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        <Explanation>THE PERMANENT ART COLLECTION HOUSED IN THE PHILIP AND MURIEL BERMAN MUSEUM OF ART AT URSINUS COLLEGE PROVIDES A VALUABLE CULTURAL RESOURCE FOR THE CAMPUS COMMUNITY. THE MUSEUM, IN CONJUNCTION WITH THE ART DEPARTMENT, INTEGRATES THE RICH RESOURCES PROVIDED BY THE COLLECTION INTO ACADEMIC PROGRAMMING FOCUSING ON IMPORTANT TEXTS RELATED TO THE COLLECTIONS.</Explanation>
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        <Explanation>ENDOWMENT FUNDS PROVIDE RETURNS THAT ARE USED TO SUPPORT THE OPERATIONS OF THE COLLEGE. SPECIFICALLY, ENDOWMENTS ARE ESTABLISHED TO SUPPORT STUDENT SCHOLARSHIPS AND PRIZES, EDUCATIONAL PROGRAMS, SPECIFIC CAPITAL PURCHASES AND OTHER OPERATIONAL NEEDS.</Explanation>
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        <Identifier>Liability for Uncertain Tax Position (ASC 740)</Identifier>
        <ReturnReference>Schedule D, Part X, Line 2</ReturnReference>
        <Explanation>THE COLLEGE ACCOUNTS FOR UNCERTAIN TAX POSITIONS, IF ANY, IN ACCORDANCE WITH ASC 740, INCOME TAXES (FASB INTERPRETATION NO. 48, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES). THE COLLEGE DOES NOT BELIEVE THAT THERE ARE ANY UNRECOGNIZED TAX BENEFITS OR COSTS THAT SHOULD BE RECORDED.</Explanation>
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        <Identifier>Supplemental Description - Other</Identifier>
        <ReturnReference>Schedule D, Part XI, Line 8</ReturnReference>
        <Explanation>Actuarial Loss on Annuity Liability $ 928,185</Explanation>
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      <Form990ScheduleDPartXIV>
        <Identifier>Supplemental Description - Other</Identifier>
        <ReturnReference>Schedule D, Part XII, Line 2d</ReturnReference>
        <Explanation>Fundrasing Expenses $250,875</Explanation>
      </Form990ScheduleDPartXIV>
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        <Identifier>Supplemental Description - Other</Identifier>
        <ReturnReference>Schedule D, Part XII, Line 4b</ReturnReference>
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      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>Supplemental Description - Other</Identifier>
        <ReturnReference>Schedule D, Part XIII, Line 2d</ReturnReference>
        <Explanation>Fundraising Expenses $250,875</Explanation>
      </Form990ScheduleDPartXIV>
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        <ReturnReference>Schedule D, Part XIII, Line 4b</ReturnReference>
        <Explanation>Scholarships 35,685,531 Bond Defeasance 1,019,590</Explanation>
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    </IRS990ScheduleD>
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        <Region>Europe/Iceland/Greenland</Region>
        <NumberOfRecipients>5</NumberOfRecipients>
        <AmountOfNonCashAssistance>144085</AmountOfNonCashAssistance>
        <DescriptionOfNonCashAssistance>Std Acct CR</DescriptionOfNonCashAssistance>
        <MethodOfValuation>FMV</MethodOfValuation>
      </GrantsToIndOutsideUS>
      <GrantsToIndOutsideUS>
        <TypeOfAssistance>Tuition, Fees to foreign students at UC</TypeOfAssistance>
        <Region>Middle East/North Africa</Region>
        <NumberOfRecipients>1</NumberOfRecipients>
        <AmountOfNonCashAssistance>22355</AmountOfNonCashAssistance>
        <DescriptionOfNonCashAssistance>Std Acct CR</DescriptionOfNonCashAssistance>
        <MethodOfValuation>FMV</MethodOfValuation>
      </GrantsToIndOutsideUS>
      <GrantsToIndOutsideUS>
        <TypeOfAssistance>Tuition, Fees to foreign students at UC</TypeOfAssistance>
        <Region>North America</Region>
        <NumberOfRecipients>1</NumberOfRecipients>
        <AmountOfNonCashAssistance>10000</AmountOfNonCashAssistance>
