2015-05-07T08:56:59-05:00 2014-06-30 581729751 Metcalf Davis CPAs 3340 Peachtree Road NE Suite 2600 Atlanta GA 303261089 990 2013-07-01 580619038 The Lovett School LOVE 4042623032 4075 Paces Ferry Road NW Atlanta GA 303273099 William S Peebles IV Headmaster 4042623032 2015-05-07 1 Susan Hill P00846200 4042641700 2015-05-07 2013 2016-02-25 16:41:14Z William S Peebles IV 4075 Paces Ferry Road NW Atlanta GA 303273099 60977541 0 X www.lovett.org X 1926 GA The Lovett School is a K-12 school for families seeking excellence in learning. 30 30 893 1500 0 0 13066445 13504163 37921482 40638148 686990 1834730 572860 572379 52247777 56549420 2758063 2803777 0 0 30658769 32234246 0 38000 2914755 16101452 16484997 49518284 51561020 2729493 4988400 198084931 213696663 55994808 57549760 142090123 156146903 X The Lovett School is an independent school for families in the Metro Atlanta area seeking excellence in learning, character, and community in an environment that develops the whole child. SEE SCHEDULE O FOR CONTINUATION.Our mission is to prepare students in K - 12 for college and for life. We support this mission through rigorous academics, complemented by arts, athletics, and opportunities for service and faith. 0 0 39110166 2803777 38966003 The Lovett School was founded in 1926 by Eva Edwards Lovett and retains her emphasis on the development of the whole child. Lovett believes that it is the school's responsibility to develop fundamental skills, a love of learning, and the application of good judgment to what is learned. Distinctive features of the curriculum include experiential education and interdisciplinary studies. Comprehensive Fine Arts programs are offered in each school division and a full athletic program provides each student an opportunity to experience the value of team effort and sportsmanship. Students participate in a variety of community service activities, and nondenominational chapel services are held weekly in all school divisions. SEE SCHEDULE O FOR CONTINUATION.Lovett seeks students from all ethnic, cultural, racial, and religious backgrounds who can benefit from a challenging academic program. The student body is approximately 1,600. 2052027 1766968 Lovett offers after school activities, extended day programs, summer school courses, summer camps and other enrichment opportunities to students including learning enhancement programs in all academic subjects and the arts. 920136 178624 Other unique programs include Breakthrough Atlanta which is a six-week, academic and leadership development program that matches high school and college-aged volunteers and aspiring teachers with underserved middle school students from Atlanta's public schools. The program teaches college preparatory and personal skills that increase these student's chances of college admission and of obtaining a college degree. At the same time, the program inspires and nurtures a future generation of young teachers. Lovett's Siempre Verde is a protected preserve of cloud forest property in Ecuador owned and supported by Lovett to promote environmental and conservation education. SEE SCHEDULE O FOR CONTINUATION.The educational institution offers students an opportunity to learn about environmental protection, preservation, and conservation methods through research and the exchange of ideas. 42082329 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 1 0 0 1 1 1 0 0 0 0 0 0 0 0 1 53 0 1 893 1 0 1 EC 0 0 0 1 1 0 0 0 0 X 30 30 0 0 0 0 0 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 GA X Angie Carrano 4042623032 4075 Paces Ferry Road NW Atlanta GA 303273099 Brian MJ Boutte Active Trustee 0.50 X 0 0 0 Gordon A Buchmiller Jr Active Trustee 0.50 X 0 0 0 Margaret Denny Dozier Active Trustee 0.50 X 0 0 0 R Reid French Jr Active Trustee 0.50 X 0 0 0 Deborah Hodge Harrison Active Trustee 0.50 X 0 0 0 William F Henagan Active Trustee 0.50 X 0 0 0 Jeffrey F Hines Active Trustee 0.50 X 0 0 0 Dabney Mann Hollis Active Trustee 0.50 X 0 0 0 Clayton F Jackson Active Trustee 0.50 X 0 0 0 David B Kahn Active Trustee 0.50 X X 0 0 0 John O Knox Jr Active Trustee 0.50 X 0 0 0 Amy Rollins Kreisler Active Trustee 0.50 X 0 0 0 Chandru Krishnamurthy Active Trustee 0.50 X 0 0 0 Kathryn McCain Lee Active Trustee 0.50 X 0 0 0 Jane Kerr Mathews Active Trustee 0.50 X 0 0 0 Edward D