOthersPct>
        <TotalPrivateBusinessUsePct>0.03710</TotalPrivateBusinessUsePct>
        <BondIssMeetPrvtSecPymtTestInd>0</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>0</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>1</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <OwningBondFinancedPropertyInd>1</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>0</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>0</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>0</AnyResearchAgreementsInd>
        <BondIssMeetPrvtSecPymtTestInd>0</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>0</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>1</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
        <RebateNotDueYetInd>0</RebateNotDueYetInd>
        <ExceptionToRebateInd>0</ExceptionToRebateInd>
        <NoRebateDueInd>0</NoRebateDueInd>
        <VariableRateIssueInd>0</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>0</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>0</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>1</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
        <RebateNotDueYetInd>0</RebateNotDueYetInd>
        <ExceptionToRebateInd>0</ExceptionToRebateInd>
        <NoRebateDueInd>0</NoRebateDueInd>
        <VariableRateIssueInd>0</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>0</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>0</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>1</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
        <RebateNotDueYetInd>0</RebateNotDueYetInd>
        <ExceptionToRebateInd>0</ExceptionToRebateInd>
        <NoRebateDueInd>0</NoRebateDueInd>
        <VariableRateIssueInd>0</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>0</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>0</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>1</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
        <RebateNotDueYetInd>0</RebateNotDueYetInd>
        <ExceptionToRebateInd>0</ExceptionToRebateInd>
        <NoRebateDueInd>0</NoRebateDueInd>
        <VariableRateIssueInd>0</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>0</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>0</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>1</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <ProceduresCorrectiveActionInd>1</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <ProceduresCorrectiveActionInd>1</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <ProceduresCorrectiveActionInd>1</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <ProceduresCorrectiveActionInd>1</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
    </IRS990ScheduleK>
    <IRS990ScheduleK documentId="RetDoc1053100002">
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>JOINT DEVELOPMENT AUTHORITY OF BLECKLEY AND DODGE COUNTY</BusinessNameLine1Txt>
        </IssuerName>
        <BondIssuerEIN>261894499</BondIssuerEIN>
        <CUSIPNum>093488AV6</CUSIPNum>
        <BondIssuedDt>2018-06-12</BondIssuedDt>
        <IssuePriceAmt>54148698</IssuePriceAmt>
        <PurposeDesc>FUNDS FOR PRIOR ISSUE (USGREF VII, LLC)</PurposeDesc>
        <DefeasedInd>0</DefeasedInd>
        <OnBehalfOfIssuerInd>1</OnBehalfOfIssuerInd>
        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>AMERICUS - SUMTER PAYROLL DEVELOPMENT AUTHORITY</BusinessNameLine1Txt>
        </IssuerName>
        <BondIssuerEIN>581485641</BondIssuerEIN>
        <CUSIPNum>03069XCQ0</CUSIPNum>
        <BondIssuedDt>2018-06-14</BondIssuedDt>
        <IssuePriceAmt>22549796</IssuePriceAmt>
        <PurposeDesc>FUNDS FOR PRIOR ISSUE (USGREF VIII, LLC)</PurposeDesc>
        <DefeasedInd>0</DefeasedInd>
        <OnBehalfOfIssuerInd>1</OnBehalfOfIssuerInd>
        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>DEVELOPMENT AUTHORITY OF BIBB COUNTY</BusinessNameLine1Txt>
        </IssuerName>
        <BondIssuerEIN>581445945</BondIssuerEIN>
        <CUSIPNum>08869FFV6</CUSIPNum>
        <BondIssuedDt>2019-04-17</BondIssuedDt>
        <IssuePriceAmt>20580547</IssuePriceAmt>
        <PurposeDesc>CONSTRUCT STUDENT HOUSING (USGREF IX, LLC)</PurposeDesc>
        <DefeasedInd>0</DefeasedInd>
        <OnBehalfOfIssuerInd>1</OnBehalfOfIssuerInd>
        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>ALBANY-DOUGHERTY INNER CITY AUTHORITY (ADICA)</BusinessNameLine1Txt>
        </IssuerName>
        <BondIssuerEIN>581298706</BondIssuerEIN>
        <CUSIPNum>012173JE1</CUSIPNum>
        <BondIssuedDt>2019-05-30</BondIssuedDt>