        <DescriptionOfNonCashAssistance>Std Acct CR</DescriptionOfNonCashAssistance>
        <MethodOfValuation>FMV</MethodOfValuation>
      </GrantsToIndOutsideUS>
      <GrantsToIndOutsideUS>
        <TypeOfAssistance>Tuition, Fees to foreign students at UC</TypeOfAssistance>
        <Region>Russia</Region>
        <NumberOfRecipients>1</NumberOfRecipients>
        <AmountOfNonCashAssistance>7500</AmountOfNonCashAssistance>
        <DescriptionOfNonCashAssistance>Std Acct CR</DescriptionOfNonCashAssistance>
        <MethodOfValuation>FMV</MethodOfValuation>
      </GrantsToIndOutsideUS>
      <GrantsToIndOutsideUS>
        <TypeOfAssistance>Tuition, Fees to foreign students at UC</TypeOfAssistance>
        <Region>South Asia</Region>
        <NumberOfRecipients>1</NumberOfRecipients>
        <AmountOfNonCashAssistance>13000</AmountOfNonCashAssistance>
        <DescriptionOfNonCashAssistance>Std Acct CR</DescriptionOfNonCashAssistance>
        <MethodOfValuation>FMV</MethodOfValuation>
      </GrantsToIndOutsideUS>
      <TransferToForeignCorp>true</TransferToForeignCorp>
      <InterestInForeignTrust>false</InterestInForeignTrust>
      <OwnForeignCorp>true</OwnForeignCorp>
      <PassiveForeignInvestCo>true</PassiveForeignInvestCo>
      <ForeignPartnership>false</ForeignPartnership>
      <BoycottCountries>false</BoycottCountries>
      <Form990ScheduleFPartV>
        <Identifier>Procedure for Monitoring Use of Grant Funds Outside U.S.</Identifier>
        <ReturnReference>Schedule F, Part I, Line 2</ReturnReference>
        <Explanation>URSINUS COLLEGE PROVIDED GRANTS TOTALING $429,230 TO 17 FOREIGN STUDENTS FOR TUITION, FEES, ROOM AND BOARD TO ATTEND URSINUS COLLEGE. FOREIGN STUDENTS ARE AWARDED GRANTS BASED ON MERIT AND NEED PRIOR TO ARRIVING AT URSINUS COLLEGE. THESE GRANTS ARE APPLIED DIRECTLY TO THE STUDENTS' ACCOUNT AT URSINUS.</Explanation>
      </Form990ScheduleFPartV>
    </IRS990ScheduleF>
    <IRS990ScheduleG documentId="IRS990ScheduleG">
      <MailSolicitations>X</MailSolicitations>
      <PhoneSolicitations>X</PhoneSolicitations>
      <InPersonSolicitations>X</InPersonSolicitations>
      <SolicitationOfNonGovtGrants>X</SolicitationOfNonGovtGrants>
      <SolicitationOfGovtGrants>X</SolicitationOfGovtGrants>
      <SpecialFundraisingEvents>X</SpecialFundraisingEvents>
      <AgreementRefFundraising>true</AgreementRefFundraising>
      <FundraiserActivityInformation>
        <NameOfIndividual>The Solstice Group</NameOfIndividual>
        <AddressUS>
          <AddressLine1>120 Brindley St Ste 7</AddressLine1>
          <City>Ithaca</City>
          <State>NY</State>
          <ZIPCode>14850</ZIPCode>
        </AddressUS>
        <Activity>Trning/Dev</Activity>
        <FundraiserControlOfFunds>false</FundraiserControlOfFunds>
        <AmountRetainedByContractor>57112</AmountRetainedByContractor>
      </FundraiserActivityInformation>
      <TotalRetainedByContractors>57112</TotalRetainedByContractors>
      <EventsInformation>
        <NameOfEvent1>Swim Lessons</NameOfEvent1>
        <GrossReceiptsEvent1>40288</GrossReceiptsEvent1>
        <GrossRevenueEvent1>40288</GrossRevenueEvent1>
        <NameOfEvent2>Golf Outing</NameOfEvent2>
        <GrossReceiptsEvent2>24203</GrossReceiptsEvent2>
        <CharitableContributionsEvent2>11465</CharitableContributionsEvent2>
        <GrossRevenueEvent2>12738</GrossRevenueEvent2>
        <RentFacilityCostsEvent2>7890</RentFacilityCostsEvent2>
        <OtherDirectExpensesEvent2>3082</OtherDirectExpensesEvent2>
        <TotalNumberOfOtherEvents>11</TotalNumberOfOtherEvents>
        <GrossReceiptsOtherEvents>87541</GrossReceiptsOtherEvents>
        <GrossRevenueOtherEvents>87541</GrossRevenueOtherEvents>
        <FoodAndBeverageOtherEvents>595</FoodAndBeverageOtherEvents>
