2021-05-03T08:28:01-05:00 2020-06-30 410746749 CLIFTONLARSONALLEN LLP 610 W GERMANTOWN PIKE SUITE 400 PLYMOUTH MEETING PA 19462 990 2019-07-01 210727645 PRINCETON DAY SCHOOL INC PRIN 6099246700 PO BOX 75 PRINCETON NJ 08542 DULANY H GIBSON ASST HOS FINANCE & OPERATIONS 6099246700 2021-04-27 1 BRUCE BRAUNEWELL CPA P00075336 2156433900 2021-04-27 2019 2022-09-23 18:48:47Z PAUL J STELLATO PO BOX 75 PRINCETON NJ 08542 51955462 0 X WWW.PDS.ORG X 1965 NJ TO NUTURE THE MIND, THE BODY, AND THE CHARACTER OF EACH OF ITS STUDENTS 25 24 472 305 0 0 17453199 4204132 35308697 35760492 2822454 3276445 21727 -58092 55606077 43182977 5680830 5475232 0 0 27461481 28168046 1991 22598 2042077 8383124 7988370 41527426 41654246 14078651 1528731 139443798 139358534 32397449 32678591 107046349 106679943 PRINCETON DAY SCHOOL NURTURES THE MIND, THE BODY, AND THE CHARACTER OF EACH STUDENT. IN ACADEMICS, ATHLETICS, THE ARTS AND SERVICE, WE CELEBRATE THE PURSUIT OF INDIVIDUAL EXCELLENCE AND THE SPIRIT OF COLLABORATION THAT BINDS US TOGETHER AS A COMMUNITY. 0 0 34400632 5475232 35760492 INSTRUCTIONAL CO-EDUCATIONAL SCHOOL IN GRADES PRE-K THROUGH 12. EXPENSES COVER ALL AREAS OF ACADEMIC INSTRUCTION NECESSARY FOR THE SCHOOL TO EDUCATE ITS STUDENTS AND ACCOMPLISH ITS MISSION. EDUCATIONAL ACTIVITIES INCLUDE, BUT ARE NOT LIMITED TO, CLASSROOM INSTRUCTION, PHYSICAL EDUCATION, THE ARTS (BOTH VISUAL AND PERFORMING), AND COMMUNITY SERVICE. THE RIGOROUS AND BROAD PRE-K THROUGH 12TH GRADE PROGRAM IS DESIGNED FOR MOTIVATED AND ACADEMICALLY TALENTED STUDENTS. WE EMPHASIZE BOTH CREATIVE AND CRITICAL THOUGHT AND THEIR CLEAR EXPRESSION. SUPPORTED BY AN EXCEPTIONAL FACULTY AND A COOPERATIVE PARTNERSHIP OF SCHOOL AND HOME, OUR STUDENTS DISCOVER THE JOY OF LEARNING. THEY EXPLORE THEIR INTERESTS, CULTIVATE ENDURING RELATIONSHIPS WITH TEACHERS AND PEERS, TAKE RISKS, AND THRIVE. 34400632 1 1 0 0 0 0 1 0 0 1 1 1 0 0 1 0 1 0 1 0 0 0 0 1 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 97 0 472 1 0 0 0 0 0 0 0 0 0 0 0 0 X 25 24 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 0 1 0 0 NJ X DULANY H GIBSON 6099246700 PO BOX 75 PRINCETON NJ 08542 X PAUL J STELLATO HEAD OF SCHOOL 70.00 X X 406686 0 270608 DULANY H GIBSON ASST HOS FINANCE & OPERATIONS 60.00 X 241356 0 99479 JON OSTENDORF CHIEF INFORMATION OFFICER 60.00 X 205754 0 94556 LISA S SURACE ASSOCIATE HEAD OF SCHOOL 60.00 X 218435 0 68653 KATHY SCHULTE ASST HOS ADV/STRATEGIC PRIORITIES 60.00 X 207952 0 77251 RENEE PRICE HEAD OF MIDDLE SCHOOL 60.00 X 193491 0 60299 ROSLYND SABUNDAYO HEAD OF UPPER SCHOOL 60.00 X 183176 0 59630 ASHLEY AITKEN-DAVIES TRUSTEE 1.00 X 0 0 0 SANFORD BING TRUSTEE 1.00 X 0 0 0 CHRISTOPHER BOBBITT TRUSTEE 1.00 X 0 0 0 ALANNA BOCKLAGE TRUSTEE 1.00 X 0 0 0 MICHAEL BRACKEN TRUSTEE 1.00 X 0 0 0 MARC C BRAHANEY TRUSTEE 2.30 X 0 0 0 CAROL CHIANG-LI TRUSTEE 1.00 X 0 0 0 KUN DENG TRUSTEE 1.00 X 0 0 0 SEJAL DOSHI