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        <RelatedOrExemptFunctionIncome>1278588</RelatedOrExemptFunctionIncome>
      </ProgramServiceRevenue>
      <ProgramServiceRevenue>
        <Description>INTERNATIONAL RELATION</Description>
        <BusinessCode>900099</BusinessCode>
        <TotalRevenueColumn>1178952</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>1178952</RelatedOrExemptFunctionIncome>
      </ProgramServiceRevenue>
      <ProgramServiceRevenue>
        <Description>ENVIRONMENTAL PROGRAMS</Description>
        <BusinessCode>900099</BusinessCode>
        <TotalRevenueColumn>369967</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>369967</RelatedOrExemptFunctionIncome>
      </ProgramServiceRevenue>
      <TotalOthProgramServiceRevenue>
        <TotalRevenueColumn>505534</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>505534</RelatedOrExemptFunctionIncome>
      </TotalOthProgramServiceRevenue>
      <TotalProgramServiceRevenue>9066854</TotalProgramServiceRevenue>
      <InvestmentIncome>
        <TotalRevenueColumn>371370</TotalRevenueColumn>
        <ExclusionAmount>371370</ExclusionAmount>
      </InvestmentIncome>
      <GrossSalesOfInventory>6344205</GrossSalesOfInventory>
      <CostOfGoodsSold>683496</CostOfGoodsSold>
      <NetIncomeOrLoss>
        <TotalRevenueColumn>5660709</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>5660709</RelatedOrExemptFunctionIncome>
      </NetIncomeOrLoss>
      <TotalRevenue>
        <TotalRevenueColumn>15098933</TotalRevenueColumn>
        <RelatedOrExemptFunctionIncome>14727563</RelatedOrExemptFunctionIncome>
        <UnrelatedBusinessRevenue>0</UnrelatedBusinessRevenue>
        <ExclusionAmount>371370</ExclusionAmount>
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      <CompCurrentOfficersDirectors>
        <Total>1297085</Total>
      </CompCurrentOfficersDirectors>
      <OtherSalariesAndWages>
        <Total>4390446</Total>
      </OtherSalariesAndWages>
      <PensionPlanContributions>
        <Total>486403</Total>
      </PensionPlanContributions>
      <OtherEmployeeBenefits>
        <Total>513008</Total>
      </OtherEmployeeBenefits>
      <PayrollTaxes>
        <Total>419300</Total>
      </PayrollTaxes>
      <FeesForServicesLegal>
        <Total>146275</Total>
      </FeesForServicesLegal>
      <FeesForServicesAccounting>
        <Total>34500</Total>
      </FeesForServicesAccounting>
      <FeesForServicesOther>
        <Total>812500</Total>
      </FeesForServicesOther>
      <OfficeExpenses>
        <Total>246724</Total>
      </OfficeExpenses>
      <InformationTechnology>
        <Total>279004</Total>
      </InformationTechnology>
      <Royalties>
        <Total>143774</Total>
      </Royalties>
      <Occupancy>
        <Total>684622</Total>
      </Occupancy>
      <Travel>
        <Total>370197</Total>
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      <ConferencesMeetings>
        <Total>2090020</Total>
      </ConferencesMeetings>
      <DepreciationDepletion>
        <Total>341515</Total>
      </DepreciationDepletion>
      <Insurance>
        <Total>40229</Total>
      </Insurance>
      <OtherExpenses>
        <Description>POSTAGE AND SHIPPING</Description>
        <Total>574800</Total>
      </OtherExpenses>
      <OtherExpenses>
        <Description>BANK FEES</Description>
        <Total>244278</Total>
      </OtherExpenses>
      <OtherExpenses>
        <Description>FULFILLMENT EXPENSES</Description>
        <Total>189099</Total>
      </OtherExpenses>
      <AllOtherExpenses>
        <Total>472036</Total>
      </AllOtherExpenses>
      <TotalFunctionalExpenses>
        <Total>13775815</Total>
      </TotalFunctionalExpenses>
      <CashNonInterestBearing>
        <BOY>22498</BOY>
        <EOY>22382</EOY>
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      <SavingsAndTempCashInvestments>
        <BOY>2207279</BOY>
        <EOY>1956438</EOY>
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      <AccountsReceivable>
        <BOY>754211</BOY>
        <EOY>560123</EOY>
