2015-05-12T14:19:35-05:00 2014-06-30 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 1650 MARKET STREET SUITE 4500 PHILADELPHIA PA 19103 990 2013-07-01 231352639 TRUSTEES OF THE PUBLIC SCHOOL OF GERMANTOWN TRUS 2156463300 PO BOX 287 MORRIS ROAD FORT WASHINGTON PA 19034 THOMAS P TAFT COO 2156463300 2015-05-12 1 JULIUS GREEN CPA JD P00350393 2159720701 2013 2016-04-25 22:37:26Z GERMANTOWN ACADEMY THOMAS P TAFT PO BOX 287 MORRIS ROAD FORT WASHINGTON PA 19034 41107109 0 X WWW.GERMANTOWNACADEMY.ORG X 1759 PA AN INDEPENDENT, COEDUCATIONAL COLLEGE PREP SCHOOL FOR COMMUTING STUDENTS IN GRADES PRE-K - TWELVE. 29 29 612 121 0 0 2724871 3604110 29831503 31349723 689666 712782 2460301 2271580 35706341 37938195 5071032 5245325 0 0 22413847 23215092 173 1500 1378296 9172808 8933029 36657860 37394946 -951519 543249 128700040 128924413 44501351 39647634 84198689 89276779 GERMANTOWN ACADEMY INSPIRES STUDENTS TO BE INDEPENDENT IN THOUGHT; CONFIDENT IN EXPRESSION; COMPASSIONATE IN SPIRIT; COLLABORATIVE IN ACTION; AND HONORABLE IN DEED. 0 0 29375428 5245325 31349723 GERMANTOWN ACADEMY IS A NON-SECTARIAN, COEDUCATIONAL COLLEGE PREPARATORY SCHOOL EDUCATING STUDENTS FROM PRE-K TO GRADE 12. FOUNDED IN 1759, GERMANTOWN ACADEMY HAS OVER 250 YEARS OF HISTORY, TRADITION, AND OUTSTANDING ACADEMICS. A TOTAL OF 1,110 STUDENTS WERE ENROLLED THIS FISCAL YEAR. N/A N/A 29375428 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 1 0 1 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 1 0 0 0 1 17 0 1 612 1 0 0 0 0 0 1 1 0 0 0 0 X 29 29 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X THOMAS P TAFT CHIEF OPERATING OFFICER 2674057224 PO BOX 287 MORRIS RD FORT WASHINGTON PA 19034 MICHAEL H JORDAN TREASURER 5.00 X X 0 0 0 KAREN DOUGHERTY BUCHHOLZ TRUSTEE 5.00 X 0 0 0 ROBERT BAST ESQ TRUSTEE 5.00 X 0 0 0 JUDY CHANG CODY TRUSTEE 5.00 X 0 0 0 BRIAN DIDONATO TRUSTEE 5.00 X 0 0 0 ALISON KORMAN FELDMAN TRUSTEE 5.00 X 0 0 0 JUDY A FELGOISE TRUSTEE 5.00 X 0 0 0 CHRISTINE DOVEY GALLOWAY TRUSTEE 5.00 X 0 0 0 JUDI J GOODMAN PRESIDENT/BOARD CHAIR 20.00 X X 0 0 0 LORI R GRISWOLD TRUSTEE 5.00 X 0 0 0 ANNAMARIE GEPPERT HELLEBUSCH TRUSTEE 5.00 X 0 0 0 JEFFREY A HONICKMAN TRUSTEE 5.00 X 0 0 0 DAVID W KARR TRUSTEE 5.00 X 0 0 0 BERTON E KORMAN TRUSTEE 5.00 X 0 0 0 BRADLEY J KORMAN TRUSTEE 5.00 X 0 0 0 SUSAN STRATTON MCGINNIS TRUSTEE 5.00 X 0 0 0 ROBERT MCNEIL III SECRETARY 5.00 X X 0 0 0 WILLIAM P PISZEK TRUSTEE 5.00 X 0 0 0 SCOTT BADAMI TRUSTEE 5.00 X 0 0 0 THOMAS E DURKIN TRUSTEE 5.00 X 0 0 0 JAMES J FITZGERALD IV TRUSTEE 5.00 X 0 0 0 DAVID O OBERKIRCHER TRUSTEE 5.00 X 0 0 0 LORI REINER TRUSTEE 5.00 X 0 0 0 NANCY A WOLFSON TRUSTEE 5.00 X 0 0 0 DEBORAH HUNTZINGER HERTING TRUSTEE 5.00 X 0 0 0 JOHN KORMAN TRUSTEE 5.00 X 0 0 0 JEFF SULTANIK TRUSTEE 5.00 X 0 0 0 KATHY TANNER TRUSTEE 5.00 X 0 0 0 KATHY WYSZOMIERSKI TRUSTEE 5.00 X 0 0 0 JAMES FITZGERALD TRUSTEE (RESIGNED) 5.00 X 0 0 0 JAMES W CONNOR HEAD OF