2022-04-29T12:42:54-05:00 2021-06-30 420714325 RSM US LLP 1001 WATER ST STE 500 TAMPA FL 33602 990 2020-07-01 231365963 REGENTS OF THE MERCERSBURG COLLEGE REGE 7173286110 100 ACADEMY DRIVE MERCERSBURG PA 17236 MARIA L KIMSEY TREASURER 7173286110 2022-04-29 1 MARIA KIMSEY XXX-XX-XXXX KRISTEN BARNETT P01234578 8133162300 2022-04-29 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z THE MERCERSBURG ACADEMY QUENTIN R MCDOWELL 100 ACADEMY DRIVE MERCERSBURG PA 17236 388041460 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. 30 29 296 677 31667 0 9041862 14596328 25744711 24082913 10307870 7471660 710703 127961 45805146 46278862 6608287 6173237 0 0 20614948 20876405 0 0 2656186 15840462 15931997 43063697 42981639 2741449 3297223 468266007 588500974 68002272 80487811 400263735 508013163 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 31824002 6173237 23958052 AN INDEPENDENT COLLEGE-PREPARATORY SCHOOL IN SOUTH-CENTRAL PENNSYLVANIA, THE ACADEMY OFFERS A RIGOROUS ACADEMIC PROGRAM TO APPROXIMATELY 445 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. 271868 135570 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. 32095870 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 84 0 1 296 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 30 29 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 NV NH NJ OK OR SC WA CA CT FL NY NC OH VA X MARIA L KIMSEY MERCERSBURG ACADEM 7173286110 100 ACADEMY DRIVE MERCERSBURG PA 17236 KATHERINE TITUS HEAD OF SCHOOL 60.00 X X 371506 0 157423 STACIE RICE LISSETTE ESQ PRESIDENT 5.00 X X 0 0 0 H DEAN HOSGOOD III PHD MPH VICE PRESIDENT 1.50 X X 0 0 0 ALICE P ALBRIGHT TRUSTEE TILL 6/30/2021 1.50 X 0 0 0 ANDREW D ALPERT ESQ 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 PABLO COBALLASI 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 THOMAS B HADZOR TRUSTEE 1.50 X 0 0 0 ANDREW W HALL TRUSTEE TILL 6/30/2021 1.50 X 0 0 0 JOHN A HENRY JR TRUSTEE 1.50 X 0 0 0 CLAIRE E LAZO TRUSTEE 1.50 X 0 0 0 PHILIP A LLOYD ESQ TRUSTEE 1.50 X 0 0 0 BETSY MITCHELL 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 J BRUCE RICCIUTI TRUSTEE 1.50 X 0 0 0 CHARLES E T ROBERTS TRUSTEE 1.50 X 0 0 0 AMY JONES SATROM TRUSTEE 1.50 X 0 0 0 SASSAN J SHAOOL TRUSTEE TILL 6/30/2021 1.50 X 0 0 0 LORRAINE SIMONIS TRUSTEE 1.50 X 0 0 0 JORGE A VARGAS TRUSTEE 1.50 X 0 0 0 KRISTIN BUTTERFIELD VICKERY TRUSTEE 1.50 X 0 0 0 DAVID G WAGNER TRUSTEE 1.50 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 MARIA KIMSEY ASST HEAD/FIN & OPS/TREA/A 50.00 X 280750 0 42264 QUENTIN MCDOWELL ASSOC. HEAD OF SCHOOL 50.00 X 222022 0 47316 JULIA MAURER ASSOC. HEAD OF SCHOOL 50.00 X 180929 0 45149 BRIAN NORDYKE DIRECTOR OF FACILITIES 50.00 X 171818 0 29981 WILLIAM KISSICK CHIEF ADVANCEMENT OFFICER 50.00 X 223651 0 28971 CAROLYN YEAGER CHIEF DEVELOPMENT OFFICER 50.00 X 164437 0 18769 DANIELLE NORDYKE DIRECTOR OF HUMAN RESOURCE 50.00 X 141891 0 26366 JOHN CHEPREN DIRECTOR OF INFORMATION TE 50.00 X 133600 0 40186 ERIC HICKS TEACHER TILL 6/30/21 50.00 X 123010 0 37353 RICHARD HENDRICKSON DEAN OF EXPERIENTIAL PROGRAMS 50.00 X 120314 0 40760 2133928 0 514538 17 0 1 0 ECICONSTRUCTION LLC 124 WEST CHURCH STREET DILLSBURG PA 17019 