2024-05-14T11:14:34-05:00 2023-06-30 390859910 BAKER TILLY US LLP 1570 FRUITVILLE PIKE SUITE 400 LANCASTER PA 17601 990 2022-07-01 231352639 THE PUBLIC SCHOOL OF GERMANTOWN PUBL 2156463300 PO BOX 287 MORRIS ROAD FORT WASHINGTON PA 19034 DAVID PANNEPACKER CFO AND COO 2156463300 2024-05-13 1 DAVID PANNEPACKER XXX-XX-XXXX 1 KERRI N BOGDA CPA P00760402 7177404863 2024-05-13 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z GERMANTOWN ACADEMY DAVID PANNEPACKER PO BOX 287 MORRIS ROAD FORT WASHINGTON PA 19034 72669651 0 X WWW.GERMANTOWNACADEMY.NET X 1759 PA AN INDEPENDENT, COEDUCATIONAL COLLEGE PREP SCHOOL FOR COMMUTING STUDENTS IN GRADES PRE-K - TWELVE. 26 26 618 93 23170 0 15634590 10953146 42182570 44141204 2703844 2786781 3218362 3788982 63739366 61670113 8333056 8687563 0 0 31381195 32450817 0 0 1769556 11846641 11701381 51560892 52839761 12178474 8830352 175689280 181367295 54315600 48926478 121373680 132440817 X GERMANTOWN ACADEMY INSPIRES STUDENTS TO BE INDEPENDENT IN THOUGHT; CONFIDENT IN EXPRESSION; COMPASSIONATE IN SPIRIT; COLLABORATIVE IN ACTION; AND HONORABLE IN DEED. 0 0 42161816 8687563 44141204 GERMANTOWN ACADEMY IS A NON-SECTARIAN, COEDUCATIONAL COLLEGE PREPARATORY SCHOOL EDUCATING STUDENTS FROM PRE-K TO GRADE 12. FOUNDED IN 1759, GERMANTOWN ACADEMY HAS OVER 250 YEARS OF HISTORY, TRADITION, AND OUTSTANDING ACADEMICS. GERMANTOWN ACADEMY IS A PLACE THAT INSPIRES. STUDENTS DEVELOP A LOVE OF LEARNING BEGINNING WITH THE FIRST DAY OF PRE-K THAT CONTINUES THROUGH THE FINAL DAY OF 12TH GRADE AND BEYOND. OUR DEDICATED FACULTY AND STAFF EMBRACE STUDENTS' INNATE CURIOSITY AND ENCOURAGE THEM TO BUILD UPON THEIR NATURAL STRENGTHS WHILE CHALLENGING THEM TO EXPAND THEIR KNOWLEDGE THROUGH A MULTITUDE OF LEARNING EXPERIENCES. THIS IS OUR PROMISE TO OUR STUDENTS, AND IT BECOMES THEIR FOUNDATION FOR LIFE.FOR MORE THAN 250 YEARS, STUDENTS AT GERMANTOWN ACADEMY HAVE BEEN ENCOURAGED TO FOLLOW THEIR PASSIONS. THE CUMULATIVE RESULT IS AN EXCEPTIONAL ACADEMIC, ARTISTIC, ATHLETIC, AND SOCIAL EXPERIENCE THAT CREATES SUCCESSFUL, WELL-EDUCATED, ETHICAL YOUNG PEOPLE WHO BELIEVE THEY CAN MAKE A DIFFERENCE IN THE WORLD.GERMANTOWN ACADEMY IS A PLACE OF INNOVATION. WE ARE AT THE FOREFRONT OF IMPORTANT INITIATIVES SUCH AS 21ST CENTURY CURRICULUM DEVELOPMENT, LANGUAGE INSTRUCTION, AND INTERNATIONAL RELATIONSHIPS. IF A NEW PROGRAM OR IDEA PROVIDES AN OPPORTUNITY FOR OUR STUDENTS, WE WILL EXPLORE IT.WITH TALENTED AND CARING FACULTY, HONEST AND CURIOUS STUDENTS, AND A BEAUTIFUL ENVIRONMENT, GERMANTOWN ACADEMY IS WHERE YOUR CHILD CAN BECOME HIS OR HER BEST SELF. A TOTAL OF 1,209 STUDENTS WERE ENROLLED THIS FISCAL YEAR. 42161816 1 1 