2014-01-20T07:50:09-06:00 2013-06-30 WITHUMSMITHBROWNPC 331 NEWMAN SPRINGS RD STE 125 RED BANK NJ 077016765 990 2012-07-01 221853774 RANNEY SCHOOL % RANNEY SCHOOL RANN 7325424777 235 HOPE ROAD Suite TINTON FALLS NJ 07724 CHARLES ZALEWSKI 7325424777 2013-12-23 true 7328423113 2012 2015-11-30 17:44:51Z 28306583 false X RANNEYSCHOOL.ORG X 1968 NJ Ranney School is a coeducational independent day school serving students in beginners (3 years old) through 12th grade. It also runs summer programs, including a day camp and enrichment academic courses. 16 16 348 40 0 785051 765708 19086752 19569311 142423 615169 138240 148131 20152466 21098319 0 0 0 0 13228426 13287445 0 0 243809 7472842 7280058 20701268 20567503 -548802 530816 45259043 45717284 37656409 37081276 7602634 8636008 RANNEY SCHOOL'S MISSION IS TO SEE EACH STUDENT MATURE WITH CHARACTER, CONFIDENCE AND COURAGE. UPON GRADUATION, RANNEY STUDENTS BECOME TOMORROW'S LEADERS, DISTINGUISHED BY THEIR INTELLIGENCE, ABILITY, SOCIAL CONSCIENCE AND CHARACTER. IT IS OUR DEEP CONVICTION THAT A QUALITY EDUCATION CAN MAKE A SIGNIFICANT DIFFERENCE IN A STUDENT'S LIFE. AT RANNEY SCHOOL, WE FIRMLY BELIEVE THAT THE MOST SATISFYING AND SUCCESSFUL LEARNING MOMENTS ARE IGNITED AND NURTURED BY SKILLED EDUCATORS IN SMALL AND INCLUSIVE SETTINGS. THE RANNEY EXPERIENCE REMAINS HIGHLY PERSONAL, INSPIRING, RIGOROUS AND WELL BALANCED. EACH RANNEY STUDENT EMBARKS ON AN EDUCATIONAL JOURNEY THAT PROVIDES A BOUNTY OF OPPORTUNITY FOR SELF-DISCOVERY, GUIDED BY MODERN METHODS OF INSTRUCTION AND TRADITIONAL EDUCATIONAL VALUES. false false 611600 13654409 19569311 ELEMENTARY & SECONDARY SCHOOL 13654409 true true false false false false false false false true true false false false true true true false true false false false false false true false false false false true true false false false false false true false false false false false false false false false false false false false true 16 0 true 348 true false false false false false true true false false false false false false false false X 16 16 false false false false false false false true true false false true true true true true true true true false NJ X RANNEY SCHOOL 7325424777 235 HOPE ROAD TINTON FALLS NJ 07724 MARSHALL KNOPF 1.0 X X 0 0 0 JAMIE PRICE 1.0 X X 0 0 0 JOSEPHINE ESQUIVEL 1.0 X X 0 0 0 PATRICIA KURDYLA 1.0 X X 0 0 0 BRIAN TORPEY MD 1.0 X 0 0 0 CAROL MARTIN 1.0 X 0 0 0 KRISTEN GERHARD 1.0 X 0 0 0 MICHAEL OSTER 1.0 X 0 0 0 STEPHEN PAPETTI 1.0 X 0 0 0 DOUGLAS ROBERTS 1.0 X 0 0 0 CHRISTOPHER FITZMAURICE 1.0 X X 0 0 0 FRANK AUSTIN 1.0 X 0 0 0 ROBERT CHANDLER 1.0 X 0 0 0 SCOTT FISCHER 1.0 X 0 0 0 MICHAEL JONES MD 1.0 X 0 0 0 ANN ROSS MD 1.0 X 0 0 0 LAWRENCE SYKOFF 50.0 X 374414 0 23939 CHARLES ZALWESKI 50.0 X 90111 0 20597 CHRISTOPHER ZRALY RESIGNED 50.0 X 46546 0 6810 DAVID FISCHER 50.0 X 128022 0 11995 PATRICIA MARSHALL 50.0 X 158465 0 16472 NOEL DELGADO 50.0 X 112922 0 24088 PAUL ZANOWSKI 50.0 X 133924 0 9274 KATHLEEN DEEKEN 50.0 X 110738 0 24553 1155142 0 137728 10 false true false CSI INTERNATIONAL 6700 NORTH ANDREWS AVENUE FORT LAUDERDALE FL 33309 JANITORIAL SERVICE 385742 FIRST GROUP AMERICA 24179 NETWORK PLACE CHICAGO IL 606731241 TRANSPORTATION 237813 CHARTWELLS FLIK DINING COMPASS GROUP USA CHICAGO IL 60693 FOOD SERVICE 1049756 DOT MATRIX DESIGN GROUP INC 64 RIVER ROAD SUMMIT NJ 07901 PRINTING 125238 SEMAN-TOV ATTN JENNIFER LITTLE STAUNTON VA 24401 TRANSPORTATION 123819 14 92343 673365 765708 TUITION AND FEES 611600 19569311 19569311 19569311 144306 144306 0 0 0 0 0 7550877 7080014 470863 470863 470863 231521 128250 103271 0 0 MISCELLANEOUS INCOME 900099 44860 44860 44860 