﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.irs.gov/efile" returnVersion="2011v1.5">
  <ReturnHeader binaryAttachmentCount="0">
    <Timestamp>2013-05-09T09:59:59-05:00</Timestamp>
    <TaxPeriodEndDate>2012-06-30</TaxPeriodEndDate>
    <PreparerFirm>
      <EIN>010523282</EIN>
      <PreparerFirmBusinessName>
        <BusinessNameLine1>Berry Dunn McNeil &amp; Parker LLC</BusinessNameLine1>
      </PreparerFirmBusinessName>
      <PreparerFirmUSAddress>
        <AddressLine1>1000 Elm Street 15th Floor</AddressLine1>
        <City>Manchester</City>
        <State>NH</State>
        <ZIPCode>03101</ZIPCode>
      </PreparerFirmUSAddress>
    </PreparerFirm>
    <ReturnType>990</ReturnType>
    <TaxPeriodBeginDate>2011-07-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>020263136</EIN>
      <Name>
        <BusinessNameLine1>Franklin Pierce University</BusinessNameLine1>
      </Name>
      <NameControl>FRAN</NameControl>
      <Phone>6038994000</Phone>
      <USAddress>
        <AddressLine1>40 University Drive</AddressLine1>
        <City>Rindge</City>
        <State>NH</State>
        <ZIPCode>03461</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>Richard Marshall</Name>
      <Title>CFO</Title>
      <Phone>6038994000</Phone>
      <DateSigned>2013-05-02</DateSigned>
      <AuthorizeThirdParty>1</AuthorizeThirdParty>
    </Officer>
    <Preparer>
      <Name>Rachel Williamson CPA</Name>
      <PTIN>P00186614</PTIN>
      <Phone>6036697337</Phone>
      <DatePrepared>2013-05-02</DatePrepared>
    </Preparer>
    <TaxYear>2011</TaxYear>
    <BuildTS>2016-02-25 16:41:14Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="11">
    <IRS990 documentId="RetDoc1038000001" referenceDocumentId="RetDoc1044400001">
      <NameOfPrincipalOfficerPerson>Dr James Birge</NameOfPrincipalOfficerPerson>
      <AddressPrincipalOfficerUS>
        <AddressLine1>40 University Drive</AddressLine1>
        <City>Rindge</City>
        <State>NH</State>
        <ZIPCode>03461</ZIPCode>
      </AddressPrincipalOfficerUS>
      <GrossReceipts>67785937</GrossReceipts>
      <GroupReturnForAffiliates>0</GroupReturnForAffiliates>
      <Organization501c3>X</Organization501c3>
      <WebSite>www.franklinpierce.edu</WebSite>
      <TypeOfOrganizationCorporation>X</TypeOfOrganizationCorporation>
      <YearFormation>1962</YearFormation>
      <StateLegalDomicile>NH</StateLegalDomicile>
      <ActivityOrMissionDescription>Franklin Pierce University prepares students to become confident, knowledgeable individuals and leaders of conscience.</ActivityOrMissionDescription>
      <NbrVotingMembersGoverningBody>23</NbrVotingMembersGoverningBody>
      <NbrIndependentVotingMembers>22</NbrIndependentVotingMembers>
      <TotalNbrEmployees>1538</TotalNbrEmployees>
      <TotalNbrVolunteers>40</TotalNbrVolunteers>
      <TotalGrossUBI>67439</TotalGrossUBI>
      <NetUnrelatedBusinessTxblIncome>-27837</NetUnrelatedBusinessTxblIncome>
      <ContributionsGrantsPriorYear>2876024</ContributionsGrantsPriorYear>
      <ContributionsGrantsCurrentYear>1213885</ContributionsGrantsCurrentYear>
      <ProgramServiceRevenuePriorYear>64542278</ProgramServiceRevenuePriorYear>
      <ProgramServiceRevenueCY>63181579</ProgramServiceRevenueCY>
      <InvestmentIncomePriorYear>582658</InvestmentIncomePriorYear>
      <InvestmentIncomeCurrentYear>670714</InvestmentIncomeCurrentYear>
      <OtherRevenuePriorYear>28099</OtherRevenuePriorYear>
      <OtherRevenueCurrentYear>28973</OtherRevenueCurrentYear>
      <TotalRevenuePriorYear>68029059</TotalRevenuePriorYear>
      <TotalRevenueCurrentYear>65095151</TotalRevenueCurrentYear>
      <GrantsAndSimilarAmntsPriorYear>18857640</GrantsAndSimilarAmntsPriorYear>
      <GrantsAndSimilarAmntsCY>18987744</GrantsAndSimilarAmntsCY>
      <BenefitsPaidToMembersPriorYear>0</BenefitsPaidToMembersPriorYear>
      <BenefitsPaidToMembersCY>0</BenefitsPaidToMembersCY>
      <SalariesEtcPriorYear>28855924</SalariesEtcPriorYear>
      <SalariesEtcCurrentYear>27427368</SalariesEtcCurrentYear>
      <TotalProfFundrsngExpPriorYear>0</TotalProfFundrsngExpPriorYear>
      <TotalProfFundrsngExpCY>0</TotalProfFundrsngExpCY>
      <TotalFundrsngExpCurrentYear>1187121</TotalFundrsngExpCurrentYear>
      <OtherExpensePriorYear>20027420</OtherExpensePriorYear>
      <OtherExpensesCurrentYear>19636855</OtherExpensesCurrentYear>
      <TotalExpensesPriorYear>67740984</TotalExpensesPriorYear>
      <TotalExpensesCurrentYear>66051967</TotalExpensesCurrentYear>
      <RevenuesLessExpensesPriorYear>288075</RevenuesLessExpensesPriorYear>
      <RevenuesLessExpensesCY>-956816</RevenuesLessExpensesCY>
      <TotalAssetsBOY>75106835</TotalAssetsBOY>
      <TotalAssetsEOY>73147629</TotalAssetsEOY>
      <TotalLiabilitiesBOY>56628354</TotalLiabilitiesBOY>
      <TotalLiabilitiesEOY>56212236</TotalLiabilitiesEOY>
      <NetAssetsOrFundBalancesBOY>18478481</NetAssetsOrFundBalancesBOY>
      <NetAssetsOrFundBalancesEOY>16935393</NetAssetsOrFundBalancesEOY>
      <InfoInScheduleOPartIII>X</InfoInScheduleOPartIII>
      <MissionDescription>Franklin Pierce University embraces an education that matters: one that achieves success through the integration of liberal arts and professional programs.</MissionDescription>
      <SignificantNewProgramServices>0</SignificantNewProgramServices>
      <SignificantChange>0</SignificantChange>
      <Expense>59433496</Expense>
      <Grants>18987744</Grants>
      <Revenue>63114140</Revenue>
      <Description>Franklin Pierce University serves traditional and nontraditional students at the undergraduate and graduate level. Awards are offered from the certificate level through the doctoral level. Credit and non-credit bearing courses are available, and many programs are available online. Degree completion programs are available and the university welcomes transfer students at all instructional locations.Enrollment:Undergraduate Fall Enrollment Total Headcount: 1,739 (Traditional Undergraduate = 1,399; Nontraditional/Online = 340)Graduate Fall Enrollment Total Headcount: 518Undergraduate Awards:Undergraduate CertificateAssociate of Arts (multiple business, legal and human services concentrations)Bachelor of Arts (multiple liberal arts/humanities concentrations)Bachelor of Science (multiple biological, health, and environmental science concentrations; business and communications concentrations)Graduate Awards:Graduate CertificatesMaster of Science in NursingMaster of Physician Assistant StudiesMaster of Business AdministrationMaster of Science in Information TechnologyMaster of EducationDoctor of Physical TherapyDoctor of Arts in LeadershipStudent:faculty Ratio: 18:1Average Class Size: 15.5 Undergraduate Areas of