2025-03-26T15:26:54-05:00 2024-06-30 221478099 COHNREZNICK LLP 7501 WISCONSIN AVENUE SUITE 400E BETHESDA MD 20814 990 2023-07-01 520635080 BULLIS SCHOOL BULL 3012998500 10601 FALLS ROAD POTOMAC MD 20854 RACHEL VENEZIAN CFO 3012998500 2025-03-26 1 1 LAURA KIELCZEWSKI P00740769 3016529100 2025-03-26 2023 2025-03-06 01:10:19Z CHRISTIAN SULLIVAN 10601 FALLS ROAD POTOMAC MD 20854 70632283 0 X WWW.BULLIS.ORG X 1936 MD BULLIS SCHOOL PROVIDES A STUDENT-CENTERED BALANCED EXPERIENCE IN ACADEMICS, ARTS, ATHLETICS AND COMMUNITY SERVICE. BULLIS UNIQUELY PREPARES ALL STUDENTS TO BECOME CARING CITIZENS AND CREATIVE, CRITICAL THINKERS WHO WILL THRIVE IN TOMORROW'S WORLD. THE SCHOOL'S VISION IS TO BE THE INDEPENDENT SCHOOL OF CHOICE FOR FAMILIES WHO SEEK AN EXTRAORDINARY EDUCATIONAL EXPERIENCE WHICH DEVELOPS GLOBAL LEADERS WHO ENTHUSIASTICALLY EMBRACE CHALLENGE, EXHIBIT STRONG CHARACTER AND CULTIVATE COMMUNITY. BULLIS SCHOOL'S CORE ACADEMIC VALUES FOSTER CRITICAL THINKING, COLLABORATION, COMMUNICATION, RESOURCEFULNESS AND CREATIVITY IN OUR STUDENTS, AND WE UPHOLD CORE INSTITUTIONAL VALUES THAT MODEL AND PRACTICE INTEGRITY, RESPECT, DIVERSITY, SERVICE AND RESPONSIBILITY WITHIN THE SCHOOL COMMUNITY AND IN ANY OUTREACH. 21 21 455 100 0 0 3424507 12607626 49957781 55626936 649917 932197 376069 535183 54408274 69701942 8402462 9415598 0 0 25064690 27248703 0 0 1941430 15015449 16842215 48482601 53506516 5925673 16195426 127958968 146345354 68637910 69338001 59321058 77007353 BULLIS SCHOOL PROVIDES A STUDENT-CENTERED BALANCED EXPERIENCE IN ACADEMICS, ARTS, ATHLETICS AND COMMUNITY SERVICE. BULLIS UNIQUELY PREPARES ALL STUDENTS TO BECOME CARING CITIZENS AND CREATIVE, CRITICAL THINKERS WHO WILL THRIVE IN TOMORROW'S WORLD. 0 0 45035673 9415598 55761409 THE SCHOOL PROVIDES CO-EDUCATIONAL ELEMENTARY AND SECONDARY SCHOOL EDUCATION TO STUDENTS IN GRADES K THROUGH 12, PROMOTES DIVERSITY, AND OFFERS AN INDEPENDENT SCHOOL EDUCATION TO ELIGIBLE STUDENTS REGARDLESS OF FINANCIAL ABILITY. 45035673 1 1 0 0 0 0 0 0 1 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 94 0 1 455 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 21 21 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MD X DEMORNAI BLACKWELL 3016343623 10601 FALLS ROAD POTOMAC MD 20854 BRETT BERNSTEIN TRUSTEE 2.00 X 0 0 0 CYNDI BULLIS VASCO TRUSTEE 2.00 X 0 0 0 DAVID A PEPPER TREASURER 10.00 X X 0 0 0 DREW MANNES TRUSTEE 2.00 X 0 0 0 EMINE SANDI TRUSTEE 2.00 X 0 0 0 HELEN STEFAN MOREAU TRUSTEE 2.00 X 0 0 0 HILLARY BALTIMORE SECRETARY 10.00 X X 0 0 0 JONATHAN HALLE TRUSTEE 2.00 X 0 0 0 LISA ROBINSON TRUSTEE 2.00 X 0 0 0 LIVIA CHRISTENSEN TRUSTEE 2.00 X 0 0 0 MICHAEL DESANTIS TRUSTEE 2.00 X 0 0 0 MICKEL BLAIR TRUSTEE 2.00 X 0 0 0 MURIEL SUGGS TRUSTEE 2.00 X 0 0 0 PATRICK CAULFIELD CHAIR 10.00 X X 0 0 0 PAUL MAVRIKES EX OFFICIO 2.00 X 0 0 0 PAULA WIDERLITE TRUSTEE 2.00 X 