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      <FootnoteInPartXIII>X</FootnoteInPartXIII>
      <TotRevenueEtcAuditedFinclStmt>19248238</TotRevenueEtcAuditedFinclStmt>
      <NetUnrealizedGainsInvestments>1374873</NetUnrealizedGainsInvestments>
      <OtherRevenues>-1399997</OtherRevenues>
      <RevenueNotRptdF990>-25124</RevenueNotRptdF990>
      <RevenueSubtotal>19273362</RevenueSubtotal>
      <OtherRevenuesNotIncluded>-66978</OtherRevenuesNotIncluded>
      <RevenueNotRptdOnFinStmt>-66978</RevenueNotRptdOnFinStmt>
      <TotalRevenuePerForm990>19206384</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>13985317</TotExpensesEtcAuditedFinclStmt>
      <OtherExpensesIncluded>66978</OtherExpensesIncluded>
      <ExpensesNotRptdF990>66978</ExpensesNotRptdF990>
      <ExpensesSubtotal>13918339</ExpensesSubtotal>
      <OtherExpensesNotIncluded>1354512</OtherExpensesNotIncluded>
      <ExpensesNotRptdOnFinStmt>1354512</ExpensesNotRptdOnFinStmt>
      <TotalExpensesPerForm990>15272851</TotalExpensesPerForm990>
      <Form990ScheduleDPartXIII>
        <Identifier>DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS:</Identifier>
        <ReturnReference>PART V, LINE 4:</ReturnReference>
        <Explanation>THE INTENDED USES OF THE SCHOOL'S ENDOWMENT FUNDS ARE FOR FACULTY SALARIES AND MERIT INCREASES, FACULTY ENRICHMENT, FACULTY/STAFF TRAVEL GRANTS, FINANCIAL AID, SCHOLARSHIPS, PHILATHROPY FUND, FOUNDERS FUND FOR EDUCATION INNOVATION, MULVANY CENTER, SUPPORT FOR FACULTY/STAFF CHILDREN ATTENDING THE FENN SCHOOL.</Explanation>
      </Form990ScheduleDPartXIII>
      <Form990ScheduleDPartXIII>
        <Identifier>DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48:</Identifier>
        <ReturnReference>PART X, LINE 2:</ReturnReference>
        <Explanation>THE SCHOOL IS QUALIFIED UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES. THE SCHOOL IS SUBJECT TO FEDERAL AND STATE INCOMES TAXES ON UNRELATED BUSINESS INCOME. THE SCHOOL FOLLOWS THE FASB GUIDANCE, ACCOUNTING FOR UNDERTAINTY IN IN COME TAXES, WHICH CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES BY PRESCRIBING THE RECOGNITION THRESHOLD A TAX POSITION IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. IT ALSO PROVIDES GUIDANCE ON DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE, AND TRANSITION. MANAGEMENT BELIEVES THAT THE SCHOOL HAS NO MATERIAL UNCERTAINTIES IN INCOME TAXES. THE SCHOOL IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR FISCAL YEARS BEFORE 2010.</Explanation>
      </Form990ScheduleDPartXIII>
      <Form990ScheduleDPartXIII>
        <Identifier>PART XI, LINE 2D - OTHER ADJUSTMENTS:</Identifier>
        <Explanation>GAIN ON INTEREST RATE SWAP AGREEMENT 57,015. LOSS ON PLEDGE ACTIVITY -102,500. FINANCIAL AID NETTED AGAINST TUITION INCOME ON FINANCIAL STATEMENTS -1,354,512.</Explanation>
      </Form990ScheduleDPartXIII>
      <Form990ScheduleDPartXIII>
        <Identifier>PART XI, LINE 4B - OTHER ADJUSTMENTS:</Identifier>
        <Explanation>SPECIAL EVENTS EXPENSE REPORTED ON FORM 990, PART VIII, LINE 8B -37,820. COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B -29,158.</Explanation>
      </Form990ScheduleDPartXIII>
      <Form990ScheduleDPartXIII>
        <Identifier>PART XII, LINE 2D - OTHER ADJUSTMENTS:</Identifier>
        <Explanation>SPECIAL EVENTS EXPENSE REPORTED ON FORM 990, PART VIII, LINE 8B 37,820. COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B 29,158.</Explanation>
      </Form990ScheduleDPartXIII>
      <Form990ScheduleDPartXIII>
        <Identifier>PART XII, LINE 4B - OTHER ADJUSTMENTS:</Identifier>
        <Explanation>FINANCIAL AID NETTED AGAINST TUITION INCOME ON FINANCIAL STATEMENTS 1,354,512.</Explanation>
