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        <Desc>BANK CHARGES</Desc>
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        <EOYAmt>49490288</EOYAmt>
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        <EOYAmt>49726683</EOYAmt>
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      <NetUnrlzdGainsLossesInvstAmt>-2170945</NetUnrlzdGainsLossesInvstAmt>
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      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>0</AccountantCompileOrReviewInd>
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      <FederalGrantAuditRequiredInd>0</FederalGrantAuditRequiredInd>
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        <ContributorBusinessName>
          <BusinessNameLine1>RESTRICTED</BusinessNameLine1>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1>RESTRICTED</AddressLine1>
          <AddressLine2>RESTRICTED</AddressLine2>
          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
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        <BookValueAmt>1983322</BookValueAmt>
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        <DepreciationAmt>52751</DepreciationAmt>
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        <BookValueAmt>186824</BookValueAmt>
        <MethodValuationCd>C</MethodValuationCd>
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      <OtherSecuritiesGrp>
        <Desc>CORPORATE BONDS</Desc>
        <BookValueAmt>3779484</BookValueAmt>
        <MethodValuationCd>F</MethodValuationCd>
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      <OtherSecuritiesGrp>
        <Desc>ALTERNATIVE INVESTMENTS</Desc>
        <BookValueAmt>10774519</BookValueAmt>
        <MethodValuationCd>F</MethodValuationCd>
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      <PolicyStmtInBrochuresEtcInd>1</PolicyStmtInBrochuresEtcInd>
      <PlcyPblczdViaBroadcastMediaInd>1</PlcyPblczdViaBroadcastMediaInd>
      <MaintainRacialCompRecsInd>1</MaintainRacialCompRecsInd>
      <MaintainScholarshipsRecsInd>1</MaintainScholarshipsRecsInd>
      <MaintainCpyOfBrochuresEtcInd>1</MaintainCpyOfBrochuresEtcInd>
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      <DiscriminateRaceUseOfFcltsInd>0</DiscriminateRaceUseOfFcltsInd>
      <DiscriminateRaceAthltProgInd>0</DiscriminateRaceAthltProgInd>
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      <GovernmentFinancialAidRvkdInd>0</GovernmentFinancialAidRvkdInd>
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        <ExplanationTxt>SEE SUPPLEMENTAL PAGE</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE E, LINE 3</FormAndLineReferenceDesc>
        <ExplanationTxt>THE SCHOOL'S POLICY ON RACIAL NONDISCRIMINATION IS DESCRIBED IN ITS STUDENT HANDBOOK, WHICH IS AVAILABLE ONLINE TO THE GENERAL PUBLIC AS WELL AS TO ALL CURRENT AND PROSPECTIVE STUDENTS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE E, LINE 6</FormAndLineReferenceDesc>
        <ExplanationTxt>FINANCIAL AID OR GOVERNMENT ASSISTANCE EXPLANATION THE ORGANIZATION, WHICH OPERATES CHARTER SCHOOLS, RECEIVES FUNDING FROM THE ARIZONA DEPARTMENT OF EDUCATION, BASED ON STUDENT COUNTS, SUBJECT TO THE AVILABILITY OF FUNDS AND THE SCHOOL'S COMPLAINCE WITH APPLICBLE LAWS AND REGULATIONS.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART I, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION MAINTAINS RECORDS TO SUBSTANTIATE THE AMOUNTS OF SCHOLARSHIPS GIVEN OUT TO STUDENTS. IN ADDITION, THE ORGANIZATION HAS A PROCESS THAT REQUIRES THE STUDENTS ARE CHOSEN FOR A SCHOLARSHIP BASED ON SET SELECTION CRITERIA.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART III, LINE 2</FormAndLineReferenceDesc>
        <ExplanationTxt>SEE PART III, LINE 4B.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 8B</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION DID NOT HAVE ANY COMMITTEES DURING THE FISCAL YEAR. THEREFORE, THERE WERE NO DOCUMENTED COMMITTEE MEETING MINUTES.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>ORGANIZATION'S PROCESS TO REVIEW FORM 990: A MEMBER OF MANAGEMENT REVIEWS THE RETURN FOR ACCURACY PRIOR TO FILING.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>ALL BOARD MEMBERS AND KEY EMPLOYEES ARE REQUIRED TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST. ANY CONFLICTS ARE REGULARLY REVIEWED AND MONITORED BY THE BOARD OF DIRECTORS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>GOVERNING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC FROM THE SECRETARY AT THE ORGANIZATION'S MAIN OFFICE UPON REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
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        </DisregardedEntityName>
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          <CityNm>COLUMBUS</CityNm>
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        </USAddress>
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        <EndOfYearAssetsAmt>0</EndOfYearAssetsAmt>
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          <BusinessNameLine1Txt>VERANO LEARNING PARTNERS</BusinessNameLine1Txt>
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        <DisregardedEntityName>
          <BusinessNameLine1Txt>PTLC PREP ACADEMY LLC</BusinessNameLine1Txt>
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        <EndOfYearAssetsAmt>44508</EndOfYearAssetsAmt>
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      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>VALOR PREPARATORY ACADEMY LLC</BusinessNameLine1Txt>
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</Return>