SCHOOL 50.00 X 297253 0 63695 THOMAS P TAFT CHIEF OPERATING OFFICER 50.00 X 165342 0 20726 RICHARD SCHELLHAS HEAD OF UPPER SCHOOL 40.00 X 152370 0 19623 AUDREY SCHNUR DIR OF INSTITUTIONAL ADVANCEMENT 40.00 X 141107 0 12908 RICHARD SHOULBERG DIR OF AQUATICS 40.00 X 130699 0 19959 JAMES FENERTY DIR OF ATHLETICS 40.00 X 122900 0 17119 SUSAN SZCZEPKOWSKI HEAD OF LOWER SCHOOL 40.00 X 112303 0 18966 1121974 0 172996 7 0 1 0 ARAMARK FACILITY SERVICE 24858 NETWORK PLACE CHICAGO IL 60673 CLEANING SERVICES 429475 JAMIE HIGGINS LANDSCAPING INC 361 LAWRENCE ROAD BROOMALL PA 19008 LANDSCAPING SERVICES 178250 MERIWETHER-GODSEY INC 4944 OLD BOONSBORO ROAD LYNCHBURG VA 24503 DINING SERVICES 169289 WALLACE ROBERTS & TODD LLC 1700 MARKET STREET 29TH FL PHILADELPHIA PA 19103 ARCHITECTS 141232 NOVACARE REHABILITATION 400 TECHNOLOGY DRIVE CANONSBURG PA 15317 ATHLETIC TRAINER 119203 7 138927 3465183 282170 3604110 STUDENT TUITION FEES 611600 31349723 31349723 31349723 559965 559965 258138 44729 213409 213409 213409 3081526 2928709 152817 152817 152817 244951 195476 49475 49475 SUMMER PROGRAMS 900099 1090329 1090329 EXTENDED DAY AND CHILD CARE FEES 900099 497962 497962 AQUATIC CLUB REVENUE 900099 357712 357712 62693 62693 2008696 37938195 31349723 0 2984362 5245325 5245325 521301 402874 96016 22411 16951185 13114422 3111443 725320 1097374 806957 234296 56121 3343169 2964462 314551 64156 1302063 987119 260625 54319 243424 243424 68812 68812 1500 1500 9341 9341 149230 128731 20024 475 59025 8570 50455 1191386 589913 496642 104831 159521 159521 2152859 1747222 330519 75118 457726 346102 83099 28525 171662 135167 29737 6758 2999637 2202548 646229 150860 292802 292802 EDUCATION, ATHLETICS AN 547985 547985 BAD DEBTS 132691 132691 AQUATICS CLUB EXPENSES 67912 67912 RENTAL EXPENSES 43881 32033 9654 2194 185135 56656 93226 35253 37394946 29375428 6641222 1378296 5948019 6015430 424182 4752489 3546244 570028 545417 3000 26587 39136 821615 858758 104958327 26279635 80644388 78678692 739554 82371 25118204 27144674 10076156 11589509 128700040 128924413 1982423 2012998 11200597 10944468 30398037 26084353 920294 605815 44501351 39647634 X 56962582 59238984 6229105 6921089 21007002 23116706 84198689 89276779 128700040 128924413 X 543249 2932637 1602204 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 25849258 596351 3088202 2315266 27218545 23450178 606767 2820715 1028402 25849258 24992967 465958 -280888 -1727859 23450178 22258976 465957 3914217 -1646183 24992967 20590774 1027214 2050639 -1409651 22258976 0.37750 0.42350 0.19900 1 0 5210051 5210051 88192958 17531267 70661691 11555318 8748368 2806950 78678692 ALTERNATIVE INVESTMENTS 27144674 F 27144674 BENEFICIAL INTEREST IN PERPETUAL TR 11589509 11589509 STUDENT DEPOSITS AND ACCOMMODATIONS 291132 DISCOUNT FOR FUTURE INTERESTS IN SPLIT-INTEREST ARRANGEMENTS 17457 CAPITAL LEASE OBLIGATION 164395 INTEREST RATE SWAP 132831 605815 X 37458575 2932637 -3643121 -710484 38169059 9341 -240205 -230864 37938195 32380485 240205 240205 32140280 9341 5245325 5254666 37394946 PART III, LINE 4: GERMANTOWN ACADEMY MAINTAINS AND DISPLAYS COLLECTIONS OF WORKS OF ART, HISTORICAL TREASURES AND OTHER SIMILAR ASSETS AS A KEY COMPONENT OF OUR LIBERAL ARTS, COLLEGE PREPARATORY CURRICULUM. THESE WORKS OF ART ARE INCORPORATED ON A REGULAR BASIS AS PART OF OUR ART CLASSES IN ORDER TO HELP PROVIDE THE ACADEMY'S STUDENTS WITH THE FRAMEWORK NECESSARY TO GROW AS ARTISTS THEMSELVES AND TO MEET THE STATED CURRICULAR OBJECTIVES OF OUR MISSION. THERE IS NO INTENTION TO EVER SELL A WORK OF ART IN ORDER TO GENERATE INCOME. PART V, LINE 4: THE SCHOOL'S ENDOWMENTS CONSIST OF INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING SCHOLARSHIPS AND FINANCIAL AID, FACULTY COMPENSATION, STUDENT PRIZES, PARENT EDUCATION, STUDENT EDUCATION, IMPROVEMENTS TO PROPERTY, PLANT AND EQUIPMENT, AS WELL AS VARIOUS OTHER ACTIVITIES OF THE SCHOOL. ITS ENDOWMENTS INCLUDE BOTH A DONOR-RESTRICTED ENDOWMENT FUND AND FUND DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS AN ENDOWMENT. AS REQUIRED BY SFAS NO. 117, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. THE SCHOOL IS ALSO THE BENEFICIARY OF AN ENDOWMENT THAT IS HELD BY THE EDWIN M. LAVINO PERPETUAL TRUST. PART X, LINE 2: THE TRUSTEES OF THE PUBLIC SCHOOL OF GERMANTOWN ACCOUNTS FOR UNCERTAINTIES IN INCOME TAXES IN ACCORDANCE WITH AUTHORITATIVE GUIDANCE, WHICH PRESCRIBES A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD HAS BEEN MET. THE SCHOOL'S FEDERAL EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURNS FOR THE FISCAL YEARS ENDING JUNE 30, 2013, 2012, AND 2011 REMAIN SUBJECT TO EXAMINATION BY THE IRS. THE SCHOOL'S POLICY IS TO RECOGNIZE INTEREST RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES IN OPERATING EXPENSES. PART XI, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIPS & FINANCIAL AID -5,245,325. GAIN ON INTEREST RATE SWAP AGREEMENT 88,851. GAIN ON BENEFICIAL INTEREST IN PERPETUAL TRUST 1,513,353. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -195,476. RENTAL EXPENSES -44,729. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 195,476. RENTAL EXPENSE 44,729. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS & FINANCIAL AID 5,245,325. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE ORGANIZATION'S NONDISCRIMATORY POLICY IS PUBLISHED IN LOCAL NEWSPAPERS. THE FOLLOWING IS ALSO PUBLISHED ON THE ACADEMY'S WEBSITE: AT GERMANTOWN ACADEMY, WE WELCOME STUDENTS, FACULTY, AND STAFF FROM ALL ETHNIC, CULTURAL, RACIAL, RELIGIOUS, AND SOCIOECONOMIC GROUPS, AND OF ALL SEXUAL ORIENTATIONS WHO RESPECT THE VALUES SET FORTH IN OUR SCHOOL'S GENERAL MISSION STATEMENT AND IN THIS DIVERSITY STATEMENT OF PURPOSE AND PRACTICE. WE HONOR OUR SCHOOL'S DIVERSITY BY RESPECTING THE VARIOUS CUSTOMS AND TRADITIONS OF ALL MEMBERS OF OUR COMMUNITY. SCHEDULE E, PART I, LINE 6 THE SCHOOL RECEIVED