2016-04-18T09:20:49-05:00 2015-06-30 EISNERAMPER LLP 750 THIRD AVENUE NEW YORK NY 100172703 990 2014-07-01 131623919 The Calhoun School % BRENDAN DOYLE DIR OF FINANC CALH 2124976500 433 WEST END AVENUE NEW YORK NY 10024 BRENDAN DOYLE DIRECTOR OF FINANCE 2124976500 2016-04-18 true JULEFLOCHEISNERAMPERCOM P00736879 2129498700 2014 2016-08-17 19:52:53Z STEVEN J NELSON 433 WEST END AVENUE NEW YORK NY 10024 38477948 false X WWW.CALHOUN.ORG X 1941 NY THE CALHOUN SCHOOL IS A PROGRESSIVE, INDEPENDENT, COEDUCATIONAL COLLEGE PREPARATORY SCHOOL WITH STUDENTS RANGING FROM THREE-YEAR-OLDS TO TWELFTH GRADERS. 24 24 334 171 0 6252224 3788433 31198141 33129075 521041 342446 84090 108760 38055496 37368714 4487045 4941510 0 0 20116771 21804218 0 0 1173109 11564063 11893307 36167879 38639035 1887617 -1270321 92726791 69381763 74615341 52675340 18111450 16706423 THE CALHOUN SCHOOL IS A PROGRESSIVE, INDEPENDENT, COEDUCATIONAL COLLEGE PREPARATORY SCHOOL WITH APPROXIMATELY 750 STUDENTS, RANGING FROM THREE-YEAR-OLDS TO TWELFTH GRADERS. false false 25268111 4941510 33129075 CALHOUN'S GOAL IS TO INSPIRE A PASSION FOR LEARNING THROUGH A PROGRESSIVE APPROACH TO EDUCATION THAT VALUES INTELLECTUAL PURSUIT, CREATIVITY, DIVERSITY, AND COMMUNITY INVOLVEMENT. 25268111 true true false false false false false false false true true false false false false true true false true false false false false false true false false false true true true false false false false false false false false false false true false false false false false false false false true 20 0 334 true false false false false false true true false false false false X 24 24 false false false false false false false true true false false true true true true true true true true false NY X BRENDAN DOYLE DIR OF FINANC 2124976500 433 WEST END AVENUE new york NY 10024 Eric Potoker Chair 2.0 0.0 X X 0 0 0 Jon Brayshaw Vice Chair 2.0 0.0 X X 0 0 0 Dylan Hixon Treasurer 2.0 0.0 X X 0 0 0 Melissa Liberty Secretary 2.0 0.0 X X 0 0 0 Susan Barkey Trustee 2.0 0.0 X 0 0 0 Jonathan Bauman Trustee 2.0 0.0 X 0 0 0 Stefanie Bhalla Trustee 2.0 0.0 X 0 0 0 Andrea Booth Trustee 2.0 0.0 X 0 0 0 Michael Conboy Trustee 2.0 0.0 X 0 0 0 Lori Fleishman Dorr Trustee 2.0 0.0 X 0 0 0 James Glasgow Trustee 2.0 0.0 X 0 0 0 Melanie Griffith Trustee 2.0 0.0 X 0 0 0 Erica Hong Trustee 2.0 0.0 X 0 0 0 Michael Marra Trustee 2.0 0.0 X 0 0 0 Bernadette Mitchell Trustee 2.0 0.0 X 0 0 0 Marc Murphy Trustee 2.0 0.0 X 0 0 0 Colleen Pike Trustee 2.0 0.0 X 0 0 0 Shaiza Rizavi Trustee 2.0 0.0 X 0 0 0 Chris Rothermel Trustee 2.0 0.0 X 0 0 0 Rosa Sabater Trustee 2.0 0.0 X 0 0 0 Steven Sinatra Trustee 2.0 0.0 X 0 0 0 Claudia Singleton Trustee 2.0 0.0 X 0 0 0 Jay Sugarman Trustee 2.0 0.0 X 0 0 0 Susan Thomson Trustee 2.0 0.0 X 0 0 0 Steven J Nelson Head of School 40.0 0.0 X 520896 0 60129 Brendan Doyle Director of Finance 40.0 0.0 X 189967 0 27197 Lorenzo Krakowsky Director