2025-05-05T18:42:18-05:00 2024-06-30 331374517 PKF O'CONNOR DAVIES ADVISORY LLC 500 MAMARONECK AVENUE SUITE 301 HARRISON NY 105281633 990 2023-07-01 221487233 KENT PLACE SCHOOL KENT 9082730900 42 NORWOOD AVENUE SUMMIT NJ 07901 MATTHEW PARK CFO 9082730900 2025-05-05 1 1 MELISSA MODELSON P01603524 9143818900 2025-05-05 2023 2025-03-06 01:10:19Z MATTHEW PARK 42 NORWOOD AVENUE SUMMIT NJ 07901 51551783 0 X WWW.KENTPLACE.ORG X 1894 NJ THE ONLY NONSECTARIAN GIRLS' DAY SCHOOL IN NJ, KENT PLACE SCHOOL PROVIDES A RIGOROUS AND FULFILLING EDUCATION FOR 600+ STUDENTS IN KINDERGARTEN THROUGH GRADE 12 WITH A COED PRESCHOOL. 28 28 382 60 15461 10829 6283411 4880992 33659999 36239041 461231 3197050 512475 527548 40917116 44844631 4045942 4273163 0 0 23976930 25403117 84663 66146 3246686 11661453 11063934 39768988 40806360 1148128 4038271 76739322 81246988 10906887 10603255 65832435 70643733 X FOR 130 YEARS, KENT PLACE SCHOOL HAS EMPOWERED GIRLS TO BE CONFIDENT, INTELLECTUAL, AND ETHICAL LEADERS WHO ADVANCE THE WORLD. 0 0 29883537 4273163 36315228 OUR KENT PLACE CURRICULUM AND PROGRAMS ARE RICH IN OPPORTUNITIES FOR STUDENTS TO DEVELOP ETHICAL DECISION-MAKING, CRITICAL THINKING, AND PROBLEM-SOLVING SKILLS. WE PROMOTE INTEGRITY, INITIATIVE, AND INCLUSION THROUGHOUT ALL OF THE SCHOOLING YEARS. OUR STUDENTS TAKE ON INCREASINGLY PROFOUND LEADERSHIP OPPORTUNITIES THAT FOSTER COLLABORATION AND SELF-AWARENESS WHILE ALSO CULTIVATING COMPASSION AND EMPATHY. WE BELIEVE THAT THE LESSONS AND VALUES ENCOURAGED BY OUR MULTI-TALENTED FACULTY PREPARE EACH STUDENT TO BE AN ACTIVE CONTRIBUTOR TO THE LARGER WORLD BEYOND KENT PLACE. KENT PLACE IS HOME TO A WIDE ARRAY OF CURRICULAR AND COCURRICULAR ACTIVITIES, AS WELL AS OUR SIGNATURE PROGRAMS SUCH AS THE GIRLS' LEADERSHIP INSTITUTE AND OUR RENOWNED ETHICS INSTITUTE, WHICH PROMOTES THE PROCESS AND PRACTICE OF ETHICAL DECISION-MAKING IN PRIMARY AND SECONDARY SCHOOL COMMUNITIES. KENT PLACE ALSO OFFERS A TRADITIONAL SUMMER DAY CAMP, AFTERSCHOOL PROGRAMS, AND ENRICHMENT CLASSES. 29883537 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 1 1 0 1 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 120 0 382 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 28 28 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 X MATTHEW PARK 9082730900 42 NORWOOD AVENUE SUMMIT NJ 07901 ANNE GRISSINGER PRESIDENT 2.00 X X 0 0 0 JENNIFER T GROGAN VICE PRESIDENT 2.00 X X 0 0 0 NANCY H VAN DUYNE VICE PRESIDENT 2.00 X X 0 0 0 KATIE MACHIR VICE PRESIDENT 2.00 X X 0 0 0 SUNEET VARMA VICE PRESIDENT 2.00 X X 0 0 0 RAHUL GOYAL TREASURER 2.00 X X 0 0 0 LAWRENCE D JOHNSON II SECRETARY 2.00 X X 0 0 0 KC ARTEMENKO TRUSTEE 2.00 X 0 0 0 YEMI-BENEDICT VATEL TRUSTEE 2.00 X 0 0 0 MARIA BRUGG TRUSTEE 2.00 X 0 0 0 TODD C BUILIONE TRUSTEE 2.00 X 0 0 0 ELIZABETH CHRYSTAL TRUSTEE 2.00 X 0 0 0 BETSY CROSBY TRUSTEE 2.00 X 0 0 0 CARLOS CRUZ TRUSTEE 2.00 X 0 0 0 NICOLE G EPPS TRUSTEE 2.00 X 0 0 0 PATRICIA GRUSHKIN TRUSTEE 2.00 X 0 0 0 SHANE HARRIS TRUSTEE 2.00 X 0 0 0 CLAUDIA HIRAWAT TRUSTEE 2.00 X 0 0 0 