2014-02-15T14:09:46-06:00 2013-06-30 420714325 MCGLADREY LLP 100 INTERNATIONAL DRIVE SUITE 1400 BALTIMORE MD 21202 990 2012-07-01 520591604 GILMAN SCHOOL INCORPORATED GILM 4103233800 5407 ROLAND AVENUE BALTIMORE MD 21210 SEAN T FURLONG 4103233800 2014-02-17 1 JULIA FLANNERY CPA P00928918 4102469300 2012 2015-11-30 17:44:51Z GILMAN SCHOOL HENRY PA SMYTH 5407 ROLAND AVENUE BALTIMORE MD 21210 48769831 0 X WWW.GILMAN.EDU X 1897 MD GILMAN SCHOOL IS A DIVERSE COMMUNITY DEDICATED TO EDUCATING BOYS IN MIND, BODY, AND SPIRIT THROUGH PARTICULAR EMPHASIS UPON ACADEMIC EXCELLENCE, ATHLETIC PARTICIPATION AND AESTHETIC APPRECIATION. GILMAN SEEKS TO PRODUCE MEN OF CHARACTER AND INTEGRITY WHO HAVE THE SKILLS AND ABILITY TO MAKE A POSITIVE CONTRIBUTION TO THE COMMUNITIES IN WHICH THEY LIVE AND WORK. 43 43 315 779 -3785 -5559 3496514 4209556 24633159 25663277 2737083 4523277 294461 314277 31161217 34710387 3613088 3963342 0 0 18462646 19095862 0 0 1573278 10911565 11329965 32987299 34389169 -1826082 321218 164633203 176554307 37462267 34717327 127170936 141836980 X GILMAN SCHOOL IS A DIVERSE COMMUNITY DEDICATED TO EDUCATING BOYS IN MIND, BODY, AND SPIRIT THROUGH PARTICULAR EMPHASIS UPON ACADEMIC EXCELLENCE, ATHLETIC PARTICIPATION AND AESTHETIC APPRECIATION. GILMAN SEEKS TO PRODUCE MEN OF CHARACTER AND INTEGRITY WHO HAVE THE SKILLS AND ABILITY TO MAKE A POSITIVE CONTRIBUTION TO THE COMMUNITIES IN WHICH THEY LIVE AND WORK. 0 0 26183464 3963342 25663277 PROVIDING EDUCATION FOR 1,028 STUDENTS OF THE LOWER, MIDDLE AND UPPER GRADES. 26183464 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 167 0 1 315 1 0 1 CJ 0 0 0 0 0 0 0 0 X 43 43 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MD X REBECCA G LEVY 4103233800 GILMAN SCHOOL 5407 ROLAND AVE BALTIMORE MD 21210 PAUL F MCBRIDE 10.00 X X 0 0 0 WILLIAM L PATERNOTTE 5.00 X X 0 0 0 TAYLOR S CLASSEN 5.00 X X 0 0 0 SUSAN D GINKEL 5.00 X X 0 0 0 MICHAEL S BEATTY 2.00 X 0 0 0 FRANK A BONSAL III 2.00 X 0 0 0 FRANCIS J CAREY 2.00 X 0 0 0 ROBERT T CASHMAN 2.00 X 0 0 0 MICHEL F CAVALLON 2.00 X 0 0 0 JOHN F CAVANAUGH 2.00 X 0 0 0 JEFFREY H COHEN 2.00 X 0 0 0 NICHOLAS D CORTEZI II 2.00 X 0 0 0 SAMUEL M DELL III 2.00 X 0 0 0 DR CHARLES C EDWARDS II 2.00 X 0 0 0 CHARLES C FENWICK JR 2.00 X 0 0 0 EBEN D FINNEY III 2.00 X 0 0 0 MITCHELL F FORD 2.00 X 0 0 0 BENJAMIN H GRISWOLD IV 2.00 X 0 0 0 KRIS GROENKE 2.00 X 0 0 0 HARRY D HALPERT 2.00 X 0 0 0 MICHAEL D HANKIN 2.00 X 0 0 0 GERARD C HARRISON 2.00 X 0 0 0 GEORGE B HESS JR 2.00 X 0 0 0 DR KATHLEEN B HOGAN 2.00 X 0 0 0 CHEO D HURLEY 2.00 X 0 0 0 JONATHAN S JACOBSON 2.00 X 0 0 0 THE HON BENSON E LEGG 2.00 X 0 0 0 JOHN D LINEHAN 2.00 X 0 0 0 DR CHARLOTTE E MODLY 2.00 X 0 0 0 MARK D NEUMANN 2.00 X 0 0 0 DW WELLS OBRECHT 2.00 X 0 0 0 SAMUEL PETERS 2.00 X 0 0 0 STEPHEN T SCOTT 2.00 X 0 0 0 KATHY L SHAPIRO 2.00 X 0 0 0 SCOTT L SHERMAN 2.00 X 0 0 0 DR EVA F SIMMONS-O'BRIEN 2.00 X 0 0 0 JONATHAN W THAYER 2.00 X 0 0 0 J RICHARD THOMAS SR 2.00 X 0 0 0 GEORGE E THOMSEN 2.00 X 0 0 0 MICHAEL J WEINFELD 2.00 X 0 0 0 MITCHELL D WHITEMAN 2.00 X 0 0 0 SCOTT A WIELER 2.00 X 0 0 0 DR CLARENCE L YOUNG III 2.00 X 0 0 0 JOHN