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        <Explanation>INCOME TAX STATUS THE COLLEGE IS CLASSIFED AS A TAX EXEMPT ORGANIZATION UNDER SECTION 501(C) (3) OF THE INTERNAL REVENUE CODE AND, THEREFORE, IS NOT SUBJECT TO TAXES ON INCOME DERIVED FROM ITS EXEMPT ACTIVITIES .THE ORGANIZATION HAS BEEN CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER SECTION 509 (A)(2). THE COLLEGE IS GENERALLY NO LONGER SUBJECT TO EXAMINATION BY INCOME TAXING AUTHORITIES FOR YEARS ENDED PRIOR TO JUNE 30,2009.</Explanation>
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    </IRS990ScheduleD>
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      <NondiscriminatoryPolicyStmt>true</NondiscriminatoryPolicyStmt>
      <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>true</GovernmentFinancialAidReceived>
      <GovernmentFinancialAidRevoked>false</GovernmentFinancialAidRevoked>
      <ComplianceWithRevProc7550>true</ComplianceWithRevProc7550>
      <Form990ScheduleEPartII>
        <Identifier>FINANCIAL AID OR GOVERNMENT ASSISTANCE EXPLANATION</Identifier>
        <ReturnReference>SCHEDULE E LINE 6</ReturnReference>
        <Explanation>ASSISTANCE CONSISTS OF STUDENT FINANCIAL ASSISTANCE</Explanation>
      </Form990ScheduleEPartII>
    </IRS990ScheduleE>
    <IRS990ScheduleI documentId="RetDoc6">
      <RecordsMaintained>false</RecordsMaintained>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>SCHOLARSHIPS FOR STUDENTS</TypeOfGrant>
        <NumberOfRecipients>566</NumberOfRecipients>
        <AmountOfCashGrant>6861482</AmountOfCashGrant>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIV>
        <Identifier>PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS INSIDE THE UNITED STATES</Identifier>
        <ReturnReference>SCHEDULE I, PAGE 1, PART I, LINE 2</ReturnReference>
        <Explanation>AWARDS TO STUDENTS ARE MONITORED THROUGH OUR FINANCIAL AID OFFICE.</Explanation>
      </Form990ScheduleIPartIV>
    </IRS990ScheduleI>
    <IRS990ScheduleK documentId="RetDoc7">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>THE PHILIPPI MUNICIPAL BUILDING COM</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>550143590</IssuerEIN>
        <DateIssued>2010-06-30</DateIssued>
        <IssuePrice>5000000</IssuePrice>
        <DescriptionOfPurpose>CAMPUS CONSTRUCTION</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
        <PoolFinancing>false</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartII>
        <TotalProceeds>5000000</TotalProceeds>
        <CapitalizedInterest>200000</CapitalizedInterest>
        <CapitalExpenditures>4800000</CapitalExpenditures>
        <YearOfSubstCompletion>2012</YearOfSubstCompletion>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <FinalAllocationMade>true</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartIII>
        <OwningBondFinancedProperty>false</OwningBondFinancedProperty>
        <AnyLeaseArrangements>false</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>false</MngmentCntrctBondFinancdPrprty>
        <EngageBondCounselContracts>false</EngageBondCounselContracts>
        <AnyResearchAgreements>false</AnyResearchAgreements>
        <EngageBondCounselResearch>false</EngageBondCounselResearch>
        <PostIssuanceComplianceProcdrs>true</PostIssuanceComplianceProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIV>
        <Form8038TFiled>false</Form8038TFiled>
        <VariableRateIssue>true</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>false</HedgeIdentifiedInBooksAndRecds>
        <GrossProceedsInvestedInGIC>false</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>false</ExceptionToRebate>
      </Form990ScheduleKPartIV>
      <FedTaxRequirementsCompliance>X</FedTaxRequirementsCompliance>
    </IRS990ScheduleK>
    <IRS990ScheduleL documentId="RetDoc8">
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NameBusiness>
            <BusinessNameLine1>FREEDOM BANK</BusinessNameLine1>
          </NameBusiness>
        </NameOfInterestedPerson>
        <Relationship>BOARD MEMBER</Relationship>
        <DescriptionOfTransaction>BANKING</DescriptionOfTransaction>
        <SharingOfRevenues>false</SharingOfRevenues>
      </Form990ScheduleLPartIV>
    </IRS990ScheduleL>
    <IRS990ScheduleM documentId="RetDoc9">
      <OtherNonCashContributionsTable>
        <NonCashCheckbox>X</NonCashCheckbox>
        <Description>REAL PROPERTY</Description>
        <NumberOfContributions>1</NumberOfContributions>
        <NoncashContribsRptdF990>8500000</NoncashContribsRptdF990>
      </OtherNonCashContributionsTable>