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 58 0 618 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 26 26 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X DAVID PANNEPACKER CFO AND COO 2674057140 PO BOX 287 MORRIS ROAD FORT WASHINGTON PA 19034 DR LORI R GRISWOLD PRESIDENT/BOARD CHAIR 20.00 0.00 X X 0 0 0 MICHAEL H JORDAN VICE PRESIDENT 5.00 0.00 X X 0 0 0 JOHN M GALLOWAY SECRETARY 5.00 0.00 X X 0 0 0 JANET HAUGEN TREASURER 5.00 0.00 X X 0 0 0 LARRY ALTMAN TRUSTEE 5.00 0.00 X 0 0 0 BELA D BAGGA TRUSTEE 5.00 0.00 X 0 0 0 LAURA BREWER TRUSTEE 5.00 0.00 X 0 0 0 IRA BROWNSTEIN TRUSTEE 5.00 0.00 X 0 0 0 AMY SEYFERT CONNELLY TRUSTEE 5.00 0.00 X 0 0 0 ANTHONY DISANDRO JR TRUSTEE 5.00 0.00 X 0 0 0 MARK DOOLEY TRUSTEE 5.00 0.00 X 0 0 0 TED DURKIN TRUSTEE 5.00 0.00 X 0 0 0 JUDY A FELGOISE TRUSTEE 5.00 0.00 X 0 0 0 DESRENE FREEMAN TRUSTEE 5.00 0.00 X 0 0 0 JUDI J GOODMAN TRUSTEE 5.00 0.00 X 0 0 0 ANNAMARIE GEPPERT HELLEBUSCH TRUSTEE 5.00 0.00 X 0 0 0 PHILIP HUANG TRUSTEE 5.00 0.00 X 0 0 0 JENNIFER LEMING TRUSTEE 5.00 0.00 X 0 0 0 CAROL MOMJIAN TRUSTEE 5.00 0.00 X 0 0 0 DR LINDA WHITE NUNES TRUSTEE 5.00 0.00 X 0 0 0 SALVATORE J PAONE JR TRUSTEE 5.00 0.00 X 0 0 0 GEORGE M RITER TRUSTEE 5.00 0.00 X 0 0 0 CHERYL ROSS TRUSTEE 5.00 0.00 X 0 0 0 ANDREW SANDIFER TRUSTEE 5.00 0.00 X 0 0 0 TED SWANSON TRUSTEE 5.00 0.00 X 0 0 0 KEZIRAH LINN VAUGHTERS TRUSTEE 5.00 0.00 X 0 0 0 RICHARD SCHELLHAS HEAD OF SCHOOL 50.00 0.00 X 523000 0 52267 DAVID PANNEPACKER CFO AND COO 50.00 0.00 X 214000 0 20195 NIDHI MCVICAR ASST. HEAD OF SCHOOL 40.00 0.00 X 178000 0 21795 JEFFREY THOMPSON DIRECTOR OF AQUATICS 40.00 0.00 X 160631 0 96482 MOLLY MACKEAN HEAD OF UPPER SCHOOL 40.00 0.00 X 160550 0 16173 SUSAN SZCZEPKOWSKI HEAD OF LOWER SCHOOL 40.00 0.00 X 152500 0 67050 JONAS JESWALD HEAD OF MIDDLE SCHOOL 40.00 0.00 X 152500 0 73273 1541181 0 347235 36 0 1 0 ARAMARK SERVICES INC 24858 NETWORK PLACE CHICAGO IL 60673 CLEANING SERVICES 732258 ANCHOR MANAGEMENT GROUP LLC 1000 CONSHOHOCKEN ROAD SUITE 201 CONSHOHOCKEN PA 19428 CONSTRUCTION SERVICES 303353 NEXDINE LLC 905B SOUTH MAIN ST MANSFIELD MA 02048 DINING SERVICES 256652 LAVNER CAMPS 513 MONTGOMERY AVE MERION STATION PA 19066 CAMP PROGRAMS 131519 MILLER FLOORING 827 LINCOLN AVE STE 15 WEST CHESTER PA 19380 FLOORING INSTALLATION 121400 6 46315 1266393 9640438 362111 10953146 STUDENT TUITION FEES 611600 43139248 43139248 AUXILIARY PROGRAM REVENUE 611600 694000 694000 MUSIC LESSONS 611600 307956 307956 44141204 2162986 23170 2139816 350002 350002 339491 157307 182184 182184 182184 10766771 9737127 755851 1029644 -755851 273793 273793 239223 46315 89371 149852 149852 330552 259882 70670 70670 SUMMER