Study:Accounting, Accounting-Finance, Advertising, American Studies, Anthropology, Applied Economics, Art History, Arts Management, Biology, Business Administration, Certification in Art Education, Certification in Elementary Education, Chemistry, Computer Information Technology, Criminal Justice , Dance, Documentary Studies, Education, English, Environmental Science, Environmental Studies, Finance, Fine Arts, General Studies/Liberal Arts, Global Citizenship, Graphic Communications, Health Sciences, History, Human Services, Management, Marketing, Mass Communication, Mathematics, Music, Nursing, Paralegal, Philosophy, Political Science, Psychology, Public History, Public Relations, Secondary Certification - Biology, Secondary Certification - English , Secondary Certification - Social Science, Social Work and Counseling, Sociology, Sports and Recreation Management, Student-Designed (Interdisciplinary), Sustainability, Theatre, Women in Leadership, Integrated Studies.Graduate Areas of Study:Arts, Business Administration in Energy and Sustainability Studies, Business Administration in Human Resource Management, Business Administration in Leadership, Business Administration in Sports Management, Business in Health Administration, Education, Emerging Network Technology, Health Administration, Human Resource Management, Leadership, Nursing Administration, Nursing Education, Physical Therapy, Physician Assistant Studies, Science in Information Technology Management and Sustainability.MBA tracks are available as an accelerated program through the College at Rindge and several programs are available at our College of Graduate &amp; Professional Studies across New England, in Arizona, and online.Accreditation:Franklin Pierce University is accredited by the New England Association of Schools and Colleges, Inc. (NEASC). In May 2009, Franklin Pierce was accorded full re-accreditation by NEASC until 2018.</Description>
      <TotalProgramServiceExpense>59433496</TotalProgramServiceExpense>
      <DescribedIn501C3 referenceDocumentId="RetDoc1039100001">1</DescribedIn501C3>
      <ScheduleBRequired referenceDocumentId="RetDoc1234500001">1</ScheduleBRequired>
      <PoliticalActivities>0</PoliticalActivities>
      <LobbyingActivities>0</LobbyingActivities>
      <SubjectToProxyTax>0</SubjectToProxyTax>
      <DonorAdvisedFunds referenceDocumentId="RetDoc1040000001">0</DonorAdvisedFunds>
      <ConservationEasements referenceDocumentId="RetDoc1040000001">0</ConservationEasements>
      <CollectionsOfArt referenceDocumentId="RetDoc1040000001">0</CollectionsOfArt>
      <CreditCounseling referenceDocumentId="RetDoc1040000001">0</CreditCounseling>
      <TermOrPermanentEndowments referenceDocumentId="RetDoc1040000001">1</TermOrPermanentEndowments>
      <ReportLandBldgEquip referenceDocumentId="RetDoc1040000001">1</ReportLandBldgEquip>
      <ReportInvestOthSecurities referenceDocumentId="RetDoc1040000001">0</ReportInvestOthSecurities>
      <ReportProgRelInvest referenceDocumentId="RetDoc1040000001">0</ReportProgRelInvest>
      <ReportOtherAssets referenceDocumentId="RetDoc1040000001">0</ReportOtherAssets>
      <ReportOtherLiabilities referenceDocumentId="RetDoc1040000001">1</ReportOtherLiabilities>
      <ReportFin48Footnote referenceDocumentId="RetDoc1040000001">0</ReportFin48Footnote>
      <IndependentAuditFinancialStmt referenceDocumentId="RetDoc1040000001">1</IndependentAuditFinancialStmt>
      <ConsolidatedAuditFinancialStmt referenceDocumentId="RetDoc1040000001">0</ConsolidatedAuditFinancialStmt>
      <School referenceDocumentId="RetDoc1040400001">1</School>
      <ForeignOffice>0</ForeignOffice>
      <ForeignActivities referenceDocumentId="RetDoc1040500001">1</ForeignActivities>
      <MoreThan5000KToOrganizations referenceDocumentId="RetDoc1040500001">0</MoreThan5000KToOrganizations>
      <MoreThan5000KToIndividuals referenceDocumentId="RetDoc1040500001">1</MoreThan5000KToIndividuals>
      <ProfessionalFundraising>0</ProfessionalFundraising>
      <FundraisingActivities>1</FundraisingActivities>
      <Gaming>0</Gaming>
      <Hospital>0</Hospital>
      <GrantsToOrganizations referenceDocumentId="RetDoc1041900001">0</GrantsToOrganizations>
      <GrantsToIndividuals referenceDocumentId="RetDoc1041900001">1</GrantsToIndividuals>
      <ScheduleJRequired referenceDocumentId="RetDoc1042400001">1</ScheduleJRequired>
      <TaxExemptBonds referenceDocumentId="RetDoc1053100001">1</TaxExemptBonds>
      <InvestTaxExemptBonds>0</InvestTaxExemptBonds>
      <EscrowAccount>0</EscrowAccount>
      <OnBehalfOfIssuer>0</OnBehalfOfIssuer>
      <ExcessBenefitTransaction>0</ExcessBenefitTransaction>
      <PriorExcessBenefitTransaction>0</PriorExcessBenefitTransaction>
      <LoanToOfficerOrDQP>0</LoanToOfficerOrDQP>
      <GrantToRelatedPerson>0</GrantToRelatedPerson>
      <BsnssRltnshpWithOrganization>0</BsnssRltnshpWithOrganization>
      <BsnssRltnshpThruFamilyMember>0</BsnssRltnshpThruFamilyMember>
      <OfficerEntityWithBsnssRltnshp>0</OfficerEntityWithBsnssRltnshp>
      <DeductibleNonCashContributions>0</DeductibleNonCashContributions>
      <DeductibleContributionsOfArt>0</DeductibleContributionsOfArt>
      <Terminated>0</Terminated>
      <PartialLiquidation>0</PartialLiquidation>
      <DisregardedEntity>0</DisregardedEntity>
      <RelatedEntity>0</RelatedEntity>
      <RelatedOrgControlledEntity>0</RelatedOrgControlledEntity>
      <TransactionRelatedEntity>0</TransactionRelatedEntity>
      <TransfersToExemptNonChrtblOrg>0</TransfersToExemptNonChrtblOrg>
      <ActivitiesConductedPartnership>0</ActivitiesConductedPartnership>
      <ScheduleORequired>1</ScheduleORequired>
      <NumberFormsTransmittedWith1096>122</NumberFormsTransmittedWith1096>
      <NumberW2GIncluded>0</NumberW2GIncluded>
      <ComplianceWithBackupWitholding>1</ComplianceWithBackupWitholding>
      <NumberOfEmployees>1538</NumberOfEmployees>
      <EmploymentTaxReturnsFiled>1</EmploymentTaxReturnsFiled>
      <UnrelatedBusinessIncome>1</UnrelatedBusinessIncome>
      <Form990-TFiled>1</Form990-TFiled>
      <ForeignFinancialAccount>0</ForeignFinancialAccount>
      <ProhibitedTaxShelterTrans>0</ProhibitedTaxShelterTrans>
      <TaxablePartyNotification>0</TaxablePartyNotification>
      <NonDeductibleContributions>0</NonDeductibleContributions>
      <QuidProQuoContributions>0</QuidProQuoContributions>
      <Form8282PropertyDisposedOf>0</Form8282PropertyDisposedOf>
      <FundsToPayPremiums>0</FundsToPayPremiums>
      <PremiumsPaid>0</PremiumsPaid>
      <IndoorTanningServices>0</IndoorTanningServices>
      <InfoInScheduleOPartVI>X</InfoInScheduleOPartVI>
      <NbrVotingGoverningBodyMembers>23</NbrVotingGoverningBodyMembers>
      <NumberIndependentVotingMembers>22</NumberIndependentVotingMembers>
