2022-05-12T09:51:48-05:00 2021-06-30 202153727 SB & COMPANY LLC 10200 GRAND CENTRAL AVE SUITE 250 OWINGS MILLS MD 21117 990 2020-07-01 520591604 GILMAN SCHOOL INCORPORATED GILM 4103233800 5407 ROLAND AVENUE BALTIMORE MD 21210 SEAN T FURLONG DIRECTOR OF FINANCE & ADMIN. 4103233800 2022-05-12 1 SEAN FURLONG 999009999 MONIQUE BOOKER P00644231 4105842118 2022-05-10 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z GILMAN SCHOOL HENRY PA SMYTH 5407 ROLAND AVENUE BALTIMORE MD 21210 59010238 0 X WWW.GILMAN.EDU X 1897 MD GILMAN SCHOOL IS A DIVERSE COMMUNITY DEDICATED TO EDUCATING BOYS IN MIND, BODY AND SPIRIT THROUGH PARTICULAR EMPHASIS UPON ACADEMIC EXCELLENCE, ATHLETIC PARTICIPATION AND AESTHETIC APPRECIATION. GILMAN SEEKS TO PRODUCE MEN OF CHARACTER AND INTEGRITY WHO HAVE THE SKILLS AND ABILITY TO MAKE A POSITIVE CONTRIBUTION TO THE COMMUNITIES IN WHICH THEY LIVE AND WORK. 48 48 359 400 -1282 0 6502566 9547175 31397423 31714656 -24524 14254284 161128 3331962 38036593 58848077 6033974 6492449 0 0 23114326 23485559 0 0 2062994 16203214 15094985 45351514 45072993 -7314921 13775084 238892271 284359897 52816934 45287061 186075337 239072836 X GILMAN SCHOOL IS A DIVERSE COMMUNITY DEDICATED TO EDUCATING BOYS IN MIND, BODY AND SPIRIT THROUGH PARTICULAR EMPHASIS UPON ACADEMIC EXCELLENCE, ATHLETIC PARTICIPATION AND AESTHETIC APPRECIATION. GILMAN SEEKS TO PRODUCE MEN OF CHARACTER AND INTEGRITY WHO HAVE THE SKILLS AND ABILITY TO MAKE A POSITIVE CONTRIBUTION TO THE COMMUNITIES IN WHICH THEY LIVE AND WORK. 0 0 31109990 6492449 31714656 PROVIDING EDUCATION FOR APPROXIMATELY 1,000 STUDENTS OF THE LOWER, MIDDLE AND UPPER GRADES (K THROUGH 12). 31109990 1 1 0 0 0 0 1 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 1 0 0 0 1 142 0 1 359 1 1 1 0 0 0 0 0 0 0 0 0 X 48 48 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MD X REBECCA G LEVY 4104643147 5407 ROLAND AVENUE BALTIMORE MD 21210 MARK R FETTING PRESIDENT 10.00 X X 0 0 0 JOHN F CAVANAUGH VICE PRESIDENT 5.00 X X 0 0 0 HARRY D HALPERT VICE PRESIDENT 5.00 X X 0 0 0 DW WELLS OBRECHT VICE PRESIDENT 5.00 X X 0 0 0 MITCHELL D WHITEMAN VICE PRESIDENT 5.00 X X 0 0 0 E THOMAS BOOKER III TREASURER 5.00 X X 0 0 0 CHARLES C EDWARDS II SECRETARY 2.00 X 0 0 0 VICTOR I ABIAMIRI TRUSTEE 2.00 X 0 0 0 JOHN C AVIRETT TRUSTEE 2.00 X 0 0 0 ERIN BECKER TRUSTEE 2.00 X 0 0 0 ROBERT G BLUE TRUSTEE 2.00 X 0 0 0 PETER A BOWE TRUSTEE 2.00 X 0 0 0 THOMAS S BOZZUTO JR TRUSTEE 2.00 X 0 0 0 ANDREW M BROOKS TRUSTEE 2.00 X 0 0 0 ANDREW M CAMERON TRUSTEE 2.00 X 0 0 0 WM POLK CAREY II TRUSTEE 2.00 X 0 0 0 CARDELLA W COLEMAN TRUSTEE 2.00 X 0 0 0 JENNIFER DARDIS TRUSTEE 2.00 X 0 0 0 D LAWSON DEVRIES III TRUSTEE 2.00 X 0 0 0 KRISTY DICKSON TRUSTEE 2.00 X 0 0 0 SUSAN G DUNN TRUSTEE 2.00 X 0 0 0 EMILY FEARLY TRUSTEE 2.00 X 0 0 