2025-05-12T13:25:23-05:00 2024-06-30 340677006 MALONEY NOVOTNY LLC 1111 SUPERIOR AVE SUITE 700 CLEVELAND OH 441142540 990 2023-07-01 340714390 WESTERN RESERVE ACADEMY WEST 3306504400 115 COLLEGE STREET HUDSON OH 442362926 THOMAS P ARNOLD CFOO 3306504400 2025-05-12 1 0 CHRISTOPHER B ANDERSON P00226559 2163630100 2023 2025-03-06 01:10:19Z SUZANNE E BUCK 115 COLLEGE STREET HUDSON OH 442362926 59381303 0 X WWW.WRA.NET X 1826 OH TO PREPARE STUDENTS TO BLAZE TRAILS IN LEARNING AND IN LIFE. 28 28 257 50 478086 91030 12234991 13352239 27516952 28770295 4476411 7674375 7093 6326 44235447 49803235 10110355 9920638 0 0 15418387 15952726 0 0 2358615 14463705 15125821 39992447 40999185 4243000 8804050 225822357 225622263 22548435 23797659 203273922 201824604 MISSION: TO PREPARE STUDENTS TO BLAZE TRAILS IN LEARNING AND IN LIFE.VISION: TO DELIVER AN UNRIVALED EDUCATIONAL EXPERIENCE ILLUMINATED BY TRADITION, SPARKED BY INNOVATION, AND ENERGIZED BY JOY. 0 0 33510881 9920638 28770295 THE ACADEMY IS A SECONDARY CO-EDUCATIONAL SCHOOL WITH APPROXIMATELY 440 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. 33510881 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 18 0 1 257 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 0 1 1 1 0 OH X THOMAS P ARNOLD 3306504400 115 COLLEGE STREET HUDSON OH 442362926 DANIEL H BAYLY TRUSTEE 0.50 X 0 0 0 MEREDITH BROADBENT TRUSTEE 0.50 X 0 0 0 STEPHAN W COLE VICE PRESIDENT 1.00 X X 0 0 0 SUZANNE DAY TRUSTEE 0.50 X 0 0 0 THOMAS E DUNN TRUSTEE 0.50 X 0 0 0 WARREN W FARR III TRUSTEE 0.50 X 0 0 0 DAGMAR F FELLOWES TRUSTEE 0.50 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 0.50 X 0 0 0 JOHN P HEWKO TRUSTEE 0.50 X 0 0 0 CLIFTON D HOOD TRUSTEE 0.50 X 0 0 0 MICHAEL A JOHNSON TRUSTEE 0.50 X 0 0 0 JEFFREY E JOHNSTON TRUSTEE 0.50 X 0 0 0 ALANA MCCLANAHAN JOINER TRUSTEE 0.50 X 0 0 0 NATHANIEL E LEONARD CO-PRESIDENT 2.00 X X 0 0 0 DALE G KRAMER TRUSTEE 0.50 X 0 0 0 CECILY PRYCE MAGUIRE TRUSTEE 0.50 X 0 0 0 ANNE CACIOPPO MANGANARO TRUSTEE 0.50 X 0 0 0 TUCKER H MARSHALL TRUSTEE 0.50 X 0 0 0 MARCIA PREWITT SPILLER TRUSTEE 0.50 X 0 0 0 MICHAEL O RUSSELL TRUSTEE 0.50 X 0 0 0 TIANHAO BARNABAS WANG TRUSTEE 0.50 X 0 0 0 TIMOTHY R WARNER TRUSTEE 0.50 X 0 0 0 MARK J WELSHIMER SECRETARY 1.00 X X 0 0 0 KATHLEEN A WOOD TRUSTEE 0.50 X 0 0 0 ANTHONY WYNSHAW-BORIS MD PHD TRUSTEE 0.50 X 0 0 0 SUZANNE E BUCK HEAD OF SCHOOL 40.00 X 486493 0 187259 THOMAS P ARNOLD CHIEF FIN.&OP.OFFICER 40.00 X 277806 0 53511 MARK L LAFONTAINE ASST.HEAD OF SCHOOL FOR AD 40.00 X 297784 0 30719 JEFFREY JACOT DIR.-CAPITAL PROJECTS 40.00 X 169764 0 34723 JENNIFER R BIEHN DIR.-ENROLLMENT MANAGEMENT 40.00 X 182786 0 109399 MATTHEW L GERBER CHIEF INNOVATION OFFICER 40.00 X 156422 0 37039 BRENDA PETERSEN ASSOCIATE HEAD OF SCHOOL 40.00 X 191740 0 41217 DAVID L CHIARELLA DIR.-COUNSELING&PSYCH.SERV 40.00 X 145431 0 23981 MARGARET COLAFELLA DIR.