2025-05-06T13:01:33-05:00 2024-06-30 410746749 CLIFTONLARSONALLEN LLP 150 S WARNER ROAD SUITE 310 KING OF PRUSSIA PA 19406 990 2023-07-01 210727645 PRINCETON DAY SCHOOL INC PRIN 6099246700 PO BOX 75 PRINCETON NJ 08542 DULANY H GIBSON ASST HOS FOR FINANCE 6099246700 2025-05-05 1 0 MALLORY GOOD P01704765 2156433900 2025-05-05 2023 2025-03-06 01:10:19Z KELLEY NICHOLSON-FLYNN PO BOX 75 PRINCETON NJ 08542 54424488 0 X HTTPS://WWW.PDS.ORG/ X 1965 NJ CULTIVATING INTELLECTUAL VITALITY AND STRENGTH OF CHARACTER WITHIN A COMMUNITY 19 17 467 300 0 0 3541773 2337204 40360001 42730522 1693854 2973220 -255266 -211011 45340362 47829935 5821787 6289888 0 0 32244559 33938423 2068 4000 1962078 10888512 10513562 48956926 50745873 -3616564 -2915938 179216150 187009335 57868716 59130252 121347434 127879083 CULTIVATING INTELLECTUAL VITALITY AND STRENGTH OF CHARACTER WITHIN A COMMUNITY OF COMPASSION, SHARED RESPONSIBILITY, AND PLAY. PRINCETON DAY SCHOOL ASPIRES TO EMPOWER EACH STUDENT TO ACT WITH WISDOM AND PURPOSE. 0 0 42169649 6289888 42765515 PRINCETON DAY SCHOOL IS AN INDEPENDENT EDUCATIONAL INSTITUTION SERVING APPROXIMATELY 970 STUDENTS IN GRADES PREK THROUGH 12. PDS BRINGS TOGETHER A DIVERSE COMMUNITY WHERE INTELLECTUAL VITALITY, STRENGTH OF CHARACTER, AND JOY IN DISCOVERY FLOURISH. 42169649 1 1 0 0 0 0 1 0 0 1 1 0 0 0 1 0 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 96 0 1 467 1 0 0 0 0 0 0 0 0 0 0 0 0 X 19 17 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 0 0 NJ X DULANY H GIBSON 6099246700 PO BOX 75 PRINCETON NJ 08542 X KELLEY NICHOLSON-FLYNN HEAD OF SCHOOL 40.00 X X 316549 0 78831 CHRISTOPHER BOBBITT CHAIR/PART-TIME INSTRUCTOR 5.00 X X 14280 0 0 ASHLEY AITKEN-DAVIES VICE CHAIR 2.00 X X 0 0 0 JACOB SILVERMAN TREASURER 2.00 X X 0 0 0 ANNA HORNER SECRETARY 2.00 X X 0 0 0 SANFORD BING TRUSTEE 1.00 X 0 0 0 JIXIN DAI TRUSTEE 1.00 X 0 0 0 BETH GETER-DOUGLASS TRUSTEE 1.00 X 0 0 0 GEORGIA B GOSNELL TRUSTEE 1.00 X 0 0 0 DYLAN LEITH TRUSTEE 1.00 X 0 0 0 CYNTHIA LINVILLE TRUSTEE 1.00 X 0 0 0 AMANDA MAHER TRUSTEE 1.00 X 0 0 0 WESLEY MARKHAM TRUSTEE 1.00 X 0 0 0 LEE MASCHLER TRUSTEE 2.00 X 0 0 0 PARIS MCLEAN TRUSTEE 1.00 X 0 0 0 KAVITA MORRIS TRUSTEE 1.00 X 0 0 0 HOWARD POWERS TRUSTEE 1.00 X 0 0 0 ANITA SHAH TRUSTEE 1.00 X 0 0 0 JOHN C WELLEMEYER TRUSTEE 1.00 X 0 0 0 DULANY H GIBSON ASSISTANT HOS FINANCE & OPERATIONS 40.00 X 268485 0 105158 JON OSTENDORF CHIEF INFORMATION OFFICER 40.00 X 234298 0 98768 RENEE PRICE ASST HOS/HEAD OF MIDDLE SCHOOL 40.00 X 219611 0 84641 SANDY WANG HEAD OF LOWER SCHOOL 40.00 X 218629 0 75292 ANTHONY MCKINLEY DIRECTOR OF DIVERSITY, EQUITY & INCLUSION 40.00 X 178120 0 31465 LISA S SURACE ASSOCIATE HEAD OF SCHOOL 40.00 X 238192 0 27558 PAUL J STELLATO FORMER HEAD OF SCHOOL 0.00 X 744152 0 62312 2432316 0 564025 54 1 1 0 CIMCO REFRIGERATION INC 2502 COMMERCIAL PARK DRIVE MOBILE AL 36606 RINK CHILLER AND INSTALLATION 