2012-05-15T10:44:15-05:00 2011-06-30 EISNERAMPER LLP 750 ROUTE 202 SOUTH SUITE 500 BRIDGEWATER NJ 08807 990 2010-07-01 210634492 THE PEDDIE SCHOOL PEDD 6094907510 201 SOUTH MAIN ST HIGHTSTOWN NJ 08520 MICHAEL B MCKITISH 6094907510 2012-05-14 1 DOUGLAS D TAPP CPA MST 9082185002 2010 2016-02-24 21:20:13Z MICHAEL B MCKITISH 201 SOUTH MAIN ST HIGHTSTOWN NJ 08520 106619606 0 X WWW.PEDDIE.ORG X 1879 NJ PEDDIE SCHOOL, A PREMIER COLLEGE PREPARATORY SCHOOL, IS A THRIVING ACADEMIC OPPORTUNITY DEDICATED TO THE INTELLECTUAL, SOCIAL AND MORAL GROWTH OF ITS STUDENTS. ONE OF THE NATION'S MOST HIGHLY ENDOWED SCHOOLS, PEDDIE EMBRACES EXCELLENCE AND ITS RESPONSIBILITY TO DEVELOP TOMORROW'S LEADERS WHILE STAYING TRUE TO THE SPIRIT OF COMMUNITY THAT HAS DISTINGUISHED THE SCHOOL SINCE ITS FOUNDING. 32 27 450 170 4132102 0 4014995 3502177 20593325 22130004 10259533 13710547 3249859 3705752 38117712 43048480 5444450 5932475 0 0 15801154 16397263 0 0 1522170 17355824 16147634 38601428 38477372 -483716 4571108 367403050 408055982 54391315 52545976 313011735 355510006 X PEDDIE SCHOOL, A PREMIER COLLEGE PREPARATORY SCHOOL, IS A THRIVING ACADEMIC OPPORTUNITY DEDICATED TO THE INTELLECTUAL, SOCIAL AND MORAL GROWTH OF ITS STUDENTS. ONE OF THE NATION'S MOST HIGHLY ENDOWED SCHOOLS, PEDDIE EMBRACES EXCELLENCE AND ITS RESPONSIBILITY TO DEVELOP TOMORROW'S LEADERS WHILE STAYING TRUE TO THE SPIRIT OF COMMUNITY THAT HAS DISTINGUISHED THE SCHOOL SINCE ITS FOUNDING IN 1864. 0 0 29458988 5927405 22130004 A PRIVATE SECONDARY SCHOOL INCLUDING $5,927,405 IN SCHOLARSHIPS AND OTHER FINANCIAL AID. 29458988 1 1 0 0 0 1 1 0 1 1 1 1 1 1 1 0 1 1 0 1 0 1 1 1 1 0 1 1 1 1 0 0 0 0 0 0 0 1 0 1 1 0 0 0 1 0 0 0 0 0 1 X 92 0 1 450 1 1 1 1 CJ UK BD VI EI 0 0 0 0 0 0 0 0 X 32 27 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X THE PEDDIE SCHOOL 6094907510 201 SOUTH MAIN ST HIGHTSTOWN NJ 085201010 CHRIS ACITO X 0 0 0 MICHAEL ARMELLINO X 0 0 0 CHRIS BRIGHT 50.00 X 62030 0 31687 ARTHUR BROWN X 0 0 0 STEPHEN BROWN X 0 0 0 ROGER BURNS X 0 0 0 KAREN BUROOJY X 0 0 0 JOYCE CELLI X 0 0 0 ANGIE COOK X 0 0 0 ED DIPPOLD X 0 0 0 JON ECKERT X 0 0 0 JEFF FINN X 0 0 0 LISA FORRESTER X 0 0 0 ROGER HANSEN X 0 0 0 BOB HILLIER X 0 0 0 ANN MARIE HORNER X 0 0 0 ROBERT KAYE X 0 0 0 ANNETTE LIBERSON X 0 0 0 WIGHT MARTINDALE X 0 0 0 HAROLD NEIDERHOFFER X 0 0 0 HAL RUBIN X 0 0 0 RON SCHLOSSER X 0 0 0 ANNE SELTZER X 0 0 0 GREG SMITH X 0 0 0 JIM WONG X 0 0 0 NANCY YUNKER X 0 0 0 JOHN GREEN 80.00 X X 353215 0 65937 JEFF ENSLIN X 0 0 0 KEVIN MACMILLAN X 0 0 0 WINNIE PUN X 0 0 0 JACKIE RESES X 0 0 0 ELIZABETH SILVERMAN X 0 0 0 MICHAEL MCKITISH 50.00 X 212250 0 21105 LISA WINICK 50.00 X 147246 0 14605 CATHERINE RODRIGUE 50.00 X 118250 0 41260 THOMAS PHELAN 50.00 X 109181 0 10918 RAYMOND CABOT 50.00 X 100050 0 42932 DAVID FEY 15.00 X 106666 0 0 1208888 0 228444 7 0 1 0 SKANSKA 1633 LITTLETON RD PARSIPPANY NJ 07054 CONSTRUCTION 6533669 DAKOTA BUILDING SERVICES INC 3 AQUA TERRACE