        <OtherDirectExpensesOtherEvents>34525</OtherDirectExpensesOtherEvents>
        <GrossReceiptsTotal>152032</GrossReceiptsTotal>
        <CharitableContributionsTotal>11465</CharitableContributionsTotal>
        <GrossRevenueTotalEvents>140567</GrossRevenueTotalEvents>
        <RentFacilityCostsTotalEvents>7890</RentFacilityCostsTotalEvents>
        <FoodAndBeverageTotalEvents>595</FoodAndBeverageTotalEvents>
        <OtherDirectExpensesTotalEvents>37607</OtherDirectExpensesTotalEvents>
        <DirectExpenseSummaryEvents>46092</DirectExpenseSummaryEvents>
        <NetIncomeSummary>94475</NetIncomeSummary>
      </EventsInformation>
      <Form990ScheduleGPartIV>
        <Identifier>Amount Paid to Fundraiser</Identifier>
        <ReturnReference>Schedule G, Part I Col (v)</ReturnReference>
        <Explanation>The fees paid to The Solstice Group include $49,125 for services and $7,987 for direct reimbursed expenses.</Explanation>
      </Form990ScheduleGPartIV>
    </IRS990ScheduleG>
    <IRS990ScheduleI documentId="IRS990ScheduleI">
      <RecordsMaintained>true</RecordsMaintained>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>Financial Aid - Summer Programs</TypeOfGrant>
        <NumberOfRecipients>121</NumberOfRecipients>
        <AmountOfNonCashAssistance>78540</AmountOfNonCashAssistance>
        <MethodOfValuation>FMV</MethodOfValuation>
        <DescriptionOfNonCashAssistance>Housing</DescriptionOfNonCashAssistance>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>Scholarships and Financial Aid</TypeOfGrant>
        <NumberOfRecipients>1622</NumberOfRecipients>
        <AmountOfNonCashAssistance>35418105</AmountOfNonCashAssistance>
        <MethodOfValuation>FMV</MethodOfValuation>
        <DescriptionOfNonCashAssistance>Tuition, Fees</DescriptionOfNonCashAssistance>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>Stipends</TypeOfGrant>
        <NumberOfRecipients>85</NumberOfRecipients>
        <AmountOfCashGrant>234788</AmountOfCashGrant>
        <MethodOfValuation>FMV</MethodOfValuation>
        <DescriptionOfNonCashAssistance>Stipends</DescriptionOfNonCashAssistance>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIV>
        <Identifier>Procedure for Monitoring Use of Grant Funds Inside U.S.</Identifier>
        <ReturnReference>Schedule I, Part I, Line 2</ReturnReference>
        <Explanation>URSINUS COLLEGE PROVIDED GRANTS TOTALING $78,540 TO 121 URSINUS COLLEGE STUDENTS IN GOOD ACADEMIC STANDING FOR CAMPUS HOUSING, PRIMARILY FOR SUMMER RESEARCH. THE GRANTS ARE APPLIED DIRECTLY TO THE STUDENTS' ACCOUNTS AT URSINUS COLLEGE. URSINUS COLLEGE PROVIDED GRANTS TOTALING $35,418,105 TO 1,622 URSINUS COLLEGE STUDENTS IN GOOD ACADEMIC STANDING FOR TUITION, FEES, ROOM AND BOARD FOR THE ACADEMIC YEAR 2011-12. THE GRANTS ARE APPLIED DIRECTLY TO THE STUDENTS' ACCOUNTS AT URSINUS COLLEGE. URSINUS COLLEGE PROVIDED GRANTS TOTALING $234,788 TO 85 URSINUS COLLEGE STUDENTS IN GOOD ACADEMIC STANDING FOR STIPENDS WHILE ENGAGED IN SUMMER RESEARCH PROJECTS ON CAMPUS. THE STIPENDS ARE DISBURSED VIA PAYROLL TO THE INDIVIDUAL STUDENTS.</Explanation>
      </Form990ScheduleIPartIV>
    </IRS990ScheduleI>
    <IRS990ScheduleJ documentId="IRS990ScheduleJ">
      <HousingAllowanceOrResidence>X</HousingAllowanceOrResidence>
      <ClubDuesOrFees>X</ClubDuesOrFees>
      <PersonalServices>X</PersonalServices>
      <WrittenPolicyReTAndEExpenses>false</WrittenPolicyReTAndEExpenses>
      <SubstantiationRequired>true</SubstantiationRequired>
      <CompensationCommittee>X</CompensationCommittee>
      <Form990OfOtherOrganizations>X</Form990OfOtherOrganizations>
      <CompensationSurvey>X</CompensationSurvey>
      <BoardOrCommitteeApproval>X</BoardOrCommitteeApproval>
      <SeverancePayment>true</SeverancePayment>
