Regents Of The Mercersburg College in Mercersburg, Pennsylvania (PA)

Regents Of The Mercersburg College
Employer Identification Number (EIN)	231365963
Name of Organization	Regents Of The Mercersburg College
In Care of Name	Mercersburg Academy
Address	300 E Seminary St, Mercersburg, PA 17236-1550
Activities	School, college, trade school, etc.
Subsection	Educational Organization
Ruling Date	06/1935
Deductibility	Contributions are deductible
Foundation	School
Organization	Corporation
Exempt Organization Status	Unconditional Exemption
Tax Period	06/2014
Assets	$50,000,000 to greater
Income	$50,000,000 to greater
Filing Requirement	990 (all other) or 990EZ return
Asset Amount	$398,797,372
Amount of Income	$128,286,485
Form 990 Revenue Amount	$47,470,392
National Taxonomy of Exempt Entities (NTEE)	Educational Institutions and Related Activities: Secondary, High School

Non-representatives - add comments:

Amount of income in 2014: $128,286,485

Regents Of The Mercersburg College:	$128,286,485
Other organizations performing similar types of work:	$16,999,627

Assets in 2014: $398,797,372

This organization:	$398,797,372
Other organizations performing similar types of work:	$41,630,965

Expenses in 2013: $37,476,495

This organization:	$37,476,495
Other organizations performing similar types of work:	$14,637,671

Income to expenses ratio in 2013: 3.4

This organization:	3.4
Other organizations performing similar types of work:	1.2

Expenses allocated to program services in 2007: 84.8%

Regents Of The Mercersburg College:	84.8%
Other organizations performing similar types of work:	78.8%

Number of employees in 2013: 375

Regents Of The Mercersburg College:	375
Other organizations performing similar types of work:	175

Employees paid over $100,000 in 2013: 5.1%

Regents Of The Mercersburg College:	5.1%
Other organizations performing similar types of work:	0.0%

Grants share in income in 2013: 52.8%

This organization:	52.8%
Other organizations performing similar types of work:	11.2%

Financial snapshot ($)

Revenue for 2013

Assets at the end of 2013

Functional expenses for 2013

	2012	2013
Checklist
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)?	Yes	Yes
Is the organization required to complete Schedule B, Schedule of Contributors?	Yes	Yes
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office?	No	No
Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year?	No	No
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Revenue Procedure 98-19?	No	No
Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts?	No	No
Did the organization receive or hold a conservation easement, including easements to preserve open space, the environment, historic land areas, or historic structures?	No	No
Did the organization maintain collections of works of art, historical treasures, or other similar assets?	Yes	Yes
Did the organization report an amount for escrow or custodial account liability; serve as a custodian or provide credit counseling, debt management, credit repair, or debt negotiation services?	No	No
Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi-endowments?	Yes	Yes
Did the organization report an amount for land, buildings, and equipment?	Yes	Yes
Did the organization report an amount for investments-other securities that is 5% or more of its total assets?	Yes	Yes
Did the organization report an amount for investments-program related that is 5% or more of its total assets?	No	No
Did the organization report an amount for other assets that is 5% or more of its total assets?	No	No
Did the organization report an amount for other liabilities?	Yes	Yes
Did the organization's separate or consolidated financial statements for the tax year include a footnote that addresses the organization's liability for uncertain tax positions under FIN 48 (ASC 740)?	Yes	Yes
Did the organization obtain separate, independent audited financial statements for the tax year?	Yes	Yes
Was the organization included in consolidated, independent audited financial statements for the tax year?	No	No
Is the organization a school described in section 170(b)(1)(A)(ii)?	Yes	Yes
Did the organization maintain an office, employees, or agents outside of the United States?	No	Yes
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more?	Yes	Yes
Did the organization report more than $5,000 of grants or other assistance to or for any foreign organization?	No	No
Did the organization report more than $5,000 of aggregate grants or other assistance to or for foreign individuals?	No	No
Did the organization report a total of more than $15,000 of expenses for professional fundraising services?	Yes	Yes
Did the organization report more than $15,000 total of fundraising event gross income and contributions?	No	No
Did the organization report more than $15,000 of gross income from gaming activities?	No	No
Did the organization operate one or more hospital facilities?	No	No
Did the organization attach a copy of its audited financial statements?	No	No
Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government?	No	No
Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals?	Yes	Yes
Did the organization answer 'Yes' about compensation of the organization's current and former officers, directors, trustees, key employees, and highest compensated employees?	Yes	Yes
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002?	Yes	Yes
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?	No	No
Did the organization maintain an escrow account other than a refunding escrow at any time during the year to defease any tax-exempt bonds?	No	No
Did the organization act as an 'on behalf of' issuer for bonds outstanding at any time during the year?	No	No
Did the organization engage in an excess benefit transaction with a disqualified person during the year?	No	No
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization's prior Forms 990 or 990-EZ?	No	No
Did the organization report any amount for receivables from or payables to any current or former officers, directors, trustees, key employees, highest compensated employees, or disqualified persons?	No	No
Did the organization provide a grant or other assistance to an officer, director, trustee, key employee, substantial contributor or employee thereof, a grant selection committee member, or to a 35% controlled entity or family member of any of these persons?	No	No
Was the organization a party to a business transaction with one of the following parties
A current or former officer, director, trustee, or key employee?	Yes	No
A family member of a current or former officer, director, trustee, or key employee?	No	No
An entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was an officer, director, trustee, or direct or indirect owner?	No	No
Did the organization receive more than $25,000 in non-cash contributions?	Yes	Yes
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions?	No	No
Did the organization liquidate, terminate, or dissolve and cease operations?	No	No
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets?	No	No
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3?	No	No
Was the organization related to any tax-exempt or taxable entity?	No	No
Did the organization have a controlled entity within the meaning of section 512(b)(13)?	No	No
Did the organization make any transfers to an exempt non-charitable related organization?	No	No
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes?	No	No

