2015-12-09T15:05:55-06:00 2015-06-30 560574444 CHERRY BEKAERT LLP 1111 METROPOLITAN AVE STE 1000 CHARLOTTE NC 28204 990 2014-07-01 540801408 NANSEMOND SUFFOLK ACADEMY ASSOCIATION INC NANS 7575398789 3373 PRUDEN BLVD SUFFOLK VA 23434 DEBBIE RUSSELL HEAD OF SCHOOL 7575398789 2015-12-08 1 KELLIANNE F BENSON P01345659 7043771678 2014 2016-02-25 16:41:14Z DEBBIE RUSSELL 3373 PRUDEN BLVD SUFFOLK VA 23434 13387406 0 X WWW.NSACADEMY.ORG X 1966 VA THE MISSION OF NANSEMOND-SUFFOLK ACADEMY IS TO PROVIDE AN ACADEMICALLY RIGOROUS COLLEGE PREPARATORY EDUCATION IN AN ATMOSPHERE FOSTERING MORAL CHARACTER, RESPECT, RESPONSIBILITY AND COMPASSION. WITH A COMMITMENT TO HONOR ABOVE ALL, THE ACADEMY SEEKS TO DEVELOP AND INSPIRE LEADERS WHO VALUE DIVERSITY, CREATIVITY, SCHOLASTIC EXCELLENCE AND COMMUNITY SERVICE. 23 23 294 600 0 0 4543714 2360129 10563094 10336765 103164 224326 132041 122374 15342013 13043594 1325235 1381358 0 0 7131822 7554289 70000 180000 428516 3387974 2863355 11915031 11979002 3426982 1064592 15095115 16097353 5013209 5115091 10081906 10982262 X NANSEMOND-SUFFOLK ACADEMY BELIEVES THE GOAL OF EDUCATION IS TO CULTIVATE HONORABLE, WELL-INFORMED, RESPONSIBLE, AND COMPASSIONATE PERSONS WHO THINK AND ACT CONSTRUCTIVELY IN A COMPLEX INTERNATIONAL ENVIRONMENT. THE ACADEMY PROVIDES AN EDUCATIONAL ENVIRONMENT THAT IS ACADEMICALLY RIGOROUS AND DRIVEN BY INTELLECTUAL CURIOSITY; THAT CULTIVATES AMONG ITS MEMBERS SOCIAL AWARENESS AND THE VIRTUES OF HONOR, RESPONSIBILITY, RESPECT AND COMPASSIONS; THAT FOSTERS A LIFELONG COMMITMENT TO LEARNING AND SERVICE AND THAT INSTILLS A SENSE OF PRIDE IN INDIVIDUAL AND GROUP ACCOMPLISHMENT. THE ULTIMATE GOAL IS FOR EACH STUDENT TO REACH HIS OR HER POTENTIAL: ACADEMICALLY, PHYSICALLY, EMOTIONALLY, SOCIALLY, MORALLY, AND CREATIVELY. 0 0 8960710 1381358 10032542 INSTRUCTIONAL: FUNDS WERE USED TO PROVIDE COMPREHENSIVE EDUCATIONAL PROGRAMS TO APPROXIMATELY 750 STUDENTS IN GRADES PRE-KINDERGARTEN TO 12. 497909 160482 OTHER PROGRAMS: FUNDS WERE USED TO PROVIDE SPECIAL PROGRAMS SUCH AS EXTENDED DAY CARE, SUMMER PROGRAMS, AND EDUCATIONAL RESOURCES TO STUDENTS IN GRADES PRE-KINDERGARTEN TO 12. 579556 222783 AUXILIARY SERVICES: FUNDS WERE USED TO PROVIDE FOOD, CAMPUS STORE, AND TRANSPORTATION TO STUDENTS IN GRADES PRE-KINDERGARTEN TO 12. 10038175 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 47 0 294 1 0 0 0 0 0 1 1 0 0 0 0 X 23 23 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 VA X ANGELA THOMPSON 7575398789 3373 PRUDEN BLVD SUFFOLK VA 23434 STEPHANIE C BERGERON TRUSTEE 1.00 X 0 0 0 DR IA DIMI BAROT TRUSTEE 1.00 X 0 0 0 KENNETH WREN JR TRUSTEE 1.00 X 0 0 0 R SCOTT CARR TRUSTEE 1.00 X 0 0 0 HARRY LCROSS III TRUSTEE 1.00 X 0 0 0 SUSAN L YEATTS TRUSTEE 1.00 X 0 0 0 WARREN D KOZAK TRUSTEE 1.00 X 0 0 0 WILLIAM W HANNAH TRUSTEE 1.00 X 0 0 0 J CARNEY HAWKS TRUSTEE 1.00 X 0 0 0 CRYSTAL H JACKSON TRUSTEE 1.00 X 0 0 0 ROBERT W JONES TRUSTEE 1.00 X 0 0 0 DR ANNE E MORGAN TRUSTEE 1.00 X 0 0 0 BRIAN T ROWE TRUSTEE 1.00 X 0 0 0 PATRICIA HARTMAN TRUSTEE 1.00 X 0 0 0 DONALD GOLDBERG TRUSTEE 1.00 X 0 0 0 ROY RUNYON