2016-05-12T11:31:30-07:00 2015-06-30 990 2014-07-01 350868071 CULVER EDUCATIONAL FOUNDATION CULV 5748428222 1300 Academy Road No 159 Culver IN 465111291 Richard Tompos Asst Treasurer/Controller 5748428222 2016-05-13 2014 2016-08-17 19:52:53Z John Buxton same as C above Culver IN 46511 196032764 0 X www.culver.org X 1894 IN See Schedule O 34 34 1212 1000 1023026 712794 59224774 27651221 38724665 40899130 31505244 9786335 1876218 2180276 131330901 80516962 11013038 11987444 0 0 35104783 36109149 0 0 4586786 23883872 22783571 70001693 70880164 61329208 9636798 504122090 515316496 86724488 89761332 417397602 425555164 X See Schedule O 0 0 30085698 0 33278748 Culver promises top academics, competitive athletics and education you need to be a leader and a responsible global citizen in high school, in college and beyond. Culver encourages you to develop your individual interests and talents, all while helping you move beyond self-imposed limitations. Our mission to develop and nurture the whole person - mind, spirit and body - with our unique focus on leadership training means you receive the total educational experience that has set Culver above other schools for more than a century. Instruction is for grades 9-12 ranging from the arts and music to science, math, and humanities as well as unique programs in leadership, wellness and a servant leadership project requirement for graduation. Instruction provided to 827 students for the year ended June 30, 2015. 11987444 11987444 0 Culver Academies understands the financial commitment of an independent school education and focuses on maximizing our resources to provide opportunities to those families who qualify or warrant assistance. Culver offers need based financial aid assistance as well as non-need based merit awards. Need based aid depends solely on a family's financial profile and is independent from the admissions process. Scholarships / Merit awards are based on the strength of the candidate and can range from small amounts to full awards. The School provided financial assistance of $11,177,305 both merit and need-based, to 407 Boarding (winter) School students as of June 30, 2015. Financial aid also included $810,139 in assistance for 193 Summer School & Camps students. 7115021 0 7803766 Founded in 1902, Culver Summer Schools and Camps is a fun- filled, naturally beautiful 1,800-acre setting where over 1,390 young people from around the world, ages 7-17, develop positive self-esteem through accomplishment and self-discipline. It is a six week high challenge-high support-high reward environment for learning leadership skills that improve personal confidence. The Summer Schools and Camps program provided educational and leadership training as well as extensive outdoor activities for 1391 campers ages 7 to 17 during fiscal year ended June 30, 2015. 9160267 0 0 Student Services Programs: A variety of student services and activities were provided, including Barber Shop, Laundry-Dry Cleaning, and Student Health Services. Services were provided to 827 Boarding School Students and 1391 Summer School campers as of June 30, 2015. 747169 0 759736 Student Services Programs, General/Other: Auxiliary services such as required uniform and a campus bookstore provided for convenience of students in winter and summer programs. (2218 students) 9907436 0 759736 59095599 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 1 0 1 1 0 0 0 0 0 0 0 1 94 0 1 1212 1 1 1 0 0 0 0 1 1 0 0 0 0 1 0 X 34 34 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 IN X Richard J Tompos 5748428222 1300 Academy Road 159 Culver IN 465111291 John J Bollman Trustee 3 0 X 0 0 0 Kathryn R Booth Trustee 5 0 X 0 0 0 James W F Brooks Trustee 5 0 X 0 0 0 George T DeVries III Trustee 3 0 X 0 0 0 Peter A Fasseas Trustee 5 0 X 0 0 0 James E Fellowes Trustee 3 0 X 0 0 0 P Lamar Gable Trustee 3 0 X 0 0 0 Richard A Jennings Trustee 3 0 X 0 0 0 Jud Q Little Trustee 3 0 X 0 0 0 Bernardo Quintana Trustee 3 0 X 0 0 0 John Ruan III Trustee 3 0 X 0 0 0 Franklin D Schurz Jr Trustee 3 0 X 0 0 0 Robert C Vaughn Trustee 5 0 X 0 0 0 Dartanian Warr COL USAF Trustee 3 0 X 0 0 0 Michael R Wilcox Trustee 3 0 X 0 0 0 Miles D White Chairman 8 0 X X 0 0 0 James A Henderson Chairman Emeritus 10 0 X X 0 0 0 Jeffrey P Adams Treasurer 8 0 X X 0 0 0 Dr Margaret E Thompson Secretary 6 0 X X 0 0 0 Harry L Crisp II Vice President 3 0 X X 0 0 0 David M Culver Vice President 3 0 X X 0 0 0 Craig J Duchossois Vice President 3 0 X X 0 0 0 Jane D Eberly Vice President 3 0 X X 0 0 0 Paul C Gignilliat Vice President 5 0 X X 0 0 0 John D Zeglis Vice President 3 0 X X 