2017-05-12T13:57:09-05:00 2016-06-30 420714325 RSM US LLP 100 INTERNATIONAL DRIVE SUITE 1400 BALTIMORE MD 21202 990 2015-07-01 520591604 GILMAN SCHOOL INCORPORATED GILM 4103233800 5407 ROLAND AVENUE BALTIMORE MD 21210 SEAN T FURLONG DIRECTOR OF FINANCE & ADMIN. 4103233800 2017-05-09 1 JULIA FLANNERY CPA P00928918 4102469300 2015 2021-01-29 14:40:06Z GILMAN SCHOOL HENRY PA SMYTH 5407 ROLAND AVENUE BALTIMORE MD 21210 72077069 0 X WWW.GILMAN.EDU X 1897 MD GILMAN SCHOOL IS A DIVERSE COMMUNITY DEDICATED TO EDUCATING BOYS IN MIND, BODY, AND SPIRIT THROUGH PARTICULAR EMPHASIS UPON ACADEMIC EXCELLENCE, ATHLETIC PARTICIPATION AND AESTHETIC APPRECIATION. GILMAN SEEKS TO PRODUCE MEN OF CHARACTER AND INTEGRITY WHO HAVE THE SKILLS AND ABILITY TO MAKE A POSITIVE CONTRIBUTION TO THE COMMUNITIES IN WHICH THEY LIVE AND WORK. 45 45 350 433 44692 0 12779989 8051374 27599279 28072022 14916774 6091412 297811 340097 55593853 42554905 4327029 4544154 0 0 20266007 21231205 0 0 1777810 12882571 12203338 37475607 37978697 18118246 4576208 203606959 204725186 38077396 45721600 165529563 159003586 X GILMAN SCHOOL IS A DIVERSE COMMUNITY DEDICATED TO EDUCATING BOYS IN MIND, BODY, AND SPIRIT THROUGH PARTICULAR EMPHASIS UPON ACADEMIC EXCELLENCE, ATHLETIC PARTICIPATION AND AESTHETIC APPRECIATION. GILMAN SEEKS TO PRODUCE MEN OF CHARACTER AND INTEGRITY WHO HAVE THE SKILLS AND ABILITY TO MAKE A POSITIVE CONTRIBUTION TO THE COMMUNITIES IN WHICH THEY LIVE AND WORK. 0 0 28343598 4544154 28072022 PROVIDING EDUCATION FOR 1,003 STUDENTS OF THE LOWER, MIDDLE AND UPPER GRADES. 28343598 1 1 0 0 0 0 1 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 1 0 0 0 1 158 0 1 350 1 1 1 0 0 0 0 0 0 0 0 0 X 45 45 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MD X REBECCA G LEVY 4104643147 GILMAN SCHOOL 5407 ROLAND AVE BALTIMORE MD 21210 SCOTT A WIELER PRESIDENT 10.00 X X 0 0 0 MICHAEL J WEINFELD VICE PRESIDENT 5.00 X X 0 0 0 HARRY D HALPERT VICE PRESIDENT 5.00 X X 0 0 0 SCOTT L SHERMAN VICE PRESIDENT 5.00 X X 0 0 0 SUSAN D GINKEL SECRETARY 5.00 X X 0 0 0 ERIN BECKER TRUSTEE 2.00 X 0 0 0 ROBERT G BLUE TRUSTEE 2.00 X 0 0 0 FRANK A BONSAL III TRUSTEE 2.00 X 0 0 0 THOMAS S BOZZUTO JR TRUSTEE 2.00 X 0 0 0 DR ANDREW M CAMERON TRUSTEE 2.00 X 0 0 0 FRANCIS J CAREY III TRUSTEE 2.00 X 0 0 0 DAVID H CARROLL JR TRUSTEE 2.00 X 0 0 0 ROBERT T CASHMAN TRUSTEE 2.00 X 0 0 0 JOHN F CAVANAUGH TRUSTEE 2.00 X 0 0 0 CARDELLA COLEMAN TRUSTEE 2.00 X 0 0 0 SAMUEL M DELL III TRUSTEE 2.00 X 0 0 0 DR CHARLES C EDWARDS II TRUSTEE 2.00 X 0 0 0 CHARLES C FENWICK JR TRUSTEE 2.00 X 0 0 0 BENJAMIN H GRISWOLD IV TRUSTEE 2.00 X 0 0 0 GEORGE B HESS JR TRUSTEE 2.00 X 0 0 0 CHEO D HURLEY TRUSTEE 2.00 X 0 0 0 JONATHAN S JACOBSON TRUSTEE 2.00 