2024-05-14T16:10:58-05:00 2023-06-30 232896692 BBD LLP 1835 MARKET STREET SUITE 300 PHILADELPHIA PA 19103 990 2022-07-01 231370500 EPISCOPAL ACADEMY EPIS 4844241420 1785 BISHOP WHITE DRIVE NEWTOWN SQUARE PA 19073 LAWRENCE CAPUZZI CHIEF FINANCIAL OFFICER 4844241420 2024-05-14 1 LAWRENCE CAPUZZI 999009999 0 ADAM WATSON P01367206 2155677770 2024-05-14 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z DR THOMAS J LOCKE 1785 BISHOP WHITE DRIVE NEWTOWN SQUARE PA 19073 76212402 0 X WWW.EPISCOPALACADEMY.ORG X 1785 PA A CO-EDUCATIONAL INDEPENDENT DAY SCHOOL FOR GRADES PRE-K THROUGH TWELVE. 30 30 551 149 90851 0 18986216 20039728 46296624 47090875 196222 3612017 13319 -48868 65492381 70693752 8936771 8986092 0 0 30883633 32897859 0 0 2979997 17656982 15665015 57477386 57548966 8014995 13144786 285908230 302553987 23861011 23626650 262047219 278927337 X CHALLENGING AND NURTURING MIND, BODY, AND SPIRIT, WE INSPIRE BOYS AND GIRLS TO LEAD LIVES OF PURPOSE, FAITH, AND INTEGRITY. 0 0 50177773 8986092 47179477 THE EPISCOPAL ACADEMY IS AN INDEPENDENT, CO-EDUCATIONAL DAY SCHOOL LOCATED IN NEWTOWN SQUARE, PENNSYLVANIA. ITS CURRICULUM IS COLLEGE PREPARATORY AND INCLUDES GRADES PRE-KINDERGARTEN THROUGH TWELVE. THE ENROLLMENT AT THE ACADEMY IS APPROXIMATELY 1,274 STUDENTS. THE SCHOOL PARTICIPATES IN COMMUNITY SERVICE WORK THAT EXEMPLIFIES THE SCHOOL'S MISSION. THE EPISCOPAL ACADEMY GREATLY VALUES DIVERSITY OF ALL KINDS, INCLUDING RACIAL AND ECONOMIC. TO HELP ACHIEVE THIS DIVERSITY, APPROXIMATELY $8.5 MILLION OF NEED-BASED FINANCIAL AID IS GRANTED TO FAMILIES EACH YEAR IN ORDER TO MAKE IT POSSIBLE FOR CHILDREN [CONT. ON SCH. O]TO ATTEND THE SCHOOL. APPROXIMATELY 22% OF THE STUDENT POPULATION IS AWARDED FINANCIAL AID. ON AVERAGE, THIS AWARD IS APPROXIMATELY 85% OF THE AVERAGE TUITION. 50177773 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 1 1 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 48 0 1 551 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 30 30 0 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X BUSINESS OFFICE 4844241420 1785 BISHOP WHITE DRIVE NEWTOWN SQUARE PA 19073 ELIZABETH A CORRIGAN CHAIR 3.00 X X 0 0 0 JEREMY P COOTE VICE CHAIR 3.00 X X 0 0 0 ROBERT R CORRATO VICE CHAIR 3.00 X X 0 0 0 ANN T SEMMER VICE CHAIR 3.00 X X 0 0 0 J RICHARD LEAMAN III TREASURER 3.00 X X 0 0 0 AMACHIE ACKAH SECRETARY 3.00 X X 0 0 0 SANDRA BALDINO TRUSTEE 3.00 X 0 0 0 JOHN S BUCKLEY JR TRUSTEE 3.00 X 0 0 0 WARREN I CLAYTOR TRUSTEE 3.00 X 0 0 0 ROBERT R CORRATO TRUSTEE 3.00 X 0 0 0 DAVID R DUGERY TRUSTEE 3.00 X 0 