      <SupplementalNonqualRetirePlan>true</SupplementalNonqualRetirePlan>
      <EquityBasedCompArrangement>false</EquityBasedCompArrangement>
      <CompBasedOnRevenueOfFilingOrg>false</CompBasedOnRevenueOfFilingOrg>
      <CompBasedOnRevenueRelatedOrgs>false</CompBasedOnRevenueRelatedOrgs>
      <CompBasedNetEarningsFilingOrg>false</CompBasedNetEarningsFilingOrg>
      <CompBasedNetEarningsRelateOrgs>false</CompBasedNetEarningsRelateOrgs>
      <AnyNonFixedPayments>false</AnyNonFixedPayments>
      <InitialContractException>false</InitialContractException>
      <Form990ScheduleJPartII>
        <NamePerson>Winfield L Guilmette</NamePerson>
        <BaseCompensationFilingOrg>195413</BaseCompensationFilingOrg>
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        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>Richard Difeliciantonio</NamePerson>
        <BaseCompensationFilingOrg>183305</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
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        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>Judith T Levy</NamePerson>
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        <TotalCompensationFilingOrg>192803</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>Jill A Marsteller</NamePerson>
        <BaseCompensationFilingOrg>253552</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
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        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>14473</OtherCompensationFilingOrg>
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        <DeferredCompFilingOrg>17150</DeferredCompFilingOrg>
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        <NontaxableBenefitsFilingOrg>1236</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>286411</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>John P King</NamePerson>
        <BaseCompensationFilingOrg>148109</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>0</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>10647</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>57796</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>216552</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>James L Baer</NamePerson>
        <BaseCompensationFilingOrg>135470</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>0</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>9555</DeferredCompFilingOrg>
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        <NontaxableBenefitsFilingOrg>7915</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>152940</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>Laura Moliken</NamePerson>
        <BaseCompensationFilingOrg>120734</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>0</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
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        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>Bobby Fong</NamePerson>
        <BaseCompensationFilingOrg>190501</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
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        <OtherCompensationFilingOrg>1329</OtherCompensationFilingOrg>
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        <DeferredCompFilingOrg>25641</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>23540</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>241011</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartIII>
        <Identifier>Housing allowance or residence for personal use</Identifier>
        <ReturnReference>Schedule J, Part I, Line 1a</ReturnReference>