X 0 0 0 CAROLINE ANNE JEPPI TRUSTEE 2.00 X 0 0 0 PAUL F MCBRIDE TRUSTEE 2.00 X 0 0 0 CHARLES A MORRIS TRUSTEE 2.00 X 0 0 0 HENRY I MYERBERG TRUSTEE 2.00 X 0 0 0 MARK D NEUMANN TRUSTEE 2.00 X 0 0 0 DW WELLS OBRECHT TRUSTEE 2.00 X 0 0 0 WILLIAM L PATERNOTTE TRUSTEE 2.00 X 0 0 0 LAUREL H PERRY TRUSTEE 2.00 X 0 0 0 SAMUEL PETERS TRUSTEE 2.00 X 0 0 0 DELANO J SCHMIDT TRUSTEE 2.00 X 0 0 0 DARA S SCHNEE TRUSTEE 2.00 X 0 0 0 STEPHEN T SCOTT TRUSTEE 2.00 X 0 0 0 JARED D SPAHN TRUSTEE 2.00 X 0 0 0 DR CHARLOTTE E MODLY TRUSTEE 2.00 X 0 0 0 JONATHAN W THAYER TRUSTEE 2.00 X 0 0 0 J RICHARD THOMAS SR TRUSTEE 2.00 X 0 0 0 GEORGE E THOMSEN TRUSTEE 2.00 X 0 0 0 CHARLES L WAGANDT III TRUSTEE 2.00 X 0 0 0 MARCUS L WANG TRUSTEE 2.00 X 0 0 0 MITCHELL D WHITEMAN TRUSTEE 2.00 X 0 0 0 DR KATHLEEN B HOGAN TRUSTEE 2.00 X 0 0 0 DR CLARENCE L YOUNG III TRUSTEE 2.00 X 0 0 0 KARLO G YOUNG TRUSTEE 2.00 X 0 0 0 SEAN T FURLONG DIR OF FINANCE 40.00 X 181346 0 55513 HENRY SMYTH HEADMASTER 40.00 X 268161 0 120515 JOHN SCHMICK DEVELOPMENT CONSULTANT 40.00 X 139485 0 23268 TIMOTHY HOLLEY JR DIR OF ATHLETICS 40.00 X 126521 0 35206 MARY KATE RATCLIFFE DIR OF DEVELOPMENT 40.00 X 153585 0 21278 ARMISTEAD WEBSTER LOWER SCHOOL HEAD 40.00 X 130642 0 13123 ROBERT HEUBECK UPPER SCHOOL HEAD 40.00 X 114765 0 31289 1114505 0 300192 13 0 1 0 RIPARIUS CONSTRUCTION INC 25 SCHILLING ROAD HUNT VALLEY MD 21031 CONSTRUCTION 3186624 LEWIS CONTRACTORS HENRY H LEWIS CONTRA 55 GWYNNS MILL COURT OWINGS MILLS MD 21117 CONSTRUCTION 1273921 CHARTWELLS INC PO BOX 417632 BOSTON MA 02241 DINING HALL/ CATERING 935103 PMM COMPANIES INC 15938 DEERWOOD RD ROCKVILLE MD 20855 HOUSEKEEPING/CLEANING 331560 KANGAROO COACH D&R RIDES 3207 HAMMONDS FERRY ROAD SUITE A HALETHORPE MD 21227 TRANSPORTATION 194585 12 8051374 840129 8051374 TUITION AND FEES 900099 27252055 27252055 COMMUNITY AND SUMMER P 611710 371909 371909 AFTER SCHOOL PROGRAMS 611710 171193 171193 ALUMNI & PARENTS ASSOC 611710 170929 170929 OTHER FEES AND CHARGES 611710 65577 65577 40359 40359 28072022 1863736 44621 1819115 214701 0 214701 214701 214701 33304064 29076388 4227676 4227676 4227676 97576 55500 42076 42076 396 0 396 396 451625 390276 61349 71 61278 OTHER INCOME 900099 21575 21575 21575 42554905 28072022 44692 6386817 2291 2291 4541863 4541863 516843 384986 91608 40249 15498961 11544855 2747124 1206982 1211041 902079 214652 94310 2820435 2100884 499910 219641 1183925 881881 209846 92198 71801 71801 92322 92322 137015 137015 1585972 685479 900493 32231 32231 325109 231942 93167 293109 152832 140277 800887 800887 137011 137011 187034 53038 78130 55866 1000987 1000987 2742760 2742760 222485 206834 15651 GENERAL & ADMINISTRATIV 1335873 1335873 SCHOOL OPERATIONS 