2023-05-11T12:42:36-05:00 2022-06-30 871353108 EISNER ADVISORY GROUP LLC 130 NORTH 18TH STREET SUITE 3000 PHILADELPHIA PA 191032757 990 2021-07-01 510065745 TOWER HILL SCHOOL ASSOCIATION TOWE 3026578360 2813 WEST 17TH STREET WILMINGTON DE 19806 ERIC NORMAN CFO 3026578360 2023-05-10 1 ERIC NORMAN 999009999 HELEN M MARTIN P01330899 2158818800 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z ELIZABETH C SPEERS 2813 WEST 17TH STREET WILMINGTON DE 19806 36412410 0 X WWW.TOWERHILL.ORG X 1919 DE TOWER HILL SCHOOL IS A CO-EDUCATIONAL SCHOOL FOR STUDENTS 3 YEARS OLD THROUGH GRADE 12. 20 20 274 206 0 0 11453772 2358199 24201408 25625860 12995018 5585270 164618 156452 48814816 33725781 5607023 5500838 0 0 15071915 15798763 0 0 1109275 7117309 7488091 27796247 28787692 21018569 4938089 112683577 106938816 16400356 16083854 96283221 90854962 X TOWER HILL SCHOOL PREPARES STUDENTS FROM DIVERSE BACKGROUNDS FOR FULL AND CREATIVE ENGAGEMENT WITH A DYNAMIC WORLD. EACH STUDENT IS PROVIDED WITH AN EDUCATIONAL EXPERIENCE THAT EMPHASIZES THE DEVELOPMENT OF AN INQUISITIVE, DISCERNING AND CRITICAL MIND; THE VALUE OF BEING CREATIVE AND AESTHETICALLY SENSITIVE; THE APPRECIATION OF PHYSICAL WELL-BEING; THE ABILITY TO COLLABORATE AND FUNCTION AS PART OF A TEAM; AND THE GROWTH OF CHARACTER. 0 0 22548707 5500838 25121291 EDUCATIONAL PROGRAMS - TOWER HILL IS A CO-EDUCATIONAL INDEPENDENT SCHOOL WITH 851 STUDENTS FROM 3 YEARS OLD THROUGH GRADE 12 IN 2021-2022 (286 LOWER SCHOOL, 235 MIDDLE SCHOOL, 330 UPPER SCHOOL). THE SCHOOL PROVIDES AN ENRICHED AND CHALLENGING COLLEGE PREPARATORY PROGRAM IN WHICH EACH STUDENT'S ABILITIES AND TALENTS ARE RECOGNIZED AND RESPECTED. THE PROGRAM OFFERS A PERSONALIZED AND INNOVATIVE APPROACH, BUILT ON A STRONG TRADITIONAL FOUNDATION WITHIN A WELCOMING AND INCLUSIVE COMMUNITY. TOWER HILL GRADUATED 83 STUDENTS IN THE CLASS OF 2022. MEMBERS OF THIS CLASS ARE ATTENDING AMERICAN UNIVERSITY, BERKLEE COLLEGE OF MUSIC, BOSTON UNIVERSITY, BUCKNELL UNIVERSITY, CABRINI UNIVERSITY, CARNEGIE MELLON UNIVERSITY, CASE WESTERN RESERVE UNIVERSITY, CLARK ATLANTA UNIVERSITY, COLBY COLLEGE, CORNELL UNIVERSITY, DARTMOUTH COLLEGE, DREXEL UNIVERSITY, DUKE UNIVERSITY, ELON UNIVERSITY, EMORY UNIVERSITY, FLORIDA STATE UNIVERSITY, GEORGE WASHINGTON UNIVERSITY, GEORGETOWN UNIVERSITY, GETTYSBURG COLLEGE, HAVERFORD COLLEGE, HOWARD UNIVERSITY, JAMES MADISON UNIVERSITY, JOHNS HOPKINS UNIVERSITY, MIDDLEBURY COLLEGE, NEW YORK UNIVERSITY, NORTHWESTERN UNIVERSITY, OBERLIN COLLEGE, RENSSALEAR POLYTECHNIC INSTITUTE, ROCHESTER INSTITUTE OF TECHNOLOGY, ROLLINS COLLEGE, RUTGERS UNIVERSITY, SARAH LAWRENCE COLLEGE, SEWANEE: THE UNIVERSITY OF THE SOUTH, SOUTHERN METHODIST UNIVERSITY, SWARTHMORE COLLEGE, SYRACUSE UNIVERSITY, TEMPLE UNIVERSITY, THE COLLEGE OF SAINT ROSE, THE PENNSYLVANIA STATE UNIVERSITY (UNIVERSITY PARK), THE UNIVERSITY OF TAMPA, THE UNIVERSITY OF TEXAS AT AUSTIN, TUFTS UNIVERSITY, UNIVERSITY OF CAMBRIDGE, UNIVERSITY OF DELAWARE, UNIVERSITY OF LOUISVILLE, UNIVERSITY OF MINNESOTA, UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL, UNIVERSITY OF NOTRE DAME, UNIVERSITY OF PITTSBURGH, VANDERBILT UNIVERSITY, VIRGINIA POLYTECHNIC INSTITUTE AND STATE UNIVERSITY, WAKE FOREST UNIVERSITY, WASHINGTON & LEE UNIVERSITY, WASHINGTON COLLEGE AND WOFFORD COLLEGE, AMONG OTHERS. 