2015-11-13T13:35:44-06:00 2015-06-30 560574444 CHERRY BEKAERT LLP 410 FIRST STREET SW ROANOKE VA 24011 990 2014-07-01 540699572 NORTH CROSS SCHOOL NORT 5409896641 4254 COLONIAL AVE SW ROANOKE VA 24018 KAREN M LIST ASSISTANT HEAD OF SCHOOL 5409896641 2015-11-13 1 LEAH K KELLER P00638719 5403426911 2014 2016-03-07 17:11:31Z KAREN M LIST 4254 COLONIAL AVE SW ROANOKE VA 24018 9104167 0 X WWW.NORTHCROSS.ORG X 1944 VA A NON-SECTARIAN, INDEPENDENT, CO-EDUCATIONAL COLLEGE PREPATORY DAY SCHOOL, SERVICING GRADES PRE-KINDERGARTEN THROUGH TWELVE. 19 19 278 25 300961 0 831213 790239 7311554 8082989 26914 15711 108249 151847 8277930 9040786 1327236 1494882 0 0 4826765 4973166 0 0 308434 2734833 2782704 8888834 9250752 -610904 -209966 11173688 10953766 1699517 1704365 9474171 9249401 THE ORGANIZATION IS A NON-SECTARIAN, INDEPENDENT, CO-EDUCATIONAL COLLEGE PREPATORY DAY SCHOOL SERVING GRADES PRE-KINDERGARTEN THROUGH TWELVE. 0 0 7884163 1494882 7784267 INSTRUCTIONAL - FUNDS USED TO PROVIDE COMPREHENSIVE EDUCATIONAL PROGRAMS TO APPROXIMATELY 490 STUDENTS IN GRADES KINDERGARTEN THROUGH TWELFTH. AUXILIARY SERVICES, AND THE CARTER ATHLETIC CENTER FOR THE SCHOOL AND THE PUBLIC. 7884163 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 35 0 1 278 1 1 1 0 0 0 0 0 0 0 0 0 X 19 19 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 VA X X KAREN MLIST 5409896641 4254 COLONIAL AVE SW ROANOKE VA 24018 DAVID D H WILLIS TRUSTEE 1.00 X 0 0 0 WILLIAM AMOS TRUSTEE 1.00 X 0 0 0 JOHN P FISHWICK JR TRUSTEE 1.00 X 0 0 0 ROBERTO H ROBINSON TRUSTEE 1.00 X 0 0 0 GEORGE B CARTELEDGE III TRUSTEE 1.00 X 0 0 0 BRADLEY J BLUM TRUSTEE 1.00 X 0 0 0 SARAH BOXLEY BECK TRUSTEE 1.00 X 0 0 0 SARAH TUNE DOHERTY TRUSTEE 1.00 X 0 0 0 ELIZABETH F FRANKL TRUSTEE 1.00 X 0 0 0 IAN MCDADE TRUSTEE 1.00 X 0 0 0 GEORGE I VOGEL III TRUSTEE 1.00 X 0 0 0 ALLEN B WHITTLE TRUSTEE 1.00 X 0 0 0 JAMES V REVERCOMB JR TRUSTEE 1.00 X 0 0 0 LINDA D FRITH TRUSTEE 1.00 X 0 0 0 MARY LYNN WRIGHT TRUSTEE 1.00 X 0 0 0 TALFOURD H KEMPER JR TRUSTEE 1.00 X 0 0 0 SUSAN K STILL TRUSTEE 1.00 X 0 0 0 EDWARD M SMITH SR TRUSTEE 1.00 X 0 0 0 FRANK RUSSELL ELLETT CHAIR 1.00 X X 0 0 0 CHRISTIAN J PROCTOR HEADMASTER 40.00 X 141379 0 23745 KAREN LIST ASSISTANT HEAD OF SCHOOL 40.00 X 92082 0 8825 233461 0 32570 1 0 1 0 SOUTHERN CONCESSIONS 4254 COLONIAL DRIVE ROANOKE VA 24018 CAFETERIA CONTRACTOR 203409 1 790239 790239 TUITION AND FEES 611110 6820122 6820122 AUXILLARY SERVICES 611110 321643 321643 CARTER ATHLETIC CENTER 713940 300961 300961 640263 640263 8082989 13472 13472 47376 23468 23908 23908 23908 2239 0 2239 2239 2239 167852 39913 127939 127939 9040786 7784267 300961 165319 1494882 1494882 266031 133016 133015 3753825 3385100 171477 197248 177365 159943 8102 9320 445760 284829 145670 15261 330185 211752 102227 16206 2453 2453 41045 41045 11002 11002 108110 108110 19138 19138 654597 654597 87676 87676 INSTRUCTION AND STUDENT 512358 512358 GENERAL AND ADMINISTRAT 454166 454166 CARTER ATHLETIC CENTER 424117 424117 AUXILIARY SERVICES 320243 320243 147799 88402 59397 9250752 7884163 1058155 308434 29947 36217 176254 270789 975 0 86510 101541 9914 4147 24599 20148 72277 46745 21684379 12248646 9721366 9435733 1026616 1034660 25230 3786 11173688 10953766 457985 433576 350541 