2018-01-16T17:17:13-06:00 2017-06-30 560574444 CHERRY BEKAERT LLP 1111 Metropolitan Ave Ste 1000 Charlotte NC 28204 990 2016-07-01 540801408 Nansemond Suffolk Academy Association Inc NANS 7575398789 3373 Pruden Blvd Suffolk VA 23434 DEBBIE RUSSELL HEAD OF SCHOOL 7575398789 2018-01-12 1 Barbara Smith P00632224 7043771678 68.142.180.174 2018-01-12 14:28:48 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 E38097BBFFE35CF4632B7FF761684AE01B556E7F 2016 2021-01-29 14:40:06Z DEBBIE RUSSELL 3373 Pruden Blvd Suffolk VA 23434 14120946 0 X WWW.NSACADEMY.ORG X 1966 VA At Nansemond-Suffolk Academy, students are engaged in personal growth, inspired to discover their passion and empowered to make a difference in the world. 21 21 325 600 0 0 2452710 1419573 10571600 12123187 161213 147780 104793 115789 13290316 13806329 1607845 2241796 0 0 7228640 8050475 0 0 340302 3415576 4174029 12252061 14466300 1038255 -659971 20760948 19885584 8932605 8372511 11828343 11513073 X Nansemond-Suffolk Academy believes the goal of education is to cultivate honorable, well-informed, responsible, and compassionate persons who think and act constructively in a complex international environment. The Academy provides an educational environment that is academically rigorous and driven by intellectual curiosity; that cultivates among its members social awareness and the virtues of honor, responsibility, respect and compassions; that fosters a lifelong commitment to learning and service and that instills a sense of pride in individual and group accomplishment. The ultimate goal is for each student to reach his or her potential: academically, physically, emotionally, socially, morally, and creatively. 0 0 10844141 2241796 11714058 INSTRUCTIONAL: FUNDS WERE USED TO PROVIDE COMPREHENSIVE EDUCATIONAL PROGRAMS TO APPROXIMATELY 840 STUDENTS IN GRADES PRE-KINDERGARTEN TO 12. 645350 211301 OTHER PROGRAMS: FUNDS WERE USED TO PROVIDE SPECIAL PROGRAMS SUCH AS EXTENDED DAY CARE, SUMMER PROGRAMS, AND EDUCATIONAL RESOURCES TO STUDENTS IN GRADES PRE-KINDERGARTEN TO 12. 778840 275464 AUXILIARY SERVICES: FUNDS WERE USED TO PROVIDE FOOD, CAMPUS STORE, AND TRANSPORTATION TO STUDENTS IN GRADES PRE-KINDERGARTEN TO 12. 12268331 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 52 0 1 325 1 0 0 0 0 0 1 1 0 0 0 0 X 21 21 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 VA X ANGELA THOMPSON 7575398789 3373 PRUDEN BLVD SUFFOLK VA 23434 G Robert Aston Chair 5.00 X X 0 0 0 Roy Runyon III Vice Chairman 5.00 X X 0 0 0 George E Morgan Sr Secretary 5.00 X X 0 0 0 Charles Birdsong Treasurer 5.00 X X 0 0 0 Dr IA Dimi Barot Trustee 1.00 X 0 0 0 Stephanie C Bergeron Trustee 1.00 X 0 0 0 Amy C Birdsong Trustee 1.00 X 0 0 0 Richard L Evans Trustee 1.00 X 0 0 0 Donald Goldberg Trustee 1.00 X 0 0 0 Nicole J Harrell Trustee 1.00 X 0 0 0 Patricia Hartman Trustee 1.00 X 0 0 0 J Carney Hawks Trustee 1.00 X 0 0 0 Keith D Horton Trustee 1.00 X 0 0 0 Crystal H Jackson Trustee 1.00 X 0 0 0 George J Knierbein Trustee 1.00 X 0 0 0 Warren D Kozak Trustee 1.00 X 0 0 0 Kathleen E Mallas Trustee 1.00 X 0 0 0 Dr Anne E Morgan Trustee 1.00 X 