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        <FormAndLineReferenceDesc>PART I, LINE 3</FormAndLineReferenceDesc>
        <ExplanationTxt>COMPENSATION POLICY FORM 990, SCH J, PART I, LINE 3 GUIDING PRINCIPLES THE CSU INSTITUTE BOARD OF DIRECTORS (THE "BOARD") MEMBERS RECEIVE COMPENSATION FROM THE CALIFORNIA STATE UNIVERSITY, A RELATED ORGANIZATION. THIS COMPENSATION IS SET BY THE CALIFORNIA STATE UNIVERSITY BOARD OF TRUSTEES ("TRUSTEES"). THE BOARD MEMBERS PER SE RECEIVE NO COMPENSATION FROM THE CSU INSTITUTE. IT IS THE INTENT OF THE TRUSTEES TO COMPENSATE ALL CSU EMPLOYEES IN A MANNER THAT IS FAIR, REASONABLE, COMPETITIVE, AND FISCALLY PRUDENT IN RESPECT TO SYSTEM BUDGET AND STATE FUNDING. THE GOAL OF THE CSU CONTINUES TO BE TO ATTRACT, MOTIVATE, AND RETAIN THE MOST HIGHLY QUALIFIED INDIVIDUALS TO SERVE AS FACULTY, STAFF, AND EXECUTIVES, WHOSE KNOWLEDGE, EXPERIENCE, AND CONTRIBUTIONS CAN ADVANCE THE UNIVERSITY'S MISSION. THE CSU ADHERES TO COMPENSATION PRACTICES THAT ARE FAIR AND EQUITABLE IN DESIGN, APPLICATION, AND DELIVERY. IMPLEMENTATION THE CSU WILL CONSISTENTLY EVALUATE COMPETITIVE AND FAIR COMPENSATION FOR ALL EMPLOYEES BASED ON PERIODIC MARKET COMPARISON SURVEYS AND THE DEPTH OF SKILL AND EXPERIENCE OF AN INDIVIDUAL EMPLOYEE. IN ADDITION, THE CSU WILL MAINTAIN AND UPDATE ANNUALLY A TIERED LIST OF CSU COMPARISON INSTITUTIONS FOR APPLICABLE EMPLOYEE GROUPS. THE LIST MAY TAKE INTO ACCOUNT GEOGRAPHIC LOCATION, ENROLLMENT, PERCENT OF PELL ELIGIBLE STUDENTS, BUDGET, RESEARCH FUNDING, AND SUCH OTHER VARIABLES AS DEEMED APPROPRIATE. COMPENSATION WILL BE GUIDED WITH REFERENCE TO THE MEAN AND/OR MEDIAN OF THE APPROPRIATE TIER OF COMPARISON INSTITUTIONS, TOGETHER WITH AN INDIVIDUAL'S REPUTATION, AND LENGTH, DEPTH AND EFFECTIVENESS OF APPLICABLE EXPERIENCE, AND OTHER MERITORIOUS ACHIEVEMENT AND CONTRIBUTIONS TO THE SUCCESS OF THE CSU. THE COMPENSATION SYSTEM FOR THE CSU SHALL (A) BE ADMINISTERED IN A MANNER THAT COMPLIES WITH ALL APPLICABLE FEDERAL, STATE, AND LOCAL REGULATIONS AND LAWS, AND (B) BE CONSISTENT WITH APPLICABLE ADMINISTRATIVE POLICIES, RULES AND COLLECTIVE BARGAINING AGREEMENTS. PRESIDENTIAL COMPENSATION WHEN A PRESIDENTIAL VACANCY OCCURS, THE SUCCESSOR PRESIDENT'S SALARY SHOULD NOT EXCEED THE INCUMBENT'S SALARY BY MORE THAN 10%. ANY AMOUNT IN EXCESS OF THE INCUMBENT'S SALARY SHALL BE BASED UPON CRITERIA SUCH AS EXTRAORDINARY CIRCUMSTANCES, KNOWLEDGE AND/OR EXPERIENCE OR ABILITY TO CONTRIBUTE AND ADVANCE THE UNIVERSITY'S MISSION. A PRESIDENT'S SALARY MAY ONLY BE FUNDED WITH STATE FUNDS. THE CHANCELLOR SHALL HAVE AUTHORITY TO NEGOTIATE RECOMMENDED STARTING SALARIES FOR PRESIDENTS. THE CHANCELLOR SHALL PRESENT THE RECOMMENDED SALARY TO THE TRUSTEES FOR APPROVAL. PRESIDENTIAL SALARY ASSESSMENT: CURRENTLY, THE POLICIES AND PROCEDURES FOR REVIEW OF PRESIDENTS REQUIRE ANNUAL REVIEWS WITH THE CHANCELLOR AND TRIENNIAL REVIEWS BY THE BOARD OF TRUSTEES. IN THESE REVIEWS, THE PRESIDENT'S PERFORMANCE IS REVIEWED AGAINST THE GOALS AND CRITERIA FOR LEADERSHIP EXPECTATIONS. EFFECTIVE WITH BOARD OF TRUSTEES REVIEWS OCCURRING IN 2020 AND BEYOND, A PRESIDENTIAL SALARY ASSESSMENT WILL ALSO BE CONDUCTED THAT CONSIDERS PRESIDENTIAL PERFORMANCE, THE MARKET DATA AND MAKES RECOMMENDATIONS TO THE TRUSTEES IF A COMPENSATION ADJUSTMENT MAY BE WARRANTED. A SALARY ADJUSTMENT DURING TRIENNIAL PERFORMANCE REVIEWS DOES NOT PROHIBIT THE INCUMBENT FROM BEING ELIGIBLE FOR THE ANNUAL MERIT INCREASE PROGRAM AS PROVIDED TO OTHER NON-REPRESENTED EMPLOYEES. THE BOARD RETAINS THE RIGHT TO MAKE ADJUSTMENTS AS NECESSARY AT OTHER TIMES FOR A PRESIDENT WHEN A SIGNIFICANT EQUITY OR RETENTION ISSUE IS IDENTIFIED. THE CHANCELLOR SHALL RECOMMEND PRESIDENTIAL SALARY ADJUSTMENTS TO THE TRUSTEES FOR APPROVAL.</ExplanationTxt>