SCHMICK 40.00 X 292447 0 88401 SEAN T FURLONG 40.00 X 178111 0 56435 TIMOTHY HOLLEY JR 40.00 X 113660 0 34235 MARY KATE RATCLIFFE 40.00 X 145064 0 19073 R LEITH HERRMANN 40.00 X 120154 0 27152 IVA TURNER 40.00 X 138177 0 10818 HENRY SMYTH 40.00 X 113500 0 44235 1101113 0 280349 10 0 1 0 CHARTWELLS INC PO BOX 91337 CHICAGO IL 60693 DINING HALL/ CATERING 850021 PMM COMPANIES INC 15938 DEERWOOD RD ROCKVILLE MD 20855 HOUSEKEEPING/CLEANING 275549 DP SOLUTIONS INC 9610 RED BRANCH ROAD SUITE W1 COLUMBIA MD 21045 LAPTOPS, COMPUTERS & PROGRAMMING 241316 KNOTT MECHANICAL INC 338 CLUBHOUSE ROAD HUNT VALLEY MD 21031 HVAC SERVICES 234111 ABACUS CORPORATION PO BOX 824900 PHILADELPHIA PA 19182 SECURITY SERVICE 167478 11 325 4209231 462462 4209556 TUITION AND FEES 900099 24989095 24989095 COMMUNITY AND SUMMER P 611710 341301 341301 AFTER SCHOOL PROGRAMS 611710 152929 152929 ALUMNI & PARENTS ASSOC 611710 92227 92227 OTHER FEES AND CHARGES 611710 40388 40388 47337 47337 25663277 1008082 -6561 1014643 211042 0 211042 211042 211042 17148338 13633143 3515195 3515195 3515195 131024 325 47491 83533 83533 398512 378810 19702 2776 16926 34710387 25663277 -3785 4841339 15752 15752 3947590 3947590 557167 424315 90873 41979 14356916 10933630 2341579 1081707 1037605 790197 169231 78177 2044188 1556769 333402 154017 1099986 837704 179405 82877 44860 44860 129157 129157 127151 127151 1590151 745093 845058 12661 12620 41 274542 203849 70693 303834 85847 217987 892974 892974 132626 132626 225369 119497 36052 69820 1121513 202 1121311 2638915 2638915 217644 207894 9750 GENERAL & ADMINISTRATIV 812309 812309 MISCELLANEOUS SCHOOL OP 733656 733656 CONTINUING EDUCATION & 493784 493784 COMMUNITY & SUMMER PROG 356388 356388 1222431 1054162 103568 64701 34389169 26183464 6632427 1573278 2000 2000 4117182 6696142 1072079 600183 143665 203933 509818 489683 116778 114539 829632 928641 75826753 23956201 53436475 51870552 66805030 52986776 36573651 61670742 1026893 991116 164633203 176554307 2151467 1843213 30000000 30000000 5310800 2874114 37462267 34717327 X 44008096 46344618 38906470 50378428 44256370 45113934 127170936 141836980 164633203 176554307 X 321218 11843068 2501758 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 87604712 857564 13440997 3944806 97958467 82398874 8851256 280261 3925679 87604712 71535009 1895107 13434160 4115244 350158 82398874 66404673 1528201 7742910 4203512 -62737 71535009 68549305 608850 742503 3883047 -387062 66404673 0.15600 0.46050 0.38350 0 0 69732753 20532494 49200259 6094000 3423707 2670293 51870552 REAL ESTATE 4953497 F HEDGE FUNDS 56717245 F 61670742 DEFERRED SUMMER PROGRAM INCOME 51140 DEFERRED TUITION INCOME 1505730 UNAMORTIZED DISCOUNT ON POOLED INCOME FUNDS 32733 INTEREST RATE SWAP 1284511 2874114 X 41988470 11843068 11843068 30145402 127151 4437834 4564985 34710387 27322426 -2122948 -2122948 29445374 127151 4816644 4943795 34389169 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: GILMAN SCHOOL'S SPENDING RATE IS DETERMINED BY THE BUDGET AND FINANCE COMMITTEE. THE BUDGET AND FINANCE COMMITTEE MAY ASK FOR INPUT FROM THE CHAIRMAN OF THE INVESTMENT COMMITTEE