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        <InvestmentEarningsOrLosses>9835837</InvestmentEarningsOrLosses>
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        <EndOfYearBalance>47233061</EndOfYearBalance>
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      <CurrentYearMinus3Years>
        <BeginningOfYearBalance>38897712</BeginningOfYearBalance>
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        <EndOfYearBalance>43354165</EndOfYearBalance>
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      <CurrentYearMinus4Years>
        <BeginningOfYearBalance>47450383</BeginningOfYearBalance>
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        <InvestmentEarningsOrLosses>-6876348</InvestmentEarningsOrLosses>
        <OtherExpenditures>1705406</OtherExpenditures>
        <EndOfYearBalance>38897712</EndOfYearBalance>
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      <BoardDesignatedEOYBalance>0.76510</BoardDesignatedEOYBalance>
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      <EndowmentsHeldByRelatedOrgs>0</EndowmentsHeldByRelatedOrgs>
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        <BookValue>653666</BookValue>
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      <Buildings>
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        <Depreciation>16364183</Depreciation>
        <BookValue>22055273</BookValue>
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      <LeaseholdImprovements>
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        <Depreciation>1721843</Depreciation>
        <BookValue>4523972</BookValue>
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      <Equipment>
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        <Depreciation>6044828</Depreciation>
        <BookValue>1145757</BookValue>
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      <OtherLandBuildings>
        <OtherCostOrOtherBasis>273942</OtherCostOrOtherBasis>
        <BookValue>273942</BookValue>
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      <OtherSecurities>
        <Description>AMERICAN CENTURY EQUITY INCOME (ACIIX) FUND</Description>
        <BookValue>8458204</BookValue>
        <MethodOfValuation>F</MethodOfValuation>
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      <OtherSecurities>
        <Description>CHARITABLE REMAINDER TRUSTS</Description>
        <BookValue>111603</BookValue>
        <MethodOfValuation>F</MethodOfValuation>
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      <OtherSecurities>
        <Description>HEDGE FUND</Description>
        <BookValue>1023687</BookValue>
        <MethodOfValuation>F</MethodOfValuation>
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      <TotalOfBookValueSecurities>9593494</TotalOfBookValueSecurities>
      <OtherLiabilities>
        <Description>DEFERRED COMPENSATION</Description>
        <Amount>225876</Amount>
      </OtherLiabilities>
      <TotalOfAmounts>225876</TotalOfAmounts>
      <FootnoteInPartXIII>X</FootnoteInPartXIII>
      <TotRevenueEtcAuditedFinclStmt>22399559</TotRevenueEtcAuditedFinclStmt>
      <NetUnrealizedGainsInvestments>3465523</NetUnrealizedGainsInvestments>
      <OtherRevenues>-24199</OtherRevenues>
      <RevenueNotRptdF990>3441324</RevenueNotRptdF990>
      <RevenueSubtotal>18958235</RevenueSubtotal>
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      <OtherRevenuesNotIncluded>2959417</OtherRevenuesNotIncluded>
      <RevenueNotRptdOnFinStmt>3139940</RevenueNotRptdOnFinStmt>
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      <Form990ScheduleDPartXIII>
        <Identifier>DESCRIPTION OF HOW ORGANIZATION REPORTS CONSERVATION EASEMENTS:</Identifier>
        <ReturnReference>PART II, LINE 9:</ReturnReference>
