2013-02-12T16:56:13-06:00 2012-06-30 621736974 DEMPSEY VANTREASE & FOLLIS PLLC 630 S CHURCH ST STE 300 MURFREESBORO TN 37130 990 2011-07-01 620401875 THE WEBB SCHOOL WEBB 9313899322 PO BOX 488 BELL BUCKLE TN 37020 JOE IORIO 6153899322 2013-02-12 1 MARK E FOLLIS CPA P01283359 6158936666 2013-02-11 X 2011 2016-03-07 17:11:31Z JOE IORIO 319 WEBB ROAD EAST BELL BUCKLE TN 37020 14403338 0 X WWW.THEWEBBSCHOOL.COM X 1921 TN EDUCATION GRADES 6-12 22 22 140 0 0 -30633 648113 2874102 7083368 7283806 1649743 1724397 61508 131837 9442732 12014142 1385083 1223050 0 0 4615825 4723640 0 9600 546179 2725665 2692157 8726573 8648447 716159 3365695 33589210 35972836 2295561 2285214 31293649 33687622 EDUCATION; GRADES 6-12 0 0 6248965 1223050 7315733 EDUCATIONAL ACTIVITIES: TEACHERS SALARIES & BENEFITS, SUPPLIES, LIBRARY BOOKS & PERIODICALS, CONTINUING EDUCATION OF STAFF, STUDENT ACTIVITIES, FINANCIAL AID, FOOD SERVICE AND PHYSICAL EDUCATION & ATHLETICS FOR 300 STUDENTS 6248965 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 47 0 140 1 0 0 0 0 0 1 1 0 0 0 0 X 22 22 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X JOE IORIO 9313899322 319 HWY 82 BELL BUCKLE TN 370200488 GEORGE PINE III 2.00 X X 0 0 0 CHARLES ALEXANDER 0.50 X 0 0 0 S NORFLEET ANTHONY JR 0.50 X 0 0 0 KEITH BARTON 1.00 X 0 0 0 ANN BOWERS 0.50 X 0 0 0 JAMES BERRY 0.50 X 0 0 0 LEWIS BRANSCOMB 0.50 X 0 0 0 HUGH BYRD 0.50 X 0 0 0 LEE WOOSLEY 0.50 X 0 0 0 DREW CARRINGTON 1.00 X 0 0 0 ED DAVIES 0.50 X 0 0 0 HUGH ELDREDGE 0.50 X 0 0 0 R WALTER HALE III 0.50 X 0 0 0 GEORGE HUDDLESTON SR 0.50 X 0 0 0 JENNY HUNT 0.50 X 0 0 0 STEVEN GRAHAM 0.50 X 0 0 0 THOMAS LISENBY 0.50 X 0 0 0 JAMES MCDONNELL 0.50 X 0 0 0 PAUL JENNINGS 0.50 X 0 0 0 JAMES MEADOWS 0.50 X 0 0 0 JOSEPH MOONEY 1.00 X 0 0 0 J GARNER MOORE III 0.50 X 0 0 0 MARY MOSS 0.50 X 0 0 0 SMITH MURPHEY IV 0.50 X 0 0 0 MATTHIAS MURFREE 0.50 X 0 0 0 WAYNE ROGERS JR 0.50 X 0 0 0 JOHN SAWYER 0.50 X 0 0 0 WILSON SIMS SR 0.50 X 0 0 0 FRED SINGER 0.50 X 0 0 0 FRANK SMITH JR 0.50 X 0 0 0 CHARLES STEPHENS 0.50 X 0 0 0 R BLAIR STEPHENS 0.50 X 0 0 0 E W STEPHENSON JR 1.00 X 0 0 0 PAUL STUMB III 0.50 X 0 0 0 ADRIENNE UNDERHILL 0.50 X 0 0 0 RUSKIN VEST JR 0.50 X 0 0 0 EUGENIA H CAMMACK 0.50 X 0 0 0 GLENN JONES 0.50 X 0 0 0 DAVID LAROCHE 0.50 X 0 0 0 WALTER MANLEY 0.50 X 0 0 0 AMY ROGERS 0.50 X 0 0 0 HUNTER WELLES 0.50 X 0 0 0 WILLIAM H HUDDLESTON IV 0.50 X 0 0 0 JOE IORIO 45.00 X 111465 0 18821 RAYMOND S BROADHEAD 50.00 X 196330 0 38794 307795 0 57615 2 0 1 0 0 2874102 2874102 TUITION AND FEES 611600 7283806 7283806 7283806 1032150 1032150 99910 99910 3080240 2387993 692247 692247 692247 639 1203 -564 -564 MISCELLANEOUS INCOME 611600 26076 26076 ARTS AND CRAFTS FAIR 611600 6415 6415 32491 12014142 7315733 0 1824307 1223050 1223050 376336 376336 3466529 2544703 593113 328713 175540 120056 41093 14391 446217 335277 73473 37467 259018 172602 61685 24731 3414 3414 31560 31560 9600 9600 77761 77761 3850 3850 62753 62753 280702 163684 63266 