        <IssuePriceAmt>24747010</IssuePriceAmt>
        <PurposeDesc>FUNDS FOR PRIOR ISSUE (USGREF X, LLC)</PurposeDesc>
        <DefeasedInd>0</DefeasedInd>
        <OnBehalfOfIssuerInd>1</OnBehalfOfIssuerInd>
        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <RetiredAmt>5937636</RetiredAmt>
        <TotalProceedsAmt>54148698</TotalProceedsAmt>
        <IssuanceCostsFromProceedsAmt>772659</IssuanceCostsFromProceedsAmt>
        <OtherSpentProceedsAmt>53426039</OtherSpentProceedsAmt>
        <RefundingTaxExemptBondsInd>1</RefundingTaxExemptBondsInd>
        <RefundingTaxableBondsInd>0</RefundingTaxableBondsInd>
        <FinalAllocationMadeInd>1</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <RetiredAmt>5010000</RetiredAmt>
        <TotalProceedsAmt>22549796</TotalProceedsAmt>
        <IssuanceCostsFromProceedsAmt>380228</IssuanceCostsFromProceedsAmt>
        <OtherSpentProceedsAmt>22169568</OtherSpentProceedsAmt>
        <RefundingTaxExemptBondsInd>1</RefundingTaxExemptBondsInd>
        <RefundingTaxableBondsInd>0</RefundingTaxableBondsInd>
        <FinalAllocationMadeInd>1</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <RetiredAmt>335000</RetiredAmt>
        <TotalProceedsAmt>20580547</TotalProceedsAmt>
        <CapitalizedInterestAmt>1336630</CapitalizedInterestAmt>
        <IssuanceCostsFromProceedsAmt>391465</IssuanceCostsFromProceedsAmt>
        <WorkingCapitalExpendituresAmt>411975</WorkingCapitalExpendituresAmt>
        <CapitalExpendituresAmt>20189082</CapitalExpendituresAmt>
        <SubstantialCompletionYr>2020</SubstantialCompletionYr>
        <RefundingTaxExemptBondsInd>0</RefundingTaxExemptBondsInd>
        <RefundingTaxableBondsInd>0</RefundingTaxableBondsInd>
        <FinalAllocationMadeInd>1</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <RetiredAmt>4075000</RetiredAmt>
        <TotalProceedsAmt>24747010</TotalProceedsAmt>
        <IssuanceCostsFromProceedsAmt>385293</IssuanceCostsFromProceedsAmt>
        <OtherSpentProceedsAmt>24361717</OtherSpentProceedsAmt>
        <RefundingTaxExemptBondsInd>1</RefundingTaxExemptBondsInd>
        <RefundingTaxableBondsInd>0</RefundingTaxableBondsInd>
        <FinalAllocationMadeInd>1</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <OwningBondFinancedPropertyInd>1</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>0</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>0</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>0</AnyResearchAgreementsInd>
        <BondIssMeetPrvtSecPymtTestInd>0</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>0</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>1</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <OwningBondFinancedPropertyInd>1</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>0</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>0</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>0</AnyResearchAgreementsInd>
        <BondIssMeetPrvtSecPymtTestInd>0</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>0</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>1</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <OwningBondFinancedPropertyInd>1</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>0</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>0</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>0</AnyResearchAgreementsInd>
        <BondIssMeetPrvtSecPymtTestInd>0</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>0</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>1</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <OwningBondFinancedPropertyInd>1</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>0</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>0</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>0</AnyResearchAgreementsInd>
        <BondIssMeetPrvtSecPymtTestInd>0</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>0</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>1</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
        <RebateNotDueYetInd>0</RebateNotDueYetInd>
        <ExceptionToRebateInd>0</ExceptionToRebateInd>
        <NoRebateDueInd>0</NoRebateDueInd>
        <VariableRateIssueInd>0</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>0</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>0</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>1</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
        <RebateNotDueYetInd>0</RebateNotDueYetInd>
        <ExceptionToRebateInd>0</ExceptionToRebateInd>
        <NoRebateDueInd>0</NoRebateDueInd>
