2021-05-13T13:21:58-05:00 2020-06-30 340677006 MALONEY NOVOTNY LLC 1111 SUPERIOR AVE SUITE 700 CLEVELAND OH 441142540 990 2019-07-01 340714390 WESTERN RESERVE ACADEMY WEST 3306504400 115 COLLEGE STREET HUDSON OH 442362926 THOMAS ARNOLD CFOO 3306504400 2021-05-13 1 CHRISTOPHER B ANDERSON P00226559 2163630100 2019 2022-09-23 18:48:47Z SUZANNE E BUCK 115 COLLEGE STREET HUDSON OH 442362926 49649216 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. 22 22 245 50 -388518 -388518 3818734 4137212 21268405 22270818 13023441 4129921 5407 0 38115987 30537951 7584009 8438508 0 0 13149774 12919820 0 0 1857352 12438022 12639039 33171805 33997367 4944182 -3459416 186429469 185383997 26182572 26691373 160246897 158692624 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 28136150 8438508 22270818 THE ACADEMY IS A SECONDARY CO-EDUCATIONAL SCHOOL WITHAPPROXIMATELY 400 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. 28136150 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 16 0 1 245 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 22 22 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 OLIN J HEESTAND JR 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 GAVIN J DOMM 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 THOMAS P ARNOLD CHIEF FINANCIAL & OPERATING OFFICER 40.00 0.00 X 236450 0 87835 SUZANNE E BUCK HEAD OF SCHOOL 40.00 0.00 X 211657 0 72749 MARK L LAFONTAINE ASST HEAD OF SCHOOL-ADVANCEMENT 40.00 0.00 X 274258 0 51304 JENNIFER R BIEHN DIRECTOR OF ENROLLMENT MANAGEMENT 40.00 0.00 X 165755 0 102088 MATTHEW L GERBER CHIEF INNOVATION OFFICER 40.00 0.00 X 135850 0 57216 RICHARD P ONG HISTORY FACULTY 40.00 0.00 X 110134 0 73868 MARGARET COLAFELLA DIRECTOR OF COMMUNICATIONS & MARKETING 40.00 0.00 X 125428 0 41230 WENDY M SKINNER DEAN OF STUDENT LIFE 40.00 0.00 X 100030 0 65749 DAVID L CHIARELLA DIRECTOR OF COUNSELING & PSYCHOLOGICAL SERVICES 40.00 0.00 X 137802 0 23338 CHRISTOPHER D BURNER HEAD OF SCHOOL-FORMER 40.00 0.00 X 158755 0 71222 1656119 0 646599 14 1 1 0 FLIK CO COMPASS GROUP USA PO BOX 91337 CHICAGO IL 606931337 FOOD SERVICE 1292947 UNDERWOOD PAINTING INC 3509 SHADE ROAD AKRON OH 44333 PAINTING/CLEANING 894827 RUHLIN COMPANY 6931 RIDGE ROAD PO BOX 190 SHARON CENTER OH 44274 CONSTRUCTION 510634 MUDD CONSTRUCTION PO BOX 235 MOGADORE OH 44260 CONSTRUCTION 361465 VIZMEG LANDSCAPE INC 778 MCCAULEY ROAD SUITE 100 STOW OH 44224 LAWN SERVICE 286162 10 4137212 1707315 4137212 BOARDING STUDENTS TUITION 611110 14582878 14582878 DAY STUDENTS TUITION 611110 6116300 6116300 RELATED ENTERPRISES 611110 1571640 1571640 22270818 2397308 -388518 2785826 20843878 19111265 1732613 1732613 1732613 30537951 22270818 -388518 4518439 8438508 8438508 1101018 254404 406807 439807 8472129 6726965 1149102 596062 890946 658665 142322 89959 1800735 1396512 260463 143760 654992 493057 101324 60611 14727 7364 7363 72340 72340 970271 970271 1196854 1137011 35906 23937 415771 415771 312962 297314 9389 6259 413506 392831 12405 8270 2071085 1967530 62133 41422 271437 166022 13926 91489 7026 7026 545177 545177 2882902 2738757 86487 57658 216332 205515 6490 4327 OTHER 1529626 1113875 121960 293791 FOOD SERVICE 1255332 1255332 AUXILIARY ENTERPRISES 344589 344589 RESTRICTED STUDENT EXP. 119102 119102 33997367 28136150 4003865 1857352 511218 1739983 3419710 4505668 1936092 77378 83921 191277 206886 248196 241572 100211831 41120071 60671763 59091760 48468593 