2021-12-03T14:34:31-06:00 2021-06-30 271728945 PKF O'CONNOR DAVIES LLP 500 MAMARONECK AVENUE HARRISON NY 105281633 990 2020-07-01 131635277 PROFESSIONAL CHILDRENS SCHOOL INC PROF 2125823116 132 WEST 60TH STREET NEW YORK NY 10023 JAMES DAWSON HEAD OF SCHOOL 2125823116 2021-12-03 1 JAMES DAWSON XXX-XX-XXXX GARRETT M HIGGINS P00543209 9143818900 2021-12-03 0 AAL1 IAL1 2020 2022-09-23 18:48:47Z JAMES DAWSON 132 WEST 60TH STREET NEW YORK NY 10023 29468759 0 X WWW.PCS-NYC.ORG X 1914 NY TO PROVIDE A CHALLENGING AND ENGAGING COLLEGE PREPARATORY PROGRAM FOR BUSY ARTISTS, ATHLETES AND OTHER YOUNG PEOPLE WHO ARE SERIOUS ABOUT THEIR STUDIES. 19 18 54 22 0 0 922918 2396270 8723452 7272846 238714 1126379 7108 -51584 9892192 10743911 1518674 1463653 0 0 6403786 6739035 0 48000 776148 2127608 1835040 10050068 10085728 -157876 658183 25082480 23463877 9521717 7174568 15560763 16289309 X THE MISSION OF PROFESSIONAL CHILDREN'S SCHOOL IS TO PROVIDE A CHALLENGING ACADEMIC EDUCATION FOR YOUNG PEOPLE WORKING IN OR STUDYING FOR CAREERS IN THE PERFORMING AND VISUAL ARTS, COMPETITIVE SPORTS AND OTHER ENDEAVORS; TO MEET THE DIVERSE NEEDS OF OUR STUDENTS; PROVIDE MASTERY OF FUNDAMENTAL SKILLS AND PREPARE THEM FOR COLLEGE OR OTHER POST-SECONDARY EDUCATION; TO TEACH YOUNG PEOPLE TO BALANCE THE DEMANDS OF THEIR PROFESSIONAL, PERSONAL AND ACADEMIC LIVES; TO PROVIDE SUPPORT FOR YOUNG PEOPLE WHO MUST OFTEN CONTEND WITH THE PRESSURES OF THE ADULT WORLD IN ADDITION TO THE NORMAL PRESSURES OF ADOLESCENCE; TO ENCOURAGE YOUNG PEOPLE TO RESPECT OTHERS OF DIVERSE ETHNIC, RACIAL, ECONOMIC, GEOGRAPHIC AND ARTISTIC BACKGROUNDS; TO BALANCE THEIR INDIVIDUAL NEEDS WITH THE NEEDS OF OTHERS AND TO ACCEPT RESPONSIBILITY FOR THEIR DECISIONS; TO FOSTER A COMMUNITY IN WHICH BOTH ACADEMIC AND ARTISTIC PURSUITS ARE VALUED. 0 0 7866275 1463653 7272846 PROFESSIONAL CHILDREN'S SCHOOL IS AN INDEPENDENT COEDUCATIONAL DAY SCHOOL FOR STUDENTS IN GRADES 6 THROUGH 12 WHO ARE PREPARING FOR OR ARE ALREADY PURSUING CAREERS IN THE PERFORMING ARTS, ENTERTAINMENT OR COMPETITIVE SPORTS, OR WHO ARE DRAWN TO A CREATIVE ENVIRONMENT SUPPORTIVE OF THE ARTS. THE SCHOOL ENROLLS APPROXIMATELY 200 STUDENTS. 7866275 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 13 0 54 1 0 0 0 0 0 0 0 0 0 0 0 0 X 19 18 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 X PAUL KANE 2125823116 132 WEST 60TH STREET NEW YORK NY 10023 JAMES DAWSON HEAD OF SCHOOL 55.00 X X 443724 0 59872 MELANIE HARRIS CHAIR 5.00 X X 0 0 0 KRISTIN CLARK VICE CHAIR 5.00 X X 0 0 0 STEPHANIE J HULL TREASURER 5.00 X X 0 0 0 DIANE KENNEY SECRETARY 5.00 X X 0 0 0 LEE DIECK CHAIR EMERITUS 2.00 X X 0 0 0 MICHELE BARAKETT TRUSTEE 2.00 X 0 0 0 AMANDA BHALLA TRUSTEE 2.00 X 0 0 0 DONALD B BRANT JR TRUSTEE 2.00 X 0 0 0 MARIAN