2023-05-10T13:45:00-05:00 2022-06-30 111986323 MARCUM LLP 1 MONTGOMERY STREET SUITE 1700 SAN FRANCISCO CA 94104 990 2021-07-01 942494458 THE PHILLIPS BROOKS SCHOOL PHIL 6508544545 2245 AVY AVENUE MENLO PARK CA 940256707 KIM NORMINGTON DIRECTOR OF FINANCE 6508544545 2023-05-09 1 KIM NORMINGTON 999009999 ROGER BULOSAN P00221282 4154326200 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z KIM NORMINGTON 2245 AVY AVENUE MENLO PARK CA 940256707 17190663 0 X WWW.PHILLIPSBROOKS.ORG X 1978 CA INDEPENDENT COEDUCATIONAL SCHOOL FOR STUDENTS IN PRESCHOOL THROUGH FIFTH GRADE. 16 16 81 300 0 0 2250494 2194601 10100565 11863874 810148 29631 5617 289475 13166824 14377581 925918 1106560 0 0 8737740 8648654 0 0 470609 4669524 5190191 14333182 14945405 -1166358 -567824 41455969 38554013 13173838 13458336 28282131 25095677 THE PHILLIPS BROOKS SCHOOL COMMUNITY INSPIRES STUDENTS TO LOVE LEARNING, TO DEVELOP A SPIRITUAL NATURE, TO COMMUNICATE EFFECTIVELY, TO BE KIND TO OTHERS AND TO RESPECT THE UNIQUENESS OF EACH PERSON. 0 0 10639840 1106560 12153349 EDUCATE APPROXIMATELY 300 STUDENTS TO ADVANCE ONE GRADE FROM PRESCHOOL THROUGH FIFTH GRADE WHILE PROVIDING EXCEPTIONAL EDUCATIONAL EXPERIENCE AND OPPORTUNITIES. 10639840 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 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 65 0 81 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 16 16 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 CA X KIM NORMINGTON DIRECTOR OF FINANCE 6508544545 2245 AVY AVENUE MENLO PARK CA 94025 NIKHIL BEHL CHAIR 2.00 X X 0 0 0 KERRY O'ROURKE BISCHOF VICE CHAIR 2.00 X X 0 0 0 PUJA BATRA TRUSTEE 2.00 X 0 0 0 JENNY BROKAW TRUSTEE 2.00 X 0 0 0 DAVID CHAN TRUSTEE 2.00 X 0 0 0 ABIGAIL DURBAN TRUSTEE 2.00 X 0 0 0 PATRICK GALLIGAN TRUSTEE 2.00 X 0 0 0 MARSHALL HAINES VICE CHAIR FOR FINANCE 2.00 X X 0 0 0 SIDNEY MAJALYA SECRETARY 2.00 X X 0 0 0 CHARLOTTE WAXMAN TRUSTEE 2.00 X 0 0 0 MAYA DANI TRUSTEE 2.00 X 0 0 0 CINDY DODD TRUSTEE 2.00 X 0 0 0 ALEXANDER KVAMME TRUSTEE 2.00 X 0 0 0 ASHU AGRAWAL TRUSTEE 2.00 X 0 0 0 SUMBUL DESAI TRUSTEE 2.00 X 0 0 0 EDWARD JOHNSON TRUSTEE 2.00 X 0 0 0 KIM NORMINGTON DIRECTOR OF FINANCE 40.00 X 244265 0 17885 SCOTT ERICKSON HEAD OF SCHOOL 40.00 X 439892 0 48313 OLANA KHAN ASSIST. HEAD OF SCHOOL 40.00 X 188006 0 22600 BEN THOMASIAN NETWORK AND SYSTEMS MANAGE 40.00 X 143014 0 16464 LANE YOUNG DIRECTOR OF EDUCATION TECH 40.00 X 149117 0 18890 JONATHAN FULK HEAD OF ACADEMIC PROGRAMS 40.00 X 246148 0 12610 LISA BOULGER EA TO HEAD AND OFFICE MGR 40.00 X 139888 0 31830 CHUNG PHUONG CONTROLLER 40.00 X 138140 0 22871 1688470 0 191463 18 0 1 0 CAW ARCHITECTS INC 455 LAMBERT AVE PALO ALTO CA 94306 MASTER PLANNING & DESIGN 345212 COMMUNITY COUNSELLING SERVICE CO LLC PO BOX 824885 PHILADELPHIA PA 19182 CONSULTANT 210000 JG RAMOS JANITORIAL SERVICES 702 HIGH POINT WAY HAYWARD CA 94541 JANITORIAL 204854 STEYER LOWENTHAL BOODROOKAS ALVARES & SM 235 PINE ST 15TH FLOOR SAN FRANCISCO CA 94104 LEGAL SERVICES 117958 4 212246 1982355 41321 2194601 TUITION AND FEES 611600 11255765 11255765 DAYCARE AND ENRICHMENT WORKSHOP F 611600 419145 419145 SUMMER PROGRAMS 611600 167064 