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      <ProgramServiceRevenue>
        <Description>Student and Other Fees</Description>
        <BusinessCode>611710</BusinessCode>
        <TotalRevenueColumn>151627</TotalRevenueColumn>
      </ProgramServiceRevenue>
      <ProgramServiceRevenue>
        <Description>Auxiliary Services</Description>
        <BusinessCode>611710</BusinessCode>
        <TotalRevenueColumn>1618409</TotalRevenueColumn>
      </ProgramServiceRevenue>
      <TotalProgramServiceRevenue>20093439</TotalProgramServiceRevenue>
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        <TotalRevenueColumn>208112</TotalRevenueColumn>
        <ExclusionAmount>208112</ExclusionAmount>
      </InvestmentIncome>
      <GrossIncomeFundraisingEvents>255098</GrossIncomeFundraisingEvents>
      <CntrbtnsRprtdFundraisingEvents>227489</CntrbtnsRprtdFundraisingEvents>
      <FundraisingDirectExpenses>255098</FundraisingDirectExpenses>
      <OtherRevenueMisc>
        <Description>Other Activities</Description>
        <BusinessCode>611710</BusinessCode>
        <TotalRevenueColumn>871234</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>871234</RelatedOrExemptFunctionIncome>
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      <TotalOtherRevenue>871234</TotalOtherRevenue>
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        <RelatedOrExemptFunctionIncome>20964673</RelatedOrExemptFunctionIncome>
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      <GrantsToDomesticIndividuals>
        <Total>2226630</Total>
        <ProgramServices>2226630</ProgramServices>
      </GrantsToDomesticIndividuals>
      <CompCurrentOfficersDirectors>
        <Total>1056656</Total>
        <ProgramServices>547506</ProgramServices>
        <ManagementAndGeneral>509150</ManagementAndGeneral>
        <Fundraising>0</Fundraising>
      </CompCurrentOfficersDirectors>
      <OtherSalariesAndWages>
        <Total>9235624</Total>
        <ProgramServices>6374558</ProgramServices>
        <ManagementAndGeneral>2398230</ManagementAndGeneral>
        <Fundraising>462836</Fundraising>
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      <PensionPlanContributions>
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        <ProgramServices>399165</ProgramServices>
        <ManagementAndGeneral>181267</ManagementAndGeneral>
        <Fundraising>25445</Fundraising>
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      <OtherEmployeeBenefits>
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        <ProgramServices>973910</ProgramServices>
        <ManagementAndGeneral>328488</ManagementAndGeneral>
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      <PayrollTaxes>
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        <ProgramServices>569974</ProgramServices>
        <ManagementAndGeneral>174876</ManagementAndGeneral>
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      <FeesForServicesLegal>
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        <ProgramServices>0</ProgramServices>
        <ManagementAndGeneral>134091</ManagementAndGeneral>
        <Fundraising>0</Fundraising>
      </FeesForServicesLegal>
      <FeesForServicesAccounting>
        <Total>30390</Total>
        <ProgramServices>0</ProgramServices>
        <ManagementAndGeneral>30390</ManagementAndGeneral>
        <Fundraising>0</Fundraising>
      </FeesForServicesAccounting>
      <FeesForServicesOther>
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        <ProgramServices>66340</ProgramServices>
        <ManagementAndGeneral>41696</ManagementAndGeneral>
        <Fundraising>0</Fundraising>
      </FeesForServicesOther>
      <Advertising>
        <Total>235023</Total>
        <ProgramServices>98725</ProgramServices>
        <ManagementAndGeneral>136298</ManagementAndGeneral>
        <Fundraising>0</Fundraising>
      </Advertising>
      <OfficeExpenses>
        <Total>666281</Total>
        <ProgramServices>417738</ProgramServices>
        <ManagementAndGeneral>248543</ManagementAndGeneral>
        <Fundraising>0</Fundraising>
      </OfficeExpenses>
      <InformationTechnology>
        <Total>334130</Total>
        <ProgramServices>89630</ProgramServices>
        <ManagementAndGeneral>244500</ManagementAndGeneral>
        <Fundraising>0</Fundraising>
      </InformationTechnology>
      <Occupancy>
        <Total>1205645</Total>
        <ProgramServices>1205645</ProgramServices>
        <ManagementAndGeneral>0</ManagementAndGeneral>
        <Fundraising>0</Fundraising>
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      <Travel>
        <Total>35251</Total>
        <ProgramServices>0</ProgramServices>
        <ManagementAndGeneral>35251</ManagementAndGeneral>
        <Fundraising>0</Fundraising>
      </Travel>
      <ConferencesMeetings>
        <Total>98234</Total>
        <ProgramServices>72394</ProgramServices>