0 0 0 Rajiv B Nanavaty Trustee 1.00 X 0 0 0 Susan B White Trustee 1.00 X 0 0 0 susan L Yeatts Trustee 1.00 X 0 0 0 Debbie Russell Head of School 50.00 X 164141 0 50894 Angela Thompson CFO 50.00 X 89819 0 13710 253960 0 64604 1 0 1 0 0 113261 1306312 20115 1419573 TUITION 611600 11014792 11014792 REGISTRATION 611600 699266 699266 TRANSPORTATION 611600 275464 275464 INSTRUCTIONAL 611600 133665 133665 12123187 58211 58211 203756 114187 89569 89569 89569 238583 113261 200430 38153 38153 OTHER INCOME 900099 77636 77636 77636 13806329 12200823 0 185933 2241796 2241796 318564 318564 6689698 5965931 504635 219132 96703 82759 10918 3026 428376 421894 -8947 15429 517134 442564 58385 16185 4832 4832 17496 17496 173952 110423 63466 63 196934 114134 82800 119019 75552 43424 43 127429 80891 46492 46 950358 908272 40346 1740 239000 239000 900555 860553 38348 1654 112547 112547 INSTRUCTIONAL MATERIALS 496513 400439 96074 Auxiliary 212495 134890 77528 77 ATHLETICS 181252 181252 TRANSPORTATION 174014 174014 267633 187101 80425 107 14466300 12268331 1857667 340302 1625580 163995 3033614 2284815 162593 260933 18868 24667 147000 178046 26709433 12063994 13503755 14645439 2193147 2327689 76391 0 20760948 19885584 5053556 4838127 452172 511054 3208333 2917319 218544 106011 8932605 8372511 X 8280820 8642420 3130214 2400294 417309 470359 11828343 11513073 20760948 19885584 X -659971 94913 154750 95038 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2193147 113438 224860 203756 2327689 2440703 62759 -18315 292000 2193147 2690745 66137 25821 342000 2440703 2299684 124029 359032 92000 2690745 2116367 32920 242394 91997 2299684 0.79790 0.20210 0.00000 0 0 3576007 3576007 18643361 8819605 9823756 4490065 3244389 1245676 14645439 INTEREST RATE SWAP LIABILITY 106011 106011 X 11890864 94913 154750 -2130136 -1880473 13771337 34992 34992 13806329 12206134 0 12206134 17496 2242669 2260165 14466299 Part V, Line 4: THE SCHOOL'S ENDOWMENT CONSISTS OF various funds ESTABLISHED FOR SCHOLARSHIPS. Part X, Line 2: THE ACADEMY IS EXEMPT FROM INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE ACADEMY MAY BE SUBJECT TO INCOME TAX ON UNRELATED BUSINESS INCOME, IF INCURRED. MANAGEMENT HAS EVALUATED THE EFFECT OF THE GUIDANCE PROVIDED BY GAAP. MANAGEMENT BELIEVES THAT THE ACADEMY CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX-EXEMPT ORGANIZATION AT JUNE 30, 2017. MANAGEMENT HAS EVALUATED ALL OTHER TAX POSITIONS THAT COULD HAVE A SIGNIFICANT EFFECT ON THE FINANCIAL STATEMENTS AND DETERMINED THE ACADEMY HAD NO UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2017. THE ACADEMY IS NO LONGER SUBJECT TO U.S. FEDERAL, STATE AND LOCAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2012. Part XI, Line 2d - Other Adjustments: FINANCIAL AID & SCHOLARSHIPS SHOWN NET OF TUITION ON FINANCIALS -2,241,796. gain from interest rate swap 112,533. fundraising expenses shown net of revenues on financials -873. Part XII, Line 4b - Other Adjustments: FINANCIAL AID & SCHOLARSHIPS SHOWN NET OF TUITION ON FINANCIALS 2,241,796. fundraising expenses shown net of revenues on financials 873. 