0 CHARLES C FENWICK JR TRUSTEE 2.00 X 0 0 0 ANN E FRAKER TRUSTEE 2.00 X 0 0 0 GEORGE B HESSJR TRUSTEE 2.00 X 0 0 0 CHEO D HURLEY TRUSTEE 2.00 X 0 0 0 JONATHON S JACOBSON TRUSTEE 2.00 X 0 0 0 DAVID J KIM TRUSTEE 2.00 X 0 0 0 D BROOKS KITCHEL II TRUSTEE 2.00 X 0 0 0 PAUL F MCBRIDE TRUSTEE 2.00 X 0 0 0 CHARLES A MORRIS TRUSTEE 2.00 X 0 0 0 HENRY I MYERBERG TRUSTEE 2.00 X 0 0 0 R DAVIS NOELL TRUSTEE 2.00 X 0 0 0 WILLIAM L PATERNOTTE TRUSTEE 2.00 X 0 0 0 TROY L ROHRBAUGH TRUSTEE 2.00 X 0 0 0 FRANK B ROSENBERG TRUSTEE 2.00 X 0 0 0 MALCOLM P RUFF TRUSTEE 2.00 X 0 0 0 DARA S SCHNEE TRUSTEE 2.00 X 0 0 0 STEPHEN T SCOTT TRUSTEE 2.00 X 0 0 0 ALEXIS SETH TRUSTEE 2.00 X 0 0 0 MARCUS SIMMS TRUSTEE 2.00 X 0 0 0 ERIKA SLATER TRUSTEE 2.00 X 0 0 0 FREDERICK B SMITH IV TRUSTEE 2.00 X 0 0 0 JARED D SPAHN TRUSTEE 2.00 X 0 0 0 GEORGE E THOMSEN TRUSTEE 2.00 X 0 0 0 KHALIL RASHID UQDAH TRUSTEE 2.00 X 0 0 0 MICHAEL J WEINFELD TRUSTEE 2.00 X 0 0 0 KARLO G YOUNG TRUSTEE 2.00 X 0 0 0 HENRY P A SMYTH HEADMASTER 40.00 X 426281 0 131236 SEAN FURLONG DIRECTOR OF FINANCE 40.00 X 236255 0 37368 HEATHER WARNACK DIRECTOR OF DEVELOPMENT 40.00 X 176930 0 42342 PETER KWITEROVICH ASST HEAD OF SCHOOL 40.00 X 161240 0 15334 AMY H FURLONG DIRECTOR OF ENROLLMENT 40.00 X 170602 0 23375 TIMOTHY HOLLEY DIR OF EXTERNAL RELATIONS 40.00 X 149277 0 46133 ROBERT HUEBECK HEAD OF UPPER SCHOOL 40.00 X 148603 0 40866 1469188 0 336654 7 0 1 0 RIPARIUS CONSTRUCTION INC 25 SCHILLING ROAD HUNT VALLEY MD 21031 CONSTRUCTION 903821 COMPASS GROUP USA PO BOX 417632 BOSTON MA 022417632 DINING SERVICES 857030 POWER & COMBUSTION INC 7909 PHILADELPHIA ROAD BALTIMORE MD 212372694 BOILERS & COOLING TOWER REPLACEMENT/REP 351725 COMPREHENSIVE BUILDINGS SERVICE INC 529 ANNESLIE ROAD BALTIMORE MD 21212 CLEANING 318066 VENABLE LLP PO BOX 62727 BALTIMORE MD 212642727 LEGAL SERVICES 238047 5 4188615 5358560 9547175 TUITION AND FEES 611710 31484652 31484652 OTHER FEES AND CHARGES 611710 230004 230004 31714656 14254284 -1282 14255566 283938 162161 121777 121777 INTEREST RATE SWAP 900099 3194158 3194158 OTHER INCOME 900099 16027 16027 3210185 58848077 35046618 -1282 14255566 6492449 6492449 1802321 1333436 356489 112396 16577420 12264701 3278920 1033799 1436336 1111647 247644 77045 3669482 2879865 573626 215991 334142 334142 59416 59416 403743 403743 172731 172731 91929 79014 12915 577288 554168 17634 5486 1964738 1471451 390550 102737 24022 23703 319 1014689 1014689 3106971 2468549 535685 102737 301177 301177 COVID-19 EXPENSES 3228150 3228150 OTHER EXPENSES 2413694 1066892 1346802 DINING HALL 834795 796615 29120 9060 PROFESSIONAL DEVELOPMEN 380515 380515 186985 186985 45072993 31109990 11900009 2062994 11107634 5949388 1110000 0 3347238 2469348 566674 353112 32235 201486 163655 653495 622689 94929500 42239775 