BOOKS FROM THE STATE OF PENNSYLVANIA. EAST ASIA AND THE PACIFIC 0 3 COLLEGE COUNSELING SERVICES TO HIGH SCHOOL STUDENTS EDUCATIONAL ASSISTANCE 63163 0 3 0 0 0 3 63163 0 63163 0 0 0 0 0 0 1 STUDENT GRANTS FOR TUITION 322 5245325 PART I, LINE 2: ALL RECIPIENTS ARE INDIVIDUALS RECEIVING SCHOLARSHIPS. DETERMINATION OF STUDENTS' QUALIFICATIONS FOR THE AWARDS ARE MADE BY THE SCHOOL'S FINANCIAL AID COMMITTEE. SCHOLARSHIPS ARE AWARDED TO STUDENTS BASED ON FINANCIAL NEED. SCHOLARSHIP CANDIDATES ARE EVALUATED FOR FINANCIAL NEED BY AN INDEPENDENT SCHOLARSHIP SERVICE. SCHOLARSHIPS ARE PROVIDED AS A REDUCTION TO TUITION. X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 JAMES W CONNOR HEAD OF SCHOOL 297253 0 0 0 0 0 25267 0 38428 0 360948 0 0 0 THOMAS P TAFT CHIEF OPERATING OFFICER 165342 0 0 0 0 0 14054 0 6672 0 186068 0 0 0 RICHARD SCHELLHAS HEAD OF UPPER SCHOOL 152370 0 0 0 0 0 12951 0 6672 0 171993 0 0 0 AUDREY SCHNUR DIR OF INSTITUTIONAL ADVANCEMENT 141107 0 0 0 0 0 11994 0 914 0 154015 0 0 0 RICHARD SHOULBERG DIR OF AQUATICS 130699 0 0 0 0 0 11109 0 8850 0 150658 0 0 0 PART I, LINE 1A THE HEAD OF SCHOOL IS REQUIRED TO LIVE ON CAMPUS AND IS PROVIDED HOUSING AND CLEANING SERVICE AS PART OF HIS EMPLOYMENT AGREEMENT. THIS IS NOT INCLUDED IN TAXABLE INCOME AS IT IS EXCLUDED UNDER INTERNAL REVENUE CODE SECTION 119. THE VALUE OF THE HOUSING DURING FISCAL YEAR 2014 AMOUNTED TO $36,000. A MONTGOMERY COUNTY INDUSTRIAL DEVELOPMENT 232245125 2010-07-01 27000000 CONSTRUCTION PROJECTS 0 0 0 B MONTGOMERY COUNTY INDUSTRIAL DEVELOPMENT 232245125 613609A48 2012-07-26 12248841 REFINANCE 2010 ISSUE AND FINANCE CONSTRUCTION PROJECTS 0 0 0 A 13000000 27000000 24996440 2011 0 0 1 1 B 164488 12248841 41840 209030 11997372 2012 1 0 0 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 1 0 1 0 0 0 1 B 0 0 1 0 0 0 0 0 1 A 1 B 1 KENNETH ROGERS HEAD OF MIDDLE SCHOOL COMPUTER EQUIPMENT LOAN X 1000 0 0 1 THOMAS TAFT CHIEF OPERATING OFFICER EQUIPMENT LOAN X 2000 0 0 1 SCHEDULE L, PART II THE LOAN TO KEN ROGERS WAS APPROVED BY THOMAS TAFT, CFO, FOR THE PURCHASE OF A COMPUTER. THE LOAN TO THOMAS TAFT WAS APPROVED BY THE HEAD OF SCHOOL, JAMES CONNOR, AND WAS USED TO PURCHASE EQUIPMENT FOR THE TRACK PROGRAM. BOTH LOANS WERE SUBJECT TO APPROVAL AND LOAN REPAYMENT SCHEDULES WERE DOCUMENTED IN WRITING. X 5 143243 NYSE X BOOKS 1 138927 PURCHASE PRICE 0 0 1 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS REPRESENTS THE NUMBER OF CONTRIBUTORS. PART I, LINE 32B: THE ORGANIZATION HAS A BROKER WHO RECEIVES AND SELLS THE SECURITIES. THE REPRESENTATIVE WILL CONTACT THE ORGANIZATION'S ANNUAL FUND DIRECTOR WHEN A STOCK GIFT IS RECEIVED. THE AF DIRECTOR CONFIRMS THAT THE STOCK SHOULD BE SOLD IMMEDIATELY. THE REPRESENTATIVE SENDS AN E-MAIL TO THE AF DIRECTOR THAT THE STOCK HAS BEEN SOLD AND FOLLOWS UP WITH A SETTLEMENT SHEET. FORM 990, PART VI, SECTION A, LINE 2 BERTON E KORMAN, ALISON K FELDMAN, BRADLEY J