      <FamilyOrBusinessRelationship>0</FamilyOrBusinessRelationship>
      <DelegationOfManagementDuties>0</DelegationOfManagementDuties>
      <ChangesToOrganizingDocs>0</ChangesToOrganizingDocs>
      <MaterialDiversionOrMisuse>0</MaterialDiversionOrMisuse>
      <MembersOrStockholders>0</MembersOrStockholders>
      <ElectionOfBoardMembers>0</ElectionOfBoardMembers>
      <DecisionsSubjectToApproval>0</DecisionsSubjectToApproval>
      <MinutesOfGoverningBody>1</MinutesOfGoverningBody>
      <MinutesOfCommittees>1</MinutesOfCommittees>
      <OfficerMailingAddress>0</OfficerMailingAddress>
      <LocalChapters>0</LocalChapters>
      <Form990ProvidedToGoverningBody>1</Form990ProvidedToGoverningBody>
      <ConflictOfInterestPolicy>1</ConflictOfInterestPolicy>
      <AnnualDisclosureCoveredPersons>1</AnnualDisclosureCoveredPersons>
      <RegularMonitoringEnforcement>1</RegularMonitoringEnforcement>
      <WhistleblowerPolicy>1</WhistleblowerPolicy>
      <DocumentRetentionPolicy>1</DocumentRetentionPolicy>
      <CompensationProcessCEO>1</CompensationProcessCEO>
      <CompensationProcessOther>1</CompensationProcessOther>
      <InvestmentInJointVenture>0</InvestmentInJointVenture>
      <StatesWhereCopyOfReturnIsFiled>NH</StatesWhereCopyOfReturnIsFiled>
      <StatesWhereCopyOfReturnIsFiled>AZ</StatesWhereCopyOfReturnIsFiled>
      <UponRequest>X</UponRequest>
      <TheBooksAreInCareOf>
        <NameBusiness>
          <BusinessNameLine1>Richard Marshall CFO</BusinessNameLine1>
        </NameBusiness>
        <TelephoneNumber>6038994244</TelephoneNumber>
        <AddressUS>
          <AddressLine1>40 University Drive</AddressLine1>
          <City>Ringe</City>
          <State>NH</State>
          <ZIPCode>03461</ZIPCode>
        </AddressUS>
      </TheBooksAreInCareOf>
      <Form990PartVIISectionA>
        <NamePerson>James F Birge</NamePerson>
        <Title>President</Title>
        <AverageHoursPerWeek>40.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <Officer>X</Officer>
        <ReportableCompFromOrganization>264528</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>36680</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Lloyd Astmann</NamePerson>
        <Title>Chair</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <Officer>X</Officer>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>James P Fallon Esq</NamePerson>
        <Title>Trustee</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Marlin Fitzwater</NamePerson>
        <Title>Trustee</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Terry O'Connell II</NamePerson>
        <Title>Past Trustee</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Robert M Patterson</NamePerson>
        <Title>Trustee</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Kerry Stein</NamePerson>
        <Title>Vice Chair</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <Officer>X</Officer>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Richard Rettig</NamePerson>
        <Title>Assistant Secretary</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <Officer>X</Officer>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Robert P Brown</NamePerson>
        <Title>Trustee</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Gregory M Doody</NamePerson>
        <Title>Trustee</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Michael CJ Fallon</NamePerson>
        <Title>Secretary</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <Officer>X</Officer>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Thomas Farrell</NamePerson>
        <Title>Trustee</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Milton E Kahn CPA</NamePerson>
        <Title>Trustee</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Eric S Marcus</NamePerson>
        <Title>Trustee</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Helen J Streubert</NamePerson>
        <Title>Trustee</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Laurie Tomlinson</NamePerson>
        <Title>Trustee</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Jack Wozmak</NamePerson>
        <Title>Trustee</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>B Jay Cooper</NamePerson>
        <Title>Trustee</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Jean D'Meza Leuner</NamePerson>
        <Title>Trustee</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Carleen Farrell</NamePerson>
        <Title>Trustee</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Patricia Lang Barry</NamePerson>
        <Title>Trustee</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Paul M Goyette</NamePerson>
        <Title>Trustee</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>George Kidd Jr</NamePerson>
        <Title>Trustee</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Susan Pimentel</NamePerson>
        <Title>Trustee</Title>
        <AverageHoursPerWeek>1.00</AverageHoursPerWeek>
        <IndividualTrusteeOrDirector>X</IndividualTrusteeOrDirector>
        <ReportableCompFromOrganization>0</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>0</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Bruce M Kirsch</NamePerson>
        <Title>Vice President</Title>
        <AverageHoursPerWeek>40.00</AverageHoursPerWeek>
        <Officer>X</Officer>
        <ReportableCompFromOrganization>111645</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>17735</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>James P Earle</NamePerson>
        <Title>Vice President</Title>
        <AverageHoursPerWeek>40.00</AverageHoursPerWeek>
        <Officer>X</Officer>
        <ReportableCompFromOrganization>105449</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>20097</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Kim Mooney</NamePerson>
        <Title>Provost</Title>
        <AverageHoursPerWeek>40.00</AverageHoursPerWeek>
        <Officer>X</Officer>
        <ReportableCompFromOrganization>181347</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>16084</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Ahmad Boura</NamePerson>
        <Title>Vice President</Title>
        <AverageHoursPerWeek>40.00</AverageHoursPerWeek>
        <Officer>X</Officer>
        <ReportableCompFromOrganization>138198</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>23902</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Richard Marshall</NamePerson>
        <Title>Vice President</Title>
        <AverageHoursPerWeek>40.00</AverageHoursPerWeek>
        <Officer>X</Officer>
        <ReportableCompFromOrganization>138306</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>23988</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Sandra Quaye</NamePerson>
