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        <Total>2422</Total>
      </Insurance>
      <OtherExpenses>
        <Description>EXAM DEVELOPMENT AND ADMIN</Description>
        <Total>132270</Total>
      </OtherExpenses>
      <OtherExpenses>
        <Description>CREDIT CARD FEES</Description>
        <Total>10696</Total>
      </OtherExpenses>
      <OtherExpenses>
        <Description>PRINTING</Description>
        <Total>10469</Total>
      </OtherExpenses>
      <OtherExpenses>
        <Description>POSTAGE</Description>
        <Total>4332</Total>
      </OtherExpenses>
      <AllOtherExpenses>
        <Total>10734</Total>
      </AllOtherExpenses>
      <TotalFunctionalExpenses>
        <Total>595971</Total>
      </TotalFunctionalExpenses>
      <CashNonInterestBearing>
        <BOY>63564</BOY>
        <EOY>18739</EOY>
      </CashNonInterestBearing>
      <SavingsAndTempCashInvestments>
        <BOY>85101</BOY>
        <EOY>10158</EOY>
      </SavingsAndTempCashInvestments>
      <PledgesAndGrantsReceivable>
        <BOY>0</BOY>
        <EOY>0</EOY>
      </PledgesAndGrantsReceivable>
      <AccountsReceivable>
        <BOY>30875</BOY>
        <EOY>24732</EOY>
      </AccountsReceivable>
      <ReceivablesFromOfficersEtc>
        <BOY>0</BOY>
        <EOY>0</EOY>
      </ReceivablesFromOfficersEtc>
      <ReceivablesFromDisqualPersons>
        <BOY>0</BOY>
        <EOY>0</EOY>
      </ReceivablesFromDisqualPersons>
      <OtherNotesLoansReceivableNet>
        <BOY>0</BOY>
        <EOY>0</EOY>
      </OtherNotesLoansReceivableNet>
      <InventoriesForSaleOrUse>
        <BOY>1948</BOY>
        <EOY>5005</EOY>
      </InventoriesForSaleOrUse>
      <PrepaidExpensesDeferredCharges>
        <BOY>2523</BOY>
        <EOY>16428</EOY>
      </PrepaidExpensesDeferredCharges>
      <LandBuildingsEquipmentBasis>10021</LandBuildingsEquipmentBasis>
      <LandBldgEquipmentAccumDeprec>7045</LandBldgEquipmentAccumDeprec>
      <LandBuildingsEquipmentBasisNet>
        <BOY>1860</BOY>
        <EOY>2976</EOY>
      </LandBuildingsEquipmentBasisNet>
      <InvestmentsPubTradedSecurities>
        <BOY>1062939</BOY>
        <EOY>1060078</EOY>
      </InvestmentsPubTradedSecurities>
      <InvestmentsOtherSecurities>
        <BOY>0</BOY>
        <EOY>0</EOY>
      </InvestmentsOtherSecurities>
      <InvestmentsProgramRelated>
        <BOY>0</BOY>
        <EOY>0</EOY>
      </InvestmentsProgramRelated>
      <IntangibleAssets>
        <BOY>0</BOY>
        <EOY>0</EOY>
      </IntangibleAssets>
      <OtherAssetsTotal>
        <BOY>0</BOY>
        <EOY>0</EOY>
      </OtherAssetsTotal>
      <TotalAssets>
        <BOY>1248810</BOY>
        <EOY>1138116</EOY>
      </TotalAssets>
      <AccountsPayableAccruedExpenses>
        <BOY>22154</BOY>
        <EOY>16945</EOY>
      </AccountsPayableAccruedExpenses>
      <GrantsPayable>
        <BOY>0</BOY>
        <EOY>0</EOY>
      </GrantsPayable>
      <DeferredRevenue>
        <BOY>0</BOY>
        <EOY>0</EOY>
      </DeferredRevenue>
      <TaxExemptBondLiabilities>
        <BOY>0</BOY>
        <EOY>0</EOY>
      </TaxExemptBondLiabilities>
      <EscrowAccountLiability>
        <BOY>0</BOY>
        <EOY>0</EOY>
      </EscrowAccountLiability>
      <LoansFromOfficersDirectors>
        <BOY>0</BOY>
        <EOY>0</EOY>
      </LoansFromOfficersDirectors>
      <MortNotesPyblSecuredInvestProp>
        <BOY>0</BOY>
        <EOY>0</EOY>
      </MortNotesPyblSecuredInvestProp>
      <UnsecuredNotesLoansPayable>
        <BOY>0</BOY>
        <EOY>0</EOY>
      </UnsecuredNotesLoansPayable>
      <OtherLiabilities>
        <BOY>0</BOY>
        <EOY>0</EOY>
      </OtherLiabilities>
      <TotalLiabilities>
        <BOY>22154</BOY>
        <EOY>16945</EOY>
      </TotalLiabilities>
      <FollowSFAS117>X</FollowSFAS117>
      <UnrestrictedNetAssets>
        <BOY>1226656</BOY>
        <EOY>1121171</EOY>
      </UnrestrictedNetAssets>
      <TemporarilyRestrictedNetAssets>
        <BOY>0</BOY>
        <EOY>0</EOY>
      </TemporarilyRestrictedNetAssets>
      <PermanentlyRestrictedNetAssets>
        <BOY>0</BOY>
        <EOY>0</EOY>
      </PermanentlyRestrictedNetAssets>
      <TotalNetAssetsFundBalances>
