2015-05-15T10:10:20-05:00 2014-06-30 WITHUM SMITH BROWN PC 5 VAUGHN DR PRINCETON NJ 085406313 990 2013-07-01 210635004 THE PENNINGTON SCHOOL % MANAGEMENT PENN 6097371838 112 W DELAWARE AVE Suite PENNINGTON NJ 08534 J GRAEME MCWHIRTER CHIEF FINANCIAL OFFICER 6097376120 2015-05-15 true RICHARD C COYNE P00634888 6097376120 2013 2016-02-25 16:41:14Z STEPHANIE TOWNSEND 112 W DELAWARE AVE PENNINGTON NJ 08534 35350110 false X WWW.PENNINGTON.ORG X NOT-FOR-PROFIT 1838 NJ INDEPENDENT, COEDUCATIONAL SCHOOL SERVING DAY AND BOARDING STUDENTS IN GRADES 6-12. 32 31 257 125 103264 102264 4510759 5226336 18144160 18707201 2200480 2933235 236938 337743 25092337 27204515 3566775 3621055 0 0 10211756 10611995 0 0 757407 6367612 7059806 20146143 21292856 4946194 5911659 57524937 67213880 12276112 13457153 45248825 53756727 INDEPENDENT, COEDUCATIONAL SCHOOL SERVING DAY AND BOARDING STUDENTS IN GRADES 6-12. false false 16500786 3621055 18707201 COEDUCATIONAL DAY/BOARDING SCHOOL SERVICING GRADES 6 THROUGH 12. 16500786 true true false false false false false false false true true false false false true true true false true false true false true false true false false false true true true false false false false false false true true false true true false false false false false false false false true 27 0 true 257 true true true false false false false false false false false false false false false X 32 31 false false false false false true true true true false false true true true true true true true true false X X MANAGEMENT 6097371838 112 W DELAWARE AVE PENNINGTON NJ 08534 X STEPHANIE TOWNSEND HEAD OF SCHOOL (THRU 6/30/14) 40.0 0.0 X X 305973 0 35364 ROBERT BECKETT TRUSTEE 1.0 0.0 X 0 0 0 JOHN CELENTANO TRUSTEE 1.0 0.0 X 0 0 0 VERNON H HAMMOND II TRUSTEE 1.0 0.0 X 0 0 0 A LOUIS DENTON ESQ TRUSTEE 1.0 0.0 X 0 0 0 CYNTHIA HILLAS TRUSTEE 1.0 0.0 X 0 0 0 JAMES HYMAN TRUSTEE 1.0 0.0 X 0 0 0 MICHAEL JINGOLI TRUSTEE 1.0 0.0 X 0 0 0 DENNIS KEATING TRUSTEE 1.0 0.0 X 0 0 0 JOHN KUHLTHAU TRUSTEE 1.0 0.0 X 0 0 0 REV DONALD MEDLEY TRUSTEE 1.0 0.0 X 0 0 0 REV DAVID MERTZ TRUSTEE 1.0 X 0 0 0 BISHOP SCHOL TRUSTEE 1.0 X 0 0 0 WILLIAM BELFIORE TRUSTEE 1.0 0.0 X 0 0 0 STEVEN M SILBERMAN TRUSTEE 1.0 0.0 X 0 0 0 JORDAN GRAY TRUSTEE 1.0 0.0 X 0 0 0 PETER J TUCCI ESQ TRUSTEE 1.0 0.0 X 0 0 0 ROBERT M WIGOD TRUSTEE 1.0 0.0 X 0 0 0 REV ROBERT WILLIAMS TRUSTEE 1.0 0.0 X 0 0 0 GUANG GUO TRUSTEE 1.0 0.0 X 0 0 0 TARA KINSEY TRUSTEE 1.0 0.0 X 0 0 0 JOHN MCGUIRE TRUSTEE 1.0 0.0 X 0 0 0 DAVID PARAGAMIAN TRUSTEE 1.0 0.0 X 0 0 0 FRANKLIIN SANDERS TRUSTEE 1.0 0.0 X 0 0 0 TIMOTHY VILE TRUSTEE 1.0 0.0 X 0 0 0 STEPHEN TAN TRUSTEE 1.0 0.0 X 0 0 0 VARLYNA WRIGHT TRUSTEE 1.0 0.0 X 0 0 0 JOHN BIDDISCOMBE TRUSTEE 1.0 0.0 X 0 0 0 DAVID LONG TRUSTEE 1.0 0.0 X 0 0 0 GREG MATTHEWS TRUSTEE 1.0 0.0 X 0 0 0 BILL OLDSEY TRUSTEE 1.0 0.0 X 0 0 0 LORI PLIMPTON TRUSTEE 1.0 0.0 X 0 0 0 J GRAEME MCWHIRTER CHIEF FINANCIAL OFFICER 40.0 0.0 X 168772 0 13635 WILLIAM HAWKEY ASSOCIATE HEAD OF SCHOOL 40.0 0.0 X 139229 0 23638 TODD PAIGE HEAD OF MIDDLE SCHOOL 40.0 0.0 X 104625 0 21190 TOM LIWOSZ FACULTY MEMBER 40.0 0.0 X 95392 0 9654 JOANNAH PROCKOP DIRECTOR OF LEARNING CENTER 40.0 0.0 X 95142 0 11423 909133 0 114904 4 false true false SODEXO INC AFFILIATES 9801 WASHINGTON BLVD GAITHERSBURG