2016-05-12T14:47:06-05:00 2015-06-30 MALONEY NOVOTNY LLC 1111 SUPERIOR AVENUE SUITE 700 CLEVELAND OH 44114 990 2014-07-01 340714390 WESTERN RESERVE ACADEMY % THOMAS ARNOLD WEST 3306504400 115 COLLEGE STREET HUDSON OH 442362926 THOMAS ARNOLD CFO 3306504400 2016-05-12 true CHRISTOPHER B ANDERSON P00226559 2163630100 2014 2016-08-17 19:52:53Z Christopher D Burner 115 COLLEGE STREET HUDSON OH 442362926 77318376 false 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 25 246 50 -348460 -348460 5924406 5509182 17089428 17948277 2976010 10715995 102819 43837 26092663 34217291 5331798 5501330 0 0 11539953 11538318 0 0 1411351 10192578 11099970 27064329 28139618 -971666 6077673 175653125 170677935 31470343 28517073 144182782 142160862 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. false false 23520499 5501330 17948277 The Academy is a secondary co-educational school with approximately 400 students. Our faculty cultivates intellectual curiosity through a challenging college preparatory program; our students pursue a rigorous liberal arts curriculum and engage in opportunities beyond the classroom in arts, athletics, and service, ensuring growth in mind, body, and spirit. The Academy's close-knit community instills individual and social responsibility, while preparing students as citizens and leaders in an increasingly interconnected world. 23520499 true true false false false false false false false true true true false false true 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 true false false false false true 19 0 true 246 true true true false false false false false false false false false X 25 25 false false false false false false false true true false false true true true true true true true true false OH X THOMAS ARNOLD 3306504400 115 COLLEGE STREET HUDSON OH 442362926 David A Alpern Trustee 1.0 0.0 X 0 0 0 Daniel W Christman Trustee 1.0 0.0 X 0 0 0 Stephan W Cole Trustee 1.0 0.0 X 0 0 0 Suzanne Day Secretary Board of Trustees 1.0 0.0 X X 0 0 0 Dagmar F Fellowes Trustee 1.0 0.0 X 0 0 0 John M Fowler Treasurer Board of Trustees 1.0 0.0 X X 0 0 0 Martin D Franks Trustee 1.0 0.0 X 0 0 0 R Mark Hamlin Jr Trustee 1.0 0.0 X 0 0 0 Olin J Heestand Jr Trustee 1.0 0.0 X 0 0 0 John P Hewko Trustee 1.0 0.0 X 0 0 0 Deborah D Hoover Trustee 1.0 0.0 X 0 0 0 David M Hunter Trustee 1.0 0.0 X 0 0 0 Jude D Kearney Trustee 1.0 0.0 X 0 0 0 Nathaniel E Leonard Trustee 1.0 0.0 X 0 0 0 Jeffrey Lin Trustee 1.0 0.0 X 0 0 0 Cecily Pryce Maguire Trustee 1.0 0.0 X 0 0 0 Robert T Michael Trustee 1.0 0.0 X 0 0 0 Andrew R Midler Co-President Board of Trustees 1.0 0.0 X X 0 0 0 Mary Katherine Ong-Landini Trustee 1.0 0.0 X 0 0 0 William H Roberts Trustee 1.0 0.0 X 0 0 0 Terry L Squire Trustee 1.0 0.0 X 0 0 0 Timothy R Warner Co-President Board of Trustees 1.0 0.0 X X 0 0 0 L Spencer Wells Trustee 1.0 0.0 X 0 0 0 Mark H Wiedenmann Trustee 1.0 0.0 X 0 0 0 Jason M Wortendyke Trustee 1.0 0.0 X 0 0 0 Christopher D Burner Head of School 40.0 0.0 X 322484 0 128589 Thomas P Arnold Chief Financial Officer 40.0 0.0 X 89274 0 18935 Mark L LaFontaine Asst Head of School-Avancement 40.0 0.0 X 251048 0 78167 Kathryn Mueller Asst Head of School 40.0 0.0 X 155253 0 75732 Daniel J Morrissey Dean of Admissions 40.0 0.0 X 131409 0 52853 Nancy C Hovan Director of Development 40.0 0.0 X 127334 0 65240 Jeffrey Neill Diector of College Counseling 40.0 