2020-03-06T09:53:24-06:00 2019-06-30 420714325 RSM US LLP 9801 WASHINGTONIAN BLVD STE 500 GAITHERSBURG MD 20878 990 2018-07-01 231365963 REGENTS OF THE MERCERSBURG COLLEGE REGE 7173286110 100 ACADEMY DRIVE MERCERSBURG PA 172361551 MARIA L KIMSEY TREASURER 7173286110 2020-03-05 1 WILLIAM E TURCO CPA P00369217 3012963600 66.98.98.134 2020-03-05 19:43:39 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 00BFBB601F26E6691F3C42FDB75EEBE807206D5E 2018 2020-09-23 17:36:50Z X THE MERCERSBURG ACADEMY KATHERINE M TITUS 100 ACADEMY DRIVE MERCERSBURG PA 172361551 136215582 0 X WWW.MERCERSBURG.EDU X 1865 PA MERCERSBURG ACADEMY IS A STUDENT-CENTERED SCHOOL THAT ALLOWS STUDENTS TO DEFINE THEMSELVES THROUGH THE ESTABLISHMENT OF MEANINGFUL RELATIONSHIPS AND EXPOSURE TO A VAST RANGE OF ACADEMIC, EXTRA-CURRICULAR, AND CO-CURRICULAR OPPORTUNITIES. MERCERSBURG STUDENTS ACTIVELY AND CONFIDENTLY EXPERIENCE THE WORLD BOTH ON CAMPUS AND ABROAD. WE UNDERSTAND THE BENEFIT OF EXPERIENTIAL LEARNING AND PROVIDE THE IDEAL ACADEMIC SETTING FOR A BALANCED AND AUTHENTIC LEARNING ENVIRONMENT. MERCERSBURG ACADEMY BELIEVES IN THE VALUE OF HONORING OUR PAST, ENGAGING THE PRESENT, AND PREPARING FOR THE FUTURE.FOUNDED IN 1893, MERCERSBURG ACADEMY IS COMMITTED TO PROVIDING STUDENTS WITH THE OPPORTUNITY TO LIVE AND LEARN IN A RICHLY DIVERSE ACADEMIC ENVIRONMENT THAT PROVIDES A RIGOROUS AND RELEVANT CURRICULUM TO 440 BOARDING AND DAY STUDENTS FROM OVER 30 STATES, INCLUDING THE DISTRICT OF COLUMBIA, AND MORE THAN 40 NATIONS. 31 30 368 752 7922 0 18088882 12865799 26448431 26295803 9384170 5189571 407416 298612 54328899 44649785 5882820 6411694 0 0 20384308 20201690 0 0 2884359 17454734 17610034 43721862 44223418 10607037 426367 481134034 486555468 65951038 69113607 415182996 417441861 X AT MERCERSBURG ACADEMY WE EMBRACE THE VALUES OF HARD WORK, CHARACTER, AND COMMUNITY WHILE LEARNING TO BALANCE INDEPENDENCE WITH INTERDEPENDENCE AND INDIVIDUAL HUMILITY WITH COLLECTIVE PRIDE. OUR STUDENTS COMMIT TO A LIFE OF LEARNING, SEEK TO UNDERSTAND THE SPIRITUAL NATURE OF HUMAN EXISTENCE, AND DEVELOP A DETERMINATION TO LEAD AND SERVE THE WORLD. 0 0 31605805 6411694 25443419 AN INDEPENDENT COLLEGE-PREPARATORY SCHOOL IN SOUTH-CENTRAL PENNSYLVANIA, THE ACADEMY OFFERS A RIGOROUS ACADEMIC PROGRAM TO APPROXIMATELY 440 BOARDING AND DAY STUDENTS IN GRADES 9 THROUGH 12. IN SMALL CLASSES, STUDENTS AND FACULTY WORK EYE TO EYE AND MIND TO MIND, AS THEY DEEPEN THEIR UNDERSTANDING OF THEIR SUBJECTSAND OF THEMSELVES. OUTSIDE THE CLASSROOM, STUDENTS IMMERSE THEMSELVES IN THEATER, SPORTS, MUSIC, COMPETITIONS, AND CAMARADERIE. THEY DEVELOP DEEP FRIENDSHIPS WITH STUDENTS FROM NEXT DOOR AND FROM ACROSS THE WORLD. THEY EXPLORE NEW CONCEPTS AND PUSH PAST THEIR LIMITS. MERCERSBURG IS A PLACE OF TRANSFORMATION. STUDENTS TRANSFORM THEMSELVESAS THEY PREPARE TO TRANSFORM THEIR WORLD. 