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          <PriorYearAmt>895266</PriorYearAmt>
          <CurrentYearAmt>915903</CurrentYearAmt>
        </AverageMonthlyCashBalancesGrp>
        <FMVOtherNonExemptUseAssetGrp>
          <PriorYearAmt>0</PriorYearAmt>
        </FMVOtherNonExemptUseAssetGrp>
        <TotalFMVOfNonExemptUseAssetGrp>
          <PriorYearAmt>895266</PriorYearAmt>
          <CurrentYearAmt>915903</CurrentYearAmt>
        </TotalFMVOfNonExemptUseAssetGrp>
        <DiscountClaimedAmt>0</DiscountClaimedAmt>
        <AcquisitionIndebtednessGrp>
          <PriorYearAmt>0</PriorYearAmt>
        </AcquisitionIndebtednessGrp>
        <AdjustedFMVLessIndebtednessGrp>
          <PriorYearAmt>895266</PriorYearAmt>
          <CurrentYearAmt>915903</CurrentYearAmt>
        </AdjustedFMVLessIndebtednessGrp>
        <CashDeemedCharitableGrp>
          <PriorYearAmt>13429</PriorYearAmt>
          <CurrentYearAmt>13739</CurrentYearAmt>
        </CashDeemedCharitableGrp>
        <NetVlNonExemptUseAssetsGrp>
          <PriorYearAmt>881837</PriorYearAmt>
          <CurrentYearAmt>902164</CurrentYearAmt>
        </NetVlNonExemptUseAssetsGrp>
        <PctOfNetVlNonExemptUseAstGrp>
          <PriorYearAmt>30864</PriorYearAmt>
          <CurrentYearAmt>31576</CurrentYearAmt>
        </PctOfNetVlNonExemptUseAstGrp>
        <RecoveriesPYDistriMinAssetGrp>
          <PriorYearAmt>0</PriorYearAmt>
        </RecoveriesPYDistriMinAssetGrp>
        <TotalMinimumAssetGrp>
          <PriorYearAmt>30864</PriorYearAmt>
          <CurrentYearAmt>31576</CurrentYearAmt>
        </TotalMinimumAssetGrp>
      </MinimumAssetAmountGrp>
      <DistributableAmountGrp>
        <CYAdjNetIncomeDistributableAmt>669823</CYAdjNetIncomeDistributableAmt>
        <CYPct85AdjustedNetIncomeAmt>569350</CYPct85AdjustedNetIncomeAmt>
        <CYTotalMinAstDistributableAmt>30864</CYTotalMinAstDistributableAmt>
        <CYGreaterAdjustedMinimumAmt>569350</CYGreaterAdjustedMinimumAmt>
        <CYIncomeTaxImposedPYAmt>0</CYIncomeTaxImposedPYAmt>
        <CYDistributableAsAdjustedAmt>569350</CYDistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <DistributionsGrp>
        <CYPaidAccomplishExemptPrpsAmt>621500</CYPaidAccomplishExemptPrpsAmt>
        <CYPdInExcessIncomeActivityAmt>0</CYPdInExcessIncomeActivityAmt>
        <CYAdministrativeExpensePaidAmt>212597</CYAdministrativeExpensePaidAmt>
        <ExemptUseAssetsAcquisPaidAmt>0</ExemptUseAssetsAcquisPaidAmt>
        <QualifiedSetAsideAmt>0</QualifiedSetAsideAmt>
        <CYTotalAnnualDistributionsAmt>834097</CYTotalAnnualDistributionsAmt>
        <CYDistriAttentiveSuprtOrgAmt>621500</CYDistriAttentiveSuprtOrgAmt>
        <CYDistributableAsAdjustedAmt>569350</CYDistributableAsAdjustedAmt>
        <CYDistributionYrRt>1.000000000000</CYDistributionYrRt>
      </DistributionsGrp>
      <DistributionAllocationsGrp>
        <CYDistributableAsAdjustedAmt>569350</CYDistributableAsAdjustedAmt>
        <UnderdistributionsAmt>0</UnderdistributionsAmt>
        <ExcessDistributionCyovYr5Amt>0</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>0</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>142824</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>883844</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>987835</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>2014503</TotalExcessDistributionCyovAmt>
        <CyovAppliedUnderdistriPYAmt>0</CyovAppliedUnderdistriPYAmt>
        <CyovAppliedUnderdistrCPYAmt>569350</CyovAppliedUnderdistrCPYAmt>
        <CarryoverPYNotAppliedAmt>0</CarryoverPYNotAppliedAmt>
        <ExcessDistributionCyovAmt>1445153</ExcessDistributionCyovAmt>
        <CYTotalAnnualDistributionsAmt>834097</CYTotalAnnualDistributionsAmt>
        <CYDistribAppUnderdistriPYAmt>0</CYDistribAppUnderdistriPYAmt>
        <ExcessDistributionAmt>834097</ExcessDistributionAmt>
        <RemainingUnderdistriPYAmt>0</RemainingUnderdistriPYAmt>
        <RemainingUnderdistriCYAmt>0</RemainingUnderdistriCYAmt>
        <ExcessDistriCyovToNextYrAmt>2279250</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear5Amt>0</ExcessFromYear5Amt>
        <ExcessFromYear4Amt>0</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>457318</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>987835</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>834097</ExcessFromYear1Amt>
      </DistributionAllocationsGrp>
      <Form990ScheduleAPartVIGrp>
        <FormAndLineReferenceDesc>PART IV, SECTION D, LINE 2</FormAndLineReferenceDesc>