0.0 X 112059 0 61344 Jeffrey Jacot Director of Facilities & Groun 40.0 0.0 X 120985 0 47269 Ruth DS Andrews Director of Leadership Giving 40.0 0.0 X 112446 0 25216 John J Tortelli Former CFO 40.0 0.0 X 196303 0 9687 1618595 0 563032 11 true true false CAMBRIDGE ASSOCIATES LLC POBox 83232 CHICAGO IL 606910232 PORTFOLIO ADVISOR 215632 CROSSCONTINENTAL LTD 483 CESTARIC DRIVE MILPITAS CA 95035 CONSULTING SVCS. 111746 FLIK-COMPASS GROUP USA PO BOX 91337 CHICAGO IL 60693 DINING SERVICES 1159040 3 5509182 1147195 5509182 BOARDING STUDENTS TUITION 900099 12004490 12004490 DAY STUDENTS TUITION 900099 5068050 5068050 RELATED ENTERPRISES 900099 875737 875737 17948277 1692263 -348460 2040723 0 4230 4230 0 0 0 52102640 43078908 9023732 9023732 9023732 61784 22177 39607 39607 0 0 0 34217291 17948277 -348460 11108292 0 5501330 5501330 0 0 962420 240605 481210 240605 0 7441498 6068299 913465 459734 818035 656777 107290 53968 1619682 1300397 212431 106854 696683 559347 91374 45962 0 32696 16348 16348 46625 46625 0 0 780128 780128 983268 983268 309956 309956 305192 245030 40028 20134 466610 374628 61199 30783 0 2089657 1985174 62690 41793 214620 64386 150234 0 27198 25838 816 544 296718 296718 0 1694122 1609416 50824 33882 223392 212222 6702 4468 FOOD SERVICE 1048279 1048279 AUXILIARY ENTERPRISES 191798 191798 RESTRICTED STUDENT EXP. 319119 319119 OTHER 2070592 1808282 39920 222390 28139618 23520499 3207768 1411351 0 0 2604111 1143938 4401235 5203610 2040171 20131 0 0 0 0 14640 12918 170108 192485 255532 394459 77382140 27501016 49462750 49881124 29671742 34856179 86625955 78573929 100414 95901 0 0 306467 303261 175653125 170677935 1312644 1042603 0 0 6902950 2431536 17753000 17067000 0 0 0 0 2500000 5000000 0 0 3001749 2975934 31470343 28517073 X 40016151 38097326 19996513 16911131 84170118 87152405 144182782 142160862 175653125 170677935 X 6077673 -8038552 -61041 X false true X true false X 2602098 2657835 6502608 5924406 5509182 23196129 0 0 2602098 2657835 6502608 5924406 5509182 23196129 1022522 22173607 8670552 2502219 3767774 2936072 1696493 19573110 0 248925 247643 234345 208989 61784 1001686 43770925 83924398 0.50658 0.42110 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 62874496 1548356 -1426723 3250160 59745969 56060560 3505111 6725754 1012870 2404059 62874496 54678111 1517635 3387583 822391 2700378 56060560 56583289 1330550 301499 1152183 2385044 54678111 51423245 1608225 5919216 862164 1505233 56583289 0.23407 0.52465 0.24128 false false 1636412 1636412 71271584 23651753 47619831 4463875 3849263 614612 10269 10269 49881124 ALTERNATIVE INVESTMENTS 78573929 F 78573929 0 ANNUITIES PAYABLE 1497200 INTEREST RATE SWAP 1478734 2975934 X 19836240 -8038552 -61041 -8099593 27935833 780128 5501330 6281458 34217291 21858160 21858160 780128 5501330 6281458 28139618 OTHER CHANGES IN REVENUE - PART XI, LINE 2D: CHANGE IN VALUE OF INTEREST RATE SWAP ($26,684); CHANGE IN SPLIT INTEREST AGREEMENTS ($34,357); TOTAL ADJUSTMENT = ($61,041). OTHER CHANGES IN REVENUE - PART XI, LINE 4B: STUDENT FINANCIAL AID, WHICH WAS NETTED WITH TUITION REVENUE ON THE FINANCIAL STATEMENTS BUT SHOWN AS AN EXPENSE IN PART IX OF FORM 990: $5,501,330. OTHER CHANGES IN EXPENSES - PART XII, LINE 4B: STUDENT FINANCIAL AID, WHICH WAS NETTED WITH TUITION REVENUE ON THE FINANCIAL STATEMENTS BUT SHOWN AS AN EXPENSE IN PART IX OF FORM 990: $5,501,330. INTENDED