944550 FIELDTURF USA INC 175 NORTH INDUSTRIAL BLVD CALHOUN GA 30701 TURF INSTALLATION 710126 FLIK INDEPENDENT SCHOOLS PO BOX 417632 BOSTON MA 02241 FOOD SERVICE 305479 CARPET ET CETERA INC PO BOX 564 8 EAST FREDERICK PLACE CEDAR KNOLLS NJ 07927 CARPET INSTALLATION 260240 FOUR SEASONS TRANSPORTATION LLC 20 IRVEN STREET TRENTON NJ 08638 TRANSPORTATION 189296 8 2337204 268887 2337204 TUITION 611600 41605332 41605332 SUMMER PROGRAMS 611600 819587 819587 STAY & PLAY 611600 108799 108799 AFTER SCHOOL COURSES 611600 91786 91786 MUSIC LESSONS 611600 47286 47286 57732 57732 42730522 2474319 2474319 610982 918903 -307921 -307921 -307921 6122173 5623272 498901 498901 498901 114295 52378 61917 61917 OTHER REVENUE 900099 34993 34993 34993 47829935 42765515 0 2727216 6289888 6289888 852152 253900 522082 76170 6506 6506 23564197 19388721 3190218 985258 1790714 1452803 257533 80378 6014246 4879185 778063 356998 1710608 1395108 241486 74014 87150 87150 44000 44000 4000 4000 115467 115467 90714 90714 95431 5802 89629 1919111 1160457 532363 226291 1088074 969150 91435 27489 731721 636740 70470 24511 235184 167998 58927 8259 32039 32039 776926 776926 2549349 2389316 118734 41299 470825 406243 47916 16666 REPAIRS AND MAINTENANCE 1754544 1596656 117143 40745 PROF. DEVELOPMENT 334829 276205 58624 UNCOLLECTIBLE PROMISES 95686 95686 AUXILIARY SUPPLIES 92512 92512 50745873 42169649 6614146 1962078 4799660 3862618 1649141 1395114 816113 24688452 26691603 4929 0 122397 163247 398563 576328 95914529 38569536 57539240 57344993 89197024 94671859 1070771 1233433 179216150 187009335 3465932 3272926 33516611 35608191 19279138 19136876 1607035 1112259 57868716 59130252 X 62390400 63744384 58957034 64134699 121347434 127879083 179216150 187009335 X -2915938 8842953 604634 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 1 7.50 1 0 50.00 81053411 1138343 11386162 1399121 2268671 89910124 75053419 986412 8505857 1306780 2185497 81053411 90223641 766314 -12734490 1208440 1993606 75053419 66463406 6385301 20110293 902837 1832522 90223641 60361565 4498878 4088137 898034 1587140 66463406 0.31964 0.68036 0.00000 0 0 2615094 2615094 83022666 30812708 52209958 9783378 7756828 2026550 493391 493391 57344993 FAIR VALUE OF INTEREST RATE SWAP AGREEMENT 993147 LEASE LIABILITY 119112 1112259 51843448 8842953 -4713973 4128980 47714468 115467 115467 47829935 45311799 971281 971281 44340518 115467 6289888 6405355 50745873 PART II, LINE 9: THE SCHOOL'S CONSERVATION EASEMENT REPRESENTS 7.5 ACRES OF LAND PURCHASED IN JUNE 2001. WHILE THE SCHOOL HAS AGREED TO KEEP THE LAND AS OPEN SPACE, IN 2012 AN OUTDOOR CLASSROOM WAS BUILT THAT MEETS THE INTENT OF THE CONSERVATION AND AGRICULTURAL EASEMENT AND WAS APPROVED BY THE D&R GREENWAY LAND TRUST WHO HOLDS THE EASEMENT ON THE PROPERTY. THE LAND IS INCLUDED IN THE PROPERTY, PLANT AND EQUIPMENT SECTION OF THE AUDITED FINANCIAL STATEMENTS. LAND