HAMILTON NJ 08620 JANITORIAL SERVICES 641220 HANOVER CONSTRUCTION LLC PO BOX 158 WRIGHTSTOWN NJ 08562 CONTRACTOR 540735 PRC CONSTRUCTION LLC 40 MONMOUTH PARK HIGHWAY WEST LONG BRANCH NJ 07764 CONSTRUCTION 505822 ALLEN & STULTS COMPANY INC 106 NORTH MAIN STREET HIGHTSTOWN NJ 08520 INSURANCE 491626 12 3502177 200443 3502177 TUITION AND FEES 611600 22130004 22130004 22130004 4833831 993842 3839989 242649 134488 108161 108161 108161 70276383 1685447 62971148 113966 7305235 1571481 8876716 8876716 230171 208049 22122 22122 28450 16141 12309 12309 179918 127334 52584 52584 GOLF COURSE, LACROSSE, 713910 2780807 2780807 DAY CARE 624410 288575 288575 SNACK BAR 722210 182080 68878 113202 259114 259114 3510576 43048480 22130004 4132102 13284197 98470 98470 5691405 5691405 142600 142600 806895 113625 513933 179337 11962118 8599976 2718363 643779 913484 649307 214523 49654 1831021 1272447 462683 95891 883745 621441 210134 52170 198629 37366 161263 63615 63615 354078 354078 725249 375310 279975 69964 702411 702411 2781689 2340655 415411 25623 167992 50197 79890 37905 2003382 1923437 79945 5092244 4402062 660040 30142 305318 305318 CONTRACTED SERVICES 948209 727394 190849 29966 FOOD SERVICES 596930 596930 AUXILIARY 429098 429098 ACADEMIC PROGRAMS 410482 410482 TAXES 217969 217969 1150339 740839 263024 146476 38477372 29458988 7496214 1522170 32522730 16303692 4773489 5124177 4767 374157 158026 183190 629515 601360 159539638 50687290 112411778 108852348 103930199 116122788 112305710 160494270 666836 0 367403050 408055982 5203750 5407385 3120499 3470658 43961031 41772732 2106035 1895201 54391315 52545976 X 125915845 140448233 31089412 47610062 156006478 167451711 313011735 355510006 367403050 408055982 X 4571108 37927163 X X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X 2 3.50 0 0 0 1 1 2.00 0 0 0 324524 X X X 0 235515883 608056 53278504 5072605 5427395 278902443 218900075 1567923 25110874 4786312 5276677 235515883 282487486 937643 -54447073 4600000 5477981 218900075 0.24000 0.60000 0.16000 1 0 6219266 6219266 153320372 50687290 102633082 108852348 160494270 F 160494270 INTEREST RATE SWAP 1895201 1895201 43048480 38477372 4571108 37508785 418378 37927163 42498271 75257242 37508785 -5623171 31885614 43371628 -323148 -323148 43048480 32758971 115604 115604 32643367 5834005 5834005 38477372 DESCRIPTION OF HOW ORGANIZATION REPORTS CONSERVATION EASEMENTS: PART II, LINE 9: THE SCHOOL HOLDS TWO WETLANDS EASEMENTS AS PART OF ITS CAMPUS LAND. THIS IS ACCOUNTED FOR AS PART OF THE LAND AMOUNT ON THE SCHOOL'S BALANCE SHEET. PART III, LINE 4: INCLUDED IN THIS COLLECTION ARE SUCH NOTABLE BOOKS AS CHARLES DARWIN'S ON THE ORIGIN OF SPECIES ($15,000), HARTMANN SCHEDEL'S NURENBERG CHRONICLE ($35,000), AND THE LATIN BOOK OF HOURS' HOURS OF THE VIRGIN ($25,000). ADDITIONALLY, THERE ARE BOOKS BY THOMAS JEFFERSON, JOHN KEATS, AND G. CHAUCER. THESE BOOKS AND MANUSCRIPTS PROVIDE AN OPPORTUNITY FOR OUR STUDENTS TO GAIN INVALUABLE INSIGHT AS TO HISTORICAL PERSPECTIVES AND A CHANCE TO VIEW CLASSICAL LITERATURE IN THEIR ORIGINAL FORM THAT THEY COULD NOT OTHERWISE EVER SEE. ADDITIONALLY, THE SCHOOL POSSESSES A L'EARBE SCULPTURE THAT IS ON DISPLAY IN THE SCHOOLS' ART CENTER FOR THE VIEWING PLEASURE OF THE ART STUDENTS AND TO THE PUBLIC AT EXHIBITIONS. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE PEDDIE SCHOOL ENDOWMENT FUNDS ARE DONOR DRIVEN AND PRIMARILY PROVIDE FOR FINANCIAL AID TO PEDDIE'S STUDENTS. ENDOWMENT INCOME ALSO PROVIDES SUPPORT FOR THE SCHOOL'S FACULTY SALARIES AS WELL AS ACADEMIC PROGRAMS AND FIELD TRIPS FOR STUDENTS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE FINANCIAL ACCOUNTING STANDARDS BOARD'S INTERPRETATION REGARDING ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ENTERPRISE'S FINANCIAL STATEMENTS, IN ACCORDANCE WITH ACCOUNTING FOR INCOME TAXES. THE SCHOOL RECOGNIZES ACCRUED INTEREST AND PENALTIES ASSOCIATED WITH UNCERTAIN TAX POSITIONS, IF ANY. THERE WAS NO INCOME TAX RELATED INTEREST OR PENALTIES RECORDED FOR THE YEAR ENDED JUNE 30, 2011. THE INCOME TAX RETURNS OF THE SCHOOL FOR JUNE 30, 2010, 2009 AND 2008 ARE SUBJECT TO EXAMINATION BY THE IRS AND OTHER TAXING AUTHORITIES, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 441,959. CHANGE IN VALUE OF INTEREST RATE SWAP 210,834. CHANGE IN PLEDGE AND SICKLER PAYMENTS -234,415. PART XII, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID -5,834,005. CHANGE IN INTEREST RATE SWAP 210,834. PART XII, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES -134,488. FUNDRAISING EVENTS EXPENSES -208,049. GAMING ACTIVITIES DIRECT EXPENSES -16,141. COST OF GOODS SOLD -127,334. ENDOWMENT MANAGEMENT EXPENSE 354,078. ENDOWMENT INCOME TAX 125,000. TUITION REFUNDED -108,670. CHANGE IN PLEDGE AND SICKLER PAYMENTS 234,415. CHANGE IN SPLIT INTEREST AGREEMENT -441,959. PART XIII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 134,488. FUNDRAISING EVENTS EXPENSE 208,049. GAMING ACTIVITIES DIRECT EXPENSES 16,141. COST OF GOODS SOLD 127,334. ENDOWMENT MANAGEMENT EXPENSE -354,078. ENDOWMENT INCOME TAX -125,000. TUITION REFUNDED 108,670. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 5,834,005. 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 A STATEMENT OF PEDDIE'S NON-DISCRIMINATION POLICY IS INCLUDED IN ALL BROCHURES AND CATALOGS THAT PERTAIN TO STUDENT ADMISSIONS PROGRAMS AND SCHOLARSHIPS. PEDDIE ALSO PUBLISHES AN ANNUAL PRINT ADVERTISEMENT THROUGH NAIS (NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS). 