53479631 52689725 96856461 131303553 69175137 88260646 618821 590692 1743459 1957089 238892271 284359897 2737392 3036710 3902657 3226889 35260409 35268954 4188615 6727861 3754508 52816934 45287061 X 34596705 42472067 151478632 196600769 186075337 239072836 238892271 284359897 13775084 39222415 0 X 1 X 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 X 1 1 135971634 1895043 48410022 6142537 180134162 139695894 2381889 -48373 6057776 135971634 134751985 1887388 8528615 5472094 139695894 119585154 9728723 10577842 5139734 134751985 110508593 3786488 10256196 4966123 119585154 0.12590 0.53840 0.33570 0 0 73782967 32470027 41312940 11285166 3698925 7586241 8789478 5545899 3243579 1071889 524924 546965 52689725 HEDGE FUNDS 53287779 F PRIVATE EQUITY 27573502 F REAL ESTATE 7399365 F 88260646 POOLED INCOME AND SIMILAR FUNDS LIABILITIES 397566 INTEREST RATE SWAPS 3209112 CHARITABLE GIFT ANNUITY DISCOUNTS 147830 3754508 X 93149888 39222415 162161 39384576 53765312 5082765 5082765 58848077 40152389 -5082765 -5082765 45235154 -162161 -162161 45072993 PART II, LINE 9: THE LAND IS INCLUDED AT COST ON THE BALANCE SHEET OF THE ORGANIZATION. PART IV, LINE 1B: GILMAN SCHOOL'S SPENDING RATE IS DETERMINED BY THE BUDGET AND FINANCE COMMITTEE. THE BUDGET AND FINANCE COMMITTEE MAY ASK FOR INPUT FROM THE CHAIRMAN OF THE INVESTMENT COMMITTEE TO HELP DETERMINE THE APPROPRIATE SPENDING POLICY RECOGNIZING THAT FINANCIAL ASSETS WILL FLUCTUATE IN VALUE. THE POLICY OF THE SCHOOL HAS BEEN AND WILL CONTINUE TO BE TO REVIEW THE ENDOWMENT SPENDING RATE PERIODICALLY BUT TO REFRAIN FROM FREQUENT CHANGES IN THE SPENDING RATE THAT MAY APPEAR OR REFLECT RESPONSES TO SHORT-TERM MARKET MOVEMENTS RATHER THAN TO LONGER-TERM INVESTMENT OBJECTIVES. BEGINNING WITH THE 2010/2011 FISCAL YEAR, GILMAN SCHOOL'S ENDOWMENT SPENDING RATE WAS 5% (UP FROM BLENDED RATE OF 4.3%). THE SCHOOL HAS REDUCED THE SPENDING RATE IN RECENT YEARS TO 4.7%. PART X, LINE 2: THE SCHOOL IS GENERALLY EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC). IN ADDITION, THE SCHOOL QUALIFIES FOR CHARITABLE CONTRIBUTIONS DEDUCTIONS UNDER SECTION 170(B)(1)(A)(VI) AND HAS BEEN CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A)(1). INCOME WHICH IS NOT RELATED TO EXEMPT PURPOSES, LESS APPLICABLE DEDUCTIONS, MAY BE SUBJECT TO FEDERAL AND STATE CORPORATE INCOME TAXES. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA PROVIDE CONSISTENT GUIDANCE FOR THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ENTITY'S FINANCIAL STATEMENTS AND PRESCRIBE A THRESHOLD OF "MORE LIKELY THAN NOT" FOR RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE SCHOOL PERFORMED AN EVALUATION OF UNCERTAIN TAX POSITIONS FOR THE YEAR ENDED JUNE 30, 2021, AND DETERMINED THAT THERE WERE NO MATTERS THAT WOULD REQUIRE