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      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
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      </OtherLandBuildingsGrp>
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      <TotalRevenuePerForm990Amt>14946391</TotalRevenuePerForm990Amt>
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      <ExpensesSubtotalAmt>13407870</ExpensesSubtotalAmt>
      <TotalExpensesPerForm990Amt>13407870</TotalExpensesPerForm990Amt>
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    <IRS990ScheduleJ documentId="RetDoc4">
      <SeverancePaymentInd>false</SeverancePaymentInd>
      <SupplementalNonqualRtrPlanInd>false</SupplementalNonqualRtrPlanInd>
      <EquityBasedCompArrngmInd>false</EquityBasedCompArrngmInd>
      <CompBasedOnRevenueOfFlngOrgInd>false</CompBasedOnRevenueOfFlngOrgInd>
      <CompBsdOnRevRelatedOrgsInd>false</CompBsdOnRevRelatedOrgsInd>
      <CompBsdNetEarnsFlngOrgInd>false</CompBsdNetEarnsFlngOrgInd>
      <CompBsdNetEarnsRltdOrgsInd>false</CompBsdNetEarnsRltdOrgsInd>
      <AnyNonFixedPaymentsInd>false</AnyNonFixedPaymentsInd>
      <InitialContractExceptionInd>false</InitialContractExceptionInd>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>WAYNE BREWER</PersonNm>
        <TitleTxt>CEO/BOARD CHAIRMAN</TitleTxt>
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      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>MARCEL MAEBARA</PersonNm>
        <TitleTxt>CFO</TitleTxt>
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        <NameOfInterested>
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            <BusinessNameLine1Txt>STUDENT MANAGEMENT GROUP INC</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>STUDENT MANAGEMENT GROUP INC</BusinessNameLine2Txt>
          </BusinessName>
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      <BusTrInvolveInterestedPrsnGrp>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE L, PART V</FormAndLineReferenceDesc>
        <ExplanationTxt>WAYNE BREWER IS THE EXECUTIVE DIRECTOR OF INTERNATIONAL STUDENT EXCHANGE, INC. (ISE) AND THE PRESIDENT OF STUDENT MANAGMENT GROUP, INC. (SMG). THERE ARE 2 ANNUAL SERVICE AGREEMENTS BETWEEN THE TWO ENTITIES: 1) SHARED USE OF BUILDING AND SERVICES AGREEMENT: ISE SHALL MAKE AVAILABLE TO SMG THE USE OF PREDETERMINED OFFICE SPACE, OFFICE FURNISHINGS, IT &amp; PROGRAMMING SERVICES, PAPER &amp; PRINTING SUPPLIES, PHONE SYSTEMS, SHARED ADMINISTRATIVE SERVICES, UTILITIES &amp; MAINTENANCE AND NECESSARY TAXES. THE TOTAL AMOUNT THAT SMG WILL PAY ISE FOR THE ABOVE-MENTIONED SERVICES IS 82,000 2) MARKETING SERVICES AGREEMENT: SMG WILL PROVIDE ANNUAL MARKETING SERVICES TO ISE ON AN ANNUAL BASIS TOTALING 195,000. EACH OF THE ABOVE LISTED SERVICE AGREEMENTS ARE RENEWED ON AN ANNUAL BASIS</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleL>
    <IRS990ScheduleO documentId="RetDoc6">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 2, PART III, LINE 4D</FormAndLineReferenceDesc>
        <ExplanationTxt>PROGRAM OF EXCHANGE FOR HIGH SCHOOL AGE STUDENTS TO TAKE PART IN AN INTERNATIONAL CROSS CULTURAL EXCHANGE PROGRAM</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>NO REVIEW WAS OR WILL BE CONDUCTED.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>DOCUMENTS ARE AVAILABLE FOR INSPECTION AT CORPORATE HEADQUARTERS. INTERNATIONAL STUDENT EXCHANGE, INC. 36 PARK AVE BAY SHORE, NY 11706</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
  </ReturnData>
</Return>