0 EUROPE GRANTS TO RECIPIENTS LOCATED IN THE REGION SCHOLARSHIP 44000 MIDDLE EAST AND NORTH AFRICA GRANTS TO RECIPIENTS LOCATED IN THE REGION SCHOLARSHIP 54000 CARIBBEAN GRANTS TO RECIPIENTS LOCATED IN THE REGION SCHOLARSHIP 40600 ASIA GRANTS TO RECIPIENTS LOCATED IN THE REGION SCHOLARSHIP 4000 0 0 0 0 0 0 142600 0 142600 SCHOLARSHIP EUROPE 1 44000 SCHOLARSHIP FMV SCHOLARSHIP MIDDLE EAST AND NORTH AFRICA 2 54000 SCHOLARSHIP FMV SCHOLARSHIP CARIBBEAN 1 40600 SCHOLARSHIP FMV SCHOLARSHIP ASIA 1 4000 SCHOLARSHIP FMV 0 0 0 0 0 0 PROCEDURE FOR MONITORING GRANTS OUTSIDE THE U.S.: SCHEDULE F, PART I, LINE 2: THE PEDDIE SCHOOL USES SCHOOL AND STUDENT SERVICES (SSS) TO PROCESS FINANCIAL AID APPLICATIONS. SSS IS A SERVICE OF THE NATIONAL ASSOCIATION OF THE INDEPENDENT SCHOOLS. PARENTS OF STUDENTS COMPLETE THE PARENTS' FINANCIAL STATEMENT (PFS) FORM AND SUBMIT IT TO SSS ALONG WITH THE REQUIRED COPIES OF TAX RETURNS AND PROOF OF INCOME. SSS CALCULATES PARENTS ABILITY TO PAY. THE PEDDIE SCHOOL'S FINANCIAL AID COMMITTEE THEN MEETS AND TRIES TO MATCH STUDENT NEED WITH AVAILABLE FUNDS. FINANCIAL AID AWARDED IS APPLIED AGAINST STUDENT TUITION ACCOUNTS FOR THE ACADEMIC YEAR. METHOD USED TO ACCCOUNT FOR EXPENDITURES: SCHEDULE F, PART I, LINE 3: FAIR MARKET VALUE X X X X X 0 NJ FL ID CA AUCTION 193376 193376 137316 REUNION 24615 24615 62531 1 12180 12180 8202 230171 230171 208049 208049 22122 28450 16141 1 1.00000 28450 16141 16141 12309 NJ 1 0 1 0 1.00000 MICHAEL B MCKITISH 201 SOUTH MAIN STREET HIGHTSTOWN NJ 08520 0 0 1 BORO OF HIGHTSTOWN 148 SOUTH MAIN STREET HIGHTSTOWN NJ 08520 216000721 501(C) 23000 FMV GENERAL TOWN SUPPORT HIGHTSTOWN FIRE DEPARTMENT 148 SOUTH MAIN STREET HIGHTSTOWN NJ 08520 223279112 501(C)(B) 40000 FMV FIRE DEPARTMENT SUPPORT BETTER BEGINNINGS CHILD DEVELOPMENT CENTER 318 NORTH MAIN STREET HIGHTSTOWN NJ 08520 221989487 501(C) 770 FMV TOWN EDUCATIONAL SUPPORT HIGHTSTOWN FIRST AID SQUAD 148 SOUTH MAIN STREET HIGHTSTOWN NJ 08520 222677976 501(C)(3) 10000 FMV FIRST AID SQUAD SUPPORT DOWNTOWN HIGHTSTOWN INC 109 MERCER STREET HIGHTSTOWN NJ 08520 264822789 501(C)(3) 5000 FMV TOWN IMPROVEMENT GREATER HIGHTSTOWN INC PO BOX 1525 HIGHTSTOWN NJ 08520 223339645 501(C)(4) 19700 FMV TOWN IMPROVEMENT 2 4 FINANCIAL AID 200 5691405 FMV SCHOLARSHIP PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE PEDDIE SCHOOL USES SCHOOL AND STUDENT SERVICES (SSS) TO PROCESS FINANCIAL AID APPLICATIONS. SSS IS A SERVICE OF THE NATIONAL ASSOCIATION OF THE INDEPENDENT SCHOOLS. PARENTS OF STUDENTS COMPLETE THE PARENTS' FINANCIAL STATEMENT (PFS) FORM AND SUBMIT IT TO SSS ALONG WITH THE REQUIRED COPIES OF TAX RETURNS AND PROOF OF INCOME. SSS CALCULATES PARENTS ABILITY TO PAY. THE PEDDIE SCHOOL'S FINANCIAL AID COMMITTEE THEN MEETS AND TRIES TO MATCH STUDENT NEED WITH AVAILABLE FUNDS. FINANCIAL AID AWARDED IS APPLIED AGAINST STUDENT TUITION ACCOUNTS FOR THE ACADEMIC YEAR. X X 1 1 X X X 0 0 0 0 0 0 0 0 0 JOHN GREEN 350780 0 0 0 2435 0 24500 0 41437 0 419152 0 0 0 MICHAEL MCKITISH 211050 0 0 0 1200 0 21105 0 0 0 233355 0 0 0 LISA WINICK 146046 0 0 0 1200 0 14605 0 0 0 161851 0 0 0 CATHERINE RODRIGUE 118250 0 0 0 0 0 11825 0 29435 0 159510 0 0 0 NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY - 2004A 222045817 645912CT1 2004-03-31 13077072 SCIENCE BUILDING 0 0 0 NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY - 2004B 222045817 