        <Title>Director</Title>
        <AverageHoursPerWeek>40.00</AverageHoursPerWeek>
        <HighestCompensatedEmployee>X</HighestCompensatedEmployee>
        <ReportableCompFromOrganization>115913</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>35735</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Paul M Kotila</NamePerson>
        <Title>Dean</Title>
        <AverageHoursPerWeek>40.00</AverageHoursPerWeek>
        <HighestCompensatedEmployee>X</HighestCompensatedEmployee>
        <ReportableCompFromOrganization>103653</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>14433</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>David Brandes</NamePerson>
        <Title>Professor</Title>
        <AverageHoursPerWeek>40.00</AverageHoursPerWeek>
        <HighestCompensatedEmployee>X</HighestCompensatedEmployee>
        <ReportableCompFromOrganization>120067</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>51604</OtherCompensation>
      </Form990PartVIISectionA>
      <Form990PartVIISectionA>
        <NamePerson>Stephanie Johnson</NamePerson>
        <Title>Director</Title>
        <AverageHoursPerWeek>40.00</AverageHoursPerWeek>
        <HighestCompensatedEmployee>X</HighestCompensatedEmployee>
        <ReportableCompFromOrganization>104487</ReportableCompFromOrganization>
        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
        <OtherCompensation>17545</OtherCompensation>
      </Form990PartVIISectionA>
      <TotalReportableCompFromOrg>1383593</TotalReportableCompFromOrg>
      <TotalReportableCompFrmRltdOrgs>0</TotalReportableCompFrmRltdOrgs>
      <TotalOtherCompensation>257803</TotalOtherCompensation>
      <NumberIndividualsGT100K>10</NumberIndividualsGT100K>
      <FormersListed>0</FormersListed>
      <TotalCompGT150K>1</TotalCompGT150K>
      <CompensationFromOtherSources>0</CompensationFromOtherSources>
      <ContractorCompensation>
        <NameOfContractor>
          <NameBusiness>
            <BusinessNameLine1>Connor Architecture LLC</BusinessNameLine1>
          </NameBusiness>
        </NameOfContractor>
        <AddressOfContractor>
          <AddressUS>
            <AddressLine1>1656 Massachusetts Ave</AddressLine1>
            <City>Lexington</City>
            <State>MA</State>
            <ZIPCode>02421</ZIPCode>
          </AddressUS>
        </AddressOfContractor>
        <DescriptionOfServices>Architecture</DescriptionOfServices>
        <Compensation>675000</Compensation>
      </ContractorCompensation>
      <NumberOfContractorsGT100K>1</NumberOfContractorsGT100K>
      <GovernmentGrants>513210</GovernmentGrants>
      <AllOtherContributions>700675</AllOtherContributions>
      <TotalContributions>1213885</TotalContributions>
      <ProgramServiceRevenue>
        <Description>Tuition and Fees</Description>
        <BusinessCode>611710</BusinessCode>
        <TotalRevenueColumn>50611390</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>50611390</RelatedOrExemptFunctionIncome>
      </ProgramServiceRevenue>
      <ProgramServiceRevenue>
        <Description>Auxilliary Services</Description>
        <BusinessCode>713940</BusinessCode>
        <TotalRevenueColumn>11822554</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>11755115</RelatedOrExemptFunctionIncome>
        <UnrelatedBusinessRevenue>67439</UnrelatedBusinessRevenue>
      </ProgramServiceRevenue>
      <ProgramServiceRevenue>
        <Description>Miscellaneous Revenue</Description>
        <BusinessCode>611710</BusinessCode>
        <TotalRevenueColumn>747635</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>747635</RelatedOrExemptFunctionIncome>
      </ProgramServiceRevenue>
      <TotalProgramServiceRevenue>63181579</TotalProgramServiceRevenue>
      <InvestmentIncome>
        <TotalRevenueColumn>504029</TotalRevenueColumn>
        <ExclusionAmount>504029</ExclusionAmount>
      </InvestmentIncome>
      <GrossAmountSalesAssets>
        <Securities>2822509</Securities>
        <Other>19350</Other>
      </GrossAmountSalesAssets>
      <LessCostOthBasisSalesExpenses>
        <Securities>2667409</Securities>
        <Other>7765</Other>
      </LessCostOthBasisSalesExpenses>
      <GainOrLoss>
        <Securities>155100</Securities>
        <Other>11585</Other>
      </GainOrLoss>
      <NetGainOrLossInvestments>
        <TotalRevenueColumn>166685</TotalRevenueColumn>
        <ExclusionAmount>166685</ExclusionAmount>
      </NetGainOrLossInvestments>
      <GrossIncomeFundraisingEvents>44585</GrossIncomeFundraisingEvents>
      <FundraisingDirectExpenses>15612</FundraisingDirectExpenses>
      <NetIncomeFromFundraisingEvents>
        <TotalRevenueColumn>28973</TotalRevenueColumn>
        <ExclusionAmount>28973</ExclusionAmount>
      </NetIncomeFromFundraisingEvents>
      <TotalRevenue>
        <TotalRevenueColumn>65095151</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>63114140</RelatedOrExemptFunctionIncome>
        <UnrelatedBusinessRevenue>67439</UnrelatedBusinessRevenue>
        <ExclusionAmount>699687</ExclusionAmount>
      </TotalRevenue>
      <GrantsToDomesticIndividuals>
        <Total>18964740</Total>
        <ProgramServices>18964740</ProgramServices>
      </GrantsToDomesticIndividuals>
      <ForeignGrants>
        <Total>23004</Total>
        <ProgramServices>23004</ProgramServices>
      </ForeignGrants>
      <CompCurrentOfficersDirectors>
        <Total>1077962</Total>
        <ManagementAndGeneral>1077962</ManagementAndGeneral>
      </CompCurrentOfficersDirectors>
      <OtherSalariesAndWages>
        <Total>19109111</Total>
        <ProgramServices>17502667</ProgramServices>
        <ManagementAndGeneral>906886</ManagementAndGeneral>
        <Fundraising>699558</Fundraising>
      </OtherSalariesAndWages>
      <PensionPlanContributions>
        <Total>241783</Total>
        <ProgramServices>211080</ProgramServices>
        <ManagementAndGeneral>21162</ManagementAndGeneral>
        <Fundraising>9541</Fundraising>
      </PensionPlanContributions>
      <OtherEmployeeBenefits>
        <Total>5626429</Total>
        <ProgramServices>4947957</ProgramServices>
        <ManagementAndGeneral>463419</ManagementAndGeneral>
        <Fundraising>215053</Fundraising>
      </OtherEmployeeBenefits>
      <PayrollTaxes>
        <Total>1372083</Total>
        <ProgramServices>1298581</ProgramServices>
        <ManagementAndGeneral>65947</ManagementAndGeneral>
        <Fundraising>7555</Fundraising>
      </PayrollTaxes>
      <FeesForServicesLegal>
        <Total>135522</Total>
        <ManagementAndGeneral>135522</ManagementAndGeneral>
      </FeesForServicesLegal>
      <FeesForServicesAccounting>
        <Total>93131</Total>
