2013-05-06T10:39:59-05:00 2012-06-30 PricewaterhouseCoopers LLP 2001 MARKET ST SUITE 1700 PHILADELPHIA PA 19103 990 2011-07-01 231352683 SWARTHMORE COLLEGE % EILEEN PETULA SWAR 6103288676 500 COLLEGE AVENUE SWARTHMORE PA 190811306 SUZANNE P WELSH 2013-05-06 true 2673303000 2011 2016-02-25 16:41:14Z SUZANNE P WELSH 500 COLLEGE AVENUE SWARTHMORE PA 19081 1033095783 false X www.swarthmore.edu X 1864 PA SEE ATTACHMENT 1 39 38 2526 1650 -82463 -649257 14994000 21907000 76456000 79979000 86154388 94555878 7706779 7935535 185311167 204377413 25995000 28034000 0 0 71696780 72963782 62792 85516 4168582 53478857 54627100 151233429 155710398 34077738 48667015 1868531000 1905688000 226279000 278433000 1642252000 1627255000 Swarthmore College is an institution dedicated to the finest undergraduate education, committed to making a significant intellectual contribution, and resolved to be a microcosm of, and prepare leadership for a more just world. Our mission is to provide an educational experience that has at its core a commitment both to intellectual rigor and to the responsibility to use that rigor to advance the conditions of humanity. The College seeks to do this through an exceptional academic program and supported by purposeful experiences outside of the class room. Central to the College's mission is recognition of the fact that student learn both inside and outside the classroom. false false 120273734 28034000 79979000 Swarthmore is a co-educational College of Liberal Arts and Engineering. The average enrollment for fiscal year 2011-12 was 1,545 (96 of which were studying abroad). Of the total student population, 1,428 come from across the United States while 117 come from various foreign nations. The College strives to make it possible for all admitted students to attend Swarthmore, regardless of their financial circumstances and to enable them to complete their education if financial reversals take place. Approximately 53% of the student body received financial aid from the College in fiscal year ending June 30, 2012. The College is committed to meeting all demonstrated financial need through scholarship and student employment. Demonstrated need is assessed by careful review of families' financial circumstances. Swarthmore College is committed to the principle of equal opportunity for all qualified persons, without discrimination against any person by reason of sex, race, color, age, religion, national origin, hanndicap, or sexual orientation. This policy is consistent with relevant governmental statues and regulations, including those pursuant to Title IX of the federal Education Amendments of 1972 and Section 504 of the Federal Rehabilitation Act of 1973. 120273734 true true false true false false false true false true true true false false true true true true true true true false false true false false false false true true true true true true false false true false true true false true true false false false true true true false false true 2249 0 true 2526 true true true true FR false false false false false false false false X 39 38 true false false false false false false true true false false true true true true true true true true false PA X EILEEN PETULA 6103288399 500 COLLEGE AVENUE SWARTHMORE PA 190811306 GILES K KEMP 6.0 X 0 0 0 JORGE AGUILAR 2.0 X 0 0 0 JENNY HOURIHAN BAILIN 2.0 X 0 0 0 RICHARD A BARASCH 4.0 X 0 0 0 DULANY OGDEN BENNETT 4.0 X 0 0 0 JANET SMITH DICKERSON 2.0 X 0 0 0 DAVID GELBER 4.0 X 0 0 0 DELVIN DINKINS 2.0 X 0 0 0 LEWIS H LAZARUS 2.0 X 0 0 0 NEIL R GRABOIS 4.0 X 0 0 0 MARILYN HOLIFIELD 2.0 X 0 0 0 JAMES C HORMEL 2.0 X 0 0 0 ANN REICHELDERFER 2.0 X 0 0 0 BARBARA W MATHER 4.0 X 0 0 0 FREDERICK W KYLE 2.0 X 0 0 0 