2017-01-24T16:29:16-06:00 2016-06-30 420714325 RSM US LLP 9737 WASHINGTONIAN BLVD 400 GAITHERSBURG MD 208787340 990 2015-07-01 231365963 REGENTS OF THE MERCERSBURG COLLEGE REGE 7173286110 300 EAST SEMINARY ST MERCERSBURG PA 172361551 MARIA L KIMSEY TREASURER 7173286110 2017-01-24 1 WILLIAM E TURCO CPA P00369217 3012963600 2015 2021-01-29 14:40:06Z THE MERCERSBURG ACADEMY KATHERINE M TITUS 300 EAST SEMINARY ST MERCERSBURG PA 172361551 241184552 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. 29 28 410 726 6324 0 38000491 34418512 24238947 25096875 9063516 24816141 403050 286774 71706004 84618302 5517842 5820309 0 0 18203615 19232522 32457 26250 3136850 16813991 17568766 40567905 42647847 31138099 41970455 426649409 435320369 71701063 74403925 354948346 360916444 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 30082896 5820309 23828136 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 SUBJECTS-AND 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 THEMSELVES-AS THEY PREPARE TO TRANSFORM THEIR WORLD. 1562256 1268739 SUMMER AND EXTENDED PROGRAMS:PROGRAMS OUTSIDE THE REGULAR ACADEMIC PROGRAM INCLUDING ACADEMIC INSTRUCTION, ATHLETICS, FINE ARTS, AND INTERNATIONAL AND DOMESTIC TRAVEL PROGRAMS DURING SCHOOL BREAKS AND THE SUMMER. 31645152 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 136 0 1 410 1 1 1 0 0 0 0 0 0 0 0 0 X 29 28 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 ST MERCERSBURG PA 172361551 DAVID O FRANTZ PHD PRESIDENT 7.00 X X 0 0 0 DEBORAH J SIMON VICE PRESIDENT 5.00 X X 0 0 0 ALLEN W ZERN VICE PRESIDENT 5.00 X X 0 0 0 ALICE P ALBRIGHT TRUSTEE 5.00 X 0 0 0 CHARLES E BELL TRUSTEE 2.00 X 0 0 0 ALBERT C BELLAS TRUSTEE 5.00 X 0 0 0 KENNETH T BERENTS TRUSTEE 2.00 X 0 0 0 CYNTHIA L DAVENPORT BORGER TRUSTEE 2.00 X 0 0 0 BARRETT BURNS TRUSTEE 2.00 X 0 0 0 SALLY ANNE EPSTEIN TRUSTEE 2.00 X 0 0 0 LAURA FISHER TRUSTEE 2.00 X 0 0 0 THOMAS B HADZOR TRUSTEE 2.00 X 0 0 0 ANDREW W HALL TRUSTEE 2.00 X 0 0 0 TODD D HOVENDEN TRUSTEE 2.00 X 0 0 0 HONORABLE JOHN E JONES III TRUSTEE 5.00 X 0 0 0 MAGDALENA KALA TRUSTEE 2.00 X 0 0 0 PETER M LEBOVITZ TRUSTEE 5.00 X 0 0 0 STACIE RICE LISSETTE ESQ TRUSTEE 5.00 X 0 0 0 PHILIP A LLOYD ESQ TRUSTEE 2.00 X 0 0 0 PIERCE LORD TRUSTEE 2.00 X 0 0 0 DOUGLAS L MILLER ESQ TRUSTEE 2.00 X 0 0 0 JAMIL T MYRIE TRUSTEE 2.00 X 0 0 0 JOHN K PRENTISS DVM TRUSTEE 2.00 X 0 0 0 AMY JONES SATROM TRUSTEE 2.00 X 0 0 0 JORGE A VARGAS TRUSTEE 2.00 X 0 0 0 DAVID G WAGNER TRUSTEE 5.00 X 0 0 0 STEVEN M WAGSHAL TRUSTEE 2.00 X 0 0 0 VANESSA E YOUNGS TRUSTEE 2.00 X 0 0 0 DOUGLAS HALE HEAD OF SCHOOL 60.00 X X 430643 0 65033 MARIA KIMSEY ASST HEAD, FIN & OPS/TREAS/ASST SEC 60.00 X 221827 0 33000 BRIAN H HARGROVE ASST HEAD, ADVANCEMENT/SEC/ASST TREAS 60.00 X 224359 0 44351 MARY RUTHERFORD ASSOC. HEAD OF SCHOOL 60.00 X 164320 0 25095 THOMAS ADAMS ASST. HEAD OF SCHOOL FOR ENROLLMENT 60.00 X 147717 0 36563 CAROLYN YEAGER DIRECTOR OF DEVELOPMENT 50.00 X 139958 0 16779 BRIAN NORDYKE DIRECTOR OF FACILITIES 50.00 X 139711 0 24701 JEFFREY GOETZ CONTROLLER 50.00 X 124864 0 20942 JULIA MAURER ASST. HEAD OF SCHOOL FOR ACADEMICS 50.00 X 121172 0 33445 1714571 0 299909 13 0 1 0 SAGE DINING SERVICE 1402 YORK ROAD STE 100 LUTHERVILLE MD 21093 FOOD SERVICE 1853667 MORGAN-KELLER INC 70 THOMAS JOHNSON DRIVE FREDERICK MD 21702 CONSTRUCTION/CONTRACTOR 830962 BOWIE GRIDLEY ARCHITECTS 1010 WISCONSIN AVE NW STE 400 WASHINGTON DC 20007 ARCHITECTS 624360 WOOD CREST HOMES INC 1114 OLD FORGE ROAD WAYNESBORO PA 17268 CONSTRUCTION/CONTRACTOR 563612 STEEGETHOMSON COMMUNICATIONS 230 S BROAD ST STE 200 PHILADELPHIA PA 19102 