PING JI TRUSTEE 2.00 X 0 0 0 BROOKE LESSINGER TRUSTEE 2.00 X 0 0 0 KATHERINE LYNCH TRUSTEE 2.00 X 0 0 0 LYNN MAGRANE TRUSTEE 2.00 X 0 0 0 BEVERLY B MILLS TRUSTEE 2.00 X 0 0 0 USHA PUGLIANDA TRUSTEE 2.00 X 0 0 0 BENJAMIN SEELAUS TRUSTEE 2.00 X 0 0 0 JENNY SHILLING TRUSTEE 2.00 X 0 0 0 ALEXANDRA WALTER TRUSTEE 2.00 X 0 0 0 JAMES WU TRUSTEE 2.00 X 0 0 0 JENNIFER C GALAMBOS HEAD OF SCHOOL 40.00 X 498419 0 208740 MATTHEW PARK CHIEF FINANCIAL & OPERATING OFFICER AS OF JUNE 2024 40.00 X 0 0 0 GENEVIEVE MADIGAN CHIEF FINAN & OPERATING OFFICER THRU JUNE 2024 40.00 X 289164 0 61870 ALLISON BRUNHOUSE CHIEF ENROLLMENT & STRATEGY OFFICER 40.00 X 206765 0 30665 CORAL BROOKS CHIEF ADVANCEMENT OFFICER 40.00 X 227561 0 71328 KAREN REZACH DIRECTOR OF THE ETHICS INSTITUTE 40.00 X 217945 0 43182 JENNIFER SIMPSON DIRECTOR OF COLLEGE ADVISING 40.00 X 209737 0 30922 JULIA MORGAN ASST HEAD OF SCHOOL, TEACHING & LEARNING 40.00 X 202919 0 78024 CHRISTOPHER BONNER DIRECTOR OF OPERATIONS 40.00 X 179083 0 22202 VICTORIA BROWNE DIRECTOR OF ATHLETICS 40.00 X 174369 0 53767 2205962 0 600700 50 0 1 0 JOHN O'HARA COMPANY INC 25 KEARNEY STREET EAST ORANGE NJ 07107 CONSTRUCTION 1341707 MERIWETHER GODSEY 4944 OLD BOONSBORO RD LYNCHBURG VA 24503 FOOD SERVICE 1091832 JCJ ARCHITECTURE PC 120 HUYSHOPE AVENUE SUITE 400 HARTFORD CT 06106 CONSTRUCTION 1073469 DIRECT CLEAN SERVICE SOLUTIONS 36-06 43RD AVENUE 2ND FLOOR LONG ISLAND CITY NY 11101 CLEANING SERVICES 357732 DANCKER 291 EVANS WAY SOMERVILLE NJ 08876 STORAGE SERVICES 337676 16 17551 4863441 317903 4880992 TUITION AND FEES 611600 34567014 34567014 AUXILIARY SERVICES 611600 1672027 1672027 36239041 1040366 14293 1026073 324739 33774 290965 290965 290965 8638273 6481589 2156684 2156684 1168 2155516 106988 17551 66693 40295 40295 201283 125096 76187 76187 OTHER REVENUE 900099 84860 84860 TUITION FORFEITURE 900099 35241 35241 120101 44844631 36315228 15461 3632950 4273163 4273163 1476840 110621 838996 527223 18495184 13766655 3645894 1082635 1284678 929797 278907 75974 2432601 1740421 527108 165072 1713814 1195785 383713 134316 97289 12422 84867 125300 125300 66146 66146 102553 102553 404132 131969 272163 153959 11292 75352 67315 1179466 750887 158853 269726 575964 282933 143455 149576 523133 441289 54883 26961 434198 371943 23530 38725 2693337 2212450 322472 158415 REPAIRS AND MAINTENANCE 1429610 1211211 135328 83071 EDUCATIONAL PROGRAM 1411438 1240335 110605 60498 DINING SERVICE FEES 974417 974417 OTHER OPERATING EXPENSE 615252 58650 221009 335593 343886 167297 171149 5440 40806360 29883537 7676137 3246686 2420133 2084867 3080969 10372219 3378554 3844119 128159 493725 92369 73200 1767333 1616067 73141049 32875785 40871272 40265264 20133362 14844972 4764007 6831583 103164 820972 76739322 81246988 2872405 2969353 4390651 4168248 3643831 3465654 10906887 10603255 X 41033830 41625241 24798605 29018492 65832435 70643733 76739322 81246988 4038271 773027 0 X X 0 1 X 1 0 X 5865616 4919244 6449698 6283411 4880992 28398961 5865616 4919244 6449698 6283411 4880992 28398961 4574379 23824582 508517 559039 1068769 1205148 1350812 4692285 36315 19358 51124 106797 294559 16721 56199 133479 120101 621059 33819102 161473656 0.70450 0.69880 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: TRIP FUNDS - 2019 AMOUNT: $ 77,223. BOOK FAIR INCOME - 2019 AMOUNT: $ 4,598. OTHER REVENUE - 2019 AMOUNT: $ 212,738. 