	2011	2012	2013
Statements Regarding Other IRS Filings and Tax Compliance
The number reported in Box 3 of Form 1096		95	128
The number of Forms W-2G		0	0
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners?		Yes	Yes
The number of employees reported on Form W-3, Transmittal of Wage and Tax Statements, filed for the calendar year ending with or within the year covered by this return		375	375
Did the organization file all required federal employment tax returns?		Yes	Yes
Did the organization have unrelated business gross income of $1,000 or more during the year?	Yes	Yes	No
Has it filed a Form 990-T for this year?		Yes	No
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)?		No	No
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year?		No	No
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?		No	No
Did the organization file Form 8886-T?		No	No
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions?		No	No
Did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible?		No	No
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor?		No	No
Did the organization notify the donor of the value of the goods or services provided?		No	No
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282?		No	No
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?		No	No
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract?		No	No
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required?		No	No
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C?		No	No
Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year?		No	No
Did the sponsoring organization make any taxable distributions under section 4966?		No	No
Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?		No	No
Initiation fees and capital contributions	$0	$0	$0
Gross receipts for public use of club facilities	$0	$0	$0
Gross income from members or shareholders	$0	$0	$0
Gross income from other sources	$0	$0	$0
Is the organization filing Form 990 in lieu of Form 1041?		No	No
The amount of tax-exempt interest received or accrued during the year		$0	$0
Is the organization licensed to issue qualified health plans in more than one state?		No	No
The amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans		$0	$0
The amount of reserves on hand		$0	$0
Did the organization receive any payments for indoor tanning services during the tax year?		No	No
Has it filed a Form 720 to report these payments?		No	No

	2012	2013
Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
Total reportable compensation from the organization	$1,402,261	$1,545,546
Total reportable compensation from related organizations	$0	$0
Total estimated amount of other compensation from the organization and related organizations	$200,876	$315,644
Total number of individuals who received more than $100,000 of reportable compensation from the organization	10	10
Total number of independent contractors who received more than $100,000 of compensation from the organization	8	9

	2011	2012	2013
Statement of Revenue
Total revenue	$45,867,673	$36,851,300	$93,435,381
Contributions, Gifts, Grants and Other Similar Amounts	$15,737,530	$10,730,934	$49,320,138
Program Service Revenue	$19,634,467	$21,456,557	$22,459,681
900099		$20,440,339	$21,189,726
900099		$1,016,218	$1,269,955
All other program service revenue		$0	$0
Other Revenue
Investment income (including dividends, interest, and other similar amounts)	$2,642,512	$2,054,734	$3,142,435
Income from investment of tax-exempt bond proceeds	$0	$0	$0
Royalties	$0	$0	$0
Net rental income	$4,596	$8,801	$4,251
Gross rents (Real / Personal)	$0 / $4,596	$8,801 / $0	$4,251 / $0
Less: rental expenses (Real / Personal)	$0 / $0	$0 / $0	$0 / $0
Rental income or (loss) (Real / Personal)	$0 / $4,596	$8,801 / $0	$4,251 / $0
Net gain/loss from sales of assets other than inventory	$6,365,169	$2,196,017	$18,157,500
Gross amount from sales of assets other than inventory (Securities / Other)	$107,518,068 / $0	$49,247,178 / $173,178	$103,519,055 / $335,049
Less: cost or other basis and sales expenses (Securities / Other)	$101,152,899 / $0	$47,222,793 / $1,546	$85,578,218 / $118,386
Gain or (loss) (Securities / Other)	$6,365,169 / $0	$2,024,385 / $171,632	$17,940,837 / $216,663
Net income/loss from fundraising events	$0	$0	$0
Net income/loss from gaming activities	$0	$0	$0
Net income/loss from sales of inventory	$0	$231,752	$177,003
Gross sales of inventory, less returns and allowances	$0	$231,752	$177,003
Less: cost of goods sold	$0	$0	$0
Miscellaneous Revenue	$1,483,399	$172,505	$174,373
900099		$129,636	$144,790
900099		$23,649	$17,930
900099		$19,220	$11,653
All other revenue		$0	$0

