2013-02-13T13:09:58-07:00 2012-06-30 990 2011-07-01 350868071 CULVER EDUCATIONAL FOUNDATION CULV 5748428222 1300 Academy Road No 159 Culver IN 465111291 Richard Tompos 5748428222 2013-02-13 2011 2016-02-25 16:41:14Z John Buxton 1300 Academy Road No 156 Culver IN 46511 65659944 0 X www.culver.org X 1894 IN The Culver Academies is a preparatory boarding school with cutting-edge academic programs, excellent athletic teams, almost limitless opportunities in the Arts, competitive academic teams, its own Black Horse Troop and a summer program that teaches leadership to nearly 1400 children from all over the world. Culver's mission is to educate its students for leadership and responsible citizenship in society by nurturing the whole individual--mind, body and spirit--through integrated programs that emphasize the cultivation of character. Culver embodies an exciting combination of inspirational tradition and inspiring innovation in its programs and its governing philosphy, with an emphasis on critical thinking, problem solving, leadership, wellness and a healthy emphasis on integrity and developing character. With over 100 years in business, our high ideals and high expectations create a challenging and rewarding environment for students. 32 32 1111 1033 4184 0 27900774 15410063 33859892 35214942 983567 5787035 1973754 1647138 64717987 58059178 10019273 10391437 0 0 31416087 33345557 0 0 5141639 23303039 23483647 64738399 67220641 -20412 -9161463 418079093 397715303 78681388 90521881 339397705 307193422 Culver educates its students for leadership and responsible citizenship in society by developing and nurturing the whole individual--mind, spirit, and body--through integrated programs that emphasize the cultivation of character. Culver offers challenging programs in our classrooms and on the athletic fields and a strong sense of community. Culver creates opportunities for students to practice critical thinking and problem-solving to deepen understanding. Our integrated wellness program helps students understand and practice healthy lifestyles. Our commitment to spiritual development includes required weekly religious services. We are a community who believes in educating its students in the virtues of wisdom, justice, courage and moderation. Culver's philosophy is embodied in its Honor Code, its student leadership systems, and Ethics and Service-Learning requirements for graduation. We have high ideals and equally high expectations. 0 0 28983220 0 28267124 Secondary Education: Instruction for grades 9-12 ranging from the arts and music to science, math and Humanities as well as unique programs in Leadership, Wellness and a Servant Leadership project requirement for graduation. Instruction provided to 802 students for the year ended June 30, 2012. 10391437 10391437 0 Student Financial Aid: The School provided financials assistance of $9,496,644.00, both merit and need-based, to 378 Boarding (winter) School students as of June 30, 2012. Financial aid also included $894,793.00 in assistance for 358 Summer School & Camps students. 8488494 0 7089618 Elementary & Secondary Education: The Summer Camps program provided educational and leadership training as well as extensive outdoor activities for 1392 campers ages 9 - 17. 6759004 0 0 Student Services Programs: A variety of student services and activities were provided, including Barber Shop, Laundry-Dry Cleaning, and Student Health Services. Services were provided to 802 Boarding School Students and 1392 Summer School campers as of June 30, 2012. 