2023-05-09T10:23:48-05:00 2022-06-30 420714325 RSM US LLP 1001 WATER ST STE 500 TAMPA FL 33602 990 2021-07-01 520901098 NORWOOD SCHOOL INC NORW 3013652595 8821 RIVER ROAD BETHESDA MD 20817 MATTHEW A GOULD PHD HEAD OF SCHOOL 3013652595 2023-05-08 1 MATTHEW GOULD PHD XXX-XX-XXXX KRISTEN BARNETT P01234578 8133162300 2023-05-08 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z NORWOOD SCHOOL MATTHEW A GOULD PHD 8821 RIVER ROAD BETHESDA MD 20817 35460905 0 X WWW.NORWOODSCHOOL.ORG X 1952 MD NORWOOD SCHOOL'S CHILD-CENTERED PROGRAM INSPIRES CONFIDENT, COMPASSIONATE, INDEPENDENT, AND CREATIVE THINKERS WHO EMBRACE LIFELONG LEARNING. 19 17 214 150 0 0 6605245 3717026 16436736 18106240 1049911 791828 104753 285103 24196645 22900197 2280513 2428652 0 0 12440048 13099231 0 0 552813 3190403 4366041 17910964 19893924 6285681 3006273 57964554 68477593 14199092 26470430 43765462 42007163 NORWOOD SCHOOL'S CHILD-CENTERED PROGRAM INSPIRES CONFIDENT, COMPASSIONATE, INDEPENDENT, AND CREATIVE THINKERS WHO EMBRACE LIFELONG LEARNING. 0 0 15535183 2428652 18106240 ALL INCOME AND EXPENSES ARE INCURRED THROUGH THE OPERATION OF AN INDEPENDENT SCHOOL GRADES K THROUGH 8 WITH 454 STUDENTS. IN ADDITION TO TUITION REVENUE, THE NORWOOD SCHOOL GENERATES REVENUE THROUGH THE OPERATIONS OF A SUMMER CAMP AND AUXILIARY PROGRAMS. 15535183 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 1 1 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 48 0 1 214 1 0 0 0 0 0 1 1 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 1 1 0 0 MD X BILL TEACHUM 3013652595 8821 RIVER ROAD BETHESDA MD 20817 JOSHUA SPENCER BOARD CHAIR 6.00 X X 0 0 0 FRAZIER SCHULMAN VICE CHAIR 2.00 X X 0 0 0 SERGE LEARSEY TREASURER 2.00 X X 0 0 0 MARY PAT ALCUS SECRETARY 2.00 X X 0 0 0 ALICIA DAVIS TRUSTEE 2.00 X 0 0 0 JEFF CARSWELL TRUSTEE 2.00 X 0 0 0 MICHELLE FILNG TRUSTEE 2.00 X 0 0 0 ANDREW KAY TRUSTEE 2.00 X 0 0 0 LEE ANNE JILLINGS TRUSTEE 2.00 X 0 0 0 DEL RENIGAR TRUSTEE 2.00 X 0 0 0 NISREEN SCHNEIDER TRUSTEE 2.00 X 0 0 0 ALEX NEPHEW TRUSTEE 2.00 X 0 0 0 ELINOR SCULLY TRUSTEE 2.00 X 0 0 0 JENNIFER SIDES TRUSTEE 2.00 X 0 0 0 JEFFREY SPIGEL TRUSTEE 2.00 X 0 0 0 BRAD STEUART TRUSTEE 2.00 X 0 0 0 NATHAN TYRRELL TRUSTEE 2.00 X 0 0 0 DEBBIE TANG TRUSTEE 2.00 X 0 0 0 JOHN WOO TRUSTEE 2.00 X 0 0 0 MATTHEW A GOULD HEAD OF SCHOOL 50.00 X 473154 0 129219 WILLIAM C TEACHUM DIRECTOR OF FINANCE & OPERATIONS 50.00 X 170211 0 46950 CATHERINE VOEKS DIRECTOR OF DEVELOPMENT 40.00 X 153836 0 38434 MICHAEL RISEN HEAD OF LOWER SCHOOL 40.00 X 140788 0 30642 MARY MULLIGAN SIXTH GRADE HOMEROOM ADVISOR 40.00 X 129398 0 8748 ALEXANDER RAGONE DIRECTOR OF ADMISSION 40.00 X 125868 0 20070 DEBRA PAKALUK MIDDLE SCHOOL SCIENCE TEACHER 40.00 X 120164 0 23973 1313419 0 298036 21 0 1 0 THE WHITING-TURNER CONTRACTING COMPANY PO BOX 17596 BALTIMORE MD 21297 CONSTRUCTION SERVICES 6257813 RED COATS INC PO BOX 79579 BALTIMORE MD 21279 JANITORIAL SERVICES 320047 COX GRAAE & SPACK ARCHITECTS 2909 M STREET NW WASHINGTON DC 20007 ARCHITECTURAL SERVICES 225057 RIDGEWELLS 5525 DORSEY LANE