2012-12-12T15:18:03-06:00 2012-06-30 560574444 CHERRY BEKAERT & HOLLAND LLP 410 FIRST STREET ROANOKE VA 24011 990 2011-07-01 540699572 NORTH CROSS SCHOOL NORT 5409896641 4254 COLONIAL AVE SW ROANOKE VA 24018 KAREN M LIST 5409896641 2012-12-07 1 F FULTON GALER P00296103 5403426911 2011 2016-02-24 21:20:13Z KAREN M LIST 4254 COLONIAL AVE SW ROANOKE VA 24018 7003291 0 X WWW.NORTHCROSS.ORG X 1944 VA A NON-SECTARIAN, INDEPENDENT, CO-EDUCATIONAL COLLEGE PREPATORY DAY SCHOOL, SERVICING GRADES PRE-KINDERGARTEN THROUGH TWELVE. 18 17 263 17 205501 -28051 1128799 1100825 5948464 5701557 694607 6763 73551 119838 7845421 6928983 0 6500 0 0 5032049 4511225 0 0 237458 3271172 2165008 8303221 6682733 -457800 246250 11446381 11617440 1873592 1768336 9572789 9849104 THE ORGANIZATION IS A NON-SECTARIAN, INDEPENDENT, CO-EDUCATIONAL COLLEGE PREPATORY DAY SCHOOL SERVING GRADES PRE-KINDERGARTEN THROUGH TWELVE. 0 0 5766994 5496056 WE OPERATE A PRIVATE SCHOOL FOR APPROXIMATELY 545 STUDENTS K-12. 5766994 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 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 9 0 1 263 1 1 1 0 0 0 0 0 0 0 0 0 X 18 17 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 VA X KAREN MLIST 5409896641 4254 COLONIAL AVE SW ROANOKE VA 24018 DAVID D H WILLIS 1.00 X 0 0 0 ELWYN G MURRAY III 1.00 X 0 0 0 ASHUTOSH CHANDEL 1.00 X 0 0 0 J DOUGLAS CALL 1.00 X 0 0 0 GEORGE B CARTELEDGE III 1.00 X 0 0 0 LINDA D FRITH 1.00 X 0 0 0 FRANK RUSSELL ELLETT 1.00 X 0 0 0 J RANDOLPH GARRETT III 1.00 X 0 0 0 STEPHEN LEMON 1.00 X 0 0 0 B WISTAR MORRIS III 1.00 X 0 0 0 GEORGE I VOGEL III 1.00 X 0 0 0 ALLEN B WHITTLE 1.00 X 0 0 0 JAMES V REVERCOMB JR 1.00 X 0 0 0 T GARRICK STEELE 1.00 X 0 0 0 KATHERINE FRALIN WALKER 1.00 X X 0 0 0 ELIZABETH M CRANWELL 1.00 X 0 0 0 CHRISITAN J PROCTOR 40.00 X X 68731 0 0 IAN MCDADE 1.00 X 0 0 0 KAREN LIST 40.00 X 83674 0 0 TIMOTHY J SEELEY 40.00 X 61691 0 0 CLARENCE KELLEY 40.00 X 53035 0 0 267131 0 0 0 1 0 0 NCS CAFETERIA 4254 COLONIAL DRIVE ROANOKE VA 24018 CAFETERIA OPERATIONS 234363 1 1100825 1100825 TUITION AND FEES (NET) 611110 4494966 4494966 PROGRAM SERVICE REVENU 611110 581275 581275 AUXILIARY SERVICES 611110 419815 419815 CARTER ATHLETIC CENTER 713940 205501 205501 5701557 6763 6763 41240 24582 16658 16658 16658 152906 49726 103180 103180 6928983 5496056 205501 126601 6500 6500 152405 152405 3660575 3339345 166773 154457 397996 280597 106608 10791 300249 201436 86573 12240 8005 8005 55600 55600 217 217 23042 1223 21819 88670 88670 9394 9394 522211 522211 61198 61198 INSTRUCTION AND STUDENT 434222 434222 CARTER ATHLETIC CENTER 371651 371651 AUXILIARY SERVICES 289289 289289 SUMMER PROGRAMS 8636 8636 292873 254722 