JANE LANG 2.0 X 0 0 0 SUSAN B LEVINE 2.0 X 0 0 0 BENNETT LORBER 4.0 X 0 0 0 JORGE MUNOZ 2.0 X 0 0 0 CHRISTOPHER M NIEMCZEWSKI 4.0 X 0 0 0 SIBELLA CLARK PEDDER 2.0 X 0 0 0 TRACEY E PATILLO 2.0 X 0 0 0 JOHN A RIGGS 2.0 X 0 0 0 CARL RUSSO 2.0 X 0 0 0 ELIZABETH H SCHEUER 2.0 X 0 0 0 ROBIN M SHAPIRO 4.0 X 0 0 0 SUJATHA SRINIVASAN 2.0 X 0 0 0 DAVID W SINGLETON 4.0 X 0 0 0 RUTH SHOEMAKER WOOD 2.0 X 0 0 0 THOMAS E SPOCK 4.0 X 0 0 0 DANIELLE TOALTOAN 2.0 X 0 0 0 JOSEPH L TURNER 2.0 X 0 0 0 GUSTAVO SCHWED 2.0 X 0 0 0 SUSAN S MORRISON 2.0 X 0 0 0 SOHAIL BENGALI 2.0 X 0 0 0 NATHANIEL AK ERSKINE 2.0 X 0 0 0 THOMAS WT HARTNETT 2.0 X 0 0 0 LUCINDA LEWIS 2.0 X 0 0 0 JAMES LOVELACE 2.0 X 0 0 0 RHONDA RESNICK COHEN 4.0 X 0 0 0 EUGENE M LANG 2.0 X 0 0 0 SAMUEL L HAYES III 2.0 X 0 0 0 JULIE LANGE HALL 2.0 X 0 0 0 JEROME KOHLBERG 2.0 X 0 0 0 ELIZABETH J McCORMACK 2.0 X 0 0 0 MARGE PEARLMAN SCHEUER 2.0 X 0 0 0 J LAWRENCE SHANE 2.0 X 0 0 0 REBECCA S CHOPP 60.0 X 530111 0 171644 SUZANNE P WELSH 60.0 X 297463 0 52991 THOMAS STEPHENSON 60.0 X 175862 0 125011 MAURICE G ELDRIDGE 60.0 X 227070 0 48957 STEPHEN BAYER 60.0 X 333164 0 37166 DONALD COONEY 60.0 X 174611 0 34123 KARL W CLAUSS 60.0 X 0 0 0 MARK C AMSTUTZ 60.0 X 206400 0 48002 C STUART HAIN 60.0 X 190163 0 31077 JAMES L BOCK III 60.0 X 187134 0 45786 MELANIE YOUNG 60.0 X 171269 0 25948 SHARMAINE LAMAR 60.0 X 98254 0 34548 PAMELA PRESCOD-CAESAR 60.0 X 0 0 0 H ELIZABETH BRAUN 60.0 X 167905 0 83663 NANCY NOWICKI NICELY 60.0 X 160143 0 42593 LORI ANN JOHNSON 40.0 X 103167 0 18652 ROBERT DUPLESSIS 40.0 X 361374 0 23927 GEORGE MOSKOS 40.0 X 347920 0 14078 ROBINSON G HOLLISTER 40.0 X 207335 0 44759 ALLEN SCHNEIDER 40.0 X 185256 0 44111 NELSON A MACKEN 40.0 X 180997 0 42361 DAVID FRASER 0.0 X 187256 0 9337 4492854 0 978734 125 true true false CAMBRIDGE ASSOCIATES LLC PO BOX 10317 UNIONDALE NY 11555 INVESTMENT ADVISORS 738084 HAMILTON LANE ADVISORS LLC ONE BELMONT AVENUE SUITE 900 BALA CYNWYD PA 19004 INVESTMENT ADVISORS 688999 DELL MARKETING LP PO BOX 643561 PITTSBURGH PA 197706643 COMPUTING 201123 PRICEWATERHOUSECOOPERS LLP PO BOX 7247-8001 PHILADELPHIA PA 19170 ACCOUNTING 195962 MARSHFIELD ASSOCIATES 21 DUPONT CIRCLE NW SUITE 500 WASHINGTON DC 20036 INVESTMENT ADVISORS 191381 12 1973000 19934000 5324217 21907000 TUITION & FEES 611600 63713000 63713000 ROOM & BOARD 611600 16266000 16266000 79979000 51106120 51106120 0 406746 406746 1362135 1152602 209533 209533 209533 871664783 827565768 44099015 -649257 43449758 -649257 44099015 0 0 0 SUMMER PROGRAMS 713990 566794 566794 AUXILIARY SERVICES 900099 6752462 6752462 7319256 204377413 79979000 -82463 102573876 0 28034000 28034000 0 0 4093258 2431332 1661926 0 51192734 39169235 10052228 1971271 4775776 3594970 996261 184545 9030126 6158153 2589279 282694 3871888 2917034 814609 140245 0 241553 241553 174167 174167 0 85516 85516 4502000 4502000 4239898 2299430 1600307 340161 810588 183802 617860 8926 4722084 3551446 1068577 102061 2667297 1951698 655291 60308 0 2111229 1621472 425876 63881 2501017 1881070 464851 155096 0 1385910 983191 352789 49930 6632143 5106750 1326429 198964 0 7122714 5484490 1424543 213681 724189 723796 393 FOREIGN STUDIES 3382063 3382063 ANNUITY PAYMENTS 2517763 1619909 683488 214366 BOOKSTORE RELATED 651988 651988 EQUIP PURCH, RENTAL, & MAINT 3307096 2048152 1234065 24879 6933401 6479753 381590 72058 155710398 120273734 31268082 4168582 32433000 32265000 0 0 18223000 17006000 1227000 2397000 727820 376417 0 0 15443180 14103583 572210 582095 3336790 2917905 351959000 111993000 232740000 239966000 732581000 717448000 831210000 861307000 0 0 0 0 37000 17319000 1868531000 1905688000 14116000 17624000 0 0 2222000 2239000 173617000 212010000 0 0 0 0 865000 