2020 AMOUNT: $ 16,721. 2021 AMOUNT: $ 56,199. 2022 AMOUNT: $ 133,479. 2023 AMOUNT: $ 84,860. TUITION FORFEITURE - 2023 AMOUNT: $ 35,241. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 22992841 267426 2254897 488484 5365076 19661604 21565445 489780 1699889 473612 288661 22992841 20129143 4214977 -2032651 447640 298384 21565445 19368498 413746 4131437 445246 363990 23104445 18781126 1282290 -11550 426011 257357 19368498 0.06238 0.78394 0.15368 0 0 368323 368323 60934434 25444787 35489647 9362782 7118931 2243851 2475510 312067 2163443 40265264 PRIVATE EQUITY 3198654 F ABSOLUTE RETURN 3632929 F 6831583 X 41505962 773027 225563 998590 40507372 102323 4234936 4337259 44844631 36694664 225563 225563 36469101 102323 4234936 4337259 40806360 PART V, LINE 4: THE ENDOWMENT SUPPORTS STUDENT FINANCIAL AID AND OTHER EDUCATIONAL PURPOSES SUCH AS PROFESSIONAL DEVELOPMENT FOR FACULTY AND STAFF. THE BEGINNING OF YEAR BALANCE OF THE ENDOWMENT FUNDS IN COLUMN (C) DIFFERS FROM THE END OF YEAR BALANCE IN COLUMN (D) DUE TO A REVIEW OF THE FUNDS CLASSIFIED AS PART OF THE ENDOWMENT, WHICH RESTATED THE PRESENTATION OF UNRESTRICTED BOARD DESIGNATED FUNDS. PART X, LINE 2: THE SCHOOL RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED. MANAGEMENT HAS DETERMINED THAT THE SCHOOL HAD NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. THE SCHOOL IS NO LONGER SUBJECT TO EXAMINATION BY THE APPLICABLE TAXING JURISDICTIONS FOR TAX YEARS PRIOR TO JUNE 30, 2021. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD INCLUDED ON PART VIII, LINE 10B 125,096. SPECIAL EVENTS EXPENSE INCLUDED ON PART VIII, LINE 8B 66,693. RENT EXPENSES INCLUDED ON PART VIII, LINE 6B 33,774. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID INCLUDED ON PART IX, LINE 2 4,234,936. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD INCLUDED ON PART VIII, LINE 10B 125,096. SPECIAL EVENTS EXPENSE INCLUDED ON PART VIII, LINE 8B 66,693. RENT EXPENSES INCLUDED ON PART VIII, LINE 6B 33,774. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID INCLUDED ON PART IX, LINE 2 4,234,936. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 A STATEMENT OF POLICY IS PUBLISHED IN THE LEGAL ADVERTISEMENT SECTION OF LOCAL NEWSPAPERS. A GENERAL STATEMENT OF NON-DISCRIMINATION IS ALSO PUBLICIZED ON THE SCHOOL'S WEBSITE. X X X X X 1 MARTS & LUNDY 160 CHUBB AVENUE SUITE 303 LYNDHURST NJ 07071 CAMPAIGN MANAGEMENT/COMMUNICATION 0 0 66146 -66146 66146 -66146 NJ SPRING FETE 124539 17551 106988 40301 18990 7402 124539 17551 106988 40301 18990 7402 66693 40295 SCHEDULE G, PART I, LINE 2B, COLUMN (V) MARTS & LUNDY WAS RETAINED FOR CAMPAIGN MANAGEMENT AND CAMPAIGN COMMUNICATION PLAN. THE AGREEMENT PROVIDES FOR THE PAYMENT FOR SERVICES OF 5,100 PER MONTH FOR CAMPAIGN MANAGEMENT COUNSEL AND HOURLY RATE OF $600 IN EXCESS OF SIX HOURS PER MONTH. ADDITIONAL ON-SITE DAYS WILL BE BILLED AT A PER DIEM RATE OF $4,500. 