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        <Identifier>Sch J, Part I, Line 1a</Identifier>
        <ReturnReference>Part I, Line 1a: Relevant information in regards to selections on 1a.</ReturnReference>
        <Explanation>The President received a monthly housing allowance that was included in his taxable compensation.Part I, Line 4b and Part II - Relevant Information Regarding Compensation BenefitsOn Schedule J, Part II, column (B) (ii), we reported $546,646 in Bonus and incentive compensation for Gaston Caperton, the President. Of this, $509,163 is deferred compensation vested but not paid and included in his taxable compensation.</Explanation>
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      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 19</Identifier>
        <ReturnReference>Form 990, Part VI, Line 19: Other Organization Documents Publicly Available</ReturnReference>
        <Explanation>The College Board complies with all laws requiring public disclosure of governing documents, conflict of interest policy and financial statements.The following governing documents are available at collegeboard.org:BylawsCharterNational Governance PlansRegional Governance Plans</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 15b</Identifier>
        <ReturnReference>Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees</ReturnReference>
        <Explanation>Compensation for top management is reviewed annually by an external consulting firm and by the Compensation Committee of the Board of Trustees.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 12c</Identifier>
        <ReturnReference>Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts</ReturnReference>
        <Explanation>Annual Disclosure Statement Each year, the College Board Office of the Secretary provides the Trustees, Officers, and Executive Directors Guidelines for Avoiding Conflicts of Interest, Maintaining Confidentiality, and Barring Insider Trading ("Guidelines") to covered persons. The Guidelines include a requirement that Trustees, officers and executive directors or persons holding equivalent positions file an annual disclosure statement with the Secretary of the College Board. The Annual Disclosure Form is provided along with the Guidelines and incorporates questions to collect additional information concerning relationships among Trustees, officers, key employees and certain entities. The Annual Disclosure Forms are mandatory and completed forms are reviewed by the College Board Office of the Secretary in consultation with the College Board Office of the General Counsel. The Guidelines are also provided as part of the College Board Trustee Manual. Employee HandbookThe College Board Employee Handbook ("Handbook") sets forth the College Board policies on conflicts and employees must report actual or potential conflicts in writing. A violation will result in immediate and appropriate discipline, up to and including immediate termination. Ethics and Compliance Reporting SystemThe College Board provides an additional mechanism to raise concerns in an anonymous and confidential manner through an internet based ethics and compliance reporting system and call center. Through this system, both employees and non-employees can report concerns about suspected unethical activities regarding the conduct, practices or performance of the College Board or any of its employees. Reports submitted are reviewed by the College Board Office of the General Counsel and investigated as necessary.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 11</Identifier>
        <ReturnReference>Form 990, Part VI, Line 11: Form 990 Review Process</ReturnReference>
        <Explanation>The Form 990 is reviewed by the Audit Committee of the Board of Trustees and the Board of Trustees.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 7a</Identifier>
        <ReturnReference>Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body</ReturnReference>
        <Explanation>As described in the College Board's bylaws, members and delegates govern actions as follows:A. On issues that are submitted to a vote of the members of the College Board, each member is entitled to one vote. B. Any reference in these Bylaws to a majority vote or a percentage vote of the members of the College Board shall mean a vote by a majority or such percentage, as the case may be, of the votes duly cast at a meeting of the College Board or, when a vote is taken by mail ballot, of the votes duly cast by such ballot. C. On issues that are submitted to a vote of the delegates of the members of the College Board, each delegate is entitled to one vote. In all elections of individuals, the vote shall be by delegates.</Explanation>
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      <GeneralExplanation>
        <Identifier>Form 990, Part VI, Line 6</Identifier>
        <ReturnReference>Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder</ReturnReference>
        <Explanation>The College Board has more than 5,900 members, and in accordance with the bylaws these members are described as follows:A.Secondary and postsecondary schools and institutions must be appropriately accredited and make regular and substantial use of one or more College Board programs and services. B.Secondary and postsecondary systems of substantial size must have demonstrated an interest in and support for the work of the College Board. They must contain within the system institutions eligible for membership in the College Board and permit individual institutions within the system to be members of the College Board. C.Non-profit educational associations, organizations, and agencies serving postsecondary/higher and secondary education, must be engaged in activity in furtherance of education that has a special relevance to the purposes of the College Board.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990, Part III, Line 4d</Identifier>
