2022-05-16T16:49:24-05:00 2021-06-30 341912961 COHEN & COMPANY LTD OFFICES LISTED AT WWWCOHENCPACOM OH 44115 990 2020-07-01 341283907 GROSS SCHECHTER DAY SCHOOL GROS 2167631400 27601 FAIRMOUNT BLVD PEPPER PIKE OH 44124 VIRGINIA GALILI HEAD OF SCHOOL 2167631400 2022-05-16 1 VIRGINIA GALILI 999009999 CATHLEEN S LORENZ P00063640 8002291099 2022-05-16 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z VIRGINIA GALILI 27601 FAIRMOUNT BLVD PEPPER PIKE OH 44124 4782842 0 X WWW.GROSSSCHECHTER.ORG X 1979 OH GROSS SCHECHTER DAY SCHOOL INSPIRES ITS STUDENTS TO LOVE LEARNING, BECOME THEIR BEST SELVES, AND EMBRACE JEWISH PRACTICE, VALUES, AND COMMUNITY IN A CHALLENGING AND ENCOURAGING ACADEMIC ENVIRONMENT. 25 25 112 0 0 0 1801310 2166915 2599411 2573522 14672 18382 19882 24023 4435275 4782842 504728 587600 0 0 2896627 2811976 0 0 125885 1052949 1166146 4454304 4565722 -19029 217120 6820618 7861438 3514055 3080601 3306563 4780837 GROSS SCHECHTER DAY SCHOOL INSPIRES ITS STUDENTS TO LOVE LEARNING, BECOME THEIR BEST SELVES, AND EMBRACE JEWISH PRACTICE, VALUES, AND COMMUNITY IN A CHALLENGING AND ENCOURAGING ACADEMIC ENVIRONMENT. 0 0 3944604 587600 2597545 GROSS SCHECHTER DAY SCHOOL'S ("THE SCHOOL") ACADEMIC PROGRAMS FOCUS ON PROVIDING A WELL-ROUNDED EDUCATION THAT PREPARES ITS STUDENTS FOR SUCCESS IN HIGH SCHOOL, COLLEGE, AND BEYOND. THE SCHOOL ALSO PROVIDES AFTER SCHOOL ACTIVITIES AND INFANT CARE. KEHILLAT SCHECHTER (OUR SCHECHTER COMMUNITY) IS MADE UP OF STUDENTS, PARENTS, ALUMNI, AND STAFF. 3944604 1 1 0 0 0 0 0 0 0 1 1 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 9 0 1 112 0 0 0 0 0 0 1 1 0 0 0 0 0 0 X 25 25 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 0 0 OH X JENNIFER KERCHER 2167631400 27601 FAIRMOUNT BLVD PEPPER PIKE OH 44124 KAREN LEVINSKY DIRECTOR 1.00 X 0 0 0 RAKAFET LANDES DIRECTOR 1.00 X 0 0 0 JOE GRUNDFAST DIRECTOR 1.00 X 0 0 0 RENEE GRELLER DIRECTOR 1.00 X 0 0 0 LYDIA FRANKEL DIRECTOR 1.00 X 0 0 0 ALANNA COOPER DIRECTOR 1.00 X 0 0 0 PATTI BERNS DIRECTOR 1.00 X 0 0 0 MITCHEL BALK DIRECTOR 1.00 X 0 0 0 MAYA ABRAMOV DIRECTOR 1.00 X 0 0 0 MOE ABRAHAM DIRECTOR 1.00 X 0 0 0 KATE MILGROM SECRETARY 5.00 X X 0 0 0 ROBERT FISHMAN ASSISTANT TREASURER 10.00 X X 0 0 0 AARON SAIDEL TREASURER 10.00 X X 0 0 0 SARAH ZIMMERMAN VICE PRESIDENT 10.00 X X 0 0 0 ERICA LAZZARO VICE PRESIDENT 10.00 X X 0 0 0 LEAH EPSTEIN VICE PRESIDENT 10.00 X X 0 0 0 ABIGAIL STANDLIN PRESIDENT 15.00 X X 0 0 0 LOREE POTASH DIRECTOR 1.00 X 0 0 0 BRIAN STEIN DIRECTOR 1.00 X 0 0 0 KIM STEIN DIRECTOR 1.00 X 0 0 0 TANYA SUSSMAN DIRECTOR 1.00 X 0 0 0 RICHARD URIA DIRECTOR 1.00 X 0 0 0 RACHEL WEINBERG DIRECTOR 1.00 X 0 0 0 CHAD ZIMMERMAN DIRECTOR 1.00 X 0 0 0 KIMBERLY LEVIN DIRECTOR 1.00 X 0 0 0 RANDY