2019-03-13T10:17:51-05:00 2018-06-30 010724563 ACM LLP 303 EAST 17TH AVENUE SUITE 600 DENVER CO 80203 990 2017-07-01 840423922 FOUNTAIN VALLEY SCHOOL OF COLORADO FOUN 7193915356 6155 FOUNTAIN VALLEY SCHOOL ROAD COLORADO SPRINGS CO 80911 WILLIAM WEBB HEAD OF SCHOOL 7193915356 2019-02-18 1 WENDY DEWITT CPA P01358310 3038301120 216.241.164.20 2019-02-18 10:03:39 MS P FA80D7E40FA9E4207A396A33E35F35EA1E70924D 6C9B1A35775087DBDB8A6D25ECA509C7F6C27838 2017 2019-02-21 02:37:17Z WILLIAM WEBB 6155 FOUNTAIN VALLEY SCHOOL ROAD COLORADO SPRINGS CO 80911 25728178 0 X WWW.FVS.EDU X 1930 CO THE SCHOOL IS A UNIQUE, GLOBAL BOARDING SCHOOL WITH A RIGOROUS COLLEGE PREPARATORY CURRICULUM. 25 25 185 1 281129 -28147 15033654 9283556 10853172 11650748 2018488 3815276 348460 69537 28253774 24819117 2439599 2575155 0 0 6131979 5984660 0 0 1270780 7929314 8233335 16500892 16793150 11752882 8025967 72776723 86867578 8489581 15037236 64287142 71830342 X FOUNTAIN VALLEY SCHOOL OF COLORADO PROVIDES A RIGOROUS, GLOBAL CURRICULUM TO ACADEMICS, ARTS, ATHLETICS AND THE OUTDOORS IN A DIVERSE COMMUNITY TO DEVELOP YOUNG ADULTS WHO ARE COURAGEOUS, OPEN-MINDED, SELF-RELIANT, CURIOUS AND COMPASSIONATE. THE SCHOOL IS LOCATED ON 1,100 ACRES OF ROLLING PRAIRIE IN SOUTHEAST COLORADO SPRINGS WITH PIKES PEAK AS A BACKDROP. A 40-ACRE MOUNTAIN CAMPUS IS LOCATED TWO HOURS AWAY NEAR BUENA VISTA, CO. 0 0 10650271 2575155 11658040 SEE SCHEDULE OTHE FOUNTAIN VALLEY SCHOOL PROVIDES INSTRUCTION TO STUDENTS;SERVICES TO STUDENTS SUCH AS HOUSING, ATHLETICS, INFIRMARY, ANDCOUNSELING; FOOD SERVICES; AND SCHOLARSHIPS.EDUCATION:ALONG WITH A RIGOROUS ACADEMIC CURRICULUM THAT INCLUDES 18 ADVANCED PLACEMENT COURSES AND HONOR CLASSES IN EVERY DISCIPLINE, FOUNTAIN VALLEY'S SIGNATURE PROGRAMS ARE: THE GLOBAL SCHOLAR DIPLOMA INCLUDING THE SCHOOL'S MEMBERSHIP IN ROUND SQUARE; EXPERIENTIAL LEARNING SUCH AS THE WESTERN IMMERSION PROGRAM AND INTERIM TRAVEL ADVENTURES; THE EQUESTRIAN PROGRAM WITH BOTH ENGLISH AND WESTERN COMPETITIVE RIDERS; AND SPORTS THAT TAKE ADVANTAGE OF ROCKY MOUNTAIN SETTING TO INCLUDE MOUNTAIN BIKING, CLIMBING AND OUTDOOR EDUCATION.HOUSING AND MEALS:FOUNTAIN VALLEY SCHOOL SETS A NATIONAL STANDARD IN RESIDENTIAL LIFE FOR ITS BOARDING STUDENTS AND FACULTY. STUNNING ADOBE RESIDENCES HOUSE SMALL GROUPS OF 16-20 STUDENTS AND FACULTY FAMILIES. WITH COMMUNAL KITCHENS, COMMON ROOMS, FIREPLACES AND PATIOS, RESIDENCE HALLS QUICKLY BECOME A WELCOMING HOME AWAY FROM HOME. THE FVS COMMUNITY GATHERS IN THE DINING HALL FOR THREE MEALS A DAY WITH MYRIAD OPTIONS INCLUDING VEGETARIAN AND GLUTEN FREE.SCHOLARSHIPS:FORTY-ONE PERCENT OF STUDENTS RECEIVE FINANCIAL AID. IN THE 2017-18SCHOOL YEAR, $2,565,405 IN BOTH MERIT- AND NEED-BASED SCHOLARSHIPS WASAWARDED. 