	2011	2012	2013
Statement of Functional Expenses
Total functional expenses	$33,002,109	$36,668,661	$37,476,495
Grants and other assistance to domestic organizations and domestic governments		$0	$0
Grants and other assistance to domestic individuals		$5,627,480	$5,748,623
Grants and other assistance to foreign organizations, foreign governments, and foreign individuals		$0	$0
Benefits paid to or for members		$0	$0
Compensation of current officers, directors, trustees, and key employees	$1,077,712	$838,688	$1,207,610
Compensation not included above, to disqualified persons		$0	$0
Other salaries and wages	$10,921,424	$11,560,537	$11,649,873
Pension plan accruals and contributions		$975,775	$1,041,822
Other employee benefits		$1,436,667	$1,590,483
Payroll taxes	$862,257	$939,186	$928,969
Fees for services (non-employees)
Management		$0	$0
Legal		$15,994	$51,482
Accounting		$88,808	$51,347
Lobbying		$0	$0
Professional fundraising services	$0	$25,000	$26,405
Investment management fees		$460,529	$490,978
Other		$777,199	$635,206
Advertising and promotion		$174,020	$294,329
Office expenses		$1,120,881	$1,041,099
Information technology		$680,779	$672,541
Royalties		$0	$0
Occupancy		$1,159,539	$1,315,061
Travel		$1,163,746	$1,252,891
Payments of travel or entertainment expenses for any federal, state, or local public officials		$0	$0
Conferences, conventions, and meetings		$378,141	$481,325
Interest		$2,363,966	$2,345,079
Payments to affiliates		$0	$0
Depreciation, depletion, and amortization		$2,406,662	$2,411,443
Insurance		$417,091	$377,114
Other expenses		$90,942	$90,101
Other expenses		$1,594,609	$1,621,668
Other expenses		$673,538	$521,308
Other expenses		$523,008	$389,240
Other expenses		$1,175,876	$1,240,498

	2011	2012	2013
Balance Sheet
Total assets	$308,150,968	$305,575,095	$371,545,606
Cash - non-interest-bearing		$1,500	$1,500
Savings and temporary cash investments		$21,149,393	$15,448,566
Pledges and grants receivable, net		$14,228,903	$53,321,741
Accounts receivable, net		$68,632	$85,115
Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees		$0	$0
Loans and other receivables from other disqualified persons, persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations		$0	$0
Notes and loans receivable, net		$434,025	$434,759
Inventories for sale or use		$160,931	$181,388
Prepaid expenses and deferred charges		$444,217	$452,628
Land, buildings, and equipment: cost or other basis		$79,269,790	$87,175,043
Investments - publicly traded securities		$48,834,523	$62,071,636
Investments - other securities		$140,755,566	$152,158,260
Investments - program-related		$0	$0
Intangible assets		$0	$0
Other assets		$227,615	$214,970
Total liabilities	$65,139,598	$73,347,195	$70,532,873
Accounts payable and accrued expenses		$2,440,257	$4,017,332
Grants payable		$0	$0
Deferred revenue		$4,893,129	$5,110,154
Tax-exempt bond liabilities	$49,235,000	$49,235,000	$49,235,000
Escrow or custodial account liability		$0	$0
Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified persons		$0	$0
Secured mortgages and notes payable to unrelated third parties	$0	$0	$0
Unsecured notes and loans payable to unrelated third parties	$0	$0	$0
Other liabilities (including federal income tax, payables to related third parties, and other liabilities)		$16,778,809	$12,170,387
Total net assets or fund balances	$243,011,370	$232,227,900	$301,012,733
Unrestricted net assets		$128,613,689	$148,607,699
Temporarily restricted net assets		$20,699,662	$34,246,074
Permanently restricted net assets		$82,914,549	$118,158,960
Capital stock or trust principal, or current funds		$0	$0
Paid-in or capital surplus, or land, building, or equipment fund		$0	$0
Retained earnings, endowment, accumulated income, or other funds	$0	$0	$0

Reason for Public Charity Status (for 2013)
The organization is not a private foundation because it is:	A school described in section 170(b)(1)(A)(ii)
Number of organizations supported	0
Sum of amounts of support	$0

