2013-05-13T13:06:03-05:00 2012-06-30 232932984 PARENTEBEARD LLC SUITE 200 221 W PHILADELPHIA ST YORK PA 174012993 990 2011-07-01 231370500 EPISCOPAL ACADEMY EPIS 4844241420 1785 BISHOP WHITE DRIVE NEWTOWN SQUARE PA 19073 BRADLEY CATES 4844241420 2013-05-09 1 JULIUS GREEN CPA P00350393 7178467000 2011 2016-02-24 21:20:13Z L HAMILTON CLARK 1785 BISHOP WHITE DRIVE NEWTOWN SQUARE PA 19073 46409490 0 X WWW.EPISCOPALACADEMY.ORG X 1785 PA INDEPENDENT SCHOOL EDUCATION FOR GRADES PRE-K THROUGH 12 31 30 448 300 171138 -210585 5724811 7053596 31208612 32141528 2655414 1883563 1963181 1758963 41552018 42837650 4832050 5284847 0 0 21769929 22783117 41636 73960 1968978 15429618 15968287 42073233 44110211 -521215 -1272561 254774251 248510384 38073555 35390929 216700696 213119455 CHALLENGING AND NURTURING MIND, BODY, AND SPIRIT, WE INSPIRE BOYS AND GIRLS TO LEAD LIVES OF PURPOSE, FAITH, AND INTEGRITY. 0 0 37598394 5284847 32141528 THE EPISCOPAL ACADEMY IS AN INDEPENDENT, CO-EDUCATIONAL DAY SCHOOL LOCATED IN NEWTOWN SQUARE, PENNSYLVANIA. ITS CURRICULUM IS COLLEGE PREPARATORY AND INCLUDES GRADES PRE-KINDERGARTEN THROUGH TWELVE. THE ENROLLMENT AT THE ACADEMY IS APPROXIMATELY 1,220 STUDENTS.THE ACADEMY GREATLY VALUES DIVERSITY OF ALL KINDS, INCLUDING RACIAL AND ECONOMIC. TO HELP ACHIEVE THIS DIVERSITY, APPROXIMATELY $5 MILLION OF NEED-BASED FINANCIAL AID IS GRANTED TO FAMILIES EACH YEAR IN ORDER TO MAKE IT POSSIBLE FOR CHILDREN FROM LOWER INCOME FAMILIES TO ATTEND THE ACADEMY. APPROXIMATELY 20% OF THE STUDENTS (FAMILIES) RECEIVE SOME FINANCIAL AID. 37598394 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 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 32 0 1 448 1 1 1 0 0 0 0 1 1 0 0 0 0 X 31 30 0 0 0 0 0 0 0 1 1 0 0 1 1 0 1 1 1 1 1 0 PA X MR BRADLEY CATES CFO 4844241424 1785 BISHOP WHITE DRIVE NEWTOWN SQUARE PA 19073 HARRY R MADEIRA JR 5.00 X X 0 0 0 DEBORAH J R HIRTLE 5.00 X X 0 0 0 FRANCIS J LETO 5.00 X X 0 0 0 HENRY N NASSAU 5.00 X X 0 0 0 EDWARD H VICK 5.00 X X 0 0 0 MELANIE B COX 5.00 X X 0 0 0 PERI W HIGGINS 5.00 X X 0 0 0 WALTER W BUCKLEY III 5.00 X X 0 0 0 GEOFFREY F WORDEN 5.00 X X 0 0 0 STEPHEN A DANA 5.00 X 0 0 0 ELIZABETH S GADSDEN 5.00 X 0 0 0 JEAN P HAAB 5.00 X 0 0 0 LORI P KELLY 5.00 X 0 0 0 CAROLYN H KUTTEH 5.00 X 0 0 0 HOWARD R MORGAN 5.00 X 0 0 0 RICHARD R S NORTHROP 5.00 X 0 0 0 DAVID J REAPE 5.00 X 0 0 0 HOLLY SANDO RIECK 5.00 X 0 0 0 JAY H SHAH 5.00 X 0 0 0 JENNIFER L WEYMOUTH 5.00 X 0 0 0 L HAMILTON CLARK JR 40.00 X X 296732 0 217072 GRETCHEN H BURKE 5.00 X 0 0 0 JEREMY P COOTE 5.00 X 0 0 0 STEVEN E COPIT 5.00 X 0 0 0 THOMAS V ZUG 5.00 X 0 0 0 ELIZABETH A CORRIGAN 5.00 X 0 0 0 EDWARD