678397 852384 SUMMER PROGRAMS:DURING THE SUMMER, MERCERSBURG PROVIDES FOR A WIDE RANGE OF OPPORTUNITIES FOR LEARNING, PERSONAL GROWTH, AND MOST IMPORTANTLY, FUN. EACH SUMMER, PARTICIPANTS TAKE PART IN AN ARRAY OF PROGRAMS, RANGING FROM THE ADVENTURE CAMP SERIES TO VARIOUS ENRICHMENT, ARTS, AND SPORTS CAMPS. 32284202 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 96 0 1 368 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 31 30 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AK CO DC MA MD MI NJ NH NV OK OR SC WA X X MARIA L KIMSEY MERCERSBURG ACADEM 7173286110 100 ACADEMY DRIVE MERCERSBURG PA 172361551 DEBORAH J SIMON PRESIDENT 8.00 X X 0 0 0 HONORABLE JOHN E JONES III VICE PRESIDENT 5.00 X X 0 0 0 STACIE RICE LISSETTE ESQ VICE PRESIDENT 5.00 X X 0 0 0 ALICE P ALBRIGHT TRUSTEE 3.00 X 0 0 0 CHARLES E BELL TRUSTEE 1.50 X 0 0 0 KENNETH T BERENTS TRUSTEE 1.50 X 0 0 0 CYNTHIA L DAVENPORT BORGER TRUSTEE 1.50 X 0 0 0 BARRETT BURNS TRUSTEE 1.50 X 0 0 0 SALLY ANNE EPSTEIN TRUSTEE 1.50 X 0 0 0 LAURA FISHER TRUSTEE 1.50 X 0 0 0 DAVID C FLANAGAN TRUSTEE 1.50 X 0 0 0 SAMUEL N GOLDSMITH TRUSTEE 1.50 X 0 0 0 THOMAS B HADZOR TRUSTEE 3.00 X 0 0 0 ANDREW W HALL TRUSTEE 3.00 X 0 0 0 H DEAN HOSGOOD III PHD MPH TRUSTEE 1.50 X 0 0 0 CLAIRE E LAZO TRUSTEE 1.50 X 0 0 0 PETER M LEBOVITZ TRUSTEE 3.00 X 0 0 0 PHILIP A LLOYD ESQ TRUSTEE 3.00 X 0 0 0 PIERCE LORD TRUSTEE 1.50 X 0 0 0 BETSY MITCHELL TRUSTEE 1.50 X 0 0 0 JAMIL T MYRIE TRUSTEE 1.50 X 0 0 0 KAREN L PAK OPPENHEIMER TRUSTEE 1.50 X 0 0 0 G AMES PRENTISS TRUSTEE 1.50 X 0 0 0 ALPANA N RANADE TRUSTEE 1.50 X 0 0 0 AMY JONES SATROM TRUSTEE 1.50 X 0 0 0 JORGE A VARGAS TRUSTEE 1.50 X 0 0 0 DAVID G WAGNER TRUSTEE 3.00 X 0 0 0 STEVEN M WAGSHAL TRUSTEE 1.50 X 0 0 0 SCOTT M WEAVER TRUSTEE 1.50 X 0 0 0 VANESSA E YOUNGS TRUSTEE 1.50 X 0 0 0 KATHERINE TITUS HEAD OF SCHOOL 60.00 X X 331313 0 91011 MARIA KIMSEY ASST HEAD/FIN & OPS/TREA/ASST. SEC 60.00 X 243819 0 40131 BRIAN HARGROVE ASST HEAD/ADVANCEMENT/FIN & OPS 60.00 X 247790 0 91140 MARY RUTHERFORD ASSOC. HEAD OF SCHOOL 60.00 X 192814 0 32104 JULIA MAURER ASST. HEAD OF SCHOOL 60.00 X 158305 0 113919 BRIAN NORDYKE DIRECTOR OF FACILITIES 50.00 X 156011 0 32465 CAROLYN YEAGER DIRECTOR OF DEVELOPMENT 50.00 X 152063 0 88069 JEFFREY GOETZ CONTROLLER 50.00 X 136246 0 29917 QUENTIN MCDOWELL ASST HEAD OF SCHOOL 50.00 X 132422 0 39610 DANIELLE NORDYKE DIRECTOR OF HUMAN RESOURCE 50.00 X 125960 0 24652 1876743 0 583018 16 0 1 0 ECICONSTRUCTION LLC 124 WEST CHURCH STREET DILLSBURG PA 17019 CONSTRUCTION 3936889 SAGE DINING SERVICES INC 1402 YORK ROAD STE 100 LUTHERVILLE MD 21093 FOOD SERVICE 2171511 VINCENT POOLS INC 1823 DEEP RUN ROAD PIPERSVILLE PA 18947 CONSTRUCTION 1616018 ROCKWELL CONSTRUCTION CO INC 12348 ROCKWELL LANE MERCERSBURG PA 17236 CONSTRUCTION 453129 CUSTOM CLEANING