2013-04-12T21:18:06-05:00 2012-06-30 560574444 CHERRY BEKAERT LLP 1111 METROPOLITAN AVENUE SUITE 1000 CHARLOTTE NC 28204 990 2011-07-01 540801408 NANSEMOND SUFFOLK ACADEMY ASSOCIATION INC NANS 7575398789 3373 PRUDEN BLVD SUFFOLK VA 23434 COLLEY W BELL III 7575398789 2013-04-09 1 JANICE A RATICA P00358837 7043771678 2011 2016-03-07 17:11:31Z COLLEY W BELL III 3373 PRUDEN BLVD SUFFOLK VA 23434 11744997 0 X WWW.NSACADEMY.ORG X 1966 VA THE MISSION OF NANSEMOND-SUFFOLK ACADEMY IS TO PROVIDE AN ACADEMICALLY RIGOROUS COLLEGE PREPARATORY EDUCATION IN AN ATMOSPHERE FOSTERING MORAL CHARACTER, RESPECT, RESPONSIBILITY AND COMPASSION. WITH A COMMITMENT TO HONOR ABOVE ALL, THE ACADEMY SEEKS TO DEVELOP AND INSPIRE LEADERS WHO VALUE DIVERSITY, CREATIVITY, SCHOLASTIC EXCELLENCE AND COMMUNITY SERVICE. 26 26 309 600 0 0 530519 857181 9197933 10519469 137620 144951 744881 87692 10610953 11609293 0 1276832 0 0 7357318 7129263 0 0 286752 3407628 3464596 10764946 11870691 -153993 -261398 12961260 12485301 6208175 6275850 6753085 6209451 X NANSEMOND-SUFFOLK ACADEMY BELIEVES THE GOAL OF EDUCATION IS TO CULTIVATE HONORABLE, WELL-INFORMED, RESPONSIBLE, AND COMPASSIONATE PERSONS WHO THINK AND ACT CONSTRUCTIVELY IN A COMPLEX INTERNATIONAL ENVIRONMENT. THE ACADEMY PROVIDES AN EDUCATIONAL ENVIRONMENT THAT IS ACADEMICALLY RIGOROUS AND DRIVEN BY INTELLECTUAL CURIOSITY; THAT CULTIVATES AMONG ITS MEMBERS SOCIAL AWARENESS AND THE VIRTUES OF HONOR, RESPONSIBILITY, RESPECT AND COMPASSIONS; THAT FOSTERS A LIFELONG COMMITMENT TO LEARNING AND SERVICE AND THAT INSTILLS A SENSE OF PRIDE IN INDIVIDUAL AND GROUP ACCOMPLISHMENT. THE ULTIMATE GOAL IS FOR EACH STUDENT TO REACH HIS OR HER POTENTIAL: ACADEMICALLY, PHYSICALLY, EMOTIONALLY, SOCIALLY, MORALLY, AND CREATIVELY. 0 0 9263074 1276832 10565533 OPERATION OF AN INDEPENDENT SCHOOL FOR APPROXIMATELY 865 STUDENTS PRE-KINDERGARTEN THROUGH TWELVE. 9263074 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 1 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 1 0 309 1 0 0 0 0 0 1 1 0 0 0 0 X 26 26 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 VA X EDIE S HIGINBOTHAM 7575398789 3373 PRUDEN BLVD SUFFOLK VA 23434 DR ROBERT E ANDERSON 1.00 X 0 0 0 SHIRLEY C BALDWIN 1.00 X 0 0 0 S JANE BENTON 1.00 X 0 0 0 MONICA Y BROTHERS 1.00 X 0 0 0 HARRY L CROSS III 1.00 X 0 0 0 CARLTON L CUTCHIN III 1.00 X 0 0 0 ROB J GIES 1.00 X 0 0 0 J DAVID GRAY III 1.00 X 0 0 0 WILLIAM W HANNAH 1.00 X 0 0 0 J CARNEY HAWKS 1.00 X 0 0 0 KEITH D HORTON 1.00 X 0 0 0 CRYSTAL H JACKSON 1.00 X 0 0 0 ROBERT W JONES 1.00 X 0 0 0 DEBORAH M MCHORNEY 1.00 X 0 0 0 DR ANNE E MORGAN 1.00 X 0 0 0 SUSAN E OHMSEN 1.00 X 0 0 0 W WAYNE PERRY 1.00 X 0 0 0 BRIAN T ROWE 1.00 X 0 0 0 W DOUGLAS RUSSELL 1.00 X 0 0 0 DR KEVIN J RUTH 1.00 X 0 0 0 JAMES E TURNER JR 1.00 X 0 0 0 KENNETH W WREN JR 1.00 X 0 0 0 WILLIAM A PEAK 1.00 X X 0 0 0 CHARLES R BIRDSONG 1.00 X X 0 0 0 NANCY M TUCK 1.00 X X 0 0 0 R SCOTT CARR 1.00 X X 0 0 0 COLLEY W BELL III 50.00 X 141526 0 31311 EDITH S HIGINBOTHAM 50.00 X 71494 0 43237 213020 0 74548 1 0 1 0 0 71119 786062 44700 857181 TUITION 611600 9665611 