2014-01-15T12:55:24-06:00 2013-06-30 420714325 MCGLADREY LLP 9737 WASHINGTONIAN BLVD 400 GAITHERSBURG MD 208787340 990 2012-07-01 540562160 THE POTOMAC SCHOOL POTO 7033564100 PO BOX 430 MCLEAN VA 22101 JAMES R SOCAS 7033564100 2014-01-15 1 WILLIAM E TURCO CPA P00369217 3012963600 2012 2015-11-30 17:44:51Z JAMES R SOCAS PO BOX 430 MCLEAN VA 22101 42276098 0 X WWW.POTOMACSCHOOL.ORG X 1907 DC TO PROVIDE EDUCATIONAL SERVICES FROM KINDERGARTEN THROUGH THE TWELFTH GRADE. 22 22 668 1080 47704 0 4229142 2775505 34032747 35914227 358798 312168 556391 557962 39177078 39559862 3344348 3719846 0 0 20188998 21550319 0 0 2252746 13054766 13717447 36588112 38987612 2588966 572250 127881317 133646727 58027979 58255922 69853338 75390805 TO FOSTER EACH STUDENT'S INTELLECTUAL DEVELOPMENT, LOVE OF LEARNING, AND STRENGTH OF CHARACTER WITHIN AN INCLUSIVE COMMUNITY DISTINGUISHED BY A SPIRIT OF SUPPORT AND CHALLENGE. 0 0 30707250 3719846 33891327 PROVIDING EDUCATION FROM KINDERGARTEN TO THE TWELFTH GRADE. 2382132 1780606 SUMMER DAY CAMP AND ACADEMIC REVIEW. 169624 194590 THE AERO: SBC (STANDARDS-BASED CURRICULUM) INITIATIVE BRINGS TEAMS OF TEACHERS AND CURRICULUM SPECIALISTS FROM PARTICIPATING PILOT SCHOOLS TOGETHER TO REVIEW THE STANDARDS AND DEVELOP GRADE-LEVEL APPROPRIATE CURRICULUM AND MATERIALS. PARTICIPANTS ARE TRAINED TO SERVE AS TRAINERS TO FACULTY IN THEIR OWN SCHOOLS AND BROADER PROJECT, THUS MAXIMIZING THE IMPACT OF EACH SBC WORKSHOP. 33259006 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 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 1 0 0 0 0 0 0 0 0 1 146 0 1 668 1 1 1 0 0 0 0 1 1 0 0 0 0 X 22 22 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 VA X DAVID DEJESUS 7037496320 1301 POTOMAC SCHOOL ROAD MCLEAN VA 22101 H LAWRENCE CULP JR 1.50 X X 0 0 0 JOHN K DELANEY 1.50 X X 0 0 0 STEVEN J QUAMME 1.50 X X 0 0 0 MARJORIE P BRENNAN 1.50 X X 0 0 0 J KEITH AUSBROOK 1.50 X 0 0 0 JOSEPH P ALLEN 1.50 X 0 0 0 ENRICO CECCHI 1.50 X 0 0 0 PATRICIA D COLEMAN 1.50 X 0 0 0 ALAN J DABBIERE 1.50 X 0 0 0 JONATHAN DARMAN 1.50 X 0 0 0 DAVID W DUPREE 1.50 X 0 0 0 JAMES B FLEMING 1.50 X 0 0 0 GRACE GUGGENHEIM 1.50 X 0 0 0 MARY LOUISE LEIPHEIMER 1.50 X 0 0 0 MARK C LOWHAM 1.50 X 0 0 0 JEFFREY D NUECHTERLEIN 1.50 X 0 0 0 LYNNE F O'BRIEN 1.50 X 0 0 0 RONALD H PEELE JR 1.50 X 0 0 0 LOLA J SINGLETARY 1.50 X 0 0 0 JAMES R SOCAS 1.50 X 0 0 0 LINDA D TURNER 1.50 X 0 0 0 JAY WINIK 1.50 X 0 0 0 GEOFFREY JONES 40.00 X 504085 0 94885 DAVID DEJESUS 40.00 X 229733 0 29636 DABNEY SCHMITT 40.00 X 177673 0 30011 DONALD FIRKE 40.00 X 149341 0 83389 WILLIAM COOK 40.00 X 139386 0 34219 SHEILA O'MARAH 40.00 X 133879 0 65883 CHARLOTTE NELSEN 40.00 X 131294 0 35633 1465391 0 373656 17 0 1 0 COAKLEY & WILLIAMS CONSTRUCTION INC 16 S SUMMIT AVE SUITE 300 GAITHERSBURG MD 20877 GENERAL CONTRACTOR 5982948 SAGE DINING SERVICES