2018-05-10T15:30:49-05:00 2017-06-30 420714325 RSM US LLP 9737 Washingtonian Blvd 400 Gaithersburg MD 20878 990 2016-07-01 540506326 The Protestant Episcopal High School in Virginia PROT 7039333000 1200 N Quaker Lane Alexandria VA 223023004 WILLIAM H DE BUTTS III cfo 7039333000 2018-05-10 1 WILLIAM E TURCO CPA P00369217 3012963600 2016 2022-09-23 18:48:47Z Episcopal High School Charles M Stillwell 1200 N Quaker Lane Alexandria VA 223023004 53905896 0 X WWW.EPISCOPALHIGHSCHOOL.ORG X 1839 VA The institution's primary exempt purpose is to provide education to high school students. 25 25 326 50 36100 -36282 5872391 8840015 23854367 24883603 1753203 8321328 250587 230382 31730548 42275328 6243110 6677998 0 0 17473065 18096032 23926 13919 3366983 16612213 17818359 40352314 42606308 -8621766 -330980 423427223 431863040 42437292 40732779 380989931 391130261 X GUIDED BY ITS FOUNDING PRINCIPLES OF HONOR, ACADEMIC DISTINCTION, SPIRITUAL GROWTH, AND COMMUNITY, EPISCOPAL HIGH SCHOOL PREPARES YOUNG PEOPLE WITH THE INTELLECTUAL AND MORAL COURAGE TO PURSUE LIVES OF ETHICAL LEADERSHIP AND SERVICE AS CITIZENS OF AN INCREASINGLY CONNECTED WORLD. 0 0 32204598 6677998 25015222 The protestant Episcopal high school in Virginia, founded in 1839, is a co-ed college preparatory, 100% boarding school (440 students in grades 9-12) located on a 135-acre campus in the city of Alexandria, Virginia, approximately seven miles from Washington, dc. Episcopal is dedicated to the student's pursuit of excellence and to the joy of learning and self-discovery in a caring and supportive community. Enriched by the educational and cultural resources of the nation's capital, Episcopal's dynamic academic program encourages students to develop individual talents and prepares them to attend selective colleges and universities. Students from diverse backgrounds live and learn together in a residential community based on a foundation of honor, responsibility, and mutual respect. They develop enduring relationships at ehs and grow as discerning, self-reliant, creative, compassionate individuals. The episcopal high school community prepares young people to lead principled and fulfilling lives of leadership and service to others. 32204598 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 50 0 1 326 1 1 1 0 0 0 0 1 1 0 0 0 0 X 25 25 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 X WILLIAM H DE BUTTS III CFO 7039333000 1200 N Quaker Lane Alexandria VA 223023004 Bailey W Patrick Chairman 1.00 X X 0 0 0 Lisa G Huffines Trustee 1.00 X 0 0 0 Howard W Smith III Trustee 1.00 X 0 0 0 Toby S Wilt Jr Trustee 1.00 X 0 0 0 R Halsey Wise Trustee 1.00 X 0 0 0 Lee S Ainslie III Trustee 1.00 X 0 0 0 Alicia R Alford Trustee 1.00 X 0 0 0 Toby Chambers Trustee 1.00 X 0 0 0 John C Glover Jr Trustee 1.00 X 0 0 0 Kathryn G Tyree Trustee 1.00 X 0 0 0 Alexander H Bocock Trustee 1.00 X 0 0 0 Abney S Boxley III Trustee 1.00 X 0 0 0 N Peryn H Graham Trustee 1.00 X 0 0 0 Alexander S Jones Trustee 1.00 X 0 0 0 Christopher M Giblin Trustee 1.00 X 0 0 0 Gray M King Trustee 1.00 X 0 0 0 Dele Liu Trustee 1.00 X 0 0 0 Robert E Mason IV Trustee 1.00 X 0 0 0 William S Peebles Trustee 1.00 X 0 0 0 Michael M Holt Trustee 1.00 X 0 0 0 S John Kim Trustee 1.00 X 0 0 0 Edward B Walker Trustee 1.00 X 0 0 0 Dylan Glenn Trustee 1.00 X 0 0 0 M Rodney Robinson Trustee 1.00 X 0 0 0 Laura Shelburne Trustee 1.00 X 0 0 0 Charles M Stillwell Head of School & President 40.00 X 226429 0 113460 William H deButts III Secretary/Treasurer/CFO 40.00 X 237892 0 99794 Adrianna Bravo Medical Director 40.00 X 194563 0 77070 Mary Fielder Asst. Head of Academics 40.00 X 164636 0 71856 Christina