2014-12-15T10:23:34-06:00 2014-07-31 362985665 WOLF & COMPANY LLP 1901 S MEYERS RD SUITE 500 OAKBROOK TERRACE IL 601815209 990 2013-08-01 362535895 NEAR NORTH MONTESSORI SCHOOL NEAR 7733841434 1434 WEST DIVISION STREET CHICAGO IL 60642 EDDIE GERSHMAN BOARD PRESIDENT 7733841434 2014-12-11 1 SCOTT C TERMINE P00137961 6305454500 2013 2015-11-30 17:44:51Z AUDREY PERROTT 1434 WEST DIVISION STREET CHICAGO IL 60642 10715319 0 X WWW.NNMS.ORG X 1963 IL NEAR NORTH MONTESSORI EDUCATES THE HUMAN POTENTIAL THROUGH A PARTNERSHIP BETWEEN HOME AND SCHOOL THAT FOSTERS INTELLECTUAL GROWTH, INDEPENDENCE, RESPONSIBILITY, AND A SENSE OF SELF-WORTH. 16 16 150 750 0 0 530202 589059 9024175 9416023 127825 163810 292987 333200 9975189 10502092 645404 629341 0 0 6352684 6542360 0 0 412793 2732467 2775118 9730555 9946819 244634 555273 27527967 27722741 12404822 11678948 15123145 16043793 NEAR NORTH MONTESSORI EDUCATES THE HUMAN POTENTIAL THROUGH A PARTNERSHIP BETWEEN HOME AND SCHOOL THAT FOSTERS INTELLECTUAL GROWTH, INDEPENDENCE, RESPONSIBILITY AND A SENSE OF SELF-WORTH. 0 0 8033527 629341 9416023 TUITION AND RELATED FEES TO PROVIDE PRE-SCHOOL AND PRIMARY GRAMMAR SCHOOL EDUCATION. 8033527 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 20 0 1 150 1 0 0 0 0 0 1 1 0 0 0 0 X 16 16 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IL X LINDA RUDNICK 7733841434 1434 WEST DIVISION CHICAGO IL 60642 EDDIE GERSHMAN PRESIDENT 2.00 X X 0 0 0 SARAH NORRIS VICE PRESIDENT 1.00 X X 0 0 0 DAVID MORRISON SECRETARY 1.00 X X 0 0 0 LOIS SCOTT TREASURER 1.00 X X 0 0 0 SHERMAN WRIGHT DIRECTOR 1.00 X 0 0 0 ALINA COWDEN DIRECTOR 1.00 X 0 0 0 CHARLES HUNTER DIRECTOR 2.00 X 0 0 0 MICHAEL LUCAS DIRECTOR 1.00 X 0 0 0 GORDON PAN DIRECTOR 1.00 X 0 0 0 ROC RONEY DIRECTOR 1.00 X 0 0 0 KEVIN ANGELES DIRECTOR 1.00 X 0 0 0 DOUG YERKES DIRECTOR 1.00 X 0 0 0 MIRIAM KLEVAN DIRECTOR 1.00 X 0 0 0 DEBRA BERNARD DIRECTOR 1.00 X 0 0 0 JERRY KRULEWITCH DIRECTOR 1.00 X 0 0 0 JILL STOCKARD DIRECTOR 1.00 X 0 0 0 AUDREY PERROTT EXECUTIVE DIRECTOR 40.00 X 167794 0 13542 MIEKO YOSHIDA OPERATIONS AND FACILITIES 40.00 X 123328 0 15377 LINDA RUDNICK FINANCE DIRECTOR 40.00 X 125260 0 6816 DIANE COHEN ADVANCEMENT DIRECTOR 40.00 X 105836 0 8594 522218 0 44329 4 0 1 0 0 589059 589059 TUITION & FEES 611110 9416023 9416023 9416023 168905 168905 100240 99095 6240 1145 -6240 -5095 -5095 441092 107892 333200 333200 10502092 9416023 0 497010 629341 629341 5171732 3848795 1022695 300242 186095 138436 42590 5069 800210 652869 119565 27776 384323 287891 74771 21661 68204 68204 517145 454709 30652 31784 133666 131661 1203 802 57724 42069 1667 13988 394712 388792 3552 2368 743915 732757 6695 4463 60355 59450 543 362 ACTIVITIES 292875 292875 REPAIRS AND MAINTENANCE 173072 170476 1558 1038 CONSULTANTS 99008 81088 17920 BANK FEES 71333 71333 163109 122318 37551 3240 9946819 8033527 1500499 412793 200 200 4271715 4784193 453842 208715 58959 51887 28031 22902 