21098319 19569311 660029 0 0 0 0 555563 199177 356386 0 10054492 8875688 1008140 170664 577709 509864 58021 9824 1315048 1139893 153687 21468 784633 673040 98919 12674 0 72759 72759 0 0 0 0 157927 157927 427163 138732 288431 498041 468862 29179 134463 134463 0 874166 874166 0 0 73031 44301 28730 842405 842405 0 1359245 854274 504971 228558 228558 REPAIRS AND MAINTENANCE 994464 994464 SCHOOL AND GYM SUPPLIES 442418 442418 SUMMER CAMP / SUMMER SCHOOL 226156 226156 EXTRA-CURRICULAR ACTIVITIES 298000 298000 651262 252866 398396 20567503 13654409 6669285 243809 6911459 8620135 0 0 405542 271488 151314 18183 0 0 25000 0 0 0 0 0 290364 371186 44061629 16172881 28656039 27888748 7891790 7608279 0 0 0 0 297382 277727 630153 661538 45259043 45717284 1293572 1443326 0 0 8097823 8359381 22490000 22000000 0 0 0 0 2590344 2514235 0 0 3184670 2764334 37656409 37081276 X 6486809 7574854 955825 901154 160000 160000 7602634 8636008 45259043 45717284 X 530816 -73414 575972 X false true X true false X false false false RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 185393 0 1392 186785 182863 0 2530 185393 354236 1643 173016 182863 349220 3890 1126 354236 117876 229126 2218 349220 0.85660 0.14340 false false 1000500 1000500 37568481 11691572 25876909 5453832 4481309 972523 0 0 27849932 0 SWAP INTEREST LIABILITY 2067783 DEFERRED COMPENSATION 696551 2764334 21153155 -104799 -104799 21257954 -159635 -159635 21098319 21271725 704222 704222 20567503 20567503 Other revenue included on return but not on books PART XII, LINE 4B Special Events expenses $ 128,250 Charitable Trust, Increase in Present Value 31,385 Total $ 159,635 Total OTHER EXPENSES INCLUDED ON BOOKS BUT NOT ON RETURN PART XI, LINE 8 Loss on Interest Rate Swap Contract - $575,972 Fundraising Expense - 128,250 Total - $704,222 Fin 48 The Schools accounting policy is to evaluate uncertain tax positions in accordance with Accounting Standards Codification (ASC) Topic 740, "Accounting for Uncertainty in Income Taxes. This section of the ASC clarified the accounting for uncertainty in income taxes recognized in an entity's financial statements and prescribes a recognition threshold of more-likely-than-not to be sustained upon examination. Measurement of the tax uncertainty occurs if the recognition threshold has been met. The standard also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition requirements. The School files tax returns in the U.S. federal jurisdiction, as well as the state of New Jersey and currently has no open years prior to 2009 and has no income tax related penalties and interest for periods presented in these financial statements. Should any such penalties and interest be incurred, the School's policy would be to recognize them as operating expenses. In the normal course of business, the School is subject to examination by taxing authorities. As of June 30, 2014 and through the date of this report there are no ongoing audits or unresolved disputes with the various tax authorities that the School files with. As of June 30, 2013 and 2012, the School had no unrecognized tax benefits. true true true true true true true false false false false false false false false true false true LINE 3 NEWSPAPER ADVERTISING AND REGISTRATION LITERATURE PUBLICIZE THE SCHOOL NONDISCRIMINATION POLICY. GALA 142521 142521 48017 7500 18675 FASHION SHOW 28076 28076 9543 350 2820 8 60924 60924 9359 3308 28678 231521 231521 66919 3308 7850 50173 128250 103271 235 HOPE ROAD TINTON FALLS NJ 07724 X true true X X X X X false false false false false false false false false LAWRENCE SYKOFF 354414 0 20000 23664 0 275 0 398353 0 0 0 PATRICIA