        <BOY>1226656</BOY>
        <EOY>1121171</EOY>
      </TotalNetAssetsFundBalances>
      <TotalLiabNetAssetsFundBalances>
        <BOY>1248810</BOY>
        <EOY>1138116</EOY>
      </TotalLiabNetAssetsFundBalances>
      <InfoInScheduleOPartXI>X</InfoInScheduleOPartXI>
      <ReconcilationRevenueExpenses>-73727</ReconcilationRevenueExpenses>
      <ReconcilationOtherChanges>-31758</ReconcilationOtherChanges>
      <InfoInScheduleOPartXII>X</InfoInScheduleOPartXII>
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <AccountantCompileOrReview>false</AccountantCompileOrReview>
      <FSAudited>true</FSAudited>
      <AuditCommittee>true</AuditCommittee>
      <FinancialStatementBoth>X</FinancialStatementBoth>
      <FederalGrantAuditRequired>false</FederalGrantAuditRequired>
    </IRS990>
    <IRS990ScheduleD documentId="IRS990ScheduleD">
      <ArtPublicExhibitionAmts />
      <HeldWorksOfArtAmts />
      <CurrentYearMinus3Years />
      <Land />
      <Buildings />
      <LeaseholdImprovements />
      <Equipment>
        <InvestmentCostOrOtherBasis>0</InvestmentCostOrOtherBasis>
        <OtherCostOrOtherBasis>10021</OtherCostOrOtherBasis>
        <Depreciation>7045</Depreciation>
        <BookValue>2976</BookValue>
      </Equipment>
      <OtherLandBuildings>
        <InvestmentCostOrOtherBasis>0</InvestmentCostOrOtherBasis>
        <Depreciation>0</Depreciation>
        <BookValue>0</BookValue>
      </OtherLandBuildings>
      <TotalOfBookValueLandBuildings>2976</TotalOfBookValueLandBuildings>
      <FederalIncomeTaxLiability>0</FederalIncomeTaxLiability>
      <TotalOfAmounts>0</TotalOfAmounts>
      <TotalRevenue>522244</TotalRevenue>
      <TotalExpenses>595971</TotalExpenses>
      <ExcessOrDeficitForYear>-73727</ExcessOrDeficitForYear>
      <NetUnrealizedGLOnInvestments>-12098</NetUnrealizedGLOnInvestments>
      <OtherAmount>-19660</OtherAmount>
      <TotalAdjustments>-31758</TotalAdjustments>
      <ExcessOrDeficitPerFS>-105485</ExcessOrDeficitPerFS>
      <TotRevenueEtcAuditedFinclStmt>494446</TotRevenueEtcAuditedFinclStmt>
      <NetUnrealizedGainsInvestments>-12098</NetUnrealizedGainsInvestments>
      <OtherRevenues>-15700</OtherRevenues>
      <RevenueNotRptdF990>-27798</RevenueNotRptdF990>
      <RevenueSubtotal>522244</RevenueSubtotal>
      <TotalRevenuePerForm990>522244</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>599931</TotExpensesEtcAuditedFinclStmt>
      <OtherExpensesIncluded>3960</OtherExpensesIncluded>
      <ExpensesNotRptdF990>3960</ExpensesNotRptdF990>
      <ExpensesSubtotal>595971</ExpensesSubtotal>
      <TotalExpensesPerForm990>595971</TotalExpensesPerForm990>
      <Form990ScheduleDPartXIV>
        <Identifier>OTHER LIABILITIES</Identifier>
        <ReturnReference>PART X, LINE 2</ReturnReference>
        <Explanation>CBICs informational returns are subject to examination by the appropriate taxing jurisdictions. Tax positions for the open tax years as of December 31, 2011 were reviewed and it was determined that no provision for uncertain tax positions was required as of December 31, 2011 and 2010. As of December 31, 2011 CBICs federal and various state informational returns generally remain open for the last three years.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>PART XI, LINE 8</Identifier>
        <Explanation>INVESTMENT MAINTENANCE COSTS $19,660</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>PART XII, LINE 2D</Identifier>
        <Explanation>Amount is comprised of the removal of $19,660 of investment maintenance costs and the inclusion of $3,960 of cost of goods sold (inventory).</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>PART XIII, LINE 2D</Identifier>
        <Explanation>Amount is comprised of the removal of $3,960 of costs of goods sold (inventory).</Explanation>
      </Form990ScheduleDPartXIV>
    </IRS990ScheduleD>
    <IRS990ScheduleO documentId="IRS990ScheduleO">
      <GeneralExplanation>
        <Identifier>FORM 990, PART VI, SECTION A, LINE 3</Identifier>
        <Explanation>CBIC contracted with Executive Director, Inc. to perform its daily operations. All major decisions regarding the Organization's mission, goals, and activities are determined by the Board of Directors.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>FORM 990, PART VI, SECTION B, LINE 11</Identifier>
