2024-05-14T12:27:02-05:00 2023-06-30 420714325 RSM US LLP 1001 WATER ST STE 500 TAMPA FL 33602 990 2022-07-01 520901098 NORWOOD SCHOOL INC NORW 3013652595 8821 RIVER ROAD BETHESDA MD 20817 MATTHEW A GOULD PHD HEAD OF SCHOOL 3013652595 2024-05-14 1 MATTHEW GOULD PHD XXX-XX-XXXX 0 KRISTEN BARNETT P01234578 8133162300 2024-05-14 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z NORWOOD SCHOOL MATTHEW A GOULD PHD 8821 RIVER ROAD BETHESDA MD 20817 30284264 0 X WWW.NORWOODSCHOOL.ORG X 1952 MD NORWOOD SCHOOL'S CHILD-CENTERED PROGRAM INSPIRES CONFIDENT, COMPASSIONATE, INDEPENDENT, AND CREATIVE THINKERS WHO EMBRACE LIFELONG LEARNING. 19 17 212 220 0 0 3717026 4214701 18106240 18867172 791828 226933 285103 336403 22900197 23645209 2428652 2698625 0 0 13099231 13619323 0 0 630640 4366041 5580124 19893924 21898072 3006273 1747137 68477593 68460974 26470430 23091586 42007163 45369388 X NORWOOD SCHOOL'S CHILD-CENTERED PROGRAM INSPIRES CONFIDENT, COMPASSIONATE, INDEPENDENT, AND CREATIVE THINKERS WHO EMBRACE LIFELONG LEARNING. 0 0 17120378 2698625 18867172 FOUNDED IN 1952, NORWOOD SCHOOL IS A COEDUCATIONAL INDEPENDENT SCHOOL FOR GRADES PK-8. THE SCHOOL'S APPROACH TO INSTRUCTION AND LEARNING BEGINS WITH A TEAM OF TEACHERS WHOSE FIRST PRIORITY IS TO FULLY UNDERSTAND EACH AND EVERY STUDENT. ONLY BY UNDERSTANDING EACH LEARNER CAN WE CREATE "JUST RIGHT" ACADEMIC EXPERIENCES WHERE EVERY CHILD IS STRETCHED BUT NOT STRESSED. OUR FOCUS ON INCLUSION AND RESPECT CREATES A CULTURE WHERE STUDENTS AND TEACHERS ARE GENUINELY INTERESTED IN LEARNING ABOUT ONE ANOTHER AND THE WORLD BEYOND OUR SCHOOL. NORWOOD IS ACCREDITED BY THE ASSOCIATION OF INDEPENDENT MARYLAND SCHOOLS.ALL INCOME AND EXPENSES ARE INCURRED THROUGH THE OPERATION OF AN INDEPENDENT SCHOOL GRADES PK THROUGH 8 WITH 451 STUDENTS. IN ADDITION TO TUITION REVENUE, NORWOOD SCHOOL GENERATES REVENUE THROUGH THE OPERATIONS OF A SUMMER CAMP AND AFTER SCHOOL AUXILIARY PROGRAMS. 17120378 1 1 0 0 0 0 0 0 0 1 1 0 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 1 0 0 0 1 0 0 0 0 0 0 0 0 1 36 0 1 212 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 19 17 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MD X BILL TEACHUM 3013652595 8821 RIVER ROAD BETHESDA MD 20817 JOSHUA SPENCER BOARD CHAIR 6.00 X X 0 0 0 MICHELLE FILNG TRUSTEE 2.00 X X 0 0 0 SERGE LEARSEY TREASURER 2.00 X X 0 0 0 MARY PAT ALCUS SECRETARY 2.00 X X 0 0 0 TYSON BELLAMY TRUSTEE 2.00 X 0 0 0 JEFF CARSWELL TRUSTEE 2.00 X 0 0 0 ALICIA DAVIS TRUSTEE 2.00 X 0 0 0 DON KOCH TRUSTEE 2.00 X 0 0 0 LEE ANNE JILLINGS TRUSTEE 2.00 X 0 0 0 TOLU LAWRENCE TRUSTEE 2.00 X 0 0 0 AMANDA LEVIN TRUSTEE 2.00 X 0 0 0 ALEX NEPHEW TRUSTEE 2.00 X 0 0 0 ELINOR SCULLY TRUSTEE 2.00 X 0 0 0 JENNIFER SIDES TRUSTEE 2.00 X 0 0 0 JEFFREY SPIGEL TRUSTEE 2.00 X 0 0 0 BRAD STEUART TRUSTEE 2.00 X 0 0 0 DEBBIE TANG TRUSTEE 2.00 X 0 0 0 JOHN