L JONES III 5.00 X 0 0 0 KAREN S NAKAHARA 5.00 X 0 0 0 STEPHEN SPINELLI JR 5.00 X 0 0 0 PAGE H THOMPSON 5.00 X 0 0 0 CHARLES E BENNISON 5.00 X 0 0 0 BRADLEY CATES 40.00 X 192007 0 19285 MARY AGNES MALTER 40.00 X 126327 0 22000 JAMES SQUIRE 40.00 X 126566 0 0 ANDREA DANIAL 40.00 X 122415 0 31246 GEOFFREY WAGG 40.00 X 117390 0 31046 PAIGE LEGRAND 40.00 X 136822 0 11466 1118259 0 332115 14 0 1 0 SOUTHAMPTON WINDOW CLEANING JANITORIAL S PO BOX 542 SOUTHAMPTON PA 18966 JANITORIAL SERVICES 653499 EPLUS TECHNOLOGY INC PO BOX 404398 ATLANTA GA 30384 TECHNOLOGY CONSULTING 391659 EAGLE WOLFINGTON LEASING PO BOX 218 EXTON PA 19341 TRANSPORTATION 298809 INTERNATIONAL MANAGEMENT CORPORATION 3 GREAT VALLEY PARKWAY SUITE 200 MALVERN PA 19355 CONSTRUCTION MANAGEMENT 265643 POWERS CRAFT PARKER & BEARD INC 15 GARRETT AVE ROSEMONT PA 19010 INSURANCE 257538 11 9702 158932 6884962 1678363 7053596 TUITION & FEES 611110 31481823 31481823 SUMMER PROGRAMS 611110 375568 375568 AQUATICS REVENUE 611110 262529 262529 APPLICATION FEES 611110 21608 21608 32141528 1561483 1561483 85614 112724 -27110 -27110 -27110 3513147 13195 3204262 0 308885 13195 322080 322080 381009 158932 198672 182337 182337 86739 56182 30557 30557 CAFETERIA INCOME 611110 949313 949313 PROGRAM FEES 812900 342691 342691 DAY CAMP 624410 171138 171138 110037 110037 1573179 42837650 32141528 171138 3471388 5284847 5284847 689689 689689 17190570 14378715 1953677 858178 1004772 944221 4247 56304 2590201 2108000 355697 126504 1307885 1059387 185327 63171 149425 8570 140855 88738 88738 73960 73960 98322 98322 1061396 955377 106019 302492 302492 244944 76114 168830 1333381 1333381 443700 443700 23519 23519 918650 918650 5289440 5289440 247321 247321 SUPPLIES/EQUIP/SERVICE 3115181 2846872 195675 72634 MISCELLANEOUS 792992 299809 153042 340141 CAFETERIA PURCHASES 404663 404663 SCHOOL TRIPS 394968 394968 1059155 604359 76710 378086 44110211 37598394 4542839 1968978 1500 1500 12403536 11248771 9821664 7145107 398773 411324 1000000 1000000 31146 26987 295060 756454 209358512 20635927 193133767 188722585 33131206 34763089 2092715 2113114 2464884 2321453 254774251 248510384 2705835 3455486 9163214 7577364 24525753 22839003 1678753 1519076 38073555 35390929 X 194294780 191179647 6376894 4725881 16029022 17213927 216700696 213119455 254774251 248510384 X -1272561 -2308680 X X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 35133575 3824166 -753734 676733 700115 36827159 28024893 2901725 5400259 540685 652617 35133575 22962392 2109046 4178360 531928 692977 28024893 23877378 4155764 -4035439 458333 576978 22962392 0.47000 0.45000 0.08000 0 0 31192214 31192214 160078921 