0 0 0 Whitney Kolb Alvis Trustee 3 0 X 0 0 0 William H Brewer Trustee 3 0 X 0 0 0 James S Gault Trustee 3 0 X 0 0 0 Laura Schacht Bilicic Trustee 3 0 X 0 0 0 Susan Ellert Trustee 3 0 X 0 0 0 Cynthia Krupp Trustee 3 0 X 0 0 0 MG John W Peabody Trustee 3 0 X 0 0 0 MG -R- Richard J Sherlock Trustee 3 0 X 0 0 0 Jeffrey C Jones Trustee 3 0 X 0 0 0 Javier Bravo Trustee 3 0 X 0 0 0 John N Buxton Head of Schools 60 0 X 399349 0 262381 Richard J Tompos Assistant Treasurer/Controller 50 0 X 127908 0 69243 Michael Perry Chief Advancement Officer 50 0 X 189749 0 34929 Michael Hogan Director of Development 50 0 X 140081 0 34214 Kevin M MacNeil Chief Academic Officer 50 0 X 124921 0 39464 Kathleen J Lintner Dean of Faculty/Principal 50 0 X 125544 0 64684 Michael Turnbull Director of Admissions 50 0 X 114601 0 18196 Don Fox Director of Summer Schools and Camps 50 0 X 120453 0 16179 1342606 0 539290 14 0 1 0 Weigand Construction 7808 Honeywell Drive Fort Wayne IN 46825 General Contractor 6171196 Strategic Capital Allocation Group LLC 800 Boylston St 24th Floor Boston MA 02199 Investment Advisors 1219435 H G R Group Inc 1918 East Jefferson Blvd South Bend IN 46617 Contractor 602181 Our Health Inc One American Square Suite 2610 Indianapolis IN 46282 Health Services 519705 Superior Enterprises Inc 3835 B Superior Ridge Drive Fort Wayne IN 46808 Contractor 443649 19 0 0 417900 0 0 27233321 3046142 27651221 Tuition & Fees for Students 611110 40575716 40575716 0 0 Family Camp 611110 119485 119485 0 0 Student events/transportation 611110 203929 203929 0 0 0 0 0 0 40899130 2843671 0 916748 1926923 0 0 0 0 0 0 0 0 360256 0 157684 0 202572 0 202572 43994 0 158578 119393221 1030476 112386363 1094670 7006858 -64194 6942664 0 0 6942664 395520 417900 90248 305272 0 305272 0 0 0 0 0 0 3109406 1786837 1322569 759736 15278 547555 Overseas Student Trip Fees 611110 19020 19020 0 0 Avery Farms 900099 91000 0 91000 0 Sports Instruction Fees 611620 95000 95000 0 0 144843 25370 0 119473 349863 80516962 41842250 1023026 10000465 0 0 11987444 11987444 0 0 0 0 722204 119400 251458 351346 88000 44000 22000 22000 24659911 21064896 1614010 1981005 1340000 1103180 115425 121395 7780873 6322949 710586 747338 1518161 1233699 138646 145816 0 0 0 0 120190 0 120190 0 147108 0 147108 0 0 0 0 0 0 0 2024065 0 2024065 0 868677 626738 224251 17688 229603 8869 19884 200850 1156717 716299 197839 242579 794168 399286 197441 197441 0 0 0 0 0 0 0 0 708171 381944 41871 284356 0 0 0 0 143872 114077 29795 0 1494279 1415979 78300 0 0 0 0 0 5759784 5457971 301813 0 542823 514379 28444 0 Utilities 2338622 2216078 122544 0 Food 2158473 1809016 349457 0 Program-instructional support 2215104 1783980 267274 163850 Maintenance-equipment rentals 1309038 1217335 89520 2183 772877 558080 105858 108939 70880164 59095599 7197779 4586786 3474057 3230419 2371575 517743 18385564 19945830 325592 380196 0 0 0 0 0 0 1793898 1981281 1381654 1611309 198720086 111273741 81272642 87446345 118238287 102142593 272037593 293288324 0 0 0 0 4841228 4772456 504122090 515316496 5718371 6896267 0 0 11796738 12294073 38300000 38300000 0 0 0 0 0 0 4366652 3410565 26542727 28860427 86724488 89761332 X 85772031 84542743 33725353 41859759 297900218 299152662 417397602 425555164 504122090 515316496 X 9636798 3142497 0 0 0 -4621733 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 0 0 0 Schedule C, Part II-B, Line 1 The School is a member of a number of associations such as the National Association of Independent Schools, Independent Schools Association of the Central States and The Association of Boarding Schools, which may use a portion of membership dues to lobby on behalf of their members. Total dues paid to these organizations in Fiscal Year 2014-2015 were $23,705. The portion of these dues allocated to possible lobbying activities is not determinable. 0 0 X X X 0 394727138 15164162 8814817 0 16799876 2024065 399882176 316616374 69887268 25159656 0 14854021 2082139 394727138 289191894 22597782 21941923 0 15563112 1552113 316616374 307421700 7971785 -9721362 0 15175000 1305229 289191894 285714324 13347716 24758931 0 14996454 1402817 307421700 0.24 0.76 0 1 0 0 2189877 2189877 0 155148331 86315640 68832691 0 0 0 0 0 35251146 24958101 10293045 0 6130732 0 6130732 87446345 F F Private Equity 37484282 F Hedge Funds 185166375 F Short term investments 64975720 F Real Estate 5357803 F Miscellaneous Other 304144 F 293288324 0 Accrued Pension Liability 12864401 Interest Rate Swap Agreement 8451448 Gift Annuities 7544578 28860427 X 71720519 3142497 0 0 -14011509 -10869012 82589531 0 -2072569 -2072569 80516962 63562957 0 0 0 6694302 