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        <ReportableCompFromRelatedOrgs>0</ReportableCompFromRelatedOrgs>
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        <NamePerson>DR RICHARD E RUSBULDT</NamePerson>
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        <NamePerson>GEORGE TORGGLER</NamePerson>
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        <NamePerson>MALCOLM STREET</NamePerson>
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        <NamePerson>JOHN SUNDQUIST</NamePerson>
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      <Form990PartVIISectionA>
        <NamePerson>DENNIS TANNER PHD</NamePerson>
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        <NamePerson>JOHN M TEMPLETON JR MD</NamePerson>
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        <NamePerson>F ARDELL THOMAS MD</NamePerson>
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        <NamePerson>REV DR ALYN E WALLER</NamePerson>
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        <NamePerson>KELLY WILBRAHAM</NamePerson>
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        <NamePerson>ALGIT JOY</NamePerson>
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        <NamePerson>KENTON SPARKS</NamePerson>
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        <NamePerson>THOMAS RIDINGTON</NamePerson>
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        <NamePerson>DEREK RITCHIE</NamePerson>
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        <NamePerson>DIANNA BACCI</NamePerson>
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        <NamePerson>BETTY ANN BRIGHAM</NamePerson>
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        <NamePerson>CHRISTOPHER HALL</NamePerson>
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        <NamePerson>J PERNELL JONES</NamePerson>
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        <NamePerson>DAVID KING</NamePerson>
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        <NamePerson>PAULINE BEROL</NamePerson>
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        <NamePerson>BETH DORIANI</NamePerson>
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        <NamePerson>FRANCISCO MILAN</NamePerson>
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        <NamePerson>DAVID GREENHALGH</NamePerson>
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      <TotalReportableCompFrmRltdOrgs>0</TotalReportableCompFrmRltdOrgs>
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          <NameBusiness>
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          <NameBusiness>
            <BusinessNameLine1>ARTHUR JACKSON AND COMPANY</BusinessNameLine1>
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            <City>PHILADELPHIA</City>
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        <Securities>12554671</Securities>
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        <TotalRevenueColumn>0</TotalRevenueColumn>
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      <MiscellaneousRevenue>
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        <UnrelatedBusinessRevenue>6945</UnrelatedBusinessRevenue>
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        <TotalRevenueColumn>89132552</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>80976450</RelatedOrExemptFunctionIncome>
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        <ProgramServices>24728828</ProgramServices>
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        <ProgramServices>265101</ProgramServices>
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        <Fundraising>10807</Fundraising>
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      <Advertising>
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        <ProgramServices>803595</ProgramServices>
        <ManagementAndGeneral>72882</ManagementAndGeneral>
        <Fundraising>7007</Fundraising>
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        <ProgramServices>1076689</ProgramServices>
        <ManagementAndGeneral>729472</ManagementAndGeneral>
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        <ManagementAndGeneral>676017</ManagementAndGeneral>
        <Fundraising>26483</Fundraising>
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        <ProgramServices>3112939</ProgramServices>