        <ManagementAndGeneral>93131</ManagementAndGeneral>
      </FeesForServicesAccounting>
      <FeesForServicesInvstMgmntFees>
        <Total>66518</Total>
        <ManagementAndGeneral>66518</ManagementAndGeneral>
      </FeesForServicesInvstMgmntFees>
      <FeesForServicesOther>
        <Total>1811091</Total>
        <ProgramServices>1666558</ProgramServices>
        <ManagementAndGeneral>106964</ManagementAndGeneral>
        <Fundraising>37569</Fundraising>
      </FeesForServicesOther>
      <Advertising>
        <Total>266051</Total>
        <ProgramServices>205137</ProgramServices>
        <ManagementAndGeneral>59143</ManagementAndGeneral>
        <Fundraising>1771</Fundraising>
      </Advertising>
      <OfficeExpenses>
        <Total>1147011</Total>
        <ProgramServices>1006117</ProgramServices>
        <ManagementAndGeneral>89067</ManagementAndGeneral>
        <Fundraising>51827</Fundraising>
      </OfficeExpenses>
      <Travel>
        <Total>745784</Total>
        <ProgramServices>699624</ProgramServices>
        <ManagementAndGeneral>30170</ManagementAndGeneral>
        <Fundraising>15990</Fundraising>
      </Travel>
      <ConferencesMeetings>
        <Total>108789</Total>
        <ProgramServices>100972</ProgramServices>
        <ManagementAndGeneral>7797</ManagementAndGeneral>
        <Fundraising>20</Fundraising>
      </ConferencesMeetings>
      <Interest>
        <Total>2649902</Total>
        <ProgramServices>2480263</ProgramServices>
        <ManagementAndGeneral>155174</ManagementAndGeneral>
        <Fundraising>14465</Fundraising>
      </Interest>
      <DepreciationDepletion>
        <Total>2851525</Total>
        <ProgramServices>2698427</ProgramServices>
        <ManagementAndGeneral>137361</ManagementAndGeneral>
        <Fundraising>15737</Fundraising>
      </DepreciationDepletion>
      <Insurance>
        <Total>636527</Total>
        <ManagementAndGeneral>636527</ManagementAndGeneral>
      </Insurance>
      <OtherExpenses>
        <Description>Utilities</Description>
        <Total>2073081</Total>
        <ProgramServices>1960289</ProgramServices>
        <ManagementAndGeneral>100146</ManagementAndGeneral>
        <Fundraising>12646</Fundraising>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Rentals and Leases</Description>
        <Total>1725251</Total>
        <ProgramServices>1565867</ProgramServices>
        <ManagementAndGeneral>156067</ManagementAndGeneral>
        <Fundraising>3317</Fundraising>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Student Board</Description>
        <Total>1677539</Total>
        <ProgramServices>1677539</ProgramServices>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Repairs and Maintenance</Description>
        <Total>805339</Total>
        <ProgramServices>761089</ProgramServices>
        <ManagementAndGeneral>41477</ManagementAndGeneral>
        <Fundraising>2773</Fundraising>
      </OtherExpenses>
      <AllOtherExpenses>
        <Total>2843794</Total>
        <ProgramServices>1663585</ProgramServices>
        <ManagementAndGeneral>1080910</ManagementAndGeneral>
        <Fundraising>99299</Fundraising>
      </AllOtherExpenses>
      <TotalFunctionalExpenses>
        <Total>66051967</Total>
        <ProgramServices>59433496</ProgramServices>
        <ManagementAndGeneral>5431350</ManagementAndGeneral>
        <Fundraising>1187121</Fundraising>
      </TotalFunctionalExpenses>
      <CashNonInterestBearing>
        <EOY>5203</EOY>
      </CashNonInterestBearing>
      <SavingsAndTempCashInvestments>
        <BOY>5499147</BOY>
        <EOY>6658195</EOY>
      </SavingsAndTempCashInvestments>
      <PledgesAndGrantsReceivable>
        <BOY>1965445</BOY>
        <EOY>835309</EOY>
      </PledgesAndGrantsReceivable>
      <AccountsReceivable>
        <BOY>580941</BOY>
        <EOY>1126097</EOY>
      </AccountsReceivable>
      <OtherNotesLoansReceivableNet>
        <BOY>6369513</BOY>
        <EOY>6222060</EOY>
      </OtherNotesLoansReceivableNet>
      <PrepaidExpensesDeferredCharges>
        <BOY>408443</BOY>
        <EOY>307960</EOY>
      </PrepaidExpensesDeferredCharges>
      <LandBuildingsEquipmentBasis>94088604</LandBuildingsEquipmentBasis>
      <LandBldgEquipmentAccumDeprec>42077298</LandBldgEquipmentAccumDeprec>
      <LandBuildingsEquipmentBasisNet>
        <BOY>51360945</BOY>
        <EOY>52011306</EOY>
      </LandBuildingsEquipmentBasisNet>
      <InvestmentsPubTradedSecurities>
        <BOY>6701480</BOY>
        <EOY>3879390</EOY>
      </InvestmentsPubTradedSecurities>
      <OtherAssetsTotal>
        <BOY>2220921</BOY>
        <EOY>2102109</EOY>
      </OtherAssetsTotal>
      <TotalAssets>
        <BOY>75106835</BOY>
        <EOY>73147629</EOY>
      </TotalAssets>
      <AccountsPayableAccruedExpenses>
        <BOY>3692443</BOY>
        <EOY>4665294</EOY>
      </AccountsPayableAccruedExpenses>
      <DeferredRevenue>
        <BOY>2511247</BOY>
        <EOY>1556978</EOY>
      </DeferredRevenue>
      <TaxExemptBondLiabilities>
        <BOY>44857731</BOY>
        <EOY>43723021</EOY>
      </TaxExemptBondLiabilities>
      <MortNotesPyblSecuredInvestProp>
        <BOY>2987782</BOY>
        <EOY>3869027</EOY>
      </MortNotesPyblSecuredInvestProp>
      <OtherLiabilities>
        <BOY>2579151</BOY>
        <EOY>2397916</EOY>
      </OtherLiabilities>
      <TotalLiabilities>
        <BOY>56628354</BOY>
        <EOY>56212236</EOY>
      </TotalLiabilities>
      <FollowSFAS117>X</FollowSFAS117>
      <UnrestrictedNetAssets>
        <BOY>11546968</BOY>
        <EOY>11483152</EOY>
      </UnrestrictedNetAssets>
      <TemporarilyRestrictedNetAssets>
        <BOY>2911615</BOY>
        <EOY>1347276</EOY>
      </TemporarilyRestrictedNetAssets>
      <PermanentlyRestrictedNetAssets>
        <BOY>4019898</BOY>
        <EOY>4104965</EOY>
      </PermanentlyRestrictedNetAssets>
      <TotalNetAssetsFundBalances>
        <BOY>18478481</BOY>
        <EOY>16935393</EOY>
      </TotalNetAssetsFundBalances>
      <TotalLiabNetAssetsFundBalances>
        <BOY>75106835</BOY>
        <EOY>73147629</EOY>
      </TotalLiabNetAssetsFundBalances>
      <InfoInScheduleOPartXI>X</InfoInScheduleOPartXI>
      <ReconcilationRevenueExpenses>-956816</ReconcilationRevenueExpenses>
      <ReconcilationOtherChanges>-586272</ReconcilationOtherChanges>
      <InfoInScheduleOPartXII>X</InfoInScheduleOPartXII>
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <AccountantCompileOrReview>0</AccountantCompileOrReview>
      <FSAudited>1</FSAudited>
      <AuditCommittee>1</AuditCommittee>
      <FinancialStatementSeparate>X</FinancialStatementSeparate>
      <FederalGrantAuditRequired>1</FederalGrantAuditRequired>
