2015-04-01T13:55:19-05:00 2014-06-30 411944416 MCGLADREY LLP 9737 WASHINGTONIAN BLVD 400 GAITHERSBURG MD 208787340 990 2013-07-01 530196507 THE HOLTON-ARMS SCHOOL HOLT 3013655300 7303 RIVER ROAD BETHESDA MD 20817 SUSANNA A JONES HEAD OF SCHOOL 3013655300 2015-04-01 1 WILLIAM E TURCO CPA P00369217 3012963600 2013 2016-02-25 16:41:14Z SUSANNA A JONES 7303 RIVER ROAD BETHESDA MD 20817 127077074 0 X WWW.HOLTON-ARMS.EDU X 1964 MD A PRIVATE EDUCATIONAL INSTITUTION FOR GIRLS IN GRADES THREE THROUGH TWELVE. 22 22 502 250 0 0 1477474 1752922 24546502 25397895 2262170 5584560 731843 675903 29017989 33411280 3475765 3489844 0 0 16779755 17323415 0 0 1196880 10200120 10385238 30455640 31198497 -1437651 2212783 99779652 100006016 36226415 31023968 63553237 68982048 THE MISSION OF THE HOLTON-ARMS SCHOOL IS TO CULTIVATE THE UNIQUE POTENTIAL OF YOUNG WOMEN THROUGH THE "EDUCATION NOT ONLY OF THE MIND, BUT OF THE SOUL AND SPIRIT." 0 0 24992955 3489844 25522551 FOUNDED IN 1901, HOLTON-ARMS IS A COLLEGE-PREPARATORY SCHOOL FOR GIRLS GRADES 3-12. THE SCHOOL PROVIDES RIGOROUS AND DYNAMIC PROGRAMS IN THE TRADITIONAL ACADEMIC AREAS,THE FINE AND PERFORMING ARTS AND ATHLETICS. THE SCHOOL IS ACCREDITED BY: MIDDLE STATES ASSOCIATION OF COLLEGES & SCHOOLS; ASSOCIATION OF INDEPENDENT MARYLAND SCHOOLS; AND LICENSED IN THE STATE OF MARYLAND. 24992955 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 1 1 0 0 1 1 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 38 1 1 502 1 0 0 0 0 0 1 1 0 0 0 0 X 22 22 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MD X JANICE DEMARE-EXECUTIVE ASSISTANT TO THE HEAD OF SCHOOL 3013656007 7303 RIVER ROAD BETHESDA MD 20817 MARTHA DIPPELL CHAIR 10.00 X X 0 0 0 LESLIE LAWLEY PRESIDENT 10.00 X X 0 0 0 DOROTHY WADE SECRETARY 3.00 X X 0 0 0 MARY WALLACK TREASURER 3.00 X X 0 0 0 SHARLENE PETRY AMITAY TRUSTEE 3.00 X 0 0 0 BARBARA LANDOW BERNSTEIN TRUSTEE 3.00 X 0 0 0 RANDALL BOE TRUSTEE 3.00 X 0 0 0 MELANIE DORSEY TRUSTEE 3.00 X 0 0 0 RAUL J FERNANDEZ JR TRUSTEE 3.00 X 0 0 0 SANDRA ENGLE GICHNER TRUSTEE 3.00 X 0 0 0 ANNA-LIZA HARRIS TRUSTEE 3.00 X 0 0 0 CLAUDIA MISPIRETA HINSCH TRUSTEE 3.00 X 0 0 0 MINDY P HURWITZ TRUSTEE 3.00 X 0 0 0 EILEEN ZOLA JOSEPH TRUSTEE 3.00 X 0 0 0 SASSAN KIMIAVI TRUSTEE 3.00 X 0 0 0 GABRIELLE KORAB TRUSTEE 3.00 X 0 0 0 NICOLE Y LAMB-HALE TRUSTEE 3.00 X 0 0 0 LORI LARSON TRUSTEE 3.00 X 0 0 0 CYNTHIA STROMAN TRUSTEE 3.00 X 0 0 0 BRUCE TANOUS TRUSTEE 3.00 X 0 0 0 R HOWARD TAYLOR III TRUSTEE 3.00 X 0 0 0 CHRISTIE-ANNE WEISS TRUSTEE 3.00 X 0 0 0 SUSANNA A JONES HEAD OF SCHOOL 40.00 X 467844 0 136484 TRACEY L FUDGE DIRECTOR, FINANCE & OPERAT 40.00 X 205761 0 24700 GARY MONNIER DIRECTOR, ADVANCEMENT 40.00 X 172650 0 28476 ELIZABETH G PENCE DIRECTOR, UPPER SCHOOL 40.00 X 144149 0 93385 SHARRON K RODGERS DIRECTOR, ENROLLMENT 40.00 X 147693 0 28473 PATRICK M BANE DIRECTOR, LOWER SCHOOL 40.00 X 127599 