2017-05-12T13:42:15-05:00 2016-06-30 454084437 Warren Averett LLC Six Concourse Parkway Suite 600 Atlanta GA 30328 990 2015-07-01 580619038 The Lovett School Inc LOVE 4042623032 4075 Paces Ferry Road NW Atlanta GA 303273099 William S Peebles IV Headmaster & CEO 4042623032 2017-05-12 1 Susan Hill P00846200 7703961100 2017-05-12 2015 2021-01-29 14:40:06Z The Lovett School William S Peebles IV 4075 Paces Ferry Road NW Atlanta GA 303273099 70530411 0 X www.lovett.org X 1926 GA The Lovett School is a K-12 school for families seeking excellence in learning. 30 30 901 1500 0 0 13518015 9140349 42771267 44928571 1891011 4813548 559459 629064 58739752 59511532 2900000 3095820 0 0 33960754 35101404 27867 21647 2870398 15564977 17753147 52453598 55972018 6286154 3539514 230580740 225384912 68670396 66619950 161910344 158764962 X The Lovett School is a community that seeks to develop young men and women of honor, faith, and wisdom with the character and intellect to thrive in college and in life. 0 0 41669964 3095820 43078505 The Lovett School was founded in 1926 by Eva Edwards Lovett and retains her emphasis on the development of the whole child. Lovett believes that it is the school's responsibility to develop fundamental skills, a love of learning, and the application of good judgment to what is learned. Distinctive features of the curriculum include experiential education and interdisciplinary studies. Comprehensive Fine Arts programs are offered in each school division and a full athletic program provides each student an opportunity to experience the value of team effort and sportsmanship. Students participate in a variety of community service activities, and nondenominational chapel services are held weekly in all school divisions. SEE SCHEDULE O FOR CONTINUATION.Lovett seeks students from all ethnic, cultural, racial, and religious backgrounds who can benefit from a challenging academic program. The student body is approximately 1,600. 2612581 1884866 Lovett offers after school activities, extended day programs, summer school courses, summer camps and other enrichment opportunities to students including learning enhancement programs in all academic subjects and the arts which further benefit the student body and other persons within the Lovett Community, as well as others outside of the Lovett Community. 1102187 175022 Other unique programs include Breakthrough Atlanta which is a six-week, academic and leadership development program that matches high school and college-aged volunteers and aspiring teachers with underserved middle school students from Atlanta's public schools. The program teaches college preparatory and personal skills that increase these student's chances of college admission and of obtaining a college degree. At the same time, the program inspires and nurtures a future generation of young teachers. Lovett's Siempre Verde is a protected preserve of cloud forest property in Ecuador owned and supported by Lovett to promote environmental and conservation education. SEE SCHEDULE O FOR CONTINUATION.The educational institution offers students, and other persons both within the Lovett Community, as well as outside of the Lovett Community, an opportunity to learn about environmental protection, preservation, and conservation methods through research and the exchange of ideas. 45384732 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 0 1 0 1 1 1 0 0 1 1 1 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 70 0 1 901 1 0 1 EC 0 0 0 1 1 0 0 0 0 X 30 30 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 GA X Angie Carrano CFO 4042623032 4075 Paces Ferry Road NW Atlanta GA 303273099 Katherine J Bayne Active Trustee 0.50 X 0 0 0 Katherine Rowland Boudreau Active Trustee 0.50 X 0 0 0 Brian MJ Boutte Active Trustee 0.50 X 0 0 0 Malon W Courts Active Trustee 0.50 X 0 0 0 R Reid French Jr Active Trustee 0.50 X 0 0 0 Deborah Hodge Harrison Active Trustee 0.50 X 0 0 0 William F Henagan Active Trustee 0.50 X 0 0 0 Dabney Mann Hollis Active Trustee 0.50 X 0 0 0 David B Kahn Active Trustee 0.50 X X 0 0 0 John O Knox Jr Active