2021-05-10T15:45:34-05:00 2020-06-30 111986323 MARCUM LLP 1 MONTGOMERY ST SUITE 1700 SAN FRANCISCO CA 94104 990 2019-07-01 943250488 SEA CREST SCHOOL INC SEAC 6507129892 901 ARNOLD WAY HALF MOON BAY CA 94019 LAUREN MILLER HEAD OF SCHOOL 6507129892 2021-05-06 1 ROGER BULOSAN P00221282 4154326200 2019 2022-09-23 18:48:47Z LAUREN MILLER 901 ARNOLD WAY HALF MOON BAY CA 94019 9574598 0 X WWW.SEACRESTSCHOOL.ORG X 1996 CA SEA CREST SCHOOL IS DEDICATED TO PROVIDING THE BEST IN INNOVATIVE EDUCATION (CONTINUES SCH O) (CONTINUES FROM PAGE 1) TO INSPIRE AND EMPOWER OUR LEARNERS TO ENGAGE CURIOSITY, EXPRESS CREATIVITY, ACT WITH COMPASSION AND LEAD WITH COURAGE. 16 16 62 200 0 0 745696 478605 4856524 4808385 52301 52549 30457 32620 5684978 5372159 680932 648996 0 0 3615067 3473924 0 0 157962 1181745 1278262 5477744 5401182 207234 -29023 10933415 11357198 5987988 6367675 4945427 4989523 SEA CREST SCHOOL IS DEDICATED TO PROVIDING THE BEST IN INNOVATIVE EDUCATION TO INSPIRE AND EMPOWER OUR LEARNERS TO ENGAGE CURIOSITY, EXPRESS CREATIVITY, ACT WITH COMPASSION AND LEAD WITH COURAGE. 0 0 3590819 648996 4652336 SEA CREST SCHOOL, INC. (THE "SCHOOL"), FOUNDED IN 1996, IS AN ACCREDITED, NON-SECTARIAN INDEPENDENT SCHOOL LOCATED IN HALF MOON BAY, CALIFORNIA. THE SCHOOL PROVIDES QUALITY EDUCATION TO APPROXIMATELY 225 STUDENTS FROM JUNIOR KINDERGARTEN THROUGH EIGHTH GRADE. SEA CREST SCHOOL IS DEDICATED TO PROVIDING THE BEST IN INNOVATIVE EDUCATION TO INSPIRE AND EMPOWER OUR LEARNERS TO ENGAGE CURIOSITY, EXPRESS CREATIVITY, ACT WITH COMPASSION AND LEAD WITH COURAGE. 26094 156049 AUXILIARY SERVICES PROVIDE EXTENDED DAY PROGRAMS FOR ATHLETICS, ART, MUSIC, INNOVATION AND OTHER ENRICHMENT PROGRAMS, SUPERVISED BY EXTENDED DAY PROGRAM TEACHERS AND COACHES. 3616913 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 1 0 1 0 0 0 0 0 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 18 0 62 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 16 16 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 1 1 1 0 0 CA X JACQUIE CUVELIER DIRECTOR OF FINANCE & OPERATIONS 6507129892 901 ARNOLD WAY HALF MOON BAY CA 94019 TANYA GULESSERIAN CHAIR 1.00 X X 0 0 0 PAUL NAGENGAST TRUSTEE 1.00 X 0 0 0 REGAN DANIELS SECRETARY 1.00 X X 0 0 0 PAMELA IZZO TRUSTEE EMERITA 1.00 X 0 0 0 RYAN POPPLE TRUSTEE 1.00 X 0 0 0 LYNN MARRS TRUSTEE 1.00 X 0 0 0 NATASHA LOEFLER TRUSTEE 1.00 X 0 0 0 LUKE FELKER TRUSTEE 1.00 X 0 0 0 KARIN MANUELE TRUSTEE 1.00 X 0 0 0 AMY REGAN-MOREHOUSE TRUSTEE 1.00 X 0 0 0 CHRIS ANDRASICK CHIEF FINANCIAL OFFICER 1.00 X X 0 0 0 TARAH BYRNES TRUSTEE 1.00 X 0 0 0 TOM CONROY TRUSTEE 1.00 X 0 0 0 JAMES MCGRATH TRUSTEE 1.00 X 0 0 0 GRETEL MERRILL TRUSTEE 1.00 X 0 0 0 JIM BARTEL TRUSTEE 