of Upper School 40.0 0.0 X 161513 0 12288 Kathleen Clinesmith Senior Administrator 40.0 0.0 X 166404 0 16305 Sonia Bonsu Director of Development 40.0 0.0 X 126674 0 11278 Alison Max Rothschild Director of Lower School 40.0 0.0 X 151587 0 13508 Eric Chapman Director of Middle School 40.0 0.0 X 140850 0 19309 David Bartolacci Director of Athletics 40.0 0.0 X 133483 0 11642 David Alpert Director of Performing Arts 40.0 0.0 X 133790 0 13072 1725164 0 184728 37 false true false REIDY CONTRACTING GROUP 120 WESTS 31ST STREET NEW YORK NY 10001 CONSTRUCTION 6707716 EMERALD SERVICES INC ONE FAIRCHILD COURT PLAINVIEW NY 11803 MAINTENANCE 1043608 FX FOWLE ARCHITECTS PC 22 WEST 19TH STREET NEW YORK NY 10011 ARCHITECTURE 929107 M TUCKER 1200 MADISON AVENUE PATERSON NJ 07503 ARCHITECTURE 453429 VVA LLC 117 EAST 31ST STREET NEW YORK NY 10016 PROJECT MANAGAMENT 186125 5 1175791 418686 2193956 533677 3788433 TUITION, ADMISSION, REGISTRATION AND FEES 611710 32585286 32585286 AFTERSCHOOL PROGRAM 611710 387222 387222 SUMMER CARE INCOME 611710 132205 132205 THEATRE PRODUCTIONS INCOME 611710 24362 24362 33129075 272078 272078 0 0 0 0 0 1023644 953276 70368 70368 70368 155958 1175791 155958 0 0 0 MISCELLANEOUS INCOME 611710 108760 108760 108760 37368714 33129075 451206 0 4941510 4941510 0 0 1221241 883713 206278 131250 0 15955986 10456417 5104455 395114 854276 551697 277191 25388 2536192 1688933 769537 77722 1236523 817678 381214 37631 0 12944 12944 70292 70292 0 0 0 8600 8600 0 3211216 1224145 1979337 7734 0 0 1892604 1765482 127122 407480 378160 25010 4310 0 0 2248903 2248903 0 2369239 1801929 567310 266566 266566 STUDENT CAFETERIA 527469 509775 17694 BAD DEBT 248672 248672 OTHER EXPENSES 629322 143962 485360 38639035 25268111 12197815 1173109 7874359 7818414 33633377 5565514 2078200 1705431 452720 677054 0 0 0 0 0 0 0 0 420202 296855 67847218 21185804 41364600 46661414 5199501 5568354 0 0 0 0 0 0 1703832 1088727 92726791 69381763 2173430 2188720 0 0 12784577 13813076 27165000 4860000 0 0 0 0 32438334 31813544 54000 0 0 0 74615341 52675340 X 9147630 8075187 1556619 997964 7407201 7633272 18111450 16706423 92726791 69381763 -1270321 -134706 X false true X true false X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 7918762 226071 -64338 8080495 6658139 889061 465706 94144 7918762 5403700 1189598 210679 145838 6658139 4114347 1265208 78252 54107 5403700 2578150 1505939 30258 4114347 0.94000 0.06000 false false 4837227 4837227 10056746 5754558 4302188 48815663 11782124 37033539 3880338 3391878 488460 257244 257244 0 46661414 0 0 X 32292498 -134706 -134706 32427204 4941510 4941510 37368714 33697525 33697525 4941510 4941510 38639035 PARTS V, X, XI, AND XII PART V, QUESTION 4 THE SCHOOL'S ENDOWMENT GENERATES A PREDICTABLE STREAM OF REVENUE THAT HELPS FUND ITS PROGRAMS, AS WELL AS FUND FINANCIAL AID. PART X, QUESTION 2 THE SCHOOL IS SUBJECT TO THE PROVISIONS OF THE FINANCIAL