0 0 0 PINKIE MAYFIELD VICE CHAIR 10.00 X X 0 0 0 ROBERT MILLER TRUSTEE 2.00 X 0 0 0 SAMIER MANSUR TRUSTEE 2.00 X 0 0 0 SARAH NESBITT EX OFFICIO 2.00 X 0 0 0 SUSAN RICHMAN TRUSTEE 2.00 X 0 0 0 CHRISTIAN SULLIVAN HEAD OF SCHOOL 40.00 X 813762 0 110015 RACHEL VENEZIAN CHIEF FINANCIAL OFFICER 40.00 X 275196 0 30354 TIMOTHY D SIMPSON ASSOCIATE HEAD OF SCHOOL 40.00 X 210876 0 132197 BRUCE F KELLEY US MATH TEACHER/BASKETBALL 40.00 X 146501 0 48291 JAMES DICKIE EXECUTIVE DIRECTOR OF TECH 40.00 X 155820 0 14482 JUSTIN LEITH DIRECTOR OF ATHLETICS 40.00 X 146242 0 89645 MARILYN MORENO HEAD OF MIDDLE SCHOOL 40.00 X 182171 0 13614 ROBERT POLLICINO HEAD OF UPPER SCHOOL 40.00 X 206515 0 168048 2137083 0 606646 54 0 1 0 COAKLEY & WILLIAMS CONSTRUCTION INC 7475 WISCONSIN AVE SUITE 900 BETHESDA MD 20814 CONSTRUCTION SERVICES 6316815 VECTOR BULWARKS LLC 6337 YEAGERTOWN RD NEW MARKET MD 21774 CONSTRUCTION SERVICES 2540389 MERIWETHER-GODSEY INC 4944 OLD BOONSBORO RD LYNCHBURG VA 24503 CATERING, DINING SERVICES 1981256 HORD COPLAN MACHT INC 1925 BALLENGER AVE SUITE 525 ALEXANDRIA VA 22314 ARCHITECTURE & PLANNING SERVICES 664844 ALLCARE FACILITY SYSTEM 1732 MACO DRIVE HANOVER MD 21076 CLEANING SERVICES 482262 23 20273 12587353 514335 12607626 TUITION/FEES 611110 52740582 52740582 SUMMER PROGRAMS 611110 1671574 1671574 STUDENT ACTIVITIES 611110 790905 790905 TRANSPORTATION 611710 316117 316117 AUXILIARY 611710 107758 107758 55626936 978038 978038 377681 205683 171998 171998 171998 282045 327886 -45841 -45841 -45841 321000 20273 200904 120096 120096 304484 195868 108616 108616 134473 134473 134473 69701942 55761409 0 1332907 9415598 9415598 1623779 1309232 272745 41802 20604660 16571602 3503598 529460 1248225 1024369 191304 32552 2178054 1787443 333812 56799 1593985 1308121 244296 41568 78687 78687 65855 65855 56915 56915 2156899 1792228 261126 103545 137842 4148 133069 625 2992464 2723826 254978 13660 504340 477339 25810 1191 653659 618242 33854 1563 46519 18038 14102 14379 201807 165731 30536 5540 945963 673527 260140 12296 2813120 2660696 145699 6725 605109 454922 143408 6779 STUDENT PROGRAMS 1903307 1903307 BAD DEBT 810802 139670 671132 FOOD 659235 607713 44984 6538 EVENTS 265192 9138 19968 236086 1944500 1370783 414527 159190 53506516 45035673 6529413 1941430 10025819 7316183 33046065 34064684 1233354 8608605 4077 162444 300000 99517 30567 640720 500019 113930581 45906684 58185620 68023897 23466804 26071515 953796 957283 303196 310157 127958968 146345354 2435217 1883212 17674336 19467313 47992355 47470295 162634 202562 0 373368 314619 68637910 69338001 X 53866116 62901758 5454942 14105595 59321058 77007353 127958968 146345354 16195426 1490869 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 11433379 1147206 1554467 249838 13885214 9966287 364471 1224334 121713 11433379 11478880 200139 -1624482 88250 9966287 8627085 