McCrady Active Trustee 0.50 X 0 0 0 James M McIntyre Active Trustee 0.50 X 0 0 0 James B Meyer Active Trustee 0.50 X 0 0 0 Carla Y Neal-Haley Active Trustee 0.50 X 0 0 0 Elizabeth Dykes Pope Active Trustee 0.50 X 0 0 0 Jeffrey L Portman Sr Active Trustee 0.50 X 0 0 0 Brady L Rackley III Active Trustee 0.50 X 0 0 0 Frances G Rogers Active Trustee 0.50 X 0 0 0 Lawrence M Schall Active Trustee 0.50 X 0 0 0 F Blair Schmidt-Fellner Active Trustee 0.50 X 0 0 0 SEE CONTINUATION ON PAGE 9 0.00 X 0 0 0 Richard F Smith Active Trustee 0.50 X 0 0 0 John R Wells Active Trustee 0.50 X 0 0 0 Elizabeth B West Active Trustee 0.50 X 0 0 0 Brig Gen Burke W Whitman Active Trustee 0.50 X 0 0 0 Frank L Wilson III Active Trustee 0.50 X 0 0 0 Pinney L Allen Emeriti Trustee 0.50 X 0 0 0 David F Apple Jr Emeriti Trustee 0.50 X 0 0 0 Charles R Arp Jr Emeriti Trustee 0.50 X 0 0 0 Thomas A Avery Emeriti Trustee 0.50 X 0 0 0 C Duncan Beard Emeriti Trustee 0.50 X 0 0 0 Avril Beckford Emeriti Trustee 0.50 X 0 0 0 J Donald Childress Emeriti Trustee 0.50 X 0 0 0 Bradley Currey Jr Emeriti Trustee 0.50 X 0 0 0 Sallie Adams Daniel Emeriti Trustee 0.50 X 0 0 0 John M Darden III Emeriti Trustee 0.50 X 0 0 0 John M DeBorde III Emeriti Trustee 0.50 X 0 0 0 Richard A Denny Jr Emeriti Trustee 0.50 X 0 0 0 Bruce L Dick Emeriti Trustee 0.50 X 0 0 0 Daniel M DuPree Emeriti Trustee 0.50 X 0 0 0 William H Fox Emeriti Trustee 0.50 X 0 0 0 Russell R French Emeriti Trustee 0.50 X 0 0 0 William B Fryer Emeriti Trustee 0.50 X 0 0 0 Thomas C Gallagher Emeriti Trustee 0.50 X 0 0 0 Robert J Glenn Emeriti Trustee 0.50 X 0 0 0 John T Glover Emeriti Trustee 0.50 X 0 0 0 JH Hilsman III Emeriti Trustee 0.50 X 0 0 0 Dorothy Smith Knox Hines Emeriti Trustee 0.50 X 0 0 0 John R Holder Emeriti Trustee 0.50 X 0 0 0 W Barrett Howell Emeriti Trustee 0.50 X 0 0 0 Harrison Jones II Emeriti Trustee 0.50 X 0 0 0 Donald R Keough Emeriti Trustee 0.50 X 0 0 0 Michael L Keough Emeriti Trustee 0.50 X 0 0 0 Frank Kinnett Emeriti Trustee 0.50 X 0 0 0 Wilton D Looney Emeriti Trustee 0.50 X 0 0 0 Robert C Loudermilk Jr Emeriti Trustee 0.50 X 0 0 0 C Knox Massey Jr Emeriti Trustee 0.50 X 0 0 0 W Hampton Morris Emeriti Trustee 0.50 X 0 0 0 CV Nalley III Emeriti Trustee 0.50 X 0 0 0 Robert E Peterson Emeriti Trustee 0.50 X 0 0 0 Mark C Pope IV Emeriti Trustee 0.50 X 0 0 0 Jan N Portman Emeriti Trustee 0.50 X 0 0 0 Alfred R Roach Jr Emeriti Trustee 0.50 X 0 0 0 William H Rogers Jr Emeriti Trustee 0.50 X 0 0 0 Arthur W Rollins Emeriti Trustee 0.50 X 0 0 0 Christian B Schoen Emeriti Trustee 0.50 X 0 0 0 Robert E Settle Emeriti Trustee 0.50 X 0 0 0 Charles U Slick Emeriti Trustee 0.50 X 0 0 0 Richard W Sorenson Emeriti Trustee 0.50 X 0 0 0 Gerald J Wilkins Emeriti Trustee 0.50 X 0 0 0 John A Williams Emeriti Trustee 0.50 X 0 0 0 William S Peebles IV Headmaster *SEE SCH J PART III 40.00 X 864672 0 100713 David Meriwether Jr Business Manager 40.00 X 222174 0 84034 William P Dunkel Upper School Principal 40.00 X 185596 0 34034 Steve Allen Chaplain 40.00 X 175332 0 29471 Andrew Spencer Chief Advancement Officer 40.00 X 148517 0 34013 Steven Franks Athletic Director 40.00 X 138209 0 24121 Michael Halad Post Theater Director 40.00 X 136346 0 11289 1870846 0 317675 20 0 1 0 Gay Construction 2907 Log Cabin Drive Smyrna GA 30080 Contractor 913994 Collins Cooper Carusi Architects 3391 Peachtree Road NE Suite 400 Atlanta GA 30326 Architect 421087 Carter & Associates 171 17th Street Suite 1200 Atlanta GA 30363 Financial consulting 148569 3 29805 180089 13294269 3653989 13504163 Tuition 611110 36583540 36583540 Programs 611110 1950195 1950195 Fees 611110 1853044 1853044 Athletics 611110 251369 251369 40638148 1062846 1062846 133584 100082 33502 33502 33502 3193966 1904778 517304 1289188 -517304 771884 771884 266392 180089 260946 5446 5446 3665 0 3665 3665 1901330 1645011 256319 256319 Other educational income 611110 195076 195076 Dues 611110 78371 78371 273447 56549420 40911595 0 2133662 X 2803777 2803777 841777 841777 23707191 20105199 2348373 1253619 2348237 2041751 179177 127309 3561196 3039360 332323 189513 1775845 1511691 172219 91935 135858 17600 118258 61775 61775 38000 38000 88549 88549 494411 121857 186413 186141 208539 26212 87761 94566 2171800 1639466 215455 316879 1372502 931078 441424 1382973 1177704 135992 69277 197536 150756 