16673616 143405305 8713811 3235402 5478409 9373566 726909 8646657 188722585 DISCOUNT FOR FUTURE INTERESTS 972049 INTEREST RATE SWAP LIABILITY 176696 AGENCY FUNDS 19767 DEFERRED COMPENSATION LIABILITY 350564 1519076 42837650 44110211 -1272561 -2321721 13041 -2308680 -3581241 35343165 -2321721 -5243348 -7565069 42908234 98322 -168906 -70584 42837650 38924406 168906 168906 38755500 98322 5256389 5354711 44110211 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE INTENDED USE OF THE ENDOWMENT FUNDS IS TO PROVIDE INCOME THAT WILL SUPPORT THE SCHOOL IN PERPETUITY. THE ENDOWMENT FUNDS ARE INVESTED AND A PORTION OF THE INVESTMENT RETURN PROVIDES SUPPORT TO THE SCHOOL'S OPERATIONS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE SCHOOL ACCOUNTS FOR UNCERTAINTIES IN INCOME TAXES IN ACCORDANCE WITH AUTHORITATIVE GUIDANCE, WHICH PRESCRIBES A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD HAS BEEN MET. THE SCHOOL'S FEDERAL EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURNS FOR 2011, 2010, AND 2009 REMAIN SUBJECT TO EXAMINATION BY THE IRS. THE SCHOOL'S POLICY IS TO RECOGNIZE INTEREST RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES IN OPERATING EXPENSES. PART XI, LINE 8 - OTHER ADJUSTMENTS: NET GAIN ON SWAP 161,828. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -148,787. TOTAL TO SCHEDULE D, PART XI, LINE 8: 13,041. PART XII, LINE 2D - OTHER ADJUSTMENTS: NET GAIN ON SWAP 161,828. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -148,787. FINANCIAL AID INCLUDED IN REVENUE ON FINANCIAL STATEMENTS -5,256,389. PART XII, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES -112,724. COST OF GOODS SOLD -56,182. PART XIII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 112,724. COST OF GOODS SOLD 56,182. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID INCLUDED IN REVENUE ON FINANCIAL STATEMENTS 5,256,389. 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 SCHOOL'S RACIAL NONDISCRIMINATORY POLICY CONCERNING STUDENTS WAS PUBLISHED IN THE PHILADELPHIA DAILY NEWS. THE FOLLOWING WORDING IS ALSO USED ON ALL ADMISSION APPLICATIONS AND ON THE SCHOOL'S WEBSITE: "THE EPISCOPAL ACADEMY DOES NOT DISCRIMINATE IN THE ADMISSION PROCESS ON THE BASIS OF RACE, COLOR, RELIGION, SEXUAL ORIENTATION, NATIONAL ORIGIN, DISABILITY, OR FAMILIAL AFFILIATION." X X X X X 1 MARTS AND LUNDY 1200 WALL STREET WEST LYNDHURST NJ 07071 ENDOWMENT CAMPAIGN CONSULTANT 0 0 73960 0 73960 PA STARFEST AUCTION 305119 133432 171687 7925 38685 4375 30089 HOUSE TOUR 81490 25500 55990 1422 6232 12202 26 153332 153332 5660 450 34909 2160 54563 539941 158932 381009 5660 9797 79826 6535 96854 198672 182337 1 