2014-05-15T14:06:04-05:00 2013-06-30 420714325 MCGLADREY LLP 9737 WASHINGTONIAN BLVD 400 GAITHERSBURG MD 208787340 990 2012-07-01 520635080 BULLIS SCHOOL INC BULL 3012998500 10601 FALLS ROAD POTOMAC MD 20854 TODD MCCREIGHT 3012998500 2014-05-15 1 WILLIAM E TURCO CPA P00369217 3012963600 2012 2015-11-30 17:44:51Z GERALD BOARMAN 10601 FALLS ROAD POTOMAC MD 20854 29270513 0 X WWW.BULLIS.ORG X 1936 MD PROVIDES CO-EDUCATIONAL ELEMENTARY AND SECONDARY EDUCATION TO STUDENTS 25 25 469 180 2993 1746 1100040 1383687 21770870 24115904 250340 404042 523337 608325 23644587 26511958 3798387 3884793 0 0 13758112 15054453 0 91000 952605 8079635 5716153 25636134 24746399 -1991547 1765559 41605996 44155501 21682970 21987240 19923026 22168261 X BULLIS SCHOOL IS AN INDEPENDEDNT, CO-EDUCATIONAL COLLEGE PREPARATORY DAY SCHOOL OFFERING GIRLS AND BOYS IN GRADES 2 THROUGH 12 AN EDUCATIONAL PROGRAM OF EXCELLENCE IN A COMMUNITY THAT VALUES INTEGRITY, RESPECT, RESPONSIBILITY, DIVERSITY AND SERVICE. A CARING AND SUPPORTIVE FACULTY FOSTERS A POSITIVE ATTITUDE ABOUT LEARNING AND CHALLENGES ITS STUDENTS TO ACHIEVE THEIR HIGHEST POTENTIAL IN ACADEMICS, THE ARTS AND ATHLETICS. 0 0 19039159 3884793 24437564 PROVIDE CO-EDUCATIONAL ELEMENTARY AND SECONDARY SCHOOL EDUCATION TO STUDENTS, PROMOTE DIVERSITY AND OFFER AN INDEPENDENT SCHOOL EDUCATION TO ELIGIBLE STUDENTS REGARDLESS OF FINANCIAL ABILITY. 19039159 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 1 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 X 70 0 1 469 1 1 1 1 CJ EI UK 0 0 0 1 1 0 0 0 0 X 25 25 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MD X MARIA THOMAS 3012998500 10601 FALLS ROAD POTOMAC MD 20854 THOMAS SULLIVAN 2.00 X X 0 0 0 ADAM GREENBERG 2.00 X X 0 0 0 LESLEY LAVALLEYE 2.00 X X 0 0 0 ANDREW BLAIR 2.00 X X 0 0 0 MARIAN BENNETT 2.00 X 0 0 0 PATRICK CAULFIELD 2.00 X 0 0 0 MICHELLE COHEN 2.00 X 0 0 0 DAVID FINK 2.00 X 0 0 0 GARY FRIEDLANDER 2.00 X 0 0 0 HOLLY FUNGER 2.00 X 0 0 0 JONATHAN HALLE 2.00 X 0 0 0 KATHRYN HANLEY 2.00 X 0 0 0 RICK KAY 2.00 X 0 0 0 GEORGE MAVRIKES 2.00 X 0 0 0 TAMMY MCKNIGHT 2.00 X 0 0 0 ALAN MELTZER 2.00 X 0 0 0 CHRIS NORDEEN 2.00 X 0 0 0 XIUMIN OVERALL 2.00 X 0 0 0 MILTON THEO 2.00 X 0 0 0 BERRY TRIMBLE 2.00 X 0 0 0 DAVID TRONE 2.00 X 0 0 0 CYNDI VASCO 2.00 X 0 0 0 DELL WRREN 2.00 X 0 0 0 MARK WEINBERGER 2.00 X 0 0 0 PAULA WIDERLITE 2.00 X 0 0 0 GERALD BOARMAN 60.00 X 447631 0 78929 TODD MCCREIGHT 50.00 X 167439 0 11982 JAMES MICHAEL REIDY 40.00 X 153422 0 28812 DARLENE HAUGHT 40.00 X 140000 0 9800 JOANNE SZADKOWSKI 40.00 X 137086 0 15813 BRUCE KELLEY 40.00 X 122954 0 45314 ROBERT POLLICINO 40.00 X 119426 0 21327 ANDREW DELINSKY 40.00 X 113979 0 28194 1401937 0 240171 13 0 1 0 SODEXO INC PO BOX 536922 ATLANTA GA 303536922 FOOD SERVICES 342019 DUDAPAINE 333 LIGGETT ST DURHAM NC 27701 ARCHITECTURAL SERVICES 289806 ARIZON COMPANIES 11880 DORSETT RD ST ST LOUIS MO 63043 TENNIS BUBBLE SUPPLIER 240733 PIONEER BUILDING SERVICES INC 9600 BLACKWELL ROAD SUITE 200 ROCKVILLE MD 20850 JANITORIAL SERVICES 159244 PATUXENT NURSERY PO BOX 1584 BOWIE MD 20717 HARDSCAPE & PATIO INSTALLER 147976 6 139300 1244387 50959 1383687 