      </Form990ScheduleDPartXIII>
    </IRS990ScheduleD>
    <IRS990ScheduleE documentId="RetDoc1040400001">
      <NondiscriminatoryPolicyStmt>1</NondiscriminatoryPolicyStmt>
      <PolicyStatementInBrochuresEtc>1</PolicyStatementInBrochuresEtc>
      <PolicyPublViaBroadcastMedia>1</PolicyPublViaBroadcastMedia>
      <MaintRacialCompositionRecords>1</MaintRacialCompositionRecords>
      <MaintScholarshipsRecords>1</MaintScholarshipsRecords>
      <MaintCopiesOfBrochuresEtc>1</MaintCopiesOfBrochuresEtc>
      <MaintCopiesOfAllSolicitations>1</MaintCopiesOfAllSolicitations>
      <DiscriminateRaceStudentsRights>0</DiscriminateRaceStudentsRights>
      <DiscriminateRaceAdmissPolicies>0</DiscriminateRaceAdmissPolicies>
      <DiscriminateRaceEmplmnFaculty>0</DiscriminateRaceEmplmnFaculty>
      <DiscriminateRaceScholarships>0</DiscriminateRaceScholarships>
      <DiscriminateRaceEducPolicies>0</DiscriminateRaceEducPolicies>
      <DiscriminateRaceUseOfFclts>0</DiscriminateRaceUseOfFclts>
      <DiscriminateRaceAthleticProg>0</DiscriminateRaceAthleticProg>
      <DiscriminateRaceOtherActy>0</DiscriminateRaceOtherActy>
      <GovernmentFinancialAidReceived>0</GovernmentFinancialAidReceived>
      <GovernmentFinancialAidRevoked>0</GovernmentFinancialAidRevoked>
      <ComplianceWithRevProc7550>1</ComplianceWithRevProc7550>
      <Form990ScheduleEPartII>
        <Identifier>EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION</Identifier>
        <ReturnReference>SCHEDULE E, PART I, LINE 3</ReturnReference>
        <Explanation>ADVERTISEMENTS IN COMMUNITY NEWSPAPERS AND CATALOGUES</Explanation>
      </Form990ScheduleEPartII>
    </IRS990ScheduleE>
    <IRS990ScheduleG documentId="RetDoc1041200001">
      <MailSolicitations>X</MailSolicitations>
      <EmailSolicitations>X</EmailSolicitations>
      <PhoneSolicitations>X</PhoneSolicitations>
      <InPersonSolicitations>X</InPersonSolicitations>
      <SpecialFundraisingEvents>X</SpecialFundraisingEvents>
      <AgreementRefFundraising>1</AgreementRefFundraising>
      <FundraiserActivityInformation>
        <NameOfOrganization>
          <BusinessNameLine1>RUFFALO CODY</BusinessNameLine1>
        </NameOfOrganization>
        <AddressUS>
          <AddressLine1>PO BOX 3018</AddressLine1>
          <City>CEDAR RAPIDS</City>
          <State>IA</State>
          <ZIPCode>524043018</ZIPCode>
        </AddressUS>
        <Activity>ANNUAL FUND CONSULTING</Activity>
        <FundraiserControlOfFunds>0</FundraiserControlOfFunds>
        <GrossReceipts>0</GrossReceipts>
        <AmountRetainedByContractor>11200</AmountRetainedByContractor>
        <NetToOrganization>0</NetToOrganization>
      </FundraiserActivityInformation>
      <FundraiserActivityInformation>
        <NameOfOrganization>
          <BusinessNameLine1>PG CALC</BusinessNameLine1>
        </NameOfOrganization>
        <AddressUS>
          <AddressLine1>129 MOUNT AUBURN STREET</AddressLine1>
          <City>CAMBRIDGE</City>
          <State>MA</State>
          <ZIPCode>02138</ZIPCode>
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        <GrossReceipts>0</GrossReceipts>
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      <FundraiserActivityInformation>
        <NameOfOrganization>
          <BusinessNameLine1>THE WAYLAND GROUP</BusinessNameLine1>
        </NameOfOrganization>
        <AddressUS>
          <AddressLine1>323 BOSTON POST ROAD SUITE 10</AddressLine1>
          <City>SUDBURY</City>
          <State>MA</State>
          <ZIPCode>01776</ZIPCode>
        </AddressUS>
        <Activity>CAPITAL CAMPAIGN CONSULTING</Activity>
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        <GrossReceipts>0</GrossReceipts>
