TY 2014 Form 990

(A) Name and Title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)	(E) Reportable compensation from related organizations (W- 2/1099-MISC)
(1) Alex W Kirby........................................................................ Trustee	1.00 .......................0.00	X
(2) Andrew Holmgren........................................................................ Trustee	1.00 .......................0.00	X
(3) Anne Staley........................................................................ Trustee	1.00 .......................0.00	X
(4) Ben Shifrin........................................................................ Trustee	1.00 .......................0.00	X
(5) Brian C Doak........................................................................ Trustee	1.00 .......................0.00	X
(6) Charles E Knudsen III........................................................................ Trustee	1.00 .......................0.00	X
(7) Charles W Britton........................................................................ Trustee	1.00 .......................0.00	X
(8) Cheo D Hurley........................................................................ Trustee	2.00 .......................0.00	X
(9) Dr Cheryl Holcomb-McCoy........................................................................ Trustee	1.00 .......................0.00	X
(10) Christopher A Berrier........................................................................ Board Secretary	4.00 .......................0.00	X	X
(11) Christopher J Post........................................................................ Trustee	2.00 .......................0.00	X
(12) Daniel Paradis........................................................................ Trustee	2.00 .......................0.00	X
(13) David C Faus........................................................................ Trustee	1.00 .......................0.00	X
(14) David Hunter........................................................................ Trustee	1.00 .......................0.00	X
(15) Diane Hutchins........................................................................ Trustee	1.00 .......................0.00	X
(16) Domonique Foxworth........................................................................ Trustee	1.00 .......................0.00	X
(17) Douglas Lagarde........................................................................ Trustee	1.00 .......................0.00	X

(A) Name and Title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)	(E) Reportable compensation from related organizations (W- 2/1099-MISC)
(18) F Barton Harvey III........................................................................ Emeritus Trustee	0.00 .......................0.00	X		0	0
(19) Grant L Jacks III........................................................................ Emeritus Trustee	0.00 .......................0.00	X		0	0
(20) Henry PA Smyth........................................................................ Trustee	1.00 .......................0.00	X		0	0
(21) Jason S Bennett........................................................................ Trustee	1.00 .......................0.00	X		0	0
(22) Jean W Brune........................................................................ Trustee	1.00 .......................0.00	X		0	0
(23) John E Schmick........................................................................ Trustee	1.00 .......................0.00	X		0	0
(24) John H Timken........................................................................ Trustee	1.00 .......................0.00	X		0	0
(25) The Honorable Julie R Rubin........................................................................ Trustee	1.00 .......................0.00	X		0	0
(26) Kimberly H Cashman........................................................................ Trustee	1.00 .......................0.00	X		0	0
(27) Dr Kimberley J Roberts........................................................................ Trustee	1.00 .......................0.00	X		0	0
(28) Lawrence R Snyder........................................................................ Board Treasurer	4.00 .......................0.00	X	X	0	0
(29) Lee S Owen........................................................................ Trustee	1.00 .......................0.00	X		0	0
(30) Marcella Yedid........................................................................ Trustee	1.00 .......................0.00	X		0	0
(31) Martha H Sweeney........................................................................ Trustee	1.00 .......................0.00	X		0	0
(32) Matthew W Micciche........................................................................ Trustee	1.00 .......................0.00	X		0	0
(33) Maureen E Walsh........................................................................ Trustee	1.00 .......................0.00	X		0	0
(34) Michael C Ford........................................................................ Board Vice President	2.00 .......................0.00	X	X	0	0
(35) Michael J Weinfeld........................................................................ Trustee	2.00 .......................0.00	X		0	0
(36) Molly M Hathaway........................................................................ Emeritus Trustee	0.00 .......................0.00	X		0	0
(37) Dr Parnell P Hagerman........................................................................ Trustee	1.00 .......................0.00	X		0	0
(38) Pat Whitehead........................................................................ Trustee	1.00 .......................0.00	X		0	0
(39) Penny B Evins........................................................................ Trustee	1.00 .......................0.00	X		0	0
(40) Randy S Stevens........................................................................ Trustee	1.00 .......................0.00	X		0	0
(41) Redmond CS Finney........................................................................ Emeritus Trustee	0.00 .......................0.00	X		0	0
(42) Stuart O Simms........................................................................ Board President	4.00 .......................0.00	X	X	0	0
(43) Teri Alexander........................................................................ Trustee	1.00 .......................0.00	X		0	0
(44) Theo C Rodgers........................................................................ Emeritus Trustee	1.00 .......................0.00	X		0	0
(45) Thomas P Perkins III........................................................................ Emeritus Trustee	0.00 .......................0.00	X		0	0
(46) Tiffani S Collins........................................................................ Board Second Vice President	2.00 .......................0.00	X	X	0	0
(47) Tracey H Ford........................................................................ Trustee	1.00 .......................0.00	X		0	0
(48) Vernon A Reid Jr........................................................................ Trustee	1.00 .......................0.00	X		0	0
(49) W Boulton Bo Dixon........................................................................ Board Vice President	4.00 .......................0.00	X		0	0
(50) Crystal A Lee........................................................................ Director of Advancement	40.00 .......................0.00		X	41,924	2,497
(51) Jessica Suriano........................................................................ Executive Director	40.00 .......................0.00		X	103,692	6,939
(52) Jill E Wood........................................................................ Manager of Finance & Ops	40.00 .......................0.00		X	67,966	10,378

Do not include amounts reported on lines 6b, 7b, 8b, 9b, and 10b of Part VIII.	(A) Total expenses	(B) Program service expenses	(C) Management and general expenses	(D) Fundraising expenses
1	Grants and other assistance to domestic organizations and domestic governments. See Part IV, line 21 ....	533,819	533,819
2	Grants and other assistance to domestic individuals. See Part IV, line 22 ....
3	Grants and other assistance to foreign organizations, foreign governments, and foreign individuals. See Part IV, lines 15 and 16 ............
4	Benefits paid to or for members ....
5	Compensation of current officers, directors, trustees, and key employees ....	283,586	174,207	47,416	61,963
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) ....
7	Other salaries and wages ....	244,502	150,189	40,901	53,412
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....	22,841	14,031	3,819	4,991
9	Other employee benefits .......	51,156	31,425	8,553	11,178
10	Payroll taxes ...........	41,957	25,774	7,015	9,168
11	Fees for services (non-employees):
a	Management ......
b	Legal .........
c	Accounting ...........	14,625	9,798	2,633	2,194
d	Lobbying ...........
e	Professional fundraising services. See Part IV, line 17
f	Investment management fees ......
g	Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O) ....	11,277	7,556	2,030	1,691
12	Advertising and promotion ....
13	Office expenses .......	37,849	19,843	6,219	11,787
14	Information technology ......	29,240	19,591	5,264	4,385
15	Royalties ..
16	Occupancy ...........	56,207	39,345	11,241	5,621
17	Travel ............	3,854	2,313	1,156	385
18	Payments of travel or entertainment expenses for any federal, state, or local public officials ......
19	Conferences, conventions, and meetings ....
20	Interest ...........
21	Payments to affiliates .......
22	Depreciation, depletion, and amortization .....	11,227		11,227
23	Insurance ..............	8,189	4,913	2,457	819
24	Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24e. If line 24e amount exceeds 10% of line 25, column (A) amount, list line 24e expenses on Schedule O.)
a	Student Prgms/Svcs Expe	60,614	60,614
b	Miscellaneous	11,022	7,463	2,109	1,450
c	Cultivation and steward	10,519			10,519
d	Projects and events	7,086	7,086
e	All other expenses	1,760		1,760
25	Total functional expenses. Add lines 1 through 24e	1,441,330	1,107,967	153,800	179,563
26	Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here if following SOP 98-2 (ASC 958-720).

