2019-03-21T10:32:07-05:00 2018-06-30 251467156 SISTERSON & CO LLP 310 GRANT STREET SUITE 2100 PITTSBURGH PA 15219 990 2017-07-01 250965329 THE ELLIS SCHOOL ELLI 4124412593 6425 FIFTH AVENUE PITTSBURGH PA 15206 MACON PAINE FINLEY HEAD OF SCHOOL 4124412593 2019-03-21 1 MICHAEL M COMSTOCK P00474378 4122812025 209.166.188.2 2019-03-21 11:27:45 ED P FD6174A5B0F8173D81D931E0DB1F7F08C87E043A 3836BD86A225A2435177971C6155D9B700CEE954 2017 2019-02-21 02:37:17Z MACON PAINE FINLEY 6425 FIFTH AVENUE PITTSBURGH PA 15206 22783319 0 X WWW.THEELLISSCHOOL.ORG X 1916 PA AN INDEPENDENT COLLEGE PREPARATORY SCHOOL FOR GIRLS FROM AGE THREE THROUGH TWELFTH GRADE. 20 20 143 131 6926 0 3125290 2755449 9520026 9797987 576828 1740405 -7192 111546 13214952 14405387 2411095 2399761 0 0 6678053 6603427 0 0 477101 3812589 3797193 12901737 12800381 313215 1605006 41694714 44247845 6983625 6802354 34711089 37445491 X AN INDEPENDENT COLLEGE PREPARATORY SCHOOL FOR GIRLS FROM AGE THREE THROUGH TWELFTH GRADE. 0 0 9823067 2399761 9909086 THE ELLIS SCHOOL IS PITTSBURGH'S ONLY AGE 3 TO GRADE 12 INDEPENDENT SCHOOL DEDICATED TO THE EDUCATION OF GIRLS, MAKING ELLIS A UNIQUE REGIONAL RESOURCE. ELLIS IS COMMITTED TO PREPARING, EMPOWERING, AND INSPIRING EACH AND EVERY GIRL THROUGH AN EXCELLENT EDUCATION IN AN ALL-GIRLS ENVIRONMENT. THE ELLIS EXPERIENCE IS BOTH NURTURING AND ACADEMICALLY CHALLENGING; ELLIS GIRLS ARE FREE TO KNOW THEMSELVES, DISCOVER THEIR GIFTS, AND FIND THEIR OWN VOICES, ALL OF WHICH MAXIMIZE GIRLS' INTELLECTUAL, PHYSICAL, EMOTIONAL, AND SOCIAL GROWTH. AT ELLIS, GIRLS OF ALL AGES LEARN TO TAKE ACADEMIC RISKS, WORK COLLABORATIVELY, ASK QUESTIONS, AND PURSUE THEIR DREAMS. WITH A TOTAL ENROLLMENT OF 372 STUDENTS, THE AVERAGE CLASSROOM SIZE IS 12 STUDENTS. OF OUR 67 FACULTY MEMBERS, 66 PERCENT HOLD MASTER'S DEGREES AND 5 PERCENT HOLD PHDS. WITH AN OVERALL STUDENT-TO-TEACHER RATIO OF 6:1, STUDENTS ACROSS ALL DIVISIONS BENEFIT FROM AN INTIMATE LEARNING ENVIRONMENT AND INDIVIDUAL ATTENTION. THE STUDENT BODY REPRESENTS 68 ZIP CODES AND 352 SCHOOL DISTRICTS, WITH 34 PERCENT OF STUDENTS RECEIVING NEED-BASED FINANCIAL AID AWARDS AND SCHOLARSHIPS. ONE HUNDRED YEARS OF ELLIS EDUCATIONAL EXCELLENCE HAS RESULTED IN 3,000+ ALUMNAE WHO COMPRISE AN INTERNATIONAL NETWORK OF SUPPORT FOR ELLIS GRADUATES. 9823067 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 39 0 1 143 1 1 1 0 0 0 0 1 1 0 0 0 0 X 20 20 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 PA X DEBORAH KUTCHA DIRECTOR OF FINANCE 4124412593 6425 FIFTH AVENUE PITTSBURGH PA 15206 COURTNEY COSGROVE MUSE PRESIDENT 1.00 X X 0 0 0 SUSAN G BERMAN KRESS SECRETARY 1.00 X X 0 0 0 JAMES MITNICK TREASURER 1.00 X X 0 0 0 ELISA LUCKE TRUSTEE 1.00 X 0 0 0 BLYTHE JONES LYONS EXITED 1117 TRUSTEE 1.00 X 0 0 0 ROBERT MISTICK TRUSTEE 1.00 X 0 0 0 JAMES H MORRIS TRUSTEE 1.00 X 0 0 0 MIKE