        <Explanation>ROLAND PARK COUNTRY SCHOOL REPORTS CONSERVATION EASEMENT EXPENSES AS EITHER AN INSTRUCTIONAL EXPENSE IF CURRICULUM BASED OR PLANT EXPENSE IF A GENERAL EXPENSE.</Explanation>
      </Form990ScheduleDPartXIII>
      <Form990ScheduleDPartXIII>
        <Identifier>DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS:</Identifier>
        <ReturnReference>PART V, LINE 4:</ReturnReference>
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      </Form990ScheduleDPartXIII>
      <Form990ScheduleDPartXIII>
        <Identifier>DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48:</Identifier>
        <ReturnReference>PART X, LINE 2:</ReturnReference>
        <Explanation>THE SCHOOL FOLLOWS THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, WHICH 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, THE SCHOOL 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. MANAGEMENT HAS EVALUATED THE SCHOOL'S TAX POSITIONS AND HAS CONCLUDED THAT THE SCHOOL HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH PROVISIONS OF THIS GUIDANCE. WITH FEW EXCEPTIONS, THE SCHOOL IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL AUTHORITIES FOR YEARS BEFORE 2010.</Explanation>
      </Form990ScheduleDPartXIII>
      <Form990ScheduleDPartXIII>
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      </Form990ScheduleDPartXIII>
      <Form990ScheduleDPartXIII>
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      </Form990ScheduleDPartXIII>
      <Form990ScheduleDPartXIII>
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      <Form990ScheduleDPartXIII>
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        <OtherDirectExpensesTotalEvents>21606</OtherDirectExpensesTotalEvents>
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        <AmountOfCashGrant>107015</AmountOfCashGrant>
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      <Form990ScheduleIPartIII>
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      <Form990ScheduleIPartIII>
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      <Form990ScheduleIPartIII>
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      <Form990ScheduleIPartIII>
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      <Form990ScheduleIPartIII>
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        <NontaxableBenefitsFilingOrg>8019</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>151143</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartIII>
        <ReturnReference>PART I, LINE 1A</ReturnReference>
        <Explanation>THESE BENEFITS ARE RECEIVED BY THE HEAD OF SCHOOL. THEY ARE NOT INCLUDED IN TAXABLE COMPENSATION.</Explanation>
      </Form990ScheduleJPartIII>
      <Form990ScheduleJPartIII>
        <ReturnReference>PART I, LINE 1B</ReturnReference>
        <Explanation>THESE COMPENSATION ITEMS WERE WRITTEN IN THE HEAD OF SCHOOL'S CONTRACT.</Explanation>
      </Form990ScheduleJPartIII>
      <Form990ScheduleJPartIII>
        <ReturnReference>PART I, LINE 4B</ReturnReference>
        <Explanation>PART I, LINE 4B: THE FOLLOWING EMPLOYEES INCLUDED IN PART VII OF THE FORM 990 PARTICIPATE IN A NONQUALIFED DEFERRED COMPENSATION PLAN. EACH FISCAL YEAR'S DEFERRED COMPENSATION CREDIT ALLOCATED TO A PARTICIPANT'S ACCOUNT SHALL BECOME FULLY VESTED AND NOT FORFEITABLE ON THE JUNE 30 WHICH OCCURS FOUR (4) FULL FISCAL YEARS AFTER JUNE 30 OF THE FISCAL YEAR FOR WHICH THE DEFERRED COMPENSATION WAS ALLOCATED. ADDITIONALLY, ALL AMOUNTS CREDITED TO A PARTICIPANT'S ACCOUNT SHALL, IF NOT FULLY VESTED AT AN EARLIER DATE (PER THE PRECEDING DESCRIPTION OF THE 4 YEAR VESTING PERIOD) BECOME FULLY VESTED AND NOT FORFEITABLE UPON THE OCCURRENCE OF THE EARLIEST OF: PARTICIPANT REACHES RETIREMENT DATE; PARTICIPANT SUFFERS A DISABILITY WHILE ACTIVELY EMPLOYED BY RPCS; THE PARTICIPANT DIES WHILE ACTIVELY EMPLOYED BY RPCS; OR THE PARTICIPANT'S EMPLOYMENT IS INVOLUNTARILY TERMINATED BY RPCS WITHOUT CAUSE, AS DETERMINED BY THE HEAD OF SCHOOL. EMPLOYEE: PAYOUT: EVELYN ZINK $7,966 DUNCAN BOOTH $8,666 CARLA M. SPAWN-VAN BERKUM $6,875 BARRIE SIGLER $7,568 PHYLLIS TRIPP $7,770 THE PAYOUT IS INCLUDED IN REPORTABLE COMPENSATION AND SCHEDULE J, PART II, COLUMN BIII. THE AMOUNT SET ASIDE BUT NOT VESTED IS INCLUDED IN NONTAXABLE BENEFITS AND SCHEDULE J, PART II, COLUMN D.</Explanation>
