2014-05-13T16:24:13-05:00 2013-06-30 251408703 SCHNEIDER DOWNS & CO INC ONE PPG PLACE SUITE 1700 PITTSBURGH PA 15222 990 2012-07-01 250965561 SHADY SIDE ACADEMY SHAD 4129683137 423 FOX CHAPEL ROAD PITTSBURGH PA 152382296 THOMAS ARNOLD 4129683137 2014-05-13 1 SUSAN M KIRSCH P00341397 4122613644 2012 2015-11-30 17:44:51Z THOMAS M CANGIANO 423 FOX CHAPEL ROAD PITTSBURGH PA 152382296 45673916 0 X WWW.SHADYSIDEACADEMY.ORG X 1883 PA PROVIDES EDUCATION TO STUDENTS IN PRE-KINDERGARTEN THROUGH TWELFTH GRADE. 34 32 482 33 0 0 3152230 3186305 24879577 25403277 1304713 2412191 -26915 47098 29309605 31048871 2768528 3023933 0 0 17759837 16290550 0 0 1057131 10693224 12383443 31221589 31697926 -1911984 -649055 80426743 84129279 7752101 7725317 72674642 76403962 SHADY SIDE ACADEMY OFFERS AN EXCEPTIONAL PRE-K THROUGH TWELFTH GRADE ACADEMIC AND BALANCED EDUCATIONAL EXPERIENCE BY CHALLENGING EACH STUDENT TO REALIZE HIS OR HER POTENTIAL IN A STIMULATING AND NURTURING ENVIRONMENT. 0 0 19298848 3023933 22529151 INSTRUCTIONAL: -THE ACADEMY ENROLLS APPROXIMATELY 941 STUDENTS (PRE K - 12). THE ACADEMY IS COLLEGE PREPARATORY WITH MOST SENIORS CONTINUING ONTO HIGHER EDUCATION. THE ACADEMY OPERATES THREE SEPARATE CAMPUSES FOR JUNIOR, MIDDLE AND SENIOR SCHOOLS.-ATHLETICS: ALL SHADY SIDE ACADEMY STUDENTS ARE OFFERED A WIDE RANGE OF PHYSICAL ACTIVITIES THROUGHOUT THE SCHOOL YEAR TO ENCOURAGE HEALTHY CHOICES, DEVELOP SKILLS AND LEARN THE IMPORTANCE OF SPORTSMANSHIP. 1733471 1481318 AUXILIARY SERVICES: -RESIDENTIAL LIFE PROGRAM: THE ACADEMY OPERATES A FIVE DAY BOARDING PROGRAM FOR APPROXIMATELY 45 STUDENT BOARDERS. THE STUDENTS ARE HOUSED IN ACADEMY DORMITORIES (MONDAY THROUGH FRIDAY) WITH TEACHERS WHO OVERSEE AND OPERATE THE RESIDENTIAL LIFE PROGRAM.-FOOD SERVICE: SERVES DAY STUDENTS LUNCH AND SERVES THOSE INVOLVED IN RESIDENTIAL LIFE PROGRAM BREAKFAST, LUNCH AND DINNER.-BOOK AND ATHLETIC STORES: THE STORES OFFER INDIVIDUALS THE OPPORTUNITY TO PURCHASE EDUCATIONAL TEXTBOOKS AND SUPPLIES AND ATHLETIC EQUIPMENT AND CLOTHING. THE ACADEMY REQUIRES ATHLETIC AND HEALTH CREDITS FOR GRADUATION. 1056942 1087729 SUMMER PROGRAMS:-SHADY SIDE ACADEMY'S SUMMER PROGRAMS PROVIDE AN ENDLESS ARRAY OF POSSIBILITIES FOR ALL KIDS. 22089261 1 1 0 0 0 0 0 1 0 0 1 1 0 0 0 1 1 0 1 0 1 0 0 0 1 0 0 1 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 1 49 0 1 482 1 0 0 0 0 0 1 1 0 0 0 0 X 34 32 1 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X THOMAS P ARNOLD 4129683137 423 FOX CHAPEL ROAD PITTSBURGH PA 15238 X EBEN H ADAMS 3.50 0.00 X 0 0 0 FREDERICK B BROAD 3.50 0.00 X 0 0 0 JAY CLEVELAND JR 3.50 0.00 X 0 0 0 ELIZABETH CONCORDIA 3.50 0.00 X 0 0 0 KARA S CONOMIKES 3.50 0.00 