6694302 56868655 0 14011509 14011509 70880164 Schedule D, Part III, Line 1 Per Footnote 1 of the 2014-2015 audited financial statements: Contributions of works of art, historical treasures, and similar assets held as part of a collection for education, research or public exhibition purposes, rather than for sales or financial gain, are not recognized nor capitalized on the financial statements. Schedule D, Part III, Line 4 The Culver Educational Foundation maintains a collection of art works including portraits, paintings, photographs, and sculptures donated to the school. The Art Collection is housed within the Fine Arts Department, and items are displayed throughout campus on a rotating basis. The Crisp Arts Center has two galleries showcasing exhibits of the Culver collection. In addition, the School has a stamp collection maintained for student education, which is periodically displayed. Schedule D, Part V, Line 4 The School's endowment is used for support of financial aid, faculty salaries, capital projects, facilities maintenance, and academic and student projects. Schedule D, Part X, Line 2 The School recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. Management evaluated the school's tax positions and concluded that the school had no material uncertainties in income taxes as of June 30, 2015 and 2014. Schedule D, Part XI, Line 2d Financial aid grants are netted against tuition on the audited financial statements and equal $11,987,444. Investment management fees of $2,024,065 are netted against investment revenue on the audited financial statements and moved to expense on the 990, restoring that income. Schedule D, Part XI, Line 4b Cost of goods sold for auxiliary departments of $1,786,837, rental expenses of $157,684, construction in progress write-off of $37,800 and parent fundraiser expenses of $90,248 were included in expense on the audited financial statements but are offset to revenue per the 990. Schedule D, Part XII, Line 2d Cost of goods sold of $1,786,837 and rental expense of $157,684, were classified as expenses and not netted against sales on the audited financial statements. Fundraiser costs of $90,248 and construction in progress write-off of $37,800 were also classified as expenses on the audited financial statements, however, this amount was netted against revenue on the 990. Additional expenses for changes in charitable annuities of $553,776, pledge write-offs of $57,959, present value of future SWAP of $1,475,840 and the additional minimum pension liability of $2,534,158 are shown as adjustments to net assets on the 990. Schedule D, Part XII, Line 4b Financial Aid grants of $11,987,444 and investment management fees of $2,024,065 were netted against revenue in the audited financial statements and were included in expenses on the 990. 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 Culver Educational Foundation's admissions materials and applications for Winter School and Summer Camps include a statement of the School's non-discrimination policy. Human Resources includes a non-discrimination statement on all recruitment materials and advertisements for employment with the school. Central America and the Caribbean 0 0 Investments 173035307 Europe (including Iceland and Greenland) 0 0 Investments 37343753 Sub-Saharan Africa 0 0 Investments 1987038 East Asia and the Pacific 0 0 Program Services Admissions travel 29871 East Asia and the Pacific 0 0 Fundraising Alumni Events 9957 Europe (including Iceland and Greenland) 0 0 Program Services Admissions travel 21244 Europe (including Iceland and Greenland) 0 0 Fundraising Alumni events 5583 Middle East and North Africa 0 0 Program Services Admissions travel 1565 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Admissions travel 16718 North America (including Canada and Mexico, but not the United States) 0 0 Fundraising Alumni events 2725 South America 0 0 Program Services Admissions travel 29092 South America 0 0 Fundraising Alumni events 9697 0 0 212492550 1 0 1 1 1 0 Schedule F, Part I, Line 3 The School separately tracks foreign expenditures in its records and accounting system. Parent's Auction 813420 417900 395520 0 0 0 6866 3500 79882 0 0 813420 417900 395520 0 0 0 6866 3500 79882 90248 305272 1 Merit and need-based Financial Aid 600 11987444 0 Schedule I, Part I, Line 2 Scholarships and need-based financial aid are granted to students who attend Culver Military Academy, Culver Girls Academy and the Culver Summer Schools and Camps. Scholarships are based upon merit, as determined by faculty-administrative staff committees, or upon financial