2024-05-13T10:15:12-05:00 2023-06-30 340677006 MALONEY NOVOTNY LLC 1111 SUPERIOR AVE SUITE 700 CLEVELAND OH 441142540 990 2022-07-01 340714390 WESTERN RESERVE ACADEMY WEST 3306504400 115 COLLEGE STREET HUDSON OH 442362926 THOMAS ARNOLD CFO 3306504400 2024-05-13 1 THOMAS ARNOLD 999009999 0 CHRISTOPHER B ANDERSON P00226559 2163630100 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z SUZANNE E BUCK 115 COLLEGE STREET HUDSON OH 442362926 69347164 0 X WWW.WRA.NET X 1826 OH A WESTERN RESERVE ACADEMY EDUCATION OFFERS A TRANSFORMATIONAL EXPERIENCE WHERE STUDENTS STRIVE FOR EXCELLENCE, LIVE WITH INTEGRITY, AND ACT WITH COMPASSION. 25 25 253 50 652024 0 17899148 12234991 26644672 27516952 11761922 4476411 1248 7093 56306990 44235447 10897377 10110355 0 0 14707018 15418387 0 0 2270426 13649463 14463705 39253858 39992447 17053132 4243000 215260603 225822357 22911477 22548435 192349126 203273922 THE MISSION OF THE ACADEMY IS AS FOLLOWS: A WESTERN RESERVE ACADEMY EDUCATION OFFERS A TRANSFORMATIONAL EXPERIENCE WHERE STUDENTS STRIVE FOR EXCELLENCE, LIVE WITH INTEGRITY, AND ACT WITH COMPASSION. 0 0 32554043 10110355 27516952 THE ACADEMY IS A SECONDARY CO-EDUCATIONAL SCHOOL WITH APPROXIMATELY 445 STUDENTS. OUR FACULTY CULTIVATES INTELLECTUAL CURIOSITY THROUGH A CHALLENGING COLLEGE PREPARATORY PROGRAM; OUR STUDENTS PURSUE A RIGOROUS LIBERAL ARTS CURRICULUM AND ENGAGE IN OPPORTUNITIES BEYOND THE CLASSROOM IN ARTS, ATHLETICS, AND SERVICE, ENSURING GROWTH IN MIND, BODY, AND SPIRIT. THE ACADEMY'S CLOSE-KNIT COMMUNITY INSTILLS INDIVIDUAL AND SOCIAL RESPONSIBILITY, WHILE PREPARING STUDENTS AS CITIZENS AND LEADERS IN AN INCREASINGLY INTERCONNECTED WORLD. 32554043 1 1 0 0 0 0 0 0 0 1 1 1 0 0 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 1 0 0 0 0 1 21 0 1 253 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 25 25 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 1 1 0 OH X THOMAS ARNOLD 3306504400 115 COLLEGE STREET HUDSON OH 442362926 DANIEL H BAYLY TRUSTEE 1.00 X 0 0 0 MEREDITH BROADBENT TRUSTEE 1.00 X 0 0 0 H WILLIAM CHRIST TRUSTEE 1.00 X 0 0 0 STEPHAN W COLE VICE PRESIDENT 1.00 X X 0 0 0 SUZANNE DAY TRUSTEE 1.00 X 0 0 0 THOMAS E DUNN TRUSTEE 1.00 X 0 0 0 WARREN W FARR III TRUSTEE 1.00 X 0 0 0 DAGMAR F FELLOWES TRUSTEE 1.00 X 0 0 0 JOHN M FOWLER TREASURER 1.00 X X 0 0 0 MARTIN D FRANKS CO-PRESIDENT 2.00 X X 0 0 0 PHILIP FRANZ TRUSTEE 1.00 X 0 0 0 JOHN P HEWKO TRUSTEE 1.00 X 0 0 0 CLIFTON D HOOD TRUSTEE 1.00 X 0 0 0 MICHAEL A JOHNSON TRUSTEE 1.00 X 0 0 0 ALANA MCCLANAHAN JOINER TRUSTEE 1.00 X 0 0 0 NATHANIEL E LEONARD CO-PRESIDENT 2.00 X X 0 0 0 