SERVICE CO INC 69B INDUSTRIAL DRIVE CHAMBERSBURG PA 17201 CLEANING SERVICES 313025 11 12865799 3168845 12865799 TUITION AND FEES 900099 25585661 25585661 SUMMER PROGRAMS 900099 710142 710142 26295803 4176237 4176237 27565 11486 16079 16079 -3486 19565 92437298 130347 91543911 10400 893387 119947 1013334 1013334 159170 0 159170 159170 DINING HALL 900099 63018 11408 51610 OTHER INCOME 900099 48135 48135 LAUNDROMAT 900099 12210 12210 123363 44649785 26295803 7922 5480261 10000 10000 6401694 6401694 1313004 1313004 13336365 9883540 2236815 1216010 1329186 958202 238373 132611 3188812 2454904 449430 284478 1034323 776684 175822 81817 103966 103966 74658 74658 1059726 1059726 1334726 599244 711469 24013 161896 161896 674377 346103 63861 264413 561964 490534 13741 57689 1789772 1786689 3083 1011085 432239 460400 118446 360412 148010 1581 210821 2141122 1507170 462194 171758 3216706 2272419 696867 247420 463457 463457 FOOD 2022577 2022577 CURRICULUM DEVELOPMENT 1006282 1006282 RENOVATIONS 529255 -17952 547207 AUXILLARY ACTIVITIES 144967 144967 953086 730604 150682 71800 44223418 32284202 9054857 2884359 1900 1900 26070370 23827307 66039713 59959119 88647 103816 215849 189607 486458 490877 196881 173459 700046 463953 156258660 52880270 96112610 103378390 58565746 43077481 232282998 254429318 372816 460241 481134034 486555468 3005091 4629756 5130072 4754659 49051490 49066782 8764385 10662410 65951038 69113607 X 200651861 203852344 22220937 65030058 192310198 148559459 415182996 417441861 481134034 486555468 X 426367 3830078 -1997580 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2577200 X X 0 296651333 9522146 7199985 10867825 302505639 273876144 16239500 18476795 11064578 876528 296651333 242547469 11793182 31492788 11176907 780388 273876144 250891115 12016128 -8382123 11285888 691763 242547469 242246044 14686981 5186095 10555309 672696 250891115 0.50620 0.49110 0.00270 0 0 366297 366297 139499707 51159717 88339990 2500488 1720553 779935 13892168 13892168 103378390 ALTERNATIVE INVESTMENTS 96054344 F POOLED INVESTMENTS 122734040 F EQUITY INVESTMENT 14281 F 1776004.68-VG ULTRA ST BOND FD (VUSFX) 35626653 F 254429318 INTEREST RATE SWAP AGREEMENTS 8219755 ASSET RETIREMENT OBLIGATION 314137 SPLIT-INTEREST AGREEMENTS 1668277 DEFERRED COMPENSATION LIABILITY 460241 10662410 X 39105217 3830078 -8312241 -4482163 43587380 1059726 2679 1062405 44649785 36846352 -2679 -2679 36849031 1059726 6314661 7374387 44223418 PART III, LINE 4: MERCERSBURG'S FINE ARTS AND VALUABLE ITEMS COLLECTIONS INCLUDE, BUT ARE NOT LIMITED TO, PAINTINGS, ETCHINGS, PICTURES, TAPESTRIES, STAINED GLASS WINDOWS, ANTIQUITIES AND OTHER WORKS OF ART (I.E. VALUABLE RUGS, SCULPTURES, BRONZES, ANTIQUE FURNITURE, RARE BOOKS, HISTORICAL LETTERS, ANTIQUE SILVER, MANUSCRIPTS, RARE GLASS) OF RARITY, HISTORICAL VALUE, AND/OR ARTISTIC