        <ManagementAndGeneral>25840</ManagementAndGeneral>
        <Fundraising>0</Fundraising>
      </ConferencesMeetings>
      <Interest>
        <Total>104306</Total>
        <ProgramServices>0</ProgramServices>
        <ManagementAndGeneral>104306</ManagementAndGeneral>
        <Fundraising>0</Fundraising>
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      <DepreciationDepletion>
        <Total>1522928</Total>
        <ProgramServices>1522928</ProgramServices>
        <ManagementAndGeneral>0</ManagementAndGeneral>
        <Fundraising>0</Fundraising>
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      <Insurance>
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        <ProgramServices>0</ProgramServices>
        <ManagementAndGeneral>329475</ManagementAndGeneral>
        <Fundraising>0</Fundraising>
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      <OtherExpenses>
        <Description>Athletic Events</Description>
        <Total>481502</Total>
        <ProgramServices>481502</ProgramServices>
        <ManagementAndGeneral>0</ManagementAndGeneral>
        <Fundraising>0</Fundraising>
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      <OtherExpenses>
        <Description>Food and Dining</Description>
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        <ProgramServices>845282</ProgramServices>
        <ManagementAndGeneral>0</ManagementAndGeneral>
        <Fundraising>0</Fundraising>
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      <OtherExpenses>
        <Description>School Events and Activities</Description>
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        <ProgramServices>418919</ProgramServices>
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      <OtherExpenses>
        <Description>Transportation</Description>
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        <ProgramServices>67197</ProgramServices>
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        <Fundraising>0</Fundraising>
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      <AllOtherExpenses>
        <Total>137057</Total>
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        <ManagementAndGeneral>63268</ManagementAndGeneral>
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        <ManagementAndGeneral>5192108</ManagementAndGeneral>
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      <CashNonInterestBearing>
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      <UnsecuredNotesLoansPayable>
        <BOY>3875000</BOY>
        <EOY>2961594</EOY>
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        <BOY>9685056</BOY>
        <EOY>8980802</EOY>
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      <FollowSFAS117>X</FollowSFAS117>
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        <EOY>6800333</EOY>
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        <EOY>45164978</EOY>
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      <TotalLiabNetAssetsFundBalances>
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        <EOY>54145780</EOY>
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      <InfoInScheduleOPartXI>X</InfoInScheduleOPartXI>
      <ReconcilationRevenueExpenses>633886</ReconcilationRevenueExpenses>
      <ReconciliationUnrealizedInvest>1388194</ReconciliationUnrealizedInvest>
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <AccountantCompileOrReview>false</AccountantCompileOrReview>
      <FSAudited>true</FSAudited>
      <AuditCommittee>true</AuditCommittee>
      <FederalGrantAuditRequired>false</FederalGrantAuditRequired>
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    <IRS990ScheduleA documentId="00000002" softwareId="12000225">
      <School170b1Aii>X</School170b1Aii>
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      <GrossInvestmentIncome170>
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      </GrossInvestmentIncome170>
      <PublicSupportPertcentage170>0</PublicSupportPertcentage170>
      <PublicSupportTotal509>0</PublicSupportTotal509>
      <PublicSupportPercentage509>0</PublicSupportPercentage509>
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    <IRS990ScheduleB documentId="00000003">
      <ContributorInfo>
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        <ContributorNameBusiness>
          <BusinessNameLine1>RESTRICTED</BusinessNameLine1>
        </ContributorNameBusiness>
        <ContributorAddressUS>
          <AddressLine1>RESTRICTED</AddressLine1>
          <AddressLine2>RESTRICTED</AddressLine2>
          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
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        <AggregateContributions>RESTRICTED</AggregateContributions>
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        <Contributions>16765</Contributions>
        <InvestmentEarningsOrLosses>1575232</InvestmentEarningsOrLosses>