Holt Dir. of Institutional Adva 40.00 X 148046 0 141672 Edwin Rengers Dir. of Facilities 40.00 X 116800 0 62415 Richard M Stubbs Teacher Mathematics 40.00 X 102707 0 48482 F Robertson Hershey Former President/Headmaster 40.00 X 514902 0 70172 1705975 0 684921 8 1 1 0 James G Davis Construction Corp 12530 Parklawn Dr 100 Rockville MD 20852 Construction 5133698 FLIK PO Box 417632 boston MA 022417632 Food service 2332367 Sodexo Inc & Affiliates PO BOX 536922 ATLANTA GA 303536922 Custodial services 925870 Voith & MacTavish Architects LLP 2401 Walnut St 6th Fl Philadelphia PA 19103 Architect 545546 Worth Higgins & Associates Inc 8770 Park Central Dr Richmond VA 23227 Printing/Publications 309617 19 8840015 2830708 8840015 TUITION AND FEES 900099 24187063 24187063 SUMMER RECRUITMENT CAM 900099 333479 333479 AUXILIARY FEES 900099 235483 235483 FOREIGN STUDIES 900099 127578 127578 24883603 4757408 4757408 21205 0 21205 21205 21205 14891368 11275317 52131 3616051 -52131 3563920 3563920 434739 303120 131619 131619 other revenue 900099 41458 41458 TENNIS AND SWIM CLUB 713940 36100 36100 77558 42275328 25015222 36100 8383991 6677998 6677998 841320 640484 128367 72469 35202 35202 12825812 9790250 1909723 1125839 962475 733105 157311 72059 2535337 1931134 414386 189817 895886 686553 121408 87925 56660 56660 138323 138323 13919 13919 908742 908742 1649339 1205881 293501 149957 145987 61131 21214 63642 2046828 1090680 710741 245407 457277 275564 60505 121208 1665650 1301164 161617 202869 599624 488647 61214 49763 281400 253986 25757 1657 1209440 932124 122965 154351 5420869 4177904 551144 691821 414694 414694 FOOD SERVICE 1142912 1142912 STUDENT SERVICES 856540 760725 95815 Strategic Planning Cost 211355 211355 Alumni 130106 32522 97584 482613 54356 401561 26696 42606308 32204598 7034727 3366983 8618736 3170741 833034 1507074 4186945 4353845 195346 294183 119514 39523 40692 720084 675533 184287923 60030268 121380558 124257655 396913 358121 128123893 138185139 158812677 159020057 423427223 431863040 3812446 1848261 2850058 2982368 35715010 35854483 59778 47667 42437292 40732779 X 126729599 129997297 55322971 62007132 198937361 199125832 380989931 391130261 423427223 431863040 X -330980 11247607 -776297 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 978177 3241343 X X X 0 125373247 584343 15086150 5927999 135115741 137086917 1514517 -7596186 5632001 125373247 133556108 677765 8353044 5500000 137086917 122517306 1429228 14758574 5149000 133556108 108941864 2006335 16428107 4859000 122517306 0.27020 0.35970 0.37010 0 0 186120 186120 176169478 55213034 120956444 7417014 4817234 2599780 515311 515311 124257655 art COLLECTIONS 3241343 C CASH SURRENDER VALUE OF LIFE INSURANCE 711893 F lone cedar ltd 9037113 F lone pinion ltd 1222496 F lone cascade, L.P. 28928910 F swiftcurrent offshore ltd 18229 F maverick stable fund, ltd 40018742 F makena capital associates, l.p 35921901 F tiff multi-asset fund 5372803 F maverick fund, ltd. 5600804 F Lone Tamarack, L.P. 3254401 F Harbour Vest, L.P. 4856504 F 138185139 bond issuance costs - net 367085 perpetual trusts held by third parties 145462253 assets held in charitable remainder trusts 12490719 Investment in Butterfly House 700000 159020057 ANNUITY OBLIGATIONS 47667 47667 X 46424252 11247607 20500 -6210446 5057661 41366591 908737 908737 42275328 35040073 20500 20500 35019573 908737 6677998 7586735 42606308 Part III, Line 4: The School's collections are made up of art objects and other artifacts of historical and educational significance. Each item is documented for educational significance and activities verifying their existence and assessing their condition are performed