MERIT. ART NOT ONLY PROVIDES AESTHETIC APPRECIATION AND ENJOYMENT, IT ALSO HAS THE POWER TO STIMULATE CREATIVE THINKING AND DISCUSSION. WE ATTEMPT TO INTEGRATE ART INTO THE LIVES OF PEOPLE, INSPIRING REFLECTION AND GENERATING HISTORICAL AND CULTURAL AWARENESS. SOME PIECES OF MERCERSBURG'S COLLECTION ARE PERMANENTLY ON DISPLAY THROUGHOUT THE SCHOOL, OTHERS ARE PERIODICALLY PLACED ON EXHIBIT TO THE SCHOOL COMMUNITY AND THE PUBLIC. PART V, LINE 4: THE PURPOSE OF THE ENDOWMENT IS TO SUPPORT THE CURRENT OPERATIONS AND ACTIVITIES OF THE ACADEMY THROUGH A TOTAL RETURN INVESTMENT STRATEGY AND A SPENDING POLICY SET TO MAINTAIN, OR IDEALLY INCREASE, THE PURCHASING POWER OF THE ENDOWMENT, WITHOUT PUTTING THE PRINCIPAL VALUE OF THE ENDOWMENT'S INVESTMENTS AT IMPRUDENT RISK. PART X, LINE 2: UNDER PROVISIONS OF THE INTERNAL REVENUE CODE, SECTION 501(C)(3) AND THE APPLICABLE INCOME TAX REGULATIONS OF PENNSYLVANIA, MERCERSBURG IS EXEMPT FROM TAXES ON INCOME OTHER THAN UNRELATED BUSINESS INCOME. SINCE MERCERSBURG HAD NO MATERIAL UNRELATED BUSINESS INCOME DURING THE YEARS ENDED JUNE 30, 2019 AND 2018, NO PROVISION FOR INCOME TAXES HAS BEEN MADE. THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ADDRESSES THE DETERMINATION OF WHETHER TAX ENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THIS GUIDANCE, MERCERSBURG MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH A POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ALSO ADDRESSES DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES ON INCOME TAXES AND ACCOUNTING IN INTERIM PERIODS. MERCERSBURG HAD NO SUCH POSITIONS RECORDED IN THE FINANCIAL STATEMENTS AT JUNE 30, 2019 AND 2018. GENERALLY, MERCERSBURG IS NO LONGER SUBJECT TO U.S. FEDERAL INCOME TAX POSITIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2016. PART XI, LINE 2D - OTHER ADJUSTMENTS: INSTITUTIONAL STUDENT AID NETTED AGAINST TUITION AND FEES -6,254,361. BANK FEES, BAD DEBT & PROF. FEES RECLASSED TO FUNCTIONAL EXPENSE -22,608. ACTUARIAL ADJUSTMENT ON SPLIT-INTEREST AGREEMENTS -170,038. CHANGE IN MARKET VALUE OF SWAP AGREEMENT -1,827,542. FUNDRAISING COSTS RELATED TO CAPITAL GIFTS -37,692. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL REVENUE AND EXPENSES ON PART VIII, LINE 6A 14,165. RENTAL REVENUE AND EXPENSES ON PART VIII, LINE 6B -11,486. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL REVENUE AND EXPENSES ON PART VIII, LINE 6A -14,165. RENTAL REVENUE AND EXPENSES ON PART VIII, LINE 6B 11,486. PART XII, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL STUDENT AID NETTED AGAINST TUITION AND FEES 6,254,361. BANK FEES, BAD DEBT & PROF. FEES RECLASSED TO FUNCTIONAL EXPENSE 22,608. FUNDRAISING COSTS RELATED TO CAPITAL GIFTS 37,692. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 REGENTS OF THE MERCERSBURG COLLEGE PUBLICIZES ITS RACIALLY NON-DISCRIMINATORY POLICY ANNUALLY IN THE WASHINGTON POST. EAST ASIA AND THE PACIFIC 0 0 FUNDRAISING SOLICITING GIFTS 12795 NORTH AMERICA 0 0 FUNDRAISING SOLICITING GIFTS 964 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES PARENT VISITS 5019 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES ADMISSION EFFORTS FOR RECRUITMENT 2792 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES ADMISSION EFFORTS FOR RECRUITMENT 2378 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES ADMISSION EFFORTS FOR RECRUITMENT 10938 NORTH AMERICA 0 0 PROGRAM SERVICES ADMISSION EFFORTS FOR RECRUITMENT 3226 NORTH AMERICA 0 2 PROGRAM SERVICES USE OF AGENT / CONSULTANT FOR RECRUITING INTERNATIONAL STUDENTS (ADMISSION) 11840 EUROPE (INCLUDING ICELAND & GREENLAND) 0 4 PROGRAM SERVICES USE OF AGENT / CONSULTANT FOR RECRUITING INTERNATIONAL STUDENTS (ADMISSION) 23680 RUSSIA AND NEIGHBORING STATES 0 2 PROGRAM SERVICES USE OF AGENT / CONSULTANT FOR RECRUITING INTERNATIONAL STUDENTS (ADMISSION) 11840 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES STUDENT ACADEMIC TRIP 139241 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES STUDENT ACADEMIC TRIP 61887 SOUTH AMERICA 0 0 PROGRAM SERVICES STUDENT ACADEMIC TRIP 17319 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES STUDENT ACADEMIC TRIP 23249 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDENT ACADEMIC TRIP 2000 SOUTH ASIA 0 0 PROGRAM SERVICES STUDENT ACADEMIC TRIP 3800 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 74713882 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 3291189 0 2 0 6 0 8 49952 78288087 78338039 1 0 0 0 0 1 1 MMP & W VOLUNTEER FIRE COMPANY 132 NORTH MAIN STREET MERCERSBURG PA 17236 251146751 501(C)(3) 10000 GENERAL SUPPORT TO ASSIST WITH NEEDS OF THE FIRE COMPANY 1 SCHOLARSHIPS 184 6200028 STUDENT AID FOR REQUIRED FEES, BOOKS AND SUPPLIES 37 54333 STUDENT ACADEMIC TRIPS 66 147333 PART I, LINE 2: FAMILIES APPLY FOR FINANCIAL AID THROUGH SCHOOL AND STUDENT SERVICES BY COMPLETING A PARENT FINANCIAL STATEMENT AND SUPPLYING THREE YEARS W2'S AND 1040S PLUS BUSINESS/FARM STATEMENTS AS APPLICABLE. X X X 1 1 X X X 0 0 0 0 0 0 0 0 0 KATHERINE TITUS HEAD OF SCHOOL 330728 0 0 0 585 0 27954 0 64614 0 423881 0 0 0 MARIA KIMSEY ASST HEAD/FIN & OPS/TREA/ASST. SEC 206824 0 0 0 36995 0 26950 0 14856 0 285625 0 0 0 BRIAN HARGROVE ASST HEAD/ADVANCEMENT/FIN & OPS 228442 0 0 0 19348 0 26433 0 66371 0 340594 0 0 0 MARY RUTHERFORD ASSOC. HEAD OF SCHOOL 190206 0 0 0 2608 0 19442 0 13915 0 226171 0 0 0 JULIA MAURER ASST. HEAD OF SCHOOL 157770 0 0 0 535 0 17842 0 97228 0 273375 0 0 0 BRIAN NORDYKE DIRECTOR OF FACILITIES 155195 0 0 0 816 0 17032 0 16579 0 189622 0 0 0 CAROLYN YEAGER DIRECTOR OF DEVELOPMENT 151568 0 0 0 495 0 16713 0 72411 0 241187 0 0 0 JEFFREY GOETZ CONTROLLER 134975 0 0 0 1271 0 15232 0 15670 0 167148 