INC 1402 YORK RD LUTHERVILLE MD 21093 FOOD SERVICE 663551 COX GRAAE & SPACK 2909 M STREET NW WASHINGTON DC 20007 ARCHITECTS 642973 CAVALIER SERVICES INC 2722 MERRILEE DR SUITE 300 FAIRFAX VA 22031 JANITORIAL 327682 LA PRIMA FOOD GROUP INC 5105 BERWYN RD STE 101 COLLEGE PARK MD 20740 FOOD SERVICE 132192 8 192593 2582912 371937 2775505 TUITION 900099 32911560 32911560 SUMMER PROGRAMS 900099 1780606 1780606 TRANSPORTATION 900099 900034 852330 47704 ENRICHMENT PROGRAM 900099 258801 258801 EXTENDED DAY 900099 63226 63226 35914227 375458 375458 8792 0 8792 8792 8792 2463714 2526004 1000 -62290 -1000 -63290 -63290 385398 192593 124419 260979 260979 123660 64813 58847 58847 OTHER INCOME 900099 229344 229344 229344 39559862 35866523 47704 870130 3719846 3719846 885364 764241 64669 56454 16585500 14299603 1205461 1080436 1089192 939196 87955 62041 1715584 1493203 124377 98004 1274679 1112448 88380 73851 96094 76818 14929 4347 75670 60491 11756 3423 1027363 821275 159613 46475 21847 15730 5025 1092 771919 547609 101920 122390 550620 450610 82151 17859 1365018 1039953 267017 58048 361337 348385 12952 94278 5610 88668 1492940 1074916 343376 74648 3005812 2164185 691336 150291 243535 192137 42220 9178 DEPARTMENT EXPENSES 1744678 1718722 21321 4635 SUMMER PROGRAM 1511657 1511657 FOOD AND ENTERTAINMENT 762090 548706 175279 38105 RECRUITING 267827 219114 40014 8699 324762 134551 -50939 241150 38987612 33259006 3475860 2252746 500 500 18312331 16036039 1779512 1239593 46721 42092 1440000 65890 71173 941589 681501 105537336 26164836 73620396 79372500 10433117 12580517 16595968 17561203 6085293 4621609 127881317 133646727 2042267 2046073 15338282 16052133 32423665 36257087 3974205 1440000 4249560 2460629 58027979 58255922 X 65282673 71293620 2247740 1744279 2322925 2352906 69853338 75390805 127881317 133646727 X 572250 3176286 1788931 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 29570724 843162 3476390 1474234 32416042 30466515 2314172 -737127 2472836 29570724 26438594 737075 4674160 1383314 30466515 28548066 1173062 3313203 6595737 26438594 47078817 760534 -4996925 14294914 28547512 0.87360 0.07260 0.05380 0 0 9754656 9754656 85889744 17569094 68320650 9892936 8595742 1297194 79372500 LIMITED PARTNERSHIPS 777680 C 64,707.506 SHS MULTI STRATEGY EQ FD 12779633 F DIRECTIONAL AND RELATIVE VALUE 4003890 F 17561203 INTEREST RATE SWAP AGREEMENT 2460629 2460629 X 39112521 3176286 -3688440 -512154 39624675 -64813 -64813 39559862 33575054 -1724118 -1724118 35299172 3688440 3688440 38987612 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: ENDOWMENT FUNDS ARE USED TO PROVIDE FINANCIAL AID, PURCHASE LIBRARY BOOKS, FRAME STUDENT ARTWORK, FUND COMMUNITY SERVICE, FACULTY SALARIES AND ENRICHMENT, SCIENCE PROGRAMS, THEATER AND MUSIC, AND GLOBAL STUDIES. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: 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 (IRC). IN ADDITION, THE SCHOOL HAS BEEN DETERMINED BY THE INTERNAL REVENUE SERVICE (IRS) NOT TO BE A "PRIVATE FOUNDATION," WITHIN THE MEANING OF SECTION 509(A) OF THE IRC. INCOME THAT IS NOT RELATED TO EXEMPT PURPOSES, LESS APPLICABLE DEDUCTIONS, IS SUBJECT TO FEDERAL AND STATE CORPORATE INCOME TAXES. FOR THE YEAR ENDED JUNE 30, 2013, THE SCHOOL HAD IMMATERIAL TAXABLE UNRELATED BUSINESS INCOME WITH LOSSES THAT COULD BE CARRIED OVER, 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 YEARS BEFORE 2010. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST TUITION -3,688,440. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD REPORTED ON PART VIII, LINE 10B - BOOKSTORE -64,813. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD REPORTED ON PART VIII, LINE 10B - BOOKSTORE 64,813. UNREALIZED GAIN ON SWAPS -1,788,931. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST TUITION 3,688,440. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 AN ANNOUCEMENT IS PRINTED IN THE WASHINGTON POST NEWSPAPER. FALL FROLIC CARNIVAL 65221 7675 57546 21098 SPRING AUCTION 495228 182600 312628 97977 1 17542 2318 15224 5344 577991 192593 385398 124419 124419 260979 1 FINANCIAL AID AWARDS TO STUDENTS 180 3688440 VARIOUS AWARDS TO TEACHERS 21 31406 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE POTOMAC SCHOOL UTILIZES THE SERVICES OF THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS TO HELP EVALUATE EACH STUDENT'S NEEDS FOR FINANCIAL ASSISTANCE. EACH APPLICANT COMPLETES A STANDARDIZED FORM "SCHOOL AND STUDENT SERVICE FOR FINANCIAL AID." THE INFORMATION CONTAINED IN THIS IS PROCESSED IN PRINCETON, NEW JERSEY. AN EVALUATION IS PRODUCED WHICH INCLUDES RECOMMENDATIONS AS TO THE LEVEL OF FINANCIAL ASSISTANCE REQUIRED. THE SCHOOL USES THESE REPORTS AS A GUIDE TO DETERMINE WHICH STUDENTS REQUIRE FINANCIAL ASSISTANCE AND AN ESTIMATE OF THAT NEED. X X X 1 1 X X X X 1 0 0 0 0 0 0 0 0 GEOFFREY JONES 335822 0 0 0 168263 0 22500 0 82686 0 609271 0 0 0 DAVID DEJESUS 209973 0 0 0 19760 0 19532 0 11828 0 261093 0 0 0 DABNEY SCHMITT 172679 0 0 0 4994 0 12685 0 19596 0 209954 0 0 0 DONALD FIRKE 147727 0 0 0 1614 0 10870 0 73890 0 234101 0 0 0 WILLIAM COOK 137272 0 0 0 2114 0 15832 0 20222 0 175440 0 0 0 SHEILA O'MARAH 128620 0 0 0 5259 0 11748 0 55272 0 200899 0 0 0 CHARLOTTE NELSEN 129869 0 0 0 1425 0 15084 0 22345 0 168723 0 0 0 PART I, LINE 1A THE SCHOOL COMPENSATES THE HEADMASTER AND VARIOUS DEPARTMENT HEADS. THE SCHOOL PROVIDES THE HEADMASTER AND VARIOUS DEPARTMENT HEADS WITH HOUSING. THE RENTAL VALUE REFLECTS THE FAIR MARKET VALUE FOR COMPARABLE HOUSES IN THE AREA. THE TRANSACTIONS WERE APPROVED BY THE BOARD OF TRUSTEES WITH ADEQUATE DOCUMENTATION. FOLLOWING EMPLOYEES RECEIVED NONTAXABLE HOUSING ALLOWANCE: GEOFFREY JONES - $57,899 SHEILA