Trustee 0.50 X 0 0 0 Amy Rollins Kreisler Active Trustee 0.50 X 0 0 0 Chandru Krishnamurthy Active Trustee 0.50 X 0 0 0 Kathryn McCain Lee Active Trustee 0.50 X 0 0 0 Anne Helms Marino Active Trustee 0.50 X 0 0 0 Jane Kerr Mathews Active Trustee 0.50 X 0 0 0 Edward D McCrady Active Trustee 0.50 X 0 0 0 James B Meyer Active Trustee 0.50 X 0 0 0 Eileen Keough Millard Active Trustee 0.50 X 0 0 0 Carla Y Neal-Haley MD Active Trustee 0.50 X 0 0 0 Jeffrey L Portman Sr Active Trustee 0.50 X 0 0 0 Brady L Rackley III Active Trustee 0.50 X 0 0 0 Nancy B Robitaille Active Trustee 0.50 X 0 0 0 Lawrence M Schall Active Trustee 0.50 X 0 0 0 F Blair Schmidt-Fellner Active Trustee 0.50 X 0 0 0 Richard F Smith Active Trustee 0.50 X 0 0 0 SEE CONTINUATION ON PAGE 9 0.00 X 0 0 0 John R Wells Active Trustee 0.50 X 0 0 0 Elizabeth B West Active Trustee 0.50 X 0 0 0 John Keith White Active Trustee 0.50 X 0 0 0 Brig Gen Burke W Whitman Active Trustee 0.50 X 0 0 0 Frank L Wilson III Active Trustee 0.50 X 0 0 0 William S Peebles IV Headmaster and CEO 40.00 X 631396 0 215649 David Meriwether Jr Imm. Past Chief Financial Officer 40.00 X 352407 0 25047 Angela Carrano Chief Financial Officer 40.00 X 123892 0 15407 Steven Allen Chaplain 40.00 X 167834 0 29655 Andrew Spencer Chief Advancement Officer 40.00 X 166032 0 21334 Daniel Alig Upper School Principal 40.00 X 160224 0 42770 R Steven Franks Athletic Director 40.00 X 146142 0 26444 W Gregory Hamrick Director of Information Technology 40.00 X 123415 0 32780 1871342 0 409086 23 0 1 0 Brasfield & Gorrie 729 30th Street South Birmingham AL 35233 Contractor 9967220 Gay Construction 2907 Log Cabin Drive Smyrna GA 30080 Contractor 599070 Centimark Corporation 12 Grandview Circle Canonsburg PA 15317 Roofing contractor 288933 Collins Cooper Carusi Architects 3391 Peachtree Road NE Suite 400 Atlanta GA 30326 Architect 158776 Carter & Associates 171 17th Street Suite 1200 Atlanta GA 30363 Planning & contruction consulting 158490 5 30290 264590 8845469 244080 9140349 Tuition 611110 40080821 40080821 Fees 611110 2545754 2545754 Programs 611110 2064743 2064743 Athletics 611110 237253 237253 44928571 1313184 1313184 103797 195731 -91934 -91934 -91934 10649546 1537793 7526859 1160116 3122687 377677 3500364 3500364 579371 264590 395920 183451 183451 49800 110 49690 49690 2018178 1740143 278035 278035 Other educational income 611110 132416 132416 Dues 611110 77406 77406 209822 59511532 45138393 0 5232790 X 3095820 3095820 840676 840676 26073690 21947353 2791658 1334679 2583499 2215795 232955 134749 3660006 3097903 373711 188392 1943533 1642198 203867 97468 57877 13400 44477 61560 61560 21647 21647 95437 95437 534191 168356 289222 76613 166455 24485 113694 28276 1851925 1250382 306393 295150 1739406 1158270 581136 1518805 1304456 140599 73750 214413 147220 41290 25903 200426 127145 62630 10651 1407956 1214791 124484 68681 6728818 5783173 618681 326964 592326 5000 587326 Student trips, activtie 1750766 1741211 9555 0 Meals and entertainment 386811 178142 58599 150070 Professional dues, memb 284107 113051 133651 37405 Endowment grants 161868 156581 5287 55972018 45384732 7716888 2870398 1440 1940 12924460 24076557 14249295 9437884 223833 362981 12179 0 259573 65696 199016 198328 900107 844084 172437097 71111690 104395948 101325407 53165688 53251078 44249201 35820957 230580740 225384912 4841520 3201474 12521634 13355677 40650000 38550000 10657242 11512799 68670396 66619950 X 96405207 95661020 28672427 22621951 36832710 40481991 161910344 158764962 230580740 225384912 X 3539514 -4296316 -2388580 X 0 1 X 1 0 X 7438340 13066445 13504163 13518015 9140349 56667312 7438340 13066445 13504163 13518015 9140349 56667312 7623520 49043792 1540135 1112260 1196430 1326830 1416981 6592636 263452 407930 265430 319879 511174 1767865 152277 158852 273447 222612 209822 1017010 66044823 202012975 0.74260 0.75110 X Schedule A, Part II, Section B, line 10: Other educational income and Dues are accumulations of individually insignificant transactions of revenues and expenses incurred during normal day-to-day operations of the Organization. For financial reporting purposes, these accumulated balances were deemed immaterial and were grouped with 'Other contributions and support' as reported on the Organization's audited financial statements. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 91966303 16094086 -42294 15092999 67284 92857812 89438880 9102306 1508926 8010094 73715 91966303 75926635 9201819 11485632 7111648 63558 89438880 70730036 12128305 7128375 14005628 54453 75926635 71058302 7701495 -215830 7753732 60200 70730036 0.48770 0.39250 0.11990 0 0 2288521 2288521 122291147 38395522 83895625 30044215 20025766 10018449 8020327 6608826 1411501 9792887 6081576 3711311 101325407 Real estate 1082107 C Comingled investment funds 33493711 C Limited partnership interests 832500 C Cash surrender value of life insurance policies and other 412639 C 35820957 Interest rate swap payable 6402267 Capital lease obligations 1223341 Postretirement benefit obligations 3402203 Other liabilities 484988 11512799 59406482 -4296316 60000 4980421 744105 58662377 849155 849155 59511532 62551864 60000 9534006 9594006 52957858 3014160 3014160 55972018 Part V, Line 4: The primary financial objective of the endowment fund is to support the current and future operating and capital expenses of The Lovett School. Part XI, Line 2d - Other Adjustments: Endowment distribution 4,898,761. Food service cross charges 81,660. Part XI, Line 4b - Other Adjustments: Financial aid 3,095,820. Direct fundraising event and gaming expenses -396,030. Direct rental expenses -195,732. Cost of goods sold -1,740,143. Non-operating rental income 83,587. Other contributions 1,653. Part XII, Line 2d - Other Adjustments: Endowment distribution 4,898,761. Direct fundraising event and gaming expenses 396,030. Direct rental expenses 195,732. Cost of goods sold 1,740,143. Increase of allowance for doubtful accounts 893,624. Non-operating rental income -83,587. Other contributions -1,653. Loss on interest rate swap 1,494,956. Part XII, Line 4b - Other Adjustments: Financial aid 3,095,820. Food service cross charges -81,660. 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 Lovett School's nondiscrimination policy is disclosed in School handbooks and policy manuals, printed materials provided to prospective students, families and employees, and on the School's website. Annually, the School publishes an advertisement in the local newspaper communicating the School's nondiscrimination policy. 1 South America - Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador, 1 2 Education and research Siempre Verde provides environmental & conservation education for students, and for other persons, both within the Lovett Community, as well as outside of the Lovett Community. Siempre Verde is a protected preserve of cloud forest property in Ecuador owned and supported by Lovett to promote environmental and conservation education. The educational institution offers students, as well as other persons within and outside of the Lovett Community, an opportunity to learn about environmental protection and preservation and conservation methods through research and the exchange of ideas. 258212 Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium 0 0 Program service Student mission trip/study abroad program 75386 North America 0 0 Program Service Student photography workshop 26507 Europe (Including Iceland & Greenland) 0 0 Program Service Athletic Training and competition and cultural experience trip 89125 Middle East and North Africa 0 0 Program Service Study abroad trip 79463 Central America and the Caribbean 0 0 Program service Student mission trip 56800 1 2 0 0 1 2 585493 0 585493 0 0 0 0 0 0 Part I, Line 2: As it relates to Siempre Verde, wages are paid to foreign individuals through a third party accounting firm representing the School. Other payments to foreign individuals are made for required maintenance, cooking, and other services provided relating to the Siempre Verde property and facility in Ecuador. Program director makes periodic trips to the region and verifies use of funds transferred and, as reasonably available, obtains