      <AnyPropertyThatMustBeHeld>false</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>false</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>false</ThirdPartiesUsed>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="RetDoc10">
      <GeneralExplanation>
        <Identifier>ORGANIZATION'S MISSION</Identifier>
        <ReturnReference>FORM 990 - ORGANIZATION'S MISSION</ReturnReference>
        <Explanation>ALDERSON-BROADDUS COLLEGE IS AN INDEPENDENT INSTITUTION OF HIGHER LEARNING, COMMITTED TO SERVING THE REGION AS AN ACADEMIC, CULTURAL, AND RELIGIOUS RESOURCE, WITH PROGRAMS BASED ON A STRONG LIBERAL ARTS FOUNDATION. THE COLLEGE IS ROOTED IN HISTORIC AND CONTINUING RELATIONSHIPS WITH THE WEST VIRGINIA BAPTIST CONVENTION AND THE AMERICAN BAPTIST CHURCHES USA.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ALL OTHER ACCOMPLISHMENT DESCRIPTION</Identifier>
        <ReturnReference>FORM 990, PAGE 2, PART III, LINE 4D</ReturnReference>
        <Explanation>OTHER PROGRAM SERVICES</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ORGANIZATION'S PROCESS USED TO REVIEW FORM 990</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 11B</ReturnReference>
        <Explanation>AN ELECTRONIC VERSION OF THE FORM 990 WILL BE PROVIDED TO THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES AND ALSO TO MEMBERS OF THE BUSINESS AND FINANCE COMMITTEE OF THE BOARD OF TRUSTEES PRIOR TO IT BEING FILED. THE FULL BOARD OF TRUSTEES WILL ALSO RECEIVE AN ELECTRONIC COPY FOR THEIR REVIEW PRIOR TO THE NEXT SCHEDULED SEMI-ANNUAL MEETING OF THAT BODY.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ENFORCEMENT OF CONFLICTS POLICY</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 12C</ReturnReference>
        <Explanation>THE BOARD SIGNS THE CONFLICT OF INTEREST POLICY FORMS ANNUALLY.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>COMPENSATION PROCESS FOR TOP OFFICIAL</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 15A</ReturnReference>
        <Explanation>THE COMPENSATION FOR THE PRESIDENT OF THE COLLEGE IS DETERMINED BY THE EXECUTIVE COMMITTE OF THE BOARD OF TRUSTEES BASED ON COMPARABILITY DATA AND INDEPENDENT CONSULTANTS WHEN AVAILABLE.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>GOVERNING DOCUMENTS DISCLOSURE EXPLANATION</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 19</ReturnReference>
        <Explanation>COPIES OF THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST FROM MEMBERS OF THE PUBLIC.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>OTHER CHANGES IN NET ASSETS EXPLANATION</Identifier>
        <ReturnReference>FORM 990, PART XI, LINE 5</ReturnReference>
        <Explanation>IMPAIRMENT LOSS ON TECHNOLOGY EQUIPMENT</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc11">
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>ALDERSON-BROADDUS ENDOWMENT CORP</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>101 COLLEGE HILL DRIVE</AddressLine1>
          <City>PHILIPPI</City>
          <State>WV</State>
          <ZIPCode>26416</ZIPCode>
        </AddressUS>
        <EIN>550652324</EIN>
        <PrimaryActivities>A-B SUPPOR</PrimaryActivities>
        <LegalDomicileState>WV</LegalDomicileState>
        <ExemptCodeSection>501C3</ExemptCodeSection>
        <PublicCharityStatus>9</PublicCharityStatus>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
        <ControlledOrg>false</ControlledOrg>
      </Form990ScheduleRPartII>
      <ReceiptOfIntAnnRentsRoyalties>false</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>false</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>false</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>false</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>false</LoansOrGuaranteesFromOtherOrg>
      <SaleOfAssetsToOtherOrg>false</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>false</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>false</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>false</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>false</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>false</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>false</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>false</SharingOfFacilities>
      <SharingOfPaidEmployees>false</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>false</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>false</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>false</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>false</OtherTransferFromOtherOrg>
    </IRS990ScheduleR>
  </ReturnData>
</Return>