TY 2011 Form 990

(A) Name and Title	(B) Average hours per week (describe hours for related organizations in Schedule O)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)	(E) Reportable compensation from related organizations (W- 2/1099-MISC)
(1) CLINT BOLICK DIRECTOR	2.00	X		0	0
(2) KURT DAVIS DIRECTOR	2.00	X		0	0
(3) JACK X EVANS DIRECTOR	2.00	X		0	0
(4) DERRICK HALL DIRECTOR	2.00	X		0	0
(5) LISA HANDLEY DIRECTOR	2.00	X		0	0
(6) HUGH HEWITT DIRECTOR	2.00	X		0	0
(7) MARIANNE CRACCHIOLO MAGO DIRECTOR	2.00	X		0	0
(8) JOHN LOCK DIRECTOR	2.00	X		0	0
(9) TUCKER QUAYLE DIRECTOR	2.00	X		0	0
(10) BRIAN MCNEIL DIRECTOR	2.00	X		0	0
(11) REED PORTER DIRECTOR	2.00	X		0	0
(12) BARBARA RALSTON VICE PRESIDE	2.00	X		0	0
(13) DON ULRICH DIRECTOR	2.00	X		0	0
(14) STEVE ZABILSKI DIRECTOR	2.00	X		0	0
(15) DAN SCOGGIN CEO	40.00		X	137,667	6,297
(16) PETER BEZANSON CAO	40.00		X	101,470	0
(17) KIANN MAPES CTO	40.00		X	96,250	2,180

(A) Name and business address	(B) Description of services	(C) Compensation
ROWLAND COMPANIES - SOUTHWEST INC PO BOX 155515 FORTH WORTH,TX76155	CONSTRUCTION	4,220,566
OKLAND CONSTRUCTION CO INC 1700 N MCCLINTOCK DR TEMPE,AZ85281	CONSTRUCTION	977,982
THE ORCUTT WINSLOW PARTNERSHIP 3003 N CENTRAL AVE PHOENIX,AZ85012	CONSTRUCTION	358,569
ENVIRON 1702 E HIGHLAND AVENUE STE 412 PHOENIX,AZ85016	ENVIRON PROT	220,802
FESTER CHAPMAN PC 4001 N 3RD STREET STE 275 PHOENIX,AZ85012	AUDIT	114,150
2 Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization 5

Do not include amounts reported on lines 6b, 7b, 8b, 9b, and 10b of Part VIII.	(A) Total expenses	(B) Program service expenses	(C) Management and general expenses	(D) Fundraising expenses
1	Grants and other assistance to governments and organizations in the United States. See Part IV, line 21
2	Grants and other assistance to individuals in the United States. See Part IV, line 22
3	Grants and other assistance to governments, organizations, and individuals outside the United States. See Part IV, lines 15 and 16
4	Benefits paid to or for members
5	Compensation of current officers, directors, trustees, and key employees ....	499,845	39,070	409,728	51,047
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) ....
7	Other salaries and wages	1,141,803	89,248	935,947	116,608
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....
9	Other employee benefits .......	203,665	23,322	166,382	13,961
10	Payroll taxes ...........	130,895	21,613	96,790	12,492
11	Fees for services (non-employees):
a	Management ......
b	Legal .........	27,416	20,851	6,565
c	Accounting ...........	309,728	235,394	74,334
d	Lobbying ...........
e	Professional fundraising. See Part IV, line 17..
f	Investment management fees ......
g	Other ..........	201,355	127,635	68,340	5,380
12	Advertising and promotion ....	42,797		430	42,367
13	Office expenses .......	133,687	3,805	121,643	8,239
14	Information technology ......	105,480	16,185	84,874	4,421
15	Royalties ..
16	Occupancy ...........	226,928	172,121	54,354	453
17	Travel ............	77,763	13,744	58,656	5,363
18	Payments of travel or entertainment expenses for any federal, state, or local public officials ......
19	Conferences, conventions, and meetings ....
20	Interest ...........	1,548,776	1,177,070	371,706
21	Payments to affiliates .......
22	Depreciation, depletion, and amortization .....	646,579	462,447	184,132
23	Insurance ..............
24	Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24f. If line 24f amount exceeds 10% of line 25, column (A) amount, list line 24f expenses on Schedule O.)
a	CO-CURRICULAR ACTIVITIES	539,956	539,956
b	GRANTS TO ACADEMIES	310,000		310,000
c	MISCELLANEOUS	220,953		219,961	992
d	DUES AND FEES	62,080	3,463	57,471	1,146
e
f	All other expenses	192,448	53,092	127,364	11,992
25	Total functional expenses. Add lines 1 through 24f	6,622,154	2,999,016	3,348,677	274,461
26	Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here if following SOP 98-2 (ASC 958-720).

Part X Balance Sheet
	1	Cashnon-interest-bearing ..........	3,657,256	1	3,260,039
2	Savings and temporary cash investments .......		2
3	Pledges and grants receivable, net .........	389,724	3	1,304,699
4	Accounts receivable, net .........	1,181,537	4	396,121
5	Receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of
	Schedule L ..........		5
6	Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B). Complete Part II of
	Schedule L ..........		6
7	Notes and loans receivable, net .............	404,250	7	942,515
8	Inventories for sale or use ..............		8
9	Prepaid expenses and deferred charges ............	51,855	9	260,604
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	36,882,865
b	Less: accumulated depreciation. .....	10b	787,109	27,049,907	10c	36,095,756
11	Investments—publicly traded securities ..........		11
12	Investments—other securities. See Part IV, line 11 ......		12
13	Investments—program-related. See Part IV, line 11 ..		13
14	Intangible assets .........	482,453	14	1,080,026
15	Other assets. See Part IV, line 11 ...........		15
16	Total assets. Add lines 1 through 15 (must equal line 34)...	33,216,982	16	43,339,760
	17	Accounts payable and accrued expenses .	2,161,588	17	1,335,961
18	Grants payable ..........		18
19	Deferred revenue ..........		19	241,530
20	Tax-exempt bond liabilities ..........	11,630,000	20	28,055,000
21	Escrow or custodial account liability. Complete Part IV of Schedule D..		21
22	Payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified
	persons. Complete Part II of Schedule L..........	400,000	22
23	Secured mortgages and notes payable to unrelated third parties ..	14,998,197	23	9,201,574
24	Unsecured notes and loans payable to unrelated third parties ....		24
25	Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17-24). Complete Part X of Schedule D.....	2,274,923	25	521,472
26	Total liabilities. Add lines 17 through 25.....	31,464,708	26	39,355,537
		Organizations that follow SFAS 117, check here and complete lines 27 through 29, and lines 33 and 34.
27	Unrestricted net assets .....	1,752,274	27	2,679,524
28	Temporarily restricted net assets .....		28	1,304,699
29	Permanently restricted net assets .....		29
	Organizations that do not follow SFAS 117, check here and complete lines 30 through 34.
30	Capital stock or trust principal, or current funds .....		30
31	Paid-in or capital surplus, or land, building or equipment fund .....		31
32	Retained earnings, endowment, accumulated income, or other funds		32
33	Total net assets or fund balances .....	1,752,274	33	3,984,223
34	Total liabilities and net assets/fund balances .....	33,216,982	34	43,339,760

- TIN:

SCHEDULE A
(Form 990 or 990EZ)

Department of the Treasury
Internal Revenue Service

Public Charity Status and Public Support

Complete if the organization is a section 501(c)(3) organization or a section
4947(a)(1) nonexempt charitable trust.

Attach to Form 990 or Form 990-EZ. right arrow

See separate instructions.

OMB No. 1545-0047

2011

Open to Public
Inspection

Name of the organization

GREAT HEARTS ACADEMIES

Employer identification number

20-2036133

Part I

Reason for Public Charity Status (All organizations must complete this part.) See instructions

The organization is not a private foundation because it is: (For lines 1 through 11, check only one box.)

A church, convention of churches, or association of churches. section 170(b)(1)(A)(i).

A school described in section 170(b)(1)(A)(ii). (Attach Schedule E.)

A hospital or a cooperative hospital service organization described in section 170(b)(1)(A)(iii).

A medical research organization operated in conjunction with a hospital described in section 170(b)(1)(A)(iii). Enter the hospital's name, city, and state:

An organization operated for the benefit of a college or university owned or operated by a governmental unit described in

section 170(b)(1)(A)(iv). (Complete Part II.)

A federal, state, or local government or governmental unit described in section 170(b)(1)(A)(v).

An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in

section 170(b)(1)(A)(vi). (Complete Part II.)

A community trust described in section 170(b)(1)(A)(vi). (Complete Part II.)

An organization that normally receives: (1) more than 331/3% of its support from contributions, membership fees, and gross

receipts from activities related to its exempt functions—subject to certain exceptions, and (2) no more than 331/3% of

its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses

acquired by the organization after June 30, 1975. See section 509(a)(2). (Complete Part III.)

An organization organized and operated exclusively to test for public safety. Seesection 509(a)(4).

An organization organized and operated exclusively for the benefit of, to perform the functions of, or to carry out the purposes of one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2). See section 509(a)(3). Check the box that describes the type of supporting organization and complete lines 11e through 11h.

Type I

Type II

Type III - Functionally integrated

Type III - Other

By checking this box, I certify that the organization is not controlled directly or indirectly by one or more disqualified persons other than foundation managers and other than one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2).

If the organization received a written determination from the IRS that it is a Type I, Type II or Type III supporting organization, check this box ..................................................

Since August 17, 2006, has the organization accepted any gift or contribution from any of the
following persons?

(i) a person who directly or indirectly controls, either alone or together with persons described in (ii)

Yes

and (iii) below, the governing body of the the supported organization? ................

11g(i)

(ii) a family member of a person described in (i) above? ......................

11g(ii)

(iii) a 35% controlled entity of a person described in (i) or (ii) above? ................

11g(iii)

Provide the following information about the supported organization(s).

(i) Name of supported organization	(ii) EIN	(iv) Is the organization in col. (i) listed in your governing document?		(v) Did you notify the organization in col. (i) of your support?		(vi) Is the organization in col. (i) organized in the U.S.?		(vii) Amount of support?
(i) Name of supported organization	(ii) EIN	Yes	No	Yes	No	Yes	No	(vii) Amount of support?


Total

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 11285F

Schedule A (Form 990 or 990-EZ) 2011

Page 2

Part II

Support Schedule for Organizations Described in IRC 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi)
(Complete only if you checked the box on line 5, 7, or 8 of Part I or if the organization failed to qualify under Part III. If the organization fails to qualify under the tests listed below, please complete Part III.)