need, determined by family information from School and Student Services data. Detailed records are available at the Culver Educational Foundation. A Student Life committee reviews student academic performance and community involvement annually before renewing merit scholarships. Financial need is reviewed annually by the Financial Aid department before extending additional need-based aid. The School maintains records of the recipients and awards, which are available upon request. X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 John N Buxton Head of Schools 399349 0 0 0 0 0 218500 0 43881 0 661730 0 0 0 Richard J Tompos Assistant Treasurer/Controller 127908 0 0 0 0 0 11999 0 57244 0 197151 0 0 0 Michael Perry Chief Advancement Officer 189749 0 0 0 0 0 17474 0 17455 0 224678 0 0 0 Michael Hogan Director of Development 140081 0 0 0 0 0 13333 0 20881 0 174295 0 0 0 Kevin M MacNeil Chief Academic Officer 124921 0 0 0 0 0 11584 0 27880 0 164385 0 0 0 Kathleen J Lintner Dean of Faculty/Principal 125544 0 0 0 0 0 11603 0 53081 0 190228 0 0 0 Schedule J, Part I, Line 1a The Culver Academies is a residential boarding school. As a requirement of employment, the Head of Schools and Academic Dean live on campus and are provided housing owned by the School. Listed employees who received housing are: John N. Buxton - $24,000 and Dr. Kevin MacNeil - $9,000. The value of this housing is included in the individual's non-taxable benefits. Schedule J, Part I, Line 4 John N. Buxton, Head of Schools, participates in the School's non-qualified retirement plan. Mr. Buxton did not contribute to the School's plan in Fiscal Year 2015. Under the terms of the School's current non-qualified plan, amounts were contributed to the Head of School's account in prior years and in Fiscal Year 2015. Amounts are payable upon the Head of School's retirement. Pam Buxton Family Member of an Officer 114300 Employment Compensation 0 X 1 0 n/a X 1 0 n/a X 1 138100 appraisal X 38 2600206 mean value date recd X 1 145000 appraisal X Horses 1 5000 Donor appraisal X Equipment and Supplies 1 35994 Donor appraisal X Student and Alumni Activities 1 77832 Donor appraisal 1 0 1 1 Schedule M, Part I, Line 32b The School receives security gifts through its custodial bank, who uses a broker/dealer to process security contributions. Schedule M, Part I, Line 33 Contributions checked in column (a) of Part 1 are reported by number of contributions. The contribution revenue is determined based upon gift/tax receipts to donors as recorded in the School's Raisers Edge software, which is maintained by the School's Development Department. Form 990, Part I, Line 1 Located in Culver, IN, Henry Harrison Culver first founded Culver Military Academy in 1894 "for the purpose of thoroughly preparing young men for the best colleges, scientific schools and businesses of America." Culver Summer Schools and Camps began in 1902 and today brings over 1,390 campers from around the world to Culver to learn leadership skills that improve personal confidence. Coeducational since 1971, Culver Girls Academy was founded for the purpose of encouraging young women to attain the highest degree of self-development. Culver's mission is to educate its students for leadership and responsible citizenship in society by nurturing the whole individual- mind, spirit and body - through integrated programs that emphasize the cultivation of character. In addition, significant activities at Culver include The Ron Rubin School for the Entrepreneur, a Senior Service Project, the Global Pathways Spring Program and the Culver Equestrian Program. In today's global marketplace, entrepreneurship is the indispensable element to America's growth and prosperity and absolutely essential to our continued economic and political leadership in the world. Founded in 2006, The Ron Rubin School for the Entrepreneur provides adventurous Culver students with dynamic opportunities to learn--and practice--the skills of entrepreneurship that will prepare them for the real-world challenges of the 21st century. The program's fundamental objectives include helping participants gain a deeper understanding of creative and innovative thinking, adaptability, articulating arguments, collaboration and competition, learning from failures, and developing a global mind-set. Through interaction with highly successful entrepreneurs, field trips to exciting destinations, and challenging tasks that require collaboration and teamwork, students gain a deeper appreciation for innovation, creativity, and the magic of the entrepreneurial spirit. The Senior Service Project