2018-09-10T06:04:29-05:00 2017-06-30 131639826 EISNERAMPER LLP 130 NORTH 18TH STREET SUITE 3000 PHILADELPHIA PA 191032757 990 2016-07-01 510065745 TOWER HILL SCHOOL ASSOCIATION TOWE 3026578360 2813 WEST 17TH STREET WILMINGTON DE 19806 ELIZABETH C SPEERS HEAD OF SCHOOL 3026578360 2018-09-08 1 HELEN M MARTIN P01330899 2158818800 64.238.150.100 2018-09-08 08:43:06 ED P 180E058A28B84A441E049DD07EECB515F775FE69 8E870F8AA4641D255910973FA7AA62547FCD0F0B 2016 2018-06-14 16:35:46Z ELIZABETH C SPEERS 2813 WEST 17TH STREET WILMINGTON DE 19806 26882079 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 20 249 207 0 0 1488226 1229172 17614394 19410821 569807 1024315 323490 138227 19995917 21802535 3559585 3944273 0 0 12166232 12403969 0 0 1408191 6424556 6840344 22150373 23188586 -2154456 -1386051 68318096 70748363 5691011 5141095 62627085 65607268 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 18993245 3944273 19051377 EDUCATIONAL PROGRAMS - TOWER HILL IS A CO-EDUCATIONAL INDEPENDENTSCHOOL WITH 733 STUDENTS FROM 3 YEARS OLD THROUGH GRADE 12. THE LOWERSCHOOL ACHIEVED ENROLLMENT OF 237 STUDENTS, THE MIDDLE SCHOOL WITH 213STUDENTS AND THE UPPER SCHOOL WITH 283 STUDENTS. TOWER HILL GRADUATED73 STUDENTS IN THE CLASS OF 2017. MEMBERS OF THIS CLASS NOW ATTEND VILLANOVA UNIVERSITY, DREXEL UNIVERSITY, DARTMOUTH COLLEGE, UNIVERSITY OF DELAWARE, BOSTON COLLEGE, BARD COLLEGE, UNIVERSITY OF ST ANDREWS, UNIVERSITY OF VERMONT, RHODES COLLEGE, WELLESLEY COLLEGE, DICKINSON COLLEGE, COLLEGE OF CHARLESTON, LEHIGH UNIVERSITY, FORDHAM UNIVERSITY, TUFTS UNIVERSITY, BRYN MAWR COLLEGE, DUKE UNIVERSITY, LAFAYETTE COLLEGE, COLLEGE OF WILLIAM AND MARY, AMHERST COLLEGE, PENNSYLVANIA STATE UNIVERSITY, FRANKLIN AND MARSHALL COLLEGE, UNIVERSITY OF NOTRE DAME, PRINCETON UNIVERSITY, GETTYSBURG COLLEGE, TEMPLE UNIVERSITY, LYNN UNIVERSITY, SYRACUSE UNIVERSITY, OXFORD COLLEGE, SAINT FRANCIS UNIVERSITY, SAINT JOSEPH'S UNIVERSITY, SOUTHERN METHODIST UNIVERSITY, UNIVERSITY OF MIAMI, COLUMBIA UNIVERSITY, ELON UNIVERSITY, SWARTHMORE COLLEGE, HAVERFORD COLLEGE, WILLIAMS COLLEGE, ROCHESTER INSTITUTE OF TECHNOLOGY, CARNEGIE MELLON UNIVERSITY, AMERICAN UNIVERSITY, UNIVERSITY OF VIRGINIA, NEW YORK UNIVERSITY, UNIVERSITY OF SOUTHERN CALIFORNIA, OCCIDENTAL COLLEGE, AND WASHINGTON AND LEE UNIVERSITY. 187177 335034 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. 124197 134724 SUMMER CAMP PROGRAM- TOWER HILL'S SUMMER CAMP PROVIDES EXCITING ACADEMIC AND ENRICHMENT ACTIVITIES, PLUS A FULL RANGE OF ATHLETIC CAMPS IN DIFFERENT AGE GROUPS. ITS 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. 