Section A. Public Support

Calendar year(or fiscal year beginning in)		(a) 2007	(b) 2008	(c) 2009	(d) 2010	(e) 2011	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") ....	2,782,295	1,298,831	1,420,915	1,545,895	3,221,356	10,269,292
2	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf.......
3	The value of services or facilities furnished by a governmental unit to the organization without charge..
4	Total. Add lines 1 through 3..	2,782,295	1,298,831	1,420,915	1,545,895	3,221,356	10,269,292
5	The portion of total contributions by each person (other than a governmental unit or publicly supported organization) included on line 1 that exceeds 2% of the amount shown on line 11, column (f)..
6	Public Support. Subtract line 5 from line 4.						10,269,292

Section B. Total Support

Calendar year(or fiscal year beginning in)		(a) 2007	(b) 2008	(c) 2009	(d) 2010	(e) 2011	(f) Total
7	Amounts from line 4..	2,782,295	1,298,831	1,420,915	1,545,895	3,221,356	10,269,292
8	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..	47,930	27,793	42,848	502,862	1,975,207	2,596,640
9	Net income from unrelated business activities, whether or not the business is regularly carried on..
10	Other income. (Explain in Part IV.) Do not include gain or loss from the sale of capital assets..
11	Total support (Add lines 7 through 10).						12,865,932

Gross receipts from related activities, etc. (See instructions.) ..................

3,657,540

First Five Years If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a 501(c)(3) organization,
check this box and stop here.......................................... right arrow

Section C. Computation of Public Support Percentage

Public Support Percentage for 2010 (line 6 column (f) divided by line 11 column (f)) .........

79.820 %

Public Support Percentage for 2009 Schedule A, Part II, line 14 ...............

92.310 %

16a

33 1/3% support test—2011. If the organization did not check the box on line 13, and line 14 is 33 1/3% or more, check this box
and stop here. The organization qualifies as a publicly supported organization ...................... right arrow

33 1/3% support test—2010. If the organization did not check the box on line 13 or 16a, and line 15 is 33 1/3% or more, check this
box and stop here. The organization qualifies as a publicly supported organization ..................... right arrow

17a

10%-facts-and-circumstances test—2011. If the organization did not check a box on line 13, 16a, or 16b and line 14
is 10% or more, and if the organization meets the "facts and circumstances" test, check this box and stop here. Explain
in Part IV how the organization meets the "facts and circumstances" test. The organization qualifies as a publicly supported
organization .................................................. right arrow

10%-facts-and-circumstances test—2010. If the organization did not check a box on line 13, 16a, 16b, or 17a and line
15 is 10% or more, and if the organization meets the "facts and circumstances" test, check this box and stop here.
Explain in Part IV how the organization meets the "facts and circumstances" test. The organization qualifies as a publicly
supported organization .............................................. right arrow

Private Foundation If the organization did not check a box on line 13, 16a, 16b, 17a or 17b, check this box and see
instructions ................................................... right arrow

Schedule A (Form 990 or 990-EZ) 2011

Page 3

Part III

Support Schedule for Organizations Described in IRC 509(a)(2)
(Complete only if you checked the box on line 9 of Part I or if the organization failed to qualify under Part II. If the organization fails to qualify under the tests listed below, please complete Part II.)

Section A. Public Support

Calendar year(or fiscal year beginning in)		(a) 2007	(b) 2008	(c) 2009	(d) 2010	(e) 2011	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") .
2	Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose......
3	Gross receipts from activities that are not an unrelated trade or business under section 513..
4	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf...
5	The value of services or facilities furnished by a governmental unit to the organization without charge..
6	Total. Add lines 1 through 5.
7a	Amounts included on lines 1, 2, and 3 received from disqualified persons...
b	Amounts included on lines 2 and 3 received from other than disqualified persons that exceed the greater of $5,000 or 1% of the amount on line 13 for the year.
c	Add lines 7a and 7b..
8	Public Support (Subtract line 7c from line 6.)

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2007	(b) 2008	(c) 2009	(d) 2010	(e) 2011	(f) Total
9	Amounts from line 6...
10a	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..
b	Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975.
c	Add lines 10a and 10b.
11	Net income from unrelated business activities not included in line 10b, whether or not the business is regularly carried on.
12	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part IV.)
13	Total support (Add lines 9, 10c, 11 and 12.).

Section C. Computation of Public Support Percentage

Public Support Percentage for 2011 (line 8 column (f) divided by line 13 column (f)) .........

Public support percentage from 2010 Schedule A, Part III, line 15 ...............

Section D. Computation of Investment Income Percentage

Investment income percentage for 2011 (line 10c column (f) divided by line 13 column (f)) ......

Investment income percentage from 2010 Schedule A, Part III, line 17 .............

19a

33 1/3% support tests—2011. If the organization did not check the box on line 14, and line 15 is more than 33 1/3% and line 17 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization .......... right arrow

33 1/3% support tests—2010. If the organization did not check a box on line 14 or line 19a, and line 16 is more than 33 1/3% and line 18 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization .... right arrow

Private Foundation If the organization did not check a box on line 14, 19a or 19b, check this box and see instructions ..... right arrow

Schedule A (Form 990 or 990-EZ) 2011

Page 4

Part IV

Supplemental Information. Supplemental Information. Complete this part to provide the explanation required by Part II, line 10; Part II, line 17a or 17b; or Part III, line 12. Also complete this part for any additional information. (See instructions).

Facts And Circumstances Test

Explanation

Schedule A (Form 990 or 990-EZ) 2011

Additional Data

Software ID:
Software Version:

- TIN:

Schedule B
(Form 990, 990-EZ,
or 990-PF)

Department of the Treasury
Internal Revenue Service

Schedule of Contributors

Attach to Form 990, 990-EZ, or 990-PF.

OMB No. 1545-0047

2011

Name of organization

GREAT HEARTS ACADEMIES

Employer identification number

20-2036133

Organization type (check one):

Filers of:

Section:

Form 990 or 990-EZ

501(c)( ) (enter number) organization

4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization

Form 990-PF

501(c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

501(c)(3) taxable private foundation

Check if your organization is covered by the General Rule or a Special Rule.
Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.

General Rule

For an organization filing Form 990, 990-EZ, or 990-PF that received, during the year, $5,000 or more (in money or
property) from any one contributor. Complete Parts I and II.

Special Rules

For a section 501(c)(3) organization filing Form 990 or 990-EZ that met the 33¹/3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), and received from any one contributor, during the year, a contribution of the
greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1. Complete Parts I and II.

For a section 501(c)(7), (8), or (10) organization filing Form 990, or 990-EZ that received from any one contributor,
during the year, total contributions of more than $1,000 for use exclusively for religious, charitable,
scientific, literary, or educational purposes, or the prevention of cruelty to children or animals. Complete Parts I, II, and
III.

For a section 501(c)(7), (8), or (10) organization filing Form 990, or 990-EZ that received from any one contributor,
during the year, contributions for use exclusively for religious, charitable, etc., purposes, but these contributions did
not total to more than $1,000. If this box is checked, enter here the total contributions that were received during
the year for an exclusively religious, charitable, etc., purpose. Do not complete any of the parts unless the General Rule
applies to this organization because it received nonexclusively religious, charitable, etc., contributions of $5,000 or more
during the year. ......................... Arrow Bullet

Caution. An Organization that is not covered by the General Rule and/or the Special Rules does not file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its
Form 990-EZ or on Part I, line 2, of its Form 990-PF, to certify that it does not meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).

For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.

Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2011)

Page 2

Name of organization GREAT HEARTS ACADEMIES
Schedule B (Form 990, 990-EZ, or 990-PF) (2011)
Part I	Contributors (see Instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
RESTRICTED	RESTRICTED RESTRICTED RESTRICTED RESTRICTED, RESTRICTED RESTRICTED	$RESTRICTED	Person Payroll Noncash (Complete Part II if there is a noncash contribution.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II if there is a noncash contribution.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II if there is a noncash contribution.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II if there is a noncash contribution.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II if there is a noncash contribution.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II if there is a noncash contribution.)
Schedule B (Form 990, 990-EZ, or 990-PF) (2011)

Page 3

Name of organization GREAT HEARTS ACADEMIES
Schedule B (Form 990, 990-EZ, or 990-PF) (2011)
Part II	Noncash Property (see Instructions). Use duplicate copies of Part II if additional space is needed.
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions).	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions).	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions).	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions).	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions).	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions).	(d) Date received
		$
Schedule B (Form 990, 990-EZ, or 990-PF) (2011)

Page 4

Schedule B (Form 990, 990-EZ, or 990-PF) (2011)

Name of organization
GREAT HEARTS ACADEMIES

Employer identification number

20-2036133

Part III

Exclusively religious, charitable, etc., individual contributions to section 501(c)(7), (8), or (10) organizations
that total more than $1,000 for the year. Complete columns (a) through (e) and the following line entry.
For organizations completing Part III, enter the total of exclusively religious, charitable, etc.,
contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet

$
Use duplicate copies of Part III if additional space is needed

(a) No.
from
Part I

(b)
Purpose of gift

(d)
Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a) No.
from
Part I

(b)
Purpose of gift

(d)
Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a) No.
from
Part I

(b)
Purpose of gift

(d)
Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a) No.
from
Part I

(b)
Purpose of gift

(d)
Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

Schedule B (Form 990, 990-EZ, or 990-PF) (2011)

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE D
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Financial Statements

Complete if the organization answered "Yes," to Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b
SchDMd Bullet

Attach to Form 990. SchDMd Bullet

See separate instructions.

OMB No. 1545-0047

2011

Open to Public Inspection

Name of the organization

GREAT HEARTS ACADEMIES

Employer identification number

20-2036133

Part I

Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" to Form 990, Part IV, line 6.

		(a) Donor advised funds	(b) Funds and other accounts
1	Total number at end of year .......
2	Aggregate contributions to (during year) ...
3	Aggregate grants from (during year) ...
4	Aggregate value at end of year .......

Did the organization inform all donors and donor advisors in writing that the assets held in donor advised
funds are the organization's property, subject to the organization's exclusive legal control? ............

Yes No

Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be
used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................................

Yes No

Part II

Conservation Easements. Complete if the organization answered "Yes" to Form 990, Part IV, line 7.

Purpose(s) of conservation easements held by the organization (check all that apply).

Preservation of land for public use (e.g., recreation or education) Preservation of an historically important land area

Protection of natural habitat Preservation of a certified historic structure

Preservation of open space

Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.


a	Total number of conservation easements .......................	2a
b	Total acreage restricted by conservation easements ..................	2b
c	Number of conservation easements on a certified historic structure included in (a) .....	2c
d	Number of conservation easements included in (c) acquired after 8/17/06, and not on a historic structure listed in the National Register ....................	2d

Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during
the tax year SchDMd Bullet

Number of states where property subject to conservation easement is located SchDMd Bullet

Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and
enforcement of the conservation easements it holds? .............................