358213 352684 AFTER SCHOOL PROGRAM - THE KALEIDOSCOPE AFTER SCHOOL PROGRAM SERVES STUDENTS AGE 3 THROUGH 6 EVERY SCHOOL DAY FROM 2:45 TO 6:00PM. THIS PROGRAM PROVIDES A CONTINUATION OF THE ATTENTION AND GUIDANCE THEY RECEIVE IN TOWER HILL'S CLASSROOMS, BUT IN A MORE HOME-LIKE SETTING. SUPERVISED HOMEWORK TIME, INSIDE PLAY, OUTDOOR SPORTS AND AGE-APPROPRIATE ACTIVITIES GIVE STUDENT THE CHANCE TO FULFILL THEIR RESPONSIBILITIES AND GIVE THEIR IMAGINATIONS A WORKOUT TOO. ENRICHMENT OFFERING INCLUDE PROGRAMS SUCH AS CHINESE, DRAMA, CHESS, SEWING, GOLF, KARATE, DANCE, SOCCER AND TENNIS, AMONG OTHERS. 42739 308337 SUMMER CAMP PROGRAM -SUMMER AT TOWER HILL PROVIDES EXCITING ACADEMIC AND ENRICHMENT ACTIVITIES, PLUS A FULL RANGE OF ATHLETIC CAMPS IN DIFFERENT AGE GROUPS. DAY CAMP PROVIDES WEEKLY THEMES WITH SPECIAL GUESTS AND/OR FIELD TRIPS, SWIMMING OR WATER PLAY. ENRICHMENT CAMPS BROADEN CHILDREN'S ARTISTIC AND ACADEMIC HORIZONS IN NEW WAYS. SPORTS CAMPS ARE RUN BY TOWER HILL COACHES AND OUTSIDE PARTNER ORGANIZATIONS FOR BUDDING ATHLETES. SUMMER AT TOWER HILL ALSO INTRODUCES PROSPECTIVE STUDENT TO TOWER HILL'S EXPANSIVE FACILITIES. 22949659 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 55 0 1 274 1 0 1 CJ UK 0 0 0 0 0 0 0 0 0 0 X 20 20 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 X ERIC NORMAN CFO 3025101810 1611 TOWER ROAD WILMINGTON DE 19806 DR ERIC JOHNSON CHAIR 2.00 X X 0 0 0 BEN DU PONT VICE CHAIR 2.00 X X 0 0 0 JOHN M FLYNN SECRETARY 2.00 X X 0 0 0 MARNA WHITTINGTON TREASURER 2.00 X X 0 0 0 SUZANNE ASHLEY TRUSTEE 2.00 X 0 0 0 KIMBERLY CASSIDY TRUSTEE 2.00 X 0 0 0 REGIS DE RAMEL TRUSTEE 2.00 X 0 0 0 ROBERT V DESANTIS TRUSTEE 2.00 X 0 0 0 HEATHER RICHARDS EVANS TRUSTEE 2.00 X 0 0 0 W WHITFIELD GARDNER TRUSTEE 2.00 X 0 0 0 LAIRD HAYWARD TRUSTEE 2.00 X 0 0 0 HENRY MELLON TRUSTEE 2.00 X 0 0 0 CATHERINE L MILLER TRUSTEE 2.00 X 0 0 0 DAVID NOWLAND TRUSTEE 2.00 X 0 0 0 LISA A OLSON TRUSTEE 2.00 X 0 0 0 KEN SIMPLER TRUSTEE 2.00 X 0 0 0 ISBELLA SPEAKMAN TIMON TRUSTEE 2.00 X 0 0 0 GENELLE TRADER TRUSTEE 2.00 X 0 0 0 CARMEN WALLACE TRUSTEE 2.00 X 0 0 0 GINA WARD TRUSTEE 2.00 X 0 0 0 ELIZABETH SPEERS HEAD OF SCHOOL 40.00 X 510244 0 69390 ERIC NORMAN CFO 40.00 X 223272 0 37742 ANTHONY PISAPIA ASSOCIATE HEAD OF SCHOOL 40.00 X 203641 0 47422 KRISTIN MUMFORD DIRECTOR OF ADMISSIONS/ADVANCEMENT 40.00 X 186503 0 44895 LINDSAY ACEVADO DIRECTOR OF COLLEGE COUNSELING 40.00 X 112173 0 16485 MATTHEW TWYMAN DIR OF ALUMNI RELATIONS/ASSOC DIR OF ADMISSIONS 40.00 X 103717 0 10144 JOSHUA BOUGHNER DIRECTOR OF TECHNOLOGY 40.00 X 102210 0 40006 1441760 0 266084 8 0 1 0 SAGE DINING SERVICES INC 1402 YORK ROAD LUTHERVILLE MD 21093 FOOD SERVICE 935564 FIRST CHOICE CLEANING SERVICES 1722 NEWPORT GAP PIKE WILMINGTON DE 19808 CLEANING SERVICE 376355 WILCOX LANDSCAPING PO BOX 629 NEWPORT DE 19720 LANDSCAPING SERVICES & SNOW REMOVAL 328992 BREAKWATER ACCOUNTING & ADVISORY