2012-05-14T13:03:58-05:00 2011-06-30 PricewaterhouseCoopers LLP 2001 MARKET ST SUITE 1700 PHILADELPHIA PA 19103 990 2010-07-01 231365963 REGENTS OF THE MERCERSBURG COLLEGE REGE 7173286110 300 EAST SEMINARY STREET MERCERSBURG PA 172361551 MARIA L KIMSEY 2012-05-10 2673303000 2010 2016-02-24 21:20:13Z MARIA L KIMSEY treasurer 300 E SEMINARY ST MERCERSBURG PA 17236 147020572 false X www.mercersburg.edu X 1893 PA REGENTS OF THE MERCERSBURG COLLEGE IS A CO-EDUCATIONAL, INDEPENDENT COLLEGE PREPARATORY BOARDING AND DAY SCHOOL WHOSE MISSION IS TO PREPARE STUDENTS FOR COLLEGE AND LIFE BEYOND. 32 31 353 440 23986 -9152 4478957 15737530 18331801 19634467 4075843 9007681 2069717 1487995 28956318 45867673 4924182 5444552 0 0 14262587 15140317 0 0 2822779 12103169 12417240 31289938 33002109 -2333620 12865564 276945407 308150968 69777514 65139598 207167893 243011370 MERCERSBURG ACADEMY PREPARES YOUNG MEN AND WOMEN FROM DIVERSE BACKGROUNDS FOR COLLEGE AND FOR LIFE IN A GLOBAL COMMUNITY. STUDENTS AT MERCERSBURG PURSUE A RIGOROUS AND DYNAMIC CURRICULUM WHILE LEARNING TO LIVE TOGETHER HARMONIOUSLY IN A SUPPORTIVE RESIDENTIAL ENVIRONMENT. MERCERSBURG'S TALENTED FACULTY INSTILL IN STUDENTS THE VALUE OF HARD WORK AND THE IMPORTANCE OF CHARACTER AND COMMUNITY AS THEY TEACH STUDENTS TO THINK FOR THEMSELVES, TO APPROACH LIFE THOUGHTFULLY AND CREATIVELY, TO THRIVE PHYSICALLY, TO ACT MORALLY, TO VALUE THE SPIRITUAL DIMENSION OF HUMAN EXISTENCE, AND TO SERVE OTHERS. false false 27419845 5444552 20794945 REGENTS OF THE MERCERSBURG COLLEGE ("MERCERSBURG") IS AN EDUCATIONAL INSTITUTION PREPARING YOUNG MEN AND WOMEN FROM DIVERSE BACKGROUNDS FOR COLLEGE AND FOR LIFE IN A GLOBAL COMMUNITY. STUDENTS AT MERCERSBURG PURSUE A RIGOROUS AND DYNAMIC CURRICULUM, WHILE ALSO LEARNING TO LIVE TOGETHER HARMONIOUSLY IN A SUPPORTIVE RESIDENTIAL ENVIRONMENT. MERCERSBURG'S TALENTED FACULTY INSTILL IN STUDENTS THE VALUE OF HARD WORK AND THE IMPORTANCE OF CHARACTER AND COMMUNITY, AS THEY TEACH STUDENTS TO THINK FOR THEMSELVES, TO APPROACH LIFE THOUGHTFULLY AND CREATIVELY, TO THRIVE PHYSICALLY, TO ACT MORALLY, TO VALUE THE SPIRITUAL DIMENSION OF HUMAN EXISTENCE, AND TO SERVE OTHERS. FOR THE YEAR ENDING JUNE 30, 2011, 434 STUDENTS WERE ENROLLED AT MERCERSBURG. THESE STUDENTS WERE FROM 30 STATES AND 34 COUNTRIES. 27419845 true true false false false false true false true true true false false true false true false true false true false false false false false false false true true true false false false false false false false false false true true true false false false false false false false false true 85 0 true 353 true true true false false false false false false false false false false false X 32 31 false false false false false false false true true false false true true true true true true true true false PA X MARIA L KIMSEY TREASURER 7173286110 300 E SEMINARY ST MERCERSBURG PA 17236 MRS ALICE P ALBRIGHT 2.0 X 0 0 0 MR ANDREW R AMMERMAN 2.0 X 0 0 0 