2021-04-08T14:34:21-05:00 2020-06-30 131639826 EISNERAMPER LLP 130 ROUTE 31 NORTH SUITE A PENNINGTON NJ 08534 990 2019-07-01 510065745 TOWER HILL SCHOOL ASSOCIATION TOWE 3026578360 2813 WEST 17TH STREET WILMINGTON DE 19806 ELIZABETH C SPEERS HEAD OF SCHOOL 3026578360 2021-04-08 1 HELEN M MARTIN P01330899 6097370300 2019 2022-09-23 18:48:47Z ELIZABETH C SPEERS 2813 WEST 17TH STREET WILMINGTON DE 19806 38554036 0 X WWW.TOWERHILL.ORG X 1919 DE TOWER HILL SCHOOL IS A CO-EDUCATIONAL SCHOOL FOR STUDENTS 3 YEARS OLD THROUGH GRADE 12. 20 20 256 288 0 0 2979423 4677521 21939548 23237557 3634135 1215156 610602 200757 29163708 29330991 4732115 5178216 0 0 14852521 15260400 0 0 1610044 7691162 6735343 27275798 27173959 1887910 2157032 86306055 91556588 13945463 18028275 72360592 73528313 X TOWER HILL SCHOOL PREPARES STUDENTS FROM DIVERSE BACKGROUNDS FOR FULL AND CREATIVE ENGAGEMENT WITH A DYNAMIC WORLD. EACH STUDENT IS PROVIDED WITH AN EDUCATIONAL EXPERIENCE THAT EMPHASIZES THE DEVELOPMENT OF AN INQUISITIVE, DISCERNING AND CRITICAL MIND; THE VALUE OF BEING CREATIVE AND AESTHETICALLY SENSITIVE; THE APPRECIATION OF PHYSICAL WELL-BEING; THE ABILITY TO COLLABORATE AND FUNCTION AS PART OF A TEAM; AND THE GROWTH OF CHARACTER. 0 0 20410993 5178216 22956594 EDUCATIONAL PROGRAMS - TOWER HILL IS A CO-EDUCATIONAL INDEPENDENT SCHOOL WITH 816 STUDENTS FROM 3 YEARS OLD THROUGH GRADE 12 IN 2019-2020 (240 LOWER SCHOOL, 250 MIDDLE SCHOOL, 326 UPPER SCHOOL). THE SCHOOL PROVIDES AN ENRICHED AND CHALLENGING COLLEGE PREPARATORY PROGRAM IN WHICH EACH STUDENT'S ABILITIES AND TALENTS ARE RECOGNIZED AND RESPECTED. THE PROGRAM OFFERS A PERSONALIZED AND INNOVATIVE APPROACH, BUILT ON A STRONG TRADITIONAL FOUNDATION WITHIN A WELCOMING AND INCLUSIVE COMMUNITY. TOWER HILL GRADUATED 72 STUDENTS IN THE CLASS OF 2020. MEMBERS OF THIS CLASS ARE ATTENDING BOWDOIN COLLEGE, CLEMSON UNIVERSITY, COLLEGE OF CHARLESTON, DAVIDSON COLLEGE, DELAWARE STATE UNIVERSITY, DREXEL UNIVERSITY, GEORGETOWN UNIVERSITY, GEORGIA INSTITUTE OF TECHNOLOGY, FRANKLIN & MARSHALL COLLEGE, HARVARD UNIVERSITY, JOHNS HOPKINS UNIVERSITY, NEW YORK UNIVERSITY, NORTH CAROLINA STATE UNIVERSITY, PENNSYLVANIA STATE UNIVERSITY, PRINCETON UNIVERSITY, ROLLINS COLLEGE, RUTGERS UNIVERSITY, UNIVERSITY OF DELAWARE, UNIVERSITY OF NOTRE DAME, UNIVERSITY OF PENNSYLVANIA, UNIVERSITY OF VIRGINIA, TEMPLE UNIVERSITY, TULANE UNIVERSITY, VANDERBILT UNIVERSITY, VILLANOVA UNIVERSITY, WAKE FOREST UNIVERSITY AND WASHINGTON & LEE UNIVERSITY, AMONG OTHERS. 261177 314725 AFTER SCHOOL PROGRAM - THE KALEIDOSCOPE AFTER SCHOOL PROGRAM SERVES STUDENTS AGE 3 THROUGH 6 EVERY SCHOOL DAY FROM 2:45 TO 6:00PM. THIS PROGRAM PROVIDES A CONTINUATION OF THE ATTENTION AND GUIDANCE THEY RECEIVE IN TOWER HILL'S CLASSROOMS, BUT IN A MORE HOME-LIKE SETTING. SUPERVISED HOMEWORK TIME, INSIDE PLAY, OUTDOOR SPORTS AND AGE-APPROPRIATE ACTIVITIES GIVE STUDENT THE CHANCE TO FULFILL THEIR RESPONSIBILITIES AND GIVE THEIR IMAGINATIONS A WORKOUT TOO. ENRICHMENT OFFERING INCLUDE PROGRAMS SUCH AS CHINESE, DRAMA, CHESS, SEWING, GOLF, KARATE, DANCE, SOCCER AND TENNIS, AMONG OTHERS. 