      </Form990ScheduleJPartIII>
    </IRS990ScheduleJ>
    <IRS990ScheduleK documentId="RetDoc1053100001">
      <Form990ScheduleKPartI>
        <BondReferenceCd>A</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1>MARYLAND HEALTH AND HIGHER EDUCATIONAL FACILITIES AUTHORITY</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>520936091</IssuerEIN>
        <CUSIPNumber>NONEAVAIL</CUSIPNumber>
        <DateIssued>2009-10-07</DateIssued>
        <IssuePrice>17400000</IssuePrice>
        <DescriptionOfPurpose>THE PURPOSE WAS TO REFUND (A) MARYLAND HEALTH AND HIGHER EDUCATIONAL</DescriptionOfPurpose>
        <Defeased>0</Defeased>
        <OnBehalfOfIssuer>0</OnBehalfOfIssuer>
        <PoolFinancing>0</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartII>
        <BondReferenceCd>A</BondReferenceCd>
        <AmountRetired>10520000</AmountRetired>
        <TotalProceeds>17400000</TotalProceeds>
        <CurrentRefunding>1</CurrentRefunding>
        <AdvanceRefunding>0</AdvanceRefunding>
        <FinalAllocationMade>1</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>1</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartIII>
        <BondReferenceCd>A</BondReferenceCd>
        <OwningBondFinancedProperty>0</OwningBondFinancedProperty>
        <AnyLeaseArrangements>0</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>0</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>0</AnyResearchAgreements>
        <BondIssMeetPrvtSecurityPayTest>0</BondIssMeetPrvtSecurityPayTest>
        <ChangeInUseBondFinancedProp>0</ChangeInUseBondFinancedProp>
        <NonQualifiedBondRemedProcdrs>0</NonQualifiedBondRemedProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIV>
        <BondReferenceCd>A</BondReferenceCd>
        <Form8038TFiled>0</Form8038TFiled>
        <RebateNotDueYet>0</RebateNotDueYet>
        <ExceptionToRebate>1</ExceptionToRebate>
        <NoRebateDue>0</NoRebateDue>
        <VariableRateIssue>1</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>1</HedgeIdentifiedInBooksAndRecds>
        <NameOfHedgeProvider>
          <BusinessNameLine1>SUNTRUST BANK</BusinessNameLine1>
        </NameOfHedgeProvider>
        <TermOfHedge>27.700000000000</TermOfHedge>
        <SuperintegratedHedge>0</SuperintegratedHedge>
        <HedgeTerminated>1</HedgeTerminated>
        <GrossProceedsInvestedInGIC>0</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>0</GrossProceedsInvested>
        <WrittenProcToMonitorReqs>0</WrittenProcToMonitorReqs>
      </Form990ScheduleKPartIV>
      <Form990ScheduleKPartV>
        <BondReferenceCd>A</BondReferenceCd>
        <ProcToUndertkCorrectiveAction>0</ProcToUndertkCorrectiveAction>
      </Form990ScheduleKPartV>
    </IRS990ScheduleK>
    <IRS990ScheduleL documentId="RetDoc1042800001">
      <Form990ScheduleLPartIII>
        <AmountOfGrant>18480</AmountOfGrant>
        <TypeOfAssistance>FINANCIAL AID</TypeOfAssistance>
        <PurposeOfAssistance>FINANCIAL AID</PurposeOfAssistance>
      </Form990ScheduleLPartIII>
    </IRS990ScheduleL>
    <IRS990ScheduleM documentId="RetDoc1042900001">
      <SecuritiesPubliclyTraded>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>27</NumberOfContributions>
        <NoncashContribsRptdF990>213651</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>MEDIAN GIVEN BY BROKER</MethodOfDeterminingRevenues>
      </SecuritiesPubliclyTraded>