0 10151 LAURA R SCANLON LEARNING SPECIALIST UPPER 40.00 X 122242 0 13390 1387938 0 335059 16 0 1 0 MERIWETHER GODSEY 4944 OLD BOONSBORO ROAD LYNCHBURG VA 24503 FOOD SERVICE 882292 THE STONEHOUSE GROUP 301 BROADWAY SUITE 400 BETHLEHEM PA 18015 FACILITIES MANAGEMENT 389225 CLEANERS OF AMERICA 1016 W POPLAR AVENUE 106-211 COLLIERVILLE TN 38017 JANITORIAL SERVICES 330357 POOLE LANDSCAPING 7802 BIGGS FORD ROAD FREDERICK MD 21701 GROUNDS/LANDSCAPING 149245 HSU CONTRACTING LLC 1335 ROCKVILLE PIKE SUITE 255 ROCKVILLE MD 20852 BUILDING RENOVATIONS 142016 6 3300 1749622 65045 1752922 EDUCATIONAL PROGRAM 900099 25242007 25242007 STUDENT SUPPORT SERVIC 900099 155888 155888 25397895 1948783 1948783 317740 0 317740 317740 317740 97047273 93411496 3635777 3635777 3635777 285044 3300 134845 150199 150199 59300 25000 34300 34300 143461 94453 49008 49008 OTHER INCOME 900099 124656 124656 124656 33411280 25522551 0 6135807 3489844 3489844 565916 35400 495116 35400 13354321 10985072 1754340 614909 949204 949204 1455691 1342742 112949 998283 998283 103006 103006 70585 70585 241317 241317 15549 15549 226054 226054 137180 62116 75064 189399 189399 2180419 2111181 69238 242173 232208 3905 6060 827336 827336 2207316 1732590 367544 107182 264997 264997 STUDENT SUPPORT 939216 939216 ACAD PRGRM & STDNT ACTI 839044 839044 SPECIAL PROGRAMS & CS 812395 800732 11663 OTHER EXPENSES 768872 285924 482948 320380 320380 31198497 24992955 5008662 1196880 13755 3392 6752735 6031593 136701 111813 63027 26725 55005 45325 774668 685903 74549959 35582727 40615647 38967232 51173359 36568229 17486138 88530 79666 106225 0 99779652 100006016 2466321 2561433 8188727 7708056 18700000 18200000 3787629 3083738 2554479 36226415 31023968 X 56368355 60868160 1195786 2026564 5989096 6087324 63553237 68982048 99779652 100006016 X 2212783 2750582 465446 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 47786443 1176499 8161965 7703134 49421773 43914123 1240405 6135241 3503326 47786443 51482743 1310390 774259 4544808 5108461 43914123 44613679 25914 9154022 2310872 51482743 42577373 -38977 4011099 1935816 44613679 0.83000 0.13000 0.04000 0 0 3961813 3961813 61974420 28456064 33518356 5230409 3986603 1243806 3383317 3140060 243257 38967232 11445240 F 30,865 SPDR S&P 500 ETF TRUST 6040898 F 17486138 FUNDS HELD FOR OTHERS 973340 INTEREST RATE SWAP AGREEMENT 1581139 2554479 X 30153225 -3271036 -3271036 33424261 241317 -254298 -12981 33411280 27940442 254298 254298 27686144 241317 3271036 3512353 31198497 PART V, LINE 4: THE BOARD OF TRUSTEES SETS THE ANNUAL SPENDING POLICY FOR THE POOLED INVESTMENT FUND WITH THE GOAL OF BALANCING THE BENEFIT FOR PRESENT OPERATIONS AND SAFEGUARDING THE INSTITUTION FOR FUTURE PLANS. 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. 