2015-05-15T12:55:28-05:00 2014-06-30 420714325 MCGLADREY LLP 9737 WASHINGTONIAN BLVD 400 GAITHERSBURG MD 208787340 990 2013-07-01 520635080 BULLIS SCHOOL INC BULL 3012998500 10601 FALLS ROAD POTOMAC MD 20854 JAMES MICHAEL REIDY ASSOCIATE HEAD OF SCHOOL 3012998500 2015-05-15 1 WILLIAM E TURCO CPA P00369217 3012963600 2013 2016-04-25 22:37:26Z GERALD BOARMAN 10601 FALLS ROAD POTOMAC MD 20854 45827954 0 X WWW.BULLIS.ORG X 1936 MD BULLIS SCHOOL PROVIDES A STUDENT-CENTERED BALANCED EXPERIENCE IN ACADEMICS, (SEE SCHEDULE O) ARTS, ATHLETICS AND COMMUNITY SERVICE. BULLIS UNIQUELY PREPARES ALL STUDENTS TO BECOME CARING CITIZENS AND CREATIVE, CRITICAL THINKERS WHO WILL THRIVE IN TOMORROW'S WORLD. THE SCHOOL'S VISION IS TO BE THE INDEPENDENT SCHOOL OF CHOICE FOR FAMILIES WHO SEEK AN EXTRAORDINARY EDUCATIONAL EXPERIENCE WHICH DEVELOPS GLOBAL LEADERS WHO ENTHUSIASTICALLY EMBRACE CHALLENGE, EXHIBIT STRONG CHARACTER AND CULTIVATE COMMUNITY.BULLIS SCHOOL'S CORE ACADEMIC VALUES FOSTER CRITICAL THINKING, COLLABORATION, COMMUNICATION, RESOURCEFULNESS AND CREATIVITY IN OUR STUDENTS, AND WE UPHOLD CORE INSTITUTIONAL VALUES THAT MODEL AND PRACTICE INTEGRITY, RESPECT, DIVERSITY, SERVICE AND RESPONSIBILITY WITHIN THE SCHOOL COMMUNITY AND IN ANY OUTREACH. 23 23 517 180 1017 0 1383687 9884121 24115904 27557715 404042 867899 608325 335730 26511958 38645465 3884793 4178145 0 0 15054453 17248942 91000 315000 1004633 5716153 6915721 24746399 28657808 1765559 9987657 44155501 60001499 21987240 27406846 22168261 32594653 BULLIS SCHOOL PROVIDES A STUDENT-CENTERED BALANCED EXPERIENCE IN ACADEMICS, ARTS, ATHLETICS AND COMMUNITY SERVICE. BULLIS UNIQUELY PREPARES ALL STUDENTS TO BECOME CARING CITIZENS AND CREATIVE, CRITICAL THINKERS WHO WILL THRIVE IN TOMORROW'S WORLD. 0 0 20799797 4178145 27611237 PROVIDE CO-EDUCATIONAL ELEMENTARY AND SECONDARY SCHOOL EDUCATION TO STUDENTS, PROMOTE DIVERSITY AND OFFER AN INDEPENDENT SCHOOL EDUCATION TO ELIGIBLE STUDENTS REGARDLESS OF FINANCIAL ABILITY. 20799797 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 1 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 X 82 0 1 517 1 1 1 1 CJ EI UK 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 MD X MARIA THOMAS 3012998500 10601 FALLS ROAD POTOMAC MD 20854 ANDREW BLAIR CHAIRMAN 2.00 X X 0 0 0 ADAM GREENBERG VICE CHAIRMAN 2.00 X X 0 0 0 LESLEY LAVALLEYE SECRETARY 2.00 X X 0 0 0 GEORGE MAVRIKES TREASURER 2.00 X X 0 0 0 PATRICK CAULFIELD TRUSTEE 2.00 X 0 0 0 DAVID FINK TRUSTEE 2.00 X 0 0 0 DEBBIE FRIEDLANDER TRUSTEE 2.00 X 0 0 0 GARY FRIEDLANDER TRUSTEE 2.00 X 0 0 0 JONATHAN HALLE TRUSTEE 2.00 X 0 0 0 KATHRYN HANLEY TRUSTEE 2.00 X 0 0 0 CLAUDIA HELMIG TRUSTEE 2.00 X 0 0 0 RICK KAY TRUSTEE 2.00 X 0 0 0 TAMMY MCKNIGHT TRUSTEE 2.00 X 0 0 0 ALAN MELTZER TRUSTEE 2.00 X 0 0 0 CHRIS NORDEEN TRUSTEE 2.00 X 0 0 0 MILTON THEO TRUSTEE 2.00 X 0 0 0 BERRY TRIMBLE TRUSTEE 2.00 X 0 0 0 DAVID TRONE TRUSTEE 2.00 X 0 0 0 CYNDI BULLIS VASCO TRUSTEE 2.00 X 0 0 0 DELL WARREN TRUSTEE 