        <VariableRateIssueInd>0</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>0</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>0</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>1</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
        <RebateNotDueYetInd>0</RebateNotDueYetInd>
        <ExceptionToRebateInd>0</ExceptionToRebateInd>
        <NoRebateDueInd>0</NoRebateDueInd>
        <VariableRateIssueInd>0</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>0</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>0</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>1</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
        <RebateNotDueYetInd>0</RebateNotDueYetInd>
        <ExceptionToRebateInd>0</ExceptionToRebateInd>
        <NoRebateDueInd>0</NoRebateDueInd>
        <VariableRateIssueInd>0</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>0</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>0</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>1</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <ProceduresCorrectiveActionInd>1</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <ProceduresCorrectiveActionInd>1</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <ProceduresCorrectiveActionInd>1</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <ProceduresCorrectiveActionInd>1</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
    </IRS990ScheduleK>
    <IRS990ScheduleK documentId="RetDoc1053100003">
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>ALBANY-DOUGHERTY INNER CITY AUTHORITY</BusinessNameLine1Txt>
        </IssuerName>
        <BondIssuerEIN>581298706</BondIssuerEIN>
        <CUSIPNum>012173KA7</CUSIPNum>
        <BondIssuedDt>2020-10-21</BondIssuedDt>
        <IssuePriceAmt>55064663</IssuePriceAmt>
        <PurposeDesc>FUNDS FOR PRIOR ISSUE (USGREF XI, LLC)</PurposeDesc>
        <DefeasedInd>0</DefeasedInd>
        <OnBehalfOfIssuerInd>1</OnBehalfOfIssuerInd>
        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>DEVELOPMENT AUTHORITY OF CITY OF MILLEDGEVILLE AND BALDWIN COUNTY</BusinessNameLine1Txt>
        </IssuerName>
        <BondIssuerEIN>581921875</BondIssuerEIN>
        <CUSIPNum>60039GBE2</CUSIPNum>
        <BondIssuedDt>2021-05-27</BondIssuedDt>
        <IssuePriceAmt>83745287</IssuePriceAmt>
        <PurposeDesc>FUNDS FOR PRIOR ISSUE (USGREF XII, LLC)</PurposeDesc>
        <DefeasedInd>0</DefeasedInd>
        <OnBehalfOfIssuerInd>1</OnBehalfOfIssuerInd>
        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>DEVELOPMENT AUTHORITY OF CLAYTON COUNTY (LLC XIII)</BusinessNameLine1Txt>
        </IssuerName>
        <BondIssuerEIN>581481262</BondIssuerEIN>
        <CUSIPNum>184150HC7</CUSIPNum>
        <BondIssuedDt>2022-09-29</BondIssuedDt>
        <IssuePriceAmt>23008479</IssuePriceAmt>
        <PurposeDesc>FUNDS FOR PRIOR ISSUE (USGREF XIII, LLC)</PurposeDesc>
        <DefeasedInd>0</DefeasedInd>
        <OnBehalfOfIssuerInd>1</OnBehalfOfIssuerInd>
        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <RetiredAmt>10913730</RetiredAmt>
        <TotalProceedsAmt>55064663</TotalProceedsAmt>
        <IssuanceCostsFromProceedsAmt>625933</IssuanceCostsFromProceedsAmt>
        <OtherSpentProceedsAmt>54438730</OtherSpentProceedsAmt>
        <RefundingTaxExemptBondsInd>1</RefundingTaxExemptBondsInd>
        <RefundingTaxableBondsInd>0</RefundingTaxableBondsInd>
        <FinalAllocationMadeInd>1</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <RetiredAmt>21598320</RetiredAmt>
        <TotalProceedsAmt>83745287</TotalProceedsAmt>
        <IssuanceCostsFromProceedsAmt>921967</IssuanceCostsFromProceedsAmt>
        <OtherSpentProceedsAmt>82823320</OtherSpentProceedsAmt>
        <RefundingTaxExemptBondsInd>1</RefundingTaxExemptBondsInd>
        <RefundingTaxableBondsInd>0</RefundingTaxableBondsInd>
        <FinalAllocationMadeInd>1</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <RetiredAmt>4375000</RetiredAmt>
        <TotalProceedsAmt>23008479</TotalProceedsAmt>
        <IssuanceCostsFromProceedsAmt>443494</IssuanceCostsFromProceedsAmt>
        <OtherSpentProceedsAmt>22564985</OtherSpentProceedsAmt>
        <RefundingTaxExemptBondsInd>1</RefundingTaxExemptBondsInd>
        <RefundingTaxableBondsInd>0</RefundingTaxableBondsInd>
        <FinalAllocationMadeInd>1</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <OwningBondFinancedPropertyInd>1</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>0</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>1</MgmtContractBondFincdPropInd>