BETHESDA MD 20816 SCHOOL FOOD SERVICE 177928 CARR DESIGN AND CONSTRUCTION CONSULTANTS 3547 36TH STREET N ARLINGTON VA 22207 CONSTRUCTION MANAGEMENT SERVICES 104052 5 73588 1892167 1751271 343702 3717026 TUITION AND FEES 900099 18106240 18106240 18106240 318188 318188 138193 0 138193 138193 138193 12990397 12516757 473640 473640 473640 164836 73588 43951 120885 120885 26025 0 26025 26025 22900197 18106240 0 1076931 2428652 2428652 723024 556269 143347 23408 9848728 7611306 1921017 316405 607773 461472 124131 22170 1175748 839894 299667 36187 743958 564876 151945 27137 13089 3272 9709 108 51262 51262 78391 78391 1024517 684128 287261 53128 34899 9220 22779 2900 785909 494677 268942 22290 521749 403663 108031 10055 166564 131248 25791 9525 75733 41811 33797 125 3536 3536 968193 823416 117631 27146 122486 21643 100129 714 FOOD SERVICE & CATERING 451045 447991 3054 ASSOC DUES & ASSESSMENT 53297 5296 47892 109 GIFTS & RECOGNITION 13483 6349 5728 1406 BAD DEBT EXPENSES 1888 1888 19893924 15535183 3805928 552813 500 500 16178084 20858383 3104398 1468016 2765706 2833332 229297 230138 44680995 19247179 15167166 25433816 14650880 13306550 5602812 4219720 265711 127138 57964554 68477593 2036815 3186023 10146072 12863621 51000 10319327 1965205 101459 14199092 26470430 X 19643858 21679579 24121604 20327584 43765462 42007163 57964554 68477593 3006273 -4764572 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 23263656 1216338 -3933153 904815 78391 19563635 17320698 1907118 4672590 572955 63795 23263656 16038965 2067611 1554114 2278316 61676 17320698 11861240 3294730 1325653 391760 50898 16038965 9805280 1198662 1131574 222056 52220 11861240 0.23150 0.53050 0.23800 0 0 3728852 3728852 22658893 16246590 6412303 468996 411478 57518 17824254 2589111 15235143 25433816 41500-ISHARES CORE US (AGG) 4219720 F 4219720 DEFERRED COMPENSATION 101459 101459 X 15672533 -4764572 -2428652 -7193224 22865757 78391 -43951 34440 22900197 17430832 43951 43951 17386881 78391 2428652 2507043 19893924 PART V, LINE 4: ENDOWMENT IS MADE UP OF TWO CATEGORIES: BOARD-DESIGNATED QUASI-ENDOWMENT FUNDS AND DONOR-RESTRICTED ENDOWMENT FUNDS. THE BOARD-DESIGNATED NET ASSETS SERVE AS QUASI-ENDOWMENT FUNDS HELD FOR LONG-TERM PURPOSES. BOARD DESIGNATED NET ASSETS ARE MADE UP OF OUR CHILDREN OUR PURPOSE INVESTMENT FUND, SURPLUS CASH INVESTMENT FUND, JESSICA LEWIS LUSTINE, EDWARD B. MARSH SCHOLARSHIP, ROSA SCOTT FUND FOR THE PERFORMING ARTS AND COMPUTER LEARNING. ALL EARNINGS FOR THE DONOR-RESTRICTED ENDOWMENT ARE REFLECTED AS TEMPORARILY RESTRICTED NET ASSETS UNTIL APPROPRIATED FOR EXPENDITURES BY THE BOARD OF TRUSTEES. PERMANENTLY RESTRICTED NET ASSETS ARE RESTRICTED TO INVESTMENT IN PERPETUITY. INVESTMENT EARNINGS ON THESE AMOUNTS ARE USED TO SUPPORT THE FOLLOWING PROGRAMS: FACULTY SALARIES, FINANCIAL AID, ATHLETIC CENTER, EDUCATIONAL PROGRAMS AND STUDENT ACTIVITIES, OTHER SUPPORT AND FACILITY. PART X, LINE 2: THE SCHOOL IS GENERALLY EXEMPT FROM FEDERAL INCOME TAXES UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE CODE). IN