Part X Balance Sheet Check if Schedule O contains a response or note to any line in this Part X ..............
	1	Cash–non-interest-bearing .............	138,733	1	176,258
2	Savings and temporary cash investments .........		2
3	Pledges and grants receivable, net ...........	35,222	3	26,397
4	Accounts receivable, net .............		4
5	Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of Schedule L ..................
			5
6	Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations (see instructions) Complete Part II of Schedule L
			6
7	Notes and loans receivable, net .............		7
8	Inventories for sale or use ..............		8
9	Prepaid expenses and deferred charges ..........	9,309	9	12,430
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	130,879
b	Less: accumulated depreciation .....	10b	101,788	29,280	10c	29,091
11	Investments—publicly traded securities ..........		11
12	Investments—other securities. See Part IV, line 11 .....	10,271,317	12	10,117,294
13	Investments—program-related. See Part IV, line 11 .....		13
14	Intangible assets ...............		14
15	Other assets. See Part IV, line 11 ...........		15
16	Total assets. Add lines 1 through 15 (must equal line 34)......	10,483,861	16	10,361,470
	17	Accounts payable and accrued expenses .........	6,425	17	10,092
18	Grants payable .................		18
19	Deferred revenue ................		19
20	Tax-exempt bond liabilities .............		20
21	Escrow or custodial account liability. Complete Part IV of Schedule D..		21
22	Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified
	persons. Complete Part II of Schedule L..........		22
23	Secured mortgages and notes payable to unrelated third parties ..		23
24	Unsecured notes and loans payable to unrelated third parties ....		24
25	Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17-24). Complete Part X of Schedule D....................	299,171	25	303,224
26	Total liabilities. Add lines 17 through 25.........	305,596	26	313,316
		Organizations that follow SFAS 117 (ASC 958), check here and complete lines 27 through 29, and lines 33 and 34.
27	Unrestricted net assets ..............	135,400	27	193,220
28	Temporarily restricted net assets ...........	4,578,318	28	4,390,387
29	Permanently restricted net assets ...........	5,464,547	29	5,464,547
	Organizations that do not follow SFAS 117 (ASC 958), check here and complete lines 30 through 34.
30	Capital stock or trust principal, or current funds ........		30
31	Paid-in or capital surplus, or land, building or equipment fund .....		31
32	Retained earnings, endowment, accumulated income, or other funds		32
33	Total net assets or fund balances ...........	10,178,265	33	10,048,154
34	Total liabilities and net assets/fund balances ........	10,483,861	34	10,361,470

- TIN:

SCHEDULE A
(Form 990 or 990EZ)

Department of the Treasury
Internal Revenue Service

Public Charity Status and Public Support

Complete if the organization is a section 501(c)(3) organization or a section 4947(a)(1) nonexempt charitable trust.
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Attach to Form 990 or Form 990-EZ.
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Information about Schedule A (Form 990 or 990-EZ) and its instructions is at www.irs.gov/form990.

OMB No. 1545-0047

2014

Open to Public
Inspection

Name of the organization

Baltimore Educational Scholarship Trust

Employer identification number

52-1072250

Part I

Reason for Public Charity Status (All organizations must complete this part.) See instructions.

The organization is not a private foundation because it is: (For lines 1 through 11, check only one box.)

A church, convention of churches, or association of churches described in section 170(b)(1)(A)(i).

A school described in section 170(b)(1)(A)(ii). (Attach Schedule E.)

A hospital or a cooperative hospital service organization described in section 170(b)(1)(A)(iii).

A medical research organization operated in conjunction with a hospital described in section 170(b)(1)(A)(iii). Enter the hospital's name, city, and state:

An organization operated for the benefit of a college or university owned or operated by a governmental unit described in

section 170(b)(1)(A)(iv). (Complete Part II.)

A federal, state, or local government or governmental unit described in section 170(b)(1)(A)(v).

An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi). (Complete Part II.)

A community trust described in section 170(b)(1)(A)(vi). (Complete Part II.)

An organization that normally receives: (1) more than 331/3% of its support from contributions, membership fees, and gross

receipts from activities related to its exempt functions—subject to certain exceptions, and (2) no more than 331/3% of

its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses

acquired by the organization after June 30, 1975. See section 509(a)(2). (Complete Part III.)

An organization organized and operated exclusively to test for public safety. See section 509(a)(4).

An organization organized and operated exclusively for the benefit of, to perform the functions of, or to carry out the purposes of one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2). See section 509(a)(3). Check the box in lines 11a through 11d that describes the type of supporting organization and complete lines 11e, 11f, and 11g.

Type I. A supporting organization operated, supervised, or controlled by its supported organization(s), typically by giving the supported organization(s) the power to regularly appoint or elect a majority of the directors or trustees of the supporting organization. You must complete Part IV, Sections A and B.

Type II. A supporting organization supervised or controlled in connection with its supported organization(s), by having control or management of the supporting organization vested in the same persons that control or manage the supported organization(s). You must complete Part IV, Sections A and C.

Type III functionally integrated. A supporting organization operated in connection with, and functionally integrated with, its supported organization(s) (see instructions). You must complete Part IV, Sections A, D, and E.

Type III non-functionally integrated. A supporting organization operated in connection with its supported organization(s) that is not functionally integrated. The organization generally must satisfy a distribution requirement and an attentiveness requirement (see instructions). You must complete Part IV, Sections A and D, and Part V.

Check this box if the organization received a written determination from the IRS that it is a Type I, Type II, Type III functionally integrated, or Type III non-functionally integrated supporting organization.

Enter the number of supported organizations .............................

Provide the following information about the supported organization(s).

(i)Name of supported organization	(ii) EIN	(iv) Is the organization listed in your governing document?		(v) Amount of monetary support (see instructions)	(vi) Amount of other support (see instructions)
(i)Name of supported organization	(ii) EIN	Yes	No	(v) Amount of monetary support (see instructions)	(vi) Amount of other support (see instructions)


Total

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990EZ.

Cat. No. 11285F

Schedule A (Form 990 or 990-EZ) 2014

Page 2

Part II

Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi)
(Complete only if you checked the box on line 5, 7, or 8 of Part I or if the organization failed to qualify under Part III. If the organization fails to qualify under the tests listed below, please complete Part III.)

Section A. Public Support

Calendar year (or fiscal year beginning in)		(a) 2010	(b) 2011	(c) 2012	(d) 2013	(e) 2014	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") ....	800,607	689,580	716,939	713,162	739,089	3,659,377
2	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf.......
3	The value of services or facilities furnished by a governmental unit to the organization without charge..
4	Total. Add lines 1 through 3	800,607	689,580	716,939	713,162	739,089	3,659,377
5	The portion of total contributions by each person (other than a governmental unit or publicly supported organization) included on line 1 that exceeds 2% of the amount shown on line 11, column (f)..						418,110
6	Public support. Subtract line 5 from line 4.						3,241,267

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2010	(b) 2011	(c) 2012	(d) 2013	(e) 2014	(f) Total
7	Amounts from line 4..	800,607	689,580	716,939	713,162	739,089	3,659,377
8	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources...	132,367	128,481	208,585	266,757	164,662	900,852
9	Net income from unrelated business activities, whether or not the business is regularly carried on..
10	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.)..
11	Total support Add lines 7 through 10.						4,560,229

Gross receipts from related activities, etc. (see instructions) ..................

1,938,265

First five years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization, check this box and stop here........................................ right arrow

Section C. Computation of Public Support Percentage

Public support percentage for 2014 (line 6, column (f) divided by line 11, column (f)) .........

71.080 %

Public support percentage for 2013 Schedule A, Part II, line 14 ...............

70.800 %

16a

33 1/3% support test—2014. If the organization did not check the box on line 13, and line 14 is 33 1/3% or more, check this box
and stop here. The organization qualifies as a publicly supported organization ....................... right arrow

33 1/3% support test—2013. If the organization did not check a box on line 13 or 16a, and line 15 is 33 1/3% or more, check this
box and stop here. The organization qualifies as a publicly supported organization ..................... right arrow

17a

10%-facts-and-circumstances test—2014. If the organization did not check a box on line 13, 16a, or 16b, and line 14
is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here. Explain
in Part VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly supported
organization ..................................................... right arrow

10%-facts-and-circumstances test—2013. If the organization did not check a box on line 13, 16a, 16b, or 17a, and line
15 is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here.
Explain in Part VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly
supported organization ................................................ right arrow

Private foundation. If the organization did not check a box on line 13, 16a, 16b, 17a, or 17b, check this box and see
instructions ..................................................... right arrow

Schedule A (Form 990 or 990-EZ) 2014

Page 3

Part III

Support Schedule for Organizations Described in Section 509(a)(2)
(Complete only if you checked the box on line 9 of Part I or if the organization failed to qualify under Part II. If the organization fails to qualify under the tests listed below, please complete Part II.)