      <AnyPropertyThatMustBeHeld>0</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>1</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>0</ThirdPartiesUsed>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 11</ReturnReference>
        <Explanation>THE FORM 990 WAS REVIEWED BY SELECT MANAGEMENT AND MEMBERS OF THE BOARD OF TRUSTEES.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 12C</ReturnReference>
        <Explanation>THE CONFLICT OF INTEREST POLICY IS INCLUDED IN THE TRUSTEE HANDBOOK THAT IS ANNUALLY DISTRIBUTED TO THE BOARD OF TRUSTEES. TRUSTEES MAY NOT PARTICIPATE IN ANY DECISION, REVIEW, OR EVALUATION IN WHICH THAT PERSON HAS A FINANCIAL INTEREST OF ANY KIND, WHETHER DISCLOSED OR UNDISCLOSED. TRUSTEES MAY NOT PARTICIPATE IN ANY DECISION, REVIEW, OR EVALUATION IN WHICH THEY HAVE A PERSONAL INTEREST, UNLESS THAT INTEREST HAS BEEN DISCLOSED AND IT HAS BEEN CONCLUDED BY THE BOARD THAT THE INVOLVEMENT OF THAT PERSON WILL NOT RENDER ANY SUBSEQUENT DECISION SUBJECT TO AN APPEARANCE OF IMPROPRIETY, LACK OF OBJECTIVITY, OR UNDUE INFLUENCE.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 15</ReturnReference>
        <Explanation>THE HUMAN RESOURCES COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS COMPARABLE SALARY DATA, AND THEN MAKES A RECOMMENDATION FOR SALARY INCREASES TO THE FINANCE COMMITTEE. THE FINANCE COMMITTEE EVALUATES THE ECONOMICS OF THE SCHOOL AND MAKES A RECOMMENDATION TO THE BOARD OF TRUSTEES ABOUT THE AVAILABILITY OF FUNDS TO INCREASE THE SALARY POOL. THIS PROCESS IS DOCUMENTED BY THE FINANCE COMMITTEE.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>THE ORGANIZATION MAKES ITS ORGANIZING DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>CHANGES IN NET ASSETS OR FUND BALANCES:</Identifier>
        <ReturnReference>FORM 990, PART XI, LINE 9:</ReturnReference>
        <Explanation>CHANGE IN VALUE OF CHARITABLE REMAINDER TRUST -63,715.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc1043400001">
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>ROLAND-NORTHERN BRIDGE COMPANY INC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>5407 ROLAND AVENUE</AddressLine1>
          <City>BALTIMORE</City>
          <State>MD</State>
          <ZIPCode>21210</ZIPCode>
        </AddressUS>
        <EIN>300088452</EIN>
        <PrimaryActivities>BUILDING AND MAINTENANCE OF PEDESTRIAN BRIDGE</PrimaryActivities>
        <LegalDomicileState>MD</LegalDomicileState>
        <ExemptCodeSection>501(C)(3)</ExemptCodeSection>
        <PublicCharityStatus>11A-I</PublicCharityStatus>
        <DirectControllingEntityNA>N/A</DirectControllingEntityNA>
        <ControlledOrg>0</ControlledOrg>
      </Form990ScheduleRPartII>
      <ReceiptOfIntAnnRentsRoyalties>0</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>0</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>0</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>0</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>0</LoansOrGuaranteesFromOtherOrg>
      <DividendsRelatedOrganization>0</DividendsRelatedOrganization>
      <SaleOfAssetsToOtherOrg>0</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>0</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>0</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>0</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>0</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>0</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>0</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>0</SharingOfFacilities>
      <SharingOfPaidEmployees>0</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>0</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>0</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>1</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>0</OtherTransferFromOtherOrg>
    </IRS990ScheduleR>
  </ReturnData>
</Return>