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      <InvestmentIncomeCYPct>0.15150</InvestmentIncomeCYPct>
      <InvestmentIncomePYPct>0.17440</InvestmentIncomePYPct>
      <ThirtyThrPctSuprtTestsCY509Ind>X</ThirtyThrPctSuprtTestsCY509Ind>
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        <BeginningYearBalanceAmt>2089791</BeginningYearBalanceAmt>
        <InvestmentEarningsOrLossesAmt>-431286</InvestmentEarningsOrLossesAmt>
        <EndYearBalanceAmt>1658505</EndYearBalanceAmt>
      </CYEndwmtFundGrp>
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        <InvestmentEarningsOrLossesAmt>-296529</InvestmentEarningsOrLossesAmt>
        <EndYearBalanceAmt>2089791</EndYearBalanceAmt>
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        <InvestmentEarningsOrLossesAmt>401921</InvestmentEarningsOrLossesAmt>
        <EndYearBalanceAmt>2386320</EndYearBalanceAmt>
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        <BeginningYearBalanceAmt>1984399</BeginningYearBalanceAmt>
        <EndYearBalanceAmt>1984399</EndYearBalanceAmt>
      </CYMinus3YrEndwmtFundGrp>
      <CYMinus4YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>2001952</BeginningYearBalanceAmt>
        <ContributionsAmt>3650</ContributionsAmt>
        <InvestmentEarningsOrLossesAmt>54916</InvestmentEarningsOrLossesAmt>
        <AdministrativeExpensesAmt>76119</AdministrativeExpensesAmt>
        <EndYearBalanceAmt>1984399</EndYearBalanceAmt>
      </CYMinus4YrEndwmtFundGrp>
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      <EndowmentsHeldRelatedOrgInd>0</EndowmentsHeldRelatedOrgInd>
      <TotalBookValueLandBuildingsAmt>0</TotalBookValueLandBuildingsAmt>
      <OtherLiabilitiesOrgGrp>
        <Desc>DUE TO AFFILIATE</Desc>
        <Amt>730000</Amt>
      </OtherLiabilitiesOrgGrp>
      <TotalLiabilityAmt>730000</TotalLiabilityAmt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART V, LINE 4:</FormAndLineReferenceDesc>
        <ExplanationTxt>TO SUPPORT THE MISSION OF THE ORGANIZATION.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleD>
    <IRS990ScheduleI documentId="RetDoc1041900001">
      <GrantRecordsMaintainedInd>1</GrantRecordsMaintainedInd>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>PHILIP'S ACADEMY CHARTER SCHOOL OF PATERSON</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>47 STATE STREET</AddressLine1Txt>
          <CityNm>PATERSON</CityNm>
          <StateAbbreviationCd>NJ</StateAbbreviationCd>
          <ZIPCd>07501</ZIPCd>
        </USAddress>
        <RecipientEIN>810842534</RecipientEIN>
        <IRCSectionDesc>501C3</IRCSectionDesc>
        <CashGrantAmt>55135</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>TO PROVIDE SUPPORT FOR SCHOOL'S PROGRAMS.</PurposeOfGrantTxt>
      </RecipientTable>
      <Total501c3OrgCnt>1</Total501c3OrgCnt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART I, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>STUDENTS REQUESTING ASSISTANCE COMPLETE AN APPLICATION THAT IS SUBMITTED TO THE ORGANIZATION. THE ORGANIZATION REVIEWS THE FILE AND THEN DETERMINES IF AN AMOUNT WILL BE AWARDED. EACH RECIPIENT WHO IS SELECTED IS ISSUED A LETTER DOCUMENTING THE AWARD. THE ORGANIZATION MAINTAINS RECORDS ON ALL RECIPIENTS WHO ARE SELECTED.</ExplanationTxt>
      </SupplementalInformationDetail>
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    <IRS990ScheduleO documentId="RetDoc1044400001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>THE MANAGEMENT PROVIDES INFORMATION SUFFICIENT FOR ITS OUTSIDE AUDITOR TO PREPARE THE RETURN. AFTER PREPARATION, THE ENTIRE BOARD REVIEWS THE RETURN BEFORE FILING.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>CONFLICT OF INTEREST FORMS ARE REQUIRED TO BE SIGNED EACH YEAR.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 15A</FormAndLineReferenceDesc>
