2016-07-01T08:44:46-07:00 2014-06-30 990 2013-07-01 350868071 CULVER EDUCATIONAL FOUNDATION CULV 5748428222 1300 Academy Road No 159 Culver IN 465111291 Richard Tompos Asst Treasurer/Controller 5748428222 2015-05-13 2013 2016-09-27 15:27:22Z X John Buxton same as C above Culver IN 465111291 230541344 0 X www.culver.org X 1894 IN The Culver Academies is a preparatory boarding school with cutting-edge academic programs, excellent athletic teams, almost limitless opportunities in the arts, competitive academic teams, its own Black Horse Troop and summer program that teaches leadership to nearly 1400 children from all over the world. Culver's mission is to educate its students for leadership and responsible citizenship in society by nurturing the whole individual- mind, body and spirit- through integrated programs that emphasize the cultivation of character. Culver embodies an exciting combination of inspirational tradition and inspiring innovation in its programs and its governing philosophy, with an emphasis on critical thinking, problem solving, leadership, wellness and a healthy emphasis on integrity and developing character. With over 100 years in business, our high ideals and high expectations create a challenging and rewarding environment for students. For more information, visit www.culver.org. 34 34 1162 1000 -156188 0 50037214 59224774 36374186 38724665 7326400 31505244 2075950 1876218 95813750 131330901 10291657 11013038 0 0 34478667 35104783 0 0 5377707 23421109 23883872 68191433 70001693 27622317 61329208 441231776 504122090 83980642 86724488 357251134 417397602 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. 0 0 29924494 0 31159916 Secondary Education: Instruction 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 810 students for the year ended June 30, 2014. 11013038 11013038 0 Student Financial Aid: The School provided financial assistance of $10,313,765 both merit and need-based, to 388 Boarding (winter) School students as of June 30, 2014. Financial aid also included $699,273 in assistance for 206 Summer School & Camps students. 6812826 0 7724550 Elementary & Secondary Education: The Summer Camps program provided educational and leadership training as well as extensive outdoor activities for 1394 campers ages 9 to 17. 8800397 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 810 Boarding School Students and 1394 Summer School campers as of June 30, 2014. 786433 0 862919 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. (2204 students) 9586830 0 862919 57337188 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 1 176 0 1 1162 1 1 1 0 0 0 0 1 1 0 0 0 1 1 0 X 34 34 0 0 0 0 0 0 0 1 1 0 0 1 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 Javier Bravo 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 John N Buxton Head of Schools 60 0 X 400669 0 213472 Richard J Tompos Assistant Treasurer/Controller 50 0 X 123806 0 63923 Michael Perry Chief Advancement Officer 50 0 X 183061 0 32819 Michael Hogan Director of Development 50 0 X 135515 0 58332 Kevin M MacNeil Chief Academic Officer 50 0 X 118947 0 36280 Kathleen J Lintner Dean of Faculty/Principal 50 0 X 121257 0 57628 Michael Turnbull Director of Admissions 50 0 X 110928 0 14588 Jeffry Kutch Director of Facilities 50 0 X 110158 0 35615 1304341 0 512657 10 0 1 0 Weigand Construction 7808 Honeywell Drive Fort Wayne IN 46825 General Contractor 2970446 Strategic Capital Allocation Group LLC 800 Boylston St 24th Floor Boston MA 02199 Investment Advisors 1236718 Hebard & Hebard Architects Inc The Tower Building 216 West Washington Street South Bend IN 46601 Acrhitects 491799 Our Health Inc One American Square Suite 2610 Indianapolis IN 46282 Health services 426909 G & G Hauling & Excavating 115 N Columbia St Warsaw IN 46580 Contractor 391038 13 0 0 9500 0 0 59215274 3440469 59224774 Tuition and fees for students 611110 38374309 38374309 0 0 Family Camp 611110 168554 168554 0 0 Student events/transportation 611110 181802 181802 0 0 0 0 0 0 38724665 2807661 0 -244438 3052099 0 0 0 0 0 0 0 0 327406 0 106887 0 220519 0 220519 26000 0 194519 125971485 101475 97335694 39683 28635791 61792 28697583 0 0 28697583 10780 9500 6041 4739 0 4739 0 0 0 0 0 0 3062767 1722138 1340629 763549 15750 561330 Overseas