Program of Academic Exchange Inc

“A copy of this return will be reviewed by management.”

“Board of directors and management must disclose activities that may present a conflict of interest on an annual basis.”

“Compensation for the president and top level management is determined by comparative study by region and industry and is reviewed and approved by the compensation committee of the board. Compensation of other management of key employees are determined by regional comparative analysis and by industry and is reviewed by senior management.”

“Documents are available upon request and may be viewed throught the irs website or quidestar.org”

“On april 1, 2015 pax acquired the laurasian institution, a 501(c)(3) organization. They participate in the same j-1 visa program along with pax in addition to participating in various short term exchange programs primarily in japan.”

“Superv. Site & comm.: program service expenses 464,275. Management and general expenses 0. Fundraising expenses 0. Total expenses 464,275. Program fees: program service expenses 353,517. Management and general expenses 0. Fundraising expenses 0. Total expenses 353,517. Equipment rental & maintenance: program service expenses 80,857. Management and general expenses 11,605. Fundraising expenses 0. Total expenses 92,462. Telephone: program service expenses 63,506. Management and general expenses 12,548. Fundraising expenses 0. Total expenses 76,054. Host family incidental expenses: program service expenses 68,369. Management and general expenses 0. Fundraising expenses 0. Total expenses 68,369. Postage and delivery: program service expenses 59,590. Management and general expenses 4,478. Fundraising expenses 0. Total expenses 64,068. Compliance: program service expenses 25,043. Management and general expenses 0. Fundraising expenses 0. Total expenses 25,043. Repairs and maint.: program service expenses 0. Management and general expenses 6,712. Fundraising expenses 0. Total expenses 6,712. Printing & publications: program service expenses 672. Management and general expenses 1,400. Fundraising expenses 0. Total expenses 2,072.”

“Foreign currency translation loss -4,863. Excess of liabilities assumed over assets acquired -504,591.”

“The process has not changed from the prior year.”

“Effective april 1, 2015, pax acquired the laurasian institution ("laurasian") (another not-for-profit organization founded in 1990 with a similar purpose) in an effort to broaden its program and participant base from around the world. The organization differs from pax by providing a range of programs, which include: inbound and outbound; j-1 and f-1; individual and group; short-term and long-term; elementary through university level student, teacher and adult exchange experiences. The resulting entity operates under the names pax laurasian exchange, pax and laurasian.”