        <ExplanationTxt>THE FRIENDS OF PHILIP'S NEWARK BOARD HAS A COMPENSATION COMMITTEE WHO REVIEWS THE EVALUATION OF THE CEO AND THEN MAKES A RECOMMENDATION TO THE BOARD OF TRUSTEES.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION PROVIDES THE PUBLIC WITH THE RIGHTS TO REVIEW ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS UPON REQUEST. THE AUDITED FINANCIAL STATEMENTS AND A COPY OF THE 990 ARE FILED ALONG WITH THE STATE OF NEW JERSEY REGISTRATION STATEMENT AND FINANCIAL REPORT FOR A CHARITABLE ORGANIZATION WITH THE NEW JERSEY OFFICE OF THE ATTORNEY GENERAL, DIVISION OF CONSUMER AFFAIRS, OFFICE OF CONSUMER PROTECTION, CHARITIES REGISTRATION SECTION. THESE DOCUMENTS ARE OF PUBLIC RECORD.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc1043400001">
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        <DisregardedEntityName>
          <BusinessNameLine1Txt>PHILIP'S ACADEMY CHARTER SCHOOL OF NEWARK</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>342 CENTRAL AVENUE</AddressLine1Txt>
          <CityNm>NEWARK</CityNm>
          <StateAbbreviationCd>NJ</StateAbbreviationCd>
          <ZIPCd>07103</ZIPCd>
        </USAddress>
        <EIN>461960549</EIN>
        <PrimaryActivitiesTxt>CHARTER SCHOOL</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NJ</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(C)(3)</ExemptCodeSectionTxt>
        <PublicCharityStatusTxt>LINE 2</PublicCharityStatusTxt>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>PHILIP'S ACADEMY CHARTER SCHOOL OF PATERSON</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>47 STATE STREET</AddressLine1Txt>
          <CityNm>PATERSON</CityNm>
          <StateAbbreviationCd>NJ</StateAbbreviationCd>
          <ZIPCd>07501</ZIPCd>
        </USAddress>
        <EIN>810842534</EIN>
        <PrimaryActivitiesTxt>CHARTER SCHOOL</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NJ</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(C)(3)</ExemptCodeSectionTxt>
        <PublicCharityStatusTxt>LINE 2</PublicCharityStatusTxt>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <ReceiptOfIntAnntsRntsRyltsInd>0</ReceiptOfIntAnntsRntsRyltsInd>
      <GiftGrntOrCapContriToOthOrgInd>1</GiftGrntOrCapContriToOthOrgInd>
      <GiftGrntCapContriFromOthOrgInd>0</GiftGrntCapContriFromOthOrgInd>
      <LoansOrGuaranteesToOtherOrgInd>0</LoansOrGuaranteesToOtherOrgInd>
      <LoansOrGuaranteesFromOthOrgInd>1</LoansOrGuaranteesFromOthOrgInd>
      <DivRelatedOrganizationInd>0</DivRelatedOrganizationInd>
      <AssetSaleToOtherOrgInd>0</AssetSaleToOtherOrgInd>
      <AssetPurchaseFromOtherOrgInd>0</AssetPurchaseFromOtherOrgInd>
      <AssetExchangeInd>0</AssetExchangeInd>
      <RentalOfFacilitiesToOthOrgInd>0</RentalOfFacilitiesToOthOrgInd>
      <RentalOfFcltsFromOthOrgInd>0</RentalOfFcltsFromOthOrgInd>
      <PerformOfServicesForOthOrgInd>0</PerformOfServicesForOthOrgInd>
      <PerformOfServicesByOtherOrgInd>0</PerformOfServicesByOtherOrgInd>
      <SharingOfFacilitiesInd>0</SharingOfFacilitiesInd>
      <PaidEmployeesSharingInd>0</PaidEmployeesSharingInd>
      <ReimbursementPaidToOtherOrgInd>0</ReimbursementPaidToOtherOrgInd>
      <ReimbursementPaidByOtherOrgInd>0</ReimbursementPaidByOtherOrgInd>
      <TransferToOtherOrgInd>0</TransferToOtherOrgInd>
      <TransferFromOtherOrgInd>0</TransferFromOtherOrgInd>
    </IRS990ScheduleR>
  </ReturnData>
</Return>