2012-03-06T09:17:03-06:00 2011-06-30 MCGLADREY & PULLEN LLP 9737 WASHINGTONIAN BLVD 400 GAITHERSBURG MD 208787340 990 2010-07-01 540562160 THE POTOMAC SCHOOL POTO 7033564100 PO BOX 430 MCLEAN VA 22101 GEOFFREY JONES 7033564100 2012-03-01 1 WILLIAM E TURCO CPA 3012963600 2010 2016-02-24 21:20:13Z GEOFFREY JONES PO BOX 430 MCLEAN VA 22101 60801128 0 X WWW.POTOMACSCHOOL.ORG X 1907 DC TO PROVIDE EDUCATIONAL SERVICES FROM KINDERGARTEN THROUGH THE TWELFTH GRADE. 21 21 634 1080 0 0 3074532 2535138 29988544 32429303 474555 1203357 544412 501306 34082043 36669104 2936053 3492597 0 0 18617453 19616906 0 0 1771798 13563996 12906227 35117502 36015730 -1035459 653374 113337924 124121163 48546321 53788126 64791603 70333037 X TO FOSTER EACH STUDENT'S INTELLECTUAL DEVELOPMENT, LOVE OF LEARNING, AND STRENGTH OF CHARACTER WITHIN AN INCLUSIVE COMMUNITY DISTINGUISHED BY A SPIRIT OF SUPPORT AND CHALLENGE. 0 0 28529223 3492597 30577672 PROVIDING EDUCATION FROM KINDERGARTEN TO THE TWELFTH GRADE. 2231429 1661236 SUMMER DAY CAMP AND ACADEMIC REVIEW. 155748 190395 THE AERO: SBC (STANDARDS-BASED CURRICULUM) INITIATIVE BRINGS TEAMS OF TEACHERS AND CURRICULUM SPECIALISTS FROM PARTICIPATING PILOT SCHOOLS TOGETHER TO REVIEW THE STANDARDS AND DEVELOP GRADE-LEVEL APPROPRIATE CURRICULUM AND MATERIALS. PARTICIPANTS ARE TRAINED TO SERVE AS TRAINERS TO FACULTY IN THEIR OWN SCHOOLS AND BROADER PROJECT, THUS MAXIMIZING THE IMPACT OF EACH SBC WORKSHOP. THE OVERSEAS LEADERSHIP INSTITUTE AT THE POTOMAC SCHOOL IS ABOUT ENVISIONING LEADERSHIP AND NETWORKING LEADERS WHO WILL INSPIRE VERY DIVERSE COMMUNITIES OF LEARNERS. IT IS DESIGNED TO BLEND THE EXPERIENCE OF STRONG SCHOOL LEADERS FROM OVERSEAS INDEPENDENT SCHOOLS WITH NEW THINKING ON LEADERSHIP AS REPRESENTED IN ACADEMIC RESEARCH AND PRIVATE SECTOR PRACTICE. THE POTOMAC SCHOOL, LED BY GEOFFREY JONES, BRINGS A PARTNERSHIP WITH SOME OF THE MOST PROMISING LEADERS OF OVERSEAS SCHOOLS. 30916400 1 1 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 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 118 0 1 634 1 0 0 0 0 0 0 0 0 0 0 X 21 21 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 VA X DAVID DEJESUS 7037496320 1301 POTOMAC SCHOOL ROAD MCLEAN VA 22101 ELIZABETH S DUFF 1.50 X X 0 0 0 H LAWRENCE CULP JR 1.50 X X 0 0 0 STEVEN J QUAMME 1.50 X X 0 0 0 GARY C HILL 1.50 X X 0 0 0 C GREGG PETERSMEYER 1.50 X 0 0 0 JOSEPH P ALLEN 1.50 X 0 0 0 J KEITH AUSBROOK 1.50 X 0 0 0 MARJORIE P BRENNAN 1.50 X 0 0 0 ENRICO C CECCHI 1.50 X 0 0 0 PATRICIA D COLEMAN 1.50 X 0 0 0 JONATHAN DARMAN 1.50 X 0 0 0 JOHN K DELANEY 1.50 X 0 0 0 THOMAS D ECKERT 1.50 X 0 0 0 JEFFREY D NUECHTERLEIN 1.50 X 0 0 0 NORMA C RAMSEY 1.50 X 0 0 0 SUSAN W ROSS 1.50 X 0 0 0 LOLA J SINGLETARY 1.50 X 0 0 0 JAMES R SOCAS 1.50 X 0 0 0 LINDA D TURNER 1.50 X 0 0 0 MARI M WILL 1.50 X 0 0 0 JAY WINIK 1.50 X 0 0 0 GEOFFREY JONES 40.00 X 625720 0 104983 DAVID DEJESUS 40.00 X 220975 0 24049 DABNEY SCHMITT 40.00 X 166941 0 28782 WILLIAM COOK 40.00 X 132413 0 32973 CHARLOTTE NELSEN 40.00 X 125910 0 33442 SHEILA O'MARAH 40.00 X 127554 0 61827 CASSANDRA BLANCHARD 40.00 X 117547 0 15406 1517060 0 301462 11 0 1 0 SAGE