2023-05-15T07:32:13-05:00 2022-06-30 340677006 MALONEY NOVOTNY LLC 1111 SUPERIOR AVE SUITE 700 CLEVELAND OH 441142540 990 2021-07-01 340714390 WESTERN RESERVE ACADEMY WEST 3306504400 115 COLLEGE STREET HUDSON OH 442362926 THOMAS ARNOLD CFO 3306504400 2023-05-12 1 THOMAS ARNOLD 999009999 CHRISTOPHER B ANDERSON P00226559 2163630100 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z SUZANNE E BUCK 115 COLLEGE STREET HUDSON OH 442362926 76131275 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. 23 23 251 50 -638560 -3082797 10834167 17899148 23341978 26644672 23965768 11761922 0 1248 58141913 56306990 9973114 10897377 0 0 13854042 14707018 0 0 2062269 12303267 13649463 36130423 39253858 22011490 17053132 203998204 215260603 23380560 22911477 180617644 192349126 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 32244806 10897377 26644672 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. 32244806 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 14 0 1 251 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 23 23 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 0.50 X 0 0 0 H WILLIAM CHRIST TRUSTEE 0.50 X 0 0 0 STEPHAN W COLE VICE PRESIDENT BOARD OF TRUSTEES 0.50 X X 0 0 0 MENNA H DEMESSIE 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 BOARD OF TRUSTEES 1.00 X X 0 0 0 MARTIN D FRANKS CO-PRESIDENT BOARD OF TRUSTEES 2.00 X X 0 0 0 JOHN P HEWKO TRUSTEE 0.50 X 0 0 0 CLIFTON D HOOD TRUSTEE 0.50 X 0 0 0 DALE G KRAMER TRUSTEE 0.50 X 0 0 0 NATHANIEL E LEONARD CO-PRESIDENT BOARD OF TRUSTEES 2.00 X X 0 0 0 CECILY PRYCE MAGUIRE TRUSTEE 0.50 X 0 0 0 ANNE CACIOPPO MANGANARO TRUSTEE 0.50 X 0 0 0 XUNING WANG TRUSTEE 0.50 X 0 0 0 TIMOTHY R WARNER TRUSTEE 1.00 X 0 0 0 MARK J WELSHIMER SECRETARY BOARD OF TRUSTEES 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 THOMAS E DUNN TRUSTEE 0.50 X 0 0 0 PRIVA B MASEELALL TRUSTEE 0.50 X 0 0 0 MARCIA PREWITT SPILLER TRUSTEE 0.50 X 0 0 0 MEREDITH BROADBENT TRUSTEE 1.00 X 0 0 0 SUZANNE E BUCK HEAD OF SCHOOL 40.00 X 457597 0 174714 THOMAS P ARNOLD CHIEF FINAN.&OPER.OFFICER 40.00 X 270427 0 88477 MARK L LAFONTAINE ASST HEAD OF SCHOOL-ADVAN. 40.00 X 291720 0 29187 NICHOLAS KENT ASSOCIATE HEAD OF SCHOOL 40.00 X 203840 0 55831 JENNIFER R BIEHN DIRECTOR OF ENROLL.MGMT. 40.00 X 179604 0 122921 MATTHEW L GERBER CHIEF INNOVATION OFFICER 40.00 X 148579 0 54923 MARGARET COLAFELLA DIR.OF COMMUN.&MARKETING 40.00 X 143148 0 83702 DAVID L CHIARELLA DIR.OF COUNSELING& PSYCH.SVCS. 40.00 X 140264 0 21883 RUTH D ANDREWS SR. DIR.OF LEADERSHIP GIFTS 40.00 X 128503 0 27751 ANNA BARLOW BOESCH DIRECTOR OF COLLEGE COUNSELING 40.00 X 122449 0 51852 2086131 0 711241 15 0 1 0 FLIK CO COMPASS GROUP USA PO BOX 91337 CHICAGO IL 606931337 FOOD SERVICE 1551717 UNDERWOOD PAINTING INC 3509 SHADE ROAD AKRON OH 44333 PAINTING/CLEANING 587663 VIZMEG LANDSCAPE INC 778 MCCAULEY ROAD SUITE 100 STOW OH 44224 LANDSCAPING 377349 CITY WIDE FACILITY SOLUTIONS 711 W BAGLEY RD BEREA OH 44017 CLEANING 357224 CAMBRIDGE ASSOCIATES 125 HIGH STREET BOSTON MA 02110 INVESTMENT ADVISING 250230 6 21574 17877574 736301 17899148 BOARDING STUDENTS TUITION 611110 18144900 18144900 DAY STUDENTS TUITION 611110 7242000 7242000 RELATED ENTERPRISES 611110 1257772 1257772 26644672 3461199 -638560 4099759 28108090 19807367 8300723 8300723 8300723 18166 21574 16918 1248 1248 56306990 26644672 -638560 12401730 10897377 10897377 1387500 416100 500450 470950 9524001 7481216 1260770 782015 1059014 710573 202738 145703 1902106 1449178 263703 189225 834397 603903 134680 95814 172401 86201 86200 59831 59831 1524967 1524967 1066947 1013600 32008 21339 408972 408972 309098 293643 9273 6182 562496 534371 16875 11250 2407121 2286765 72214 48142 307375 239479 25739 42157 3847 3847 416539 416539 2980725 2831688 89422 59615 258172 245264 7745 5163 FOOD SERVICE 1644489 1644489 OTHER 1139071 710728 243629 184714 AUXILIARY ENTERPRISES 223893 223893 RESTRICTED STUDENT EXP. 163519 163519 39253858 32244806 4946783 2062269 5850278 5224848 1487281 14565138 36256 51878 143281 111647 231853 192142 104009222 47005900 58009305 57003322 41330251 44038250 95001731 90836479 1907968 3236899 203998204 215260603 1112902 794792 2573500 3079983 17598208 17608479 2095950 1428223 23380560 22911477 X 46599359 46683020 134018285 145666106 180617644 192349126 203998204 215260603 X 17053132 -7151544 1829894 X 0 1 X 1 0 X 7937589 3818734 4137212 10834167 17899148 44626850 7937589 3818734 4137212 10834167 17899148 44626850 16929585 27697265 2765405 2872211 2397308 3890390 3461199 15386513 16552 16187 18166 50905 60064268 113473323 0.46110 0.60050 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: SPECEVENTS REVENUE - 2017 AMOUNT: $ 16,552. 