PROGRAMS 900099 1496168 1496168 EXTENDED DAY & CHILD CARE FEES 900099 1035334 1035334 AQUATIC CLUB REVENUE 900099 670982 670982 183792 183792 3386276 61670113 44141204 23170 6552593 8687563 8687563 827224 632763 158393 36068 22444503 17079115 4372963 992425 1397680 1028338 298740 70602 6076700 5616512 373351 86837 1704710 1309143 318583 76984 80082 80082 75469 75469 138363 138363 459158 235545 209759 13854 87713 3674 84039 2073987 1471030 554294 48663 305937 305937 2842753 2170756 549263 122734 697925 446456 238122 13347 3463701 2644918 669240 149543 462532 462532 EDUC., ATHLETICS, GEN'L 510037 510037 DINING ROOM 113951 113951 OTHER MISCELLANEOUS EXP 106837 106147 690 DUES AND SUBSCRIPTIONS 79282 33071 46211 203654 76471 53413 73770 52839761 42161816 8908389 1769556 378242 329240 38906718 33180694 6600740 8700397 92834 251937 31242 38942 588606 660931 138497673 55381060 78934426 83116613 27813789 31099327 6636888 6392623 350279 569436 15355516 17027155 175689280 181367295 2856902 2884534 12148963 11297936 32886507 33526864 5700000 723228 1217144 54315600 48926478 X 68081279 71399665 53292401 61041152 121373680 132440817 175689280 181367295 X 8830352 617950 1618835 X 0 1 X 1 0 X 4867961 2640866 8600674 15634590 10953146 42697237 4867961 2640866 8600674 15634590 10953146 42697237 5178188 37519049 1531998 1333336 1408140 1716426 2829309 8819209 3220274 2762247 1243923 3218314 3956051 14400809 65917255 206593484 0.56920 0.55690 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: AQUATIC CLUB REVENUE - 2018 AMOUNT: $ 439,066. 2019 AMOUNT: $ 334,733. 2020 AMOUNT: $ 328,332. 2021 AMOUNT: $ 664,138. 2022 AMOUNT: $ 667,822. BAD DEBT RECOVERY - 2022 AMOUNT: $ 145,004. EXTENDED DAY AND CHILD CARE FEES - 2018 AMOUNT: $ 894,151. 2019 AMOUNT: $ 644,127. 2020 AMOUNT: $ 664,930. 2021 AMOUNT: $ 941,094. 2022 AMOUNT: $ 1,035,334. FLEXIBLE FUND ADJUSTMENT - 2020 AMOUNT: $ 16,862. 2021 AMOUNT: $ 4,086. LATE FEES - 2021 AMOUNT: $ 5,950. 2022 AMOUNT: $ 11,850. INSURANCE PREMIUM DIVIDEND - 2019 AMOUNT: $ 6,854. 2020 AMOUNT: $ 6,854. 2021 AMOUNT: $ 6,954. NON-CHARITABLE FUNDRAISING RECEIPTS - 2020 AMOUNT: $ 84,286. 2021 AMOUNT: $ 10,665. 2022 AMOUNT: $ 239,223. OTHER INCOME - 2018 AMOUNT: $ 44,341. 2019 AMOUNT: $ 2,355. 2020 AMOUNT: $ 13,937. 2021 AMOUNT: $ 19,380. 2022 AMOUNT: $ 30,098. SCHOOL STORE SALES - 2018 AMOUNT: $ 335,376. 2019 AMOUNT: $ 232,494. 2020 AMOUNT: $ 124,628. 2021 AMOUNT: $ 297,505. 2022 AMOUNT: $ 330,552. SUMMER PROGRAMS - 2018 AMOUNT: $ 1,507,340. 2019 AMOUNT: $ 1,541,684. 2020 AMOUNT: $ 4,094. 2021 AMOUNT: $ 1,268,542. 2022 AMOUNT: $ 1,496,168. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 34450677 2573306 2254041 1786073 37491951 37266144 2522840 -3786244 1552063 34450677 31081410 191100 7423483 1429849 37266144 30302141 398137 1650368 1269236 31081410 28512436 1151912 2175829 1538036 30302141 0.29000 0.49000 0.22000 1 0 6024248 6024248 106285642 40216502 66069140 16976767 15164558 1812209 9211016 9211016 83116613 BENEFICIAL INTEREST IN PERPETUAL TRUST 17027155 17027155 STUDENT DEPOSITS AND ACCOMMODATIONS 648830 CAPITAL LEASE OBLIGATIONS 568314 1217144 X 55495331 617950 -7154288 -6536338 62031669 -361556 -361556 61670113 44428194 414360 414360 44013834 8825927 8825927 52839761 PART III, LINE 4: GERMANTOWN ACADEMY MAINTAINS AND DISPLAYS COLLECTIONS OF WORKS OF ART, HISTORICAL TREASURES AND OTHER SIMILAR ASSETS AS A KEY COMPONENT OF OUR LIBERAL ARTS, COLLEGE PREPARATORY CURRICULUM. THESE WORKS OF ART ARE INCORPORATED ON A REGULAR BASIS AS PART OF OUR ART CLASSES TO HELP PROVIDE THE ACADEMY'S STUDENTS WITH THE FRAMEWORK NECESSARY TO GROW AS ARTISTS THEMSELVES AND TO MEET THE STATED CURRICULAR OBJECTIVES OF OUR MISSION. THERE IS NO INTENTION TO EVER SELL A WORK OF ART IN ORDER TO GENERATE INCOME. PART V, LINE 4: THE SCHOOL'S ENDOWMENTS CONSIST OF INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING SCHOLARSHIPS AND FINANCIAL AID, FACULTY COMPENSATION, STUDENT PRIZES, PARENT EDUCATION, STUDENT EDUCATION, IMPROVEMENTS TO PROPERTY, PLANT AND EQUIPMENT, AS WELL AS VARIOUS OTHER ACTIVITIES OF THE SCHOOL. ITS ENDOWMENTS INCLUDE BOTH A DONOR-RESTRICTED ENDOWMENT FUND AND FUND DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS AN ENDOWMENT. AS REQUIRED BY SFAS NO. 117, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. THE SCHOOL IS ALSO THE BENEFICIARY OF AN ENDOWMENT THAT IS HELD BY THE EDWIN M. LAVINO PERPETUAL TRUST. PART X, LINE 2: THE SCHOOL ACCOUNTS FOR UNCERTAINTIES IN INCOME TAXES IN ACCORDANCE WITH AUTHORITATIVE GUIDANCE, WHICH PRESCRIBES A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD HAS BEEN MET. MANAGEMENT DETERMINED THAT THERE WERE NO TAX UNCERTAINTIES THAT MET THE RECOGNITION THRESHOLD AT JUNE 30, 2023 AND 2022. PART XI, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIPS & FINANCIAL AID -8,687,564. GAIN ON BENEFICIAL INTEREST IN PERPETUAL TRUST 1,671,639. INVESTMENT FEES -138,363. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -259,882. RENTAL EXPENSES -157,307. BAD DEBT RECOVERY 145,004. FUNDRAISING EXPENSES -89,371. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 259,882. RENTAL EXPENSE 157,307. BAD DEBT RECOVERY -145,004. FUNDRAISING EXPENSES 89,371. UNCOLLECTIBLE PLEDGES 52,804. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS & FINANCIAL AID 8,687,564. INVESTMENT FEES 138,363. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE ORGANIZATION'S NONDISCRIMATORY POLICY IS PUBLISHED IN LOCAL NEWSPAPERS. THE FOLLOWING IS ALSO PUBLISHED ON THE ACADEMY'S WEBSITE: AT GERMANTOWN ACADEMY, WE WELCOME STUDENTS, FACULTY, AND STAFF FROM ALL ETHNIC, CULTURAL, RACIAL, RELIGIOUS, AND SOCIOECONOMIC GROUPS, AND OF ALL SEXUAL ORIENTATIONS WHO RESPECT THE VALUES SET FORTH IN OUR SCHOOL'S GENERAL MISSION STATEMENT AND IN THIS DIVERSITY STATEMENT OF PURPOSE AND PRACTICE. WE HONOR OUR SCHOOL'S DIVERSITY BY RESPECTING THE VARIOUS CUSTOMS AND TRADITIONS OF ALL MEMBERS OF OUR COMMUNITY. SCHEDULE E, PART I, LINE 6 THE SCHOOL RECEIVED BOOKS AND SCHOOL SUPPLIES FROM THE STATE OF PENNSYLVANIA. EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 PROGRAM SERVICE COLLEGE COUNSELING SERVICES TO HIGH SCHOOL STUDENTS 275757 0 0 0 0 0 0 275757 0 275757 1 0 1 0 1 0 PART III ACCOUNTING METHOD: SCHEDULE F, PART IV, LINE 1: THE ORGANIZATION INVESTS IN PARTNERSHIP INTERESTS, THROUGH WHICH TRANSFERS TO FOREIGN CORPORATIONS ARE MADE. NO TRANSFERS DURING THE PARTNERSHIP'S REPORTING PERIOD EXCEEDED THE THRESHOLD FOR REPORTING. SCHEDULE F, PART IV, LINE 5: THE ORGANIZATION INVESTS IN PARTNERSHIP INTERESTS, THROUGH WHICH THE ORGANIZATION HOLDS INDIRECT INTERESTS IN FOREIGN PARTNERSHIPS. THE PERCENTAGE OWNERSHIP DURING THE PARTNERSHIP'S REPORTING PERIOD DID NOT EXCEED THE THRESHOLD FOR REPORTING. ALL ZOOM'D OUT 267272 46315 220957 45668 3915 33111 HOLIDAY MARKET PLACE 9271 9271 1820 1 8995 8995 1380 1310 2167 285538 46315 239223 47048 5225 37098 89371 149852 1 STUDENT GRANTS FOR TUITION 406 8687563 PART I, LINE 2: ALL RECIPIENTS ARE INDIVIDUALS RECEIVING SCHOLARSHIPS. DETERMINATION OF STUDENTS' QUALIFICATIONS FOR THE AWARDS ARE MADE BY THE SCHOOL'S FINANCIAL AID COMMITTEE. SCHOLARSHIPS ARE AWARDED TO STUDENTS BASED ON FINANCIAL NEED. SCHOLARSHIP CANDIDATES ARE EVALUATED FOR FINANCIAL NEED BY AN INDEPENDENT SCHOLARSHIP SERVICE. SCHOLARSHIPS ARE PROVIDED AS A REDUCTION TO TUITION. X X 1 1 X X X 0 1 0 0 0 0 0 0 0 RICHARD SCHELLHAS HEAD OF SCHOOL 512500 0 0 0 10500 0 43563 0 8704 0 575267 0 0 0 JEFFREY THOMPSON DIRECTOR OF AQUATICS 160631 0 0 0 0 0 12938 0 83544 0 257113 0 0 0 DAVID PANNEPACKER CFO AND COO 214000 0 0 0 0 0 10700 0 9495 0 234195 0 0 0 JONAS JESWALD HEAD OF MIDDLE SCHOOL 152500 0 0 0 0 0 12963 0 60310 0 225773 0 0 0 SUSAN SZCZEPKOWSKI HEAD OF LOWER SCHOOL 152500 0 0 0 0 0 12963 0 54087 0 219550 0 0 0 NIDHI MCVICAR ASST. HEAD OF SCHOOL 178000 0 0 0 0 0 8900 0 12895 0 199795 0 0 0 MOLLY MACKEAN HEAD OF UPPER SCHOOL 160550 0 0 0 0 0 8028 0 8145 0 176723 0 0 0 PART I, LINE 1A THE HEAD OF SCHOOL IS REQUIRED TO LIVE ON CAMPUS