BOROFF FORMER HEAD OF SCHOOL (UNTIL 05/01/21) 40.00 X 147000 0 9000 VIRGINIA GALILI HEAD OF SCHOOL (AS OF 05/01/21) 40.00 X 12500 0 0 159500 0 9000 1 0 1 0 0 637376 592384 937155 2166915 TUITION REVENUE 611600 2549321 2549321 SCHOOL ACTIVITIES 611600 24201 24201 2573522 18382 18382 MISC REVENUE 900099 24023 24023 24023 4782842 2597545 0 18382 587600 587600 159500 135917 19047 4536 2171790 1850688 259344 61758 149211 127150 17818 4243 150371 128177 17899 4295 181104 154674 21112 5318 33466 16949 10355 6162 69287 35090 21439 12758 18993 9619 5877 3497 305554 250664 50852 4038 227248 190599 32583 4066 50 41 8 1 2135 1766 340 29 6555 6555 307369 276827 24433 6109 FOOD 122032 116339 3416 2277 BAD DEBT 26316 26316 SCHECHTER PARENT ASSOCI 19001 10815 1540 6646 SCHOOL ACTIVITIES 16805 15995 810 11335 9378 1805 152 4565722 3944604 495233 125885 151032 275 73984 780075 469099 315377 83015 89149 14214 16045 8483157 5671013 2977546 2812144 51232 1657833 2381444 1342663 1466929 6820618 7861438 2464902 1881540 448795 547965 85658 651096 514700 3514055 3080601 X 42117 861437 3264446 3919400 3306563 4780837 6820618 7861438 X 217120 524382 732772 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 265428 80366 7375 338419 1835366 73802 -21088 59505 1828575 1807616 32462 57849 62561 1835366 1625342 142355 114027 74108 1807616 1384529 85601 216172 60960 1625342 0.57601 0.24028 0.18371 1 0 6758388 4264110 2494278 16526 4407 12119 766707 600388 166319 941536 802108 139428 2812144 ISRAEL BONDS 40000 F INVESTMENT FUND 2237993 F ALTERNATIVE PROGRAM 103451 F 2381444 ENDOWMENT HELD BY JFC 1466929 1466929 X 4843890 524382 124266 648648 4195242 587600 587600 4782842 3978122 0 3978122 587600 587600 4565722 PART V, LINE 4: THE MOST SIGNIFICANT PURPOSE OF THE ENDOWMENT IS TUITION AND SUPPORT. STAFF DEVELOPMENT, STRATEGIC PLANNING, AND EDUCATIONAL PROGRAM DEVELOPMENT ARE ADDITIONAL PURPOSES. PART X, LINE 2: GROSS SCHECHTER DAY SCHOOL (THE SCHOOL) IS A NONPROFIT ORGANIZATION TAX-EXEMPT UNDER INTERNAL REVENUE CODE SECTION 501(C)(3). THE SCHOOL'S INCOME TAX FILINGS ARE SUBJECT TO AUDIT BY VARIOUS TAXING AUTHORITIES. IN EVALUATING THE SCHOOL'S ACTIVITIES, MANAGEMENT BELIEVES ITS POSITION OF TAX-EXEMPT STATUS IS APPROPRIATE BASED ON CURRENT FACTS AND CIRCUMSTANCES, AND THERE HAVE BEEN NO UNCERTAIN POSITIONS TAKEN RELATED TO RECORDING INCOMES TAXES AS OF JUNE 30, 2021. MANAGEMENT HAS ALSO ASSESSED THAT THERE ARE NO ACTIVITIES UNRELATED TO THE PURPOSE OF THE SCHOOL AND THEREFORE NO TAX IS TO BE RECOGNIZED. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF FUNDS HELD BY OTHERS 124,266. PART XI, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID NETTED AGAINST REVENUE 587,600. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID NETTED AGAINST REVENUE 587,600. SCHEDULE D, PART V INCLUDED IN THE 6.30.2020 ENDOWMENT NET ASSETS WITH DONOR RESTRICTIONS ARE "SPECIAL PURPOSE FUNDS". DURING 2021, WITH THE CHANGE IN AUDITOR TO COHEN, THESE FUNDS RE-CHARACTERIZED AS NON-ENDOWMENT INVESTMENTS. THIS RE-CHARACTERIZATION WAS BASED ON DONOR INTENT AND FRESH INTERPRETATION (BASED ON OUR EXPERIENCE WITH JCF AND OTHER JCF AGENCIES). SPECIAL PURPOSE FUNDS INCLUDE DONOR RESTRICTED FUNDS FROM INDIVIDUALS AND FAMILIES WHERE THE DONORS HAS PLACED PURPOSE RESTRICTIONS ON THE ORIGINAL CONTRIBUTIONS AND EARNINGS FROM THE ORIGINAL CONTRIBUTIONS, BUT THE FUNDS DO NOT HAVE A DONOR RESTRICTION TO HOLD THE INVESTMENTS IN PERPETUITY. THE SCHOOL HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR THESE SPECIAL PURPOSE FUNDS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY THESE FUNDS WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE INVESTED ASSETS. UNDER THIS POLICY, AS APPROVED BY THE BOARD OF DIRECTORS, THE ASSETS ARE INVESTED IN A MANNER THAT IS INTENDED TO PRODUCE RESULTS THAT OVER TIME WILL AVERAGE THE LEVEL OF THE APPROVED SCHOOL SPENDING RATE PLUS INFLATION. ACTUAL RESULTS IN ANY GIVEN YEAR MAY VARY FROM THIS AMOUNT. SPECIAL PURPOSE FUNDS ARE SUBJECT TO THESE SPENDING POLICIES. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 GROSS SCHECHTER DAY SCHOOL PUBLICIZES ITS NON DISCRIMINATORY POLICY ON ITS WEBSITE WWW.GROSSSCHECHTER.ORG, ON ITS FACEBOOK PAGE, ON ALL PAMPHLETS OR BROCHURES DISTRIBUTED FOR RECRUITMENT, AND ON ITS APPLICATIONS FOR ENROLLMENT. SCHEDULE E, PART I, LINE 6 THE SCHOOL RECEIVED $40,000 FROM THE STATE OF OHIO DEPARTMENT OF EDUCATION FOR THE NONPUBLIC ADMINISTRATIVE REIMBURSEMENT PROGRAM. 1 GROSS SCHECHTER SCHOLARSHIP FOR STUDENTS 52 587600 PART I, LINE 2: GROSS SCHECHTER DAY SCHOOL (THE SCHOOL) IS A PRIVATE SCHOOL FOR PRE-KINDERGARTEN THROUGH EIGHTH GRADE LOCATED IN PEPPER PIKE, OHIO. THE SCHOOL RECEIVES AN ALLOCATION FROM THE ANNUAL CAMPAIGN OF THE JEWISH FEDERATION OF CLEVELAND (THE FEDERATION) AND FOLLOWS CERTAIN GUIDELINES ESTABLISHED BY THE FEDERATION. THE FEDERATION DOES NOT PUT A RESTRICTED USE ON THE ALLOCATION. IT IS FOR GENERAL OPERATING PURPOSES AND NOT TIED TO PROVIDE TUITION ASSISTANCE. X X X 0 0 0 0 0 0 0 0 0 RANDY BOROFF FORMER HEAD OF SCHOOL (UNTIL 05/01/2 147000 0 0 0 0 0 0 0 9000 0 156000 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 GARY L. GROSS - PAST PRESIDENT, SARAH ZIMMERMAN - VICE PRESIDENT, AND CHAD ZIMMERMAN - DIRECTOR HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY COHEN & COMPANY, AN INDEPENDENT ACCOUNTING FIRM, AND IS REVIEWED BY GROSS SCHECHTER DAY SCHOOL STAFF. THE FORM 990 IS THEN DISTRIBUTED TO THE BOARD FOR REVIEW