1 FINANCIAL AID 126 4234936 WELSH SCHOLARSHIP 4 31310 GRASSMAN AWARD 1 6917 PART I, LINE 2: FINANCIAL AID IS PROVIDED TO STUDENTS IN NEED IN ACCORDANCE WITH A SPECIFIC APPLICATION PROCESS THAT INVOLVES THE USE OF FINANCIAL AID ASSESSMENT SOFTWARE AND FILE REVIEW BY THE ADMISSIONS OFFICE AND OTHER SELECTED INDIVIDUALS INCLUDING THE CHIEF FINANCIAL AND OPERATING OFFICER. GRANTS ARE PROVIDED IN THE FORM OF FINANCIAL AID AND CAN ONLY BE USED TO REDUCE THE COST OF TUITION AND APPLICABLE STUDENT FEES ON A STUDENT'S ENROLLMENT CONTRACT FOR THE SCHOOL YEAR. THE WELSH SCHOLARSHIP IS PROVIDED TO YOUNG WOMEN WHO DEMONSTRATE FINANCIAL NEED, WHO ARE PERMANENT RESIDENTS OF SUMMIT, NJ, AND WHO CURRENTLY ATTEND OR HAVE GRADUATED FROM ONE OF THESE SUMMIT HIGH SCHOOLS. THE WELSH SCHOLARSHIP IS AWARDED THROUGH AN APPLICATION PROCESS OVERSEEN BY THE DIRECTOR OF COLLEGE ADMISSIONS. AWARDS ARE PROCESSED BY THE BUSINESS OFFICE AND SENT DIRECTLY TO THE STUDENT'S APPLICABLE COLLEGE AS INSTRUCTED BY THE DIRECTOR OF COLLEGE ADMISSIONS. THE GRASSMAN AWARD IS PROVIDED TO FACULTY MEMBER. THE GRASSMAN AWARD IS AWARDED THROUGH AN APPLICATION PROCESS OVERSEEN BY THE ASSISTANT HEAD OF SCHOOL FOR TEACHING AND LEARNING. THE ADVANCEMENT OFFICE ENSURE THAT THE AWARD IS SPENT ACCORDING TO THE INTENDED PURPOSE. X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 JENNIFER C GALAMBOS HEAD OF SCHOOL 470923 0 0 0 27496 0 27000 0 181740 0 707159 0 0 0 GENEVIEVE MADIGAN CHIEF FINAN & OPERATING OFFICER THRU JUNE 2024 289164 0 0 0 0 0 24544 0 37326 0 351034 0 0 0 CORAL BROOKS CHIEF ADVANCEMENT OFFICER 227561 0 0 0 0 0 19968 0 51360 0 298889 0 0 0 JULIA MORGAN ASST HEAD OF SCHOOL, TEACHING & LEARNING 202919 0 0 0 0 0 26802 0 51222 0 280943 0 0 0 KAREN REZACH DIRECTOR OF THE ETHICS INSTITUTE 214345 0 0 0 3600 0 27170 0 16012 0 261127 0 0 0 JENNIFER SIMPSON DIRECTOR OF COLLEGE ADVISING 209737 0 0 0 0 0 27170 0 3752 0 240659 0 0 0 ALLISON BRUNHOUSE CHIEF ENROLLMENT & STRATEGY OFFICER 206765 0 0 0 0 0 0 0 30665 0 237430 0 0 0 VICTORIA BROWNE DIRECTOR OF ATHLETICS 174369 0 0 0 0 0 9273 0 44494 0 228136 0 0 0 CHRISTOPHER BONNER DIRECTOR OF OPERATIONS 179083 0 0 0 0 0 9100 0 13102 0 201285 0 0 0 PART I, LINE 1A AS OUTLINED IN THE EMPLOYMENT AGREEMENTS WITH THE SCHOOL, THE HEAD OF SCHOOL IS REQUIRED TO RESIDE ON CAMPUS TO MEET THE ONGOING NEEDS OF THE SCHOOL COMMUNITY UNDER SECTION 119. THE SCHOOL PROVIDED THE HEAD OF SCHOOL WITH A HOUSING ALLOWANCE IN THE AMOUNT OF $155,342. THE HOUSING ALLOWANCE WAS TREATED AS NONTAXABLE COMPENSATION AND REPORTED ON SCHEDULE J, PART II, COLUMN D. THE HEAD OF SCHOOL WAS REIMBURSED $5,000 FOR THE COST OF A TENNIS CLUB MEMBERSHIP, USED FOR THE BENEFIT OF THE SCHOOL. THIS BENEFIT IS NONTAXABLE AND REPORTED ON SCHEDULE J, PART II, COLUMN D. A NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY 222045817 000000000 