ADDITION, THE SCHOOL HAS BEEN DETERMINED BY THE INTERNAL REVENUE SERVICE NOT TO BE A PRIVATE FOUNDATION. INCOME THAT IS NOT RELATED TO EXEMPT PURPOSES, LESS APPLICABLE DEDUCTIONS, IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. DURING THE YEAR ENDED JUNE 30, 2022, THE SCHOOL HAD NO TAXABLE UNRELATED BUSINESS INCOME, AND ACCORDINGLY, NO PROVISION FOR INCOME TAXES IS REQUIRED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE SCHOOL FILES INCOME TAX RETURNS IN THE U.S. FEDERAL JURISDICTION AND THE STATE OF MARYLAND. AS OF JUNE 30, 2022, AND FOR THE YEAR THEN ENDED, THERE WERE NO MATERIAL UNRECOGNIZED/DERECOGNIZED TAX BENEFITS OR TAX PENALTIES OR INTEREST. GENERALLY, THE SCHOOL IS NO LONGER SUBJECT TO TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2019. PART XI, LINE 2D - OTHER ADJUSTMENTS: TUITION FOREGONE IN LIEU OF FINANCIAL AID -2,428,652. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES REPORTED ON LINE 8B, PART VIII -43,951. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES REPORTED ON LINE 8B, PART VIII 43,951. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION FOREGONE IN LIEU OF FINANCIAL AID 2,428,652. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 AN ANNOUNCEMENT IS PRINTED IN THE WASHINGTON POST NEWSPAPER. SCHEDULE E, PART I, LINE 6 ON APRIL 23, 2020, THE SCHOOL APPLIED FOR AND RECEIVED $1,867,065 FROM THE PAYCHECK PROTECTION PROGRAM (PPP) AS PART OF THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (CARES) ACT. THE NOTE WAS TO MATURE ON APRIL 23, 2022, AND INCURRED INTEREST AT 1% FOR THE TERM OF THE NOTE. TOTAL INTEREST EXPENSE ACCRUED ON THE NOTE PAYABLE FOR THE YEAR ENDED JUNE 30, 2021 WAS $18,670. THE NOTE WAS TO BE REPAID IN EIGHTEEN CONSECUTIVE MONTHLY PAYMENTS OF PRINCIPAL AND INTEREST OF APPROXIMATELY $105,070. FUNDS FROM THE NOTE WERE TO ONLY BE USED FOR PAYROLL COSTS, INTEREST ON OTHER DEBT OBLIGATIONS, LEASES AND UTILITIES. THE SCHOOL SPENT THE ENTIRE LOAN AMOUNT FOR QUALIFYING EXPENSES. THE SCHOOL SUBMITTED THEIR FORGIVENESS APPLICATION DURING THE YEAR-END JUNE 30, 2021 AND SUBSEQUENT TO YEAR-END, RECEIVED APPROVAL AND SUBSEQUENT FORGIVENESS FROM THE SMALL BUSINESS ADMINISTRATION (SBA) AND LENDER, RESPECTIVELY, ON AUGUST 20, 2021. ANNUAL BENEFIT AUCTION 238424 73588 164836 28022 5000 10930 238424 73588 164836 28022 5000 10930 43952 120884 26025 0 26025 26025 MD 1 0 0 0 1.00000 BILL TEACHUM 8821 RIVER ROAD BETHESDA MD 20817 0 CATHERINE VOEKS 0 SUPERVISE THE RAFFLE ACTIVITIES X 0 1 FINANCIAL AID - TUITION 92 2298584 FINANCIAL AID - AFTERCARE 29 57316 OTHER FINANCIAL ASSISTANCE - EDUCATIONAL SUPPORT 14 65987 FINANCIAL AID - TRANSPORTATION 13 6765 PART I, LINE 2: FAMILIES ARE REQUIRED TO FILL OUT A SCHOOL AND STUDENT SERVICES (SSS) APPLICATION FOR EACH CHILD THEY ARE REQUESTING FINANCIAL ASSISTANCE FOR. THROUGH THE USE OF THIS FORM FAMILIES DISCLOSE ALL OF THEIR FINANCIAL INFORMATION AND INDICATE WHAT AMOUNT OF TUITION AND FEES THEY FEEL THEY ARE ABLE TO PAY. THIS FORM IS SUBMITTED DIRECTLY TO SSS. AFTER RECEIVING THE FAMILY'S