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        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>ELLIOT SCOTT</PersonNm>
        <TitleTxt>COMM. BOARD MEMBER</TitleTxt>
        <AverageHoursPerWeekRt>2.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>RYLIE RIDPATH</PersonNm>
        <TitleTxt>STUDENT BOARD MEMBER - AS OF 09/2024</TitleTxt>
        <AverageHoursPerWeekRt>2.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>VINCENT LIN</PersonNm>
        <TitleTxt>STUDENT BOARD MEMBER - AS OF 09/2024</TitleTxt>
        <AverageHoursPerWeekRt>2.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>COLIN MILLER</PersonNm>
        <TitleTxt>DIR. REAL EST &amp; BD - THRU 11/2024</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>204126</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>23612</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>DAWN STOEBE</PersonNm>
        <TitleTxt>DIRECTOR IT - AS OF 05/2025</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>157998</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>44435</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>TODD SUMMER</PersonNm>
        <TitleTxt>CHIEF EXECUTIVE OFFICER</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>284599</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>86556</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>JANELLE TEMNICK</PersonNm>
        <TitleTxt>DIRECTOR CONTRACTS &amp; RISK MGT</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>116038</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>32121</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>HEATHER HAWKINS</PersonNm>
        <TitleTxt>CHIEF FINANCIAL OFFICER</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>217701</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>34361</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>JAHAN JAMSHIDI</PersonNm>
        <TitleTxt>DIRECTOR IT</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <KeyEmployeeInd>X</KeyEmployeeInd>
        <ReportableCompFromOrgAmt>220850</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>47617</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>ROBERT ISNER</PersonNm>
        <TitleTxt>DIR. DINING SERVICES - AS OF 05/2025</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <HighestCompensatedEmployeeInd>X</HighestCompensatedEmployeeInd>
        <ReportableCompFromOrgAmt>140236</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>41390</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>KATHY BROWN</PersonNm>
        <TitleTxt>DIRECTOR CAMPUS STORES</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <HighestCompensatedEmployeeInd>X</HighestCompensatedEmployeeInd>
        <ReportableCompFromOrgAmt>178456</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>48275</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>JENNIFER LAKIN</PersonNm>
        <TitleTxt>DIRECTOR HUMAN RESOURCES</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <HighestCompensatedEmployeeInd>X</HighestCompensatedEmployeeInd>
        <ReportableCompFromOrgAmt>185429</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>26867</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>BENJAMIN EISENSTEIN</PersonNm>
        <TitleTxt>DIRECTOR MARKETING</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <HighestCompensatedEmployeeInd>X</HighestCompensatedEmployeeInd>
        <ReportableCompFromOrgAmt>137098</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>21710</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>ALYSSA LONGEUAY</PersonNm>
        <TitleTxt>DIR. REAL EST &amp; BD - AS OF 05/2025</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <HighestCompensatedEmployeeInd>X</HighestCompensatedEmployeeInd>
        <ReportableCompFromOrgAmt>144807</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>11754</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <TotalReportableCompFromOrgAmt>1987338</TotalReportableCompFromOrgAmt>
      <TotReportableCompRltdOrgAmt>1097812</TotReportableCompRltdOrgAmt>
      <TotalOtherCompensationAmt>759063</TotalOtherCompensationAmt>
      <IndivRcvdGreaterThan100KCnt>38</IndivRcvdGreaterThan100KCnt>
      <FormerOfcrEmployeesListedInd>1</FormerOfcrEmployeesListedInd>
      <TotalCompGreaterThan150KInd>1</TotalCompGreaterThan150KInd>
      <CompensationFromOtherSrcsInd>0</CompensationFromOtherSrcsInd>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>DM CONSTRUCTION &amp; CONCRETE INC</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>14875 OAK CREEK ROAD</AddressLine1Txt>
            <CityNm>EL CAJON</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>92021</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>CONTRACTOR SERVICES</ServicesDesc>
        <CompensationAmt>4416146</CompensationAmt>