PRIOR TO BEING SIGNED BY THE BOARD PRESIDENT AND FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS REVIEWED ANNUALLY AT THE INITIAL MEETING OF THE BOARD OF DIRECTORS. IN ADDITION, ANY NEW KEY INDIVIDUALS ARE PROVIDED WITH A COPY OF THE POLICY UPON COMMENCEMENT OF HIS OR HER SERVICE. AT THE BEGINNING OF EACH SCHOOL YEAR, QUESTIONNAIRES ARE DISTRIBUTED TO EACH MEMBER OF THE BOARD TO COMPLETE REGARDING POTENTIAL CONFLICTS OF INTEREST. A STAFF MEMBER THEN REVIEWS THE FORMS FOR POSSIBLE CONFLICTS. BOARD MEMBERS RECUSE THEMSELVES IF A CONFLICT EXISTS. FORM 990, PART VI, SECTION B, LINE 15A THE COMPENSATION COMMITTEE, COMPRISED OF BOARD MEMBERS, MEETS ANNUALLY TO DISCUSS THE COMPENSATION OF THE TOP MANAGEMENT OFFICIAL. COMPARABILITY DATA, SUCH AS COMPENSATION FOR THE SAME POSITION AT THE OTHER RELIGIOUS SCHOOLS, IS CONSIDERED. THE COMMITTEE KEEPS CONFIDENTIAL MINUTES OF THE MEETING. A COMMITTEE IS FORMED TO INTERVIEW POSSIBLE CANDIDATES FOR THE HEAD OF SCHOOL POSITION. THE COMMITTEE THEN DOES RESEARCH ON SIMILAR SCHOOLS FOR SALARY COMPARISON. THEY PREPARE A CONTRACT FOR THE NEW HIRE, COMPLETE WITH A GRADUATED COMPENSATION SCALE. THE BOARD/COMMITTEE APPROVES THE COMPENSATION AND THE CONTRACT. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, VARIOUS POLICIES, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST THROUGH THE FRONT OFFICE FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH BY IRC SECTION 6104(D). FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF FUNDS HELD BY OTHERS 124,266. UNFUNDED PENSION PLAN 608,506. FORM 990, PART XII, LINE 2C: NO CHANGE FROM PRIOR YEAR. FORM 990, PART VIII, LINE 1E AND PART X, LINE 24 INCLUDED ON PART X, LINE 24 IS A REFUNDABLE ADVANCE CONTRIBUTION OF $540,617. ON APRIL 27, 2020 AND MAY 31, 2021, THE ORGANIZATION QUALIFIED FOR AND RECEIVED A LOAN PURSUANT TO THE PAYCHECK PROTECTION PROGRAM, A PROGRAM IMPLEMENTED BY THE SMALL BUSINESS ADMINISTRATION UNDER THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT. THE PRINCIPAL AMOUNT OF THE LOAN WAS $514,700 AND $540,617 RESPECTIVELY. THE LOAN BEARS INTEREST AT A FIXED RATE OF 1.0% PER ANNUM, HAS A TWO YEAR TERM, IS UNSECURED AND GUARANTEED BY THE SMALL BUSINESS ADMINISTRATION. THE PRINCIPAL AND INTEREST ARE ELIGIBLE FOR FORGIVENESS UNDER THE PAYCHECK PROTECTION PROGRAM UPON MEETING THE PERFORMANCE REQUIREMENTS OF PROGRAM. THE ORGANIZATION INTENDS TO APPLY FOR THE MAXIMUM FORGIVENESS OF THE PPP LOAN. AS OF JUNE 30, 2021 THE ORGANIZATION HAD MET THE PERFORMANCE REQUIREMENTS FOR THE AMOUNT OF $514,700 THEREFORE THIS AMOUNT HAS BEEN INCLUDED AS REVENUE ON PART VIII LINE 1E . THEY EXPECT TO COMPLETE THE PERFORMANCE REQUIREMENTS TIMELY TO QUALIFY FOR FULL FORGIVENESS FOR 2ND PPP LOAN.