        <Explanation>HOUSING AND CLEANING SERVICES WERE PROVIDED TO THE COLLEGE PRESIDENT AS A CUSTOMARY BENEFIT PROVIDED BY INSTITUTIONS OF HIGHER LEARNING. NO PART OF THE HOUSING OR CLEANING WAS TREATED AS TAXABLE COMPENSATION. THE COLLEGE PROVIDES PAYMENT OF THE PRESIDENT'S COUNTRY CLUB DUES. THE MEMBERSHIP IS USED EXCLUSIVELY FOR COLLEGE-RELATED PURPOSES, AND IS THEREFORE EXCLUDED FROM THE PRESIDENT'S FORM W-2 WAGES. CLEANING SERVICES FOR THE PRESIDENT'S HOUSE, AS MENTIONED IN LINE ii ABOVE THE COLLEGE IS CONSIDERING THE ADOPTION OF A POLICY REGARDING PAYMENT/REIMBURSEMENT OF EXPENSES. Sterling Garcia received a severance payment of $75,000. DR. FONG PARTICIPATED IN A DEFERRED COMPENSATION PLAN, WHICH IS REPORTED IN SCHEDULE J, PART II, COLUMN C.</Explanation>
      </Form990ScheduleJPartIII>
      <Form990ScheduleJPartIII>
        <Identifier>Health or social club dues or initiation fees</Identifier>
        <ReturnReference>Schedule J, Part I, Line 1a</ReturnReference>
        <Explanation>THE COLLEGE PROVIDES PAYMENT OF THE PRESIDENT'S COUNTRY CLUB DUES. THE MEMBERSHIP IS USED EXCLUSIVELY FOR COLLEGE-RELATED PURPOSES, AND IS THEREFORE EXCLUDED FROM THE PRESIDENT'S FORM W-2 WAGES.</Explanation>
      </Form990ScheduleJPartIII>
      <Form990ScheduleJPartIII>
        <Identifier>Personal services (e.g., mail, chauffer, chef)</Identifier>
        <ReturnReference>Schedule J, Part I, Line 1a</ReturnReference>
        <Explanation>CLEANING SERVICES FOR THE PRESIDENT'S HOUSE, AS MENTIONED IN LINE ii ABOVE</Explanation>
      </Form990ScheduleJPartIII>
      <Form990ScheduleJPartIII>
        <Identifier>Written policy regarding payment or reimbursement</Identifier>
        <ReturnReference>Schedule J, Part I, Line 1b</ReturnReference>
        <Explanation>THE COLLEGE IS CONSIDERING THE ADOPTION OF A POLICY REGARDING PAYMENT/REIMBURSEMENT OF EXPENSES.</Explanation>
      </Form990ScheduleJPartIII>
      <Form990ScheduleJPartIII>
        <Identifier>Severance or change of control</Identifier>
        <ReturnReference>Schedule J, Part I, Line 4a</ReturnReference>
        <Explanation>Sterling Garcia received a severance payment of $75,000.</Explanation>
      </Form990ScheduleJPartIII>
      <Form990ScheduleJPartIII>
        <Identifier>Supplemental nonqualified retirement plan</Identifier>
        <ReturnReference>Schedule J, Part I, Line 4b</ReturnReference>
        <Explanation>DR. FONG PARTICIPATED IN A DEFERRED COMPENSATION PLAN, WHICH IS REPORTED IN SCHEDULE J, PART II, COLUMN C.</Explanation>
      </Form990ScheduleJPartIII>
    </IRS990ScheduleJ>
    <IRS990ScheduleK documentId="IRS990ScheduleK">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>PHEFA</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>232243852</IssuerEIN>
        <CUSIPNumber>70917N2Q0</CUSIPNumber>
        <DateIssued>2003-10-21</DateIssued>
        <IssuePrice>40723967</IssuePrice>
        <DescriptionOfPurpose>Perf. Arts Ctr &amp; Facilities</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
        <PoolFinancing>false</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>PHEFA</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>232243852</IssuerEIN>
        <CUSIPNumber>70917PFZ7</CUSIPNumber>
        <DateIssued>2006-02-01</DateIssued>
        <IssuePrice>14164259</IssuePrice>
        <DescriptionOfPurpose>Residence Hall &amp; Facilities</DescriptionOfPurpose>
        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
        <PoolFinancing>false</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartI>
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        </IssuerName>
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        <DateIssued>2012-05-21</DateIssued>
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        <Defeased>false</Defeased>
        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
        <PoolFinancing>false</PoolFinancing>
      </Form990ScheduleKPartI>