MARKETING/COMMUNICATIONS 351176 11 34418512 741376 34418512 TUITION AND FEES 900099 23803532 23803532 SUMMER PROGRAMS 900099 1293343 1293343 25096875 2485288 2485288 1491 0 1491 1491 1491 178725865 171238 156513753 52497 22212112 118741 22330853 22330853 162630 0 162630 162630 DINING HALL 900099 53586 6324 47262 OTHER REVENUE 900099 50416 50416 LAUNDROMAT 900099 18651 18651 122653 84618302 25096875 6324 25096591 5700 5700 5814609 5814609 1233450 1233450 12956498 9566878 2031343 1358277 1215586 875227 201187 139172 2849049 2208392 407339 233318 977939 728231 157206 92502 178426 178426 65650 65650 26250 26250 691762 691762 902257 201998 670111 30148 639721 639721 918740 483200 64360 371180 775156 656640 82265 36251 1281050 1281050 1359868 825846 421047 112975 489314 120258 369056 2118707 1535794 438990 143923 2853990 2083544 574459 195987 436134 436134 TAXES 97910 97910 FOOD 1822272 1822272 RENOVATIONS 692131 125 692006 CURRICULUM DEVELOPMENT 683813 683813 1561865 1479244 54810 27811 42647847 31645152 7865845 3136850 1500 1500 26453760 31009230 64090661 78478595 39097 47990 459222 468253 229208 233467 720323 882957 135935490 43808956 86989445 92126534 38317434 53530349 209119373 178327400 229386 214094 426649409 435320369 2108746 3974819 5399655 5328656 49235000 49235000 2500000 225000 12457662 15640450 71701063 74403925 X 170746125 165116813 34727198 19226355 149475023 176573276 354948346 360916444 426649409 435320369 X 41970455 -32613437 -3388920 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2333840 X X 0 250891115 12016128 -8382123 11285888 691763 242547469 242246044 14686981 5186095 10555309 672696 250891115 215147512 5273549 31881245 9466594 589668 242246044 190747345 4967613 29259705 9336173 490978 215147512 196093023 5319333 -1356292 8848190 460529 190747345 0.53150 0.46760 0.00090 0 0 366297 366297 122159151 42246207 79912944 2260855 1562749 698106 11149187 11149187 92126534 ALTERNATIVE INVESTMENTS 94793556 F POOLED INVESTMENTS 83512963 F EQUITY INVESTMENT 20881 C 178327400 INTEREST RATE SWAP AGREEMENTS 13278120 ASSET RETIREMENT OBLIGATION 318839 SPLIT-INTEREST AGREEMENTS 1998433 DEFERRED COMPENSATION 45058 15640450 X 41420377 -32613437 -9892725 -42506162 83926539 691763 691763 84618302 35452279 0 35452279 691763 6503805 7195568 42647847 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 GENERAL 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, 2016 AND 2015, 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, 2016 AND 2015. GENERALLY, MERCERSBURG IS NO LONGER SUBJECT TO U.S. FEDERAL INCOME TAX POSITIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2013. PART XI, LINE 2D - OTHER ADJUSTMENTS: INSTITUTIONAL STUDENT AID NETTED AGAINST TUITION AND FEES -5,763,361. BANK FEES, BAD DEBT & PROF. FEES RECLASSED TO FUNCTIONAL EXPENSE -38,150. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS -221,946. CHANGE IN MARKET VALUE OF SWAP AGREEMENT -3,166,974. FUNDRAISING COSTS RELATED TO CAPITAL GIFTS -702,294. PART XII, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL STUDENT AID NETTED AGAINST TUITION AND FEES 5,763,361. BANK FEES, BAD DEBT & PROF. FEES RECLASSED TO FUNCTIONAL EXPENSE 38,150. FUNDRAISING COSTS RELATED TO CAPITAL GIFTS 702,294. 