ACCOUNTING STANDARDS BOARD ACCOUNTING STANDARDS CODIFICATION ("ASC") TOPIC 740, "INCOME TAXES," RELATING TO ACCOUNTING AND REPORTING FOR UNCERTAINTY IN INCOME TAXES. BECAUSE OF THE SCHOOL'S GENERAL TAX-EXEMPT STATUS, ASC TOPIC 740 HAS NOT HAD, AND IS NOT EXPECTED TO HAVE A MATERIAL IMPACT ON THE SCHOOL'S FINANCIAL STATEMENTS. PART XI AND XII LINE 4B FINANCIAL AID NETTED AGAINST REVENUE PER AUDITED FINANCIAL STATEMENTS INCLUDED IN EXPENSES PER RETURN = $4,941,510. true true true true true true true false false false false false false false false true false true QUESTIONS 3 AND 6A QUESTION 3: THE SCHOOL IS A MEMBER OF THE INDEPENDENT SCHOOLS ADMISSIONS ASSOCIATION OF GREATER NEW YORK (ISAAGNY). ISAAGNY PUBLISHES ITS RACIALLY NON-DISCRIMINATION POLICY, LISTING EACH MEMBER SCHOOL, EACH YEAR IN THE NY METRO DAILY NEWSPAPER. THE POLICY WAS PUBLISHED ON THE MARCH 2, 2015 ISSUE OF THE NEWSPAPER. THE POLICY IS ALSO POSTED ON THE SCHOOL'S WEBSITE. QUESTION 6A: THE SCHOOL RECEIVED $418,686 GOVERNMENT FUNDING FROM THE NEW YORK STATE DEPARTMENT OF EDUCATION. SERAPIS PFC false ANNUAL BENEFIT 1331749 1175791 155958 125958 30000 0 1331749 1175791 155958 125958 30000 155958 true FINANCIAL AID PROVIDED TO STUDENTS 144 4941510 FMV TUITION REDUCTION FINANCIAL AID POLICY THE CALHOUN SCHOOL'S FINANCIAL AID COMMITTEE REVIEWS PARENT FINANCIAL STATEMENTS, INCLUDING INDIVIDUAL TAX RETURNS, AND AWARDS STUDENTs SCHOLARSHIPS ON THE BASIS OF FINANCIAL NEED. X X true true X X X X X false true false false false false false false false Steven J Nelson Head of School 520896 0 0 0 0 0 52305 0 7824 0 581025 0 0 0 Brendan Doyle Director of Finance 189967 0 0 0 0 0 14848 0 12349 0 217164 0 0 0 Lorenzo Krakowsky Director of Upper School 161513 0 0 0 0 0 11913 0 375 0 173801 0 0 0 Kathleen Clinesmith Senior Administrator 166404 0 0 0 0 0 12651 0 3654 0 182709 0 0 0 Alison Max Rothschild Director of Lower School 151587 0 0 0 0 0 11131 0 2377 0 165095 0 0 0 Eric Chapman Director of Middle School 140850 0 0 0 0 0 10804 0 8505 0 160159 0 0 0 SCHEDULE J, PART I LINE 1A: THE TAX INDEMIFICATION AND GROSS-UP PAYMENTS IS EQUAL TO 5% OF THE VALUE OF THE APARTMENT AND IS REPORTED AS TAXABLE COMPENSATION. THE BENEFIT IS PART OF THE COMPENSATION PACKAGE FOR THE HEAD OF SCHOOL. LINE 4B: AS PART OF HIS COMPENSATION PACKAGE, APPROVED BY THE BOARD OF TRUSTEES, THE HEAD OF SCHOOL PARTICIPATES IN THE 457(F) PLAN. THE PLAN WAS ESTABLISHED AND MAINTAINED FOR THE PURPOSE OF PROVIDING THE HEAD OF SCHOOL WITH AN ADDITIONAL MEANS FOR DEFERRING COMPENSATION. LINE 3 DETERMINATION OF COMPENSATION: The school has an Executive Committee which sets the compensation for the Head of School based on comparable data obtained from Guidestar for peer institutions and other third party sources. The Head of School sets the compensation for key employees also based on comparable data obtained for peer institutions and other third