854000 0 0 35459000 45706000 226279000 278433000 X 628075000 638391000 834746000 802184000 179431000 186680000 1642252000 1627255000 1868531000 1905688000 X 48667015 -63664015 X true true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false true 6447 false true 70 6517 false false PART II-B, LINE 1G & 1I THIRD PARTY SERVICES WERE PROVIDED TO SWARTHMORE COLLEGE ASSOCIATED WITH IDENTIFYING AND PURSUING PUBLIC FUNDING AT THE FEDERAL, STATE, AND LOCAL LEVELS IN SUPPORT OF THE TOWN CENTER WEST PROJECT. THE LOBBYING EXPENSES NOTED ABOVE WERE AMORTIZED (AND NOT EXPENSED DURING THE FISCAL YEAR). AS A RESULT, THERE IS NO EXPENSE FIGURE REPORTED FOR "LOBBYING" IN PART IX, LINE 11D. PART II-B, LINE 1I SWARTHMORE COLLEGE IS A MEMBER OF THE CONSORTIUM OF FINANCING HIGHER EDUCATION (COFHE) AND THE LOBBYING EXPENSE ASSOCIATED WITH THIS MEMBERSHIPS IS $70. 4591000 4591000 X X X false 1508483000 7194000 36458000 11458000 37400000 4502000 1498775000 1249254000 2716000 307084000 10931000 34964000 4676000 1508483000 1128675000 1746000 169566000 10704000 35621000 4408000 1249254000 0.37000 0.58000 0.05000 false false 5757000 5757000 290092000 72136000 217956000 18472000 17020000 1452000 33047000 22837000 10210000 4591000 4591000 239966000 FIXED INCOME 42234000 F PUBLIC EQUITY 131687000 F REAL ASSETS 127597000 F PRIVATE EQUITY 342474000 F MARKETABLE ALTERNATIVES 215308000 F OTHER 2007000 F 861307000 0 DEFERRED PAYMENTS 45706000 45706000 204377413 155710398 48667015 -57924015 -5740000 -63664015 -14997000 109330000 -57924015 -57924015 167254015 4502000 32621398 37123398 204377413 124327000 124327000 4502000 26881398 31383398 155710398 SCHEDULE D EXPLANATIONS PART III, LINE 4 THE COLLEGE MAINTAINS A SMALL PERMANENT COLLECTION OF ART THAT IS USED IN TEACHING (E.G., COURSES IN STUDIO ART AND ART HISTORY) AND PROVIDES STUDENTS WITH RESEARCH OPPORTUNITIES. PART X, LINE 2 PER THE REQUIREMENT TO ASSESS UNCERTAIN TAX POSITIONS, NO ADJUSTMENTS TO THE FINANCIAL STATEMENTS WERE REQUIRED AS A RESULT OF THE STANDARD. THE COLLEGE WILL CONTINUE TO MONITOR AND EVALUATE ITS UNRELATED BUSINESS ACTIVITY. PART XI, LINE 8 LINE 8, OTHER: THIS FIGURE REPRESENTS THE "CHANGE IN PRESENT VALUE OF LIFE INCOME FUNDS" FOR THE FISCAL YEAR: (2,480,000) LINE 8, OTHER: THIS FIGURE REPRESENTS THE "CHANGE IN OTHER POST RETIREMENT BENEFITS" FOR THE FISCAL YEAR: (3,260,000) PART XII LINE 4B: LINE 4B, OTHER: THIS FIGURE REPRESENTS THE FOLLOWING: COSTS OF RENTAL HOUSING (1,152,602) CHANGE IN PRESENT VALUE OF LIFE INCOME FUND 5,740,000 STUDENT AID 28,034,000 TOTAL 32,621,398 PART XIII, LINE 4B LINE 4B, OTHER: THIS FIGURE REPRESENTS THE FOLLOWING: COST OF RENTAL HOUSING (1,152,602) STUDENT AID 28,034,000 TOTAL 26,881,398 true true true true true true true false false false false false false false false true false true LINE 3 The college's non-discrimination policy is included in all printed and broadcast advertising as well as in the college catalogs. It is also in print in various locations on campus. East Asia and the Pacific 0 0 Program Services STUDY ABROAD 216659 Europe (Including Iceland and Greenland) 0 1 Program Services STUDY ABROAD 1334682 Middle East and North Africa 0 0 Program Services STUDY ABROAD 171592 South America 0 0 Program Services STUDY ABROAD 241640 Sub-Saharan Africa 0 0 Program Services STUDY ABROAD 42781 0 1 0 1 2007354 2007354 true false true true true false true MARTS LUNDY 1200 WALL ST LYNDHU 1200 WALL STREET LYNDHURST NJ 07071 GENERAL CONSULTING false 19384842 55641 19329201 VALERIE M JONES ASSOC 210 IDLEWIL 210 IDLEWILD LN MEDIA PA 19063 GRANT CONSULTING false 20500 22406 -1906 VALERIE M JONES ASSOC 210 IDLEWIL 210 IDLEWILD LN MEDIA PA 19063 GENERAL CONSULTING false 