1.00 X 0 0 0 JACQUIE CUVELIER DIR. OF FIN. & OPER. (FR 7/1/19) 55.00 X 70240 0 9705 TEKAKWITHA PERNAMBUCO-WISE HEAD OF SCHOOL (TO 6/30/20) 55.00 X 290013 0 28770 MICHELLE GIACOTTO DIRECTOR OF LOWER SCHOOL 55.00 X 110814 0 7475 AMBAR PINA DIRECTOR OF ADVANCEMENT 55.00 X 115730 0 7609 HOLLY WEAVER DIRECTOR OF MIDDLE SCHOOL 55.00 X 103197 0 14206 689994 0 67765 4 0 1 0 0 64711 413894 34344 478605 TUITION 611600 4652336 4652336 AUXILIARY SERVICES 611600 156049 156049 4808385 52549 52549 29845 0 29845 29845 29845 4195000 4195000 0 7439 64711 7439 0 MISC. INCOME 611600 2775 2775 2775 5372159 4808385 0 85169 648996 648996 476065 31878 396369 47818 2330021 1919865 352781 57375 156194 124843 24933 6418 301738 242799 48652 10287 209906 149513 50622 9771 18917 18917 37034 37034 42614 8815 33799 8391 8391 9657 9657 5598 5598 234591 38020 196571 46518 16290 30228 120754 120754 350969 238955 112014 105869 47123 58746 RECRUITING 106241 17679 88562 OTHER EXPENSES 102809 31546 44970 26293 MATERIALS AND SUPPLIES 87430 86602 828 BAD DEBT 870 870 5401182 3616913 1626307 157962 107490 146287 5503632 5722511 103347 14389 31812 46838 90394 55117 9228996 3903645 5052329 5325351 44411 46705 10933415 11357198 256146 261233 1746778 1725492 3985064 3882950 498000 5987988 6367675 X 4174614 4934920 770813 54603 4945427 4989523 10933415 11357198 -29023 73119 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 44411 2294 46705 41329 3082 44411 37514 3815 41329 32916 4598 37514 32423 493 32916 0.38000 0.29000 0.33000 0 0 870118 870118 7710851 3383361 4327490 648027 520284 127743 5325351 X 4796282 73119 73119 4723163 648996 648996 5372159 4752186 0 4752186 648996 648996 5401182 PART V, LINE 4: THE SCHOOL'S ENDOWMENT CONSISTS OF FOUR INDIVIDUAL FUNDS ESTABLISHED FOR THE LONG-TERM FINANCIAL BENEFIT OF THE SCHOOL AND ITS EDUCATIONAL GOALS AND OBJECTIVES BY PROVIDING ANNUAL SUPPORT FOR THE SCHOOL. ITS ENDOWMENT INCLUDES BOTH DONOR RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY U.S. GAAP, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. INTERPRETATION OF RELEVANT LAW THE BOARD OF TRUSTEES HAVE INTERPRETED CALIFORNIA'S ENACTED VERSION OF THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT ("UPMIFA") AS REQUIRING THE PRESERVATION OF THE FAIR VALUE OF THE ORIGINAL GIFT ABSENT EXPLICIT DONOR STIPULATIONS TO THE CONTRARY. AS A RESULT OF THIS INTERPRETATION, THE SCHOOL CLASSIFIES AS NET ASSETS WITH DONOR RESTRICTIONS (A) THE ORIGINAL VALUE OF GIFTS DONATED TO THE PERMANENT ENDOWMENT, (B) THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE PERMANENT ENDOWMENT, AND (C) ACCUMULATIONS TO THE PERMANENT ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME THE ACCUMULATION