10650271 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 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 52 0 1 185 1 1 1 0 0 0 0 0 0 0 0 0 X 25 25 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X TAMMY WILLOCKS CONTROLLER 7193915356 6155 FOUNTAIN VALLEY SCHOOL ROAD COLORADO SPRINGS CO 80911 HENRY MORSE PRESIDENT 1.00 X X 0 0 0 LINK NICOLL SECRETARY 1.00 X X 0 0 0 KATRINA PRESTI TRUSTEE 1.00 X 0 0 0 JOLENE LANE TRUSTEE 1.00 X 0 0 0 JERRY FRAUTSCHI LIFETIME TRUSTEE 1.00 X 0 0 0 BOB HENDERSON LIFETIME TRUSTEE 1.00 X 0 0 0 JIM SCOTT LIFETIME TRUSTEE 1.00 X 0 0 0 BENJAMIN HOWE TRUSTEE (EX-OFFICIO) 1.00 X 0 0 0 GAVIN BLUNT TRUSTEE 1.00 X 0 0 0 BARRY BROWN TRUSTEE 1.00 X 0 0 0 SARAH CANNADY TRUSTEE 1.00 X 0 0 0 DEAN DOWSON TRUSTEE 1.00 X 0 0 0 JANET DULIN TRUSTEE 1.00 X 0 0 0 KELLY EUSTACE TRUSTEE 1.00 X 0 0 0 EMILIE HOYT TRUSTEE 1.00 X 0 0 0 WALTER HARRISON TRUSTEE 1.00 X 0 0 0 JUNIPER HUNTER TRUSTEE 1.00 X 0 0 0 HOPE KAPSNER TRUSTEE 1.00 X 0 0 0 DAWN JUDD TRUSTEE 1.00 X 0 0 0 KEVIN RASK TRUSTEE 1.00 X 0 0 0 CHRISTOPHER SANCHEZ TRUSTEE 1.00 X 0 0 0 GREGG THATCHER TRUSTEE 1.00 X 0 0 0 MELINDA TWOMEY TRUSTEE 1.00 X 0 0 0 THERESA SHEH TRUSTEE 1.00 X 0 0 0 LIZA TOWNSEND TRUSTEE 1.00 X 0 0 0 KUNXIAO WANG TRUSTEE 1.00 X 0 0 0 JANET REFIOR CFO/TREASURER 40.00 X 143405 0 17966 WILLIAM WEBB HEAD OF SCHOOL (NON-VOTING) 40.00 X 229050 0 30683 372455 0 48649 2 0 1 0 0 9283556 1542155 9283556 TUITION AND FEES 611110 11030317 11030317 GCL INSTITUTE 611110 297990 297990 ATHLETICS 611110 93129 93129 RIDING PROGRAM 611110 75881 75881 ADMINISTRATION FEES 611110 36163 36163 117268 117268 11650748 1205376 281129 924247 126104 318566 -192462 -192462 -192462 2749952 429976 0 570028 2749952 -140052 2609900 2609900 27759 20467 7292 7292 INSURANCE SETTLEMENT 900099 254707 254707 254707 24819117 11658040 281129 3596392 2575155 2575155 410104 348400 61704 4115976 2578358 1333307 204311 1458580 955364 424766 78450 238670 238670 570381 7500 527284 35597 159672 159672 343723 237780 105943 2083447 1511572 553425 18450 216082 14153 114547 87382 161782 71974 89808 1373745 1232465 141280 282177 282177 FOOD EXPENSE 1040190 1040190 SCHOOL EXPENSES 610815 373453 220021 17341 CAPITAL CAMPAIGN 602809 602809 BAD DEBTS 165583 165583 384259 52307 326888 5064 16793150 10650271 4872099 1270780 1550095 2366511 1087605 3061 10093760 10291928 156309 81818 455078 272175 64287341 30023944 17583011 34263397 36660626 32964056 3080182 4485910 2110057 2138722 72776723 86867578 1443306 1943481 3203748 3771804 3735000 0 0 3308813 107527 6013138 8489581 15037236 X 27870909 45474576 18078470 7789962 18337763 18565804 64287142 71830342 72776723 86867578 8025967 -482767 0 X X 0 1 X 1 0 X 48696482 288602 3306924 1229459 51062549 45423589 137569 4501372 1366048 48696482 45787008 587079 75954 1026452 45423589 45038597 803993 947962 1003544 45787008 39501050 215645 6619068 1297166 45038597 0.53840 0.36300 0.09860 1 0 181550 181550 40971209 24436888 16534321 2723721 2216348 507373 4097094 3370708 726386 16313767 16313767 34263397 PRIVATELY HELD COMMON STOCK 2242969 F LIMITED PARTNERSHIPS 2242941 F 4485910 ANNUITIES PAYABLE 76522 CAPITAL LEASE 1811 LINE OF CREDIT 5934805 6013138 X 24579288 479085 479085 24100203 236147 482767 718914 24819117 17036088 479085 479085 16557003 236147 236147 16793150 PART V, LINE 4: THE FOUNTAIN VALLEY SCHOOL'S ENDOWMENT FUNDS ARE RESTRICTED PERMANENTLY OR TEMPORARILY BY DONOR INTENT AS TO