-COMMUNICATIONS & MARK 40.00 X 140897 0 67294 RUTH D ANDREWS SR. DIR OF LEADERSHIP GIFTS 40.00 X 136536 0 31289 ANNA BARLOW BOESCH DIR.-COLLEGE COUNSELING 40.00 X 119595 0 56502 PETER HUTCHINS DIR.-ATHLETICS 40.00 X 113162 0 27952 2418416 0 700885 20 0 1 0 FLIK CO COMPASS GROUP USA PO BOX 91337 CHICAGO IL 606931337 FOOD SERVICE 1971310 BIALOSKY CLEVELAND 6555 CARNEGIE AVE CLEVELAND OH 44103 ARCHITECTS 706237 JANCO SERVICE INDUSTRIES 824 W STREETSBORO ST HUDSON OH 44236 CLEANING 620596 VIZMEG LANDSCAPE INC 778 MCCAULEY ROAD SUITE 100 STOW OH 44224 LANDSCAPING 447242 HUDSON HERITAGE PAINTING LLC 2055 MIDDLETON RD HUDSON OH 44236 PAINTING 177511 6 27169 13325070 937525 13352239 BOARDING STUDENTS TUITION 611110 19261521 19261521 DAY STUDENTS TUITION 611110 7823220 7823220 RELATED ENTERPRISES 611110 1685554 1685554 28770295 5762767 478086 5284681 11470928 9559320 1911608 1911608 1911608 25074 27169 18748 6326 6326 49803235 28770295 478086 7202615 9920638 9920638 1853000 556450 791150 505400 9977141 8055057 977043 945041 1141807 820909 197712 123186 2085328 1562694 316504 206130 895450 642198 153865 99387 45859 22930 22929 66990 66990 1483882 1483882 932250 885637 27968 18645 342565 342565 429210 407750 12876 8584 627041 595689 18811 12541 2743744 2606557 82312 54875 509123 304795 108903 95425 13220 13220 400258 400258 2839792 2697802 85194 56796 310276 294762 9308 6206 FOOD SERVICE 2303783 2303783 OTHER DEPARTMENTAL EXP. 1573820 973437 373984 226399 AUXILIARY ENTERPRISES 296910 296910 RESTRICTED STUDENT EXP. 207098 207098 40999185 33510881 5129689 2358615 1812119 3323540 5116725 2776993 21665461 6934487 26145 106159 114407 128401 283825 431594 110541311 52872114 54858791 57669197 44117022 46359269 94023044 103935667 3804818 3956956 225822357 225622263 673640 2454782 3650889 3744524 16885750 16079021 1338156 1519332 22548435 23797659 X 47758132 52481642 155515790 149342962 203273922 201824604 225822357 225622263 X 8804050 4840944 -15094312 X 0 1 X 1 0 X 4137212 10834167 17899148 12234991 13352239 58457757 4137212 10834167 17899148 12234991 13352239 58457757 21298393 37159364 2397308 3890390 3461199 4672277 5762767 20183941 1248 7093 6326 14667 78656365 128544715 0.47240 0.45010 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 81805340 6909790 6659711 3132323 92242518 76900232 1352147 8062060 4509099 81805340 74844042 1045485 3716789 2706084 76900232 65261224 2376614 11531653 4325449 74844042 64419876 1087579 2392536 2638767 65261224 0.07757 0.55026 0.37217 0 0 1636412 1636412 99914428 47783757 52130671 8990471 5088357 3902114 57669197 ALTERNATIVE INVESTMENTS 103935667 F 103935667 ANNUITIES PAYABLE 1047868 DEFERRED COMPENSATION LIABILITY 471464 1519332 X 43145347 4840944 -94312 4746632 38398715 1483882 9920638 11404520 49803235 44594665 15000000 15000000 29594665 1483882 9920638 11404520 40999185 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% - 6% 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, 2024. AS OF JUNE 30, 2024, 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 -187,243. CHANGE IN VALUE OF INTEREST RATE SWAP 92,931. 