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      <InventoriesForSaleOrUse>
        <BOY>809100</BOY>
        <EOY>988403</EOY>
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      <PrepaidExpensesDeferredCharges>
        <BOY>350522</BOY>
        <EOY>826115</EOY>
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      <LandBuildingsEquipmentBasis>3041666</LandBuildingsEquipmentBasis>
      <LandBldgEquipmentAccumDeprec>1908850</LandBldgEquipmentAccumDeprec>
      <LandBuildingsEquipmentBasisNet>
        <BOY>796646</BOY>
        <EOY>1132816</EOY>
      </LandBuildingsEquipmentBasisNet>
      <InvestmentsPubTradedSecurities>
        <BOY>13276102</BOY>
        <EOY>13652324</EOY>
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      <TotalAssets>
        <BOY>18216358</BOY>
        <EOY>19138601</EOY>
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      <AccountsPayableAccruedExpenses>
        <BOY>1823151</BOY>
        <EOY>1212393</EOY>
      </AccountsPayableAccruedExpenses>
      <DeferredRevenue>
        <BOY>3776088</BOY>
        <EOY>4127987</EOY>
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      <OtherLiabilities>
        <BOY>1254269</BOY>
        <EOY>1090937</EOY>
      </OtherLiabilities>
      <TotalLiabilities>
        <BOY>6853508</BOY>
        <EOY>6431317</EOY>
      </TotalLiabilities>
      <FollowSFAS117>X</FollowSFAS117>
      <UnrestrictedNetAssets>
        <BOY>11362850</BOY>
        <EOY>12707284</EOY>
      </UnrestrictedNetAssets>
      <TotalNetAssetsFundBalances>
        <BOY>11362850</BOY>
        <EOY>12707284</EOY>
      </TotalNetAssetsFundBalances>
      <TotalLiabNetAssetsFundBalances>
        <BOY>18216358</BOY>
        <EOY>19138601</EOY>
      </TotalLiabNetAssetsFundBalances>
      <InfoInScheduleOPartXI>X</InfoInScheduleOPartXI>
      <ReconcilationRevenueExpenses>1323118</ReconcilationRevenueExpenses>
      <ReconcilationOtherChanges>21316</ReconcilationOtherChanges>
      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <AccountantCompileOrReview>0</AccountantCompileOrReview>
      <FSAudited>1</FSAudited>
      <AuditCommittee>1</AuditCommittee>
      <FinancialStatementConsolidated>X</FinancialStatementConsolidated>
      <FederalGrantAuditRequired>0</FederalGrantAuditRequired>
    </IRS990>
    <IRS990ScheduleC documentId="RetDoc1039700001">
      <SubstantiallyAllDuesNondeduct>0</SubstantiallyAllDuesNondeduct>
      <OnlyInHouseLobbying>0</OnlyInHouseLobbying>
      <AgreeToCarryoverPriorYear>0</AgreeToCarryoverPriorYear>
      <DuesAssessments>1993395</DuesAssessments>
      <NonDedLobbyPoliticalCurrent>225274</NonDedLobbyPoliticalCurrent>
      <NonDedLobbyPoliticalCarryover>-256998</NonDedLobbyPoliticalCarryover>
      <NonDedLobbyPoliticalTotal>-31724</NonDedLobbyPoliticalTotal>
      <AggrAmtReportedInDuesNotices>398679</AggrAmtReportedInDuesNotices>
      <TaxableAmount>-430403</TaxableAmount>
    </IRS990ScheduleC>
    <IRS990ScheduleD documentId="RetDoc1040000001">
      <LeaseholdImprovements>
        <OtherCostOrOtherBasis>853198</OtherCostOrOtherBasis>
        <Depreciation>534273</Depreciation>
        <BookValue>318925</BookValue>
      </LeaseholdImprovements>
      <OtherLandBuildings>
        <OtherCostOrOtherBasis>2188468</OtherCostOrOtherBasis>
        <Depreciation>1374577</Depreciation>
        <BookValue>813891</BookValue>
      </OtherLandBuildings>
      <TotalOfBookValueLandBuildings>1132816</TotalOfBookValueLandBuildings>
      <OtherLiabilities>
        <Description>DEFERRED COMPENSATION</Description>
        <Amount>599279</Amount>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>DEFERRED RENT</Description>
        <Amount>256308</Amount>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>DEFERRED LEASE INCENTIVE</Description>
        <Amount>235350</Amount>
      </OtherLiabilities>
      <TotalOfAmounts>1090937</TotalOfAmounts>
      <TotalRevenue>15098933</TotalRevenue>
      <TotalExpenses>13775815</TotalExpenses>
      <ExcessOrDeficitForYear>1323118</ExcessOrDeficitForYear>
      <NetUnrealizedGLOnInvestments>21316</NetUnrealizedGLOnInvestments>