MD 20878 DINING SERVICES 931691 DEL VALLEY PROPERTIES 379 ROUTE 31 NORTH HOPEWELL NJ 08551 CONSTRUCTION 624648 VOITH MACTAVISH ARCHITECTS LLP 1616 WALNUT STREET 24TH FLOOR PHILADELPHIA PA 19103 ARCHITECTS 615521 ATLANTIC LINING CO INC 2206 SAYLORS POND RD JOBSTOWN NJ 08041 CONTRACTOR 433011 JOHN VAN SELOUS 91 MARSHALL CORNER WOODSVILLE RD HOPEWELL NJ 08525 CONTRACTOR 342445 5 5226336 140195 5226336 TUITION & FEES 18707201 18707201 18707201 575331 575331 0 0 436257 249711 186546 0 186546 100483 86063 10085249 7727345 2357904 2357904 41986 21679 20307 0 168025 146860 21165 OTHER 106944 106944 YEARBOOK ADVERTISING 541800 2781 2781 109725 27204515 18814145 103264 661394 0 3481415 3481415 139640 139640 0 1406976 993221 347149 66606 0 7195252 5097757 1755635 341860 491030 346631 121154 23245 921065 655419 221693 43953 597672 421912 147466 28294 0 25828 25828 60746 60746 0 0 147165 147165 18988 18988 94183 94183 0 99252 70065 29187 0 840635 593426 207413 39796 0 0 63202 63202 239440 169027 70413 0 2071327 1462203 511067 98057 175071 175071 DEVELOPMENT OFFICE 113147 113147 ADMISSIONS 49478 49478 HEALTH CENTER 11019 11019 HEAD MASTER OFFICE 193766 136784 56982 2856559 2615528 238582 2449 21292856 16500786 4034663 757407 X 0 0 3986067 5862283 3339028 4896673 118989 69900 0 0 0 0 0 0 43644 50602 296533 682756 48395033 26605110 20033088 21789923 29652951 33801881 0 0 0 0 0 0 54637 59862 57524937 67213880 1610636 2592386 0 0 3070545 3459472 6810000 6620000 0 0 0 0 438960 425903 0 0 345971 359392 12276112 13457153 X 28158370 30591938 8209246 13283014 8881209 9881775 45248825 53756727 57524937 67213880 X 5911659 2627743 -31500 X false true X true false X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 29872301 1754564 5117979 924859 35819985 26850921 242656 3439158 660434 29872301 27969644 123766 -623443 619046 26850921 22456980 221927 4657098 -633639 27969644 19479969 1112291 2194360 329640 22456980 0.56840 0.27590 0.15570 false false 258677 258677 38732485 21264590 17209218 3248639 1795533 1453106 6413909 3544987 2868922 0 0 0 21789923 0 LIABILTIY INTEREST RATE SWAP 99938 SWAP TERMINATION LIABILITY 235454 UBI TAX LIABILITY 24000 359392 X 26660312 2627743 24860 -3196806 -544203 27204515 27204515 18152410 24860 455749 480609 17671801 3621055 3621055 21292856 SCHEDULE D, PART X, LINE 2 THE SCHOOL HAS ADOPTED THE APPLICATION OF ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THE SCHOOL HAD NO UNRECOGNIZED TAX BENEFITS AT JUNE 30, 2014. IN ADDITION, THE SCHOOL HAS NO INCOME TAX RELATED PENALTIES OR INTEREST FOR THE PERIODS IN QUESTION. THE SCHOOL FILES A TAX RETURN IN THE U.S. FEDERAL JURISDICTION. THE SCHOOL HAS NO OPEN YEARS PRIOR TO JUNE 30, 2011. SCHEDULE D, PART XI, LINES 2A, 2B, & 2D AMOUNTS INCLUDED IN FINANCIAL STATEMENT REVENUE, BUT NOT ON FORM 990, PART VIII, LINE 12 INCLUDE THE FOLLOWING: UNREALIZED GAIN ON INVESTMENT..................... 2,664,121 UNREALIZED LOSS ON SWAP AGREEMENT................. (36,378) IN-KIND REVENUE................................... 24,860 FINANCIAL AID GRANTS.............................. (3,621,055) COST OF GOODS SOLD................................ 146,860 RENTAL EXPENSES................................... 249,711 SPECIAL EVENTS EXPENSES........................... 