36825 9955 144138 115672 19020 9446 1408281 1212192 124784 71305 6404700 5494677 586807 323216 499922 5000 494922 Student trips, activtie 1392603 1392494 109 Meals and entertainment 275229 121931 34461 118837 Professional dues, memb 166650 96024 55869 14757 Endowment grants 79531 77888 1643 51561020 42082329 6563936 2914755 1740 1740 14058777 11751434 12008923 12931014 415309 409677 23195 8779 580148 65289 231569 201249 697423 652367 153906956 60948731 95225187 92958225 40184853 49545405 34657807 45171484 198084931 213696663 2710174 3031667 8802404 10927053 34500000 32500000 9982230 11091040 55994808 57549760 X 93177403 96359287 20010792 25975311 28901928 33812305 142090123 156146903 198084931 213696663 X 4988400 9314392 60000 -306012 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 75926635 9201819 11485632 7111648 63558 89438880 70730036 12128305 7128375 14005628 54453 75926635 71058302 7701495 -215830 7753732 60200 70730036 67736462 10533481 10687030 17803304 95366 71058302 54813003 17252268 4881735 9117057 93488 67736462 0.52190 0.33200 0.14610 0 0 2288521 2288521 108448907 32898374 75550533 25760085 16826469 8933616 7812688 7000107 812581 9596755 4223781 5372974 92958225 Real estate 2410496 C Comingled investment funds 41421272 C Limited partnership interests 952500 C Cash surrender value of life insurance policies and other 387216 C 45171484 Interest rate swap payable 4872090 Capital lease obligations 2858836 Postretirement benefit obligations 2657614 Other liabilities 702500 11091040 X 69403336 9314392 60000 3859113 13233505 56169831 379589 379589 56549420 55346556 6494302 6494302 48852254 2708766 2708766 51561020 Part V, Line 4: The primary financial objective of the endowment fund is to support the current and future operating and capital expenses of The Lovett School. Part X, Line 2: The School has been granted tax-exempt status under Section 501(a)(3) of the Internal Revenue Code (the "Code") as organizations described in Section 501(c)(3) whereby only unrelated business income, as defined by Section 512(a)(1) of the Code, is subject to Federal income tax. The School had no significant unrelated business taxable income during 2014 and 2013. Accordingly, no provision or benefit for income taxes has been included in the accompanying financial statements. GAAP requires that a tax position be recognized or derecognized based on a 'more-likely-than-not' threshold. The School does not believe its financial statements include any material uncertain tax positions. Generally, taxing authorities may examine a tax return for three years from the date it is filed. At June 30, 2014, tax years ended June 30, 2013, 2012 and 2011 remained open for possible examination by taxing authorities. Part XI, Line 2d - Other Adjustments: Gain from interest rate swap 119,316. Endowment distribution 3,644,786. Food service cross charges 95,011. Part XI, Line 4b - Other Adjustments: Financial aid 2,803,777. Direct fundraising event expenses -260,946. Direct rental expenses -100,082. Cost of goods sold -1,645,011. Loss on disposal of assets -517,304. Non-operating rental income 73,886. Other contributions 25,269. Part XII, Line 2d - Other Adjustments: Endowment distribution 3,644,786. Direct fundraising event expenses 260,946. Direct rental expenses 100,082. Cost of goods sold 1,645,011. Loss on disposal of assets 517,304. Increase of allowance for doubtful accounts 425,328. Non-operating rental income -73,886. Other contributions -25,269. Part XII, Line 4b - Other Adjustments: Financial aid 2,803,777. Food service cross charges -95,011. 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 Lovett School's nondiscrimination policy is disclosed in all School handbooks and policy manuals, printed materials provided to prospective students, families and employees, and on the School's website. Annually, the School publishes an advertisement in the local newspaper communicating the School's nondiscrimination policy. 1 South America - Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador, 1 2 Education and research Siempre Verde provides environmental & conservation education for students. Siempre Verde is a protected preserve of cloud forest property in Ecuador owned and supported by Lovett to promote environmental and conservation education. The educational institution offers students an opportunity to learn about environmental protection and preservation and conservation methods through research and the exchange of ideas. 