2014-02-06T14:08:04-06:00 2013-06-30 581729751 Metcalf Davis CPAs 3340 Peachtree Road NE Suite 2600 Atlanta GA 303261089 990 2012-07-01 580619038 The Lovett School LOVE 4042623032 4075 Paces Ferry Road NW Atlanta GA 303273099 William S Peebles IV 4042623032 2014-02-06 1 Susan Hill P00846200 4042641700 2014-02-03 2012 2015-11-30 17:44:51Z William S Peebles IV 4075 Paces Ferry Road NW Atlanta GA 303273099 66859638 0 X www.lovett.org X 1926 GA The Lovett School is a K-12 school for families seeking excellence in learning. 30 30 873 1500 0 0 7438340 13066445 35753507 37921482 1509642 686990 403641 572860 45105130 52247777 2581387 2758063 0 0 29172671 30658769 0 0 2759424 15471857 16101452 47225915 49518284 -2120785 2729493 192693845 198084931 61500109 55994808 131193736 142090123 X The Lovett School is an Atlanta independent school for familes seeking excellence in learning, character, and community in an environment that develops the whole child. Our mission is to prepare students in K through Grade 12 for college and for life. We support this mission through rigorous academics, complemented by arts, athletics, and opportunities for service and faith. 0 0 37673884 2758063 36149585 The Lovett School was founded in 1926 by Eva Edwards Lovett and retains her emphasis on the development of the whole child. Lovett believes that it is the school's responsibility to develop fundamental skills, a love of learning, and the application of good judgment to what is learned. Distinctive features of the curriculum include experiential education and interdisciplinary studies. Comprehensive Fine Arts programs are offered in each school division and a full athletic program provides each student an opportunity to experience the value of team effort and sportsmanship. Students participate in a variety of community service activities, and nondenominational chapel services are held weekly in all school divisions. Lovett seeks students from all ethnic, cultural, racial, and religious backgrounds who can benefit from a challenging academic program. The student body is approximately 1,600. 1861857 1643418 Lovett offers after school activities, extended day programs, summer school courses, summer camps and other enrichment opportunities to students including tutorial programs in all academic subjects and the arts. 813942 128479 Other unique programs include Breakthrough Atlanta which is a six-week, academic and leadership development program that matches high school and college-aged volunteers and aspiring teachers with underserved middle school students from Atlanta's public schools. The program teaches college preparatory and personal skills that increase these student's chances of college admission. At the same time, the program inspires and nurtures a future generation of young teachers. Lovett's Siempre Verde is a protected preserve of cloud forest property in Ecuador owned and supported by Lovett to promote tropical conservation education. The educational institution offers students an opportunity to learn conservation methods through research and the exchange of ideas. 40349683 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 1 0 0 1 1 1 0 0 0 0 0 0 0 0 1 61 0 1 873 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 X 30 30 0 0 0 0 0 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 GA X Angie Carrano 4042623032 4075 Paces Ferry Road NW Atlanta GA 303273099 Brian MJ Boutte 0.50 X 0 0 0 Gordon A Buchmiller Jr 0.50 X 0 0 0 Margaret Denny Dozier 0.50 X 0 0 0 R Reid French Jr 0.50 X 0 0 0 Deborah Harrison 0.50 X 0 0 0 William F Henagan 0.50 X 0 0 0 Jeffrey F Hines 0.50 X 0 0 0 Dabney Mann Hollis 0.50 X 0 0 0 Clayton F Jackson 0.50 X 0 0 0 David B Kahn 0.50 X X 0 0 0 John O Knox Jr 0.50 X 0 0 0 Amy R Kreisler 0.50 X 0 0 0 Robert C Loudermilk 0.50 X 0 0 0 Jane Kerr Mathews 0.50 X 0 0 0 Kathryn McCain Lee 0.50 X 0 0 0 Edward D McCrady 0.50 X 0 0 0 James M McIntyre 0.50 X 0 0 0 James B Meyer 0.50 X 0 0 0 Elizabeth D Pope 0.50 X 0 0 0 Jeffrey L Portman 0.50 X 0 0 0 Brady L Rackley III 0.50 X 0 0 0 Frances G Rogers 0.50 X 0 0 0 Lawrence M Schall 0.50 X 0 0 0 F Blair Schmidt-Fellner 0.50 X 0 0 0 Christian B Schoen 0.50 X 0 0 0 Richard F Smith 0.50 X 0 0 0 John R Wells 0.50 X 0 0 0 Elizabeth B West 0.50 X 0 0 0 Gerald J