2025-03-27T09:09:00-05:00 2024-06-30 420714325 RSM US LLP 1001 WATER ST STE 500 TAMPA FL 33602 990 2023-07-01 231365963 REGENTS OF THE MERCERSBURG COLLEGE REGE 7173286110 100 ACADEMY DRIVE MERCERSBURG PA 17236 ROCHELLE J HARGRAVES TREASURER 7173286110 2025-03-24 1 0 KRISTEN BARNETT P01234578 8133162300 2025-03-24 2023 2025-03-06 01:10:19Z THE MERCERSBURG ACADEMY QUENTIN R MCDOWELL 100 ACADEMY DRIVE MERCERSBURG PA 17236 320915195 0 X WWW.MERCERSBURG.EDU X 1865 PA MERCERSBURG ACADEMY IS A STUDENT-CENTERED SCHOOL THAT ALLOWS STUDENTS TO DEFINE THEMSELVES THROUGH THE ESTABLISHMENT OF MEANINGFUL RELATIONSHIPS AND EXPOSURE TO A VAST RANGE OF ACADEMIC, EXTRA-CURRICULAR, AND CO-CURRICULAR OPPORTUNITIES. MERCERSBURG STUDENTS ACTIVELY AND CONFIDENTLY EXPERIENCE THE WORLD BOTH ON CAMPUS AND ABROAD. WE UNDERSTAND THE BENEFIT OF EXPERIENTIAL LEARNING AND PROVIDE THE IDEAL ACADEMIC SETTING FOR A BALANCED AND AUTHENTIC LEARNING ENVIRONMENT. MERCERSBURG ACADEMY BELIEVES IN THE VALUE OF HONORING OUR PAST, ENGAGING THE PRESENT, AND PREPARING FOR THE FUTURE. FOUNDED IN 1893, MERCERSBURG ACADEMY IS COMMITTED TO PROVIDING STUDENTS WITH THE OPPORTUNITY TO LIVE AND LEARN IN A RICHLY DIVERSE ACADEMIC ENVIRONMENT THAT PROVIDES A RIGOROUS AND RELEVANT CURRICULUM TO 446 BOARDING AND DAY STUDENTS FROM OVER 30 STATES, INCLUDING THE DISTRICT OF COLUMBIA, AND MORE THAN 40 NATIONS. 27 26 391 423 125429 0 9619606 24078237 29390825 32187993 7813229 14158423 133799 186297 46957459 70610950 7779563 8848532 0 0 23093113 24257131 0 0 3980402 18071341 20251026 48944017 53356689 -1986558 17254261 558617814 605245039 67287906 61452879 491329908 543792160 X AT MERCERSBURG ACADEMY WE EMBRACE THE VALUES OF HARD WORK, CHARACTER, AND COMMUNITY WHILE LEARNING TO BALANCE INDEPENDENCE WITH INTERDEPENDENCE AND INDIVIDUAL HUMILITY WITH COLLECTIVE PRIDE. OUR STUDENTS COMMIT TO A LIFE OF LEARNING, SEEK TO UNDERSTAND THE SPIRITUAL NATURE OF HUMAN EXISTENCE, AND DEVELOP A DETERMINATION TO LEAD AND SERVE THE WORLD. 0 0 39404671 8848532 31481507 AN INDEPENDENT COLLEGE-PREPARATORY SCHOOL IN SOUTH-CENTRAL PENNSYLVANIA, THE ACADEMY OFFERS A RIGOROUS ACADEMIC PROGRAM TO APPROXIMATELY 445 BOARDING AND DAY STUDENTS IN GRADES 9 THROUGH 12. IN SMALL CLASSES, STUDENTS AND FACULTY WORK EYE TO EYE AND MIND TO MIND, AS THEY DEEPEN THEIR UNDERSTANDING OF THEIR SUBJECTSAND OF THEMSELVES. OUTSIDE THE CLASSROOM, STUDENTS IMMERSE THEMSELVES IN THEATER, SPORTS, MUSIC, COMPETITIONS, AND CAMARADERIE. THEY DEVELOP DEEP FRIENDSHIPS WITH STUDENTS FROM NEXT DOOR AND FROM ACROSS THE WORLD. THEY EXPLORE NEW CONCEPTS AND PUSH PAST THEIR LIMITS. MERCERSBURG IS A PLACE OF TRANSFORMATION. STUDENTS TRANSFORM THEMSELVESAS THEY PREPARE TO TRANSFORM THEIR WORLD. 