        <ManagementAndGeneral>1228080</ManagementAndGeneral>
        <Fundraising>2037</Fundraising>
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        <ManagementAndGeneral>121122</ManagementAndGeneral>
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      <ConferencesMeetings>
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        <ProgramServices>262486</ProgramServices>
        <ManagementAndGeneral>21461</ManagementAndGeneral>
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        <ProgramServices>1758280</ProgramServices>
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        <ProgramServices>2562601</ProgramServices>
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        <ProgramServices>2090814</ProgramServices>
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        <ManagementAndGeneral>230092</ManagementAndGeneral>
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        <ManagementAndGeneral>23351</ManagementAndGeneral>
        <Fundraising>5525</Fundraising>
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      <OtherExpenses>
        <Description>MISC.</Description>
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        <Fundraising>113382</Fundraising>
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      <OtherExpenses>
        <Description>BOOKS, MAGAZINES, LIBRA</Description>
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        <ManagementAndGeneral>5049</ManagementAndGeneral>
        <Fundraising>1107</Fundraising>
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      <OtherExpenses>
        <Description>BAD DEBT EXPENSE</Description>
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        <ProgramServices>524941</ProgramServices>
      </OtherExpenses>
      <AllOtherExpenses>
        <Total>471780</Total>
        <ProgramServices>328719</ProgramServices>
        <ManagementAndGeneral>136125</ManagementAndGeneral>
        <Fundraising>6936</Fundraising>
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        <ProgramServices>76683376</ProgramServices>
        <ManagementAndGeneral>11157796</ManagementAndGeneral>
        <Fundraising>1422495</Fundraising>
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      <SavingsAndTempCashInvestments>
        <BOY>19898988</BOY>
        <EOY>22547062</EOY>
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        <EOY>334203</EOY>
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        <EOY>1890443</EOY>
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      <OtherNotesLoansReceivableNet>
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        <EOY>1655448</EOY>
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        <EOY>1645508</EOY>
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      <LandBuildingsEquipmentBasis>112179715</LandBuildingsEquipmentBasis>
      <LandBldgEquipmentAccumDeprec>52120451</LandBldgEquipmentAccumDeprec>
      <LandBuildingsEquipmentBasisNet>
        <BOY>59461447</BOY>
        <EOY>60059264</EOY>
      </LandBuildingsEquipmentBasisNet>
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        <BOY>11592848</BOY>
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      <InvestmentsOtherSecurities>
        <BOY>8642863</BOY>
        <EOY>1002704</EOY>
      </InvestmentsOtherSecurities>
      <InvestmentsProgramRelated>
        <BOY>0</BOY>
      </InvestmentsProgramRelated>
      <IntangibleAssets>
        <BOY>424378</BOY>
        <EOY>558271</EOY>
      </IntangibleAssets>
      <OtherAssetsTotal>
        <BOY>1454240</BOY>
        <EOY>1644350</EOY>
      </OtherAssetsTotal>
      <TotalAssets>
        <BOY>107352913</BOY>
        <EOY>109836753</EOY>
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      <AccountsPayableAccruedExpenses>
        <BOY>4287766</BOY>
        <EOY>4072833</EOY>
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      <DeferredRevenue>
        <BOY>2797305</BOY>
        <EOY>2380969</EOY>
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      <TaxExemptBondLiabilities>
        <BOY>31861386</BOY>
        <EOY>39957678</EOY>
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      <MortNotesPyblSecuredInvestProp>
        <BOY>4855021</BOY>
        <EOY>0</EOY>
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      <OtherLiabilities>
        <BOY>1957288</BOY>
        <EOY>1962241</EOY>
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      <TotalLiabilities>