MR CHARLES E BELL 2.0 X 0 0 0 MR ALBERT C BELLAS 2.0 X 0 0 0 MR KENNETH T BERENTS 2.0 X 0 0 0 MR PETER D DAVENPORT 2.0 X 0 0 0 MR MICHAEL P DAVIES 2.0 X 0 0 0 MR PHILIP L DUNMIRE 2.0 X 0 0 0 MS DENISE M DUPRE 2.0 X X 0 0 0 MR BRUCE M ECKERT ESQ 2.0 X 0 0 0 MS SALLY ANNE EPSTEIN 2.0 X 0 0 0 MS LAURA FISHER 2.0 X 0 0 0 DAVID O FRANTZ PHD 2.0 X X 0 0 0 MR GABRIEL A HAMMOND 2.0 X 0 0 0 MS PAMELA HOEHN-SARIC 2.0 X 0 0 0 MR JOSEPH R IMLER 2.0 X 0 0 0 MR YOUNG KYOON JEONG 2.0 X 0 0 0 HON JOHN E JONES III 2.0 X 0 0 0 MR PETER M LEBOVITZ 2.0 X 0 0 0 STACIE L RICE LISSETTE ESQ 2.0 X 0 0 0 PHILIP A LLOYD ESQ 2.0 X 0 0 0 ELIZABETH E GILDEA LOGIE ESQ 2.0 X 0 0 0 MR PIERCE LORD 2.0 X 0 0 0 MS KAREN A MCDOWELL MARSTON 2.0 X 0 0 0 DOUGLAS L MILLER ESQ 2.0 X 0 0 0 MR JAMIL T MYRIE 2.0 X 0 0 0 JOHN K PRENTISS DVM 2.0 X 0 0 0 MS DEBORAH J SIMON 2.0 X 0 0 0 MR JAMES S SNYDER 2.0 X 0 0 0 ALAN J WEIN MD PHD HON 2.0 X 0 0 0 MR ALLEN W ZERN 2.0 X X 0 0 0 T DOUGLAS HALE 60.0 X X 385030 0 29695 MARIA L KIMSEY 60.0 X X 186392 0 21992 MARY K CARRASCO 60.0 X X 169156 0 68574 MARY D RUTHERFORD 60.0 X 143546 0 19663 WILLIAM MCCLINTICK 50.0 X 106572 0 47538 TOMMY ADAMS 50.0 X 132099 0 18847 MATTHEW KEARNEY 50.0 X 101176 0 49263 RYAN BENNETT 50.0 X 86034 0 60170 DANIELLE DEHAVEN NORDYKE 50.0 X 92196 0 50481 1402201 0 366223 10 false true false ROCKWELL CONSTRUCTION COINC 5793 OAKWOOD DRIVE MERCERSBURG PA 17236 CONSTRUCTION 7298897 SAGE DINING SERVICES 222 BOSLEY AVENUE SUITE B7 TOWNSON MD 21204 FOOD SERVICE 1825692 CENTERBROOK ARCHITECT PLANNERS LLP 67 MAIN STREET CENTERBROOK CT 064090955 ARCHITECT 538363 BOWIE GRIDLEY ARCHITECTS 1010 WISCONSIN AVENUE NW WASHINGTON DC 20007 ARCHITECT 253832 CEH DESIGN INC 4 JACKLIN ROAD BETHEL CT 06801 CONSULTANT 159462 5 15737530 251829 15737530 TUITION AND FEES 900099 19634467 19634467 19634467 2642512 -7002 2649514 0 0 4596 4596 4596 4596 107518068 101152899 6365169 6365169 6365169 0 0 0 SUMMER PROGRAMS 900099 1160478 1160478 ACADEMY STORE 900099 233473 233473 DINING HALL 900099 43351 43351 46097 30988 15109 1483399 45867673 20794945 23986 9311212 0 5444552 5444552 0 0 1077712 1077712 0 0 0 10921424 8612425 1141409 1167590 983267 776402 102260 104605 1295657 1023070 134748 137839 862257 680850 89675 91732 1595381 1259736 165920 169725 0 0 0 0 0 1844989 1456830 191879 196280 159882 126245 16628 17009 851742 672548 88581 90613 536247 423428 55770 57049 0 861637 680361 89610 91666 431510 340727 44877 45906 0 84296 66561 8767 8968 716911 566083 74559 76269 0 2451179 1935486 254923 260770 387175 305719 40266 41190 INTEREST RATE SWAP 1686156 1331414 175360 179382 CURRICULUM DEVELOPMENT 336487 265695 34995 35797 STUDENT ACTIVITIES 341027 269280 35467 36280 TAXES 92992 73428 9671 9893 MISCELLANEOUS EXPENSES 39629 31293 4120 4216 33002109 27419845 2759485 2822779 20094805 16267888 2564361 12200975 476637 490401 50000 0 178270 175963 691853 709520 109299946 31626045 74388383 77673901 108287424 115232516 67945334 