TUITION/FEES 900099 22721955 22721955 SUMMER PROGRAMS 900099 1167599 1167599 TRANSPORTATION 900099 186976 186976 AUXILIARY 900099 32382 32382 STUDENT ACTIVITIES 900099 6992 6992 24115904 226011 2993 223018 281599 0 281599 281599 281599 2485990 44080 2308209 43830 177781 250 178031 178031 213440 139300 145739 67701 67701 198142 260777 -62635 -62635 INSURANCE PROCEEDS 900099 296569 296569 OTHER INCOME 900099 25091 25091 321660 26511958 24437564 2993 687714 3884793 3884793 945757 676083 225059 44615 11222988 8041635 2676948 504405 760935 543962 181077 35896 1270519 1051512 184447 34560 854254 610672 203284 40298 8124 8124 45100 45100 91000 91000 46695 46695 117435 65421 51514 500 68634 38802 29832 741904 508891 171852 61161 349218 174609 174609 1186856 1061100 125756 20720 1872 17721 1127 190186 120509 43526 26151 465109 290693 151666 22750 1129223 999318 97429 32476 219242 153986 65256 STUDENT PROGRAMS 443967 443967 OTHER EXPENSES 256246 65106 134178 56962 FOOD 250508 231902 18606 BAD DEBT 56843 56843 120143 74326 45113 704 24746399 19039159 4754635 952605 51606 50159 3831537 4934841 146955 106681 149756 127730 75338 88585 273733 563273 50184242 20693119 29614895 29491123 5282060 5233517 1501922 2124764 678194 1434828 41605996 44155501 533731 766377 5229782 5516678 15398000 15114582 218352 230580 303105 359023 21682970 21987240 X 16915230 18855560 294679 598920 2713117 2713781 19923026 22168261 41605996 44155501 1765559 479676 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8104683 1129666 815229 706002 9343576 9060604 176810 -984850 147881 8104683 12436946 155719 1611536 5143597 9060604 11745669 451349 384093 144165 12436946 13864662 414229 -2397002 136220 11745669 0.66960 0.29040 0.04000 0 0 18998 7806467 7825465 36319513 15025303 21294210 6039264 5667816 371448 29491123 ANNUITIES PAYABLE 9556 FUNDS HELD FOR OTHERS 349467 359023 X 23471662 479676 5000 -3884793 -3400117 26871779 46695 -406516 -359821 26511958 21226427 5000 406516 411516 20814911 46695 3884793 3931488 24746399 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: EARNINGS FROM THE UNRESTRICTED ENDOWMENT SUPPORT THE OPERATING EXPENSES OF THE SCHOOL; EARNINGS FROM THE RESTRICTED ENDOWMENT SUPPORT FACULTY DEVELOPMENT AND FINANCIAL AID. 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. HOWEVER, THE SCHOOL IS SUBJECT TO INCOME TAXES ON UNRELATED BUSINESS INCOME, AS DEFINED BY THE INTERNAL REVENUE SERVICE. DURING THE YEAR ENDED JUNE 30, 2013, THE SCHOOL HAD MINIMAL NET TAXABLE UNRELATED BUSINESS INCOME, 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 THE YEARS BEFORE 2010. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST TUITION REVENUE IN THE FINANCIAL STATEMENTS -3,884,793. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES - COSTS REPORTED ON LINE 8B -145,739. INVENTORY - COST OF SALES REPORTED ON LINE 10B -260,777. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES - COSTS REPORTED ON LINE 8B 145,739. INVENTORY - COST OF SALES REPORTED ON LINE 10B 260,777. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST TUITION REVENUE IN THE FINANCIAL STATEMENTS 3,884,793. 