38151 6682733 5766994 678281 237458 53200 57937 946165 510405 683733 401047 165557 117587 71247 52330 36425 14381 48341 19466109 10368511 8412662 9097598 820334 931882 298019 344971 11446381 11617440 774071 515392 262381 321528 160000 350000 200000 200633 477140 380783 1873592 1768336 X 7212896 7448551 1605617 1641787 754276 758766 9572789 9849104 11446381 11617440 X 246250 30065 X X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 818021 6940 824961 7450372 38191 6670542 818021 6837031 852766 202715 36710 7450372 0.00000 0.92520 0.07480 0 0 387605 387605 13608865 7268106 6340759 2155953 1905401 250552 3313686 1195004 2118682 9097598 MUTUAL FUNDS 557844 F MANAGED PORTFOLIO 371163 F PRIVATE EQUITY 2875 F 931882 DEPOSITS HELD FOR OTHERS 35812 INTERFUND PAYABLES 344971 380783 6928983 6682733 246250 30065 30065 276315 7026856 30065 74308 104373 6922483 6500 6500 6928983 6750324 74308 74308 6676016 217 6500 6717 6682733 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: PART V, LINE 4: SCHOLARSHIP FUNDS - FOR SCHOLARSHIPS AND FACULTY ENRICHMENT. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: UNCERTAIN TAX POSITIONS: MANAGEMENT HAS EVALUATED THE EFFECT OF FINANCIAL ACCOUNTING STANDARDS BOARD GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THE GUIDANCE CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ENTITY'S FINANCIAL STATEMENTS BY PRESCRIBING A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE SCHOOL'S POLICY IS TO RECORD A LIABILITY FOR ANY TAX POSITION TAKEN THAT IS BENEFICIAL TO THE SCHOOL, INCLUDING ANY RELATED INTEREST AND PENALTIES, WHEN IT IS MORE LIKELY THAN NOT THE POSITION TAKEN BY MANAGEMENT WITH RESPECT TO A TRANSACTION OR CLASS OF TRANSACTIONS WILL BE OVERTURNED BY A TAXING AUTHORITY UPON EXAMINATION. MANAGEMENT BELIEVES THERE ARE NO SUCH POSITIONS AS OF JUNE 30, 2012, AND ACCORDINGLY, NO LIABILITY HAS BEEN ACCRUED. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 49,726. REAL PROPERTY RENTAL EXPENSES 24,582. PART XII, LINE 4B - OTHER ADJUSTMENTS: MERIT SCHOLARSHIP EXPENSE 6,500. PART XIII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSE FROM SCHEDULE G 49,726. REAL PROPERTY RENTAL EXPENSES 24,582. PART XIII, LINE 4B - OTHER ADJUSTMENTS: MERIT SCHOLARSHIP EXPENSE 6,500. FUNDRAISING EXPENSES ARE SHOWN NET OF EXPENSES AS AN EXPENSE ITEM ON THE FINANCIAL STATEMENTS.RENTAL EXPENSES ARE SHOWN ON THE FINANCIALS AS PART OF THE CARTER ATHLETIC CENTER EXPENSE ITEM. THE MERIT SCHOLARSHIPS ARE SHOWN NET OF REVENUE ON THE AUDITED FINANCIAL STATEMENTS. 