FINANCIAL AID 248 5230867 BOOK VOUCHERS 153 28458 BUCKLEY SCHOLARS 12 25522 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE EPISCOPAL ACADEMY PROVIDES FINANCIAL AID TO FAMILIES WHO QUALIFY BASED ON AN ASSESSMENT BY THE SCHOOL AND STUDENT SERVICES BY NAIS (SSS BY NAIS). THE EPISCOPAL ACADEMY'S NEED-BASED FINANCIAL AID PROGRAM ENABLES STUDENTS TO ATTEND THE ACADEMY REGARDLESS OF A FAMILY'S ABILITY TO PAY FULL TUITION. ADMISSION DECISIONS AND DETERMINATION OF FINANCIAL AID ARE MADE BY TWO SEPARATE COMMITTEES. ONCE AN APPLICANT IS OFFERED ADMISSION, THEIR APPLICATION FOR FINANCIAL AID IS REVIEWED AND ASSESSED BY THE FINANCIAL AID COMMITTEE. X X 1 1 X X X X 0 1 0 0 0 0 0 0 0 L HAMILTON CLARK JR 296732 0 0 0 0 0 147000 0 70072 0 513804 0 0 0 BRADLEY CATES 192007 0 0 0 0 0 19285 0 0 0 211292 0 0 0 ANDREA DANIAL 122415 0 0 0 0 0 11132 0 20114 0 153661 0 0 0 PART I, LINE 1A HEAD OF SCHOOL, L. HAMILTON CLARK, HAS A RESIDENCE THAT HE LIVES IN ON CAMPUS. THE HOUSING ALLOWANCE IS EXCLUDED UNDER SECTION 119 OF THE INTERNAL REVENUE CODE AND IS NOT INCLUDED IN TAXABLE COMPENSATION. HEAD OF SCHOOL, L. HAMILTON CLARK, ALSO HAS A MEMBERSHIP TO A LOCAL COUNTRY CLUB. THE MEMBERSHIP IS USED FOR SCHOOL RELATED FUNCTIONS SUCH AS MEETINGS AND ALUMNI EVENTS. THE MEMBERSHIP DUES ARE BILLED TO MR. CLARK AND PAID DIRECTLY TO THE CLUB BY THE SCHOOL AND ARE NOT INCLUDED IN HIS TAXABLE COMPENSATION. PART I, LINE 4B THE SCHOOL HAS A NON-QUALIFIED DEFERRED COMPENSATION AGREEMENT WITH THE HEAD OF SCHOOL. CONTRIBUTIONS HAVE BEEN AS FOLLOWS: $100,000 DURING FISCAL YEAR ENDING JUNE 30, 2010 $125,000 DURING FISCAL YEAR ENDING JUNE 30, 2011 $125,000 DURING FISCAL YEAR ENDING JUNE 30, 2012 DELAWARE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 231997311 2010-02-01 15135000 REPAYMENT OF PRIOR BONDS USED FOR FINANCING COSTS OF CONSTRUCTION PROJECT 0 0 0 UWCHLAN TOWNSHIP INDUSTRIAL DEVELOPMENT AUTHORITY 651225907 2008-12-26 4200000 REPAYMENT OF PRIOR BONDS USED FOR FINANCING COSTS OF CONSTRUCTION PROJECT 0 0 0 UPPER DARBY INDUSTRIAL DEVELOPMENT AUTHORITY 043721223 2006-12-07 2500000 FINANCING PARTIAL COSTS OF ACQUISITION, CONSTRUCTION & EQUIPPING NEW CAMPUS 0 0 0 UPPER DARBY INDUSTRIAL DEVELOPMENT AUTHORITY 043721223 2004-12-23 9300000 ACQUISITION OF LAND AND PRELIMINARY SITE IMPROVEMENTS FOR CONSTRUCTION 0 0 0 5452687 15135000 15135000 2008 1 0 1 1 4200000 4200000 2008 1 0 1 1 2500000 2500000 2008 0 0 1 1 2843309 9300000 50000 9250000 2008 0 0 1 1 0 0 0 0 0.00000 0.00000 0.00000 1 0 0 0 0 0.00000 0.00000 0.00000 1 0 0 0 0 0.00000 0.00000 0.00000 1 0 0 0 0 0.00000 0.00000 0.00000 1 0 1 0 0 0 0 0 1 1 BROWN BROTHERS HARRIMAN 4.500000000000 