2024-05-12T19:14:10-05:00 2023-06-30 420714325 RSM US LLP 919 EAST MAIN STREET SUITE 1800 RICHMOND VA 23219 990 2022-07-01 540562160 THE POTOMAC SCHOOL POTO 7033564100 1301 POTOMAC SCHOOL ROAD MCLEAN VA 22101 JOHN KOWALIK HEAD OF SCHOOL 7033564100 2024-05-11 1 JOHN KOWALIK XXX-XX-XXXX 0 MEREDITH BELL P01696827 8042822121 2024-05-11 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z JOHN KOWALIK 1301 POTOMAC SCHOOL ROAD MCLEAN VA 22101 66510466 0 X WWW.POTOMACSCHOOL.ORG X 1907 DC AT THE POTOMAC SCHOOL, WE BELIEVE THAT INTELLECTUAL DEVELOPMENT, LOVE OF LEARNING, AND STRENGTH OF CHARACTER ARE COMPLEMENTARY, AND EQUALLY ESSENTIAL, EDUCATIONAL GOALS. WITH A FIRM COMMITMENT TO OUR CORE VALUES AND A RIGOROUS ACADEMIC PROGRAM, WE PREPARE STUDENTS TO LEAD LIVES OF PURPOSE, ACHIEVEMENT, AND GENEROSITY OF SPIRIT. 23 23 527 540 6676 0 4363588 4923269 49814692 52574800 1364832 1140245 1440646 1624418 56983758 60262732 5326323 5817219 0 0 30710825 32698345 79400 47671 1964878 17678161 17772956 53794709 56336191 3189049 3926541 221694159 227941058 75097895 73810814 146596264 154130244 X AT THE POTOMAC SCHOOL, WE BELIEVE THAT INTELLECTUAL DEVELOPMENT, LOVE OF LEARNING, AND STRENGTH OF CHARACTER ARE COMPLEMENTARY, AND EQUALLY ESSENTIAL, EDUCATIONAL GOALS. WITH A FIRM COMMITMENT TO OUR CORE VALUES AND A RIGOROUS ACADEMIC PROGRAM, WE PREPARE STUDENTS TO LEAD LIVES OF PURPOSE, ACHIEVEMENT, AND GENEROSITY OF SPIRIT. 0 0 47393798 5817219 52574800 PROVIDING EDUCATION FROM KINDERGARTEN TO THE TWELFTH GRADE FOR APPROXIMATELY 1070 STUDENTS. 47393798 1 1 0 0 0 0 0 0 0 1 1 1 0 1 1 1 1 0 1 0 1 0 0 1 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 1 83 0 1 527 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 23 23 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 VA X DYANA CONROY 7033564100 1301 POTOMAC SCHOOL ROAD MCLEAN VA 22101 SAMEER BHARGAVA CHAIR 2.00 X X 0 0 0 NORMA C RAMSEY VICE CHAIR 2.00 X X 0 0 0 TANYA LR LA FORCE SECRETARY 2.00 X X 0 0 0 MARTIN W SUMNER TREASURER 2.00 X X 0 0 0 NOHA ABDALLA TRUSTEE 2.00 X 0 0 0 NATALIE F BUSH TRUSTEE 2.00 X 0 0 0 MINA C FALTAS TRUSTEE 2.00 X 0 0 0 MICHAEL L DAVIS TRUSTEE 2.00 X 0 0 0 ELLEN M DWYER TRUSTEE 2.00 X 0 0 0 YOUSEF AL OTAIBA TRUSTEE 2.00 X 0 0 0 CHRISTOPHER D GRAHAM TRUSTEE 2.00 X 0 0 0 VICTORIA J DAVIS TRUSTEE 2.00 X 0 0 0 REED LANDRY TRUSTEE 2.00 X 0 0 0 MARYANNE LAVAN TRUSTEE 2.00 X 0 0 0 KIMBERLY A KURYEA TRUSTEE 2.00 X 0 0 0 STEFANIE A THOMAS TRUSTEE 2.00 X 0 0 0 JAMES H ROONEY TRUSTEE 2.00 X 0 0 0 ERIC W ROSENTHAL TRUSTEE 2.00 X 0 0 0 JAMES FLEMING TRUSTEE 2.00 X 0 0 0 PATRICIA POTTS TRUSTEE 2.00 X 0 0 0 PAUL SHERIDAN JR TRUSTEE 2.00 X 0 0 0 WON KIM TRUSTEE 2.00 X 0 0 