Wilkins 0.50 X 0 0 0 Frank L Wilson III 0.50 X 0 0 0 Pinney L Allen 0.50 X 0 0 0 David F Apple Jr 0.50 X 0 0 0 Charles R Arp 0.50 X 0 0 0 Thomas A Avery 0.50 X 0 0 0 C Duncan Beard 0.50 X 0 0 0 Avril Beckford 0.50 X 0 0 0 J Donald Childress 0.50 X 0 0 0 Bradley Currey Jr 0.50 X 0 0 0 Sallie Adams Daniel 0.50 X 0 0 0 John M Darden III 0.50 X 0 0 0 John M DeBorde III 0.50 X 0 0 0 Richard A Denny Jr 0.50 X 0 0 0 Bruce L Dick 0.50 X 0 0 0 Daniel M DuPree 0.50 X 0 0 0 William H Fox 0.50 X 0 0 0 Russell R French 0.50 X 0 0 0 William B Fryer 0.50 X 0 0 0 Thomas C Gallagher 0.50 X 0 0 0 Robert J Glenn 0.50 X 0 0 0 John T Glover 0.50 X 0 0 0 J H Hilsman III 0.50 X 0 0 0 John R Holder 0.50 X 0 0 0 W Barrett Howell 0.50 X 0 0 0 Emily Huie 0.50 X 0 0 0 Harrison Jones II 0.50 X 0 0 0 Donald R Keough 0.50 X 0 0 0 Michael L Keough 0.50 X 0 0 0 Frank Kinnett 0.50 X 0 0 0 Wilton D Looney 0.50 X 0 0 0 C Knox Massey Jr 0.50 X 0 0 0 W Hampton Morris 0.50 X 0 0 0 CV Nalley III 0.50 X 0 0 0 Robert E Peterson 0.50 X 0 0 0 Jan N Portman 0.50 X 0 0 0 Mark C Pope IV 0.50 X 0 0 0 Alfred R Roach Jr 0.50 X 0 0 0 William H Rogers Jr 0.50 X 0 0 0 Arthur W Rollins 0.50 X 0 0 0 Robert E Settle 0.50 X 0 0 0 Charles U Slick 0.50 X 0 0 0 Dorothy Smith Knox Hines 0.50 X 0 0 0 Richard W Sorenson 0.50 X 0 0 0 John A Williams 0.50 X 0 0 0 William S Peebles IV 40.00 X 360840 0 175379 David Meriwether Jr 40.00 X 213831 0 29292 Steve Allen 40.00 X 170500 0 25208 William P Dunkel 40.00 X 170136 0 28262 Andrew Spencer 40.00 X 138363 0 29505 Steven Franks 40.00 X 133914 0 22740 Randy Murphy 40.00 X 121881 0 19492 1309465 0 329878 18 0 1 0 Gay Construction 2907 Log Cabin Drive Smyrna GA 30080 Contractor 1485607 Collins Cooper Carusi Architects 3391 Peachtree Road NE Suite 400 Atlanta GA 30326 Architect 153350 2 65000 344362 12657083 2113972 13066445 Tuition 611110 34383675 34383675 Programs 611110 1775509 1775509 Fees 611110 1577640 1577640 Athletics 611110 184658 184658 37921482 992320 992320 119940 113862 6078 6078 6078 11788457 372320 11809639 656468 -21182 -284148 -305330 -305330 643959 344362 354205 289754 289754 35550 100 35450 35450 1760313 1677587 82726 82726 Other educational income 611110 92667 92667 Dues 611110 66185 66185 158852 52247777 37921482 0 1259850 2758063 2758063 746510 746510 22771829 19329184 2218804 1223841 2122180 1922405 78057 121718 3327362 2844711 303390 179261 1690888 1439020 162330 89538 142428 20928 121500 62125 62125 79478 79478 381049 97972 244328 38749 168764 7631 63925 97208 2317134 1458246 552184 306704 1173214 798250 374964 1291652 1114569 112470 64613 199772 152144 34949 12679 161102 97659 54924 8519 1381461 1199004 112950 69507 6370885 5511066 540337 319482 434691 5000 429691 Student trips and activ 1233043 1233043 Meals and entertainment 365057 109349 37648 218060 Professional dues, memb 144762 84697 50520 9545 Endowment grants 104140 103064 1076 90695 63678 27017 49518284 40349683 6409177 2759424 1740 1740 8401072 14058777 11285449 12008923 313686 415309 38899 23195 0 0 31351 580148 260458 231569 778486 697423 150982468 55757281 100317649 95225187 67419380 40184853 1306933 34657807 2538742 192693845 198084931 8168527 2710174 9345200 8802404 36500000 34500000 7486382 9982230 61500109 55994808 X 88971159 93177403 15589476 20010792 26633101 28901928 131193736 142090123 192693845 198084931 X 2729493 6307886 1859008 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 70730036 12128305 7128375 14005628 54453 75926635 71058302 7701495 -215830 7753732 60200 70730036 67736462 10533481 10687030 17803304 95366 71058302 54813003 17252268 4881735 9117057 93488 67736462 58439646 9936493 -9140869 4326388 95879 54813003 0.56780 0.32380 0.10840 0 0 2288521 2288521 108448907 30221242 78227665 24664175 14902829 9761346 7629399 6361645 1267754 7951466 4271565 3679901 95225187 Real estate 2463992 C Comingled investment funds 30853495 C Limited partnership interests 985000 C Cash surrender value of life insurance policies and other 355320 C 34657807 Interest rate swap payable 4991405 Capital lease obligations 1513589 Postretirement benefit obligations 2543982 Other liabilities 933254 9982230 X 63916429 6307886 240000 5448446 11996332 51920097 327680 327680 52247777 53020042 240000 5904828 6144828 46875214 2643070 2643070 49518284 