2020-07-15T10:57:29-05:00 2019-06-30 131639826 EISNERAMPER LLP 130 NORTH 18TH STREET SUITE 3000 PHILADELPHIA PA 191032757 990 2018-07-01 510065745 TOWER HILL SCHOOL ASSOCIATION TOWE 3026578360 2813 WEST 17TH STREET WILMINGTON DE 19806 ELIZABETH C SPEERS HEAD OF SCHOOL 3026578360 2020-07-13 1 HELEN M MARTIN P01330899 2158818800 64.238.150.4 2020-07-13 07:59:40 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 0EDE4F5BE59FB99924CAAEE7408372872BC47088 2018 2021-01-29 14:40:06Z ELIZABETH C SPEERS 2813 WEST 17TH STREET WILMINGTON DE 19806 35453216 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 20 246 281 0 0 3025156 2979423 20040519 21939548 2038827 3634135 568707 610602 25673209 29163708 4296459 4732115 0 0 13514056 14852521 0 0 1505004 7010335 7691162 24820850 27275798 852359 1887910 74417037 86306055 5976329 13945463 68440708 72360592 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 21064953 4732115 21925039 EDUCATIONAL PROGRAMS - TOWER HILL IS A CO-EDUCATIONAL INDEPENDENT SCHOOL WITH 798 STUDENTS FROM 3 YEARS OLD THROUGH GRADE 12 IN 2018-2019 (243 LOWER SCHOOL, 236 MIDDLE SCHOOL, 319 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 67 STUDENTS IN THE CLASS OF 2019. MEMBERS OF THIS CLASS WILL ATTEND AMHERST COLLEGE, BOSTON COLLEGE, BRYN MAWR COLLEGE, BUCKNELL UNIVERSITY, UNIVERSITY OF CHICAGO, DUKE UNIVERSITY, GEORGETOWN UNIVERSITY, HARVARD UNIVERSITY, JOHNS HOPKINS UNIVERSITY, MIDDLEBURY COLLEGE, NORTH CAROLINA CENTRAL UNIVERSITY, PENNSYLVANIA STATE UNIVERSITY, UNIVERSITY OF PENNSYLVANIA, RHODES COLLEGE, UNIVERSITY OF SOUTH CAROLINA, THE UNIVERSITY OF NORTH CAROLINA CHAPEL HILL, THE UNIVERSITY OF TEXAS AT AUSTIN, TULANE UNIVERSITY, UNITED STATES MILITARY ACADEMY, UNIVERSITY OF SOUTHERN CALIFORNIA, VASSAR COLLEGE, WAKE FOREST UNIVERSITY AND YALE UNIVERSITY, AMONG OTHERS. 254866 352844 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. 169408 272267 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. 21489227 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 62 0 1 246 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 MS ELLEN J KULLMAN TRUSTEE 2.00 X 0 0 0 MS KIMBERLY CASSIDY TRUSTEE 2.00 X 0 0 0 MR REGIS DE RAMEL TRUSTEE 2.00 X 0 0 0 MR BENJAMIN DU PONT VICE CHAIR 2.00 X X 0 0 0 MR CHARLES M ELSON TRUSTEE 2.00 X 0 0 0 MR JOHN M FLYNN MD SECRETARY 2.00 X X 0 0 0 MR W WHITFIELD GARDNER TRUSTEE 2.00 X 0 0 0 MR LAIRD HAYWARD TRUSTEE 2.00 X 0 0 0 DR ERIC JOHNSON CHAIR 5.00 X X 0 0 0 MR HENRY MELLON TRUSTEE 2.00 X 0 0 0 MS CARMEN WALLACE TRUSTEE 2.00 X 0 0 0 MS GINA WARD TRUSTEE 2.00 X 0 0 0 MS MARNA WHITTINGTON TREASURER 2.00 X X 0 0 0 DR EARL J BALL III TRUSTEE EMERITUS 2.00 X 0 0 0 HEATHER EVANS TRUSTEE 2.00 X 0 0 0 CATHERINE MILLER TRUSTEE 2.00 X 0 0 0 LISA OLSON TRUSTEE 2.00 X 0 0 0 ROBERT DESANTIS TRUSTEE 2.00 X 0 0 0 DAVID NOWLAND TRUSTEE 2.00 X 0 0 0 ISABELLA SPEAKMAN TIMON TRUSTEE 2.00 X 0 0 0 ELIZABETH SPEERS HEAD OF SCHOOL 40.00 X 474977 0 46764 BIANCA WRIGHT THRU 92018 CFO 40.00 X 124824 0 5229 ERIC NORMAN EFFECTIVE 92018 CFO 40.00 X 0 0 0 KRISTIN MUMFORD DIRECTOR OF ADVANCEMENT 40.00 X 141546 0 43639 ANTHONY PISAPIA ASSISTANT HEAD OF SCHOOL 40.00 X 150649 0 43295 SETH KUSHKIN DIRECTOR OF ATHLETICS 40.00 X 121275 0 29265 PAUL CAPOANNO MIDDLE SCHOOL HEAD 40.00 X 111943 0 9437 SUSAN MILLER LOWER SCHOOL HEAD 40.00 X 118598 0 30714 1243812 0 208343 9 0 1 0 CULINART GROUP PO BOX 417632 BOSTON MA 02241 CATERING/DINING SERVICE 913137 WILCOX LANDSCAPING PO BOX 629 NEW CASTLE DE 19720 LANDSCAPER 398422 HORD COPLAN MACHT INC 700 EAST PRATT STREET STE 1200 BALTIMORE MD 21202 DESIGN/BUILD CONTRACTOR 386788 FIRST CHOICE CLEANING SERVICE 1722 NEWPORT GAP PIKE WILMINGTON DE 19808 CLEANING SERVICE 315883 HUNT VALLEY CONTRACTORS 3705 CRONDALL LANE OWINGS MILLS MD 21117 DESIGN/BUILD CONTRACTOR 179013 7 2979423 234460 2979423 TUITION 611110 21023260 21023260 AFTER SCHOOL PROGRAM