WOO TRUSTEE 2.00 X 0 0 0 NATE TYRRELL TRUSTEE 2.00 X 0 0 0 MATTHEW A GOULD HEAD OF SCHOOL 50.00 X 476644 0 128832 WILLIAM C TEACHUM DIRECTOR OF FINANCE & OPERATIONS 50.00 X 180399 0 49010 MICHAEL RISEN HEAD OF LOWER SCHOOL 40.00 X 154546 0 32258 DENNIS CAMPBELL HEAD OF MIDDLE SCHOOL 40.00 X 152558 0 9138 ALEXANDER RAGONE DIRECTOR OF ADMISSION 40.00 X 128906 0 22233 MARY MULLIGAN DIRECTOR OF ADMISSION 40.00 X 126323 0 9008 FIELDING WINTERS DIR OF CURRICULUM AND INSTRUCTION 40.00 X 122320 0 0 1341696 0 250479 20 0 1 0 THE WHITING-TURNER CONTRACTING COMPANY PO BOX 17596 BALTIMORE MD 21297 CONSTRUCTION SERVICES 6930394 RIDGEWELLS 5525 DORSEY LANE BETHESDA MD 20816 SCHOOL FOOD SERVICE 434752 RED COATS INC PO BOX 79579 BALTIMORE MD 21279 JANITORIAL SERVICES 372080 CALVERT CONTROLS LLC 105 ADELINA ROAD SUITE 201 PRINCE FREDERICK MD 20678 HVAC SERVICES 261248 JDC REMODELING LLC 7302 CIRCLE DRIVE EAST OXEN HILL MD 20745 CONSTRUCTION SERVICES 221200 7 74664 4140037 2378711 4214701 TUITION AND FEES 611110 18867172 18867172 18867172 512675 512675 175969 0 175969 175969 175969 6293848 6579590 -285742 -285742 -285742 201440 74664 59465 141975 141975 2640 0 2640 2640 OTHER INCOME 900099 15819 15819 15819 23645209 18867172 0 563336 2698625 2698625 770421 588194 156901 25326 9951206 7621642 1991404 338160 597137 455266 126577 15294 1548468 1105247 407932 35289 752091 573405 159423 19263 16523 1130 15357 36 51608 51608 71842 71842 1318886 853530 387606 77750 39923 10216 25032 4675 870956 570152 268240 32564 425762 339758 76206 9798 243746 204562 27599 11585 132242 70402 61750 90 194260 165875 23063 5322 1484575 1267651 176251 40673 141543 120861 16804 3878 FOOD SERVICE & CATERING 477303 463059 4970 9274 ASSOC DUES & ASSESSMENT 85986 4857 81083 46 GIFTS & RECOGNITION 18170 5946 10607 1617 BAD DEBT EXPENSES 6799 6799 21898072 17120378 4147054 630640 500 607 20858383 7376548 1468016 1493877 2833332 3260050 230138 269170 50029231 19617217 25433816 30412014 13306550 25441267 4219720 127138 207441 68477593 68460974 3186023 1781130 12863621 11121408 10319327 10057224 101459 131824 26470430 23091586 X 21679579 28101155 20327584 17268233 42007163 45369388 68477593 68460974 1747137 1615088 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 19563635 539597 1650573 877552 71842 20804411 23263656 1216338 -3933153 904815 78391 19563635 17320698 1907118 4672590 572955 63795 23263656 16038965 2067611 1554114 2278316 61676 17320698 11861240 3294730 1325653 391760 50898 16038965 0.23550 0.51830 0.24620 0 0 3728852 3728852 42574079 17364240 25209839 443757 408003 35754 3282543 1844974 1437569 30412014 DEFERRED COMPENSATION 131824 131824 X 22549295 1615088 -2698625 -1083537 23632832 71842 -59465 12377 23645209 19187070 59465 59465 19127605 71842 2698625 2770467 21898072 PART V, LINE 4: ENDOWMENT IS MADE UP OF TWO CATEGORIES: BOARD-DESIGNATED