TO HELP DETERMINE THE APPROPRIATE SPENDING POLICY. RECOGNIZING THAT FINANCIAL ASSETS WILL FLUCTUATE IN VALUE, THE POLICY OF THE SCHOOL HAS BEEN AND WILL CONTINUE TO BE TO REVIEW THE ENDOWMENT SPENDING RATE PERIODICALLY BUT TO REFRAIN FROM FREQUENT CHANGES IN THE SPENDING RATE THAT MAY APPEAR TO REFLECT RESPONSES TO SHORT-TERM MARKET MOVEMENTS RATHER THAN TO LONGER TERM INVESTMENT OBJECTIVES. BEGINNING WITH THE 2010/11 FISCAL YEAR, GILMAN SCHOOL'S ENDOWMENT SPENDING RATE WAS 5% (UP FROM A BLENDED RATE OF 4.3%). CURRENTLY, IT IS THE SCHOOL'S POLICY TO REDUCE THE SPENDING RATE 0.1% EVERY YEAR UNTIL IT REACHES 4%. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: THE SCHOOL ADOPTED THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, 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 POLICY, THE SCHOOL MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WOULD BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. MANAGEMENT HAS EVALUATED THE SCHOOL'S TAX POSITIONS AND HAS CONCLUDED THAT THE SCHOOL HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH PROVISIONS OF THIS GUIDANCE. THE SCHOOL IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE JUNE 30, 2010. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID & TUITION REMISSION NETTED ON FINANCIAL STATEMENT 4,653,093. COST OF GOODS SOLD NETTED AGAINST INCOME ON FINANCIAL STATEMENT -378,810. RENTAL INCOME NETTED WITH EXPENSES ON THE FINANCIAL STATEMENT 211,042. FUNDRAISING EXPENSES NETTED WITH REVENUE ON 990 -47,491. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD NETTED WITH INCOME ON FINANCIAL STATEMENT 378,810. SWAP MARKET ADJUSTMENT -2,501,758. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID & TUITION REMISSION NETTED ON FINANCIAL STATEMENT 4,653,093. RENTAL REVENUE NETTED WITH EXPENSES ON FINANCIAL STATEMENT 211,042. FUNDRAISING EXPENSES NETTED WITH REVENUE ON 990 -47,491. 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 PUBLISHED IN SCHOOL BROCHURES, APPLICATION FOR ADMISSION AND IN THE LOCAL TRADE NEWSPAPERS/PERIODICALS. EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES MIDDLE SCHOOL TRIP 71301 CENTRAL AMERICA AND THE CARIBBEAN - 0 0 INVESTMENTS 31396470 0 0 0 0 0 0 31467771 0 31467771 1 0 0 0 0 0 BULL ROAST 131349 325 131024 18135 3750 25606 131349 325 131024 18135 3750 25606 47491 83533 1 BALTIMORE COMMUNITY FOUNDATION 2 EAST READ STREET 9TH FLOOR BALTIMORE MD 21202 237180620 501(C)(3) 12000 BALTIMORE INDEPENDENT CITY SCHOOLS ALLIANCE FUND 1 0 FINANCIAL AID 267 3947590 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: GILMAN PROVIDES FINANCIAL AID TO STUDENTS WHO QUALIFY. THE GRANT REDUCES THE TUITION DUE. PARENTS ARE NEVER GIVEN A CHECK OR CASH FOR A GRANT. X X 1 1 X X X 0 0 0 0 0 0 0 0 0 JOHN SCHMICK 265598 0 23000 0 3849 0 40438 0 47963 0 380848 0 0 0 SEAN T FURLONG 177533 0 0 0 578 0 14850 0 41585 0 234546 0 0 0 MARY KATE RATCLIFFE 143842 0 0 0 1222 0 11586 0 7487 0 164137 0 0 0 HENRY SMYTH 113268 0 0 0 232 0 9723 0 34512 0 157735 0 0 0 PART I, LINE 1A HEADMASTER, JOHN SCHMICK, RECEIVED A RESIDENCE FOR PERSONAL USE AND PERSONAL SERVICES DURING THE YEAR. THESE