549158 7469 541689 19954500 85516 19868984 All States true SWARTHMORE COLLEGE FUNDS/SCHOLARSHIPS 828 28034000 N/A N/A SCHEDULE I EXPLANATION PART III ALL SWARTHMORE COLLEGE SCHOLARSHIPS ARE DISBURSED/POSTED ELECTRONICALLY (AND INTERNALLY) DIRECTLY TO THE STUDENTS ACCOUNT. FURTHERMORE, STUDENTS WHO RECEIVED SAID AID ARE UNABLE TO WITHDRAWAL IT FROM THEIR STUDENT ACCOUNT. X X X X X true true X X X X X false false false false false false false false false REBECCA S CHOPP 530111 0 0 0 0 0 67411 0 104233 0 701755 0 SUZANNE P WELSH 297463 0 0 0 0 0 0 0 52991 0 350454 0 THOMAS STEPHENSON 175862 0 0 0 0 0 52521 0 72490 0 300873 0 MAURICE G ELDRIDGE 227070 0 0 0 0 0 0 0 48957 0 276027 0 STEPHEN BAYER 248429 0 0 0 84735 0 0 0 37166 0 370330 0 DONALD COONEY 174611 0 0 0 0 0 0 0 34123 0 208734 0 MARK C AMSTUTZ 206400 0 0 0 0 0 0 0 48002 0 254402 0 C STUART HAIN 190163 0 0 0 0 0 0 0 31077 0 221240 0 JAMES L BOCK III 187134 0 0 0 0 0 0 0 45786 0 232920 0 MELANIE YOUNG 142775 0 0 0 28494 0 0 0 25948 0 197217 0 H ELIZABETH BRAUN 167905 0 0 0 0 0 0 0 83663 0 251568 0 NANCY NOWICKI NICELY 160143 0 0 0 0 0 0 0 42593 0 202736 0 DAVID FRASER 0 0 0 0 187256 0 0 0 9337 0 196593 0 ROBERT DUPLESSIS 104665 0 0 0 256709 0 0 0 23927 0 385301 0 GEORGE MOSKOS 25417 0 0 0 322503 0 0 0 14078 0 361998 0 ROBINSON G HOLLISTER 207335 0 0 0 0 0 0 0 44759 0 252094 0 ALLEN SCHNEIDER 185256 0 0 0 0 0 0 0 44111 0 229367 0 NELSON A MACKEN 180997 0 0 0 0 0 0 0 42361 0 223358 0 Schedule J Supplemental Information Part III, Line 1a First Class Travel - In general, it is the college's policy that first class travel is not authorized for college employees traveling on college business. However, in recognition that the president typically works during flights, attends directly to business upon arrival, and cannot schedule in time for adequate rest, the board of managers has approved the use of first class travel for the president on domestic and international flights over three hours in length. This policy extends to the president's spouse when he or she accompanies the president on business travel. For all other employees (faculty and staff), first class travel must be pre-approved by the president or his/her designate. Travel for companions - In certain authorized circumstances the college will pay, or will reimburse for the travel, meals and expenses of the spouse/partner of an employee under the college's accountable plan. Reimbursements are considered taxable income to the employee unless the companion travel is 1) for a bona fide business purpose, 2) directly benefits the college, and 3) is properly documented and approved. Any spouse/partner travel other than the president must be approved, in advance, by the president or his/her designate. Tax gross-up - Retirement payments to employees may include a gross-up for a portion of the benefits paid. Residence Requirement - As a condition of employment the President and the Dean of Students maintained their full time residence in College-provided housing and used the residence for College business and entertainment purposes. Social club dues - Membership dues were provided to two New York University clubs to be used primarily for business purposes (entertainment / travel). Additional Information for Part II of Schedule J. Rebecca S. Chopp - Deferred compensation figure is a result of accrued leave compensation and benefits. Rebecca S. Chopp - Non-taxable benefits figure includes a housing allowance. See "residence requirement" above. Thomas Stephenson - Deferred compensation figure is a result of accrued leave compensation and benefits. Stephen Bayer - Other reportable compensation figure was a one-time payment. Melanie Young - Other