QUASI-ENDOWMENT FUNDS AND DONOR-RESTRICTED ENDOWMENT FUNDS. THE BOARD-DESIGNATED NET ASSETS SERVE AS QUASI-ENDOWMENT FUNDS HELD FOR LONG-TERM PURPOSES. BOARD DESIGNATED NET ASSETS ARE MADE UP OF OUR CHILDREN OUR PURPOSE INVESTMENT FUND, SURPLUS CASH INVESTMENT FUND, JESSICA LEWIS LUSTINE, EDWARD B. MARSH SCHOLARSHIP, ROSA SCOTT FUND FOR THE PERFORMING ARTS AND COMPUTER LEARNING. ALL EARNINGS FOR THE DONOR-RESTRICTED ENDOWMENT ARE REFLECTED AS TEMPORARILY RESTRICTED NET ASSETS UNTIL APPROPRIATED FOR EXPENDITURES BY THE BOARD OF TRUSTEES. PERMANENTLY RESTRICTED NET ASSETS ARE RESTRICTED TO INVESTMENT IN PERPETUITY. INVESTMENT EARNINGS ON THESE AMOUNTS ARE USED TO SUPPORT THE FOLLOWING PROGRAMS: FACULTY SALARIES, FINANCIAL AID, ATHLETIC CENTER, EDUCATIONAL PROGRAMS AND STUDENT ACTIVITIES, OTHER SUPPORT AND FACILITY. PART X, LINE 2: THE SCHOOL IS GENERALLY EXEMPT FROM FEDERAL INCOME TAXES UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE CODE). IN ADDITION, THE SCHOOL HAS BEEN DETERMINED BY THE INTERNAL REVENUE SERVICE NOT TO BE A PRIVATE FOUNDATION. INCOME THAT IS NOT RELATED TO EXEMPT PURPOSES, LESS APPLICABLE DEDUCTIONS, IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. DURING THE YEAR ENDED JUNE 30, 2023, THE SCHOOL HAD NO TAXABLE UNRELATED BUSINESS INCOME, AND ACCORDINGLY, NO PROVISION FOR INCOME TAXES IS REQUIRED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE SCHOOL FILES INCOME TAX RETURNS IN THE U.S. FEDERAL JURISDICTION AND THE STATE OF MARYLAND. AS OF JUNE 30, 2023, AND FOR THE YEAR THEN ENDED, THERE WERE NO MATERIAL UNRECOGNIZED/DERECOGNIZED TAX BENEFITS OR TAX PENALTIES OR INTEREST. PART XI, LINE 2D - OTHER ADJUSTMENTS: TUITION FOREGONE IN LIEU OF FINANCIAL AID -2,698,625. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES REPORTED ON LINE 8B, PART VIII -59,465. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES REPORTED ON LINE 8B, PART VIII 59,465. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION FOREGONE IN LIEU OF FINANCIAL AID 2,698,625. 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. ANNUAL BENEFIT AUCTION 276104 74664 201440 31924 2500 25041 276104 74664 201440 31924 2500 25041 59465 141975 1 FINANCIAL AID - TUITION 101 2528330 FINANCIAL AID - AFTERCARE 43 52082 OTHER FINANCIAL ASSISTANCE - EDUCATIONAL SUPPORT 16 106076 FINANCIAL AID - TRANSPORTATION 18 12137 PART I, LINE 2: FAMILIES ARE REQUIRED TO FILL OUT A SCHOOL AND STUDENT SERVICES (SSS) APPLICATION FOR EACH CHILD THEY ARE REQUESTING FINANCIAL ASSISTANCE FOR. THROUGH THE USE OF THIS FORM FAMILIES DISCLOSE ALL OF THEIR FINANCIAL INFORMATION AND INDICATE WHAT AMOUNT OF TUITION AND FEES THEY FEEL THEY ARE ABLE TO PAY. THIS FORM IS SUBMITTED DIRECTLY TO SSS. AFTER RECEIVING THE FAMILY'S APPLICATION FORM, SSS CALCULATES, FOR EACH CHILD, THE FAMILY'S ABILITY TO PAY BASED ON THE NUMBERS