Yes No

Staff and volunteer hours devoted to monitoring, inspecting and enforcing conservation easements during the year SchDMd Bullet

Amount of expenses incurred in monitoring, inspecting, and enforcing conservation easements during the year
SchDMd Bullet

Does each conservation easement reported on line 2(d) above satisfy the requirements of section
170(h)(4)(B)(i) and 170(h)(4)(B)(ii)? ....................................

Yes No

In Part XIV, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" to Form 990, Part IV, line 8.

If the organization elected, as permitted under SFAS 116 (ASC 958), not to report in its revenue statement and balance sheet works of
art, historical treasures, or other similar assets held for public exhibition, education or research in furtherance of public service,
provide, in Part XIV, the text of the footnote to its financial statements that describes these items.

If the organization elected, as permitted under SFAS 116 (ASC 958), to report in its revenue statement and balance sheet works of art,
historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service,
provide the following amounts relating to these items:

(i)

Revenues included in Form 990, Part VIII, line 1 ........................ SchDMd Bullet

(ii)

Assets included in Form 990, Part X .............................. SchDMd Bullet

If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under SFAS 116 (ASC 958), relating to these items:

Revenues included in Form 990, Part VIII, line 1 .......................... SchDMd Bullet

Assets included in Form 990, Part X ............................... SchDMd Bullet

For Privacy Act and Paperwork Reduction Act Notice, see the Intructions for Form 990

Cat. No. 52283D

Schedule D (Form 990) 2011

Page 2

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)

Using the organization’s accession and other records, check any of the following that are a significant use of its collection
items (check all that apply):

Public exhibition

Loan or exchange programs

Scholarly research

Other

Preservation for future generations

Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIV.

During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?........

Yes No

Part IV

Escrow and Custodial Arrangements. Complete if the organization answered "Yes" to Form 990,
Part IV, line 9, or reported an amount on Form 990, Part X, line 21.

Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................

Yes No

If "Yes," explain the arrangement in Part XIV and complete the following table:


c	Beginning balance .................................	1c
d	Additions during the year ..............................	1d
e	Distributions during the year .............................	1e
f	Ending balance ...................................	1f

Did the organization include an amount on Form 990, Part X, line 21? .....................

Yes No

If “Yes,” explain the arrangement in Part XIV.

Part V

Endowment Funds. Complete if the organization answered "Yes" to Form 990, Part IV, line 10.

		(a)Current Year	(b)Prior Year	(c)Two Years Back	(d)Three Years Back	(e)Four Years Back
1a	Beginning of year balance ....
b	Contributions ........
c	Net investment earnings, gains, and losses ...
d	Grants or scholarships .....
e	Other expenditures for facilities and programs ........
f	Administrative expenses ....
g	End of year balance ......

Provide the estimated percentage of the year end balance (line 1g) held as:

Board designated or quasi-endowment SchDMd Bullet

Permanent endowment SchDMd Bullet

Temporarily restricted endowment SchDMd Bullet

The percentages in lines 2a, 2b, and 2c should equal 100%.

Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes

(i) unrelated organizations ........................

3a(i)

(ii) related organizations ........................

3a(ii)

If "Yes" to 3a(ii), are the related organizations listed as required on Schedule R? .........

Describe in Part XIV the intended uses of the organization's endowment funds.

Part VI

Land, Buildings, and Equipment. See Form 990, Part X, line 10.

Description of property		(b)Cost or other basis (other)	(c) Accumulated depreciation	(d) Book value
1a	Land .................	3,781,168		3,781,168
b	Buildings ................	25,881,697	746,726	25,134,971
c	Leasehold improvements ............
d	Equipment ................	78,259	40,383	37,876
e	Other .................	7,141,741		7,141,741
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).).......				36,095,756

Schedule D (Form 990) 2011

Page 3

Part VII

InvestmentsOther Securities. See Form 990, Part X, line 12.

(a) Description of security or category (including name of security)		(b)Book value	(c) Method of valuation: Cost or end-of-year market value
(1)Financial derivatives
(2)Closely-held equity interests
Other








Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)

Part VIII

InvestmentsProgram Related. See Form 990, Part X, line 13.

(a) Description of investment type		(b) Book value	(c) Method of valuation: Cost or end-of-year market value









Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)

Part IX

Other Assets. See Form 990, Part X, line 15.

(a) Description				(b) Book value









Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........

Part X

Other Liabilities. See Form 990, Part X, line 25.

1.(a) Description of Liability		(b) Book value
Federal Income Taxes
DUE TO RELATED PARTY		316,543
OTHER		204,929
LINE-OF-CREDIT






Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)		521,472
2. Fin 48 (ASC 740) Footnote. In Part XIV, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC740).

Schedule D (Form 990) 2011

Page 4

Part XI Reconciliation of Change in Net Assets from Form 990 to Financial Statements
1	Total revenue (Form 990, Part VIII, column (A), line 12) ....................	1
2	Total expenses (Form 990, Part IX, column (A), line 25) .....................	2
3	Excess or (deficit) for the year. Subtract line 2 from line 1 .............	3
4	Net unrealized gains (losses) on investments ..........................	4
5	Donated services and use of facilities .............................	5
6	Investment expenses ...................................	6
7	Prior period adjustments ..................................	7
8	Other (Describe in Part XIV.) .................................	8
9	Total adjustments (net). Add lines 4 through 8 .........................	9
10	Excess or (deficit) for the year per financial statements. Combine lines 3 and 9 .........	10

Part XII Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
1	Total revenue, gains, and other support per audited financial statements .......		1
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains on investments ..........	2a
b	Donated services and use of facilities .........	2b
c	Recoveries of prior year grants ...........	2c
d	Other (Describe in Part XIV.) ............	2d
e	Add lines 2a through 2d .....................		2e
3	Subtract line 2e from line 1.....................		3
4	Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b .	4a
b	Other (Describe in Part XIV.) ...........	4b
c	Add lines 4a and 4b.......................		4c
5	Total Revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ......		5

Part XIII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
1	Total expenses and losses per audited financial statements .............		1
2	Amounts included on line 1 but not on Form 990, Part IX, line 25:
a	Donated services and use of facilities ..........	2a
b	Prior year adjustments ..............	2b
c	Other losses ................	2c
d	Other (Describe in Part XIV.) ............	2d
e	Add lines 2a through 2d......................		2e
3	Subtract line 2e from line 1.....................		3
4	Amounts included on Form 990, Part IX, line 25, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b ..	4a
b	Other (Describe in Part XIV.) ............	4b
c	Add lines 4a and 4b.......................		4c
5	Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ......		5

Part XIV

Supplemental Information

Complete this part to provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b;
Part V, line 4; Part X; Part XI, line 8; Part XII, lines 2d and 4b; and Part XIII, lines 2d and 4b. Also complete this part to provide any additional information.

Identifier	Return Reference	Explanation

Schedule D (Form 990) 2011

Additional Data

Software ID:
Software Version:

- TIN:

Schedule K
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Information on Tax Exempt Bonds

Complete if the organization answered "Yes" to Form 990, Part IV, line 24a. Provide descriptions,
explanations, and any additional information in Part VI.
SchKMediumBullet

Attach to Form 990. SchKMediumBullet

See separate instructions.

OMB No. 1545-0047

2011

Open to Public
Inspection

Name of the organization
GREAT HEARTS ACADEMIES

Employer identification number
20-2036133

Part I

Bond Issues

(a) Issuer Name		(b) Issuer EIN	(c) CUSIP #	(d) Date Issued	(e) Issue Price	(f) Description of Purpose	(g) Defeased		(h) On Behalf of Issuer		(i) Pool financing
(a) Issuer Name		(b) Issuer EIN	(c) CUSIP #	(d) Date Issued	(e) Issue Price	(f) Description of Purpose	Yes	No	Yes	No	Yes	No
A	IDA TOWN OF FLORENCE ARIZONA	34-1975556	340375AD6	12-01-2010	11,630,000			X		X		X
B	IDA TOWN OF PHOENIX ARIZONA			01-01-2012	16,425,000			X		X		X

Part II

Proceeds

	A		B		C		D
	1 Amount of bonds retired . . . . . . . . . . . . .
2 Amount of bonds legally defeased . . . . . . . . . .
3 Total proceeds of issue . . . . . . . . . . . . .
4 Gross proceeds in reserve funds . . . . . . . .
5 Capitalized interest from proceeds . . . . . . . . . .
6 Proceeds in refunding escrows . . . . . . . . . . .
7 Issuance costs from proceeds . . . . . . . . . . .
8 Credit enhancement from proceeds . . . . . . . . . .
9 Working capital expenditures from proceeds . . . . . . .
10 Capital expenditures from proceeds . . . . . . . . . .
11 Other spent proceeds . . . . . . . . . . .
12 Other unspent proceeds . . . . . . . . . . .
13 Year of substantial completion . . . . . . . . . . .
	Yes	No	Yes	No	Yes	No	Yes	No
14 Were the bonds issued as part of a current refunding issue? . . . .		X		X
15 Were the bonds issued as part of an advance refunding issue? . . . .		X		X
16 Has the final allocation of proceeds been made? . . . . . .		X		X
17 Does the organization maintain adequate books and records to support the final allocation of proceeds? . . . . . . . . . . . . .		X		X

Part III

Private Business Use

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
1 Was the organization a partner in a partnership, or a member of an LLC, which owned property financed by tax-exempt bonds? . . . . . . .		X		X
2 Are there any lease arrangements that may result in private business use of bond-financed property? . . . . . . . . .		X		X

For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50193E

Schedule K (Form 990) 2011

Page 2

Part III

Private Business Use (Continued)

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
3a Are there any management or service contracts that may result in private business use of bond-financed property? . . . . . . . . .		X		X
b If ‘Yes’ to line 3a, does the organization routinely engage bond counsel or other outside counsel to review any management or service contracts relating to the financed property? . . . . .		X		X
c Are there any research agreements that may result in private business use of bond-financed property? . . . . . . .		X		X
d If ‘Yes’ to line 3c, does the organization routinely engage bond counsel or other outside counsel to review any research agreements relating to the financed property? .		X		X
4 Enter the percentage of financed property used in a private business use by entities other than a section 501(c)(3) organization or a state or local government . .	%		%		%		%
5 Enter the percentage of financed property used in a private business use as a result of unrelated trade or business activity carried on by your organization, another section 501(c)(3) organization, or a state or local government . . . . . . .	%		%		%		%
6 Total of lines 4 and 5 . . .. . . . . . . . .	%		%		%		%
7 Does the bond issue meet the private security or payment test? . . .		X		X
8 Has the organization established written procedures to ensure that all nonqualified bonds of the issue are remediated in accordance with the requirements under Regulations sections 1.141-12 and 1.145-2?		X		X