      </ContractorCompensationGrp>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>AMERICAN CAMPUS COMM</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>12700 HILL COUNTRY BLVD STE T-200</AddressLine1Txt>
            <CityNm>AUSTIN</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>78738</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>APARTMENT MANAGEMENT</ServicesDesc>
        <CompensationAmt>1567701</CompensationAmt>
      </ContractorCompensationGrp>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>THE UPS STORE 7411</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>5187 COLLEGE AVE</AddressLine1Txt>
            <CityNm>SAN DIEGO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>92115</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>MAIL MANAGEMENT</ServicesDesc>
        <CompensationAmt>1338497</CompensationAmt>
      </ContractorCompensationGrp>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>ERIC J EPIFANO EPIFANO CONSTRUCTION INC</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>14706 EL MONTE ROAD</AddressLine1Txt>
            <CityNm>LAKESIDE</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>92040</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>CONTRACTOR SERVICES</ServicesDesc>
        <CompensationAmt>1308335</CompensationAmt>
      </ContractorCompensationGrp>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>ALLIED UNIVERSAL JANITORIAL</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>PO BOX 31001-2374</AddressLine1Txt>
            <CityNm>PASADENA</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>911102374</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>JANITORIAL SERVICES</ServicesDesc>
        <CompensationAmt>861821</CompensationAmt>
      </ContractorCompensationGrp>
      <CntrctRcvdGreaterThan100KCnt>26</CntrctRcvdGreaterThan100KCnt>
      <ProgramServiceRevenueGrp>
        <Desc>STUDENT APARTMENTS</Desc>
        <BusinessCd>531110</BusinessCd>
        <TotalRevenueColumnAmt>22630806</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>22630806</RelatedOrExemptFuncIncomeAmt>
      </ProgramServiceRevenueGrp>
      <ProgramServiceRevenueGrp>
        <Desc>CAMPUS DINING SERVICES</Desc>
        <BusinessCd>722310</BusinessCd>
        <TotalRevenueColumnAmt>4745374</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>4705852</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>39522</UnrelatedBusinessRevenueAmt>
      </ProgramServiceRevenueGrp>
      <ProgramServiceRevenueGrp>
        <Desc>UNIVERSITY TOWERS HALL</Desc>
        <BusinessCd>531110</BusinessCd>
        <TotalRevenueColumnAmt>4381999</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>4381999</RelatedOrExemptFuncIncomeAmt>
      </ProgramServiceRevenueGrp>
      <ProgramServiceRevenueGrp>
        <Desc>CONFERENCE SERVICES</Desc>
        <BusinessCd>531120</BusinessCd>
        <TotalRevenueColumnAmt>2606587</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>2291274</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>315313</UnrelatedBusinessRevenueAmt>
      </ProgramServiceRevenueGrp>
      <ProgramServiceRevenueGrp>
        <Desc>OTHER PROGRAM SERVICE</Desc>
        <BusinessCd>531120</BusinessCd>
        <TotalRevenueColumnAmt>1889159</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>1889159</RelatedOrExemptFuncIncomeAmt>
      </ProgramServiceRevenueGrp>
      <TotalProgramServiceRevenueAmt>36253925</TotalProgramServiceRevenueAmt>
      <InvestmentIncomeGrp>
        <TotalRevenueColumnAmt>721948</TotalRevenueColumnAmt>
        <ExclusionAmt>721948</ExclusionAmt>
      </InvestmentIncomeGrp>
      <GrossRentsGrp>
        <RealAmt>2777723</RealAmt>
      </GrossRentsGrp>
      <LessRentalExpensesGrp>
        <RealAmt>2630871</RealAmt>
      </LessRentalExpensesGrp>
      <RentalIncomeOrLossGrp>
        <RealAmt>146852</RealAmt>
      </RentalIncomeOrLossGrp>
      <NetRentalIncomeOrLossGrp>
        <TotalRevenueColumnAmt>146852</TotalRevenueColumnAmt>
        <ExclusionAmt>146852</ExclusionAmt>
      </NetRentalIncomeOrLossGrp>
      <GrossAmountSalesAssetsGrp>
        <OtherAmt>2353767</OtherAmt>
      </GrossAmountSalesAssetsGrp>
      <LessCostOthBasisSalesExpnssGrp>
        <OtherAmt>2423375</OtherAmt>
      </LessCostOthBasisSalesExpnssGrp>
      <GainOrLossGrp>
        <OtherAmt>-69608</OtherAmt>
      </GainOrLossGrp>
      <NetGainOrLossInvestmentsGrp>
        <TotalRevenueColumnAmt>-69608</TotalRevenueColumnAmt>
        <ExclusionAmt>-69608</ExclusionAmt>
      </NetGainOrLossInvestmentsGrp>
      <GrossSalesOfInventoryAmt>92354178</GrossSalesOfInventoryAmt>
      <CostOfGoodsSoldAmt>35389104</CostOfGoodsSoldAmt>
      <NetIncomeOrLossGrp>
        <TotalRevenueColumnAmt>56965074</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>40031739</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>16933335</UnrelatedBusinessRevenueAmt>
      </NetIncomeOrLossGrp>
      <OtherRevenueMiscGrp>
        <Desc>INTEREST REBATES</Desc>