      <TotalAdjustments>21316</TotalAdjustments>
      <ExcessOrDeficitPerFS>1344434</ExcessOrDeficitPerFS>
      <TotRevenueEtcAuditedFinclStmt>15803745</TotRevenueEtcAuditedFinclStmt>
      <NetUnrealizedGainsInvestments>21316</NetUnrealizedGainsInvestments>
      <OtherRevenues>683496</OtherRevenues>
      <RevenueNotRptdF990>704812</RevenueNotRptdF990>
      <RevenueSubtotal>15098933</RevenueSubtotal>
      <RevenueNotRptdOnFinStmt>0</RevenueNotRptdOnFinStmt>
      <TotalRevenuePerForm990>15098933</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>14459311</TotExpensesEtcAuditedFinclStmt>
      <OtherExpensesIncluded>683496</OtherExpensesIncluded>
      <ExpensesNotRptdF990>683496</ExpensesNotRptdF990>
      <ExpensesSubtotal>13775815</ExpensesSubtotal>
      <ExpensesNotRptdOnFinStmt>0</ExpensesNotRptdOnFinStmt>
      <TotalExpensesPerForm990>13775815</TotalExpensesPerForm990>
      <Form990ScheduleDPartXIV>
        <Identifier>DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48:</Identifier>
        <ReturnReference>PART X:</ReturnReference>
        <Explanation>IPC ASSOCIATION'S APPLICATION OF GAAPUSA REGARDING UNCERTAIN TAX POSITIONS HAD NO EFFECT ON ITS FINANCIAL POSITION AS MANAGEMENT BELIEVES IPC ASSOCIATION HAS NO MATERIAL UNRECOGNIZED INCOME TAX BENEFITS, INCLUDING ANY POTENTIAL RISK OF LOSS OF ITS NOT-FOR-PROFIT TAX STATUS. IPC ASSOCIATION WOULD ACCOUNT FOR ANY POTENTIAL INTEREST OR PENALTIES RELATED TO POSSIBLE FUTURE LIABILITIES FOR UNRECOGNIZED INCOME TAX BENEFITS AS INCOME TAX EXPENSE. IPC ASSOCIATION IS NO LONGER SUBJECT TO EXAMINATION BY FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR PERIODS BEFORE 2008.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>PART XII, LINE 2D - OTHER ADJUSTMENTS:</Identifier>
        <Explanation>COST OF GOODS SOLD ON SALES OF INVENTORY 683,496.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>PART XIII, LINE 2D - OTHER ADJUSTMENTS:</Identifier>
        <Explanation>COST OF GOODS SOLD ON SALES OF INVENTORY 683,496.</Explanation>
      </Form990ScheduleDPartXIV>
    </IRS990ScheduleD>
    <IRS990ScheduleF documentId="RetDoc1040500001">
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        <Region>EAST ASIA AND THE PACIFIC</Region>
        <NumberOfOffices>5</NumberOfOffices>
        <NumberOfEmployees>24</NumberOfEmployees>
        <TypeOfActivitiesConducted>PROGRAM SERVICES</TypeOfActivitiesConducted>
        <SpecificServicesProvided>TECHNOLOGY CONSULTING</SpecificServicesProvided>
        <TotalExpenditures>1071661</TotalExpenditures>
      </AcctsActvsOutUSTable>
      <AcctsActvsOutUSTable>
        <Region>SOUTH ASIA</Region>
        <NumberOfOffices>1</NumberOfOffices>
        <NumberOfEmployees>2</NumberOfEmployees>
        <TypeOfActivitiesConducted>PROGRAM SERVICES</TypeOfActivitiesConducted>
        <SpecificServicesProvided>TECHNOLOGY CONSULTING</SpecificServicesProvided>
        <TotalExpenditures>30723</TotalExpenditures>
      </AcctsActvsOutUSTable>
      <SubtotalNumberOfOffices>6</SubtotalNumberOfOffices>
      <SubtotalNumberOfEmployees>26</SubtotalNumberOfEmployees>
      <ContNumberOfOffices>0</ContNumberOfOffices>
      <ContNumberOfEmployees>0</ContNumberOfEmployees>
      <TotalNumberOfOffices>6</TotalNumberOfOffices>
      <TotalNumberOfEmployees>26</TotalNumberOfEmployees>
      <SubtotalAmountSpent>1102384</SubtotalAmountSpent>
      <ContAmountSpent>0</ContAmountSpent>
      <TotalAmountSpent>1102384</TotalAmountSpent>
      <TransferToForeignCorp>0</TransferToForeignCorp>
      <InterestInForeignTrust>0</InterestInForeignTrust>
      <OwnForeignCorp>1</OwnForeignCorp>
      <PassiveForeignInvestCo>0</PassiveForeignInvestCo>
      <ForeignPartnership>0</ForeignPartnership>
      <BoycottCountries>0</BoycottCountries>
    </IRS990ScheduleF>
    <IRS990ScheduleJ documentId="RetDoc1042400001">
      <TravelForCompanions>X</TravelForCompanions>
      <WrittenPolicyReTAndEExpenses>1</WrittenPolicyReTAndEExpenses>
      <SubstantiationRequired>1</SubstantiationRequired>
      <CompensationCommittee>X</CompensationCommittee>