Part IV

Arbitrage

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
1 Has a Form 8038-T, Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate, been filed with respect to the bond issue? . . .		X		X
2 Is the bond issue a variable rate issue?		X		X
3a Has the organization or the governmental issuer entered into a qualified hedge with respect to the bond issue?		X		X
b Name of provider . . . . . . . .
c Term of hedge . . . . . . . .
d Was the hedge superintegrated? . . . .
e Was a hedge terminated? . . . . .
4a Were gross proceeds invested in a guaranteed investment contract (GIC)? . . . . . .		X		X
b Name of provider . . . . . .
c Term of GIC . . . . . . .
d Was the regulatory safe harbor for establishing the fair market value of the GIC satisfied? . . . . . .
5 Were any gross proceeds invested beyond an available temporary period? . . . . . .		X		X
6 Did the bond issue qualify for an exception to rebate? .		X		X
7 Has the organization established written procedures to monitor the requirements of section 148? . . .		X		X

Schedule K (Form 990) 2011

Page 3

Part V

Procedures To Undertake Corrective Action

Has the organization established written procedures to ensure that violations of federal tax requirements are timely identified and corrected through the voluntary closing agreement program if self-remediation is not available under applicable regulations? . . . . . . . . . . . . . . YesNo

Part VI

Supplemental Information

Complete this part to provide additional information for responses to questions on Schedule K (see instructions).

Identifier	Return Reference	Explanation

Schedule K (Form 990) 2011

Additional Data

Software ID:
Software Version:

- TIN:

Schedule L
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Transactions with Interested Persons

Complete if the organization answered
"Yes" on Form 990, Part IV, lines 25a, 25b, 26, 27, 28a, 28b, or 28c,
or Form 990-EZ, Part V lines 38a or 40b.
MediumBullet

Attach to Form 990 or Form 990-EZ. MediumBullet

See separate instructions.

OMB No. 1545-0047

2011

Open to Public Inspection

Name of the organization

GREAT HEARTS ACADEMIES

Employer identification number

20-2036133

Part I

Excess Benefit Transactions (section 501(c)(3) and section 501 (c)(4) organizations only).
Complete if the organization answered "Yes" on Form 990, Part IV, line 25a or 25b, or Form 990-EZ, Part V, line 40b.

1(a) Name of disqualified person	(b) Description of transaction	(c) Corrected?
1(a) Name of disqualified person	(b) Description of transaction	Yes	No

Enter the amount of tax imposed on the organization managers or disqualified persons during the year under section 4958. ......................... Bullet Image

Enter the amount of tax, if any, on line 2, above, reimbursed by the organization ....... Bullet Image

Part II

Loans to and/or From Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 26, or Form 990-EZ, Part V, line 38a.

(a) Name of interested person and purpose	(b) Loan to or from the organization?		(c)Original principal amount	(d)Balance due	(e) In default?		(f) Approved by board or committee?		(g)Written agreement?
(a) Name of interested person and purpose	To	From	(c)Original principal amount	(d)Balance due	Yes	No	Yes	No	Yes	No






Total ............... $

Part III

Grants or Assistance Benefitting Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 27.

(a) Name of interested person	(b)Relationship between interested person and the organization	(c)Amount of grant or type of assistance

For Privacy Act and Paperwork Reduction Act Notice, see the
Instructions for Form 990 or 990-EZ.

Cat. No. 50056A

Schedule L (Form 990 or 990-EZ) 2011

Page 2

Part IV

Business Transactions Involving Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 28a, 28b, or 28c.

(a) Name of interested person	(b) Relationship between interested person and the organization	(c) Amount of transaction	(d) Description of transaction	(e) Sharing of organization's revenues?
(a) Name of interested person		(c) Amount of transaction	(d) Description of transaction	Yes	No
(1) DAN SAUER	OWNER	493,734	PURCHASE TEXT BOOKS		No

Part V

Supplemental Information

Complete this part to provide additional information for responses to questions on Schedule L (see instructions).

Identifier	Return Reference	Explanation

Schedule L (Form 990 or 990-EZ) 2011

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or to provide any additional information.
MediumBullet

Attach to Form 990 or 990-EZ.

OMB No. 1545-0047

2011

Open to Public
Inspection

Name of the organization

GREAT HEARTS ACADEMIES

Employer identification number

20-2036133

Identifier	Return Reference	Explanation
ORGANIZATION'S PROCESS USED TO REVIEW FORM 990	FORM 990, PAGE 6, PART VI, LINE 11B	THE 990 IS PREPARED BY AN EXTERNAL CPA FIRM AND ARE REVIEWED INTERNALLY BY THE CFO. AFTER COMPLETING THE CFO REVIEW, THE RETURNS ARE FINALIZED AND THEN REVIEWED BY THE GREAT HEARTS AUDIT COMMITTEE PRIOR TO BEING SIGNED BY THE CFO.
ENFORCEMENT OF CONFLICTS POLICY	FORM 990, PAGE 6, PART VI, LINE 12C	BOARD MEMBERS, OFICERS AND ALL EMPLOYEEES COMPLETE AND SIGN A CONFLICT OF INTEREST AGREEMENT. THESE AGREEMENTS ARE REVIEWED BY HUMAN RESOURCES AND ANY CONFLICTS ARE IDENTIFIED AND REPORTED TO HTE AUDITORS AND THE BOARD TO MONITOR.
COMPENSATION PROCESS FOR TOP OFFICIAL	FORM 990, PAGE 6, PART VI, LINE 15A	THE CMO, ALONG WITH BOARD APPROVAL DETERMINES THE COMPENSATION OF KEY STAFF SUCH AS HEADMASTER AND ASSISTANT HEADMASTER.
COMPENSATION PROCESS FOR OFFICERS	FORM 990, PAGE 6, PART VI, LINE 15B	EMPLOYEES AND FACULTY ARE DETERMINED BASED ON AN ORGANIZATION WIDE SALARY RANGE TABLE WHICH FACTORS IN EDUCATION AND EXPERIENCE.
GOVERNING DOCUMENTS DISCLOSURE EXPLANATION	FORM 990, PAGE 6, PART VI, LINE 19	ALL BOARD MEETINGS ARE POSTED IN ADVANCE IN ACCORDANCE WITH ARIZONA OPEN MEETING LAWS. THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE BOTH AT THE MEETING OR FOLLOWING THE MEETING AND UPON REQUEST.

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990 or 990-EZ) 2011

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE R
(Form 990)

Department of the Treasury
Internal Revenue Service

Related Organizations and Unrelated Partnerships

Complete if the organization answered "Yes" to Form 990, Part IV, line 33, 34, 35, 36, or 37.
MediumBullet

Attach to Form 990. MediumBullet

See separate instructions.

OMB No. 1545-0047

2011

Open to Public Inspection

Name of the organization

GREAT HEARTS ACADEMIES

Employer identification number

20-2036133

Part I

Identification of Disregarded Entities (Complete if the organization answered "Yes" on Form 990, Part IV, line 33.)

(a) Name, address, and EIN of disregarded entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Total income	(e) End-of-year assets	(f) Direct controlling entity

Part II

Identification of Related Tax-Exempt Organizations (Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related tax-exempt organizations during the tax year.)

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	(g) Section 512(b)(13) controlled organization
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	Yes	No
(1) CHANDLER PREPARATORY ACADEMY 3102 N 56TH STREET SUITE 300 PHOENIX,AZ85018 20-2075176	EDUCATION	AZ	3	2	GREAT HEARTS ACADEMIES	Yes
(2) GLENDALE PREPARATORY ACADEMY 3102 N 56TH STREET SUITE 300 PHOENIX,AZ85018 20-8760987	EDUCATION	AZ	3	2	GREAT HEARTS ACADEMIES	Yes
(3) MESA PREPARATORY ACADEMY 3102 N 56TH STREET SUITE 300 PHOENIX,AZ85018 20-5332933	EDUCATION	AZ	3	2	GREAT HEARTS ACADEMIES	Yes
(4) TELEOS PREPARATORY ACADEMY 3102 N 56TH STREET SUITE 300 PHOENIX,AZ85018 26-2700807	EDUCATION	AZ	3	2	GREAT HEARTS ACADEMIES	Yes
(5) VERITAS PREPARATORY ACADEMY 3102 N 56TH STREET SUITE 300 PHOENIX,AZ85018 05-0527441	EDUCATION	AZ	3	2	GREAT HEARTS ACADEMIES	Yes
(6) SCOTTSDALE PREPARATORY ACADEMY 3102 N 56TH STREET SUITE 300 PHOENIX,AZ85018 20-8778703	EDUCATION	AZ	3	2	GREAT HEARTS ACADEMIES	Yes
(7) TRIVIUM PREPARATORY ACADEMY 3102 N 56TH STREET SUITE 300 PHOENIX,AZ85018 26-2700807	EDUCATION	AZ	3	2	GREAT HEARTS ACADEMIES	Yes
(8) ANTHEM PREPARATORY ACADEMY 3102 N 56TH STREET SUITE 300 PHOENIX,AZ85018 27-0375682	EDUCATION	AZ	3	2	GREAT HEARTS ACADEMIES	Yes
(9) ARCHWAY CLASSICAL ACADEMY VERITAS 3102 N 56TH STREET SUITE 300 PHOENIX,AZ85018 27-3364820	EDUCATION	AZ	3	2	GREAT HEARTS ACADEMIES	Yes
(10) ARCHWAY CLASSICAL ACADEMY TRIVIUM 3102 N 56TH STREET SUITE 300 PHOENIX,AZ85018 27-3364743	EDUCATION	AZ	3	2	GREAT HEARTS ACADEMIES	Yes
(11) ARCHWAY CLASSICAL ACADEMY SCOTTSDAL 3102 N 56TH STREET SUITE 300 PHOENIX,AZ85018 27-3364842	EDUCATION	AZ	3	2	GREAT HEARTS ACADEMIES	Yes
(12) ARCHWAY CLASSICAL ACADEMY NORTH PHOENIX 3102 N 56TH STREET SUITE 300 PHOENIX,AZ85018 27-3364871	EDUCATION	AZ	3	2	GREAT HEARTS ACADEMIES	Yes
(13) NORTH PHOENIX PREPARATORY ACADEMY 3102 N 56TH STREET SUITE 300 PHOENIX,AZ85018 27-3322474	EDUCATION	AZ	3	2	GREAT HEARTS ACADEMIES	Yes
(14) ARCHWAY CLASSICAL ACADEMY CHANDLER 3102 N 56TH STREET SUITE 300 PHOENIX,AZ85018 27-3723907	EDUCATION	AZ	3	2	GREAT HEARTS ACADEMIES	Yes
(15) MARYVALE PREPARATORY ACADEMY 3102 N 56TH STREET SUITE 300 PHOENIX,AZ85018 27-3289377	EDUCATION	AZ	3	2	GREAT HEARTS ACADEMIES	Yes

For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50135Y

Schedule R (Form 990) 2011

Page 2

Part III

Identification of Related Organizations Taxable as a Partnership (Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a partnership during the tax year.)