53752 1600 1600 573468 484135 78940 10393 213453 129749 53274 30430 35303 31900 3403 659535 562266 89727 7542 87633 74716 11918 999 FOOD FOR CAFETERIA 200592 200592 BAD DEBTS 148472 148472 STUDENT ACTIVITIES 103622 103622 STUDENT SPORTS 70834 70834 137605 30179 82668 24758 8648447 6248965 1853303 546179 442889 2020093 202914 1596199 260567 165851 78124 64857 61496 72700 20195837 11817263 8615006 8378574 15304850 15698360 8623364 7976202 33589210 35972836 593606 389119 441122 753288 963006 850506 152637 138172 145190 154129 2295561 2285214 X 12279728 12674914 7398866 9288710 11615055 11723998 31293649 33687622 33589210 35972836 X 3365695 -971722 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 23928214 98223 770432 2836 1119472 23674561 21725848 57511 3341829 302549 894425 23928214 20617075 105023 2308230 210774 1093706 21725848 24013463 184436 -2280969 204001 1095854 20617075 0.22000 0.48000 0.30000 1 0 76884 76884 16584485 8677343 7907142 3013648 2732206 281442 520820 407714 113106 8378574 INVESTMENT FUND- MONEY MARKET 312019 F LIMITED PARTNERSHIPS 7664183 F 7976202 DEPOSITS AND OTHER LIABILITIES 154129 154129 12014142 8648447 3365695 -975653 3931 -971722 2393973 9738880 -974451 -974451 10713331 77761 1223050 1300811 12014142 7348838 1202 1202 7347636 77761 1223050 1300811 8648447 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE SCHOOLS ENDOWMENT FUND IS USED TO HELP SUPPORT THE OPERATIONS OF THE SCHOOL. IT IS SUBJECT TO A POLICY WHEREBY THE ANNUAL WITHDRAWAL FROM THE FUND IS CAPPED AT 5%. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE SCHOOL IS A TAX EXEMPT INSTITUTION UNDER IRC 501C3, ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE SCHOOL ACCOUNTS FOR UNCERTAINTIES IN INCOME TAX LAW UNDER FASB ASC 740-10 WHICH PRESCRIBES A COMPREHENSIVE MODEL FOR THE FINANCIAL STATEMENT RECOGNITION, MEASUREMENT, PRESENTATION AND DISCLOSURE OF UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE RECOGNIZED ONLY IF IT IS "MORE-LIKELY-THAN-NOT TO BE SUSTAINED BY THE TAXING AUTHORITY AS OF THE REPORTING DATE. IF THE TAX POSITION IN NOT CONSIDERED 'MORE LIKELY-THAN-NOT TO BE SUSTAINED, THEN NO BENEFITS OF THE POSITION ARE TO BE RECOGNIZED. THE SCHOOL HAS NO UNRECOGNIZED TAX BENEFITS FOR ANY OF THE PERIODS PRESENTED. TO THE EXTENT APPLICABLE IN THE FUTURE, INTEREST AND PENALTIES RELATED TO INCOME TAX LIABILITIES WILL BE INCLUDED IN PRETAX INCOME AS INTEREST EXPENSE AND TAX PENALTIES. AT JUNE 30,2012 THE SCHOOLS TAX RETURNS RELATED TO FISCAL YEARS ENDED JUNE 30,2008 THROUGH JUNE 30,2012 REMAIN OPEN TO EXAMINATION BY THE TAX AUTHORITIES. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 11,911. CHANGE IN VALUE OF INTEREST RATE SWAP -7,980. TOTAL TO SCHEDULE D, PART XI, LINE 8: 3,931. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 1,202. UNREALIZED LOSS ON INVESTMENTS -975,653. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID/SCHOLARSHIPS 1,223,050. FOOD FOR SUMMER CAMPS PART XIII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 1,202. PART XIII, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID/SCHOLARSHIPS 1,223,050. FOOD FOR SUMMER CAMPS 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 PUBLISHES THE NONDISCRIMINATION POLICY IN THE LOCAL NEWSPAPER IN THE FALL EACH YEAR AND IN THE SCHOOL PUBLICATIONS 1 FINANCIAL AID TO STUDENTS ATTENDING WEBB SCHOOL 118 1223050 STUDENT FINANCIAL AID PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE SCHOOL IS COMMITTED TO PROVIDING FINANCIAL AID TO STUDENTS WHO WOULD OTHERWISE BE UNABLE TO ATTEND THE SCHOOL. THE COMPLETION OF THE FINANCIAL AID APPLICATION DOES NOT HAVE ANY BEARING UPON WHETHER THE STUDENT IS ADMITTED TO THE SCHOOL. THE SCHOOL DETERMINES A FAMILY'S CONTRIBUTION BASED UPON THE EVALUATION COMPLETED BY THE SCHOOL AND STUDENT SERVICE FOR FINANCIAL AID, AN UNAFFILIATED ENTITY IN NEW JERSEY WHO PERFORMS SIMILAR SERVICES FOR OTHER SCHOOLS THROUGHOUT THE COUNTRY. FINANCIAL AID FORMS MUST BE COMPLETED EACH YEAR BY THE STUDENT AND MONITORED BY THE SCHOOL TO REEVALUATE THE AMOUNT OF THE FINANCIAL AID. X X 0 1 X X X X 0 1 0 0 0 0 0 1 0 RAYMOND S BROADHEAD 186330 0 10000 0 0 0 18187 0 20607 0 235124 0 0 0 PART I, LINE 1A WEBB SCHOOL PROVIDES A RESIDENCE ON CAMPUS FOR ITS HEADMASTER. IT IS A CONDITION OF EMPLOYMENT AND SINCE WEBB IS A BOARDING SCHOOL, IT IS DEEMED NECESSARY FOR THE HEADMASTER TO REMAIN ON CAMPUS TO HELP OVERSEE STUDENT ACTIVITIES. THE SCHOOL PROVIDES A DISCRETIONARY SPENDING ACCOUNT OF UP TO $5,000 FOR THE HEADMASTER. DURING THE CURRENT YEAR $2,556 WAS SPENT FROM THIS ACCOUNT. PART I, LINE 1B AS EXPLAINED ABOVE THE USE OF A RESIDENCE ON CAMPUS BY THE HEADMASTER IS REQUIRED AS A CONDITION OF EMPLOYMENT. THIS ARRANGEMENT IS APPROVED BY THE BOARD OF DIRECTORS. PART I, LINE 4B RAYMOND BROADHEAD,THE SCHOOL HEADMASTER, IS PROVIDED WITH A NON QUALIFIED SUPPLEMENTAL RETIREMENT BENEFIT THAT HE IS ENTITLE TO RECEIVE UPON RETIREMENT IF HE MEETS CERTAIN CONDITIONS. THE AMOUNT ACCRUED IN THE PLAN FOR YE 6-30-12 WAS $9,450 PART I, LINE 7 THE HEADMASTER RECEIVED A DISCRETIONARY BONUS APPROVED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11 A COPY OF THE FORM 990 WAS EMAILED TO THE BOARD OF DIRECTORS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD CHAIR, BUSINESS MANAGER AND HEADMASTER WORK CLOSELY ENOUGH THROUGHOUT THE YEAR TO MONITOR ACTIVITIES OF BOARD MEMBERS TO COMPLY WITH THE CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE SCHOOL REVIEWS NAIS DATA AND FORM 990S OF OTHER SIMILAR SCHOOLS WHEN IT DETERMINES COMPENSATION FOR KEY EMPLOYEES AND TOP SCHOOL OFFICIALS WHICH IS APPROVED BY THE EXECUTIVE COMMITTEE OF THE GOVERNING BOARD. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE NOT MADE AVAILABLE TO THE GENERAL PUBLIC. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -975,653. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 11,911. CHANGE IN VALUE OF INTEREST RATE SWAP -7,980. TOTAL TO FORM 990, PART XI, LINE 5: -971,722.