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 POLICY IS DESCRIBED IN THE HANDBOOK AS WELL AS POSTED ON THE ORGANIZATION WEBSITE SEPARATELY. FIELD DAY 12119 12119 673 4352 3975 3016 MOSAIC 140787 140787 6576 10468 2000 17677 1 0 22 967 152906 152906 695 6576 14820 5975 21660 49726 103180 1 MERIT SCHOLARSHIPS 1 6500 X X 1 0 X X 0 0 0 0 0 0 0 0 0 TIMOTHY J SEELEY 61691 0 0 0 0 0 0 0 0 0 61691 0 0 0 CLARENCE KELLEY 53035 0 0 0 0 0 0 0 0 0 53035 0 0 0 PART I, LINE 1A A RESIDENCE OWNED BY THE NORTH CROSS SCHOOL IS PROVIDED TO THE HEADMASTER AS PART OF THE COMPENSATION PACKAGE. THIS IS A CONDITION OF HIS EMPLOYMENT AND IT IS A FOR THE CONVENIENCE OF THE EMPLOYER AND EMPLOYEE. THE ORGANIZATION PURCHASED EQUITY STOCK (VALUE $562) IN ROANOKE COUNTRY CLUB IN THE CURRENT YEAR AS PART OF INTIATION FEES FOR THE NEW HEADMASTER. SUPPLEMENTAL INFORMATION PART III THE FORMER EMPLOYEES RECEIVING COMPENSATION IN 2011 WERE FOR SERVICES PERFORMED IN 2011 AS HEADMASTER AND DIRECTOR OF FINANCE. KATHERINE WALKER TEMPORARY FINANCING X 100000 100000 0 1 1 DAVID WILLIS TEMPORARY FINANCING X 100000 100000 0 1 1 J RANDOLPH GARRETT III TEMPORARY FINANCING X 25000 25000 0 1 1 FRANK RUSSELL ELLETT TEMPORARY FINANCING X 50000 50000 0 1 1 JAMES V REVERCOMBE TEMPORARY FINANCING X 25000 25000 0 1 1 B WISTAR MORRIS TEMPORARY FINANCING X 25000 25000 0 1 1 T GARRICK STEELE TEMPORARY FINANCING X 25000 25000 0 1 1 350000 FORM 990, PART VI, SECTION B, LINE 11 THE DIRECTOR OF FINANCE, HEADMASTER, AND FINANCE COMMITTEE REVIEWS THE RETURN BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C THE DIRECTOR OF FINANCE IS AWARE OF ALL BUSINESS TRANSACTIONS AND MONITORS THEM CLOSELY FOR ANY CONFLICTS.THE CONFLICT OF INTEREST POLICY IS APPROVED BY THE BOARD. ANY ARISING CONFLICT IS HANDLED IN ACCORDANCE TO PROCEDURES OUTLINED IN THE CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE HEADMASTER AND DIRECTOR OF FINANCE START THE BUDGET PROCESS IN NOVEMBER. THEY START WITH SEVERAL SALARY INCREASE SCENARIOS AND DETERMINE WHICH OF THE PERCENTAGES THE ORGANIZATION CAN AFFORD. A MEETING IS HELD WITH THE FINANCE COMMITTEE FOR INITIAL REVIEW IN DECEMBER. CONTRACTS ARE SENT OUT WITH INCREASES IN FEBRUARY. NEW HIRE SALARIES ARE DETERMINED BY THE HEADMASTER. COMPARISONS ARE USED FROM VAIS AND NAIS FOR NATIONAL AVERAGE COMPARISONS. THE HEADMASTER SALARY IS DETERMINED BY SALARY COMPARISONS AND APPROVED BY THE BOARD. FORM 990, PART VI, SECTION C, LINE 19 THE EMPLOYEE HANDBOOK, POSTED ON THE WEBSITE, DETAILS ALL POLICIES. FINANCIAL STATEMENTS ARE REVIEWED BY THE FINANCE COMMITTEE, THEN DISTRIBUTED TO THE BOARD. THE ORGANIZATION'S FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICIES, AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 30,065. OVERSIGHT PROCESS PART XII, LINE 2C THE PROCESS HAS NOT CHANGED SINCE THE PRIOR YEAR.