2020-05-11T13:41:33-05:00 2019-06-30 561750124 BATCHELOR TILLERY & ROBERTS LLP 3605 GLENWOOD AVENUE SUITE 350 RALEIGH NC 27612 990 2018-07-01 561934619 CARY ACADEMY CARY 9196773873 1500 N HARRISON AVENUE CARY NC 27513 DEBORAH L REICHEL CHIEF FINANCIAL OFFICER 9196773873 2020-05-11 1 RONALD A BATCHELOR P00077863 9197878212 204.16.136.178 2020-05-11 13:39:55 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 FB9B7715A65A350FCC424B63D4ACFFFE4171A2ED 2018 2020-09-23 17:36:50Z MICHAEL EHRHARDT 1500 N HARRISON AVENUE CARY NC 27513 37454827 0 X WWW.CARYACADEMY.ORG X 1995 NC CARY ACADEMY IS AN INDEPENDENT COEDUCATIONAL DAY SCHOOL FOR STUDENTS IN GRADES SIX THROUGH TWELVE. 19 19 253 715 0 0 2809351 2397051 19405077 20513016 2256388 1526074 139784 134159 24610600 24570300 1460443 1545606 0 0 14046108 14663302 0 0 93252 7067139 7403638 22573690 23612546 2036910 957754 84325588 86082955 4464978 4126943 79860610 81956012 CARY ACADEMY IS A COEDUCATIONAL DAY SCHOOL THAT PROVIDES AN INDEPENDENT SCHOOL EDUCATION FOR STUDENTS IN GRADES SIX THROUGH TWELVE. 0 0 19645264 1545606 20554575 DURING THE 2018-2019 SCHOOL YEAR, CARY ACADEMY HAD 771 STUDENTS ENROLLED IN GRADES SIX THROUGH TWELVE. THE SCHOOL ALSO CONTINUED ITS RECRUITMENT AND ADMISSION OF STUDENTS. 19645264 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 0 1 0 1 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 45 0 1 253 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 19 19 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X DEBORAH REICHEL 9196773873 CARY ACADEMY 1500 N HARRISON AVENUE CARY NC 27513 JEFFREY J EAKES MEMBER, BOARD OF DIRECTORS 1.25 X 0 0 0 HOLLY MAY MEMBER, BOARD OF DIRECTORS 1.25 X 0 0 0 JOHN P SALL MEMBER, BOARD OF DIRECTORS 1.25 X 0 0 0 VIRGINIA B SALL MEMBER, BOARD OF DIRECTORS 1.25 X 0 0 0 DR JAMES H GOODNIGHT MEMBER, BOARD OF DIRECTORS 1.25 X 0 0 0 ANN B GOODNIGHT MEMBER, BOARD OF DIRECTORS 1.25 X 0 0 0 SANDRA A GUTIERREZ MEMBER, BOARD OF DIRECTORS 1.25 X 0 0 0 DR JAMES H JOHNSON JR MEMBER, BOARD OF DIRECTORS 1.25 X 0 0 0 MONICA UDELL MEMBER, BOARD OF DIRECTORS 1.25 X 0 0 0 ANITA BROWN-GRAHAM MEMBER, BOARD OF DIRECTORS 1.25 X 0 0 0 LANETA DORFLINGER MEMBER, BOARD OF DIRECTORS 1.25 X 0 0 0 JEFFREY KENNEY MEMBER, BOARD OF DIRECTORS 1.25 X 0 0 0 WALTER DAVENPORT MEMBER, BOARD OF DIRECTORS 1.25 X 0 0 0 MANJU KARKARE MEMBER, BOARD OF DIRECTORS 1.25 X 0 0 0 JENNIFER WEISS MEMBER, BOARD OF DIRECTORS 1.25 X 0 0 0 MIKE CURRAN MEMBER, BOARD OF DIRECTORS 1.25 X 0 0 0 GREG SANCHEZ MEMBER, BOARD OF DIRECTORS 1.25 X 0 0 0 TRUDE BATE MEMBER, BOARD OF DIRECTORS 1.25 X 0 0 0 GLENN KLEIMAN MEMBER, BOARD OF DIRECTORS 1.25 X 0 0 0 DEBORAH REICHEL CHIEF FINANCIAL OFFICER 40.00 X 200107 0 39283 MICHAEL EHRHARDT PRESIDENT & HEAD OF SCHOOL 40.00 X 381092 0 62264 HEATHER CLARKSON UPPER SCHOOL HEAD 40.00 X 130457 0 25883 DMITRY MANAKHOV DIRECTOR OF INFORMATION SV 40.00 X 125887 0 22171 MARTI JENKINS MIDDLE SCHOOL HEAD 40.00 X 123114 0 43762 KAREN MCKENZIE DIRECTOR OF TECHNOLOGY 40.00 X 108669 0 41397 MARTINA GREENE DEAN OF FACULTY 40.00 X 108807 0 19849 1178133 0 254609 7 0 1 0 DPR CONSTRUCTION 2000 AERIAL CENTER PARKWAY STE 118 MORRISVILLE NC 27560 CAPITAL CONSTRUCTION 7276927 1 87065 2309986 161614 2397051 TUITION AND FEES 900099 18960747 18960747 OTHER INSTRUC REVENUE 900099 1552269 1552269 20513016 2037124 2037124 12024686 2800 12531583 6953 -506897 -4153 -511050 -511050 437599 87065 345991 91608 91608 992 0 992 992 MISC INCOME 611710 41559 41559 41559 24570300 20554575 0 1618674 1545606 1545606 668488 668488 10219482 8544915 1636727 37840 635241 540938 91644 2659 2383411 1971130 406682 5599 756680 599237 154796 2647 25333 1711 23622 24500 24500 549 549 46335 34409 11803 123 3500 3500 1107118 1033603 55856 17659 336262 289960 45723 579 1453951 1286963 165545 1443 83556 74379 9173 4 1862 1862 2669959 2298930 368058 2971 86731 81180 5450 101 INSTRUCTIONAL EXPENSES 1091218 1091218 EVENTS & FUNCTIONS 136391 103617 11956 20818 STUDENT RECRUITMENTS & 114149 31267 82882 OTHER PERSONNEL EXPENSE 85005 68063 16716 226 137219 48138 88498 583 23612546 19645264 3874030 93252 766 1914 1040219 2099808 1054019 1133157 292520 961649 58230 48024 248884 430361 81332847 42702561 32469490 38630286 49161460 42777756 84325588 86082955 701960 900335 1599217 1853572 2163801 1373036 4464978 4126943 X 38829108 44809743 7478431 3555843 33553071 33590426 79860610 81956012 84325588 86082955 957754 1096138 41510 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 37027449 537555 2302746 3600876 36266874 37733673 66750 863613 1636587 37027449 36769480 29234 2571662 1636703 37733673 36303234 24675 2077963 1636392 36769480 31951550 5031951 494409 1174676 36303234 0 0 6129854 6129854 57056521 29021374 28035147 7902145 5243744 2658401 10244327 8437443 1806884 38630286 ACCRUED SALARIES & OTHER LIABS 1373036 1373036 24512486 1096138 41510 350144 1487792 23024694 1545606 1545606 24570300 22417084 4153 345991 350144 22066940 1545606 1545606 23612546 PART V, LINE 4: ENDOWMENT FUNDS ARE USED FOR NEED-BASED FINANCIAL AID, CAPITAL REPAIRS AND REPLACEMENT, EMPLOYEE PROFESSIONAL DEVELOPMENT AND SCHOOL OPERATIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSES INCLUDED IN FINANCIAL STATEMENT EXPENSES 345,991. LOSS ON SALE OF FIXED ASSETS 4,153. PART XI, LINE 4B - OTHER ADJUSTMENTS: GRANTS NETTED WITH TUITION REVENUE FOR FINANCIAL STATEMENTS 1,545,606. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSES INCLUDED IN FINANCIAL STATEMENT EXPENSES 345,991. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANTS NETTED WITH TUITION REVENUE FOR FINANCIAL STATEMENTS 1,545,606. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 RACIALLY NONDISCRIMINATORY POLICY PUBLICATION: CARY ACADEMY PUBLISHES A NOTICE ANNUALLY IN THE NEWS AND OBSERVER WHICH SERVES THE RALEIGH-DURHAM AREA. THE NOTICE WAS PUBLISHED MARCH 12, 2019. HOLIDAY SHOPPE 406055 2608 403447 3338 3017 310063 GOLF TOURNAMENT 100457 82257 18200 26780 1 18152 2200 15952 2793 524664 87065 437599 3338 3017 339636 345991 91608 1 SCHOLARSHIPS 73 23753 FINANCIAL AID 104 1521853 X 1 1 X X X X 0 1 0 0 0 0 0 0 0 DEBORAH REICHEL CHIEF FINANCIAL OFFICER 196066 0 0 0 4041 0 15529 0 23754 0 239390 0 0 0 MICHAEL EHRHARDT PRESIDENT & HEAD OF SCHOOL 339386 0 0 0 41706 0 26909 0 35355 0 443356 0 0 0 HEATHER CLARKSON UPPER SCHOOL HEAD 130192 0 0 0 265 0 10155 0 15728 0 156340 0 0 0 MARTI JENKINS MIDDLE SCHOOL HEAD 119832 0 0 0 3282 0 10307 0 33455 0 166876 0 0 0 KAREN MCKENZIE DIRECTOR OF TECHNOLOGY 106933 0 0 0 1736 0 9242 0 32155 0 150066 0 0 0 SCHEDULE J, PART I, LINE 1A TAX INDEMNIFICATION AND GROSS-UP PAYMENTS: THE SCHOOL PROVIDED GROSS-UP PAYMENTS TO THE HEAD OF SCHOOL AND TO THE CHIEF FINANCIAL OFFICER FOR LONG-TERM DISABILITY PREMIUMS. THE AMOUNTS STATED ON THEIR 