        <Explanation>The Organization's Treasurer reviews a draft of the Form 990, which is prepared by the Organization's independent accountant. Any resultant comments and changes are incorporated into the Form 990 by the independent accountant. A final version of the Form 990 is then provided to each member of the Board of Directors prior to its filing with the IRS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>FORM 990, PART VI, SECTION B, LINE 12C</Identifier>
        <Explanation>Three times a year, at the Board meetings, each Board member completes the conflict of interest form. The forms are reviewed and kept on file at the management company.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>FORM 990, PART VI, SECTION B, LINE 15</Identifier>
        <Explanation>The Organization is managed by Executive Director, Incorporated, a for-profit management company. The Organization has no official employees because all staff assigned to the Organization are employees of the management company. The Organization does not compensate directors, other top officials, nor has anybody that fits the definition of a key employee. The management contract includes providing office facilities, management, recordkeeping, accounting, storage, other significant services, and related overhead costs. The organization's management fee is compared to data from the benchmarking series publication "Operating Ratio Report" provided by ASAE and the Center for Industry Research and is approved by the Organization's Board of Directors. This data outlines percentages of an organization's budget spent on expense line items included in the Organization's management fee.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>FORM 990, PART VI, SECTION C, LINE 19</Identifier>
        <Explanation>CBIC's governing documents, conflict of interest policy, and financial statements are available to the public upon request.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>FORM 990, PART XI, LINE 5, CHANGE IN NET ASSETS:</Identifier>
        <Explanation>NET UNREALIZED LOSS ON INVESTMENTS: (12,098) INVESTMENT EXPENSES: (19,660) TOTAL TO FORM 990, PART XI, LINE 5: (31,815)</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="IRS990ScheduleR">
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>APIC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>160 FEDERAL STREET</AddressLine1>
          <City>BOSTON</City>
          <State>MA</State>
          <ZIPCode>02110</ZIPCode>
        </AddressUS>
        <EIN>911887495</EIN>
        <PrimaryActivities>EDUCATION</PrimaryActivities>
        <LegalDomicileState>MA</LegalDomicileState>
        <ExemptCodeSection>501(C)(3)</ExemptCodeSection>
        <PublicCharityStatus>9</PublicCharityStatus>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
        <ControlledOrg>false</ControlledOrg>
      </Form990ScheduleRPartII>
      <ReceiptOfIntAnnRentsRoyalties>false</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>false</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>false</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>false</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>false</LoansOrGuaranteesFromOtherOrg>
      <SaleOfAssetsToOtherOrg>false</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>false</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>false</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>false</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>false</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>false</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>false</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>false</SharingOfFacilities>
      <SharingOfPaidEmployees>false</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>false</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>false</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>false</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>false</OtherTransferFromOtherOrg>
    </IRS990ScheduleR>
  </ReturnData>
</Return>