130179 2780017 58401 11478880 8900707 14321 -256835 31108 8627085 0.65849 0.25121 0.09030 0 0 8210567 8210567 82036358 36162942 45873416 11141291 7311836 3829455 12542365 2431906 10110459 68023897 CAPITAL LEASES 1956 FINANCE LEASE LIABILITY 312663 314619 X 62121849 1490869 -9415598 -7924729 70046578 56915 -401551 -344636 69701942 44435554 401551 401551 44034003 56915 9415598 9472513 53506516 PART IV, LINE 2B: THE SCHOOL HOLDS FUNDS ON BEHALF OF THE SCHOOL'S ASSOCIATIONS AND CLUBS. PART V, LINE 4: THE SCHOOL'S ENDOWMENT CONSISTS OF 30 INDIVIDUAL DONOR-RESTRICTED ENDOWMENT FUNDS ESTABLISHED FOR SCHOLARSHIPS AND RELATED ACADEMIC ACTIVITIES AND HELD IN PERPETUITY. THE BOARD OF TRUSTEES OF THE SCHOOL HAS INTERPRETED THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT ("UPMIFA") AND CLASSIFIES ITS INVESTMENT RETURN ON DONOR-RESTRICTED ENDOWMENT ASSETS AS TEMPORARILY RESTRICTED. PART X, LINE 2: THE SCHOOL IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("IRC"), EXCEPT FOR UNRELATED BUSINESS INCOME, AS DEFINED BY THE IRC. THE SCHOOL DID NOT HAVE ANY UNRELATED BUSINESS INCOME DURING THE YEARS ENDED JUNE 30, 2024 AND 2023. ACCORDINGLY, THESE STATEMENTS DO NOT REFLECT A PROVISION FOR INCOME TAXES. THE SCHOOL IS REQUIRED TO FILE, AND DOES FILE, TAX RETURNS WITH THE INTERNAL REVENUE SERVICE ("IRS") AND OTHER TAXING AUTHORITIES. TAX RETURNS FILED BY THE SCHOOL ARE SUBJECT TO EXAMINATION BY THE IRS FOR A PERIOD OF THREE YEARS. WHILE NO INCOME TAX RETURNS ARE CURRENTLY BEING EXAMINED BY THE IRS, TAX YEARS SINCE 2021 REMAIN OPEN. THE SCHOOL HAS ADOPTED THE INCOME TAX STANDARD FOR UNCERTAIN INCOME TAX POSITIONS. DURING THE YEARS ENDED JUNE 30, 2024 AND 2023, THE SCHOOL DID NOT IDENTIFY ANY UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIPS NETTED WITH REVENUE ON FINANCIAL STATEMENTS -9,415,598. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD GROUPED WITH EXPENSES ON FINANCIAL STATEMENTS -195,868. RENTAL EXPENSES -205,683. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD GROUPED WITH EXPENSES ON FINANCIAL STATEMENTS 195,868. RENTAL EXPENSES 205,683. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS NETTED WITH REVENUE ON FINANCIAL STATEMENTS 9,415,598. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 THE SCHOOL'S NONDISCRIMINATION POLICY IS POSTED ON ITS WEBSITE/CAREERS PAGE AT HTTPS://WWW.BULLIS.ORG/ABOUT/CAREERS-AT-BULLIS GALA 341273 20273 321000 3191 3372 98232 29871 66238 341273 20273 321000 3191 3372 98232 29871 66238 200904 120096 1 FINANCIAL AID 350 9415598 FMV FINANCIAL AID PART I, LINE 2: ALL FINANCIAL AID AT BULLIS IS GRANTED BASED ON DEMONSTRATED FINANCIAL NEED. IT IS OFFERED IN ORDER TO ENSURE ECONOMIC AND RACIAL DIVERSITY IN THE STUDENT BODY, CONSISTENT WITH THE SCHOOL'S ADMISSION POLICIES. SOME OF THE FACTORS CONSIDERED ARE INCOME (BOTH TAXABLE AND NONTAXABLE), ASSETS, NUMBER