        <GrantsOrScholarships>272890</GrantsOrScholarships>
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        <EndOfYearBalance>11130095</EndOfYearBalance>
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      <CurrentYearMinus3Years>
        <BeginningOfYearBalance>7814869</BeginningOfYearBalance>
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        <EndOfYearBalance>7814869</EndOfYearBalance>
      </CurrentYearMinus4Years>
      <BoardDesignatedEOYBalance>0.03000</BoardDesignatedEOYBalance>
      <PermanentEndowmentEOYBalance>0.61000</PermanentEndowmentEOYBalance>
      <TermEndowmentEOYBalance>0.36000</TermEndowmentEOYBalance>
      <EndowmentsHeldByUnrelatedOrgs>false</EndowmentsHeldByUnrelatedOrgs>
      <EndowmentsHeldByRelatedOrgs>false</EndowmentsHeldByRelatedOrgs>
      <Buildings>
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        <Depreciation>15057718</Depreciation>
        <BookValue>33862472</BookValue>
      </Buildings>
      <Equipment>
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        <Depreciation>1736717</Depreciation>
        <BookValue>81833</BookValue>
      </Equipment>
      <OtherLandBuildings>
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        <Depreciation>1360964</Depreciation>
        <BookValue>2526259</BookValue>
      </OtherLandBuildings>
      <TotalOfBookValueLandBuildings>36470564</TotalOfBookValueLandBuildings>
      <TotRevenueEtcAuditedFinclStmt>24508245</TotRevenueEtcAuditedFinclStmt>
      <NetUnrealizedGainsInvestments>1388194</NetUnrealizedGainsInvestments>
      <OtherRevenues>255098</OtherRevenues>
      <RevenueNotRptdF990>1643292</RevenueNotRptdF990>
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      <TotalRevenuePerForm990>22864953</TotalRevenuePerForm990>
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      <TotalExpensesPerForm990>22231067</TotalExpensesPerForm990>
      <Form990ScheduleDPartXIII>
        <Identifier>Pt XI Line 2d</Identifier>
        <Explanation>Fundraising Expenses - $255,098</Explanation>
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      <Form990ScheduleDPartXIII>
        <Identifier>Pt XII Line 2d</Identifier>
        <Explanation>Fundraising Expenses - $255,098</Explanation>
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      <PolicyStatementInBrochuresEtc>true</PolicyStatementInBrochuresEtc>
      <PolicyPublViaBroadcastMedia>true</PolicyPublViaBroadcastMedia>
      <MaintRacialCompositionRecords>true</MaintRacialCompositionRecords>
      <MaintScholarshipsRecords>true</MaintScholarshipsRecords>
      <MaintCopiesOfBrochuresEtc>true</MaintCopiesOfBrochuresEtc>
      <MaintCopiesOfAllSolicitations>true</MaintCopiesOfAllSolicitations>
      <DiscriminateRaceStudentsRights>false</DiscriminateRaceStudentsRights>
      <DiscriminateRaceAdmissPolicies>false</DiscriminateRaceAdmissPolicies>
      <DiscriminateRaceEmplmnFaculty>false</DiscriminateRaceEmplmnFaculty>
      <DiscriminateRaceScholarships>false</DiscriminateRaceScholarships>
      <DiscriminateRaceEducPolicies>false</DiscriminateRaceEducPolicies>
      <DiscriminateRaceUseOfFclts>false</DiscriminateRaceUseOfFclts>
      <DiscriminateRaceAthleticProg>false</DiscriminateRaceAthleticProg>
      <DiscriminateRaceOtherActy>false</DiscriminateRaceOtherActy>
      <GovernmentFinancialAidReceived>false</GovernmentFinancialAidReceived>
      <GovernmentFinancialAidRevoked>false</GovernmentFinancialAidRevoked>
      <ComplianceWithRevProc7550>true</ComplianceWithRevProc7550>
      <Form990ScheduleEPartII>
        <Identifier>Line 3</Identifier>
        <Explanation>A STATEMENT OF NON-DISCRIMINATION IS INCLUDED IN THE SCHOOL'S ADVERTISING MATERIALS. THE SCHOOL PARTICIPATES IN THE NJAIS NON-DISCRIMINATION POLICY ADVERTISEMENT.</Explanation>
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    </IRS990ScheduleE>
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        <OtherDirectExpensesEvent1>101430</OtherDirectExpensesEvent1>
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        <CharitableContributionsEvent2>114114</CharitableContributionsEvent2>
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        <OtherDirectExpensesEvent2>63957</OtherDirectExpensesEvent2>
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        <CharitableContribOtherEvents>54736</CharitableContribOtherEvents>
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        <GrossReceiptsTotal>482587</GrossReceiptsTotal>
        <CharitableContributionsTotal>227489</CharitableContributionsTotal>
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        <DirectExpenseSummaryEvents>255098</DirectExpenseSummaryEvents>
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    </IRS990ScheduleG>
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      <RecordsMaintained>true</RecordsMaintained>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>Aid</TypeOfGrant>