        <AmountRetainedByContractor>30411</AmountRetainedByContractor>
        <NetToOrganization>0</NetToOrganization>
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      <TotalRetainedByContractors>48011</TotalRetainedByContractors>
      <LicensedStates>MA</LicensedStates>
      <EventsInformation>
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        <GrossRevenueEvent1>121594</GrossRevenueEvent1>
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        <NameOfEvent2>SPORTS SALE</NameOfEvent2>
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        <GrossRevenueEvent2>20286</GrossRevenueEvent2>
        <OtherDirectExpensesEvent2>6223</OtherDirectExpensesEvent2>
        <GrossReceiptsTotal>154682</GrossReceiptsTotal>
        <CharitableContributionsTotal>12802</CharitableContributionsTotal>
        <GrossRevenueTotalEvents>141880</GrossRevenueTotalEvents>
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        <DirectExpenseSummaryEvents>37820</DirectExpenseSummaryEvents>
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    </IRS990ScheduleG>
    <IRS990ScheduleI documentId="RetDoc1041900001">
      <RecordsMaintained>1</RecordsMaintained>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>TUITION REMISSION</TypeOfGrant>
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        <AmountOfNonCashAssistance>254960</AmountOfNonCashAssistance>
        <MethodOfValuation>FAIR MARKET VALUE</MethodOfValuation>
        <DescriptionOfNonCashAssistance>REDUCTION IN TUITION</DescriptionOfNonCashAssistance>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>TUITION FINANCIAL AID</TypeOfGrant>
        <NumberOfRecipients>46</NumberOfRecipients>
        <AmountOfNonCashAssistance>986668</AmountOfNonCashAssistance>
        <MethodOfValuation>FAIR MARKET VALUE</MethodOfValuation>
        <DescriptionOfNonCashAssistance>REDUCTION IN TUITION</DescriptionOfNonCashAssistance>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>STUDENT FEES FINANCIAL AID</TypeOfGrant>
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        <MethodOfValuation>FAIR MARKET VALUE</MethodOfValuation>
        <DescriptionOfNonCashAssistance>REDUCTION IN FEES CHARGED</DescriptionOfNonCashAssistance>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIV>
        <Identifier>PROCEDURE FOR MONITORING GRANTS IN THE U.S.:</Identifier>
        <ReturnReference>PART I, LINE 2:</ReturnReference>
        <Explanation>SCHEDULE I, PART I, LINE 2: GRANTS FOR FINANCIAL AID ARE NEED-BASED AND AWARDED BY THE FINANCIAL AID COMMITTEE AS DETERMINED BY FINANCIAL DISCLOSURE INFORMATION PROVIDED BY THE FAMILY OF THE RECIPIENT.</Explanation>
      </Form990ScheduleIPartIV>
    </IRS990ScheduleI>
    <IRS990ScheduleJ documentId="RetDoc1042400001">
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      <ClubDuesOrFees>X</ClubDuesOrFees>
      <WrittenPolicyReTAndEExpenses>1</WrittenPolicyReTAndEExpenses>
      <SubstantiationRequired>1</SubstantiationRequired>
      <CompensationCommittee>X</CompensationCommittee>
      <IndependentConsultant>X</IndependentConsultant>
      <Form990OfOtherOrganizations>X</Form990OfOtherOrganizations>
      <CompensationSurvey>X</CompensationSurvey>
      <BoardOrCommitteeApproval>X</BoardOrCommitteeApproval>
      <SeverancePayment>0</SeverancePayment>
      <SupplementalNonqualRetirePlan>1</SupplementalNonqualRetirePlan>
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      <CompBasedNetEarningsRelateOrgs>0</CompBasedNetEarningsRelateOrgs>
      <AnyNonFixedPayments>0</AnyNonFixedPayments>
      <InitialContractException>0</InitialContractException>
      <Form990ScheduleJPartII>