OF DEPENDENTS AND NUMBER OF CHILDREN ATTENDING TUITION-CHARGING SCHOOLS. X X 1 1 X X X X X 0 0 0 0 0 0 0 1 0 CHRISTIAN SULLIVAN HEAD OF SCHOOL 633762 0 180000 0 0 0 21350 0 88665 0 923777 0 0 0 ROBERT POLLICINO HEAD OF UPPER SCHOOL 201515 0 5000 0 0 0 126191 0 41857 0 374563 0 0 0 TIMOTHY D SIMPSON ASSOCIATE HEAD OF SCHOOL 210876 0 0 0 0 0 93915 0 38282 0 343073 0 0 0 RACHEL VENEZIAN CHIEF FINANCIAL OFFICER 245196 0 30000 0 0 0 17375 0 12979 0 305550 0 0 0 JUSTIN LEITH DIRECTOR OF ATHLETICS 136242 0 10000 0 0 0 7395 0 82250 0 235887 0 0 0 MARILYN MORENO HEAD OF MIDDLE SCHOOL 179171 0 3000 0 0 0 12513 0 1101 0 195785 0 0 0 BRUCE F KELLEY US MATH TEACHER/BASKETBALL 146401 0 100 0 0 0 6840 0 41451 0 194792 0 0 0 JAMES DICKIE EXECUTIVE DIRECTOR OF TECH 152820 0 3000 0 0 0 10902 0 3580 0 170302 0 0 0 PART I, LINE 1A HOUSING THAT QUALIFIES FOR EXCLUSION FROM GROSS INCOME UNDER INTERNAL REVENUE CODE SECTION 119(A) IS PROVIDED TO THE HEAD OF SCHOOL. AS A CONDITION OF EMPLOYMENT, THE HEAD OF SCHOOL IS REQUIRED TO LIVE ON THE SCHOOL'S CAMPUS WHICH IS FURNISHED AND MAINTAINED AT THE SCHOOL'S EXPENSE. THE HEAD OF SCHOOL REGULARLY CONDUCTS BUSINESS MEETINGS IN THE RESIDENCE, HOSTS OFFICIAL BUSINESS EVENTS, AND OTHER WORK-RELATED ACTIVITIES IN THE RESIDENCE. GENERAL HOUSEKEEPING FOR THE UPKEEP OF THE BUSINESS PORTION OF THE RESIDENCE IS ALSO PROVIDED AND INCLUDED IN THE NON-TAXABLE HOUSING ALLOWANCE REPORTED IN PART II COLUMN D. PART I, LINE 7 PERFORMANCE-BASED BONUSES ARE AWARDED TO EMPLOYEES AND ARE REPORTED IN PART II COLUMN B(II). A MHHEFA 520936091 2023-03-20 48000000 BOND REFINANCING, CAPITAL EXPENDITURE 0 0 0 B MHHEFA 520936091 2023-03-20 20000000 CAPITAL EXPENDITURE 0 0 0 A 48000000 21335279 1670733 595222 1037277 21335279 2025 1 0 0 1 B 20000000 2595389 17404611 2026 1 0 0 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 A 0 0 0 0 0 0 0 0 1 B 0 0 0 0 1 0 0 0 1 A 1 B 1 CHRISTIAN SULLIVAN HEAD OF SCHOOL ADVANCE ON SPLIT DOLLAR LIFE INSURANCE POLICY X 300000 300000 0 1 1 300000 X 13 404860 FMV X 1 49990 FMV X 1 59485 FMV 0 1 0 PART I, COLUMN (B): THE AMOUNT SHOWN IN PART I, COLUMN B, REPRESENTS THE NUMBER OF CONTRIBUTIONS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WILL BE REVIEWED BY THE BOARD FINANCE COMMITTEE, WHICH PERFORMS THE FUNCTIONS OF AN AUDIT COMMITTEE IN ADDITION TO ITS OTHER FINANCIAL RESPONSIBILITIES. ONCE THE FINANCE COMMITTEE IS SATISFIED WITH THE FORM 990, IT WILL GO TO THE FULL BOARD OF TRUSTEES FOR REVIEW AND APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C EACH BOARD MEMBER IS REQUIRED EACH FALL TO REVIEW THE BOARD CONFLICT OF INTEREST POLICY, AND SIGN A STATEMENT THAT CERTIFIES THAT THEY UNDERSTAND THE POLICY, AGREE TO COMPLY WITH THE POLICY, AND HAVE NO CONFLICTS AS DESCRIBED IN THE POLICY. IF A CONFLICT EXISTS OR IS PERCEIVED, THE BOARD MEMBER IS REQUIRED TO