CECILY PRYCE MAGUIRE TRUSTEE 1.00 X 0 0 0 ANNE CACIOPPO MANGANARO TRUSTEE 1.00 X 0 0 0 TUCKER H MARSHALL TRUSTEE 1.00 X 0 0 0 MARCIA PREWITT SPILLER TRUSTEE 1.00 X 0 0 0 MICHAEL O RUSSELL TRUSTEE 1.00 X 0 0 0 TIMOTHY R WARNER TRUSTEE 1.00 X 0 0 0 MARK J WELSHIMER SECRETARY 1.00 X X 0 0 0 KATHLEEN A WOOD TRUSTEE 1.00 X 0 0 0 ANTHONY WYNSHAW-BORIS MD PHD TRUSTEE 1.00 X 0 0 0 SUZANNE E BUCK HEAD OF SCHOOL 40.00 X 467722 0 180272 THOMAS P ARNOLD CHIEF FIN.&OP.OFFICER 40.00 X 260456 0 70935 MARK L LAFONTAINE ASST.HEAD OF SCHOOL FOR ADV. 40.00 X 287514 0 29757 NICHOLAS KENT ASSOCIATE HEAD OF SCHOOL 40.00 X 162664 0 53279 JENNIFER R BIEHN DIR.-ENROLLMENT MANAGEMENT 40.00 X 176859 0 126462 MATTHEW L GERBER CHIEF INNOVATION OFFICER 40.00 X 144936 0 45740 DAVID L CHIARELLA DIR.-COUNSELING&PSYCH.SERVICES 40.00 X 142644 0 22860 BRENDA PETERSEN ASSOCIATE HEAD OF SCHOOL 40.00 X 136420 0 40213 MARGARET COLAFELLA DIR.-COMMUNICATIONS & MARKETING 40.00 X 136052 0 108535 RUTH D ANDREWS SR. DIR OF LEADERSHIP GIFTS 40.00 X 131728 0 29298 2046995 0 707351 19 0 1 0 FLIK CO COMPASS GROUP USA PO BOX 91337 CHICAGO IL 606931337 FOOD SERVICE 808670 JANCO SERVICE INDUSTRIES 824 W STREETSBORO ST HUDSON OH 44236 CLEANING 301799 VIZMEG LANDSCAPE INC 778 MCCAULEY ROAD SUITE 100 STOW OH 44224 LANDSCAPING 283942 CAMBRIDGE ASSOCIATES 125 HIGH STREET BOSTON MA 02110 INVESTMENT ADVISING 250230 BAKER HOSTETLER LLP PO BOX 70189 CLEVELAND OH 44190 LEGAL SERVICES 193746 5 19853 12215138 681086 12234991 BOARDING STUDENTS TUITION 611110 18475386 18475386 DAY STUDENTS TUITION 611110 7476016 7476016 RELATED ENTERPRISES 611110 1565550 1565550 27516952 4672277 652024 4020253 24897541 25093407 -195866 -195866 -195866 25403 19853 18310 7093 7093 44235447 27516952 652024 3831480 10110355 10110355 1388650 405125 503625 479900 9875850 7727853 1294860 853137 1082957 785549 180161 117247 2206665 1641048 347982 217635 864265 610552 156083 97630 136563 68282 68281 53840 53840 1362557 1362557 974786 926047 29244 19495 278528 278528 416703 395868 12501 8334 626336 532385 62634 31317 2633767 2502079 79013 52675 444320 313249 43450 87621 7294 7294 418340 418340 3026419 2875098 90793 60528 290563 276035 8717 5811 FOOD SERVICE 1715623 1715623 OTHER DEPARTMENTAL EXP. 1503141 808148 455897 239096 RESTRICTED STUDENT EXP. 315326 315326 AUXILIARY ENTERPRISES 259599 259599 39992447 32554043 5167978 2270426 5224848 6928844 14565138 21665461 51878 26145 111647 114407 192142 283825 104891109 50032318 57003322 54858791 44038250 44117022 90836479 94023044 3236899 3804818 215260603 225822357 794792 673640 3079983 