IS A NON-DEPRECIABLE ASSET, THEREFORE, THERE ARE NO EFFECTS ON THE REVENUE AND EXPENSE STATEMENT. MONITORING OF EASEMENT COMPLIANCE IS DONE BY THE DIRECTOR OF FACILITIES AND MEMBERS OF FACILITIES STAFF MONTHLY. PART V, LINE 4: THE SCHOOL'S ENDOWMENT CONSISTS OF FUNDS THAT HAVE BEEN ESTABLISHED BY DONORS AND THE SCHOOL TO SUPPORT FINANCIAL AID, FACULTY COMPENSATION, PROFESSIONAL DEVELOPMENT, AND OTHER GENERAL OPERATIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID - NEED BASED -6,289,888. DIRECT RENTAL EXPENSES 918,903. BOOKSTORE COST OF GOODS SOLD 52,378. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP 462,231. CHANGE IN VALUE OF CHARITABLE REMAINDER TRUSTS 142,403. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT RENTAL EXPENSES 918,903. BOOKSTORE COST OF GOODS SOLD 52,378. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID - NEED BASED 6,289,888. 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 NONDISCRIMINATORY POLICY IS PUBLISHED ON THEIR HOMEPAGE AND IN VARIOUS NEWSPAPERS AND PROMOTIONAL MATERIALS. EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES PROGRAMMATIC TRIP TO UNITED KINGDOM. 9640 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES PROGRAMMATIC TRIP TO ITALY. 19061 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES PROGRAMMATIC TRIP TO THE BAHAMAS. 30044 0 0 0 0 0 0 58745 0 58745 0 0 0 0 0 0 PART I, LINE 2: NO GRANTS OUTSIDE US. 1 NEED-BASED SCHOLARSHIPS 240 6289888 CASH VALUE NEED-BASED SCHOLARSHIPS CREDITED TO STUDENT ACCOUNTS PART I, LINE 2: NEED-BASED SCHOLARSHIPS ARE CREDITED TO INDIVIDUAL STUDENT ACCOUNTS, REDUCING THE AMOUNT DUE. RECIPIENTS ARE REQUIRED TO FILE A FINANCIAL STATEMENT WITH AN INDEPENDENT AGENCY WHO EVALUATES THE STATEMENT AND MAKES A RECOMMENDATION TO THE SCHOOL OF THE AMOUNT OF SCHOLARSHIP THE APPLICANT SHOULD RECEIVE. THE SCHOOL CONSIDERS THE RECOMMENDATION TOGETHER WITH THE TOTAL FUNDS AVAILABLE FOR SCHOLARSHIPS AND MAKES AWARDS ACCORDINGLY BASED UPON THE NEED OF THE STUDENT AND THE AVAILABILITY OF FUNDS. X X 1 1 X X X 0 1 0 0 0 0 0 1 1 1 PAUL J STELLATO FORMER HEAD OF SCHOOL 453551 0 0 0 290601 0 15250 0 47062 0 806464 0 294000 0 KELLEY NICHOLSON-FLYNN HEAD OF SCHOOL 233105 0 50000 0 33444 0 12375 0 66456 0 395380 0 0 0 DULANY H GIBSON ASSISTANT HOS FINANCE & OPERATIONS 267317 0 1168 0 0 0 28474 0 76684 0 373643 0 0 0 JON OSTENDORF CHIEF INFORMATION OFFICER 232788 0 1510 0 0 0 18042 0 80726 0 333066 0 0 0 RENEE PRICE ASST HOS/HEAD OF MIDDLE SCHOOL 218465 0 1146 0 0 0 16823 0 67818 0 304252 0 0 0 SANDY WANG HEAD OF LOWER SCHOOL 217493 0 1136 0 0 0 16861 0 58431 0 293921 0 0 0 LISA S SURACE ASSOCIATE HEAD OF SCHOOL 237044 0 1148 0 0 0 25000 0 2558 0 265750 0 0 0 ANTHONY MCKINLEY DIRECTOR OF DIVERSITY, EQUITY & INCL 176984 0 1136 0 0 0 18199 0 13266 0 209585 0 0 0 PART I, LINE 1A HOUSING IS PROVIDED TO THE HEAD OF SCHOOL (HOS), ASSISTANT HOS FOR FINANCE & OPERATIONS, AND THE CHIEF INFORMATION OFFICER, AS THE BOARD OF TRUSTEES FEELS THE RESPONSIBILITIES OF THESE POSITIONS REQUIRE A CONTINUOUS PRESENCE ON CAMPUS. THIS HOUSING MEETS THE INTERNAL REVENUE SERVICE GUIDELINES FOR EXCLUSION FROM TAXABLE INCOME. HOUSE CLEANING IS PROVIDED TO THE HOS AND ASSISTANT HOS FOR FINANCE & OPERATIONS AS PART OF A CONTINUOUS MAINTENANCE PROGRAM FOR THE HOUSES AND IS NOT INCLUDED IN TAXABLE INCOME. PART I, LINE 4B PAUL J. STELLATO, FORMER HEAD OF SCHOOL - $284,101 DISTRIBUTION KELLEY NICHOLSON- FLYNN, HEAD OF SCHOOL - $20,000 CONTRIBUTION PART I, LINE 7 TWO BONUSES WERE PAID DURING THE YEAR. THE FIRST WAS APPROVED BY THE HEAD OF SCHOOL, WHO DID NOT PARTICIPATE IN THIS BONUS. THE SECOND WAS THE HEAD OF SCHOOL'S SIGNING BONUS THAT WAS APPROVED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. BOTH BONUSES WERE INCLUDED IN TAXABLE COMPENSATION AND ARE REPORTED IN SCHEDULE J, PART II, COLUMN (B). PART I, LINE 8 COMPENSATION FOR KELLEY NICHOLSON-FLYNN, HEAD OF SCHOOL, IS SUBJECT TO AN INITIAL WRITTEN EMPLOYMENT AGREEMENT FOR THE PERIOD JULY 1, 2023 TO JUNE 30, 2027. A PUBLIC FINANCE AUTHORITY 273866124 2016-09-13 30535375 REFUND PRIOR ISSUE, CONSTRUCTION 0 0 0 A 316740 30535375 535375 4444625 15000000 2021 1 0 1 1 A 0 0 0 0 0 0 0 A 0 1 0 0 1 1 BANK OF NEW YORK MELLON 30.000000000000 0 0 0 0 0 A 0 SCHEDULE K, PART II, LINE 3A: THE ISSUE PRICE CONSISTS OF TWO COMPONENTS. (1) $15,000,000 REFUNDING OF A PRIOR ISSUE, WHICH HAS BEEN ISSUED AND IS OUTSTANDING AS OF JUNE 30, 2024. (2) $15,535,375 NEW LOAN WITH A FIVE-YEAR DRAW PERIOD, AS OF JUNE 30, 2024, $4,980,000 HAS BEEN DRAWN DOWN AND THE FINAL ALLOCATION OF PROCEEDS HAS BEEN MADE. 33360 NEED-BASED SCHOLARSHIPS X 11 268887 FAIR MARKET VALUE 0 0 1 0 PART I, COLUMN (B): THE FIGURE IN THIS COLUMN REPRESENTS THE NUMBER OF CONTRIBUTIONS IN EACH CATEGORY. FORM 990, PART IV, LINE 11F: THE ORGANIZATION DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS UNDER FIN 48 (ASC 740) SO THIS DISCLOSURE IS NO LONGER REQUIRED BASED ON RECENT GUIDANCE BY THE AICPA. FORM 990, PART VI, SECTION A, LINE 1A THERE SHALL BE AN EXECUTIVE COMMITTEE OF NOT FEWER THAN SEVEN NOR MORE THAN ELEVEN MEMBERS WHICH SHALL INCLUDE THE CHAIR, THE VICE CHAIR(S), THE TREASURER, THE SECRETARY, THE HEAD OF SCHOOL AND SUCH OTHER MEMBERS OF THE BOARD AS THE CHAIR OF THE BOARD SHALL APPOINT. DURING INTERVALS BETWEEN MEETINGS OF THE BOARD OF TRUSTEES, THE EXECUTIVE COMMITTEE MAY EXERCISE THE POWERS OF THE BOARD OF TRUSTEES EXCEPT THAT THE COMMITTEE SHALL NOT HAVE THE POWER TO: (1) MAKE, ALTER OR REPEAL ANY BYLAWS, ELECT OR APPOINT ANY TRUSTEE, (2) REMOVE ANY OFFICER OR TRUSTEE, OR (3) REPEAL OR AMEND ANY RESOLUTION PREVIOUSLY ADOPTED BY THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF TRUSTEES IS PROVIDED A FINAL COPY OF THE FORM 990 AND ALL REQUIRED SCHEDULES THAT ARE AVAILABLE TO THE