888447 888447 CONTINUING EDUCATION & 450581 450581 COMMUNITY & SUMMER PROG 413832 413832 1485882 1188885 228433 68564 37978697 28343598 7857289 1777810 2000 3000 16312697 14343174 1199729 2216987 106175 224976 346677 309638 132629 138197 1084902 1152552 83970169 28247682 52032003 55722487 63225427 53235778 66559292 73774479 2605428 3603918 203606959 204725186 2838372 2216914 30333163 35302382 4905861 8202304 38077396 45721600 X 44003307 39648280 68457448 63864059 53068808 55491247 165529563 159003586 203606959 204725186 X 4576208 -8196524 -2905661 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 1 8.55 1 1 12.00 880 113539577 3515661 -1995562 4551083 110508593 107739345 7642825 2557142 4399735 113539577 97958467 312049 13646238 4177409 107739345 87604712 857564 13440997 3944806 97958467 82398874 8851256 280261 3925679 87604712 0.15430 0.50210 0.34360 0 0 77964294 24692330 53271964 6005875 3555352 2450523 55722487 HEDGE FUNDS 51429830 F PRIVATE EQUITY 5389726 F REAL ESTATE 5401431 F VANGUARD DEVELOPED MARKETS INDEX FUND ADMIRAL CLASS 11553492 F 73774479 DEFERRED SUMMER PROGRAM INCOME 80392 DEFERRED TUITION INCOME 2408091 UNAMORTIZED DISCOUNT ON POOLED INCOME FUNDS 311799 INTEREST RATE SWAP 5402022 8202304 X 29889002 -8196524 -8196524 38085526 137015 4332364 4469379 42554905 36414979 3295937 3295937 33119042 137015 4722640 4859655 37978697 PART II, LINE 9: THE LAND IS INCLUDED AT COST ON THE BALANCE SHEET OF THE ORGANZATION. PART V, LINE 4: GILMAN SCHOOL'S SPENDING RATE IS DETERMINED BY THE BUDGET AND FINANCE COMMITTEE. THE BUDGET AND FINANCE COMMITTEE MAY ASK FOR INPUT FROM THE CHAIRMAN OF THE INVESTMENT COMMITTEE TO HELP DETERMINE THE APPROPRIATE SPENDING POLICY. RECOGNIZING THAT FINANCIAL ASSETS WILL FLUCTUATE IN VALUE, THE POLICY OF THE SCHOOL HAS BEEN AND WILL CONTINUE TO BE TO REVIEW THE ENDOWMENT SPENDING RATE PERIODICALLY BUT TO REFRAIN FROM FREQUENT CHANGES IN THE SPENDING RATE THAT MAY APPEAR TO REFLECT RESPONSES TO SHORT-TERM MARKET MOVEMENTS RATHER THAN TO LONGER TERM INVESTMENT OBJECTIVES. BEGINNING WITH THE 2010/11 FISCAL YEAR, GILMAN SCHOOL'S ENDOWMENT SPENDING RATE WAS 5% (UP FROM A BLENDED RATE OF 4.3%). CURRENTLY, IT IS THE SCHOOL'S POLICY TO REDUCE THE SPENDING RATE 0.1% EVERY YEAR UNTIL IT REACHES 4%. PART X, LINE 2: THE SCHOOL ADOPTED THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, WHICH ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THIS POLICY, THE SCHOOL MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WOULD BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. MANAGEMENT HAS EVALUATED THE SCHOOL'S TAX POSITIONS AND HAS CONCLUDED THAT THE SCHOOL HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH PROVISIONS OF THIS GUIDANCE. THE SCHOOL IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE JUNE 30, 2013. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED ON FINANCIAL STATEMENT 4,541,863. COST OF GOODS SOLD NETTED AGAINST INCOME ON FINANCIAL STATEMENT -390,276. RENTAL INCOME NETTED WITH EXPENSES ON THE FINANCIAL STATEMENT 214,701. FUNDRAISING & GAMING EXPENSES NETTED WITH REVENUE ON 990 -55,500. OTHER INCOME NETTED WITH EXPENSES ON THE FINANCIAL STATEMENT 21,576. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD NETTED WITH INCOME ON FINANCIAL STATEMENT 390,276. SWAP MARKET ADJUSTMENT 2,905,661. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED ON FINANCIAL STATEMENT 4,541,863. RENTAL REVENUE NETTED WITH EXPENSES ON FINANCIAL STATEMENT 214,701. FUNDRAISING & GAMING EXPENSES NETTED WITH REVENUE ON 990 -55,500. OTHER REVENUE NETTED WITH EXPENSES ON FINANCIAL STATEMENT 21,576. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 PUBLISHED IN SCHOOL BROCHURES, APPLICATION FOR ADMISSION AND IN THE LOCAL TRADE NEWSPAPERS/PERIODICALS. EUROPE 0 0 PROGRAM SERVICES MIDDLE SCHOOL TRIP 89991 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 23229267 SOUTH AMERICA 0 0 PROGRAM SERVICES UPPER SCHOOL TRIP 87530 0 0 0 0 0 0 23406788 0 23406788 1 0 0 0 0 0 BULL ROAST 97576 97576 200 23389 600 31311 97576 97576 200 23389 600 31311 55500 42076 1 FINANCIAL AID 284 4325279 PART I, LINE 2: GILMAN PROVIDES FINANCIAL AID TO STUDENTS WHO QUALIFY. THE GRANT REDUCES THE TUITION DUE. PARENTS ARE NEVER GIVEN A CHECK OR CASH FOR A GRANT. X X 1 1 X X X 0 0 0 0 0 0 0 0 0 SEAN T FURLONG DIR OF FINANCE 181346 0 0 0 0 0 14904 0 40609 0 236859 0 0 0 HENRY SMYTH HEADMASTER 268161 0 0 0 0 0 35991 0 84524 0 388676 0 0 0 JOHN SCHMICK DEVELOPMENT CONSULTANT 139485 0 0 0 0 0 9908 0 13360 0 162753 0 0 0 TIMOTHY HOLLEY JR DIR OF ATHLETICS 126521 0 0 0 0 0 10897 0 24309 0 161727 0 0 0 MARY KATE RATCLIFFE DIR OF DEVELOPMENT 153585 0 0 0 0 0 12243 0 9035 0 174863 0 0 0 PART I, LINE 1A HEADMASTER, HENRY SMYTH, RECEIVED A RESIDENCE FOR PERSONAL USE AND PERSONAL SERVICES DURING THE YEAR. THESE BENEFITS ARE NOT TAXABLE AND ARE INCLUDED IN SCHEDULE J, PART II, COLUMN D. A MARYLAND HEALTH AND HIGHER EDUCATIONAL FACILITIES AUTHORITY 520936091 2014-10-16 35500000 REFINANCE SERIES 2006 BONDS & FINANCE CAMPUS INFRASTRUCTURE IMPROVEMENTS. 