Description of Intended Use of Endowment Funds: Part V, Line 4: The primary financial objective of the endowment fund is to support the current and future operations of The Lovett School. Description of Uncertain Tax Positions Under FIN 48: Part X, Line 2: The School has been granted tax-exempt status under Section 501(a)(3) of the Internal Revenue Code (the "Code") as organizations described in Section 501(c)(3) whereby only unrelated business income, as defined by Section 512(a)(1) of the Code, is subject to Federal income tax. The School had no significant unrelated business taxable income during 2013 and 2012. Accordingly, no provision or benefit for income taxes has been included in the accompanying financial statements. GAAP requires that a tax position be recognized or derecognized based on a 'more-likely-than-not' threshold. The School does not believe its financial statements include any material uncertain tax positions. Generally, taxing authorities may examine a tax return for three years from the date it is filed. At June 30, 2013, tax years ended June 30, 2012, 2011 and 2010 remained open for possible examination by taxing authorities. Part XI, Line 2d - Other Adjustments: Gain from interest rate swap 2,494,977. Endowment distribution 2,953,469. Part XI, Line 4b - Other Adjustments: Financial aid 2,758,063. Direct fundraising event expenses -354,205. Direct rental expenses -113,862. Direct gaming activity expenses (raffle) -100. Cost of goods sold -1,563,075. Loss on disposal of assets -284,148. Credit balance of contribution -481. Food service cross charges -114,512. Part XII, Line 2d - Other Adjustments: Endowment distribution 2,953,469. Direct fundraising event expenses 354,205. Direct rental expenses 113,862. Direct gaming activity expenses (raffle) 100. Cost of goods sold 1,563,075. Loss on disposal of assets 284,148. Increase of allowance for doubtful accounts 750,481. Food service cross charges -114,512. Part XII, Line 4b - Other Adjustments: Financial aid 2,758,063. Credit balance of contribution -481. Food service cross charges -114,512. 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 The Lovett School's nondiscrimination policy is disclosed in all school handbooks and policy manuals, printed materials provided to prospective students, families and employees, and on the School's website. Annually, the School publishes an advertisement in the local newspaper communicating the policy. 1 South America 1 2 Education and research Siempre Verde provides tropical conservation education opportunities for students. Siempre Verde is a protected preserve of cloud forest property in Ecuador owned and supported by Lovett to promote tropical conservation education. The educational institution offers students an opportunity to learn conservation methods through research and the exchange of ideas. 187753 Central America and the Caribbean 0 0 Program service Student mission trip 107353 East Asia and the Pacific 0 0 Program service Study Abroad Program 12215 Europe (Including Iceland & Greenland) 0 0 Program service Study Abroad Program 58431 1 2 0 0 1 2 365752 0 365752 0 0 0 0 0 0 Procedure for Monitoring Grants Outside the U.S.: Schedule F, Part I, Line 2: Payments to foreign individuals are made after program director has verified performance of required maintenance and cooking services. Program director makes periodic trips to the region and verifies use of funds transferred and obtains documentation (i.e. receipts) when possible. Lovett Parent Association 664369 224113 440256 29686 15820 92312 Lovett Lionbackers 234320 57083 177237 10868 30320 117369 2 89632 63166 26466 57830 988321 344362 643959 40554 46140 267511 354205 289754 35550 100 0 35550 100 100 35450 GA 1 0 0 0 1.00000 0.00000 Angie Carrano 4075 Paces Ferry Road NW Atlanta GA 303273009 0 0 0 1 Financial aid for tuition and fees 224 2758063 0 Book Not applicable Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: The School provides financial aid to qualifying students that attend the School. The grants are treated as a reduction of revenue and are applied directly to tuition by the school. Since the school, not the recipients, maintain control of the financial aid funds, no formal monitoring process of recipients is necessary. X