2023-05-11T17:33:06-05:00 2022-06-30 135565207 KPMG LLP 1601 MARKET STREET STE 29 PHILADELPHIA PA 19103 990 2021-07-01 221607926 RUTGERS PREPARATORY SCHOOL RUTG 7325455600 1345 EASTON AVENUE SOMERSET NJ 088731499 GERALD TAMBURRO TREASURER 7325455600 2023-05-11 1 GERALD TAMBURRO XXX-XX-XXXX PHILLIP GROFF P01247783 2672567000 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z STEVEN LOY 1345 EASTON AVENUE SOMERSET NJ 088731499 30822250 0 X WWW.RUTGERSPREP.ORG X 1766 NJ PRE-KINDERGARTEN THROUGH TWELFTH GRADE CO-EDUCATIONAL INDEPENDENT DAY SCHOOL. 18 18 253 18 0 0 3726976 810233 25325510 27985378 539751 1244577 72714 602166 29664951 30642354 6030678 6179379 0 0 14548578 16474608 0 0 1052692 4613891 5267952 25193147 27921939 4471804 2720415 58296577 57499480 7599314 7830936 50697263 49668544 THROUGH EXCELLENCE IN EDUCATION, WE INSPIRE STUDENTS TO DISCOVER AND PURSUE THEIR PASSIONS, EMBRACE INTELLECTUAL CURIOSITY AND CREATIVITY, AND LEAD WITH CONFIDENCE. 0 0 21036908 6179379 26091862 EDUCATION & INSTRUCTION: EDUCATION AND INSTRUCTION FOR APPROXIMATELY 696 STUDENTS IN GRADES PRE-KINDERGARTEN THROUGH GRADE 12 SERVING SOMERSET COUNTY AND ADJACENT COMMUNITIES. 1007041 817102 STUDENT SERVICES - ACTIVITIES (INCLUDING ATHLETICS, STUDENT PUBLICATIONS, DRAMA, CLUBS ETC.) 1094698 1520450 AUXILIARY ENTERPRISES (INCLUDING SCHOOL STORE, CAFETERIA, INTERNATIONAL PROGRAM, SUMMER CAMPS, AFTER SCHOOL PROGRAMS, GRADUATION). 23138647 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 60 0 1 253 1 0 0 0 0 0 0 0 0 0 0 0 0 X 18 18 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 0 1 0 0 X ROBERT APGAR 7325455600 1345 EASTON AVENUE SOMERSET NJ 088731499 KATE ANDERSEN-SHEFT SECRETARY, TRUSTEE 2.00 X X 0 0 0 ANA AYMES TRUSTEE 1.00 X 0 0 0 MARK A BEAN TRUSTEE 1.00 X 0 0 0 DELLA HAMMER CHERCHIA TRUSTEE 1.00 X 0 0 0 ANDREW K GOLDEN TRUSTEE 1.00 X 0 0 0 CHRISTIAN HUSBY TRUSTEE 1.00 X 0 0 0 IAN MARSHALL TRUSTEE (STARTED 7/1/2021) 1.00 X 0 0 0 AMY ZIEBARTH TRUSTEE (STARTED 7/1/2021) 1.00 X 0 0 0 HENRY RAMALLO TRUSTEE 1.00 X 0 0 0 ERNEST RENDA PRESIDENT, TRUSTEE 3.00 X X 0 0 0 GEORGES RICHA VICE PRESIDENT, TRUSTEE 2.00 X X 0 0 0 LORETTA SHAW-LORELLO TRUSTEE 1.00 X 0 0 0 MARK SHERMAN TRUSTEE 1.00 X 0 0 0 GERALD TAMBURRO TREASURER, TRUSTEE 2.00 X X 0 0 0 KATHLEEN TOOMEY TRUSTEE 1.00 X 0 0 0 BRUCE WILLIAMS TRUSTEE 1.00 X 0 0 0 CHRISTOPHER YORLANO TRUSTEE 1.00 X 0 0 0 JOY ZHAO TRUSTEE 1.00 X 0 0 0 STEVEN A LOY HEAD OF SCHOOL 50.00 X 478706 0 70168 ROBERT APGAR CHIEF OPERATING OFFICER 50.00 X 215184 0 10214 PETER RICHARDSON DIR. OF CAMPUS OPERATIONS 50.00 X 189088 0 44955 KEVIN MERGES DIR. OF INNOVATION CENTER 50.00 X 174510 0 53782 PATRIA LEROY DIR. OF ENROLLMENT & FINANCIAL AID 50.00 X 151012 0 57271 TODD RUTMAN DIRECTOR OF FINANCE 50.00 X 168230 0 40502 JOE CHODL UPPER SCHOOL PRINCIPAL 50.00 X 