        <ReturnReference>Form 990, Part III, Line 4d : Other Program Services Description</ReturnReference>
        <Explanation>OTHER PROGRAM SERVICES 4: PUERTO RICO AND LATIN AMERICA PROGRAMS OTHER PROGRAM SERVICES 5: RESEARCH, DATA AND TEST DEVELOPMENT OTHER PROGRAM SERVICES 6: GOVERNANCE OTHER PROGRAM SERVICES 7: MEMBERSHIP OTHER PROGRAM SERVICES 8: COMMUNITY COLLEGE INITIATIVES</Explanation>
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      <GeneralExplanation>
        <ReturnReference>Client Note2</ReturnReference>
        <Explanation>Part III, line 4dOther Revenue of $7,250,591 includes Investment Income of $874,645 and a Loss on Investments of ($13,297,192).Part V, line 4bThe foreign countries consist of the Cayman Islands, the British Virgin Islands and the United Kingdom.Part VII, Section AGaston Caperton does not receive any compensation for his Trustee role.College Board Trustees do not receive any compensation in their capacity as a Trustee. Guidelines adopted by the Board of Trustees on Oct 3, 2008 no longer permit payments to a Trustee for service beyond the scope of his or her service as a Trustee of the College Board (which must be fully disclosed). The listed payments were honoraria provided to members of academic committees initiated prior to their becoming trustees.Part VIII, line 2d"Other" Program Service Revenue of $22,040,110 is made up of the following:Puerto Rico/Latin America $10,389,000Regional Advisory Services $4,732,733Program General $3,051,890Membership Dues and Assessments $2,366,972Relationship Development $1,234,261Research and Psychometrics $223,724Government Affairs $41,530Part IX, line 11gThis expense consists of consulting and contractual vendor services for test administration and fulfillment.Part XI, line 2bThe College Board's financial statements were audited on a consolidated basis.Schedule C, Part I-B, line 3The College Board did not incur a section 4955 tax for the year and therefore the filing of Form 4720 is not applicable.Schedule D, Part XI, line 8collegeboard.com, was a not-for-profit affiliate of the College Board that was dissolved into the College Board on June 30, 2009.</Explanation>
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      <GeneralExplanation>
        <ReturnReference>Client Note1</ReturnReference>
        <Explanation>Attachment AOrganization's Primary Exempt PurposeThe College Board is a not-for-profit membership association whose mission is to connect students to college success and opportunity. Founded in 1900, the association is composed of more than 5,900 secondary schools, colleges, universities and other educational organizations. The College Board and its members are committed to the principles of excellence and equity in education, and that commitment is embodied in all of its programs, services and activities. As a membership association of secondary schools and institutions of higher education, the College Board works to improve education and respond to member needs and concerns. In fiscal 2009-10, the College Board served more than seven million students and their parents, 23,000 high schools, and 3,800 colleges through major programs and services in college admission, guidance, assessment, financial aid, enrollment, and teaching and learning. To further its mission, the organization also conducts research, collects data and advocates on behalf of students, teachers, school counselors, admission and financial aid officers, and institutions of higher education, and to improve education standards and practices. In addition, annual and regional forums and workshops are held to address the most pressing issues of interest to the association's members. Among the College Board's best-known programs are the SAT, the PSAT/NMSQT and the Advanced Placement Program (AP). Through its not-for-profit affiliate, collegeboard.org, the College Board provides critical information about the college- going process to millions of students every year.COLLEGE READINESSTo fulfill its commitment to excellence in education, the College Board works to help prepare all students to succeed in rigorous course work and to realize that college is a possibility for them. Through programs developed for grades six to 12, the College Board helps schools promote high standards of learning, place writing at the center of the curriculum and offer college guidance. SpringBoard is the College Board's official Pre-AP program for grades six 6 through 12 in English Language Arts and Mathematics, based on the rigorous College Board Standards for College Success. Written by teachers for teachers, SpringBoard is a research-based college readiness program designed to prepare all students for AP and college success through integrated instructional materials, formative assessments and sustained professional development.The College Board's Advanced Placement Program (AP) enables students to pursue college-level studies while still in high school. Through more than 30 college-level courses, each culminating in a rigorous exam, AP provides willing and academically prepared students with the opportunity to earn college credit or advanced placement. Taking AP courses also demonstrates to college admission officers that students have sought out the most rigorous curriculum available to them. Each AP course is modeled upon a comparable college course. College and university faculty play a vital role in ensuring that AP courses align with college-level standards by defining the curricular expectations of each course and through their review and approval of all AP