2024-05-09T12:26:02-05:00 2023-06-30 871353108 EISNER ADVISORY GROUP LLC 130 NORTH 18TH STREET SUITE 3000 PHILADELPHIA PA 191032757 990 2022-07-01 510065745 TOWER HILL SCHOOL ASSOCIATION TOWE 3026578360 2813 WEST 17TH STREET WILMINGTON DE 19806 ERIC NORMAN CFO 3026578360 2024-05-09 1 ERIC NORMAN 999009999 0 HELEN M MARTIN P01330899 2158818800 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z SARAH BAKER 2813 WEST 17TH STREET WILMINGTON DE 19806 46171368 0 X WWW.TOWERHILL.ORG X 1919 DE TOWER HILL SCHOOL IS A CO-EDUCATIONAL SCHOOL FOR STUDENTS 3 YEARS OLD THROUGH GRADE 12. 21 21 277 0 0 0 2358199 5801269 25625860 27247795 5585270 6691594 156452 197369 33725781 39938027 5500838 5613995 0 0 15798763 16187153 0 0 1255003 7488091 8088176 28787692 29889324 4938089 10048703 106938816 116101299 16083854 16987665 90854962 99113634 X TOWER HILL SCHOOL PREPARES STUDENTS FROM DIVERSE BACKGROUNDS FOR FULL AND CREATIVE ENGAGEMENT WITH A DYNAMIC WORLD. EACH STUDENT IS PROVIDED WITH AN EDUCATIONAL EXPERIENCE THAT EMPHASIZES THE DEVELOPMENT OF AN INQUISITIVE, DISCERNING AND CRITICAL MIND; THE VALUE OF BEING CREATIVE AND AESTHETICALLY SENSITIVE; THE APPRECIATION OF PHYSICAL WELL-BEING; THE ABILITY TO COLLABORATE AND FUNCTION AS PART OF A TEAM; AND THE GROWTH OF CHARACTER. 0 0 22886140 5613995 26639730 EDUCATIONAL PROGRAMS - TOWER HILL IS A CO-EDUCATIONAL INDEPENDENT SCHOOL WITH 849 STUDENTS FROM 3 YEARS OLD THROUGH GRADE 12 IN 2022-2023 (284 LOWER SCHOOL, 235 MIDDLE SCHOOL, 330 UPPER SCHOOL). THE SCHOOL PROVIDES AN ENRICHED AND CHALLENGING COLLEGE PREPARATORY PROGRAM IN WHICH EACH STUDENT'S ABILITIES AND TALENTS ARE RECOGNIZED AND RESPECTED. THE PROGRAM OFFERS A PERSONALIZED AND INNOVATIVE APPROACH, BUILT ON A STRONG TRADITIONAL FOUNDATION WITHIN A WELCOMING AND INCLUSIVE COMMUNITY. TOWER HILL GRADUATED 81 STUDENTS IN THE CLASS OF 2023. MEMBERS OF THIS CLASS ARE ATTENDING AMHERST COLLEGE, BUCKNELL UNIVERSITY, CARLETON COLLEGE, CLEMSON UNIVERSITY, COLBY COLLEGE, CORNELL UNIVERSITY, DARTMOUTH COLLEGE, DELAWARE STATE UNIVERSITY, DICKINSON COLLEGE, DUKE UNIVERSITY, ELON UNIVERSITY, EMORY UNIVERSITY, FLORIDA STATE UNIVERSITY, GEORGETOWN UNIVERSITY, GETTYSBURG COLLEGE, HAMPTON UNIVERSITY, HARVARD COLLEGE, HAVERFORD COLLEGE, JAMES MADISON UNIVERSITY, JOHNS HOPKINS UNIVERSITY, LEHIGH UNIVERSITY, LYNN UNIVERSITY, NEW YORK UNIVERSITY, NORTHEASTERN UNIVERSITY, NORTHWESTERN UNIVERSITY, PENN STATE UNIVERSITY, RICE UNIVERSITY, ROCHESTER INSTITUTE OF TECHNOLOGY, ROWAN UNIVERSITY, SAINT JOSEPH'S UNIVERSITY, SAVANNAH COLLEGE OF ART AND DESIGN, STANFORD UNIVERSITY, SWARTHMORE COLLEGE, TEMPLE UNIVERSITY, THE COLLEGE OF WILLIAM & MARY, TRINITY COLLEGE, TUFTS UNIVERSITY, TULANE UNIVERSITY, UNITED STATES COAST GUARD ACADEMY, UNIVERSITY OF CALIFORNIA, BERKELEY, UNIVERSITY OF DELAWARE, UNIVERSITY OF MIAMI, UNIVERSITY OF MICHIGAN, UNIVERSITY OF MISSISSIPPI, UNIVERSITY OF PENNSYLVANIA, UNIVERSITY OF PITTSBURGH, UNIVERSITY OF SOUTHERN CALIFORNIA, UNIVERSITY OF TENNESSEE, UNIVERSITY OF VIRGINIA, VIRGINIA TECH, WAKE FOREST UNIVERSITY, AND WEST CHESTER UNIVERSITY. 