PUBLIC PRIOR TO ITS FILING. THE FORM 990 AND ALL REQUIRED SCHEDULES THAT ARE AVAILABLE TO THE PUBLIC ARE REVIEWED AND APPROVED AT A MEETING OF THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES PRIOR TO BEING MADE AVAILABLE TO THE ENTIRE BOARD. ANY QUESTIONS REGARDING THE CONTENTS OF THE RETURN ARE ADDRESSED AT THAT MEETING. FORM 990, PART VI, SECTION B, LINE 12C EACH BOARD OF TRUSTEE AND NON-TRUSTEE BOARD COMMITTEE MEMBER IS REQUIRED TO REVIEW THE CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS. TRUSTEES AND COMMITTEE MEMBERS ARE ALSO REQUIRED TO REVIEW AND SIGN A COMPLIANCE QUESTIONNAIRE IN REGARDS TO THE CONFLICT OF INTEREST POLICY. TRUSTEES AND COMMITTEE MEMBERS ARE EXPECTED TO KEEP THE BOARD CHAIR INFORMED OF ANY POTENTIAL CONFLICTS OF INTEREST REGARDING BUSINESS AFFAIRS OF THE SCHOOL. WHETHER A CONFLICT OF INTEREST EXISTS SHALL BE DETERMINED BY THE BOARD CHAIR IN CONSULT WITH THE CHAIR OF THE COMMITTEE ON TRUSTEES. IF ONE DOES EXIST, THAT TRUSTEE OR COMMITTEE MEMBER MUST DISCLOSE ALL FACTS MATERIAL TO THE CONFLICT OF INTEREST. SAID TRUSTEE OR COMMITTEE MEMBER MAY NOT PARTICIPATE IN THE BOARD'S DISCUSSION OF THE MATTER EXCEPT TO DISCLOSE MATERIAL FACTS AND RESPOND TO QUESTIONS. FORM 990, PART VI, SECTION B, LINE 15A COMPARABLE SALARY INFORMATION IS GATHERED FROM NATIONAL AND REGIONAL ASSOCIATIONS AND IS USED IN DETERMINING THE SALARIES FOR THE HEAD OF SCHOOL AND SENIOR LEADERSHIP TEAM. THE REVIEW OF COMPENSATION IS DONE ON AN ANNUAL BASIS. THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES IS CHARGED WITH DETERMINING COMPENSATION FOR THE HEAD OF SCHOOL BASED ON DATA FROM OTHER COMPARABLE INSTITUTIONS AND ON EVALUATION OF THE HEAD OF SCHOOL'S PERFORMANCE. THE HEAD OF SCHOOL'S PERFORMANCE IS EVALUATED ANNUALLY THROUGH A PROCESS MANAGED BY THE BOARD CHAIR WITH INPUT FROM ALL MEMBERS OF THE BOARD. SALARY FOR THE SENIOR LEADERSHIP TEAM IS DETERMINED ON AN ANNUAL BASIS AS PART OF A FORMAL PERFORMANCE APPRAISAL. COMPARABLE SALARY INFORMATION IS GATHERED BY THE HEAD OF SCHOOL WHO PERFORMS THE ANNUAL PERFORMANCE APPRAISAL AND DETERMINES AN APPROPRIATE SALARY. EMPLOYEES ARE REQUIRED TO SIGN AN EMPLOYMENT CONTRACT WITH PRINCETON DAY SCHOOL ON AN ANNUAL BASIS THAT INCLUDES COMPENSATION INFORMATION. THE CONTRACT IS MAINTAINED IN THE EMPLOYEE'S PERSONNEL FILE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024 FOR SENIOR LEADERSHIP AND IN 2022 FOR THE HEAD OF SCHOOL. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON WRITTEN REQUEST TO THE SCHOOL. FORM 990, PART VI, SECTION B, LINE 14: ALTHOUGH THE SCHOOL DOES NOT HAVE A FORMAL, WRITTEN DOCUMENT RETENTION AND DESTRUCTION POLICY, THE SCHOOL USES FEDERAL AND STATE GUIDELINES IN REGARDS TO MAINTAINING ALL BUSINESS DOCUMENTATION. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF INTEREST RATE SWAP 462,231. CHANGE IN VALUE OF CHARITABLE REMAINDER TRUSTS 142,403.