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      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <RetiredAmt>528000</RetiredAmt>
        <TotalProceedsAmt>7604830</TotalProceedsAmt>
        <CapitalizedInterestAmt>32147</CapitalizedInterestAmt>
        <IssuanceCostsFromProceedsAmt>105573</IssuanceCostsFromProceedsAmt>
        <CapitalExpendituresAmt>7453280</CapitalExpendituresAmt>
        <UnspentAmt>13830</UnspentAmt>
        <SubstantialCompletionYr>2023</SubstantialCompletionYr>
        <RefundingTaxExemptBondsInd>0</RefundingTaxExemptBondsInd>
        <RefundingTaxableBondsInd>0</RefundingTaxableBondsInd>
        <FinalAllocationMadeInd>1</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <TotalProceedsAmt>52728552</TotalProceedsAmt>
        <CapitalizedInterestAmt>279316</CapitalizedInterestAmt>
        <IssuanceCostsFromProceedsAmt>527310</IssuanceCostsFromProceedsAmt>
        <CapitalExpendituresAmt>41933794</CapitalExpendituresAmt>
        <UnspentAmt>9988133</UnspentAmt>
        <RefundingTaxExemptBondsInd>1</RefundingTaxExemptBondsInd>
        <RefundingTaxableBondsInd>0</RefundingTaxableBondsInd>
        <FinalAllocationMadeInd>0</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <OwningBondFinancedPropertyInd>0</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>0</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>0</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>0</AnyResearchAgreementsInd>
        <PrivateBusUseByOthersPct>0.00000</PrivateBusUseByOthersPct>
        <PrivateBusConcerningUBIPct>0.00000</PrivateBusConcerningUBIPct>
        <TotalPrivateBusinessUsePct>0.00000</TotalPrivateBusinessUsePct>
        <BondIssMeetPrvtSecPymtTestInd>0</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>0</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>1</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <OwningBondFinancedPropertyInd>0</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>0</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>0</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>0</AnyResearchAgreementsInd>
        <PrivateBusUseByOthersPct>0.00000</PrivateBusUseByOthersPct>
        <PrivateBusConcerningUBIPct>0.00000</PrivateBusConcerningUBIPct>
        <TotalPrivateBusinessUsePct>0.00000</TotalPrivateBusinessUsePct>
        <BondIssMeetPrvtSecPymtTestInd>0</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>0</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>1</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
        <RebateNotDueYetInd>0</RebateNotDueYetInd>
        <ExceptionToRebateInd>1</ExceptionToRebateInd>
        <NoRebateDueInd>0</NoRebateDueInd>
        <VariableRateIssueInd>1</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>0</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>0</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>1</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
        <RebateNotDueYetInd>0</RebateNotDueYetInd>
        <ExceptionToRebateInd>1</ExceptionToRebateInd>