Section A. Public Support

Calendar year (or fiscal year beginning in)		(a) 2010	(b) 2011	(c) 2012	(d) 2013	(e) 2014	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") .
2	Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose......
3	Gross receipts from activities that are not an unrelated trade or business under section 513..
4	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf...
5	The value of services or facilities furnished by a governmental unit to the organization without charge..
6	Total. Add lines 1 through 5.
7a	Amounts included on lines 1, 2, and 3 received from disqualified persons...
b	Amounts included on lines 2 and 3 received from other than disqualified persons that exceed the greater of $5,000 or 1% of the amount on line 13 for the year.
c	Add lines 7a and 7b..
8	Public support (Subtract line 7c from line 6.)

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2010	(b) 2011	(c) 2012	(d) 2013	(e) 2014	(f) Total
9	Amounts from line 6...
10a	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..
b	Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975.
c	Add lines 10a and 10b.
11	Net income from unrelated business activities not included in line 10b, whether or not the business is regularly carried on.
12	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.) ..
13	Total support. (Add lines 9, 10c, 11, and 12.)..

First five years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization,
check this box and stop here............................................. right arrow

Section C. Computation of Public Support Percentage

Public support percentage for 2014 (line 8, column (f) divided by line 13, column (f)) .........

Public support percentage from 2013 Schedule A, Part III, line 15 ...............

Section D. Computation of Investment Income Percentage

Investment income percentage for 2014 (line 10c, column (f) divided by line 13, column (f)) ......

Investment income percentage from 2013 Schedule A, Part III, line 17 .............

19a

33 1/3% support tests—2014. If the organization did not check the box on line 14, and line 15 is more than 33 1/3%, and line 17 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization ....... right arrow

33 1/3% support tests—2013. If the organization did not check a box on line 14 or line 19a, and line 16 is more than 33 1/3% and line 18 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization .... right arrow

Private foundation. If the organization did not check a box on line 14, 19a, or 19b, check this box and see instructions .... right arrow

Schedule A (Form 990 or 990-EZ) 2014

Page 4

Part IV

Supporting Organizations

(Complete only if you checked a box on line 11 of Part I. If you checked 11a of Part I, complete Sections A and B. If you checked 11b of Part I, complete Sections A and C. If you checked 11c of Part I, complete Sections A, D, and E. If you checked 11d of Part I, complete Sections A and D, and complete Part V.)

Section A. All Supporting Organizations

Yes

Are all of the organization’s supported organizations listed by name in the organization’s governing documents?
If "No," describe in Part VI how the supported organizations are designated. If designated by class or purpose,
describe the designation. If historic and continuing relationship, explain.

Did the organization have any supported organization that does not have an IRS determination of status under section 509(a)(1) or (2)? If "Yes," explain in Part VI how the organization determined that the supported organization was described in section 509(a)(1) or (2).

Did the organization have a supported organization described in section 501(c)(4), (5), or (6)? If "Yes," answer (b) and (c) below.

Did the organization confirm that each supported organization qualified under section 501(c)(4), (5), or (6) and satisfied the public support tests under section 509(a)(2)? If "Yes," describe in Part VI when and how the organization made the determination.

Did the organization ensure that all support to such organizations was used exclusively for section 170(c)(2)(B) purposes? If "Yes," explain in Part VI what controls the organization put in place to ensure such use.

Was any supported organization not organized in the United States ("foreign supported organization")? If “Yes” and if you checked 11a or 11b in Part I, answer (b) and (c) below.

Did the organization have ultimate control and discretion in deciding whether to make grants to the foreign supported organization? If “Yes,” describe in Part VI how the organization had such control and discretion despite being controlled or supervised by or in connection with its supported organizations....

Did the organization support any foreign supported organization that does not have an IRS determination under sections 501(c)(3) and 509(a)(1) or (2)? If “Yes,” explain in Part VI what controls the organization used to ensure that all support to the foreign supported organization was used exclusively for section 170(c)(2)(B) purposes.

Did the organization add, substitute, or remove any supported organizations during the tax year? If “Yes,” answer (b) and (c) below (if applicable). Also, provide detail in Part VI, including (i) the names and EIN numbers of the supported organizations added, substituted, or removed, (ii) the reasons for each such action, (iii) the authority under the organization's organizing document authorizing such action, and (iv) how the action was accomplished (such as by amendment to the organizing document).

Type I or Type II only. Was any added or substituted supported organization part of a class already designated in the organization's organizing document?

Substitutions only. Was the substitution the result of an event beyond the organization's control?

Did the organization provide support (whether in the form of grants or the provision of services or facilities) to anyone other than (a) its supported organizations; (b) individuals that are part of the charitable class benefited by one or more of its supported organizations; or (c) other supporting organizations that also support or benefit one or more of the filing organization’s supported organizations? If “Yes,” provide detail in Part VI.

Did the organization provide a grant, loan, compensation, or other similar payment to a substantial contributor (defined in IRC 4958(c)(3)(C)), a family member of a substantial contributor, or a 35-percent controlled entity with regard to a substantial contributor? If “Yes,” complete Part I of Schedule L (Form 990) .

Did the organization make a loan to a disqualified person (as defined in section 4958) not described in line 7? If “Yes,” complete Part II of Schedule L (Form 990).

Was the organization controlled directly or indirectly at any time during the tax year by one or more disqualified persons as defined in section 4946 (other than foundation managers and organizations described in section 509(a)(1) or (2))? If “Yes,” provide detail in Part VI.

Did one or more disqualified persons (as defined in line 9(a)) hold a controlling interest in any entity in which the supporting organization had an interest? If “Yes,” provide detail in Part VI.

Did a disqualified person (as defined in line 9(a)) have an ownership interest in, or derive any personal benefit from, assets in which the supporting organization also had an interest? If “Yes,” provide detail in Part VI.

10a

Was the organization subject to the excess business holdings rules of IRC 4943 because of IRC 4943(f) (regarding certain Type II supporting organizations, and all Type III non-functionally integrated supporting organizations)? If “Yes,” answer b below.

10a

Did the organization have any excess business holdings in the tax year? (Use Schedule C, Form 4720, to determine whether the organization had excess business holdings).

10b

Has the organization accepted a gift or contribution from any of the following persons?

A person who directly or indirectly controls, either alone or together with persons described in (b) and (c) below, the governing body of a supported organization?

11a

A family member of a person described in (a) above?

11b

A 35% controlled entity of a person described in (a) or (b) above? If “Yes” to a, b, or c, provide detail in Part VI.

11c

Schedule A (Form 990 or 990-EZ) 2014

Page 5

Part IV

Supporting Organizations (continued)

Section B. Type I Supporting Organizations

Yes

Did the directors, trustees, or membership of one or more supported organizations have the power to regularly appoint or elect at least a majority of the organization’s directors or trustees at all times during the tax year? If “No,” describe in Part VI how the supported organization(s) effectively operated, supervised, or controlled the organization’s activities. If the organization had more than one supported organization, describe how the powers to appoint and/or remove directors or trustees were allocated among the supported organizations and what conditions or restrictions, if any, applied to such powers during the tax year.

Did the organization operate for the benefit of any supported organization other than the supported organization(s) that operated, supervised, or controlled the supporting organization? If “Yes,” explain in Part VI how providing such benefit carried out the purposes of the supported organization(s) that operated, supervised or controlled the supporting organization.

Section C. Type II Supporting Organizations

Yes

Were a majority of the organization’s directors or trustees during the tax year also a majority of the directors or trustees of each of the organization’s supported organization(s)? If “No,” describe in Part VI how control or management of the supporting organization was vested in the same persons that controlled or managed the supported organization(s).

Section D. All Type III Supporting Organizations

Yes

Did the organization provide to each of its supported organizations, by the last day of the fifth month of the organization’s tax year, (1) a written notice describing the type and amount of support provided during the prior tax year, (2) a copy of the Form 990 that was most recently filed as of the date of notification, and (3) copies of the organization’s governing documents in effect on the date of notification, to the extent not previously provided?

Were any of the organization’s officers, directors, or trustees either (i) appointed or elected by the supported organization(s) or (ii) serving on the governing body of a supported organization? If "No," explain in Part VI how the organization maintained a close and continuous working relationship with the supported organization(s).

By reason of the relationship described in (2), did the organization’s supported organizations have a significant voice in the organization’s investment policies and in directing the use of the organization’s income or assets at all times during the tax year? If "Yes," describe in Part VI the role the organization’s supported organizations played in this regard.