NOTIFY THE BOARD CHAIR. THE CHIEF FINANCIAL OFFICER MONITORS ALL TRANSACTIONS BETWEEN ALL DISQUALIFIED PERSONS (WHICH INCLUDES ALL BOARD MEMBERS) AND THE SCHOOL TO ENSURE THAT THE CONFLICT OF INTEREST POLICY IS BEING FULLY COMPLIED WITH. IF THE CHIEF FINANCIAL OFFICER FINDS A TRANSACTION THAT APPEARS TO VIOLATE THE CONFLICTS POLICY, HE/SHE NOTIFIES THE HEAD OF SCHOOL AND BOARD CHAIR, WHO THEN MEET WITH THE DISQUALIFIED PERSON TO INVESTIGATE THE POTENTIAL CONFLICT AND RESOLVE IT IN A MANNER THAT COMPLIES WITH THE CONFLICTS POLICY. FORM 990, PART VI, SECTION B, LINE 15 FOR THE HEAD OF SCHOOL, EACH TIME THE BOARD ENTERS INTO AN EMPLOYMENT CONTRACT WITH THE HEAD OF SCHOOL (GENERALLY EVERY THREE TO FIVE YEARS), AN AD HOC BOARD COMPENSATION COMMITTEE IS FORMED TO FOLLOW A PROCEDURE THAT IS DESIGNED TO OBTAIN A REBUTTAL PRESUMPTION OF REASONABLENESS. 1. ALL BOARD MEMBERS CHOSEN FOR THE COMPENSATION COMMITTEE ARE QUERIED TO ENSURE THAT NO MEMBER HAS A PERSONAL INTEREST IN THE COMPENSATION DECISION. 2. COMPENSATION (SALARY AND BENEFITS) COMPARABILITY DATA IS OBTAINED FOR THE DOZEN OR SO DC-AREA INDEPENDENT SCHOOLS THAT MOST CLEARLY RESEMBLE BULLIS IN ENROLLMENT, BUDGET, AND ASSETS. THE COMPARABILITY DATA IS OBTAINED FROM THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS AND FROM THE ASSOCIATION OF GREATER WASHINGTON INDEPENDENT SCHOOLS. 3. THE COMPARABILITY DATA IS TABULATED AND COMPARED TO THE PROPOSED COMPENSATION FOR THE HEAD OF SCHOOL. THE COMPENSATION COMMITTEE DECIDES WHETHER THE PROPOSED COMPENSATION IS REASONABLE IN LIGHT OF WHAT COMPARABLE SCHOOLS ARE CURRENTLY PAYING THEIR HEADS, AND MAKES ADJUSTMENTS TO THE PROPOSED COMPENSATION AS NECESSARY TO ENSURE REASONABLENESS AND COMPARABILITY. 4. THE COMPENSATION COMMITTEE DOCUMENTS THE BASIS FOR ITS DETERMINATION CONCURRENTLY WITH THE APPROVAL. DOCUMENTATION INCLUDES TERMS OF THE PROPOSED COMPENSATION, MEMBERS OF THE COMMITTEE WHO WERE PRESENT AND VOTED, AND THE COMPARABILITY DATA AND HOW IT WAS OBTAINED. 5. THE COMPENSATION COMMITTEE THEN MEETS WITH THE HEAD SEARCH COMMITTEE (IF ONE EXISTS) TO PRESENT ITS DETERMINATION, AND THE SEARCH COMMITTEE FINALIZES THE OFFER TO THE HEAD. 6. THE MAJOR DETAILS OF THE HEAD CONTRACT ARE THEN PRESENTED TO THE FULL BOARD OF TRUSTEES FOR THEIR INFORMATION AND ACCEPTANCE. EVERY FEW YEARS DURING A HEAD'S CONTRACT TERM, A SLIGHTLY LESS FORMAL VERSION OF THIS PROCESS IS FOLLOWED TO ENSURE THAT COMPENSATION INCREASES AWARDED THE HEAD UNDER THE CURRENT CONTRACT REMAIN REASONABLE COMPARED TO LIKE SCHOOLS. FORM 990, PART VI, SECTION C, LINE 19 THE BOARD HAS NO SPECIFIC POLICY ON THIS MATTER. THE SCHOOL'S PRACTICE IS TO SHARE THESE DOCUMENTS ON REQUEST WITH INDIVIDUALS OR ORGANIZATIONS THAT HAVE A LEGITIMATE BUSINESS NEED TO SEE THE DOCUMENTS. THESE DOCUMENTS ARE AVAILABLE FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D).