CONSTRUCTION 1079264 MERIWETHER GODSEY 4944 OLD BOONSBORO ROAD LYNCHBURG VA 24503 FOOD SERVICE 1025194 SAGE DINING SERVICES INC 1402 YORK ROAD STE 100 LUTHERVILLE MD 21093 FOOD SERVICE 404069 MARKS EDUCATION TEST PREPARATION AND TUT 4833 RUGBY AVENUE STE 301 BETHESDA MD 20814 TEST PREP SERVICES 171360 CUSTOM CLEANING SERVICE CO INC 69B INDUSTRIAL DRIVE CHAMBERSBURG PA 17201 CLEANING SERVICES 143612 5 14596328 178702 14596328 TUITION AND FEES 900099 23947343 23947343 SUMMER PROGRAMS 900099 135570 135570 24082913 3429837 2033 3427804 14138 0 14138 14138 14138 345725732 78689 341762598 0 3963134 78689 4041823 -1095 4042918 61033 0 61033 61033 OTHER INCOME 900099 42027 30675 11352 LAUNDROMAT 900099 5660 5660 DINING HALL 900099 5103 5049 54 52790 46278862 24093622 31667 7557245 25000 25000 6148237 6148237 1623060 1623060 13193456 9104224 2628792 1460440 1383500 958228 273389 151883 3651073 2607905 607281 435887 1025316 738227 184557 102532 137004 64392 64392 8220 75398 35437 35437 4524 1266337 1266337 3990282 2146995 1627897 215390 81130 38131 38131 4868 291000 182875 85285 22840 301534 141721 141721 18092 1961059 1868811 58383 33865 116350 78013 33420 4917 149549 70288 70288 8973 2100009 2024409 71400 4200 3474458 3321582 93810 59066 522055 245366 245366 31323 CURRICULUM DEVELOPMENT 1333698 626838 626838 80022 BAD DEBT EXPENSES 75207 20905 51633 2669 DUES & SUBSCRIPTIONS 53672 25226 25226 3220 FUNDRAISING COST 3255 3255 42981639 32095870 8229583 2656186 1900 1900 26874364 21732590 52148609 43335683 494199 14759911 162814 27931 480299 436177 173438 191022 344621 429974 161353838 59299287 104974786 102054551 32390658 67570443 249917798 331400977 302521 6559815 468266007 588500974 2658201 2921040 3447501 18480918 49082074 49097366 12814496 9988487 68002272 80487811 X 191159773 249930670 209103962 258082493 400263735 508013163 468266007 588500974 X 3297223 103272251 1179954 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 2612600 X X 0 294901773 12304287 109091745 11663598 404634207 302505639 11938625 -8679680 10862811 294901773 296651333 9522146 7199985 10867825 302505639 273876144 16239500 18476795 11064578 876528 296651333 242547469 11793182 31492788 11176907 780388 273876144 0.57690 0.42310 0 0 366297 366297 154105630 57544628 96561002 2445531 1754659 690872 4436380 4436380 102054551 ALTERNATIVE INVESTMENTS 114181679 F POOLED INVESTMENTS 217205017 F EQUITY INVESTMENT 14281 F 331400977 INTEREST RATE SWAP AGREEMENTS 7668510 ASSET RETIREMENT OBLIGATION 331975 SPLIT-INTEREST AGREEMENTS 1581513 DEFERRED COMPENSATION LIABILITY 406489 9988487 X 142070423 103272251 -6214353 97057898 45012525 1266337 1266337 46278862 35529507 0 35529507 1266337 6185795 7452132 42981639 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, 2021 AND 2020, 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, 2021 AND 2020. GENERALLY, MERCERSBURG IS NO LONGER SUBJECT TO U.S. FEDERAL INCOME TAX POSITIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2018. PART XI, LINE 2D - OTHER ADJUSTMENTS: INSTITUTIONAL STUDENT AID NETTED AGAINST TUITION AND FEES -6,148,237. BANK FEES, BAD DEBT & PROF. FEES RECLASSED TO FUNCTIONAL EXPENSE -34,303. ACTUARIAL ADJUSTMENT ON SPLIT-INTEREST AGREEMENTS 80. CHANGE IN MARKET VALUE OF SWAP AGREEMENT 2,746,607. FUNDRAISING COSTS RELATED TO CAPITAL GIFTS -3,255. NET GAIN (LOSS) ON VALUATION OF CONTRIBUTIONS -2,775,245. PART XII, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL STUDENT AID NETTED AGAINST TUITION AND FEES 6,148,237. BANK FEES, BAD DEBT & PROF. FEES RECLASSED TO FUNCTIONAL EXPENSE 34,303. FUNDRAISING COSTS RELATED TO CAPITAL GIFTS 3,255. 