student trips 611110 26531 26531 0 0 Avery Farms 900099 72500 0 72500 0 211300 206640 0 4660 310331 131330901 39747385 -156188 32514930 0 0 11013038 11013038 0 0 0 0 709735 119400 246379 343956 88000 44000 22000 22000 23898320 20223131 1520020 2155169 1380000 1124889 117151 137960 7554698 6158127 641326 755245 1474030 1201539 125132 147359 0 0 0 0 119850 0 119850 0 73836 0 73836 0 0 0 0 0 0 0 2082139 0 2082139 0 1252182 541540 678374 32268 285667 2688 21430 261549 1145017 744354 174073 226590 779841 392255 193793 193793 0 0 0 0 0 0 0 0 845734 463704 61767 320263 0 0 0 0 170471 140772 29699 0 1361743 1290388 71355 0 0 0 0 0 5774531 5471946 302585 0 512442 485589 26853 0 UTILITIES 2311849 2190708 121141 0 FOOD 2073269 1737640 335629 0 PROGRAM-INSTRUCTIONAL SUPPORT 2498179 1968506 159508 370165 MAINTENANCE-EQUIPMENT RENTALS 1396247 1303445 90127 2675 1200875 719529 72631 408715 70001693 57337188 7286798 5377707 3265264 3474057 1507206 2371575 38095594 18385564 267329 325592 0 0 0 0 0 0 1694329 1793898 1129547 1381654 187270435 105997793 78310825 81272642 81690151 118238287 230474965 272037593 0 0 0 0 4796566 4841228 441231776 504122090 3575140 5718371 0 0 12055206 11796738 38300000 38300000 0 0 0 0 0 0 4920093 4366652 25130203 26542727 83980642 86724488 X 78686904 85772031 26523495 33725353 252040735 297900218 357251134 417397602 441231776 504122090 X 61329208 493364 0 0 0 -1676104 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, Indiana Non-Public Education Association, and ISACS, which may use a portion of membership dues to lobby on behalf of their members. Total Dues paid to these organizations in Fiscal Year 2013-2014 were $20,370. The portion of these dues allocated to possible lobbying activities is not determinable. 0 0 X X X 0 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 202524631 75497868 21284465 0 12474047 1118683 285714234 0.27 0.73 0 1 0 0 2056307 2056307 0 151247560 82271613 68975947 0 0 0 0 0 31600113 23726180 7873933 0 2366455 0 2366455 81272642 208985035 F 30251895 F Other - Short term investment funds-LE 25586223 F Other - Short term investments - cash - other 5509315 F Real Estate 1363580 F Miscellaneous other 341545 F 272037593 0 Accrued Pension Liability 10890243 Interest Rate Swap Agreement 6975608 Gift Annuities 7781348 Capital Lease Agreement 895528 26542727 X 120564154 493364 0 0 -13095177 -12601813 133165967 0 -1835066 -1835066 131330901 60417686 0 0 0 3511170 3511170 56906516 0 13095177 13095177 70001693 Schedule D, Part III, Line 1 Per Footnote 1 of the 2013-2014 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 with in 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, 2014 and 2013. Schedule D, Part XI, Line 2d Financial aid grants are netted against tuition on the audited financials and equal $11,013,038. Investment management fees of $2,082,139 are netted against investment revenue on the audited financials and moved to expense on the 990, restoring that income. Schedule D, Part XI, Line 4b Cost of goods sold for auxiliary departments of $1,722,138, rental expense of $106,887, and parent fundraiser expense of $6041 were included in expense on the audited financials but are offsets to revenue per the 990 form. Schedule D, Part XII, Line 2d Cost of good sold $1,722,138 and rental expense $106,887, were classified as expenses and not netted against sales on the audited financials. Fundraiser costs of $6,041 were also classified as expenses on the audited financials, however, this amount was netted against revenue on the 990. Additional expenses for changes in charitable annuities $600,223, pledge write-offs $430,528, present value of future SWAP $121,201, and the additional minimum pension liability $524,151 are shown as adjustments to net assets on the 990. Schedule D, Part XII, Line 4b Financial Aid grants of $11,013,038 and investment management fees of $2,082,139 were net to revenue in the audited financials 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 168050643 Europe (including Iceland and Greenland) 0 0 Investments 39632108 Sub-Saharan Africa 0 0 Investments 1526880 Central America and the Caribbean 0 0 Program Services Admissions travel and Alumni events 12285 Central America and the Caribbean 0 0 Fundraising