224557 Central America and the Caribbean - Antigua & Barbuda, Aruba, Bahamas, 0 0 Program service Student mission trip 37377 Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium 0 0 Program service Study Abroad Program 20089 Middle East and North Africa 0 0 Program service Study Abroad Program 68692 South America 0 0 Program service Student mission trip 37377 South Asia 0 0 Program service Student mission trip 37377 1 2 0 0 1 2 425469 0 425469 0 0 0 0 0 0 Part I, Line 2: As it relates to Siempre Verde, wages are paid to foreign individuals through a third party accounting firm representing the School. Other payments to foreign individuals are made for required maintenance, cooking, and other services provided relating to the Siempre Verde property and facility in Ecuador. Program director makes periodic trips to the region and verifies use of funds transferred and, as reasonably available, obtains documentation. Part I, line 3: Mission trip and Study Abroad program expenses are almost entirely covered through fees collected from parents of students who participate in the programs. X X X X 1 Alexander Haas Martin 3520 Piedmont Road NE Atlanta GA 30305 Professional fundraising consulting services 0 0 38000 0 38000 GA Lovett Parent Association 40945 3310 37635 0 0 17841 Lovett Lionbackers 246778 56000 190778 11136 28417 127089 2 158758 120779 37979 0 0 76463 446481 180089 266392 11136 28417 221393 260946 5446 Schedule G, Part I, Line 2b: (i) Name of Professional Fundraising Service Provider: Alexander Haas Martin (i) Address of Professional Fundraising Service Provider: 3520 Piedmont Road NE, Atlanta, GA 30305 (ii) Activity: Consulting services - Consulted with the School on Annual Fund fundraising strategy. 1 Financial aid for tuition and fees 225 2803777 0 Book Not applicable Part I, Line 2: The School provides financial aid to qualifying students that attend the School. The grants are treated as a reduction of revenue and are applied directly to tuition by the school. Since the school, not the recipients, maintain control of the financial aid funds, no formal monitoring process of recipients is necessary. X X X 0 1 X X X X 0 1 0 0 0 1 0 0 0 William S Peebles IV Headmaster *SEE SCH J PART III 314194 0 547115 0 3363 0 0 0 102429 0 967101 0 412115 0 David Meriwether Jr Business Manager 222174 0 0 0 0 0 50000 0 35727 0 307901 0 0 0 William P Dunkel Upper School Principal 165476 0 20000 0 120 0 0 0 35705 0 221301 0 0 0 Steve Allen Chaplain 148784 0 0 0 26548 0 0 0 31125 0 206457 0 0 0 Andrew Spencer Chief Advancement Officer 143097 0 5000 0 420 0 0 0 35641 0 184158 0 0 0 Steven Franks Athletic Director 137789 0 0 0 420 0 0 0 25718 0 163927 0 0 0 Part I, Line 1a William S. Peebles, IV - Residence for personal use, housekeeping services, tax indemnification, and gross up payments for long-term diability. David Meriwether, Steve Allen, William Dunkel, Andrew Spencer, Steve Franks - Tax indemnification and gross up payments for long-term disability. Part I, Line 1b The Headmaster has an employment agreement that requires the Headmaster to use the residence at the School which includes necessary and reasonable maintenance. Part I, Line 4b Pursuant to an employment agreement, the School contributed to a supplemental nonqualified retirement plan on behalf of the Headmaster and the Chief Financial Officer. Amounts contributed for the calendar year 2013 totaled $87,500 (Headmaster) and $50,000 (Chief Financial Officer). Part I, Line 6 Pursuant to an employment agreement, the Board may approve compensation to the Headmaster based on reaching certain financial and non-financial goals. Part II, line 1(i): Reportable compensation for William S. Peebles, IV primarily consists of base salary, bonus and the vested payout from a deferred compensation plan. Majority of $547,115 bonus and incentive compensation included in Part VII, Section A, line 77, Column D and shown in Schedule J, Part II, Line 1, Column B(ii) is attributable to vested payout from deferred compensation plan. A Development Authority of Fulton County 581506878 359900YS0 2012-08-16 35500000 Current refunding of bonds