MARSHALL 158465 0 0 16472 0 174937 0 0 0 A NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY 222045817 64577HQP9 2007-08-01 23410000 CONSTRUCTION OF SCHOOL BUILDING false false false A 0 0 0 0 0 0 0 0 0 0 0 0 A 0 A 0 0 A LAWRENCE SYKOFF X 150000 0 false true true 0 PART VI, LINE 12(c) THE MEMBERS OF THE BOARD OF TRUSTEES ANNUALLY COMPLETE A CONFLICT OF INTEREST DISCLOSURE QUESTIONNAIRE. THE TRUSTESS SHALL EXERCISE THE UTMOST GOOD FAITH IN ALL TRANSACTIONS TOUCHING UPON THEIR DUTIES TO THE ORGANIZATION AND ITS PROPERTIES. IF A POTENTIAL CONFLICT ARISES, THE INDIVIDUAL WITH THE CONFLICT IS EXPECTED TO DISCLOSE IN WRITING THE EXISTENCE OF THE CONFLICT. RANNEY SCHOOL'S POLICY REQUIRES THAT A POTENTIAL CONFLICT OF INTEREST BE REPORTED AT ANY TIME THAT IT ARISES. PART VI, LINE 11A Form 990 is distributed to the school's Board of Trustees prior to filing for review and comment. PART VI, LINE 15 The Head of School's compensation is determined by the Compensation Committee of the Board of Trustees. To determine compensation, the committee reviews a comparative compensation report obtained from NAIS. This report provides benchmarking information regarding compensation of Heads of School from a number of peer independent schools. In addition, the full Board conducts an annual review of the Head's performance in relation to goals. The compensation committee reports its recommendations to the Executive Committee of the Board. The Committee's deliberation and decisions are documented in meeting minutes. Compensation of the Chief Financial Officer and other key administrative employees is determined by the Head of School using comparative benchmarking data from NAIS regarding compensation of comparable administrators at a number of peer independent schools. The compensation of these key administrators compared to benchmarked data is reviewed by the Finance Committee of the Board which is reflected in the minutes. PART VI, LINE 19 Ranney School's makes its governing documents, conflict of interest policy and financial statements available to the public by written request to the school's Business Office. Part XI, Line 5 On November 16, 2007, the School entered into a fixed rate interest swap contract with Sovereign Bank, N.A. as a hedge of cash flow variability caused by changes in interest rates on variable rate bonds issued in 2008. The contract entitles the School to receive on a monthly basis the amount, if any, by which a floating rate exceeds the fixed rate or to pay the amount, if any, by which the floating rate falls below the fixed rate of 4.035 percent of the notional amount. The floating rate is tied to the SIFMA Municipal Swap Index rate. The original notional amount of the contract was $17,557,600 and declines on a monthly basis over the term of the agreement through August 1, 2017. The notional amount is set at 75 percent of the new debt issued. The School has valued the interest-rate swap contract at fair value. The fair value of the interest-rate swap contract at June 30, 2013 and 2012 were liabilities in the amount of $2,067,783 and $2,643,755,respectively, as determined by Sovereign Bank, N.A. utilizing forward interest rate estimates and present value techniques and is included in liability under interest-rate swap contract on the statement of financial position. The change in fair value for the years ended June 30, 2013 and 2012 represents a gain in the amount of $575,972 and a loss in the amount of $556,237, respectively, which is reflected on the statement of activities and changes in net assets. on the statement of activities and changes in net assets.