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 ADVERTISEMENT WAS PLACED IN THE WASHINGTON POST NEWSPAPER ANNOUNCING THE SCHOOL'S NON-DISCRIMINATION POLICY. X X X X X X 1 COMMUNITY COUNSELING SVC CO 100 EAST PRATT ST STE 1520 BALTIMORE MD 21202 0 0 91000 -91000 91000 -91000 MD DC ANNUAL GALA 352740 139300 213440 145739 352740 139300 213440 145739 145739 67701 1 FINANCIAL AID FOR TUITION 194 3884793 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: ALL FINANCIAL AID AT BULLIS IS GRANTED BASED ON DEMONSTRATED FINANCIAL NEED, OFFERED IN ORDER TO ENSURE ECONOMIC AND RACIAL DIVERSITY IN THE STUDENT BODY, CONSISTENT WITH THE SCHOOL'S ADMISSION POLICIES. SOME OF THE FACTORS CONSIDERED ARE: INCOME (BOTH TAXABLE AND NONTAXABLE), ASSETS, NUMBER OF DEPENDENTS AND NUMBER OF CHILDREN ATTENDING TUITION-CHARGING SCHOOLS. X X X X 1 1 X X X 0 0 0 0 0 0 0 1 0 GERALD BOARMAN 385343 0 30000 0 32288 0 34390 0 44861 0 526882 0 0 0 TODD MCCREIGHT 167439 0 0 0 0 0 11682 0 644 0 179765 0 0 0 JAMES MICHAEL REIDY 153422 0 0 0 0 0 11445 0 17708 0 182575 0 0 0 DARLENE HAUGHT 140000 0 0 0 0 0 9800 0 300 0 150100 0 0 0 JOANNE SZADKOWSKI 137086 0 0 0 0 0 9205 0 6904 0 153195 0 0 0 BRUCE KELLEY 122954 0 0 0 0 0 5115 0 40439 0 168508 0 0 0 PART I, LINE 1A TAX INDEMNIFICATION PAYMENTS ARE MADE FOR SECT 162 DOUBLE BONUS FOR THE DISABILITY INSURANCE BENEFIT PAID TO HEAD OF SCHOOL. THE SCHOOL COMPENSATES THE HEADMASTER WITH A PACKAGE THAT INCLUDES HOUSING, WHICH IS NECESSARY TO CARRY OUT THE DUTIES OF HIS JOB. THE HOUSING BENEFIT IS TREATED AS NON-TAXABLE COMPENSATION UNDER CODE SECTION 119(D). WE HAVE DISCLOSED FAIR RENTAL VALUE AS THE VALUE OF THE HOUSING BENEFIT - GERALD BOARMAN - $35,520. THE ENTIRE COMPENSATION PACKAGE, INCLUDING THE HOUSING ARRANGEMENT WAS APPROVED BY THE BOARD OF TRUSTEES WITH PROPER DOCUMENTATION. A HOUSE KEEPING BENEFIT IS PROVIDED TO THE HEAD OF SCHOOL. THIS BENEFIT IS RELATED TO THE USE OF THE HOUSING IN THE CONDUCT OF THE HEADMASTER'S OFFICIAL DUTIES. GERALD BOARMAN RECEIVED A NON-TAXABLE HEALTH CLUB DUES IN THE AMOUNT OF $1,200. PART I, LINE 7 THE HEAD OF SCHOOL RECEIVED PERFORMANCE BASED BONUS WHICH WAS APPROVED BY THE COMPENSATION COMMITTEE. X 1 22875 FMV X GIFT CARDS 1 5000 FACE VALUE ON CARD X FOOD-EVENT 1 5000 COST X EVENT-GIK 22 18084 COST 0 1 0 FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 WILL BE REVIEWED BY THE BOARD FINANCE COMMITTEE, WHICH PERFORMS THE FUNCTIONS OF AN AUDIT COMMITTEE IN ADDITION TO ITS OTHER FINANCIAL RESPONSIBILITIES. MCGLADREY, LLP, THE FIRM THAT PREPARES THE FORM 990 FOR THE SCHOOL, WILL MAKE THE PRESENTATION TO THE FINANCE COMMITTEE. ONCE THE FINANCE COMMITTEE IS SATISFIED WITH THE FORM 990, IT WILL GO TO THE FULL BOARD OF TRUSTEES FOR REVIEW AND APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C EACH BOARD MEMBER IS REQUIRED EACH FALL TO REVIEW THE BOARD CONFLICT OF INTEREST POLICY, AND SIGN A STATEMENT THAT CERTIFIES THAT THEY UNDERSTAND THE POLICY, AGREE TO COMPLY WITH THE POLICY, AND HAVE NO CONFLICTS AS DESCRIBED IN THE POLICY. IF A CONFLICT EXISTS OR IS PERCEIVED, THE BOARD MEMBER IS REQUIRED TO NOTIFY THE BOARD CHAIR. THE BUSINESS OFFICER MONITORS