IS ADDED TO THE ENDOWMENT FUND. THE REMAINING PORTION OF THE DONOR RESTRICTED ENDOWMENT FUND THAT IS NOT CLASSIFIED IN NET ASSETS WITH DONOR RESTRICTIONS IS CLASSIFIED AS EXPENDABLE NET ASSETS WITH RESTRICTIONS UNTIL THOSE AMOUNTS ARE APPROPRIATED FOR EXPENDITURE BY THE SCHOOL IN A MANNER CONSISTENT WITH THE STANDARD OF PRUDENCE PRESCRIBED BY UPMIFA. IN ACCORDANCE WITH UPMIFA, THE SCHOOL CONSIDERS THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO APPROPRIATE OR ACCUMULATE DONOR-RESTRICTED ENDOWMENT FUNDS: (1) THE DURATION AND PRESERVATION OF THE FUND (2) THE PURPOSES OF THE SCHOOL AND THE DONOR-RESTRICTED ENDOWMENT FUND (3) GENERAL ECONOMIC CONDITIONS (4) THE POSSIBLE EFFECT OF INFLATION AND DEFLATION (5) THE EXPECTED TOTAL RETURN FROM INCOME AND THE APPRECIATION OF INVESTMENTS (6) OTHER RESOURCES OF THE SCHOOL (7) THE INVESTMENT POLICIES OF THE SCHOOL RETURN OBJECTIVES AND RISK PARAMETERS THE SCHOOL HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ATTEMPTS TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. ENDOWMENT ASSETS INCLUDE THOSE ASSETS OF DONOR-RESTRICTED FUNDS THAT THE SCHOOL MUST HOLD IN PERPETUITY OR FOR A DONOR-SPECIFIED PERIOD(S) AS WELL AS BOARD-DESIGNATED FUNDS. UNDER THIS POLICY, AS APPROVED BY THE BOARD OF TRUSTEES, THE ENDOWMENT ASSETS ARE INVESTED IN A MANNER THAT IS INTENDED TO ATTAIN A RATE OF RETURN APPROXIMATING THAT OF A COMBINATION OF WORLDWIDE PUBLIC EQUITY AND BOND MARKETS WHILE BEING SUFFICIENTLY DIVERSIFIED TO MINIMIZE THE RISK OF SIGNIFICANT PERMANENT IMPAIRMENT OF CAPITAL. STRATEGIES EMPLOYED FOR ACHIEVING OBJECTIVES TO SATISFY ITS LONG-TERM RATE-OF-RETURN OBJECTIVES, THE SCHOOL RELIES ON A TOTAL RETURN STRATEGY IN WHICH INVESTMENT RETURNS ARE ACHIEVED THROUGH BOTH CAPITAL APPRECIATION (REALIZED AND UNREALIZED) AND CURRENT YIELD (INTEREST AND DIVIDENDS). THE SCHOOL TARGETS A DIVERSIFIED ASSET ALLOCATION THAT PLACES A GREATER EMPHASIS ON EQUITY-BASED INVESTMENTS TO ACHIEVE ITS LONG-TERM RETURN OBJECTIVES WITHIN PRUDENT RISK CONSTRAINTS. SPENDING POLICY AND INVESTMENT OBJECTIVES ALL INTEREST, DIVIDENDS, AND CAPITAL GAINS SHALL BE REINVESTED IN THE ENDOWMENT AND NO DISTRIBUTIONS SHALL BE MADE UNLESS THE TOTAL VALUE OF THE ENDOWMENT EXCEEDS $500,000 AT THE END OF A FISCAL YEAR. THE FIRST FISCAL YEAR FOLLOWING THE ACHIEVEMENT OF THE THRESHOLD, THE ENDOWMENT PAYOUT SHALL BE 4% OF THE VALUE OF THE ENDOWMENT AS DETERMINED AT THE END OF THE PREVIOUS FISCAL YEAR. THIS PAYOUT SHALL BE MADE IN TWO EQUAL PAYMENTS; THE FIRST TO BE MADE ON SEPTEMBER 1 AND THE SECOND ON FEBRUARY 1. EACH FOLLOWING YEAR, THE ENDOWMENT PAYOUT SHALL EQUAL THE PRIOR YEAR'S PAYOUT AMOUNT PLUS 5%; PROVIDED HOWEVER, THAT THE PAYOUT WILL IN