2018 AMOUNT: $ 16,187. 2021 AMOUNT: $ 18,166. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 74844042 1045485 3716789 2706084 76900232 65261224 2376614 11531653 4325449 74844042 64419876 1087579 2392536 2638767 65261224 62744456 923010 5206323 4453913 64419876 58299445 2077516 6867190 4499695 62744456 0.06216 0.57999 0.35785 0 0 1636412 1636412 96839445 42207063 54632382 5533365 4798837 734528 57003322 ALTERNATIVE INVESTMENTS 90836479 F 90836479 ANNUITIES PAYABLE 1182389 DEFERRED COMPENSATION LIABILITY 245834 1428223 X 38562996 -7151544 1829894 -5321650 43884646 1524967 10897377 12422344 56306990 26831514 0 26831514 1524967 10897377 12422344 39253858 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, 2022. AS OF JUNE 30, 2022, 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 -93,376. CHANGE IN VALUE OF INTEREST RATE SWAP 1,923,270. 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 10,897,377. 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 10,897,377. 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 0 0 INVESTMENTS 12917715 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 9157894 0 0 0 0 0 0 22075609 0 22075609 0 0 0 0 0 0 PART III ACCOUNTING METHOD: GOLF OUTING 39740 21574 18166 1600 8210 7108 39740 21574 18166 1600 8210 7108 16918 1248 1 SCHOLARSHIPS FOR STUDENTS 257 10858306 MONITORING USE OF GRANT FUNDS - PART I, LINE 2: 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 401045 0 50000 0 6552 0 29000 0 145714 0 632311 0 0 0 THOMAS P ARNOLD CHIEF FINAN.&OPER.OFFICER 254875 0 15000 0 552 0 25488 0 62989 0 358904 0 0 0 MARK L LAFONTAINE ASST HEAD OF SCHOOL-ADVAN. 280688 0 10000 0 1032 0 28088 0 1099 0 320907 0 0 0 JENNIFER R BIEHN DIRECTOR OF ENROLL.MGMT. 169052 0 10000 0 552 0 17525 0 105396 0 302525 0 0 0 NICHOLAS KENT ASSOCIATE HEAD OF SCHOOL 188480 0 15000 0 360 0 19200 0 36631 0 259671 0 0 0 MARGARET COLAFELLA DIR.OF COMMUN.&MARKETING 132880 0 10000 0 268 0 13388 0 70314 0 226850 0 0 0 MATTHEW L GERBER CHIEF INNOVATION OFFICER 128804 0 10000 0 9775 0 14088 0 40835 0 203502 0 0 0 ANNA BARLOW BOESCH DIRECTOR OF COLLEGE COUNSELING 112316 0 10000 0 133 0 12375 0 39477 0 174301 0 0 0 DAVID L CHIARELLA DIR.OF COUNSELING& PSYCH.SVCS. 138896 0 0 0 1368 0 14390 0 7493 0 162147 0 0 0 RUTH D ANDREWS SR. DIR.OF LEADERSHIP GIFTS 127264 0 0 0 1239 0 13570 0 14181 0 156254 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, ASSOCIATE HEAD OF SCHOOL AND DEAN OF STUDENT LIFE. 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 51 736301 FMV X 2 0 N/A X FIREWORKS DISPLAY - REUNION 1 0 N/A X ELECTRIC PIANO 1 0 N/A X AIR HOCKEY TABLE 1 0 N/A 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 - IN MAY, 2017, MEMBERS OF THE BOARD OF TRUSTEES WERE GIVEN COMPARABILITY DATA FOR ALL MEMBERS OF THE HEAD OF SCHOOL COMMITTEE. THE HEAD OF SCHOOL WAS INVOLVED IN THE DISCUSSIONS FOR THE COMPENSATION FOR THE MEMBERS OF THE HEAD OF SCHOOL COMMITTEE BUT WAS NOT PRESENT FOR THE DISCUSSION OF HER OWN COMPENSATION. TRUSTEES DETERMINED THE HEAD OF SCHOOL'S COMPENSATION BASED UPON HER PERFORMANCE RELATIVE TO OTHER SIMILAR POSITIONS. COMPENSATION DECISIONS ARE MADE BY PERSONS WHO ARE INDEPENDENT OF THE EMPLOYEES FOR WHOM COMPENSATION IS BEING DETERMINED. 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 -93,376. CHANGE IN SPLIT INTEREST AGREEMENTS 1,923,270. WRA INNOVATIONS LLC 115 COLLEGE STREET HUDSON OH 44236 843664989 DELIVERY OF PROGRAM ASSISTANCE OH -1775 2019 WESTERN RESERVE ACADEMY