Alumni Events 4095 East Asia and the Pacific 0 0 Program Services Admissions travel 30148 East Asia and the Pacific 0 0 Fundraising Alumni events and fundraising 10049 Europe (including Iceland and Greenland) 0 0 Program Services Admissions travel 5665 Europe (including Iceland and Greenland) 0 0 Fundraising Alumni events and fundraising 1296 Middle East and North Africa 0 0 Investments Admissions travel 888 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Admissions travel 21197 North America (including Canada and Mexico, but not the United States) 0 0 Fundraising Alumni events and fundraising 4072 South America 0 0 Program Services Admissions travel 24871 South America 0 0 Fundraising Alumni events and fundraising 8290 South Asia 0 0 Program Services Admissions travel 1167 South Asia 0 0 Fundraising Alumni events and fundraising 389 0 0 209334043 1 0 0 1 1 0 Schedule F, Part I, Line 3 The School separately tracks foreign expenditures in its records and accounting system. Parent Golf Outing 20280 9500 10780 0 400 2621 0 0 3020 0 0 20280 9500 10780 0 400 2621 0 0 3020 6041 4739 1 Merit and need-based Financial Aid 594 11013038 0 Financial assistance, both merit and need-based to 388 boarding school students and 206 summer campers. Individual records and awards are maintained by the School and available upon request. 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 SSS data. Detailed records are available at the Culver Education 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 X 0 1 0 0 0 0 0 0 0 John N Buxton Head of Schools 400669 0 0 0 0 0 171675 0 41797 0 614141 0 0 0 Richard J Tompos Assistant Treasurer/Controller 123806 0 0 0 0 0 10042 0 53881 0 187729 0 0 0 Michael Perry Chief Advancement Officer 183061 0 0 0 0 0 15647 0 17172 0 215880 0 0 0 Michael Hogan Director of Development 135515 0 0 0 0 0 11106 0 47226 0 193847 0 0 0 Kathleen J Lintner Dean of Faculty/Principal 121257 0 0 0 0 0 9710 0 47918 0 178885 0 0 0 Kevin M MacNeil Chief Academic Officer 118947 0 0 0 0 0 9604 0 26676 0 155227 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 - $18,000 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 2014. 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 FY 2014. Amounts are payable upon the Head of School's retirement. Pam Buxton Family Member of an Officer 105730 Employment Compensation 0 X 2 355000 appraisal X 2 91433 appraisal X 1 mean value date recd X 60 2840163 mean value date recd X Horses 6 64500 Donor appraisal X Equipment & Supplies 9 77943 Donor appraisal X Student & Alumni Activities 14 11429 Donor appraisal 4 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 securities 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, maintained by our Development Department. Form 990, Header, Line B The School has amended the Form 990 in order to properly reflect the amount of deferred compensation related to the Head of Schools compensation arrangement. Form 990, Part VI, Section B, Line 11b The Form 990 is prepared by the Accounting Office and reviewed by the Controller with the Head of Schools before external review by the School's tax firm. The full 990 is sent to members of the Budget, Audit, and Human Resources committee, as well as the full Board for review prior to presentation at the committee meetings. The 990 is reviewed in detail and approved for submission to the Internal Revenue Service by the Budget, Audit, and Human Resources Committee members. The full Board of Trustees has access to the form 990 and is provided a summary briefing prior to filing the 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. 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 compensation for the Head of Schools and school officers every May, with the most recent compensation review completed in May 2014. 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 approved investment managers, bank officers, and approved contractors as necessary or requested. Form 990, Part XI, Line 9 The following are adjustments to net assets: $121,201 for an increase in of minimum pension liability, $524,151 for a loss on present value of Future Swap, $430,529 loss on pled write-offs, $600,223 loss for change in value of Charitable Annuities-Split Interest Agreement.