X 0 0 0 VALIRE CARR COPELAND 3.50 0.00 X 0 0 0 WILLIAM T DIEHL 3.50 0.00 X 0 0 0 J KEEFE ELLIS 3.50 0.00 X 0 0 0 ROBERT D FERGUSON 3.50 0.00 X 0 0 0 BRYAN P GENTILE 3.50 0.00 X 0 0 0 NITA RAI-GOHEL MD 3.50 0.00 X 0 0 0 JUDITH GRANATO 3.50 0.00 X 0 0 0 STEPHEN F HALPERN 3.50 0.00 X 0 0 0 JONATHAN M KAMIN 3.50 0.00 X 0 0 0 J STEPHEN LEE 3.50 0.00 X 0 0 0 ALEXANDER P MOSER 3.50 0.00 X 0 0 0 FRANCES O'CONNOR 3.50 0.00 X 0 0 0 LOUIS B PLUNG 3.50 0.00 X 0 0 0 PAUL M POHL 3.50 0.00 X 0 0 0 ANTHONY J ROSS 3.50 0.00 X 0 0 0 C LANCE RUTTENBERG 3.50 0.00 X 0 0 0 OZZY SAMAD 3.50 0.00 X 0 0 0 SARA SCAIFE 3.50 0.00 X 0 0 0 CHARLES A SCALES JR 3.50 0.00 X 0 0 0 JAMES D SCALO 3.50 0.00 X 0 0 0 BARBARA PIPPIN THAI MD 3.50 0.00 X 0 0 0 JAMES H WOLF 3.50 0.00 X 0 0 0 MAZEN F YOUSSEF 3.50 0.00 X 0 0 0 MARY JO DIVELY 3.50 0.00 X X 0 0 0 SANDRA SAUEREISEN 3.50 0.00 X X 0 0 0 DIVYA ANNAMRAJU 3.50 0.00 X X 0 0 0 MICHAEL J HANNON 3.50 0.00 X X 0 0 0 TRACY PRIZANT LEVY MD 3.50 0.00 X X 0 0 0 JEFFREY B TODD 3.50 0.00 X X 0 0 0 ROBERT SHANNON MULLIN 3.50 0.00 X X 0 0 0 THOMAS M CANGIANO 40.00 0.00 X 261425 0 101652 THOMAS ARNOLD 40.00 0.00 X 131227 0 37426 JEFFREY DAY 40.00 0.00 X 120892 0 77526 DEBRA MAUDER 40.00 0.00 X 83781 0 5818 CAROL-JEAN MCGREEVY-MORALES 40.00 0.00 X 104086 0 8859 KATHARINE VAVPETIC 40.00 0.00 X 103565 0 74940 AMY NIXON 40.00 0.00 X 106329 0 49095 MICHAEL O'NEIL 40.00 0.00 X 100407 0 5890 1011712 0 361206 7 0 1 0 METZ CULINARY MANAGEMENT TWO WOODLAND DRIVE DALLAS PA 18612 FOOD SERVICE 1406811 AB SPECIALTIES INC 534 BRADDOCK AVENUE TURTLE CREEK PA 15145 DOOR SUPPLIER 377610 WL ROENIGK INC 798 EKASTOWN ROAD SARVER PA 16055 BUSING COMPANY 362669 MCPC INC PO BOX 643283 PITTSBURGH PA 152643283 IT SOLUTIONS PROVIDER 245441 DELREY WINDOWS INC 1158 PITTSBURGH ROAD PO BOX 360 VALENCIA PA 16059 WINDOW SUPPLIER/INSTALLER 222493 12 24425 3161880 162608 3186305 TUITION AND FEES 900099 22529151 22529151 AUXILIARY SERVICES 900099 1786397 1481318 305079 SUMMER PROGRAMS 900099 1087729 1087729 25403277 1282482 1282482 15388863 14259154 1129709 1129709 1129709 21110 24425 48907 -27797 -27797 391879 316984 74895 74895 31048871 25098198 0 2764368 6000 6000 3017933 3017933 1120900 400545 449265 271090 11864557 8518479 3024163 321915 760117 513759 203182 43176 1584640 965044 562978 56618 960336 665542 251957 42837 41009 41009 61574 61574 74730 74730 358917 358917 437123 359349 77774 2965903 2449924 441340 74639 668594 534875 133719 1146183 1119864 26319 344016 313642 30374 12994 12994 161858 161858 2318266 1854613 463653 228527 228527 BUILDINGS AND GROUNDS 2119770 122217 1997553 SUMMER PROGRAMS 1056942 1056942 ENTERTAINMENT 209522 59290 34908 115324 BAD DEBT 