BROWN TRUSTEE 2.00 X 0 0 0 AMY CRATE TRUSTEE 2.00 X 0 0 0 SILAS FARLEY TRUSTEE 2.00 X 0 0 0 MICHAEL GLEICHER TRUSTEE 2.00 X 0 0 0 JOHN B MURRAY TRUSTEE 2.00 X 0 0 0 BOB MUSIKER TRUSTEE 2.00 X 0 0 0 ERICA MARKS PANUSH TRUSTEE 2.00 X 0 0 0 SUSAN GLUCK PAPPAJOHN TRUSTEE 2.00 X 0 0 0 ERIN SCANLON TRUSTEE 2.00 X 0 0 0 WILLIAM VILLAFRANCO TRUSTEE 2.00 X 0 0 0 PAUL KANE DIRECTOR OF FINANCE 55.00 X 199878 0 41816 ALEX SHAURETTE ASSOCIATE HEAD OF SCHOOL 40.00 X 200550 0 26493 CHRISTOPHER HALEY DIRECTOR OF INST. ADVANCEMENT 40.00 X 165736 0 24869 SHARI HONIG DIRECTOR OF ADMISSIONS 40.00 X 160522 0 8912 LORYN EVANOFF HEAD OF UPPER SCHOOL 40.00 X 154473 0 24089 WILLIAM HIRT COLLEGE ADVISOR 40.00 X 146034 0 21310 1470917 0 207361 18 0 1 0 FLIK COMPASS GROUP USA PO BOX 417632 BOSTON MA 02241 FOOD SERVICES 268011 1 259010 1199472 937788 49603 2396270 TUITION AND FEES 611600 7269426 7269426 AUXILIARY INCOME 611600 3420 3420 7272846 136103 136103 19645234 18654958 990276 990276 990276 0 259010 69890 -69890 -69890 OTHER INCOME 900099 14627 14627 REBATES 900099 3679 3679 18306 10743911 7272846 0 1074795 1463653 1463653 744212 84353 605278 54581 4623956 3779844 372761 471351 234540 190013 19467 25060 715852 541902 99892 74058 420475 303798 73478 43199 950 950 35552 35552 13500 13500 48000 48000 133583 125285 6848 1450 12593 6296 6297 116202 80257 20963 14982 98883 95313 3534 36 487082 391688 76315 19079 6755 1875 3380 1500 536311 431152 84127 21032 43482 34956 6821 1705 CAFETERIA EXPENSES 213373 213373 INSTRUCTIONAL EXPENSES 70133 67765 2360 8 BOOKS 51730 51730 BAD DEBT EXPENSE 10315 10315 4596 3022 1467 107 10085728 7866275 1443305 776148 1094361 1274418 1834998 2227037 7492 100000 18057 5751 45492 50700 370005 111177 16661326 6413850 10750760 10247476 10490460 9197708 470855 249610 25082480 23463877 675640 988114 401314 526710 6051234 5425245 2393529 234499 9521717 7174568 X 10728090 12877387 4832673 3411922 15560763 16289309 25082480 23463877 X 658183 101079 -30716 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 6339516 1176753 7516269 6096545 242971 6339516 5027573 750000 318972 6096545 4713409 372678 58514 5027573 4348643 408144 43378 4713409 0.63328 0.18374 0.18298 0 0 73819 73819 15814120 5806381 10007739 773387 607469 165918 10247476 457(B) PLAN LIABILITY 152224 CAPITAL LEASE OBLIGATIONS 40768 TUITION OVERPAYMENTS 21062 PARENT ASSOCIATION DUES 19115 OTHER LIABILITIES 1330 234499 X 9381137 101079 101079 9280058 200 1463653 1463853 10743911 8652591 30716 30716 8621875 200 1463653 1463853 10085728 PART V, LINE 4: ENDOWMENT FUNDS ARE USED TO GENERATE INCOME THAT CAN BE USED FOR RESTRICTED AND UNRESTRICTED OPERATIONAL EXPENDITURES. PART X, LINE 2: THE SCHOOL RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED. MANAGEMENT HAS DETERMINED THAT THE SCHOOL HAD NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. THE SCHOOL IS NO LONGER SUBJECT TO EXAMINATIONS BY THE APPLICABLE TAXING JURISDICTIONS FOR YEARS PRIOR TO JUNE 30, 2018. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID RECLASSED TO PART IX, LINE 2 1,463,653. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF 457B PLAN 30,716. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID RECLASSED TO PART IX, LINE 2 1,463,653. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE SCHOOL PUBLICIZES ITS RACIALLY NONDISCRIMINATORY POLICY ALONG WITH OTHER NEW YORK CITY INDEPENDENT SCHOOLS IN THE NEW YORK TIMES ON A YEARLY BASIS AS WELL ON ALL PRINT ADS. IN ADDITION, THE SCHOOL DISCLOSES THE NON DISCRIMINATION POLICY ON THE HOMEPAGE OF ITS WEBSITE - HTTPS://WWW.PCS-NYC.ORG/ SCHEDULE E, PART I, LINE 6 STATE AID: $35,072 INCLUDED IN FORM 990, PART I, LINE 8 X X X X X 1 THE OSBORNE GROUP ONE GRAND CENTRAL PLACE SUITE 4600 NEW YORK NY 10165 FUNDRAISING DEVELOPMENT 0 0 48000 -48000 48000 -48000 NY BENEFIT GALA 259010 259010 69890 259010 259010 69890 69890 -69890 SCHEDULE G, PART I, LINE 2B, COLUMN (V) THE OSBORNE GROUP (TOG) WAS RETAINED TO ASSIST THE SCHOOL'S DEVELOPMENT DEPARTMENT AND BOARD OF TRUSTEES TO ENSURE FUNDRAISING REMAIN STRONG DURING THE COVID-19 CRISIS, AS WELL AS TO HELP BUILD INTERNAL FUNDRAISING CAPACITY. THE SCHOOL COMPENSATED TOG $8,000 MONTHLY FOR SIX MONTHS FOR THE SERVICE PERFORMED. 1 FINANCIAL AID 66 1369637 0 COVID RELIEF 23 94016 0 PART I, LINE 2: THE SCHOOL GRANTS FINANCIAL AID TO STUDENTS WHO DEMONSTRATE FINANCIAL NEED. THE AWARDED FINANCIAL AID IS APPLIED DIRECTLY TO THE STUDENT'S TUITION, AND THIS IS TRACKED BY THE ADMISSIONS AND BUSINESS OFFICE. STUDENTS SEEKING AID ARE REQUIRED TO APPLY THROUGH A THIRD-PARTY SCHOOL MANAGEMENT SYSTEM, TADS. WHEN A FAMILY APPROACHES THE DIRECTOR OF ADMISSIONS REQUESTING FINANCIAL AID, THE FAMILY IS DIRECTED TO SET UP AN ACCOUNT ON TADS. TADS THEN TRACKS WHEN ALL REQUESTED FA DOCUMENTATION SUBMITTED, INCLUDING: - APPLICATION (REQUIRED) - FAMILY TAX FILINGS FOR THE PREVIOUS YEAR (REQUIRED) - W2S, 1099S OR OTHER FORMS REFLECTING INCOME EARNED (REQUIRED) - A LETTER WITH ADDITIONAL NEED INFORMATION (NOT REQUIRED) ONCE THE INFORMATION IS ENTERED, TADS THEN PROVIDES AN ASSESSMENT OF A FAMILY'S FINANCIAL SITUATION AND ESTIMATES WHAT A FAMILY COULD PAY TOWARDS TUITION. THE FINANCIAL AID COMMITTEE (FAC) IS PROVIDED A BUDGET AS APPROVED BY THE BOARD OF TRUSTEES OF TOTAL FINANCIAL AID THAT CAN BE DISTRIBUTED FOR THE FISCAL YEAR. THERE ARE ALSO ADDITIONAL FUNDS AVAILABLE FROM TEMPORARILY RESTRICTED NET ASSETS, WHICH CAN BE APPLIED BEYOND THE BUDGET, IF NEEDED. WITH THIS INFORMATION, THE DIRECTOR OF ADMISSIONS CALLS TOGETHER THE FAC (WHICH INCLUDES THE HEAD OF SCHOOL, DIRECTOR OF FINANCE, AND OTHER SENIOR ADMINISTRATORS). THE FAC MEET, DURING THE PEAK OF ADMISSIONS SEASON (BETWEEN JANUARY-JUNE), ON A WEEKLY BASIS, TO REVIEW FAMILY FILES AND DETERMINE THE FA AWARD BASED ON FINANCIAL NEED AND WITHIN THE FISCAL YEAR BUDGET. COVID RELIEF: ALL FINANCIAL AID RECIPIENTS RECEIVED AN EMAIL FROM THE SCHOOL LETTING THEM KNOW OF THE AVAILABILITY OF THE FUNDING. THEY ARE REQUIRED TO SEND A FORMAL LETTER AND ANY ADDITIONAL DOCUMENTATION THAT STATED THE REASON FOR THE ADDITIONAL FINANCIAL AID FUNDING AND PROVIDE AN AMOUNT. X X X 0 0 0 0 0 0 0 1 0 JAMES DAWSON HEAD OF SCHOOL 431724 0 12000 0 0 0 22819 0 37053 0 503596 0 0 0 PAUL KANE DIRECTOR OF FINANCE 199878 0 0 0 0 0 11000 0 30816 0 241694 0 0 0 ALEX SHAURETTE ASSOCIATE HEAD OF SCHOOL 200550 0 0 0 0 0 10000 0 16493 0 227043 0 0 0 CHRISTOPHER HALEY DIRECTOR OF INST. ADVANCEMENT 165736 0 0 0 0 0 8438 0 16431 0 190605 0 0 0 LORYN EVANOFF HEAD OF UPPER SCHOOL 154473 0 0 0 0 0 7688 0 16401 0 178562 0 0 0 SHARI HONIG DIRECTOR OF ADMISSIONS 160522 0 0 0 0 0 7811 0 1101 0 169434 0 0 0 WILLIAM HIRT COLLEGE ADVISOR 146034 0 0 0 0 0 7438 0 13872 0 167344 0 0 0 PART I, LINE 7 THE HEAD OF SCHOOL RECEIVED A BOARD APPROVED PERFORMANCE BONUS. THIS AMOUNT IS REPORTABLE ON HIS 2020 FORM W-2 AS TAXABLE COMPENSATION. A BUILD NYC RESOURCE CORP 454040561 000000000 2017-05-01 6856000 SEE BELOW 0 0 0 A 1082658 6856000 108482 1807518 4940000 2018 1 0 1 1 A 0 0 1 0 0 0 0 1 A 0 0 1 0 0 0 0 0 1 A 1 PART I, LINE A, COLUMN F: REFINANCING OF PRIOR NYC IDA BOND, FINANCING OF THE RENOVATION AND REPLACEMENT OF CERTAIN EXTERIOR WINDOWS AT THE FACILITY, PAYMENT OF ANY REDEMPTION PREMIUM, AND PAYMENT OF CERTAIN ISSUANCE COSTS. PART III, COLUMN A, QUESTION 7: AS PROVIDED IN TREASURY REGULATION SECTION 1.1414( C)(2)(I)(B) THE AMOUNT OF PRIVATE PAYMENTS TAKEN INTO ACCOUNT UNDER THE PRIVATE PAYMENT TEST MAY NOT EXCEED THE AMOUNT OF PRIVATE BUSINESS USE AND/OR UNRELATED TRADE OR BUSINESS USE. ACCORDINGLY, THE AMOUNT OF PRIVATE PAYMENTS FOR THE REPORTING PERIOD DOES NOT EXCEED THE AMOUNT STATED IN PART III, LINE 6. THE ORGANIZATION HAS NOT UNDERTAKEN AN ANALYSIS OF THE PRIVATE SECURITY TEST WITH RESPECT TO THE BONDS, AS THE LEVEL OF PRIVATE BUSINESS USE AND/OR UNRELATED TRADE OR BUSINESS REPORTED IN PART III, LINE 6, IS NOT IN EXCESS OF THE AMOUNTS PERMITTED UNDER SECTION 145 OF THE CODE. X 2 49603 AVG. SELLING PRICE 0 0 0 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTORS IN PART I, COLUMN (B) OF SCHEDULE M. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. WHEN THE FORM 990 HAS BEEN PREPARED, REVIEWED BY THE AUDIT COMMITTEE AND IS READY TO BE FILED WITH THE INTERNAL REVENUE SERVICE, A PUBLIC DISCLOSURE COPY IS ELECTRONICALLY SENT TO THE BOARD MEMBERS OF THE ORGANIZATION FOR ANY COMMENTS. ANY COMMENTS ARE THEN GROUPED, SUMMARIZED AND PROVIDED TO THE OUTSIDE ACCOUNTANTS. EACH ISSUE IS DOCUMENTED AND ADDRESSED UNTIL THE RETURN IS FINALIZED AND APPROVED FOR FILING. A FULL COPY OF THE FORM 990 IS ALSO MADE AVAILABLE TO ANY TRUSTEE WISHING TO VIEW THE FULL RETURN INCLUDING SCHEDULE B INFORMATION. FORM 990, PART VI, SECTION B, LINE 12C THE SCHOOL CURRENTLY HAS IN PLACE A CONFLICT OF INTEREST POLICY, WHICH THE BOARD ANNUALLY MONITORS AND ENFORCES. THE BOARD MANDATES EACH TRUSTEE, OFFICER AND KEY EMPLOYEE (IF ANY) OF THE SCHOOL TO ANNUALLY SIGN A CONFLICT OF INTEREST POLICY AND DISCLOSE ANY POTENTIAL OR ACTUAL CONFLICTS THAT MAY EXIST. IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON DISCLOSES THE EXISTENCE OF THE INTEREST AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE TRUSTEES AND MEMBERS OF THE COMMITTEES CONSIDERING THE PROSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF THE INTEREST AND ALL OTHER MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, THE INTERESTED PERSON IS NOT TO BE PRESENT AT ANY POINT WHILE THE DETERMINATION OF CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON BY REMAINING THE BOARD OR COMMITTEE MEMBERS. THE MINUTES OF THE MEETINGS OF THE BOARD AND ITS COMMITTEES WILL REFLECT THE BOARD'S DELIBERATIONS AND VOTING PROCESS ON THE CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15A THE COMPENSATION OF THE HEAD OF SCHOOL IS SET BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. THE EXECUTIVE COMMITTEE DETERMINES THE COMPENSATION OF THE HEAD OF SCHOOL USING ANNUAL PERFORMANCE EVALUATION AND COMPARABLE DATA. THE CHAIR OF THE BOARD GATHERS PEER INSTITUTION COMPENSATION DATA FROM AT LEAST TWO SOURCES, ALWAYS INCLUDING NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS (NAIS) AND NYS ASSOCIATION OF INDEPENDENT SCHOOLS (NYSAIS) FOR THE HEAD OF SCHOOL AND PROVIDES THE DATA TO THE EXECUTIVE COMPENSATION FOR REVIEW. THE EXECUTIVE COMMITTEE USES THE INFORMATION PROVIDED TO DETERMINE THE HEAD OF SCHOOL'S SALARY AND BENEFIT AND SUBMIT THE RECOMMENDATION TO THE BOARD OF TRUSTEES FOR FINAL APPROVAL. THIS PROCESS WAS LAST CONDUCTED IN APRIL 2021 AND DOCUMENTED IN THE MINUTES OF THE BOARD MEETINGS. FORM 990, PART VI, SECTION C, LINE 19 THE SCHOOL MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE. THE FORM 990 IS POSTED ON GUIDESTAR.ORG AND OTHER SIMILAR TYPES OF WEBSITES. IN ADDITION, THE FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY, ARTICLES OF INCORPORATION, A COPY OF THE FORM 990, AND BY-LAWS ARE ALSO AVAILABLE UPON WRITTEN REQUEST OR BY CALLING THE ORGANIZATION DIRECTLY. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF 457B PLAN -30,716.