Section E. Type III Functionally-Integrated Supporting Organizations

Check the box next to the method that the organization used to satisfy the Integral Part Test during the year (see instructions):

The organization satisfied the Activities Test. Complete line 2 below.

The organization is the parent of each of its supported organizations. Complete line 3 below.

The organization supported a governmental entity. Describe in Part VI how you supported a government entity (see instructions)

Activities Test. Answer (a) and (b) below.

Yes

Did substantially all of the organization’s activities during the tax year directly further the exempt purposes of the supported organization(s) to which the organization was responsive? If "Yes," then in Part VI identify those supported organizations and explain how these activities directly furthered their exempt purposes, how the organization was responsive to those supported organizations, and how the organization determined that these activities constituted substantially all of its activities.

Did the activities described in (a) constitute activities that, but for the organization’s involvement, one or more of the organization’s supported organization(s) would have been engaged in? If "Yes," explain in Part VI the reasons for the organization’s position that its supported organization(s) would have engaged in these activities but for the organization’s involvement.

Parent of Supported Organizations. Answer (a) and (b) below.

Did the organization have the power to regularly appoint or elect a majority of the officers, directors, or trustees of each of the supported organizations? Provide details in Part VI.

Did the organization exercise a substantial degree of direction over the policies, programs and activities of each of its supported organizations? If "Yes," describe in Part VI the role played by the organization in this regard.

Schedule A (Form 990 or 990-EZ) 2014

Page 6

Part V – Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations

1. Check here if the organization satisfied the Integral Part Test as a qualifying trust on Nov. 20, 1970. See instructions. All other Type III non-functionally integrated supporting organizations must complete Sections A through E.

	Section A - Adjusted Net Income		(A) Prior Year	(B) Current Year (optional)
1	Net short-term capital gain	1
2	Recoveries of prior-year distributions	2
3	Other gross income (see instructions)	3
4	Add lines 1 through 3	4
5	Depreciation and depletion	5
6	Portion of operating expenses paid or incurred for production or collection of gross income or for management, conservation, or maintenance of property held for production of income (see instructions)	6
7	Other expenses (see instructions)	7
8	Adjusted Net Income (subtract lines 5, 6 and 7 from line 4)	8

	Section B - Minimum Asset Amount		(A) Prior Year	(B) Current Year (optional)
1	Aggregate fair market value of all non-exempt-use assets (see instructions for short tax year or assets held for part of year):	1
a	Average monthly value of securities	1a
b	Average monthly cash balances	1b
c	Fair market value of other non-exempt-use assets	1c
d	Total (add lines 1a, 1b, and 1c)	1d
e	Discount claimed for blockage or other factors (explain in detail in Part VI):
2	Acquisition indebtedness applicable to non-exempt use assets	2
3	Subtract line 2 from line 1d	3
4	Cash deemed held for exempt use. Enter 1-1/2% of line 3 (for greater amount, see instructions).	4
5	Net value of non-exempt-use assets (subtract line 4 from line 3)	5
6	Multiply line 5 by .035	6
7	Recoveries of prior-year distributions	7
8	Minimum Asset Amount (add line 7 to line 6)	8

	Section C - Distributable Amount		Current Year
1	Adjusted net income for prior year (from Section A, line 8, Column A)	1
2	Enter 85% of line 1	2
3	Minimum asset amount for prior year (from Section B, line 8, Column A)	3
4	Enter greater of line 2 or line 3	4
5	Income tax imposed in prior year	5
6	Distributable Amount. Subtract line 5 from line 4, unless subject to emergency temporary reduction (see instructions)	6
7	Check here if the current year is the organization's first as a non-functionally-integrated Type III supporting organization (see instructions)

Schedule A (Form 990 or 990-EZ) 2014

Page 7

Section D - Distributions		Current Year
1 Amounts paid to supported organizations to accomplish exempt purposes
2 Amounts paid to perform activity that directly furthers exempt purposes of supported organizations, in excess of income from activity
3 Administrative expenses paid to accomplish exempt purposes of supported organizations
4 Amounts paid to acquire exempt-use assets
5 Qualified set-aside amounts (prior IRS approval required)
6 Other distributions (describe in Part VI). See instructions
7Total annual distributions. Add lines 1 through 6.
8 Distributions to attentive supported organizations to which the organization is responsive (provide details in Part VI). See instructions
9 Distributable amount for 2014 from Section C, line 6
10 Line 8 amount divided by Line 9 amount

Section E - Distribution Allocations (see instructions)		(i) Excess Distributions	(ii) Underdistributions Pre-2014	(iii) Distributable Amount for 2014
1 Distributable amount for 2014 from Section C, line 6
2 Underdistributions, if any, for years prior to 2014 (reasonable cause required--see instructions)
3 Excess distributions carryover, if any, to 2014:
a From 2009.......X
b From 2010.......X
c From 2011.......X
d From 2012.......X
e From 2013.......
fTotal of lines 3a through e
g Applied to underdistributions of prior years
h Applied to 2014 distributable amount
i Carryover from 2009 not applied (see instructions)
j Remainder. Subtract lines 3g, 3h, and 3i from 3f.
4Distributions for 2014 from Section D, line 7:
$
a Applied to underdistributions of prior years
b Applied to 2014 distributable amount
c Remainder. Subtract lines 4a and 4b from 4.
5 Remaining underdistributions for years prior to 2014, if any. Subtract lines 3g and 4a from line 2 (if amount greater than zero, see instructions)
6 Remaining underdistributions for 2014. Subtract lines 3h and 4b from line 1 (if amount greater than zero, see instructions)
7 Excess distributions carryover to 2015. Add lines 3j and 4c.
8 Breakdown of line 7:
a From 2010.......X
b From 2011.......X
c From 2012.......X
d From 2013.......
e From 2014.......

Schedule A (Form 990 or 990-EZ) (2014)

Schedule A (Form 990 or 990-EZ) 2014

Page 8

Part VI

Supplemental Information. Provide the explanations required by Part II, line 10; Part II, line 17a or 17b; Part III, line 12; Part IV, Section A, lines 1, 2, 3b, 3c, 4b, 4c, 5a, 6, 9a, 9b, 9c, 11a, 11b, and 11c; Part IV, Section B, lines 1 and 2; Part IV, Section C, line 1; Part IV, Section D, lines 2 and 3; Part IV, Section E, lines 1c, 2a, 2b, 3a and 3b; Part V, line 1; Part V, Section B, line 1e; Part V Section D, lines 5, 6, and 8; and Part V, Section E, lines 2, 5, and 6. Also complete this part for any additional information. (See instructions).

Facts And Circumstances Test

Return Reference	Explanation

Schedule A (Form 990 or 990-EZ) 2014

Additional Data

Software ID:
Software Version:

- TIN:

Schedule B
(Form 990, 990-EZ,
or 990-PF)

Department of the Treasury
Internal Revenue Service

Schedule of Contributors

Attach to Form 990, 990-EZ, or 990-PF.

Information about Schedule B (Form 990, 990-EZ, or 990-PF) and its instructions is at www.irs.gov/form990.

OMB No. 1545-0047

2014

Name of the organization

Baltimore Educational Scholarship Trust

Employer identification number

52-1072250

Organization type (check one):

Filers of:

Section:

Form 990 or 990-EZ

501(c)( ) (enter number) organization

4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization

Form 990-PF

501(c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

501(c)(3) taxable private foundation

Check if your organization is covered by the General Rule or a Special Rule.
Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.

General Rule

For an organization filing Form 990, 990-EZ, or 990-PF that received, during the year, contributions totaling $5,000 or more (in money or
property) from any one contributor. Complete Parts I and II. See instructions for determining a contributor's total contributions.

Special Rules

For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 33¹/3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990 or 990-EZ), Part II, line 13, 16a, or 16b, and that received from any one contributor, during the year, total contributions of the greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1. Complete Parts I and II.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, total contributions of more than $1,000 exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. Complete Parts I, II, and III.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, contributions exclusively for religious, charitable, etc., purposes, but no such contributions totaled more than $1,000. If this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc., purpose. Do not complete any of the parts unless the General Rule applies to this organization because it received nonexclusively religious, charitable, etc., contributions totaling $5,000 or more during the year ......... Arrow Bullet

Caution. An organization that is not covered by the General Rule and/or the Special Rules does not file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its
Form 990-EZ or on its Form 990PF, Part I, line 2, to certify that it does not meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).