        <EngageBondCounselContractsInd>1</EngageBondCounselContractsInd>
        <AnyResearchAgreementsInd>0</AnyResearchAgreementsInd>
        <BondIssMeetPrvtSecPymtTestInd>0</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>0</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>1</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <OwningBondFinancedPropertyInd>1</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>0</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>0</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>0</AnyResearchAgreementsInd>
        <BondIssMeetPrvtSecPymtTestInd>0</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>0</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>1</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <OwningBondFinancedPropertyInd>1</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>0</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>0</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>0</AnyResearchAgreementsInd>
        <BondIssMeetPrvtSecPymtTestInd>0</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>0</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>1</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
        <RebateNotDueYetInd>0</RebateNotDueYetInd>
        <ExceptionToRebateInd>0</ExceptionToRebateInd>
        <NoRebateDueInd>0</NoRebateDueInd>
        <VariableRateIssueInd>0</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>0</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>0</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>1</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
        <RebateNotDueYetInd>0</RebateNotDueYetInd>
        <ExceptionToRebateInd>0</ExceptionToRebateInd>
        <NoRebateDueInd>0</NoRebateDueInd>
        <VariableRateIssueInd>0</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>0</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>0</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>1</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
        <RebateNotDueYetInd>0</RebateNotDueYetInd>
        <ExceptionToRebateInd>0</ExceptionToRebateInd>
        <NoRebateDueInd>0</NoRebateDueInd>
        <VariableRateIssueInd>0</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>0</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>0</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>0</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <ProceduresCorrectiveActionInd>1</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <ProceduresCorrectiveActionInd>1</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <ProceduresCorrectiveActionInd>1</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
    </IRS990ScheduleK>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990 PART 1 LINE 5 AND PART V LINE 2A</FormAndLineReferenceDesc>
        <ExplanationTxt>THE FOUNDATION DOES NOT REPORT ANY PAYROLL. THE PAYMASTER IS THE UNIVERSITY SYSTEM OF GEORGIA/GEORGIA BOARD OF REGENTS, AN UNRELATED ENTITY. THE FOUNDATION REIMBURSES THE BOARD OF REGENTS SYSTEM OFFICE FOR SALARIES AND BENEFITS OF EMPLOYEES. THE FOUNDATION DOES NOT RECOGNIZE DONATED SALARIES AS REVENUE, NOR EXPENSE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>A COMPLETE DRAFT OF THE 990 WILL BE PRESENTED TO THE FULL BOARD ELECTRONICALLY FOR ANY QUESTIONS AND COMMENTS AND/OR REVISIONS WITH A TWO WEEK DEADLINE. IF THERE AREN'T ANY SUGGESTED REVISIONS OR COMMENTS, THE 990 WILL BE APPROVED AS IT AND FILED. IT WILL THEN BE PRESENTED ON OUR WEBSITE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>THE TRUSTEE THAT HAS THE CONFLICT MUST NOTIFY THE CHAIRMAN OF THE BOARD AND SHALL REFRAIN FROM VOTING ON ANY SUCH TRANSACTION, PARTICIPATE IN DELIBERATIONS CONCERNING IT, OR USING PERSONAL INFLUENCE IN ANY WAY IN THE MATTER.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 15</FormAndLineReferenceDesc>
        <ExplanationTxt>ALL COMPENSATION REVIEWS ARE PERFORMED BY THE EXECUTIVE DIRECTOR WITH THE CHAIRMAN OF THE BOARD REVIEWING COMPARATIVE DATA AND EXPECTIONS WITHIN THE ORGANIZATION</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>ANNUAL REPORTS ARE POSTED ON THE USG FOUNDATION WEBSITE. ALL DOCUMENTS ARE AVAILABLE UPON REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990 PART XII LINE 2C</FormAndLineReferenceDesc>
        <ExplanationTxt>THE FINANCIAL STATEMENT OVERSIGHT PROCESS HAS NOT CHANGED FROM PRIOR YEARS. THE AUDIT WAS CONDUCTED BY THE SAME AUDITORS AS IN THE PRIOR YEAR.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc1043400001">