85241 166995 SUMMER CAMP PROGRAM -SUMMER AT TOWER HILL PROVIDES EXCITING ACADEMIC AND ENRICHMENT ACTIVITIES, PLUS A FULL RANGE OF ATHLETIC CAMPS IN DIFFERENT AGE GROUPS. DAY CAMP PROVIDES WEEKLY THEMES WITH SPECIAL GUESTS AND/OR FIELD TRIPS, SWIMMING OR WATER PLAY. ENRICHMENT CAMPS BROADEN CHILDREN'S ARTISTIC AND ACADEMIC HORIZONS IN NEW WAYS. SPORTS CAMPS ARE RUN BY TOWER HILL COACHES AND OUTSIDE PARTNER ORGANIZATIONS FOR BUDDING ATHLETES. SUMMER AT TOWER HILL ALSO INTRODUCES PROSPECTIVE STUDENT TO TOWER HILL'S EXPANSIVE FACILITIES. 20757411 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 48 0 1 256 1 0 1 CJ UK 0 0 0 0 0 0 0 0 0 0 X 20 20 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X BUSINESS OFFICE TOWER HILL SCHOOL 3026578360 1611 TOWER ROAD WILMINGTON DE 19806 ELIZABETH SPEERS HEAD OF SCHOOL 40.00 X 471870 0 35380 ERIC NORMAN CFO 40.00 X 188815 0 29231 ANTHONY PISAPIA ASSOCIATE HEAD OF SCHOOL 40.00 X 183219 0 29180 KRISTIN MUMFORD DIRECTOR OF ADMISSIONS/ADVANCEMENT 40.00 X 169228 0 27747 SETH KUSHKIN DIRECTOR OF ATHLETICS 40.00 X 131535 0 25546 SUSAN MILLER LOWER SCHOOL HEAD 40.00 X 124073 0 18005 PAUL CAPODANNO MIDDLE SCHOOL HEAD 40.00 X 116726 0 9225 DR ERIC JOHNSON CHAIR 2.00 X X 0 0 0 BEN DU PONT VICE CHAIR 2.00 X X 0 0 0 JOHN M FLYNN SECRETARY 2.00 X X 0 0 0 MARNA WHITTINGTON TREASURER 2.00 X X 0 0 0 SUZANNE ASHLEY TRUSTEE 2.00 X 0 0 0 KIMBERLY CASSIDY TRUSTEE 2.00 X 0 0 0 REGIS DE RAMEL TRUSTEE 2.00 X 0 0 0 ROBERT V DESANTIS TRUSTEE 2.00 X 0 0 0 HEATHER RICHARDS EVANS TRUSTEE 2.00 X 0 0 0 W WHITFIELD GARDNER TRUSTEE 2.00 X 0 0 0 LAIRD HAYWARD TRUSTEE 2.00 X 0 0 0 HENRY MELLON TRUSTEE 2.00 X 0 0 0 CATHERINE L MILLER TRUSTEE 2.00 X 0 0 0 DAVID NOWLAND TRUSTEE 2.00 X 0 0 0 LISA A OLSON TRUSTEE 2.00 X 0 0 0 KEN SIMPLER TRUSTEE 2.00 X 0 0 0 ISBELLA SPEAKMAN TIMON TRUSTEE 2.00 X 0 0 0 GENELLE TRADER TRUSTEE 2.00 X 0 0 0 CARMEN WALLACE TRUSTEE 2.00 X 0 0 0 GINA WARD TRUSTEE 2.00 X 0 0 0 1385466 0 174314 9 0 1 0 ART & SCIENCE GROUP LLC 300 E LOMBARD STREET STE 610 BALTIMORE MD 21202 SURVEY 116332 1 4677521 284000 4677521 TUITION 611110 22491727 22491727 AFTER SCHOOL PROGRAM FEES 611110 314725 314725 EDUCATION FEES 611110 224147 224147 SUMMER CAMP PROGRAM FEES 611110 166995 166995 FACILITIES RENTALS 611110 39963 39963 23237557 1461744 1461744 8976457 9223045 -246588 -246588 -246588 ANCILLARY INCOME 611110 200757 200757 200757 29330991 23438314 0 1215156 5178216 5178216 753475 753475 11486218 8500883 2317959 667376 746833 554291 137894 54648 1446752 1015497 374460 56795 827122 587256 181967 57899 84195 3690 80505 323973 