For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.

Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2014)

Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

Page 2

Name of organization Baltimore Educational Scholarship Trust

Part I	Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
RESTRICTED	,	$RESTRICTED	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

Page 3

Name of organization Baltimore Educational Scholarship Trust

Part II	Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

Page 4

Name of organization
Baltimore Educational Scholarship Trust

Employer identification number

52-1072250

Part III

Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10)
that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet

$
Use duplicate copies of Part III if additional space is needed.

(a) No.
from
Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a) No.
from
Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a) No.
from
Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a) No.
from
Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE D
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Financial Statements

Complete if the organization answered "Yes," to Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b.
SchDMd Bullet

Attach to Form 990.
Information about Schedule D (Form 990) and its instructions is at www.irs.gov/form990.

OMB No. 1545-0047

2014

Open to Public Inspection

Name of the organization

Baltimore Educational Scholarship Trust

Employer identification number

52-1072250

Part I

Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" to Form 990, Part IV, line 6.

		(a) Donor advised funds	(b) Funds and other accounts
1	Total number at end of year .........
2	Aggregate value of contributions to (during year)
3	Aggregate value of grants from (during year)
4	Aggregate value at end of year ........

Did the organization inform all donors and donor advisors in writing that the assets held in donor advised
funds are the organization's property, subject to the organization's exclusive legal control? ............

Yes No

Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be
used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................................

Yes No

Part II

Conservation Easements. Complete if the organization answered "Yes" to Form 990, Part IV, line 7.

Purpose(s) of conservation easements held by the organization (check all that apply).

Preservation of land for public use (e.g., recreation or education) Preservation of an historically important land area

Protection of natural habitat Preservation of a certified historic structure

Preservation of open space

Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.


a	Total number of conservation easements .......................	2a
b	Total acreage restricted by conservation easements ..................	2b
c	Number of conservation easements on a certified historic structure included in (a) .....	2c
d	Number of conservation easements included in (c) acquired after 8/17/06, and not on a historic structure listed in the National Register ....................	2d

Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during
the tax year SchDMd Bullet

Number of states where property subject to conservation easement is located SchDMd Bullet

Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and
enforcement of the conservation easements it holds? .............................

Yes No

Staff and volunteer hours devoted to monitoring, inspecting, and enforcing conservation easements during the year
SchDMd Bullet

Amount of expenses incurred in monitoring, inspecting, and enforcing conservation easements during the year
SchDMd Bullet

Does each conservation easement reported on line 2(d) above satisfy the requirements of section 170(h)(4)(B)(i) and section 170(h)(4)(B)(ii)? .......................................

Yes No

In Part XIII, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" to Form 990, Part IV, line 8.

If the organization elected, as permitted under SFAS 116 (ASC 958), not to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide, in Part XIII, the text of the footnote to its financial statements that describes these items.

If the organization elected, as permitted under SFAS 116 (ASC 958), to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide the following amounts relating to these items:

(i)

Revenue included in Form 990, Part VIII, line 1 ........................ SchDMd Bullet

(ii)

Assets included in Form 990, Part X .............................. SchDMd Bullet

If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under SFAS 116 (ASC 958) relating to these items:

Revenue included in Form 990, Part VIII, line 1 .......................... SchDMd Bullet

Assets included in Form 990, Part X ............................... SchDMd Bullet

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 52283D

Schedule D (Form 990) 2014

Page 2

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)

Using the organization’s acquisition, accession, and other records, check any of the following that are a significant use of its collection items (check all that apply):

Public exhibition

Loan or exchange programs

Scholarly research

Other

Preservation for future generations

Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIII.

During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?........

Yes No

Part IV

Escrow and Custodial Arrangements. Complete if the organization answered "Yes" to Form 990,
Part IV, line 9, or reported an amount on Form 990, Part X, line 21.

Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................

Yes No

If "Yes," explain the arrangement in Part XIII and complete the following table:


c	Beginning balance .................................	1c
d	Additions during the year ..............................	1d
e	Distributions during the year .............................	1e
f	Ending balance ...................................	1f

Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability?

Yes No

If "Yes," explain the arrangement in Part XIII. Check here if the explanation has been provided in Part XIII .......

Part V

Endowment Funds. Complete if the organization answered "Yes" to Form 990, Part IV, line 10.

		(a)Current year	(b)Prior year	b (c)Two years back	(d)Three years back	(e)Four years back
1a	Beginning of year balance ....	9,689,524	8,671,007	8,153,932	8,929,574	7,766,840
b	Contributions ........
c	Net investment earnings, gains, and losses	183,614	1,424,701	907,024	123,853	1,562,237
d	Grants or scholarships .....
e	Other expenditures for facilities and programs ........	413,233	406,184	389,949	899,495	399,503
f	Administrative expenses ....
g	End of year balance ......	9,459,905	9,689,524	8,671,007	8,153,932	8,929,574

Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:

Board designated or quasi-endowment SchDMd Bullet

Permanent endowment SchDMd Bullet

57.770 %

Temporarily restricted endowment SchDMd Bullet

42.230 %

The percentages in lines 2a, 2b, and 2c should equal 100%.

Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes

(i) unrelated organizations ........................

3a(i)

(ii) related organizations ........................

3a(ii)

If "Yes" to 3a(ii), are the related organizations listed as required on Schedule R? .........

Describe in Part XIII the intended uses of the organization's endowment funds.

Part VI

Land, Buildings, and Equipment. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11a. See Form 990, Part X, line 10.

Description of property		(b)Cost or other basis (other)	(c) Accumulated depreciation	(d) Book value
1a	Land .................
b	Buildings ................
c	Leasehold improvements ............
d	Equipment ................	130,879	101,788	29,091
e	Other .................
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).).......				29,091

Schedule D (Form 990) 2014

Page 3

Part VII

InvestmentsOther Securities. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11b. See Form 990, Part X, line 12.

(a) Description of security or category (including name of security)	(b)Book value	(c) Method of valuation: Cost or end-of-year market value
(1)Financial derivatives
(2)Closely-held equity interests
(3)Other (A) Money market funds	716,898	F
(B) Domestic US Stocks/Funds	4,769,274	F
(C) International (non-U.S.) Stocks/Funds	1,768,774	F
(D) Fixed Income	2,862,348	F





Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)	10,117,294

Part VIII

InvestmentsProgram Related. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11c. See Form 990, Part X, line 13.

(a) Description of investment		(b) Book value	(c) Method of valuation: Cost or end-of-year market value









Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)

Part IX

Other Assets. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11d. See Form 990, Part X, line 15.

(a) Description				(b) Book value









Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........

Part X

Other Liabilities. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11e or 11f. See Form 990, Part X, line 25.

1.(a) Description of liability		(b) Book value
Federal income taxes
Distributions payable to schools		300,000
Capital Lease		3,224







Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)		303,224
2. Liability for uncertain tax positions. In Part XIII, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part XIII

Schedule D (Form 990) 2014

Page 4

Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return Complete if the organization answered 'Yes' to Form 990, Part IV, line 12a.
1	Total revenue, gains, and other support per audited financial statements .......			1	1,311,219
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains (losses) on investments ....	2a	-150,419
b	Donated services and use of facilities .........	2b
c	Recoveries of prior year grants ...........	2c
d	Other (Describe in Part XIII.) ............	2d
e	Add lines 2a through 2d .....................			2e	-150,419
3	Subtract line 2e from line 1.....................			3	1,461,638
4	Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b .	4a
b	Other (Describe in Part XIII.) ...........	4b
c	Add lines 4a and 4b.......................			4c	0
5	Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ......			5	1,461,638

Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' to Form 990, Part IV, line 12a.
1	Total expenses and losses per audited financial statements ...........		1	1,441,330
2	Amounts included on line 1 but not on Form 990, Part IX, line 25:
a	Donated services and use of facilities ..........	2a
b	Prior year adjustments ..............	2b
c	Other losses ................	2c
d	Other (Describe in Part XIII.) ............	2d
e	Add lines 2a through 2d......................		2e	0
3	Subtract line 2e from line 1.....................		3	1,441,330
4	Amounts included on Form 990, Part IX, line 25, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b ..	4a
b	Other (Describe in Part XIII.) ............	4b
c	Add lines 4a and 4b.......................		4c	0
5	Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ......		5	1,441,330

Part XIII

Supplemental Information

Provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b;
Part V, line 4; Part X, line 2; Part XI, lines 2d and 4b; and Part XII, lines 2d and 4b. Also complete this part to provide any additional information.