PURPOSE OR TIME LIMITATION, AND ARE ACCOUNTED FOR AS SUCH IN THE BOOKS OF ACCOUNTS OF THE SCHOOL. THE DEVELOPMENT DIRECTOR OF THE SCHOOL IS PRIMARILY RESPONSIBLE FOR THIS DETERMINATION AFTER CONSULTATION WITH THE DONOR AS DOCUMENTED BY THE GIFT DECREE. THIS IS IN TURN PROVIDED TO THE BUSINESS OFFICE OF THE SCHOOL WHERE THE CFO CONFIRMS INTENT AND ACCOUNTS FOR THE GIFT ACCORDING TO GAAP. ENDOWMENT FUNDS OF THE SCHOOL ARE GENERALLY ORGANIZED TO PROVIDE FOR PROGRAM NEEDS, FACULTY DEVELOPMENT, AND FINANCIAL AID. THE BOARD OF TRUSTEES MAY INTERNALLY RESTRICT DONOR UNRESTRICTED GIFTS AS QUASI-ENDOWMENT IN THE BEST INTERESTS OF THE SCHOOL AS DETERMINED BY THE STRATEGIC PLAN AS ADVISED BY THE FINANCE AND DEVELOPMENT COMMITTEES OF THE SCHOOL. THE BOARD AUTHORIZED SPENDING POLICY IS AN ANNUAL DRAW FROM THE ENDOWMENT LIMITED TO 5.5% OF THE VALUATION OF TOTAL ENDOWMENT FUNDS BASED ON A TRAILING TWENTY QUARTER AVERAGE. THE ENDOWMENT DRAW PERCENTAGE WILL DECREASE TO 4.5% OVER THE NEXT 10 YEARS. PART X, LINE 2: THE SCHOOL IS EXEMPT FROM INCOME TAX AS DETERMINED BY THE INTERNAL REVENUE SERVICE UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND A SIMILAR PROVISION OF STATE LAW. HOWEVER, THE SCHOOL IS SUBJECT TO FEDERAL INCOME TAX ON ANY UNRELATED BUSINESS TAXABLE INCOME. AS OF JUNE 30, 2018 AND 2017, THE SCHOOL BELIEVES THAT IT DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD NETTED AGAINST REVENUE 20,467. RENTAL EXPENSES NETTED AGAINST REVENUE 318,566. LOSS ON SALE OF FIXED ASSETS 140,052. PART XI, LINE 4B - OTHER ADJUSTMENTS: NET UNREALIZED LOSS ON INVESTMENTS 482,767. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD NETTED AGAINST REVENUE 20,467. RENTAL EXPENSES NETTED AGAINST REVENUE 318,566. LOSS ON SALE OF FIXED ASSETS 140,052. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 SCHOLARSHIPS 105 2575155 BOOK VALUE TUITION REDUCTION PART I, LINE 2: THE SCHOLARSHIPS ARE DIRECT REDUCTIONS IN TUITION. NO CASH IS PAID TO STUDENTS. THEY ARE SELECTED BY BLIND FINANCIAL NEED. WE GO THROUGH A 3RD PARTY VENDOR WHO HAS A SET OF CRITERIA FOR SELECTION THEN FOUNTAIN VALLEY MAKES THE FINAL DECISION FROM THAT LIST. WE KEEP THE APPLICATION AND TAX RETURNS WHILE THE STUDENT IS ENROLLED HERE. THE 3RD PARTY VENDOR ALSO KEEPS A COPY OF THE RECORDS. WE ALSO RECORD THEIR AWARDED FINANCIAL AID IN OUR ERP SYSTEM AS WELL AS SEVERAL EXCEL SPREADSHEETS. X X X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 JANET REFIOR CFO/TREASURER 143405 0 0 0 0 0 11800 0 6166 0 161371 0 0 0 WILLIAM WEBB HEAD OF SCHOOL (NON-VOTING) 229050 0 0 0 0 0 10550 0 20133 0 259733 0 0 0 A CO EDUCATIONAL & CULTURAL FACILITIES AUTHORITY 2013-07-30 4200000 REFINANCE OF BONDS ISSUED IN 1998 1 0 0 B CO EDUCATIONAL & CULTURAL FACILITIES AUTHORITY 2013-07-30 4800000 CONSTRUCT ATHLETIC FACILITY 0 0 0 A 4200000 4115638 4115638 84000 362 2015 1 0 0 1 B 0 0 0 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 A 0 1 0 0 0 0 1 1 0 0 1 B 0 0 0 1 0 0 1 1 0 0 1 A 1 B 1 FORM 990 SCHEDULE K PART II, COLUMN B BY DECISION OF THE BOARD OF TRUSTEES, CONSTRUCTION ON THE FACILITY MAY