0 1 0 A 35500000 228020 5271980 30000000 2016 1 0 1 1 A 0 0 0 0 0 0 1 A 0 1 0 0 1 1 TD BANK 15.000000000000 0 0 0 0 1 A 1 FORM 990, SCHEDULE K, PART II: OTHER SPENT PROCEEDS IS THE AMOUNT OF THE BOND ISSUE USED TO REFUND THE 2006 ISSUE. AMY FURLONG FAMILY MEMBER OF SEAN FURLONG, OFFICER 68092 SALARY 0 X 106 840129 FAIR MARKET VALUE X TICKETS 1 0 X MUSCIAL INSTRUMENTS 6 0 X MODEL YACHT 1 0 0 1 0 FORM 990, PART VI, SECTION B, LINE 11 THE DRAFT IS SENT TO THE FULL BOARD ASKING THEM TO REVIEW AND ASK ANY QUESTIONS WITHIN TWO WEEKS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY APPLIES TO ALL BOARD OF TRUSTEES OF GILMAN SCHOOL; ANY PERSON WHO SERVES ON A COMMITTEE OF THE BOARD OF TRUSTEES, ALL MEMBERS OF SCHOOL'S ADMINISTRATION; AND THE OFFICERS AND BOARD MEMBERS OF ASSOCIATIONS AND ORGANIZATIONS AFFILIATED WITH THE SCHOOL, SUCH AS THE PARENTS ASSOCIATION AND ALUMNI ASSOCIATION. THE PERSONS ENUMERATED ABOVE OR DESIGNATED BY THE BOARD OF TRUSTEES SHALL BE REFERRED TO AS "GILMAN SCHOOL COVERED PERSONS". SHOULD A CONFLICT OF INTEREST ARISE, THE INDIVIDUAL WITH THE CONFLICT SHALL DISCLOSE IN WRITING THE EXISTENCE OF THE CONFLICT TO THE PRESIDENT OF THE BOARD. ANY CONFLICT OF INTEREST OR POTENTIAL CONFLICT OF INTEREST SHALL BE DISCLOSED PROMPTLY TO THE BOARD OF TRUSTEES. CONFLICTS OF INTEREST MAY BE DIFFICULT TO IDENTIFY IN ADVANCE, BUT OFTEN BECOME CLEARER IN HINDSIGHT. NORMALLY PERSONAL VALUES AND INTEGRITY ARE A GUIDE TO THE RIGHT DECISION. WHEN IN DOUBT, A GILMAN SCHOOL COVERED PERSON SHOULD CONSIDER ASKING THEMSELVES THE FOLLOWING QUESTIONS: - IS MY ACTION LEGAL AND ETHICAL? - IS MY ACTION HONEST IN EVERY RESPECT? - WOULD I BE PROUD TO READ ABOUT MY ACTION IN THE NEWSPAPER? - CAN I DEFEND MY ACTION WITH A CLEAR CONSCIENCE? IF A GILMAN SCHOOL COVERED PERSON CANNOT READILY ANSWER EACH OF THE FOLLOWING QUESTIONS IN THE AFFIRMATIVE, HE OR SHE LIKELY SHOULD NOT PROCEED WITH THE ACTION. UNLESS IT IS ABSOLUTELY CLEAR TO THE INDIVIDUAL THAT A CONFLICT OF INTEREST IS NOT PRESENT, HE OR SHE MUST SEEK GUIDANCE FROM (AND DISCLOSE ALL IMPORTANT FACTS TO) THE PRESIDENT OF THE BOARD OF TRUSTEES (OR IN HIS ABSENCE ANY OTHER OFFICER OF THE BOARD) AND THE HEADMASTER. EACH YEAR, GILMAN'S DEVELOPMENT OFFICE ASKS EACH BOARD MEMBER TO SUBMIT A CONFLICT OF INTEREST STATEMENT. FORM 990, PART VI, SECTION B, LINE 15A THE HEADMASTER'S PERFORMANCE AND COMPENSATION ARE REVIEWED ANNUALLY BY THE EXECUTIVE COMMITTEE OF THE BOARD. VARIOUS BENCHMARKS (NAIS, AIMS) FOR SCHOOLS OF COMPARABLE SIZE OF STUDENTS ARE USED TO ESTABLISH A COMPENSATION PACKAGE THAT IS ABOVE AVERAGE FOR A SCHOOL OF OUR SIZE. THE HEADMASTER DETERMINES THE COMPENSATION OF ALL OTHER EMPLOYEES ALSO USING COMPARABLE DATA. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAIABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART XI, LINE 9: SWAP MARKET ADJUSTMENT -2,905,661. ROLAND NORTHERN BRIDGE COMPANY 5407 ROLAND AVENUE BALTIMORE MD 21210 300088452 BUILDING AND MAINTENANCE OF PEDESTRIAN BRIDGES MD 501(C)(3) LINE 11A, I N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0