AS A CONVENIENCE TO THE ORGANIZATION AND AS A CONDIITON OF HIS EMPLOYMENT. THIS HOUSING ALLOWANCE IS NOT INCLUDED IN TAXABLE INCOME AS IT IS EXCLUDED UNDER INTERNAL REVENUE CODE SECTION 119. THE HEAD OF SCHOOL IS ALSO PROVIDED CLEANING SERVICES AS PART OF HIS EMPLOYMENT AGREEMENT AND THESE SERVICES ARE ALSO CONSIDERED TO BE A NONTAXABLE FRINGE BENEFIT DUE TO THE NUMBER OF BUSINESS ACTIVITIES THAT OCCUR AT THE RESIDENCE. PART I, LINE 4B RICHARD SCHELLHAS, HEAD OF SCHOOL, PARTICIPATES IN A NON-QUALIFIED 457(B) RETIREMENT PLAN. THE ORGANIZATION MADE CONTRIBUTIONS IN THE AMOUNT OF $17,638 DURING CALENDAR YEAR 2022. A MONTGOMERY COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 232245125 613609L46 2021-07-01 25265000 REFINANCE 2014 ISSUE AND CAPITAL PROJECTS 0 0 0 A 635000 29267488 7707620 4307812 315746 10212695 11306890 7432157 2023 1 0 1 1 A 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 0 0 0 0 1 A 1 SCHEDULE K SUPPLENTAL INFORMATION BOND ISSUE B: THE DIFFERENCE BETWEEN THE ISSUE PRICE OF $25,265,000 AND THE GROSS PROCEEDS OF $29,267,488 IS PREMIUM ON THE BOND ISSUE. X 200783 PURCHASE PRICE X 4 161328 NYSE 0 0 1 0 PART I, COLUMN (B): THE NUMBER IN COLUMN B REPRESENTS THE NUMBER OF CONTRIBUTORS. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE MAY MAKE DECISIONS WHEN THE BOARD IS NOT IN SESSION WHEN PREVIOUSLY AUTHORIZED BY THE BOARD. FORM 990, PART VI, SECTION A, LINE 4 DURING THE FISCAL YEAR THE PUBLIC SCHOOL OF GERMANTOWN BOARD OF DIRECTORS AMENDED AND RESTATED THE ORGANIZATION'S BYLAWS. THE RESTATED BYLAWS WERE EFFECTIVE AS OF MAY 5, 2023. BELOW IS A SUMMARY OF THE UPDATED BYLAWS: - ARTICLE 1: BOARD OF TRUSTEES, SECTION I - THE BOARD UPDATED THE NUMBER OF BOARD MEMBERS ALLOWED TO SERVE. THE BOARD SHALL CONSIST OF NOT LESS THAN 18 NOR MORE THAN 27 TRUSTEES. NONVOTING TRUSTEES ARE NOT INCLUDED IN THIS. ARTICLE 1: BOARD OF TRUSTEES, SECTION II - THE BOARD UPDATED THE DESCRIPTION OF EACH POSITION HELD ON THE BOARD AND THE DUTIES THE POSITION IS REQUIRED TO FULFILL. - ARTICLE 1: BOARD OF TRUSTEES, SECTION III - TERM OF RESIGNATION WAS ADDED AND STATED AS: ANY TRUSTEE MAY RESIGN AT ANY TIME WITH A WRITTEN NOTICE OF RESIGNATION GIVEN TO THE PRESIDENT. THE REMOVAL OF A TRUSTEE WAS ADDED AND STATED AS: A TRUSTEE MAY BE REMOVED WITH OR WITHOUT CAUSE BY A VOTE OF A MAJORITY OF THE BOARD HELD AT ANY MEETING. - ARTICLE 1: BOARD OF TRUSTEES, SECTION V - THE QUORUM WAS UPDATED TO ONE HALF OF THE TERM TRUSTEES SHALL CONSTITUTE THE MINIMUM NUMBER OF MEMBERS TO HOLD A MEETING FOR THE TRANSACTION OF BUSINESS. - ARTICLE 1: BOARD OF TRUSTEES, SECTION VI - THE TRUSTEES MAY TAKE CARE OF AN EMERGENCY EXPENDITURE OR AN