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          <AverageHrsPerWkDevotedToPosRt>4.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JAMES TROY GRANT</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO Box 756</AddressLine1Txt>
            <CityNm>Parsons</CityNm>
            <StateAbbreviationCd>TN</StateAbbreviationCd>
            <ZIPCd>38363</ZIPCd>
          </USAddress>
          <TitleTxt>CHIEF SCHOLARS OFFICER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>6.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>BLAKE DILL</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO Box 756</AddressLine1Txt>
            <CityNm>Parsons</CityNm>
            <StateAbbreviationCd>TN</StateAbbreviationCd>
            <ZIPCd>38363</ZIPCd>
          </USAddress>
          <TitleTxt>CHIEF OPERATING OFFICER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>6.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>SHANNON HAYNES</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO Box 756</AddressLine1Txt>
            <CityNm>Parsons</CityNm>
            <StateAbbreviationCd>TN</StateAbbreviationCd>
            <ZIPCd>38363</ZIPCd>
          </USAddress>
          <TitleTxt>CHIEF PROSPERITY OFFICER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>6.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>AYERS FOUNDATION SCHOLAR PROGRAM</Description1Txt>
        <Expenses1Amt>11968</Expenses1Amt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>93211</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>494817</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>588028</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>588028</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>8820</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>579208</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>28960</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <Sect4942j3j5FndtnAndFrgnOrgInd>X</Sect4942j3j5FndtnAndFrgnOrgInd>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>11968</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>11968</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <PrivateOperatingFoundationsGrp>
        <Section4942j3Ind>X</Section4942j3Ind>
        <LessorAdjNetIncmMinInvstRetGrp>
          <CurrentYearAmt>0</CurrentYearAmt>
          <Year1Amt>46832</Year1Amt>
          <Year2Amt>15247</Year2Amt>
          <Year3Amt>1322</Year3Amt>
          <TotalAmt>63401</TotalAmt>
        </LessorAdjNetIncmMinInvstRetGrp>
        <Pct85LessorAdjIncmOrMinRetGrp>
          <CurrentYearAmt>0</CurrentYearAmt>
          <Year1Amt>39807</Year1Amt>
          <Year2Amt>12960</Year2Amt>
          <Year3Amt>1124</Year3Amt>
          <TotalAmt>53891</TotalAmt>
        </Pct85LessorAdjIncmOrMinRetGrp>
        <QualifyingDistributionsGrp>
          <CurrentYearAmt>11968</CurrentYearAmt>
          <Year1Amt>2403045</Year1Amt>
          <Year2Amt>7358496</Year2Amt>
          <Year3Amt>7920033</Year3Amt>
          <TotalAmt>17693542</TotalAmt>
        </QualifyingDistributionsGrp>
        <QualifyingDistriNotUsedDrtGrp>
          <CurrentYearAmt>0</CurrentYearAmt>
          <Year1Amt>311291</Year1Amt>
          <Year2Amt>4632011</Year2Amt>
          <Year3Amt>5008046</Year3Amt>
          <TotalAmt>9951348</TotalAmt>
        </QualifyingDistriNotUsedDrtGrp>
        <QualifyingDistriMadeDrtGrp>
          <CurrentYearAmt>11968</CurrentYearAmt>
          <Year1Amt>2091754</Year1Amt>
          <Year2Amt>2726485</Year2Amt>
          <Year3Amt>2911987</Year3Amt>
          <TotalAmt>7742194</TotalAmt>
        </QualifyingDistriMadeDrtGrp>
        <TotalAssetsGrp>
          <CurrentYearAmt>9447339</CurrentYearAmt>
          <Year1Amt>9714854</Year1Amt>
          <Year2Amt>12225583</Year2Amt>
          <Year3Amt>11206154</Year3Amt>
          <TotalAmt>42593930</TotalAmt>
        </TotalAssetsGrp>
        <TotalAssetsSect4942j3BiGrp>
          <CurrentYearAmt>9196201</CurrentYearAmt>
          <Year1Amt>9079053</Year1Amt>
          <Year2Amt>8482691</Year2Amt>
          <Year3Amt>8198016</Year3Amt>
          <TotalAmt>34955961</TotalAmt>
        </TotalAssetsSect4942j3BiGrp>
        <TwoThirdsMinimumInvstRetGrp />
        <TotalSupportGrp>
          <TotalAmt>0</TotalAmt>
        </TotalSupportGrp>
        <PublicSupportType>
          <TotalAmt>0</TotalAmt>
        </PublicSupportType>
        <LargestSupportFromEOGrp>
          <TotalAmt>0</TotalAmt>
        </LargestSupportFromEOGrp>
        <GrossInvestmentIncomeGrp>
          <TotalAmt>0</TotalAmt>
        </GrossInvestmentIncomeGrp>
      </PrivateOperatingFoundationsGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>JAMES W AYERS</ContributingManagerNm>
        <ContributingManagerNm>JANET E AYERS</ContributingManagerNm>
        <ShareholderManagerNm>NONE</ShareholderManagerNm>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>JANET AYERS</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>643 TENNESSEE AVE</AddressLine1Txt>