NOT BEGIN UNTIL FVS HAS RAISED 75% OF THE FUNDS NEEDED FOR CONSTRUCTION. AS SUCH, THE FUNDS ON SERIES B HAVE NOT BEEN DRAWN ON BY FVS AND REMAIN IN THE CUSTODY OF THE TRUSTEE. THEREFORE NO PROCEEDS WERE RECOGNIZED. X 28 1521155 MARKET VALUE X HORSES 2 21000 FAIR MARKET VALUE 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY A THIRD PARTY PREPARER WITH A DETAIL REVIEW BEING COMPLETED BY THE CFO OR OTHER SELECTED ADMINISTRATORS OF THE ORGANIZATION. A SECONDARY REVIEW IS PERFORMED BY THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES. AFTER THE AUDIT COMMITTEE APPROVES THE FORM 990 A COPY IS DISTRIBUTED TO THE FULL BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C A CONFLICT OF INTEREST POLICY STATEMENT IS REVIEWED ANNUALLY BY THE BOARD OF TRUSTEES AT THE FIRST MEETING OF THE FISCAL YEAR. A DISCUSSION OF THE CONFLICT OF INTEREST POLICY IS FOLLOWED BY A QUESTION AND ANSWER TIME. ALL TRUSTEES ARE REQUIRED TO SIGN AND SUBMIT THE STATEMENT ANNUALLY. QUESTIONS ABOUT POTENTIAL CONFLICTS OF INTEREST ARE SUBMITTED TO THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES FOR REVIEW AND DECISION, AND MAY BE BROUGHT BEFORE THE ENTIRE BOARD FOR DISCUSSION AS DEEMED NECESSARY BY THE EXECUTIVE COMMITTEE. CONCERNS ABOUT POTENTIAL CONFLICTS, RAISED BY ORGANIZATION STAFF, ARE DIRECTED THROUGH THE HEAD OF SCHOOL TO THE BOARD OF TRUSTEES. CONCERNS REGARDING A CONFLICT OF INTEREST REQUIRE A BOARD MEMBER TO RECUSE THEMSELVES FROM VOTING ON THE ISSUE IN CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES DIRECTLY HIRES THE HEAD OF SCHOOL AND DETERMINES HIS COMPENSATION PACKAGE. MEMBERS OF THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES ARE RESPONSIBLE FOR NEGOTIATING COMPENSATION OF THE HEAD OF SCHOOL OR MAY DELEGATE SOME ASPECTS TO THE HEAD OF SCHOOL SEARCH COMMITTEE. HEAD OF SCHOOL COMPENSATION IS DETERMINED BASED ON QUALIFICATIONS AND EXPERIENCE AS MEASURED AGAINST THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOL NORMS AND CONSULTATION WITH CONSULTANTS FAMILIAR WITH INDEPENDENT SCHOOLS. A WRITTEN CONTRACT (HEAD OF SCHOOL'S CONTRACT) OF DUTIES AND RESPONSIBILITIES ALONG WITH SALARY AND BENEFITS IS PROVIDED EACH YEAR AFTER THE ANNUAL PERFORMANCE REVIEW. THE CFO IS HIRED BY THE HEAD OF SCHOOL UNDER THE ADVICE AND CONSENT OF THE BOARD OF TRUSTEES. THE CFO RECEIVES A WRITTEN CONTRACT WHICH DELINEATES DUTIES AND RESPONSIBILITIES ALONG WITH SALARY AND RELATED BENEFITS. BENEFITS RECEIVED ARE THE SAME PACKAGE AS PROVIDED TO OTHER EMPLOYEES OF THE SCHOOL. COMPENSATION IS DETERMINED BASED ON QUALIFICATIONS AND EXPERIENCE AS MEASURED AGAINST THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOL NORMS AND CONSULATION WITH THE CONSULTANTS FAMILIAR WITH INDEPENDENT SCHOOLS. THE LAST REVIEW OF KEY EMPLOYEE COMPENSATION OCCURRED IN JUNE 2018. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, FINANCIAL STATEMENTS, AND CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE TO THE PUBLIC ON REQUEST. FORM 990 PART XII LINE 2C THE ORGANIZATION DID NOT CHANGE ITS AUDIT OVERSIGHT OR SELECTION PROCESSES DURING THE YEAR.