UNBUDGETED EXPENDITURE THAT DOES NOT EXCEED $500,000 WITHOUT CALLING A MEETING. THE EXECUTIVE COMMITTEE IS AUTHORIZED TO APPROVE SUCH EXPENDITURE WITHOUT CALLING A MEETING OF THE BOARD SO LONG AS THE AMOUNT OF SUCH APPROVAL SHALL NOT EXCEED $500,000.00 IN ANY FISCAL YEAR. - ARTICLE 1: BOARD OF TRUSTEES, SECTION VII - EXECUTIVE SESSIONS SECTION WAS ADDED TO THE BYLAWS STATING THAT THE PRESIDENT OF THE CORPORATION HAS THE RIGHT TO CALL EXECUTIVE SESSIONS BEFORE OR AFTER GENERAL SESSIONS TO DISCUSS MATTERS. OTHER INDIVIDUALS MAY BE INVITED TO ATTEND THE EXECUTIVE SESSION DEEMED NECESSARY BY THE BOARD PRESIDENT. - ARTICLE 1: BOARD OF TRUSTEES, SECTION XI - OPEN AND CLOSED CAST VOTES CLAUSE WAS ADDED. ALL VOTES BY THE BOARD MAY BE DEEMED OPEN OR CLOSED BY THE DISCRETION OF THE PRESIDENT OF THE CORPORATION. IF CASTING VOTES ARE "CLOSED" THE SECRETARY AND ANOTHER APPOINTED BY THE PRESIDENT WILL COUNT THE VOTES AT THE MEETING. - ARTICLE 2: STANDING COMMITTEES - THE BOARD REMOVED 5 OF THE 12 ORIGINAL COMMITTEES. THE REMAINING 7 COMMITTEES ARE THE FOLLOWING: EXECUTIVE COMMITTEE, DEVELOPMENT COMMITTEE, FINANCE COMMITTEE, INVESTMENT COMMITTEE, FACILITIES COMMITTEE, GOVERNANCE COMMITTEE, AND AUDIT COMMITTEE. EACH COMMITTEE DESCRIPTION HAS BEEN UPDATED WITH THE DUTIES FOR WHICH THE COMMITTEE IS RESPONSIBLE. - ARTICLE 3: OFFICERS OF THE CORPORATION, SECTION A - E - THE BOARD UPDATED THE DESCRIPTION OF EACH OFFICER'S POSITION. THE BOARD ALSO ADDED TO THE DESCRIPTION OF EACH OFFICER HOW LONG OF A TERM THE OFFICER CAN HOLD, WHO IS ELIGIBLE TO BE AN OFFICER, AND HOW THEY ARE ELECTED BY THE BOARD. - ARTICLE 4: HEAD OF SCHOOL, SECTION E - THE BOARD ADDED A WRITTEN STATEMENT THAT THE HEAD OF SCHOOL (CEO) SHALL BE A NON-VOTING TRUSTEE WHO IS ENTITLED TO PARTICIPATE IN ALL DISCUSSIONS OF THE BOARD UNLESS THE BOARD PRESIDENT BELIEVES THAT SUCH ATTENDANCE OR PARTICIPATION IN THE MEETING WOULD BE INAPPROPRIATE, SUCH AS COMPENSATION AND/OR EVALUATION DISCUSSIONS INVOLVING THE HEAD OF SCHOOL. - ARTICLE 8: MISCELLANEOUS, SECTION I - THE OLD BYLAWS PERMITTED THE ELECTION OF UP TO 6 CHARTER TRUSTEES. A CHARTER TRUSTEE WAS A VOTING MEMBER OF THE BOARD WHO SERVED A TERM OF EITHER LIFE OR UNTIL THE AGE OF 75. AS AN EFFECTIVE DATE OF THE NEW BYLAWS, THE BOARD DETERMINED THAT SUCH SPECIAL DESIGNATION SHOULD BE REMOVED FROM THE BYLAWS DUE TO THE EVOLUTION OF THE BOARD. - ARTICLE 8: MISCELLANEOUS, SECTION III - THE BOARD ADDED A WRITTEN STATEMENT THAT ELECTRONIC SIGNATURES SHALL BE DEEMED TO BE WRITTEN SIGNATURES TO THE EXTENT PERMITTED BY APPLICABLE LAW. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY A CERTIFIED INDEPENDENT PUBLIC ACCOUNTING FIRM WITH A STRONG BACKGROUND IN ACCOUNTING AND TAX MATTERS FOR CLIENTS OF THIS TYPE. INFORMATION IS PROVIDED TO THIS FIRM BY OUR ORGANIZATION AND, UPON COMPLETION OF THE FORM BY OUR ACCOUNTANTS, THE FORM IS REVIEWED BY OUR ORGANIZATION FOR ACCURACY AND COMPLETENESS. AT THE CONCLUSION OF OUR REVIEW THE FORM IS FILED WITH THE INTERNAL REVENUE SERVICE AND STATE OF PENNSYLVANIA. A COPY OF THE FORM 990 IS FORWARDED TO EACH TRUSTEE PRIOR TO BEING FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS SIGN A CONFLICT OF INTEREST STATEMENT ANNUALLY WHICH IS MONITORED BY THE HEAD OF THE BOARD. NO MEMBER OF THE BOARD OF TRUSTEES NOR ANY MEMBER OF A BOARD COMMITTEE SHALL RECEIVE REMUNERATION DIRECTLY OR INDIRECTLY AS A RESULT OF BUSINESS DECISIONS OR CONTRACTS WHICH ARE AWARDED BY THE BOARD UNLESS A DETERMINATION HAS BEEN MADE BY THE BOARD OR THE EXECUTIVE COMMITTEE OF THE BOARD THAT IT IS IN THE BEST INTEREST OF THE ACADEMY TO ALLOW SUCH AN ARRANGEMENT. IN SUCH CASES THE CONFLICT OF INTEREST SHALL BE CLEARLY ACKNOWLEDGED AND THE AFFECTED BOARD OR COMMITTEE MEMBER SHALL ABSTAIN FROM PARTICIPATION IN THE DECISION TO AWARD SUCH CONTRACT OR TO TAKE ACTION RESULTING IN THE AWARD OF SUCH CONTRACT. IT SHALL BE THE RESPONSIBILITY OF THE MEMBERS OF THE BOARD OF TRUSTEES AND OF THE COMMITTEES OF THE BOARD TO CALL TO THE ATTENTION OF THE PRESIDENT OF THE BOARD OF TRUSTEES OR THE CHAIRMAN OF THE BOARD COMMITTEE INVOLVED, ANY SITUATION WHERE A CONFLICT OF INTEREST OR POSSIBLE CONFLICT OF INTEREST MAY BE FOUND. THE CONFLICT OF INTEREST POLICY DOES MENTION FAMILY AND BUSINESS RELATIONSHIPS AS A SOURCE OF POTENTIAL CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES AND THE FINANCE COMMITTEE CAREFULLY EXAMINE THE COMPENSATION PROPOSAL FOR THE NEXT FISCAL YEAR DURING THE COURSE OF THE PREVIOUS FALL AND APPROVE IT DURING THE JANUARY MEETING. THE SALARIES OF ALL FACULTY AND ADMINISTRATORS INCLUDING THE HEAD OF SCHOOL ARE BENCHMARKED BASED ON POOLED SURVEY DATA FROM 56 COMPARABLE SCHOOLS NATIONWIDE (DAY SCHOOLS WITH OVER 750 STUDENTS). ALL OTHER STAFF MEMBERS ARE PAID BASED ON DATA COLLECTED THROUGH "SALARY.COM." FOR EACH POSITION, BASED UPON EXPERIENCE, COMPENSATION IS SET BETWEEN THE 25TH AND 75TH PERCENTILE. THIS POLICY ENSURES FAIR COMPENSATION IS DETERMINED INDEPENDENTLY AND WITHOUT UNDUE INFLUENCE OF OUR ORGANIZATION. COMPENSATION RELATED INFORMATION IS RECORDED IN BOARD MINUTES. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: GAIN ON BENEFICIAL INTEREST IN PERPETUAL TRUST 1,671,639. UNCOLLECTIBLE PLEDGES -52,804. PERPETUAL TRUST (1) INVESTMENTS PA MELLON BANK T 950040 17027155 0.59100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1