CORP PO BOX 362 ROCKLAND DE 19732 ACCOUNTING SERVICES 242023 4 2358199 259308 2358199 TUITION 611110 24661997 24661997 AUXILIARY REVENUE 611110 944229 944229 FACILITIES RENTALS 611110 19634 19634 25625860 2610000 2610000 5661899 2686629 2975270 2975270 2975270 ANCILLARY INCOME 611110 156452 156452 156452 33725781 25782312 0 5585270 5500838 5500838 850353 850353 11530354 8917411 1951385 661558 715974 578458 98952 38564 1837579 1149889 610877 76813 864503 648377 172901 43225 60456 60456 254422 254422 1351914 1255660 89679 6575 138857 1293 16067 121497 481266 462406 17946 914 1511723 1452478 56372 2873 461509 317772 75311 68426 269811 252842 16469 500 1662340 1597193 61989 3158 SUPPLIES AND MATERIALS 699811 632945 48476 18390 FEES AND MISCELLANEOUS 501796 151669 330802 19325 EVENTS 94186 30428 16301 47457 28787692 22949659 4728758 1109275 11599790 5909871 3421343 2824055 320593 179294 260505 133794 75454079 37854055 35762945 37600024 34905275 31942930 22806683 25656995 3606443 2691853 112683577 106938816 1068222 714639 6330128 6669337 9002006 8699878 16400356 16083854 X 44697911 43185890 51585310 47669072 96283221 90854962 112683577 106938816 4938089 -10366348 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 53726851 628479 -3788464 845287 943531 48778048 35538321 6108435 13797389 805903 911391 53726851 36846549 437137 -103365 592542 1049458 35538321 36617927 25000 1764142 566751 993769 36846549 32752786 1417741 3861581 458377 955804 36617927 0.24892 0.59249 0.15859 0 0 3247658 3247658 59078470 26099667 32978803 9389193 8574828 814365 3600810 3179560 421250 137948 137948 37600024 LOW VOLUME HEDGE FUNDS 3628388 F GROWTH HEDGE FUNDS 7294959 F PRIVATE EQUITY FUNDS 13453116 F PRIVATE REAL ESTATE FUNDS 1280532 F 25656995 X 21227942 0 21227942 12497839 12497839 33725781 23286854 0 23286854 5500838 5500838 28787692 PART V, LINE 4: TOWER HILL SCHOOL ASSOCIATION'S VARIOUS INDIVIDUAL ENDOWMENT FUNDS WERE CREATED BY DONORS TO SUPPLEMENT FUNDING IN PERPETUITY FOR EDUCATIONAL PROGRAMS, SCHOOL OPERATIONS, SCHOLARSHIPS, FACULTY COMPENSATION AND FORUMS. PART X, LINE 2: THE INTERNAL REVENUE SERVICE HAS CLASSIFIED THE SCHOOL AS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("CODE"); AS AN ORGANIZATION, CONTRIBUTIONS TO WHICH ARE DEDUCTIBLE UNDER SECTION 170(B) OF THE CODE; AND AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION AS DEFINED IN SECTION 509(A) OF THE CODE. MANAGEMENT HAS DETERMINED THAT AS OF JUNE 30, 2022 AND 2021, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE SCHOOL RECOGNIZES ACCRUED INTEREST AND PENALTIES ASSOCIATED WITH UNCERTAIN TAX POSITIONS, IF ANY. THERE WERE NO INCOME TAX RELATED INTEREST AND PENALTIES RECORDED FOR EITHER OF THE YEARS ENDED JUNE 30, 2022 OR 2021. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE, REMISSION AND MERIT-BASED AWARDS 5,500,838. RESTRICTED CONTRIBUTIONS 1,200,803. INVESTMENT INCOME, NET OF BOARD DESIGNATED APPROPRIATIONS 5,796,198. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE, REMISSION AND MERIT-BASED AWARDS 5,500,838. 