Return Reference	Explanation
Part X, Line 2:	Under the provisions of the Internal Revenue Code, BEST is exempt from federal and state income taxes as a charitable organization under Internal Revenue Code 501(c)(3). BEST files information returns in the U.S. federal jurisdiction and is no longer subject to tax examinations by tax authorities for years before 2012. There are no interest and penalties related to income taxes recognized in the financial statements as of June 30, 2015 and 2014. BEST has not taken any tax positions that would significantly increase or decrease any unrecognized tax benefit within twelve months of the reporting date.

Return Reference

Explanation

Part X, Line 2:

Under the provisions of the Internal Revenue Code, BEST is exempt from federal and state income taxes as a charitable organization under Internal Revenue Code 501(c)(3). BEST files information returns in the U.S. federal jurisdiction and is no longer subject to tax examinations by tax authorities for years before 2012. There are no interest and penalties related to income taxes recognized in the financial statements as of June 30, 2015 and 2014. BEST has not taken any tax positions that would significantly increase or decrease any unrecognized tax benefit within twelve months of the reporting date.

Schedule D (Form 990) 2014

Additional Data

Software ID:
Software Version:

- TIN:

Schedule I
(Form 990)

Department of the Treasury
Internal Revenue Service

Grants and Other Assistance to Organizations,
Governments and Individuals in the United States

Complete if the organization answered "Yes," to Form 990, Part IV, line 21 or 22.
lBullet

Attach to Form 990.
lBullet

Information about Schedule I (Form 990) and its instructions is at www.irs.gov/form990.

OMB No. 1545-0047

2014

Open to Public
Inspection

Name of the organization
Baltimore Educational Scholarship Trust

Employer identification number
52-1072250

Part I

General Information on Grants and Assistance

Does the organization maintain records to substantiate the amount of the grants or assistance, the grantees' eligibility for the grants or assistance, and
the selection criteria used to award the grants or assistance? ....................................

Yes No

Describe in Part IV the organization's procedures for monitoring the use of grant funds in the United States.

Part II

Grants and Other Assistance to Domestic Organizations and Domestic Governments. Complete if the organization answered "Yes" to
Form 990, Part IV, line 21, for any recipient that received more than $5,000. Part II can be duplicated if additional space is needed.

(a) Name and address of organization or government	(b) EIN	(c) IRC section if applicable	(d) Amount of cash grant	(h) Purpose of grant or assistance
(1) The Boys' Latin School of Maryland 822 W Lake Avenue Baltimore,MD21210	52-0735085	501(c)(3)	31,551	Annual Fund Gift, SHDF gift, and 2 Emergency Fund grants.
(2) Calvert School Inc 105 Tuscany Road Baltimore,MD21210	52-0591510	501(c)(3)	29,219	Annual Fund Gift, SHDF gift, and 3 Emergency Fund grants.
(3) Friends School of Baltimore Inc 5114 North Charles Street Baltimore,MD21210	52-0591602	501(c)(3)	32,670	Annual Fund Gift, SHDF gift, and 2 Emergency Fund grants.
(4) Garrison Forest School Inc 300 Garrison Forest Road Owings Mills,MD21117	52-0591516	501(c)(3)	35,105	Annual Fund Gift, SHDF gift, and 3 Emergency Fund grants.
(5) Gilman School Inc 5407 Roland Avenue Baltimore,MD21210	52-0591604	501(c)(3)	48,256	Annual Fund Gift, SHDF gift, and Tuition for the School's Chick Lord Scholar.
(6) The Jemicy School Inc 11 Celadon Road Owings Mills,MD21117	52-0976194	501(c)(3)	23,778	Annual Fund Gift, SHDF gift, and 1 Emergency Fund grant.
(7) Key School Inc 543 Hillsmere Drive Annapolis,MD21403	52-0701774	501(c)(3)	17,155	Annual Fund Gift and SHDF gift.
(8) Maryvale Preparatory School 11300 Falls Road Lutherville,MD21093	52-1160935	501(c)(3)	24,445	Annual Fund Gift, SHDF gift, and 2 Emergency Fund grants.
(9) McDonogh School PO Box 380 Owings Mills,MD211170380	52-6001577	501(c)(3)	27,845	Annual Fund Gift and SHDF gift.
(10) Oldfields School Inc 1500 Glencoe Road Glencoe,MD21152	52-0591645	501(c)(3)	14,965	Annual Fund gift, SHDF gift, and Stanley I Panitz award.
(11) Roland Park Country School Inc 5204 Roland Avenue Baltimore,MD21210	52-0591631	501(c)(3)	58,100	Annual Fund Gift, SHDF gift, 2 Emergency Fund grants, and Tuition for the School's Endowed Scholar.
(12) Severn School Inc 201 Water Street Severna Park,MD211464599	52-0591466	501(c)(3)	16,618	Annual Fund Gift and SHDF gift.
(13) St Paul's School 11152 Falls Road Brooklandville,MD21022	52-0591463	501(c)(3)	37,941	Annual Fund Gift, SHDF gift, 2 Emergency Fund grants, and Stanley I. Panitz Award.
(14) St Paul's School for Girls Inc 11232 Falls Road Brooklandville,MD21022	52-0709497	501(c)(3)	35,416	Annual Fund Gift, SHDF gift, 1 Emergency Fund grant, and 1 Gap Funding grant.
(15) Corporation of St Timothy's School 8400 Greenspring Ave Stevenson,MD21153	52-0591488	501(c)(3)	19,598	Annual Fund Gift, SHDF gift, and 1 Gap Funding grant.
(16) Bryn Mawr School 109 W Melrose Ave Baltimore,MD21210	52-0258140	501(c)(3)	38,219	Annual Fund Gift, SHDF gift, and 3 Emergency Fund grants.
(17) The Park School of Baltimore PO Box 8200 Brooklandville,MD21022	52-0591625	501(c)(3)	23,026	Annual Fund Gift, and SHDF gift.
(18) The Waldorf School of Baltimore Inc 4801 Tamarind Road Baltimore,MD21209	23-7305478	501(c)(3)	14,684	Annual Fund gift and SHDF gift.

Enter total number of section 501(c)(3) and government organizations listed in the line 1 table ................ Bullet Image

Enter total number of other organizations listed in the line 1 table ........................ . Bullet Image

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50055P

Schedule I (Form 990) 2014

Page 2

Part III

Grants and Other Assistance to Domestic Individuals. Complete if the organization answered "Yes" to Form 990, Part IV, line 22.
Part III can be duplicated if additional space is needed.

(a)Type of grant or assistance	(b)Number of recipients	(c)Amount of cash grant	(d)Amount of non-cash assistance	(e)Method of valuation (book, FMV, appraisal, other)	(f)Description of non-cash assistance

Part IV

Supplemental Information. Provide the information required in Part I, line 2, Part III, column (b), and any other additional information.

Return Reference	Explanation
Part I, Line 2:	When B.E.S.T. provides grants for Endowed Scholars, Gap Funding, Emergency Funding, Annual Fund gifts, the Stanley I Panitz Award, and the School Head Discretionary Fund, they send a check and a letter to each of the schools, stating the intended use of the money being sent to the schools. Annual Fund gifts are provided to our member schools to be used for financial aid for students. The Annual Fund gift letters state the amount of the grant awarded to each school and that it is directed toward the school's financial aid budget. Endowed Scholar gifts are provided to the specific member schools with an Endowed Scholar. B.E.S.T. pays 75% of the current tuition for the Endowed Scholar. There were 2 Endowed Scholars for fiscal year 2015. One Endowed Scholar was at Roland Park Country School. The other Endowed Scholar at Gilman School, Inc., is called the Chick Lord Scholar. B.E.S.T. includes the student's name in the grant letter. Emergency Funds are provided to our member schools. These funds are for B.E.S.T. students currently enrolled who experience financial difficulties with regards to meeting their tuition obligation. The requests for Emergency Funding come from the students' school. Emergency Fund grant letters state the amount of tuition assistance and the student's name. The fund provides tuition support and allows students to remain enrolled at their school. Gap Funds are a one-time grant to member schools. These grants help a new B.E.S.T. applicant enrolled at their new member school. B.E.S.T. pays a portion of the tuition to support the student during their initial enrollment year, and the school makes a commitment to cover the difference moving forward. Gap Funding grant letters state the amount and the student's name. The purpose of the School Head's Discretionary Fund (SHDF) at the Baltimore Educational Scholarship Trust is to provide school Heads auxiliary funding to support B.E.S.T. students on their campuses. The support can include necessary services as well as experiential learning opportunities at the discretion of the School Head. The funds may not be used to supplement tuition. Each year the school must submit a detailed report to B.E.S.T. on how the funds were used. The Stanley I. Panitz Leadership Award is presented annually to 2 students selected from the entire pool of B.E.S.T. juniors attending our member schools. Students are nominated to receive the Stanley I. Panitz Leadership Award by their Head of School during the second semester of their junior year. The recipients of the award are one B.E.S.T. young woman and one B.E.S.T. young man, in recognition of their academic achievement and demonstrated leadership in both their school and the broader Baltimore community. The award is a $1,000 directed gift from the Stanley I. Panitz Leadership Fund of B.E.S.T. to each recipent's independent school to be applied to the family contribution of their student's senior year tuition. Copies of the checks and the grant letters sent to the schools are maintained in files in B.E.S.T.'s finance department.