	2000	2001	2002	2003	2004	2005	2006	2007
Revenue, Expenses, and Changes in Net Assets or Fund Balances
Total revenue	$43,642,198	$20,174,680	$19,738,601	$46,412,406	$34,882,134	$33,031,965	$40,752,042	$46,054,787
Contributions, gifts, grants, and similar amounts received	$20,975,654	$7,644,290	$11,316,926	$24,906,387	$11,890,562	$9,341,142	$8,906,426	$19,693,647
Contributions to donor advised funds							$0	$0
Direct public support	$20,975,654	$7,644,290	$11,316,926	$24,906,387	$11,890,562	$9,341,142	$8,906,426	$19,693,647
Indirect public support	$0	$0	$0	$0	$0	$0	$0	$0
Government contributions (grants)	$0	$0	$0	$0	$0	$0	$0	$0
Program service revenue including government fees and contracts	$11,203,053	$11,890,155	$12,483,506	$13,836,895	$14,664,474	$15,501,325	$16,315,989	$17,253,132
Membership dues and assessments	$0	$0	$0	$0	$0	$0	$0	$0
Interest on savings and temporary cash investments	$0	$0	$0	$0	$0	$0	$0	$0
Dividends and interest from securities	$0	$0	$0	$0	$0	$0	$0	$0
Net rental income or (loss)	$-15,079	$-10,439	$-19,279	$-24,689	$2,181	$3,200	$2,051	$1,991
Gross rents	$4,181	$1,801	$1,501	$4,181	$2,181	$3,200	$2,051	$1,991
Less: rental expenses	$19,260	$12,240	$20,780	$28,870	$0	$0	$0	$0
Other investment income	$6,301,295	$3,256,369	$2,241,984	$1,438,387	$1,447,707	$0	$4,227,092	$3,626,697
Gain or (loss) from sales of assets other than inventory	$3,870,302	$-3,578,478	$-7,544,758	$4,426,291	$4,290,818	$3,862,465	$9,512,660	$3,835,762
Gross amount from sales of assets other than inventory	$143,685,318	$53,753,226	$96,735,597	$133,406,454	$70,119,725	$54,662,563	$93,739,050	$113,694,080
Less: cost or other basis and sales expenses	$139,815,016	$57,331,704	$104,280,355	$128,980,163	$65,828,907	$50,800,098	$84,226,390	$109,858,318
Net income or (loss) from special events and activities	$0	$0	$0	$0	$0	$0	$0	$0
Gross revenue	$0	$0	$0	$0	$0	$0	$0	$0
Less: direct expenses other than fundraising expenses	$0	$0	$0	$0	$0	$0	$0	$0
Gross profit or (loss) from sales of inventory	$0	$0	$0	$0	$0	$0	$0	$0
Gross sales of inventory, less returns and allowances	$0	$0	$0	$0	$0	$0	$0	$0
Less: cost of goods sold	$0	$0	$0	$0	$0	$0	$0	$0
Other revenue	$1,306,973	$972,783	$1,260,222	$1,829,135	$2,586,392	$4,323,833	$1,787,824	$1,643,558
Total expenses	$22,245,208	$24,336,656	$26,045,957	$25,621,021	$27,284,817	$28,293,505	$30,565,683	$31,397,544
Program services	$19,403,846	$21,167,536	$22,687,556	$22,396,686	$23,657,496	$24,378,619	$26,168,916	$26,628,910
Management and general	$1,286,294	$1,478,923	$1,567,256	$1,719,646	$1,836,619	$1,905,439	$2,419,842	$2,709,680
Fundraising	$1,555,068	$1,690,197	$1,791,145	$1,504,689	$1,790,702	$2,009,447	$1,976,925	$2,058,954
Payments to affiliates	$0	$0	$0	$0	$0	$0	$0	$0
Net assets or fund balances at end of year	$143,629,399	$133,504,669	$133,067,526	$172,138,764	$186,363,397	$204,814,436	$235,642,136	$230,794,660
Excess or (deficit) for the year	$21,396,990	$-4,161,976	$-6,307,356	$20,791,385	$7,597,317	$4,738,460	$10,186,359	$14,657,243
Net assets or fund balances at beginning of year	$131,679,908	$143,629,399	$133,504,669	$133,067,526	$172,138,764	$186,363,397	$204,814,436	$235,642,136
Other changes in net assets or fund balances	$-9,447,499	$-5,962,754	$5,870,213	$18,279,853	$6,627,316	$13,712,579	$20,641,341	$-19,504,719