674630 0 704241 Student Services Programs, General/Other: Auxiliary services such as required uniform and a campus bookstore provided for convenience of students in winter and summer programs. (2194 students) 7433634 0 704241 55296785 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 0 1 0 1 0 1 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 1 0 1 1 0 0 0 0 0 0 0 0 1 137 0 1 1111 1 1 1 0 0 0 0 1 1 0 0 0 1 1 0 X 32 32 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IN X Richard J Tompos 5748428222 1300 Academy Road 159 Culver IN 465111291 John J Bollman 3 X 0 0 0 Kathryn R Booth 6 X 0 0 0 James W F Brooks 6 X 0 0 0 George T DeVries III 3 X 0 0 0 James L Dunlap 3 X 0 0 0 Peter A Fasseas 6 X 0 0 0 James E Fellowes 3 X 0 0 0 P Lamar Gable 3 X 0 0 0 Richard A Jennings 3 X 0 0 0 Jud Q Little 3 X 0 0 0 Bernardo Quintana 3 X 0 0 0 John Ruan III 4 X 0 0 0 Franklin D Schurz Jr 3 X 0 0 0 Robert C Vaughn 6 X 0 0 0 Dartanian Warr COL USAF 3 X 0 0 0 Michael R Wilcox 3 X 0 0 0 Miles D White 6 X X 0 0 0 James A Henderson 6 X X 0 0 0 Jeffrey P Adams 6 X X 0 0 0 Dr Margaret E Thompson 4 X X 0 0 0 Harry L Crisp II 3 X X 0 0 0 David M Culver 3 X X 0 0 0 Craig J Duchossois 3 X X 0 0 0 Jane D Eberly 3 X X 0 0 0 Paul C Gignilliat 6 X X 0 0 0 John D Zeglis 3 X X 0 0 0 Whitney Kolb Alvis 3 X 0 0 0 William H Brewer 3 X 0 0 0 James S Gault 3 X 0 0 0 Stanley A Mefford 3 X 0 0 0 Sallie Jo Tardy Mitzell 6 X 0 0 0 Franz E Morsches 3 X 0 0 0 John N Buxton 60 X 380124 0 91211 Richard J Tompos 50 X 115120 0 61199 Michael Hogan 50 X 127780 0 59763 Kevin M MacNeil 50 X 111347 0 36294 Kathleen J Lintner 50 X 114419 0 49522 Kelly Jordan 50 X 105625 0 9021 Jeffry Kutch 50 X 104308 0 35748 1058723 0 342758 8 0 1 0 Weigand Construction 7808 Honeywell Drive Fort Wayne IN 46825 General Contractor 7627148 Anthem Blue Cross PO Box 105113 Atlanta GA 303485113 Health Care Admin 4617517 Strategic Capital Allocation Group LLC 800 Boylston St 24th Floor Boston MA 02199 Investment Advisors 909904 Our Health Inc One American Square Suite 2610 Indianapolis IN 46282 Health services 279485 Royal Excursions 12807 McKinley Hwy Mishawaka IN 46545 Transportation services 216723 5 0 0 6750 0 0 15403313 1627136 15410063 Tuition & fees for students 611110 34886380 34886380 0 0 Family Camp 611110 147470 147470 0 0 Student events/transportation 611110 181092 181092 0 0 0 0 0 0 35214942 1766211 0 -47691 1813902 0 0 0 0 0 0 0 0 294999 0 113177 0 181822 0 181822 20800 0 161022 9820231 106972 5755865 150514 4064366 -43542 4020824 0 0 4020824 22410 6750 5643 16767 0 16767 0 0 0 0 0 0 2769196 1575567 1193629 704241 16875 472513 Avery Farm 611110 35000 0 35000 0 Vending machines 611110 7360 0 0 7360 Indiana State Computer Incentive 611110 22996 0 0 22996 189564 121000 0 68564 254920 58059178 36060983 4184 6583948 0 0 10391437 10391437 0 0 0 0 506524 115875 236149 154500 85000 42500 21250 21250 22612743 19041652 1522350 2048741 1020000 832660 92090 95250 7575231 6183856 683893 707482 1546059 1262087 139578 144394 0 0 0 0 97214 0 97214 0 107260 0 107260 0 0 0 0 0 0 0 1305229 0 1305229 0 881046 433217 420522 27307 460174 107508 37383 315283 995853 611611 144181 240061 1315275 660727 327274 327274 0 0 0 0 0 0 0 0 821370 416440 49303 355627 0 0 0 0 211056 165681 45375 0 1335885 1265885 70000 0 0 0 0 0 6062225 5744565 317660 0 469410 444813 24597 0 Utilities 2586843 2451292 135551 0 Food 1877180 1573267 303913 0 Program-Instructional Support 2323862 1478308 376413 469141 Maintenance-Equipment rentals 1303274 1211749 83353 8172 1330491 861655 241679 227157 67220641 55296785 6782217 5141639 2955168 1079095 415914 497190 25794038 22586196 379892 519048 0 0 0 0 5704 0 1704936 1748076 1423342 1203458 175424240 94878425 77546527 80545815 69310038 49049684 233660295 235691221 0 0 0 0 4883239 4795520 418079093 397715303 3852623 3551868 0 0 10881382 11196531 38300000 38300000 0 0 0 0 0 0 4738368 4971507 20909015 32501975 78681388 90521881 X 93924906 66434906 35477936 27656634 209994863 213101882 339397705 307193422 418079093 397715303 X -9161463 -23042820 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 0 0 0 SchC_P2B_S00_L01 Schedule C, Part II-B, Line 1 The School is a member of a number of associations such as the National Association of Independent Schools, Indiana Non-Public Education Association, and ISACS, which may use a portion of membership dues to lobby on behalf of their members. Total dues paid to these organizations in Fiscal Year 2011-2012 was $18,358. The portion of these dues allocated to possible lobbying activities is not determinable. 