2019-05-15T11:23:27-05:00 2018-06-30 131639826 EISNERAMPER LLP 130 NORTH 18TH STREET SUITE 3000 PHILADELPHIA PA 191032757 990 2017-07-01 510065745 TOWER HILL SCHOOL ASSOCIATION TOWE 3026578360 2813 WEST 17TH STREET WILMINGTON DE 19806 ELIZABETH C SPEERS HEAD OF SCHOOL 3026578360 2019-05-14 1 HELEN M MARTIN P01330899 2158818800 64.238.150.4 2019-05-14 09:38:52 ED P 924F5484B370A9FF257601B07D0C5CFB195EBBD3 0EDE4F5BE59FB99924CAAEE7408372872BC47088 2017 2019-02-21 02:37:17Z ELIZABETH C SPEERS 2813 WEST 17TH STREET WILMINGTON DE 19806 27001952 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 20 249 279 0 0 1229172 3025156 19410821 20040519 1024315 2038827 138227 568707 21802535 25673209 3944273 4296459 0 0 12403969 13514056 0 0 917982 6840344 7010335 23188586 24820850 -1386051 852359 70748363 74417037 5141095 5976329 65607268 68440708 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 19099443 4296459 20123673 EDUCATIONAL PROGRAMS - TOWER HILL IS A CO-EDUCATIONAL INDEPENDENT SCHOOL WITH 735 STUDENTS FROM 3 YEARS OLD THROUGH GRADE 12 IN 2017-2018 (219 LOWER SCHOOL, 224 MIDDLE SCHOOL, 292 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 72 STUDENTS IN THE CLASS OF 2018. MEMBERS OF THIS CLASS WILL ATTEND AMHERST COLLEGE, BOSTON COLLEGE, BROWN UNIVERSITY, CARNEGIE MELLON, COLUMBIA UNIVERSITY, DARTMOUTH UNIVERSITY, DUKE UNIVERSITY, GEORGETOWN UNIVERSITY, HARVARD UNIVERSITY, JOHNS HOPKINS, NEW YORK UNIVERSITY, PENNSYLVANIA STATE UNIVERSITY, RHODE ISLAND SCHOOL OF DESIGN, STANFORD UNIVERSITY, UNIVERSITY OF SOUTH CAROLINA, TULANE UNIVERSITY, VANDERBILT UNIVERSITY, VILLANOVA UNIVERSITY, UNIVERSITY OF VIRGINIA AND WASHINGTON UNIVERSITY IN ST. LOUIS, AMONG OTHERS. 220288 333524 AFTER SCHOOL PROGRAM - THE KALEIDOSCOPE AFTER SCHOOL PROGRAM SERVES STUDENTS AGE 3 THROUGH GRADE 6 EVERY SCHOOL DAY FROM 2:45 TO 6:00 PM. 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 STUDENTS 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. 142032 152029 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 STUDENTS TO TOWER HILL'S EXPANSIVE FACILITIES. 19461763 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 39 0 1 249 1 0 1 CJ UK 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 MICHELLE SHEPHERD CHAIR 5.00 X X 0 0 0 MS ELLEN J KULLMAN VICE CHAIR 5.00 X X 0 0 0 MR WILLIAM H DAIGER JR TREASURER 5.00 X X 0 0 0 MR JON ABRAMCZYK TRUSTEE 2.00 X 0 0 0 MR THEODORE H ASHFORD III TRUSTEE 2.00 X 0 0 0 MS KIMBERLY CASSIDY TRUSTEE 2.00 X 0 0 0 DR ANTHONY CUCUZZELLA TRUSTEE 2.00 X 0 0 0 MR REGIS DE RAMEL TRUSTEE 2.00 X 0 0 0 MR BENJAMIN DU PONT TRUSTEE 2.00 X 0 0 0 MR CHARLES M ELSON TRUSTEE 2.00 X 0 0 0 MR JOHN M FLYNN MD TRUSTEE 2.00 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 TRUSTEE 2.00 X 0 0 0 MR HENRY MELLON TRUSTEE 2.00 X 0 0 0 DR DAVID P ROSELLE 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 TRUSTEE 2.00 X 0 0 0 MR Z VANCE WILSON TRUSTEE 2.00 X 0 0 0 DR EARL J BALL III TRUSTEE EMERITUS 2.00 X 0 0 0 ELIZABETH SPEERS HEAD OF SCHOOL 40.00 X 491328 0 106679 BIANCA WRIGHT CFO 40.00 X 90641 0 33201 PAUL CAPODANNO HEAD OF MIDDLE SCHOOL 40.00 X 108330 0 9480 THOMAS HOCH CHAIR OF SCIENCE DEPARTMENT 40.00 X 101686 0 28913 SUSAN MILLER HEAD OF LOWER SCHOOL 40.00 X 114273 0 37848 KRISTIN MUMFORD DIRECTOR OF ADVANCEMENT 40.00 X 101967 0 67789 ANTHONY PISAPIA CHIEF INFORMATION AND INNOVATION OFFICER 40.00 X 135938 0 69098 1144163 0 353008 6 0 1 0 CULINART GROUP PO BOX 417632 BOSTON MA 02241 CATERING/DINING SERVICE 743791 WILCOX LANDSCAPING PO BOX 629 NEW CASTLE DE 19720 LANDSCAPER 335510 FIRST CHOICE CLEANING SERVICE 1722 NEWPORT GAP PIKE WILMINGTON DE 19808 CLEANING SERVICE 315666 HUNT VALLEY CONTRACTORS 3705 CRONDALL LANE OWINGS MILLS MD 21117 DESIGN/BUILD CONTRACTOR 164757 MODERN CONTROLS 7 BELLECOR DR