2019-02-01T16:10:39-06:00 2018-06-30 420714325 RSM US LLP 9737 WASHINGTONIAN BLVD 400 GAITHERSBURG MD 20878 990 2017-07-01 231365963 REGENTS OF THE MERCERSBURG COLLEGE REGE 7173286110 300 EAST SEMINARY STREET MERCERSBURG PA 172361551 MARIA L KIMSEY TREASURER 7173286110 2019-01-31 1 WILLIAM E TURCO CPA P00369217 3012963600 108.171.130.187 2019-01-31 17:31:03 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 00BFBB601F26E6691F3C42FDB75EEBE807206D5E 2017 2019-02-21 02:37:17Z THE MERCERSBURG ACADEMY KATHERINE M TITUS 300 EAST SEMINARY STREET MERCERSBURG PA 172361551 222519771 0 X WWW.MERCERSBURG.EDU X 1865 PA MERCERSBURG ACADEMY PREPARES YOUNG MEN AND WOMEN FROM DIVERSE BACKGROUNDS FOR COLLEGE AND FOR LIFE IN A GLOBAL COMMUNITY. STUDENTS AT MERCERSBURG PURSUE A RIGOROUS AND DYNAMIC CURRICULUM WHILE LEARNING TO LIVE TOGETHER HARMONIOUSLY IN A SUPPORTIVE RESIDENTIAL ENVIRONMENT. MERCERSBURG'S TALENTED FACULTY INSTILL IN STUDENTS THE VALUE OF HARD WORK AND THE IMPORTANCE OF CHARACTER AND COMMUNITY AS THEY TEACH STUDENTS TO THINK FOR THEMSELVES, TO APPROACH LIFE THOUGHTFULLY AND CREATIVELY, TO THRIVE PHYSICALLY, TO ACT MORALLY, TO VALUE THE SPIRITUAL DIMENSION OF HUMAN EXISTENCE, AND TO SERVE OTHERS. 32 31 383 752 7226 -35627 12460359 18088882 25898223 26448431 7562563 9384170 435695 407416 46356840 54328899 5834428 5882820 0 0 19343367 20384308 0 0 3235688 17742987 17454734 42920782 43721862 3436058 10607037 460820427 481134034 68252137 65951038 392568290 415182996 X MERCERSBURG ACADEMY PREPARES YOUNG MEN AND WOMEN FROM DIVERSE BACKGROUNDS FOR COLLEGE AND FOR LIFE IN A GLOBAL COMMUNITY. STUDENTS AT MERCERSBURG PURSUE A RIGOROUS AND DYNAMIC CURRICULUM WHILE LEARNING TO LIVE TOGETHER HARMONIOUSLY IN A SUPPORTIVE RESIDENTIAL ENVIRONMENT. MERCERSBURG'S TALENTED FACULTY INSTILL IN STUDENTS THE VALUE OF HARD WORK AND THE IMPORTANCE OF CHARACTER AND COMMUNITY AS THEY TEACH STUDENTS TO THINK FOR THEMSELVES, TO APPROACH LIFE THOUGHTFULLY AND CREATIVELY, TO THRIVE PHYSICALLY, TO ACT MORALLY, TO VALUE THE SPIRITUAL DIMENSION OF HUMAN EXISTENCE, AND TO SERVE OTHERS. 0 0 31885884 5882820 25491433 AN INDEPENDENT COLLEGE-PREPARATORY SCHOOL IN SOUTH-CENTRAL PENNSYLVANIA, THE ACADEMY OFFERS A RIGOROUS ACADEMIC PROGRAM TO APPROXIMATELY 430 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. 807027 956998 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. 32692911 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 X 158 0 1 383 1 1 0 0 0 0 0 0 0 0 0 0 X 32 31 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 MARIA L KIMSEY MERCERSBURG ACADEM 7173286110 300 EAST SEMINARY STREET 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 ALBERT C BELLAS TRUSTEE 3.00 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 TODD D HOVENDEN TRUSTEE 1.50 X 0 0 0 MAGDALENA KALA 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 DOUGLAS L MILLER ESQ 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 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 MR STEVEN M WAGSHAL TRUSTEE 1.50 X 0 0 0 MR SCOTT M WEAVER TRUSTEE 1.50 X 0 0 0 KATHERINE M TITUS HEAD OF