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. EUROPE (INCLUDING ICELAND & GREENLAND) 3 3 PROGRAMS SERVICES USE OF AGENT/CONSULTANT FOR RECRUITING INTERNATIONAL STUDENTS (ADMISSIONS) 37410 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 64834914 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 7168153 3 3 0 0 3 3 72040477 0 72040477 1 0 0 0 1 0 PART III ACCOUNTING METHOD: 1 MMP & W VOLUNTEER FIRE COMPANY 132 NORTH MAIN STREET MERCERSBURG PA 17236 251146751 501(C)(3) 15000 GENERAL SUPPORT TO ASSIST WITH NEEDS OF THE FIRE COMPANY MERCERSBURG VIBRANCY STEERING COMMITTEE INC 56 MAIN STREET MERCERSBURG PA 17236 842950502 501(C)(3) 10000 GENERAL SUPPORT 2 SCHOLARSHIPS 189 6064667 STUDENT AID FOR REQUIRED FEES, BOOKS, AND SUPPLIES 30 83570 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 1 0 KATHERINE TITUS HEAD OF SCHOOL 354067 0 0 0 17439 0 31350 0 131925 0 534781 0 0 0 MARIA KIMSEY ASST HEAD/FIN & OPS/TREA/A 226033 0 5000 0 49717 0 29672 0 13086 0 323508 0 0 0 QUENTIN MCDOWELL ASSOC. HEAD OF SCHOOL 216661 0 5000 0 361 0 22905 0 24807 0 269734 0 0 0 WILLIAM KISSICK CHIEF ADVANCEMENT OFFICER 220879 0 0 0 2772 0 19461 0 10047 0 253159 0 0 0 JULIA MAURER ASSOC. HEAD OF SCHOOL 171691 0 5000 0 4238 0 17842 0 27663 0 226434 0 0 0 BRIAN NORDYKE DIRECTOR OF FACILITIES 171053 0 0 0 765 0 18107 0 12219 0 202144 0 0 0 CAROLYN YEAGER CHIEF DEVELOPMENT OFFICER 163703 0 0 0 734 0 18035 0 1062 0 183534 0 0 0 JOHN CHEPREN DIRECTOR OF INFORMATION TE 129610 0 0 0 3990 0 15268 0 25207 0 174075 0 0 0 DANIELLE NORDYKE DIRECTOR OF HUMAN RESOURCE 135807 0 5000 0 1084 0 14723 0 11932 0 168546 0 0 0 RICHARD HENDRICKSON DEAN OF EXPERIENTIAL PROGRAMS 119370 0 0 0 944 0 13324 0 27697 0 161335 0 0 0 ERIC HICKS TEACHER TILL 6/30/21 122516 0 0 0 494 0 13022 0 24588 0 160620 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 $5,000, INCLUDING PART-TIME HOUSEKEEPING SERVICES. EMPLOYEES LISTED BELOW RECEIVED TAXABLE HOUSING ALLOWANCES: MARIA KIMSEY - $3,738 JULIA MAURER - 3,738 JOHN CHEPREN - $3,738 PART I, LINE 7 THE COMPENSATION COMMITTEE OF THE BOARD APPROVED THE BONUS PAYMENT FOR THOSE EMPLOYEES WHO WORKED CLOSELY WITH THE BOARD REGARDING THE HEAD OF SCHOOL TRANSITION. 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 ISALAND X 250000 27931 0 1 1 27931 X 12 178702 AVG OF HIGH AND LOW 0 0 1 0 PART I, COLUMN (B): USING A COMBINATION OF THE TWO METHODS ABOVE 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 FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART XI, LINE 9: ACTUARIAL ADJUSTMENT ON SPLIT-INTEREST AGREEMENTS 80. CHANGE IN MARKET VALUE OF SWAP AGREEMENT 2,746,607. NET GAIN (LOSS) ON VALUATION OF CONTRIBUTIONS -2,775,245. CHANGE IN MARKET VALUE OF BENEFICIAL INTEREST IN TRUSTS 1,208,512.