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>USG REAL ESTATE FOUNDATION I LLC</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>270 WASHINGTON ST SW SUITE 5175</AddressLine1Txt>
          <CityNm>ATLANTA</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30334</ZIPCd>
        </USAddress>
        <EIN>263541574</EIN>
        <PrimaryActivitiesTxt>CONSTRUCTION AND LEASE OF REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>GA</LegalDomicileStateCd>
        <TotalIncomeAmt>4316497</TotalIncomeAmt>
        <EndOfYearAssetsAmt>67601714</EndOfYearAssetsAmt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC</BusinessNameLine1Txt>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>USGREF MANAGER LLC</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>270 WASHINGTON ST SW SUITE 5175</AddressLine1Txt>
          <CityNm>ATLANTA</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30334</ZIPCd>
        </USAddress>
        <EIN>263541509</EIN>
        <PrimaryActivitiesTxt>ENTITY MANAGEMENT</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>GA</LegalDomicileStateCd>
        <TotalIncomeAmt>0</TotalIncomeAmt>
        <EndOfYearAssetsAmt>0</EndOfYearAssetsAmt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC</BusinessNameLine1Txt>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>USG REAL ESTATE FOUNDATION II LLC</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>270 WASHINGTON ST SW SUITE 5175</AddressLine1Txt>
          <CityNm>ATLANTA</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30334</ZIPCd>
        </USAddress>
        <EIN>270549673</EIN>
        <PrimaryActivitiesTxt>CONSTRUCTION AND LEASE OF REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>GA</LegalDomicileStateCd>
        <TotalIncomeAmt>2911927</TotalIncomeAmt>
        <EndOfYearAssetsAmt>54342897</EndOfYearAssetsAmt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC</BusinessNameLine1Txt>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>USG REAL ESTATE FOUNDATION III LLC</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>270 WASHINGTON ST SW SUITE 5175</AddressLine1Txt>
          <CityNm>ATLANTA</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30334</ZIPCd>
        </USAddress>
        <EIN>272615552</EIN>
        <PrimaryActivitiesTxt>CONSTRUCTION AND LEASE OF REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>GA</LegalDomicileStateCd>
        <TotalIncomeAmt>2436819</TotalIncomeAmt>
        <EndOfYearAssetsAmt>47895045</EndOfYearAssetsAmt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC</BusinessNameLine1Txt>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>USG REAL ESTATE FOUNDATION IV LLC</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>270 WASHINGTON ST SW SUITE 5175</AddressLine1Txt>
          <CityNm>ATLANTA</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30334</ZIPCd>
        </USAddress>
        <EIN>474793787</EIN>
        <PrimaryActivitiesTxt>CONSTRUCTION AND LEASE OF REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>GA</LegalDomicileStateCd>
        <TotalIncomeAmt>3669041</TotalIncomeAmt>
        <EndOfYearAssetsAmt>39305344</EndOfYearAssetsAmt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC</BusinessNameLine1Txt>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>USG REAL ESTATE FOUNDATION V LLC</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>270 WASHINGTON ST SW SUITE 7005A</AddressLine1Txt>
          <CityNm>ATLANTA</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30334</ZIPCd>
        </USAddress>
        <EIN>813901992</EIN>
        <PrimaryActivitiesTxt>CONSTRUCTION AND LEASE OF REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>GA</LegalDomicileStateCd>
        <TotalIncomeAmt>1697818</TotalIncomeAmt>
        <EndOfYearAssetsAmt>34995170</EndOfYearAssetsAmt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC</BusinessNameLine1Txt>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>USG REAL ESTATE FOUNDATION VI LLC</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>270 WASHINGTON ST SW SUITE 5175</AddressLine1Txt>
          <CityNm>ATLANTA</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30334</ZIPCd>
        </USAddress>
        <EIN>822422368</EIN>
        <PrimaryActivitiesTxt>CONSTRUCTION AND LEASE OF REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>GA</LegalDomicileStateCd>
        <TotalIncomeAmt>2241973</TotalIncomeAmt>
        <EndOfYearAssetsAmt>24973723</EndOfYearAssetsAmt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC</BusinessNameLine1Txt>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>USG REAL ESTATE FOUNDATION VII LLC</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>270 WASHINGTON ST SW SUITE 5175</AddressLine1Txt>
