2017-05-08T09:29:45-05:00 2016-06-30 340677006 MALONEY NOVOTNY LLC 1111 SUPERIOR AVE SUITE 700 CLEVELAND OH 441142540 990 2015-07-01 340714390 WESTERN RESERVE ACADEMY WEST 3306504400 115 COLLEGE STREET HUDSON OH 442362926 THOMAS ARNOLD CFO 3306504400 2017-05-04 1 CHRISTOPHER B ANDERSON P00226559 2163630100 2015 2021-01-29 14:40:06Z CHRISTOPHER D BURNER 115 COLLEGE STREET HUDSON OH 442362926 60555233 0 X WWW.WRA.NET X 1826 OH A WESTERN RESERVE ACADEMY EDUCATION OFFERS A TRANSFORMATIONAL EXPERIENCE WHERE STUDENTS STRIVE FOR EXCELLENCE, LIVE WITH INTEGRITY, AND ACT WITH COMPASSION. 25 25 259 50 -546944 -546944 5509182 11159345 17948277 19949198 10715995 2039015 43837 16304 34217291 33163862 5501330 5931291 0 0 11538318 11900452 0 0 1827850 11099970 13070073 28139618 30901816 6077673 2262046 170677935 167652626 28517073 27299164 142160862 140353462 THE MISSION OF THE ACADEMY IS AS FOLLOWS: A WESTERN RESERVE ACADEMY EDUCATION OFFERS A TRANSFORMATIONAL EXPERIENCE WHERE STUDENTS STRIVE FOR EXCELLENCE, LIVE WITH INTEGRITY, AND ACT WITH COMPASSION. 0 0 25042265 5931291 19949198 THE ACADEMY IS A SECONDARY CO-EDUCATIONAL SCHOOL WITHAPPROXIMATELY 400 STUDENTS. OUR FACULTY CULTIVATES INTELLECTUALCURIOSITY THROUGH A CHALLENGING COLLEGE PREPARATORY PROGRAM; OURSTUDENTS PURSUE A RIGOROUS LIBERAL ARTS CURRICULUM AND ENGAGE INOPPORTUNITIES BEYOND THE CLASSROOM IN ARTS, ATHLETICS, ANDSERVICE, ENSURING GROWTH IN MIND, BODY, AND SPIRIT. THE ACADEMY'SCLOSE-KNIT COMMUNITY INSTILLS INDIVIDUAL AND SOCIALRESPONSIBILITY, WHILE PREPARING STUDENTS AS CITIZENS AND LEADERSIN AN INCREASINGLY INTERCONNECTED WORLD. 25042265 1 1 0 0 0 0 0 0 0 1 1 1 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 0 1 0 0 0 0 0 0 0 0 1 18 0 1 259 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 0 1 1 1 1 1 1 1 0 OH X THOMAS ARNOLD 3306504400 115 COLLEGE STREET HUDSON OH 442362926 DAVID A ALPERN TRUSTEE 1.00 0.00 X 0 0 0 STEPHAN W COLE TRUSTEE 1.00 0.00 X 0 0 0 SUZANNE DAY SECRETARY BOARD OF TRUSTEES 1.00 0.00 X X 0 0 0 DAGMAR F FELLOWES TRUSTEE 1.00 0.00 X 0 0 0 JOHN M FOWLER TREASURER BOARD OF TRUSTEES 1.00 0.00 X X 0 0 0 MARTIN D FRANKS TRUSTEE 1.00 0.00 X 0 0 0 R MARK HAMLIN JR TRUSTEE 1.00 0.00 X 0 0 0 OLIN J HEESTAND JR TRUSTEE 1.00 0.00 X 0 0 0 JOHN P HEWKO TRUSTEE 1.00 0.00 X 0 0 0 DEBORAH D HOOVER TRUSTEE 1.00 0.00 X 0 0 0 JUDE D KEARNEY TRUSTEE 1.00 0.00 X 0 0 0 NATHANIEL E LEONARD TRUSTEE 1.00 0.00 X 0 0 0 CECILY PRYCE MAGUIRE TRUSTEE 1.00 0.00 X 0 0 0 ROBERT T MICHAEL TRUSTEE 1.00 0.00 X 0 0 0 ANDREW R MIDLER CO-PRESIDENT BOARD OF TRUSTEES 1.00 0.00 X X 0 0 0 TERRY