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 9,920,638. 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 9,920,638. 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'S STUDENT SOLICITATION EFFORTS INCLUDE THE USE OF ONLINE AND SOCIAL MEDIA PLATFORMS THAT DIRECT INDIVIDUALS TO THE ACADEMY'S WEBSITE WHICH LISTS ITS NON-DISCRIMINATION POLICIES. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS 15997000 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 INVESTMENTS 8854000 0 0 0 0 0 0 24851000 0 24851000 1 0 1 0 1 0 GOLF OUTING 52243 27169 25074 2870 9500 6378 52243 27169 25074 2870 9500 6378 18748 6326 1 SCHOLARSHIPS FOR STUDENTS 288 9920638 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 429941 0 50000 0 6552 0 33000 0 154259 0 673752 0 0 0 THOMAS P ARNOLD CHIEF FIN.&OP.OFFICER 277254 0 0 0 552 0 28500 0 25011 0 331317 0 0 0 MARK L LAFONTAINE ASST.HEAD OF SCHOOL FOR AD 296200 0 0 0 1584 0 29620 0 1099 0 328503 0 0 0 JENNIFER R BIEHN DIR.-ENROLLMENT MANAGEMENT 182234 0 0 0 552 0 18475 0 90924 0 292185 0 0 0 BRENDA PETERSEN ASSOCIATE HEAD OF SCHOOL 188688 0 0 0 3052 0 19250 0 21967 0 232957 0 0 0 MARGARET COLAFELLA DIR.-COMMUNICATIONS & MARK 140464 0 0 0 433 0 14150 0 53144 0 208191 0 0 0 JEFFREY JACOT DIR.-CAPITAL PROJECTS 168732 0 0 0 1032 0 17500 0 17223 0 204487 0 0 0 MATTHEW L GERBER CHIEF INNOVATION OFFICER 144878 0 0 0 11544 0 15135 0 21904 0 193461 0 0 0 ANNA BARLOW BOESCH DIR.-COLLEGE COUNSELING 119434 0 0 0 161 0 13175 0 43327 0 176097 0 0 0 DAVID L CHIARELLA DIR.-COUNSELING&PSYCH.SERV 143994 0 0 0 1437 0 14875 0 9106 0 169412 0 0 0 RUTH D ANDREWS SR. DIR OF LEADERSHIP GIFTS 135164 0 0 0 1372 0 14369 0 16920 0 167825 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 1 1 1 FNB OF PA 15.000000000000 0 0 0 0 1 A 0 X 1 0 N/A-REVENUE NOT BOOKE X 2 0 N/A-REVENUE NOT BOOKED X 49 937525 FMV X CAMERA 4 0 N/A-REVENUE NOT BOOK X TELESCOPE 1 0 N/A-REVENUE NOT BOOK X MEMORABILIA 4 0 N/A-REVENUE NOT BOOK X FIREWORKS 1 0 N/A-REVENUE NOT BOOK 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. PART I, LINE 33: REPORTING REVENUE FOR CERTAIN NONCASH ITEMS - THE ACADEMY DID NOT BOOK REVENUE FOR ARTWORK, CARS, AND THE ITEMS LISTED ON LINES 25-28, A PRACTICE THAT IS PERMITTED UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. 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 92,931. CHANGE IN SPLIT INTEREST AGREEMENTS -187,243. LOSS ON UNCOLLECTIBLE PROMISES TO GIVE -15,000,000. WRA INNOVATIONS LLC 115 COLLEGE STREET HUDSON OH 44236 843664989 DELIVERY OF PROGRAM ASSISTANCE OH 20318 24533 WESTERN RESERVE ACADEMY