21,679 YEARBOOK EXPENSES................................. 5,999 ------------------------------------------------------------------ TOTAL............................................. (544,203) SCHEDULE D, PART XII, LINES 2A, 2D, & 4B AMOUNTS INCLUDED IN FINANCIAL STATEMENT EXPENSES, BUT NOT ON FORM 990, PART IX, LINE 25 INCLUDE THE FOLLOWING: IN-KIND EXPENSES.................................. (24,860) COST OF GOODS SOLD................................ (146,860) RENTAL EXPENSES................................... (249,711) SPECIAL EVENTS EXPENSES........................... (21,679) YEARBOOK EXPENSES................................. (5,999) BAD DEBT EXPENSE.................................. (31,500) ------------------------------------------------------------------ NET............................................... (480,609) FINANCIAL AID GRANTS.............................. 3,621,055 ------------------------------------------------------------------ TOTAL............................................. 3,140,446 true true true true true true true false false false false false false false false false false true FORM 990 SCHEDULE E LINE 3 THE ORGANIZATION ADVERTISES THROUGH LOCAL NEWSPAPERS. East Asia and the Pacific Fundraising 59840 59840 59840 FINANCIAL AID OUTSIDE U.S. East Asia and the Pacific 1 47770 N/A FMV FINANCIAL AID OUTSIDE U.S. Central America and the Caribbean 2 91870 N/A FMV false false false false false false AUCTION 35271 35271 21679 MISC. EVENTS 6715 6715 0 41986 41986 21679 21679 20307 true FINANCIAL AID 125 3481415 FMV FINANCIAL AID SCHEDULE I, PART III THERE WERE 109 RECIPIENTS (106 U.S. PERSONS) OF FINANCIAL AID AND 19 RECIPIENTS OF TUITION REMISSION. TUITION REMISSION IS AWARDED ON A NEED BASIS AND COVER THE COST OF A DAY TUITION. FINANCIAL AID IS AWARDED ON A NEED BASIS USING INDUSTRY STANDARD FINANCIAL DISCLOSURES AND CALCULATIONS. X true true X X X X false true false false false false false false false STEPHANIE TOWNSEND HEAD OF SCHOOL (THRU 6/30/14) 260150 0 45823 0 0 0 0 0 35364 0 341337 0 0 0 WILLIAM HAWKEY ASSOCIATE HEAD OF SCHOOL 138375 0 494 0 360 0 0 0 23638 0 162867 0 0 0 J GRAEME MCWHIRTER CHIEF FINANCIAL OFFICER 167917 0 495 0 360 0 0 0 13635 0 182407 0 0 0 SCHEDULE J, PART 1 STEPHANIE TOWNSEND IS REIMBURSED FOR GOLF CLUB MEMBERSHIP FEES. MS. TOWNSEND WAS ASKED TO JOIN THE GOLF CLUB, WHICH DOES NOT ACCEPT CORPORATE MEMBERS, ON BEHALF OF THE SCHOOL. AS A RESULT THE COSTS ASSOCIATED WITH MEMBERSHIP ARE GROSSED UP FOR TAX PURPOSES AND MS. TOWNSEND IS REIMBURSED THE ASSOCIATED TAX. STEPHANIE TOWNSEND WAS ALSO PROVIDED A SUPPLEMENTAL PENSION IN 2013-2014. THE COST WAS $15,500. A NEW JERSEY ECONOMIC AUTHORITY 222045817 64577MY17 2009-11-20 7500000 RESTRUCTURING OF NJEDA BONDS false false false A 0 0 7500000 0 0 0 63059 0 0 0 0 0 false false true true A false false false false 0.02440 0.02440 0.04880 false false false true A false false false false true true CITIZENS BANK 5. false false true 0 false false false A true WILLIAM HAWKEY ASSOCIATE HEAD OF SCHOOL 31250 TUITION REMISSION TUITION REMISSION J GRAEME MCWHIRTER CHIEF FINANCIAL OFFICER 32170 TUITION REMISSION TUITION REMISSION MICHAEL JINGOLI TRUSTEE/INTEREST IN CO. 260000 CO. PROVIDED CONSTRUCTION MGMT false JAMES HYMAN TRUSTEE/OFFICER OF