147468 0 42955 1524198 0 319847 35 0 1 0 SAGE DINING SERVICES INC 1402 YORK ROAD SUITE 100 LUTHERVILLE MD 21093 FOOD SERVICE 669708 DISOUSA CONTRACTING CONSULTING LLC 3 HIGHWOOD TERRACE BOONTON TOWNSHIP NJ 07005 CONSTRUCTION 550634 GRAHAM-PELTON CONSULTING 39 BEECHWOOD ROAD SUMMIT NJ 07901 CONSULTING 108593 3 810233 142459 810233 STUDENT TUITION 611110 26898827 26898827 STUDENT FEES 611110 616680 616680 OTHER PROGRAMS 611110 469871 469871 27985378 1245250 1245250 113448 25621 87827 87827 87827 98778 99451 -673 -673 -673 85204 54824 30380 30380 OTHER REVENUE 900099 247473 247473 SUMMER CAMPS 900099 166183 166183 EMPLOYEE RETENTION CRE 900099 70303 70303 483959 30642354 28429414 0 1402707 6179379 6179379 898082 63811 578991 255280 66408 66408 12514426 10218863 1922751 372812 719430 579461 122974 16995 1287074 981806 257415 47853 989188 764516 190228 34444 60181 60181 65400 65400 146079 146079 163162 99529 60370 3263 219601 208621 8784 2196 8610 8610 420710 398394 17853 4463 24673 23439 987 247 13583 3528 10041 14 1083855 1029662 43354 10839 200516 190490 8021 2005 DINING SERVICE 726308 726308 ACADEMIC DEPT. EXP./ACT 503864 503864 ATHLETICS & STUDENT ACT 373406 373406 INTERNATIONAL PROGRAM 94063 94063 1163941 624489 237171 302281 27921939 23138647 3730600 1052692 16318558 14164151 1120329 1376997 311877 370163 118853 130165 121000 0 115205 116043 134909 191138 37969316 22152665 15664580 15816651 23190197 24680023 1201069 654149 58296577 57499480 1719157 1654241 5742119 5982408 138038 194287 7599314 7830936 X 43476546 43007170 7220717 6661374 50697263 49668544 58296577 57499480 2720415 -3749134 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 17220834 60425 -1592241 98297 15590721 13545819 350800 3446229 122014 17220834 13312714 1850 289268 58013 13545819 12423044 130300 767572 8202 13312714 11631891 12500 792333 13680 12423044 0.63700 0.16610 0.19690 0 0 584179 584179 25477506 13021846 12455660 4173789 3523801 649988 7733842 5607018 2126824 15816651 AMOUNTS HELD FOR OTHERS 106346 ASSET RETIREMENT OBLIGATION 87941 194287 X 20794286 -3749134 80445 -3668689 24462975 6179379 6179379 30642354 21823005 80445 80445 21742560 6179379 6179379 27921939 PART V, LINE 4: ENDOWMENT FUNDS HAVE BEEN ESTABLISHED BY THE SCHOOL FOR SCHOLARSHIPS, FACULTY DEVELOPMENT, AND GENERAL PURPOSES. PART X, LINE 2: INCOME TAXES THE SCHOOL IS AN ORGANIZATION DESCRIBED UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(A) OF THE CODE ON INCOME GENERATED BY ACTIVITIES THAT ARE SUBSTANTIALLY RELATED TO ITS TAX-EXEMPT PURPOSE. THERE ARE CERTAIN TRANSACTIONS THAT COULD BE DEEMED UNRELATED BUSINESS INCOME AND COULD RESULT IN A TAX LIABILITY. MANAGEMENT REVIEWS TRANSACTIONS TO ESTIMATE POTENTIAL TAX LIABILITIES USING A THRESHOLD OF MORE LIKELY THAN NOT. IT IS MANAGEMENT'S ESTIMATION THAT THERE ARE NO MATERIAL TAX LIABILITIES THAT ARE REQUIRED TO BE RECORDED. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 54,824. RENTAL EXPENSES 25,621. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 6,179,379. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 54,824. RENTAL EXPENSES 25,621. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 6,179,379. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 A STATEMENT AS TO SUCH POSITION IS INCLUDED IN ADVERTISEMENTS AND ON THE ORGANIZATION'S WEBSITE. SCHEDULE E, PART I, LINE 6 FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENTAL AGENCY: NO CHILD LEFT BEHIND, STATE OF NEW JERSEY - TEXTBOOKS, NURSING, AND TECHNOLOGY. INTERNAL REVENUE SERVICE EMPLOYEE RETENTION CREDIT. 1 STUDENT FINANCIAL AID & SCHOLARSHIPS 289 6179379 PART I, LINE 2: RUTGERS PREPARATORY SCHOOL OFFERS FINANCIAL AID TO QUALIFIED STUDENTS BASED ON THE DEMONSTRATED FINANCIAL NEED OF THE FAMILY AND THE AVAILABILITY OF FINANCIAL AID FUNDS. THESE FUNDS ARE NEED-BASED FINANCIAL AID. RUTGERS PREPARATORY SCHOOL USES CLARITY FINANCIAL AID (CLARITY) AS ITS FINANCIAL AID APPLICATION SERVICE. CLARITY ASSISTS INDEPENDENT SCHOOLS IN DETERMINING FINANCIAL NEED. ALL APPLICATIONS FOR AID ARE MADE THROUGH THE ADMISSION OFFICE AND THE LIST OF FAMILIES WHO RECEIVE AID IS KEPT CONFIDENTIAL. FINANCIAL AID GRANTS ARE APPLIED AS A REDUCTION TO THE FAMILY'S TUITION. X X 1 1 X X X X 0 1 0 0 0 0 0 0 0 STEVEN A LOY HEAD OF SCHOOL 425499 0 0 0 53207 0 39360 0 30808 0 548874 0 0 0 PETER RICHARDSON DIR. OF CAMPUS OPERATIONS 182472 0 0 0 6616 0 19195 0 25760 0 234043 0 0 0 KEVIN MERGES DIR. OF INNOVATION CENTER 173888 0 0 0 622 0 18841 0 34941 0 228292 0 0 0 ROBERT APGAR CHIEF OPERATING OFFICER 215081 0 0 0 103 0 8500 0 1714 0 225398 0 0 0 TODD RUTMAN DIRECTOR OF FINANCE 167629 0 0 0 601 0 0 0 40502 0 208732 0 0 0 PATRIA LEROY DIR. OF ENROLLMENT & FINANCIAL AID 150439 0 0 0 573 0 16810 0 40461 0 208283 0 0 0 JOE CHODL UPPER SCHOOL PRINCIPAL 147173 0 0 0 295 0 8099 0 34856 0 190423 0 0 0 PART I, LINE 1A HOUSING AND OTHER ALLOWANCES HOUSING AND OTHER TAXABLE ALLOWANCES DESCRIPTION: THE ALLOWANCES FOR THE FOLLOWING EMPLOYEE IS TAXABLE AND REFLECTED AS PART OF TAXABLE INCOME AND INCLUDED AS TAXABLE INCOME ON HIS FORM W-2, BOX 1 AND 5. STEVEN LOY'S CONTRACT INCLUDES A HOUSING AND RELATED EXPENSES ALLOWANCE OF $35,400 FOR MORTGAGE PAYMENTS, REAL ESTATE TAXES, INSURANCE, MAINTENANCE AND UTILITIES; AN AUTOMOBILE ALLOWANCE OF $6,500 FOR FUEL; AND THE TAXABLE LEASE VALUE OF A VEHICLE PROVIDED BY THE SCHOOL OF $9,402. TRAVEL FOR COMPANIONS: THE HEAD OF SCHOOL AND HIS SPOUSE SERVE AS AMBASSADORS FOR THE SCHOOL AND FULFILL A KEY ADMINISTRATIVE ROLE IN FUNDRAISING, MARKETING, AND RECRUITMENT OF FACULTY AND STUDENTS. THE HEAD OF SCHOOL'S SPOUSE ALSO SERVES IN THE ROLE OF ATHLETIC COACH AND