KORMAN, AND JOHN P KORMAN - FAMILY RELATIONSHIP NANCY A WOLFSON AND JUDY A FELGOISE - FAMILY RELATIONSHIP JOHN P KORMAN AND BERTON E KORMAN - BUSINESS RELATIONSHIP FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS PREPARED BY A CERTIFIED INDEPENDENT PUBLIC ACCOUNTING FIRM WITH A STRONG BACKGROUND IN ACCOUNTING AND TAX MATTERS FOR CLIENTS OF THIS TYPE. INFORMATION IS PROVIDED TO THIS FIRM BY OUR ORGANIZATION AND, UPON COMPLETION OF THE FORM BY OUR ACCOUNTANTS, THE FORM IS REVIEWED BY OUR ORGANIZATION FOR ACCURACY AND COMPLETENESS. AT THE CONCLUSION OF OUR REVIEW THE FORM IS FILED WITH THE INTERNAL REVENUE SERVICE AND STATE OF PENNSYLVANIA. A COPY OF THE FORM 990 IS FORWARDED TO EACH TRUSTEE PRIOR TO BEING FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C NO MEMBER OF THE BOARD OF TRUSTEES NOR ANY MEMBER OF A BOARD COMMITTEE SHALL RECEIVE RENUMERATION DIRECTLY OR INDIRECTLY AS A RESULT OF BUSINESS DECISIONS OR CONTRACTS WHICH ARE AWARDED BY THE BOARD UNLESS A DETERMINATION HAS BEEN MADE BY THE BOARD OR THE EXECUTIVE COMMITTEE OF THE BOARD THAT IT IS IN THE BEST INTEREST OF THE ACADEMY TO ALLOW SUCH AN ARRANGEMENT, IN WHICH CASE THE CONFLICT OF INTEREST SHALL BE CLEARLY ACKNOWLEDGED AND THE AFFECTED BOARD OR COMMITTEE MEMBER SHALL ABSTAIN FROM PARTICIPATION IN THE DECISION TO AWARD SUCH CONTRACT OR TO TAKE ACTION RESULTING IN THE AWARD OF SUCH CONTRACT. IT SHALL BE THE RESPONSIBILITY OF THE MEMBERS OF THE BOARD OF TRUSTEES AND OF THE COMMITTEES OF THE BOARD TO CALL TO THE PRESIDENT OF THE BOARD OF TRUSTEES OR THE CHAIRMAN OF THE BOARD COMMITTEE INVOLVED, ANY SITUATION WHERE A CONFLICT OF INTEREST OR POSSIBLE CONFLICT OF INTEREST MAY BE SEEN. BOARD MEMBERS SIGN A CONFLICT OF INTEREST STATEMENT ANNUALLY WHICH IS MONITORED BY THE HEAD OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES AND THE FINANCE COMMITTEE CAREFULLY EXAMINE THE COMPENSATION PROPOSAL FOR THE NEXT FISCAL YEAR DURING THE COURSE OF THE PREVIOUS FALL AND APPROVE IT DURING THE JANUARY MEETING. THE SALARIES OF ALL FACULTY AND ADMINISTRATORS INCLUDING THE HEAD OF SCHOOL ARE BENCHMARKED BASED ON POOLED SURVEY DATA FROM 56 COMPARABLE SCHOOLS NATIONWIDE (DAY SCHOOLS WITH OVER 750 STUDENTS). COMPENSATION IS BASED ON THE 75TH PERCENTILE OF THE COMPARABLE SCHOOLS. ALL OTHER STAFF MEMBERS ARE PAID BASED ON DATA COLLECTED THROUGH "SALARY.COM." FOR EACH POSITION, BASED UPON EXPERIENCE, COMPENSATION IS SET BETWEEN THE 25TH AND 75TH PERCENTILE. THIS POLICY ENSURES FAIR COMPENSATION IS DETERMINED INDEPENDENTLY AND WITHOUT UNDUE INFLUENCE OF OUR ORGANIZATION. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: GAIN ON INTEREST RATE SWAP AGREEMENT 88,851. GAIN ON BENEFICIAL INTEREST IN PERPETUAL TRUST 1,513,353. ARDSLEY REALTY ASSOCIATES LP 636 OLD YORK ROAD JENKINTOWN PA 19046 232864563 RENTAL OF REAL ESTATE PA N/A INVESTMENT 153713 579712 0 0 0.72500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1