83131464 2268340 2268340 276945407 308150968 6441774 3911652 49235000 49235000 14100740 11992946 69777514 65139598 X 119816138 137049812 13848973 24566295 73502782 81395263 207167893 243011370 276945407 308150968 X 12865564 22977913 X false true true X false X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 2268340 X X false 170727830 2902111 33210120 1250230 7901436 1595381 196093014 160090207 744669 19398636 1180000 7862914 462768 170727830 188299003 8463571 -24200409 1282650 10771579 417729 160090207 0.55000 0.38000 0.07000 false false false 81493 81493 105299771 30263064 75036707 1854482 1362981 491501 2064200 0 2064200 77673901 ALTERNATIVE INVESTMENTS 83117414 F OTHER 14050 F 83131464 0 INT. RATE SWAP AGREEMENTS 7000609 ADVANCE DEPOSITS 4409119 ASSET RETIREMENT OBLIGATION 583218 11992946 45867673 33002109 12865564 24572645 -1594732 22977913 35843477 63401034 24572645 -1594732 22977913 40423121 5444552 5444552 45867673 27557557 27557557 5444552 5444552 33002109 DESCTIPTION OF COLLECTIONS FORM 990, SCHEDULE D, PART III, LINE 4 MERCERSBURG ACADEMY MAINTAINS VARIOUS COLLECTIONS OF FINE ART FOR PRESERVATION PURPOSES. SUCH COLLECTIONS ARE OPEN TO PUBLIC EXHIBITION. -------------------- DETAIL OF OTHER CHANGES IN NET ASSETS AND REVENUES FORM 990, SCHEDULE D, PART XI, LINE 8 AND PART XII, LINE 2D NET UNREALIZED GAIN (LOSS) ON SWAP AGREEMENT $ (89,403) INVESTMENT ADMIN FEES TREATED AS CONTRA REVENUE (1,595,382) CHANGE IN VALUE OF ANNUITY AGREEMENTS 90,053 ------------ $(1,594,732) -------------------- RECONCILIATION OF REVENUES AND EXPENSES FORM 990, SCHEDULE D, PART XII, LINE 4B AND PART XIII, LINE 4B INSTITUTIONAL AID (GRANTS) $5,444,552. -------------------- TEXT OF FIN 48 FOOTNOTE FORM 990, SCHEDULE D, PART X, LINE 2 MERCERSBURG APPLIES ACCOUNTING PRINCIPLES RELATED TO THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ASC 740-10, WHICH REQUIRES THE USE OF A TWO-STEP APPROACH FOR RECOGNIZING AND MEASURING TAX BENEFITS TAKEN OR EXPECTED TO BE TAKEN IN AN UNRELATED BUSINESS ACTIVITY TAX RETURN AND DISCLOSURES REGARDING UNCERTAINTIES IN TAX POSITIONS. THERE WERE NO UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2011 AND 2010. true true true true true true true false false false false false false false false false false true PUBLICATION OF RACIALLY NONDISCRIMINATORY POLICY FORM 990, SCHEDULE E, LINE 3 REGENTS OF THE MERCERSBURG COLLEGE PUBLICIZES ITS RACIALLY NON-DISCRIMINATORY POLICY ANNUALLY IN THE WASHINGTON POST, IN THE FALL OF EACH YEAR. THE MOST RECENT NOTICE WAS POSTED IN THE DECEMBER 06, 2010 ISSUE. Europe (Including Iceland and Greenland) Program Services International Travel 91209 Middle East and North Africa Program Services International Travel 3120 Central America and the Caribbean Program Services International Travel 21880 Central America and the Caribbean Investments -155756 -39547 -39547 true false false false false false true SCHOLARSHIPS 233 5418532 N/A NONE STIPENDS 20 