344567 826788 858656 64203 67566 1699517 1704365 X 8338053 8110025 357872 304044 778246 835332 9474171 9249401 11173688 10953766 -209966 -14804 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1023941 52086 -4873 41159 1029995 878636 7240 34019 -104046 1023941 824961 17240 36435 878636 818021 6940 824961 7450372 38191 6670542 818021 0.11000 0.81100 0.07900 0 0 387605 387605 16823520 8440274 8383246 2675727 2385126 290601 1797527 1423246 374281 9435733 MUTUAL FUNDS 475309 F PRIVATE EQUITY 176312 F OTHER INVESTMENTS 2875 F MONEY MARKET FUND 53151 F BOND FUND 327013 F 1034660 DEPOSITS HELD FOR OTHERS 67566 67566 X 7594481 -14804 63381 48577 7545904 1494882 1494882 9040786 7819251 63381 63381 7755870 1494882 1494882 9250752 PART V, LINE 4: ENDOWMENT FUNDS ARE USED FOR SCHOLARSHIPS AND FACULTY ENRICHMENT. PART X, LINE 2: MANAGEMENT HAS EVALUATED THE EFFECT OF GUIDANCE PROVIDED BY GAAP ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. MANAGEMENT BELIEVES THAT THE SCHOOL CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX-EXEMPT ORGANIZATION AT JUNE 30, 2015. MANAGEMENT HAS EVALUATED ALL OTHER TAX POSITIONS THAT COULD HAVE A SIGNIFICANT EFFECT ON THE FINANCIAL STATEMENTS AND DETERMINED THE SCHOOL HAD NO UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2015. TAX YEARS SUBSEQUENT TO 2012 ARE STILL OPEN TO EXAMINATION BY TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXP. NET OF FINANCIAL STATEMENT REVENUE 39,913. REAL PROPERTY RENTAL EXPENSES NET OF RENTAL INCOME 23,468. PART XI, LINE 4B - OTHER ADJUSTMENTS: TUITION REMISSION EXPENSE SHOWN NET ON FINANCIALS 431,488. FINANCIAL AID EXPENSE SHOWN NET ON FINANCIALS 1,063,394. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXP. NET OF FINANCIAL STATEMENT REVENUE 39,913. REAL PROPERTY RENTAL EXPENSES NET OF RENTAL INCOME 23,468. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION REMISSION EXPENSE SHOWN NET ON FINANCIALS 431,488. FINANCIAL AID EXPENSE SHOWN NET ON FINANCIALS 1,063,394. PART XI AND XII, LINE 2D AND 3B: FUNDRAISING EXPENSES ARE SHOWN NET OF EXPENSES AS AN EXPENSE ITEM ON THE FINANCIAL STATEMENTS. RENTAL EXPENSES ARE SHOWN ON THE FINANCIALS AS PART OF THE CARTER ATHLETIC CENTER EXPENSE ITEM. THE TUITION REMISSION AND FINANCIAL AID IS SHOWN NET OF REVENUE ON THE AUDITED FINANCIAL STATEMENTS. 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 POLICY IS DESCRIBED IN THE HANDBOOK AS WELL AS POSTED ON THE ORGANIZATION WEBSITE SEPARATELY. BIG FLEA 30395 30395 3597 WINTER GALA 137457 137457 11222 4100 20994 1 167852 167852 11222 4100 24591 39913 127939 1 TUITION REMISSION 53 431488 FINANCIAL AID 130 1063394 PART I, LINE 2: THE TUITION REMISSION FIGURE IS AN EMPLOYEE BENEFIT PROVIDED TO EMPLOYEES FOR THEIR OWN STUDENTS THAT ATTEND NCS. FINANCIAL AID INCLUDES BOTH NEED AND MERIT BASED AWARDS. NEED BASED AWARDS ARE GIVEN TO FAMILIES WHO DEMONSTRATE FINANCIAL NEED; AND MERIT BASED AWARDS ARE GIVEN UNDER CERTAIN CONDITIONS OF MAINTAINING A MINIMUM LEVEL OF PERFORMANCE, INCLUDING GPA, GOOD STANDING, ETC. ALL STUDENTS MUST MEET ADMISSION REQUIREMENTS, INCLUDING TESTING. X 1 1 X X 0 0 0 0 0 0 0 0 0 CHRISTIAN J PROCTOR HEADMASTER 141379 0 0 0 0 0 7125 0 16620 0 165124 0 0 0 PART I, LINE 1A A RESIDENCE OWNED BY THE NORTH CROSS