TRUSTEE 1.00 X 0 0 0 J CHRISTOPHER DRIES TRUSTEE 1.00 X 0 0 0 GEORGIA B GOSNELL TRUSTEE 1.00 X 0 0 0 ANNA HORNER TRUSTEE 1.00 X 0 0 0 LEE MASCHLER TRUSTEE 1.00 X 0 0 0 ADEOYE OLUKOTUN TRUSTEE 1.00 X 0 0 0 DAVID L RICHTER TRUSTEE 1.00 X 0 0 0 LORRAINE SCIARRA TRUSTEE 1.00 X 0 0 0 DAVID R SCOTT TRUSTEE 2.30 X 0 0 0 JACOB SILVERMAN TRUSTEE 1.00 X 0 0 0 JOHN C WELLEMEYER TRUSTEE 2.30 X 0 0 0 ROBERT C WHITLOCK TRUSTEE 1.00 X 0 0 0 THOMAS B HARVEY VICE CHAIR 2.30 X X 0 0 0 CYNTHIA O LINVILLE SECRETARY 2.30 X X 0 0 0 MARK E THIERFELDER TREASURER 2.30 X X 0 0 0 REBECCA W BUSHNELL CHAIR 5.00 X X 0 0 0 1656850 0 730476 28 0 1 0 VJ SCOZZARI & SONS INC PO BOX 958 PENNINGTON NJ 08534 GENERAL CONTRACTOR 3994106 ARCHITECTURAL RESOURCES CAMBRIDGE 501 BOYLSTON ST STE 4101 BOSTON MA 02116 ARCHITECTURAL SERVICES 1213349 FLIK INDEPENDENT SCHOOLS PO BOX 417632 BOSTON MA 022417632 FOOD SERVICE 335556 FCR ENTERPRISES 130 MAPLE AVE SUITE EB-1 RED BANK NJ 07701 CONSTRUCTION SERVICES 297560 METROPOLITAN FIRE PROTECTION CO INC 460 PARK WAY BROOMALL PA 19008 FIRE SAFETY UPGRADES 214896 10 4204132 131418 4204132 TUITION 611600 34550700 34550700 SUMMER PROGRAMS 611600 945956 945956 AFTER SCHOOL COURSES 611600 68863 68863 STAY & PLAY 611600 64656 64656 MUSIC LESSONS 611600 43491 43491 86826 86826 35760492 1146212 1146212 411787 608676 -196889 -196889 -196889 10179630 8049397 2130233 2130233 2130233 102849 114412 -11563 -11563 OTHER 900099 150360 150360 150360 43182977 35760492 0 3218353 5475232 5475232 854746 274750 497571 82425 19448357 16016058 2409850 1022449 1821774 1363605 196373 261796 4630506 3881194 604841 144471 1412663 1153025 190539 69099 94868 94868 26350 26350 22598 22598 44288 44288 26339 26339 1884555 1057386 602690 224479 738233 640496 72861 24876 577741 488429 61402 27910 696936 696936 2063746 1756646 211131 95969 240097 202980 25518 11599 REPAIRS AND MAINTENANCE 1235731 1061632 119693 54406 PROF. DEVELOPMENT 231799 204576 27223 AUXILIARY SUPPLIES 127687 127687 41654246 34400632 5211537 2042077 6606769 4874968 10413872 4614245 259124 424764 73253 55256 108444 93031 482737 653996 85091000 29941034 47085753 55149966 47830200 47872392 25482729 24355471 1100917 1264445 139443798 139358534 3150989 3597550 9152910 6871213 15803538 15821384 4290012 6388444 32397449 32678591 X 52840537 53581896 54205812 53098047 107046349 106679943 139443798 139358534 X 1528731 203296 -2098433 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 1 7.50 0 0 0 1 0 50.00 0 60361565 4498878 4088137 898034 1587140 66463406 61472650 57883 2091474 877456 2382986 60361565 59161615 208423 3934758 864500 967646 61472650 54983319 991821 5986010 870649 1928886 59161615 57353632 1135399 -1247429 809666 1448617 54983319 0.36440 0.45760 0.17800 0 0 2615094 2615094 60660284 23044144 37616140 8011054 6896890 1114164 13804568 13804568 55149966 ALTERNATIVE INVESTMENTS 24355471 F 24355471 