0 0 DANIELLE GUREGHIAN TRUSTEE 3.00 X 0 0 0 REV CANON DANIEL GP GUTIERREZ TRUSTEE 3.00 X 0 0 0 NOUSHIN HEIDARY TRUSTEE 3.00 X 0 0 0 JOANNE F HOPKINS TRUSTEE 3.00 X 0 0 0 BILLY KING TRUSTEE 3.00 X 0 0 0 ANN M KRAFTSON TRUSTEE 3.00 X 0 0 0 RYAN D LIMAYE TRUSTEE 3.00 X 0 0 0 WILLIAM L LO TRUSTEE 3.00 X 0 0 0 CHRISTOPHER K MCHUGH TRUSTEE 3.00 X 0 0 0 ROBERT S MCMENAMIN TRUSTEE 3.00 X 0 0 0 ADAM J MURRAY TRUSTEE 3.00 X 0 0 0 RYAN L NEWMAN TRUSTEE 3.00 X 0 0 0 DAVID J REAPE TRUSTEE 3.00 X 0 0 0 KARIN A RISI TRUSTEE 3.00 X 0 0 0 LAURA M ROOKLIN TRUSTEE 3.00 X 0 0 0 CALVIN W SCHMIDT TRUSTEE 3.00 X 0 0 0 JULIEANN G SHANAHAN TRUSTEE 3.00 X 0 0 0 MOHAMMED A TOURE TRUSTEE 3.00 X 0 0 0 ROBERT C WRIGHT JR TRUSTEE 3.00 X 0 0 0 DR THOMAS J LOCKE HEAD OF SCHOOL 40.00 X 708417 0 283605 LAWRENCE CAPUZZI CHIEF FINANCIAL OFFICER 40.00 X 300064 0 36641 JENNIFER FIFER DIRECTOR OF INSTITUTIONAL ADVANCEMENT 40.00 X 244746 0 28061 CHRISTOPHER TORINO ASSISTANT HEAD OF SCHOOL 40.00 X 227011 0 27475 TERRENCE MALONE HEAD OF LOWER SCHOOL 40.00 X 201239 0 29326 MARK NOTARO CHIEF OPERATING OFFICER 40.00 X 199421 0 61226 MICHAEL LETTS HEAD OF UPPER SCHOOL 40.00 X 197102 0 24214 2078000 0 490548 86 0 1 0 SAGE DINING SERVICES INC 1402 YORK ROAD LUTHERVILLE MD 21093 DINING SERVICES 1673548 SOUTHAMPTON WINDOW CLEANING 726 PENNSYLVANIA AVENUE SOUTHAMPTON PA 18966 JANITORIAL SERVICES 1000750 WS CUMBY INC 938 LINCOLN AVENUE SPRINGFIELD PA 19064 CONSTRUCTION SERVICES 956154 JOHNSON CONTROLS PO BOX 730068 DALLAS TX 75373 SUSTAINABILITY SERVICES 629484 KRAPF'S COACHES 1060 SAUNDERS LANE WEST CHESTER PA 19380 TRANSPORTATION 325092 23 6090 20170 491171 227028 19295269 231856 20039728 TUITION 611110 45237041 45237041 AUXILIARY ATHLETIC PROGRAMS 611110 1725432 1725432 OUTSOURCED SUMMER CAMP PROGRAMS 611110 90851 90851 DEPOSIT/APPLICATIONS 611110 25396 25396 TUITION MANAGEMENT INCOME 611110 12155 12155 47090875 2678753 2678753 84108 0 84108 84108 84108 3999830 3066566 933264 933264 933264 156362 491171 197498 -41136 -41136 2158252 2254586 -96334 -96334 LATE FEES AND OTHER 900099 4494 4494 4494 70693752 47088626 90851 3474547 8935384 8935384 50708 50708 1142436 802985 333097 6354 25983269 22548063 2446924 988282 1551597 1346463 146119 59015 2206753 1915001 207817 83935 2013804 1754291 184853 74660 127797 84688 9460 33649 61000 53070 5490 2440 46043 46043 1282039 1112543 120734 48762 115170 57755 5217 52198 1305566 1265960 28683 10923 663798 608478 39405 15915 1836041 1593402 172834 69805 1207541 1169139 9041 29361 259229 224957 24412 9860 5515179 4786026 