SCHOOL IS PROVIDED TO THE HEADMASTER AS PART OF THE COMPENSATION PACKAGE. THIS IS A CONDITION OF HIS EMPLOYMENT AND IT IS A FOR THE CONVENIENCE OF THE EMPLOYER AND EMPLOYEE. HOMETOWN BANK PRESIDENT AND CEO SUSAN K. STILL IS A BOARD MEMBER OF NORTH CROSS SCHOOL 200333 IN 2012, NORTH CROSS SCHOOL REFINANCED THEIR LINE OF CREDIT INTO A NOTE PAYABLE WITH HOMETOWN BANK, WHOSE PRESIDENT AND CEO IS SUSAN K. STILL. THE INTEREST IS PAYABLE MONTHLY AT A VARIABLE RATE OF THE WALL STREET JOURNAL PRIME RATE PLUS 1.25% (4.5% AT JUNE 30, 2015). ALL TRANSACTIONS ARE AT ARM'S LENGTH AND FMV. 0 HOMETOWN BANK PRESIDENT AND CEO SUSAN K. STILL IS A BOARD MEMBER OF NORTH CROSS SCHOOL 277000 IN 2013, NORTH CROSS SCHOOL ENTERED INTO A NOTE PAYABLE WITH HOMETOWN BANK, WHOSE PRESIDENT AND CEO IS SUSAN K. STILL. THE INTEREST IS PAYABLE MONTHLY AT AN ANNUAL RATE OF 4.00%. THE LOAN MATURES IN MAY 2018. ALL TRANSACTIONS ARE AT ARM'S LENGTH AND FMV. 0 HOMETOWN BANK DAVID WILLIS IS A BOARD MEMBER OF THE BANK AND OF NORTH CROSS SCHOOL 200333 IN 2012, NORTH CROSS SCHOOL REFINANCED THEIR LINE OF CREDIT INTO A NOTE PAYABLE WITH HOMETOWN BANK, WHOSE PRESIDENT AND CEO IS SUSAN K. STILL. THE INTEREST IS PAYABLE MONTHLY AT A VARIABLE RATE OF THE WALL STREET JOURNAL PRIME RATE PLUS 1.25% (4.5% AT JUNE 30, 2015). ALL TRANSACTIONS ARE AT ARM'S LENGTH AND FMV. 0 HOMETOWN BANK DAVID WILLIS IS A BOARD MEMBER OF THE BANK AND OF NORTH CROSS SCHOOL 277000 IN 2013, NORTH CROSS SCHOOL ENTERED INTO A NOTE PAYABLE WITH HOMETOWN BANK, WHOSE PRESIDENT AND CEO IS SUSAN K. STILL. THE INTEREST IS PAYABLE MONTHLY AT AN ANNUAL RATE OF 4.00%. THE LOAN MATURES IN MAY 2018. ALL TRANSACTIONS ARE AT ARM'S LENGTH AND FMV. 0 FORM 990, PART VI, SECTION B, LINE 11 THE ASSISTANT HEAD OF SCHOOL FOR FINANCE & OPERATIONS, HEADMASTER, AND FINANCE COMMITTEE REVIEWS THE RETURN. ONCE THE AUDIT COMMITTEE APPROVES THE RETURN, THE REST OF THE BOARD REVIEWS IT PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE ASSISTANT HEAD OF SCHOOL FOR FINANCE & OPERATIONS IS AWARE OF ALL BUSINESS TRANSACTIONS AND MONITORS THEM CLOSELY FOR ANY CONFLICTS. THE CONFLICT OF INTEREST POLICY IS APPROVED BY THE BOARD. ANY ARISING CONFLICT IS HANDLED IN ACCORDANCE TO PROCEDURES OUTLINED IN THE CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE HEADMASTER'S SALARY IS DETERMINED BY SALARY COMPARISONS FROM VAIS AND NAIS FOR NATIONAL AVERAGE COMPARISONS AND APPROVED BY THE BOARD. THE ASSISTANT HEAD OF SCHOOL FOR FINANCE & OPERATIONS AND HEADMASTER THEN START THE BUDGET PROCESS IN NOVEMBER. THEY START WITH SEVERAL SALARY INCREASE SCENARIOS AND DETERMINE WHICH OF THE PERCENTAGES THE ORGANIZATION CAN AFFORD. A MEETING IS HELD WITH THE FINANCE COMMITTEE FOR INITIAL REVIEW IN DECEMBER. CONTRACTS ARE SENT OUT WITH INCREASES IN FEBRUARY. NEW HIRE SALARIES ARE DETERMINED BY THE HEADMASTER. COMPARISONS ARE USED FROM VAIS AND NAIS FOR NATIONAL AVERAGE COMPARISONS. FORM 990, PART VI, SECTION C, LINE 19 THE EMPLOYEE HANDBOOK, POSTED ON THE WEBSITE, DETAILS ALL POLICIES. FINANCIAL STATEMENTS ARE REVIEWED BY THE FINANCE COMMITTEE, THEN DISTRIBUTED TO THE BOARD. THE ORGANIZATION'S FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICIES, AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST.