2014-04-28T14:14:16-05:00 2013-06-30 420714325 MCGLADREY LLP 9737 WASHINGTONIAN BLVD 400 GAITHERSBURG MD 208787340 990 2012-07-01 231365963 REGENTS OF MERCERSBURG COLLEGE REGE 7173286110 300 EAST SEMINARY ST MERCERSBURG PA 172361551 MARIA L KIMSEY 7173286110 2014-04-28 1 WILLIAM E TURCO CPA P00369217 3012963600 2012 2015-11-30 17:44:51Z THE MERCERSBURG ACADEMY T DOUGLAS HALE 300 EAST SEMINARY ST MERCERSBURG PA 172361551 179131985 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. 27 26 375 690 -14072 -22557 10730934 49320138 21456557 22459681 4250751 21299935 413058 355627 36851300 93435381 5627480 5748623 0 0 15750853 16418757 25000 26405 3433761 15265328 15282710 36668661 37476495 182639 55958886 305575095 371545606 73347195 70532873 232227900 301012733 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 28775189 5748623 21189726 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. 1634084 1269955 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. 30409273 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 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 128 0 1 375 1 0 0 0 0 0 0 0 0 0 0 X 27 26 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AK AZ CO DC FL MA MD MI NJ NH OK OR SC WA X MARIA L KIMSEY TREASURER 7173286110 300 EAST SEMINARY ST MERCERSBURG PA 172361551 DAVID O FRANTZ PHD 2.00 X X 0 0 0 ALLEN W ZERN 2.00 X X 0 0 0 ALICE P ALBRIGHT 2.00 X 0 0 0 CHARLES E BELL 2.00 X 0 0 0 ALBERT C BELLAS 2.00 X 0 0 0 KENNETH T BERENTS 2.00 X 0 0 0 BARRETT BURNS 2.00 X 0 0 0 SALLY ANNE EPSTEIN 2.00 X 0 0 0 LAURA FISHER 2.00 X 0 0 0 THOMAS B HADZOR 2.00 X 0 0 0 GABRIEL A HAMMOND 2.00 X 0 0 0 PAMELA HOEHN-SARIC 2.00 X 0 0 0 JOSEPH R IMLER 2.00 X 0 0 0 HONORABLE JOHN E JONES III 2.00 X 0 0 0 PETER M LEBOVITZ 2.00 X 0 0 0 STACIE L RICE LISSETTE ESQ 2.00 X 0 0 0 PHILIP A LLOYD ESQ 2.00 X 0 0 0 PIERCE LORD 2.00 X 0 0 0 DOUGLAS L MILLER ESQ 2.00 X 0 0 0 JAMIL T MYRIE 2.00 X 0 0 0 JOHN K PRENTISS DVM 2.00 X 0 0 0 DEBORAH J SIMON 2.00 X 0 0 0 JAMES S SNYDER 2.00 X 0 0 0 DAVID G WAGNER 2.00 X 0 0 0 STEVEN M WAGSHAL 2.00 X 0 0 0 ALAN J WEIN MD FACS 2.00 X 0 0 0 T DOUGLAS HALE 70.00 X X 373764 0 54865 MARIA KIMSEY 60.00 X 197364 0 23327 BRIAN HARGROVE 60.00 X 127698 0 38715 MARY D RUTHERFORD 60.00 X 153172 0 19952 THOMAS ADAMS 60.00 X 151747 0 42023 JEFFREY GOETZ 50.00 X 114725 0 16441 WILLIAM MCCLINTICK 50.00 X 112794 0 15473 NICHOLAS STURM 50.00 X 109461 0 29743 GAIL REEDER 50.00 X 103949 0 16524 DANIELLE DEHAVEN NORDYKE 50.00 X 100872 0 58581 1545546 0 315644 10 0 1 0 R S MOWERY & SONS INC 1000 BENT CREEK BOULEVARD MECHANICSBURG PA 17050 CONSTRUCTION 3757589 SAGE DINING SERVICE 1402 YORK ROAD STE 100 LUTHERVILLE MD 21093 FOOD SERVICE 1860454 CENTERBROOK ARCHITECTSPLANNERS LLP 67 MAIN STREET CENTERBROOK CT 064090955 ARCHITECT 340003 BOWIE GRIDLEY ARCHITECTS 1010 WISCONSIN AVENUE NW WASHINGTON DC 20007 ARCHITECT 276991 ROCKWELL CONSTRUCTION CO INC 12348 ROCKWELL LANE MERCERSBURG PA 17236 CONSTRUCTION 245291 9 49320138 709920 49320138 TUITION AND FEES 900099 21189726 21189726 SUMMER PROGRAMS 900099 1269955 1269955 22459681 3142435 -22557 3164992 4251 0 4251 4251 4251 103519055 335049 85578218 118386 17940837 216663 18157500 18157500 177003 0 177003 177003 OTHER REVENUE 900099 144790 144790 LAUNDROMAT 900099 17930 17930 DINING HALL 900099 11653 8485 3168 174373 93435381 22459681 -14072 21669634 5748623 5748623 1207610 1207610 11649873 8978318 1272169 1399386 1041822 804682 112924 124216 1590483 1246322 163886 180275 928969 733886 92897 102186 51482 40671 5148 5663 51347 40564 5135 5648 26405 26405 490978 490978 635206 522672 66161 46373 294329 232520 29433 32376 1041099 805973 122904 112222 672541 531307 67254 73980 1315061 1038898 131506 144657 1252891 989784 125289 137818 481325 380246 48133 52946 2345079 1852612 234508 257959 2411443 1905040 241144 265259 377114 297920 37711 41483 TAXES 90101 71180 9010 9911 FOOD 1621668 1281118 162167 178383 CURRICULUM DEVELOPMENT 521308 411833 52131 57344 RENOVATIONS 389240 307500 38924 42816 1240498 979994 124049 136455 37476495 30409273 3633461 3433761 1500 1500 21149393 15448566 14228903 53321741 68632 85115 434025 434759 160931 181388 444217 452628 123266399 36091356 79269790 87175043 48834523 62071636 140755566 152158260 227615 214970 305575095 371545606 2440257 4017332 4893129 5110154 49235000 49235000 16778809 12170387 73347195 70532873 X 128613689 148607699 20699662 34246074 82914549 118158960 232227900 301012733 305575095 371545606 X 55958886 8443165 4382782 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2323340 X X 0 190747345 4967613 29259705 9336173 490978 215147512 196093023 5319333 -1356292 8848190 460529 190747345 170727830 3944513 33300173 10284112 1595381 196093023 160090207 1983080 19048391 9931080 462768 170727830 188299003 9543115 -24538553 12795629 417729 160090207 0.54940 0.38860 0.06200 0 0 81493 81493 105433630 34598350 70835280 2040328 1493006 547322 15710948 15710948 87175043 ALTERNATIVE INVESTMENTS 77018256 C POOLED INVESTMENTS 75133404 C EQUITY INVESTMENT 6600 C 152158260 INTEREST RATE SWAP AGREEMENTS 9418075 ASSET RETIREMENT OBLIGATION 616335 SPLIT-INTEREST AGREEMENTS 2135977 12170387 X 99171727 8443165 -2215841 6227324 92944403 490978 490978 93435381 30386894 0 30386894 490978 6598623 7089601 37476495 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. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: 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. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: 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, 2013 AND 2012, 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, 2013 AND 2012. GENERALLY, MERCERSBURG IS NO LONGER SUBJECT TO U.S. FEDERAL INCOME TAX POSITIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2010. PART XI, LINE 2D - OTHER ADJUSTMENTS: INSTITUTIONAL STUDENT AID NETTED AGAINST TUITION AND FEES -5,748,623. BANK FEES AND BAD DEBT RECLASSED TO FUNCTIONAL EXPENSE -20,881. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS -76,231. CHANGE IN MARKET VALUE OF SWAP AGREEMENT 4,459,013. FUNDRAISING COSTS RELATED TO CAPITAL GIFTS -829,119. PART XII, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL STUDENT AID NETTED AGAINST TUITION AND FEES 5,748,623. BANK FEES AND BAD DEBT RECLASSED TO FUNCTIONAL EXPENSE 20,881. FUNDRAISING COSTS RELATED TO CAPITAL GIFTS 829,119. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 REGENTS OF THE MERCERSBURG COLLEGE PUBLICIZES ITS RACIALLY NON-DISCRIMINATORY POLICY ANNUALLY IN THE WASHINGTON POST. EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES ADMISSION EFFORTS FOR RECRUITMENT 15000 NORTH AMERICA 0 0 PROGRAM SERVICES ADMISSION EFFORTS FOR RECRUITMENT 2500 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES ADMISSION EFFORTS FOR RECRUITMENT 7300 RUSSIA & THE NEWLY INDEPENDENT STATES 0 0 PROGRAM SERVICES ADMISSION EFFORTS FOR RECRUITMENT 2912 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES ADMISSION EFFORTS FOR RECRUITMENT 1200 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES ADMISSION EFFORTS FOR RECRUITMENT 8300 EUROPE (INCLUDING ICELAND & GREENLAND) 0 6 PROGRAM SERVICES USE OF AGENT/CONSULTANT FOR RECRUITING INTERNATIONAL STUDENTS (ADMISSION) 71120 RUSSIA & THE NEWLY INDEPENDENT STATES 0 2 PROGRAM SERVICES USE OF AGENT/CONSULTANT FOR RECRUITING INTERNATIONAL STUDENTS (ADMISSION) 12700 EAST ASIA AND THE PACIFIC 0 3 PROGRAM SERVICES AGENT/CONSULTANT USED TO COORDINATE STUDENTS' TRAVEL TO THE USA (SUMMER AND EXTENDED PROGRAMS) 12208 EUROPE (INCLUDING ICELAND & GREENLAND) 0 5 PROGRAM SERVICES AGENT/CONSULTANT USED TO COORDINATE STUDENTS' TRAVEL TO THE USA (SUMMER AND EXTENDED PROGRAMS) 14477 RUSSIA & THE NEWLY INDEPENDENT STATES 0 1 PROGRAM SERVICES AGENT/CONSULTANT USED TO COORDINATE STUDENTS' TRAVEL TO THE USA (SUMMER AND EXTENDED PROGRAMS) 6425 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES STUDENT SERVICE/ACADEMIC TRIP 48275 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES STUDENT SERVICE/ACADEMIC TRIP 101096 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES STUDENT SERVICE/ACADEMIC TRIP 50120 EAST ASIA AND THE PACIFIC 0 0 FUNDRAISING 18634 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, INVESTING 38533664 0 8 0 9 0 17 121032 38784899 38905931 1 0 0 0 0 1 X X X X 1 WASHBURN & MCGOLDRICK INC 950 NEW LOUDON RD LATHAM NY 12110 CAMPAIGN CONSULTANT 0 0 26405 -26405 26405 -26405 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 SCHOLARSHIPS 214 5659582 STUDENT AID FOR REQUIRED FEES, BOOKS AND SUPPLIES 15 17832 STUDENT SERVICE/CULTURAL TRIP 34 71209 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: SINCE 1893, MERCERSBURG ACADEMY HAS, WITH EXTENSIVE HELP FROM ALUMNI, FAMILY AND FRIENDS OF THE SCHOOL, OFFERED STUDENTS