0 0 X X X 0 307421700 7971785 -9721362 0 15175000 1305229 289191894 285714324 13347716 24758931 0 14996454 1402817 307421700 202524631 75497868 21284465 0 12474047 1118683 285714234 192817551 48792143 -23085273 5331800 9842200 825790 202524631 0.298 0.702 0 1 0 0 1863057 1863057 0 147536457 79690145 67846312 0 0 0 0 0 18564109 15188280 3375829 0 7460617 0 7460617 80545815 201609915 F 14164293 F Other-Short term investment funds-Level 1 11905002 F Other-Short term investments - cash-other 6454031 F Real Estate 991022 F Miscellaneous other 566958 F 235691221 0 Accrued Pension Liability 13109522 Interest rate SWAP agreement 11267589 Gift annuities 8124864 32501975 58059178 67220641 -9161463 -9053335 0 0 0 -13989485 -23042820 -32204283 39003564 -9053335 0 0 -11696666 -20750001 59753565 0 -1694387 -1694387 58059178 71207847 0 0 0 15683872 15683872 55523975 0 11696666 11696666 67220641 SchD_P03_S00_L01 Schedule D, Part III, Line 1 Per footnote 1 of the 2011-2012 audited financial statements: Contributions of works of art, historical treasures, and similiar assets held as part of a collection for education, research or public exhibition purposes rather than for sales or financial gain, are not recognized nor capitalized on the financial statements. SchD_P03_S00_L04 Schedule D, Part III, Line 4 The Culver Educational Foundation maintains a collection of art works including portraits, paintings, photographs, and sculptures donated to the school. The Art Collection is housed within the Fine Arts Department, and items are displayed throughout campus on a rotating basis. The new Crisp Arts Center has two galleries showcasing exhibits of the Culver collection. In addition, the School has a stamp collection maintained for student education, which is periodically displayed. SchD_P05_S00_L04 Schedule D, Part V, Line 4 The School's endowment is used for support of financial aid, faculty salaries, capital projects, facilities maintenance, and academic and student projects. SchD_P11_S00_L08 Schedule D, Part XI, Line 8 The following are adjustments to net assets: $4,544,350 for additional minimum pension liability, $7,395,231 for loss on Present Value of Future Swap, $1,571,037 loss on pledge write-offs, and $478,867 loss for change in value of Charitable Annuities-Split Interest Agreements. SchD_P12_S00_L02d Schedule D, Part XII, Line 2d Financial aid grants are netted against tuition on the audited financials and equal $10,391,437. Investment management fees of $1,305,229 are netted against investment revenue on the audited financials and moved to expense on the 990, restoring that income. SchD_P12_S00_L04b Schedule D, Part XII, Line 4b Cost of goods sold for auxiliary departments of $1,575,567, rental expenses of $113,177, and parent fundraiser expenses of $5,643 were included in expenses on the audited financials but are offsets to revenue per the 990 form. SchD_P13_S00_L02d Schedule D, Part XIII, Line 2d Cost of goods sold, $1,575,567, and rental expenses, $113,177, were expenses and not netted against sales on the audited financials. Parent fundraiser costs of $5,643 were also an expense on the audited financials and netted against revenue on the 990. Additional expenses for changes in charitable annuities $478,867, pledge write-offs $1,571,037, present value of future SWAP 7,395,231 and the additional minimum pension liability $4,544,350 are shown as adjustments to net assets on the 990. SchD_P13_S00_L04b Schedule D, Part XIII, Line 4b Financial aid grants of $10,391,437 and investment management fees of $1,305,229 were net to revenue in the audited financials and were included in expenses on the 990. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SchE_P01_S00_L03 Schedule E, Part I, Line 3 The Culver Educational Foundation's admissions materials and applications for Winter School and Summer Camps include a statement of the School's non-discrimination policy. Human Resources includes a non-discrimination statement on all recruitment materials and advertisements for employment with the School. Central America and the Caribbean 0 0 Investments 207646392 Europe (including Iceland and Greenland) 0 0 Investments 2481209 Sub-Saharan Africa 0 0 Investments 1251593 Central America and the Caribbean 0 0 Fundraising Fund raising - Alumni and parent sponsored events. 2519 East Asia and the Pacific 0 0 Fundraising Fund raising - Alumni and parent sponsored events. 11908 Europe (including Iceland and Greenland) 0 0 Fundraising Fund raising - Alumni and parent sponsored events. 6260 North America (including Canada and Mexico, but not the United States) 0 0 Fundraising Fund raising - Alumni and parent sponsored events. 4562 South America 0 0 Fundraising Fund raising - Alumni and parent sponsored events. 5007 Central America and the Caribbean 0 0 Program Services Admissions travel, Alumni relations travel, explore faculty professional development/exchange opporunities and possible development of new scholarships. 9678 East Asia and the Pacific 0 0 Program Services Admissions travel, Alumni relations travel, explore faculty professional development/exchange opportunities, and possible development of new scholarships. 35724 Europe (including Iceland and Greenland) 0 0 Program Services Admissions travel, Alumni relations travel, explore faculty professional development/exchange opportunities and possible development of new scholarships. 18780 Middle East and North Africa 0 0 Program Services Admissions travel. 5769 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Admissions travel, Alumni relations travel, explore faculty professional development/exchange opportunities and possible development of scholarships, student mission trip. 48809 South America 0 0 Program Services Admissions travel, Alumni relations travel, explore faculty professional development/exchange opportunities and possible development of new scholarships. 15021 0 0 211543231 0 0 0 0 1 0 SchF_P01_S00_L03 Schedule F, Part I, Line 3 The School separately tracks foreign expenditures in its records and accounting system. Parent Golf Outing 14990 6750 8240 0 0 3068 0 2075 0 Parent Spring Mini-Auction 14170 0 14170 0 0 0 0 500 0 0 29160 6750 22410 0 0 3068 0 2575 0 5643 16767 1 Merit and need-based financial aid 736 10391437 0 Financial assistance, both merit and need-based to 378 boarding school students and 358 summer campers. Individual records and awards are maintained by the School and available upon request. SchI_P01_S00_L02 Schedule I, Part I, Line 2 Scholarships and need-based financial aid are granted to students who attend Culver Military Academy, Culver Girls Academy and the Culver Summer Schools and Camps. Scholarships are based upon merit, as determined by faculty-administrative staff committees, or upon financial need, determined by family information from SSS data. Detailed records are available at the Culver Educational Foundation. A Student Life committee reviews student academic performance and community involvement annually before renewing merit scholarships. Financial need is reviewed annually by the Financial Aid department before extending additional need-based aid. The School maintains records of the recipients and awards, which are available upon request. X 1 1 X X X X 0 1 0 0 0 0 0 0 0 John N Buxton 380124 0 0 0 0 0 48355 0 42856 0 471335 0 0 0 Richard J Tompos 115120 0 0 0 0 0 8563 0 52636 0 176319 0 0 0 Michael Hogan 127780 0 0 0 0 0 9553 0 50210 0 187543 0 0 0 Kathleen J Lintner 114419 0 0 0 0 0 32586 0 16936 0 163941 0 0 0 SchJ_P01_S00_L01a Schedule J, Part I, Line 1a The Culver Academies is a residential boarding school. As a requirement of employment, the Head of Schools and Academic Dean live on campus and are provided housing owned by the School. Listed employees who received housing are: John N. Buxton - $18,000 and Dr. Kevin MacNeil - $9,000. The value of this housing is included in the individual's non-taxable benefits. SchJ_P01_S00_L04 Schedule J, Part I, Line 4 John