USES OF ENDOWMENT FUNDS - PART V, LINE 4: 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. FIN 48 (ASC 740) FOOTNOTE - PART X, LINE 2: 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, 2015. AS OF JUNE 30, 2015, 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. true true true true true true true false false false false false false false false false true PUBLICATION OF RACIALLY NONDISCRIMINATORY POLICY - PART I, LINE 3: WESTERN RESERVE ACADEMY PUBLICIZES ITS POLICY IN LOCAL NEWSPAPERS DURING THE TIME WHICH IS THE PERIOD OF STUDENT SOLICITATION. ONLINE AUCTION 35636 35636 9870 GOLF OUTING 26148 26148 12307 0 61784 61784 22177 22177 39607 true SCHOLARSHIPS FOR STUDENTS 168 5501330 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 true true X X X true false false false false false false false false Christopher D Burner Head of School 262684 0 55000 0 4800 0 30489 0 98100 0 451073 0 0 0 Mark L LaFontaine Asst Head of School-Avancement 243048 0 8000 0 0 0 28118 0 50049 0 329215 0 0 0 Kathryn Mueller Asst Head of School 140253 0 15000 0 0 0 16339 0 59393 0 230985 0 0 0 Daniel J Morrissey Dean of Admissions 107159 0 8000 0 16250 0 13743 0 39110 0 184262 0 0 0 Nancy C Hovan Director of Development 127334 0 0 0 0 0 14924 0 50316 0 192574 0 0 0 Jeffrey Neill Diector of College Counseling 102059 0 10000 0 0 0 12018 0 49326 0 173403 0 0 0 Jeffrey Jacot Director of Facilities & Groun 115985 0 5000 0 0 0 13513 0 33756 0 168254 0 0 0 John J Tortelli Former CFO 186303 0 10000 0 0 0 5394 0 4293 0 205990 0 0 0 BENEFITS PROVIDED TO CERTAIN OFFICERS - PART I, LINE 1A: The following are provided housing as a part of his/her job duties: Head of School, the Assistant 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 housing nor the social club dues are treated as taxable compensation. The Head of School also receives housekeeping services. SEVERANCE PAYMENTS - PART I, LINE 4A: JOHN TORTELLI, FORMER CFO, RECEIVED SEVERANCE OF $140,700. A SUMMIT COUNTY PORT AUTHORITY 341765940 2011-05-26 19600000 REFINANCING OF 2002 BONDS false false false A 19350000 0 19600000 0 0 0 250000 0 0 0 0 0 2011 true false true true A false false false false 0.00000 0.00000 0.00000 false false 0.00000 false false A false true false false true true JP MORGAN 20. false false false 0 false true A false X 78 1147195 FMV false true true USE OF THIRD PARTIES - PART I, LINE 32B: 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 Review - FORM 990, PART VI, LINE 11B: FORM 990 IS REVIEWED BY A COMMITTEE OF THE BOARD OF TRUSTEES WITH THE BOARD'S AUTHORITY TO OVERSEE THE FILING PROCESS. MONITORING AND ENFORCEMENT OF CONFLICT POLICY - FORM 990,PART VI,LINE 12C: 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. COMPENSATION REVIEW AND APPROVAL - FORM 990, PART VI, LINE 15: IN JUNE, 2015, 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. AVAILABILITY OF DOCUMENTS - FORM 990, PART VI, LINE 19: THE ACADEMY'S FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. THE ACADEMY DOES NOT MAKE ITS GOVERNING DOCUMENTS OR CONFLICT POLICY AVAILABLE. OTHER CHANGES IN NET ASSETS - FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF INTEREST RATE SWAP ($26,684); CHANGE IN SPLIT INTEREST AGREEMENTS ($34,357); TOTAL ADJUSTMENT: ($61,041). WHITE TAIL INVESTMENTS LTD 115 COLLEGE STREET HUDSON OH 44236 270257176 INVESTMENTS OH 1693901 0 WRA