O'MARAH - $46,319 DONALD FIRKE - $51,670 PART I, LINE 4A GEOFFREY JONES, SEVERANCE PAYMENT, $150,233 - THIS AMOUNT IS INCLUDED IN SCHEDULE J, PART II, COLUMN B(III). A FAIRFAX COUNTY ECONOMIC DEVELOPMENT AUTHORITY 540787833 2004-07-12 16430000 REDEMPTION OF PRIOR BONDS AND SCHOOL CONSTRUCTION 0 0 0 B FAIRFAX COUNTY ECONOMIC DEVELOPMENT AUTHORITY 540787833 2005-08-04 20570000 CONSTRUCTION OF NEW UPPER SCHOOL BUILDING 0 0 0 C FAIRFAX COUNTY ECONOMIC DEVELOPMENT AUTHORITY 540787833 2012-09-07 9500000 REFINANCING PRIOR LOAN AND SCHOOL CONSTRUCTION 0 0 0 A 2693702 16430000 16430000 2004 1 0 0 1 B 2727513 20570000 20570000 2006 0 0 0 1 C 4678302 4678302 0 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 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 1 0 0 0 0 0 1 B 0 0 1 0 1 0 0 0 1 C 0 1 1 0 1 0 0 0 1 A 1 B 1 C 1 SCHEDULE K, PART II (3)(C) & 12(C) THESE ARE DRAWDOWN BONDS. SCHEDULE K, PART IV LINE 2C REBATE NOT YET DUE NO CALCULATION REQUIRED DUE TO MEETING REBATE EXCEPTION X 19 371937 CONFIRMATION FROM BROKER 0 1 0 FORM 990, PART VI, SECTION B, LINE 11 THE 990 IS REVIEWED AND APPROVED BY THE AUDIT COMMITTEE. AFTER THAT IT GOES TO THE FULL BOARD FOR REVIEW AND APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C FOR KEY EMPLOYEES: WHERE A POTENTIAL CONFLICT OF INTEREST EXISTS, IT SHALL BE THE RESPONSIBILITY OF THE PERSON INVOLVED OR ANY OTHER PERSON WITH KNOWLEDGE TO NOTIFY THE HEAD OF SCHOOL OF THE CIRCUMSTANCES RESULTING IN THE POTENTIAL CONFLICT SO THAT IT CAN BE COMMUNICATED TO THE BOARD OF TRUSTEES WHO CAN, IN COUNSEL WITH THE HEAD OF SCHOOL, THEN PROVIDE SUCH GUIDANCE AND TAKE SUCH ACTION AS THEY SHALL DEEM APPROPRIATE. THIS STATEMENT SHALL BE SIGNED ANNUALLY BY ALL KEY EMPLOYEES. FOR BOARD OF TRUSTEES: WHERE A POTENTIAL CONFLICT OF INTEREST EXISTS, IT SHALL BE THE RESPONSIBILITY OF THE PERSON INVOLVED OR ANY OTHER PERSON WITH KNOWLEDGE TO NOTIFY THE CHAIR AND VICE CHAIR OF THE BOARD OF TRUSTEES AS WELL AS THE CHAIR OF THE COMMITTEE ON TRUSTEES OF THE CIRCUMSTANCES RESULTING IN THE POTENTIAL CONFLICT SO THAT THE BOARD OF TRUSTEES CAN PROVIDE SUCH GUIDANCE AND TAKE SUCH ACTION AS IT SHALL DEEM APPROPRIATE. THIS STATEMENT SHALL BE SIGNED ANNUALLY BY ALL TRUSTEES. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE REVIEWS AND DISCUSSES THE TOTAL COMPENSATION PACKAGES OF THE HEAD OF SCHOOL AND SCHOOL ADMINISTRATORS. SALARY INFORMATION ONLY FOR SIMILAR POSITIONS FROM COMPARABLE SCHOOLS ARE USED TO ESTABLISH A REASONABLE COMPENSATION. THE COMMITTEE HAS THE AUTHORITY TO APPROVE THE COMPENSATION PACKAGE OF THE HEAD OF SCHOOL AND SCHOOL ADMINISTRATORS ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION C, LINE 19 A PUBLIC INSPECTION FILE IS MAINTAINED ONSITE THAT INCLUDES THE 990, GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: UNREALIZED GAIN ON SWAPS 1,788,931.