        <BOY>45758766</BOY>
        <EOY>48373721</EOY>
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      <FollowSFAS117>X</FollowSFAS117>
      <UnrestrictedNetAssets>
        <BOY>38472804</BOY>
        <EOY>38945448</EOY>
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      <TemporarilyRestrictedNetAssets>
        <BOY>3684598</BOY>
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      <PermanentlyRestrictedNetAssets>
        <BOY>19436745</BOY>
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      <TotalNetAssetsFundBalances>
        <BOY>61594147</BOY>
        <EOY>61463032</EOY>
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      <TotalLiabNetAssetsFundBalances>
        <BOY>107352913</BOY>
        <EOY>109836753</EOY>
      </TotalLiabNetAssetsFundBalances>
      <ReconcilationRevenueExpenses>-131115</ReconcilationRevenueExpenses>
      <ReconcilationOtherChanges>0</ReconcilationOtherChanges>
      <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>
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      <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>
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        <EndOfYearBalance>21771059</EndOfYearBalance>
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        <EndOfYearBalance>21566374</EndOfYearBalance>
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      <CurrentYearMinus2Years>
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      </CurrentYearMinus2Years>
      <CurrentYearMinus3Years>
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        <BookValue>11854670</BookValue>
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        <Description>ANNUITIES PAYABLE</Description>
        <Amount>1103302</Amount>
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      <OtherLiabilities>
        <Description>STUDENT DEPOSITS</Description>
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      <OtherLiabilities>
        <Description>ADVANCES FROM FEDERAL GOVT FOR STUDENT LOANS</Description>
        <Amount>663939</Amount>
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      <TotalRevenue>89132552</TotalRevenue>
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      <ExcessOrDeficitForYear>-131115</ExcessOrDeficitForYear>
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      <RevenueSubtotal>89738161</RevenueSubtotal>
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      <RevenueNotRptdOnFinStmt>-605609</RevenueNotRptdOnFinStmt>
      <TotalRevenuePerForm990>89132552</TotalRevenuePerForm990>
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      <ExpensesNotRptdF990>0</ExpensesNotRptdF990>
      <ExpensesSubtotal>89869276</ExpensesSubtotal>
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      <ExpensesNotRptdOnFinStmt>-605609</ExpensesNotRptdOnFinStmt>
      <TotalExpensesPerForm990>89263667</TotalExpensesPerForm990>
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        <Identifier>DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS:</Identifier>
        <ReturnReference>PART V, LINE 4:</ReturnReference>
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      <Form990ScheduleDPartXIV>
        <Explanation>PART XII LINE 4B AND PART XIII LINE 4B: EU ACADEMIC CHARTER SUBLEASE RENTAL.</Explanation>
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      <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>
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        <ReturnReference>SCHEDULE E, PART I, LINE 3</ReturnReference>
        <Explanation>INSTITUTION'S RACIAL NONDISCRIMINATORY POLICY IS PUBLICIZED THROUGH THE INSTITUTION'S WEBSITE.</Explanation>
      </Form990ScheduleEPartII>
      <Form990ScheduleEPartII>
        <Identifier>EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE</Identifier>
        <ReturnReference>SCHEDULE E, PART I, LINE 6</ReturnReference>
        <Explanation>TITLE IV FEDERAL FUNDS ARE RECEIVED FOR STUDENT TUITION</Explanation>
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        <NumberOfEmployees>0</NumberOfEmployees>
        <TypeOfActivitiesConducted>PROGRAM SERVICES</TypeOfActivitiesConducted>
        <SpecificServicesProvided>EDUCATION</SpecificServicesProvided>
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      </AcctsActvsOutUSTable>
      <AcctsActvsOutUSTable>
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        <NumberOfEmployees>0</NumberOfEmployees>