L SQUIRE TRUSTEE 1.00 0.00 X 0 0 0 TIMOTHY R WARNER CO-PRESIDENT BOARD OF TRUSTEES 1.00 0.00 X X 0 0 0 L SPENCER WELLS TRUSTEE 1.00 0.00 X 0 0 0 DANIEL H BAYLY TRUSTEE 1.00 0.00 X 0 0 0 H WILLIAM CHRIST TRUSTEE 1.00 0.00 X 0 0 0 CLIFTON D HOOD TRUSTEE 1.00 0.00 X 0 0 0 DALE G KRAMER TRUSTEE 1.00 0.00 X 0 0 0 ANNE CACIOPPO MANGANARO TRUSTEE 1.00 0.00 X 0 0 0 XUNING WANG TRUSTEE 1.00 0.00 X 0 0 0 MARK J WELSHIMER TRUSTEE 1.00 0.00 X 0 0 0 CHRISTOPHER D BURNER HEAD OF SCHOOL 40.00 0.00 X 351818 0 148439 THOMAS P ARNOLD CHIEF FINANCIAL OFFICER 40.00 0.00 X 195953 0 40644 MARK L LAFONTAINE ASST HEAD OF SCHOOL-ADVANC. 40.00 0.00 X 258020 0 82079 KATHRYN MUELLER ASSOC. HEAD OF SCHOOL 40.00 0.00 X 166328 0 77630 NANCY C HOVAN DIRECTOR OF ADMISSION 40.00 0.00 X 130287 0 68030 JEFFREY JACOT DIRECTOR OF FACILITIES 40.00 0.00 X 125542 0 34481 RUTH DS ANDREWS DIRECTOR OF LEADERSHIP GIFTS 40.00 0.00 X 114147 0 33373 DANIEL J MORRISSEY DEAN OF ADMISSIONS 40.00 0.00 X 144062 0 56603 ANTHONY J PASIAK SENIOR LEADERSHIP GIFTS OFFICER 40.00 0.00 X 104993 0 36022 JEFFREY NEILL FORMER DIRECTOR OF COLLEGE COUNS. 40.00 0.00 X 118962 0 63682 1710112 0 640983 10 1 1 0 FLIK-COMPASS GROUP USA PO BOX 91337 CHICAGO IL 606931337 DINING SERVICES 1230103 CRYSTAL CLEAR BLDG SERVICES PO BOX 1053 TWINSBURG OH 44087 CLEANING 575784 UNDERWOOD PAINTING INC 112 GATES STREET DOYLESTOWN OH 44230 PAINTING 390401 VIZMEG LANDSCAPE INC 778 MCCAULEY ROAD SUITE 100 STOW OH 44224 LANDSCAPING 305973 NEVILLE ARCHITECTS 3570 WARRENSVILLE CTR RD STE 106 SHAKER HEIGHTS OH 44122 ARCHITECTURAL DESIGN 234843 8 11159345 1551875 11159345 BOARDING STUDENTS TUITION 611110 12957925 12957925 DAY STUDENTS TUITION 611110 5255250 5255250 RELATED ENTERPRISES 611110 1736023 1736023 19949198 1196525 -546944 1743469 28211050 27368560 842490 842490 842490 39115 22811 16304 16304 33163862 19949198 -546944 2602263 5931291 5931291 1105800 286090 525730 293980 7709557 5523031 1544245 642281 861447 723615 68916 68916 1527891 1283429 122231 122231 695757 584435 55661 55661 34494 17247 17247 59600 59600 939566 939566 1091706 1037121 32751 21834 385218 385218 396392 332970 31711 31711 513570 431398 41086 41086 2316392 2200572 69492 46328 333187 99956 233231 12346 11729 370 247 371098 371098 2633075 2501421 78992 52662 246572 234244 7397 4931 OTHER 1913211 1634852 65608 212751 FOOD SERVICE 1080459 1080459 RESTRICTED STUDENT EXP. 375373 375373 AUXILIARY ENTERPRISES 367814 367814 30901816 25042265 4031701 1827850 1143938 3282390 5203610 7884027 20131 282996 12918 11198 192485 199173 394459 266671 80117134 30067518 