NO EVENT BE LESS THAN 3% OR MORE THAN 5% OF THE ENDOWMENT'S VALUE ON THE PRIOR FISCAL YEAR. FROM TIME TO TIME, THE FAIR VALUE OF ASSETS ASSOCIATED WITH INDIVIDUAL DONOR-RESTRICTED ENDOWMENT FUNDS MAY FALL BELOW THE LEVEL THAT THE DONOR OR UPMIFA REQUIRES THE SCHOOL TO RETAIN AS A FUND OF PERPETUAL DURATION. THE SCHOOL HAS A POLICY THAT PERMITS SPENDING FROM UNDERWATER ENDOWMENT FUNDS DEPENDING ON THE DEGREE TO WHICH THE FUND IS UNDERWATER, UNLESS OTHERWISE PRECLUDED BY DONOR INTENT OR RELEVANT LAWS AND REGULATIONS. AT JUNE 30, 2020, THERE WERE NO SUCH DEFICIENCIES. THE ENDOWMENT'S OBJECTIVE IS TO PRESERVE CAPITAL AND NOT INVADE ITS PRINCIPAL. WHILE IT IS THE INTENT TO MEET THIS POLICY, AT ANY TIME, IF CIRCUMSTANCES DICTATE A SHORT-TERM EXTRAORDINARY NEED FOR CASH, THE SPENDING RATE, OR METHODOLOGY MAY BE CHANGED UPON APPROVAL OF THE BOARD OF TRUSTEES. THIS IS CONSISTENT WITH THE SCHOOL'S OBJECTIVE TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS HELD IN PERPETUITY OR FOR A SPECIFIED TERM AS WELL AS TO PROVIDE ADDITIONAL REAL GROWTH THROUGH NEW GIFTS AND INVESTMENT RETURN PART X, LINE 2: THE SCHOOL IS A QUALIFIED ORGANIZATION EXEMPT FROM FEDERAL AND STATE-FRANCHISE TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("IRC") AND SECTION 23701D OF THE CALIFORNIA REVENUE AND TAXATION CODE, RESPECTIVELY. U.S. GAAP REQUIRES MANAGEMENT TO EVALUATE THE TAX POSITIONS TAKEN AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE SCHOOL HAS TAKEN AN UNCERTAIN POSITION THAT MORE-LIKELY-THAN-NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. MANAGEMENT EVALUATED THE SCHOOL'S TAX POSITIONS AND CONCLUDED THAT IT MAINTAINED ITS TAX-EXEMPT STATUS AND HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS. THEREFORE, NO PROVISION OR LIABILITY FOR UNKNOWN INCOME TAXES HAS BEEN INCLUDED IN THE FINANCIAL STATEMENTS. THE SCHOOL'S TAX RETURNS ARE SUBJECT TO EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. HOWEVER, THERE ARE NO EXAMINATIONS IN PROGRESS NOR ARE THERE ANY PENDING. PART XI, LINE 4B - OTHER ADJUSTMENTS: TUITION ASSISTANCE NETTED AGAINST TUITION REVENUE ON AUDIT REPORT 648,996. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION ASSISTANCE NETTED AGAINST TUITION REVENUE ON AUDIT REPORT 648,996. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 SEA CREST SCHOOL PUBLICIZES ITS NON-DISCIMINATION POLICY ON ITS WEBSITE: HTTPS://WWW.SEACRESTSCHOOL.ORG/. SCHEDULE E, PART I, LINE 6 WE RECEIVE A DISCOUNT ON OUR INTERNET SERVICE FROM E-RATE AND CALIFORNIA TELECONNECT FUND. AUCTION 46709 41040 5669 1043 1250 3376 PUMPKIN FESTIVAL 10106 9563 543 543 2 15335 14108 1227 1227 72150 64711 7439 1043 1250 5146 7439 0 1 FINANCIAL ASSISTANCE FOR TUITION 