444001 433128 AFTER SCHOOL PROGRAM - THE KALEIDOSCOPE AFTER SCHOOL PROGRAM SERVES STUDENTS AGE 3 THROUGH 6 EVERY SCHOOL DAY FROM 2:45 TO 6:00PM. THIS PROGRAM PROVIDES A CONTINUATION OF THE ATTENTION AND GUIDANCE THEY RECEIVE IN TOWER HILL'S CLASSROOMS, BUT IN A MORE HOME-LIKE SETTING. SUPERVISED HOMEWORK TIME, INSIDE PLAY, OUTDOOR SPORTS AND AGE-APPROPRIATE ACTIVITIES GIVE STUDENT THE CHANCE TO FULFILL THEIR RESPONSIBILITIES AND GIVE THEIR IMAGINATIONS A WORKOUT TOO. ENRICHMENT OFFERING INCLUDE PROGRAMS SUCH AS CHINESE, DRAMA, CHESS, SEWING, GOLF, KARATE, DANCE, SOCCER AND TENNIS, AMONG OTHERS. 238797 371601 SUMMER CAMP PROGRAM -SUMMER AT TOWER HILL PROVIDES EXCITING ACADEMIC AND ENRICHMENT ACTIVITIES, PLUS A FULL RANGE OF ATHLETIC CAMPS IN DIFFERENT AGE GROUPS. DAY CAMP PROVIDES WEEKLY THEMES WITH SPECIAL GUESTS AND/OR FIELD TRIPS, SWIMMING OR WATER PLAY. ENRICHMENT CAMPS BROADEN CHILDREN'S ARTISTIC AND ACADEMIC HORIZONS IN NEW WAYS. SPORTS CAMPS ARE RUN BY TOWER HILL COACHES AND OUTSIDE PARTNER ORGANIZATIONS FOR BUDDING ATHLETES. SUMMER AT TOWER HILL ALSO INTRODUCES PROSPECTIVE STUDENT TO TOWER HILL'S EXPANSIVE FACILITIES. 23568938 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 57 0 1 277 1 0 1 CJ UK 0 0 0 0 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 X ERIC NORMAN CFO 3025101810 1611 TOWER ROAD WILMINGTON DE 19806 BEN DU PONT CHAIR 2.00 X X 0 0 0 JOHN M FLYNN SECRETARY 2.00 X X 0 0 0 MARNA WHITTINGTON TREASURER 2.00 X X 0 0 0 SUZANNE ASHLEY TRUSTEE 2.00 X 0 0 0 KIMBERLY CASSIDY TRUSTEE 2.00 X 0 0 0 REGIS DE RAMEL TRUSTEE 2.00 X 0 0 0 ROBERT V DESANTIS TRUSTEE 2.00 X 0 0 0 HEATHER RICHARDS EVANS TRUSTEE 2.00 X 0 0 0 JOHN GAVENONIS TRUSTEE 2.00 X 0 0 0 LAIRD HAYWARD TRUSTEE 2.00 X 0 0 0 DR ERIC JOHNSON TRUSTEE 2.00 X 0 0 0 HENRY MELLON TRUSTEE 2.00 X 0 0 0 CATHERINE L MILLER TRUSTEE 2.00 X 0 0 0 DAVID NOWLAND TRUSTEE 2.00 X 0 0 0 LISA A OLSON TRUSTEE 2.00 X 0 0 0 J MATHIEU PLUMB TRUSTEE 2.00 X 0 0 0 KEN SIMPLER TRUSTEE 2.00 X 0 0 0 ISBELLA SPEAKMAN TIMON TRUSTEE 2.00 X 0 0 0 GENELLE TRADER TRUSTEE 2.00 X 0 0 0 CARMEN WALLACE TRUSTEE 2.00 X 0 0 0 GINA WARD TRUSTEE 2.00 X 0 0 0 ELIZABETH SPEERS HEAD OF SCHOOL (THRU 6/30/23) 40.00 X 501291 0 40038 ERIC NORMAN CFO 40.00 X 232501 0 30992 ANTHONY PISAPIA ASSOCIATE HEAD OF SCHOOL 40.00 X 212018 0 41243 KRISTIN MUMFORD DIRECTOR OF ADMISSIONS/ADVANCEMENT 40.00 X 189332 0 39089 LINDSAY ACEVADO DIRECTOR OF COLLEGE COUNSELING 40.00 X 130358 0 15587 KAREN GRAHAM DIR OF FINANCE AND HR 40.00 X 123552 0 5967 SARAH BAKER HEAD OF SCHOOL (EFFECTIVE 7/1/23) 40.00 X 115208 0 24321 1504260 0 197237 12 0 1 0 SAGE DINING SERVICES INC 1402 YORK ROAD LUTHERVILLE MD 21093 FOOD SERVICE 1042855 FIRST CHOICE CLEANING SERVICES 1722 NEWPORT GAP PIKE WILMINGTON DE 19808 CLEANING SERVICE 359896 WILCOX LANDSCAPING PO BOX 629 NEWPORT DE 19720 LANDSCAPING SERVICES & SNOW REMOVAL 255270 BREAKWATER ACCOUNTING & ADVISORY CORP PO BOX 362 ROCKLAND DE 19732 ACCOUNTING SERVICES 202240 4 25732 3064030 2711507 357394 5801269 TUITION 611110 26134465 26134465 AUXILIARY REVENUE 611110 1089107 1089107 FACILITIES RENTALS 611110 24223 24223 27247795 1932483 1932483 10960319 