0 0 0 QUENTIN MCDOWELL ASST HEAD OF SCHOOL 132174 0 0 0 248 0 14354 0 26186 0 172962 0 0 0 DANIELLE NORDYKE DIRECTOR OF HUMAN RESOURCE 124803 0 0 0 1157 0 13671 0 11893 0 151524 0 0 0 PART I, LINE 1A THE DISCRETIONARY ACCOUNT IS ONLY ASSOCIATED WITH SCHOOL BUSINESS AND IS NOT FOR PERSONAL EXPENSES. THE HEAD OF SCHOOL IS REQUIRED TO LIVE ON CAMPUS. THE HOUSE IS USED REGULARLY FOR SCHOOL FUNCTIONS INCLUDING STUDENT DINNERS, BOARD ENTERTAINMENT, ALUMNI EVENTS AND HOSTING OVERNIGHT TEACHER CANDIDATES AND SPEAKERS. KATHERINE TITUS, HEAD OF SCHOOL, RECEIVED NON-TAXABLE HOUSING ALLOWANCE IN THE AMOUNT OF $10,000, INCLUDING PART-TIME HOUSEKEEPING SERVICES. A MERCERSBURG BOROUGH GENERAL PURPOSE AUTHORITY 236002995 2009-12-18 30000000 REFUND 2000A & 2000B BOND ISSUES 0 0 0 B MERCERSBURG BOROUGH GENERAL PURPOSE AUTHORITY 236002995 2010-02-17 19235000 REFUND 2000B & 2005 BOND ISSUES 0 0 0 A 30000000 30000000 2010 1 0 1 1 B 19235000 120000 19115000 2010 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 1 0 1 1 SUNTRUST BANK 22.000000000000 0 0 0 0 1 B 0 0 1 0 1 1 SUNTRUST BANK 22.000000000000 0 0 0 0 1 A 1 B 1 KATHERINE M TITUS HEAD OF SCHOOL MORTGAGE LOAN FOR HOME IN RHODE ISLAND X 250000 189607 0 1 1 189607 X 1540 INVOICE X 32 1410688 AVG OF HIGH AND LOW X LENNON PIANO 1 1500000 APPRAISAL X RUGS 16 243360 APPRAISAL X 3-D PRINTER 1 5995 INVOICE X CELLO 1 5722 APPRAISAL 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PROVIDED TO EACH BOARD MEMBER AND OFFICER ELECTRONICALLY FOR THEIR INDEPENDENT REVIEW BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C OFFICERS, TRUSTEES, AND ALL EMPLOYEES ARE REQUIRED ANNUALLY TO PREPARE A "CONFLICT OF INTEREST POLICY QUESTIONNAIRE" DISCLOSING BUSINESSES, ACTIVITIES, AND/OR RELATIONSHIPS THAT MAY GIVE RISE TO CONFLICTS. THESE ARE REVIEWED, AND ADDRESSED AS NECESSARY, BY MANAGEMENT. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE OF MERCERSBURG ACADEMY'S BOARD DELIBERATE ON, REVIEW, AND APPROVE THE SALARY OF THE HEAD OF SCHOOL. ADDITIONALLY, THEY REVIEW AND APPROVE THE HEAD OF SCHOOL'S RECOMMENDATIONS FOR SALARY INCREASE FOR THE TOP 10 SALARIES AT THE SCHOOL. THE COMPENSATION COMMITTEE HAS FULL COMPARABILITY DATA AVAILABLE FROM BOTH ABOPS AND NAIS TO AID IN SUCH DELIBERATIONS. THE COMMITTEE REPORTS ITS FINDINGS TO THE ENTIRE BOARD THAT THEY HAVE REVIEWED AND APPROVED THE COMPENSATION OF THESE INDIVIDUALS. THE HEAD OF SCHOOL UNDERGOES ANOTHER REVIEW BY THE FULL BOARD AT THE MAY MEETINGS. THE COMPLETION OF THAT DELIBERATION, REVIEW, AND APPROVAL PROCESS IS RECORDED IN THE MINUTES OF THE MAY BOARD MEETINGS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST OR AT THE BUSINESS OFFICE, MERCERSBURG ACADEMY. FORM 990, PART XI, LINE 9: ACTUARIAL ADJUSTMENT ON SPLIT-INTEREST AGREEMENTS -170,038. CHANGE IN MARKET VALUE OF SWAP AGREEMENT -1,827,542.