49881124 50049616 34856179 33091689 78573929 72300228 95901 0 303261 284638 170677935 167652626 1042603 666156 2431536 2387302 17067000 16348000 5000000 4500000 2975934 3397706 28517073 27299164 X 38097326 36404049 16911131 18640960 87152405 85308453 142160862 140353462 170677935 167652626 X 2262046 -3463199 -606247 X 0 1 X 1 0 X 2657835 6502608 5924406 5509182 11159345 31753376 2657835 6502608 5924406 5509182 11159345 31753376 2501331 29252045 2502219 3767774 2936072 1696493 1196525 12099083 247643 234345 208989 61784 39115 791876 44644335 88993510 0.65520 0.50660 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: SPECEVENTS REVENUE - 2011 AMOUNT: $ 247,643. 2012 AMOUNT: $ 234,345. 2013 AMOUNT: $ 208,989. 2014 AMOUNT: $ 61,784. 2015 AMOUNT: $ 39,115. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 59745969 1953495 -2907488 4448316 54343660 62874496 1548356 -1426723 3250160 59745969 56060560 3505111 6725754 1012870 2404059 62874496 54678111 1517635 3387583 822391 2700378 56060560 56583289 1330550 301499 1152183 2385044 54678111 0.19670 0.61090 0.19240 0 0 1636412 1636412 73834247 25870273 47963974 4463875 4197245 266630 182600 182600 50049616 ALTERNATIVE INVESTMENTS 72300228 F 72300228 ANNUITIES PAYABLE 1508103 INTEREST RATE SWAP 1889603 3397706 X 22223559 -3463199 -606247 -4069446 26293005 939566 5931291 6870857 33163862 24030959 0 24030959 939566 5931291 6870857 30901816 PART V, LINE 4: INTENDED USE OF ENDOWMENT FUNDS - THE ACADEMY INVESTS ENDOWMENT FUNDS ACCORDING TO BOARD-APPROVED INVESTMENT POLICIES WHICH GOVERN ASSET ALLOCATION IN AN EFFORT TO REDUCE RISK OF LOSS AND TO GENERATE A REAL ANNUAL COMPOUND RATE OF RETURN AT LEAST EQUAL TO THE ANNUAL PAYOUT PERCENTAGE. THE ANNUAL PAYOUT FROM ENDOWMENT FUNDS WAS BASED ON A DRAW OF 4.75% OF THE 5-YEAR AVERAGE WEIGHTED MARKET VALUE OF INVESTABLE ASSETS IN THE PERMANENTLY RESTRICTED FUND PLUS AN AMOUNT TO COVER DEBT SERVICE COSTS AND IS SUBJECT TO BOARD APPROVAL. THE PAYOUT IS SPENT ON ACTIVITIES WHICH FURTHER THE EXEMPT EDUCATIONAL PURPOSES OF THE ACADEMY. PART X, LINE 2: FIN 48 (ASC 740) FOOTNOTE - FEDERAL INCOME TAXES: THE ACADEMY IS A NOT-FOR-PROFIT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM FEDERAL INCOME TAXES. THERE WERE NO UNRECOGNIZED TAX BENEFITS AS OF JUNE 30, 2016. AS OF JUNE 30, 2016, THE ACADEMY'S INCOME TAX RETURNS REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, AS WELL AS VARIOUS STATE AND LOCAL TAXING AUTHORITIES, GENERALLY FOR THREE YEARS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF INTEREST RATE SWAP -410,869. CHANGE IN SPLIT INTEREST AGREEMENTS -195,378. PART XI, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID, WHICH WAS NETTED WITH TUITION REVENUE ON THE FINANCIAL STATEMENTS BUT SHOWN AS AN EXPENSE IN PART IX OF FORM 990 5,931,291. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID, WHICH WAS NETTED WITH TUITION REVENUE ON THE FINANCIAL STATEMENTS BUT SHOWN AS AN EXPENSE IN PART IX OF FORM 990 5,931,291. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 WESTERN RESERVE ACADEMY PUBLICIZES IN LOCAL NEWSPAPERS DURING THE TIME WHICH IS THE PERIOD OF STUDENT SOLICITATION GOLF OUTING 19577 19577 3375 2134 1849 SPRING SOIREE 19538 19538 3659 1578 3456 6760 39115 39115 3659 4953 5590 8609 22811 16304 1 SCHOLARSHIPS FOR STUDENTS 192 5931291 MONITORING USE OF GRANT FUNDS - PART I, LINE 2: THE ACADEMY ENSURES THAT ITS FINANCIAL AID GRANTS ARE USED FOR EDUCATIONAL PURPOSES BY CREDITING THE AMOUNTS DIRECTLY TO THE STUDENTS' ACCOUNTS RATHER THAN ISSUING CHECKS. X X X 1 1 X X X 1 0 0 0 0 0 0 0 0 CHRISTOPHER D BURNER HEAD OF SCHOOL 280018 0 67000 0 4800 0 32660 0 115779 0 500257 0 0 0 THOMAS P ARNOLD CHIEF FINANCIAL OFFICER 185953 0 10000 0 0 0 21563 0 19081 0 236597 0 0 0 MARK L LAFONTAINE ASST HEAD OF SCHOOL-ADVANC. 250020 0 8000 0 0 0 28923 0 53156 0 340099 0 0 0 KATHRYN MUELLER ASSOC. HEAD OF SCHOOL 146328 0 20000 0 0 0 17595 0 60035 0 243958 0 0 0 NANCY C HOVAN DIRECTOR OF ADMISSION 130287 0 0 0 0 0 15332 0 52698 0 198317 0 0 0 JEFFREY JACOT DIRECTOR OF FACILITIES 120542 0 5000 0 0 0 14088 0 20393 0 160023 0 0 0 DANIEL J MORRISSEY DEAN OF ADMISSIONS 111562 0 10000 0 22500 0 16043 0 40560 0 200665 0 0 0 JEFFREY NEILL FORMER DIRECTOR OF COLLEGE COUNS. 106962 0 12000 0 0 0 12650 0 51032 0 182644 0 0 0 PART I, LINE 1A BENEFITS PROVIDED TO CERTAIN OFFICERS - THE FOLLOWING ARE PROVIDED HOUSING AS A PART OF HIS/HER JOB DUTIES: HEAD OF SCHOOL, THE ASSOCIATE HEAD OF SCHOOL, THE DEAN OF ADMISSIONS, THE DIRECTOR OF FACILITIES & GROUNDS, AND THE DIRECTOR OF COLLEGE COUNSELING. ADDITIONALLY, DUES FOR ONE SOCIAL CLUB ARE PAID BY WESTERN RESERVE ACADEMY FOR THE HEAD OF SCHOOL. THE SOCIAL CLUB IS USED ONLY FOR ACADEMY BUSINESS. NEITHER HOUSNG NOR THE SOCIAL CLUB DUES ARE TREATED AS TAXABLE COMPENSATION. THE HEAD OF SCHOOL ALSO RECEIVES HOUSEKEEPING SERVICES. PART I, LINE 4A SEVERANCE PAYMENTS - JOHN TORTELLI, FORMER CFO, RECEIVED SEVERANCE OF $46,900. A SUMMIT COUNTY PORT AUTHORITY 341765940 2011-05-26 19600000 REFINANCING OF 2002 BONDS 0 0 0 A 19600000 250000 2011 1 0 1 1 A 0 0 0 0 0 0 0 A 0 0 0 1 1 1 JP MORGAN 20.000000000000 0 0 0 0 1 A 0 