FAIR VALUE OF INTEREST RATE SWAP AGREEMENT 6388444 6388444 36535696 203296 -1375345 -1172049 37707745 5475232 5475232 43182977 36902102 723088 723088 36179014 5475232 5475232 41654246 PART II, LINE 9: THE SCHOOL'S CONSERVATION EASEMENT REPRESENTS 7.5 ACRES OF LAND PURCHASED IN JUNE 2001. WHILE THE SCHOOL HAS AGREED TO KEEP THE LAND AS OPEN SPACE, IN 2012 AN OUTDOOR CLASSROOM WAS BUILT THAT MEETS THE INTENT OF THE CONSERVATION AND AGRICULTURAL EASEMENT AND WAS APPROVED BY THE D&R GREENWAY LAND TRUST WHO HOLDS THE EASEMENT ON THE PROPERTY. THE LAND IS INCLUDED IN THE PROPERTY, PLANT AND EQUIPMENT SECTION OF THE AUDITED FINANCIAL STATEMENTS. LAND IS A NON-DEPRECIABLE ASSET, THEREFORE, THERE ARE NO EFFECTS ON THE REVENUE AND EXPENSE STATEMENT. MONITORING OF EASEMENT COMPLIANCE IS DONE BY THE DIRECTOR OF FACILITIES AND MEMBERS OF FACILITIES STAFF MONTHLY. PART V, LINE 4: THE SCHOOL'S ENDOWMENT CONSISTS OF FUNDS THAT HAVE BEEN ESTABLISHED BY DONORS AND THE SCHOOL TO SUPPORT FINANCIAL AID, FACULTY COMPENSATION, PROFESSIONAL DEVELOPMENT, AND OTHER GENERAL OPERATIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: DIRECT RENTAL EXPENSES 608,676. BOOKSTORE COST OF GOODS SOLD 114,412. DECREASE IN VALUE OF INTEREST RATE SWAP -2,098,433. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID - NEED BASED 5,475,232. PART XII, LINE 2D - OTHER ADJUSTMENTS: DIRECT RENTAL EXPENSES 608,676. BOOKSTORE COST OF GOODS SOLD 114,412. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID - NEED BASED 5,475,232. 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 NONDISCRIMINATORY POLICY IS PUBLISHED IN VARIOUS NEWSPAPERS AND PROMOTIONAL MATERIALS. X X X X 1 STEEGE THOMPSON 230 S BROAD STREET SUITE 200 PHILADELPHIA PA 19102 CAPITAL CAMPAIGN STRATEGIC CONSULTANT 0 0 22598 0 22598 NJ 1 NEED-BASED SCHOLARSHIPS 222 5475232 PART I, LINE 2: NEED-BASED SCHOLARSHIPS ARE CREDITED TO INDIVIDUAL STUDENT ACCOUNTS, REDUCING THE AMOUNT DUE. RECIPIENTS ARE REQUIRED TO FILE A FINANCIAL STATEMENT WITH AN INDEPENDENT AGENCY WHO EVALUATES THE STATEMENT AND MAKES A RECOMMENDATION TO THE SCHOOL OF THE AMOUNT OF SCHOLARSHIP THE APPLICANT SHOULD RECEIVE. THE SCHOOL CONSIDERS THE RECOMMENDATION TOGETHER WITH THE TOTAL FUNDS AVAILABLE FOR SCHOLARSHIPS AND MAKES AWARDS ACCORDINGLY BASED UPON THE NEED OF THE STUDENT AND THE AVAILABILITY OF FUNDS. X X X 1 1 X X X X 0 1 0 0 0 0 0 0 0 PAUL J STELLATO HEAD OF SCHOOL 406686 0 0 0 0 0 165000 0 105608 0 677294 0 0 0 DULANY H GIBSON ASST HOS FINANCE & OPERATIONS 241356 0 0 0 0 0 24700 0 74779 0 340835 0 0 0 JON OSTENDORF CHIEF INFORMATION OFFICER 205754 0 0 0 0 0 15650 0 78906 0 300310 0 0 0 LISA S SURACE ASSOCIATE HEAD OF SCHOOL 218435 0 0 0 0 0 15750 0 52903 0 287088 0 0 0 KATHY SCHULTE ASST HOS ADV/STRATEGIC PRIORITIES 207952 0 0 0 0 0 21218 0 56033 0 285203 0 0 0 RENEE PRICE HEAD OF MIDDLE SCHOOL 193491 0 0 0 0 0 14594 0 45705 0 253790 0 