SCHOOL 70.00 X X 327371 0 107439 MARIA KIMSEY ASST HEAD/FIN & OPS/TREA/ASST. SEC 60.00 X 238857 0 39519 BRIAN H HARGROVE ASST HEAD/ADVANCEMENT/FIN & OPS 60.00 X 261244 0 93419 MARY RUTHERFORD ASSOC. HEAD OF SCHOOL 60.00 X 174990 0 31290 JULIA MAURER ASST. HEAD OF SCHOOL 60.00 X 152057 0 112980 BRIAN NORDYKE DIRECTOR OF FACILITIES 50.00 X 152325 0 32451 CAROLYN YEAGER DIRECTOR OF DEVELOPMENT 50.00 X 147952 0 96218 JEFFREY GOETZ CONTROLLER 50.00 X 132332 0 26584 QUENTIN MCDOWELL ASST HEAD OF SCHOOL 50.00 X 128073 0 39178 DANIELLE NORDYKE DIRECTOR OF HUMAN RESOURCE 50.00 X 122156 0 25140 1837357 0 604218 15 0 1 0 SAGE DINING SERVICES INC 1402 YORK ROAD STE 100 LUTHERVILLE MD 21093 FOOD SERVICE 2152298 CONEWAGO ENTERPRISES INC 660 EDGEGROVE ROAD HANOVER PA 17331 CONSTRUCTION 1279920 BOWIE GRIDLEY ARCHITECTS 1010 WISCONSIN AVE NW STE 400 WASHINGTON DC 20007 ARCHITECT 657527 CUSTOM CLEANING SERVICE CO INC 69B INDUSTRIAL DRIVE CHAMBERSBURG PA 17201 CLEANING SERVICES 290938 MORGAN-KELLER INC 70 THOMAS JOHNSON DRIVE FREDERICK MD 21702 CONSTRUCTION 241029 15 18088882 6179110 18088882 TUITION AND FEES 900099 25619326 25619326 SUMMER PROGRAMS 900099 829105 829105 26448431 4777853 4777853 25571 10438 15133 15133 -4188 19321 172786751 168180434 4606317 4606317 4606317 189944 0 189944 189944 OTHER INCOME 900099 110819 110819 DINING HALL 900099 74260 11414 62846 LAUNDROMAT 900099 17260 17260 202339 54328899 26448431 7226 9784360 15000 15000 5867820 5867820 1388923 1388923 13174995 9645292 2120004 1409699 1349095 974758 221202 153135 3430804 2725465 399382 305957 1040491 787061 156741 96689 665602 665602 876528 876528 980365 237192 721809 21364 283649 283649 708516 347488 63939 297089 603060 560062 14424 28574 1535089 1493616 41473 1006015 418501 444837 142677 254717 115579 2397 136741 2117817 1550880 397385 169552 3235048 2375766 608747 250535 415476 415476 FOOD 2015106 2015106 CURRICULUM DEVELOPMENT 1133667 1133667 AUXILLARY ACTIVITIES 319618 319618 RENOVATIONS 262723 -27721 133330 157114 1041738 877727 138922 25089 43721862 32692911 7793263 3235688 1500 1900 21171869 26070370 72562727 66039713 109234 88647 241551 215849 502762 486458 240248 196881 486743 700046 145968686 49856076 95566999 96112610 44265078 58565746 225381402 232282998 290314 372816 460820427 481134034 2461776 3005091 5052210 5130072 49036198 49051490 11701953 8764385 68252137 65951038 X 184631684 200651861 23976841 22220937 183959765 192310198 392568290 415182996 460820427 481134034 X 10607037 9155617 2852052 X 0 1 X 1 0 X 2333840 X X 0 273876144 16239500 18476795 11064578 876528 296651333 242547469 11793182 31492788 11176907 780388 273876144 250891115 12016128 -8382123 11285888 691763 242547469 242246044 14686981 5186095 10555309 672696 250891115 215147512 5273549 31881245 9466594 589668 242246044 0.50690 0.46970 0.02340 0 0 366297 366297 138817695 48193885 90623810 2426470 1662191 764279 4358224 4358224 96112610 ALTERNATIVE INVESTMENTS 87310754 F POOLED INVESTMENTS 113286722 F EQUITY INVESTMENT 14281 F 1590720.30-VG ULTRA ST BOND FD (VUSFX) 31671241 F 232282998 INTEREST RATE SWAP