2022-05-10T08:22:30-05:00 2021-06-30 340677006 MALONEY NOVOTNY LLC 1111 SUPERIOR AVE SUITE 700 CLEVELAND OH 441142540 990 2020-07-01 340714390 WESTERN RESERVE ACADEMY WEST 3306504400 115 COLLEGE STREET HUDSON OH 442362926 THOMAS ARNOLD CFOO 3306504400 2022-05-09 1 THOMAS ARNOLD 999009999 CHRISTOPHER B ANDERSON P00226559 2163630100 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z SUZANNE E BUCK 115 COLLEGE STREET HUDSON OH 442362926 79973405 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. 24 24 251 50 -396322 0 4137212 10834167 22270818 23341978 4129921 23965768 0 0 30537951 58141913 8438508 9973114 0 0 12919820 13854042 0 0 1777914 12639039 12303267 33997367 36130423 -3459416 22011490 185383997 203998204 26691373 23380560 158692624 180617644 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 29886877 9973114 23341978 THE ACADEMY IS A SECONDARY CO-EDUCATIONAL SCHOOL WITHAPPROXIMATELY 445 STUDENTS. OUR FACULTY CULTIVATES INTELLECTUALCURIOSITY THROUGH A CHALLENGING COLLEGE PREPARATORY PROGRAM; OURSTUDENTS PURSUE A RIGOROUS LIBERAL ARTS CURRICULUM AND ENGAGE INOPPORTUNITIES BEYOND THE CLASSROOM IN ARTS, ATHLETICS, ANDSERVICE, ENSURING GROWTH IN MIND, BODY, AND SPIRIT. THE ACADEMY'SCLOSE-KNIT COMMUNITY INSTILLS INDIVIDUAL AND SOCIALRESPONSIBILITY, WHILE PREPARING STUDENTS AS CITIZENS AND LEADERSIN AN INCREASINGLY INTERCONNECTED WORLD. 29886877 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 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 13 0 1 251 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 24 24 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 STEPHAN W COLE VICE PRESIDENT BOARD OF TRUSTEES 0.50 0.00 X X 0 0 0 SUZANNE DAY TRUSTEE 0.50 0.00 X 0 0 0 DAGMAR F FELLOWES TRUSTEE 0.50 0.00 X 0 0 0 JOHN M FOWLER TREASURER BOARD OF TRUSTEES 1.00 0.00 X X 0 0 0 MARTIN D FRANKS TRUSTEE 0.50 0.00 X 0 0 0 JOHN P HEWKO TRUSTEE 0.50 0.00 X 0 0 0 NATHANIEL E LEONARD TRUSTEE 0.50 0.00 X 0 0 0 CECILY PRYCE MAGUIRE TRUSTEE 0.50 0.00 X 0 0 0 ANDREW R MIDLER CO-PRESIDENT BOARD OF TRUSTEES 1.00 0.00 X X 0 0 0 TIMOTHY R WARNER CO-PRESIDENT BOARD OF TRUSTEES 1.00 0.00 X X 0 0 0 DANIEL H BAYLY TRUSTEE 0.50 0.00 X 0 0 0 H WILLIAM CHRIST TRUSTEE 0.50 0.00 X 0 0 0 CLIFTON D HOOD TRUSTEE 0.50 0.00 X 0 0 0 DALE G KRAMER TRUSTEE 0.50 0.00 X 0 0 0 ANNE CACIOPPO MANGANARO TRUSTEE 0.50 0.00 X 0 0 0 XUNING WANG TRUSTEE 0.50 0.00 X 0 0 0 MARK J WELSHIMER SECRETARY BOARD OF TRUSTEES 1.00 0.00 X X 0 0 0 ANTHONY WYNSHAW-BORRIS MD PHD TRUSTEE 0.50 0.00 X 0 0 0 WARREN W FARR III TRUSTEE 0.50 0.00 X 0 0 0 KATHLEEN A WOOD TRUSTEE 0.50 0.00 X 0 0 0 MENNA H DEMESSIE TRUSTEE 0.50 0.00 X 0 0 0 THOMAS E DUNN TRUSTEE 0.50 0.00 X 0 0 0 PRIVA B MASEELALL TRUSTEE 0.50 0.00 X 0 0 0 MARCIA PREWITT SPILLER TRUSTEE 0.50 0.00 X 0 0 0 THOMAS P ARNOLD CHIEF FINANCIAL & OPERATING OFFICER 40.00 0.00 X 239056 0 86940 SUZANNE E BUCK HEAD OF SCHOOL 40.00 