        <ExplanationTxt>TRUSTEE MICHAEL GIBSON SERVED FOR TEN YEARS AS A MEMBER OF THE ARKANSAS STATE UNIVERSITY BOARD OF TRUSTEES AND IS A TRUSTEE EMERITUS OF ARKANSAS STATE UNIVERSITY. HE ALSO SERVES AS A MEMBER OF THE ARKANSAS STATE UNIVERSITY SCHOOL OF AGRICULTURE ADVISORY BOARD. AS A RESULT OF THE TRUSTEE'S INVOLVEMENT HE REMAINS IN CLOSE CONTACT WITH THE PRESIDENT OF THE ARKANSAS STATE UNIVERSITY SYSTEM, THE PRESIDENT OF THE ARKANSAS STATE UNIVERSITY FOUNDATION AS WELL AS THE CHANCELLOR, VICE CHANCELLOR FOR ADVANCEMENT AND DEAN OF AGRICULTURE AT ARKANSAS STATE UNIVERSITY. THE TRUSTEE MAINTAINS A CLOSE WORKING RELATIONSHIP WITH THE UNIVERSITY OF ARKANSAS MEDICAL SCHOOL NORTHEAST DIRECTOR AND HAS PREVIOUSLY SERVED ON THE AREA HEALTH EDUCATION CENTER-NE ADVISORY BOARD AND CURRENTLY SERVES ON THE UNIVERSITY OF ARKANSAS MEDICAL SCHOOL ADVISORY BOARD. THE ARKANSAS STATE UNIVERSITY SCHOOL OF AGRICULTURE, THE UNIVERSITY OF ARKANSAS SCHOOL OF AGRICULTURE AND THE JUDD HILL FOUNDATION OPERATE AND MAINTAIN A COTTON RESEARCH PROJECT ON JUDD HILL FOUNDATION PROPERTY.</ExplanationTxt>
      </Form990ScheduleAPartVIGrp>
      <Form990ScheduleAPartVIGrp>
        <FormAndLineReferenceDesc>PART IV, SECTION D, LINE 3</FormAndLineReferenceDesc>
        <ExplanationTxt>EACH SUPPORTED ORGANIZATION IS CONSULTED BY THE TRUSTEE REGARDING DIRECTION AND PRIORITIZING OF FUNDS WITHIN THEIR RESPECTIVE ORGANIZATIONS.</ExplanationTxt>
      </Form990ScheduleAPartVIGrp>
    </IRS990ScheduleA>
    <IRS990ScheduleD documentId="RetDoc2">
      <BuildingsGrp>
        <OtherCostOrOtherBasisAmt>32460439</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>1065006</DepreciationAmt>
        <BookValueAmt>31395433</BookValueAmt>
      </BuildingsGrp>
      <TotalBookValueLandBuildingsAmt>31395433</TotalBookValueLandBuildingsAmt>
    </IRS990ScheduleD>
    <IRS990ScheduleI documentId="RetDoc3">
      <GrantRecordsMaintainedInd>true</GrantRecordsMaintainedInd>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>ARK STATE UNIV SYSTEM FOUNDTN INC</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>PO BOX 1990</AddressLine1Txt>
          <CityNm>STATE UNIVERSITY</CityNm>
          <StateAbbreviationCd>AR</StateAbbreviationCd>
          <ZIPCd>72467</ZIPCd>
        </USAddress>
        <RecipientEIN>710489924</RecipientEIN>
        <IRCSectionDesc>3</IRCSectionDesc>
        <CashGrantAmt>366500</CashGrantAmt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>UNIV OF ARKANSAS FOUNDATION INC</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>535 RESEARCH BLVD STE 120</AddressLine1Txt>
          <CityNm>FAYETTEVILLE</CityNm>
          <StateAbbreviationCd>AR</StateAbbreviationCd>
          <ZIPCd>72701</ZIPCd>
        </USAddress>
        <RecipientEIN>716056774</RecipientEIN>
        <IRCSectionDesc>3</IRCSectionDesc>
        <CashGrantAmt>255000</CashGrantAmt>
      </RecipientTable>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE I, PAGE 1, PART I, LINE 2</FormAndLineReferenceDesc>
        <ExplanationTxt>GRANTEES ARE PUBLIC FOUNDATIONS. THE JUDD HILL FOUNDATION MAINTAINS CLOSE AND CONTINUOUS WORKING RELATIONSHIPS WITH ARKANSAS STATE UNIVERSITY AND THE UNIVERSITY OF ARKANSAS.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleI>
    <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>MICHAEL GIBSON</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
        <BaseCompensationFilingOrgAmt>200000</BaseCompensationFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>200000</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
    </IRS990ScheduleJ>
    <IRS990ScheduleO documentId="RetDoc5">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>THE RETURN WAS REVIEWED BY THE TRUSTEE AND OUTSIDE COUNSEL.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION HAS ADOPTED THE CONFLICT OF INTEREST POLICY ATTACHED TO IRS FORM 1023. THIS POLICY REQUIRES THE TRUSTEE TO DISCLOSE ANY POTENTIAL CONFLICT OF INTEREST AND TO SEEK A SPECIAL TRUSTEE TO ADMINISTER THE TRUST IF NECESSARY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 15A</FormAndLineReferenceDesc>
        <ExplanationTxt>COMPENSATION WAS REVIEWED FOR THE TRUSTEE. COMPARABLE DATA ON FILE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>FORM 990 AND ALL GOVERNING DOCUMENTS ARE AVAILABLE FOR PUBLIC INSPECTION UPON REASONABLE REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XI, LINE 9</FormAndLineReferenceDesc>
        <ExplanationTxt>CURRENT APPRAISAL OF LAND 0 ROUNDING 0</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
  </ReturnData>
</Return>