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        <WorkingCapitalExpenditures>0</WorkingCapitalExpenditures>
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        <OtherSpentProceeds>0</OtherSpentProceeds>
        <AmountUnspent>0</AmountUnspent>
        <YearOfSubstCompletion>2004</YearOfSubstCompletion>
        <CurrentRefunding>true</CurrentRefunding>
        <AdvanceRefunding>true</AdvanceRefunding>
        <FinalAllocationMade>true</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
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      <Form990ScheduleKPartII>
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        <CreditEnhancement>703986</CreditEnhancement>
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        <OtherSpentProceeds>0</OtherSpentProceeds>
        <AmountUnspent>0</AmountUnspent>
        <YearOfSubstCompletion>2007</YearOfSubstCompletion>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <FinalAllocationMade>true</FinalAllocationMade>
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      </Form990ScheduleKPartII>
      <Form990ScheduleKPartII>
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        <AmountBondDefeased>0</AmountBondDefeased>
        <TotalProceeds>19896653</TotalProceeds>
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        <IssuanceCostsFromProceeds>356268</IssuanceCostsFromProceeds>
        <CreditEnhancement>0</CreditEnhancement>
        <WorkingCapitalExpenditures>0</WorkingCapitalExpenditures>
        <CapitalExpenditures>0</CapitalExpenditures>
        <OtherSpentProceeds>0</OtherSpentProceeds>
        <AmountUnspent>0</AmountUnspent>
        <YearOfSubstCompletion>2012</YearOfSubstCompletion>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>true</AdvanceRefunding>
        <FinalAllocationMade>true</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
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        <MngmentCntrctBondFinancdPrprty>false</MngmentCntrctBondFinancdPrprty>
        <EngageBondCounselContracts>true</EngageBondCounselContracts>
        <AnyResearchAgreements>false</AnyResearchAgreements>
        <EngageBondCounselResearch>true</EngageBondCounselResearch>
        <PrcntgePrvtBusinessUseByOthers>0</PrcntgePrvtBusinessUseByOthers>
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      <Form990ScheduleKPartIII>
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        <EngageBondCounselResearch>true</EngageBondCounselResearch>
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      <Form990ScheduleKPartIII>
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      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIV>
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        <NameOfHedgeProvider>
          <BusinessNameLine1>0</BusinessNameLine1>
        </NameOfHedgeProvider>
        <GrossProceedsInvestedInGIC>true</GrossProceedsInvestedInGIC>
        <NameOfGICProvider>
          <BusinessNameLine1>West LB</BusinessNameLine1>
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        <TermOfGIC>23.17</TermOfGIC>
        <RegulatorySafeHarborSatisfied>true</RegulatorySafeHarborSatisfied>
        <GrossProceedsInvested>false</GrossProceedsInvested>
        <ExceptionToRebate>false</ExceptionToRebate>
      </Form990ScheduleKPartIV>
      <Form990ScheduleKPartIV>
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        <VariableRateIssue>false</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>true</HedgeIdentifiedInBooksAndRecds>
        <NameOfHedgeProvider>
          <BusinessNameLine1>JP MORGAN</BusinessNameLine1>
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        <TermOfHedge>0.</TermOfHedge>
        <SuperintegratedHedge>false</SuperintegratedHedge>
        <HedgeTerminated>true</HedgeTerminated>