        <BusinessCd>900099</BusinessCd>
        <TotalRevenueColumnAmt>352992</TotalRevenueColumnAmt>
        <ExclusionAmt>352992</ExclusionAmt>
      </OtherRevenueMiscGrp>
      <OtherRevenueMiscGrp>
        <Desc>CUSTOMIZED PRODUCTION</Desc>
        <BusinessCd>513130</BusinessCd>
        <TotalRevenueColumnAmt>104635</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>104635</RelatedOrExemptFuncIncomeAmt>
      </OtherRevenueMiscGrp>
      <OtherRevenueTotalAmt>457627</OtherRevenueTotalAmt>
      <TotalRevenueGrp>
        <TotalRevenueColumnAmt>94475818</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>76035464</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>17288170</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>1152184</ExclusionAmt>
      </TotalRevenueGrp>
      <GrantsToDomesticOrgsGrp>
        <TotalAmt>870000</TotalAmt>
        <ProgramServicesAmt>870000</ProgramServicesAmt>
      </GrantsToDomesticOrgsGrp>
      <CompCurrentOfcrDirectorsGrp>
        <TotalAmt>629049</TotalAmt>
        <ProgramServicesAmt>534692</ProgramServicesAmt>
        <ManagementAndGeneralAmt>94357</ManagementAndGeneralAmt>
      </CompCurrentOfcrDirectorsGrp>
      <OtherSalariesAndWagesGrp>
        <TotalAmt>25900918</TotalAmt>
        <ProgramServicesAmt>17175801</ProgramServicesAmt>
        <ManagementAndGeneralAmt>8725117</ManagementAndGeneralAmt>
      </OtherSalariesAndWagesGrp>
      <PensionPlanContributionsGrp>
        <TotalAmt>3143385</TotalAmt>
        <ProgramServicesAmt>1816746</ProgramServicesAmt>
        <ManagementAndGeneralAmt>1326639</ManagementAndGeneralAmt>
      </PensionPlanContributionsGrp>
      <OtherEmployeeBenefitsGrp>
        <TotalAmt>2533615</TotalAmt>
        <ProgramServicesAmt>1551463</ProgramServicesAmt>
        <ManagementAndGeneralAmt>982152</ManagementAndGeneralAmt>
      </OtherEmployeeBenefitsGrp>
      <PayrollTaxesGrp>
        <TotalAmt>1928751</TotalAmt>
        <ProgramServicesAmt>1437138</ProgramServicesAmt>
        <ManagementAndGeneralAmt>491613</ManagementAndGeneralAmt>
      </PayrollTaxesGrp>
      <FeesForServicesManagementGrp>
        <TotalAmt>700641</TotalAmt>
        <ProgramServicesAmt>700641</ProgramServicesAmt>
      </FeesForServicesManagementGrp>
      <FeesForServicesLegalGrp>
        <TotalAmt>150493</TotalAmt>
        <ProgramServicesAmt>29165</ProgramServicesAmt>
        <ManagementAndGeneralAmt>121328</ManagementAndGeneralAmt>
      </FeesForServicesLegalGrp>
      <FeesForServicesAccountingGrp>
        <TotalAmt>189875</TotalAmt>
        <ManagementAndGeneralAmt>189875</ManagementAndGeneralAmt>
      </FeesForServicesAccountingGrp>
      <FeesForServicesOtherGrp>
        <TotalAmt>3138485</TotalAmt>
        <ProgramServicesAmt>2799315</ProgramServicesAmt>
        <ManagementAndGeneralAmt>339170</ManagementAndGeneralAmt>
      </FeesForServicesOtherGrp>
      <AdvertisingGrp>
        <TotalAmt>450462</TotalAmt>
        <ProgramServicesAmt>350303</ProgramServicesAmt>
        <ManagementAndGeneralAmt>100159</ManagementAndGeneralAmt>
      </AdvertisingGrp>
      <OfficeExpensesGrp>
        <TotalAmt>3788231</TotalAmt>
        <ProgramServicesAmt>3564495</ProgramServicesAmt>
        <ManagementAndGeneralAmt>223736</ManagementAndGeneralAmt>
      </OfficeExpensesGrp>
      <InformationTechnologyGrp>
        <TotalAmt>1037453</TotalAmt>
        <ProgramServicesAmt>173166</ProgramServicesAmt>
        <ManagementAndGeneralAmt>864287</ManagementAndGeneralAmt>
      </InformationTechnologyGrp>
      <RoyaltiesGrp>
        <TotalAmt>871734</TotalAmt>
        <ProgramServicesAmt>871734</ProgramServicesAmt>
      </RoyaltiesGrp>
      <OccupancyGrp>
        <TotalAmt>24431511</TotalAmt>
        <ProgramServicesAmt>24017706</ProgramServicesAmt>
        <ManagementAndGeneralAmt>413805</ManagementAndGeneralAmt>
      </OccupancyGrp>
      <TravelGrp>
        <TotalAmt>144315</TotalAmt>
        <ProgramServicesAmt>105442</ProgramServicesAmt>
        <ManagementAndGeneralAmt>38873</ManagementAndGeneralAmt>
      </TravelGrp>
      <ConferencesMeetingsGrp>
        <TotalAmt>15600</TotalAmt>
        <ProgramServicesAmt>12845</ProgramServicesAmt>
        <ManagementAndGeneralAmt>2755</ManagementAndGeneralAmt>
      </ConferencesMeetingsGrp>
      <InterestGrp>
        <TotalAmt>5026575</TotalAmt>
        <ProgramServicesAmt>5026575</ProgramServicesAmt>
      </InterestGrp>
      <DepreciationDepletionGrp>
        <TotalAmt>7271946</TotalAmt>
        <ProgramServicesAmt>7210733</ProgramServicesAmt>
        <ManagementAndGeneralAmt>61213</ManagementAndGeneralAmt>
      </DepreciationDepletionGrp>
      <InsuranceGrp>
        <TotalAmt>881934</TotalAmt>
        <ProgramServicesAmt>667954</ProgramServicesAmt>
        <ManagementAndGeneralAmt>213980</ManagementAndGeneralAmt>
      </InsuranceGrp>
      <OtherExpensesGrp>
        <Desc>EQUIP. RENTAL &amp; MAINT.</Desc>
        <TotalAmt>1088882</TotalAmt>