167064 APPLICATION FEE 611600 21900 21900 11863874 353588 353588 2483149 2337574 469532 145575 -469532 -323957 -323957 5976 212246 5976 0 MISCELLANEOUS 611600 289475 289475 289475 14377581 12153349 0 29631 1106560 1106560 960962 788929 172033 6108556 4911085 1163118 34353 481762 242897 229365 9500 1097374 699072 281456 116846 86394 86394 15519 15519 898497 269331 613958 15208 79691 67234 12457 294670 277753 16917 261509 164750 70607 26152 2393331 2340921 46587 5823 452252 375369 69195 7688 118656 98953 19703 CURRICULUM AND SUPPLIES 280606 280606 OTHER EXPENSES 157206 46674 85460 25072 FACULTY/STAFF DEVELOPME 137379 103622 24900 8857 BOARD MEETINGS & EVENTS 14481 14481 14945405 10639840 3834956 470609 5377118 4242891 210082 1871 817494 1075752 2574771 4245485 403143 529350 18524766 11644446 7564576 6880320 24431128 21500687 77657 77657 41455969 38554013 1571654 1369454 10062602 10515948 1539582 1572934 13173838 13458336 X 11772364 11211093 16509767 13884584 28282131 25095677 41455969 38554013 -567824 -2618630 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 12940322 2500 -1897696 447779 10597347 10839314 2500 2520367 421859 12940322 10777194 6404 460482 404766 10839314 10493768 662087 378661 10777194 10144313 6193 693390 350128 10493768 0.01000 0.71000 0.28000 0 0 17692149 11157146 6535003 832617 487300 345317 6880320 DEFERRED RENT 1572934 1572934 X 10642848 -2618630 5976 -2612654 13255502 15519 1106560 1122079 14377581 13829302 5976 5976 13823326 15519 1106560 1122079 14945405 PART V, LINE 4: THE SCHOOL'S ENDOWMENT CONSISTS OF FIVE INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES, INCLUDING BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY U.S. GAAP, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. THE BOARD OF TRUSTEES HAVE INTERPRETED CALIFORNIA'S ENACTED VERSION OF THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT ("UPMIFA") AS REQUIRING THE PRESERVATION OF THE FAIR VALUE OF THE ORIGINAL GIFT AS OF THE GIFT DATE OF THE DONOR-RESTRICTED ENDOWMENT FUNDS ABSENT EXPLICIT DONOR STIPULATIONS TO THE CONTRARY. AS A RESULT OF THIS INTERPRETATION, THE SCHOOL CLASSIFIES AS PERMANENT NET ASSETS WITH DONOR RESTRICTIONS (A) THE ORIGINAL VALUE OF GIFTS DONATED TO THE ENDOWMENT, (B) THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE ENDOWMENT, AND (C) ACCUMULATIONS TO THE ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME THE ACCUMULATION IS ADDED TO THE FUND. THE REMAINING PORTION OF THE DONOR-RESTRICTED ENDOWMENT FUND THAT IS NOT REQUIRED TO BE RETAINED BY DONOR IS CLASSIFIED AS EXPENDABLE NET ASSETS WITH DONOR RESTRICTION UNTIL THOSE AMOUNTS ARE APPROPRIATED FOR EXPENDITURE BY THE SCHOOL IN A MANNER CONSISTENT WITH THE STANDARD OF PRUDENCE PRESCRIBED BY UPMIFA. IN ACCORDANCE WITH UPMIFA, THE SCHOOL CONSIDERS THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO APPROPRIATE OR ACCUMULATE DONOR-RESTRICTED ENDOWMENT FUNDS: (1) THE DURATION AND PRESERVATION OF THE FUND (2) THE PURPOSES OF THE SCHOOL AND THE DONOR-RESTRICTED ENDOWMENT FUND (3) GENERAL ECONOMIC CONDITIONS (4) THE POSSIBLE EFFECT OF INFLATION AND DEFLATION (5) THE EXPECTED TOTAL RETURN FROM INCOME