        <NoRebateDueInd>0</NoRebateDueInd>
        <VariableRateIssueInd>1</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>0</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>0</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>1</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <ProceduresCorrectiveActionInd>1</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <ProceduresCorrectiveActionInd>1</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE K, PART I, ROW B, COLUMN (C), CUSIP NUMBER:</FormAndLineReferenceDesc>
        <ExplanationTxt>EVERY ISSUE IS AN ISSUE OF COMMERCIAL PAPER, PURSUENT TO TREASURY REGULATION SECTION 1.150-1(C)(4). AS SUCH, NOTES OF EACH ISSUE ARE PERIODICALLY ISSUED TO PAY OFF MATURING NOTES FROM THE SAME ISSUE. HENCE, THERE MAY BE MULTIPLE CUSIP NUMBERS FOR EACH PROJECT.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE K, PART I, ROW A &amp; B, COLUMN (H), ON BEHALF OF ISSURER:</FormAndLineReferenceDesc>
        <ExplanationTxt>CALIFORNIA STATE UNIVERSITY INSTITUTE IS ISSUING COMMERCIAL PAPER ON BEHALF OF THE CALIFORNIA STATE UNIVERSITY TRUSTEES, WHICH IS ITSELF AN AGENCY OF THE STATE OF CALIFORNIA, AND HAS THE POWER OF EMINENT DOMAIN IN THE EXERCISE OF ITS POWERS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE K, PART II, LINE 1, COLUMN A &amp; B, AMOUNT OF BONDS RETIRED:</FormAndLineReferenceDesc>
        <ExplanationTxt>THIS AMOUNT REPRESENTS THE TOTAL PRINCIPAL PAID BY THE CAMPUS TOWARD THE COMMERCIAL PAPER DEBT SINCE THE DATE ISSUED, PART I(D), THROUGH JUNE 30, 2023.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE K, PART II, LINE 3, COLUMN A, TOTAL PROCEEDS OF ISSUE:</FormAndLineReferenceDesc>
        <ExplanationTxt>REFLECTS ACTUAL COMMERCIAL PAPER PROCEEDS ISSUED PLUS ACTUAL INTEREST EARNINGS (SURPLUS MONEY INVESTMENT FUND, SMIF) PLUS CAPITALIZED INTEREST PLUS CAPITALIZED PROGRAM COSTS, IF ANY, AS OF JUNE 30, 2023.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE K, PART II, LINE 3, COLUMN B, TOTAL PROCEEDS OF ISSUE:</FormAndLineReferenceDesc>
        <ExplanationTxt>REFLECTS ACTUAL COMMERCIAL PAPER PROCEEDS ISSUED PLUS ACTUAL INTEREST EARNINGS PLUS CAPITALIZED PROGRAM COSTS, IF ANY, AS OF JUNE 30, 2023. ISSUE PRICE MAY DIFFER FROM TOTAL PROCEEDS BECAUSE ISSUE PRICE REFLECTS EXPECTED TOTAL AMOUNT OF COMMERCIAL PAPER NOTES TO BE ISSUED FOR ENTIRE ISSUE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE K, PART II, LINE 7, ISSUANCE COSTS FROM PROCEEDS:</FormAndLineReferenceDesc>
        <ExplanationTxt>THIS AMOUNT REPRESENTS THE COMMERCIAL PAPER PROGRAM COSTS WHICH HAVE BEEN PAID WITH PROCEEDS SINCE THE DATE ISSUED, PART I, COLUMN (D), THROUGH JUNE 30, 2023.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE K, PART II, LINE 8, CREDIT ENHANCEMENT FROM PROCEEDS:</FormAndLineReferenceDesc>
        <ExplanationTxt>IT IS NOT POSSIBLE TO BREAK OUT THE CREDIT ENHANCEMENT FEES FOR EACH PROJECT AS THE CREDIT ENHANCEMENT FEES SECURE ALL THE COMMERCIAL PAPER PROGRAMS WHICH CONSIST OF MULTIPLE ISSUES OF COMMERCIAL PAPER. ADDITIONALLY, THE AMOUNTS IN LINE 7 INCLUDE CREDIT ENHANCEMENT FEES.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE K, PART II, LINE 12, COLUMN B, OTHER UNSPENT PROCEEDS:</FormAndLineReferenceDesc>