3650889 17608479 16885750 1428223 1338156 22911477 22548435 X 46683020 47758132 145666106 155515790 192349126 203273922 215260603 225822357 X 4243000 6133305 548491 X 0 1 X 1 0 X 3818734 4137212 10834167 17899148 12234991 48924252 3818734 4137212 10834167 17899148 12234991 48924252 19113650 29810602 2872211 2397308 3890390 3461199 4672277 17293385 16187 1248 17435 66235072 121042825 0.45010 0.46110 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: SPECIAL EVENTS - 2018 AMOUNT: $ 16,187. 2021 AMOUNT: $ 1,248. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 76900232 1352147 8062060 4509099 81805340 74844042 1045485 3716789 2706084 76900232 65261224 2376614 11531653 4325449 74844042 64419876 1087579 2392536 2638767 65261224 62744456 923010 5206323 4453913 64419876 0.05997 0.56015 0.37988 0 0 1636412 1636412 96937445 45096449 51840996 6317252 4935869 1381383 54858791 ALTERNATIVE INVESTMENTS 94023044 F 94023044 ANNUITIES PAYABLE 1046024 DEFERRED COMPENSATION LIABILITY 292132 1338156 X 39444331 6133305 548491 6681796 32762535 1362557 10110355 11472912 44235447 28519535 0 28519535 1362557 10110355 11472912 39992447 PART V, LINE 4: INTENDED USE OF ENDOWMENT FUNDS - THE ACADEMY INVESTS ENDOWMENT FUNDS ACCORDING TO BOARD-APPROVED INVESTMENT POLICIES WHICH GOVERN ASSET ALLOCATION IN AN EFFORT TO REDUCE RISK OF LOSS AND TO GENERATE A REAL ANNUAL COMPOUND RATE OF RETURN AT LEAST EQUAL TO THE ANNUAL PAYOUT PERCENTAGE. THE ANNUAL PAYOUT FROM ENDOWMENT FUNDS WAS BASED ON A DRAW OF 4.5% OF THE 5-YEAR AVERAGE WEIGHTED MARKET VALUE OF INVESTABLE ASSETS IN THE PERMANENTLY RESTRICTED FUND PLUS AN AMOUNT TO COVER DEBT SERVICE COSTS AND IS SUBJECT TO BOARD APPROVAL. THE PAYOUT IS SPENT ON ACTIVITIES WHICH FURTHER THE EXEMPT EDUCATIONAL PURPOSES OF THE ACADEMY. PART X, LINE 2: FIN 48 (ASC 740) FOOTNOTE - FEDERAL INCOME TAXES: THE ACADEMY IS A NOT-FOR-PROFIT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM FEDERAL INCOME TAXES. THERE WERE NO UNRECOGNIZED TAX BENEFITS AS OF JUNE 30, 2023. AS OF JUNE 30, 2023, THE ACADEMY'S INCOME TAX RETURNS REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, AS WELL AS VARIOUS STATE AND LOCAL TAXING AUTHORITIES, GENERALLY FOR THREE YEARS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN SPLIT INTEREST AGREEMENTS 609,659. CHANGE IN VALUE OF INTEREST RATE SWAP -61,168. PART XI, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID, WHICH WAS NETTED WITH TUITION REVENUE ON THE FINANCIAL STATEMENTS BUT SHOWN AS AN EXPENSE IN PART IX OF FORM 990 10,110,355. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID, WHICH WAS NETTED WITH TUITION REVENUE ON THE FINANCIAL STATEMENTS BUT SHOWN AS AN EXPENSE IN PART IX OF FORM 990 10,110,355. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 WESTERN RESERVE ACADEMY PUBLICIZES IN LOCAL NEWSPAPERS DURING THE TIME WHICH IS THE PERIOD OF STUDENT SOLICITATION CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS 12919000 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 INVESTMENTS 7527000 0 0 0 0 0 0 20446000 0 20446000 1 0 1 0 1 0 PART III ACCOUNTING METHOD: GOLF OUTING 45256 19853 25403 1907 7180 9223 45256 19853 25403 1907 7180 9223 18310 7093 1 SCHOLARSHIPS FOR STUDENTS 250 10110355 0 PART I, LINE 2: MONITORING USE OF GRANT FUNDS - THE ACADEMY ENSURES THAT ITS FINANCIAL AID GRANTS ARE USED FOR EDUCATIONAL PURPOSES BY CREDITING THE AMOUNTS DIRECTLY TO THE STUDENTS' ACCOUNTS RATHER THAN ISSUING CHECKS. X X X X 1 1 X X 0 0 0 0 0 0 0 0 0 SUZANNE E BUCK HEAD OF SCHOOL 411170 0 50000 0 6552 0 30500 0 149772 0 647994 0 0 0 THOMAS P ARNOLD CHIEF FIN.&OP.OFFICER 259904 0 0 0 552 0 26738 0 44197 0 331391 0 0 0 MARK L LAFONTAINE ASST.HEAD OF SCHOOL FOR ADV. 286482 0 0 0 1032 0 28658 0 1099 0 317271 0 0 0 JENNIFER R BIEHN DIR.-ENROLLMENT MANAGEMENT 176307 0 0 0 552 0 17875 0 108587 0 303321 0 0 0 MARGARET COLAFELLA DIR.-COMMUNICATIONS & MARKETING 135630 0 0 0 422 0 13662 0 94873 0 244587 0 0 0 NICHOLAS KENT ASSOCIATE HEAD OF SCHOOL 162304 0 0 0 360 0 16638 0 36641 0 215943 0 0 0 MATTHEW L GERBER CHIEF INNOVATION OFFICER 135153 0 0 0 9783 0 14363 0 31377 0 190676 0 0 0 BRENDA PETERSEN ASSOCIATE HEAD OF SCHOOL 131240 0 0 0 5180 0 13750 0 26463 0 176633 0 0 0 DAVID L CHIARELLA DIR.-COUNSELING&PSYCH.SERVICES 141246 0 0 0 1398 0 14625 0 8235 0 165504 0 0 0 RUTH D ANDREWS SR. DIR OF LEADERSHIP GIFTS 130439 0 0 0 1289 0 13887 0 15411 0 161026 0 0 0 PART I, LINE 1A BENEFITS PROVIDED TO CERTAIN OFFICERS - THE FOLLOWING ARE PROVIDED HOUSING: HEAD OF SCHOOL, DIRECTOR OF ENROLLMENT MANAGEMENT, CHIEF INNOVATION OFFICER, AND ASSOCIATE HEAD OF SCHOOL. THE HEAD OF SCHOOL RECEIVES HOUSEKEEPING SERVICES AND AN ALLOWANCE FOR HER HUSBAND TO TRAVEL WITH HER. WRA ALSO PAYS MONTHLY DUES FOR THE HEAD OF SCHOOL'S HARVARD CLUB OF BOSTON MEMBERSHIP. A DEVFINAUTHORITY OF SUMMIT COUNTY-SERIES 2020 341765940 2020-07-16 17742000 REFINANCING OF 2017A & 2017B BONDS 0 0 0 A 17590200 17742000 151800 1 0 1 1 A 0 0 0 0 0 0 0 A 0 1 0 0 1 1 FNB OF PA 15.000000000000 0 0 0 0 1 A 0 X 0 N/A X 50 584771 FMV X 2.114 BITCOIN 1 96315 APPRAISAL X MUSICAL INSTRUMENTS 1 0 N/A X CAMPING EQUIPMENT 1 0 N/A 1 0 1 1 PART I, LINE 32B: USE OF THIRD PARTIES - THE ACADEMY USES A SECURITIES BROKER TO SELL DONATED SECURITIES. THE FEES CHARGED BY THE BROKER ARE AT OR BELOW FAIR MARKET VALUE. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW - FORM 990 IS REVIEWED BY A COMMITTEE OF THE BOARD OF TRUSTEES WITH THE BOARD'S AUTHORITY TO OVERSEE THE FILING PROCESS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 PROVIDED TO GOVERNING BODY - BECAUSE OF THE CONFIDENTIAL NATURE OF DONOR INFORMATION, THE ACADEMY HAS CHOSEN NOT TO SHARE THE NAMES AND ADDRESSES OF DONORS LISTED ON SCHEDULE B WITH THE BOARD OF TRUSTEES. THEREFORE, THE ACADEMY PROVIDED A COPY OF FORM 990 TO THE BOARD BUT REDACTED THE NAMES AND ADDRESSES OF DONORS FROM SCHEDULE B. AS SUCH, WE ARE REQUIRED TO ANSWER "NO" TO THE QUESTION ON LINE 11A OF PART VI EVEN THOUGH THE BOARD WAS GIVEN FORM 990 BEFORE IT WAS FILED. FORM 990, PART VI, SECTION B, LINE 12C MONITORING AND ENFORCEMENT OF CONFLICT POLICY - THE CONFLICT OF INTEREST QUESTIONNAIRES ARE REVIEWED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. SIGNIFICANT ISSUES ARE DISCUSSED AND RESOLVED. WHEN A CONFLICT ARISES, THE INDIVIDUAL IS NOT PERMITTED TO PARTICIPATE IN THE DISCUSSION OF THE TRANSACTION OR TO VOTE ON THE MATTER. THE DECISION ABOUT THE TRANSACTION IS MADE BY PERSONS WHO ARE INDEPENDENT OF THE INDIVIDUAL WITH THE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION REVIEW AND APPROVAL - AS A SUB-COMMITTEE TO THE BOARD OF TRUSTEES, THE COMPENSATION COMMITTEE DETERMINES ANNUAL SALARY, ANY BONUS AMOUNTS, AND ANY DEFERRED COMPENSATION FOR THE HEAD OF SCHOOL. THE COMMITTEE'S DECISION IS INFORMED BY REVIEWING BENCHMARK DATA PROVIDED BY NAIS, TABS, NBOA, ABOPS, AND OAIS, ALL OF WHICH ARE EITHER LOCAL, REGIONAL, OR NATIONAL ORGANIZATIONS THAT COLLECT DATA RELATED TO INDEPENDENT SCHOOL COMPENSATION. THIS INFORMATION, COMBINED WITH PERFORMANCE IN MEETING PREVIOUSLY ESTABLISHED GOALS, IS THEN USED TO DETERMINE THE FULL COMPENSATION PACKAGE. A SIMILAR PROCESS IS USED BY THE HEAD OF SCHOOL IN DETERMINING THE COMPENSATION AMOUNTS FOR LEADERSHIP POSITIONS. THIS INFORMATION IS ALSO SHARED WITH THE COMPENSATION COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 AVAILABILITY OF DOCUMENTS - THE ACADEMY'S FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. THE ACADEMY DOES NOT MAKE ITS GOVERNING DOCUMENTS OR CONFLICT POLICY AVAILABLE. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF INTEREST RATE SWAP 609,659. CHANGE IN SPLIT INTEREST AGREEMENTS -61,168. WRA INNOVATIONS LLC 115 COLLEGE STREET HUDSON OH 44236 843664989 DELIVERY OF PROGRAM ASSISTANCE OH 0 12768 WESTERN RESERVE ACADEMY