AGREEMENTS 6392213 ASSET RETIREMENT OBLIGATION 305581 SPLIT-INTEREST AGREEMENTS 1693775 DEFERRED COMPENSATION LIABILITY 372816 8764385 X 59360336 9155617 -3245970 5909647 53450689 876528 1682 878210 54328899 36745630 -1682 -1682 36747312 876528 6098022 6974550 43721862 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, 2018 AND 2017, NO PROVISION FOR INCOME TAXES HAS BEEN MADE. THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS 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, 2018 AND 2017. GENERALLY, MERCERSBURG IS NO LONGER SUBJECT TO U.S. FEDERAL INCOME TAX POSITIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2015. PART XI, LINE 2D - OTHER ADJUSTMENTS: INSTITUTIONAL STUDENT AID NETTED AGAINST TUITION AND FEES -5,707,521. BANK FEES, BAD DEBT & PROF. FEES RECLASSED TO FUNCTIONAL EXPENSE -11,392. ACTUARIAL ADJUSTMENT ON SPLIT-INTEREST AGREEMENTS 2,228. CHANGE IN MARKET VALUE OF SWAP AGREEMENT 2,849,824. FUNDRAISING COSTS RELATED TO CAPITAL GIFTS -379,109. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL REVENUE AND EXPENSES ON PART VIII, LINE 6A 12,120. RENTAL REVENUE AND EXPENSES ON PART VIII, LINE 6B -10,438. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL REVENUE AND EXPENSES ON PART VIII, LINE 6A -12,120. RENTAL REVENUE AND EXPENSES ON PART VIII, LINE 6B 10,438. PART XII, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL STUDENT AID NETTED AGAINST TUITION AND FEES 5,707,521. BANK FEES, BAD DEBT & PROF. FEES RECLASSED TO FUNCTIONAL EXPENSE 11,392. FUNDRAISING COSTS RELATED TO CAPITAL GIFTS 379,109. 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. CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES ADMISSION EFFORTS FOR RECRUITMENT 950 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES ADMISSION EFFORTS FOR RECRUITMENT 3100 NORTH AMERICA 0 0 PROGRAM SERVICES ADMISSION EFFORTS FOR RECRUITMENT 1520 RUSSIA AND NEIGHBORING STATES 0 0 PROGRAM SERVICES ADMISSION EFFORTS FOR RECRUITMENT 2320 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES ADMISSION EFFORTS FOR RECRUITMENT 4130 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES ADMISSION EFFORTS FOR RECRUITMENT 5411 NORTH AMERICA 0 2 PROGRAM SERVICES USE OF AGENT / CONSULTANT FOR RECRUITING INTERNATIONAL STUDENTS (ADMISSION) 23330 EUROPE (INCLUDING ICELAND & GREENLAND) 0 2 PROGRAM SERVICES USE OF AGENT / CONSULTANT FOR RECRUITING INTERNATIONAL STUDENTS (ADMISSION) 69991 EAST ASIA AND THE PACIFIC 0 0 FUNDRAISING SOLICITING GIFTS 30405 NORTH AMERICA 0 0 FUNDRAISING SOLICITING GIFTS 2311 EUROPE (INCLUDING ICELAND & GREENLAND) 0 1 PROGRAM SERVICES AGENT/CONSULTANT USED TO COORDINATE STUDENTS' TRAVEL (GLOBAL PROGRAMS) 16213 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES STUDENT SERVICE/ACADEMIC TRIP 47985 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDENT SERVICE/ACADEMIC TRIP 43965 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES STUDENT SERVICE/ACADEMIC TRIP 208391 SOUTH AMERICA 0 0 PROGRAM SERVICES STUDENT SERVICE/ACADEMIC TRIP 24771 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENT 67074558 