519381 209772 296038 256899 27879 11260 GIVING AND SUPPORT 1218517 1218517 ATHLETICS 618082 618082 INSTRUCTIONAL 390445 353846 33347 3252 STUDENT SERVICES 137838 137838 584692 502195 30460 52037 57548966 50177773 4391196 2979997 16586 20686 17264097 20302411 11649876 14046317 380800 327160 34273 61611 3806812 5915337 228698249 77254273 155481360 151443976 86697468 99887427 9900001 9900000 676957 649062 285908230 302553987 4675811 3895036 10149953 11549298 8575842 7833115 459405 349201 23861011 23626650 X 209966140 219796674 52081079 59130663 262047219 278927337 285908230 302553987 X 13144786 6588605 -2853273 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 96472122 6398051 9857657 2455539 665316 46043 109560932 101712362 11185196 -12989705 2237397 1133299 65035 96472122 78514854 6474221 19836127 1478048 1578572 56220 101712362 75509056 2995972 3124486 1192010 1866065 56585 78514854 68418545 5906209 3280789 922449 1120451 53587 75509056 0.65000 0.35000 0 0 31192214 31192214 180804396 61915654 118888742 16701639 15338619 1363020 151443976 DISCOUNT ON FUTURE INTERESTS 274383 OTHER LIABILITIES 74818 349201 X 67417249 6588605 2208543 8797148 58620101 12073651 12073651 70693752 50537131 2254586 2254586 48282545 46043 9220378 9266421 57548966 PART V, LINE 4: IT IS THE POLICY OF THE SCHOOL TO DRAW 4.00% FOR THE YEARS ENDING JUNE 30, 2023 AND 2022, OF THE TWELVE QUARTER TRAILING AVERAGE OF THE ENDOWMENT'S MARKET VALUE. THE AMOUNT DISTRIBUTED IS USED TO FUND THE SCHOOL, UP TO BUT NOT LIMITED TO STAFF SALARIES, INFORMATION TECHNOLOGY, STAFF DEVELOPMENT, OPERATIONS AND MAINTENANCE, ATHLETICS, FINANCIAL AID AND SCHOLARSHIPS, AND ADMINISTRATIVE EXPENSES. PART X, LINE 2: THE SCHOOL BELIEVES THERE ARE NO UNCERTAINTIES WHICH WOULD REQUIRE ANY RECOGNITION OF TAX BENEFITS OR TAX LIABILITIES FOR THE YEARS ENDED JUNE 30, 2023, 2022 AND 2021. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 2,254,586. INVESTMENT MANAGEMENT FEES -46,043. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 8,935,383. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -4,036. BAD DEBT EXPENSE (RECOVERY) 2,857,309. CAPITAL CAMPAIGN EXPENSE 284,995. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 2,254,586. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 8,935,383. CAPITAL CAMPAIGN EXPENSES 284,995. 