19304619 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 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 MS LINDA R BOYDEN SECRETARY 5.00 X X 0 0 0 MR THEODORE H ASHFORD III 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 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 MS ANN ROSE TRUSTEE 2.00 X 0 0 0 DR DAVID P ROSELLE TRUSTEE 2.00 X 0 0 0 DR EARL J BALL III TREASURER 2.00 X 0 0 0 MR MATTHEW T TWYMAN III TRUSTEE 2.00 X 0 0 0 MR JON ABRAMCZYK 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 MS CARMEN WALLACE TRUSTEE 2.00 X 0 0 0 MS GINA WARD TRUSTEE 2.00 X 0 0 0 ELIZABETH SPEERS HEAD OF SCHOOL 40.00 X 432775 0 48898 JANET PLYLER BUSINESS MANAGER (THRU 8/16) 40.00 X 161874 0 21044 THOMAS HOCH CHAIR OF SCIENCE DEPARTMENT 40.00 X 101319 0 16835 PAUL CAPODANNO HEAD OF MIDDLE SCHOOL 40.00 X 103032 0 7846 SUSAN MILLER HEAD OF LOWER SCHOOL 40.00 X 108554 0 17429 DANIEL HICKEY HEAD OF UPPER SCH/ASST HEAD OF SCH 40.00 X 107663 0 24050 JOHN HOLLOWAY ATHLETIC DIRECTOR 40.00 X 109868 0 8207 1125085 0 144309 7 0 1 0 CULINART GROUP PO BOX 417632 BOSTON MA 02241 CATERING/DINING SERVICE 703330 FIRST CHOICE CLEANING SERVICE 1722 NEWPORT GAP PIKE WILMINGTON DE 19808 CLEANING SERVICE 312816 MODERN CONTROLS 7 BELLECOR DR NEW CASTLE DE 19720 EQUIPMENT SERVICE 214796 NASH OMNISCAPING LLC P O BOX 40 MONTCHANIN DE 19710 LANDSCAPER 195014 LEHANE'S BUS SERVICE INC 1705 NEW CASTLE AVENUE NEW CASTLE DE 19720 TRANSPORTATION SERVICE 140454 8 1229172 215639 1229172 TUITION 611110 18569570 18569570 AUXILIARY ENTERPRISES 611110 371493 371493 AFTER SCHOOL PROGRAM FEES 611110 335034 335034 SUMMER CAMP PROGRAM FEES 611110 134724 134724 19410821 684480 684480 27913 0 27913 27913 27913 5324882 4985047 339835 339835 339835 162533 94497 68036 68036 MISCELLANEOUS 611110 42278 42278 42278 21802535 19521135 0 1052228 X 3944273 3944273 683286 200969 325565 156752 9065704 8073242 451379 541083 621381 534827 43261 43293 1344140 1100067 155468 88605 689458 574829 61235 53394 20150 20150 314765 314765 118665 118665 1188664 1082994 7824 97846 223103 165776 13288 44039 311226 281271 15004 14951 1515566 834110 604526 76930 375294 302650 54575 18069 2004881 1671547 178069 155265 SUPPLIES AND MATERIALS 484767 415243 42089 27435 EVENTS 208390 53926 80866 73598 FEES AND MISCELLANEOUS 74873 48745 9197 16931 23188586 19304619 2475776 1408191 1124262 1016343 1992982 1493043 15756 14788 6974 68634 111438 60526745 30025106 31639711 30501639 24010282 26762919 9451681 10856007 68318096 70748363 5306734 5082285 384277 58810 5691011 5141095 X 41931855 40015929 516887 2621131 20178343 22970208 62627085 65607268 68318096 70748363 -1386051 4366234 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 29317648 130735 4223508 870615 499385 32752786 31430215 88190 -900757 798536 501464 29317648 31584043 60956 1030216 765574 479426 31430215 28469653 139939 4149451 720218 454782 31584043 26488424 92538 3063691 718746 456254 28469653 0.31150 0.62010 0.06840 1 0 3247658 3247658 54196185 27083047 27113138 3082902 2942059 140843 30501639 HEDGE FUNDS AND PRIVATE EQUITY INVESTMENTS 10856007 F 10856007 EMPLOYEE PAYROLL WITHHOLDINGS 58810 58810 X 22455877 4366234 377088 4743322 17712555 118665 3971315 4089980 21802535 19614525 397254 397254 19217271 3971315 3971315 23188586 PART X, LINE 2: THE ASSOCIATION IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("CODE"). ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE 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, 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 THE YEAR ENDED JUNE 30, 2017. PART XI, LINE 2D - OTHER ADJUSTMENTS: INVENTORY COGS 94,497. MODIFIED CASH BASIS ADJUSTMENT 282,591. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE, REMISSION AND MERIT-BASED AWARDS 3,944,273. IN-KIND CONTRIBUTED ITEMS NOT RECOGNIZED FOR GAAP PURPOSES 27,042. PART XII, LINE 2D - OTHER ADJUSTMENTS: INVENTORY COGS 94,497. MODIFIED CASH BASIS ADJUSTMENT 302,757. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE, REMISSION AND MERIT-BASED AWARDS 3,944,273. IN-KIND ITEM EXPENSED FOR TAX NOT RECOGNIZED FOR GAAP PURPOSES 27,042. 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 7804525 0 0 0 0 0 0 7804525 0 7804525 0 0 0 0 0 0 1 FINANCIAL ASSISTANCE, TUITION REMISSION AND MERIT-BASED AWARDS 296 3944273 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 1 1 0 0 0 0 0 0 0 ELIZABETH SPEERS HEAD OF SCHOOL 395311 0 0 0 37464 0 30294 0 18604 0 481673 0 0 0 JANET PLYLER BUSINESS MANAGER (THRU 8/16) 132914 0 0 0 28960 0 11331 0 9713 0 182918 0 0 0 PART I, LINES 4A-B UPON TERMINATION, JANET PLYLER RECEIVED A SEVERANCE PACKAGE. ALL PAYMENTS WERE COMPLETE BY THE END OF THE FISCAL YEAR ENDING 6/30/17. THIS SEVERANCE IS INCLUDED IN COMPENSATION ON LINE 7 ON THE STATEMENT OF FUNCTIONAL EXPENSES ON PAGE 10. THE AMOUNT PAID DURING CALENDAR YEAR 2016 HAS BEEN SHOWN IN COLUMN (B) (III) ON PART II OF SCH J AS OTHER REPORTABLE COMPENSATION. 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 21 188597 HI/LOW DATE OF GIFT X MISC IN-KIND GIFTS 78 14081 LIST PRICES/COMPARAB X VARIOUS AUCTION ITEMS 31 12961 LIST PRICES/COMPARAB 0 0 0 FORM 990. PART I. LINE 19. [NET LOSS] THE SCHOOL'S AUDITED FINANCIAL STATEMENTS REFLECT A NET GAIN OF $2.8 MILLION. THIS GAIN INCLUDES $4.3 MILLION IN UNREALIZED GAINS ON INVESTMENTS, WHICH ARE REQUIRED TO BE EXCLUDED FROM REVENUE ON THE 990. THIS REQUIRED ADJUSTMENT TO REVENUE FOR 990 PURPOSES LEADS TO AN APPARENT LOSS ON THE 990 OF $1.3 MILLION. THIS LOSS REFLECTS A DIFFERENCE IN RECORDING OF REVENUE FOR 990 PURPOSES, NOT A TRUE LOSS FOR THE FISCAL PERIOD COVERED BY THE TAX RETURN. 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 IX. COLUMN D. [INCREASED FUNDRAISING EXPENSE] THE SCHOOL NOW PREPARES ITS FINANCIAL STATEMENTS ON A GAAP BASIS, WHICH REQUIRES THE ALLOCATION OF OVERHEAD EXPENSES, SUCH AS UTILITIES, TECHNOLOGY AND SUPPORT STAFF, TO THE FUNDRAISING DEPARTMENT. THIS ALLOCATION RESULTS IN A LARGE INCREASE IN THE REPORTED TOTAL FOR FUNDRAISING EXPENSES THIS YEAR. FUNDRAISING ACTIVITIES, INCLUDING OUTREACH TO ALUMNI, HAVE INCREASED IN PREPARATION FOR THE SCHOOL'S UPCOMING CENTENNIAL. 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.