49688098 70526611 70204740 186429469 185383997 797692 715333 3707923 2948551 18657162 17438730 3019795 5588759 26182572 26691373 X 45245488 44612646 115001409 114079978 160246897 158692624 186429469 185383997 X -3459416 2417192 -512049 X 0 1 X 1 0 X 11159345 12350449 7937589 3818734 4137212 39403329 11159345 12350449 7937589 3818734 4137212 39403329 4479278 34924051 1196525 4146927 2765405 2872211 2397308 13378376 39115 50107 16552 16187 121961 52903666 103823697 0.66010 0.67780 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: SPECEVENTS REVENUE - 2015 AMOUNT: $ 39,115. 2016 AMOUNT: $ 50,107. 2017 AMOUNT: $ 16,552. 2018 AMOUNT: $ 16,187. 2019 AMOUNT: $ 0. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 64419876 1087579 2392536 2638767 65261224 62744456 923010 5206323 4453913 64419876 58299445 2077516 6867190 4499695 62744456 54343660 4480483 3982533 4507231 58299445 59745969 1953495 -2907488 4448316 54343660 0.09200 0.63220 0.27580 0 0 1636412 1636412 93022725 36543061 56479664 5172386 4577010 595376 380308 380308 59091760 ALTERNATIVE INVESTMENTS 70204740 F 70204740 ANNUITIES PAYABLE 1723244 INTEREST RATE SWAP 1559515 PPP LOAN PAYABLE 2306000 5588759 X 23034315 2417192 -512049 1905143 21129172 970271 8438508 9408779 30537951 24588588 0 24588588 970271 8438508 9408779 33997367 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, 2020. AS OF JUNE 30, 2020, 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 -361,205. CHANGE IN SPLIT INTEREST AGREEMENTS -150,844. 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 8,438,508. 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 8,438,508. 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 239 8438508 0 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 THOMAS P ARNOLD CHIEF FINANCIAL & OPERATING OFFICER 236090 0 0 0 360 0 26050 0 61785 0 324285 0 0 0 SUZANNE E BUCK HEAD OF SCHOOL 185032 0 0 0 26625 0 18750 0 53999 0 284406 0 0 0 MARK L LAFONTAINE ASST HEAD OF SCHOOL-ADVANCEMENT 273752 0 0 0 506 0 29575 0 21729 0 325562 0 0 0 JENNIFER R BIEHN DIRECTOR OF ENROLLMENT MANAGEMENT 165413 0 0 0 342 0 18450 0 83638 0 267843 0 0 0 MATTHEW L GERBER CHIEF INNOVATION OFFICER 126190 0 0 0 9660 0 14709 0 42507 0 193066 0 0 0 RICHARD P ONG HISTORY FACULTY 83795 0 0 0 26339 0 11682 0 62186 0 184002 0 0 0 MARGARET COLAFELLA DIRECTOR OF COMMUNICATIONS & MARKETI 125284 0 0 0 144 0 13554 0 27676 0 166658 0 0 0 WENDY M SKINNER DEAN OF STUDENT LIFE 99790 0 0 0 240 0 10884 0 54865 0 165779 0 0 0 DAVID L CHIARELLA DIRECTOR OF COUNSELING & PSYCHOLOGIC 136557 0 0 0 1245 0 15190 0 8148 0 161140 0 0 0 CHRISTOPHER D BURNER HEAD OF SCHOOL-FORMER 158755 0 0 0 0 0 18199 0 53023 0 229977 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 2017A 341765940 2017-07-13 19820000 REFINANCING OF 2011 BONDS 0 0 0 B DEVFINAUTHORITY OF SUMMIT COUNTY-SERIES 2017B 341765940 2018-06-05 1261973 CONSTRUCTION-BRIDGE FINANCING 0 0 0 A 19350000 19820000 250000 1 0 1 1 B 1261973 0 0 0 0 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 A 0 1 0 0 1 1 FNB OF PA 14.000000000000 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 A 0 B 0 X 1 N/A X 52 1707315 FMV X 1 N/A X GAME TABLES 2 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 -361,205. CHANGE IN SPLIT INTEREST AGREEMENTS -150,844. WRA INNOVATIONS LLC 115 COLLEGE STREET HUDSON OH 44236 843664989 DELIVERY OF PROGRAM ASSISTANCE OH -7671 -7671 WESTERN RESERVE ACADEMY