187827 232446 22038775 4544488 18157201 17494287 4370192 4928111 27527967 27722741 511249 603399 893573 1305549 11000000 9770000 12404822 11678948 X 15110979 16034017 6226 2636 5940 7140 15123145 16043793 27527967 27722741 555273 365375 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3764191 1980 512251 4278422 2988484 2300 773407 3764191 2987204 2250 -970 2988484 2582508 2825 401871 2987204 2349843 9526 223139 2582508 0.99830 0.00170 0 0 325000 325000 1003807 1003807 0 19748701 3042667 16706034 561834 417081 144753 399433 80933 318500 17494287 X 10238126 365375 -629341 -263966 10502092 0 10502092 9317478 -629341 -629341 9946819 0 9946819 PART X, LINE 2: THE SCHOOL IS INCORPORATED UNDER THE LAWS OF THE STATE OF ILLINOIS AS A NOT-FOR-PROFIT ORGANIZATION THAT IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE SCHOOL HAS ALSO BEEN CLASSIFIED AS AN ENTITY THAT IS NOT A PRIVATE FOUNDATION WITHIN THE MEANING OF SECTION 509(A) AND QUALIFIES FOR DEDUCTIBLE CONTRIBUTIONS AS PROVIDED IN SECTION 170(B)(1)(A)(VI). THE SCHOOL RECOGNIZES THE FINANCIAL STATEMENT IMPACT OF A TAX POSITION WHEN IT IS MORE LIKELY THAN NOT THAT THE POSITION WILL BE SUSTAINED UPON EXAMINATION. THE SCHOOL IS NO LONGER SUBJECT TO U.S. FEDERAL, STATE AND LOCAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR THE YEARS BEFORE THE TAX YEAR ENDING JULY 31, 2011. PART XI LINE 2D GRANT FOR STUDENTS WITH FINANCIAL NEED PART XII LINE 2D GRANT EXPENSE ISSUED TO STUDENTS BASED ON FINANCIAL NEED 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 VIA WEBSITE, BROCHURES, LITERATURE AND MEDIA PUBLICITY. THE BIG NIGHT 377345 377345 5000 29355 50641 GOLF OUTING 32520 32520 18475 2 31227 31227 1075 1130 2216 441092 441092 5000 30430 1130 71332 107892 333200 1 SCHOLARSHIPS 77 629341 PART I, LINE 2: APPLICANTS ARE REQUIRED TO SUBMIT AN APPLICATION AND PROVIDE THEIR TAX RETURNS. ALL APPLICATIONS ARE REVIEWED TO DETERMINE NEED AND ALL INFORMATION, INCLUDING NOTES, ARE RETAINED ON AN ELECTRONIC FILING SYSTEM. X X X X X 0 0 0 0 0 0 0 0 0 AUDREY PERROTT EXECUTIVE DIRECTOR 167794 0 0 0 0 0 8525 0 5017 0 181336 0 0 0 A ILLINOIS FINANCE AUTHORITY REVENUE BOND 861091967 2009-05-27 12000000 SEE PART V 0 0 0 A 12000000 12000000 2012 0 0 1 1 A 0 0 0 0 0 0 0 A 0 0 0 0 0 0 0 0 0 A 0 SCHEDULE K, PART III, LINE 9; PART IV, LINE 7; AND PART V THE ORGANIZATION IS PRESENTLY IN THE PROCESS OF PREPARING WRITTEN PROCEDURES, WITH THE HELP OF BOND COUNSEL, TO ENSURE THAT ALL NONQUALIFIED BONDS OF THE ISSUE (IF ANY) ARE REMEDIATED IN ACCORDANCE WITH THE REQUIREMENTS UNDER REGULATIONS SECTIONS 1.141-12 AND 1.145-2, TO MONITOR THE REQUIREMENTS OF SECTION 148, AND TO ENSURE THAT ANY VIOLATIONS OF FEDERAL TAX REQUIREMENTS ARE TIMELY IDENTIFIED AND CORRECTED THROUGH THE VOLUNTARY CLOSING AGREEMENT PROGRAM IF SELF-REMEDIATION IS NOT AVAILABLE UNDER APPLICABLE REGULATIONS. SCHEDULE K RENOVATION OF A 4-STORY SCHOOL BUILDING LOCATED AT 1434 WEST