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENT 2037253 0 4 0 1 0 5 110752 69485852 69596604 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 195 5650445 STUDENT AID FOR REQUIRED FEES, BOOKS AND SUPPLIES 27 57075 STUDENT SERVICE/CULTURAL TRIP 78 160300 PART I, LINE 2: FAMILIES APPLY FOR FINANCIAL AID THROUGH SCHOOL AND STUDENT SERVICES BY COMPLETING A PARENT FINANCIAL STATEMENT AND SUPPLYING THREE YEARS OF W2S AND 1040S PLUS BUSINESS/FARM STATEMENTS AS APPLICABLE. X X X 1 1 X X X 0 0 0 0 0 0 0 1 0 KATHERINE M TITUS HEAD OF SCHOOL 321869 0 5000 0 502 0 28804 0 80067 0 436242 0 0 0 MARIA KIMSEY ASST HEAD/FIN & OPS/TREA/ASST. SEC 219182 0 0 0 19675 0 26295 0 14002 0 279154 0 0 0 BRIAN H HARGROVE ASST HEAD/ADVANCEMENT/FIN & OPS 242449 0 0 0 18795 0 25834 0 69168 0 356246 0 0 0 MARY RUTHERFORD ASSOC. HEAD OF SCHOOL 172585 0 0 0 2405 0 18964 0 13611 0 207565 0 0 0 JULIA MAURER ASST. HEAD OF SCHOOL 151556 0 0 0 501 0 17430 0 96729 0 266216 0 0 0 BRIAN NORDYKE DIRECTOR OF FACILITIES 151563 0 0 0 762 0 17291 0 16330 0 185946 0 0 0 CAROLYN YEAGER DIRECTOR OF DEVELOPMENT 147489 0 0 0 463 0 16306 0 81016 0 245274 0 0 0 JEFFREY GOETZ CONTROLLER 131146 0 0 0 1186 0 14860 0 12729 0 159921 0 0 0 QUENTIN MCDOWELL ASST HEAD OF SCHOOL 127843 0 0 0 230 0 13942 0 26180 0 168195 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. T. DOUGLAS HALE, FORMER HEAD OF SCHOOL, AND KATHERINE TITUS, CURRENT HEAD OF SCHOOL, RECEIVED NON-TAXABLE HOUSING ALLOWANCE IN THE AMOUNT OF $10,000, INCLUDING PART-TIME HOUSEKEEPING SERVICES. PART I, LINE 7 KATHERINE TITUS RECEIVED A PERFORMANCE BONUS IN THE AMOUNT OF $5,000 AND THIS IS REPORTED IN SCHEDULE J, PART II, COLUMN B(II). 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 215849 0 1 1 215849 X 7332 INVOICES X 41 6171350 AVERAGE OF HIGH/LOW X FENCE SCREEN FOR BASEBALL FIELD 1 276 INVOICES X FOOTBALL LINE-UP MARKER 1 110 INVOICES X STEMA BOILER REPAIR MATERIALS 1 42 INVOICES 0 1 0 FORM 990, PART V, LINE 3B THE SCHOOL IS AWAITING ADDITIONAL INFORMATION IN ORDER TO TIMELY FILE A COMPLETE AND ACCURATE FORM 990-T BY THE EXTENDED DEADLINE OF MAY 15, 2019. THE AMOUNT SHOWN AS NET UNRELATED BUSINESS TAXABLE INCOME ON LINE 7B OF PAGE 1 OF THE FORM 990 IS AN ESTIMATE BASED ON AVAILABLE INFORMATION. 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 EXECUTIVE COMMITTEE OF MERCERSBURG ACADEMY'S BOARD DELIBERATE ON, REVIEW, AND APPROVE THE SALARY OF THE HEAD OF SCHOOL AND THE OTHER TWO TOP EMPLOYEES. THIS GROUP HAS FULL COMPARABILITY DATA AVAILABLE FROM BOTH ABOPS AND NAIS TO AID IN SUCH DELIBERATIONS. THE EXECUTIVE 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. THE OFFICERS OF MERCERSBURG ACADEMY'S BOARD DISCUSS, REVIEW, AND APPROVE THE RECOMMENDATION FROM THE HEAD OF SCHOOL CONCERNING THE SALARIES OF THE TOP FOUR HIGHEST PAID EMPLOYEES OF THE SCHOOL, NOT INCLUDING THE HEAD OF SCHOOL. THESE BOARD OFFICERS ALSO HAVE FULL COMPARABILITY DATA AVAILABLE FROM BOTH ABOPS AND NAIS TO AID IN THEIR DELIBERATIONS. 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 2,228. CHANGE IN MARKET VALUE OF SWAP AGREEMENT 2,849,824.