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 SCHOOL'S RACIAL NONDISCRIMINATORY POLICY CONCERNING STUDENTS WAS PUBLISHED IN THE PHILADELPHIA DAILY NEWS. THE FOLLOWING WORDING IS ALSO USED ON ALL ADMISSION APPLICATIONS AND ON THE SCHOOL'S WEBSITE: "THE EPISCOPAL ACADEMY DOES NOT DISCRIMINATE IN THE ADMISSION PROCESS ON THE BASIS OF RACE, COLOR, RELIGION, SEXUAL ORIENTATION, NATIONAL ORIGIN, DISABILITY, OR FAMILIAL AFFILIATION." SCHEDULE E, PART I, LINE 6 THE SCHOOL RECEIVES FUNDING FOR SUPPLIES FROM THE STATE OF PENNSYLVANIA. 0 CENTRAL AMERICA AND THE CARIBBEAN PROGRAM SERVICES TO SUPPORT THE OPERATIONS OF A SCHOOL WHOSE MISSION IS TO EDUCATE STUDENTS TO LIVE PURPOSEFULLY AND WITH FAITH AND INTEGRITY. 50708 0 0 0 0 0 0 50708 0 50708 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, ORGANIZED AND FINANCIALLY SUPPORTED THE BUILDING OF A SCHOOL. 50708 WIRE TRANSFER 0 FMV 0 0 0 0 0 0 PART I, LINE 2: THE SCHOOL ONLY DISSEMINATES FUNDS AFTER RECEIVING AND APPROVING ALL RECEIPTS AND INVOICES FOR EXPENSES UNDERTAKEN BY THE RECIPIENT ORGANIZATION. PART III ACCOUNTING METHOD: STARFEST 316622 273072 43550 13215 5724 50980 19770 8271 HORIZONS 210225 191455 18770 1750 21859 425 3785 6 120686 26644 94042 71719 647533 491171 156362 13215 7474 72839 20195 83775 197498 -41136 1 FINANCIAL AID 291 8935384 PART I, LINE 2: THE EPISCOPAL ACADEMY PROVIDES FINANCIAL AID TO FAMILIES WHO QUALIFY BASED ON AN ASSESSMENT BY THE SCHOOL AND STUDENT SERVICES BY NAIS (SSS BY NAIS). THE EPISCOPAL ACADEMY'S NEED-BASED FINANCIAL AID PROGRAM ENABLES STUDENTS TO ATTEND THE ACADEMY REGARDLESS OF A FAMILY'S ABILITY TO PAY FULL TUITION. ADMISSION DECISIONS AND DETERMINATION OF FINANCIAL AID ARE MADE BY TWO SEPARATE COMMITTEES. ONCE AN APPLICANT IS OFFERED ADMISSION, THEIR APPLICATION FOR FINANCIAL AID IS REVIEWED AND ASSESSED BY THE FINANCIAL AID COMMITTEE. X X X 1 1 X X 0 0 0 0 0 0 0 0 0 DR THOMAS J LOCKE HEAD OF SCHOOL 708417 0 0 0 0 0 129900 0 153705 0 992022 0 0 0 LAWRENCE CAPUZZI CHIEF FINANCIAL OFFICER 300064 0 0 0 0 0 19400 0 17241 0 336705 0 0 0 JENNIFER FIFER DIRECTOR OF INSTITUTIONAL ADVANCEMEN 244746 0 0 0 0 0 17277 0 10784 0 272807 0 0 0 MARK NOTARO CHIEF OPERATING OFFICER 199421 0 0 0 0 0 14606 0 46620 0 260647 0 0 0 CHRISTOPHER TORINO ASSISTANT HEAD OF SCHOOL 227011 0 0 0 0 0 16905 0 10570 0 254486 0 0 0 TERRENCE MALONE HEAD OF LOWER SCHOOL 201239 0 0 0 0 0 14894 0 14432 0 230565 0 0 0 MICHAEL LETTS HEAD OF UPPER SCHOOL 197102 0 0 0 0 0 13894 0 10320 0 221316 0 0 0 PART I, LINE 1A HEAD OF SCHOOL DR. THOMAS J. LOCKE HAS A RESIDENCE IN WHICH HE LIVES ON CAMPUS. THE HOUSING ALLOWANCE IS NOT INCLUDED IN HIS TAXABLE COMPENSATION SINCE IT IS EXCLUDED UNDER INTERNAL REVENUE CODE SECTION 119. THE SCHOOL PROVIDES CLEANING AND MAINTENANCE SERVICES FOR THE HOUSE