BENEFITS ARE NOT TAXABLE AND ARE INCLUDED IN SCHEDULE J, PART II, COLUMN D. A MARYLAND HEALTH AND HIGHER EDUCATIONAL FACILITIES AUTHORITY 520936091 574217XB6 2006-06-01 30000000 CONSTRUCTION 0 1 0 A 30000000 30000000 2009 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 1 1 1 SUN TRUST 30.000000000000 0 0 0 0 0 A 0 X 22 462462 FAIR MARKET VALUE 0 1 0 FORM 990, PART VI, SECTION B, LINE 11 GILMAN'S EXECUTIVE COMMITTEE OF THE BOARD REVIEWS THE DRAFT AND MEETS TO DISCUSS VIA TELECONFERENCE. THE DRAFT IS THEN SENT TO THE ENTIRE BOARD ASKING THEM TO REVIEW THE FORM AND PROVIDE ANY QUESTIONS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY APPLIES TO ALL BOARD OF TRUSTEES OF GILMAN SCHOOL; ANY PERSON WHO SERVES ON A COMMITTEE OF THE BOARD OF TRUSTEES, ALL MEMBERS OF SCHOOL'S ADMINISTRATION; AND THE OFFICERS AND BOARD MEMBERS OF ASSOCIATIONS AND ORGANIZATIONS AFFILIATED WITH THE SCHOOL, SUCH AS THE PARENTS ASSOCIATION AND ALUMNI ASSOCIATION. THE PERSONS ENUMERATED ABOVE OR DESIGNATED BY THE BOARD OF TRUSTEES SHALL BE REFERRED TO AS "GILMAN SCHOOL COVERED PERSONS". SHOULD A CONFLICT OF INTEREST ARISE, THE INDIVIDUAL WITH THE CONFLICT SHALL DISCLOSE IN WRITING THE EXISTENCE OF THE CONFLICT TO THE PRESIDENT OF THE BOARD. ANY CONFLICT OF INTEREST OR POTENTIAL CONFLICT OF INTEREST SHALL BE DISCLOSED PROMPTLY TO THE BOARD OF TRUSTEES. CONFLICTS OF INTEREST MAY BE DIFFICULT TO IDENTIFY IN ADVANCE, BUT OFTEN BECOME CLEARER IN HINDSIGHT. NORMALLY PERSONAL VALUES AND INTEGRITY ARE A GUIDE TO THE RIGHT DECISION. WHEN IN DOUBT, A GILMAN SCHOOL COVERED PERSON SHOULD CONSIDER ASKING THEMSELVES THE FOLLOWING QUESTIONS: - IS MY ACTION LEGAL AND ETHICAL? - IS MY ACTION HONEST IN EVERY RESPECT? - WOULD I BE PROUD TO READ ABOUT MY ACTION IN THE NEWSPAPER? - CAN I DEFEND MY ACTION WITH A CLEAR CONSCIENCE? IF A GILMAN SCHOOL COVERED PERSON CANNOT READILY ANSWER EACH OF THE FOLLOWING QUESTIONS IN THE AFFIRMATIVE, HE OR SHE LIKELY SHOULD NOT PROCEED WITH THE ACTION. UNLESS IT IS ABSOLUTELY CLEAR TO THE INDIVIDUAL THAT A CONFLICT OF INTEREST IS NOT PRESENT, HE OR SHE MUST SEEK GUIDANCE FROM (AND DISCLOSE ALL IMPORTANT FACTS TO) THE PRESIDENT OF THE BOARD OF TRUSTEES (OR IN HIS ABSENCE ANY OTHER OFFICER OF THE BOARD) AND THE HEADMASTER. EACH YEAR, GILMAN'S DEVELOPMENT OFFICE ASKS EACH BOARD MEMBER TO SUBMIT A CONFLICT OF INTEREST STATEMENT. FORM 990, PART VI, SECTION B, LINE 15A THE HEADMASTER'S PERFORMANCE AND COMPENSATION ARE REVIEWED ANNUALLY BY THE EXECUTIVE COMMITTEE OF THE BOARD. VARIOUS BENCHMARKS (NAIS, AIMS) FOR SCHOOLS OF COMPARABLE SIZE OF STUDENTS ARE USED TO ESTABLISH A COMPENSATION PACKAGE THAT IS ABOVE AVERAGE FOR A SCHOOL OF OUR SIZE. THE HEADMASTER DETERMINES THE COMPENSATION OF ALL OTHER EMPLOYEES ALSO USING COMPARABLE DATA. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAIABLE UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: SWAP MARKET ADJUSTMENT 2,501,758. ROLAND NORTHERN BRIDGE COMPANY 5407 ROLAND AVENUE BALTIMORE MD 21210 300088452 BUILDING AND MAITENANCE OF PEDESTRIAN BRIDGES MD 501(C)(3) LINE 11A, I N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0