688098 706486 SUMMER PROGRAMS:DURING THE SUMMER, MERCERSBURG PROVIDES FOR A WIDE RANGE OF OPPORTUNITIES FOR LEARNING, PERSONAL GROWTH, AND MOST IMPORTANTLY, FUN. EACH SUMMER, PARTICIPANTS TAKE PART IN AN ARRAY OF PROGRAMS, RANGING FROM THE ADVENTURE CAMP SERIES TO VARIOUS ENRICHMENT, ARTS, AND SPORTS CAMPS. 40092769 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 141 0 1 391 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 27 26 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AK CA CO CT DC FL MA MD MI NC NH NJ NV NY OH OK OR SC VA WA X ROCHELLE J HARGRAVES MERCERSBURG ACADEMY 7173286110 100 ACADEMY DRIVE MERCERSBURG PA 17236 THOMAS B HADZOR PRESIDENT 5.00 X X 0 0 0 AMY JONES SATROM VICE PRESIDENT 1.50 X X 0 0 0 G AMES PRENTISS VICE PRESIDENT 1.50 X X 0 0 0 ANDREW D ALPERT ESQ TRUSTEE 1.50 X 0 0 0 CYNTHIA BORGER TRUSTEE 1.50 X 0 0 0 PABLO COBALLASI TRUSTEE 1.50 X 0 0 0 RYAN COLBY TRUSTEE 1.50 X 0 0 0 LANE DECORDOVA TRUSTEE 1.50 X 0 0 0 DAVID C FLANAGAN TRUSTEE 1.50 X 0 0 0 JOHN A HENRY JR TRUSTEE 1.50 X 0 0 0 MICHAELLA HOEHN-SARIC TRUSTEE 1.50 X 0 0 0 H DEAN HOSGOOD III PHD MPH TRUSTEE 1.50 X 0 0 0 MAGDALENA KALA TRUSTEE 1.50 X 0 0 0 FREDERICK KLEIN TRUSTEE 1.50 X 0 0 0 BETSY MITCHELL TRUSTEE 1.50 X 0 0 0 J BRUCE RICCIUTI TRUSTEE 1.50 X 0 0 0 CHUCK ROBERTS TRUSTEE 1.50 X 0 0 0 TED SMITH TRUSTEE 1.50 X 0 0 0 BETH SPURRY TRUSTEE 1.50 X 0 0 0 BILL SU TRUSTEE 1.50 X 0 0 0 DAVID G WAGNER TRUSTEE 1.50 X 0 0 0 STEVEN M WAGSHAL TRUSTEE 1.50 X 0 0 0 SCOTT M WEAVER TRUSTEE 1.50 X 0 0 0 MARTHA WEBB TRUSTEE 1.50 X 0 0 0 JASEN WRIGHT TRUSTEE 1.50 X 0 0 0 VANESSA E YOUNGS TRUSTEE 1.50 X 0 0 0 QUENTIN MCDOWELL HEAD OF SCHOOL 70.00 X X 443162 0 150660 JULIA MAURER ASSOC HEAD OF SCHOOL FOR SCHOOL LIFE 60.00 X 191077 0 50160 JOHN RICHARDSON CHIEF ADVANCEMENT OFFICER 60.00 X 218459 0 46243 MARIA KIMSEY CFO/COO (THRU 09/28/23) 60.00 X 270956 0 35272 ROCHELLE HARGRAVES CFO/COO 60.00 X 123272 0 64814 BRIAN NORDYKE DIRECTOR OF FACILITIES 55.00 X 186630 0 31546 JENNIFER CRAIG ASSOC HEAD OF SCHOOL 60.00 X 155467 0 43623 CAROLYN YEAGER DIRECTOR OF DEVELOPMENT 50.00 X 176043 0 19273 DANIELLE DEHAVEN NORDYKE DIRECTOR OF HUMAN RESOURCES 50.00 X 150204 0 28273 JOHN CHEPREN DIRECTOR OF IT 50.00 X 145711 0 131816 LIAM CHATTERTON DEAN, ENROLLMENT MGMT (THRU 6/30/24) 50.00 X 149185 0 39972 SUSAN ORTON DIRECTOR OF MAJOR GIFTS 50.00 X 151328 0 28364 2361494 0 670016 23 0 1 0 MERIWETHER GODSEY 4944 OLD BOONSBORO ROAD LYNCHBURG VA 24503 FOOD SERVICE 2879401 DELVAL EQUIPMENT CORP 604 GENERAL WASHINGTON AVENUE