9665611 REGISTRATION 611600 474693 474693 TRANSPORTATION 611600 230830 230830 INSTRUCTIONAL 611600 94633 94633 FOOD SERVICE 611600 53702 53702 10519469 129571 129571 15380 0 15380 15380 15380 177332 71119 135704 41628 41628 OTHER INCOME 900099 46243 46243 BUILDING ASSESSMENT 900099 -179 -179 46064 11609293 10565533 0 186579 1276832 1276832 287568 287568 5904959 4827281 902742 174936 464763 362299 89335 13129 471973 367919 90721 13333 5626 5626 15799 15799 133259 133259 215294 4930 137225 73139 100886 100886 267965 267965 730055 714662 10995 4398 163066 163066 469965 460056 7078 2831 93400 87043 5305 1052 INSTRUCTIONAL MATERIALS 506133 506133 ATHLETICS 263928 263928 ADMINISTRATIVE EXPENSE 246133 183506 58693 3934 TRANSPORTATION 208485 208485 44602 44602 11870691 9263074 2320865 286752 95925 171737 599973 353953 368171 435842 30000 20000 13830 131201 102396 18931089 9757812 9454947 9173277 2080227 97540 2116367 103276 0 97899 12961260 12485301 968370 919892 354843 421196 4308333 4088333 348969 426413 227660 420016 6208175 6275850 X 5913514 5639146 799571 435305 40000 135000 6753085 6209451 12961260 12485301 X -261398 -282236 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2177767 27500 3100 92000 2116367 40000 7758 7758 40000 1605989 2966 2966 1565989 40000 1938766 61756 -223477 171056 1605989 0.92100 0.06400 0.01500 0 0 2559221 2559221 13054645 6722778 6331867 3317223 3035034 282189 9173277 MUTUAL FUNDS 2029480 F CASH RESERVES 86887 F 2116367 CAPITAL LEASE PAYABLE 56785 INTEREST RATE SWAP LIABILITY 363231 420016 11609293 11870691 -261398 -36308 -245928 -282236 -543634 10316662 -1276832 -1276832 11593494 15799 15799 11609293 10578060 0 10578060 15799 1276832 1292631 11870691 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE SCHOOL'S ENDOWMENT CONSISTS OF ONE FUND ESTABLISHED FOR SCHOLARSHIPS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE ACADEMY IS EXEMPT FROM INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE ACADEMY MAY BE SUBJECT TO INCOME TAX ON UNRELATED BUSINESS INCOME, IF INCURRED. MANAGEMENT HAS EVALUATED THE EFFECT OF THE GUIDANCE PROVIDED BY U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES THAT BECAME EFFECTIVE THIS YEAR. MANAGEMENT BELIEVES THAT THE ACADEMY CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX-EXEMPT ORGANIZATION AT JUNE 30, 2012. MANAGEMENT HAS EVALUATED ALL OTHER TAX POSITIONS THAT COULD HAVE A SIGNIFICANT EFFECT ON THE FINANCIAL STATEMENTS AND DETERMINED THE ACADEMY HAD NO UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2012. PART XI, LINE 8 - OTHER ADJUSTMENTS: LOSS FROM INTEREST RATE SWAP -245,928. PART XII, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID & SCHOLARSHIPS SHOWN NET OF TUITION ON FINANCIALS -1,276,832. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID & SCHOLARSHIPS SHOWN NET OF TUITION ON FINANCIALS 1,276,832. 