2.00 X 0 0 0 MARK WEINBERGER TRUSTEE 2.00 X 0 0 0 PAULA WIDERLITE TRUSTEE 2.00 X 0 0 0 KERRY WISNOSKY TRUSTEE 2.00 X 0 0 0 GERALD BOARMAN HEAD OF SCHOOL & PRESIDENT 60.00 X 473707 0 84771 TODD MCCREIGHT BUSINESS OFFICER 50.00 X 170914 0 19921 JAMES MICHAEL REIDY ASSISTANT HEAD OF SCHOOL 40.00 X 162783 0 28270 JOANNE SZADKOWSKI DIR, INSTITUTIONAL ADVANCE 40.00 X 145876 0 16860 DARLENE HAUGHT DIR, EXTENDED PROG. & EMER 40.00 X 144500 0 10115 ANDREW DELINSKY TEACHER 40.00 X 124601 0 27959 MARILYN MORENO MIDDLE SCHOOL PRINCIPAL 40.00 X 125783 0 36938 BRUCE KELLEY TEACHER AND COACH 40.00 X 125175 0 46390 1473339 0 271224 17 0 1 0 SODEXO INC PO BOX 536922 ATLANTA GA 303536922 FOOD SERVICES 323202 COMMUNITY COUNSELING SERVICE PO BOX 824885 PHILADELPHIA PA 19182 FUNDRAISING CONSULTANT 274500 DAKTRONICS PO BOX 86 MINNEAPOLIS MN 55486 SCOREBOARD INSTALLATION 205617 CJ MAINTENANCE 9254 BENDIX RD COLUMBIA MD 21045 JANITORIAL SERVICES 193848 DUDA PAINE ARCHITECTS 333 LIGGETT ST DURHAM NC 27701 ARCHITECTURAL SERVICES 183322 7 118236 9765885 25352 9884121 TUITION/FEES 900099 26039239 26039239 SUMMER PROGRAMS 900099 1291725 1291725 TRANSPORTATION 900099 186958 186958 AUXILIARY 900099 31162 31162 STUDENT ACTIVITIES 900099 8631 8631 27557715 230007 1017 228990 244555 0 244555 244555 244555 7293976 10400 6653484 13000 640492 -2600 637892 637892 274433 118236 199597 74836 74836 6820 0 6820 6820 272405 316408 -44003 -44003 OTHER INCOME 900099 53522 53522 53522 38645465 27611237 1017 1149090 4178145 4178145 1059308 756432 300764 2112 12762774 9113654 3623668 25452 846715 597361 247522 1832 1608844 581797 1025264 1783 971301 685257 283943 2101 27796 27796 49392 49392 315000 315000 45520 45520 163065 12714 150351 35839 1245 33640 954 825359 723997 69656 31706 469298 234649 234649 1366466 1167294 199172 41037 8408 30728 1901 427611 175124 106825 145662 534988 471808 62872 308 1142413 1010990 98567 32856 222790 146370 76420 BAD DEBT 674545 32799 641746 STUDENT PROGRAMS 414764 412251 2513 FOOD 271958 253442 18516 OTHER EXPENSES 205121 135192 69929 -2241 133667 62872 -198780 28657808 20799797 6853378 1004633 50159 28058 4934841 11341607 106681 7426336 127730 238433 88585 69338 563273 394817 52022770 21835526 29491123 30187244 5233517 6771257 2124764 1565445 1434828 1978964 44155501 60001499 701155 1182741 5516678 10562289 15114582 14809838 230580 356811 424245 495167 21987240 27406846 X 18855560 21255347 598920 8625525 2713781 2713781 22168261 32594653 44155501 60001499 9987657 438735 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 9343576 784421 1251305 383459 10995843 8104683 1129666 815229 706002 9343576 9060604 176810 -984850 147881 8104683 12436946 155719 1611536 5143597 9060604 11745669 451349 384093 144165 12436946 0.70270 0.24680 0.05050 0 0 426011 7806467 8232478 37592566 16016201 21576365 6197726 5819325 378401 30187244 ANNUITIES PAYABLE 3781 FUNDS HELD FOR OTHERS 395513 DEFERRED COMPENSATION 95873 495167 X 35853857 438735 -4178145 -3739410 39593267 45520 -993322 -947802 38645465 25427465 993322 993322 24434143 45520 4178145 4223665 28657808 PART V, LINE 4: EARNINGS FROM THE UNRESTRICTED ENDOWMENT SUPPORT THE OPERATING EXPENSES OF THE SCHOOL; EARNINGS FROM THE RESTRICTED ENDOWMENT SUPPORT FACULTY DEVELOPMENT AND FINANCIAL AID. PART X, LINE 2: THE SCHOOL IS GENERALLY EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. HOWEVER, THE SCHOOL IS SUBJECT TO INCOME TAXES ON UNRELATED BUSINESS INCOME, AS DEFINED BY THE INTERNAL REVENUE SERVICE. DURING THE YEAR ENDED JUNE 30, 2014, THE SCHOOL HAD MINIMAL NET TAXABLE UNRELATED BUSINESS INCOME, AND ACCORDINGLY, NO PROVISION FOR INCOME TAXES IS REQUIRED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE SCHOOL ADOPTED THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES (FASB ASC TOPIC 740-10), WHICH ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THIS GUIDANCE, THE SCHOOL MAY RECOGNIZE THE 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 TAXING AUTHORITIES BASED ON THE TECHNICAL MERITS OF THE POSITION. THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH A POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ALSO ADDRESSES DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES ON INCOME TAXES, AND ACCOUNTING IN INTERIM PERIODS. MANAGEMENT EVALUATED THE SCHOOL'S TAX POSITIONS AND CONCLUDED THAT THE SCHOOL HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. THE SCHOOL FILES INCOME TAX RETURNS IN THE U.S. FEDERAL JURISDICTION. GENERALLY, THE SCHOOL IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE, OR LOCAL TAX AUTHORITIES FOR THE YEARS BEFORE 2011. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST TUITION REVENUE IN THE FINANCIAL STATEMENTS -4,178,145. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES - COSTS REPORTED ON LINE 8B -199,597. INVENTORY - COST OF SALES REPORTED ON LINE 10B -316,408. DISCOUNT ON PLEDGES RECLASSED NETTED AGAINST CONTRIBUTION REVENUE -477,317. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES - COSTS REPORTED ON LINE 8B 199,597. INVENTORY - COST OF SALES REPORTED ON LINE 10B 316,408. DISCOUNT ON PLEDGES RECLASSED NETTED AGAINST CONTRIBUTION REVENUE 477,317. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST TUITION REVENUE IN THE FINANCIAL STATEMENTS 4,178,145. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 AN ADVERTISEMENT WAS PLACED IN THE WASHINGTON POST NEWSPAPER ANNOUNCING THE SCHOOL'S NON-DISCRIMINATION POLICY. X X X X X X 1 COMMUNITY COUNSELING SVC CO 100 EAST PRATT ST STE 1520 BALTIMORE MD 21202 0 0 274500 -274500 274500 -274500 MD DC ANNUAL GALA 327367 112501 214866 174601 5K RACE 49842 49842 8614 1 15460 5735 9725 9888 6494 392669 118236 274433 9888 189709 199597 74836 1 FINANCIAL AID FOR TUITION 137 4178145 PART I, LINE 2: ALL FINANCIAL AID AT BULLIS IS GRANTED BASED ON DEMONSTRATED FINANCIAL NEED, OFFERED IN ORDER TO ENSURE ECONOMIC AND RACIAL DIVERSITY IN THE STUDENT BODY, CONSISTENT WITH THE