645912CS3 2004-03-31 8025000 SCIENCE BUILDING 0 0 0 NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY - 2008 222045817 645918UJ0 2008-12-19 25601588 RENOVATION TO ATHLETIC CENTER 0 0 0 13077072 4444260 221412 8411400 2005 0 0 0 0 8025000 165500 7859500 2005 0 0 0 0 25601588 10206845 394743 15000000 2009 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 1 1 1 WELLS FARGO 8.700000000000 0 0 0 0 0 0 0 0 0 0 0 APAX PARTNERS INVESTMENT ADVISOR 113000 ONE OF THE PARTERS SERVES AS AN INVESTMENT ADVISOR AND IS A MEMBER OF THE INVESTMENT COMMITTEE 0 YORKTOWN PARTNERS INVESTMENT MANAGER 163000 ONE OF THE MANAGING MEMBERS SERVES AS AN INVESTMENT MANAGER AND IS A MEMBER OF THE INVESTMENT COMMITTEE. 0 THE PRC GROUP TRUSTEE/CONSTRUCTION 988000 ONE OF THE PRINCIPAL OFFICERS IS A MEMBER OF THE BOARD OF TRUSTEES. 0 PAULSON COMPANY TRUSTEE INVESTMENT MANAGER 101000 ONE OF THE MANAGING DIRECTORS IS A MEMBER OF THE BOARD OF TRUSTEES. 0 X 1300 FMV X 19 197143 FMV X SOFTWARE 1 2000 FMV 0 1 1 THIRD PARTY USE: PART I, LINE 32B: THE SCHOOL USED THEIR INVESTMENT BROKERS TO SELL THEIR CONTRIBUTED MARKETABLE SECURITIES. FORM 990, PART VI, SECTION B, LINE 11 THE PEDDIE SCHOOL'S FINANCE/AUDIT COMMITTEE OF THE BOARD OF TRUSTEES, IS GIVEN A PRESENTATION OF THE 990 AND 990T AND HAS THE OPPORTUNITY TO MEET AND THOROUGHLY REVIEW THE FINAL TAX RETURNS. A COPY OF THE PEDDIE SCHOOL'S 990 AND 990T IS ALSO DISTRIBUTED TO THE ENTIRE BOARD OF TRUSTEES WITH AN OPPORTUNITY TO RAISE ANY QUESTIONS OR CONCERNS. FORM 990, PART VI, SECTION B, LINE 12C A CONFLICT OF INTEREST QUESTIONNAIRE AND STATEMENT IS COMPLETED BY THE ENTIRE BOARD OF TRUSTEES ON AN ANNUAL BASIS. THE STATEMENTS ARE KEPT ON FILE AND REVIEWED BY THE SCHOOL MANAGEMENT. FORM 990, PART VI, SECTION B, LINE 15 ANNUALLY, THE EXECUTIVE COMMITTEE OF THE PEDDIE BOARD OF TRUSTEES, CONDUCTS A REVIEW OF COMPENSATION FOR OFFICERS AND KEY EMPLOYEES. THE COMMITTEE REVIEWS EMPLOYEE PERFORMANCE EVALUATIONS, HISTORICAL SALARY, LISTING OF ALL BENEFITS AND A COMPARISON STUDY OF SALARY AND BENEFITS FOR SIMILAR POSITIONS AT COMPARABLE SCHOOLS. FORM 990, PART VI, SECTION C, LINE 19 THE PEDDIE SCHOOL DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC, EXCEPT FOR THE FINANCIAL STATEMENTS THAT ARE MADE AVAILABLE TO BONDHOLDERS, INSURERS, RATING AGENCIES AND OTHERS WITH A FINANCIAL INTEREST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 37,508,785. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 441,959. CHANGE IN VALUE OF INTEREST RATE SWAP 210,834. CHANGE IN PLEDGE AND SICKLER PAYMENTS -234,415. TOTAL TO FORM 990, PART XI, LINE 5: 37,927,163. FORM 990, PART XII, LINE 2C: THE REVIEW PROCESS FOR THE FINANCIAL STATEMENTS HAS NOT CHANGED FROM THE PRIOR YEAR. FORM 990, PART VIII LINE 7C(I): THE GAIN SHOWN IS NET OF $3,698,980 IN INVESTMENT EXPENSES. TPS MANAGEMENT LLC 201 SOUTH MAIN STREET HIGHTSTOWN NJ 08520 753051210 COMMERCIAL PROPERTY MANAGEMENT NJ -18053 1742397 THE PEDDIE SCHOOL