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 FORM 990, SCHEDULE K, PART V: PROCEDURES TO UNDERTAKE CORRECTIVE ACTION: THE ORGANIZATION DOES NOT CURRENTLY HAVE WRITTEN PROCEDURES TO ENSURE THAT VIOLATIONS OF FEDERAL TAX REQUIREMENTS ARE TIMELY IDENTIFIED AND CORRECTED THROUGH THE VOLUNTARY CLOSING AGREEMENT PROGRAM IF SELF-REMEDIATION IS NOT AVAILABLE UNDER APPLICABLE REGULATIONS. THEY ARE; HOWEVER, IN THE PROCESS OF ESTABLISHING WRITTEN PROCEDURES WITH THE ASSISTANCE OF BOND COUNSEL AND WILL HAVE A PROCEDURE IN PLACE BY THE END OF THEIR CURRENT FISCAL YEAR. X 21 1513935 FAIR MARKET VALUE X AUCTION ITEMS 186 164428 FAIR MARKET VALUE 0 1 1 METHOD FOR DETERMINING NUMBER OF CONTRIBUTORS: PART I, COLUMN (B): SCHEDULE M, PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS REPORTED IN PART I, COLUMN (B) IS BASED ON THE NUMBER OF CONTRIBUTIONS. THIRD PARTY USE: PART I, LINE 32B: THE SCHOOL HIRES AN AUCTIONEER FOR THE STARFEST DINNER/AUCTION EVENT. FORM 990, PART VI, SECTION B, LINE 11 THE ACADEMY'S CFO AND CONTROLLER REVIEW THE FORM 990 AND THEN SUBMIT CHANGES TO ITS TAX PREPARERS FOR REVIEW. ONCE REVIEWED BY THE ACADEMY'S TAX PREPARER, THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS AND APPROVES THE FORM 990. THE FORM 990 IS THEN SENT TO THE FULL BOARD OF TRUSTEES PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C MEMBERS OF THE GOVERNING BOARD SUBMIT A RELATED PARTY AND CONFLICT OF INTEREST QUESTIONNAIRE ANNUALLY. A BOARD LIAISON REVIEWS THE FORMS FOR ANY CONFLICTS OF INTEREST. BOARD MEMBERS WITH AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST RECUSE THEMSELVES FROM THE MEETING AND DO NOT VOTE ON THE MATTER CAUSING THE CONFLICT OF INTEREST. OTHER OFFICERS OF THE ORGANIZATION THAT ARE NOT BOARD MEMBERS WILL BE REQUIRED TO COMPLETE THE CONFLICT OF INTEREST QUESTIONNAIRE IN THE FUTURE. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD IS RESPONSIBLE FOR SETTING AND DETERMINING THE COMPENSATION OF THE HEAD OF SCHOOL AND CHIEF FINANCIAL OFFICER. NATIONAL PEER SCHOOL DATA (JRPO) AND LOCAL INDEPENDENT SCHOOL DATA IS GATHERED IN ORDER TO MAKE COMPARISONS. DECISIONS OF THIS COMMITTEE REGARDING COMPENSATION ARE DOCUMENTED. FORM 990, PART VI, SECTION C, LINE 19 THE SCHOOL WILL MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -2,321,721. NET GAIN ON SWAP 161,828. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -148,787. TOTAL TO FORM 990, PART XI, LINE 5: -2,308,680. FORM 990, PART XII, LINE 2C: THE AUDIT COMMITTEE ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THERE HAS BEEN NO CHANGE IN THE OVERSIGHT PROCESS NOR IN THE SELECTION PROCESS DURING THE YEAR.