AND THE APPRECIATION OF INVESTMENTS (6) OTHER RESOURCES OF THE SCHOOL (7) THE INVESTMENT POLICIES OF THE SCHOOL FROM TIME TO TIME, THE FAIR VALUE OF ASSETS ASSOCIATED WITH INDIVIDUAL DONOR-RESTRICTED ENDOWMENT FUNDS MAY FALL BELOW THE LEVEL THAT THE DONOR OR UPMIFA REQUIRES THE SCHOOL TO RETAIN AS A FUND OF PERPETUAL DURATION. THE SCHOOL HAS A POLICY THAT PERMITS SPENDING FROM UNDERWATER ENDOWMENT FUNDS DEPENDING ON THE DEGREE TO WHICH THE FUND IS UNDERWATER, UNLESS OTHERWISE PRECLUDED BY DONOR INTENT OR RELEVANT LAWS AND REGULATIONS. THERE WERE NO SUCH DEFICIENCIES AS OF JUNE 30, 2022. THE SCHOOL HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. ENDOWMENT ASSETS INCLUDE THOSE ASSETS OF DONOR-RESTRICTED FUNDS THAT THE SCHOOL MUST HOLD IN PERPETUITY OR FOR A DONOR-SPECIFIED PERIOD(S) AS WELL AS BOARD-DESIGNATED FUNDS. UNDER THIS POLICY, AS APPROVED BY THE BOARD OF TRUSTEES, THE ENDOWMENT ASSETS ARE INVESTED IN A MANNER THAT IS INTENDED TO PRODUCE RESULTS THAT EXCEED A BENCHMARK COMPRISED OF APPROPRIATELY WEIGHTED STANDARD INDUSTRY INDICES AS DETERMINED BY THE FINANCE AND INVESTMENT COMMITTEE. ACTUAL RETURNS IN THE ENDOWMENT ARE EXPECTED TO VARY FROM YEAR TO YEAR. TO SATISFY ITS LONG-TERM RATE-OF-RETURN OBJECTIVES, THE SCHOOL RELIES ON A TOTAL RETURN STRATEGY IN WHICH INVESTMENT RETURNS ARE ACHIEVED THROUGH BOTH CAPITAL APPRECIATION (REALIZED AND UNREALIZED) AND CURRENT YIELD (INTEREST AND DIVIDENDS). THE SCHOOL TARGETS A DIVERSIFIED ASSET ALLOCATION THAT PLACES A GREATER EMPHASIS ON EQUITY-BASED INVESTMENTS TO ACHIEVE ITS LONG-TERM RETURN OBJECTIVES WITHIN PRUDENT RISK CONSTRAINTS. ALLOWABLE RANGES FOR ASSET CLASSES ARE: EQUITIES (50-80%), FIXED INCOME (20-50%) AND ALTERNATIVE INVESTMENTS (0-10%). THE SCHOOL HAS A POLICY OF APPROPRIATING FOR DISTRIBUTION EACH YEAR 4% OF ITS ENDOWMENT FUND'S AVERAGE FAIR VALUE OVER THE PRIOR 12 QUARTERS THROUGH THE FISCAL YEAR-END PROCEEDING THE FISCAL YEAR IN WHICH THE DISTRIBUTION IS PLANNED. IN ESTABLISHING THIS POLICY, THE SCHOOL CONSIDERED THE LONG-TERM EXPECTED RETURN ON ITS ENDOWMENT. ACCORDINGLY, OVER THE LONG-TERM, THE SCHOOL EXPECTS THE CURRENT SPENDING POLICY TO ACHIEVE ITS OBJECTIVE TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS HELD IN PERPETUITY OR FOR A SPECIFIED TERM AS WELL AS TO PROVIDE ADDITIONAL REAL GROWTH THROUGH NEW GIFTS AND REINVESTED INVESTMENT RETURN. PART X, LINE 2: THE SCHOOL IS A QUALIFIED ORGANIZATION EXEMPT FROM FEDERAL INCOME TAXES AND STATE FRANCHISE TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("IRC") AND SECTION 23701D OF THE CALIFORNIA REVENUE AND TAXATION CODE, RESPECTIVELY. U.S. GAAP REQUIRES MANAGEMENT TO EVALUATE THE TAX POSITIONS TAKEN AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE SCHOOL HAS TAKEN AN UNCERTAIN TAX POSITION THAT MORE-LIKELY-THAN-NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN AND HAS CONCLUDED THAT AS OF JUNE 30, 2022, THERE ARE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A TAX LIABILITY OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE SCHOOL IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS PENDING OR IN PROGRESS. PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES NETTED ON FORM 990 5,976. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AWARDS NETTED ON AUDITED FINANCIAL STATEMENTS 1,106,560. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES NETTED ON FORM 990 5,976. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AWARDS NETTED ON AUDITED FINANCIAL STATEMENTS 1,106,560. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 THE RACIALLY NONDISCRIMINATORY POLICY IS IN THE SAN FRANCISCO CHRONICLE IN JANUARY 2022. PBSA EVENT 218222 212246 5976 5976 218222 212246 5976 5976 5976 0 1 FINANCIAL AID AWARDS 36 1106560 TUITION ASSISTANCE PART I, LINE 2: THE PHILLIPS BROOKS SCHOOL PROVIDES FINANCIAL ASSISTANCE TO FAMILIES WHO QUALIFY. FAMILIES MUST COMPLETE A FINANCIAL AID APPLICATION AND PROVIDE TAX RETURNS TO SUPPORT THEIR APPLICATION. THE FINANCIAL ASSISTANCE COMMITTEE THEN MEETS TO DISCUSS THE ALLOCATION OF THE BUDGETED FUNDS TO THOSE WITH DEMONSTRATED NEED. RECIPIENTS ARE NOTIFIED OF AWARDS WHICH TAKE THE FORM OF REDUCED TUITION EXPENSE IN THE UPCOMING SCHOOL YEAR. X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 SCOTT ERICKSON HEAD OF SCHOOL 419563 0 19157 0 1172 0 31914 0 16399 0 488205 0 0 0 KIM NORMINGTON DIRECTOR OF FINANCE 241893 0 1700 0 672 0 17885 0 0 0 262150 0 0 0 JONATHAN FULK HEAD OF ACADEMIC PROGRAMS 188750 0 56726 0 672 0 1279 0 11331 0 258758 0 0 0 OLANA KHAN ASSIST. HEAD OF SCHOOL 186484 0 850 0 672 0 12424 0 10176 0 210606 0 0 0 LISA BOULGER EA TO HEAD AND OFFICE MGR 136666 0 2550 0 672 0 11300 0 20530 0 171718 0 0 0 LANE YOUNG DIRECTOR OF EDUCATION TECH 147608 0 850 0 659 0 10860 0 8030 0 168007 0 0 0 CHUNG PHUONG CONTROLLER 134983 0 2550 0 607 0 10058 0 12813 0 161011 0 0 0 BEN THOMASIAN NETWORK AND SYSTEMS MANAGE 139834 0 2550 0 630 0 7438 0 9026 0 159478 0 0 0 X 2 10571 FMV X IN-KIND PROPERTY 3 30750 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B A COMPLETE COPY OF FORM 990 (INCLUDING SCHEDULE B WITHOUT DONOR NAMES AND ADDRESSES) IS SENT TO THE WHOLE BOARD FOR THEIR REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BYLAWS OF THE BOARD OF TRUSTEES INCLUDE A CONFLICT OF INTEREST POLICY. IN ADDITION, TRUSTEES SIGN AND FILE WITH THE CORPORATE SECRETARY A CONFLICT OF INTEREST STATEMENT. FORM 990, PART VI, SECTION B, LINE 15 THE PBS BOARD OF TRUSTEES EXECUTED A NEW CONTRACT WITH THE HEAD OF SCHOOL THAT WAS EXECUTED IN NOVEMBER 2019. COMPENSATION AND BENEFITS ARE OUTLINED IN THIS CONTRACT. THE CONTRACT NEGOTIATION PROCESS INCLUDED REVIEW OF COMPARABLE DATA, SUPPORT OF AN OUTSIDE EXECUTIVE COMPENSATION CONSULTANT, AND REVIEW/APPROVAL BY INDEPENDENT PERSONS. IN ADDITION, THE BOARD REVIEWED AND APPROVED A TOTAL COMPENSATION PHILOSOPHY STATEMENT IN JANUARY 2014, WHICH GUIDES THE SCHOOL'S COMPENSATION PLAN. THE HEAD OF SCHOOL REVIEWS REGIONAL ISBOA DATA ON AN ANNUAL BASIS FOR KEY EMPLOYEES OF THE SCHOOL. FORM 990, PART VI, SECTION C, LINE 19 THE SCHOOL'S FORM 990 IS AVAILABLE ON GUIDESTAR, AND WE PROVIDE AUDITED FINANCIALS, GOVERNANCE DOCUMENTS AND CONFLICT OF INTEREST POLICY TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C: THERE IS NO CHANGE IN THE PROCESS FROM THE PRIOR YEAR.