DINING SERVICES INC 222 BOSLEY AVE SUITE B7 TOWSON MD 21204 FOOD SERVICE 578912 FIELDTURF USA INC 8088 MONTVIEW RD MONTREAL T.M.R. QUEBEC H49 2L7 CA GENERAL CONTRACTOR 329984 COAKLEY & WILLIAMS CONSTRUCTION INC 16 S SUMMIT AVE STE 300 GAITHERSBURG MD 20877 GENERAL CONTRACTOR 325148 SODEXHO INC & AFFILIATES PO BOX 536922 ATLANTA GA 303536922 JANITORIAL 227630 LA PRIMA 5105 BERWYN RD SUITE 101 COLLEGE PARK MD 20740 FOOD SERVICE 119128 6 157836 2377302 298923 2535138 TUITION 900099 30057601 30057601 SUMMER PROGRAMS 900099 1661236 1661236 TRANSPORTATION 900099 633820 633820 EXTENDED DAY 900099 65331 65331 ENRICHMENT PROGRAM 900099 11315 11315 32429303 464213 464213 18893 18893 18893 18893 23271867 1342187 23257038 617872 14829 724315 739144 739144 346320 157836 127860 218460 218460 166432 129254 37178 37178 OTHER INCOME 900099 226775 226775 226775 36669104 32429303 0 1704663 3492597 3492597 1011718 886276 72128 53314 14912741 13072598 1055534 784609 953021 826540 73782 52699 1542969 1353619 109941 79409 1196457 1051737 85835 58885 41576 29000 9264 3312 79440 55411 17700 6329 675487 520644 126798 28045 30019 21533 6880 1606 710850 491657 96035 123158 448536 357209 75019 16308 1377973 1050795 268752 58426 325272 323261 2011 53943 3480 50463 1768872 1273590 406840 88442 3015014 2170810 693453 150751 253695 200012 44097 9586 SUMMER PROGRAM 1398098 1398098 DEPARTMENT EXPENSES 1274120 1274120 FOOD AND ENTERTAINMENT 716631 516034 164776 35821 PROFESSIONAL DEVELOPMEN 214615 188398 13741 12476 BAD DEBTS 185786 51003 16292 118491 336300 307978 -9335 37657 36015730 30916400 3327532 1771798 500 500 3539842 16712760 2455578 1702813 260730 60206 40900 19352 472177 937736 96349387 20873509 76525250 75475878 13682494 8619894 13773003 19492926 2587450 1099098 113337924 124121163 1482150 1042443 5879809 13139680 34002842 33231639 4241799 4111716 2939721 2262648 48546321 53788126 X 59983264 66175636 2683131 1879689 2125208 2277712 64791603 70333037 113337924 124121163 X 653374 4888060 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 23755463 157728 4674160 525 28586826 24133375 142596 3312834 3833342 23755463 34533249 13095 -4996925 5416044 24133375 0.92000 0.08000 0 0 8932656 8932656 78543682 13130860 65412822 8873049 7742649 1130400 75475878 LIMITED PARTNERSHIPS 690959 C 75,752.183 SHS MULTI STRATEGY EQ FD 15200433 F DIRECTIONAL AND RELATIVE VALUE 3601534 F 19492926 INTEREST RATE SWAP AGREEMENT 2262648 2262648 36669104 36015730 653374 4211167 676893 4888060 5541434 37526087 4211167 -3483438 727729 36798358 -129254 -129254 36669104 31984653 -547639 -547639 32532292 3483438 3483438 36015730 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: ENDOWMENT FUNDS ARE USED TO PROVIDE FINANCIAL AID, PURCHASE LIBRARY BOOKS, FRAME STUDENT ARTWORK, FUND COMMUNITY SERVICE, FACULTY SALARIES AND ENRICHMENT, SCIENCE PROGRAMS, THEATER AND MUSIC, PAY FOR FINANCING OF NEW BUILDINGS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE SCHOOL IS GENERALLY EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC). IN ADDITION, THE SCHOOL HAS BEEN DETERMINED BY THE INTERNAL REVENUE SERVICE (IRS) NOT TO BE A "PRIVATE FOUNDATION," WITHIN THE MEANING OF SECTION 509(A) OF THE IRC. INCOME THAT IS NOT RELATED TO EXEMPT PURPOSES, LESS APPLICABLE DEDUCTIONS, IS SUBJECT TO FEDERAL AND STATE CORPORATE INCOME TAXES. FOR THE YEAR ENDED JUNE 30, 2011, THE SCHOOL HAD NO TAXABLE UNRELATED BUSINESS INCOME, AND ACCORDINGLY, NO PROVISION FOR INCOME TAXES IS REQUIRED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE SCHOOL ADOPTED THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES (FASB ASC TOPIC 740-10), 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 GUIDANCE, THE SCHOOL MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE-LIKELY-THAN-NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH A POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50 PERCENT LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ALSO ADDRESSES DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES ON INCOME TAXES, AND ACCOUNTING IN INTERIM PERIODS. MANAGEMENT EVALUATED THE SCHOOL'S TAX POSITIONS AND CONCLUDED THAT THE SCHOOL HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. THE SCHOOL FILES INCOME TAX RETURNS IN THE U.S. FEDERAL JURISDICTION. GENERALLY, THE SCHOOL IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE, OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2008. PART XI, LINE 8 - OTHER ADJUSTMENTS: UNREALIZED GAIN ON SWAPS 676,893. PART XII, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID -3,483,438. PART XII, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD- BOOKSTORE -129,254. PART XIII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD- BOOKSTORE 129,254. UNREALIZED GAIN ON SWAPS -676,893. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 3,483,438. 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 AN ANNOUCEMENT IS PRINTED IN THE WASHINGTON POST NEWSPAPER. FALL FROLIC CARNIVAL 85989 18750 67239 37957 SPRING AUCTION 404306 136435 267871 85690 1 13861 2651 11210 4213 504156 157836 346320 127860 127860 218460 1 FINANCIAL AID AWARDS TO STUDENTS 173 3483438 VARIOUS AWARDS TO TEACHERS 6 9159 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE POTOMAC SCHOOL UTILIZES THE SERVICES OF THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS TO HELP EVALUATE EACH STUDENT'S NEEDS FOR FINANCIAL ASSISTANCE. EACH APPLICANT COMPLETES A STANDARDIZED FORM "SCHOOL AND STUDENT SERVICE FOR FINANCIAL AID." THE INFORMATION CONTAINED IN THIS IS PROCESSED IN PRINCETON, NEW JERSEY. AN EVALUATION IS PRODUCED WHICH INCLUDES RECOMMENDATIONS AS TO THE LEVEL OF FINANCIAL ASSISTANCE REQUIRED. THE SCHOOL USES THESE REPORTS AS A GUIDE TO DETERMINE WHICH STUDENTS REQUIRE FINANCIAL ASSISTANCE AND AN ESTIMATE OF THAT NEED. X X X 1 1 X X X X 1 1 0 0 0 0 0 0 0 GEOFFREY JONES 286986 0 0 0 338734 0 20825 0 94247 0 740792 0 199918 0 DAVID DEJESUS 201406 0 0 0 19569 0 17488 0 8178 0 246641 0 0 0 DABNEY SCHMITT 164601 0 0 0 2340 0 12075 0 18766 0 197782 0 0 0 WILLIAM COOK 123838 0 7500 0 1075 0 14215 0 20466 0 167094 0 0 0 CHARLOTTE NELSEN 124819 0 0 0 1091 0 14358 0 20798 0 161066 0 0 0 SHEILA O'MARAH 122647 0 0 0 4907 0 9930 0 53110 0 190594 0 0 0 PART I, LINE 1A THE SCHOOL COMPENSATES