      <FederalGrantAuditPerformed>1</FederalGrantAuditPerformed>
    </IRS990>
    <IRS990ScheduleA documentId="RetDoc1039100001">
      <School170b1Aii>X</School170b1Aii>
    </IRS990ScheduleA>
    <IRS990ScheduleB documentId="RetDoc1234500001">
      <ContributorInfo>
        <ContributorNumber>RESTRICTED</ContributorNumber>
        <ContributorNameBusiness>
          <BusinessNameLine1>RESTRICTED</BusinessNameLine1>
        </ContributorNameBusiness>
        <ContributorAddressUS>
          <AddressLine1>RESTRICTED</AddressLine1>
          <AddressLine2>RESTRICTED</AddressLine2>
          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>RESTRICTED</AggregateContributions>
      </ContributorInfo>
    </IRS990ScheduleB>
    <IRS990ScheduleD documentId="RetDoc1040000001">
      <CurrentYear>
        <BeginningOfYearBalance>7756032</BeginningOfYearBalance>
        <Contributions>44878</Contributions>
        <InvestmentEarningsOrLosses>-158883</InvestmentEarningsOrLosses>
        <OtherExpenditures>2369003</OtherExpenditures>
        <EndOfYearBalance>5273024</EndOfYearBalance>
      </CurrentYear>
      <CurrentYearMinus1Year>
        <BeginningOfYearBalance>8202484</BeginningOfYearBalance>
        <Contributions>292838</Contributions>
        <InvestmentEarningsOrLosses>1236950</InvestmentEarningsOrLosses>
        <OtherExpenditures>1976240</OtherExpenditures>
        <EndOfYearBalance>7756032</EndOfYearBalance>
      </CurrentYearMinus1Year>
      <CurrentYearMinus2Years>
        <BeginningOfYearBalance>6885046</BeginningOfYearBalance>
        <Contributions>977579</Contributions>
        <InvestmentEarningsOrLosses>741489</InvestmentEarningsOrLosses>
        <OtherExpenditures>401630</OtherExpenditures>
        <EndOfYearBalance>8202484</EndOfYearBalance>
      </CurrentYearMinus2Years>
      <CurrentYearMinus3Years>
        <BeginningOfYearBalance>8999124</BeginningOfYearBalance>
        <Contributions>320538</Contributions>
        <InvestmentEarningsOrLosses>-1660715</InvestmentEarningsOrLosses>
        <OtherExpenditures>773901</OtherExpenditures>
        <EndOfYearBalance>6885046</EndOfYearBalance>
      </CurrentYearMinus3Years>
      <BoardDesignatedEOYBalance>0.15430</BoardDesignatedEOYBalance>
      <PermanentEndowmentEOYBalance>0.77850</PermanentEndowmentEOYBalance>
      <TermEndowmentEOYBalance>0.06720</TermEndowmentEOYBalance>
      <EndowmentsHeldByUnrelatedOrgs>0</EndowmentsHeldByUnrelatedOrgs>
      <EndowmentsHeldByRelatedOrgs>0</EndowmentsHeldByRelatedOrgs>
      <Land>
        <OtherCostOrOtherBasis>975543</OtherCostOrOtherBasis>
        <BookValue>975543</BookValue>
      </Land>
      <Buildings>
        <OtherCostOrOtherBasis>66604965</OtherCostOrOtherBasis>
        <Depreciation>27457194</Depreciation>
        <BookValue>39147771</BookValue>
      </Buildings>
      <LeaseholdImprovements>
        <OtherCostOrOtherBasis>151989</OtherCostOrOtherBasis>
        <Depreciation>44346</Depreciation>
        <BookValue>107643</BookValue>
      </LeaseholdImprovements>
      <Equipment>
        <OtherCostOrOtherBasis>10153317</OtherCostOrOtherBasis>
        <Depreciation>7231637</Depreciation>
        <BookValue>2921680</BookValue>
      </Equipment>
      <OtherLandBuildings>
        <OtherCostOrOtherBasis>16202790</OtherCostOrOtherBasis>
        <Depreciation>7344121</Depreciation>
        <BookValue>8858669</BookValue>
      </OtherLandBuildings>
      <TotalOfBookValueLandBuildings>52011306</TotalOfBookValueLandBuildings>
      <OtherLiabilities>
        <Description>Government Advances for Student Loans</Description>
        <Amount>949522</Amount>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>Capital Lease Obligations</Description>
        <Amount>1448394</Amount>
      </OtherLiabilities>
      <TotalOfAmounts>2397916</TotalOfAmounts>
      <TotalRevenue>65095151</TotalRevenue>
      <TotalExpenses>66051967</TotalExpenses>
      <ExcessOrDeficitForYear>-956816</ExcessOrDeficitForYear>
      <NetUnrealizedGLOnInvestments>-586272</NetUnrealizedGLOnInvestments>
      <TotalAdjustments>-586272</TotalAdjustments>
      <ExcessOrDeficitPerFS>-1543088</ExcessOrDeficitPerFS>
      <TotRevenueEtcAuditedFinclStmt>45470229</TotRevenueEtcAuditedFinclStmt>
      <NetUnrealizedGainsInvestments>-586272</NetUnrealizedGainsInvestments>
      <OtherRevenues>15612</OtherRevenues>
      <RevenueNotRptdF990>-570660</RevenueNotRptdF990>
      <RevenueSubtotal>46040889</RevenueSubtotal>
      <InvestmentExpensesNotIncluded>66518</InvestmentExpensesNotIncluded>
      <OtherRevenuesNotIncluded>18987744</OtherRevenuesNotIncluded>
      <RevenueNotRptdOnFinStmt>19054262</RevenueNotRptdOnFinStmt>
      <TotalRevenuePerForm990>65095151</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>47013317</TotExpensesEtcAuditedFinclStmt>
      <OtherExpensesIncluded>15612</OtherExpensesIncluded>
      <ExpensesNotRptdF990>15612</ExpensesNotRptdF990>
      <ExpensesSubtotal>46997705</ExpensesSubtotal>
      <InvestmentExpensesNotIncluded2>66518</InvestmentExpensesNotIncluded2>
      <OtherExpensesNotIncluded>18987744</OtherExpensesNotIncluded>
      <ExpensesNotRptdOnFinStmt>19054262</ExpensesNotRptdOnFinStmt>
      <TotalExpensesPerForm990>66051967</TotalExpensesPerForm990>
      <Form990ScheduleDPartXIV>
        <Identifier>Description of Intended Use of Endowment Funds:</Identifier>
        <ReturnReference>Part V, Line 4:</ReturnReference>
        <Explanation>The University's endowment primarily consists of funds established for scholarships. Its endowment includes both donor-restricted endowment funds and funds designated by the Board of Trustees to function as endowments. As required by U.S. Generally Accepted Accounting Principles (GAAP), net assets associated with endowment funds, including funds designated by the Board of Trustees to function as endowments, are classified and reported based on the existence or absence of donor-imposed restrictions.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>Part XII, Line 2d - Other Adjustments:</Identifier>
        <Explanation>Fundraising Expenses 15,612.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>Part XII, Line 4b - Other Adjustments:</Identifier>
        <Explanation>Financial Aid 18,987,744.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>Part XIII, Line 2d - Other Adjustments:</Identifier>
        <Explanation>Fundraising Expenses 15,612.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>Part XIII, Line 4b - Other Adjustments:</Identifier>
        <Explanation>Financial Aid 18,987,744.</Explanation>
      </Form990ScheduleDPartXIV>
    </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>1</GovernmentFinancialAidReceived>
      <GovernmentFinancialAidRevoked>0</GovernmentFinancialAidRevoked>