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: SUMMIT COUNTY PORT AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 05/26/2016 X 51 1551875 FMV X FIREWORKS 1 0 N/A 0 1 1 PART I, LINE 32B: USE OF THIRD PARTIES - THE ACADEMY USES A SECURITIES BROKER TO SELL DONATED SECURITIES. THE FEES CHARGED BY THE BROKER ARE AT OR BELOW FAIR MARKET VALUE. FORM 990, PART VI, SECTION B, LINE 11 FORM 990 REVIEW - FORM 990 IS REVIEWED BY A COMMITTEE OF THE BOARD OF TRUSTEES WITH THE BOARD'S AUTHORITY TO OVERSEE THE FILING PROCESS. FORM 990, PART VI, SECTION B, LINE 11 FORM 990 PROVIDED TO GOVERNING BODY - BECAUSE OF THE CONFIDENTIAL NATURE OF DONOR INFORMATION, THE ACADEMY HAS CHOSEN NOT TO SHARE THE NAMES AND ADDRESSES OF DONORS LISTED ON SCHEDULE B WITH THE BOARD OF TRUSTEES. THE ACADEMY ALSO HAD AN ANONYMOUS DONOR WHO DOES NOT WANT HIS/HER IDENTITY TO BE KNOWN BY THE BOARD. THEREFORE, THE ACADEMY PROVIDED A COPY OF FORM 990 TO THE BOARD BUT REDACTED THE NAMES AND ADDRESSES OF DONORS FROM SCHEDULE B. AS SUCH, WE ARE REQUIRED TO ANSWER "NO" TO THE QUESTION ON LINE 11A OF PART VI EVEN THOUGH THE BOARD WAS GIVEN FORM 990 BEFORE IT WAS FILED. FORM 990, PART VI, SECTION B, LINE 12C MONITORING AND ENFORCEMENT OF CONFLICT POLICY - THE CONFLICT OF INTEREST QUESTIONNAIRES ARE REVIEWED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. SIGNIFICANT ISSUES ARE DISCUSSED AND RESOLVED. WHEN A CONFLICT ARISES, THE INDIVIDUAL IS NOT PERMITTED TO PARTICIPATE IN THE DISCUSSION OF THE TRANSACTION OR TO VOTE ON THE MATTER. THE DECISION ABOUT THE TRANSACTION IS MADE BY PERSONS WHO ARE INDEPENDENT OF THE INDIVIDUAL WITH THE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION REVIEW AND APPROVAL - IN JUNE, 2016, MEMBERS OF THE BOARD OF TRUSTEES WERE GIVEN COMPARABILITY DATA FOR ALL MEMBERS OF THE HEAD OF SCHOOL COMMITTEE. THE HEAD OF SCHOOL WAS INVOLVED IN THE DISCUSSIONS FOR THE COMPENSATION FOR THE MEMBERS OF THE HEAD OF SCHOOL COMMITTEE BUT WAS NOT PRESENT FOR THE DISCUSSION OF HIS OWN COMPENSATION. TRUSTEES DETERMINED THE HEAD OF SCHOOL'S COMPENSATION BASED UPON HIS PERFORMANCE RELATIVE TO OTHER SIMILAR POSITIONS. COMPENSATION DECISIONS ARE MADE BY PERSONS WHO ARE INDEPENDENT OF THE EMPLOYEES FOR WHOM COMPENSATION IS BEING DETERMINED. FORM 990, PART VI, SECTION C, LINE 19 AVAILABILITY OF DOCUMENTS - THE ACADEMY'S FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. THE ACADEMY DOES NOT MAKE ITS GOVERNING DOCUMENTS OR CONFLICT POLICY AVAILABLE. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF INTEREST RATE SWAP -410,869. CHANGE IN SPLIT INTEREST AGREEMENTS -195,378.