	Total	Program services	Management and general	Fundraising
Statement of Functional Expenses (for 2007)
Total functional expenses	$31,397,544	$26,628,910	$2,709,680	$2,058,954
Grants paid from donor advised funds		$0
Other grants and allocations		$4,355,859
Specific assistance to individuals		$0
Benefits paid to or for members		$0
Compensation of current officers, directors, key employees, etc.	$913,888	$913,888	$0	$0
Compensation of former officers, directors, key employees, etc.	$158,490	$158,490	$0	$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)	$0	$0	$0	$0
Salaries and wages of employees not included above	$9,433,334	$7,701,130	$984,290	$747,914
Pension plan contributions not included above	$854,474	$697,571	$89,157	$67,746
Employee benefits not included above	$1,037,671	$847,128	$108,272	$82,271
Payroll taxes	$769,855	$628,490	$80,328	$61,037
Professional fundraising fees	$452,390	$401,122	$51,268	$0
Accounting fees	$0	$0	$0	$0
Legal fees	$0	$0	$0	$0
Supplies	$230,378	$188,075	$24,038	$18,265
Telephone	$382,447	$312,220	$39,905	$30,322
Postage and shipping	$147,487	$120,405	$15,389	$11,693
Occupancy	$1,399,223	$1,142,290	$145,997	$110,936
Equipment rental and maintenance	$762,482	$622,470	$79,559	$60,453
Printing and publications	$185,240	$151,225	$19,329	$14,686
Travel	$378,092	$308,664	$39,451	$29,977
Conferences, conventions, and meetings	$59,078	$48,230	$6,164	$4,684
Interest	$0	$0	$0	$0
Depreciation, depletion, etc.	$2,230,969	$1,821,305	$232,783	$176,881
Other expenses not covered above	$7,646,187	$6,210,348	$793,750	$642,089

	2000	2001	2002	2003	2004	2005	2006	2007
Balance Sheets
Total assets	$189,487,575	$178,197,113	$180,227,722	$218,603,848	$236,643,875	$264,333,251	$292,086,690	$290,372,559
Cash - non-interest-bearing	$0	$0	$0	$0	$0	$0	$0	$0
Savings and temporary cash investments	$12,268,021	$5,388,056	$6,247,487	$7,700,539	$16,890,087	$12,283,018	$11,118,122	$9,854,124
Accounts receivable less allowance for doubtful accounts	$698,296	$789,748	$775,570	$566,836	$594,836	$646,488	$474,116	$986,464
Pledges receivable less allowance for doubtful accounts	$7,558,640	$6,992,639	$11,651,228	$24,842,069	$12,646,566	$10,774,367	$9,279,654	$9,789,414
Grants receivable	$0	$0	$0	$0	$0	$0	$0	$0
Receivables from current and former officers, directors, trustees, and key employees	$225,617	$215,842	$0	$195,392	$175,000	$150,000	$125,000	$100,000
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)							$0	$0
Other notes and loans receivable less allowance for doubtful accounts	$0	$0	$0	$0	$0	$0	$0	$0
Inventories for sale or use	$203,235	$187,375	$183,642	$182,602	$167,177	$129,755	$174,199	$160,393
Prepaid expenses and deferred charges	$195,872	$223,585	$185,801	$178,454	$304,472	$261,648	$228,266	$345,183
Investments - publicly-traded securities							$131,307,164	$130,977,836
Investments - other securities	$129,238,139	$121,013,129	$118,770,109	$140,348,365	$153,956,752	$168,214,798	$67,914,565	$66,754,802
Investments - land, buildings, and equipment less accumulated depreciation	$0	$0	$0	$0	$0	$0	$0	$0
Investments - other	$2,171,690	$2,171,690	$2,173,440	$2,223,440	$2,223,440	$2,242,340	$2,255,840	$2,255,840
Land, buildings, and equipment less accumulated depreciation	$36,928,065	$41,215,049	$40,240,445	$42,366,151	$49,685,545	$68,612,656	$68,551,582	$69,148,503
Other assets, including program-related investments	$0	$0	$0	$0	$0	$1,018,181	$658,182	$0
Total liabilities	$45,858,176	$44,692,444	$47,160,196	$46,465,084	$50,280,478	$59,518,815	$56,444,554	$59,577,899
Accounts payable and accrued expenses	$6,743,176	$4,903,733	$4,950,460	$6,662,549	$8,319,048	$9,245,814	$6,807,329	$7,452,906
Grants payable	$0	$0	$0	$0	$0	$0	$0	$0
Deferred revenue	$0	$0	$0	$0	$0	$0	$0	$0
Loans from officers, directors, trustees, and key employees	$0	$0	$0	$0	$0	$0	$0	$0
Tax-exempt bond liabilities	$39,115,000	$39,115,000	$39,115,000	$39,115,000	$39,115,000	$49,115,000	$49,115,000	$49,115,000
Mortgages and other notes payable	$0	$0	$0	$0	$800,000	$650,000	$0	$0
Other liabilities	$0	$673,711	$3,094,736	$687,535	$2,046,430	$508,001	$522,225	$3,009,993
Total liabilities and net assets/fund balances	$189,487,575	$178,197,113	$180,227,722	$218,603,848	$236,643,875	$264,333,251	$292,086,690	$290,372,559
Total net assets or fund balances	$143,629,399	$133,504,669	$133,067,526	$172,138,764	$186,363,397	$204,814,436	$235,642,136	$230,794,660