82387 59003 23384 95128 72672 22456 31697926 22089261 8551534 1057131 455536 1099201 1597696 2369773 84452 13161 607372 587745 2684 172385 194213 339588 220078 59507527 30835408 29476954 28672119 40114253 42578922 7575823 8394067 80426743 84129279 1308366 1189388 1996664 2375459 4447071 4160470 7752101 7725317 X 27564599 26939388 902652 510275 44207391 48954299 72674642 76403962 80426743 84129279 -649055 4378375 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 0 46214220 859311 6715836 754000 1878196 51157171 49787531 319776 -1111703 608985 2172399 46214220 45127887 151072 8921959 2538576 1874811 49787531 41256428 331513 5593332 554414 1498972 45127887 55092503 439371 -10874666 918210 2482570 41256428 0.04310 0.95690 0.00000 0 0 266813 266813 45126644 18072316 27054328 9861168 9861168 0 4252902 2901924 1350978 28672119 OTHER 430841 F LIMITED PARTNERSHIP 7963226 F 8394067 X 35718407 4378375 365891 4744266 30974141 74730 74730 31048871 31989087 365891 365891 31623196 74730 74730 31697926 PART III, LINE 4: SHADY SIDE ACADEMY IS A NON-PROFIT EDUCATIONAL INSTITUTION AND THE PURPOSE OF THE COLLECTIONS IS TO DOCUMENT AND ENHANCE THE ACADEMY'S HERITAGE AND HISTORY IN ORDER TO PROVIDE AN EDUCATIONAL TIMELINE FOR CURRENT AND FUTURE ACADEMY STUDENTS, FAMILIES, AND FACULTY. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE ACADEMY'S ENDOWMENT CONSISTS OF VARIOUS INVESTMENT FUNDS ESTABLISHED PRIMARILY FOR SUPPORT OF THE ORGANIZATION'S MISSION. ITS ENDOWMENT INCLUDES DONOR-RESTRICTED ENDOWMENT FUNDS. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE ACADEMY TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. INTERPRETATION OF RELEVANT LAW - THE TRUSTEES OF THE ACADEMY HAVE ELECTED TO BE GOVERNED BY THE COMMONWEALTH OF PENNSYLVANIA'S ACT 141 (ACT 141). ACT 141 IS A TOTAL RETURN POLICY THAT ALLOWS A NONPROFIT TO CHOOSE TO TREAT A PERCENTAGE OF THE AVERAGE MARKET VALUE OF THE ENDOWMENT'S PERMANENTLY RESTRICTED INVESTMENTS AS INCOME EACH YEAR. HOWEVER, THE LONG-TERM PRESERVATION OF THE REAL VALUE OF THE ASSETS MUST BE TAKEN INTO CONSIDERATION WHEN THE BOARD ELECTS THE AMOUNT. ON AN ANNUAL BASIS, THE EXECUTIVE COMMITTEE OF THE BOARD, IN WRITING, MUST ELECT A SPENDING RATE OF BETWEEN 2% AND 7%. IN ACCORDANCE WITH ACT 141, THE ACADEMY ANNUALLY TRANSFERS BETWEEN 5% AND 5.5% OF THE PREVIOUS THREE YEARS' MARKET VALUE AVERAGE OF THE PERMANENTLY RESTRICTED ENDOWMENT FUND. THIS PERCENTAGE IS APPLIED TO A 12-QUARTER AVERAGE MARKET VALUE OF THE INVESTMENTS AT JUNE 30 OF THE PREVIOUS YEAR. THE ACADEMY CLASSIFIES AS PERMANENTLY RESTRICTED NET ASSETS THE ORIGINAL AND SUBSEQUENT VALUE OF GIFTS DONATED TO THE PERMANENT ENDOWMENT. IN ACCORDANCE WITH ACT 141, THE ACADEMY HAS ADOPTED A WRITTEN INVESTMENT POLICY, OF WHICH A SECTION SPECIFICALLY RELATES TO THE ENDOWMENT FUND. THE ACADEMY CONSIDERS THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO SET A SPENDING RATE: 1. PROTECTING THE CORPUS OF THE ENDOWMENT FUND. 2. PRESERVING THE SPENDING POWER OF THE ASSETS. 