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 FOR INTERIM PERIODS. MANAGEMENT EVALUATED THE SCHOOL'S TAX POSITIONS AND CONCLUDED THAT THE SCHOOL HAD 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. WITH FEW EXCEPTIONS, THE SCHOOL IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2011. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID -3,156,104. TRANSFER TO FUNDS HELD FOR OTHERS -114,932. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD REPORTED ON LINE 10B -94,453. SPECIAL EVENT EXPENSES REPORTED ON LINE 8B -134,845. GAMING EXPENSES REPORTED ON LINE 9B -25,000. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD REPORTED ON LINE 10B 94,453. SPECIAL EVENT EXPENSES REPORTED ON LINE 8B 134,845. GAMING EXPENSES REPORTED ON LINE 9B 25,000. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 3,156,104. TRANSFER TO FUNDS HELD FOR OTHERS 114,932. 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 RACIAL NONDISCRIMINATION POLICY IS PUBLICIZED THROUGH PRINTED MATERIALS, PERIODIC ADVERTISEMENTS AND THROUGH THE ORGANIZATION'S WEBSITE. CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES GLOBAL EDUCATION - BELIZE AND COSTA RICA 1407 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES GLOBAL EDUCATION - SPAIN; GLOBAL EDUCATION - GREECE 58505 SOUTH ASIA 0 0 PROGRAM SERVICES GLOBAL EDUCATION - INDIA 52910 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES GLOBAL EDUCATION - RWANDA 500 EAST ASIA AND PACIFIC 0 0 PROGRAM SERVICES GLOBAL EDUCATION - CHINA 5656 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 11445240 0 0 0 0 0 0 11564218 0 11564218 1 0 0 0 0 0 GALA 288344 3300 285044 94216 40629 288344 3300 285044 94216 40629 134845 150199 1 59300 25000 0 59300 25000 25000 34300 MD 1 0 0 0 1.00000 DANIELLE BEYDA 7303 RIVER ROAD BETHESDA MD 20817 0 DANIELLE BEYDA 610 DIRECTS ALL SPECIAL EVENTS AT HOLTON-ARMS X 0 1 FINANCIAL AID 163 3259704 SCHOLARSHIP GRANTS 6 39000 RECIPROCAL TUITION REMISSION 11 191140 PART I, LINE 2: THE SCHOOL AWARDS FINANCIAL AID BASED ON THE DECISION OF THE SCHOOL'S FINANCIAL AID COMMITTEE WHICH USES AN INDEPENDENT THIRD PARTY TO ESTABLISH THE NEED OF THE RECIPIENTS. GRANT SUPPORT - THE ALUMNAE SCHOLARSHIP OF $15K IS AWARDED TO AN 11TH GRADE STUDENT BASED ON AN APPLICATION PROCESS. THE ACWORTH SCHOLARSHIPS SUPPORT TWO STUDENTS WITH $5K ANNUAL AWARDS EACH BASED ON FINANCIAL NEED AND OTHER CRITERIA ESTABLISHED BY THE ACWORTH FOUNDATION. RECIPROCAL TUITION REMISSION - THE SCHOOL HAS A RECIPROCAL AGREEMENT WITH ANOTHER PRIVATE EDUCATIONAL INSTITUTION. X X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 SUSANNA A JONES HEAD OF SCHOOL 328954 0 0 0 138890 0 55400 0 89844 0 613088 0 70000 0 TRACEY L FUDGE DIRECTOR, FINANCE & OPERAT 205761 0 0 0 0 0 16550 0 8150 0 230461 0 0 0 GARY MONNIER DIRECTOR, ADVANCEMENT 172650 0 0 0 0 0 11119 0 16447 0 200216 0 0 0 ELIZABETH G PENCE DIRECTOR, UPPER SCHOOL 144149 0 0 0 0 0 12212 0 74294 0 230655 0 0 0 SHARRON K RODGERS DIRECTOR, ENROLLMENT 