SCHOOL'S ADMISSION POLICIES. SOME OF THE FACTORS CONSIDERED ARE: INCOME (BOTH TAXABLE AND NONTAXABLE), ASSETS, NUMBER OF DEPENDENTS AND NUMBER OF CHILDREN ATTENDING TUITION-CHARGING SCHOOLS. X X X X 1 1 X X X X 0 0 0 0 0 0 0 1 0 GERALD BOARMAN HEAD OF SCHOOL & PRESIDENT 399826 0 40000 0 33881 0 33651 0 51453 0 558811 0 0 0 TODD MCCREIGHT BUSINESS OFFICER 170914 0 0 0 0 0 12180 0 8074 0 191168 0 0 0 JAMES MICHAEL REIDY ASSISTANT HEAD OF SCHOOL 162783 0 0 0 0 0 12670 0 15933 0 191386 0 0 0 JOANNE SZADKOWSKI DIR, INSTITUTIONAL ADVANCE 145876 0 0 0 0 0 10395 0 6768 0 163039 0 0 0 DARLENE HAUGHT DIR, EXTENDED PROG. & EMER 144500 0 0 0 0 0 10115 0 303 0 154918 0 0 0 ANDREW DELINSKY TEACHER 124601 0 0 0 0 0 9695 0 18567 0 152863 0 0 0 MARILYN MORENO MIDDLE SCHOOL PRINCIPAL 125783 0 0 0 0 0 8890 0 28351 0 163024 0 0 0 BRUCE KELLEY TEACHER AND COACH 125175 0 0 0 0 0 5209 0 41484 0 171868 0 0 0 PART I, LINE 1A TAX INDEMNIFICATION PAYMENTS ARE MADE FOR SECT 162 DOUBLE BONUS FOR THE DISABILITY INSURANCE BENEFIT PAID TO HEAD OF SCHOOL. THE SCHOOL COMPENSATES THE HEADMASTER WITH A PACKAGE THAT INCLUDES HOUSING, WHICH IS NECESSARY TO CARRY OUT THE DUTIES OF HIS JOB. THE HOUSING BENEFIT IS TREATED AS NON-TAXABLE COMPENSATION UNDER CODE SECTION 119(D). WE HAVE DISCLOSED FAIR RENTAL VALUE AS THE VALUE OF THE HOUSING BENEFIT - GERALD BOARMAN - $35,520. THE ENTIRE COMPENSATION PACKAGE, INCLUDING THE HOUSING ARRANGEMENT WAS APPROVED BY THE BOARD OF TRUSTEES WITH PROPER DOCUMENTATION. A HOUSE KEEPING BENEFIT IS PROVIDED TO THE HEAD OF SCHOOL. THIS BENEFIT IS RELATED TO THE USE OF THE HOUSING IN THE CONDUCT OF THE HEADMASTER'S OFFICIAL DUTIES. GERALD BOARMAN RECEIVED A NON-TAXABLE HEALTH CLUB DUES IN THE AMOUNT OF $1,200. PART I, LINE 7 THE HEAD OF SCHOOL RECEIVED PERFORMANCE BASED BONUS WHICH WAS APPROVED BY THE COMPENSATION COMMITTEE. X 3 25352 FMV 0 1 0 FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 WILL BE REVIEWED BY THE BOARD FINANCE COMMITTEE, WHICH PERFORMS THE FUNCTIONS OF AN AUDIT COMMITTEE IN ADDITION TO ITS OTHER FINANCIAL RESPONSIBILITIES. MCGLADREY, LLP, THE FIRM THAT PREPARES THE FORM 990 FOR THE SCHOOL, WILL MAKE THE PRESENTATION TO THE FINANCE COMMITTEE. ONCE THE FINANCE COMMITTEE IS SATISFIED WITH THE FORM 990, IT WILL GO TO THE FULL BOARD OF TRUSTEES FOR REVIEW AND APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C EACH BOARD MEMBER IS REQUIRED EACH FALL TO REVIEW THE BOARD CONFLICT OF INTEREST POLICY, AND SIGN A STATEMENT THAT CERTIFIES THAT THEY UNDERSTAND THE POLICY, AGREE TO COMPLY WITH THE POLICY, AND HAVE NO CONFLICTS AS DESCRIBED IN THE POLICY. IF A CONFLICT EXISTS OR IS PERCEIVED, THE BOARD MEMBER IS REQUIRED TO NOTIFY THE BOARD CHAIR. THE BUSINESS OFFICER MONITORS ALL TRANSACTIONS BETWEEN ALL DISQUALIFIED PERSONS (WHICH INCLUDES ALL BOARD MEMBERS) AND THE SCHOOL TO ENSURE THAT THE CONFLICT OF INTEREST POLICY IS BEING FULLY COMPLIED WITH. IF THE BUSINESS OFFICER FINDS A TRANSACTION THAT APPEARS TO