3.OBTAINING MAXIMUM INVESTMENT RETURN WITH REASONABLE RISK AND OPERATIONAL CONSIDERATION. 4. COMPLYING WITH APPLICABLE LAWS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: THE ACADEMY IS A NOT-FOR-PROFIT ENTITY AND HAS BEEN RECOGNIZED AS TAX EXEMPT PURSUANT TO SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE ACADEMY HAS NOT IDENTIFIED ANY MATERIAL UNCERTAIN TAX POSITIONS REQUIRING AN ACCRUAL OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THERE WERE NO INTEREST OR PENALTIES RECOGNIZED IN THE STATEMENTS OF ACTIVITIES FOR THE YEARS ENDED JUNE 30, 2013 AND 2012. MANAGEMENT BELIEVES THAT THE ACADEMY IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR TAX YEARS PRIOR TO 2010. PART XI, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSES 48,907. COST OF GOODS SOLD 316,984. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSES 48,907. COST OF GOODS SOLD 316,984. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 EMPLOYMENT AND STUDENT HANDBOOKS, WEBSITE AND EMPLOYMENT ADS EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE ACADEMY RECEIVES DIRECT FUNDING FOR TEXTBOOKS, INSTRUCTIONAL MATERIALS AND EQUIPMENT THROUGH PENNSYLVANIA ACTS 195/90/35. THE ACADEMY RECEIVES GIFT FUNDING THAT IS MADE POSSIBLE THROUGH PARTICIPATION IN THE EITC PROGRAMS WHICH PROVIDES A TAX CREDIT TO THE BUSINESSES WHO PARTICIPATE IN THIS PROGRAM. CENTRAL AMERICA AND THE CARIBBEAN 0 0 FOREIGN INVESTMENTS 6892705 0 0 0 0 0 0 6892705 0 6892705 1 0 1 0 0 0 UNTUCKED 45535 24425 21110 11325 1086 17893 18603 45535 24425 21110 11325 1086 17893 18603 48907 -27797 1 WOODLANDS FOUNDATION INC 134 SHENOT ROAD BUILDING ONE WEXFORD PA 15090 251818538 501(3)(C) 6000 0 N/A N/A CONTRIBUTION 1 FINANCIAL AID 163 2781577 N/A N/A TUITION DISCOUNTS 204 236356 N/A N/A PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE ACADEMY AWARDS FINANCIAL AID TO QUALIFYING INDIVIDUALS TO OFFSET THE COST OF TUITION. THE PROCESS IS MANAGED BY THE ACADEMY'S BUSINESS OFFICE AND USES AN OUTSIDE PARTY TO ASSIST IN COLLECTING FINANCIAL INFORMATION FROM PARENTS. MOST FUNDING IS AWARDED BASED ON DEMONSTRATED ECONOMIC NEED AND FUNDING AVAILABLE. A VERY LIMITED NUMBER OF AWARDS ARE BASED ON OTHER MERIT CRITERIA. AS PART OF THE ACADEMY'S COMMITMENT TO SERVICE LEARNING, AN ANNUAL EVENT IS COORDINATED THROUGH THE OUTSIDE PROGRAMMING OFFICE. A PORTION OF THE