AND ITS ENVIRONS AS THE RESIDENCE IS REGULARLY USED FOR SCHOOL-RELATED EVENTS. THE SCHOOL ALSO SUPPORTS HEAD OF SCHOOL DR. THOMAS J. LOCKE'S DEVELOPMENT ACTIVITY BY PROVIDING MEMBERSHIPS TO VARIOUS LOCAL CLUBS AND ORGANIZATIONS AT WHICH VARIOUS SCHOOL-RELATED FUNCTIONS SUCH AS MEETINGS AND ALUMNI EVENTS ARE HELD. THE ABOVE-MENTIONED BENEFITS ARE NOT INCLUDED IN THE HEAD OF SCHOOL'S TAXABLE COMPENSATION. A DELAWARE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 231997311 2012-12-07 10500000 REPAYMENT OF PRIOR BONDS USED FOR FINANCING COSTS OF CONSTRUCTION PROJECT 0 0 0 A 2666885 10500000 10500000 1 0 1 1 A 0 0 0 0 0 0 1 A 0 1 0 0 0 0 0 0 0 A 0 GRACE LIMAYE SPOUSE OF BOARD MEMBER 108467 UPPER SCHOOL SCIENCE TEACHER 0 SARA CAPUZZI SPOUSE OF CFO 125250 LITERARY COACH 0 X 21 231856 NYSE AND NASDAQ 0 1 1 PART I, LINE 32B: VANGUARD RECEIVES ALL STOCK GIFTS AND THE SCHOOL SELLS THEM IMMEDIATELY. THE SCHOOL OBTAINS A HIGH/LOW PRICE FOR THE TRANSACTION DATE FOR WHICH THE AVERAGE PRICE PER SHARE IS RECORDED AS A CONTRIBUTION. FORM 990, PART VI, SECTION B, LINE 11B THE SCHOOL COMPILES ALL NECESSARY SCHEDULES AND INFORMATION FOR THE TAX PREPARER TO UPLOAD INTO THE RETURN. ONCE PREPARED BY THE TAX PREPARER, A DRAFT COPY OF THE 990 IS CIRCULATED AMONGST THE AUDIT COMMITTEE AND THE BOARD OF TRUSTEES FOR THEIR APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C MEMBERS OF THE GOVERNING BOARD SUBMIT A RELATED PARTY AND CONFLICT OF INTEREST QUESTIONNAIRE ANNUALLY. THE BOARD LIAISON, AN EMPLOYEE WITH THE SCHOOL, REVIEWS THE FORMS FOR ANY CONFLICTS OF INTEREST. BOARD MEMBERS WITH AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST RECUSE THEMSELVES FROM THE MEETING AND DO NOT VOTE ON THE MATTER CAUSING THE CONFLICT OF INTEREST. OTHER PARTIES WHO MAY EXERT INFLUENCE OVER THE SCHOOL, SUCH AS COMMITTEE MEMBERS WHO MAY NOT OTHERWISE SIT ON THE BOARD, MAY ALSO BE ASKED TO SIGN AN ANNUAL QUESTIONNAIRE. FAMILY AND BUSINESS RELATIONSHIPS ARE EXPRESSLY MENTIONED IN THE CONFLICT OF INTEREST QUESTIONNAIRE FORM. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD CHAIR IN CONSULTATION WITH OTHER BOARD MEMBERS IS RESPONSIBLE FOR SETTING AND DETERMINING THE COMPENSATION OF THE HEAD OF SCHOOL. NATIONAL PEER SCHOOL DATA (INDEX) AND LOCAL INDEPENDENT SCHOOL DATA IS GATHERED IN ORDER TO MAKE COMPARISONS TO ENSURE EXECUTIVE COMPENSATION IS WITHIN FAIR MARKET VALUE IN THE INDUSTRY. FORM 990, PART VI, SECTION C, LINE 19 THE SCHOOL MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 4,036. BAD DEBT EXPENSE (RECOVERY) -2,857,309.