6201208 4759111 4759111 4759111 32838 25732 32133 705 705 ANCILLARY INCOME 611110 196664 196664 196664 39938027 27444459 0 6692299 5613995 5613995 833976 833976 12457388 9621117 2116722 719549 730513 587097 103747 39669 1295770 922629 272510 100631 869506 643435 182596 43475 68045 68045 251968 251968 1747976 1229269 474021 44686 168278 3910 15680 148688 365676 351345 13636 695 1473727 1415972 54955 2800 386613 314702 58268 13643 253106 236792 15846 468 1649986 1585323 61528 3135 SUPPLIES AND MATERIALS 797221 707104 65710 24407 FEES AND MISCELLANEOUS 720585 255483 425707 39395 EVENTS 204995 80765 50468 73762 29889324 23568938 5065383 1255003 5909871 9467305 2824055 2292222 179294 102563 133794 130561 77285745 39504041 37600024 37781704 31942930 40277097 25656995 20238583 2691853 5811264 106938816 116101299 714639 1532156 6669337 7066267 8699878 8389242 16083854 16987665 X 43185890 47904644 47669072 51208990 90854962 99113634 106938816 116101299 10048703 -1790031 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 48778048 579757 4479015 974342 1092527 51769951 53726851 628479 -3788464 845287 943531 48778048 35538321 6108435 13797389 805903 911391 53726851 36846549 437137 -103365 592542 1049458 35538321 36617927 25000 1764142 566751 993769 36846549 0.24597 0.18458 0.56945 0 0 3247658 3247658 59684951 27560889 32124062 9389193 8688109 701084 3657882 3255043 402839 1306061 1306061 37781704 LOW VOLUME HEDGE FUNDS 2823972 F GROWTH HEDGE FUNDS 7954511 F PRIVATE EQUITY FUNDS 7942373 F PRIVATE REAL ESTATE FUNDS 1517727 F 20238583 INTEREST IN PERPETUAL TRUSTS 2847092 EMPLOYEE RETENTION TAX CREDIT RECEIVABLE 2964172 5811264 X 24016879 32133 32133 23984746 15953281 15953281 39938027 24307462 32133 32133 24275329 5613995 5613995 29889324 PART V, LINE 4: TOWER HILL SCHOOL ASSOCIATION'S VARIOUS INDIVIDUAL ENDOWMENT FUNDS WERE CREATED BY DONORS TO SUPPLEMENT FUNDING IN PERPETUITY FOR EDUCATIONAL PROGRAMS, SCHOOL OPERATIONS, SCHOLARSHIPS, FACULTY COMPENSATION AND FORUMS. PART X, LINE 2: THE INTERNAL REVENUE SERVICE HAS CLASSIFIED THE SCHOOL AS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("CODE"); AS AN ORGANIZATION, CONTRIBUTIONS TO WHICH ARE DEDUCTIBLE UNDER SECTION 170(B) OF THE CODE; AND AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION AS DEFINED IN SECTION 509(A) OF THE CODE. MANAGEMENT HAS DETERMINED THAT AS OF JUNE 30, 2023 AND 2022, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE SCHOOL RECOGNIZES ACCRUED INTEREST AND PENALTIES ASSOCIATED WITH UNCERTAIN TAX POSITIONS, IF ANY. THERE WERE NO INCOME TAX RELATED INTEREST AND PENALTIES RECORDED FOR EITHER OF THE YEARS ENDED JUNE 30, 2023 OR 2022. PART XI, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT DIRECT COSTS 32,133. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE, REMISSION AND MERIT-BASED AWARDS 5,613,995. RESTRICTED CONTRIBUTIONS 1,579,669. INVESTMENT INCOME, NET OF BOARD DESIGNATED APPROPRIATIONS 5,695,587. EMPLOYEE RETENTION CREDIT 3,064,030. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT DIRECT EXPENSES 32,133. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE, REMISSION AND MERIT-BASED AWARDS 5,613,995. 