      <ComplianceWithRevProc7550>1</ComplianceWithRevProc7550>
      <Form990ScheduleEPartII>
        <Identifier>Explanation of Nondiscriminatory Policy Publication</Identifier>
        <ReturnReference>Schedule E, Part I, Line 3</ReturnReference>
        <Explanation>The University Policy is widely circulated and available. The Policy is available on the University website, academic catalogue, student handbook, student applications and various other publications.</Explanation>
      </Form990ScheduleEPartII>
      <Form990ScheduleEPartII>
        <Identifier>Explanation of Government Financial Assistance</Identifier>
        <ReturnReference>Schedule E, Part I, Line 6</ReturnReference>
        <Explanation>Franklin Pierce University participates in the following governmental programs: Federal Pell Grant SEOG - Supplemental Educational Opportunity Grant Federal Perkins Loans Federal Stafford Student Loan - Subsidized and unsubsidized Federal PLUS - Parent Loans for Undergraduate Students Federal workstudy</Explanation>
      </Form990ScheduleEPartII>
    </IRS990ScheduleE>
    <IRS990ScheduleF documentId="RetDoc1040500001">
      <GrantRecordsMaintained>1</GrantRecordsMaintained>
      <AcctsActvsOutUSTable>
        <Region>Russia and Newly-Independent States</Region>
        <NumberOfOffices>0</NumberOfOffices>
        <NumberOfEmployees>0</NumberOfEmployees>
        <TypeOfActivitiesConducted>Grants to recipients</TypeOfActivitiesConducted>
        <SpecificServicesProvided>Scholarships</SpecificServicesProvided>
        <TotalExpenditures>23004</TotalExpenditures>
      </AcctsActvsOutUSTable>
      <SubtotalNumberOfOffices>0</SubtotalNumberOfOffices>
      <SubtotalNumberOfEmployees>0</SubtotalNumberOfEmployees>
      <ContNumberOfOffices>0</ContNumberOfOffices>
      <ContNumberOfEmployees>0</ContNumberOfEmployees>
      <TotalNumberOfOffices>0</TotalNumberOfOffices>
      <TotalNumberOfEmployees>0</TotalNumberOfEmployees>
      <SubtotalAmountSpent>23004</SubtotalAmountSpent>
      <ContAmountSpent>0</ContAmountSpent>
      <TotalAmountSpent>23004</TotalAmountSpent>
      <GrantsToIndOutsideUS>
        <TypeOfAssistance>Scholarships</TypeOfAssistance>
        <Region>Ukraine</Region>
        <NumberOfRecipients>2</NumberOfRecipients>
        <AmountOfCashGrant>0</AmountOfCashGrant>
        <AmountOfNonCashAssistance>23004</AmountOfNonCashAssistance>
        <DescriptionOfNonCashAssistance>Tuition Discount</DescriptionOfNonCashAssistance>
        <MethodOfValuation>FMV</MethodOfValuation>
      </GrantsToIndOutsideUS>
      <TransferToForeignCorp>0</TransferToForeignCorp>
      <InterestInForeignTrust>0</InterestInForeignTrust>
      <OwnForeignCorp>0</OwnForeignCorp>
      <PassiveForeignInvestCo>0</PassiveForeignInvestCo>
      <ForeignPartnership>0</ForeignPartnership>
      <BoycottCountries>0</BoycottCountries>
      <Form990ScheduleFPartV>
        <Explanation>Schedule F, Part I, Line 2: All assistance is in the form of grants and scholarships. These funds are applied directly to the student's account.</Explanation>
      </Form990ScheduleFPartV>
    </IRS990ScheduleF>
    <IRS990ScheduleG documentId="RetDoc1041300001">
      <EventsInformation>
        <NameOfEvent1>Golf Tournament</NameOfEvent1>
        <GrossReceiptsEvent1>44585</GrossReceiptsEvent1>
        <GrossRevenueEvent1>44585</GrossRevenueEvent1>
        <OtherDirectExpensesEvent1>15612</OtherDirectExpensesEvent1>
        <GrossReceiptsTotal>44585</GrossReceiptsTotal>
        <GrossRevenueTotalEvents>44585</GrossRevenueTotalEvents>
        <OtherDirectExpensesTotalEvents>15612</OtherDirectExpensesTotalEvents>
        <DirectExpenseSummaryEvents>15612</DirectExpenseSummaryEvents>
        <NetIncomeSummary>28973</NetIncomeSummary>
      </EventsInformation>
    </IRS990ScheduleG>
    <IRS990ScheduleI documentId="RetDoc1041900001">
      <RecordsMaintained>1</RecordsMaintained>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>Named Scholarships</TypeOfGrant>
        <NumberOfRecipients>132</NumberOfRecipients>
        <AmountOfCashGrant>321069</AmountOfCashGrant>
        <AmountOfNonCashAssistance>0</AmountOfNonCashAssistance>
        <MethodOfValuation>FMV</MethodOfValuation>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>Discounts</TypeOfGrant>
        <NumberOfRecipients>1369</NumberOfRecipients>
        <AmountOfCashGrant>0</AmountOfCashGrant>
        <AmountOfNonCashAssistance>18643671</AmountOfNonCashAssistance>
        <MethodOfValuation>FMV</MethodOfValuation>
      </Form990ScheduleIPartIII>
      <Form990ScheduleIPartIV>
        <Explanation>Schedule I, Part I, Line 2: All assistance is in the form of grants and scholarships. These funds are applied directly to the student's account.</Explanation>
      </Form990ScheduleIPartIV>
    </IRS990ScheduleI>
    <IRS990ScheduleJ documentId="RetDoc1042400001">
      <TravelForCompanions>X</TravelForCompanions>
      <HousingAllowanceOrResidence>X</HousingAllowanceOrResidence>
      <WrittenPolicyReTAndEExpenses>1</WrittenPolicyReTAndEExpenses>
      <SubstantiationRequired>1</SubstantiationRequired>
      <Form990OfOtherOrganizations>X</Form990OfOtherOrganizations>
      <WrittenEmploymentContract>X</WrittenEmploymentContract>
      <CompensationSurvey>X</CompensationSurvey>
      <BoardOrCommitteeApproval>X</BoardOrCommitteeApproval>
      <SeverancePayment>1</SeverancePayment>
      <SupplementalNonqualRetirePlan>1</SupplementalNonqualRetirePlan>
      <EquityBasedCompArrangement>0</EquityBasedCompArrangement>
      <CompBasedOnRevenueOfFilingOrg>1</CompBasedOnRevenueOfFilingOrg>
      <CompBasedOnRevenueRelatedOrgs>0</CompBasedOnRevenueRelatedOrgs>
      <CompBasedNetEarningsFilingOrg>0</CompBasedNetEarningsFilingOrg>
      <CompBasedNetEarningsRelateOrgs>0</CompBasedNetEarningsRelateOrgs>
      <AnyNonFixedPayments>0</AnyNonFixedPayments>
      <InitialContractException>0</InitialContractException>
      <Form990ScheduleJPartII>
        <NamePerson>James F Birge</NamePerson>
        <BaseCompensationFilingOrg>221286</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>43242</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>7436</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>29244</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>301208</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>Kim Mooney</NamePerson>
        <BaseCompensationFilingOrg>171600</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>9747</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>5577</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>10507</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>197431</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>Ahmad Boura</NamePerson>