        <NamePerson>GERARD JG WARD</NamePerson>
        <Title>HEADMASTER, EX-OFFICIO</Title>
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        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
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        <CompReportPrior990FilingOrg>151334</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>DAVID A PLATT</NamePerson>
        <Title>ASSISTANT HEAD MASTER</Title>
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      <Form990ScheduleJPartII>
        <NamePerson>DEREK R BOONISAR</NamePerson>
        <Title>ASSISTANT HEAD MASTER</Title>
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        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
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        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>THOMAS J HUDNER III</NamePerson>
        <Title>DIRECTOR OF ADVANCEMENT</Title>
        <BaseCompensationFilingOrg>119669</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>0</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>5734</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>27570</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>152973</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartIII>
        <ReturnReference>PART I, LINE 1A</ReturnReference>
        <Explanation>THE SCHOOL PROVIDES A RESIDENCE FOR PERSONAL USE AND AN ALLOWANCE FOR HEALTH CLUB TO THE HEADMASTER. THE HEALTH CLUB FRINGE IS TAXABLE TO THE HEADMASTER.</Explanation>
      </Form990ScheduleJPartIII>
      <Form990ScheduleJPartIII>
        <ReturnReference>PART I, LINE 4B</ReturnReference>
        <Explanation>EFFECTIVE JULY 1, 2009, THE SCHOOL ENTERED INTO A THREE-YEAR EMPLOYMENT CONTRACT WITH THE HEADMASTER. UPON EXPIRATION OF THE INITIAL THREE-YEAR TERM ON JUNE 30, 2012, THE AGREEMENT WAS REVIEWED AND AMENDED EFFECTIVE NOVEMBER 1, 2012. THIS AGREEMENT ALSO AUTHORIZES THE ESTABLISHMENT OF A NON-QUALIFIED 457(F) DEFERRED COMPENSATION PLAN (THE "PLAN") FOR THE BENEFIT OF THE EMPLOYEE. THE PLAN REQUIRES THE SCHOOL TO CREDIT $60,000 ($63,036 BEGINNING IN FISCAL YEAR 2012) A YEAR PLUS AN INCREASE DESIGNATED BY THE BOARD FOR THAT YEAR'S ANNUAL SALARY ADJUSTMENT PLUS AN INVESTMENT RETURN TO THE EMPLOYEE'S ACCOUNT FOR EACH YEAR OF THE CONTRACT. THESE FUNDS ARE FULLY VESTED AS OF JUNE 30, 2012. IN OCTOBER 2012, A DISTRIBUTION OF THE VESTED BALANCE OF $151,334 WAS MADE TO THE EMPLOYEE. EFFECTIVE NOVEMBER 1, 2012, THE SCHOOL ENTERED INTO A NEW THREE-YEAR ROLLING EMPLOYMENT CONTRACT WITH THE HEADMASTER. UPON EXPIRATION OF THE INITIAL THREE-YEAR TERM, THE AGREEMENT WILL AUTOMATICALLY RENEW FROM YEAR TO YEAR, UNLESS OTHERWISE TERMINATED UNDER THE PROVISIONS OF THE CONTRACT. THIS AGREEMENT ALSO AUTHORIZES THE ESTABLISHMENT OF A NON-QUALIFIED 457(F) DEFERRED COMPENSATION PLAN (THE "PLAN") FOR THE BENEFIT OF THE EMPLOYEE. THE PLAN REQUIRES THAT THE SCHOOL CREDIT $64,927 A YEAR PLUS AN INCREASE DESIGNATED BY THE BOARD FOR THAT YEAR'S ANNUAL SALARY ADJUSTMENT, PLUS AN INVESTMENT RETURN TO THE EMPLOYEE'S ACCOUNT FOR EACH YEAR OF THE CONTRACT. THESE FUNDS ARE FULLY VESTED AS OF JUNE 30, 2013. CONTRIBUTIONS PLUS ACCRUED INTEREST ON THE PLAN TOTALING $156,214 ARE INCLUDED IN ACCRUED EXPENSES AT JUNE 30, 2013. THE EMPLOYMENT AGREEMENT ALSO OUTLINES CERTAIN SALARY, FRINGE BENEFITS AND NOTICE REQUIREMENTS.</Explanation>
      </Form990ScheduleJPartIII>
    </IRS990ScheduleJ>
    <IRS990ScheduleK documentId="RetDoc1053100001">
      <Form990ScheduleKPartI>
        <BondReferenceCd>A</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1>MASSACHUSETTS DEVELOPMENT FINANCE AGENCY</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>043431814</IssuerEIN>