	2000	2001	2002	2003	2004	2005	2006	2007
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
Total revenue	$43,642,198	$20,174,680	$19,738,601	$46,412,406	$34,882,134	$33,031,965	$40,752,042	$46,054,787
Total revenue, gains, and other support per audited financial statements	$31,167,180	$11,014,968	$21,973,111	$61,221,626	$37,835,067	$42,946,991	$57,281,388	$22,194,209
Other expenses	$-9,428,239	$-5,950,515	$5,890,993	$18,569,090	$6,627,316	$13,712,579	$20,641,341	$-19,504,719
Net unrealized gains on investments	$-9,447,499	$-5,289,043	$8,291,238	$16,133,019	$8,108,300	$11,006,462	$21,181,063	$-16,261,579
Donated services and use of facilities	$0	$0	$0	$0	$0	$0	$0	$0
Recoveries of prior year grants	$0	$0	$0	$0	$0	$0	$0	$0
Other	$19,260	$-661,472	$-2,400,245	$2,436,071	$-1,480,984	$2,706,117	$-539,722	$-3,243,140
Other revenue	$3,046,779	$3,209,197	$3,656,483	$3,759,870	$3,674,383	$3,797,553	$4,111,995	$4,355,859
Investment expenses	$0	$0	$0	$260,367	$0	$0	$0	$0
Other	$3,046,779	$3,209,197	$3,656,483	$3,499,503	$3,674,383	$3,797,553	$4,111,995	$4,355,859

	2000	2001	2002	2003	2004	2005	2006	2007
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
Total expenses	$22,245,208	$24,336,656	$26,045,957	$25,621,021	$27,284,817	$28,293,505	$30,565,683	$31,397,544
Total expenses and losses per audited financial statements	$19,217,689	$21,139,699	$22,410,254	$22,150,388	$23,610,434	$24,495,952	$26,453,688	$27,041,685
Other revenue	$19,260	$12,240	$20,780	$28,870	$0	$0	$0	$0
Donated services and use of facilities	$0	$0	$0	$0	$0	$0	$0	$0
Prior year adjustments	$0	$0	$0	$0	$0	$0	$0	$0
Losses	$0	$0	$0	$0	$0	$0	$0	$0
Other	$19,260	$12,240	$20,780	$28,870	$0	$0	$0	$0
Other expenses	$3,046,779	$3,209,197	$3,656,483	$3,499,503	$3,674,383	$3,797,553	$4,111,995	$4,355,859
Investment expenses	$0	$0	$0	$0	$0	$0	$0	$0
Other	$3,046,779	$3,209,197	$3,656,483	$3,499,503	$3,674,383	$3,797,553	$4,111,995	$4,355,859

Average hours per week devoted to position	Compensation	Contributions to employee benefit plans & deferred compensation plans	Expense account and other allowances
Current Officers, Directors, Trustees, and Key Employees
50	$334,435	$32,088	$6,000
50	$167,600	$20,748	$11,725
50	$129,300	$20,884	$0
50	$163,600	$23,235	$4,273

Total number of officers, directors, and trustees permitted to vote on organization business at board meetings	28
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?	No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?	No
Does the organization have a written conflict of interest policy?	Yes

Loans and Advances	Compensation	Contributions to employee benefit plans & deferred compensation plans	Expense account and other allowances
Former Officers, Directors, Trustees, and Key Employees That Received Compensation or Other Benefits
$0	$143,338	$15,152	$0

Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?	Yes
Was there a liquidation, dissolution, termination, or substantial contraction during the year?	No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?	No
Direct and indirect political expenditures	$0
Did the organization file Form 1120-POL for this year?	No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members	$0
Section 162(e) lobbying and political expenditures	$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices	$0
Taxable amount of lobbying and political expenditures	$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions	$0
Gross receipts for public use of club facilities	$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?	No
Amount of tax imposed on the organization during the year under: section 4911	$0
Amount of tax imposed on the organization during the year under: section 4912	$0
Amount of tax imposed on the organization during the year under: section 4955	$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?	No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958	$0
Amount of tax above, reimbursed by the organization	$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?	No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?	No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?	No
Number of employees employed in the pay period that includes March 12, 2006	266