        <BaseCompensationFilingOrg>121147</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>16000</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>1051</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>4368</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>19534</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>162100</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>Richard Marshall</NamePerson>
        <BaseCompensationFilingOrg>135397</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>2909</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>4475</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>19513</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>162294</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>Sandra Quaye</NamePerson>
        <BaseCompensationFilingOrg>115136</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>777</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>4992</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>30743</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>151648</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>David Brandes</NamePerson>
        <BaseCompensationFilingOrg>78132</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>41935</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>9499</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>42105</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>171671</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
    </IRS990ScheduleJ>
    <IRS990ScheduleK documentId="RetDoc1053100001">
      <Form990ScheduleKPartI>
        <IssuerName>
          <BusinessNameLine1>NH Health &amp; Education Facilities Authority</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>020279866</IssuerEIN>
        <DateIssued>2004-07-01</DateIssued>
        <IssuePrice>11000000</IssuePrice>
        <DescriptionOfPurpose>Construction of college facilities</DescriptionOfPurpose>
        <Defeased>0</Defeased>
        <OnBehalfOfIssuer>0</OnBehalfOfIssuer>
        <PoolFinancing>0</PoolFinancing>
      </Form990ScheduleKPartI>
      <Form990ScheduleKPartII>
        <TotalProceeds>11000000</TotalProceeds>
        <AmountInReserveFund>653099</AmountInReserveFund>
        <IssuanceCostsFromProceeds>739542</IssuanceCostsFromProceeds>
        <CapitalExpenditures>9387359</CapitalExpenditures>
        <YearOfSubstCompletion>2007</YearOfSubstCompletion>
        <CurrentRefunding>0</CurrentRefunding>
        <AdvanceRefunding>0</AdvanceRefunding>
        <FinalAllocationMade>1</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>1</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartIII>
        <OwningBondFinancedProperty>0</OwningBondFinancedProperty>
        <AnyLeaseArrangements>0</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>0</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>0</AnyResearchAgreements>
        <PostIssuanceComplianceProcdrs>1</PostIssuanceComplianceProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIV>
        <Form8038TFiled>0</Form8038TFiled>
        <VariableRateIssue>0</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>0</HedgeIdentifiedInBooksAndRecds>
        <GrossProceedsInvestedInGIC>0</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>0</GrossProceedsInvested>
        <ExceptionToRebate>0</ExceptionToRebate>
      </Form990ScheduleKPartIV>
    </IRS990ScheduleK>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <GeneralExplanation>
        <ReturnReference>Form 990, Part VI, Section B, line 11</ReturnReference>
        <Explanation>Form 990 was reviewed by management and the audit committee prior to filing.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>Form 990, Part VI, Section B, line 12c</ReturnReference>
        <Explanation>Officers, Trustees and key employees submit an affirmation that no conflicts exist or a disclosure of conflicts in October of each calendar year.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>Form 990, Part VI, Section B, line 15</ReturnReference>
        <Explanation>The Organization determines officers' salaries through a review of comparable salaries of officers in similar positions at universities and a review of officers' responsibilities. Officers' salaries are subject to approval by the Board.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>Form 990, Part VI, Section C, line 19</ReturnReference>
        <Explanation>Franklin Pierce University makes its governing documents, conflict of interest policy and financial statements available to the public upon request.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Changes in Net Assets or Fund Balances:</Identifier>
        <ReturnReference>Form 990, Part XI, line 5:</ReturnReference>
        <Explanation>Net unrealized losses on investments: -586,272.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>Form 990, Part XII, Line 2c</ReturnReference>
        <Explanation>The organization has not changed the audit oversight or selection process during the tax year.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>Form 990, Part X, Line 11</ReturnReference>
        <Explanation>The Balance Sheet reflects the GAAP value of the following partnership investments: iShares S&amp;P GSCI Commodity-Indexed Trust which had a December 31, 2011 year end, the Schedule K-1 reflects an ending capital account of $58,361. National Collegiate Trust 2000-CP1 which had a December 31, 2011 year end, the Schedule K-1 reflects an ending capital account of $-3,998. National Collegiate Trust 1995 S-2 which had a December 31, 2011 year end, the Schedule K-1 reflects an ending capital account of $4,219. National Collegiate Trust 1996-S1 which had a December 31, 2011 year end, the Schedule K-1 reflects an ending capital account of $7,048. National Collegiate Trust 1996-S2 which had a December 31, 2011 year end, the Schedule K-1 reflects an ending capital account of $-3,903. National Collegiate Trust 1997-S1 which had a December 31, 2011 year end, the Schedule K-1 reflects an ending capital account of $-7,288. National Collegiate Trust 1998-CP1 which had a December 31, 2011 year end, the Schedule K-1 reflects an ending capital account of $-1,780. National Collegiate Trust 1997 S-2 which had a December 31, 2011 year end, the Schedule K-1 reflects an ending capital account of $-4,303. National Collegiate Trust 1999-CP1 which had a December 31, 2011 year end, the Schedule K-1 reflects an ending capital account of $-8,764. National Collegiate Trust 2001 CP1 which had a December 31, 2011 year end, the Schedule K-1 reflects an ending capital account of $2,121.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
  </ReturnData>
</Return>