0 0 ROSLYND SABUNDAYO HEAD OF UPPER SCHOOL 183176 0 0 0 0 0 14291 0 45339 0 242806 0 0 0 PART I, LINE 1A HOUSING IS PROVIDED TO THE HEAD OF SCHOOL (HOS), ASST. HOS FOR FINANCE & OPERATIONS, AND THE CHIEF INFORMATION OFFICER, AS THE BOARD OF TRUSTEES FEELS THE RESPONSIBILITIES OF THESE POSITIONS REQUIRE A CONTINUOUS PRESENCE ON CAMPUS. SOCIAL CLUB DUES ARE PROVIDED TO THE HOS FOR USE DURING BUSINESS MEETINGS AND DONOR MEETINGS. HOUSE CLEANING IS PROVIDED TO THE HOS AND ASST. HOS FOR FINANCE & OPERATIONS AS PART OF A CONTINUOUS MAINTENANCE PROGRAM FOR THE HOUSES. PART I, LINE 4B PAUL J. STELLATO $137,000 A PUBLIC FINANCE AUTHORITY 273866124 2016-09-13 30535375 REFUND PRIOR ISSUE, CONSTRUCTION 0 0 0 A 16285375 535375 750000 15000000 1 0 0 1 A 0 0 0 0 0 0 0 A 0 0 0 0 1 1 BANK OF NEW YORK MELLON 30.000000000000 0 0 0 0 0 A 0 SCHEDULE K, PART II, LINE 3A: THE ISSUE PRICE CONSISTS OF TWO COMPONENTS. (1) $15,000,000 REFUNDING OF A PRIOR ISSUE, WHICH HAS BEEN ISSUED AND IS OUTSTANDING AS OF JUNE 30, 2020. (2) $15,535,375 NEW LOAN WITH A FIVE-YEAR DRAW PERIOD, AS OF JUNE 30, 2020, $1,285,375 HAS BEEN DRAWN DOWN AND IS OUTSTANDING; THE SCHOOL INTENDS TO DRAW ADDITIONAL PROCEEDS FROM THE BOND ISSUE FOR FUTURE CONSTRUCTION PROJECTS. VICTORIA GIBSON V. GIBSON IS DAUGHTER OF D. GIBSON, ASST. HOS FOR FINANCE & OPERATIONS. 54080 VICTORIA GIBSON IS AN EMPLOYEE OF THE SCHOOL. 0 MAUREEN STELLATO M. STALLATO IS SPOUSE OF P. STELLATO, HEAD OF SCHOOL. 54020 MAUREEN STELLATO IS AN EMPLOYEE OF THE SCHOOL. 0 X 6 131418 FAIR MARKET VALUE 0 0 1 0 PART I, COLUMN (B): THE FIGURE IN THIS COLUMN REPRESENTS THE NUMBER OF CONTRIBUTORS IN EACH CATEGORY. FORM 990, PART IV, LINE 11F: THE ORGANIZATION DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS UNDER FIN 48 (ASC 740) SO THIS DISCLOSURE IS NO LONGER REQUIRED BASED ON RECENT GUIDANCE BY THE AICPA. FORM 990, PART VI, SECTION A, LINE 1 THERE SHALL BE AN EXECUTIVE COMMITTEE OF NOT FEWER THAN SEVEN NOR MORE THAN ELEVEN MEMBERS WHICH SHALL INCLUDE THE CHAIR, THE VICE CHAIR(S), THE TREASURER, THE SECRETARY, THE HEAD OF SCHOOL AND SUCH OTHER MEMBERS OF THE BOARD AS THE CHAIR OF THE BOARD SHALL APPOINT. DURING INTERVALS BETWEEN MEETINGS OF THE BOARD OF TRUSTEES, THE EXECUTIVE COMMITTEE MAY EXERCISE THE POWERS OF THE BOARD OF TRUSTEES EXCEPT THAT THE COMMITTEE SHALL NOT HAVE THE POWER TO: (1) MAKE, ALTER OR REPEAL ANY BYLAWS, ELECT OR APPOINT ANY TRUSTEE, (2) REMOVE ANY OFFICER OR TRUSTEE, OR (3) REPEAL OR AMEND ANY RESOLUTION PREVIOUSLY ADOPTED BY THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF TRUSTEES IS PROVIDED A FINAL COPY OF THE FORM 990 AND ALL REQUIRED SCHEDULES THAT ARE AVAILABLE TO THE PUBLIC PRIOR TO ITS FILING. THE FORM 990 AND ALL REQUIRED SCHEDULES THAT ARE AVAILABLE TO THE PUBLIC ARE REVIEWED AND APPROVED AT A MEETING OF THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES PRIOR TO BEING MADE