documentation. Part I, line 3: Mission trip and Study Abroad program expenses are almost entirely covered through fees collected from parents of students who participate in the programs. X X X X 1 Ruffalo Noel Levitz 1025 Kirkwood Parkway SW Cedar Rapids IA 52404 Professional fundraising services 0 18432 21647 -3215 18432 21647 -3215 GA Lovett Parent Association 430884 113015 317869 0 0 5000 130981 Lovett Lionbackers 232201 76075 156126 0 10909 26362 103565 3 180876 75500 105376 0 0 0 119103 843961 264590 579371 10909 31362 353649 395920 183451 49800 110 1 1.00000 49800 110 110 49690 GA 1 0 0 0 1.00000 0.00000 Angie Carrano CFO 4075 Paces Ferry Road NW Atlanta GA 303273009 0 0 Schedule G, Part I, Line 2b: (i) Name of Professional Fundraising Service Provider: Ruffalo Noel Levitz (i) Address of Professional Fundraising Service Provider: 1025 Kirkwood Parkway SW, Cedar Rapids, IA 52404 (ii) Activity: Fundraiser provided program design, project team, data research/management, and phone-a-thon services for capital campaign and for the True Blue Annual Fund campaign (which solicits contributions from alumni for use in paying annual School operating and other expenses). Most fundraising is performed by volunteers. 1 Financial aid for tuition and fees 222 3095820 Book Not applicable Part I, Line 2: The School provides financial aid to qualifying students that attend the School. The grants are treated as a reduction of revenue and are applied directly to tuition by the School. Since the School, not the recipients, maintains control of the financial aid funds, no formal monitoring process of recipients is necessary. X X X 0 1 X X X 1 1 0 0 0 1 0 0 0 William S Peebles IV Headmaster and CEO 333068 0 100000 0 198328 0 118939 0 97273 0 847608 0 94907 0 David Meriwether Jr Imm. Past Chief Financial Officer 232660 0 0 0 119747 0 0 0 25588 0 377995 0 100000 0 Steven Allen Chaplain 157580 0 1500 0 8754 0 0 0 30167 0 198001 0 0 0 Andrew Spencer Chief Advancement Officer 162600 0 2500 0 932 0 0 0 21831 0 187863 0 0 0 Daniel Alig Upper School Principal 147172 0 1500 0 11552 0 0 0 43257 0 203481 0 0 0 R Steven Franks Athletic Director 142729 0 0 0 3413 0 0 0 26910 0 173052 0 0 0 W Gregory Hamrick Director of Information Technology 122743 0 0 0 672 0 0 0 33239 0 156654 0 0 0 Part I, Line 1a William S. Peebles, IV - Residence for personal use, housekeeping services, tax indemnification, and gross up payments for long-term diability. David Meriwether, Steven Allen, Andrew Spencer, Daniel Alig, R. Steven Franks, W. Gregory Hamrick - Tax indemnification and gross up payments for long-term disability. Part I, Line 1b The Headmaster and CEO has an employment agreement that requires the Headmaster and CEO to use the residence at the School which includes necessary and reasonable maintenance. The residence at the School is frequently used to host School functions, functions for School contributors and other supporters, and for other School related purposes. Part I, Lines 4a-b Pursuant to an employment agreement, the School contributed to a supplemental nonqualified retirement plan on behalf of the Headmaster and CEO. Amounts contributed for the calendar year 2015 totaled $95,745 (Headmaster and CEO). Pursuant to an employment agreement, the Headmaster and CEO will receive a payment in June 2016 contingent on his continued employment through such date. Part I, Line 6 Pursuant to an employment agreement, the Executive Committee of the Board may approve compensation to the Headmaster and CEO based on reaching certain financial and non-financial goals. Part II, Line (1)(B)(iii): "Other reportable compensation" includes $193,940 for 457(f) Supplemental Retirement Plan nonqualified deferred compensation to which the Headmaster and CEO is entitled. Part II, Line (1)(C): "Retirement and other deferred compensation" consists of $118,939 for previously deferred sabbatical compensation to which the Headmaster and CEO is entitled but which had not been paid. A Development Authority of Fulton County 581506878 359900YS0 2012-08-16 35500000 Current refunding of bonds