0.00 X 398930 0 163911 MARK L LAFONTAINE ASST HEAD OF SCHOOL-ADVANCEMENT 40.00 0.00 X 277363 0 48796 JENNIFER R BIEHN DIRECTOR OF ENROLLMENT MANAGEMENT 40.00 0.00 X 168094 0 105360 NICHOLAS KENT ASSOCIATE HEAD OF SCHOOL 40.00 0.00 X 188558 0 49209 MATTHEW L GERBER CHIEF INNOVATION OFFICER 40.00 0.00 X 132329 0 55412 MARGARET COLAFELLA DIRECTOR OF COMMUNICATIONS & MARKETING 40.00 0.00 X 132017 0 61147 WENDY M SKINNER DEAN OF STUDENT LIFE 40.00 0.00 X 105321 0 64853 DAVID L CHIARELLA DIRECTOR OF COUNSELING & PSYCHOLOGICAL SERVICES 40.00 0.00 X 139185 0 22279 RUTH D ANDREWS SR. DIRECTOR OF LEADERSHIP GIFTS 40.00 0.00 X 127901 0 28419 1908754 0 686326 11 0 1 0 FLIK CO COMPASS GROUP USA PO BOX 91337 CHICAGO IL 606931337 FOOD SERVICE 1583708 UNDERWOOD PAINTING INC 3509 SHADE ROAD AKRON OH 44333 PAINTING/CLEANING 813400 VIZMEG LANDSCAPE INC 778 MCCAULEY ROAD SUITE 100 STOW OH 44224 LAWN SERVICE 379647 PATTERSON ROOFING CO 2609 STEWARD DRIVE RITTMAN OH 44270 ROOFING 302350 FLOURISH INC 1001 HURON ROAD E SUITE 102 CLEVELAND OH 44115 MARKETING/PROMOTIONAL 216857 8 2306000 8528167 1503486 10834167 BOARDING STUDENTS TUITION 611110 16310495 16310495 DAY STUDENTS TUITION 611110 6068736 6068736 RELATED ENTERPRISES 611110 962747 962747 23341978 3890390 -396322 4286712 41906870 21831492 20075378 20075378 20075378 58141913 23341978 -396322 24362090 9973114 9973114 1272001 389298 445768 436935 8929078 7131221 1110768 687089 1085242 687751 223187 174304 1816687 1406501 237701 172485 751034 553683 114597 82754 52913 26457 26456 51470 51470 1130095 1130095 1114703 1058968 33441 22294 350091 350091 313872 298179 9416 6277 411210 390650 12336 8224 2042945 1940798 61288 40859 86748 66860 17041 2847 4972 4972 622091 622091 2905102 2759847 87153 58102 234383 222664 7031 4688 FOOD SERVICE 1366970 1366970 OTHER 1348697 991848 275793 81056 AUXILIARY ENTERPRISES 197877 197877 RESTRICTED STUDENT EXP. 69128 69128 36130423 29886877 4465632 1777914 511218 5850278 3419710 1936092 1487281 83921 36256 206886 143281 241572 231853 102034480 44025175 59091760 58009305 49688098 41330251 70204740 95001731 0 1907968 185383997 203998204 715333 1112902 2948551 2573500 17438730 17598208 5588759 2095950 26691373 23380560 X 44612646 46599359 114079978 134018285 158692624 180617644 185383997 203998204 X 22011490 -914135 827665 X 0 1 X 1 0 X 12350449 7937589 3818734 4137212 10834167 39078151 12350449 7937589 3818734 4137212 10834167 39078151 5913088 33165063 4146927 2765405 2872211 2397308 3890390 16072241 50107 16552 16187 82846 55233238 107216477 0.60050 0.66010 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: SPECEVENTS REVENUE - 2016 AMOUNT: $ 50,107. 2017 AMOUNT: $ 16,552. 2018 AMOUNT: $ 16,187. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 65261224 2376614 11531653 4325449 74844042 64419876 1087579 2392536 2638767 65261224 62744456 923010 5206323 4453913 64419876 58299445 2077516 6867190 4499695 62744456 54343660 4480483 3982533 4507231 58299445 0.06323 0.58287 0.35390 0 0 1636412 1636412 94544557 39346834 55197723 5365180 4678341 686839 488331 488331 58009305 ALTERNATIVE INVESTMENTS 95001731 F 95001731 ANNUITIES PAYABLE 1288970 INTEREST RATE SWAP 612383 DEFERRED COMPENSATION LIABILITY 194597 2095950 X 46952234 -914135 827665 -86470 47038704 1130095 9973114 11103209 58141913 25027214 0 25027214 1130095 9973114 11103209 36130423 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, 2021. AS OF JUNE 30, 2021, 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 VALUE OF INTEREST RATE SWAP 947,133. CHANGE IN SPLIT INTEREST AGREEMENTS -119,468. 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 9,973,114. 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 9,973,114. 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 1 SCHOLARSHIPS FOR STUDENTS 252 9973114 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 X 0 0 0 0 0 0 0 0 0 SUZANNE E BUCK HEAD OF SCHOOL 382554 0 10000 0 6376 0 37500 0 126411 0 562841 0 0 0 MARK L LAFONTAINE ASST HEAD OF SCHOOL-ADVANCEMENT 275815 0 500 0 1048 0 27800 0 20996 0 326159 0 0 0 THOMAS P ARNOLD CHIEF FINANCIAL & OPERATING OFFICER 237988 0 500 0 568 0 24500 0 62440 0 325996 0 0 0 JENNIFER R BIEHN DIRECTOR OF ENROLLMENT MANAGEMENT 166451 0 500 0 1143 0 17367 0 87993 0 273454 0 0 0 NICHOLAS KENT ASSOCIATE HEAD OF SCHOOL 187682 0 500 0 376 0 19000 0 30209 0 237767 0 0 0 MARGARET COLAFELLA DIRECTOR OF COMMUNICATIONS & MARKETI 131233 0 500 0 284 0 13250 0 47897 0 193164 0 0 0 MATTHEW L GERBER CHIEF INNOVATION OFFICER 128038 0 500 0 3791 0 13600 0 41812 0 187741 0 0 0 WENDY M SKINNER DEAN OF STUDENT LIFE 104238 0 500 0 583 0 10660 0 54193 0 170174 0 0 0 DAVID L CHIARELLA DIRECTOR OF COUNSELING & PSYCHOLOGIC 137552 0 250 0 1383 0 14280 0 7999 0 161464 0 0 0 RUTH D ANDREWS SR. DIRECTOR OF LEADERSHIP GIFTS 126146 0 500 0 1255 0 13403 0 15016 0 156320 0 0 0 PART I, LINE 1A BENEFITS PROVIDED TO CERTAIN OFFICERS - THE FOLLOWING ARE PROVIDED HOUSING AS A PART OF HIS/HER JOB DUTIES: HEAD OF SCHOOL, THE ASSOCIATE HEAD OF SCHOOL, THE DEAN OF ADMISSIONS, THE DIRECTOR OF COLLEGE COUNSELING, AND THE CHIEF INNOVATION OFFICER. ADDITIONALLY, DUES FOR ONE SOCIAL CLUB ARE PAID BY WESTERN RESERVE ACADEMY FOR THE HEAD OF SCHOOL. THE SOCIAL CLUB IS USED ONLY FOR ACADEMY BUSINESS. NEITHER HOUSING NOR THE SOCIAL CLUB DUES ARE TREATED AS TAXABLE COMPENSATION. THE HEAD OF SCHOOL ALSO RECEIVES HOUSEKEEPING SERVICES AND A TRAVEL ALLOWANCE. 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 52 1038872 FMV X 1 464614 FMV X COLOR PHOTO PRINTER 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 947,133. CHANGE IN SPLIT INTEREST AGREEMENTS -119,468. WRA INNOVATIONS LLC 115 COLLEGE STREET HUDSON OH 44236 843664989 DELIVERY OF PROGRAM ASSISTANCE OH 11465 3794 WESTERN RESERVE ACADEMY