147693 0 0 0 0 0 12292 0 16301 0 176286 0 0 0 PART I, LINE 1A FOLLOWING EMPLOYEES RECEIVED NON-TAXABLE HOUSING BENEFITS: - SUSANNA A. JONES - $54,000 INCLUDING CLEANING SERVICES - ELIZABETH G. PENCE - $48,000 PART I, LINE 4B SUSANNA A. JONES - DEFERRAL UNDER A 457(F) SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN - $35,000 SUSANNA A. JONES - PAYMENT UNDER A 457(F) SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN - $138,890 14080 FINANCIAL AID TUITION X 9 65045 FMV 0 1 0 FORM 990, PART VI, SECTION A, LINE 4 THE FOLLOWING CHANGES WERE MADE TO THE ORGANIZATION'S BY-LAWS: 1. TO ALLOW FOR NON-VOTING HONORARY TRUSTEES 2. TO ESTABLISH A MINIMUM NUMBER OF TRUSTEES - 10 3. TO ALLOW FOR WRITTEN VOTING TO BE EXECUTED IN MULTIPLE COUNTERPARTS 4. TO INCLUDE THE EXISTING NON-DISCRIMINATION POLICY IN THE BY-LAWS 5. TO ALLOW FOR NON-TRUSTEES ONTO FINANCE COMMITTEES FORM 990, PART VI, SECTION B, LINE 11 BEFORE THE 990 IS FILED IT WILL GO THROUGH A NUMBER OF REVIEWS. 1. IT WILL BE PRESENTED TO THE AUDIT COMMITTEE AND REVIEWED WITH THE COMMITTEE BY A REPRESENTATIVE OF THE INDEPENDENT AUDITING FIRM'S TAX DEPARTMENT. 2. ONCE THE AUDIT COMMITTEE APPROVES THE DOCUMENT, IT WILL BE POSTED FOR A STATED PERIOD OF TIME ON A SECURE WEBSITE FOR REVIEW BY THE ORGANIZATION'S OFFICERS, DIRECTORS, AND BOARD OF TRUSTEES. FOLLOWING THE REVIEW PERIOD, THE 990 IS FILED. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, OFFICERS, DIRECTORS, TRUSTEES AND KEY EMPLOYEES ARE REQUIRED TO FILL OUT AND THEN SIGN A FORM DISCLOSING ANY CONFLICTS OF INTEREST. THESE FORMS REVIEWED BY THE CHAIR AND PRESIDENT OF THE BOARD, THE HEAD OF SCHOOL AND THE DIRECTOR OF FINANCE AND OPERATIONS AND MAINTAINED BY THE EXECUTIVE ASSISTANT TO THE HEAD OF SCHOOL. FORM 990, PART VI, SECTION B, LINE 15 AT THE TIME OF A NEW HIRE, OR AT CONTRACT TIME FOR THE EXISTING HEAD OF SCHOOL, THE BOARD OF TRUSTEES USES A NUMBER OF METRICS AND CONDUCTS MEETINGS TO DETERMINE EQUITABLE COMPENSATION. EXAMPLES OF THE PROCESS ARE AS FOLLOWS: AN INDEPENDENT COMPENSATION CONSULTANT IS HIRED BY THE BOARD OF TRUSTEES. THE CONSULTANT CONDUCTS A COMPENSATION SURVEY OF COMPETITOR PEER SCHOOLS AND PREPARES A WRITTEN REPORT. THE FORM 990 OF OTHER SIMILAR ORGANIZATIONS, AVAILABLE ON GUIDESTAR, IS ONE FACTOR USED FOR COMPARISON. THE BOARD OF TRUSTEES' COMPENSATION COMMITTEE STUDIES THE CONSULTANT'S REPORT AND OTHER DATA AND RECOMMENDS COMPENSATION AND BENEFITS FOR THE HEAD'S CONTRACT TO THE BOARD OF TRUSTEES. THE COMPENSATION COMMITTEE REVIEWS BENCHMARK DATA FOR OFFICER AND KEY EMPLOYEE COMPENSATION. THE EMPLOYMENT CONTRACT IS REVIEWED BY A LEGAL FIRM. THE BOARD OF TRUSTEES DISCUSSES AND VOTES ON THE COMPENSATION COMMITTEE RECOMMENDATION AND ON THE APPROVAL OF THE CONTRACT. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: UNREALIZED GAIN/(LOSS) ON INTEREST RATE SWAP AGREEMENT 465,446.