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      <SubtotalNumberOfEmployees>0</SubtotalNumberOfEmployees>
      <ContNumberOfOffices>0</ContNumberOfOffices>
      <ContNumberOfEmployees>0</ContNumberOfEmployees>
      <TotalNumberOfOffices>0</TotalNumberOfOffices>
      <TotalNumberOfEmployees>0</TotalNumberOfEmployees>
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      <ContAmountSpent>0</ContAmountSpent>
      <TotalAmountSpent>611104</TotalAmountSpent>
      <GrantsToIndOutsideUS>
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        <Region>CENTRAL AMERICA AND CARIBBEAN</Region>
        <NumberOfRecipients>43</NumberOfRecipients>
        <AmountOfCashGrant>265101</AmountOfCashGrant>
        <MannerOfCashDisbursement>APPLY AS A PAYMENT TO STUDENT BILL</MannerOfCashDisbursement>
      </GrantsToIndOutsideUS>
      <TransferToForeignCorp>0</TransferToForeignCorp>
      <InterestInForeignTrust>0</InterestInForeignTrust>
      <OwnForeignCorp>0</OwnForeignCorp>
      <PassiveForeignInvestCo>0</PassiveForeignInvestCo>
      <ForeignPartnership>0</ForeignPartnership>
      <BoycottCountries>0</BoycottCountries>
      <Form990ScheduleFPartV>
        <ReturnReference>PART III</ReturnReference>
        <Explanation>GRANTS ARE AWARDED TO INDIVIDUALS BASED ON COMPLIANCE WITH ELIGIBILITY REQUIREMENTS. AWARDED GRANTS ARE APPLIED DIRECTLY BY THE UNIVERSITY TO THE STUDENT TUITION BILLING.</Explanation>
      </Form990ScheduleFPartV>
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        <GrossRevenueEvent1>213506</GrossRevenueEvent1>
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        <GrossRevenueTotalEvents>213506</GrossRevenueTotalEvents>
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        </RecipientNameBusiness>
        <AddressUS>
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          <City>PHILADELPHIA</City>
          <State>PA</State>
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        </AddressUS>
        <EINOfRecipient>231352626</EINOfRecipient>
        <AmountOfCashGrant>169120</AmountOfCashGrant>
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      </RecipientTable>
      <TotalNbrOf501C3AndGovtGrants>1</TotalNbrOf501C3AndGovtGrants>
      <Form990ScheduleIPartIII>
        <TypeOfGrant>SCHOLARSHIPS AND GRANTS TO STUDENTS FOR EDUCATIONAL PROGRAMS AT THE UNIVERSITY.</TypeOfGrant>
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        <MethodOfValuation>NA</MethodOfValuation>
      </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 ARE AWARDED TO INDIVIDUALS BASED ON COMPLIANCE WITH ELIGIBLITY REQUIREMENTS. AWARD GRANT AND ASSISTANCE AMOUNTS ARE APPLIED BY THE UNIVERSITY TO THE STUDENT TUITION BILLING.</Explanation>
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      <InitialContractException>0</InitialContractException>
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      <Form990ScheduleJPartII>
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        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>0</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>0</DeferredCompFilingOrg>
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      <Form990ScheduleKPartI>
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        <PoolFinancing>0</PoolFinancing>
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        <AdvanceRefunding>0</AdvanceRefunding>
        <FinalAllocationMade>1</FinalAllocationMade>
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      <Form990ScheduleKPartII>
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        <AdequateBooksAndRecdsMaintaind>1</AdequateBooksAndRecdsMaintaind>
      </Form990ScheduleKPartII>
      <Form990ScheduleKPartIII>
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        <MngmentCntrctBondFinancdPrprty>0</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>0</AnyResearchAgreements>
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        <TotalPrivateBusinessUse>0.02740</TotalPrivateBusinessUse>
        <PostIssuanceComplianceProcdrs>1</PostIssuanceComplianceProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIII>
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        <AnyLeaseArrangements>0</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>0</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>0</AnyResearchAgreements>
        <PostIssuanceComplianceProcdrs>0</PostIssuanceComplianceProcdrs>