323973 975355 842243 35306 97806 238831 12200 49651 176980 418766 402354 15616 796 1129960 1085677 42136 2147 342018 256395 69528 16095 214054 199570 14089 395 1438414 1382056 53625 2733 SUPPLIES AND MATERIALS 616297 487534 55837 72926 FEES AND MISCELLANEOUS 492057 193871 271562 26624 EVENTS 461423 55678 28921 376824 27173959 20757411 4806504 1610044 9730807 11207035 1773842 3595296 377666 735245 2039 48910 125265 67956825 34615048 30039683 33341777 21077437 23581339 20400936 16123352 2854735 2847279 86306055 91556588 245539 642334 5800809 5485223 6744928 11900718 1154187 0 13945463 18028275 X 40212007 38692641 32148585 34835672 72360592 73528313 86306055 91556588 2157032 -1181691 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 36846549 437137 23302 592542 1180912 35533534 36617927 25000 1764142 566751 993769 36846549 32752786 1417741 3861581 458377 955804 36617927 29317648 130735 4223508 870615 499385 32752786 31430215 88190 -900757 798536 501464 29317648 0.29510 0.62380 0.08110 0 0 3247658 3247658 47355288 23277196 24078092 9348193 8290525 1057668 3398865 3047327 351538 4606821 4606821 33341777 LOW VOLUME HEDGE FUNDS 4196530 F GROWTH HEDGE FUNDS 4457483 F PRIVATE EQUITY FUNDS 6897605 F PRIVATE REAL ESTATE FUNDS 571734 F 16123352 X 19771190 -1181691 -1181691 20952881 8570490 8570490 29523371 21995743 0 21995743 5178216 5178216 27173959 PART V, LINE 4: TOWER HILL SCHOOL ASSOCIATION'S VARIOUS INDIVIDUAL ENDOWMENT FUNDS WERE CREATED BY DONORS TO SUPPLEMENT FUNDING IN PERPETUITY FOR EDUCATIONAL PROGRAMS, SCHOOL OPERATIONS, SCHOLARSHIPS, FACULTY COMPENSATION AND FORUMS. PART X, LINE 2: THE ASSOCIATION IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("CODE"). U.S. GAAP REQUIRES MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN AND RECOGNIZE A TAX LIABILITY IF THE ASSOCIATION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY A GOVERNMENT AUTHORITY. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE ASSOCIATION, AND HAS CONCLUDED THAT AS OF JUNE 30, 2020 AND 2019, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE ASSOCIATION RECOGNIZES ACCRUED INTEREST AND PENALTIES ASSOCIATED WITH UNCERTAIN TAX POSITIONS, IF ANY. THERE WERE NO INCOME TAX RELATED INTEREST OR PENALTIES RECORDED FOR EACH OF THE YEARS ENDED JUNE 30, 2020 OR 2019. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE, REMISSION AND MERIT-BASED AWARDS 5,178,216. RESTRICTED CONTRIBUTIONS 3,957,022. INVESTMENT INCOME, NET OF BOARD DESIGNATED APPROPRIATIONS -564,748. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE, REMISSION AND MERIT-BASED AWARDS 5,178,216. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 THE SCHOOL'S DIVERSITY POLICIES ARE CONTAINED IN VARIOUS MEDIA NOTICES WHICH INCLUDE, BUT ARE NOT LIMITED TO, THE TOWER HILL GUIDE BOOK AND APPLICATION FORM PROVIDED TO PROSPECTIVE FAMILIES, THE TOWER HILL WEBSITE AND THROUGH OUR MEMBERSHIP IN THE ASSOCIATION OF DELAWARE VALLEY INDEPENDENT SCHOOLS (ADVIS). OUR NONDISCRIMINATION POLICY ALSO ACCOMPANIES ALL JOB VACANCY ADVERTISEMENTS. CARIBBEAN 0 0 INVESTMENTS 10269532 SCOTLAND 0 0 INVESTMENTS 235104 0 0 0 0 0 0 10504636 0 10504636 0 0 0 0 0 0 PART III ACCOUNTING METHOD: 1 FINANCIAL ASSISTANCE, TUITION REMISSION AND MERIT-BASED AWARDS 334 5178216 PART I, LINE 2: THE SCHOOL AWARDS SCHOLARSHIPS TO STUDENTS BASED MERIT OR DEMONSTRATED FINANCIAL NEED. PARTIAL TUITION REMISSION IS ALSO GRANTED TO CHILDREN OF FACULTY AND STAFF. X X X X X X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 ELIZABETH SPEERS HEAD OF SCHOOL 469032 0 0 0 2838 0 19000 0 16380 0 507250 0 0 0 ERIC NORMAN CFO 178579 0 8500 0 1736 0 12851 0 16380 0 218046 0 0 0 ANTHONY PISAPIA ASSOCIATE HEAD OF SCHOOL 182850 0 0 0 369 0 12800 0 16380 0 212399 0 0 0 KRISTIN MUMFORD DIRECTOR OF ADMISSIONS/ADVANCEMENT 162385 0 6500 0 343 0 11367 0 16380 0 196975 0 0 0 SETH KUSHKIN DIRECTOR OF ATHLETICS 130941 0 0 0 594 0 9166 0 16380 0 157081 0 0 0 PART I, LINE 4B THE SCHOOL ESTABLISHED A NON-QUALIFIED RETIREMENT PLAN UNDER INTERNAL REVENUE CODE SECTION 457(B) AS A BENEFIT FOR ITS HEAD OF SCHOOL. THE SCHOOL CONTRIBUTED $18,000 TO THIS PLAN DURING THE FISCAL YEAR. 55625 FINANCIAL AID 306570 TUITION REMISSION X 18 252246 HI/LOW DATE OF GIFT X MISCELLANEOUS ITEMS 0 14655 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED AND APPROVED BY THE HEAD OF SCHOOL AND THE AUDIT COMMITTEE. PRIOR TO FILING, THE FINAL DRAFT OF THE FORM 990 IS MADE AVAILABLE TO THE BOARD OF TRUSTEES FOR THEIR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C TRUSTEES ARE REQUIRED ANNUALLY TO SIGN CONFLICT OF INTEREST STATEMENTS AND DISCLOSE ANY KNOWN OR POTENTIAL CONFLICTS OF INTEREST IN THESE STATEMENTS AND AS THEY ARISE THROUGHOUT THE YEAR. FORM 990, PART VI, SECTION B, LINE 15 EACH YEAR, THE COMPENSATION COMMITTEE OF THE BOARD CONDUCTS A BENCHMARK ANALYSIS TO EVALUATE ALL COMPONENTS OF THE HEAD OF SCHOOL'S COMPENSATION PACKAGE, INCLUDING BASE SALARY, SCHOOL-WIDE BENEFITS, DEFERRED COMPENSATION, OTHER COMPENSATION, HOUSING, EXCESS REMISSION, AND VEHICLE USAGE. THE BENCHMARK GROUP INCLUDES TOWER HILL SCHOOL AND 38 OTHER SIMILARLY-SITUATED SCHOOLS IN THE US. THE COMPENSATION COMMITTEE DOCUMENTS THE MEETING, INCLUDING A FULL LIST OF THOSE PRESENT AND THEIR INDEPENDENCE, AND THE PROCESS USED TO CONDUCT THEIR REVIEW. THE COMMITTEE THEN PRESENTS THEIR RECOMMENDATION TO THE FULL BOARD FOR REVIEW. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, FINANCIAL STATEMENTS AND FORM 990 ARE HELD WITH THE SCHOOL AND MAY BE MADE AVAILABLE UPON REQUEST. FORM 990, PART XII, LINE 2C THE AUDIT COMMITTEE IS RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT ACCOUNTANT. THIS PROCESS REMAINS UNCHANGED FROM THE PRIOR YEAR.