INSTRUCTOR. TRAVEL RELATED ONLY TO THE RESPONSIBILITIES OF THESE FUNCTIONS IS REIMBURSED IN ACCORDANCE WITH THE SCHOOL'S PROCUREMENT GUIDELINES AND IS NOT REPORTED AS TAXABLE COMPENSATION TO THE HEADMASTER. TRAVEL OUTSIDE OF THIS FUNCTION IS NOT REIMBURSED. PART I, LINE 4B: THE FOLLOWING REPRESENT AMOUNTS CONTRIBUTED TO SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLANS FOR THE FOLLOWING LISTED INDIVIDUALS: STEVEN LOY 16,803.35 KEVIN MERGES $3,385.24 PETER RICHARDSON $4,739.15 PATRIA LEROY $2,998.25 PHILOMENA C LOY FAMILY - STEVEN A. LOY 66408 COMPENSATION & BENEFITS 0 X 13 142459 FMV 0 0 1 0 SCHEDULE M, PART I, COLUMN (B): THE NUMBER IN COLUMN (B) REPRESENTS THE NUMBER OF CONTRIBUTIONS. THE ORGANIZATION RECEIVED 11 STOCK CONTRIBUTIONS FROM 5 CONTRIBUTORS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE BUSINESS OFFICE WITH INPUT FROM THE HEAD OF SCHOOL AND OTHER SCHOOL ADMINISTRATORS WITH ASSISTANCE FROM THE SCHOOL'S TAX ACCOUNTANTS. THE FORM 990 IS REVIEWED BY THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES. THE FINAL COPY OF THE FORM 990 IS PROVIDED TO EACH OF THE BOARD MEMBERS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C CONFLICTS OF INTEREST POLICY A CONFLICT OF INTEREST STATEMENT IS SENT TO EACH BOARD OF TRUSTEE MEMBER AND EACH ADMINISTRATOR EVERY SEPTEMBER FOR SIGNATURE. THE SIGNED CONFLICT OF INTEREST STATEMENTS ARE RETURNED TO THE ASSISTANT TO THE HEAD OF SCHOOL. THE STATEMENTS ARE REVIEWED FOR ANY REPORTED POTENTIAL CONFLICTS. ANY POTENTIAL CONFLICTS ARE REPORTED TO THE PRESIDENT OF THE BOARD AND/OR HEAD OF SCHOOL. IF NECESSARY, THE COMMITTEE ON TRUSTEESHIP AND/OR THE BOARD OF TRUSTEES WOULD PROVIDE GUIDANCE AND TAKE SUCH ACTION AS IT DEEMS APPROPRIATE UNDER THE CIRCUMSTANCES. FORM 990, PART VI, SECTION B, LINE 15A A SIX-MEMBER COMPENSATION COMMITTEE CONSISTING OF INDEPENDENT MEMBERS OF THE BOARD OF TRUSTEES OVERSEES THE ENGAGEMENT OF THE HEAD OF SCHOOL. IT ALSO REVIEWS ANNUAL PERFORMANCE. IN 2020, THIS COMMITTEE NEGOTIATED A LONG-TERM EMPLOYMENT CONTRACT WHICH RUNS THROUGH JUNE 30, 2027 WITH THE HEAD OF SCHOOL. IN THE COURSE OF COMMITTEE AND BOARD DELIBERATIONS, THE SCHOOL LOOKED AT MARKET COMPARABLES AND OTHER OUTSIDE INFORMATION. THE COMPENSATION COMMITTEE MET BY TELEPHONE, EMAIL, VIDEO CONFERENCE, ETC. ON FREQUENT OCCASIONS DURING THE DELIBERATION PERIOD AND IT RETAINED CONTEMPORANEOUS RECORDS. THE SCHOOL ALSO UTILIZED OUTSIDE LEGAL COUNSEL TO FORMALIZE AND FINALIZE THE AGREEMENT. THE CONTRACT WAS APPROVED BY THE BOARD OF TRUSTEES. FORM 990, PART VI, LINE 15B: THE HEAD OF SCHOOL FIXES THE COMPENSATION OF THE COO IN ACCORDANCE WITH REGULAR AND CONTINUING COMPENSATION PRACTICES FOR ALL SCHOOL EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 RUTGERS PREPARATORY SCHOOL MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.