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code VUBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code VUBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No

Part IV

Identification of Related Organizations Taxable as a Corporation or Trust (Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a corporation or trust during the tax year.)

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income
(1) EDUCATIONAL SALES COMPANY INC PO BOX 7130 TEMPE,AZ85281 86-0736517	BOOK SALES	AZ	N/A	C CORP	493,734

Schedule R (Form 990) 2011

Page 3

Part V

Transactions With Related Organizations (Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35, 35A, or 36.)

Note. Complete line 1 if any entity is listed in Parts II, III or IV.

Yes

1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II-IV?

a Receipt of (i) interest (ii) annuities (iii) royalties (iv) rent from a controlled entity . . . . . . . . . . . . . . . . . . . . . . .

b Gift, grant, or capital contribution to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

c Gift, grant, or capital contribution from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

d Loans or loan guarantees to or for related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

e Loans or loan guarantees by related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

f Sale of assets to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

g Purchase of assets from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

h Exchange of assets with related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

i Lease of facilities, equipment, or other assets to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

j Lease of facilities, equipment, or other assets from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

k Performance of services or membership or fundraising solicitations for related organization(s) . . . . . . . . . . . . . . . . . . . .

Yes

l Performance of services or membership or fundraising solicitations by related organization(s) . . . . . . . . . . . . . . . . . . . .

m Sharing of facilities, equipment, mailing lists, or other assets with related organization(s) . . . . . . . . . . . . . . . . . . . . .

Yes

n Sharing of paid employees with related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

o Reimbursement paid to related organization(s) for expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

p Reimbursement paid by related organization(s) for expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

q Other transfer of cash or property to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

r Other transfer of cash or property from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds.