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 DIVERSITY POLICIES ARE CONTAINED IN VARIOUS MEDIA NOTICES WHICH INCLUDE, BUT ARE NOT LIMITED TO, THE TOWER HILL GUIDE BOOK AND APPLICATION FORM PROVIDED TO PROSPECTIVE FAMILIES, THE TOWER HILL WEBSITE AND THROUGH OUR MEMBERSHIP IN THE ASSOCIATION OF DELAWARE VALLEY INDEPENDENT SCHOOLS (ADVIS). OUR NONDISCRIMINATION POLICY ALSO ACCOMPANIES ALL JOB VACANCY ADVERTISEMENTS. CARIBBEAN 0 0 INVESTMENTS 6094031 SCOTLAND 0 0 INVESTMENTS 360463 0 0 0 0 0 0 6454494 0 6454494 0 0 0 0 0 0 PART III ACCOUNTING METHOD: GOLF OUTING 58570 25732 32838 26242 5891 58570 25732 32838 26242 5891 32133 705 1 FINANCIAL ASSISTANCE, TUITION REMISSION AND MERIT-BASED AWARDS 514 5613995 PART I, LINE 2: THE SCHOOL AWARDS SCHOLARSHIPS TO STUDENTS BASED MERIT OR DEMONSTRATED FINANCIAL NEED. PARTIAL TUITION REMISSION IS ALSO GRANTED TO CHILDREN OF FACULTY AND STAFF. X X X X X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 ELIZABETH SPEERS HEAD OF SCHOOL (THRU 6/30/23) 492711 0 0 0 8580 0 26677 0 13361 0 541329 0 0 0 ERIC NORMAN CFO 220411 0 10000 0 2090 0 15904 0 15088 0 263493 0 0 0 ANTHONY PISAPIA ASSOCIATE HEAD OF SCHOOL 206553 0 5000 0 465 0 15185 0 26058 0 253261 0 0 0 KRISTIN MUMFORD DIRECTOR OF ADMISSIONS/ADVANCEMENT 183923 0 5000 0 409 0 13447 0 25642 0 228421 0 0 0 52800 FINANCIAL AID 300150 TUITION REMISSION X 21 328876 HI/LOW DATE OF GIFT X VARIOUS AUCTION ITEMS 51 28518 0 0 0 PART I, COLUMN (B): SECURITIES COUNT REPRESENTS THE NUMBER OF UNIQUE STOCK CONTRIBUTIONS BY A DONOR, THE AUCTION ITEMS COUNT REPRESENTS THE NUMBER OF SEPARATE DONATIONS OF ITEMS BY INDIVIDUAL DONORS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED AND APPROVED BY THE HEAD OF SCHOOL AND THE AUDIT COMMITTEE. PRIOR TO FILING, THE FINAL VERSION OF THE FORM 990 IS MADE AVAILABLE TO THE BOARD OF TRUSTEES FOR THEIR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C TRUSTEES ARE REQUIRED ANNUALLY TO SIGN CONFLICT OF INTEREST STATEMENTS AND DISCLOSE ANY KNOWN OR POTENTIAL CONFLICTS OF INTEREST IN THESE STATEMENTS AND AS THEY ARISE THROUGHOUT THE YEAR. FORM 990, PART VI, SECTION B, LINE 15 EACH YEAR, THE COMPENSATION COMMITTEE OF THE BOARD CONDUCTS A BENCHMARK ANALYSIS TO EVALUATE ALL COMPONENTS OF THE HEAD OF SCHOOL'S COMPENSATION PACKAGE, INCLUDING BASE SALARY, SCHOOL-WIDE BENEFITS, DEFERRED COMPENSATION, OTHER COMPENSATION, HOUSING, REMISSION, AND VEHICLE USAGE. THE BENCHMARK GROUP INCLUDES TOWER HILL SCHOOL AND OTHER SIMILARLY-SITUATED SCHOOLS IN THE US. THE COMPENSATION COMMITTEE DOCUMENTS THE MEETING, INCLUDING A FULL LIST OF THOSE PRESENT AND THEIR INDEPENDENCE, AND THE PROCESS USED TO CONDUCT THEIR REVIEW. THE COMMITTEE THEN PRESENTS THEIR RECOMMENDATION TO THE FULL BOARD FOR REVIEW. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, FINANCIAL STATEMENTS AND FORM 990 ARE HELD WITH THE SCHOOL AND MAY BE MADE AVAILABLE UPON REQUEST. FORM 990, PART XII, LINE 2C THE AUDIT COMMITTEE IS RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT ACCOUNTANT. THIS PROCESS REMAINS UNCHANGED FROM THE PRIOR YEAR.