N. Buxton, Head of Schools, participates in the School's non-qualified retirement plan. Mr. Buxton did not contribute to the School's plan in Fiscal Year 2012. Under the terms of the School's current non-qualified plan, amounts were contributed to the Head of School's account in prior years and in FY 2012. Amounts are payable upon the Head of School's retirement. Pam Buxton Family Member of an Officer 107625 Employment Compensation 0 X 4 482345 appraisal X 3 16300 appraisal X 26 926669 mean value date recd X Horses 8 83000 Donor appraisal X Equipment & Supplies 5 68335 Donor appraisal X Student & Alumni Activities 15 44120 Donor receipts X Parent preview auction 11 6367 Donor appraisal 4 0 1 1 SchM_P01_S00_L32b Schedule M, Part I, Line 32b The School receives security gifts through its custodial bank, who uses a broker/dealer to process securities contributions. SchM_P01_S00_L33 Schedule M, Part I, Line 33 Contricutions checked in column (a) of Part 1 are reported by number of contributions. The contribution revenue is determined based upon gift/tax receipts to donors as recorded in the School's Raiser's Edge software, maintained by our Development Department. F990_P06_S0B_L11b Form 990, Part VI, Section B, Line 11b The Form 990 is prepared by the Accounting Office, and reviewed by the Controller with the Head of Schools before external review by the School's tax firm. The full 990 is sent to members of the Budget, Audit and Human Resources Committee for review prior to a presentation at the committee meeting. The 990 is reviewed in detail and approved for submission to the Internal Revenue Service by the Budget, Audit, and Human Resources Committee members. The full Board of Trustees has access to the form 990 and is provided a summary briefing prior to filing the 990 with the Internal Revenue Service. F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c Each member of the Board of Trustees completes an annual Conflict of Interest statement disclosing any potential conflicts. Officers of the Board and administrative employees also complete an annual Conflict of Interest statement. Statements are reviewed and maintained in the Head of School's office. Any disclosure determined to be in violation of policy is addressed between the Head of Schools, the Chairman of the Board of Trustees, and the respective trustee, officer or employee. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 The Compensation Committee of the Board of Trustees reviews performance and determines comnpensation for the Head of Schools (CEO). The committee reviews compensation for the Head of Schools and school officers every May, with the most recent compensation review completed in May 2012. Compensation is based upon performance and peer school review, as supported by consultant recommendations and industry benchmarks. The committee documents the compensation deliberations and decisions in the minutes of the meeting. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 Governing documents, conflict of interest policies and financial statements are available upon request to the Controller or the Head of Schools of the Culver Educational Foundation. Copies of the documents are provided with state tax and corporate return filings, and are regularly included with filings for property tax exemption and grant proposals as needed. In addition, information is provided to approved investment managers, bank officers, and approved contractors as necessary or requested. F990_P11_S00_L05 Form 990, Part XI, Line 5 The following items were additional changes to net assets: Unrealized losses of $9,053,335.00, additional minimum pension liability of $4,544,350.00, recorded loss-present value of future SWAP of $7,395,231.00, pledge write-offs of $1,571,037.00, and a loss of $478,867.00 in change in value of charitable annuities. Extension filed and approved by the Internal Revenue Service. We required additional time for auditor review, tax preparation and review of new requirements for the 990.