50 618314 FAIR VALUE OF TUITION TUITION ASSISTANCE FOR FAMILIES IN NEED TUITION REMISSION 3 30682 FAIR VALUE OF TUITION REMISSION TUITION REMISSION FOR QUALIFYING CHILDREN OF STAFF PART I, LINE 2: SEA CREST SCHOOL REQUIRES FINANCIAL DISCLOSURE AND PRIOR TAX RETURNS FROM APPLICANTS REQUESTING ASSISTANCE. DECISIONS ARE BASED ON THE FAMILIES' CALCULATED ABILITY TO PAY (USING FAST METHODOLOGY) AND THE POOL OF FUNDS AVAILABLE. RECORDS ARE MAINTAINED INDIVIDUALLY FOR EACH FAMILY. X 1 1 X X X 0 0 0 1 0 0 0 0 0 TEKAKWITHA PERNAMBUCO-WISE HEAD OF SCHOOL (TO 6/30/20) 226013 0 25000 0 39000 0 15146 0 13624 0 318783 0 0 0 PART I, LINE 1A THE HEAD OF SCHOOL WAS PAID A STIPEND OF $36,000 PER YEAR AS A HOUSING ALLOWANCE AND USE OF PERSONAL RESIDENCE FOR SCHOOL FUNCTIONS, WHICH WAS PAID THROUGH PAYROLL. THE HEAD OF SCHOOL WAS ALSO PAID $3,000 FOR BUSINESS EXPENSE REIMBURSEMENT, WHICH WAS PAID THROUGH PAYROLL. PART I, LINE 5 AS PER THE HEAD OF SCHOOL'S (HOS) EMPLOYMENT AGREEMENT, HOS IS ELIGIBLE FOR A BONUS BASED UPON FINANCIAL POSITION OF THE SCHOOL AND THE ACHIEVEMENT OF MUTUALLY AGREED UPON PERFORMANCE GOALS, ESTABLISHED AT THE BEGINNING OF EACH YEAR. A CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY 680164610 NONEAVAIL 2013-07-01 4653000 REFINANCE 2008 TAX-EXEMPT BONDS, AND IMPROVEMENTS OF THE SCHOOL 0 0 0 A 480912 4653000 92155 240516 4320329 2013 1 0 1 1 A 0 0 0 0 0 0 1 A 0 0 0 0 1 0 0 0 1 A 1 X 2 27607 MARKET VALUE ON DATE X PROFESSIONAL DEVELOPMENT TRAINING 1 925 RECEIPT FOR TRAINING X FOOD 1 101 RECEIPT FOR FOOD DON 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B FILING WAS REVIEWED BY THE FINANCE COMMITTEE BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C BOARD OF TRUSTEES, FINANCE COMMITTEE MEMBERS AND THE DIRECTOR OF FINANCE AND OPERATIONS ARE REQUIRED TO SIGN A "CONFLICT OF INTEREST" STATEMENT EACH YEAR AND DISCLOSE ANY POSSIBLE ACTIVITIES WHICH MAY CREATE A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15A WHEN THE SCHOOL HIRES ITS TOP MANAGEMENT OFFICIAL, IT HIRES A SEARCH FIRM AND DOES SALARY BENCHMARKING AT THAT TIME. SALARY INCREASES ARE IN LINE WITH INDUSTRY STANDARDS AND BENCHMARKED ANNUALLY. ADDITIONALLY, THE EXECUTIVE COMMITTEE HAS OVERSIGHT AND APPROVAL OF THE SALARY. FORM 990, PART VI, SECTION C, LINE 18 COPIES ARE AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 NO - WE DO NOT DISCLOSE THESE TO THE PUBLIC. FORM 990, PART VII CONTACT ADDRESSES FOR OFFICERS, DIRECTORS, ETC TEKAKWITHA PERNAMBUCO-WISE - 409 VALLEY ROAD, UPPER CONTCLAIR, NJ 07043-1724. FORM 990, PART XII, LINE 2 (C) THE FINANCE COMMITTEE OF THE BOARD OVERSEES THE AUDIT OF ITS FINANCIAL STATEMENTS. THERE IS NO CHANGE OF THE PROCESS FROM PRIOR YEARS.