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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI</FormAndLineReferenceDesc>
        <ExplanationTxt>SECTION A, LINE 1A: THE EXECUTIVE COMMITTEE WILL CONSIST OF OFFICERS OF THE BOARD (CHAIR OF THE BOARD, VICE-CHAIR OF THE BOARD, FINANCE AND AUDIT COMMITTEE CHAIR, AND TRUSTEE AND GOVERNANCE COMMITTEE CHAIR) AND THE PRESIDENT OF THE CORPORATION. THE EXECUTIVE COMMITTEE MAY EXERCISE ALL CORPORATE POWERS THAT MAY BE EXERCISED BY THE BOARD AT SUCH TIMES AS THE BOARD IS NOT IN SESSION, AND WILL HAVE RESPONSIBILITY OVER THE GENERAL MANAGEMENT OF THE CORPORATION, TO THE EXTENT PERMITTED BY LAW AND THE ARTICLES OF INCORPORATION DURING THE INTERVALS BETWEEN MEETINGS OF THE BOARD, INCLUDING, WITHOUT LIMITATION, THE POWER TO FILL ANY COMMITTEE VACANCIES, SUBJECT, HOWEVER TO THE APPROVAL BY THE BOARD AT ITS NEXT MEETING. THE COMMITTEE WILL NOT HAVE THE POWER TO ALTER OR REVOKE ANY PREVIOUS ORDER, RESOLUTION, OR VOTE OF A MEETING OF THE BOARD, UNLESS SPECIFICALLY GRANTED SUCH POWER BY THE BOARD, APPROVE OR RECOMMEND DISSOLUTION, MERGER, OR THE SALE, PLEDGE OR TRANSFER OF ALL OR SUBSTANTIALLY ALL OF THE ASSETS OF THE CORPORATION, ELECT, APPOINT, OR REMOVE TRUSTEES OR FILL VACANCIES ON THE BOARD, OR ADOPT, AMEND, OR REPEAL THE BYLAWS. THE EXECUTIVE COMMITTEE WILL REVIEW IN CONJUNCTION WITH THE PRESIDENT, THE SUCCESSION PLAN FOR LEADERSHIP OF THE CORPORATION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>THE BUSINESS MANAGER AND DIRECTOR OF BUSINESS AND OPERATIONS REVIEW THE 990 AND REPORT THEIR ANALYSIS TO THE FINANCE COMMITTEE FOR APPROVAL PRIOR TO FILING THE REPORT. IN ADDITION, AN ELECTRONIC COPY OF THE FORM 990 IS PROVIDED TO THE ENTIRE BOARD FOR REVIEW AND APPROVAL BEFORE FILING WITH THE IRS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION'S CONFLICT OF INTEREST POLICY COVERS ANY INDIVIDUAL IN A POSITION TO EXERCISE SUBSTANTIAL INFLUENCE OVER THE AFFAIRS OF THE ORGANIZATION, WHICH SPECIFICALLY INCLUDES OFFICERS AND TRUSTEES OF THE ORGANIZATION. THE EXISTENCE OF ANY ACTUAL OR POTENTIAL CONFLICT OF INTEREST IS REVIEWED BY THE BOARD OF TRUSTEES. IF CONFLICTS ARE DETERMINED, THE PERSON WITH THE CONFLICT IS EXCLUDED FROM THE MEETING/DECISION AND WILL REFRAIN FROM VOTING ON THE MATTER.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 15A</FormAndLineReferenceDesc>
        <ExplanationTxt>COMPENSATION OF THE ORGANIZATION'S TOP MANAGEMENT OFFICIAL AND SENIOR DIRECTORS IS REVIEWED ON AN ANNUAL BASIS BY AN INDEPENDENT COMMITTEE USING ANALYSIS FROM BOTH INTERNAL (PERFORMANCE REVIEW) AND EXTERNAL SOURCES (COMPARABLE WAGES FOR PROFESSION IN THE AREA) WRITTEN SUBSTANTIATION IS INCLUDED IN THE BOARD OF DIRECTORS MINUTES AS DOCUMENTATION FOR COMPENSATION DECISIONS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 15B</FormAndLineReferenceDesc>
        <ExplanationTxt>SAME AS PART VI, SECTION B, LINE 15A.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XI, LINE 9</FormAndLineReferenceDesc>
        <ExplanationTxt>INTER-FUND TRANSFER FROM RELATED ORGANIZATION 16,561,950</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XII</FormAndLineReferenceDesc>
        <ExplanationTxt>THIS PROCESS DID NOT CHANGE DURING THE TAX YEAR.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
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        <DisregardedEntityName>
          <BusinessNameLine1Txt>ASPEN ACADEMY INVESTMENT FUND</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>5859 SOUTH UNIVERSITY BLVD</AddressLine1Txt>
          <CityNm>GREENWOOD VILLAGE</CityNm>
          <StateAbbreviationCd>CO</StateAbbreviationCd>
          <ZIPCd>80121</ZIPCd>
        </USAddress>
        <EIN>452300786</EIN>
        <PrimaryActivitiesTxt>INVESTMENT</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>CO</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501C3</ExemptCodeSectionTxt>
        <PublicCharityStatusTxt>12B</PublicCharityStatusTxt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>ASPEN PREP</BusinessNameLine1Txt>
        </DirectControllingEntityName>
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      <ReceiptOfIntAnntsRntsRyltsInd>false</ReceiptOfIntAnntsRntsRyltsInd>
      <GiftGrntOrCapContriToOthOrgInd>false</GiftGrntOrCapContriToOthOrgInd>
      <GiftGrntCapContriFromOthOrgInd>false</GiftGrntCapContriFromOthOrgInd>
      <LoansOrGuaranteesToOtherOrgInd>false</LoansOrGuaranteesToOtherOrgInd>
      <LoansOrGuaranteesFromOthOrgInd>false</LoansOrGuaranteesFromOthOrgInd>
      <DivRelatedOrganizationInd>false</DivRelatedOrganizationInd>
      <AssetSaleToOtherOrgInd>false</AssetSaleToOtherOrgInd>
      <AssetPurchaseFromOtherOrgInd>false</AssetPurchaseFromOtherOrgInd>
      <AssetExchangeInd>false</AssetExchangeInd>
      <RentalOfFacilitiesToOthOrgInd>false</RentalOfFacilitiesToOthOrgInd>
      <RentalOfFcltsFromOthOrgInd>false</RentalOfFcltsFromOthOrgInd>
      <PerformOfServicesForOthOrgInd>false</PerformOfServicesForOthOrgInd>
      <PerformOfServicesByOtherOrgInd>false</PerformOfServicesByOtherOrgInd>
      <SharingOfFacilitiesInd>false</SharingOfFacilitiesInd>
      <PaidEmployeesSharingInd>true</PaidEmployeesSharingInd>
      <ReimbursementPaidToOtherOrgInd>false</ReimbursementPaidToOtherOrgInd>
      <ReimbursementPaidByOtherOrgInd>false</ReimbursementPaidByOtherOrgInd>
      <TransferToOtherOrgInd>true</TransferToOtherOrgInd>
      <TransferFromOtherOrgInd>true</TransferFromOtherOrgInd>
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</Return>