teachers' syllabi. Talented and dedicated AP teachers help AP students in classrooms around the world develop and apply the content knowledge and skills they will need in college.Each AP course culminates with a college-level assessment developed and scored by college and university faculty, as well as experienced AP teachers. AP Exams are an essential part of the AP experience, enabling students to demonstrate their mastery of college-level course work. AP Exam scores of 5 are equivalent to grades of A in the corresponding college course. AP Exam scores of 4 are equivalent to grades of A-, B+, and B in college, and scores of 3 are equivalent to grades of B-, C+, and C in college. Most four-year colleges and universities in the United States grant students credit, placement or both on the basis of successful AP Exam scores. Universities in over 60 countries recognize AP Exam scores in the admission process and/or award credit and placement for qualifying scores. Visit www.collegeboard.org/ap/creditpolicy to view AP credit and placement policies at more than 1,000 colleges and universities.Performing well on an AP Exam means more than just mastering the material in a particular subject; it is a gateway to success in college. Research consistently shows that students who score a 3 or higher on AP Exams typically experience greater academic success in college and are more likely to graduate on time than otherwise comparable non-AP peers.The College Board's CollegeEd and Guidance Publications unit offers publications, professional development and supplemental curriculum materials to help educators prepare students for success in college and beyond. CollegeEd provides a collaborative academic and career exploration curriculum for students, educators and parents, designed to empower students with the skills and knowledge to envision their goals and achieve success in higher education. The program includes middle and high school family guides, as well as an online component to help students and their parents plan for, apply to and pay for college. The College Board's College Handbook, Scholarship Handbook, Book of Majors and Getting Financial Aid also provide valuable information on these topics to prospective students and their parents. The College Counseling Sourcebook: Advice and Strategies from Experienced School Counselors, now in its sixth edition, is an essential reference for counselors across the country. Recognizing the need to help middle and high school students in underrepresented groups enter the pipeline to higher education, the College Board created College Board Schools with the support of the Bill and Melinda Gates Foundation and the Michael and Susan Dell Foundation. In New York State, College Board Schools are new public schools, grades six to 12, that serve students in low-income and minority communities with the aim of preparing neighborhood students for access to and success in college. There are currently 15 College Board Schools in New York City, Yonkers, Rochester and Buffalo. The College Board EXCELerator team of consultants and practitioners works closely with school districts to support the goal of college readiness for all students. Using the EXCELerator process, the District and EXCELerator team diagnose a District's college readiness infrastructure, then work together to prioritize and implement needed improvements.The Chinese Language and Culture Initiatives are helping to support the growth of Chinese language education in U.S. schools and build a solid foundation for the AP Chinese Language and Culture course and exam. The initiatives, which include a series of programs, are made possible through a historic collaboration with the Confucius Institute Headquarters/Hanban of China. Currently, 174 guest teachers from China are placed in high schools, middle schools and elementary schools across the United States. In June 2010, approximately 400 U.S. educators traveled to China with the Chinese Bridge Delegation for a one-week educational tour as guests of Hanban. In collaboration with the Asia Society, the College Board co-hosts the National Chinese Language Conference, an annual meeting attracting nearly 1,000 educators from across the nation. In addition, the initiative has organized in-service professional development for U.S.-based Chinese teachers and Chinese culture presentations in U.S. schools, as well as providing scholarships for Chinese teaching candidates. AssessmentsThe College Board believes that extensive and effective use of data can be used to improve teaching and learning. By understanding students' strengths and skills, teachers can help them succeed in high school and beyond. Also important is an understanding of how students' skills compare nationally and internationally. To gauge learning objectively - and help students build on their strengths and address weaknesses - the College Board has developed assessments for use by teachers, schools, students and colleges. The PSAT/NMSQT is a comprehensive assessment program that helps put students on the path to college. Taken by more than 3.5 million students annually, the PSAT/NMSQT measures the critical reading, mathematics and writing skills that students need for success in college and beyond. In addition to providing practice for the SAT and entry into scholarship programs, the PSAT/NMSQT provides detailed feedback and valuable resources for students, schools, and districts, including personalized college and career planning tools that empower students to start planning for the future, and data and reporting resources that help educators increase access to rigorous courses while improving teaching and learning.SAT &amp; OPERATIONSThe SAT,</Explanation>
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