2021-05-06T11:33:41-05:00 2020-06-30 561965804 THOMAS JUDY & TUCKER PA 300 WEST MORGAN STREET SUITE 1450 DURHAM NC 27701 990 2019-07-01 237125932 SANDHILLS INDEPENDENT SCHOOL CORPORATION SAND 9106926920 P O BOX 290 SOUTHERN PINES NC 283880290 EDWARD T PHILLIPS CHIEF FINANCIAL OFFICER 9106926920 2021-05-06 1 KRISTEN HOYLE CPA P00118964 9195717055 2021-05-04 2019 2022-09-23 18:48:47Z THE O'NEAL SCHOOL JOHN C ELMORE P O BOX 290 SOUTHERN PINES NC 283880290 9449966 0 X WWW.ONEALSCHOOL.ORG X 1971 NC THE O'NEAL SCHOOL IS A COLLEGE PREPARATORY SCHOOL DEDICATED TO THE DEVELOPMENT OF ACADEMIC EXCELLENCE, STRENGTH OF CHARACTER AND PHYSICAL WELL-BEING OF ITS STUDENTS IN AN ENVIRONMENT WHERE INTEGRITY, SELF-DISCIPLINE, AND CONSIDERATION FOR OTHERS ARE FUNDAMENTAL. 14 14 181 91 0 0 730157 592864 7432977 7258300 132035 321077 78461 143390 8373630 8315631 1368473 1419767 0 0 4997642 5053639 0 0 115467 1758719 1653689 8124834 8127095 248796 188536 8118062 8826042 2225607 2873626 5892455 5952416 THE O'NEAL SCHOOL IS A COLLEGE PREPARATORY SCHOOL DEDICATED TO THE DEVELOPMENT OF ACADEMIC EXCELLENCE, STRENGTH OF CHARACTER AND PHYSICAL WELL-BEING OF ITS STUDENTS IN AN ENVIRONMENT WHERE INTEGRITY, SELF-DISCIPLINE, AND CONSIDERATION FOR OTHERS ARE FUNDAMENTAL. 0 0 6681322 1419767 7298053 EDUCATION AND SCHOOL RELATED ACTIVITIES FOR GRADES PRE-K THROUGH 12TH SERVICING APPROXIMATELY 465 STUDENTS. 6681322 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 1 1 15 0 181 1 0 0 0 0 0 1 0 0 0 0 0 0 0 X 14 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 X EDWARD T PHILLIPS 9106926920 3300 AIRPORT RD-PO BOX 290 SOUTHERN PINES NC 28387 STAN BRADSHAW CHAIR 1.00 X X 0 0 0 TOM MCFADYEN TRUSTEE 1.00 X 0 0 0 KARA MARTIN TRUSTEE 1.00 X 0 0 0 DAVID KELLEY TRUSTEE 1.00 X 0 0 0 HEATHER SHOOK-AFABLE TRUSTEE 1.00 X 0 0 0 JOHN SHEPHARD TRUSTEE 1.00 X 0 0 0 ELIZABETH WEBSTER TRUSTEE 1.00 X 0 0 0 LYNN WALTERS TREASURER 1.00 X X 0 0 0 TOM PASHLEY TRUSTEE 1.00 X 0 0 0 JOHN SAMPLES TRUSTEE 1.00 X 0 0 0 STUART MILLS TRUSTEE 1.00 X 0 0 0 KONNI MCMURRAY SECRETARY 1.00 X X 0 0 0 DENISE GUTSCHMIT VICE CHAIR 1.00 X X 0 0 0 DR ZA'VETTE TATUM-KODZAI TRUSTEE 1.00 X 0 0 0 EDWARD T PHILLIPS CFO 40.00 X 122130 0 8713 JOHN ELMORE HEAD OF SCHOOL 40.00 X 229356 0 12616 ANGELA MANNING HEAD OF LOWER SCHOOL 40.00 X 89353 0 13349 440839 0 34678 2 0 1 0 0 24600 568264 35026 592864 TUITION & FEES 611600 6657199 6657199 AUXILLARY SERVICES 611600 595431 595431 SAT CLASS REVENUE 611600 4795 4795 ACT SCHOOL DAY 611600 875 875 7258300 79445 79445 1400 -1400 -1400 -1400 1272236 1030604 241632 241632 241632 207368 24600 102331 105037 105037 MISCELLANEOUS 900099 39753 39753 39753 8315631 7298053 0 424714 1419767 1419767 437001 355580 71539 9882 4024346 3270865 659367 94114 93005 76604 15084 1317 187998 154844 30491 2663 311289 260364 45869 5056 18800 18800 