      <Form990OfOtherOrganizations>X</Form990OfOtherOrganizations>
      <CompensationSurvey>X</CompensationSurvey>
      <BoardOrCommitteeApproval>X</BoardOrCommitteeApproval>
      <SeverancePayment>0</SeverancePayment>
      <SupplementalNonqualRetirePlan>0</SupplementalNonqualRetirePlan>
      <EquityBasedCompArrangement>0</EquityBasedCompArrangement>
      <Form990ScheduleJPartII>
        <NamePerson>DENNIS MCGUIRK</NamePerson>
        <BaseCompensationFilingOrg>330480</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>0</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>13075</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>6000</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>349555</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>DAVID BERGMAN</NamePerson>
        <BaseCompensationFilingOrg>155456</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>9000</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>0</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>19044</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>15672</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>199172</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>ANTHONY HILVERS</NamePerson>
        <BaseCompensationFilingOrg>150230</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>6000</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>0</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>18274</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>15672</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>190176</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>DAVID TORP</NamePerson>
        <BaseCompensationFilingOrg>144249</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>6000</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>0</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>17307</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>15672</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>183228</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartII>
        <NamePerson>ART HUENECKE</NamePerson>
        <BaseCompensationFilingOrg>135266</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>6000</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>0</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
        <DeferredCompFilingOrg>16263</DeferredCompFilingOrg>
        <DeferredCompRelatedOrgs>0</DeferredCompRelatedOrgs>
        <NontaxableBenefitsFilingOrg>15672</NontaxableBenefitsFilingOrg>
        <NontaxableBenefitsRelatedOrgs>0</NontaxableBenefitsRelatedOrgs>
        <TotalCompensationFilingOrg>173201</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
        <CompReportPrior990FilingOrg>0</CompReportPrior990FilingOrg>
        <CompReportPrior990RelatedOrgs>0</CompReportPrior990RelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartIII>
        <ReturnReference>PART I, LINE 1A</ReturnReference>
        <Explanation>THE PRESIDENT AND CEO DOES RECEIVE REIMBURSEMENT FOR SPOUSAL TRAVEL, HOWEVER THIS IS TAXABLE COMPENSATION.</Explanation>
      </Form990ScheduleJPartIII>
    </IRS990ScheduleJ>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 11</ReturnReference>
        <Explanation>THE BOARD RETAINS THE SERVICES OF AN INDEPENDENT CPA FIRM TO PREPARE THE ORGANIZATION'S FORM 990. MANAGEMENT REVIEWS THE COMPLETED FORM 990 AND PROVIDES A FULL COPY TO ALL VOTING MEMBERS OF THE GOVERNING BODY PRIOR TO FILING. THE GOVERNING BODY IS PROVIDED A REASONABLE AMOUNT OF TIME TO REVIEW THE RETURN AND ASK ANY QUESTIONS DIRECTLY TO ORGANIZATION MANAGEMENT OR THE CONTACT AT THE INDEPENDENT CPA FIRM PRIOR TO FILING.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 12C</ReturnReference>
        <Explanation>THE BOARD SECRETARY IS RESPONSIBLE FOR CATALOGING ALL CONFLICTS OF INTEREST. THE CONFLICT OF INTEREST QUESTIONAIRE AND POLICY IS DISTRIBUTED ANNUALY. DIRECTORS ARE REQUESTED TO REPORT ANY CONFLICTS ON AN ANNUAL BASIS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 15</ReturnReference>