0 CHARLES O ROSSOTTI TRUSTEE 2.00 X 0 0 0 JOHN J KOWALIK HEAD OF SCHOOL 60.00 X 698812 0 163166 DYANA CONROY CFO/COO 60.00 X 362089 0 78244 BARBARA OVERSTREET DIRECTOR OF ADVANCEMENT 50.00 X 248991 0 40992 TIMOTHY JAEGER ASSOCIATE HEAD OF SCHOOL 60.00 X 269525 0 133192 JOHN MATHEWS HEAD OF MIDDLE SCHOOL 50.00 X 194878 0 87088 DOUGLAS MCLANE HEAD OF UPPER SCHOOL 50.00 X 178760 0 85011 DONNETTE ECHOLS HEAD OF LOWER SCHOOL 50.00 X 177398 0 33545 2130453 0 621238 61 0 1 0 MERIWETHER GODSEY INC 4944 OLD BOONSBORO ROAD LYNCHBURG VA 24503 FOOD SERVICE 1741628 RED COATS INC PO BOX 79579 BALTIMORE MD 21279 JANITORIAL 692289 ASTROTURF CORPORATION 2680 ABUTMENT ROAD DALTON GA 307214886 LANDSCAPING 576368 BRIGHT VIEW LANDSCAPE SERVICES INC PO BOX 740655 ATLANTA GA 303740655 LANDSCAPING 280363 THE HANDWORK STUDIO LLC PO BOX 1114 MEDIA PA 190630814 AUXILIARY PROGRAMS 231843 13 17616 4905653 156823 4923269 TUITION 900099 48529271 48529271 SUMMER PROGRAMS 900099 2489003 2489003 TRANSPORTATION 900099 1072151 1065475 6676 ENRICHMENT PROGRAM 900099 306944 306944 EXTENDED DAY 900099 113826 113826 63605 63605 52574800 605318 605318 3150 0 3150 3150 3150 6545981 2550 5997473 16131 548508 -13581 534927 534927 1686482 17616 234130 1452352 1452352 OTHER INCOME 900099 168916 168916 168916 60262732 52568124 6676 2764663 5817219 5817219 1350098 1176826 123679 49593 23687544 20705356 2104972 877216 1697035 1426727 214422 55886 4189268 3521992 529317 137959 1774400 1567914 146539 59947 103777 68370 31566 3841 67290 44332 20468 2490 47671 47671 97222 97222 1451604 975291 436347 39966 66101 43940 20286 1875 768525 476447 135252 156826 700975 521799 164383 14793 1978469 1373653 554885 49931 340937 340937 490332 307008 28577 154747 989821 658462 304003 27356 4544708 3023292 1395815 125601 450030 318346 120813 10871 SUMMER PROGRAM 1767752 1767752 DEPARTMENT EXPENSES 1720185 1693440 24537 2208 FOOD & ENTERTAINMENT 1567494 1042750 481424 43320 BAD DEBTS 103701 37553 17338 48810 564033 484392 25670 53971 56336191 47393798 6977515 1964878 300 800 51264048 53763488 2175389 2648747 225377 113079 71333 61096 743580 1026476 155754908 54141540 103327330 101613368 27037 41774 43013233 45354932 20846532 23317298 221694159 227941058 3917544 4366883 23816861 25146820 21828255 20533303 3620800 0 21914435 23763808 75097895 73810814 X 138315109 144774449 8281155 9355795 146596264 154130244 221694159 227941058 X 3926541 3030170 577269 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 62576002 2316595 3346725 1472037 66767285 62134652 5315479 -2991007 1883122 62576002 52840311 278776 10765467 1749902 62134652 50026524 3975401 212794 1374408 52840311 49023345 3129335 