APPLICATION FORM, SSS CALCULATES, FOR EACH CHILD, THE FAMILY'S ABILITY TO PAY BASED ON THE NUMBERS PROVIDED. THIS RESULT IS SENT TO THE SCHOOL'S FINANCIAL AID COMMITTEE. THE COMMITTEE USES THIS FORM AS WELL AS THE FAMILY'S TAX RETURN TO DETERMINE AN APPROPRIATE FINANCIAL AID AWARD TO OFFER THE FAMILY. X 1 1 X X X X X 0 0 0 0 0 0 0 1 0 MATTHEW A GOULD HEAD OF SCHOOL 433516 0 20000 0 19638 0 20300 0 109495 0 602949 0 0 0 WILLIAM C TEACHUM DIRECTOR OF FINANCE & OPERATIONS 169953 0 0 0 258 0 14680 0 32819 0 217710 0 0 0 CATHERINE VOEKS DIRECTOR OF DEVELOPMENT 153578 0 0 0 258 0 11554 0 27391 0 192781 0 0 0 MICHAEL RISEN HEAD OF LOWER SCHOOL 140728 0 0 0 60 0 10122 0 20989 0 171899 0 0 0 PART I, LINE 1A MATTHEW A. GOULD, HEAD OF SCHOOL RECEIVED A NON-TAXABLE HOUSING BENEFIT IN THE AMOUNT OF $88,399. PART I, LINE 7 THE BOARD APPROVED A ONE-TIME BONUS OF $20,000 TO MATTHEW A. GOULD FOR OUTSTANDING LEADERSHIP OF NORWOOD SCHOOL AMID UNPRECEDENTED CIRCUMSTANCES IN FISCAL YEAR 2021. A MARYLAND HEALTH AND HIGHER EDUCATIONAL FACILITIES AUTHORITY 520936091 2021-02-17 10500000 TO CONSTRUCT EARLY CHILDHOOD CENTER 0 0 0 A 22000 10500000 5351965 5148035 2022 0 0 0 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 1 0 0 1 0 0 0 1 A 1 46005 FINANCIAL AID TUITION X 10 343702 FMV 0 0 1 0 PART I, COLUMN (B): REPORTING THE NUMBER OF CONTRIBUTIONS FORM 990, PART VI, SECTION B, LINE 11B THE COMPLETE 990 WILL BE REVIEWED WITH THE AUDIT COMMITTEE, WHICH IS COMPRISED OF MEMBERS OF THE BOARD OF TRUSTEES AS WELL AS NON BOARD MEMBERS. IT WILL THEN BE PRESENTED TO THE FULL BOARD OF TRUSTEES. THE SCHEDULE B INFORMATION WILL BE DISTRIBUTED TO THE FULL BOARD OF TRUSTEES WITH THE EXCEPTION OF THE NAMES OF THE DONORS WHO REQUESTED ANONYMITY. THOSE NAMES WILL BE MADE AVAILABLE TO THE TRUSTEES UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS PRESENTED TO EACH INCOMING BOARD OF TRUSTEE MEMBER AT THE BEGINNING OF EACH TERM. IT IS ALSO INCLUDED IN THE ANNUAL TRUSTEE PACKET ALONG WITH THE CONFIDENTIALITY AGREEMENT. EACH BOARD MEMBER IS ASKED TO READ THOROUGHLY AND ACKNOWLEDGE THAT THEY UNDERSTAND AND WILL ABIDE BY THE POLICIES. ANY POTENTIAL CONFLICTS ARE TO BE IDENTIFIED BY EACH MEMBER OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 15A THE COMPENSATION OF THE HEAD OF SCHOOL IS DETERMINED EACH YEAR BY THE COMPENSATION COMMITTEE WHICH IS MADE UP FROM MEMBERS OF THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. THEY USE PERFORMANCE REVIEWS AS WELL AS DATA FROM AREA INDEPENDENT SCHOOL MEMBER ORGANIZATIONS SUCH AS AISGW AND AIMS TO COMPARE OTHER HEAD OF SCHOOL SALARIES. A FULL COMPENSATION STUDY BY AN OUTSIDE CONSULTANT IS DONE PERIODICALLY. THE COMPENSATION OF KEY EMPLOYEES AND OTHER OFFICERS OF THE SCHOOL ARE DETERMINED BY THE HEAD OF SCHOOL. PERFORMANCE REVIEWS AS WELL AS DATA FROM AREA INDEPENDENT SCHOOL MEMBER ORGANIZATIONS SUCH AS AISGW AND AIMS ARE USED TO COMPARE THOSE SALARIES TO OTHER SCHOOLS. FORM 990, PART VI, SECTION C, LINE 19 THE SCHOOL MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D).