issued 8/5/2009 0 0 0 A 3000000 35500000 35500000 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 1 0 0 A 0 0 0 1 1 0 0 0 0 A 0 Schedule K, Part IV, line 2c A prior arbitrage rebate computation report was prepared for the period ending November 30, 2010. All prior proceeds were expended prior to the end of the 11/30/2010 computation date, and there were no cash proceeds in connection with the tax reissuance of the Bonds on 8/16/2012. Steve Allen Chaplain Home mortgage assistance X 100000 8779 0 1 1 8779 William H RogersJr CEO Trustee Emeritus 1393475 William H. Rogers, Jr. is the CEO of Suntrust Bank. The Lovett School paid fees and interest expense to Suntrust Bank. Payments were NOT made directly to interested person. 0 Robert E Peterson CEO Trustee Emeritus 187300 Robert E. Peterson is the CEO of Carter & Associates. The Lovett School paid fees to Carter & Associates for construction management services. Payments were NOT made directly to interested person. 0 Sch L, Part IV, Business Transactions Involving Interested Persons: (a) Name of Person: William H. Rogers, Jr. (CEO of SunTrust Bank)(d) Description of Transaction: Fees and interest expense paid by the Lovett School to SunTrust Bank. Payments were NOT made directly to interested person.(a) Name of Person: Robert E. Peterson (CEO of Carter & Associates)(d) Description of Transaction: Fees paid by the Lovett School to Carter & Associates for construction management services. Payments were NOT made directly to interested person. X 165 3653989 Market quotations 0 0 1 0 Form 990, Part VI, Section A, line 7a The Governance Committee shall present to the Board nominations for Trustees and officers to be elected by the Board. The Committee shall furnish information relating to the background and qualifications of all such nominees with the notice of the Board meeting at which an election or appointment is scheduled to be considered by the Board. The Committee, on an on-going basis, shall determine the characteristics and profile for Trustee candidates and shall maintain a current profile of the Board's membership composition to guide the selection process. The Committee shall annually review and evaluate the performance of incumbent Trustees and Board officers whose terms expire during such school year and who are eligible for reelection, and shall develop and help administer a program of orientation with the Chairman of the Board and the Headmaster for newly-elected Trustees. The Committee may also nominate Trustees Emeriti for appointment by the Board. Form 990, Part VI, Section A, line 7b Certain recommendations are made and approved at the Board Standing Committee or Board Special Committee level. All final decisions and approvals are made by the Executive Committee of the Board or by the full Board of Trustees. Form 990, Part VI, Section B, line 11 The School's Audit Committee reviews and approves the form 990 and then distributes copies to the full Board via mail or email prior to filing. Form 990, Part VI, Section B, line 12c Annually all members of the Board of Trustees, key employees, and highest compensated employees complete a conflict of interest and family and business relationship disclosure. Form 990, Part VI, Section B, line 15 Annually, the compensation of key employees and the top ten compensated employees are reveiwed and approved by the Executive Committee of the Board. Compensation is compared to similar positions at other peer schools and compensation surveys conducted by school associations. Form 990, Part VI, Section C, line 19 The School's form 990, governing documents, conflict of interest policy, and financial statements are made available upon request. Part IX, Line 25, Column D: Total fundraising expenses incurred of $2,914,755 are almost entirely internal expenses of the School and include direct and indirect expenses. Direct expenses are attributed to the School's advancement department operating expenses, including expenses for advancement department personnel. Indirect expenses (i.e. depreciation) are allocated by the School's management based upon identified cost drivers associated with fundraising and the School's advancement department. Form 990, Part XI, line 9: Interest swap gain 119,316. Increase in allowance for doubtful accounts -425,328.