        <ProgramServicesAmt>1079566</ProgramServicesAmt>
        <ManagementAndGeneralAmt>9316</ManagementAndGeneralAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>SALES DISCOUNTS</Desc>
        <TotalAmt>963303</TotalAmt>
        <ProgramServicesAmt>932340</ProgramServicesAmt>
        <ManagementAndGeneralAmt>30963</ManagementAndGeneralAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>TEMPORARY LABOR</Desc>
        <TotalAmt>508906</TotalAmt>
        <ProgramServicesAmt>505574</ProgramServicesAmt>
        <ManagementAndGeneralAmt>3332</ManagementAndGeneralAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>MEMBERSHIP DUES</Desc>
        <TotalAmt>203743</TotalAmt>
        <ProgramServicesAmt>187850</ProgramServicesAmt>
        <ManagementAndGeneralAmt>15893</ManagementAndGeneralAmt>
      </OtherExpensesGrp>
      <AllOtherExpensesGrp>
        <TotalAmt>8683</TotalAmt>
        <ProgramServicesAmt>8453</ProgramServicesAmt>
        <ManagementAndGeneralAmt>230</ManagementAndGeneralAmt>
      </AllOtherExpensesGrp>
      <TotalFunctionalExpensesGrp>
        <TotalAmt>85878490</TotalAmt>
        <ProgramServicesAmt>71629697</ProgramServicesAmt>
        <ManagementAndGeneralAmt>14248793</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </TotalFunctionalExpensesGrp>
      <CashNonInterestBearingGrp>
        <BOYAmt>4357363</BOYAmt>
        <EOYAmt>2899130</EOYAmt>
      </CashNonInterestBearingGrp>
      <SavingsAndTempCashInvstGrp>
        <BOYAmt>8861396</BOYAmt>
        <EOYAmt>18187429</EOYAmt>
      </SavingsAndTempCashInvstGrp>
      <AccountsReceivableGrp>
        <BOYAmt>9979434</BOYAmt>
        <EOYAmt>6323316</EOYAmt>
      </AccountsReceivableGrp>
      <InventoriesForSaleOrUseGrp>
        <BOYAmt>3810198</BOYAmt>
        <EOYAmt>4170554</EOYAmt>
      </InventoriesForSaleOrUseGrp>
      <PrepaidExpensesDefrdChargesGrp>
        <BOYAmt>707705</BOYAmt>
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      <LandBldgEquipCostOrOtherBssAmt>241648441</LandBldgEquipCostOrOtherBssAmt>
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        <EOYAmt>169588403</EOYAmt>
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      <DeferredRevenueGrp>
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        <EOYAmt>144569264</EOYAmt>
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      <TotalLiabilitiesGrp>
        <BOYAmt>168310408</BOYAmt>
        <EOYAmt>169044948</EOYAmt>
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      <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
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        <EOYAmt>42050494</EOYAmt>
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      <TotalNetAssetsFundBalanceGrp>
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        <EOYAmt>42050494</EOYAmt>
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      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>201763575</BOYAmt>
        <EOYAmt>211095442</EOYAmt>
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      <ReconcilationRevenueExpnssAmt>8597328</ReconcilationRevenueExpnssAmt>
      <OtherChangesInNetAssetsAmt>0</OtherChangesInNetAssetsAmt>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>0</AccountantCompileOrReviewInd>
      <FSAuditedInd>1</FSAuditedInd>
      <FSAuditedBasisGrp>
        <ConsolAndSepBasisFinclStmtInd>X</ConsolAndSepBasisFinclStmtInd>
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      <AuditCommitteeInd>1</AuditCommitteeInd>
      <FederalGrantAuditRequiredInd>0</FederalGrantAuditRequiredInd>
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    <IRS990ScheduleA documentId="RetDoc1039100001">
      <SupportingOrganization509a3Ind>X</SupportingOrganization509a3Ind>
      <SupportingOrgType3FuncIntInd>X</SupportingOrgType3FuncIntInd>
      <IRSWrittenDeterminationInd>X</IRSWrittenDeterminationInd>
      <SupportedOrganizationsCnt>1</SupportedOrganizationsCnt>
      <SupportedOrgInformationGrp>
        <SupportedOrganizationName>
          <BusinessNameLine1Txt>SAN DIEGO STATE UNIVERSITY</BusinessNameLine1Txt>
        </SupportedOrganizationName>
        <EIN>330373293</EIN>
        <OrganizationTypeCd>6</OrganizationTypeCd>
        <GoverningDocumentListedInd>1</GoverningDocumentListedInd>
        <SupportAmt>17194462</SupportAmt>
        <OtherSupportAmt>0</OtherSupportAmt>
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      <SupportedOrganizationsTotalCnt>1</SupportedOrganizationsTotalCnt>
      <SupportSumAmt>17194462</SupportSumAmt>
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      <Form990SchASupportingOrgGrp>
        <ListedByNameGoverningDocInd>1</ListedByNameGoverningDocInd>
        <SuprtOrgNoIRSDeterminationInd>0</SuprtOrgNoIRSDeterminationInd>
        <SupportedOrgSectionC456Ind>0</SupportedOrgSectionC456Ind>
        <SupportedOrgNotOrganizedUSInd>0</SupportedOrgNotOrganizedUSInd>