140073 74331 65315 427 37415 37415 70819 5350 65438 31 76490 76490 326644 210620 114816 1208 118 118 118205 76219 41549 437 89637 57798 31507 332 EDUCATIONAL SERVICES 571372 571372 OTHER AUXILIARY EXPENSE 146535 71118 75417 PERSONNEL ADMINISTRATIO 57581 57581 8127095 6681322 1330306 115467 451302 438220 1395761 2156260 205740 226370 170219 96851 21320 923 1712092 1203869 545851 508223 2288153 2362095 3039716 3037100 8118062 8826042 505542 544794 1690065 1598832 30000 0 730000 2225607 2873626 X 3602158 3446999 2290297 2505417 5892455 5952416 8118062 8826042 X 188536 -127359 -1216 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1274100 90788 78780 1286108 1231311 93749 50960 1274100 1185931 93779 48399 1231311 1097476 117054 28599 1185931 1038534 47265 19427 7750 1097476 0.82400 0.17600 1 0 560789 225205 335584 382650 333470 49180 768653 645194 123459 508223 3037100 C 3037100 X 6869620 -127359 102331 -25028 6894648 1420983 1420983 8315631 6809659 102331 102331 6707328 1419767 1419767 8127095 PART V, LINE 4: GENERAL ENDOWMENT SUPPORTS SCHOOL OPERATIONS, COOK ENDOWMENT IS USED FOR FACULTY PROFESSIONAL DEVELOPMENT, AND CURTIS ENDOWMENT IS FOR BONUSES FOR FACULTY WHO HAVE BEEN WITH THE SCHOOL FOR TWO YEARS OR MORE. PART X, LINE 2: THE SCHOOL HAS ADOPTED THE PROVISIONS OF FASB ASC 740, INCOME TAXES. USING THIS GUIDANCE, TAX POSITIONS INITIALLY NEED TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS WHEN IT IS MORE-LIKELY-THAN-NOT THE POSITIONS WILL BE SUSTAINED UPON EXAMINATION BY THE TAX AUTHORITIES. IT ALSO PROVIDES GUIDANCE FOR DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE AND TRANSITION. THE SCHOOL DOES NOT BELIEVE THERE ARE ANY MATERIAL UNCERTAIN TAX POSITIONS AND, ACCORDINGLY, IT WILL NOT RECOGNIZE ANY LIABILITY FOR UNRECOGNIZED TAX BENEFITS. THE SCHOOL IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. AS OF JUNE 30, 2020, THE SCHOOL HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 102,331. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS & FINANCIAL AID 1,419,767. BOOK/TAX DIFFERENCE IN REPORTED INCOME FROM ONS INVESTORS, LLC 1,216. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 102,331. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS & FINANCIAL AID 1,419,767. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 0 SCHEDULE E, PART I, LINE 3 ADVERTISEMENTS ARE PLACED IN THE LOCAL NEWSPAPERS. SCHEDULE E, PART I, LINE 6 THE SCHOOL RECEIVED A NOTE PAYABLE IN THE ORIGINAL AMOUNT OF $833,100 THROUGH THE PAYCHECK PROTECTION PROGRAM UNDER THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT. THE NOTE PAYABLE MAY BE FORGIVEN IN ACCORDANCE WITH THE REGULATIONS OF THE PAYCHECK PROTECTION PROGRAM. THE SCHOOL ANTICIPATES THE MAJORITY OF THE NOTE PAYABLE WILL BE FORGIVEN DURING THE YEAR ENDING JUNE 30, 2021, AND HAS CLASSIFIED THE NOTE PAYABLE