party sources. The Head of School has a written employment contract signed by the Board Chairman. C NEW YORK CITY INDUSTRIAL DEVELOPMENT AGENCY 132906040 649438af5 2006-06-22 855000 FINANCING ACQUISITION/RENOVATIONS false false false D NEW YORK CITY INDUSTRIAL DEVELOPMENT AGENCY 132906040 649438AG3 2006-06-22 4645000 FINANCING ACQUISITION/RENOVATIONS false false false C 0 0 855000 42750 0 0 47000 0 12944 752306 0 0 2006 false false true true D 0 0 4645000 232250 0 0 253000 0 70321 4089429 0 0 2006 false false true true C false false false false 0 false false false false D false false false false 0 false false false false C false false false false false false 0 false false false 0 false false D false false false false false false 0 false false false 0 false false C false D false SCHEDULE K: IN JULY 2003, THE SCHOOL RECEIVED PROCEEDS OF APPROXIMATELY $28,000,000 FROM THE ISSUANCE OF SERIES 2003 BONDS BY THE NEW YORK CITY INDUSTRIAL DEVELOPMENT AGENCY ("NYCIDA"). tHE MONIES RECEIVED WERE USED TO SATISFY OUTSTANDING BONDS AND MORTGAGE DEBT OF $8,000,000 AS WELL AS TO PROVIDE ADDITIONAL RESOURCES TO COMPLETE THE EXPANSION PROJECT PRIMARILY AT THE SCHOOL'S WEST END AVENUE LOCATION IN NEW YORK CITY. THE PROCEEDS ALSO PROVIDED FUNDING FOR IMPROVEMENTS TO OTHER SCHOOL FACILITES AND FOR THE ACQUISITION OF FURNISHINGS AND EQUIPMENT AT EACH OF THOSE FACILITIES. IN JUNE 2006, THE SCHOOL COMPLETED AN ADDITIONAL NYCIDA BOND ISSUANCE, FOR APPROXIMATELY $5,500,000. THE PROCEEDS FROM THESE SERIES 2006 BONDS WERE USED (I) TO FUND AN APPROXIMATE $3,100,000 SETTLEMENT AGREEMENT WITH A CONSTRUCTION MANAGEMENT COMPANY, IN CONNECTION WITH THE EXPANSION PROJECT AND RENOVATION OF THE WEST END AVENUE BUILDING; AND (II) FOR SUPPLEMENTAL FINANCING NECESSARY TO COVER CONSTRUCTION COST-OVERRUNS INCURRED IN CONNECTION WITH THE EXPANSION PROJECT. WITH THE ADDITION OF THE SERIES 2006 BONDS TO THE SERIES 2003 BONDS(TOGETHER, THE "BONDS"), THE EXISTING AGREEMENTS BETWEEN THE SCHOOL AND THE NYCIDA WERE AMENDED ACCORDINGLY. INTEREST EXPENSE INCURRED FOR THE BONDS DURING FISCAL-YEAR 2015 AMOUNTED TO APPROXIMATELY $1,061,000. IN SEPTEMBER 2013, THE SCHOOL BORROWED APPROXIMATELY $33,000,000 UNDER A MORTGAGE NOTE PAYABLE TO THE FIRST REPUBLIC BANK, AT AN INTEREST RATE OF 3.65%, WITH A PORTION OF THE PROCEEDS TO BE USED TO DISCHARGE THE DEBT ASSOCIATED WITH THE OUSTANDING BONDS. HOWEVER, UNDER THE TERMS OF THE RESPECTIVE BOND INDENTURES, NEITHER SERIES OF BONDS CAN BE RETIRED BEFORE SPECIFIED REDEMPTION DATES. ACCORDINGLY, A TRUST AGREEMENT WAS FORMED IN SEPTEMBER 2013 THAT ESTABLISHED IRREVOCABLE ESCROW FUNDS WITH SUFFICIENT FINANCIAL ASSETS TO PAY ALL INTEREST AND PRINCIPAL ON THE BONDS AS THEY COME DUE. IN DECEMBER 2014, UTILIZING THE ESCROW FUNDS, THE SCHOOL REDEEMED THE REMAINING BALANCE OF THE SERIES 2003 BONDS OF APPROXIMATELY $22,200,000, AND PAID A REDEMPTION PREMIUM OF APPROXIMATELY $666,000. ALTHOUGH THE SCHOOL'S CASH OBLIGATION FOR THE REDEMPTION OF THE BONDS HAS BEEN SATISFIED, A PORTION OF THE FUNDS HELD IN ESCROW REPRESENTS PREPAID INTEREST WHICH WILL BE SUBSEQUENTLY RECOGNIZED AS INTEREST EXPENSE (PARTIALLY OFFSET BY THE EARNINGS ON THE FUNDS HELD IN ESCROW) IN EACH OF THE FISCAL YEARS PRIOR TO THE BOND'S MATURITY DATES. ALL CASH INTEREST PAYMENTS MADE SUBSEQUENT TO SEPTEMBER 2013 ARE THUS MADE FROM THE ESCROW FUNDS AND NOT DIRECTLY FROM THE SCHOOL. INTEREST EXPENSE ON THE BONDS IN FISCAL-YEAR 2014 WAS $498,531 FOR THAT PORTION OF THE FISCAL YEAR PRIOR TO THE BORROWING FROM FIRST REPUBLIC BANK AND THE ESTABLISHMENT OF THE ESCROW FUNDS IN SEPTEMBER 2013 AND WAS $1,350,281 FOR THE REMAINDER OF THE FISCAL YEAR. PRINCIPAL PAYMENTS ON THE BONDS WILL BE MADE ACCORDING TO THE FOLLOWING SCHEDULE: YEAR ENDING JUNE 30 AMOUNT 2016 $105,000 2017 $4,755,000 ___________ $4,860,000 =========== ANNUAL PAYMENTS FOR THE MORTGAGE NOTE PAYABLE TO FIRST REPUBLIC BANK ARE EXPECTED TO BE MADE AS FOLLOWS: YEAR ENDED JUNE 30 AMOUNT 2016 $645,095 2017 $672,590 2018 $697,907 2019 $724,177 2020 $748,510 THEREAFTER $28,325,265 ___________ $31,813,544 ============ A BUILD NYC RESOURCE CORPORATION 454040561 2013-09-30 32593700 TO REFUND FUND PRIOR ISSUE AND FUN false false false A 0 0 32593700 0 0 0 209860 0 0 0 192414 0 true false true true A false false false 0 false false false false A false false false false false false 0 false false false 0 false false A false X 16 183646 FMV X SEE PART II 169 350031 FMV false true false SCHEDULE M, PART I, OTHER NONCASH CONTRIBUTIONS THERE WERE 169 ITEMS DONATED FOR AUCTION WHICH WERE RECORDED AT FAIR VALUE TOTALING $350,031. PART VI, SECTIONS B AND C PART VI, SECTION B LINE 11: THE FULL BOARD IS GIVEN A COPY OF THE FORM 990 AND RELATED SCHEDULES FOR THEIR REVIEW. QUESTIONS AND COMMENTS FROM ANY TRUSTEE ARE ADDRESSED PRIOR TO THE SUBMISSION OF THE FORM 990 TO THE IRS. LINE 12C: THE ORGANIZATION HAS A CONFLICT OF INTEREST POLICY THAT IS SIGNED ANNUALLY BY KEY EMPLOYEES AND MEMBERS OF THE BOARD OF TRUSTEES. LINE 15A AND B: THE SCHOOL HAS AN EXECUTIVE COMMITTEE WHICH SETS THE COMPENSATION FOR THE HEAD OF SCHOOL BASED ON COMPARABLE DATA OBTAINED FROM GUIDESTAR FOR PEER INSTITUTIONS AND OTHER THIRD PARTY SOURCES. THE HEAD OF SCHOOL SETS THE COMPENSATION FOR KEY EMPLOYEES ALSO BASED ON COMPARABLE DATA OBTAINED FOR PEER INSTITUTIONS AND OTHER THIRD PARTY SOURCES. THE HEAD OF SCHOOL HAS A WRITTEN EMPLOYMENT CONTRACT SIGNED BY THE CHAIRMAN OF THE BOARD. SECTION C LINE 19: THE SCHOOL MAKES ITS 990 AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST, OR THEY CAN ALSO BE OBTAINED THROUGH GUIDESTAR.ORG. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE DISTRIBUTED INTERNALLY AND ARE NOT MADE AVAILABLE TO THE PUBLIC. FORM 8868: APPLICATION FOR AN EXTENSION OF TIME TO FILE AN EXEMPT ORGANIZATION RETURN WAS FILED ELECTRONICALLY.