TRUSTEE 1.00 X 0 0 0 KATHLEEN E MALLAS TRUSTEE 1.00 X 0 0 0 GEORGE J KNIERBEIN TRUSTEE 1.00 X 0 0 0 GEORGE E MORGAN SR TRUSTEE 1.00 X 0 0 0 CHARLES BIRDSONG TREASURER 5.00 X X 0 0 0 ROB GIES CHAIR 5.00 X X 0 0 0 G ROBERT ASTON VICE CHAIRMAN 5.00 X X 0 0 0 DEBORAH MCHORNEY SECRETARY 5.00 X X 0 0 0 DEBBIE RUSSELL HEAD OF SCHOOL 50.00 X 141644 0 53729 ANGELA THOMPSON CFO 50.00 X 80068 0 6248 221712 0 59977 1 0 1 0 0 88781 2271348 49408 2360129 TUITION 611600 9548503 9548503 REGISTRATION 611600 484039 484039 TRANSPORTATION 611600 241041 241041 INSTRUCTIONAL 611600 81440 81440 FOOD SERVICE 611600 -18258 -18258 10336765 73925 73925 342000 191599 150401 150401 150401 195545 88781 152213 43332 43332 OTHER INCOME 900099 79042 79042 79042 13043594 10415807 0 267658 1381358 1381358 275852 275852 6311996 5580692 518721 212583 64889 54985 7806 2098 416133 398501 2430 15202 485419 411335 58392 15692 3630 3630 180000 180000 21833 21833 91976 56036 35881 59 26012 26012 117293 71461 45757 75 139222 133932 5012 278 659395 634366 23712 1317 133647 133647 494257 475475 17793 989 111074 111074 INSTRUCTIONAL MATERIALS 404123 331112 73011 ATHLETICS 152440 152440 TRANSPORTATION 144844 144844 AUXILIARY 118023 71905 46042 76 245586 139733 105706 147 11979002 10038175 1512311 428516 160487 764487 2870942 3599320 249348 192528 233 13042 15479 123343 183342 19375592 10555866 8900075 8819726 2690500 2440703 87145 81768 15095115 16097353 822682 994539 337837 504624 3648333 3428333 204357 187595 5013209 5115091 X 6794052 6914607 2975570 3702846 312284 364809 10081906 10982262 15095115 16097353 X 1064592 -180998 16762 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2690745 66137 25821 342000 2440703 2299684 124029 359032 92000 2690745 2116367 32920 242394 91997 2299684 2177767 27500 3100 92000 2116367 40000 7758 7758 40000 0.84890 0.00160 0.14950 0 0 2559852 2559852 13426186 7841625 5584561 3229297 2714241 515056 160257 160257 8819726 MUTUAL FUNDS 2353959 F CASH RESERVES 86744 F 2440703 INTEREST RATE SWAP LIABILITY 187595 187595 X 11498000 -180998 -1364596 -1545594 13043594 0 13043594 10597644 0 10597644 1381358 1381358 11979002 PART V, LINE 4: THE SCHOOL'S ENDOWMENT CONSISTS OF ONE FUND ESTABLISHED FOR SCHOLARSHIPS. PART X, LINE 2: THE ACADEMY IS EXEMPT FROM INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE ACADEMY MAY BE SUBJECT TO INCOME TAX ON UNRELATED BUSINESS INCOME, IF INCURRED. MANAGEMENT HAS EVALUATED THE EFFECT OF THE GUIDANCE PROVIDED BY GAAP. MANAGEMENT BELIEVES THAT THE ACADEMY 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 ACADEMY HAD NO UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2015. THE ACADEMY IS NO LONGER SUBJECT TO U.S. FEDERAL, STATE AND LOCAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2011. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID & SCHOLARSHIPS SHOWN NET OF TUITION ON FINANCIALS -1,381,358. GAIN FROM INTEREST RATE SWAP 16,762. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID & SCHOLARSHIPS SHOWN NET OF TUITION ON FINANCIALS 1,381,358. 