        <ExplanationTxt>THIS AMOUNT REPRESENTS UNSPENT COMMERCIAL PAPER PROCEEDS PLUS UNSPENT INTEREST EARNED (SURPLUS MONEY INVESTMENT FUND, SMIF) AS OF JUNE 30, 2023.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE K, PART II, LINE 14, COLUMN B, TAX-EXEMPT BOND REFUNDINGS:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE CAPITAL PROJECT PROGRAM IS PART OF THE ISSUER'S COMMERCIAL PAPER PROGRAM THAT IS USED TO FINANCE AND REFINANCE CAPITAL PROJECTS FOR VARIOUS CAMPUSES OF THE CALIFORNIA STATE UNIVERSITY ON A ROLLING BASIS. EACH ISSUE OF SUCH COMMERCIAL PAPER INCLUDES NOTES TO FINANCE NEW PROJECTS AND NOTES TO PAY OFF PREVIOUSLY ISSUED NOTES. THEREFORE, THE REFUNDING COMPONENT OF THE CAPITAL PROGRAM REFINANCES NOTES FROM VARIOUS PRIOR ISSUES OF COMMERCIAL PAPER.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleK>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>PROCESS OF REVIEWING FORM 990 THE BOARD OF DIRECTORS (THE "BOARD") HAS DELEGATED THE REVIEW OF THE FORM 990 TO THE AUDIT COMMITTEE. THE DIRECTOR AND SENIOR FINANCIAL REPORTING MANAGER OF THE SYSTEMWIDE FINANCIAL STANDARDS &amp; REPORTING AT THE CHANCELLOR OFFICE WORKS CLOSELY WITH THE OUTSIDE ACCOUNTING FIRM, KPMG, IT ENGAGES TO PREPARE THE RETURN; AND THE FINAL FORM 990 IS ALSO REVIEWED BY THE CONTROLLER AND THE AUDIT COMMITTEE. ONCE THE REVIEWS HAVE BEEN COMPLETED,THE FINAL FORM 990 IS PRESENTED TO BOARD FOR ACTION BEFORE THE RETURN IS FILED.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>MONITORING AND ENFORCEMENT OF THE CONFLICT OF INTEREST POLICY THE AUDIT COMMITTEE REVIEWS AND, AS NECESSARY, RECOMMENDS ACTIONS RELATED TO SIGNIFICANT CONFLICTS OF INTEREST AND RELATED PARTY TRANSACTIONS. PURSUANT TO THE CONFLICTS OF INTEREST POLICY UPDATED AND APPROVED FEBRUARY 2014, AN ANNUAL CONFLICT OF INTEREST FORM, AIMED AT DETERMINING ANY FAMILY AND BUSINESS RELATIONSHIPS AND TRANSACTIONS OR OTHER TRANSACTIONS THAT MAY POSE A POTENTIAL CONFLICT, IS DISTRIBUTED TO ALL COVERED PERSONS (I.E., BOARD MEMBERS, SENIOR FINANCIAL OFFICERS.) THE PROCEDURES FOR ADDRESSING ANY CONFLICT OF INTEREST INCLUDES, BUT IS NOT LIMITED TO, THE FOLLOWING: (1) THE CONFLICTING INTEREST IS FULLY DISCLOSED TO THE BOARD; (2) THE BOARD DISCUSSES THE MATTER IN OPEN SESSION, ALLOWING THE DIRECTOR WHOSE CONDUCT IS AT ISSUE TO PROVIDE EXPLANATION; (3) THE PERSON WITH THE CONFLICT OF INTEREST IS EXCLUDED FROM THE DISCUSSION AND APPROVAL OF SUCH TRANSACTION; (4) THE BOARD TAKES ACTION REGARDING THE MATTER BY MAJORITY VOTE; AND (5) SUCH ACTION MAY INCLUDE VALIDATION OF THE TRANSACTION WITH CONDITIONS, CENSURE OR REMOVAL OF THE DIRECTOR, RESCISSION OF THE TRANSACTION, OR ANY OTHER ACTION DEEMED APPROPRIATE BY THE BOARD. ANY CONFLICTS THAT ARE IDENTIFIED ARE ENTERED INTO THE BOARD MINUTES IN ADDITION TO ANY RESOLUTION TO THE CONFLICT WHICH HAS BEEN TAKEN. FORM 990, PART VI, SECTION B, LINE 13: WRITTEN WHISTLEBLOWER POLICY THE CSU INSTITUTE DOES NOT HAVE EMPLOYEES. CSU INSTITUTE APPLIES THE WHISTLEBLOWER POLICY OF THE CALIFORNIA STATE UNIVERSITY, WHICH IS THEIR RELATED ORGANIZATION, WHEN NECESSARY. FORM 990, PART VI, SECTION B, LINE 14: WRITTEN DOCUMENT RETENTION AND DESTRUCTION THE CSU INSTITUTE UPDATED AND APPROVED FEBRUARY 2014 A RECORD RETENTION AND DESTRUCTION POLICY. THE BOARD OF DIRECTORS, INCLUDING THE STAFF IN CHARGE OF THE ORGANIZATION, HAS AN OBLIGATION FOR MAINTAINING AND DOCUMENTING THE STORAGE AND DESTRUCTION OF RECORDS. IT DESIGNATES THE LENGTH OF TIME TO MAINTAIN BUSINESS RECORDS FOR LEGAL, FISCAL, OPERATIONAL, AND HISTORICAL NEEDS FOR THE OBJECTIVE OF: 1) ENSURING REGULATORY COMPLIANCE; 2) PROVIDING FOR SYSTEMATIC DISPOSITION OF RECORDS WHEN THEY HAVE FULFILLED THEIR USEFULNESS; AND 3) TRANSFERRING VITAL INFORMATION FROM CURRENT TO FUTURE LEADERSHIP.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>DISCLOSURE OF DOCUMENTS WHILE FEDERAL TAX LAWS DO NOT MANDATE THAT THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, WHISTLEBLOWER POLICY, RECORDS AND RETENTION AND DESTRUCTION POLICY, AND FINANCIAL STATEMENTS BE MADE AVAILABLE FOR PUBLIC INSPECTION, THE ORGANIZATION MAKES THEM AVAILABLE UPON REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART IX, LINE 11G</FormAndLineReferenceDesc>
        <ExplanationTxt>LETTER OF CREDIT FEES: PROGRAM SERVICE EXPENSES 1,127,167. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,127,167. COMM PAPER DEALER FEES: PROGRAM SERVICE EXPENSES 58,259. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 58,259. COMM PAPER RATING AGENCY FEES: PROGRAM SERVICE EXPENSES 39,200. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 39,200. ISSUING AND PAYING AGENT FEES: PROGRAM SERVICE EXPENSES 3,629. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,629. BANK FEES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 1,158. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,158.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc1043400001">
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>THE CALIFORNIA STATE UNIVERSITY</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>401 GOLDEN SHORE</AddressLine1Txt>
          <CityNm>LONG BEACH</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>90802</ZIPCd>
        </USAddress>
        <EIN>954601267</EIN>
        <PrimaryActivitiesTxt>EDUCATION</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>CA</LegalDomicileStateCd>
        <PublicCharityStatusTxt>N/A</PublicCharityStatusTxt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>STATE OF CA</BusinessNameLine1Txt>
        </DirectControllingEntityName>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <ReceiptOfIntAnntsRntsRyltsInd>0</ReceiptOfIntAnntsRntsRyltsInd>
      <GiftGrntOrCapContriToOthOrgInd>0</GiftGrntOrCapContriToOthOrgInd>
      <GiftGrntCapContriFromOthOrgInd>0</GiftGrntCapContriFromOthOrgInd>
      <LoansOrGuaranteesToOtherOrgInd>0</LoansOrGuaranteesToOtherOrgInd>
      <LoansOrGuaranteesFromOthOrgInd>0</LoansOrGuaranteesFromOthOrgInd>
      <DivRelatedOrganizationInd>0</DivRelatedOrganizationInd>
      <AssetSaleToOtherOrgInd>0</AssetSaleToOtherOrgInd>
      <AssetPurchaseFromOtherOrgInd>0</AssetPurchaseFromOtherOrgInd>
      <AssetExchangeInd>0</AssetExchangeInd>
      <RentalOfFacilitiesToOthOrgInd>0</RentalOfFacilitiesToOthOrgInd>
      <RentalOfFcltsFromOthOrgInd>0</RentalOfFcltsFromOthOrgInd>
      <PerformOfServicesForOthOrgInd>1</PerformOfServicesForOthOrgInd>
      <PerformOfServicesByOtherOrgInd>1</PerformOfServicesByOtherOrgInd>
      <SharingOfFacilitiesInd>1</SharingOfFacilitiesInd>
      <PaidEmployeesSharingInd>1</PaidEmployeesSharingInd>
      <ReimbursementPaidToOtherOrgInd>1</ReimbursementPaidToOtherOrgInd>
      <ReimbursementPaidByOtherOrgInd>1</ReimbursementPaidByOtherOrgInd>
      <TransferToOtherOrgInd>0</TransferToOtherOrgInd>
      <TransferFromOtherOrgInd>0</TransferFromOtherOrgInd>
    </IRS990ScheduleR>
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</Return>