        <DateIssued>2012-12-21</DateIssued>
        <IssuePrice>9000000</IssuePrice>
        <DescriptionOfPurpose>REFINANCE OF PREVIOUS 08 BOND; CAMPUS IMPROVEMENT</DescriptionOfPurpose>
        <Defeased>0</Defeased>
        <OnBehalfOfIssuer>0</OnBehalfOfIssuer>
        <PoolFinancing>0</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartII>
        <BondReferenceCd>A</BondReferenceCd>
        <TotalProceeds>9000000</TotalProceeds>
        <CapitalExpenditures>5321528</CapitalExpenditures>
        <AmountUnspent>3678472</AmountUnspent>
        <YearOfSubstCompletion>2013</YearOfSubstCompletion>
        <CurrentRefunding>0</CurrentRefunding>
        <AdvanceRefunding>0</AdvanceRefunding>
        <FinalAllocationMade>0</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>0</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartIII>
        <BondReferenceCd>A</BondReferenceCd>
        <OwningBondFinancedProperty>0</OwningBondFinancedProperty>
        <AnyLeaseArrangements>0</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>0</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>0</AnyResearchAgreements>
        <PrcntgePrvtBusinessUseByOthers>0.00000</PrcntgePrvtBusinessUseByOthers>
        <PercentageOfPrvtBusinessReUBI>0.00000</PercentageOfPrvtBusinessReUBI>
        <TotalPrivateBusinessUse>0.00000</TotalPrivateBusinessUse>
        <BondIssMeetPrvtSecurityPayTest>0</BondIssMeetPrvtSecurityPayTest>
        <ChangeInUseBondFinancedProp>0</ChangeInUseBondFinancedProp>
        <NonQualifiedBondRemedProcdrs>0</NonQualifiedBondRemedProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIV>
        <BondReferenceCd>A</BondReferenceCd>
        <Form8038TFiled>0</Form8038TFiled>
        <RebateNotDueYet>0</RebateNotDueYet>
        <ExceptionToRebate>0</ExceptionToRebate>
        <NoRebateDue>0</NoRebateDue>
        <VariableRateIssue>1</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>1</HedgeIdentifiedInBooksAndRecds>
        <NameOfHedgeProvider>
          <BusinessNameLine1>BROWN BROTHER</BusinessNameLine1>
          <BusinessNameLine2>HARRIMAN &amp; CO</BusinessNameLine2>
        </NameOfHedgeProvider>
        <TermOfHedge>10.000000000000</TermOfHedge>
        <SuperintegratedHedge>0</SuperintegratedHedge>
        <HedgeTerminated>0</HedgeTerminated>
        <GrossProceedsInvestedInGIC>0</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>0</GrossProceedsInvested>
        <WrittenProcToMonitorReqs>0</WrittenProcToMonitorReqs>
      </Form990ScheduleKPartIV>
      <Form990ScheduleKPartV>
        <BondReferenceCd>A</BondReferenceCd>
        <ProcToUndertkCorrectiveAction>0</ProcToUndertkCorrectiveAction>
      </Form990ScheduleKPartV>
    </IRS990ScheduleK>
    <IRS990ScheduleM documentId="RetDoc1042900001">
      <BooksAndPublications>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NoncashContribsRptdF990>1172</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FAIR MARKET VALUE</MethodOfDeterminingRevenues>
      </BooksAndPublications>
      <SecuritiesPubliclyTraded>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>11</NumberOfContributions>
        <NoncashContribsRptdF990>1184432</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FAIR MARKET VALUE</MethodOfDeterminingRevenues>
      </SecuritiesPubliclyTraded>
      <OtherNonCashContributionsTable>
        <NonCashCheckbox>X</NonCashCheckbox>
        <Description>SPORTS TICKETS</Description>
        <NumberOfContributions>8</NumberOfContributions>
        <NoncashContribsRptdF990>860</NoncashContribsRptdF990>
      </OtherNonCashContributionsTable>
      <AnyPropertyThatMustBeHeld>0</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>1</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>0</ThirdPartiesUsed>