	Unrelated business income		Excluded by section 512, 513, or 514		Related or exempt function income
Analysis of Income-Producing Activities (for 2007)
	Business code	Amount	Exclusion code	Amount	Related or exempt function income
Total		$316,347		$7,476,148	$18,568,645
Program service revenue
Program service revenue 1	000000	$0	00	$0	$17,253,132
Program service revenue 2	000000	$0	00	$0	$0
Program service revenue 3	000000	$0	00	$0	$0
Program service revenue 4	000000	$0	00	$0	$0
Program service revenue 5	000000	$0	00	$0	$0
Medicare/Medicaid payments	000000	$0	00	$0	$0
Fees and contracts from government agencies	000000	$0	00	$0	$0
Membership dues and assessments	000000	$0	00	$0	$0
Interest on savings and temporary cash investments	000000	$0	00	$0	$0
Dividends and interest from securities	000000	$0	00	$0	$0
Net rental income or (loss) from real estate
debt-financed property	000000	$0	00	$0	$0
not debt-financed property	000000	$0	00	$0	$0
Net rental income or (loss) from personal property	000000	$0	Real property rental income that does not depend on the income or profits derived by the person leasing the property and is excluded by section 512(b)(3)	$1,991	$0
Other investment income	Unrelated debt-financed activities other than rental of real estate	$300,849	Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)	$3,325,848	$0
Gain or (loss) from sales of assets other than inventory	000000	$0	Gain (or loss, to the extent allowed) from the sale of investments and other non-inventory property and from certain property acquired from financial institutions that are in conservatorship or receivership (sections 512(b)(5) and 512(b)(16)(A))	$3,835,762	$0
Net income or (loss) from special events	000000	$0	00	$0	$0
Gross profit or (loss) from sales of inventory	000000	$0	00	$0	$0
Other revenue	Caterers	$15,498	Section 501(c)(3) organization - Income from an activity carried on primarily for the convenience of the organization's members, students, patients, visitors, officers, or employees (hospital parking lot or museum cafeteria, for example) (section 513(a)(2))	$312,547	$1,315,513

EIN of corporation, partnership, or disregarded entity	Percentage of ownership interest	Total income	End-of-year assets
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
000000000	0%	$0	$0
000000000	0%	$0	$0
000000000	0%	$0	$0
000000000	0%	$0	$0

Compensation	Contributions to employee benefit plans & deferred compensation	Expense account and other allowances
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
$87,500	$13,419	$72,895
$88,914	$12,560	$49,650
$57,372	$12,723	$69,300
$116,800	$15,021	$0
$77,000	$14,556	$38,800

Total number of other employees paid over $50,000	62

Total number of other employees paid over $50,000

Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities	$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?	No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?	No
Did the organization maintain any donor advised funds?	No
Did the organization make any taxable distributions under section 4966?	No
Did the organization make a distribution to a donor, donor advisor, or related person?	No
The total number of donor advised funds owned at the end of the tax year	$0
The aggregate value of assets held in all donor advised funds owned at the end of the tax year	$0
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts	$0
The aggregate value of assets held in all funds or accounts included above at the end of the tax year	$0

Reason for Non-Private Foundation Status
The organization is not a private foundation because it is	School

	1999	2000	2001	2002	2003	2004	2005	2006
Support Schedule
Total	$0	$0	$0	$0	$0	$0	$0	$0
Gifts, grants, and contributions received	$0	$0	$0	$0	$0	$0	$0	$0
Membership fees received	$0	$0	$0	$0	$0	$0	$0	$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose	$0	$0	$0	$0	$0	$0	$0	$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975	$0	$0	$0	$0	$0	$0	$0	$0
Net income from unrelated business activities not included above	$0	$0	$0	$0	$0	$0	$0	$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf	$0	$0	$0	$0	$0	$0	$0	$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge	$0	$0	$0	$0	$0	$0	$0	$0
Other income	$0	$0	$0	$0	$0	$0	$0	$0

Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures	$0
Total lobbying expenditures	$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)	$0
Total lobbying expenditures to influence a legislative body (direct lobbying)	$0
Other exempt purpose expenditures	$0
Lobbying nontaxable amount	$0
Grassroots nontaxable amount	$0