reportable compensation figure was a one-time payment. H. Elizabeth Braun - Non-taxable benefits figure includes a housing allowance. See "residence requirement" above. Karl W. Clauss - Became an Officer in March 2012. As a result, had no reportable compensation for calendar year 2011. Pamela Prescod-Caesar - Became an Officer in February 2012. As a result, had no reportable compensation for the calendar year 2011. David W. Fraser - Other reportable compensation figure was a supplemental retirement plan. Robert DuPlessis - Other reportable compensation figure was an early retirement payment. George Moskos - Other reportable compensation figure was an early retirement payment. SWARTHMORE COLLEGE BOROUGH AUTHORITY 232243929 870000FJ0 2006-12-20 79638446 SEE SCHEDULE O false false false SWARTHMORE COLLEGE BOROUGH AUTHORITY 232243929 870000GH3 2008-04-30 27925671 SEE SCHEDULE 0 false false false SWARTHMORE COLLEGE BOROUGH AUTHORITY 232243929 870000GJ9 2009-07-29 9453814 SEE SCHEDULE 0 false false false SWARTHMORE COLLEGE BOROUGH AUTHORITY 232243929 870000GN0 2011-06-29 30383328 SEE SCHEDULE 0 false false false 0 0 79638446 0 0 0 656894 0 0 0 78981552 0 false true true true 0 0 27925671 0 0 0 325671 0 0 0 27600000 0 true false true true 0 0 9453814 0 0 0 189076 0 0 0 9264738 0 true false true true 0 0 30383328 0 0 0 330328 0 0 0 30053000 0 true false true true 0 false false false false false false 0 0.02130 0.02130 true 0 0 false false false 0 false 0 false true false false false 0 false 0 false true false false false 0 false 0 false true false false false 0 false 0 false true X SWARTHMORE COLLEGE BOROUGH AUTHORITY 232243929 870000GY6 2011-12-21 17177979 SEE SCHEDULE O false false false 0 0 17177979 0 114121 0 137349 0 0 1711110 0 15215399 false false false true false false false false false false 0 0.00010 0.00010 true false false false 0 false 0 false true JAMES L BOCK III MORTGAGE X 340000 262919 false true true MAURICE G ELDRIDGE MORTGAGE X 197022 113498 false true true 376417 Marshfield Associates SEE SCHEDULE O 191381 INVESTMENT MANAGEMENT FEES false X 111 5324217 FAIR MARKET VALUE false true true SCHEDULE M EXPLANATIONS THE COLLEGE MAINTAINS ACCOUNTS AT SEVERAL BROKERAGE FIRMS TO FACILITATE THE SALE OF ANY NON-CASH CONTRIBUTIONS IT MAY RECEIVE. THE COLLEGE IS REPORTING THE NUMBER OF CONTRIBUTIONS MADE (NOT THE NUMBER OF ITEMS RECEIVED). FORM 990 EXPLANATIONS PART VI, LINE 2 EUGENE M. LANG AND JANE LANG (FAMILY RELATIONSHIP). MARGE PEARLMAN SCHEUER AND ELIZABETH H. SCHEUER (FAMILY RELATIONSHIP). PART VI, LINE 11 & 11A Annually, the 990 is provided to the Audit and Risk Management Subcommittee, the Finance Committee, and the Board of Managers for their review prior to its submission. PART VI, LINE 12C Swarthmore College has two conflict of interest policies--one for its Board members and one for employees. Each year all members of the Board receive a survey reminding them of the policy and requesting disclosure of business and charitable affiliations, transactions with the College, and any possible conflicts. Likewise, all supervisory staff of the College receives a survey reminding them of the employee conflict of interest policy and asking them for other business and charitable affiliations, transactions with the College, and any possible conflicts for themselves or any member of the staff reporting to them. The Audit and Risk Management Subcommittee of the Board of Managers receives a summary of all responses and addresses possible conflicts which arise. PART VI, LINE 15B For each compensated officer, director, trustee and key employee, the independent compensation committee of the Board meets to review certain comparative data that is provided