PROCEEDS FROM THIS EVENT ARE THEN CONTRIBUTED TO OUTSIDE CHARITABLE ORGANIZATIONS AS IDENTIFIED BY THE PROGRAM ADMINISTRATORS AND STUDENTS. THE ACADEMY HOLDS A BENEFIT CONCERT EACH YEAR. A STUDENT COMMITTEE SELECTS A THEME FOR THE BENEFIT AND THEY SEEK OUT A NON-PROFIT ORGANIZATION THAT ACHIEVES THAT THEME. THE STUDENTS SELECT THE ORGANIZATION AND THE PROFITS FROM THE CONCERT ARE DONATED TO THAT ORGANIZATION. THE STUDENTS ALSO COMPLETE SERVICE LEARNING AT THE SITE OF THE ORGANIZATION THEY SELECT. THE WOODLANDS FOUNDATION WAS THE RECIPIENT OF THE 2012 BENEFIT CONCERT, RECEIVING A $6,000 DONATION FROM THE EVENT. X X X X X 1 1 X X X 0 0 0 0 0 0 0 0 0 THOMAS M CANGIANO 249690 0 10250 0 1485 0 15332 0 86320 0 363077 0 0 0 THOMAS ARNOLD 131227 0 0 0 0 0 9563 0 27863 0 168653 0 0 0 JEFFREY DAY 120892 0 0 0 0 0 7742 0 69784 0 198418 0 0 0 KATHARINE VAVPETIC 103565 0 0 0 0 0 6938 0 68002 0 178505 0 0 0 AMY NIXON 106329 0 0 0 0 0 7814 0 41281 0 155424 0 0 0 PART I, LINE 1A THE PRESIDENT DOES HAVE DISCRETIONARY SPENDING ACCOUNTS BUT THEY ARE FOR SPECIFIC PURPOSES RELATED TO OPERATIONS, PROGRAMMING AND/OR PROFESSIONAL DEVELOPMENT. PNC BANK BOARD MEMBER IS AN OFFICER OF PNC BANK WITH WHOM THE ACADEMY DOES BUSINESS 212791 LOAN INTEREST AND FEES 0 UPMC BOARD MEMBER IS AN OFFICER OF UPMC WITH WHOM THE ACADEMY DOES BUSINESS 1319752 HEALTH INSURANCE FEES 0 X 11 162608 FAIR MARKET VALUE 0 0 1 0 FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE OF THE BOARD IS COMPRISED OF 14 MEMBERS; CHAIR OF THE BOARD, CHAIR ELECT OF THE BOARD, PAST CHAIR OF THE BOARD, VICE CHAIR FOR COMMUNITY LIFE, VICE CHAIR FOR BUILDINGS AND GROUNDS, VICE CHAIR FOR DEVELOPMENT, VICE CHAIR FOR FINANCE, CHAIR FOR BENEDUM COMMITEE, CHAIR FOR COMMUNITY CONNECTIONS, CHAIR FOR ENDOWMENT AND 3 AT LARGE MEMBERS. ALL MEMBERS ARE MEMBERS OF THE FULL BOARD OF TRUSTEES. THIS GROUP MEETS REGULARLY TO DISCUSS STRATEGIC INITIATIVES OF THE ACADEMY AND TO ENSURE THAT MANAGEMENT IS MEETING THE GOALS AND OBJECTIVES AS ESTABLISHED BY THE BOARD. DECISIONS NOT REQUIRING A FULL BOARD VOTE MAY BE MADE BY THIS COMMITTEE IF NEEDED. FORM 990, PART VI, SECTION A, LINE 2 BUSINESS RELATIONSHIP: J. STEPHEN LEE, JOHN DEMMLER; G. NICHOLAS BECKWITH, ELIZABETH CONCORDIA; WILLIAM GETTY, PAUL BENEDUM JR., G. NICHOLAS BECKWITH. FORM 990, PART VI, SECTION A, LINE 6 THE BUSINESS AND AFFAIRS OF THE CORPORATION ARE MANAGED BY A BOARD OF TRUSTEES, WHO ALSO CONSTITUTE THE MEMBERS OF THE CORPORATION. FORM 990, PART VI, SECTION A, LINE 7A TWO TRUSTEES ARE ELECTED OR APPOINTED EACH YEAR BY THE SHADY SIDE ACADEMY ALUMNI ASSOCIATION. IN THE EVENT THAT THE ALUMNI ASSOCIATION FAILS TO SELECT TWO TRUSTEES IN ANY YEAR, THE BOARD FILLS ANY RESULTING VACANCY BY ELECTING AN ALUMNUS OF THE ACADEMY. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS REVIEWED BY MANAGEMENT AND BY THE AUDIT COMMITTEE. A COPY OF FORM 990 IS DISTRIBUTED TO BOARD MEMBERS PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C AN EXPLANATION OF THE CONFLICT OF INTEREST POLICY IS PRESENTED TO ALL BOARD OF TRUSTEE MEMBERS AT THE START OF EACH SCHOOL YEAR. DATA COLLECTION FORMS ARE DISTRIBUTED AND INFORMATION IS THEN SENT TO THE BUSINESS OFFICE WHERE IT IS REVIEWED AND MAINTAINED ON FILE THROUGHOUT THE YEAR. CONFLICTS OF INTEREST DISCLOSURE FORMS ARE FORWARDED TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 15 THE ACADEMY'S CHAIRMAN OF THE BOARD SELECTS CERTAIN BOARD MEMBERS TO COMPRISE A COMPENSATION COMMITTEE. THIS GROUP ANALYZES DATA FROM THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS AND OTHER LOCAL SURVEYS TO DETERMINE APPROPRIATE SALARY RANGES. FOR TOP MANAGEMENT, THE ACADEMY ENGAGES THE SERVICES OF LOCAL LEGAL COUNSEL TO ASSIST IN THE REVIEW AND PREPARATION OF EMPLOYMENT CONTRACTS AND/OR AGREEMENTS. FORM 990, PART VI, SECTION C, LINE 19 SHADY SIDE ACADEMY MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY STATEMENT AND FINANCIAL STATEMENTS AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST THROUGH THE ACADEMY'S BUSINESS OFFICE. ACADEMY TRUSTEES EMERITI WITH NO VOTING RIGHTS: FORM 990, PART VII, THE FOLLOWING HAVE BEEN IDENTIFIED AS SHADY SIDE G. NICHOLAS BECKWITH, III, PAUL G. BENEDUM, JR., JOHN E. BROWNELL, JR., MICHAEL P. CASEY, M.D., FLOYD A. CEPHAS, SR., MARY ELLEN COSTA, JOHN P. DAVIS, JR., JOHN H. DEMMLER, WILLIAM P. GETTY, LAWRENCE N. GUMBERG, KARL F. KRIEGER, ANNE V. LEWIS, W. THOMAS MCGOUGH, JR., JR., EDWIN F. SCHEETZ, JR., SUSANNE C. WEAN. FORM 990, PART XII, QUESTION 2C, FINANCIAL STATEMENTS AND REPORTING: AS A SUB-COMMITTEE OF THE FINANCE COMMITTEE, THE AUDIT COMMITTEE IS CHARGED WITH THE SELECTION OF AN OUTSIDE INDEPENDENT AUDIT FIRM. THIS IS REVIEWED ANNUALLY AND, BASED ON CONTRACT TERMS WITH THE CURRENT FIRM AT THE TIME, THE COMMITTEE DETERMINES WHEN TO NEGOTIATE CONTINUED RATES AND/OR TO REQUEST BIDS FROM OTHER FIRMS. PRIOR TO THE RELEASE OF THE FINAL FINANCIAL STATEMENTS THE AUDIT COMMITTEE MEETS WITH THE AUDIT TEAM FROM THE INDEPENDENT AUDIT FIRM AS WELL AS MANAGEMENT CHARGED WITH AUDIT RESPONSIBILITIES TO REVIEW AND DISCUSS THE DRAFT FINANCIAL STATEMENTS AND THE AUDIT PROCESS. SHADY SIDE ACADEMY FOUNDATION 423 FOX CHAPEL ROAD PITTSBURGH PA 15238 251754941 EXTENSION OF SHADY SIDE ACADEMY EDUCATIONAL MISSION - FUNDRAISING PA 501(C)(3) 509(A)(3) TYPE I SHADY SIDE ACADEMY 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0