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        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
        <ContractorPaidOver50kCnt>0</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>COLLEGE SCHOLARSHIPS- 137 INDIVIDUALS (LISTING OF COLLEGES ATTACHED)</Description1Txt>
        <Expenses1Amt>212500</Expenses1Amt>
        <Description2Txt>LOCAL CHURCHES- 2 CHURCHES</Description2Txt>
        <Expenses2Amt>2000</Expenses2Amt>
        <Description3Txt>NORTHEAST ARKANSAS HIGHER EDUCATION CHARITABLE FOUNDATION, INC.</Description3Txt>
        <Expenses3Amt>43758</Expenses3Amt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>NONE</Description1Txt>
        <Expenses1Amt>0</Expenses1Amt>
        <TotalAmt>0</TotalAmt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>4344449</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>287337</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>712502</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>5344288</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>5344288</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>80164</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>5264124</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>263206</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>263206</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>2289</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>2289</TotalTaxAmt>
        <DistributableBeforeAdjAmt>260917</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>260917</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>260917</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>258258</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <QualifyingDistributionsAmt>258258</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>260917</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>254058</UndistributedIncomePYAmt>
        <ExcessDistributionCyovYr5Amt>0</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>0</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>0</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>0</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>0</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>0</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>258258</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>254058</AppliedToYear1Amt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <AppliedToCurrentYearAmt>4200</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>0</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>0</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>256717</UndistributedIncomeCYAmt>
        <ExcessDistriCyovFromYr5Amt>0</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>0</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>0</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>0</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>0</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>0</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>0</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>NONE</ContributingManagerNm>
        <ShareholderManagerNm>NONE</ShareholderManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>SEE ATTACHED LISTING</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>VARIOUS</AddressLine1Txt>
            <CityNm>VARIOUS</CityNm>
            <StateAbbreviationCd>AR</StateAbbreviationCd>
            <ZIPCd>72112</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>SEE LISTING</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SEE LISTING</GrantOrContributionPurposeTxt>
          <Amt>212500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HOLDEN AVENUE CHURCH OF CHRIST</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>MCLAIN STREET</AddressLine1Txt>
            <CityNm>NEWPORT</CityNm>
            <StateAbbreviationCd>AR</StateAbbreviationCd>
            <ZIPCd>72112</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>CHURCH</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>RELIGIOUS CAUSE</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FIRST UNITED METHODIST CHURCH</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>LAUREL STREET</AddressLine1Txt>
            <CityNm>NEWPORT</CityNm>
            <StateAbbreviationCd>AR</StateAbbreviationCd>
            <ZIPCd>72112</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>CHURCH</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>RELIGIOUS CAUSE</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>NORTHEAST ARKANSAS CHARITABLE FOUNDATION INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 189</AddressLine1Txt>
            <CityNm>NEWPORT</CityNm>
            <StateAbbreviationCd>AR</StateAbbreviationCd>
            <ZIPCd>72112</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>CHARITABLE FONDATION</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL CHARITY</GrantOrContributionPurposeTxt>
          <Amt>43758</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>258258</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>1253</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>128558</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <NetRntlIncmReNotDebtFincdProp>
          <ExclusionCd>16</ExclusionCd>
          <ExclusionAmt>-5571</ExclusionAmt>
        </NetRntlIncmReNotDebtFincdProp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>79706</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <OtherRevenueDescribedGrp>
          <Desc>MISCELLANEOUS</Desc>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>0</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>203946</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>203946</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>false</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <AccountingFeesSchedule documentId="AccountingFeesSchedule-01">
      <AccountingFeesDetail>
        <CategoryTxt>MICHAEL N. TURNER CPA, P.A. RETURN PREPARATION</CategoryTxt>
        <Amt>3835</Amt>
        <NetInvestmentIncomeAmt>3835</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>3835</AdjustedNetIncomeAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsCorpBondsSchedule documentId="InvestmentsCorpBondsSchedul-01">
      <InvestmentsCorporateBondsGrp>
        <BondNm>SEE ATTACHED LISTING</BondNm>
        <EOYBookValueAmt>1145598</EOYBookValueAmt>
        <EOYFMVAmt>1114894</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="InvestmentsCorpStockSchedul-01">
      <InvestmentsCorporateStockGrp>
        <StockNm>SEE ATTACHED LISTING</StockNm>
        <EOYBookValueAmt>1412899</EOYBookValueAmt>
        <EOYFMVAmt>3040916</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsLandSchedule2 documentId="InvestmentsLandSchedule2-01">
      <InvestmentLandGrp>
        <CategoryOrItemTxt>LAND</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>114663</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>0</AccumulatedDepreciationAmt>
        <BookValueAmt>114663</BookValueAmt>
      </InvestmentLandGrp>
    </InvestmentsLandSchedule2>
    <InvestmentsOtherSchedule2 documentId="InvestmentsOtherSchedule2-01">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>SEE ATTACHED LISTING</CategoryOrItemTxt>
        <BookValueAmt>89253</BookValueAmt>
        <EOYFMVAmt>95546</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherDecreasesSchedule documentId="OtherDecreasesSchedule-01">
      <OtherDecreasesDetail>
        <Desc>CAPITAL LOSSES</Desc>
        <Amt>0</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSchedule-01">
      <OtherExpensesScheduleGrp>
        <Desc>FARM INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>1990</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1990</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>1990</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>CUSTOM HIRE</Desc>
        <RevenueAndExpensesPerBooksAmt>24040</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>24040</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>24040</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>RENTS</Desc>
        <RevenueAndExpensesPerBooksAmt>300</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>300</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>300</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>CHEMICALS</Desc>
        <RevenueAndExpensesPerBooksAmt>3425</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>3425</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>3425</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>SEED</Desc>
        <RevenueAndExpensesPerBooksAmt>21040</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>21040</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>21040</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>FARM CONSULTATION</Desc>
        <RevenueAndExpensesPerBooksAmt>1030</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1030</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>1030</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>SURVEY COST</Desc>
        <RevenueAndExpensesPerBooksAmt>2450</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>2450</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>2450</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSchedule2-01">
      <OtherIncomeDetail>
        <Desc>SCHOLARSHIP REFUNDS</Desc>
        <RevenueAndExpensesPerBooksAmt>4200</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="OtherIncreasesSchedule-01">
      <OtherIncreasesDetail>
        <Desc>CAPITAL GAINS</Desc>
        <Amt>79706</Amt>
      </OtherIncreasesDetail>
      <OtherIncreasesDetail>
        <Desc>TAX EXEMPT INTEREST</Desc>
        <Amt>8096</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherProfessionalFeesSchedule documentId="OtherProfessionalFeesSchedu-01">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>VARIOUS FUND MANAGERS ADVISORY</CategoryTxt>
        <Amt>9166</Amt>
        <NetInvestmentIncomeAmt>9166</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>9166</AdjustedNetIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule-01">
      <TaxesDetail>
        <CategoryTxt>REAL ESTATE TAXES</CategoryTxt>
        <Amt>961</Amt>
        <NetInvestmentIncomeAmt>961</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>961</AdjustedNetIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FEDERAL INCOME TAXES</CategoryTxt>
        <Amt>2965</Amt>
        <NetInvestmentIncomeAmt>2965</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>2965</AdjustedNetIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>