PROVIDED. THIS RESULT IS SENT TO THE SCHOOL'S FINANCIAL AID COMMITTEE. THE COMMITTEE USES THIS FORM AS WELL AS THE FAMILY'S TAX RETURN TO DETERMINE AN APPROPRIATE FINANCIAL AID AWARD TO OFFER THE FAMILY. X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 MATTHEW A GOULD HEAD OF SCHOOL 456006 0 0 0 20638 0 21350 0 108058 0 606052 0 0 0 WILLIAM C TEACHUM DIRECTOR OF FINANCE & OPERATIONS 180141 0 0 0 258 0 15200 0 34371 0 229970 0 0 0 MICHAEL RISEN HEAD OF LOWER SCHOOL 154486 0 0 0 60 0 10658 0 22082 0 187286 0 0 0 DENNIS CAMPBELL HEAD OF MIDDLE SCHOOL 152300 0 0 0 258 0 9138 0 481 0 162177 0 0 0 ALEXANDER RAGONE DIRECTOR OF ADMISSION 128816 0 0 0 90 0 8103 0 14574 0 151583 0 0 0 PART I, LINE 1A MATTHEW A. GOULD, HEAD OF SCHOOL RECEIVED A NON-TAXABLE HOUSING BENEFIT IN THE AMOUNT OF $86,782. A MARYLAND HEALTH AND HIGHER EDUCATIONAL FACILITIES AUTHORITY 520936091 2021-02-17 10500000 TO CONSTRUCT EARLY CHILDHOOD CENTER 0 0 0 A 293000 10500000 5351965 5148035 2022 0 0 0 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 1 0 0 1 0 0 0 1 A 1 60391 FINANCIAL AID TUITION X 7 2378711 FMV 0 0 1 0 PART I, COLUMN (B): REPORTING THE NUMBER OF CONTRIBUTIONS FORM 990, PART VI, SECTION B, LINE 11B THE COMPLETE 990 WILL BE REVIEWED WITH THE AUDIT COMMITTEE, WHICH IS COMPRISED OF MEMBERS OF THE BOARD OF TRUSTEES AS WELL AS NON BOARD MEMBERS. IT WILL THEN BE PRESENTED TO THE FULL BOARD OF TRUSTEES. THE SCHEDULE B INFORMATION WILL BE DISTRIBUTED TO THE FULL BOARD OF TRUSTEES WITH THE EXCEPTION OF THE NAMES OF THE DONORS WHO REQUESTED ANONYMITY. THOSE NAMES WILL BE MADE AVAILABLE TO THE TRUSTEES UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS PRESENTED TO EACH INCOMING BOARD OF TRUSTEE MEMBER AT THE BEGINNING OF EACH TERM. IT IS ALSO INCLUDED IN THE ANNUAL TRUSTEE PACKET ALONG WITH THE CONFIDENTIALITY AGREEMENT. EACH BOARD MEMBER IS ASKED TO READ THOROUGHLY AND ACKNOWLEDGE THAT THEY UNDERSTAND AND WILL ABIDE BY THE POLICIES. ANY POTENTIAL CONFLICTS ARE TO BE IDENTIFIED BY EACH MEMBER OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 15A THE COMPENSATION OF THE HEAD OF SCHOOL IS DETERMINED EACH YEAR BY THE COMPENSATION COMMITTEE WHICH IS MADE UP FROM MEMBERS OF THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. THEY USE PERFORMANCE REVIEWS AS WELL AS DATA FROM AREA INDEPENDENT SCHOOL MEMBER ORGANIZATIONS SUCH AS AISGW AND AIMS TO COMPARE OTHER HEAD OF SCHOOL SALARIES. A FULL COMPENSATION STUDY BY AN OUTSIDE CONSULTANT IS DONE PERIODICALLY. THE COMPENSATION OF KEY EMPLOYEES AND OTHER OFFICERS OF THE SCHOOL ARE DETERMINED BY THE HEAD OF SCHOOL. PERFORMANCE REVIEWS AS WELL AS DATA FROM AREA INDEPENDENT SCHOOL MEMBER ORGANIZATIONS SUCH AS AISGW AND AIMS ARE USED TO COMPARE THOSE SALARIES TO OTHER SCHOOLS. FORM 990, PART VI, SECTION C, LINE 19 THE SCHOOL MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D).