        <Explanation>AN INDEPENDENT COMPENSATION COMMITTEE DETERMINES THE CEO'S SALARY BASED COMPARABILITY DATA. THE COMMITTEE CONTEMPORANEOUSLY SUBSTANTIATES ITS DELIBERATION AND DECISION.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE THROUGH APPLICABLE GOVERNMENTAL AGENCIES; THE CONFLICT OF INTEREST POLICY IS AVAILABLE UPON WRITTEN REQUEST TO THE ORGANIZATION.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>CHANGES IN NET ASSETS OR FUND BALANCES:</Identifier>
        <ReturnReference>FORM 990, PART XI, LINE 5:</ReturnReference>
        <Explanation>NET UNREALIZED GAINS ON INVESTMENTS: 21,316.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc1043400001">
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>IPC EDUCATION FOUNDATION</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>3000 LAKESIDE DRIVE SUITE 309-S</AddressLine1>
          <City>BANNOCKBURN</City>
          <State>IL</State>
          <ZIPCode>60015</ZIPCode>
        </AddressUS>
        <EIN>364417168</EIN>
        <PrimaryActivities>FUND EDUCATION SCHOLARSHIPS &amp; MATERIALS PURCHASE PROGRAMS FOR H.S. LEVEL</PrimaryActivities>
        <LegalDomicileState>IL</LegalDomicileState>
        <ExemptCodeSection>501(C)(3)</ExemptCodeSection>
        <PublicCharityStatus>LINE 1</PublicCharityStatus>
        <DirectControllingEntityName>
          <BusinessNameLine1>NONE</BusinessNameLine1>
        </DirectControllingEntityName>
        <ControlledOrg>0</ControlledOrg>
      </Form990ScheduleRPartII>
      <Form990ScheduleRPartIV>
        <NameOfRelatedOrg>
          <BusinessNameLine1>IPC GLOBAL TECHNOLOGY MGMT CONSULTING CO LTD</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressForeign>
          <AddressLine1>1088 WEST YAN AN RD STE 2303 CHAN</AddressLine1>
          <City>SHANGHAI</City>
          <Country>CH</Country>
          <PostalCode>200052</PostalCode>
        </AddressForeign>
        <PrimaryActivity>MANAGEMENT CONSULTING AND TRADE SHOW MANAGEMENT.</PrimaryActivity>
        <LegalDomicileForeignCountry>CH</LegalDomicileForeignCountry>
        <TypeOfEntity>C</TypeOfEntity>
        <ShareOfTotalIncome>1128813</ShareOfTotalIncome>
        <ShareOfEOYAssets>629787</ShareOfEOYAssets>
        <PercentageOwnership>1.00000</PercentageOwnership>
      </Form990ScheduleRPartIV>
      <Form990ScheduleRPartIV>
        <NameOfRelatedOrg>
          <BusinessNameLine1>IPC GLOBAL TECHNOLOGY MANAGEMENT CONSULTING CO LTD</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressForeign>
          <AddressLine1>728 10TH MAIN 4TH BLOCK JAYANAG</AddressLine1>
          <City>BANGALORE</City>
          <Country>IN</Country>
          <PostalCode>560011</PostalCode>
        </AddressForeign>
        <PrimaryActivity>MANAGEMENT CONSULTING AND TRADE SHOW MANAGEMENT.</PrimaryActivity>
        <LegalDomicileForeignCountry>IN</LegalDomicileForeignCountry>
        <TypeOfEntity>C</TypeOfEntity>
        <ShareOfTotalIncome>214569</ShareOfTotalIncome>
        <ShareOfEOYAssets>46194</ShareOfEOYAssets>
        <PercentageOwnership>0.91000</PercentageOwnership>
      </Form990ScheduleRPartIV>
      <ReceiptOfIntAnnRentsRoyalties>0</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>0</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>0</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>1</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>0</LoansOrGuaranteesFromOtherOrg>
      <SaleOfAssetsToOtherOrg>0</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>0</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>0</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>0</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>0</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>0</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>0</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>0</SharingOfFacilities>
      <SharingOfPaidEmployees>0</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>0</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>0</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>0</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>0</OtherTransferFromOtherOrg>
    </IRS990ScheduleR>
  </ReturnData>
</Return>