        <OrganizationChangeSuprtOrgInd>0</OrganizationChangeSuprtOrgInd>
        <SupportNonSupportedOrgInd>0</SupportNonSupportedOrgInd>
        <PaymentSubstantialContribtrInd>0</PaymentSubstantialContribtrInd>
        <LoanDisqualifiedPersonInd>0</LoanDisqualifiedPersonInd>
        <ControlledDisqualifiedPrsnInd>0</ControlledDisqualifiedPrsnInd>
        <DisqualifiedPrsnControllIntInd>0</DisqualifiedPrsnControllIntInd>
        <DisqualifiedPrsnOwnrIntInd>0</DisqualifiedPrsnOwnrIntInd>
        <ExcessBusinessHoldingsRulesInd>0</ExcessBusinessHoldingsRulesInd>
        <ContributionControllerInd>0</ContributionControllerInd>
        <ContributionFamilyInd>0</ContributionFamilyInd>
        <Contribution35ControlledInd>0</Contribution35ControlledInd>
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      <Form990SchAType3SprtOrgAllGrp>
        <TimelyProvidedDocumentsInd>1</TimelyProvidedDocumentsInd>
        <OfficersCloseRelationshipInd>1</OfficersCloseRelationshipInd>
        <SupportedOrgVoiceInvestmentInd>1</SupportedOrgVoiceInvestmentInd>
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      <Form990SchAType3FuncIntGrp>
        <GovernmentalEntityInd>X</GovernmentalEntityInd>
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      <Form990ScheduleAPartVIGrp>
        <FormAndLineReferenceDesc>PART IV, SECTION D, LINE 3:</FormAndLineReferenceDesc>
        <ExplanationTxt>ROLE THE ORGANIZATION'S SUPPORTED ORGANIZATION PLAYED THE VOTING BOARD MEMBERS OF AZTEC SHOPS, LTD. INCLUDE THE PRESIDENT OF SAN DIEGO STATE UNIVERSITY AND THE PRESIDENT OF ASSOCIATED STUDENTS OF SAN DIEGO STATE UNIVERSITY (OR THEIR DESIGNEES), AS WELL AS THE SAN DIEGO STATE UNIVERSITY VICE PRESIDENT OF STUDENT AFFAIRS AND THE SAN DIEGO STATE UNIVERSITY VICE PRESIDENT OF BUSINESS AND FINANCIAL AFFAIRS.</ExplanationTxt>
      </Form990ScheduleAPartVIGrp>
      <Form990ScheduleAPartVIGrp>
        <FormAndLineReferenceDesc>PART IV, SECTION E, LINE 1C:</FormAndLineReferenceDesc>
        <ExplanationTxt>EXPLAIN HOW ORGANIZATION SUPPORTS GOVERNMENT ENTITY AZTEC SHOPS PROVIDES SUPPORTIVE COMMERCIAL SERVICES FOR SAN DIEGO STATE UNIVERSITY, INCLUDING A BOOKSTORE, DINING SERVICES AND STUDENT HOUSING OPERATIONS. AZTEC SHOPS ENGAGES IN ACTIVITIES ON BEHALF OF SAN DIEGO STATE UNIVERSITY, AND, IF NOT FOR THE INVOLVEMENT OF AZTEC SHOPS LTD., SAN DIEGO STATE UNIVERSITY WOULD NORMALLY BE ENGAGED IN SIMILAR ACTIVITIES.</ExplanationTxt>
      </Form990ScheduleAPartVIGrp>
    </IRS990ScheduleA>
    <IRS990ScheduleD documentId="RetDoc1040000001">
      <LandGrp>
        <OtherCostOrOtherBasisAmt>39135426</OtherCostOrOtherBasisAmt>
        <BookValueAmt>39135426</BookValueAmt>
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      <BuildingsGrp>
        <OtherCostOrOtherBasisAmt>156346786</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>46177014</DepreciationAmt>
        <BookValueAmt>110169772</BookValueAmt>
      </BuildingsGrp>
      <LeaseholdImprovementsGrp>
        <OtherCostOrOtherBasisAmt>10303203</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>7972577</DepreciationAmt>
        <BookValueAmt>2330626</BookValueAmt>
      </LeaseholdImprovementsGrp>
      <EquipmentGrp>
        <OtherCostOrOtherBasisAmt>23887184</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>15901041</DepreciationAmt>
        <BookValueAmt>7986143</BookValueAmt>
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      <OtherLandBuildingsGrp>
        <OtherCostOrOtherBasisAmt>11975842</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>2009406</DepreciationAmt>
        <BookValueAmt>9966436</BookValueAmt>
      </OtherLandBuildingsGrp>
      <TotalBookValueLandBuildingsAmt>169588403</TotalBookValueLandBuildingsAmt>
      <OtherLiabilitiesOrgGrp>
        <Desc>LOANS PAYABLE SAN DIEGO STATE UNIVERSITY</Desc>
        <Amt>82745733</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>LOAN PAYABLE CSU</Desc>
        <Amt>33470000</Amt>
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      <OtherLiabilitiesOrgGrp>
        <Desc>ACCRUED BENEFIT COSTS</Desc>
        <Amt>10515502</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>LEASE LIABILITIES</Desc>
        <Amt>7475855</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>NOTES PAYABLE SDSU RESEARCH FOUNDATION</Desc>
        <Amt>4642395</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>LOGO COMMISSION PAYABLE SAN DIEGO STATE UNIVERSITY</Desc>
        <Amt>4283725</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>DEBT ACQUISTION COSTS</Desc>
        <Amt>1426955</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>DEFERRED RENT PAYABLE ASSOCIATED STUDENTS</Desc>
        <Amt>9099</Amt>
      </OtherLiabilitiesOrgGrp>
      <TotalLiabilityAmt>144569264</TotalLiabilityAmt>
      <FootnoteTextInd>X</FootnoteTextInd>
      <TotalRevEtcAuditedFinclStmtAmt>132366774</TotalRevEtcAuditedFinclStmtAmt>