by an independent consultant. The compensation committee of the Board then meets with the President regarding the performance of each officer, director, trustee and key employee (excluding the President) and receives recommendations about raises for each of them. The compensation committee of the Board then meets separately to determine the compensation for each officer, director, trustee and key employee. This process is completed annually. For the President, the compensation committee of the Board also meets to review certain comparative data that is provided by an independent consultant. After reviewing said information, the compensation committee of the Board meets to determine the President's compensation. This process is completed annually. PART VI, LINE 19 The College makes its governing documents AND FORM 990 available upon request. THE COLLEGE MAKES IT CONFLICT OF INTEREST POLICY AVAILABLE VIA THE COLLEGE'S WEBSITE. THE COLLEGE MAKES IT FINANCIAL STATEMENTS AVAILABLE VIA THE COLLEGE'S WEBSITE. SCHEDULE E, Line 6A: The College participates in five Federal student financial aid programs: Federal PELL, FSEOG, Federal Work Study, Federal Perkins Loan and Federal Stafford Loan programs. The College also participates in the Pennsylvania Higher Education Assistance Agency (PHEAA) student grant program. The only direct financial assistance received by the College from a governmental agency is the PHEAA Institutional Assistance Grant. SCHEDULE K, PART I, COLUMN (F) - DESCRIPTION OF PURPOSE FOR TAX-EXEMPT BONDS ISSUED: Part I, Line A: The proceeds of the bonds issued on 12/20/2006 were used to advance refund a portion of the Swarthmore College Revenue Bonds, Series of 1998, issued on 7/1/98, to advance refund a portion of the Swarthmore College Revenue Bonds, Series of 2001, issued on 7/25/01, and to fund the costs of issuing the 2006A Bonds. Part I, Line B: The proceeds of the bonds issued on 4/30/2008 were used to refund the Swarthmore College Revenue Bonds, Series B of 2006, variable auction rates notes issued on 12/20/06, and to fund the costs of issuing the 2008 Bonds. Part I, Line C: The proceeds of the bonds issues on 7/29/2009 were used to refund a portion of the Swarthmore College Revenue Bonds, Series 1998, issued on 7/1/1998, and to fund the costs of issuing the 2009 Bonds. Part I, Line D: The proceeds of the bonds issued on 6/29/2011 were used to refund a portion of the Swarthmore College Revenue Bonds, Series 2001, issued on 7/25/2001, and to fund the costs of issuing the 2011 Bonds. Part I, Line E: The proceeds of the bonds issued on 12/21/2011 will be used for various tax-exempt capital projects and to fund the cost issung the 2011B Bonds. SCHEDULE K, PART II, LINE 13 - "YEAR OF SUBSTANTIAL COMPLETION" For the 12/20/2006, 04/30/2008, 07/29/2009 & 06/29/2011 Bonds (Columns A through D), each of these bonds solely refunded prior issues so that year of substantial completion has not been entered. The 12/21/2011 Bonds (Column E) have not yet met the definition of "substantial completion". As a result, no year has been entered. SCHEDULE L, PART IV - BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS BOARD MEMBER CHRISTOPHER M. NIEMCZEWSKI AND HIS FAMILY HAVE AN OWNERSHIP INTEREST IN MARSHFIELD ASSOCIATES. MARJAY PRODUCTIONS INC 1007 ORANGE STREET WILMINGTON DE 19801 131952572 LITERARY WORKS DE NA C CORPORATION 2722 1465 1.00000 CHARITABLE REMAINDER ANNUITY TRUSTS N/A PA NA TRUST CHARITABLE REMAINDER UNITRUSTS N/A PA NA TRUST CHARITABLE REMAINDER UNITRUSTs N/A PA NA TRUST false false false false false false false false false false false false false false false false false true MARJAY PRODUCTIONS INC r 100000 PER ESTATE DOC.