BANK 40525 INTEREST PAID TO BANK false X 13 140195 FAIR VALUE false true true Part I, Line 32b The school uses a Wells Fargo stock broker to sell noncash security contributions at market value. PART VI, SECTION B, 12C THE SCHOOL REQUIRES ALL BOARD OF TRUSTEES, OFFICERS AND KEY EMPLOYEES TO SIGN ANNUAL CONFLICT OF INTEREST POLICIES. PART VI, SECTION B, 15B THE HEAD OF SCHOOL HAS BEEN IDENTIFIED AS A KEY EMPLOYEE. THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES MEETS TO DECIDE COMPENSATION. MEMBERS OF THE COMMITTEE ARE INDEPENDENT. A COMMITTEE MEMBER PREPARES COMPARABLE DATA FROM TAX RETURNS (USING GUIDESTAR) AND NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS (COLLECTED BY CFO). THIS MATERIAL IS REVIEWED BY THE EXECUTIVE COMMITTEE. THE BOARD OF TRUSTESS RATIFIES COMMITTEE'S FINDINGS. PART VI, SECTION B, 11 FORM 990 PREPARED BY INDEPENDENT ACCOUNTANTS, REVIEWED BY FINANCE COMMITTEE AND MADE AVAILABLE TO INDIVIDUAL TRUSTEES EITHER BY EMAIL OR AT A BOARD MEETING PRIOR TO FILING. PART VI, SECTION C, 19 THE SCHOOL'S FORM 990 AND 990-T ARE AVAILABLE ON WWW.GUIDESTAR.ORG. NO OTHER DOCUMENTS ARE AVAILABLE TO THE PUBLIC. FORM 990, PAGE 12, PART XI, LINE 5 NET UNREALIZED GAINS ON INVESTMENTS FOR THE CURRENT FISCAL YEAR END INCLUDE THE FOLLOWING: UNREALIZED GAIN ON INVESTMENT......................... 2,664,121 UNREALIZED LOSS ON SWAP AGREEMENT..................... (36,378) -------------------------------------------------------------------- TOTAL UNREALIZED GAIN ON INVESTMENTS.................. 2,627,743 FORM 990, PAGE 12, PART XI, LINE 6 THE ORGANIZATION RECEIVED THE FOLLOWING IN-KIND GIFTS IN THE CURRENT FISCAL YEAR: IN-KIND CONTRIBUTION REVENUE.......................... 24,860 IN-KIND EXPENSES...................................... (24,860) -------------------------------------------------------------------- TOTAL IN-KIND CONTRIBUTIONS RECEIVED.................. - 0 - FORM 990, PAGE 12, PART XI, LINE 9 OTHER CHANGES IN NET ASSETS FOR THE CURRENT FISCAL YEAR END INCLUDE THE FOLLOWING: BAD DEBT EXPENSE...................................... 31,500 FORM 990, PART VII, SECTION A EFFECTIVE JULY 1, 2014 STEPHANIE TOWNSEND RESIGNED AS HEAD OF SCHOOL. WILLIAM HAWKEY (FORMER ASSISTANT HEAD OF SCHOOL) BECAME THE HEAD OF SCHOOL AS OF JULY 1, 2014. FORM 990 PART IX LINE 24 - OTHER EXPENSES DESCRIPTION:ADMINISTRATIVE TOTAL EXPENSES:225820 MANAGEMENT AND GENERAL:225820 FORM 990 PART IX LINE 24 - OTHER EXPENSES DESCRIPTION:FOOD SERVICES TOTAL EXPENSES:951745 PROGRAM SERVICES:951745 FORM 990 PART IX LINE 24 - OTHER EXPENSES DESCRIPTION:ATHLETICS TOTAL EXPENSES:181742 PROGRAM SERVICES:181742 FORM 990 PART IX LINE 24 - OTHER EXPENSES DESCRIPTION:LIBRARY TOTAL EXPENSES:40598 PROGRAM SERVICES:40598 FORM 990 PART IX LINE 24 - OTHER EXPENSES DESCRIPTION:RESIDENTIAL LIFE TOTAL EXPENSES:82721 PROGRAM SERVICES:82721 FORM 990 PART IX LINE 24 - OTHER EXPENSES DESCRIPTION:INSTRUCTIONAL/OTHER TOTAL EXPENSES:533116 PROGRAM SERVICES:533116 FORM 990 PART IX LINE 24 - OTHER EXPENSES DESCRIPTION:EQUIPMENT RENTAL & MAINTENANCE TOTAL EXPENSES:789093 PROGRAM SERVICES:789093 FORM 990 PART IX LINE 24 - OTHER EXPENSES DESCRIPTION:PRINTING & PUBLICATION TOTAL EXPENSES:51724 PROGRAM SERVICES:36513 MANAGEMENT AND GENERAL:12762 FUNDRAISING:2449