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 PUBLICIZES ITS NONDISCRIMINATION POLICY ON ITS EMPLOYMENT APPLICATION AND AD CAMPAIGNS in local publications at least once annually. IT IS ALSO AVAILABLE ON THE ORGANIZATION'S WEBSITE. ART SHOW 205724 30881 174843 138284 GOLF TOURNAMENT 55092 39156 15936 4300 24982 3 91028 43224 47804 32864 351844 113261 238583 4300 196130 200430 38153 1 TUITION FINANCIAL AID GRANTS 344 2241796 Part I, Line 2: NSA PROVIDES TUITION ASSISTANCE GRANTS TO STUDENTS BASED UPON FINANCIAL NEED CRITERIA. THE GRANTS ARE FUNDED THROUGH THE OPERATING BUDGET AND MINIMAL DRAWS FROM THE ENDOWMENT. APPLICANTS COMPLETE A STANDARDIZED FORM WITH SSS (SCHOOL AND STUDENT SERVICES BY NAIS). NSA USES THE DATA RECEIVED FROM THIS INDEPENDENT PROCESSING CENTER TO CALCULATE FINANCIAL NEED AND SEEKS TO ISSUE GRANTS THAT TOTAL 50% OF DEMONSTRATED NEED. TAX RETURNS ARE REQUIRED TO VERIFY DATA RECEIVED. THE AUDIT COMMITTEE IS TASKED WITH AUDITING A SAMPLE OF RECIPIENTS EACH YEAR TO ENSURE THE VALIDITY OF THE PROCESS. X X 1 1 X X X 0 0 0 0 0 0 0 0 0 Debbie Russell Head of School 150389 0 0 0 13752 0 0 0 50894 0 215035 0 0 0 Part I, Line 1a IN ORDER TO PROMOTE THE ORGANIZATION'S RELATIONSHIP WITH THE COMMUNITY, THE ORGANIZATION PAYS THE COST OF THE HEAD OF SCHOOL'S MEMBERSHIP IN VARIOUS SOCIAL CLUBS. TOTAL EXPENSES IN 2016 WERE$840 AND TREATED AS A NONTAXABLE BENEFIT SINCE THEY WERE PROVIDED FOR BUSINESS PURPOSES. A VIRGINIA SMALL BUSINESS FINANCING AUTHORITY 541300845 2010-12-30 4400000 current refunding and new money 0 1 0 A 3425125 4400000 75357 246120 653399 2011 1 0 1 1 A 0 0 0 0 0 0 0 A 0 0 1 0 1 0 0 0 0 A 1 Chesapeake Controls Owned 50% by board members 131437 HVAC Services 0 X Classroom Supplies 48 10906 FMV X sound system 1 8907 fmv X ice sculpture 1 300 fMV 0 0 0 0 Form 990, Part VI, Section B, line 11b A COPY OF THE FORM 990 IS E-MAILED TO ALL BOARD MEMBERS FOR THEIR REVIEW AND THEY HAVE THE OPPORTUNITY TO MAKE COMMENTS AND SUGGEST CHANGES PRIOR TO FILING WITH THE IRS. Form 990, Part VI, Section B, line 12c NANSEMOND SUFFOLK ACADEMY HAS ADOPTED A CONFLICT OF INTEREST POLICY TO ENSURE THAT THE BOARD OF TRUSTEES AND KEY EMPLOYEES ARE ADMINISTERING THE SCHOOL'S AFFAIRS HONESTLY AND ECONOMICALLY, AND EXERCISING THEIR BEST CARE, SKILL AND JUDGMENT FOR THE BENEFIT OF THE SCHOOL. DISCLOSURE STATEMENTS/QUESTIONNAIRES ARE COMPLETED ON ANNUAL BASIS. IN THE EVENT OF A CONFLICT OF INTEREST DURING THE YEAR, THE BOARD MEMBER WITH THE POTENTIAL CONFLICT WILL RECUSE HIMSELF/HERSELF FROM THE DISCUSSION AND VOTE. Form 990, Part VI, Section B, line 15 SALARY AND BENEFITS FOR THE HEAD OF SCHOOL ARE DETERMINED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. THE EXECUTIVE COMMITTEE REVIEWS SALARY DATA FROM NAIS (NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS) AND VAIS (VIRGINIA ASSOCIATION OF INDEPENDENT SCHOOLS). SALARY AND BENEFITS FOR OTHER EMPLOYEES ARE DETERMINED BY THE HEAD OF SCHOOL. Form 990, Part VI, Section C, line 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. Form 990, Part XI, line 9: GAIN FROM INTEREST RATE SWAP 112,533. investment expenses -17,495.