FEES 611110 352844 352844 SUMMER CAMP PROGRAM FEES 611110 272267 272267 EDUCATION FEES 611110 249735 249735 FACILITIES RENTALS 611110 41442 41442 21939548 1786794 1786794 8136849 6289508 1847341 1847341 1847341 ANCILLARY INCOME 611110 610602 610602 610602 29163708 22550150 0 3634135 4732115 4732115 887593 887593 10805124 8379885 1758538 666701 697105 525710 135387 36008 1675116 1239313 325024 110779 787583 574936 173268 39379 43948 43948 171419 171419 151175 151175 1207354 979492 101235 126627 311408 133995 22460 154953 335776 322620 12521 635 1530148 1470196 57059 2893 413140 325927 74724 12489 6820 6553 254 13 1538183 1477915 57359 2909 FEES AND MISCELLANEOUS 831520 592087 231849 7584 SUPPLIES AND MATERIALS 645300 595513 38914 10873 EVENTS 504971 89022 82788 333161 27275798 21489227 4281567 1505004 3215257 9730807 1773842 377666 17034 2039 262437 48910 63216317 33176634 29644750 30039683 28705505 21077437 12572054 20400936 0 2854735 74417037 86306055 245539 5921295 5800809 6744928 55034 1154187 5976329 13945463 X 41737118 40212007 5001772 10421767 21701818 21726818 68440708 72360592 74417037 86306055 X 1887910 -1600189 3632163 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 36617927 25000 1764142 566751 993769 36846549 32752786 1417741 3861581 458377 955804 36617927 29317648 130735 4223508 870615 499385 32752786 31430215 88190 -900757 798536 501464 29317648 31584043 60956 1030216 765574 479426 31430215 0.29860 0.11170 0.58970 1 0 3247658 3247658 56078703 30172884 25905819 3196878 3003750 193128 693078 693078 30039683 LOW VOLUME HEDGE FUNDS 4771477 F GROWTH HEDGE FUNDS 4835789 F PRIVATE EQUITY FUNDS 5571480 F PRIVATE REAL ESTATE FUNDS 620278 F VANGUARD 500 INDEX ADM 4601912 F 20400936 ADVANCES ON LINE-OF-CREDIT 1154187 1154187 X 19414747 0 19414747 9748961 9748961 29163708 22392508 0 22392508 151175 4732115 4883290 27275798 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, 2019 AND 2018, 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, 2019 OR 2018. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE, REMISSION AND MERIT-BASED AWARDS 4,732,115. RESTRICTED CONTRIBUTIONS 1,969,683. INVESTMENT INCOME, NET OF BOARD DESIGNATED APPROPRIATIONS 3,047,163. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE, REMISSION AND MERIT-BASED AWARDS 4,732,115. 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 WITH ADVIS. OUR NONDISCRIMINATION POLICY ALSO ACCOMPANIES ALL JOB VACANCY ADVERTISEMENTS. CARIBBEAN 0 0 INVESTMENTS 10782949 SCOTLAND 0 0 INVESTMENTS 158656 0 0 0 0 0 0 10941605 0 10941605 0 0 0 0 0 0 1 FINANCIAL ASSISTANCE, TUITION REMISSION AND MERIT-BASED AWARDS 360 4732115 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 464977 0 10000 0 0 0 17846 0 28918 0 521741 0 0 0 KRISTIN MUMFORD DIRECTOR OF ADVANCEMENT 141546 0 0 0 0 0 19291 0 24348 0 185185 0 0 0 ANTHONY PISAPIA ASSISTANT HEAD OF SCHOOL 145649 0 5000 0 0 0 18976 0 24319 0 193944 0 0 0 SETH KUSHKIN DIRECTOR OF ATHLETICS 116275 0 5000 0 0 0 6247 0 23018 0 150540 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. X 11 234460 HI/LOW DATE OF GIFT 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 XI, LINE 9: CONVERSION FROM MODIFIED CASH TO FULL ACCRUAL REPORTING 3,632,163. FORM 990, PART XII, LINE 2: TOWER HILL SCHOOL ASSOCIATION HAS CHANGED ITS METHOD OF ACCOUNTING FROM MODIFIED CASH BASIS TO FULL ACCRUAL BASIS, IN ORDER FOR THE 990 TO BE ON THE SAME REPORTING BASIS USED FOR THE ASSOCIATION'S AUDITED FINANCIAL STATEMENTS. PER THE INSTRUCTIONS OF THE IRS AGENT ASSIGNED TO PROCESS THE FORM 3115 WHICH WE SUBMITTED, THE ASSOCIATION DID NOT NEED TO FILE THE 3115 FORM AS WE HAVE NEVER FILED A 990T NOR HAD ANY TAXABLE INCOME. THEREFORE, THE AGENT INDICATED THAT WE COULD MOVE TO AN ACCRUAL BASIS FOR 6/30/19 FISCAL YEAR SIMPLY BY CHECKING THE ACCRUAL METHOD BOX ON THE 990. 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.