DIVISION, INCLUDING REPLACEMENT OF HEATING SYSTEM, VENTILATION, ELECTRICAL AND SPRINKLER SYSTEM IMPROVEMENTS AND ADDITIONAL CLASSROOM, BATHROOM AND RELATED FACILITIES, AND CONSTRUCTION OF A NEW GYMNASIUM IMMEDIATELY ADJACENT TO THE SCHOOL BUILDING. ON MAY 27, 2009, THE ILLINOIS FINANCE AUTHORITY ISSUED $12,000,000 OF EDUCATIONAL FACILITY REVENUE BOND SERIES 2009 TO MB FINANCIAL BANK IN ORDER TO LOAN THE PROCEEDS OF THE BOND TO NEAR NORTH MONTESSORI SCHOOL FOR THE PURPOSE OF FINANCING OR REIMBURSING CERTAIN COSTS OF THE FACILITIES. ON DECEMBER 21, 2011, $10,000,000 OF THE ORIGINAL BOND ISSUE WAS REISSUED AS A NEW EDUCATIONAL FACILITY REVENUE BOND, AMENDED SERIES 2009 (AMENDED BOND). ADDITIONALLY, ON JANUARY 13, 2012, $1,000,000 OF THE ORIGINAL BOND ISSUE WAS REISSUED AS A NEW EDUCATIONAL FACILITY REVENUE BOND, 2012 AMENDED SERIES 2009. ON JANUARY 28, 2014, THE SCHOOL PAID OFF THE EDUCATIONAL FACILITY REVENUE BOND, 2012 AMENDED SERIES 2009 WITH A FINAL PAYMENT OF $996,626. TOTAL PAYMENTS ON THE BONDS AT JULY 31, 2014 WERE $1,230,000. AT JULY 31, 2014 AND 2013, $9,770,000 AND $11,000,000, RESPECTIVELY, IS OUTSTANDING ON THE BOND PAYABLE. FORM 990, PART VI, SECTION B, LINE 11 THE FINANCE DIRECTOR RECEIVES THE COMPLETED FORM 990 FROM THE ACCOUNTING FIRM. THE FINANCE DIRECTOR REVIEWS THE FORM FOR ACCURACY AND SUBMITS THE COMPLETED FORM TO THE CHAIR OF THE AUDIT COMMITTEE, WHO REVIEWS THE FORM FOR ACCURACY. AFTER THE CHAIR OF THE AUDIT COMMITTEE AND THE FINANCE DIRECTOR HAVE COMPLETED THEIR REVIEW, THE FORM 990 IS MADE AVAILABLE BY EMAIL TO THE ENTIRE BOARD OF DIRECTORS FOR THEIR REVIEW AND COMMENT. THE AUDIT AND THE FORM 990 ARE PRESENTED BY THE OUTSIDE AUDITOR AND AUDIT COMMITTEE CHAIR TO THE FULL BOARD (OR TO THE EXECUTIVE COMMITTEE WITH BOARD APPROVAL). UPON BOARD OR EXECUTIVE COMMITTEE APPROVAL OF THE AUDIT REPORT AND FORM 990, THE BOARD PRESIDENT SIGNS BOTH THE FEDERAL AND STATE RETURNS TO BE FILED IN A TIMELY MANNER. FORM 990, PART VI, SECTION B, LINE 12C IN SEPTEMBER OF EACH YEAR, THE FINANCE DIRECTOR DISTRIBUTES THE CONFLICT OF INTEREST POLICY AND THE ANNUAL AFFIRMATION FORM TO ALL INTERESTED PERSONS. (I.E. VOTING MEMBERS OF THE BOARD, VOTING MEMBERS OF ANY COMMITTEES OF THE BOARD; THE SCHOOL'S EXECUTIVE DIRECTOR, FINANCE DIRECTOR, OPERATIONS AND FACILITIES DIRECTOR, DEVELOPMENT DIRECTOR, LOWER SCHOOL DIRECTOR, ELEMENTARY SCHOOL DIRECTOR AND UPPER SCHOOL DIRECTOR). THE ANNUAL AFFIRMATION FORM IS SIGNED BY ALL INTERESTED PERSONS, AFFIRMING THAT THE INDIVIDUAL RECEIVED A COPY OF THE CONFLICT OF INTEREST POLICY; THAT THEY HAVE READ THE POLICY; THAT THEY AGREE TO COMPLY WITH THE POLICY AND THAT THEY UNDERSTAND THAT THE SCHOOL IS A CHARITABLE ORGANIZATION AND THAT IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION, IT MUST ENGAGE IN ACTIVITIES WHICH PRIMARILY ACCOMPLISH ONE OR MORE OF ITS TAX EXEMPT PURPOSES. THE SIGNED FORM IS GIVEN TO THE FINANCE DIRECTOR, WHO CHECKS TO MAKE SURE THE FORMS ARE ALL AFFIRMATIVE, AND THEN MAINTAINS THE FORMS ON FILE. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION'S CEO, EXECUTIVE DIRECTOR, OR TOP MANAGEMENT OFFICIAL: THE EXECUTIVE COMMITTEE OF THE SCHOOL'S BOARD OF DIRECTORS WHICH INCLUDES THE PRESIDENT OF THE BOARD (WITH ASSISTANCE FROM THE HUMAN RESOURCES DIRECTOR AND THE FINANCE DIRECTOR, WHEN APPLICABLE), LEADS THE PROCESS TO MARKET PRICE THE JOB OF THE EXECUTIVE DIRECTOR. THIS PROCESS IS FOLLOWED WHEN AN EXECUTIVE DIRECTOR IS HIRED AS WELL AS EACH TIME AN EXECUTIVE DIRECTOR'S CONTRACT IS RENEWED. THIS PROCESS CONSISTS OF 1) GATHERING COMPENSATION DATA FROM COMPARABLE DATA SOURCES, ENSURING THAT APPLICABLE JOB PERFORMANCE IS TAKEN INTO ACCOUNT; 2) DETERMINING A WAGE CONSISTENT WITH THOSE FINDINGS WHILE ENSURING THAT THE RESULTING COMPENSATION FALLS WITHIN THE BOARD APPROVED BUDGET FOR STAFF EXPENSES; 3) PRESENTING A RECOMMENDATION TO THE BOARD OF DIRECTORS AS TO THE COMPENSATION OF THE EXECUTIVE DIRECTOR FOR APPROVAL BY THE BOARD; AND 4) DOCUMENTING THE DECISION OF THE BOARD IN THE BOARD MINUTES. DISCUSSION OF COMPENSATION IS HELD IN A CLOSED SESSION OF THE BOARD OF DIRECTORS. OTHER OFFICERS OR KEY EMPLOYEES OF THE ORGANIZATION: THE EXECUTIVE DIRECTOR, HUMAN RESOURCES DIRECTOR AND THE FINANCE DIRECTOR LEAD THE PROCESS TO MARKET PRICE THE JOBS OF OTHER DIRECTORS OR KEY EMPLOYEES. THE COMPENSATION COMMITTEE MAY ASSIST OR REVIEW GENERAL COMPENSATION RANGES FOR THESE ROLES. THIS PROCESS IS FOLLOWED WHEN A DIRECTOR/KEY EMPLOYEE IS HIRED AS WELL AS EACH TIME A DIRECTOR/KEY EMPLOYEE'S SALARY IS ADJUSTED. THIS PROCESS CONSISTS OF GATHERING COMPENSATION DATA FROM COMPARABLE DATA SOURCES, ENSURING THAT APPLICABLE JOB PERFORMANCE IS TAKEN INTO ACCOUNT, AND ULTIMATELY DETERMINING A WAGE CONSISTENT WITH THOSE FINDINGS WHILE ENSURING THAT THE RESULTING COMPENSATION FALLS WITHIN THE BOARD APPROVED BUDGET FOR STAFF EXPENSES. FORM 990, PART VI, SECTION C, LINE 19 THE FORM 990 AND THE FORM 1023 ARE AVAILABLE TO THE PUBLIC UPON REQUEST. PDF VERSIONS ARE AVAILABLE AT NO CHARGE AND WILL BE PROVIDED WITHIN 3 BUSINESS DAYS OF THE REQUEST (OR AS SOON AS ADMINISTRATIVELY POSSIBLE). PRINTED COPIES WILL BE PROVIDED WITHIN 5 BUSINESS DAYS OF THE REQUEST (OR AS SOON AS ADMINISTRATIVELY POSSIBLE). THE SCHOOL RESERVES THE RIGHT TO CHARGE A REASONABLE COPYING FEE PLUS POSTAGE FOR REQUESTS FOR PRINTED COPIES. CONFLICT OF INTEREST POLICY IS DISTRIBUTED TO CONSTITUENTS IN SEPTEMBER OF EACH YEAR, AND IS AVAILABLE TO ANY INTERESTED PARTY BY REQUEST. AUDITED FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JULY 31 ARE PRESENTED AT THE NOVEMBER OR DECEMBER BOARD MEETING OR THE EXECUTIVE COMMITTEE MEETING HELD IN LIEU OF A BOARD MEETING. BOARD MEETINGS ARE OPEN TO CONSTITUENTS, EXCEPT WHEN NOTED AS A CLOSED SESSION. A COPY OF THE MINUTES TO BOARD MEETINGS ARE AVAILABLE AS ABOVE. FORM 990, PART XII, LINE 2C: NO CHANGE IN THE PROCESS.