VIOLATE THE CONFLICTS POLICY, HE/SHE NOTIFIES THE HEAD OF SCHOOL AND BOARD CHAIR, WHO THEN MEET WITH THE DISQUALIFIED PERSON TO INVESTIGATE THE POTENTIAL CONFLICT AND RESOLVE IT IN A MANNER THAT COMPLIES WITH THE CONFLICTS POLICY. FORM 990, PART VI, SECTION B, LINE 15 FOR THE HEAD OF SCHOOL: EACH TIME THE BOARD ENTERS INTO AN EMPLOYMENT CONTRACT WITH THE HEAD OF SCHOOL (GENERALLY EVERY THREE TO FIVE YEARS), AN AD HOC BOARD COMPENSATION COMMITTEE IS FORMED TO FOLLOW A PROCEDURE THAT IS DESIGNED TO OBTAIN A REBUTTABLE PRESUMPTION OF REASONABLENESS: 1. ALL BOARD MEMBERS CHOSEN FOR THE COMPENSATION COMMITTEE ARE QUERIED TO ENSURE THAT NO MEMBER HAS A PERSONAL INTEREST IN THE COMPENSATION DECISION. 2. COMPENSATION (SALARY AND BENEFITS) COMPARABILITY DATA IS OBTAINED FOR THE DOZEN OR SO DC-AREA INDEPENDENT SCHOOLS THAT MOST CLOSELY RESEMBLE BULLIS IN ENROLLMENT, BUDGET, AND ASSETS. THE COMPARABILITY DATA IS OBTAINED FROM THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS AND FROM THE ASSOCIATION OF GREATER WASHINGTON INDEPENDENT SCHOOLS. 3. THE COMPARABILITY DATA IS TABULATED AND COMPARED TO THE PROPOSED COMPENSATION FOR THE HEAD OF SCHOOL. THE COMPENSATION COMMITTEE DECIDES WHETHER THE PROPOSED COMPENSATION IS REASONABLE IN LIGHT OF WHAT COMPARABLE SCHOOLS ARE CURRENTLY PAYING THEIR HEADS, AND MAKES ADJUSTMENTS TO THE PROPOSED COMPENSATION AS NECESSARY TO ENSURE REASONABLENESS AND COMPARABILITY. 4. THE COMPENSATION COMMITTEE DOCUMENTS THE BASIS FOR ITS DETERMINATION CONCURRENTLY WITH THE APPROVAL. DOCUMENTATION INCLUDES: TERMS OF THE PROPOSED COMPENSATION, MEMBERS OF THE COMMITTEE WHO WERE PRESENT AND VOTED, AND THE COMPARABILITY DATA AND HOW IT WAS OBTAINED. 5. THE COMPENSATION COMMITTEE THEN MEETS WITH THE HEAD SEARCH COMMITTEE (IF ONE THEN EXISTS) TO PRESENT ITS DETERMINATION, AND THE SEARCH COMMITTEE FINALIZES THE OFFER TO THE HEAD. 6. THE MAJOR DETAILS OF THE HEAD CONTRACT ARE THEN PRESENTED TO THE FULL BOARD OF TRUSTEES FOR THEIR INFORMATION AND ACCEPTANCE. EVERY FEW YEARS DURING A HEAD'S CONTRACT TERM, A SLIGHTLY LESS FORMAL VERSION OF THIS PROCESS IS FOLLOWED TO ENSURE THAT COMPENSATION INCREASES AWARDED THE HEAD UNDER THE CURRENT CONTRACT REMAIN REASONABLE COMPARED TO LIKE SCHOOLS. FOR THE BUSINESS OFFICER: WHENEVER A COMPENSATION COMMITTEE IS FORMED TO EXAMINE THE HEAD'S COMPENSATION, IT USES THE SAME PROCESS TO EXAMINE THE BUSINESS OFFICER'S COMPENSATION, TO ENSURE REASONABLENESS AND COMPARABILITY. FORM 990, PART VI, SECTION C, LINE 19 THE BOARD HAS NO SPECIFIC POLICY ON THIS MATTER. THE SCHOOL'S PRACTICE IS TO SHARE THESE DOCUMENTS ON REQUEST WITH INDIVIDUALS OR ORGANIZATIONS THAT HAVE A LEGITIMATE BUSINESS NEED TO SEE THE DOCUMENTS. THESE DOCUMENTS ARE AVAILABLE FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART XII, LINE 2C THE PROCESS FOR OVERSEEING THE AUDIT OF THE FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT THAT AUDITED THE FINANCIAL STATEMENTS HAS BEEN CONSISTENT WITH PRIOR YEARS.