periodically. Part V, Line 4: The overall financial objective is to provide financial support for the School's operations at a level consistent with maintaining or increasing the purchasing power over time. The School's policy is to appropriate 4.9% of the rolling three-year average of the June 30 endowment value to support operations. Part X, Line 2: The School is generally exempt from federal income taxes under the provisions of Section 501(c)(3) of the Internal Revenue Code. However, the School is subject to income taxes on unrelated business income, as defined by the Internal Revenue Service. Activities unrelated to the exempt purpose are tennis and swim club memberships and the School invests in certain alternative investments, which generated no tax and, accordingly, no provision for income taxes is required in the accompanying financial statements. According to the accounting standard for uncertainty in income taxes for the period from the School's inception to June 30, 2017, no unrecognized tax provision or benefit existed. Deferred income taxes are provided using the liability method, whereby, deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates on the date of enactment. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above would be reflected as a liability for unrecognized tax benefits in the accompanying balance sheet, along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Management believes there are no positions that would result in additional tax liability. The School files income tax returns in the U.S. federal jurisdiction. As of June 30, 2017, and for the year then ended, there were no material unrecognized/derecognized tax benefits or tax penalties or interest. Generally, the School is no longer subject to U.S. federal income tax examinations by tax authorities for years before 2014. Part XI, Line 2d - Other Adjustments: FINANCIAL AID netted against tuition revenue -6,677,998. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 467,552. Part XII, Line 4b - Other Adjustments: FINANCIAL AID netted against tuition revenue 6,677,998. 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 policy is publicized through printed materials and periodic notices in newspapers. Europe (Including Iceland & Greenland) 0 0 program services School Trips 131922 North America 0 0 program services School Trips 17597 Central America and the Caribbean 0 0 Investments 55134855 0 0 0 0 0 0 55284374 0 55284374 1 0 0 0 0 0 1 Scholarships for EHS Students 162 6677998 Part I, Line 2: Parents requesting scholarship assistance complete and file an application, including financial information, with the school scholarship service to which the school is a subscriber. The school scholarship service advises the school of the eligibility of the student for the scholarship assistance. Once eligibility is established, specific dollar amounts are recommended. The school then finalizes the amount of scholarship aid to be given to each child. Scholarships based on merit are also given to deserving students. X X X X 1 1 X X X 0 0 0 0 0 0 0 1 0 Charles M Stillwell Head of School & President 222655 0 0 0 3774 0 13250 0 106210 0 345889 0 0 0 William H deButts III Secretary/Treasurer/CFO 227872 0 0 0 10020 0 23448 0 79149 0 340489 0 0 0 Adrianna Bravo Medical Director 194023 0 0 0 540 0 18863 0 58207 0 271633 0 0 0 Mary Fielder Asst. Head of Academics 145856 0 0 0 18780 0 16606 0 55250 0 236492 0 0 0 Christina Holt Dir. of Institutional Adva 147340 0 0 0 706 0 15288 0 126384 0 289718 0 0 0 Edwin Rengers Dir. of Facilities 114203 0 0 0 2597 0 11016 0 51399 0 179215 0 0 0 Richard M Stubbs Teacher Mathematics 101709 0 0 0 998 0 8780 0 39702 0 151189 0 0 0 F Robertson Hershey Former President/Headmaster 221213 0 276434 0 17255 0 12146 0 65241 0 592289 0 0 0 Part I, Line 1a On campus housing was furnished to certain employees for the convenience of the employer. The housing is necessary to carry out the duties of their jobs. We have disclosed fair rental value as the value of the housing benefit. The entire compensation packages, including the housing arrangement, were approved by the board of trustees with proper documentation. Following employees received non-taxable housing benefits: F. Robertson Hershey - $48,875 Charles Stillwell - $48,875 William H. deButts, III - $51,000 Adrianna Bravo - $41,888 Mary Fielder - $52,700 Christina Holt - $55,760 Edwin Rengers - $42,500 Richard Stubbs - $30,600 F. Robertson Hershey received taxable dues in the amount of $3,489. C. Stillwell received taxable dues in the amount of $3,360. F. Robertson Hershey received non-taxable personal services in the amount of $5,500. C. Stillwell received non-taxable personal services in the amount of $6,000. C. Stillwell received non-taxable discretionary spending in the amount of $11,046. Part I, Line 7 Headmaster receives a bonus determined by the Board at the end of the fiscal year. A INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF ALEXANDRIA SERIES 2012 521381432 015304eb0 2012-04-05 13447645 REFUND PRIOR ISSUE 0 0 0 B INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF ALEXANDRIA SERIES 2014 521381432 015304ES3 2014-10-07 14176023 REFUND PRIOR ISSUE 0 0 0 C INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF ALEXANDRIA SERIES 2017 521381432 015304FG8 2017-02-02 11456498 REFUND PRIOR ISSUE 0 0 0 A 1732645 13447645 240041 13207604 2012 0 1 1 1 B 1981023 14176023 247282 13928741 2014 1 0 1 1 C 11456498 229912 11226586 2017 0 1 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 1 0 0 0 0 0 1 B 0 0 1 0 0 0 0 0 1 C 0 0 1 0 0 0 0 0 0 A 1 B 1 Schedule K, PART IV, LINE 2B, EXCEPTION TO REBATE All of the school's bonds have arbitrage reports completed and since the School did not owe any money, the school did not file 8038-T. Richard F Yarborough former CFO and Secretary/Treasurer of the Board To purchase a life insurance policy in which School is the beneficary X 119514 0 1 1 X 481851 Appraisal X 2500 Replacement X 15 1878401 FMV X 4 467956 Appraisal 0 1 0 Form 990, Part VI, Section B, line 11b The information for the 990 is prepared by the Controller. The information is then sent to an accounting firm for entry onto the 990 form. The completed 990 is then sent back to the School and is reviewed by the Controller and then the CFO. Once approved by the CFO the return is filed with the IRS. Form 990, Part VI, Section B, line 12c The School has its administrative team and all Board members sign conflict of interest statements once a year. On these statements they list any conflicts of interest they may have with the School or with each other. The School reviews any conflicts to determine if they would require any further action. Form 990, Part VI, Section B, line 15 The Executive Committee of the Board of Directors meets annually to review the compensation of the Headmaster and CFO. The Board uses salary data from similar organization to determine reasonable compensation. A record of this decision is filed with the Secretary of the Board. Form 990, Part VI, Section C, line 19 The governing documents, conflict of interest policy, and financial statements are available upon request. Form 990, Part XI, line 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 467,552. lOSS ON EXTINGUISHMENT OF DEBT -1,243,849.