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 1 PROGRAM SERVICES AGENT/CONSULTANT USED TO COORDINATE STUDENTS' TRAVEL TO THE USA (SUMMER AND EXTENDED PROGRAMS) 1380 EAST ASIA AND THE PACIFIC 0 2 PROGRAM SERVICES AGENT/CONSULTANT USED TO COORDINATE STUDENTS' TRAVEL TO THE USA (SUMMER AND EXTENDED PROGRAMS) 11730 EUROPE (INCLUDING ICELAND & GREENLAND) 0 3 PROGRAM SERVICES AGENT/CONSULTANT USED TO COORDINATE STUDENTS' TRAVEL TO THE USA (SUMMER AND EXTENDED PROGRAMS) 9386 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES STUDENT SERVICE/ACADEMIC TRIP 25790 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES STUDENT SERVICE/ACADEMIC TRIP 107083 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES STUDENT SERVICE/ACADEMIC TRIP 131321 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES STUDENT SERVICE/ACADEMIC TRIP 42387 SOUTH AMERICA 0 0 PROGRAM SERVICES STUDENT SERVICE/ACADEMIC TRIP 21795 SOUTH ASIA 0 0 PROGRAM SERVICES STUDENT SERVICE/ACADEMIC TRIP 36526 EAST ASIA AND THE PACIFIC 0 0 FUNDRAISING 8358 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES ADMISSION EFFORTS FOR RECRUITMENT 2000 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES ADMISSION EFFORTS FOR RECRUITMENT 6000 NORTH AMERICA 0 0 PROGRAM SERVICES ADMISSION EFFORTS FOR RECRUITMENT 3100 RUSSIA AND NEIGHBORING STATES 0 0 PROGRAM SERVICES ADMISSION EFFORTS FOR RECRUITMENT 6958 EUROPE (INCLUDING ICELAND & GREENLAND) 0 5 PROGRAM SERVICES USE OF AGENT/CONSULTANT FOR RECRUITING INTERNATIONAL STUDENTS (ADMISSION) 45080 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTING 68782778 0 6 0 5 0 11 350872 68890800 69241672 0 0 0 0 0 1 X X X X 1 WASHBURN & MCGOLDRICK INC 950 NEW LOUDON RD LATHAM NY 12110 CAMPAIGN CONSULTANT 0 0 26250 -26250 26250 -26250 AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY DC 1 MMP & W VOLUNTEER FIRE COMPANY 132 NORTH MAIN STREET MERCERSBURG PA 17236 251146751 501(C)(3) 5700 GENERAL SUPPORT TO ASSIST WITH NEEDS OF THE FIRE COMPANY 1 SCHOLARSHIPS 189 5708259 STUDENT AID FOR REQUIRED FEES, BOOKS AND SUPPLIES 9 55102 STUDENT SERVICE/CULTURAL TRIP 41 51248 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 X 1 1 X X X X 0 0 0 0 0 0 0 0 0 DOUGLAS HALE HEAD OF SCHOOL 342259 0 0 0 88384 0 29000 0 44191 0 503834 0 0 0 MARIA KIMSEY ASST HEAD, FIN & OPS/TREAS/ASST SEC 200858 0 0 0 20969 0 24299 0 13657 0 259783 0 0 0 BRIAN H HARGROVE ASST HEAD, ADVANCEMENT/SEC/ASST TREA 187712 0 0 0 36647 0 24103 0 27506 0 275968 0 0 0 MARY RUTHERFORD ASSOC. HEAD OF SCHOOL 157782 0 0 0 6538 0 17798 0 12125 0 194243 0 0 0 THOMAS ADAMS ASST. HEAD OF SCHOOL FOR ENROLLMENT 139162 0 0 0 8555 0 16315 0 23981 0 188013 0 0 0 CAROLYN YEAGER DIRECTOR OF DEVELOPMENT 139543 0 0 0 415 0 15426 0 1809 0 157193 0 0 0 BRIAN NORDYKE DIRECTOR OF FACILITIES 139082 0 0 0 629 0 15707 0 12099 0 167517 0 0 0 JULIA MAURER ASST. HEAD OF SCHOOL FOR ACADEMICS 120936 0 0 0 236 0 14135 0 24626 0 159933 0 0 0 PART I, LINE 1A THE HEAD OF SCHOOL'S WIFE RECEIVES A PHYSICAL EACH YEAR AND THE COST IS INCLUDED AS TAXABLE INCOME TO THE HEAD AND INCLUDED ON HIS W-2. THE HEAD OF SCHOOL'S WIFE ALSO ATTENDS IMPORTANT FUND RAISING EVENTS AND HOSTS THE BOARD OF REGENTS SPOUSES DURING BOARD MEETINGS. THE HEAD OF SCHOOL RECEIVED A TAX GROSS-UP ON AMOUNTS RELATED TO PAYMENTS FOR EXCESS RETIREMENT PLAN CONTRIBUTIONS. 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, HEAD OF SCHOOL, RECEIVED NON-TAXABLE HOUSING ALLOWANCE IN THE AMOUNT OF $20,000, INCLUDING PART-TIME HOUSEKEEPING SERVICES. FOLLOWING EMPLOYEES RECEIVED TAXABLE HOUSING ALLOWANCE: BRIAN HARGROVE - $17,950 MARY D. RUTHERFORD - $4,375 THOMAS ADAMS - $7,875 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 X 35 741292 AVERAGE OF HIGH/LOW X GATORADE FOR SQUASH TEAM 1 84 INVOICE 0 1 0 FORM 990, PART VI, SECTION B, LINE 11 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: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS -221,946. CHANGE IN MARKET VALUE OF SWAP AGREEMENT -3,166,974.