      <OtherRevenueAmt>37890957</OtherRevenueAmt>
      <RevenueNotReportedAmt>37890957</RevenueNotReportedAmt>
      <RevenueSubtotalAmt>94475817</RevenueSubtotalAmt>
      <RevenueNotReportedFinclStmtAmt>0</RevenueNotReportedFinclStmtAmt>
      <TotalRevenuePerForm990Amt>94475817</TotalRevenuePerForm990Amt>
      <TotExpnsEtcAuditedFinclStmtAmt>123769449</TotExpnsEtcAuditedFinclStmtAmt>
      <OtherExpensesIncludedAmt>37890959</OtherExpensesIncludedAmt>
      <ExpensesNotReportedAmt>37890959</ExpensesNotReportedAmt>
      <ExpensesSubtotalAmt>85878490</ExpensesSubtotalAmt>
      <ExpensesNotRptFinclStmtAmt>0</ExpensesNotRptFinclStmtAmt>
      <TotalExpensesPerForm990Amt>85878490</TotalExpensesPerForm990Amt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART X, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION AND PRIMARILY ALL OF ITS AFFILIATES ARE RECOGNIZED BY THE INTERNAL REVENUE SERVICE (IRS) AS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE AS CHARITABLE ORGANIZATIONS QUALIFYING UNDER INTERNAL REVENUE CODE SECTION 501(C)(3), EXCEPT FOR INCOME TAXES PERTAINING TO UNRELATED BUSINESS INCOME. UNDER U.S. GAAP, THE TAX EFFECTS FROM UNCERTAIN TAX POSITIONS ARE TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS ONLY IF THE POSITION IS MORE LIKELY THAN NOT TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAX AUTHORITY. THE ORGANIZATION COMPLETED AN ANALYSIS OF ITS UNCERTAIN TAX POSITIONS IN ACCORDANCE WITH APPLICABLE ACCOUNTING GUIDANCE AND DETERMINED THERE ARE NO AMOUNTS TO BE RECOGNIZED ON THE FINANCIAL STATEMENTS AT JUNE 30, 2025 OR 2024.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART XI, LINE 2D - OTHER ADJUSTMENTS:</FormAndLineReferenceDesc>
        <ExplanationTxt>COST OF GOODS SOLD 35,389,106. RENTAL EXPENSES 2,630,871. CUSTOMIZED PRODUCTION REVENUE -104,636. LOSS ON DISPOSITION OF ASSETS 59,252. GENERAL AND ADMINISTRATIVE EXPENSES -83,636.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART XII, LINE 2D - OTHER ADJUSTMENTS:</FormAndLineReferenceDesc>
        <ExplanationTxt>COST OF GOODS SOLD 35,389,106. RENTAL EXPENSES 2,630,871. CUSTOMIZED PRODUCTION REVENUE -104,634. LOSS ON DISPOSITION OF ASSETS 59,252. GENERAL AND ADMINISTRATIVE EXPENSES -83,636.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleD>
    <IRS990ScheduleI documentId="RetDoc1041900001">
      <GrantRecordsMaintainedInd>1</GrantRecordsMaintainedInd>
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          <BusinessNameLine1Txt>SAN DIEGO STATE UNIVERSITY</BusinessNameLine1Txt>
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        <USAddress>
          <AddressLine1Txt>5500 CAMPANILE DRIVE</AddressLine1Txt>
          <CityNm>SAN DIEGO</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>92182</ZIPCd>
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        <RecipientEIN>330373293</RecipientEIN>
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        <CashGrantAmt>810000</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>GENERAL SUPPORT</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>ASSOCIATED STUDENTS OF SDSU</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>5500 CAMPANILE DRIVE</AddressLine1Txt>
          <CityNm>SAN DIEGO</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>92182</ZIPCd>
        </USAddress>
        <RecipientEIN>956042622</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>60000</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>GENERAL SUPPORT</PurposeOfGrantTxt>
      </RecipientTable>
      <Total501c3OrgCnt>2</Total501c3OrgCnt>
      <TotalOtherOrgCnt>0</TotalOtherOrgCnt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART I, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>PROCEDURES FOR MONITORING USE OF GRANTS FUNDS IN U.S. AT THE DISCRETION OF THE BOARD OF DIRECTORS, THE ORGANIZATION PROVIDES FOR ANNUAL ALLOCATIONS TO THE UNIVERSITY AND ITS AFFILIATED ORGANIZATIONS.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleI>
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      <CompensationCommitteeInd>X</CompensationCommitteeInd>
      <CompensationSurveyInd>X</CompensationSurveyInd>
      <BoardOrCommitteeApprovalInd>X</BoardOrCommitteeApprovalInd>
      <SeverancePaymentInd>0</SeverancePaymentInd>
      <SupplementalNonqualRtrPlanInd>0</SupplementalNonqualRtrPlanInd>
      <EquityBasedCompArrngmInd>0</EquityBasedCompArrngmInd>
      <CompBasedOnRevenueOfFlngOrgInd>0</CompBasedOnRevenueOfFlngOrgInd>
      <CompBsdOnRevRelatedOrgsInd>0</CompBsdOnRevRelatedOrgsInd>
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      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>AGNES WONG NICKERSON</PersonNm>
        <TitleTxt>SEC/TREASURER (SDSU EMP)</TitleTxt>