2445783 4571939 50026524 0.91970 0.04400 0.03630 0 0 10611985 10611985 130547138 42455080 88092058 13284639 11686460 1598179 1311146 1311146 101613368 LIMITED PARTNERSHIPS 12718138 C COMMON FUND INVESTMENTS 32636794 F 45354932 DEFERRED COMPENSATION 663235 DEPOSITS 29900 CONTRACT ASSETS 22023608 ACCRUED INTEREST 39135 RIGHT-OF-USE ASSET 561420 23317298 DEFERRED COMPENSATION 663235 INTEREST RATE SWAP AGREEMENT 520534 CONTRACT LIABILITY 22023608 LEASE LIABILITIES, NET 556431 23763808 X 57392042 3030170 -5817219 -2787049 60179091 97222 -13581 83641 60262732 50435331 13581 13581 50421750 97222 5817219 5914441 56336191 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, GLOBAL STUDIES, AND SUPPORT THE SCHOOL PRIORITIES OF EXCELLENT TEACHING, STUDENT SCHOLARSHIPS, AND ACADEMIC PROGRAMS AND RESOURCES. PART X, LINE 2: THE SCHOOL IS ORGANIZED AS A DISTRICT OF COLUMBIA NONPROFIT CORPORATION AND HAS BEEN RECOGNIZED BY THE INTERNAL REVENUE SERVICE (IRS) AS EXEMPT FROM FEDERAL INCOME TAXES UNDER IRS SECTION 501(A) AS AN ORGANIZATION DESCRIBED IN IRS SECTION 501(C)(3), QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER IRC SECTIONS 170(B)(1)(A)(VI) AND (VIII), AND HAS BEEN DETERMINED NOT TO BE A PRIVATE FOUNDATION UNDER IRS SECTIONS 509(A)(1) AND (3). THE SCHOOL IS ANNUALLY REQUIRED TO FILE A RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) WITH THE IRS. IN ADDITION, THE SCHOOL IS SUBJECT TO INCOME TAX ON NET INCOME THAT IS DERIVED FROM BUSINESS ACTIVITIES THAT ARE UNRELATED TO THEIR EXEMPT PURPOSE; WHEN THE SCHOOL HAS UNRELATED BUSINESS INCOME IN A GIVEN YEAR IT FILES AN EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN (FORM 990-T) WITH THE IRS. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST TUITION -5,817,219. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF EQUIPMENT REPORTED ON PART VIII LINE 7C -13,581. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF EQUIPMENT REPORTED ON PART VIII LINE 7C 13,581. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST TUITION 5,817,219. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 AN ANNOUNCEMENT IS PRINTED IN THE WASHINGTON POST NEWSPAPER. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 361588 0 0 0 0 0 0 361588 0 361588 0 0 0 0 0 0 PART III ACCOUNTING METHOD: X X X X X 1 GRAHAM-PELTON CONSULTING INC 39 BEECHWOOD ROAD SUMMIT NJ 07901 FUNDRAISING CONSULTING SERVICES 0 0 47671 -47671 47671 -47671 VA SPRING AUCTION 1622575 8766 1613809 195433 FALL FROLICS CARNIVAL 77150 8850 68300 38697 1699725 17616 1682109 234130 234130 1447979 1 FINANCIAL AID AWARDS TO STUDENTS 202 5817219 PART I, LINE 2: THE POTOMAC SCHOOL UTILIZES THE SERVICES OF THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS, STUDENT SCHOLARSHIP SERVICES (SSS), TO HELP EVALUATE EACH STUDENT'S NEEDS FOR FINANCIAL ASSISTANCE. EACH APPLICANT COMPLETES A STANDARDIZED FORM AND 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 1 1 X X X X 0 1 0 0 0 0 0 1 0 JOHN J KOWALIK HEAD OF SCHOOL 589804 0 1500 0 107508 0 62500 0 102781 0 864093 0 0 0 DYANA CONROY CFO/COO 313134 0 1500 0 47455 0 48800 0 34109 0 444998 0 25000 0 TIMOTHY JAEGER ASSOCIATE HEAD OF SCHOOL 234674 0 1500 0 33351 0 44475 0 90770 0 404770 0 25000 0 BARBARA OVERSTREET DIRECTOR OF ADVANCEMENT 243971 0 1500 0 3520 0 20107 0 22990 0 292088 0 0 0 JOHN MATHEWS HEAD OF MIDDLE SCHOOL 179066 0 1500 0 14312 0 16950 0 72405 0 284233 0 10000 0 DOUGLAS MCLANE HEAD OF UPPER SCHOOL 176691 0 1500 0 569 0 13718 0 75007 0 267485 0 0 0 DONNETTE ECHOLS HEAD OF LOWER SCHOOL 162598 0 1500 0 13300 0 11891 0 25521 0 214810 0 0 0 PART I, LINE 1A JOHN KOWALIK RECEIVED GROSS-UPS IN THE AMOUNT OF $8,871 RELATED TO INSURANCE BENEFITS. THE SCHOOL COMPENSATES THE HEAD OF SCHOOL AND VARIOUS DEPARTMENT HEADS. THE SCHOOL PROVIDES THE HEAD OF SCHOOL 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 NONTAXABLE HOUSING ALLOWANCE: JOHN KOWALIK - $68,979 TIMOTHY JAEGER - $60,000 JOHN MATHEWS - $41,421 DOUGLAS MCLANE - $48,000 DONNETTE ECHOLS RECEIVED TAXABLE HOUSING AND RELOCATION BENEFITS IN THE AMOUNT OF $12,500. PART I, LINE 4B FOLLOWING EMPLOYEES PARTICIPATE IN A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN 457(F) AND THE SCHOOL CONTRIBUTED FOLLOWING AMOUNTS DURING THE CALENDAR YEAR. JOHN KOWALIK - $18,200 DYANA CONROY - $25,000 TIMOTHY JAEGER - $25,000 FOLLOWING EMPLOYEES RECEIVED A PAYMENT FROM A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN 457(F) DURING THE CALENDAR YEAR. DYANA CONROY - $29,289 TIMOTHY JAEGER - $26,121 JOHN MATHEWS - $13,409 PART I, LINE 7 THE AMOUNT LISTED IN SCHEDULE J PART II COLUMN B(II) REPRESENTS RETENTION BONUS PAID TO ALL EMPLOYEES. A FAIRFAX COUNTY ECONOMIC DEVELOPMENT AUTHORITY 540787833 2004-07-12 16430000 REDEMPTION OF PRIOR BONDS AND SCHOOL CONSTRUCTION 0 0 0 B FAIRFAX COUNTY ECONOMIC DEVELOPMENT AUTHORITY 540787833 2005-08-04 20570000 CONSTRUCTION OF NEW UPPER SCHOOL BUILDING 0 0 0 A 7496063 16430000 16430000 2004 1 0 1 1 B 8817847 20570000 20570000 2006 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 1 0 0 0 0 0 1 B 0 0 1 0 1 1 PNC BANK 28.000000000000 0 0 0 0 1 A 1 B 1 X 22 156823 FMV 0 1 0 PART I, COLUMN (B): REPORTING THE NUMBER OF CONTRIBUTORS FORM 990, PART VI, SECTION B, LINE 11B 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. FORM 990, PART XI, LINE 9: INTEREST RATE AGREEMENTS GAIN 577,269.