NANGIA TRUSTEE 1.00 X 0 0 0 RONA L NESBIT TRUSTEE 1.00 X 0 0 0 MARGOT COPELAND PYLE TRUSTEE 1.00 X 0 0 0 AMANDA SWANK SAUER EXITED 1017 TRUSTEE 1.00 X 0 0 0 COLLEEN DAILY SIMONDS TRUSTEE 1.00 X 0 0 0 JANERA SOLOMON TRUSTEE 1.00 X 0 0 0 WILLIAM STRICKLAND JR TRUSTEE 1.00 X 0 0 0 JILL SWENSEN TRUSTEE 1.00 X 0 0 0 REBECCA T UPHAM TRUSTEE 1.00 X 0 0 0 ANDREW R WATSON MD TRUSTEE 1.00 X 0 0 0 SHANNON GUINN TRUSTEE 1.00 X 0 0 0 KIMBERLY G ROBERTS TRUSTEE 1.00 X 0 0 0 SUSAN JONES BLOCK TRUSTEE 1.00 X 0 0 0 ANITA COURCOULAS TRUSTEE 1.00 X 0 0 0 MICHAEL HAGGERTY TRUSTEE 1.00 X 0 0 0 MACON FINLEY HEAD OF SCHOOL 40.00 X 200000 0 5833 DEBORAH KUTCHA DIRECTOR OF FINANCE & OPERATIONS 40.00 X 111110 0 3208 LAUREN LASCHON HEAD OF UPPER SCHOOL 40.00 X 107060 0 7070 418170 0 16111 3 0 1 0 ALLEGHENY ROOFING AND SHEET METAL CO IN PO BOX 7 RURAL RIDGE PA 15075 ROOF CONTRACTOR 296907 COMDATA PO BOX 360239 M PITTSBURGH PA 15250 MERCHANT SERVICES 290286 METZ CULINARY MANAGEMENT TWO WOODLAND DRIVE DALLAS PA 18612 MERCHANT SERVICES 153622 FIRST COMMONWEALTH BANK 1001 VILLAGE RUN ROAD WEXFORD PA 15009 BANKING SERVICES 128386 TUCKER ARENSBERG PC ATTORNEYS 1500 ONE PPG PLACE PITTSBURGH PA 15222 LEGAL SERVICES 105144 5 32930 106639 2615880 140 2755449 TUITION 900099 9431210 9431210 AUXILIARY ACTIVITIES 900099 366777 366777 9797987 422962 6926 416036 108892 95351 13541 13541 13541 9578142 8260699 1317443 1317443 1317443 20200 32930 19753 447 447 285 2129 -1844 -1844 INSURANCE PROCEEDS 524126 52667 52667 MISCELLANEOUS 900099 46735 46735 99402 14405387 9909086 6926 1733926 2399761 2399761 320000 207915 111745 340 5190881 4089293 827311 274277 290702 230076 50731 9895 397046 309063 69327 18656 404798 315557 69077 20164 133001 133001 52403 52403 225920 32220 193700 185696 182776 2920 127125 66029 51702 9394 520912 520912 707914 707914 18459 8645 9814 241589 165780 45834 29975 152702 152702 663456 663456 98217 98217 INSTRUCTIONAL EXPENSES 135000 135000 EQUIP. REPAIR & MAINT. 120385 120385 ATHLETICS 112021 112021 ASSEMBLIES/FIELD TRIPS 83652 83652 218741 78083 29178 111480 12800381 9823067 2500213 477101 1542996 1064904 1653304 3421477 38303 16864 6658 4356 133322 83584 26065186 14362859 12107470 11702327 20991378 21586196 4869788 6029905 351495 338232 41694714 44247845 462986 252292 821977 833990 5649057 5670975 49605 45097 6983625 6802354 X 19558325 19275218 6584084 7595081 8568680 10575192 34711089 37445491 41694714 44247845 1605006 1129396 0 X X 0 1 X 1 0 X 1251488 1232523 2627071 3125290 2755449 10991821 1251488 1232523 2627071 3125290 2755449 10991821 3247739 7744082 379165 192875 282906 561042 531854 1947842 99402 99402 13039065 47572137 0.59390 0.69550 X 25797027 450000 3083210 287575 1426561 27616101 25150588 3500 2003026 214806 1145281 25797027 25885738 700000 -297651 188521 948978 25150588 26841855 716108 489694 198891 