WEST NORRITON PA 19403 REPAIR/ REPLACEMENT WORK ON DEARERATOR S 250499 3 CLOVERS ROOFING & CONSTRUCTION INC 10480 MERCERSBURG RD MERCERSBURG PA 17236 ROOFING SERVICES/MAINTENANCE 240770 CUSTOM CLEANING SERVICE CO INC 69B INDUSTRIAL DRIVE CHAMBERSBURG PA 17201 CLEANING SERVICES 192352 MUSSER MECHANICAL 80 LANDIS DRIVE MERCERSBURG PA 17236 REPAIR/REPLACEMENT WORK FOR HEATING & AC 134522 9 24078237 130593 24078237 TUITION AND FEES 900099 31443397 31443397 SUMMER PROGRAMS 900099 744596 744596 32187993 6609504 -92904 6702408 16860 12325 4535 4535 -1585 6120 257666975 248618056 1500000 9048919 -1500000 7548919 219074 7329845 292876 173864 119012 119012 OTHER INCOME 900099 61839 61839 DINING HALL 900099 911 844 67 62750 70610950 32187993 125429 14219291 30000 30000 8818532 8818532 1493963 1493963 15713139 10690167 3336092 1686880 1790401 1265592 348561 176248 4012596 2815567 795027 402002 1247032 881497 242776 122759 113954 69656 32552 11746 1424666 1424666 1053070 786667 197712 68691 96661 59086 27612 9963 699766 463195 174326 62245 497413 304052 142090 51271 3088809 2841663 191230 55916 1005687 655317 258020 92350 515605 315172 147287 53146 1890539 1822480 64278 3781 3770819 3472924 233791 64104 696125 425518 198854 71753 FOOD SERVICE 2384816 1457760 681242 245814 CURRICULUM DEVELOPMENT 1787160 1080958 518908 187294 FUNDRAISING COST 530685 530685 BAD DEBT EXPENSE 291290 178056 83209 30025 403961 164947 185285 53729 53356689 40092769 9283518 3980402 1900 1900 24028103 25038429 30249359 34813819 16517094 17304170 157717 97689 186898 163844 502620 563061 165068580 69725231 97234057 95343349 77175669 69204995 306349086 356710106 6215311 6003677 558617814 605245039 2240021 2963544 19831577 20968752 42327950 35543242 2888358 1977341 67287906 61452879 X 249075501 277601519 242254407 266190641 491329908 543792160 558617814 605245039 X 17254261 34964734 243257 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2200 2618200 X X 0 388375260 8785576 48352101 19975115 425537822 361795036 8704839 37187212 19311827 388375260 404634207 11947588 -42965943 11820816 361795036 294901773 12304287 109091745 11663598 404634207 302505639 11938625 -8679680 10862811 294901773 0.47400 0.52600 0 0 366296 366296 157208938 67479201 89729737 3549872 2246030 1303842 3943474 3943474 95343349 ALTERNATIVE INVESTMENTS 105040786 F POOLED INVESTMENTS 205331851 F OTHER INVESTMENTS 14281 F 4333320-T ROWE PRICE RETIREMENT BLEND 2065 (TRBPX) 46323188 F 356710106 INTEREST RATE SWAP AGREEMENTS 546730 ASSET RETIREMENT OBLIGATION 360649 SPLIT-INTEREST AGREEMENTS 1069962 1977341 X 95203422 34964734 -9133785 25830949 69372473 1424666 -186189 1238477 70610950 42741170 186189 186189 42554981 1424666 9377042 10801708 53356689 PART III, LINE 4: MERCERSBURG'S FINE ARTS AND VALUABLE ITEMS COLLECTIONS INCLUDE, BUT ARE NOT LIMITED TO, PAINTINGS, ETCHINGS, PICTURES, TAPESTRIES, STAINED GLASS WINDOWS, ANTIQUITIES AND OTHER WORKS OF ART (I.E. VALUABLE RUGS, SCULPTURES, BRONZES, ANTIQUE FURNITURE, RARE BOOKS, HISTORICAL LETTERS, ANTIQUE SILVER, MANUSCRIPTS, RARE GLASS) OF RARITY, HISTORICAL VALUE, AND/OR ARTISTIC MERIT. ART NOT ONLY PROVIDES AESTHETIC APPRECIATION AND ENJOYMENT, IT ALSO HAS THE POWER TO STIMULATE CREATIVE THINKING AND DISCUSSION. WE ATTEMPT TO INTEGRATE ART INTO THE LIVES OF PEOPLE, INSPIRING REFLECTION AND GENERATING HISTORICAL AND CULTURAL AWARENESS. SOME PIECES OF MERCERSBURG'S COLLECTION ARE PERMANENTLY ON DISPLAY THROUGHOUT THE SCHOOL, OTHERS ARE PERIODICALLY PLACED ON EXHIBIT TO THE SCHOOL COMMUNITY AND THE PUBLIC. PART V, LINE 4: THE PURPOSE OF THE ENDOWMENT IS TO SUPPORT THE CURRENT OPERATIONS AND ACTIVITIES OF THE ACADEMY THROUGH A TOTAL RETURN INVESTMENT STRATEGY AND A SPENDING POLICY SET TO MAINTAIN, OR IDEALLY INCREASE, THE PURCHASING POWER OF THE ENDOWMENT, WITHOUT PUTTING THE PRINCIPAL VALUE OF THE ENDOWMENT'S INVESTMENTS AT IMPRUDENT RISK. PART X, LINE 2: UNDER PROVISIONS OF THE INTERNAL REVENUE CODE, SECTION 501(C)(3), AND THE APPLICABLE INCOME TAX REGULATIONS OF PENNSYLVANIA, MERCERSBURG IS EXEMPT FROM TAXES ON INCOME OTHER THAN UNRELATED BUSINESS INCOME. SINCE MERCERSBURG HAD NO MATERIAL UNRELATED BUSINESS INCOME DURING THE YEARS ENDED JUNE 30, 2024 AND 2023, NO PROVISION FOR INCOME TAXES HAS BEEN MADE. THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THIS GUIDANCE, MERCERSBURG MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH A POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ALSO ADDRESSES DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES ON INCOME TAXES, AND ACCOUNTING IN INTERIM PERIODS. MERCERSBURG HAD NO SUCH POSITIONS RECORDED IN THE FINANCIAL STATEMENTS AT JUNE 30, 2024 AND 2023. PART XI, LINE 2D - OTHER ADJUSTMENTS: INSTITUTIONAL STUDENT AID NETTED AGAINST TUITION AND FEES -8,818,532. BANK FEES, BAD DEBT & PROF. FEES RECLASSED TO FUNCTIONAL EXPENSE -27,825. ACTUARIAL ADJUSTMENT ON SPLIT-INTEREST AGREEMENTS -1,644. CHANGE IN MARKET VALUE OF SWAP AGREEMENT 356,806. FUNDRAISING COSTS RELATED TO CAPITAL GIFTS -530,685. NET GAIN (LOSS) ON VALUATION OF CONTRIBUTIONS -1,019,078. CHANGE IN VALUE OF BENEFICIAL INTEREST IN TRUST 907,173. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED IN PART VIII LINE 6B -12,325. COST OF GOODS SOLD REPORTED IN PART VIII LINE 10B -173,864. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED IN PART VIII LINE 6B 12,325. COST OF GOODS SOLD REPORTED IN PART VIII LINE 10B 173,864. PART XII, LINE 4B - OTHER ADJUSTMENTS: INSTITUTIONAL STUDENT AID NETTED AGAINST TUITION AND FEES 8,818,532. BANK FEES, BAD DEBT & PROF. FEES RECLASSED TO FUNCTIONAL EXPENSE 27,825. FUNDRAISING COSTS RELATED TO CAPITAL GIFTS 530,685. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 REGENTS OF THE MERCERSBURG COLLEGE PUBLICIZES ITS RACIALLY NON-DISCRIMINATORY POLICY ANNUALLY IN THE WASHINGTON POST. EUROPE (INCLUDING ICELAND & GREENLAND) 0 3 PROGRAM SERVICES USE OF AGENT/CONSULTANT FOR RECRUITING INTERNATIONAL STUDENTS (ADMISSIONS) 14585 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES TRAVEL 79596 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES TRAVEL 106762 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES TRAVEL 54858 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 57138834 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 14315367 NORTH AMERICA 0 0 FUNDRAISING 3262 NORTH AMERICA 0 0 PROGRAM SERVICES TRAVEL 3501 EAST ASIA AND THE PACIFIC 0 0 FUNDRAISING 52033 0 3 0 0 0 3 71716765 52033 71768798 1 0 0 0 1 0 1 MMP & W VOLUNTEER FIRE COMPANY 132 NORTH MAIN STREET MERCERSBURG PA 17236 251146751 501(C)(3) 15000 0 GENERAL SUPPORT TO ASSIST WITH NEEDS OF THE FIRE COMPANY 1 0 SCHOLARSHIPS 154 8717352 STUDENT AID FOR REQUIRED FEES, BOOKS, AND SUPPLIES 23 101180 PART I, LINE 2: FAMILIES APPLY FOR FINANCIAL AID THROUGH SCHOOL AND STUDENT SERVICES BY COMPLETING A PARENT FINANCIAL STATEMENT AND SUPPLYING THREE YEARS W2'S AND 1040S PLUS BUSINESS/FARM STATEMENTS AS APPLICABLE. X X X 1 1 X X X 0 0 0 0 0 0 0 0 0 QUENTIN MCDOWELL HEAD OF SCHOOL 433022 0 0 0 10140 0 35411 0 116236 0 594809 0 0 0 MARIA KIMSEY CFO/COO (THRU 09/28/23) 240631 0 0 0 30325 0 26086 0 9928 0 306970 0 0 0 JOHN CHEPREN DIRECTOR OF IT 140463 0 0 0 5248 0 16404 0 116113 0 278228 0 0 0 JOHN RICHARDSON CHIEF ADVANCEMENT OFFICER 195628 0 0 0 22831 0 20773 0 26161 0 265393 0 0 0 JULIA MAURER ASSOC HEAD OF SCHOOL FOR SCHOOL LIFE 185329 0 0 0 5748 0 21598 0 29231 0 241906 0 0 0 BRIAN NORDYKE DIRECTOR OF FACILITIES 184708 0 0 0 1922 0 20647 0 11545 0 218822 0 0 0 JENNIFER CRAIG ASSOC HEAD OF SCHOOL 154027 0 0 0 1440 0 18040 0 26121 0 199628 0 0 0 CAROLYN YEAGER DIRECTOR OF DEVELOPMENT 175212 0 0 0 831 0 19273 0 609 0 195925 0 0 0 LIAM CHATTERTON DEAN, ENROLLMENT MGMT (THRU 6/30/24) 148804 0 0 0 381 0 16335 0 24126 0 189646 0 0 0 ROCHELLE HARGRAVES CFO/COO 120074 0 0 0 3198 0 9646 0 55619 0 188537 0 0 0 SUSAN ORTON DIRECTOR OF MAJOR GIFTS 