FINANCIAL AID BASED PRIMARILY UPON DEMONSTRATED FINANCIAL ELIGIBILITY. MERCERSBURG CURRENTLY ADMINISTERS A GENEROUS FINANCIAL AID PROGRAM THAT FUNDS OVER 40 PERCENT OF THE STUDENT BODY. UNDERSTANDING THAT A MERCERSBURG EDUCATION IS A SIGNIFICANT INVESTMENT, THE FINANCIAL AID COMMITTEE WORKS TO DETERMINE A FAIR ASSESSMENT OF A FAMILY'S ABILITY TO PROVIDE THEIR CHILDREN WITH THE OUTSTANDING EDUCATION AVAILABLE HERE. MERCERSBURG ENCOURAGES FAMILIES WITH LIMITED MEANS TO APPLY FOR ASSISTANCE BASED UPON THE ASSUMPTION THAT THE PRIMARY OBLIGATION FOR FINANCING A STUDENT'S EDUCATION RESTS SOLELY WITH THE FAMILY. THE ACADEMY FURTHER EXPECTS THAT A FAMILY IS WILLING TO MAKE SIGNIFICANT ADJUSTMENTS IN THE USE OF ITS DISCRETIONARY RESOURCES, AS WELL AS ACCESS ANCILLARY RESOURCES AVAILABLE THROUGH FAMILY, WORK, AND LOCAL ORGANIZATIONS. IN EVERY INSTANCE, THE FINANCIAL AID COMMITTEE SEEKS EVIDENCE THAT A FAMILY'S COMMITMENT TO THEIR CHILD'S EDUCATION IS AT LEAST AS STRONG AS THE ACADEMY'S. IN ORDER TO DETERMINE A FAMILY'S ELIGIBILITY TO RECEIVE FINANCIAL AID IN A FAIR AND EQUITABLE MANNER, MERCERSBURG REQUIRES THAT ALL APPLICANTS COMPLETE THE PARENT FINANCIAL STATEMENT (PFS) WITH THE SCHOOL AND STUDENT SERVICE FOR FINANCIAL AID (SSS) FOR EACH YEAR OF MATRICULATION. X X X X X 1 1 X X X 0 0 0 0 0 0 0 0 0 T DOUGLAS HALE 318500 0 0 0 55264 0 22500 0 34498 0 430762 0 0 0 MARIA KIMSEY 174854 0 0 0 22510 0 17595 0 11271 0 226230 0 0 0 BRIAN HARGROVE 102074 0 0 0 25624 0 10038 0 32243 0 169979 0 0 0 MARY D RUTHERFORD 147520 0 0 0 5652 0 13374 0 8167 0 174713 0 0 0 THOMAS ADAMS 139913 0 0 0 11834 0 11857 0 31560 0 195164 0 0 0 DANIELLE DEHAVEN NORDYKE 100576 0 0 0 296 0 9638 0 53375 0 163885 0 0 0 PART I, LINE 1A T. DOUGLAS HALE RECEIVED NON-TAXABLE TRAVEL FOR COMPANIONS IN THE AMOUNT OF $425. THE HEAD OF SCHOOL'S WIFE ALSO ATTENDS IMPORTANT FUND RAISING EVENTS AND HOSTS THE BOARD OF REGENTS SPOUSES DURING BOARD MEETINGS. T. DOUGLAS HALE 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: MARIA KIMSEY - $3,600 BRIAN HARGROVE - $8,400 MARY D. RUTHERFORD - $4,375 THOMAS ADAMS - $11,450 WILLIAM MCCLINTICK - $10,600 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 0 B 0 0 1 0 1 1 SUNTRUST BANK 22.000000000000 0 0 0 0 0 A 1 B 1 X 981 INVOICES X 24 703890 AVERAGE OF HIGH/LOW X SPORTS EQUIPMENT 3 3246 INVOICES X GIFT CERTIFICATES 1 1000 VALUE OF CERTIFICATE X EVENT EXPENSES 1 803 INVOICES 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 OFFICERS OF MERCERSBURG ACADEMY'S BOARD DELIBERATE ON, REVIEW, AND APPROVE THE SALARY OF THE HEAD OF SCHOOL. THESE BOARD OFFICERS HAVE FULL COMPARABILITY DATA AVAILABLE FROM BOTH ABOPS AND NAIS TO AID IN SUCH DELIBERATIONS. THE RESULTS OF THE DELIBERATIONS, REVIEW, AND SALARY APPROVAL PROCESS ARE THEN SHARED WITH THE ENTIRE BOARD WHEN 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS -76,231. CHANGE IN MARKET VALUE OF SWAP AGREEMENT 4,459,013.