1963028 25885738 25203284 8048 3082013 170780 1280710 26841855 0.46750 0.27790 0.25460 0 0 1984272 1984272 17126677 9237113 7889564 1585534 1510226 75308 5368703 3615520 1753183 11702327 TIFF KEYSTONE FUND 6029905 F 6029905 AGENCY FUND - STUDENT ACTIVITIES AND CLUBS 45097 45097 X 13252255 1129396 117233 1246629 12005626 2399761 2399761 14405387 10517853 117233 117233 10400620 2399761 2399761 12800381 PART V, LINE 4: THE SCHOOL'S ENDOWMENT CONSISTS OF VARIOUS INVESTMENT FUNDS ESTABLISHED PRIMARILY FOR SUPPORT OF THE SCHOOL'S MISSION. ITS ENDOWMENT INCLUDES DONOR RESTRICTED AS WELL AS BOARD DESIGNATED ENDOWMENT FUNDS. NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS ARE CLASSIFIED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS ON THE STATEMENTS OF FINANCIAL POSITION. THE SCHOOL CLASSIFIES AS PERMANENTLY RESTRICTED NET ASSETS THE ORIGINAL FAIR VALUE OF THE GIFTS DONATED TO THE PERMANENT ENDOWMENT. EARNINGS ON THESE GIFTS ARE ACCUMULATED IN TEMPORARILY RESTRICTED NET ASSETS. THE BOARD OF THE SCHOOL HAS ELECTED TO BE GOVERNED BY THE COMMONWEALTH OF PENNSYLVANIA'S ACT 141 ("ACT 141"). ACT 141 PERMITS ADOPTION OF A TOTAL RETURN POLICY THAT ALLOWS A CHARITY TO CHOOSE TO TREAT A PERCENTAGE OF THE AVERAGE FAIR VALUE OF THE ENDOWMENT'S PERMANENTLY RESTRICTED INVESTMENTS AS INCOME EACH YEAR. IN ACCORDANCE WITH ACT 141, THE SCHOOL HAS ADOPTED A SPENDING POLICY THAT STATES THE SPENDABLE RETURN IN ANY YEAR SHALL EQUAL BETWEEN 2% AND 7% OF THE TRAILING 12-QUARTER AVERAGE FAIR VALUE OF THE ENDOWMENT ENDING ON JUNE 30 OF THE PRECEDING YEAR. THE SCHOOL HAS USED A SPENDING RATE OF APPROXIMATELY 6% AND 5% FOR THE YEARS ENDED JUNE 30, 2018 AND 2017, RESPECTIVELY. THE SPENDABLE RETURN APPROXIMATED $1,390,000 AND $1,200,000 FOR 2018 AND 2017, RESPECTIVELY. FROM TIME TO TIME, THE BOARD MAY APPROVE AN ADDITIONAL DRAW OF BOARD DESIGNATED ENDOWMENT FUNDS. THE BOARD APPROVED ADDITIONAL DRAWS OF BOARD DESIGNATED ENDOWMENT FUNDS TOTALING $34,000 AND $805,000 DURING 2018 AND 2017, RESPECTIVELY. THE SCHOOL CONSIDERS THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO SET A SPENDING RATE: (A.) PROTECTING THE CORPUS OF THE ENDOWMENT FUND; (B.) PRESERVING THE SPENDING POWER OF THE ASSETS; (C.) OBTAINING MAXIMUM INVESTMENT RETURN WITH REASONABLE RISK AND OPERATIONAL CONSIDERATION; AND, (D.) COMPLYING WITH APPLICABLE LAWS. FURTHERMORE, IN ACCORDANCE WITH ACT 141, THE SCHOOL HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A REASONABLE LEVEL OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO ENHANCE THE PURCHASING POWER OF THE FUND'S CORPUS BY STRIVING FOR LONG TERM GROWTH. UNDER THIS POLICY, AS APPROVED BY THE BOARD, THE ENDOWMENT ASSETS ARE INVESTED IN A MANNER THAT IS INTENDED TO PRODUCE RESULTS THAT EXCEED THE PRICE AND YIELD RESULTS OF A BLENDED BENCHMARK OF EQUITY, FIXED INCOME, AND PRIVATE EQUITY. PART X, LINE 2: THE SCHOOL IS A TAX-EXEMPT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE "CODE") AND, FURTHER, IS CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION. THE SCHOOL HAS NOT IDENTIFIED ANY MATERIAL UNCERTAIN TAX POSITIONS REQUIRING AN ACCRUAL OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE SCHOOL IS NO LONGER SUBJECT TO EXAMINATION OF ITS TAX RETURNS FOR YEARS BEFORE 2015. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 95,351. COST OF GOODS SOLD 2,129. FUNDRAISING EXPENSE 19,753. PART XI, LINE 4B - OTHER ADJUSTMENTS: TUITION ASSISTANCE 2,003,963. TUITION REMISSION 395,798. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 95,351. COST OF GOODS SOLD 2,129. FUNDRAISING EXPENSE 19,753. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION ASSISTANCE 2,003,963. TUITION REMISSION 395,798. 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 NON-DISCRIMINATORY POLICY IS PUBLISHED IN SCHOOL ADMISSION BROCHURES AND LOCAL PUBLICATIONS. THERE IS A DIVERSITY SECTION ON THE SCHOOL'S WEBSITE, WWW.THEELLISSCHOOL.ORG, THAT CAN BE VIEWED BY THE PUBLIC. SCHEDULE E, PART I, LINE 6 THE COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF EDUCATION HAS ESTABLISHED AN ALLOTMENT UNDER ACTS 195/90/35 FOR THE PURCHASE AND LOAN OF TEXTBOOKS AND INSTRUCTIONAL MATERIALS TO SCHOOLS WHOSE STUDENTS ARE PENNSYLVANIA RESIDENTS ENROLLED IN KINDERGARTEN THROUGH GRADE 12 AND WHOSE TUITION IS NOT PAID BY STATE OR OTHER PUBLIC FUNDS. THE ALLOTMENT FOR THE SCHOOL FOR THE 2017-2018 AND 2016-2017 SCHOOL YEARS WAS IN THE AMOUNT OF $53,938 AND $54,131, RESPECTIVELY. THE ALLOTMENT RECEIVED AND USED IS RECORDED IN THE LINE ITEMS FOR OTHER STUDENT ACTIVITIES AND SUPPORT ON THE STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS. VARIOUS 0 0 INVESTMENTS 46909 NORTH AMERICA 0 0 PROGRAM SERVICES EDUCATIONAL TRIP 6938 0 0 0 0 0 0 53847 0 53847 1 0 0 1 0 0 DREAM BIG 53130 32930 20200 5768 11626 550 1809 53130 32930 20200 5768 11626 550 1809 19753 447 1 SCHOLARSHIPS AND FINANCIAL AID 134 2003963 N/A N/A TUITION REMISSION 22 395798 N/A N/A PART I, LINE 2: FINANCIAL AID IS BASED ON FINANCIAL NEED. FAMILIES APPLYING FOR FINANCIAL AID, SUBMIT AN APPLICATION EACH YEAR TO FINANCIAL AID. THE ORGANIZATION, (SSS.NAIS), WILL ULTIMATELY ACCESS THE APPLICATION AND ASSESS A FAMILY'S ABILITY TO PAY FOR AN INDEPENDENT EDUCATION. ONCE A STUDENT HAS BEEN ADMITTED WITH FINANCIAL AID, HER AID, COMPUTED ON A PERCENT OF TUITION BASIS, WILL FOLLOW HER UNTIL SHE LEAVES THE SCHOOL, PROVIDED SHE IS IN GOOD STANDING AND HER FAMILY'S CIRCUMSTANCES HAVE NOT CHANGED. THE SCHOOL WILL CONSIDER OFFERING FINANCIAL AID TO A STUDENT WHO DID NOT RECEIVE FINANCIAL AID PREVIOUSLY IF HER FAMILY'S FINANCIAL CIRCUMSTANCES CHANGED SUBSTANTIALLY. TO PROTECT THE PRIVACY OF THE FAMILIES, INFORMATION ABOUT FINANCIAL AID