(a) Name of other organization	(b) Transaction type(a-r)	(c) Amount involved	(d) Method of determining amount involved
(1) ANTHEM PREPARATORY ACADEMY	M	196,431	FMV
(2) ANTHEM PREPARATORY ACADEMY	P	1,918,593	FMV
(3) ARCHWAY CLASSICAL ACADEMY CHANDLER	I	159,709	FMV
(4) ARCHWAY CLASSICAL ACADEMY CHANDLER	M	212,262	FMV
(5) ARCHWAY CLASSICAL ACADEMY CHANDLER	P	1,956,171	FMV
(6) ARCHWAY CLASSICAL ACADEMY NORTH PHO	B	100,000	FMV
(7) ARCHWAY CLASSICAL ACADEMY NORTH PHO	D	150,000	FMV
(8) ARCHWAY CLASSICAL ACADEMY NORTH PHO	M	100,000	FMV
(9) ARCHWAY CLASSICAL ACADEMY SCOTTSDAL	M	165,593	FMV
(10) ARCHWAY CLASSICAL ACADEMY SCOTTSDAL	P	1,522,919	FMV
(11) ARCHWAY CLASSICAL ACADEMY TRIVIUM	M	150,967	FMV
(12) ARCHWAY CLASSICAL ACADEMY TRIVIUM	P	1,355,584	FMV
(13) ARCHWAY CLASSICAL ACADEMY VERITAS	I	497,241	FMV
(14) ARCHWAY CLASSICAL ACADEMY VERITAS	J	75,000	FMV
(15) ARCHWAY CLASSICAL ACADEMY VERITAS	M	217,124	FMV
(16) ARCHWAY CLASSICAL ACADEMY VERITAS	P	2,095,962	FMV
(17) CHANDLER PREPARATORY ACADEMY	I	324,257	FMV
(18) CHANDLER PREPARATORY ACADEMY	M	317,669	FMV
(19) CHANDLER PREPARATORY ACADEMY	P	3,271,753	FMV
(20) GLENDALE PREPARATORY ACADEMY	M	171,506	FMV
(21) GLENDALE PREPARATORY ACADEMY	P	1,490,777	FMV
(22) GLENDALE PREPARATORY ACADEMY	D	133,310	BALANCE OWED
(23) GLENDALE PREPARATORY ACADEMY	R	205,000	BALANCE OWED
(24) GLENDALE PREPARATORY ACADEMY	O	79,342	BALANCE OWED
(25) MARYVALE PREPARATORY ACADEMY	B	100,000	FMV
(26) MARYVALE PREPARATORY ACADEMY	D	150,000	FMV
(27) MARYVALE PREPARATORY ACADEMY	K	100,000	FMV
(28) MESA PREPARATORY ACADEMY	M	180,321	FMV
(29) MESA PREPARATORY ACADEMY	P	1,815,510	FMV
(30) NORTH PHOENIX PREPARATORY ACADEMY	B	100,000	FMV
(31) NORTH PHOENIX PREPARATORY ACADEMY	D	150,000	FMV
(32) NORTH PHOENIX PREPARATORY ACADEMY	K	100,000	FMV
(33) SCOTTSDALE PREPARATORY ACADEMY	I	923,601	FMV
(34) SCOTTSDALE PREPARATORY ACADEMY	M	320,228	FMV
(35) SCOTTSDALE PREPARATORY ACADEMY	P	2,926,814	FMV
(36) TELEOS PREPARATORY ACADEMY	D	253,175	FMV
(37) TELEOS PREPARATORY ACADEMY	M	115,823	FMV
(38) TELEOS PREPARATORY ACADEMY	P	1,325,465	FMV
(39) TRIVIUM PREPARATORY ACADEMY	M	42,368	FMV
(40) TRIVIUM PREPARATORY ACADEMY	P	351,925	FMV
(41) VERITAS PREPARATORY ACADEMY	M	236,281	FMV
(42) VERITAS PREPARATORY ACADEMY	P	2,684,335	FMV
(43) NORTH PHOENIX PREPARATORY	N	96,313	FMV
(44) SCOTTSDALE PREPARATORY ACADEMY	D	96,274	BALANCE OWED
(45) ANTHEM PREPARATORY ACADEMY	M	196,431	FMV
(46) ANTHEM PREPARATORY ACADEMY	P	1,918,593	FMV
(47) ARCHWAY CLASSICAL ACADEMY CHANDLER	I	159,709	FMV
(48) ARCHWAY CLASSICAL ACADEMY CHANDLER	M	212,262	FMV
(49) ARCHWAY CLASSICAL ACADEMY CHANDLER	P	1,956,171	FMV
(50) ARCHWAY CLASSICAL ACADEMY NORTH PHO	B	100,000	FMV
(51) ARCHWAY CLASSICAL ACADEMY NORTH PHO	D	150,000	FMV
(52) ARCHWAY CLASSICAL ACADEMY NORTH PHO	M	100,000	FMV
(53) ARCHWAY CLASSICAL ACADEMY SCOTTSDAL	M	165,593	FMV
(54) ARCHWAY CLASSICAL ACADEMY SCOTTSDAL	P	1,522,919	FMV
(55) ARCHWAY CLASSICAL ACADEMY TRIVIUM	M	150,967	FMV
(56) ARCHWAY CLASSICAL ACADEMY TRIVIUM	P	1,355,584	FMV
(57) ARCHWAY CLASSICAL ACADEMY VERITAS	I	497,241	FMV
(58) ARCHWAY CLASSICAL ACADEMY VERITAS	J	75,000	FMV
(59) ARCHWAY CLASSICAL ACADEMY VERITAS	M	217,124	FMV
(60) ARCHWAY CLASSICAL ACADEMY VERITAS	P	2,095,962	FMV
(61) CHANDLER PREPARATORY ACADEMY	I	324,257	FMV
(62) CHANDLER PREPARATORY ACADEMY	M	317,669	FMV
(63) CHANDLER PREPARATORY ACADEMY	P	3,271,753	FMV
(64) GLENDALE PREPARATORY ACADEMY	M	171,506	FMV
(65) GLENDALE PREPARATORY ACADEMY	P	1,490,777	FMV
(66) GLENDALE PREPARATORY ACADEMY	D	133,310	BALANCE OWED
(67) GLENDALE PREPARATORY ACADEMY	R	205,000	BALANCE OWED
(68) GLENDALE PREPARATORY ACADEMY	O	79,342	BALANCE OWED
(69) MARYVALE PREPARATORY ACADEMY	B	100,000	FMV
(70) MARYVALE PREPARATORY ACADEMY	D	150,000	FMV
(71) MARYVALE PREPARATORY ACADEMY	K	100,000	FMV
(72) MESA PREPARATORY ACADEMY	M	180,321	FMV
(73) MESA PREPARATORY ACADEMY	P	1,815,510	FMV
(74) NORTH PHOENIX PREPARATORY ACADEMY	B	100,000	FMV
(75) NORTH PHOENIX PREPARATORY ACADEMY	D	150,000	FMV
(76) NORTH PHOENIX PREPARATORY ACADEMY	K	100,000	FMV
(77) SCOTTSDALE PREPARATORY ACADEMY	I	923,601	FMV
(78) SCOTTSDALE PREPARATORY ACADEMY	M	320,228	FMV
(79) SCOTTSDALE PREPARATORY ACADEMY	P	2,926,814	FMV
(80) TELEOS PREPARATORY ACADEMY	D	253,175	FMV
(81) TELEOS PREPARATORY ACADEMY	M	115,823	FMV
(82) TELEOS PREPARATORY ACADEMY	P	1,325,465	FMV
(83) TRIVIUM PREPARATORY ACADEMY	M	42,368	FMV
(84) TRIVIUM PREPARATORY ACADEMY	P	351,925	FMV
(85) VERITAS PREPARATORY ACADEMY	M	236,281	FMV
(86) VERITAS PREPARATORY ACADEMY	P	2,684,335	FMV
(87) NORTH PHOENIX PREPARATORY	N	96,313	FMV
(88) SCOTTSDALE PREPARATORY ACADEMY	D	96,274	BALANCE OWED
(89) ANTHEM PREPARATORY ACADEMY	M	196,431	FMV
(90) ANTHEM PREPARATORY ACADEMY	P	1,918,593	FMV
(91) ARCHWAY CLASSICAL ACADEMY CHANDLER	I	159,709	FMV
(92) ARCHWAY CLASSICAL ACADEMY CHANDLER	M	212,262	FMV
(93) ARCHWAY CLASSICAL ACADEMY CHANDLER	P	1,956,171	FMV
(94) ARCHWAY CLASSICAL ACADEMY NORTH PHO	B	100,000	FMV
(95) ARCHWAY CLASSICAL ACADEMY NORTH PHO	D	150,000	FMV
(96) ARCHWAY CLASSICAL ACADEMY NORTH PHO	M	100,000	FMV
(97) ARCHWAY CLASSICAL ACADEMY SCOTTSDAL	M	165,593	FMV
(98) ARCHWAY CLASSICAL ACADEMY SCOTTSDAL	P	1,522,919	FMV
(99) ARCHWAY CLASSICAL ACADEMY TRIVIUM	M	150,967	FMV
(100) ARCHWAY CLASSICAL ACADEMY TRIVIUM	P	1,355,584	FMV
(101) ARCHWAY CLASSICAL ACADEMY VERITAS	I	497,241	FMV
(102) ARCHWAY CLASSICAL ACADEMY VERITAS	J	75,000	FMV
(103) ARCHWAY CLASSICAL ACADEMY VERITAS	M	217,124	FMV
(104) ARCHWAY CLASSICAL ACADEMY VERITAS	P	2,095,962	FMV
(105) CHANDLER PREPARATORY ACADEMY	I	324,257	FMV
(106) CHANDLER PREPARATORY ACADEMY	M	317,669	FMV
(107) CHANDLER PREPARATORY ACADEMY	P	3,271,753	FMV
(108) GLENDALE PREPARATORY ACADEMY	M	171,506	FMV
(109) GLENDALE PREPARATORY ACADEMY	P	1,490,777	FMV
(110) GLENDALE PREPARATORY ACADEMY	D	133,310	BALANCE OWED
(111) GLENDALE PREPARATORY ACADEMY	R	205,000	BALANCE OWED
(112) GLENDALE PREPARATORY ACADEMY	O	79,342	BALANCE OWED
(113) MARYVALE PREPARATORY ACADEMY	B	100,000	FMV
(114) MARYVALE PREPARATORY ACADEMY	D	150,000	FMV
(115) MARYVALE PREPARATORY ACADEMY	K	100,000	FMV
(116) MESA PREPARATORY ACADEMY	M	180,321	FMV
(117) MESA PREPARATORY ACADEMY	P	1,815,510	FMV
(118) NORTH PHOENIX PREPARATORY ACADEMY	B	100,000	FMV
(119) NORTH PHOENIX PREPARATORY ACADEMY	D	150,000	FMV
(120) NORTH PHOENIX PREPARATORY ACADEMY	K	100,000	FMV
(121) SCOTTSDALE PREPARATORY ACADEMY	I	923,601	FMV
(122) SCOTTSDALE PREPARATORY ACADEMY	M	320,228	FMV
(123) SCOTTSDALE PREPARATORY ACADEMY	P	2,926,814	FMV
(124) TELEOS PREPARATORY ACADEMY	D	253,175	FMV
(125) TELEOS PREPARATORY ACADEMY	M	115,823	FMV
(126) TELEOS PREPARATORY ACADEMY	P	1,325,465	FMV
(127) TRIVIUM PREPARATORY ACADEMY	M	42,368	FMV
(128) TRIVIUM PREPARATORY ACADEMY	P	351,925	FMV
(129) VERITAS PREPARATORY ACADEMY	M	236,281	FMV
(130) VERITAS PREPARATORY ACADEMY	P	2,684,335	FMV
(131) NORTH PHOENIX PREPARATORY	N	96,313	FMV
(132) SCOTTSDALE PREPARATORY ACADEMY	D	96,274	BALANCE OWED
(133) ANTHEM PREPARATORY ACADEMY	M	196,431	FMV
(134) ANTHEM PREPARATORY ACADEMY	P	1,918,593	FMV
(135) ARCHWAY CLASSICAL ACADEMY CHANDLER	I	159,709	FMV
(136) ARCHWAY CLASSICAL ACADEMY CHANDLER	M	212,262	FMV
(137) ARCHWAY CLASSICAL ACADEMY CHANDLER	P	1,956,171	FMV
(138) ARCHWAY CLASSICAL ACADEMY NORTH PHO	B	100,000	FMV
(139) ARCHWAY CLASSICAL ACADEMY NORTH PHO	D	150,000	FMV
(140) ARCHWAY CLASSICAL ACADEMY NORTH PHO	M	100,000	FMV
(141) ARCHWAY CLASSICAL ACADEMY SCOTTSDAL	M	165,593	FMV
(142) ARCHWAY CLASSICAL ACADEMY SCOTTSDAL	P	1,522,919	FMV
(143) ARCHWAY CLASSICAL ACADEMY TRIVIUM	M	150,967	FMV
(144) ARCHWAY CLASSICAL ACADEMY TRIVIUM	P	1,355,584	FMV
(145) ARCHWAY CLASSICAL ACADEMY VERITAS	I	497,241	FMV
(146) ARCHWAY CLASSICAL ACADEMY VERITAS	J	75,000	FMV
(147) ARCHWAY CLASSICAL ACADEMY VERITAS	M	217,124	FMV
(148) ARCHWAY CLASSICAL ACADEMY VERITAS	P	2,095,962	FMV
(149) CHANDLER PREPARATORY ACADEMY	I	324,257	FMV
(150) CHANDLER PREPARATORY ACADEMY	M	317,669	FMV
(151) CHANDLER PREPARATORY ACADEMY	P	3,271,753	FMV
(152) GLENDALE PREPARATORY ACADEMY	M	171,506	FMV
(153) GLENDALE PREPARATORY ACADEMY	P	1,490,777	FMV
(154) GLENDALE PREPARATORY ACADEMY	D	133,310	BALANCE OWED
(155) GLENDALE PREPARATORY ACADEMY	R	205,000	BALANCE OWED
(156) GLENDALE PREPARATORY ACADEMY	O	79,342	BALANCE OWED
(157) MARYVALE PREPARATORY ACADEMY	B	100,000	FMV
(158) MARYVALE PREPARATORY ACADEMY	D	150,000	FMV
(159) MARYVALE PREPARATORY ACADEMY	K	100,000	FMV
(160) MESA PREPARATORY ACADEMY	M	180,321	FMV
(161) MESA PREPARATORY ACADEMY	P	1,815,510	FMV
(162) NORTH PHOENIX PREPARATORY ACADEMY	B	100,000	FMV
(163) NORTH PHOENIX PREPARATORY ACADEMY	D	150,000	FMV
(164) NORTH PHOENIX PREPARATORY ACADEMY	K	100,000	FMV
(165) SCOTTSDALE PREPARATORY ACADEMY	I	923,601	FMV
(166) SCOTTSDALE PREPARATORY ACADEMY	M	320,228	FMV
(167) SCOTTSDALE PREPARATORY ACADEMY	P	2,926,814	FMV
(168) TELEOS PREPARATORY ACADEMY	D	253,175	FMV
(169) TELEOS PREPARATORY ACADEMY	M	115,823	FMV
(170) TELEOS PREPARATORY ACADEMY	P	1,325,465	FMV
(171) TRIVIUM PREPARATORY ACADEMY	M	42,368	FMV
(172) TRIVIUM PREPARATORY ACADEMY	P	351,925	FMV
(173) VERITAS PREPARATORY ACADEMY	M	236,281	FMV
(174) VERITAS PREPARATORY ACADEMY	P	2,684,335	FMV
(175) NORTH PHOENIX PREPARATORY	N	96,313	FMV
(176) SCOTTSDALE PREPARATORY ACADEMY	D	96,274	BALANCE OWED