        <GrossProceedsInvestedInGIC>false</GrossProceedsInvestedInGIC>
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      <Form990ScheduleKPartIV>
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        <ExceptionToRebate>false</ExceptionToRebate>
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    </IRS990ScheduleK>
    <IRS990ScheduleL documentId="IRS990ScheduleL">
      <LoanTable>
        <NamePerson>Jill A Marsteller</NamePerson>
        <LoanFromOrganization>X</LoanFromOrganization>
        <OriginalPrincipalAmount>19607</OriginalPrincipalAmount>
        <BalanceDue>4883</BalanceDue>
        <Default>false</Default>
        <ApprovedByBoard>false</ApprovedByBoard>
        <WrittenAgreement>true</WrittenAgreement>
      </LoanTable>
      <TotalBalanceDue>4883</TotalBalanceDue>
      <Form990ScheduleLPartIII>
        <NameOfInterestedPerson>Trustees</NameOfInterestedPerson>
        <RelationshipWithOrganization>Trustees</RelationshipWithOrganization>
        <AmountOfGrant>29000</AmountOfGrant>
        <TypeOfAssistance>Tuition &amp; Fees</TypeOfAssistance>
      </Form990ScheduleLPartIII>
      <Form990ScheduleLPartIII>
        <NameOfInterestedPerson>Substantial Contributor</NameOfInterestedPerson>
        <RelationshipWithOrganization>Substantial Contributor</RelationshipWithOrganization>
        <AmountOfGrant>7500</AmountOfGrant>
        <TypeOfAssistance>Tuition &amp; Fees</TypeOfAssistance>
      </Form990ScheduleLPartIII>
      <Form990ScheduleLPartV>
        <Identifier>Grants to Interested Persons</Identifier>
        <ReturnReference>Schedule L, Part III</ReturnReference>
        <Explanation>Grants for tuition and fees are provided on the same criteria for all students based on academic achievement and financial need.</Explanation>
      </Form990ScheduleLPartV>
    </IRS990ScheduleL>
    <IRS990ScheduleM documentId="IRS990ScheduleM">
      <WorksOfArt>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>27</NumberOfContributions>
        <NoncashContribsRptdF990>299540</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>Estimated Value</MethodOfDeterminingRevenues>
      </WorksOfArt>
      <ArtHistoricalTreasures />
      <ArtFractionalInterest />
      <BooksAndPublications />
      <ClothingAndHouseholdGoods>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NoncashContribsRptdF990>1500</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>Selling Price</MethodOfDeterminingRevenues>
      </ClothingAndHouseholdGoods>
      <CarsAndOtherVehicles />
      <BoatsAndPlanes />
      <IntellectualProperty />
      <SecuritiesPubliclyTraded>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>27</NumberOfContributions>
        <NoncashContribsRptdF990>298008</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FMV@date of gift</MethodOfDeterminingRevenues>
      </SecuritiesPubliclyTraded>
      <SecuritiesCloselyHeldStock />
      <SecuritiesPrtnrshpTrustIntrsts />
      <SecuritiesMiscellaneous />
      <QualifiedContribHistStruct />
      <QualifiedContribOther />
      <RealEstateResidential />
      <RealEstateCommercial />
      <RealEstateOther />
      <Collectibles />
      <FoodInventory />
      <DrugsAndMedicalSupplies />
      <Taxidermy />
      <HistoricalArtifacts />
      <ScientificSpecimens />
      <ArchaeologicalArtifacts />
      <OtherNonCashContributionsTable>
        <NonCashCheckbox>X</NonCashCheckbox>
        <Description>Scientific Equipment</Description>
        <NumberOfContributions>2</NumberOfContributions>
        <NoncashContribsRptdF990>13247</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>Estimated Value</MethodOfDeterminingRevenues>
      </OtherNonCashContributionsTable>
      <OtherNonCashContributionsTable>
        <NonCashCheckbox>X</NonCashCheckbox>
        <Description>Athletic Equipment</Description>