THE HEADMASTER AND VARIOUS DEPARTMENT HEADS. THE SCHOOL PROVIDES THE HEADMASTER AND VARIOUS DEPARTMENT HEADS WITH HOUSING. THE RENTAL VALUE REFLECTS THE FAIR MARKET VALUE FOR COMPARABLE HOUSES IN THE AREA. THE TRANSACTIONS WERE APPROVED BY THE BOARD OF TRUSTEES WITH ADEQUATE DOCUMENTATION. FOLLOWING EMPLOYEES RECEIVED HOUSING ALLOWANCE: GEOFFREY JONES - $55,651 - NONTAXABLE SHEILA O'MARAH - $44,521 - NONTAXABLE PART I, LINES 4A-B GEOFFREY JONES, SEVERANCE PAYMENT, $107,310 GEOFFREY JONES, SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN, $199,918 FAIRFAX COUNTY ECONOMIC DEVELOPMENT AUTHORITY 540787833 NONEAVAIL 2004-07-12 16430000 REDEMPTION OF PRIOR BONDS AND SCHOOL CONSTRUCTION 0 0 0 FAIRFAX COUNTY ECONOMIC DEVELOPMENT AUTHORITY 540787833 NONEAVAIL 2005-08-04 20570000 CONSTRUCTION OF NEW UPPER SCHOOL BUILDING 0 0 0 16430000 16430000 5645549 2004 1 0 0 1 20570000 20570000 20570000 2006 0 0 0 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 0 0 0 0 0 1 0 1 1 PNC BANK 29.600000000000 0 0 0 0 1 X 11 298923 CONFIRMATION FROM BROKER 0 1 1 THIRD PARTY USE: PART I, LINE 32B: THE ORGANIZATION SELLS MARKETABLE SECURITIES THROUGH A BROKER. FORM 990, PART VI, SECTION A, LINE 2 JOHN K. DELANEY, TRUSTEE AND TOM ECKERT, TRUSTEE - BUSINESS RELATIONSHIP FORM 990, PART VI, SECTION B, LINE 11 THE 990 IS REVIEWED AND APPROVED BY THE AUDIT COMMITTEE. AFTER THAT IT GOES TO THE FULL BOARD FOR REVIEW AND APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C FOR KEY EMPLOYEES: WHERE A POTENTIAL CONFLICT OF INTEREST EXISTS, IT SHALL BE THE RESPONSIBILITY OF THE PERSON INVOLVED OR ANY OTHER PERSON WITH KNOWLEDGE TO NOTIFY THE HEAD OF SCHOOL OF THE CIRCUMSTANCES RESULTING IN THE POTENTIAL CONFLICT SO THAT IT CAN BE COMMUNICATED TO THE BOARD OF TRUSTEES WHO CAN, IN COUNSEL WITH THE HEAD OF SCHOOL, THEN PROVIDE SUCH GUIDANCE AND TAKE SUCH ACTION AS THEY SHALL DEEM APPROPRIATE. THIS STATEMENT SHALL BE SIGNED ANNUALLY BY ALL KEY EMPLOYEES. FOR BOARD OF TRUSTEES: WHERE A POTENTIAL CONFLICT OF INTEREST EXISTS, IT SHALL BE THE RESPONSIBILITY OF THE PERSON INVOLVED OR ANY OTHER PERSON WITH KNOWLEDGE TO NOTIFY THE CHAIR AND VICE CHAIR OF THE BOARD OF TRUSTEES AS WELL AS THE CHAIR OF THE COMMITTEE ON TRUSTEES OF THE CIRCUMSTANCES RESULTING IN THE POTENTIAL CONFLICT SO THAT THE BOARD OF TRUSTEES CAN PROVIDE SUCH GUIDANCE AND TAKE SUCH ACTION AS IT SHALL DEEM APPROPRIATE. THIS STATEMENT SHALL BE SIGNED ANNUALLY BY ALL TRUSTEES. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE REVIEWS AND DISCUSSES THE TOTAL COMPENSATION PACKAGES OF THE HEAD OF SCHOOL AND SCHOOL ADMINISTRATORS. SALARY INFORMATION ONLY FOR SIMILAR POSITIONS FROM COMPARABLE SCHOOLS ARE USED TO ESTABLISH A REASONABLE COMPENSATION. THE COMMITTEE HAS THE AUTHORITY TO APPROVE THE COMPENSATION PACKAGE OF THE HEAD OF SCHOOL AND SCHOOL ADMINISTRATORS ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION C, LINE 19 A PUBLIC INSPECTION FILE IS MAINTAINED ONSITE THAT INCLUDES THE 990, GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 4,211,167. UNREALIZED GAIN ON SWAPS 676,893. TOTAL TO FORM 990, PART XI, LINE 5: 4,888,060.