            <CityNm>PARSONS</CityNm>
            <StateAbbreviationCd>TN</StateAbbreviationCd>
            <ZIPCd>38363</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>7318474962</RecipientPhoneNum>
          <FormAndInfoAndMaterialsTxt>NO SPECIFIC FORM IS REQUIRED.</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>APPLICATIONS ARE ACCEPTED AT ANY TIME.</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>DONATIONS ARE PRIMARILY, BUT NOT EXCLUSIVELY LIMITED TO ORGANIZATIONS LOCATED IN DAVIDSON, DECATUR, HENDERSON, LAWRENCE, PERRY, AND UNICOI COUNTIES IN THE STATE OF TENNESSEE.</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>21908</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>3774</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncomeGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>142</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <OtherRevenueDescribedGrp>
          <Desc>INSURANCE WORKERS COMP</Desc>
          <RelatedOrExemptFunctionIncmAmt>171</RelatedOrExemptFunctionIncmAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>OPERATING COST</Desc>
          <RelatedOrExemptFunctionIncmAmt>34</RelatedOrExemptFunctionIncmAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>EMPLOYEE BENEFITS</Desc>
          <RelatedOrExemptFunctionIncmAmt>85</RelatedOrExemptFunctionIncmAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>25824</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>290</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>26114</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <RlnOfActyToAccomOfExmptPrpsGrp>
        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>11</LineNumberTxt>
          <RelationshipStatementTxt>THE REVENUE ON LINE 11 IS PART OF THEIR DIRECT CHARITABLE ACTIVITIES FOR THEIR SCHOLAR PROGRAM.</RelationshipStatementTxt>
        </RlnOfActyToAccomOfExmptPrpsGrp>
      </RlnOfActyToAccomOfExmptPrpsGrp>
      <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="AccountingFeesSch">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
        <Amt>18980</Amt>
        <NetInvestmentIncomeAmt>9490</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>9490</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <AllOthProgRltdInvestmentsSch documentId="AllOthProgInvSch">
      <AllOtherProgramRelatedInvstGrp>
        <Desc>NONE</Desc>
      </AllOtherProgramRelatedInvstGrp>
    </AllOthProgRltdInvestmentsSch>
    <DepreciationSchedule documentId="DepreciationSch" />
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>REPAIRS &amp; MAINTENANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>255</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>255</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>PR HR FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>481</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>481</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>Insurance Workers Comp</Desc>
        <RevenueAndExpensesPerBooksAmt>171</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>171</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>Operating Cost</Desc>
        <RevenueAndExpensesPerBooksAmt>34</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>34</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>Employee Benefits</Desc>
        <RevenueAndExpensesPerBooksAmt>85</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>85</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="OtherIncreasesSch">
      <OtherIncreasesDetail>
        <Desc>CHANGE IN UNREALIZED GAIN/LOSS</Desc>
        <Amt>1938</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherLiabilitiesSchedule documentId="OtherLiabSch">
      <OtherLiabilitiesDetail>
        <Desc>UNREALIZED GAIN/LOSS - FB PCF</Desc>
        <BOYBookValueAmt>1938</BOYBookValueAmt>
        <EOYBookValueAmt>0</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
    </OtherLiabilitiesSchedule>
    <OtherNotesLoansRcvblLongSch documentId="OthNoteLoanRcvblLong">
      <OtherNotesLoansRcvblLongGrp>
        <BorrowerNameGrp>
          <BusinessName>
            <BusinessNameLine1Txt>DUE FROM AYERS FDN TRUST</BusinessNameLine1Txt>
          </BusinessName>
        </BorrowerNameGrp>
        <BalanceDueAmt>3638481</BalanceDueAmt>
        <InterestRt>0</InterestRt>
      </OtherNotesLoansRcvblLongGrp>
      <OtherNotesLoansRcvblLongGrp>
        <BorrowerNameGrp>
          <BusinessName>
            <BusinessNameLine1Txt>DUE FROM TAF RURAL EXPAN FDN</BusinessNameLine1Txt>
          </BusinessName>
        </BorrowerNameGrp>
        <BalanceDueAmt>0</BalanceDueAmt>
        <InterestRt>0</InterestRt>
      </OtherNotesLoansRcvblLongGrp>
    </OtherNotesLoansRcvblLongSch>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT ADVISORY FEES</CategoryTxt>
        <Amt>892</Amt>
        <NetInvestmentIncomeAmt>892</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>FEDERAL EXCISE TAX</CategoryTxt>
        <Amt>435</Amt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>