NEW CASTLE DE 19720 EQUIPMENT SERVICE 158945 8 3025156 371979 3025156 TUITION 611110 19522721 19522721 AFTER SCHOOL PROGRAM FEES 611110 333524 333524 SUMMER CAMP PROGRAM FEES 611110 152029 152029 FACILITIES RENTALS 611110 32245 32245 20040519 593059 593059 2691395 1245627 1445768 1445768 1445768 126500 83116 43384 43384 ANCILLARY INCOME, NET 611110 412960 412960 MISCELLANEOUS 611110 112363 112363 525323 25673209 20609226 0 2038827 4296459 4296459 773860 773860 9966693 7543950 2066269 356474 668428 503937 136495 27996 1376968 1099453 222467 55048 728107 524237 174746 29124 63352 37882 25470 172079 172079 194779 194779 527683 297183 28531 201969 200573 81189 119384 329009 316115 12269 625 1269567 1219811 47344 2412 441647 406783 28317 6547 1613345 1550116 60164 3065 EVENTS 904957 758554 76936 69467 SUPPLIES AND MATERIALS 814278 491193 315823 7262 FEES AND MISCELLANEOUS 479066 334901 105556 38609 24820850 19461763 4441105 917982 1016343 3215257 1493043 6974 17034 111438 262437 61283201 31638451 30501639 29644750 26762919 28705505 10856007 12572054 70748363 74417037 5082285 5921295 58810 55034 5141095 5976329 X 40015929 41737118 2621131 5001772 22970208 21701818 65607268 68440708 70748363 74417037 852359 1981081 0 X X 0 1 X 1 0 X 32752786 1417741 3861581 458377 955804 36617927 29317648 130735 4223508 870615 499385 32752786 31430215 88190 -900757 798536 501464 29317648 31584043 60956 1030216 765574 479426 31430215 28469653 139939 4149451 720218 454782 31584043 0.29880 0.10850 0.59270 1 0 3247658 3247658 54594726 28667270 25927456 3138158 2971181 166977 302659 302659 29644750 HEDGE FUNDS AND PRIVATE EQUITY INVESTMENTS 12572054 F 12572054 EMPLOYEE PAYROLL WITHHOLDINGS 55034 55034 X 24040198 1981081 877146 2858227 21181971 194779 4296459 4491238 25673209 20301753 83116 83116 20218637 194779 4407434 4602213 24820850 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, 2018 AND 2017, 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 WAS NO INCOME TAX RELATED INTEREST OR PENALTIES RECORDED FOR EACH OF THE YEARS ENDED JUNE 30, 2018 AND 2017. PART XI, LINE 2D - OTHER ADJUSTMENTS: INVENTORY COGS 83,116. MODIFIED CASH BASIS ADJUSTMENT 794,030. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE, REMISSION AND MERIT-BASED AWARDS 4,296,459. PART XII, LINE 2D - OTHER ADJUSTMENTS: INVENTORY COGS 83,116. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE, REMISSION AND MERIT-BASED AWARDS 4,296,459. MODIFIED CASH BASIS ADJUSTMENT 110,975. 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 7986841 SCOTLAND 0 0 376412 0 0 0 0 0 0 8363253 0 8363253 0 0 0 0 0 0 1 FINANCIAL ASSISTANCE, TUITION REMISSION AND MERIT-BASED AWARDS 274 4296459 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 481616 0 0 0 9712 0 18884 0 87795 0 598007 0 0 0 SUSAN MILLER HEAD OF LOWER SCHOOL 114273 0 0 0 0 0 8478 0 29370 0 152121 0 0 0 KRISTIN MUMFORD DIRECTOR OF ADVANCEMENT 101967 0 0 0 0 0 9083 0 58706 0 169756 0 0 0 ANTHONY PISAPIA CHIEF INFORMATION AND INNOVATION OFF 135938 0 0 0 0 0 9440 0 59658 0 205036 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 30 351613 HI/LOW DATE OF GIFT X MISC IN-KIND GIFTS 78 15806 LIST PRICES/COMPARAB X VARIOUS AUCTION ITEMS 31 4560 LIST PRICES/COMPARAB 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 XII, LINE 1 THE SCHOOL'S POLICY IS TO USE A MODIFIED CASH BASIS OF ACCOUNTING. THE FOLLOWING AREAS HAVE BEEN ACCOUNTED FOR ON A STRICT CASH BASIS: - OPERATING EXPENDITURES - CAPITAL EXPENSES - CONTRIBUTIONS REVENUE - TUITION REVENUE - ALL OTHER MISCELLANEOUS REVENUE AND EXPENSES THE FOLLOWING AREAS HAVE BEEN ACCOUNTED FOR ON AN ACCRUAL BASIS: - TUITION PREPAYMENTS - EMPLOYEE LOANS - ANY BANK DEBTS - MISCELLANEOUS RESERVES AND STUDENT FUNDS 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.