issued 8/5/2009 0 0 0 B Development Authority of Fulton County 581506878 2014-07-25 9150000 Construction of athletic facilities 0 0 0 A 6100000 35500000 35500000 1 0 1 1 B 9151058 122006 9029052 2015 0 0 1 1 A 0 0 0 0 1 0 0 B 0 0 0 0 1 0 0 A 0 0 0 1 1 0 0 0 0 B 0 1 0 0 1 0 0 0 0 A 0 B 0 Schedule K, Part IV, line 2c, Column A A prior arbitrage rebate computation report was prepared for the period ending November 30, 2010. All prior proceeds were expended prior to the end of the 11/30/2010 computation date, and there were no cash proceeds in connection with the tax reissuance of the Bonds on 8/16/2012. X 44 244080 Market quotations 0 1 0 Form 990, Part VI, Section B, line 11 The Audit Standing Committee of the Board reviews, comments upon, and as authorized in the School's corporate bylaws, approves the final version of the Form 990. Prior to filing the Form 990 each year, copies of the Form 990 approved by the Audit Standing Committee of the Board are provided for review by the School's Board of Trustees. Form 990, Part VI, Section B, line 12c Annually all members of the Board of Trustees, key employees, and highest compensated employees complete a conflict of interest and family and business relationship disclosure. Form 990, Part VI, Section B, line 15 On an annual basis, the Compensation Standing Committee reviews, negotiates and recommends the compensation and benefits package for the CEO and Headmaster of the School, and evaluates the performance of the CEO and Headmaster at minimum on a bi-annual basis. The Compensation Committee also reviews and evaluates the compensation and benefits packages for the Chief Financial Officer and for the top ten (10) compensated employees of the School. The Compensation Standing Committee performs its work with respect to the compensation and benefits package for the CEO and Headmaster in accordance with applicable Legal Requirements, including, but not limited to, all applicable rules, regulations and guidelines (sometimes collectively "IRS Guidelines") of the Internal Revenue Service ("IRS") with respect to the policies, processes, procedures and determinations (sometimes collectively "IRS Compliance Policies and Procedures") regarding payment of executive compensation and benefits by non-profit entities which have been granted tax exempt status under Section 501(c)(3) of the Internal Revenue Code, as the same may be amended from time to time, with the goal of establishing, and of paying or providing, as applicable, to the CEO and Headmaster of the School an executive compensation and benefits package during each School Year (or other relevant period of time) which is "fair and reasonable" (but not excessive") under applicable IRS Guidelines, and to endeavor to follow the IRS Compliance Policies and Procedures in a manner sufficient to create a "rebuttable presumption of reasonableness." In performing its work with respect to the compensation and benefits package for the CEO and Headmaster, the Compensation Standing Committee reviews and considers compensation and benefits packages for persons serving in comparable positions at other peer independent schools (which are required to file Form 990s), compensation surveys available from educational and other associations and groups of which the School is a member, as well as other relevant information and documentation. In accordance with IRS Compliance Policies and Procedures, the Compensation Standing Committee also prepares minutes, together with related documentation, memorializing performance of its work, and setting forth its recommendations, and the basis therefor (collectively "Recommendation Documentation"), being made to the Executive Committee of the Board regarding the executive compensation and benefits package for the CEO and Headmaster. On an annual basis, the Executive Committee of the Board of Trustees reviews and considers compensation and benefits packages for key employees and the top ten compensated employees of the School, including the School's CEO and Headmaster. In connection with such review and consideration