(177) ANTHEM PREPARATORY ACADEMY	M	196,431	FMV
(178) ANTHEM PREPARATORY ACADEMY	P	1,918,593	FMV
(179) ARCHWAY CLASSICAL ACADEMY CHANDLER	I	159,709	FMV
(180) ARCHWAY CLASSICAL ACADEMY CHANDLER	M	212,262	FMV
(181) ARCHWAY CLASSICAL ACADEMY CHANDLER	P	1,956,171	FMV
(182) ARCHWAY CLASSICAL ACADEMY NORTH PHO	B	100,000	FMV
(183) ARCHWAY CLASSICAL ACADEMY NORTH PHO	D	150,000	FMV
(184) ARCHWAY CLASSICAL ACADEMY NORTH PHO	M	100,000	FMV
(185) ARCHWAY CLASSICAL ACADEMY SCOTTSDAL	M	165,593	FMV
(186) ARCHWAY CLASSICAL ACADEMY SCOTTSDAL	P	1,522,919	FMV
(187) ARCHWAY CLASSICAL ACADEMY TRIVIUM	M	150,967	FMV
(188) ARCHWAY CLASSICAL ACADEMY TRIVIUM	P	1,355,584	FMV
(189) ARCHWAY CLASSICAL ACADEMY VERITAS	I	497,241	FMV
(190) ARCHWAY CLASSICAL ACADEMY VERITAS	J	75,000	FMV
(191) ARCHWAY CLASSICAL ACADEMY VERITAS	M	217,124	FMV
(192) ARCHWAY CLASSICAL ACADEMY VERITAS	P	2,095,962	FMV
(193) CHANDLER PREPARATORY ACADEMY	I	324,257	FMV
(194) CHANDLER PREPARATORY ACADEMY	M	317,669	FMV
(195) CHANDLER PREPARATORY ACADEMY	P	3,271,753	FMV
(196) GLENDALE PREPARATORY ACADEMY	M	171,506	FMV
(197) GLENDALE PREPARATORY ACADEMY	P	1,490,777	FMV
(198) GLENDALE PREPARATORY ACADEMY	D	133,310	BALANCE OWED
(199) GLENDALE PREPARATORY ACADEMY	R	205,000	BALANCE OWED
(200) GLENDALE PREPARATORY ACADEMY	O	79,342	BALANCE OWED
(201) MARYVALE PREPARATORY ACADEMY	B	100,000	FMV
(202) MARYVALE PREPARATORY ACADEMY	D	150,000	FMV
(203) MARYVALE PREPARATORY ACADEMY	K	100,000	FMV
(204) MESA PREPARATORY ACADEMY	M	180,321	FMV
(205) MESA PREPARATORY ACADEMY	P	1,815,510	FMV
(206) NORTH PHOENIX PREPARATORY ACADEMY	B	100,000	FMV
(207) NORTH PHOENIX PREPARATORY ACADEMY	D	150,000	FMV
(208) NORTH PHOENIX PREPARATORY ACADEMY	K	100,000	FMV
(209) SCOTTSDALE PREPARATORY ACADEMY	I	923,601	FMV
(210) SCOTTSDALE PREPARATORY ACADEMY	M	320,228	FMV
(211) SCOTTSDALE PREPARATORY ACADEMY	P	2,926,814	FMV
(212) TELEOS PREPARATORY ACADEMY	D	253,175	FMV
(213) TELEOS PREPARATORY ACADEMY	M	115,823	FMV
(214) TELEOS PREPARATORY ACADEMY	P	1,325,465	FMV
(215) TRIVIUM PREPARATORY ACADEMY	M	42,368	FMV
(216) TRIVIUM PREPARATORY ACADEMY	P	351,925	FMV
(217) VERITAS PREPARATORY ACADEMY	M	236,281	FMV
(218) VERITAS PREPARATORY ACADEMY	P	2,684,335	FMV
(219) NORTH PHOENIX PREPARATORY	N	96,313	FMV
(220) SCOTTSDALE PREPARATORY ACADEMY	D	96,274	BALANCE OWED
(221) ANTHEM PREPARATORY ACADEMY	M	196,431	FMV
(222) ANTHEM PREPARATORY ACADEMY	P	1,918,593	FMV
(223) ARCHWAY CLASSICAL ACADEMY CHANDLER	I	159,709	FMV
(224) ARCHWAY CLASSICAL ACADEMY CHANDLER	M	212,262	FMV
(225) ARCHWAY CLASSICAL ACADEMY CHANDLER	P	1,956,171	FMV
(226) ARCHWAY CLASSICAL ACADEMY NORTH PHO	B	100,000	FMV
(227) ARCHWAY CLASSICAL ACADEMY NORTH PHO	D	150,000	FMV
(228) ARCHWAY CLASSICAL ACADEMY NORTH PHO	M	100,000	FMV
(229) ARCHWAY CLASSICAL ACADEMY SCOTTSDAL	M	165,593	FMV
(230) ARCHWAY CLASSICAL ACADEMY SCOTTSDAL	P	1,522,919	FMV
(231) ARCHWAY CLASSICAL ACADEMY TRIVIUM	M	150,967	FMV
(232) ARCHWAY CLASSICAL ACADEMY TRIVIUM	P	1,355,584	FMV
(233) ARCHWAY CLASSICAL ACADEMY VERITAS	I	497,241	FMV
(234) ARCHWAY CLASSICAL ACADEMY VERITAS	J	75,000	FMV
(235) ARCHWAY CLASSICAL ACADEMY VERITAS	M	217,124	FMV
(236) ARCHWAY CLASSICAL ACADEMY VERITAS	P	2,095,962	FMV
(237) CHANDLER PREPARATORY ACADEMY	I	324,257	FMV
(238) CHANDLER PREPARATORY ACADEMY	M	317,669	FMV
(239) CHANDLER PREPARATORY ACADEMY	P	3,271,753	FMV
(240) GLENDALE PREPARATORY ACADEMY	M	171,506	FMV
(241) GLENDALE PREPARATORY ACADEMY	P	1,490,777	FMV
(242) GLENDALE PREPARATORY ACADEMY	D	133,310	BALANCE OWED
(243) GLENDALE PREPARATORY ACADEMY	R	205,000	BALANCE OWED
(244) GLENDALE PREPARATORY ACADEMY	O	79,342	BALANCE OWED
(245) MARYVALE PREPARATORY ACADEMY	B	100,000	FMV
(246) MARYVALE PREPARATORY ACADEMY	D	150,000	FMV
(247) MARYVALE PREPARATORY ACADEMY	K	100,000	FMV
(248) MESA PREPARATORY ACADEMY	M	180,321	FMV
(249) MESA PREPARATORY ACADEMY	P	1,815,510	FMV
(250) NORTH PHOENIX PREPARATORY ACADEMY	B	100,000	FMV
(251) NORTH PHOENIX PREPARATORY ACADEMY	D	150,000	FMV
(252) NORTH PHOENIX PREPARATORY ACADEMY	K	100,000	FMV
(253) SCOTTSDALE PREPARATORY ACADEMY	I	923,601	FMV
(254) SCOTTSDALE PREPARATORY ACADEMY	M	320,228	FMV
(255) SCOTTSDALE PREPARATORY ACADEMY	P	2,926,814	FMV
(256) TELEOS PREPARATORY ACADEMY	D	253,175	FMV
(257) TELEOS PREPARATORY ACADEMY	M	115,823	FMV
(258) TELEOS PREPARATORY ACADEMY	P	1,325,465	FMV
(259) TRIVIUM PREPARATORY ACADEMY	M	42,368	FMV
(260) TRIVIUM PREPARATORY ACADEMY	P	351,925	FMV
(261) VERITAS PREPARATORY ACADEMY	M	236,281	FMV
(262) VERITAS PREPARATORY ACADEMY	P	2,684,335	FMV
(263) NORTH PHOENIX PREPARATORY	N	96,313	FMV
(264) SCOTTSDALE PREPARATORY ACADEMY	D	96,274	BALANCE OWED
(265) ANTHEM PREPARATORY ACADEMY	M	196,431	FMV
(266) ANTHEM PREPARATORY ACADEMY	P	1,918,593	FMV
(267) ARCHWAY CLASSICAL ACADEMY CHANDLER	I	159,709	FMV
(268) ARCHWAY CLASSICAL ACADEMY CHANDLER	M	212,262	FMV
(269) ARCHWAY CLASSICAL ACADEMY CHANDLER	P	1,956,171	FMV
(270) ARCHWAY CLASSICAL ACADEMY NORTH PHO	B	100,000	FMV
(271) ARCHWAY CLASSICAL ACADEMY NORTH PHO	D	150,000	FMV
(272) ARCHWAY CLASSICAL ACADEMY NORTH PHO	M	100,000	FMV
(273) ARCHWAY CLASSICAL ACADEMY SCOTTSDAL	M	165,593	FMV
(274) ARCHWAY CLASSICAL ACADEMY SCOTTSDAL	P	1,522,919	FMV
(275) ARCHWAY CLASSICAL ACADEMY TRIVIUM	M	150,967	FMV
(276) ARCHWAY CLASSICAL ACADEMY TRIVIUM	P	1,355,584	FMV
(277) ARCHWAY CLASSICAL ACADEMY VERITAS	I	497,241	FMV
(278) ARCHWAY CLASSICAL ACADEMY VERITAS	J	75,000	FMV
(279) ARCHWAY CLASSICAL ACADEMY VERITAS	M	217,124	FMV
(280) ARCHWAY CLASSICAL ACADEMY VERITAS	P	2,095,962	FMV
(281) CHANDLER PREPARATORY ACADEMY	I	324,257	FMV
(282) CHANDLER PREPARATORY ACADEMY	M	317,669	FMV
(283) CHANDLER PREPARATORY ACADEMY	P	3,271,753	FMV
(284) GLENDALE PREPARATORY ACADEMY	M	171,506	FMV
(285) GLENDALE PREPARATORY ACADEMY	P	1,490,777	FMV
(286) GLENDALE PREPARATORY ACADEMY	D	133,310	BALANCE OWED
(287) GLENDALE PREPARATORY ACADEMY	R	205,000	BALANCE OWED
(288) GLENDALE PREPARATORY ACADEMY	O	79,342	BALANCE OWED
(289) MARYVALE PREPARATORY ACADEMY	B	100,000	FMV
(290) MARYVALE PREPARATORY ACADEMY	D	150,000	FMV
(291) MARYVALE PREPARATORY ACADEMY	K	100,000	FMV
(292) MESA PREPARATORY ACADEMY	M	180,321	FMV
(293) MESA PREPARATORY ACADEMY	P	1,815,510	FMV
(294) NORTH PHOENIX PREPARATORY ACADEMY	B	100,000	FMV
(295) NORTH PHOENIX PREPARATORY ACADEMY	D	150,000	FMV
(296) NORTH PHOENIX PREPARATORY ACADEMY	K	100,000	FMV
(297) SCOTTSDALE PREPARATORY ACADEMY	I	923,601	FMV
(298) SCOTTSDALE PREPARATORY ACADEMY	M	320,228	FMV
(299) SCOTTSDALE PREPARATORY ACADEMY	P	2,926,814	FMV
(300) TELEOS PREPARATORY ACADEMY	D	253,175	FMV
(301) TELEOS PREPARATORY ACADEMY	M	115,823	FMV
(302) TELEOS PREPARATORY ACADEMY	P	1,325,465	FMV
(303) TRIVIUM PREPARATORY ACADEMY	M	42,368	FMV
(304) TRIVIUM PREPARATORY ACADEMY	P	351,925	FMV
(305) VERITAS PREPARATORY ACADEMY	M	236,281	FMV
(306) VERITAS PREPARATORY ACADEMY	P	2,684,335	FMV
(307) NORTH PHOENIX PREPARATORY	N	96,313	FMV
(308) SCOTTSDALE PREPARATORY ACADEMY	D	96,274	BALANCE OWED
(309) ANTHEM PREPARATORY ACADEMY	M	196,431	FMV
(310) ANTHEM PREPARATORY ACADEMY	P	1,918,593	FMV
(311) ARCHWAY CLASSICAL ACADEMY CHANDLER	I	159,709	FMV
(312) ARCHWAY CLASSICAL ACADEMY CHANDLER	M	212,262	FMV
(313) ARCHWAY CLASSICAL ACADEMY CHANDLER	P	1,956,171	FMV
(314) ARCHWAY CLASSICAL ACADEMY NORTH PHO	B	100,000	FMV
(315) ARCHWAY CLASSICAL ACADEMY NORTH PHO	D	150,000	FMV
(316) ARCHWAY CLASSICAL ACADEMY NORTH PHO	M	100,000	FMV
(317) ARCHWAY CLASSICAL ACADEMY SCOTTSDAL	M	165,593	FMV
(318) ARCHWAY CLASSICAL ACADEMY SCOTTSDAL	P	1,522,919	FMV
(319) ARCHWAY CLASSICAL ACADEMY TRIVIUM	M	150,967	FMV
(320) ARCHWAY CLASSICAL ACADEMY TRIVIUM	P	1,355,584	FMV
(321) ARCHWAY CLASSICAL ACADEMY VERITAS	I	497,241	FMV
(322) ARCHWAY CLASSICAL ACADEMY VERITAS	J	75,000	FMV
(323) ARCHWAY CLASSICAL ACADEMY VERITAS	M	217,124	FMV
(324) ARCHWAY CLASSICAL ACADEMY VERITAS	P	2,095,962	FMV
(325) CHANDLER PREPARATORY ACADEMY	I	324,257	FMV
(326) CHANDLER PREPARATORY ACADEMY	M	317,669	FMV
(327) CHANDLER PREPARATORY ACADEMY	P	3,271,753	FMV
(328) GLENDALE PREPARATORY ACADEMY	M	171,506	FMV
(329) GLENDALE PREPARATORY ACADEMY	P	1,490,777	FMV
(330) GLENDALE PREPARATORY ACADEMY	D	133,310	BALANCE OWED
(331) GLENDALE PREPARATORY ACADEMY	R	205,000	BALANCE OWED
(332) GLENDALE PREPARATORY ACADEMY	O	79,342	BALANCE OWED
(333) MARYVALE PREPARATORY ACADEMY	B	100,000	FMV
(334) MARYVALE PREPARATORY ACADEMY	D	150,000	FMV
(335) MARYVALE PREPARATORY ACADEMY	K	100,000	FMV
(336) MESA PREPARATORY ACADEMY	M	180,321	FMV
(337) MESA PREPARATORY ACADEMY	P	1,815,510	FMV
(338) NORTH PHOENIX PREPARATORY ACADEMY	B	100,000	FMV
(339) NORTH PHOENIX PREPARATORY ACADEMY	D	150,000	FMV
(340) NORTH PHOENIX PREPARATORY ACADEMY	K	100,000	FMV
(341) SCOTTSDALE PREPARATORY ACADEMY	I	923,601	FMV
(342) SCOTTSDALE PREPARATORY ACADEMY	M	320,228	FMV
(343) SCOTTSDALE PREPARATORY ACADEMY	P	2,926,814	FMV
(344) TELEOS PREPARATORY ACADEMY	D	253,175	FMV
(345) TELEOS PREPARATORY ACADEMY	M	115,823	FMV
(346) TELEOS PREPARATORY ACADEMY	P	1,325,465	FMV
(347) TRIVIUM PREPARATORY ACADEMY	M	42,368	FMV
(348) TRIVIUM PREPARATORY ACADEMY	P	351,925	FMV
(349) VERITAS PREPARATORY ACADEMY	M	236,281	FMV
(350) VERITAS PREPARATORY ACADEMY	P	2,684,335	FMV
(351) NORTH PHOENIX PREPARATORY	N	96,313	FMV
(352) SCOTTSDALE PREPARATORY ACADEMY	D	96,274	BALANCE OWED