26020 N/A NONE PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS IN THE UNITED STATES SCHEDULE I, PART I, LINE 2 SINCE 1893, MERCERSBURG ACADEMY HAS, WITH EXTENSIVE HELP FROM ALUMNI, FAMILY AND FRIENDS OF THE SCHOOL, OFFERED STUDENTS FINANCIAL AID BASED PRIMARILY UPON DEMONSTRATED FINANCIAL ELIGIBILITY. MERCERSBURG CURRENTLY ADMINISTERS A GENEROUS FINANCIAL AID PROGRAM THAT FUNDS OVER 40 PERCENT OF THE STUDENT BODY. UNDERSTANDING THAT A MERCERSBURG EDUCATION IS A SIGNIFICANT INVESTMENT, THE FINANCIAL AID COMMITTEE WORKS TO DETERMINE A FAIR ASSESSMENT OF A FAMILY'S ABILITY TO PROVIDE THEIR CHILDREN WITH THE OUTSTANDING EDUCATION AVAILABLE HERE. MERCERSBURG ENCOURAGES FAMILIES WITH LIMITED MEANS TO APPLY FOR ASSISTANCE BASED UPON THE ASSUMPTION THAT THE PRIMARY OBLIGATION FOR FINANCING A STUDENT'S EDUCATION RESTS SOLELY WITH THE FAMILY. THE ACADEMY FURTHER EXPECTS THAT A FAMILY IS WILLING TO MAKE SIGNIFICANT ADJUSTMENTS IN THE USE OF ITS DISCRETIONARY RESOURCES, AS WELL AS ACCESS ANCILLARY RESOURCES AVAILABLE THROUGH FAMILY, WORK, AND LOCAL ORGANIZATIONS. IN EVERY INSTANCE, THE FINANCIAL AID COMMITTEE SEEKS EVIDENCE THAT A FAMILY'S COMMITMENT TO THEIR CHILD'S EDUCATION IS AT LEAST AS STRONG AS THE ACADEMY'S. IN ORDER TO DETERMINE A FAMILY'S ELIGIBILITY TO RECEIVE FINANCIAL AID IN A FAIR AND EQUITABLE MANNER, MERCERSBURG REQUIRES THAT ALL APPLICANTS COMPLETE THE PARENT FINANCIAL STATEMENT (PFS) WITH THE SCHOOL AND STUDENT SERVICE FOR FINANCIAL AID (SSS) FOR EACH YEAR OF MATRICULATION. X X X X X true true X X X X false false false false false false false false false T DOUGLAS HALE 306127 0 53903 0 25000 0 22947 0 6748 0 414725 0 0 0 MARIA L KIMSEY 182792 0 0 0 3600 0 16426 0 5566 0 208384 0 0 0 MARY D RUTHERFORD 139273 0 0 0 4273 0 12663 0 7000 0 163209 0 0 0 MARY K CARRASCO 165556 0 0 0 3600 0 15519 0 53055 0 237730 0 0 0 WILLIAM MCCLINTICK 96022 0 0 0 10550 0 8671 0 38867 0 154110 0 0 0 TOMMY ADAMS 119604 0 0 0 12495 0 11109 0 7738 0 150946 0 0 0 MATTHEW KEARNEY 90756 0 0 0 10420 0 7964 0 41299 0 150439 0 0 0 QUESTIONS REGARDING COMPENSATION SCHEDULE J, PART I, LINE 1A & 4b FIRST CLASS TRAVEL IS ONLY ALLOWED WHEN TRAVELING TO ASIA ON SCHOOL RELATED FUNDRAISING OR ADMISSION VISITS. THE HEAD OF SCHOOL MAY OCCASIONALLY TAKE HIS SPOUSE WHEN INVITED BY A HOST OR WHEN IT IS EXPECTED THAT HIS SPOUSE BE AT AN EVENT (FUNDRAISING, BOARD MEETING, HOSTING OF BOARD MEMBERS SPOUSES, ETC.). THE HEAD OF SCHOOL IS PROVIDED A RESIDENCE FOR BOTH PERSONAL AND BUSINESS USE, PER THE TERMS OF HIS CONTRACT, WHICH INCLUDES PART-TIME HOUSEKEEPING SERVICES. MERCERSBURG BOROUGH GENERAL PURPOSE AUTHORITY 236002995 2009-12-18 30000000 REFUND 2000A & 2000B BOND ISSUES false false false MERCERSBURG BOROUGH GENERAL PURPOSE AUTHORITY 236002995 2010-02-17 19235000 REFUND 2000B & 2005 BOND ISSUES false false false 0 0 30000000 0 0 0 0 0 0 0 30000000 0 2001 true false true true 0 0 19235000 0 0 0 120000 0 0 0 19235000 0 2005 true false true