process, the Executive Committee of the Board reviews and considers the Recommendation Documentation from the Compensation Standing Committee with respect to the CEO and Headmaster, as well as information and documentation regarding persons serving at other peer independent schools in positions comparable to such key employees and top ten compensated employees of the School, including information and documentation regarding compensation and benefits contained in Form 990s of other peer independent schools required to file Form 990s, compensation surveys available from educational and other associations and groups of which the School is a member, as well as other relevant information and documentation. Following such review and consideration process, the Executive Committee of the Board of Trustees provides approvals on behalf of the School for all such compensation and benefits packages for such key employees and the ten compensated employees of the School, including the School's CEO and Headmaster and the Chief Financial Officer. Minutes for the Meeting of the Executive Committee of the Board at which such approvals are made on behalf of the School for all such compensation and benefits packages are prepared and archived in the records of the Executive Committee of the Board. Form 990, Part VI, Section C, line 19 The School's Form 990 is made available upon request. The School's articles of incorporation and annual registration filings are available to the public from the Georgia Secretary of State Office Website. The School's bylaws, conflict of interest policy, and audited financial statements may also be made available upon request. Form 990, Part VI, Section A, line 7a: The Governance Committee shall present to the Board nominations for Trustees and officers to be elected by the Board. The Committee shall furnish information relating to the background and qualifications of all such nominees with the notice of the Board meeting at which an election or appointment is scheduled to be considered by the Board. The Committee, on an on-going basis, shall determine the characteristics and profile for Trustee candidates and shall maintain a current profile of the Board's membership composition to guide the selection process. The Committee shall annually review and evaluate the performance of incumbent Trustees and Board officers whose terms expire during such school year and who are eligible for reelection, and shall develop and help administer a program of orientation with the Board Chair and the Headmaster and CEO for newly-elected Trustees. Form 990, Part VI, Section A, line 7b: Board Standing Committees (and Board Special Committees when and if created) are authorized to make certain recommendations to Executive Committee of the Board of Trustees or to the full Board of Trustees as provided in the School's corporate bylaws, but such Board Standing Committees and, if applicable, Board Special Committees are not authorized to make any final decisions or approvals on behalf of the School except in certain limited circumstances. All final decisions and approvals on behalf of the School are made by the Executive Committee of the Board of Trustees or by the full Board of Trustees as provided in the School's corporate bylaws, except for a limited number of final decisions and approvals authorized to be made as specified in the School's corporate bylaws by the Endowment Standing Committee or by the Audit Standing Committee, as applicable. Part IX, Line 25, Column D Total fundraising expenses incurred of $2,870,398 are almost entirely internal expenses of the School and include direct and indirect expenses. Direct expenses are attributed to the School's advancement department operating expenses, including expenses for advancement department personnel. Indirect expenses (i.e. depreciation) are allocated by the School's management based upon identified cost drivers associated with fundraising and the School's advancement department. Form 990, Part XI, line 9: Interest swap gain -1,494,956. Increase in allowance for doubtful accounts -893,624.