151328 0 0 0 0 0 17069 0 11846 0 180243 0 0 0 DANIELLE DEHAVEN NORDYKE DIRECTOR OF HUMAN RESOURCES 148192 0 0 0 2012 0 16677 0 12309 0 179190 0 0 0 PART I, LINE 1A THE DISCRETIONARY ACCOUNT IS ONLY ASSOCIATED WITH SCHOOL BUSINESS AND IS NOT FOR PERSONAL EXPENSES. THE HEAD OF SCHOOL IS REQUIRED TO LIVE ON CAMPUS. THE HOUSE IS USED REGULARLY FOR SCHOOL FUNCTIONS INCLUDING STUDENT DINNERS, BOARD ENTERTAINMENT, ALUMNI EVENTS AND HOSTING OVERNIGHT TEACHER CANDIDATES AND SPEAKERS. HE RECEIVES A TAXABLE CAR ALLOWANCE IN THE AMOUNT OF $9,600. EMPLOYEES LISTED BELOW RECEIVED TAXABLE HOUSING ALLOWANCES: MARIA KIMSEY - $3,508 JULIA MAURER - $4,800 JOHN CHEPREN - $4,800 JOHN RICHARDSON - $16,400 ROCHELLE HARGRAVES - $2,681 A MERCERSBURG BOROUGH GENERAL PURPOSE AUTHORITY 236002995 2009-12-18 30000000 REFUND 2000A & 2000B BOND ISSUES 0 0 0 B MERCERSBURG BOROUGH GENERAL PURPOSE AUTHORITY 236002995 2010-02-17 19235000 REFUND 2000B & 2005 BOND ISSUES 0 0 0 A 13600000 30000000 30000000 2010 1 0 1 1 B 19235000 120000 19115000 2010 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 1 0 1 1 SUNTRUST BANK 22.000000000000 0 0 0 0 1 B 0 0 1 0 1 1 SUNTRUST BANK 22.000000000000 0 0 0 0 1 A 1 B 1 X 19 130593 AVG OF HIGH AND LOW 0 0 1 0 PART I, COLUMN (B): REPORTING THE NUMBER OF CONTRIBUTIONS FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PROVIDED TO EACH BOARD MEMBER AND OFFICER ELECTRONICALLY FOR THEIR INDEPENDENT REVIEW BEFORE IT IS FILED. 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, ACTIVITIES, AND/OR RELATIONSHIPS THAT MAY GIVE RISE TO CONFLICTS. THESE ARE REVIEWED, AND ADDRESSED AS NECESSARY, BY MANAGEMENT. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE OF MERCERSBURG ACADEMY'S BOARD DELIBERATE ON, REVIEW, AND APPROVE THE SALARY OF THE HEAD OF SCHOOL. ADDITIONALLY, THEY REVIEW AND APPROVE THE HEAD OF SCHOOL'S RECOMMENDATIONS FOR SALARY INCREASES FOR THE TOP 10 SALARIES AT THE SCHOOL. THE COMPENSATION COMMITTEE HAS FULL COMPARABILITY DATA AVAILABLE FROM BOTH ABOPS AND NAIS TO AID IN SUCH DELIBERATIONS. THE COMMITTEE REPORTS ITS FINDINGS TO THE ENTIRE BOARD THAT THEY HAVE REVIEWED AND APPROVED THE COMPENSATION OF THESE INDIVIDUALS. 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. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST OR AT THE BUSINESS OFFICE, MERCERSBURG ACADEMY FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART XI, LINE 9: ACTUARIAL ADJUSTMENT ON SPLIT-INTEREST AGREEMENTS -1,644. CHANGE IN MARKET VALUE OF SWAP AGREEMENT 356,806. NET GAIN (LOSS) ON VALUATION OF CONTRIBUTIONS -1,019,078. CHANGE IN MARKET VALUE OF BENEFICIAL INTEREST IN TRUSTS 907,173.