	Income	Expenses	Net
Unrelated Trade or Business Income (for 2008)
Total	$316,347	$0	$316,347
Gross receipts or sales less returns and allowances	$0	$0	$0
Cost of goods sold	$0	$0	$0
Gross profit	$0	$0	$0
Capital gain net income	$280,371	$0	$280,371
Net gain	$0	$0	$0
Capital loss deduction for trusts	$0	$0	$0
Income (loss) from partnerships and S corporations	$20,478	$0	$20,478
Rent income	$0	$0	$0
Unrelated debt-financed income	$0	$0	$0
Interest, annuities, royalties, and rents from controlled organizations	$0	$0	$0
Investment income of a section 501(c)(7), (9), or (17) organization	$0	$0	$0
Exploited exempt activity income	$0	$0	$0
Advertising income	$0	$0	$0
Other income	$15,498	$0	$15,498

Deductions Not Taken Elsewhere (for 2008)
Total deductions	$17,398
Compensation of officers, directors, and trustees	$0
Salaries and wages	$0
Repairs and maintenance	$0
Bad debts	$0
Interest	$0
Taxes and licenses	$0
Charitable contributions	$0
Depreciation	$0
Depletion	$0
Contributions to deferred compensation plans	$0
Employee benefit programs	$0
Excess exempt expenses	$0
Excess readership costs	$0
Other deductions	$17,398
Unrelated business taxable income	$0
Unrelated business taxable income before net operating loss deduction	$298,949
Net operating loss deduction	$298,949
Unrelated business taxable income before specific deduction	$0
Specific deduction	$0

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Id	Name	Address	State	Established	Total Income
Organizations performing similar types of work
1	Regents Of The Mercersburg College	300 E Seminary St, Mercersburg, PA 17236-1550	PA	1935-06	$128,286,485
2	The Hill School	717 E High St, Pottstown, PA 19464-5770	PA	1938-06	$52,997,807
3	Valley Forge Military Academy Foundation	1001 Eagle Rd, Wayne, PA 19087-3613	PA	1946-09	$29,046,507
4	Malvern Preparatory School	Warren Ave, Malvern, PA 19355	PA	1946-03	$25,027,088
5	Northside Urban Pathways A Public Charter School	914 Penn Avenue, Pittsburgh, PA 15222-3713	PA	1998-04	$5,395,490
6	Talmudical Yeshiva Of Philadelphia	6063 Drexel Rd, Philadelphia, PA 19131-1217	PA	1955-11	$5,074,968
7	Phelps School	583 Sugartown Rd, Malvern, PA 19355-2800	PA	1948-08	$3,990,068
8	Yeshiva Of Los Angeles High Schools	1619 S Robertson Blvd, Los Angeles, CA 90035-4245	CA	2006-09	$5,722,875
9	Timothy L Johnson Academy	2125 University Park Drive, Okemos, MI 48864-6910	MI	2005-07	$2,846,717
10	The Gateway Academy Inc	3721 Dacoma St, Houston, TX 77092-8905	TX	2007-03	$2,064,161
11	Soundview Preparatory School	272 N Bedford Rd, Mt Kisco, NY 10549-1166	NY	1994-12	$1,887,159
12	Parkway Christian Academy Inc	9753 Parkway E, Birmingham, AL 35215-7803	AL	2009-07	$1,382,258
13	North Houston Catholic High School	22151 Frassati Way, Spring, TX 77389-1420	TX	2009-06	$949,460
14	Midlands Middle College	1260 Lexington Dr, West Columbia, SC 29170-2176	SC	2009-07	$864,930
15	Springstone Community High School	1035 Caml Lane, Lafayette, CA 94549	CA	2006-12	$629,563
16	Science & Technology Innovatorschallenge Inc	11 Buttonwood Ln, Rumson, NJ 07760-1045	NJ	2006-09	$130,739
17	Sacred Heart High School	2156 Hwy 17 S Business, Garden City, SC 29576	SC	2007-07	$39,685
18	Wc Handy Community Middle School Of The Performing Arts	585 S Front St, Columbus, OH 43215-5694	OH	2002-02	$3,341
19	Back To The Basics Christian Foundation	P O Box 141, Humansville, MO 65674-0141	MO	2006-09	$0
20	Breakthrough Inc	20 Marshall St, Montgomery, AL 36104-5441	AL	2007-05	$0

Number of organizations performing similar types of work

Alabama	2
Arizona	3
California	31
Colorado	5
Connecticut	20
District of Columbia	1
Delaware	1
Florida	6
Georgia	5
Hawaii	2
Iowa	1
Illinois	3
Indiana	2
Kansas	1
Kentucky	2
Massachusetts	29
Maryland	5
Maine	5
Michigan	2
Minnesota	3
Missouri	5

Mississippi	1
North Carolina	8
New Hampshire	9
New Jersey	5
New Mexico	4
New York	13
Ohio	4
Oregon	3
Pennsylvania	7
Rhode Island	1
South Carolina	2
Tennessee	6
Texas	7
Utah	1
Virginia	8
Vermont	5
Washington	5
Wisconsin	1
Wyoming	1
International	2

Total

227

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