2018 FORMS W-2 WERE 730.26 AND 657.48, RESPECTIVELY. SCHEDULE J, PART I, LINE 4B PARTICIPATION IN SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN: THE SCHOOL ESTABLISHED A 457(B) DEFERRED COMPENSATION PLAN FOR SENIOR LEADERSHIP. IN 2018 THE SCHOOL REPORTED AND FUNDED $18,500 DEFERRED COMPENSATION FOR THE HEAD OF SCHOOL. X 15 FAIR MARKET VALUE X 18 133284 FAIR MARKET VALUE X FOOD & BEVERAGES 19 12113 FAIR MARKET VALUE X GIFT CERTIFICATES 30 8699 FAIR MARKET VALUE X FURNITURE & EQUIPMENT 4 4155 FAIR MARKET VALUE X SUPPLIES 5 2454 FAIR MARKET VALUE X TICKETS 5 894 FAIR MARKET VALUE 0 1 0 FORM 990, PART VI, SECTION A, LINE 2 FAMILY OR BUSINESS RELATIONSHIPS: JAMES GOODNIGHT AND ANN GOODNIGHT - FAMILY RELATIONSHIP JOHN SALL AND VIRGINIA SALL - FAMILY RELATIONSHIP JAMES GOODNIGHT AND ANN GOODNIGHT - BUSINESS RELATIONSHIP JAMES GOODNIGHT AND JOHN SALL - BUSINESS RELATIONSHIP JAMES GOODNIGHT AND JEFFREY EAKES - BUSINESS RELATIONSHIP FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW: THE FORM 990 IS PROVIDED TO THE OFFICERS OF THE BOARD OF DIRECTORS, THE BOARD AUDIT COMMITTEE CHAIR AS WELL AS TO THE HEAD OF SCHOOL FOR REVIEW AND APPROVAL PRIOR TO FILING. THE FORM 990 IS ALSO MADE AVAILABLE TO ALL OTHER BOARD MEMBERS FOR REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY: THE POLICY IS PROVIDED FOR REVIEW AND THE ACKNOWLEDGEMENT FORM MUST BE SIGNED IN SEPTEMBER OF EACH YEAR. FORM 990, PART VI, SECTION B, LINE 15 PROCESS FOR DETERMINING COMPENSATION: COMPENSATION OF THE HEAD OF SCHOOL - ANNUALLY, THE CHIEF FINANCIAL OFFICER PROVIDES THE BOARD CHAIR WITH BENCHMARKING SALARY DATA FROM THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS FOR SAIS (SOUTHEAST) SCHOOLS AS WELL AS NORTH CAROLINA PEER SCHOOLS. THAT INFORMATION IS USED BY THE BOARD CHAIR, TAKING INTO CONSIDERATION YEARS OF EXPERIENCE AND PERFORMANCE, TO DETERMINE THE SALARY FOR THE UPCOMING YEAR. BOTH COMPENSATION AND BENEFITS ARE DOCUMENTED IN AN ANNUAL CONTRACT SIGNED BY BOTH THE BOARD CHAIR AND THE HEAD OF THE SCHOOL. COMPENSATION OF OTHER OFFICERS - THE HEAD OF SCHOOL AND THE HUMAN RESOURCES DIRECTOR COLLECT SALARY AND BENEFITS DATA FROM BOTH INDEPENDENT SCHOOL AND GEOGRAPHICAL JOB MARKET SOURCES, AS APPLICABLE TO THE PARTICULAR POSITION. TAKING INTO CONSIDERATION YEARS OF EXPERIENCE AND POSITION RESPONSIBILITIES, THE SALARY IS ESTABLISHED. THE SALARY AND BENEFITS ARE THEN REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS EXECUTIVE COMMITTEE. THIS REVIEW IS COMPLETED EVERY YEAR. COMPENSATION OF KEY EMPLOYEES - THE HEAD OF SCHOOL, THE CHIEF FINANCIAL OFFICER, AND THE HUMAN RESOURCES DIRECTOR COLLECT SALARY AND BENEFITS DATA FROM BOTH INDEPENDENT SCHOOL AND GEOPGRAPHICAL JOB MARKET SOURCES, AS APPLICABLE TO THE PARTICULAR POSITION. TAKING INTO CONSIDERATION YEARS OF EXPERIENCE AND POSITION RESPONSIBILITIES, THE SALARY IS ESTABLISHED BY THE HEAD OF SCHOOL. ANY SIGNIFICANT INCREASES IN COMPENSATION ARE DISCUSSED WITH THE BOARD EXECUTIVE COMMITTEE IN ADVANCE OF BEING FINALIZED. THIS REVIEW TAKES PLACE EVERY FIVE YEARS. FORM 990, PART VI, SECTION C, LINE 19 MAKING DOCUMENTS AVAILABLE TO THE PUBLIC: UPON REQUEST, CARY ACADEMY WILL MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. THE REQUEST WOULD BE MADE THROUGH THE OFFICE OF THE HEAD OF SCHOOL, WHO WOULD APPROVE THE REQUEST AND FORWARD IT TO THE CHIEF FINANCIAL OFFICER FOR EXECUTION.