AS A CURRENT LIABILITY ON THE BALANCE SHEET. AUCTION 231968 24600 207368 30000 4905 25485 41941 231968 24600 207368 30000 4905 25485 41941 102331 105037 1 FINANCIAL AID 192 1346867 NEED BASED FINANCIAL AID IS AVAILABLE TO ALL STUDENTS. SCHOLARSHIPS 8 72900 SCHOLARSHIPS ARE AWARDED TO INDIVIDUAL STUDENTS IN 9TH GRADE AND FOLLOWS THE STUDENT EACH YEAR UNTIL GRADUATION. PART I, LINE 2: THE SCHOOL USES AN INDEPENDENT THIRD PARTY TO REVIEW FINANCIAL AID APPLICANTS. ALL FINANCIAL AID IS NEED BASED. THE THIRD PARTY MAKES RECOMMENDATIONS TO THE SCHOOL ON WHAT APPLICANTS THEY FEEL NEED ASSISTANCE AND THE AMOUNT OF ASSISTANCE NEEDED. THE SCHOOL POLICY IS THAT ALL STUDENTS PAY AT LEAST 25% TOWARD TUITION REGARDLESS OF CIRCUMSTANCES. IN ADDITION TO FINANCIAL AID, THE SCHOOL ADMINISTERS A LIMITED NUMBER OF ANNUAL SCHOLARSHIPS WHICH ARE NOT REVIEWED BY AN INDEPENDENT THIRD PARTY. ALL OF THE SCHOLARSHIPS ARE NEED BASED EXCEPT FOR ONE MERIT BASED SCHOLARSHIP. THE SCHOLARSHIPS ARE AWARDED BY A COMMITTEE WHICH INCLUDES REPRESENTATION FROM THE SCHOOL'S BOARD OF TRUSTEES. X 1 1 X X X X 0 0 0 0 0 0 0 0 0 JOHN ELMORE HEAD OF SCHOOL 210056 0 15100 0 4200 0 7096 0 5520 0 241972 0 0 0 MICHAL GUTSCHMIT FORMER TRUSTEE FOR DEBT SERVICE X 50000 0 0 1 1 X 4 AVERAGE OF HIGH/LOW 0 1 1 PART I, LINE 32B: THE SCHOOL USES VANGUARD TO SELL SECURITIES THAT ARE CONTRIBUTED TO THE SCHOOL. FORM 990, PART VI, SECTION B, LINE 11B THE FINANCE COMMITTEE IS RESPONSIBLE FOR REVIEWING THE 990 PRIOR TO FILING ON BEHALF OF THE BOARD. AFTER REVIEW BY THE FINANCE COMMITTEE, A REPORT AND COPY OF THE 990 IS GIVEN TO THE ENTIRE BOARD BEFORE THE RETURN IS FILED. FORM 990, PART VI, SECTION B, LINE 12C A "CODE OF CONDUCT FOR O'NEAL SCHOOL BOARD MEMBERS" IS SIGNED ANNUALLY BY EACH BOARD MEMBER WHICH DETAILS HOW COMPLIANCE IS HANDLED. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD DETERMINES THE COMPENSATION OF THE HEAD OF SCHOOL. DATA/INFORMATION USED IN THIS PROCESS INCLUDES FORM 990 OF OTHER ORGANIZATIONS, COMPARATIVE DATA OF SIMILAR SIZE SCHOOLS, GEOGRAPHICAL LOCATION OF SIMILAR SCHOOLS AND WRITTEN EMPLOYMENT CONTRACT. ANNUALLY, THE EXECUTIVE COMMITTEE PERFORMS A REVIEW OF THE HEAD OF SCHOOL AND DECIDES ON A SALARY ADJUSTMENT. TOP MANAGEMENT, WHICH IS CONSIDERED THE CFO, SERVES AT THE DISCRETION OF THE HEAD OF SCHOOL. THUS, THE HEAD OF SCHOOL DETERMINES THE COMPENSATION PACKAGE OF THIS POSITION. FORM 990, PART VI, SECTION C, LINE 19 ALL REQUEST FOR REVIEW OF THE ORGANIZATION'S GOVERNING DOCUMENTS AND 990 ARE DIRECTED TO THE HEAD OF SCHOOL AND/OR CFO. FORM 990, PART XI, LINE 9: BOOK/TAX DIFFERENCE IN REPORTED INCOME FROM ONS INVESTORS, LLC -1,216. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM PRIOR YEAR. ONS INVESTORS LLC 25 CYRESS POINT DRIVE PINEHURST NC 28374 471305234 REAL ESTATE LESSOR NC 0 -1400 3038366 0 1 0.50000