2012-05-15T15:28:22-05:00 2011-06-30 CHERRY BEKAERT & HOLLAND LLP 410 FIRST STREET ROANOKE VA 24011 990 2010-07-01 540699572 NORTH CROSS SCHOOL NORT 5409896641 4254 COLONIAL AVE SW ROANOKE VA 24018 KAREN M LIST 5409896641 2012-05-15 1 F FULTON GALER 5403426911 2010 2016-02-24 21:20:13Z KAREN M LIST 4254 COLONIAL AVE SW ROANOKE VA 24018 7864757 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 17 594 28 205468 -29919 886374 1128799 6559441 5948464 233815 694607 67789 73551 7747419 7845421 0 0 0 0 4505829 5032049 0 0 185969 5138092 3271172 9643921 8303221 -1896502 -457800 19077765 11446381 8840078 1873592 10237687 9572789 THE ORGANIZATION IS A NON-SECTARIAN, INDEPENDENT, CO-EDUCATIONAL COLLEGE PREPATORY DAY SCHOOL SERVING GRADES PRE-KINDERGARTEN THROUGH TWELVE. 0 0 6435053 5713341 WE OPERATE A PRIVATE SCHOOL FOR APPROXIMATELY 545 STUDENTS K-12. 6435053 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 23 0 1 594 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 CHRISTOPHER MOORE 1.00 X 0 0 0 ELWYN G MURRAY III 1.00 X 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 C RICHARD CRANWELL 1.00 X 0 0 0 FRANK RUSSELL ELLETT 1.00 X 0 0 0 KATHRYN OELSCHLAGER 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 0 0 0 ELIZABETH M CRANWELL 1.00 X 0 0 0 ANNE LEE STEVENS 1.00 X 0 0 0 MARC E TAUBMAN 1.00 X 0 0 0 BITTLE W PORTERFIELD III 1.00 X 0 0 0 TIMOTHY J SEELEY 40.00 X 117887 0 0 117887 0 0 1 0 0 0 0 1128799 1128799 TUITION AND FEES 611110 4697588 4697588 PROG.SERV.REVENUE-RELA 611110 544227 544227 AUXILIARY SERVICES 611110 471526 471526 CARTER ATHLETIC CENTER 611620 205468 205468 CARTER ATHLETIC CENTER 531390 29655 29655 5948464 430046 430046 266440 1879 264561 264561 264561 91008 17457 73551 73551 7845421 5713341 205468 797813 117887 117887 4230427 3093307 1029845 107275 368407 269381 89684 9342 315328 230569 76762 7997 79891 79891 18850 18850 32453 32453 28644 28644 7313 7313 125082 125082 500808 500808 68624 68624 INSTRUCTION AND STUDENT 1335155 1335155 BAD DEBT EXPENSE 341377 341377 AUXILIARY SERVICES 310432 310432 MARLINS TEAM EXPENSE 55651 55651 SUMMER PROGRAMS 39217 39217 327675 220530 45790 61355 8303221 6435053 1682199 185969 53200 163715 946165 1338814 683733 473102 165557 77772 52330 687957 14381 18283840 9871178 8059337 8412662 1325616 6951452 820334 0 298019 19077765 11446381 539093 774071 416542 262381 7500000 360000 384443 477140 8840078 1873592 X 5104491 7212896 3559473 1605617 1573723 754276 10237687 9572789 19077765 11446381 X -457800 -207098 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 7450372 38191 6670542 818021 6837031 852766 202715 36710 7450372 0.92210 0.07790 0 0 387605 387605 13650814 7049935 6600879 1889965 1452479 437486 2355456 1368764 986692 8412662 MUTUAL FUNDS 294288 F MANAGED PORTFOLIO 523733 F PRIVATE EQUITY 2313 F 820334 DEPOSITS HELD FOR OTHERS 161433 INTERFUND PAYABLES 276971 EMPLOYEE BENEFIT PLANS 38736 477140 7845421 8303221 -457800 -280126 73028 -207098 -664898 7935906 73028 17457 90485 7845421 0 7845421 8288225 17457 17457 8270768 32453 32453 8303221 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: PART V, LINE 4: NEW THRESHOLDS FUND - FOR FACULTY SALARIES AND OTHER FACULTY ENRICHMENTS. SCHOLARSHIP FUNDS - FOR SCHOLARSHIPS AND FACULTY ENRICHMENT. ALL REQUIRING PRINCIPAL TO BE INVESTED AND THE INVESTMENT INCOME ONLY USED. MAIN FUND - THE FUND WAS RELEASED FROM INTERNAL BOARD DESIGNATION TO PAY OFF MATURING CREDIT LINE. 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 ENTITYS 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 SCHOOLS 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, 2011, AND ACCORDINGLY, NO LIABILITY HAS BEEN ACCRUED. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN FAIR VALUE OF INTEREST RATE SWAP 73,028. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING REVENUE FROM SCHEDULE G 17,457. PART XIII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSE FROM SCHEDULE G 17,457. FOR PART XII, LINE 2D AND PART XIII, LINE 2D THIS IS A RECLASSIFICATION OF THE FUNDRAISING EXPENSES REFLECTED ON SCHEDULE G AND CARRIED TO PART VIII, LINE 8B. 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 32284 32284 207 4649 3440 5912 MOSAIC 26408 26408 2862 1 32316 32316 387 91008 91008 207 4649 3440 9161 17457 73551 X 1 0 X X 0 0 0 0 0 0 0 0 0 PART I, LINE 1A A RESIDENCE OWNED BY THE NORTH CROSS SCHOOL IS PROVIDED TO THE HEADMASTER AS PART OF THE COMEPNSATION PACKAGE. 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.PLEASE REFER TO CONFLICT POLICY AVAILABLE ON THE WEBSITE FOR CONFLICT OF INTEREST RESOLUTION PROCEDURE. 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 APPROVAL 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: PRIOR PERIOD ADJUSTMENTS: -280,126. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP 73,028. TOTAL TO FORM 990, PART XI, LINE 5: -207,098. PRIOR PERIOD ADJUSTMENT DETAIL PER AUDITED FINANCIAL STATEMENTS, FOOTNOTE 1 PART XI, LINE 5 CASH (233,629) ACCOUNTS RECEIVABLE (193,483) ACCRUED EXPENSES 68,736 OTHER (215,722) TOTAL (280,126)