ALL TRANSACTIONS BETWEEN ALL DISQUALIFIED PERSONS (WHICH INCLUDES ALL BOARD MEMBERS) AND THE SCHOOL TO ENSURE THAT THE CONFLICT OF INTEREST POLICY IS BEING FULLY COMPLIED WITH. IF THE BUSINESS OFFICER FINDS A TRANSACTION THAT APPEARS TO VIOLATE THE CONFLICTS POLICY, HE/SHE NOTIFIES THE HEAD OF SCHOOL AND BOARD CHAIR, WHO THEN MEET WITH THE DISQUALIFIED PERSON TO INVESTIGATE THE POTENTIAL CONFLICT AND RESOLVE IT IN A MANNER THAT COMPLIES WITH THE CONFLICTS POLICY. FORM 990, PART VI, SECTION B, LINE 15 FOR THE HEAD OF SCHOOL: EACH TIME THE BOARD ENTERS INTO AN EMPLOYMENT CONTRACT WITH THE HEAD OF SCHOOL (GENERALLY EVERY THREE TO FIVE YEARS), AN AD HOC BOARD COMPENSATION COMMITTEE IS FORMED TO FOLLOW A PROCEDURE THAT IS DESIGNED TO OBTAIN A REBUTTABLE PRESUMPTION OF REASONABLENESS: 1. ALL BOARD MEMBERS CHOSEN FOR THE COMPENSATION COMMITTEE ARE QUERIED TO ENSURE THAT NO MEMBER HAS A PERSONAL INTEREST IN THE COMPENSATION DECISION. 2. COMPENSATION (SALARY AND BENEFITS) COMPARABILITY DATA IS OBTAINED FOR THE DOZEN OR SO DC-AREA INDEPENDENT SCHOOLS THAT MOST CLOSELY RESEMBLE BULLIS IN ENROLLMENT, BUDGET, AND ASSETS. THE COMPARABILITY DATA IS OBTAINED FROM THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS AND FROM THE ASSOCIATION OF GREATER WASHINGTON INDEPENDENT SCHOOLS. 3. THE COMPARABILITY DATA IS TABULATED AND COMPARED TO THE PROPOSED COMPENSATION FOR THE HEAD OF SCHOOL. THE COMPENSATION COMMITTEE DECIDES WHETHER THE PROPOSED COMPENSATION IS REASONABLE IN LIGHT OF WHAT COMPARABLE SCHOOLS ARE CURRENTLY PAYING THEIR HEADS, AND MAKES ADJUSTMENTS TO THE PROPOSED COMPENSATION AS NECESSARY TO ENSURE REASONABLENESS AND COMPARABILITY. 4. THE COMPENSATION COMMITTEE DOCUMENTS THE BASIS FOR ITS DETERMINATION CONCURRENTLY WITH THE APPROVAL. DOCUMENTATION INCLUDES: TERMS OF THE PROPOSED COMPENSATION, MEMBERS OF THE COMMITTEE WHO WERE PRESENT AND VOTED, AND THE COMPARABILITY DATA AND HOW IT WAS OBTAINED. 5. THE COMPENSATION COMMITTEE THEN MEETS WITH THE HEAD SEARCH COMMITTEE (IF ONE THEN EXISTS) TO PRESENT ITS DETERMINATION, AND THE SEARCH COMMITTEE FINALIZES THE OFFER TO THE HEAD. 6. THE MAJOR DETAILS OF THE HEAD CONTRACT ARE THEN PRESENTED TO THE FULL BOARD OF TRUSTEES FOR THEIR INFORMATION AND ACCEPTANCE. EVERY FEW YEARS DURING A HEAD'S CONTRACT TERM, A SLIGHTLY LESS FORMAL VERSION OF THIS PROCESS IS FOLLOWED TO ENSURE THAT COMPENSATION INCREASES AWARDED THE HEAD UNDER THE CURRENT CONTRACT REMAIN REASONABLE COMPARED TO LIKE SCHOOLS. FOR THE BUSINESS OFFICER: WHENEVER A COMPENSATION COMMITTEE IS FORMED TO EXAMINE THE HEAD'S COMPENSATION, IT USES THE SAME PROCESS TO EXAMINE THE BUSINESS OFFICER'S COMPENSATION, TO ENSURE REASONABLENESS AND COMPARABILITY. FORM 990, PART VI, SECTION C, LINE 19 THE BOARD HAS NO SPECIFIC POLICY ON THIS MATTER. THE SCHOOL'S PRACTICE IS TO SHARE THESE DOCUMENTS ON REQUEST WITH INDIVIDUALS OR ORGANIZATIONS THAT HAVE A LEGITIMATE BUSINESS NEED TO SEE THE DOCUMENTS. FORM 990, PART XII, LINE 2C THE PROCESS FOR OVERSEEING THE AUDIT OF THE FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT THAT AUDITED THE FINANCIAL STATEMENTS HAS BEEN CONSISTENT WITH PRIOR YEARS.