X X 0 1 X X X X 0 1 0 0 0 1 0 0 0 William S Peebles IV 306157 0 50000 0 4683 0 84176 0 93442 0 538458 0 0 0 David Meriwether Jr 213831 0 0 0 0 0 0 0 31531 0 245362 0 0 0 Steve Allen 145189 0 0 0 25311 0 0 0 27379 0 197879 0 0 0 William P Dunkel 164136 0 6000 0 0 0 0 0 30466 0 200602 0 0 0 Andrew Spencer 137313 0 0 0 1050 0 0 0 31622 0 169985 0 0 0 Steven Franks 133074 0 0 0 840 0 0 0 24846 0 158760 0 0 0 Part I, Line 1a William S. Peebles, IV - Residence for personal use, housekeeping services, tax indemnification, and gross up payments for long-term diability. David Meriwether, Steve Allen, William Dunkel, Andrew Spencer, Steve Franks - Tax indemnification and gross up payments for long term disability. Part I, Line 1b The Headmaster has an employment agreement that requires the Headmaster to use the residence at the School which includes necessary and reasonable maintenance. Part I, Line 4b Pursuant to an employment agreement, the School contributed to a supplemental nonqualified retirement plan on behalf of the Headmaster. Amounts contributed for the calendar year 2012 totaled $84,176. Part I, Line 6 Pursuant to an employment agreement, the Board may approve compensation to the Headmaster based on reaching certain financial and non-financial goals. A Development Authority of Fulton County 581506878 359900YS0 2012-08-16 35500000 Current refunding of bonds issued 8/5/2009 0 0 0 A 1000000 35500000 35500000 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 1 0 0 A 0 0 0 1 1 0 0 0 0 Schedule K, Part IV, line 2c, Arbitrage Rebate: A prior arbitrage rebate computation report was prepared for the period ending November 30, 2010. All prior proceeds were expended prior to the end of the 11/30/2010 computation date, and there were no cash proceeds in connection with the tax reissuance of the Bonds on 8/16/2012. Steve Allen Chaplain Home mortgage assistance X 100000 23195 0 1 1 23195 William H Rogers Jr Trustee Emeritus 1382408 Fees and interest expense to Suntrust Bank. 0 X 112 2113972 Market quotations 0 0 1 0 Form 990, Part VI, Section A, line 7a The Governance Committee shall present to the Board nominations for Trustees and officers to be elected by the Board. The Committee shall furnish information relating to the background and qualifications of all such nominees with the notice of the Board meeting at which an election or appointment is scheduled to be considered by the Board. The Committee, on an on-going basis, shall determine the characteristics and profile for Trustee candidates and shall maintain a current profile of the Board's membership composition to guide the selection process. The Committee shall annually review and evaluate the performance of incumbent Trustees and Board officers whose terms expire during such school year and who are eligible for reelection, and shall develop and help administer a program of orientation with the Chairman of the Board and the Headmaster for newly-elected Trustees. The Committee may also nominate Trustees Emeriti for appointment by the Board. Form 990, Part VI, Section A, line 7b Certain decisions are approved at the committee level and others require approval of the full Board and/or Executive Committee. Form 990, Part VI, Section B, line 11 The School's Audit Committee reviews and approves the form 990 and then distributes copies to the full Board via mail or email prior to filing. Form 990, Part VI, Section B, line 12c Annually all members of the Board of Trustees, key employees, and highest compensated employees complete a conflict of interest and family and business relationship disclosure. Form 990, Part VI, Section B, line 15 Annually, the compensation of key employees and the top ten compensated employees are reveiwed and approved by the Executive Committee of the Board. Compensation is compared to similar positions at other peer schools and compensation surveys conducted by school associations. Form 990, Part VI, Section C, line 19 The School's form 990, governing documents, conflict of interest policy, and financial statements are made available upon request. Changes in Net Assets or Fund Balances: Form 990, Part XI, line 9: Interest swap gain 2,494,977. Increase in allowance for doubtful accounts -750,481. Food service cross charges 114,512.