Schedule R (Form 990) 2011

Page 4

Part VI

Unrelated Organizations Taxable as a Partnership (Complete if the organization answered "Yes" on Form 990, Part IV, line 37.)

Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or gross revenue) that was not a related organization. See instructions regarding exclusion for certain investment partnerships.

(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(e) Are all partners section 501(c)(3) organizations?		(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code VUBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?
(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	Yes	No	(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code VUBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No

Schedule R (Form 990) 2011

Page 5

Part VII

Supplemental Information

Complete this part to provide additional information for responses to questions on Schedule R (see instructions).

Identifier	Return Reference	Explanation

Additional Data

Software ID:
Software Version:

1	Briefly describe the organization’s mission or most significant activities: GREAT HEARTS ACADEMIES IS A NON-PROFIT NETWORK OF PUBLIC PREPARATORY ACADEMIES DEDICATED TO IMPROVING EDUCATION IN METROPOLITAN PHOENIX.
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a).....	3	16
4	Number of independent voting members of the governing body (Part VI, line 1b) ....	4	15
5	Total number of individuals employed in calendar year 2011 (Part V, line 2a) ...	5	741
6	Total number of volunteers (estimate if necessary) ....	6	25
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ..	7a	0
b	Net unrelated business taxable income from Form 990-T, line 34 ..	7b

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	1,545,895	3,221,356
9	Program service revenue (Part VIII, line 2g) .........	2,376,299	5,577,217
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	33,498	23,574
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	100	31,956
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)...................	3,955,792	8,854,103
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...		0
14	Benefits paid to or for members (Part IX, column (A), line 4).....		0
15	Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10)	1,750,569	1,976,208
16a	Professional fundraising fees (Part IX, column (A), line 11e).....		0
b	Total fundraising expenses (Part IX, column (D), line 25) 274,461
17	Other expenses (Part IX, column (A), lines 11a–11d, 11f–24f)....	2,188,043	4,645,946
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	3,938,612	6,622,154
19	Revenue less expenses. Subtract line 18 from line 12.......	17,180	2,231,949
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	33,216,982	43,339,760
21	Total liabilities (Part X, line 26).............	31,464,708	39,355,537
22	Net assets or fund balances. Subtract line 21 from line 20.....	1,752,274	3,984,223

Sign Here

	Signature of officer	Date

	Type or print name and title.


4a	(Code: ) (Expenses $ 2,999,016 including grants of $ ) (Revenue $ )
	GREAT HEARTS ACADEMIES MISSION IS TO IMPROVE PUBLIC EDUCATION IN THE PHOENIX METROPOLITAN AREA BY DEVELOPING A NETWORK OF EXCELLING PREPARATORY ACADEMIES.

4b	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4c	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4d	Other program services (Describe in Schedule O.)
	(Expenses $ including grants of $ ) (Revenue $ )
4e	Total program service expenses$ 2,999,016

1b	Sub-Total................
c	Total from continuation sheets to Part VII, Section A....
d	Total (add lines 1b and 1c)............	499,845	14,479

(A) Name and Title	(B) Average hours per week (describe hours for related organizations in Schedule O)		(D) Reportable compensation from the organization (W- 2/1099-MISC)	(E) Reportable compensation from related organizations (W- 2/1099-MISC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and Title
(18) JEFF VAN BRUNT CDO	40.00	X	86,125	0	2,523
(19) DEBRA SANTOS CFO	40.00	X	78,333	0	3,479
(20) JAY HEILER PRESIDENT	2.00	X	0	0	0
(21) WARD HUSETH CFO	40.00	X	0	0	0

				(A) Total revenue	(B) Related or exempt function revenue	(C) Unrelated business revenue	(D) Revenue excluded from tax under sections 512, 513, or 514
1a	Federated campaigns..1a
b	Membership dues....1b
c	Fundraising events....1c
d	Related organizations...1d
e	Government grants (contributions)1e

f	All other contributions, gifts, grants, and similar amounts not included above1f		3,221,356
g	Noncash contributions included in lines 1a-1f:$
h	Total. Add lines 1a-1f.......			3,221,356
			Business Code
2a	MANAGEMENT FEES		561,000	2,626,572	2,626,572
b	RENTAL INCOME		531,120	1,951,633			1,951,633
c	CO-CURRICULAR ACTIVITIES		611,710	878,744	878,744
d	FACILITIES SUPPORT SERVICES		561,499	108,372	108,372
e	SUMMER INSTITUTE		611,710	11,896	11,896
f	All other program service revenue .
g	Total. Add lines 2a–2f........			5,577,217
3	Investment income (including dividends, interest
	and other similar amounts).....			23,574			23,574
4	Income from investment of tax-exempt bond proceeds..
5	Royalties............
		(i) Real	(ii) Personal
6a	Gross rents
b	Less: rental expenses
c	Rental income or (loss)
d	Net rental income or (loss).......
		(i) Securities	(ii) Other
7a	Gross amount from sales of assets other than inventory
b	Less: cost or other basis and sales expenses
c	Gain or (loss)
d	Net gain or (loss)..........
8a	Gross income from fundraising events (not including $ of contributions reported on line 1c). See Part IV, line 18 ...
	a
b	Less: direct expenses ...b
c	Net income or (loss) from fundraising events..
9a	Gross income from gaming activities. See Part IV, line 19 ...
	a
b	Less: direct expenses ...b
c	Net income or (loss) from gaming activities...
10a	Gross sales of inventory, less returns and allowances .
	a
b	Less: cost of goods sold ..b
c	Net income or (loss) from sales of inventory..
Miscellaneous Revenue			Business Code
11a	MISCELLANEOUS		611,710	31,956	31,956
b
c
d	All other revenue ....
e	Total. Add lines 11a–11d ......			31,956
12	Total revenue. See Instructions....			8,854,103	3,657,540		1,975,207


				(A) Beginning of year		(B) End of year
1	Cashnon-interest-bearing ..........			3,657,256	1	3,260,039
2	Savings and temporary cash investments .......				2
3	Pledges and grants receivable, net .........			389,724	3	1,304,699
4	Accounts receivable, net .........			1,181,537	4	396,121
5	Receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of
	Schedule L ..........				5
6	Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B). Complete Part II of
	Schedule L ..........				6
7	Notes and loans receivable, net .............			404,250	7	942,515
8	Inventories for sale or use ..............				8
9	Prepaid expenses and deferred charges ............			51,855	9	260,604
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	36,882,865
b	Less: accumulated depreciation. .....	10b	787,109	27,049,907	10c	36,095,756
11	Investments—publicly traded securities ..........				11
12	Investments—other securities. See Part IV, line 11 ......				12
13	Investments—program-related. See Part IV, line 11 ..				13
14	Intangible assets .........			482,453	14	1,080,026
15	Other assets. See Part IV, line 11 ...........				15
16	Total assets. Add lines 1 through 15 (must equal line 34)...			33,216,982	16	43,339,760
17	Accounts payable and accrued expenses .			2,161,588	17	1,335,961
18	Grants payable ..........				18
19	Deferred revenue ..........				19	241,530
20	Tax-exempt bond liabilities ..........			11,630,000	20	28,055,000
21	Escrow or custodial account liability. Complete Part IV of Schedule D..				21
22	Payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified
	persons. Complete Part II of Schedule L..........			400,000	22
23	Secured mortgages and notes payable to unrelated third parties ..			14,998,197	23	9,201,574
24	Unsecured notes and loans payable to unrelated third parties ....				24
25	Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17-24). Complete Part X of Schedule D.....			2,274,923	25	521,472
26	Total liabilities. Add lines 17 through 25.....			31,464,708	26	39,355,537
	Organizations that follow SFAS 117, check here and complete lines 27 through 29, and lines 33 and 34.
27	Unrestricted net assets .....			1,752,274	27	2,679,524
28	Temporarily restricted net assets .....				28	1,304,699
29	Permanently restricted net assets .....				29
	Organizations that do not follow SFAS 117, check here and complete lines 30 through 34.
30	Capital stock or trust principal, or current funds .....				30
31	Paid-in or capital surplus, or land, building or equipment fund .....				31
32	Retained earnings, endowment, accumulated income, or other funds				32
33	Total net assets or fund balances .....			1,752,274	33	3,984,223
34	Total liabilities and net assets/fund balances .....			33,216,982	34	43,339,760