Return Reference

Explanation

Part I, Line 2:

When B.E.S.T. provides grants for Endowed Scholars, Gap Funding, Emergency Funding, Annual Fund gifts, the Stanley I Panitz Award, and the School Head Discretionary Fund, they send a check and a letter to each of the schools, stating the intended use of the money being sent to the schools. Annual Fund gifts are provided to our member schools to be used for financial aid for students. The Annual Fund gift letters state the amount of the grant awarded to each school and that it is directed toward the school's financial aid budget. Endowed Scholar gifts are provided to the specific member schools with an Endowed Scholar. B.E.S.T. pays 75% of the current tuition for the Endowed Scholar. There were 2 Endowed Scholars for fiscal year 2015. One Endowed Scholar was at Roland Park Country School. The other Endowed Scholar at Gilman School, Inc., is called the Chick Lord Scholar. B.E.S.T. includes the student's name in the grant letter. Emergency Funds are provided to our member schools. These funds are for B.E.S.T. students currently enrolled who experience financial difficulties with regards to meeting their tuition obligation. The requests for Emergency Funding come from the students' school. Emergency Fund grant letters state the amount of tuition assistance and the student's name. The fund provides tuition support and allows students to remain enrolled at their school. Gap Funds are a one-time grant to member schools. These grants help a new B.E.S.T. applicant enrolled at their new member school. B.E.S.T. pays a portion of the tuition to support the student during their initial enrollment year, and the school makes a commitment to cover the difference moving forward. Gap Funding grant letters state the amount and the student's name. The purpose of the School Head's Discretionary Fund (SHDF) at the Baltimore Educational Scholarship Trust is to provide school Heads auxiliary funding to support B.E.S.T. students on their campuses. The support can include necessary services as well as experiential learning opportunities at the discretion of the School Head. The funds may not be used to supplement tuition. Each year the school must submit a detailed report to B.E.S.T. on how the funds were used. The Stanley I. Panitz Leadership Award is presented annually to 2 students selected from the entire pool of B.E.S.T. juniors attending our member schools. Students are nominated to receive the Stanley I. Panitz Leadership Award by their Head of School during the second semester of their junior year. The recipients of the award are one B.E.S.T. young woman and one B.E.S.T. young man, in recognition of their academic achievement and demonstrated leadership in both their school and the broader Baltimore community. The award is a $1,000 directed gift from the Stanley I. Panitz Leadership Fund of B.E.S.T. to each recipent's independent school to be applied to the family contribution of their student's senior year tuition. Copies of the checks and the grant letters sent to the schools are maintained in files in B.E.S.T.'s finance department.

Schedule I (Form 990) 2014

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
MediumBullet

Attach to Form 990 or 990-EZ.
MediumBullet

Information about Schedule O (Form 990 or 990-EZ) and its instructions is at
www.irs.gov/form990.

OMB No. 1545-0047

2014

Open to Public
Inspection

Name of the organization

Baltimore Educational Scholarship Trust

Employer identification number

52-1072250

Return Reference	Explanation
Form 990, Part VI, Section A, line 2	Charles Knudsen, a trustee, is the husband of Ellen Knudsen, a part time staff member at B.E.S.T.
Form 990, Part VI, Section B, line 11	A copy of the Form 990 is distributed to the Finance and Audit Committee of the Board so they may review, edit and approve the document. Once the draft is reviewed, edited and approved, the Form 990 is considered complete and the Executive Director signs the final version.
Form 990, Part VI, Section B, line 12c	All trustees and key employees are required each year to sign the conflict of interest policy. The signed trustee forms are stored at B.E.S.T. in the Trustee's individual files in the executive office. The signed conflict of interest forms for the key employees are stored in the personnel files of the individuals. If a conflict exists, the Executive Director would review with the Board President.
Form 990, Part VI, Section B, line 15	Research of salaries for similar positions and similar organizations is reviewed and compared. The Board President and Executive Committee reviewed the salary of the Executive Director. The Executive Director reviewed the salary for the Admissions Officer I, the Admissions Officer II, the Manager of Finance and Operations, the Director of Advancement, the Development Associate and the Associate of External Relations.
Form 990, Part VI, Section C, line 19	The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.
Form 990, Part VII	Alex W. Kirby - 25 S. Charles Street 19th Floor, Baltimore, MD 21231. Andrew Holmgren - 105 Tuscany Road, Baltimore, MD 21210. Anne Staley - 22 Buchanan Road, Baltimore, MD 21212. Ben Shifrin - 11202 Garrison Forest Road, Owings Mills, MD 21117. Brian C. Doak - 307 International Circle, 4th Floor, Hunt Valley, MD 21031. Charles E. Knudsen, III - 100 E. Pratt Street, Baltimore, MD 21202. Charles W. Britton - 8600 McDonogh Road, Owings Mills, MD 21117. Cheo D. Hurley - 3707 Edgewood Road, Baltimore, MD 21215. Dr. Cheryl Holcomb-McCoy - 2800 N. Charles Street Room 314, Baltimore, MD 21218. Christopher A. Berrier - 240 Hopkins Lane, Owings Mills, MD 21117. Christopher J. Post - 822 West Lake Avenue, Baltimore, MD 21210. Daniel Paradis - P.O. Box 8200, Brooklandville, MD 21022. David C. Faus - 11152 Falls Road P.O. Box 8100, Brooklandville, MD 21022. David Hunter - 901 S. Bond Street Suite 400, Baltimore, MD 21231. Diane Hutchins - 3510 Cohasset Avenue, Annapolis, MD 21403. Domonique Foxworth - 3513 Anton Farms Road, Pikesville, MD 21208. Douglas Lagarde - 201 Water Street, Severna Park, MD 21146. F. Barton Harvey, III - 10227 Wincopin Circle, Columbia, MD 21044. Grant L. Jacks, III - 529 Overbrook Road, Baltimore, MD 21212. Henry P.A. Smyth - 5407 Roland Avenue, Baltimore, MD 21210. Jason S. Bennett - 100 International Drive, Baltimore, MD 21202. Jean W. Brune - 5204 Roland Avenue, Baltimore, MD 21210. John E. Schmick - 6432 Cloister Gate Drive, Baltimore, MD 21212. John H. Timken - 13827 Lakeside Drive, Clarksville, MD 20129. The Honorable Julie R. Rubin - 2327 Boston Street No.14, Baltimore, MD 21224. Kimberly H. Cashman - 1406 Walnut Hill Lane, Towson, MD 21204. Dr. Kimberley J. Roberts - 300 Garrison Forest Road, Owings Mills, MD 21117. Lawrence R. Snyder - 3119 Royston Avenue, Baltimore, MD 21214. Lee S. Owen - P.O. Box 191, Gibson Island, MD 21056. Marcella Yedid - 534 Hillsmere Drive, Annapolis, MD 21403. Martha H. Sweeney - 3257 Bridle Ridge Lane, Stevenson, MD 21153. Matthew W. Micciche - 5114 N. Charles Street, Baltimore, MD 21210. Maureen E. Walsh - 109 West Melrose Avenue, Baltimore, MD 21210. Michael C. Ford - 20 Buchanan Road, Baltimore, MD 21212. Michael J. Weinfeld - P.O. Box 251, Brooklandville, MD 21022. Molly M. Hathaway - 6525 Montrose Avenue, Baltimore, MD 21212. Dr. Parnell P. Hagerman - 1500 Glencoe Road P.O. Box 697, Glencoe, MD 21152. Pat Whitehead - 4801 Tamarind Road, Baltimore, MD 21209. Penny B. Evins - 11232 Falls Road, Brooklandville, MD 21022. Randy S. Stevens - 8400 Greenspring Avenue, Stevenson, MD 21153. Redmond C.S. Finney - 15601 Dover Road, Upperco, MD 21155. Stuart O. Simms - 120 E. Baltimore Street Suite 1700, Baltimore, MD 21202. Teri Alexander - 216 Ridgewood Road, Baltimore, MD 21210. Theo C. Rodgers - 1040 Park Avenue Suite 300, Baltimore, MD 21201. Thomas P. Perkins, III - 840 East 40th Street, Baltimore, MD 21211. Tiffani S. Collins - 5876 Pimlico Road, Baltimore, MD 21209. Tracey H. Ford - 11300 Falls Road, Lutherville, MD 21093. Vernon A. Reid, Jr. - 100 E. Pratt Street 7th Floor, Baltimore, MD 21202. W. Boulton (Bo) Dixon - 509 Whithorn Court, Lutherville, MD 21093.
Form 990, Part XII, Line 2c:	The process has not changed from prior year.