is the capstone of a student's Culver career and a requirement to graduate. It affords students the opportunity to integrate the best of what they have learned about themselves and leadership through a self-initiated practical experience that culminates into a meaningful response to a social need within a defined community. The end result will lead to an increased sense of competence, purpose and enlightenment within each student. The Global Pathways Spring Program provides service-learning and cultural exchange opportunities for students, faculty, staff, and patrons who have a desire to learn about another culture and to live responsibly as global citizens. There have been trips to seven states, Puerto Rico and twenty-three countries. The Culver Equestrian Program teaches students and campers' teamwork, attention to detail, and leadership. The Black Horse Troop, Lancers, Equestriennes, and the Summer Mounted Drill Team offer students and campers the opportunity to acquire not only physical strength and ability, but also the broader qualities of patience, perseverance, grit, and courage - the true hallmarks of an equestrian. Form 990, Part III, Line 1 Culver educates its students for leadership and responsible citizenship in society by developing and nurturing the whole individual--mind, spirit, and body--through integrated programs that emphasize the cultivation of character. Culver offers challenging programs in our classrooms and on the athletic fields and a strong sense of community. Culver creates opportunities for students to practice critical thinking and problem-solving to deepen understanding. Our integrated wellness program helps students understand and practice healthy lifestyles. Our commitment to spiritual development includes required weekly religious services. We are a community who believes in educating its students in the virtues of wisdom, justice, courage and moderation. Culver's philosophy is embodied in its Honor Code, its student leadership systems, and Ethics and Service-Learning requirements for graduation. We have high ideals and equally high expectations. Form 990, Part VI, Section B, Line 11b The Form 990 is prepared by the Business Office and reviewed by the Controller before external review by the School's tax firm. The draft from is also reviewed by the Head of Schools, prior to being reviewed and approved (excluding Schedule B) by the Budget, Audit and Human Resources committee. The full Board of Trustees has access to the Form 990 (excluding Schedule B) and is provided a summary briefing prior to filing the Form 990 with the Internal Revenue Service. Form 990, Part VI, Section B, Line 12c Each member of the Board of Trustees completes an annual Conflict of Interest Statement disclosing any potential conflicts. Officers of the Board and administrative employees also complete an annual Conflict of Interest Statement. The Conflict of Interest Statements are reviewed and maintained in the Head of School's office. Any disclosure determined to be in violation of policy is addressed between the Head of Schools, the Chairman of the Board of Trustees, and the respective Trustee, Officer or employee. Form 990, Part VI, Section B, Line 15 The Compensation Committee of the Board of Trustees reviews performance and determines compensation for the Head of Schools. The committee reviews comparative compensation for the Head of Schools and school officers every May, with the most recent compensation review completed in May 2015. Compensation is based upon performance and peer school review, as supported recommendations and industry benchmarks. The committee documents the compensation deliberations and decisions in the minutes of the meeting. Form 990, Part VI, Section C, Line 19 Financial statements, conflict of interest policy and governing documents are available upon request for the same period of disclosure as set forth in Section 6104(d) from the Controller or the Head of Schools of the Culver Educational Foundation. Copies of the documents are provided with state tax and corporate return filings and are regularly included with filings for property tax exemption and grant proposals as needed. In addition, information is provided to investment managers, bank officers and approved contractors as necessary or requested. Form 990, Part XI, Line 9 The following are adjustments to net assets: $2,534,158 for an increase in minimum pension liability, $1,475,840 loss on present value of future swap, $57,959 loss on pledge write-off, $553,776 loss for change in value of charitable annuities-split interest agreements.