      <Form990ScheduleMPartII>
        <Identifier>METHOD FOR DETERMINING NUMBER OF CONTRIBUTIONS:</Identifier>
        <ReturnReference>PART I, COLUMN (B):</ReturnReference>
        <Explanation>THE ORGANIZATION IS REPORTING THE NUMBER OF GIFTS RECEIVED.</Explanation>
      </Form990ScheduleMPartII>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION A, LINE 8B</ReturnReference>
        <Explanation>EACH COMMITTEE COMTEMPORANEOUSLY DOCUMENTS THE MEETINGS HELD OR WRITTEN ACTIONS UNDERTAKEN DURING THE YEAR. HOWEVER, NONE OF THE COMMITTEES HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 11</ReturnReference>
        <Explanation>PRIOR TO ITS SUBMISSION TO THE IRS, THE FORM 990 IS REVIEWED BY A COMMITTEE WHICH CONSISTS OF MEMBERS OF THE AUDIT COMMITTEE, AS WELL AS THE CHAIR, VICE-CHAIR, AND TREASURER OF THE BOARD. IN ADDITION, A PUBLIC DISCLOSURE COPY OF THE FORM 990 IS PROVIDED TO THE FULL BOARD OF TRUSTEES.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 12C</ReturnReference>
        <Explanation>ALL TRUSTEES SHALL COMPLETE A CONFLICT OF INTEREST FORM ANNUALLY. NO TRUSTEE, COMMITTEE MEMBER, OFFICER OR EMPLOYEE SHALL ENGAGE IN ANY ACTION OR ACTIVITY, ACTING ON BEHALF OF THE CORPORATION, WHICH ALSO RESULTS IN A GAIN OR ADVANTAGE TO THAT INDIVIDUAL OR TO A MEMBER OF HIS OR HER IMMEDIATE FAMILY OR A BUSINESS ORGANIZATION IN WHICH SUCH PERSON HAS A SIGNIFICANT INTEREST SUCH THAT SUCH INDIVIDUAL MAY BE DEEMED TO HAVE AN "INTEREST" IN THE TRANSACTION (HEREINAFTER, AN "INTERESTED PERSON"), WITHOUT COMPLIANCE WITH SUCH APPROPRIATE REQUIREMENTS WITH RESPECT TO DISCLOSURE AS THE BOARD OF TRUSTEES OF THE CORPORATION MAY ESTABLISH FROM TIME TO TIME. IN ADDITION, NO PERSON WHO MAY BE DEEMED INTERESTED IN ANY MATTER BASED ON HIS OR HER CAPACITY AS TRUSTEE, COMMITTEE MEMBER, OFFICER OR EMPLOYEE SHALL VOTE OR USE HIS OR HER PERSONAL INFLUENCE ON THE MATTER, AND HE OR SHE SHOULD NOT BE COUNTED IN DETERMINING THE QUORUM FOR THE APPLICABLE MEETING, EVEN WHERE PERMITTED BY LAW. THE MINUTES OF THE MEETING SHALL REFLECT THE ABSTENTION BY SUCH INTERESTED PERSON(S) FROM VOTING, THE QUORUM COUNT, AND THAT A DISCLOSURE OF SUCH POTENTIAL CONFLICT OF INTEREST WAS MADE AT THE MEETING OF THE BOARD OF TRUSTEES.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 15A</ReturnReference>
        <Explanation>THE HEADMASTER'S THREE YEAR CONTRACT IS REVIEWED BY THE OFFICERS OF THE BOARD - CHAIR, VICE CHAIR, SECRETARY AND TREASURER. THIS GROUP ALSO REVIEWS COMPENSATION ANNUALLY. ON A REGULAR BASIS (LAST TIME, IN 2010) WE BENCHMARK THE HEADMASTER'S COMPENSATION (CASH AND BENEFITS) AGAINST OTHER EQUIVALENT HEADMASTERS. FOR THIS REVIEW WE USE AN OUTSIDE CONSULTANT.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FORM 990, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. IN ADDITION, THE FORM 990 IS AVAILABLE VIA GUIDESTAR AND THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>CHANGES IN NET ASSETS OR FUND BALANCES:</Identifier>
        <ReturnReference>FORM 990, PART XI, LINE 9:</ReturnReference>
        <Explanation>UNREALIZED GAINS 1,374,873. LOSS ON PLEDGE ACTIVITY -102,500. UNREALIZED GAIN ON INTEREST RATE SWAP AGREEMENT 57,015.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ESTIMATION OF VOLUNTEERS:</Identifier>
        <ReturnReference>FORM 990, PART I, LINE 6:</ReturnReference>
        <Explanation>THE ESTIMATE INCLUDES PARENT AND ALUMNI VOLUNTEERS FOR LIBRARY, DRAMA PROGRAM, GRADE LEVEL ACTIVITIES, VOLUNTEERS FOR PARENT ASSOCIATION COMMITTEES, AND ALUMNI VOLUNTEERS FOR ALUMNI EVENTS AND REUNION.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
  </ReturnData>
</Return>