          <CityNm>ATLANTA</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30334</ZIPCd>
        </USAddress>
        <EIN>825406903</EIN>
        <PrimaryActivitiesTxt>CONSTRUCTION AND LEASE OF REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>GA</LegalDomicileStateCd>
        <TotalIncomeAmt>2329205</TotalIncomeAmt>
        <EndOfYearAssetsAmt>50877440</EndOfYearAssetsAmt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC</BusinessNameLine1Txt>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>USG REAL ESTATE FOUNDATION VIII LLC</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>270 WASHINGTON ST SW SUITE 5175</AddressLine1Txt>
          <CityNm>ATLANTA</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30334</ZIPCd>
        </USAddress>
        <EIN>825414884</EIN>
        <PrimaryActivitiesTxt>CONSTRUCTION AND LEASE OF REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>GA</LegalDomicileStateCd>
        <TotalIncomeAmt>1638589</TotalIncomeAmt>
        <EndOfYearAssetsAmt>31495528</EndOfYearAssetsAmt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC</BusinessNameLine1Txt>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>USG REAL ESTATE FOUNDATION IX LLC</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>270 WASHINGTON ST SW SUITE 5175</AddressLine1Txt>
          <CityNm>ATLANTA</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30334</ZIPCd>
        </USAddress>
        <EIN>581445945</EIN>
        <PrimaryActivitiesTxt>CONSTRUCTION AND LEASE OF REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>GA</LegalDomicileStateCd>
        <TotalIncomeAmt>958745</TotalIncomeAmt>
        <EndOfYearAssetsAmt>19609063</EndOfYearAssetsAmt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC</BusinessNameLine1Txt>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>USG REAL ESTATE FOUNDATION X LLC</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>270 WASHINGTON ST SW SUITE 5175</AddressLine1Txt>
          <CityNm>ATLANTA</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30334</ZIPCd>
        </USAddress>
        <EIN>581298706</EIN>
        <PrimaryActivitiesTxt>CONSTRUCTION AND LEASE OF REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>GA</LegalDomicileStateCd>
        <TotalIncomeAmt>1772576</TotalIncomeAmt>
        <EndOfYearAssetsAmt>22587464</EndOfYearAssetsAmt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC</BusinessNameLine1Txt>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>USG REAL ESTATE FOUNDATION XI LLC</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>270 WASHINGTON ST SW SUITE 5175</AddressLine1Txt>
          <CityNm>ATLANTA</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30334</ZIPCd>
        </USAddress>
        <EIN>844058936</EIN>
        <PrimaryActivitiesTxt>CONSTRUCTION AND LEASE OF REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>GA</LegalDomicileStateCd>
        <TotalIncomeAmt>2171311</TotalIncomeAmt>
        <EndOfYearAssetsAmt>53345223</EndOfYearAssetsAmt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC</BusinessNameLine1Txt>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>USG REAL ESTATE FOUNDATION XII LLC</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>270 WASHINGTON ST SW SUITE 5175</AddressLine1Txt>
          <CityNm>ATLANTA</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30334</ZIPCd>
        </USAddress>
        <PrimaryActivitiesTxt>CONSTRUCTION AND LEASE OF REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>GA</LegalDomicileStateCd>
        <TotalIncomeAmt>2741930</TotalIncomeAmt>
        <EndOfYearAssetsAmt>76086891</EndOfYearAssetsAmt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC</BusinessNameLine1Txt>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>USG REAL ESTATE FOUNDATION XIII LLC</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>270 WASHINGTON ST SW SUITE 5175</AddressLine1Txt>
          <CityNm>ATLANTA</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30334</ZIPCd>
        </USAddress>
        <PrimaryActivitiesTxt>CONSTRUCTION AND LEASE OF REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>GA</LegalDomicileStateCd>
        <TotalIncomeAmt>1616546</TotalIncomeAmt>
        <EndOfYearAssetsAmt>22254331</EndOfYearAssetsAmt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>UNIVERSITY SYSTEM OF GEORGIA FOUNDATION INC</BusinessNameLine1Txt>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
    </IRS990ScheduleR>
  </ReturnData>
</Return>