true false false false false true 0.00000 0.00000 0.00000 true false true false false false false false true false true false false false false false true 0 EASTERN ALLIANCE INSURANCE SIMILAR TRUSTEE/OWNER 58642 WORKERS' COMP INS. COVERAGE false X 238 FMV X 36 215002 DATE OF GIFT FMV X Event Fees 7 21694 FMV X Gift Certificates 1 1000 FMV X Sports Equipment 3 13769 FMV X school related merchandise 4 126 FMV false true true THIRD PARTIES USED TO SELL NONCASH CONTRIBUTIONS FORM 990, SCHEDULE M, LINE 32(B) MERCERSBURG ACADEMY UTILIZES THE SERVICES OF A THIRD PARTY STOCK BROKER IN ORDER TO LIQUIDATE ANY SECURITY CONTRIBUTIONS RECEIVED. SUPPLEMENTAL DISCLOSURES FORM 990 REVIEW PROCESS FORM 990, PART VI, SECTION A, LINE 11a INFORMATION RELATED TO MERCERSBURG ACADEMY'S FORM 990 IS GATHERED BY FINANCE STAFF AND PROVIDED TO PRICEWATERHOUSECOOPERS LLP FOR REVIEW AND RETURN PREPARATION. THE FINAL COPY OF THE FORM 990 WAS REVIEWED BY MERCERSBURG ACADEMY AND PROVIDED TO EACH BOARD MEMBER FOR THEIR REVIEW PRIOR TO FILING. -------------------- CONFLICT OF INTEREST POLICY FORM 990, PART VI, SECTION B, LINE 12C OFFICERS, TRUSTEES, AND ALL EMPLOYEES ARE REQUIRED ANNUALLY TO PREPARE A "CONFLICT OF INTEREST POLICY QUESTIONNAIRE" DISCLOSING BUSINESSES, ACTIVITES, AND/OR RELATIONSHIPS THAT MAY GIVE RISE TO CONFLICTS. COMPLETED QUESTIONNAIRES ARE REVIEWED BY MANAGEMENT. -------------------- COMPENSATION REVIEW AND APPROVAL FORM 990, PART VI, SECTION B, LINE 15 THE OFFICERS OF MERCERSBURG ACADEMY'S BOARD DELIBERATE ON, REVIEW, AND APPROVE THE SALARY OF THE HEAD OF SCHOOL. THESE BOARD OFFICERS HAVE FULL COMPARABILITY DATA AVAILABLE FROM BOTH ABOPS AND NAIS TO AID IN SUCH DELIBERATIONS. THE RESULTS OF THE DELIBERATIONS, REVIEW, AND SALARY APPROVAL PROCESS ARE THEN SHARED WITH THE ENTIRE BOARD WHEN THE HEAD OF SCHOOL UNDERGOES ANOTHER REVIEW BY THE FULL BOARD AT THE MAY MEETINGS. THE COMPLETION OF THAT DELIBERATION, REVIEW, AND APPROVAL PROCESS IS RECORDED IN THE MINUTES OF THE MAY BOARD MEETINGS. THE OFFICERS OF MERCERSBURG ACADEMY'S BOARD DISCUSS, REVIEW, AND APPROVE THE RECOMMENDATION FROM THE HEAD OF SCHOOL CONCERNING THE SALARIES OF THE TOP FOUR HIGHEST PAID EMPLOYEES OF THE SCHOOL, NOT INCLUDING THE HEAD OF SCHOOL. THESE BOARD OFFICERS ALSO HAVE FULL COMPARABILITY DATA AVAILABLE FROM BOTH ABOPS AND NAIS TO AID IN THEIR DELIBERATIONS. -------------------- GOVERNANCE, MANAGEMENT AND DISCLOSURE FORM 990, PART VI, SECTIONC, LINE 19 MERCERSBURG ACADEMY'S FORMS 1023 AND 990, GOVERNING DOCUMENTS, AUDITED FINANCIAL STATEMENTS, AND CONFLICTS OF INTEREST POLICY ARE AVAILABLE TO THE PUBLIC UPON REQUEST. -------------------- DETAIL OF OTHER CHANGES IN NET ASSETS FORM 990, PART XI, LINE 5 NET UNREALIZED GAIN (LOSS) ON INVESTMENT $24,572,645 NET UNREALIZED GAIN (LOSS) ON SWAP AGREEMENT (89,403) INVESTMENT ADMIN FEES TREATED AS CONTRA REVENUE (1,595,382) CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 90,053 ------------ $22,977,913