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        <CompensationBasedOnRltdOrgsAmt>347128</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>0</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>9396</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>103855</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>0</NontaxableBenefitsFilingOrgAmt>
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        <TotalCompensationFilingOrgAmt>0</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>475729</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
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      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>TODD SUMMER</PersonNm>
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      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>DR CHRIS MANNING</PersonNm>
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        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>BRITTANY SANTOS-DERIEG</PersonNm>
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      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>CARL WINSTON</PersonNm>
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        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
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      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>HEATHER HAWKINS</PersonNm>
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        <TotalCompensationFilingOrgAmt>252062</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
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      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>COLIN MILLER</PersonNm>
        <TitleTxt>DIR. REAL EST &amp; BD - THRU 11/2024</TitleTxt>
        <BaseCompensationFilingOrgAmt>191682</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
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        <OtherCompensationFilingOrgAmt>194</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>11729</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
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        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>227738</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
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      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>KATHY BROWN</PersonNm>
        <TitleTxt>DIRECTOR CAMPUS STORES</TitleTxt>
        <BaseCompensationFilingOrgAmt>154370</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>23054</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>1032</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>37167</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>11108</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>226731</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>JENNIFER LAKIN</PersonNm>
        <TitleTxt>DIRECTOR HUMAN RESOURCES</TitleTxt>
        <BaseCompensationFilingOrgAmt>159855</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
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        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>1032</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>11729</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>15138</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>212296</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>DAWN STOEBE</PersonNm>
        <TitleTxt>DIRECTOR IT - AS OF 05/2025</TitleTxt>
        <BaseCompensationFilingOrgAmt>147564</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>9882</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>552</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>33208</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>11227</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>202433</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>ROBERT ISNER</PersonNm>
        <TitleTxt>DIR. DINING SERVICES - AS OF 05/2025</TitleTxt>
        <BaseCompensationFilingOrgAmt>127179</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>11473</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>1584</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>29421</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>11969</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>181626</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>BENJAMIN EISENSTEIN</PersonNm>
        <TitleTxt>DIRECTOR MARKETING</TitleTxt>
        <BaseCompensationFilingOrgAmt>125070</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>11798</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>230</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
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        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
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        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>158808</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
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      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>ALYSSA LONGEUAY</PersonNm>