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 SCHOOL'S DIVERSITY POLICIES ARE CONTAINED IN VARIOUS MEDIA NOTICES WHICH INCLUDE, BUT ARE NOT LIMITED TO, THE TOWER HILL GUIDE BOOK AND APPLICATION FORM PROVIDED TO PROSPECTIVE FAMILIES, THE TOWER HILL WEBSITE AND THROUGH OUR MEMBERSHIP IN THE ASSOCIATION OF DELAWARE VALLEY INDEPENDENT SCHOOLS (ADVIS). OUR NONDISCRIMINATION POLICY ALSO ACCOMPANIES ALL JOB VACANCY ADVERTISEMENTS. CARIBBEAN 0 0 INVESTMENTS 6489631 SCOTLAND 0 0 INVESTMENTS 434537 0 0 0 0 0 0 6924168 0 6924168 0 0 0 0 0 0 PART III ACCOUNTING METHOD: 1 FINANCIAL ASSISTANCE, TUITION REMISSION AND MERIT-BASED AWARDS 490 5500838 PART I, LINE 2: THE SCHOOL AWARDS SCHOLARSHIPS TO STUDENTS BASED MERIT OR DEMONSTRATED FINANCIAL NEED. PARTIAL TUITION REMISSION IS ALSO GRANTED TO CHILDREN OF FACULTY AND STAFF. X X X X X X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 ELIZABETH SPEERS HEAD OF SCHOOL 481619 0 20000 0 8625 0 53532 0 15858 0 579634 0 0 0 ERIC NORMAN CFO 206332 0 15000 0 1940 0 14908 0 22834 0 261014 0 0 0 ANTHONY PISAPIA ASSOCIATE HEAD OF SCHOOL 198199 0 5000 0 442 0 14580 0 32842 0 251063 0 0 0 KRISTIN MUMFORD DIRECTOR OF ADMISSIONS/ADVANCEMENT 178612 0 7500 0 391 0 13139 0 31756 0 231398 0 0 0 PART I, LINE 4B THE SCHOOL ESTABLISHED A NON-QUALIFIED RETIREMENT PLAN UNDER INTERNAL REVENUE CODE SECTION 457(B) AS A BENEFIT FOR ITS HEAD OF SCHOOL. THE SCHOOL CONTRIBUTED $19,500 TO THIS PLAN DURING THE FISCAL YEAR. 32100 FINANCIAL AID 287925 TUITION REMISSION X 22 259308 HI/LOW DATE OF GIFT 0 0 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS ON LINE 9 COLUMN (B) REPRESENTS THE NUMBER OF UNIQUE STOCK CONTRIBUTIONS BY A DONOR. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED AND APPROVED BY THE HEAD OF SCHOOL AND THE AUDIT COMMITTEE. PRIOR TO FILING, THE FINAL DRAFT OF THE FORM 990 WITH SCHEDULE B REDACTED IS MADE AVAILABLE TO THE BOARD OF TRUSTEES FOR THEIR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C TRUSTEES ARE REQUIRED ANNUALLY TO SIGN CONFLICT OF INTEREST STATEMENTS AND DISCLOSE ANY KNOWN OR POTENTIAL CONFLICTS OF INTEREST IN THESE STATEMENTS AND AS THEY ARISE THROUGHOUT THE YEAR. FORM 990, PART VI, SECTION B, LINE 15 EACH YEAR, THE COMPENSATION COMMITTEE OF THE BOARD CONDUCTS A BENCHMARK ANALYSIS TO EVALUATE ALL COMPONENTS OF THE HEAD OF SCHOOL'S COMPENSATION PACKAGE, INCLUDING BASE SALARY, SCHOOL-WIDE BENEFITS, DEFERRED COMPENSATION, OTHER COMPENSATION, HOUSING, EXCESS REMISSION, AND VEHICLE USAGE. THE BENCHMARK GROUP INCLUDES TOWER HILL SCHOOL AND 38 OTHER SIMILARLY-SITUATED SCHOOLS IN THE US. THE COMPENSATION COMMITTEE DOCUMENTS THE MEETING, INCLUDING A FULL LIST OF THOSE PRESENT AND THEIR INDEPENDENCE, AND THE PROCESS USED TO CONDUCT THEIR REVIEW. THE COMMITTEE THEN PRESENTS THEIR RECOMMENDATION TO THE FULL BOARD FOR REVIEW. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, FINANCIAL STATEMENTS AND FORM 990 ARE HELD WITH THE SCHOOL AND MAY BE MADE AVAILABLE UPON REQUEST. FORM 990, PART XII, LINE 2C THE AUDIT COMMITTEE IS RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT ACCOUNTANT. THIS PROCESS REMAINS UNCHANGED FROM THE PRIOR YEAR.