RECIPIENTS IS NOT MADE PUBLIC. NEW EMPLOYEES WITH 45% OR MORE FTE (FULL TIME EQUIVALENCY) ARE ELIGIBLE FOR 50% TUITION REMISSION FOR DAUGHTERS ENROLLED AT ELLIS. EMPLOYEES ARE ELIGIBLE TO APPLY FOR FINANCIAL AID FOR THE BALANCE OF TUITION IF THEY CHOOSE. FINANCIAL AID FORMS NEED TO BE COMPLETED AND SUBMITTED TO THE ADMISSIONS OFFICE EACH YEAR THE CHILD IS ENROLLED. EMPLOYEES WHO WERE HIRED UNDER THE FORMER 90% TUITION REMISSION RATE, WHO STILL MEET THE 45% ELIGIBILITY REQUIREMENT, WILL CONTINUE TO RECEIVE FULL TUITION AT THE 90% RATE FOR ALL CURRENT AND FUTURE DAUGHTERS ENROLLED AT THE ELLIS SCHOOL. X X X X 0 0 0 0 0 0 0 0 0 MACON FINLEY HEAD OF SCHOOL 200000 0 0 0 0 0 5833 0 0 0 205833 0 0 0 FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE SHALL EXERCISE ALL OF THE POWERS AND AUTHORITY OF THE BOARD BETWEEN MEETINGS OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE FINANCE TEAM AND HEAD OF SCHOOL REVIEW THE FORM 990. THE RETURN IS THEN PRESENTED TO THE AUDIT COMMITTEE FOR APPROVAL. THE PUBLIC DISCLOSURE COPY OF THE FORM 990 IS SENT TO THE BOARD OF TRUSTEES VIA EMAIL TO REVIEW, ASK QUESTIONS AND MAKE COMMENTS BEFORE FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C AT THE SEPTEMBER MEETING OF THE BOARD OF TRUSTEES, EACH MEMBER IS GIVEN THE CONFLICT OF INTEREST DISCLOSURE STATEMENT TO COMPLETE AND SIGN. THE SECRETARY OF THE BOARD IS RESPONSIBLE FOR REVIEWING AND MONITORING THE COMPLETED FORMS. THE SECRETARY MONITORS AND ENFORCES COMPLIANCE WITH THE POLICY AT THE MEETINGS AND NOTES ANY CONFLICT IN THE BOARD OF TRUSTEES MINUTES. FORM 990, PART VI, SECTION B, LINE 15 THE HEAD OF SCHOOL, THE TOP MANAGEMENT OFFICIAL, IS COMPENSATED. MEMBERS OF THE BOARD OF TRUSTEES ARE NOT COMPENSATED. WHEN MS. FINLEY BECAME HEAD OF SCHOOL IN 2017, HER COMPENSATION WAS DETERMINED BY THE EXECUTIVE COMMITTEE AND APPROVED BY THE ENTIRE BOARD. HER COMPENSATION WAS DETERMINED USING AS A COMPARISON GROUP THE COMPENSATION OF HEADS OF INDEPENDENT SCHOOLS IN THE REGION. THE HEAD OF SCHOOL DETERMINES THE PAY OF OTHER OFFICERS AND KEY EMPLOYEES BASED ON COMPARABLE SALARY DATA FROM OTHER INDEPENDENT SCHOOLS. FORM 990, PART VI, SECTION C, LINE 19 THE ELLIS SCHOOL MAKES ITS GOVERNANCE DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, QUESTION 2C, OVERSIGHT OF FINANCIAL STATEMENT AUDIT: THE SCHOOL'S FINANCIAL STATEMENTS ARE AUDITED BY AN INDEPENDENT ACCOUNTING FIRM. IN ADDITION, THE SCHOOL'S BOARD ASSUMES THE RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS. THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES HANDLES THE SELECTION PROCESS OF THE INDEPENDENT AUDITORS AND RECOMMENDS TO THE BOARD OF TRUSTEES FOR ITS APPROVAL. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. ARBUTHNOT PROPERTIES LLC 6425 FIFTH AVENUE PITTSBURGH PA 15206 000000000 RENTAL PROPERTY PA 108892 338232 THE ELLIS SCHOOL