        <TitleTxt>DIR. REAL EST &amp; BD - AS OF 05/2025</TitleTxt>
        <BaseCompensationFilingOrgAmt>123024</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>21573</BonusFilingOrganizationAmount>
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        <OtherCompensationFilingOrgAmt>210</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>9609</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>2145</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>156561</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART I, LINE 7</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION PROVIDES NON-FIXED BONUSES BASED ON THE FINANCIAL RESULTS OF THE ORGANIZATION IN COMPARISON WITH ITS BUDGET. BONUS AMOUNTS ARE PROPOSED TO THE BOARD, TO WHICH THE BOARD WILL REVIEW AND APPROVE AT THEIR DISCRETION.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleJ>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART III, LINE 1 - ORGANIZATION MISSION</FormAndLineReferenceDesc>
        <ExplanationTxt>TO PROVIDE HIGH-QUALITY COMMERCIAL SUPPORT SERVICES TO THE SAN DIEGO STATE UNIVERSITY COMMUNITY, INCLUDING THE VENDING AND SALE OF FOOD, SUPPLIES, AND RESALE MERCHANDISE ANYWHERE ON BEHALF OF THE UNIVERSITY; HOUSING, PROPERTY ACQUISITION AND DEVELOPMENT, AND ADMINISTRATION OF OTHER BUSINESS ACTIVITIES AS DETERMINED BY THE VICE PRESIDENT FOR BUSINESS AND FINANCIAL AFFAIRS OF SAN DIEGO STATE UNIVERSITY, WHEN IT IS DEEMED TO BE MORE EFFECTIVE TO ACCOMPLISH SUCH FUNCTIONS AND ACTIVITIES THROUGH AZTEC SHOPS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 7A</FormAndLineReferenceDesc>
        <ExplanationTxt>APPOINTMENT, NOMINATION, AND ELECTION PROCESS FOR BOARD MEMBERS: THE PRESIDENT OF SAN DIEGO STATE UNIVERSITY AND THE PRESIDENT OF ASSOCIATED STUDENTS OF SAN DIEGO STATE UNIVERSITY OR THEIR DESIGNEES, AS WELL AS THE SDSU VICE PRESIDENT OF STUDENT AFFAIRS AND SDSU VICE PRESIDENT OF BUSINESS AND FINANCIAL AFFAIRS, ARE APPOINTED EX OFFICIO BY VIRTUE OF THEIR POSITIONS IN THE UNIVERSITY. ALL OTHER DIRECTORS ARE NOMINATED BY THE PRESIDENTS AND ELECTED UPON A MAJORITY VOTE OF THE EXISTING BOARD MEMBERS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 7B</FormAndLineReferenceDesc>
        <ExplanationTxt>DECISIONS OF GOVERNING BODY APPROVAL BY MEMBERS OR SHAREHOLDERS: UNDER TITLE 5 CALIFORNIA CODE OF REGS, SECTION 42402, THE CAMPUS PRESIDENT IS REQUIRED TO ASSURE THAT AZTEC SHOPS OPERATES IN CONFORMITY WITH THE POLICIES OF THE CALIFORNIA STATE UNIVERSITY SYSTEM AND SAN DIEGO STATE UNIVERSITY. THE PRESIDENT MAY DISCONTINUE ANY PROGRAM OR EXPENDITURE THAT HE OR SHE DETERMINES IS INCONSISTENT WITH THESE POLICIES.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>FORM 990 REVIEW PROCESS: DRAFT OF THE FORM 990 WAS DELIVERED TO THE AUDIT COMMITTEE OF AZTEC SHOPS IN ACCORDANCE WITH ITS CHARTER. THE CONTROLLER OF AZTEC SHOPS EXPLAINED THE SIGNIFICANT CHANGES IN THE FORM AND SOLICITED QUESTIONS FROM THE COMMITTEE. THE FINAL FORM 990 WAS ALSO DELIVERED TO EACH MEMBER OF THE BOARD OF DIRECTORS BEFORE FILING.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>EXPLANATION OF MONITORING AND ENFORCEMENT OF CONFLICTS: AZTEC SHOPS REQUIRES EACH INTERESTED PARTY, WHICH INCLUDES ALL INDIVIDUALS REPORTED ON THE 990, TO DISCLOSE ANNUALLY INTERESTS THAT COULD GIVE RISE TO CONFLICTS. A CONFLICT OF INTEREST QUESTIONNAIRE IS COMPLETED ANNUALLY BY THE BOARD AND EMPLOYEES AND PROVIDED TO THE CEO AND HUMAN RESOURCES FOR REVIEW. AZTEC SHOPS ALSO MONITORS COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY THROUGH ITS PURCHASING AND OPERATING DEPARTMENTS. AZTEC SHOPS STAFF REVIEWS CONTRACTS AND REQUISITIONS FOR POTENTIAL CONFLICTS. A SUMMARY OF CONFLICTS IS PROVIDED TO THE BOARD OF DIRECTORS FOR REVIEW AND RESOLUTION. THE BOARD IS AUTHORIZED TO TAKE WHATEVER ACTION IS DEEMED NECESSARY TO RESOLVE POTENTIAL OR ACTUAL CONFLICTS INCLUDING: PROHIBITING THE INTERESTED PARTY FROM DISCUSSIONS OR DECISIONS REGARDING THE CONFLICT OF INTEREST; MODIFYING OR REDEFINING THE DUTIES AND RESPONSIBILITIES OF THE INTERESTED PARTY; OR REQUIRING THE RESIGNATION OF THE INTERESTED PARTY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 15</FormAndLineReferenceDesc>
        <ExplanationTxt>COMPENSATION REVIEW &amp; APPROVAL PROCESS - CEO &amp; TOP MANAGEMENT: PURSUANT TO TITLE 5, CALIFORNIA CODE OF REGS., SECTION 42405, AZTEC SHOPS MAINTAINS SALARY SCHEDULES COMPARABLE TO SAN DIEGO STATE UNIVERSITY (A CALIFORNIA PUBLIC INSTITUTION). THE SALARY OF THE CHIEF EXECUTIVE OFFICER IS ALSO SUBJECT TO APPROVAL BY THE BOARD OF DIRECTORS OF AZTEC SHOPS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>OTHER ORGANIZATION DOCUMENTS PUBLICLY AVAILABLE: THE ORGANIZATION MAKES AVAILABLE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS TO THE PUBLIC ON ITS WEBSITE WWW.AZTECSHOPS.COM.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
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