        <NumberOfRecipients>76</NumberOfRecipients>
        <AmountOfCashGrant>2226630</AmountOfCashGrant>
        <MethodOfValuation>Book</MethodOfValuation>
        <DescriptionOfNonCashAssistance>N/A</DescriptionOfNonCashAssistance>
      </Form990ScheduleIPartIII>
    </IRS990ScheduleI>
    <IRS990ScheduleJ documentId="00000008">
      <HousingAllowanceOrResidence>X</HousingAllowanceOrResidence>
      <WrittenPolicyReTAndEExpenses>true</WrittenPolicyReTAndEExpenses>
      <SubstantiationRequired>true</SubstantiationRequired>
      <CompensationCommittee>X</CompensationCommittee>
      <WrittenEmploymentContract>X</WrittenEmploymentContract>
      <CompensationSurvey>X</CompensationSurvey>
      <SeverancePayment>false</SeverancePayment>
      <SupplementalNonqualRetirePlan>false</SupplementalNonqualRetirePlan>
      <EquityBasedCompArrangement>false</EquityBasedCompArrangement>
      <CompBasedOnRevenueOfFilingOrg>false</CompBasedOnRevenueOfFilingOrg>
      <CompBasedOnRevenueRelatedOrgs>false</CompBasedOnRevenueRelatedOrgs>
      <CompBasedNetEarningsFilingOrg>false</CompBasedNetEarningsFilingOrg>
      <CompBasedNetEarningsRelateOrgs>false</CompBasedNetEarningsRelateOrgs>
      <AnyNonFixedPayments>false</AnyNonFixedPayments>
      <InitialContractException>false</InitialContractException>
      <Form990ScheduleJPartII>
        <NamePerson>PETER CALDWELL</NamePerson>
        <BaseCompensationFilingOrg>290042</BaseCompensationFilingOrg>
        <NontaxableBenefitsFilingOrg>32387</NontaxableBenefitsFilingOrg>
        <TotalCompensationFilingOrg>322429</TotalCompensationFilingOrg>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>JOHN MASCARO</NamePerson>
        <BaseCompensationFilingOrg>178124</BaseCompensationFilingOrg>
        <BonusFilingOrg>14540</BonusFilingOrg>
        <NontaxableBenefitsFilingOrg>35653</NontaxableBenefitsFilingOrg>
        <TotalCompensationFilingOrg>228317</TotalCompensationFilingOrg>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>DARREN BURNS</NamePerson>
        <BaseCompensationFilingOrg>154139</BaseCompensationFilingOrg>
        <BonusFilingOrg>12300</BonusFilingOrg>
        <NontaxableBenefitsFilingOrg>33312</NontaxableBenefitsFilingOrg>
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      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>BRUCE ADAMS</NamePerson>
        <BaseCompensationFilingOrg>142536</BaseCompensationFilingOrg>
        <BonusFilingOrg>11600</BonusFilingOrg>
        <NontaxableBenefitsFilingOrg>32043</NontaxableBenefitsFilingOrg>
        <TotalCompensationFilingOrg>186179</TotalCompensationFilingOrg>
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    </IRS990ScheduleJ>
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        <BondReferenceCd>A</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1>NJ ECONOMIC DEVELOPMENT AUTHORITY</BusinessNameLine1>
        </IssuerName>
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        <CUSIPNumber>111111111</CUSIPNumber>
        <DateIssued>2007-11-08</DateIssued>
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        <DescriptionOfPurpose>construction projects</DescriptionOfPurpose>
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        <RelationshipWithOrganization>Headmaster</RelationshipWithOrganization>
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        <ApprovedByBoard>true</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
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      <GeneralExplanation>
        <Identifier>Pt XI</Identifier>
        <Explanation>Net Unrealized Gains/Losses on Investments</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Pt VI, Line 11b</Identifier>
        <Explanation>The 990 is reviewed by the Headmaster, the Business Manager,</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Explanation>and the full Board of Trustees. The information in the 990</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Explanation>is largely drawn from the audited financial statements</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Explanation>which are reviewed by the Board.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Pt VI, Line 12c</Identifier>
        <Explanation>Conflicts of Interest are reviewed by the Executive</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Explanation>Committee of the Board.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Pt VI, Line 15a</Identifier>
        <Explanation>The Compensation Committee of the Board uses compensation</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Explanation>surveys to determine the salary for the Headmaster.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Pt VI, Line 19</Identifier>
        <Explanation>Information is available upon request.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
  </ReturnData>
</Return>