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 PUBLICIZES ITS NONDISCRIMINATION POLICY ON ITS EMPLOYMENT APPLICATION AND AD CAMPAIGNS IN LOCAL PUBLICATIONS AT LEAST ONCE ANNUALLY. ART SHOW 153835 27287 126548 106267 GOLF TOURNAMENT 39531 26947 12584 2800 14390 2 55085 16885 38200 12247 248451 71119 177332 2800 132904 135704 41628 1 TUITION FINANCIAL AID GRANTS 175 1276832 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: NSA PROVIDES TUITION ASSISTANCE GRANTS TO STUDENTS BASED UPON FINANCIAL NEED CRITERIA. THE GRANTS ARE FUNDED THROUGH THE OPERATING BUDGET AND MINIMAL DRAWS FROM THE ENDOWMENT. APPLICANTS COMPLETE A STANDARDIZED FORM WITH SSS (SCHOOL AND STUDENT SERVICES BY NAIS). NSA USES THE DATA RECEIVED FROM THIS INDEPENDENT PROCESSING CENTER TO CALCULATE FINANCIAL NEED AND SEEKS TO ISSUE GRANTS THAT TOTAL 50% OF DEMONSTRATED NEED. TAX RETURNS ARE REQUIRED TO VERIFY DATA RECEIVED. THE AUDIT COMMITTEE IS TASKED WITH AUDITING A SAMPLE OF RECIPIENTS EACH YEAR TO ENSURE THE VALIDITY OF THE PROCESS. X 1 1 X X X 0 0 0 0 0 0 0 0 0 COLLEY W BELL III 141526 0 0 0 0 0 0 0 31311 0 172837 0 0 0 PART I, LINE 1A IN ORDER TO PROMOTE THE ORGANIZATION'S RELATIONSHIP WITH THE COMMUNITY, THE ORGANIZATION PAYS THE COST OF THE HEAD OF SCHOOL'S MEMBERSHIP IN VARIOUS SOCIAL CLUBS. VIRGINIA SMALL BUSINESS FINANCING AUTHORITY 541300845 2010-12-30 4400000 CURRENT REFUNDING AND NEW MONEY 0 1 0 3425124 4400000 75357 246120 653399 2011 1 0 1 1 0 0 0 0 0.00000 0.00000 0.00000 1 0 1 0 0 0 1 X COLLEY W BELL III TO ASSIST IN MOVING EXPENSES INCURRED BY THE PRESIDENT OF THE SCHOOL X 30000 20000 0 1 1 20000 37780 TUITION FOR THE CHILDREN OF OFFICERS ENROLLED IN SCHOOL ARE WAIVED X 1 19300 FAIR MARKET VALUE X SUPPLIES 1 5000 FAIR MARKET VALUE X ATHLETIC EQUIPMENT 1 14500 FAIR MARKET VALUE X OTHER 3 5900 FAIR MARKET VALUE 1 0 1 1 THIRD PARTY USE: PART I, LINE 32B: THE ORGANIZATION USES INVESTMENT BROKERS AND LEGAL COUNSEL FOR THE SALE OF INVESTMENTS & REAL PROPERTY IN ORDER TO MAINTAIN ARMS LENGTH TRANSACTIONS. FORM 990, PART VI, SECTION B, LINE 11 A COPY OF THE FORM 990 IS E-MAILED TO ALL BOARD MEMBERS FOR THEIR REVIEW AND THEY HAVE THE OPPORTUNITY TO MAKE COMMENTS AND SUGGEST CHANGES PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C NANSEMOND SUFFOLK ACADEMY HAS ADOPTED A CONFLICT OF INTEREST POLICY TO ENSURE THAT THE BOARD OF TRUSTEES AND KEY EMPLOYEES ARE ADMINISTERING THE SCHOOL'S AFFAIRS HONESTLY AND ECONOMICALLY, AND EXERCISING THEIR BEST CARE, SKILL AND JUDGMENT FOR THE BENEFIT OF THE SCHOOL. DISCLOSURE STATEMENTS/QUESTIONNAIRES ARE COMPLETED ON ANNUAL BASIS. IN THE EVENT OF A CONFLICT OF INTEREST DURING THE YEAR, THE BOARD MEMBER WITH THE POTENTIAL CONFLICT WILL RECUSE HIMSELF/HERSELF FROM THE DISCUSSION AND VOTE. FORM 990, PART VI, SECTION B, LINE 15 SALARY AND BENEFITS FOR THE HEAD OF SCHOOL AND CFO ARE DETERMINED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. THE EXECUTIVE COMMITTEE REVIEWS SALARY DATA FROM NAIS (NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS) AND VAIS (VIRGINIA ASSOCIATION OF INDEPENDENT SCHOOLS). SALARY AND BENEFITS FOR KEY EMPLOYEES ARE DETERMINED BY THE HEAD OF SCHOOL AND REVIEWED ANNUALLY BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -36,308. LOSS FROM INTEREST RATE SWAP -245,928. TOTAL TO FORM 990, PART XI, LINE 5: -282,236.