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 SCHOOL PUBLICIZES ITS NONDISCRIMINATION POLICY ON ITS EMPLOYMENT APPLICATION AND AD CAMPAIGNS IN LOCAL PUBLICATIONS AT LEAST ONCE ANNUALLY. IT IS ALSO AVAILABLE ON THE ORGANIZATION'S WEBSITE. X X X X X X 1 CURTIS GROUP 2512 SHEPHERDS LANE VIRGINIA BEACH VA 23454 CAPITAL CAMPAIGN FUNDRAISING SERVICES 1 1820071 180000 1640071 1820071 180000 1640071 ART SHOW 175198 31841 143357 114846 GOLF TOURNAMENT 39742 25900 13842 3350 12670 3 69386 31040 38346 21347 284326 88781 195545 3350 148863 152213 43332 1 TUITION FINANCIAL AID GRANTS 201 1381358 PART I, LINE 2: NSA PROVIDES TUITION ASSISTANCE GRANTS TO STUDENTS BASED UPON FINANCIAL NEED CRITERIA. THE GRANTS ARE FUNDED THROUGH THE OPERATING BUDGET AND MINIMAL DRAWS FROM THE ENDOWMENT. APPLICANTS COMPLETE A STANDARDIZED FORM WITH SSS (SCHOOL AND STUDENT SERVICES BY NAIS). NSA USES THE DATA RECEIVED FROM THIS INDEPENDENT PROCESSING CENTER TO CALCULATE FINANCIAL NEED AND SEEKS TO ISSUE GRANTS THAT TOTAL 50% OF DEMONSTRATED NEED. TAX RETURNS ARE REQUIRED TO VERIFY DATA RECEIVED. THE AUDIT COMMITTEE IS TASKED WITH AUDITING A SAMPLE OF RECIPIENTS EACH YEAR TO ENSURE THE VALIDITY OF THE PROCESS. X 1 1 X X X 0 0 0 0 0 0 0 0 0 DEBBIE RUSSELL HEAD OF SCHOOL 141644 0 0 0 0 0 3714 0 50015 0 195373 0 0 0 PART I, LINE 1A IN ORDER TO PROMOTE THE ORGANIZATION'S RELATIONSHIP WITH THE COMMUNITY, THE ORGANIZATION PAYS THE COST OF THE HEAD OF SCHOOL'S MEMBERSHIP IN VARIOUS SOCIAL CLUBS. A VIRGINIA SMALL BUSINESS FINANCING AUTHORITY 541300845 2010-12-30 4400000 CURRENT REFUNDING AND NEW MONEY 0 1 0 A 3425125 4400000 75357 246120 653399 2011 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 1 0 1 0 0 0 0 A 1 28825 TUITION REMISSION TUITION FOR THE CHILDREN OF OFFICERS ENROLLED IN THE SCHOOL ARE WAIVED X CLASSROOM SUPPLIES 48 21137 FMV X SERCURITY SYSTEM 1 19451 FMV X PHONE SYSTEM 1 8820 FMV 0 0 0 0 FORM 990, PART VI, SECTION B, LINE 11 A COPY OF THE FORM 990 IS E-MAILED TO ALL BOARD MEMBERS FOR THEIR REVIEW AND THEY HAVE THE OPPORTUNITY TO MAKE COMMENTS AND SUGGEST CHANGES PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C NANSEMOND SUFFOLK ACADEMY HAS ADOPTED A CONFLICT OF INTEREST POLICY TO ENSURE THAT THE BOARD OF TRUSTEES AND KEY EMPLOYEES ARE ADMINISTERING THE SCHOOL'S AFFAIRS HONESTLY AND ECONOMICALLY, AND EXERCISING THEIR BEST CARE, SKILL AND JUDGMENT FOR THE BENEFIT OF THE SCHOOL. DISCLOSURE STATEMENTS/QUESTIONNAIRES ARE COMPLETED ON ANNUAL BASIS. IN THE EVENT OF A CONFLICT OF INTEREST DURING THE YEAR, THE BOARD MEMBER WITH THE POTENTIAL CONFLICT WILL RECUSE HIMSELF/HERSELF FROM THE DISCUSSION AND VOTE. FORM 990, PART VI, SECTION B, LINE 15 SALARY AND BENEFITS FOR THE HEAD OF SCHOOL ARE DETERMINED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. THE EXECUTIVE COMMITTEE REVIEWS SALARY DATA FROM NAIS (NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS) AND VAIS (VIRGINIA ASSOCIATION OF INDEPENDENT SCHOOLS). SALARY AND BENEFITS FOR OTHER EMPLOYEES ARE DETERMINED BY THE HEAD OF SCHOOL. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: GAIN FROM INTEREST RATE SWAP 16,762.