AVAILABLE TO THE ENTIRE BOARD. ANY QUESTIONS REGARDING THE CONTENTS OF THE RETURN ARE ADDRESSED AT THAT MEETING. FORM 990, PART VI, SECTION B, LINE 12C EACH BOARD OF TRUSTEE AND NON-TRUSTEE BOARD COMMITTEE MEMBER IS REQUIRED TO REVIEW THE CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS. TRUSTEES AND COMMITTEE MEMBERS ARE ALSO REQUIRED TO REVIEW AND SIGN A COMPLIANCE QUESTIONNAIRE IN REGARDS TO THE CONFLICT OF INTEREST POLICY. TRUSTEES AND COMMITTEE MEMBERS ARE EXPECTED TO KEEP THE BOARD CHAIR INFORMED OF ANY POTENTIAL CONFLICTS OF INTEREST REGARDING BUSINESS AFFAIRS OF THE SCHOOL. WHETHER A CONFLICT OF INTEREST EXISTS SHALL BE DETERMINED BY THE BOARD CHAIR IN CONSULT WITH THE CHAIR OF THE COMMITTEE ON TRUSTEES. IF A CONFLICT DOES EXIST, THAT TRUSTEE OR COMMITTEE MEMBER MUST DISCLOSE ALL FACTS MATERIAL TO THE CONFLICT OF INTEREST. SAID TRUSTEE OR COMMITTEE MEMBER MAY NOT PARTICIPATE IN THE BOARD'S DISCUSSION OF THE MATTER EXCEPT TO DISCLOSE MATERIAL FACTS AND RESPOND TO QUESTIONS. THE TRUSTEE OR COMMITTEE MEMBER WILL LEAVE THE MEETING DURING THE DISCUSSION OF THE MATTER RESULTING IN THE CONFLICT. PERSONS COVERED BY THE CONFLICT OF INTEREST POLICY INCLUDE TRUSTEES, COMMITTEE MEMBERS AND THEIR FAMILIES. FORM 990, PART VI, SECTION B, LINE 15A COMPARABLE SALARY INFORMATION IS GATHERED FROM NATIONAL AND REGIONAL ASSOCIATIONS AND IS USED IN DETERMINING THE SALARIES FOR THE HEAD OF SCHOOL AND SENIOR LEADERSHIP TEAM. THE REVIEW OF COMPENSATION IS DONE ON AN ANNUAL BASIS. THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES IS CHARGED WITH DETERMINING COMPENSATION FOR THE HEAD OF SCHOOL BASED ON DATA FROM OTHER COMPARABLE INSTITUTIONS AND ON EVALUATION OF THE HEAD OF SCHOOL'S PERFORMANCE. THE HEAD OF SCHOOL'S PERFORMANCE IS EVALUATED ANNUALLY THROUGH A PROCESS MANAGED BY THE BOARD CHAIR WITH INPUT FROM ALL MEMBERS OF THE BOARD. SALARY FOR THE SENIOR LEADERSHIP TEAM IS DETERMINED ON AN ANNUAL BASIS AS A PART OF A FORMAL PERFORMANCE APPRAISAL. COMPARABLE SALARY INFORMATION IS GATHERED BY THE HEAD OF SCHOOL WHO PERFORMS THE ANNUAL PERFORMANCE APPRAISAL AND DETERMINES AN APPROPRIATE SALARY. EMPLOYEES ARE REQUIRED TO SIGN AN EMPLOYMENT CONTRACT WITH PRINCETON DAY SCHOOL ON AN ANNUAL BASIS THAT INCLUDES COMPENSATION INFORMATION. THE CONTRACT IS MAINTAINED IN THE EMPLOYEE'S PERSONNEL FILE. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS MAY BE MADE AVAILABLE FOR REVIEW UPON REQUEST. AS SUCH DOCUMENTS ARE NOT REQUIRED TO BE MADE PUBLICLY AVAILABLE, EACH REQUEST IS REVIEWED AND EITHER APPROVED OR DENIED ON AN INDIVIDUAL BASIS. FORM 990, PART VI, SECTION B, LINE 14: ALTHOUGH THE SCHOOL DOES NOT HAVE A FORMAL, WRITTEN DOCUMENT RETENTION AND DESTRUCTION POLICY, THE SCHOOL USES FEDERAL AND STATE GUIDELINES IN REGARDS TO MAINTAINING ALL BUSINESS DOCUMENTATION. FORM 990, PART XI, LINE 9: DECREASE IN VALUE OF INTEREST RATE SWAP -2,098,433.