      </Form990ScheduleKPartIII>
      <Form990ScheduleKPartIV>
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        <VariableRateIssue>0</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>0</HedgeIdentifiedInBooksAndRecds>
        <GrossProceedsInvestedInGIC>0</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>0</GrossProceedsInvested>
        <ExceptionToRebate>0</ExceptionToRebate>
      </Form990ScheduleKPartIV>
      <Form990ScheduleKPartIV>
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        <GrossProceedsInvestedInGIC>0</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>0</GrossProceedsInvested>
        <ExceptionToRebate>0</ExceptionToRebate>
      </Form990ScheduleKPartIV>
      <Form990ScheduleKPartVI>
        <Explanation>B BOND- TOTAL PROCEEDS OF THE BOND ISSUE ALL IN EXCESS OF ISSUE PRICE DUE TO NET BOND PREMIUM.</Explanation>
      </Form990ScheduleKPartVI>
    </IRS990ScheduleK>
    <IRS990ScheduleL documentId="RetDoc1042800001">
      <Form990ScheduleLPartIV>
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          <NamePerson>S CORTES</NamePerson>
        </NameOfInterestedPerson>
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        <DescriptionOfTransaction>EMPLOYMENT COMPENSATION</DescriptionOfTransaction>
        <SharingOfRevenues>0</SharingOfRevenues>
      </Form990ScheduleLPartIV>
      <Form990ScheduleLPartIV>
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          <NamePerson>P MUGRIDGE</NamePerson>
        </NameOfInterestedPerson>
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        <AmountOfTransaction>81948</AmountOfTransaction>
        <DescriptionOfTransaction>EMPLOYMENT COMPENSATION</DescriptionOfTransaction>
        <SharingOfRevenues>0</SharingOfRevenues>
      </Form990ScheduleLPartIV>
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NamePerson>E MERRIMAN</NamePerson>
        </NameOfInterestedPerson>
        <Relationship>FAMILY MEMBER</Relationship>
        <AmountOfTransaction>22762</AmountOfTransaction>
        <DescriptionOfTransaction>EMPLOYMENT COMPENSATION</DescriptionOfTransaction>
        <SharingOfRevenues>0</SharingOfRevenues>
      </Form990ScheduleLPartIV>
      <Form990ScheduleLPartIV>
        <SharingOfRevenues>0</SharingOfRevenues>
      </Form990ScheduleLPartIV>
    </IRS990ScheduleL>
    <IRS990ScheduleM documentId="RetDoc1042900001">
      <SecuritiesPubliclyTraded>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>5</NumberOfContributions>
        <NoncashContribsRptdF990>36611</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>FAIR MARKET VALUE</MethodOfDeterminingRevenues>
      </SecuritiesPubliclyTraded>
      <AnyPropertyThatMustBeHeld>0</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>0</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>0</ThirdPartiesUsed>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 11</ReturnReference>
        <Explanation>PRIOR TO FILING THE FORM 990, THE RETURN IS REVIEWED BY THE TREASURER (CHAIR OF THE FINANCE AND PROPERTY COMMITTEE), THE CHAIR OF THE AUDIT SUB-COMMITTEE, THE ASSISTANT TREASURER AND THE INDEPENDENT CERTIFIED PUBLIC ACCOUNTING FIRM ENGAGED TO PREPARE THE RETURNS. THE FORM 990 IS DISTRIBUTED IN ELECTRONIC FORM TO THE ENTIRE BOARD OF TRUSTEES PRIOR TO FILING.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 12C</ReturnReference>
        <Explanation>THE CONFLICT OF INTEREST POLICY IS INCLUDED IN THE EMPLOYEE HANDBOOK OF THE UNIVERSITY, AND IT IS MONITORED AND ENFORCED BY DEPARTMENTAL AND/OR DIVISIONAL MANAGERS. PART VI, SECTION B, LINE 12B- PRIOR TO THE FILING OF THE RETURNS, OFFICERS, TRUSTEES AND KEY EMPLOYEES WERE REQURIED TO DISCLOSE INTERESTS THAT COULD GIVE RISE TO CONFLICTS AND ANNUAL DISCLOSURE WILL BE REQUIRED IN THE FUTURE.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 15A</ReturnReference>
        <Explanation>THE COMPENSATION FOR THE PRESIDENT IS ESTABLISHED BY THE EXECUTIVE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES AND THE PROCESS WAS LAST UNDERTAKEN IN 2010. THE COMMITTEE REVIEWS MARKET DATA AS TO COMPENSATION LEVELS FOR COMPARABLE POSITIONS AT SIMILAR ORGANIZATIONS, AND IT MAINTAINS MINUTES OF ITS MEETINGS. PART VI SECTION B, LINE 13- A WHISTELBLOWER POLICY WAS APPROVED BY THE BOARD OF TRUSTEES IN FEBRUARY 2010.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>AVAILABLE UPON REQUEST</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
  </ReturnData>
</Return>