        <NumberOfContributions>2</NumberOfContributions>
        <NoncashContribsRptdF990>27592</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>Cost</MethodOfDeterminingRevenues>
      </OtherNonCashContributionsTable>
      <NumberOf8283Received>27</NumberOf8283Received>
      <AnyPropertyThatMustBeHeld>false</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>true</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>true</ThirdPartiesUsed>
      <Form990ScheduleMPartII>
        <Identifier>Third Party Assistance of Noncash Contributions</Identifier>
        <ReturnReference>Schedule M, Line 32a</ReturnReference>
        <Explanation>Ursinus College engages Morgan Stanley Smith Barney for the sale of securities received as contributions.</Explanation>
      </Form990ScheduleMPartII>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="IRS990ScheduleO">
      <GeneralExplanation>
        <Identifier>Form 990 Review Process</Identifier>
        <ReturnReference>Form 990, Part VI, Line 11b</ReturnReference>
        <Explanation>The completed Form 990 is distributed and reviewed prior to filing at a specially-convened meeting of the audit committee of the Board of Directors. The completed Form 990 was made available to the full board.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Conflict of Interest Policy Monitoring &amp; Enforcement</Identifier>
        <ReturnReference>Form 990, Part VI, Line 12c</ReturnReference>
        <Explanation>Trustees or officers complete a conflict of disclosure statement annually. Those who have a a conflict of interest are asked to refrain from participating in consideration of proposed transactions, unless for special reasons the board or administration requests information or interpretation. Persons with conflicts shall not vote, participate in discussion, or be present at the time of vote.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Process for Determining Compensation</Identifier>
        <ReturnReference>Form 990, Part VI, Line 15a</ReturnReference>
        <Explanation>The Associate Vice President for Finance &amp; Controller of Ursinus College conducts a study each year of the salaries and benefits for the President, Chief Academic Officer, Chief Business Officer, Chief Development Officer, Chief Enrollment Officer, and Dean of Student Life. The study documents the salaries and benefits of those in similar positions in the other Centennial Conference Colleges: Bryn Mawr, Dickinson, Franklin &amp; Marshall, Gettysburg, Haverford, McDaniel, Muhlenberg, Swarthmore and Washington. The study presents the data as both tables and graphs. The executive committee of the Board of Trustees determines the compensation of the President of the College and reviews and approves the compensation recommendations of the President for the other officers. The study prepared by the Associate Vice President for Finance &amp; Controller is provided to the chair of the Board as supporting documentation for the discussion of compensation in the executive committee meeting. The results of the deliberation process were documented in employment letters sent to employees.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>How Documents are Made Available to the Public</Identifier>
        <ReturnReference>Form 990, Part VI, Line 19</ReturnReference>
        <Explanation>Ursinus makes its governing documents, conflict of interest policy, and financial statements available to the public upon request. Financial statements are also available on the College's website.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
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          <AddressLine1>PO Box 1000</AddressLine1>
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</Return>