2016-10-25 10000000 REFINANCING 2013 BOND & RENOVATION 0 0 0 A 1388889 5022087 106000 1090000 3826087 2016 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 1 0 0 0 0 0 0 A 0 PART IV, LINE 2B: ALL GROSS PROCEEDS OF THE BONDS SUBJECT TO THE ARBITRAGE REBATE REQUIREMENT UNDER IRC SECTION 148(F) HAVE BEEN FULLY EXPENDED AND, THEREFORE, NO ARBITRAGE REBATE AMOUNT IS DUE. X 10 312247 SALES PRICE X 2 5656 COST 0 0 1 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTORS IN PART I, COLUMN (B). FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM. THE FORM 990 IS REVIEWED AND APPROVED BY THE AUDIT AND RISK MANAGEMENT COMMITTEE. ONCE APPROVED, A REDACTED COPY OF THE RETURN WITH SCHEDULE B REMOVED IS THEN MADE AVAILABLE TO THE BOARD ELECTRONICALLY FOR FINAL APPROVAL AT A SCHEDULED BOARD MEETING. THE FORM IS ALSO MADE AVAILABLE TO BOARD MEMBERS FOR 7 DAYS PRIOR TO FILING SHOULD THERE BE ANY ADDITIONAL QUESTIONS. FORM 990, PART VI, SECTION B, LINE 12C KENT PLACE SCHOOL HAS A CONFLICT OF INTEREST POLICY THAT APPLIES TO BOARD MEMBERS AND OFFICERS. EACH BOARD MEMBER AND OFFICER MUST ANNUALLY SIGN AND SUBMIT THE CONFLICT OF INTEREST STATEMENT TO THE COMMITTEE ON TRUSTEESHIP CHAIR DISCLOSING THEIR AWARENESS OF THE POLICY AND DISCLOSING ANY POTENTIAL CONFLICTS OF INTEREST. IF A POTENTIAL OR ACTUAL CONFLICT IS DISCLOSED AT ANY TIME, THE BOARD PRESIDENT WILL REVIEWS THE MATERIAL FACTS AND CIRCUMSTANCES AND FOLLOW-UP ON THE NON-COMPLIANCE. IF IT IS ESTABLISHED THAT AN ACTUAL CONFLICT EXISTS, THE INDIVIDUAL WILL BE NOTIFIED IMMEDIATELY AND WILL NOT BE ALLOWED TO VOTE OR BE A PART OF ANY DISCUSSIONS ABOUT ANY SUCH TRANSACTIONS THAT HAVE TO DO WITH THE CONFLICT UNTIL THE CONFLICT IS RESOLVED. ANY DISCUSSION REGARDING THE CONFLICT OF INTEREST TRANSACTION IS DOCUMENTED IN THE MINUTES OF THE BOARD MEETINGS, REFLECTING THE CONFLICT OF INTEREST THAT WAS DISCLOSED, THE NAME OF THE INTERESTED PERSON, AND THE FINAL DETERMINATION AND DECISION. FORM 990, PART VI, SECTION B, LINE 15A THE COMPENSATION COMMITTEE, CONSISTING OF BOARD OF TRUSTEE MEMBERS, REVIEWS THE PERFORMANCE OF THE HEAD OF SCHOOL AND COMPARES COMPENSATION TO ITS PEERS BASED ON SURVEYS PERFORMED BY SCHOOL ASSOCIATIONS AND INDEPENDENT COMPENSATION CONSULTANT. THE COMMITTEE REVIEWS THE KEY DATA AND PROVIDES A RECOMMENDATION TO THE PRESIDENT OF THE BOARD OF TRUSTEES. THE COMPENSATION DECISION DOCUMENTED IN THE RECORDS OF THE ORGANIZATION. THIS PROCESS WAS LAST COMPLETED IN FISCAL YEAR 2024. FOR OTHER OFFICER, THE HEAD OF SCHOOL DETERMINES COMPENSATION BASED ON AN ANNUAL PERFORMANCE REVIEW AND PERIODICALLY COMPARES COMPENSATION TO THAT OF THEIR PEERS BASED ON SURVEYS PERFORMED BY SCHOOL ASSOCIATIONS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS FORM 990, GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE BY WRITTEN REQUEST. FORM 990, PART XII, LINE 2C: THE AUDIT AND RISK MANAGEMENT COMMITTEE IS RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THE ORGANIZATION HAS NOT CHANGED ITS OVERSIGHT OR SELECTION PROCESS DURING THE TAX YEAR.