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990 or 990-EZ) 2014

Additional Data

Software ID:
Software Version:

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	713,162	739,089
9	Program service revenue (Part VIII, line 2g) .........	376,414	385,793
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	281,266	336,756
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	0	0
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)...................	1,370,842	1,461,638
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	583,483	533,819
14	Benefits paid to or for members (Part IX, column (A), line 4).....	0	0
15	Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10)	545,600	644,042
16a	Professional fundraising fees (Part IX, column (A), line 11e).....	0	0
b	Total fundraising expenses (Part IX, column (D), line 25) 179,563
17	Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e)....	278,753	263,469
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	1,407,836	1,441,330
19	Revenue less expenses. Subtract line 18 from line 12.......	-36,994	20,308
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	10,483,861	10,361,470
21	Total liabilities (Part X, line 26).............	305,596	313,316
22	Net assets or fund balances. Subtract line 21 from line 20.....	10,178,265	10,048,154

Sign Here

	Signature of officer	Date

	Type or print name and title


4a	(Code: ) (Expenses $ 1,107,967 including grants of $ 533,819 ) (Revenue $ 385,793 )
	The three greatest accomplishments of the Baltimore Educational Scholarship Trust include our admissions support, our student / parent programs and our facilitation of private and public school partnerships. In admissions, we provide individualized admissions and financial aid counseling to applicants and their parents. Our student and parent programs include academic enrichment, leadership development, parent networking and college-bound support. In addition, B.E.S.T. builds partnerships and facilitates collaborations between private and public educational leaders throughout Baltimore. The totality of our programmatic work supports applicant students and parents, enrolled students and parents and the educational community in Baltimore.

4b	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4c	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4d	Other program services (Describe in Schedule O.)
	(Expenses $ including grants of $ ) (Revenue $ )
4e	Total program service expenses1,107,967

1b	Sub-Total................
c	Total from continuation sheets to Part VII, Section A....
d	Total (add lines 1b and 1c)............	213,582	0	19,814

(A) Name and business address	(B) Description of services	(C) Compensation





2 Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization 0

1	Briefly describe the organization’s mission or most significant activities: The Baltimore Educational Scholarship Trust, in partnership with our nineteen independent member schools, recruits and supports through the admissions process academically ambitious, African American students with financial need from the Baltimore area. Once students are enrolled, B.E.S.T. positions them for success through academic preparation, character and leadership development and support programs.
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a) ........	3	44
4	Number of independent voting members of the governing body (Part VI, line 1b) .....	4	44
5	Total number of individuals employed in calendar year 2014 (Part V, line 2a) ......	5	18
6	Total number of volunteers (estimate if necessary) .............	6	44
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ........	7a	0
b	Net unrelated business taxable income from Form 990-T, line 34 .........	7b	0

				(A) Total revenue	(B) Related or exempt function revenue	(C) Unrelated business revenue	(D) Revenue excluded from tax under sections 512-514
1a	Federated campaigns..1a
b	Membership dues....1b
c	Fundraising events....1c
d	Related organizations...1d
e	Government grants (contributions)1e

f	All other contributions, gifts, grants, and similar amounts not included above1f		739,089

g	Noncash contributions included in lines 1a-1f:$
h	Total. Add lines 1a-1f.......			739,089
			Business Code
2a	School membership fees		900099	375,000	375,000
b	Application fees and other		900099	10,793	10,793
c
d
e
f	All other program service revenue .
g	Total. Add lines 2a–2f........			385,793
3	Investment income (including dividends, interest, and other similar amounts).......			164,662			164,662
4	Income from investment of tax-exempt bond proceeds..
5	Royalties...........
		(i) Real	(ii) Personal
6a	Gross rents
b	Less: rental expenses
c	Rental income or (loss)
d	Net rental income or (loss).......
		(i) Securities	(ii) Other
7a	Gross amount from sales of assets other than inventory	1,533,114
b	Less: cost or other basis and sales expenses	1,361,020
c	Gain or (loss)	172,094
d	Net gain or (loss)..........			172,094			172,094
8a	Gross income from fundraising events (not including $ of contributions reported on line 1c). See Part IV, line 18 ..
	a
b	Less: direct expenses ...b
c	Net income or (loss) from fundraising events..
9a	Gross income from gaming activities. See Part IV, line 19 ...
	a
b	Less: direct expenses ...b
c	Net income or (loss) from gaming activities...
10a	Gross sales of inventory, less returns and allowances .
	a
b	Less: cost of goods sold ..b
c	Net income or (loss) from sales of inventory..
Miscellaneous Revenue			Business Code
11a
b
c
d	All other revenue ....
e	Total. Add lines 11a–11d ......
12	Total revenue. See Instructions......			1,461,638	385,793	0	336,756


				(A) Beginning of year		(B) End of year
1	Cash–non-interest-bearing .............			138,733	1	176,258
2	Savings and temporary cash investments .........				2
3	Pledges and grants receivable, net ...........			35,222	3	26,397
4	Accounts receivable, net .............				4
5	Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of Schedule L ..................
					5
6	Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations (see instructions) Complete Part II of Schedule L
					6
7	Notes and loans receivable, net .............				7
8	Inventories for sale or use ..............				8
9	Prepaid expenses and deferred charges ..........			9,309	9	12,430
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	130,879
b	Less: accumulated depreciation .....	10b	101,788	29,280	10c	29,091
11	Investments—publicly traded securities ..........				11
12	Investments—other securities. See Part IV, line 11 .....			10,271,317	12	10,117,294
13	Investments—program-related. See Part IV, line 11 .....				13
14	Intangible assets ...............				14
15	Other assets. See Part IV, line 11 ...........				15
16	Total assets. Add lines 1 through 15 (must equal line 34)......			10,483,861	16	10,361,470
17	Accounts payable and accrued expenses .........			6,425	17	10,092
18	Grants payable .................				18
19	Deferred revenue ................				19
20	Tax-exempt bond liabilities .............				20
21	Escrow or custodial account liability. Complete Part IV of Schedule D..				21
22	Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified
	persons. Complete Part II of Schedule L..........				22
23	Secured mortgages and notes payable to unrelated third parties ..				23
24	Unsecured notes and loans payable to unrelated third parties ....				24
25	Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17-24). Complete Part X of Schedule D....................			299,171	25	303,224
26	Total liabilities. Add lines 17 through 25.........			305,596	26	313,316
	Organizations that follow SFAS 117 (ASC 958), check here and complete lines 27 through 29, and lines 33 and 34.
27	Unrestricted net assets ..............			135,400	27	193,220
28	Temporarily restricted net assets ...........			4,578,318	28	4,390,387
29	Permanently restricted net assets ...........			5,464,547	29	5,464,547
	Organizations that do not follow SFAS 117 (ASC 958), check here and complete lines 30 through 34.
30	Capital stock or trust principal, or current funds ........				30
31	Paid-in or capital surplus, or land, building or equipment fund .....				31
32	Retained earnings, endowment, accumulated income, or other funds				32
33	Total net assets or fund balances ...........			10,178,265	33	10,048,154
34	Total liabilities and net assets/fund balances ........			10,483,861	34	10,361,470