RECOGNITION IN THE FINANCIAL STATEMENTS OR WHICH MAY HAVE ANY EFFECT ON ITS TAX-EXEMPT STATUS. AS OF JUNE 30, 2021, THE STATUTE OF LIMITATIONS FOR FISCAL YEARS 2018 THROUGH 2021, REMAINS OPEN WITH THE U.S. FEDERAL JURISDICTION OR THE VARIOUS STATES AND LOCAL JURISDICTIONS IN WHICH THE SCHOOL FILES TAX RETURNS. IT IS THE SCHOOL'S POLICY TO RECOGNIZE INTEREST AND/OR PENALTIES RELATED TO UNCERTAIN TAX POSITIONS, IF ANY, IN INCOME TAX EXPENSE. PART XI, LINE 2D - OTHER ADJUSTMENTS: OTHER 162,161. PART XII, LINE 2D - OTHER ADJUSTMENTS: OTHER -5,082,765. PART XII, LINE 4B - OTHER ADJUSTMENTS: OTHER -162,161. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 PUBLISHED IN SCHOOL BROCHURES, APPLICATION FOR ADMISSION AND IN THE LOCAL TRADE NEWSPAPERS/PERIODICALS. PUT ON JOB DESCRIPTIONS AND WEBSITE WHEN JOBS ARE ADVERTISED CENTRAL AMERICA AND THE CARIBBEAN INVESTMENT 3302819 0 0 0 0 0 0 3302819 0 3302819 1 0 0 0 1 0 PART III ACCOUNTING METHOD: 1 FINANCIAL AID 337 6591014 PART I, LINE 2: GILMAN PROVIDES FINANCIAL AID TO STUDENTS WHO QUALIFY. THE GRANT REDUCES THE TUITION DUE. PARENTS ARE NEVER GIVEN A CHECK OR CASH FOR A GRANT. X X 1 1 X X X 0 0 0 0 0 0 0 0 0 HENRY P A SMYTH HEADMASTER 425135 0 0 0 1146 0 73754 0 57482 0 557517 0 0 0 SEAN FURLONG DIRECTOR OF FINANCE 234545 0 0 0 1710 0 18374 0 19012 0 273641 0 0 0 HEATHER WARNACK DIRECTOR OF DEVELOPMENT 176432 0 0 0 498 0 10841 0 31501 0 219272 0 0 0 TIMOTHY HOLLEY DIR OF EXTERNAL RELATIONS 147581 0 0 0 1696 0 12382 0 33751 0 195410 0 0 0 AMY H FURLONG DIRECTOR OF ENROLLMENT 169855 0 0 0 747 0 13213 0 10162 0 193977 0 0 0 ROBERT HUEBECK HEAD OF UPPER SCHOOL 148053 0 0 0 550 0 8763 0 32103 0 189469 0 0 0 PETER KWITEROVICH ASST HEAD OF SCHOOL 160501 0 0 0 739 0 14048 0 1286 0 176574 0 0 0 PART I, LINE 1A HEADMASTER, HENRY P.A. SMYTH, RECEIVED A RESIDENCE FOR PERSONAL USE AND PERSONAL SERVICES DURING THE YEAR. THESE BENEFITS ARE INCLUDED IN SCHEDULE J, PART II, COLUMN D. A MARYLAND HEALTH AND HIGHER EDUCATIONAL FACILITIES AUTHORITY 520936091 2014-10-16 35500000 REFINANCE SERIES 2006 BONDS & FINANCE CAMPUS INFRASTRUCTURE IMPROVEMENTS. 0 1 0 A 35500000 330797 5271980 30000000 2016 1 0 1 1 A 0 0 0 0 0 0 1 A 0 1 0 0 1 1 TD BANK 15.000000000000 0 0 0 0 1 A 1 SCHEDULE K SUPPLENTAL INFORMATION OTHER SPENT PROCEEDS IS THE AMOUNT OF THE BOND ISSUE USED TO REFUND THE 2006 ISSUE. IN JUNE 2020, GILMAN INCURRED ADDITIONAL COST IN RESTRUCTURING ITS 2014 BOND. THE NEW COST AMOUNTED TO $102,777 AND WILL START TO BE AMORTIZED OVER THE TERM OF THE DEBT STARTING JULY 2020. AMY FURLONG FAMILY MEMBER OF SEAN FURLONG, OFFICER 155849 SALARY 0 X 71 435667 FAIR MARKET VALUE 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B THE FULL DRAFT OF THE 990 IS SENT TO THE AUDIT COMMITTEE OF THE BOARD ASKING THEM TO REVIEW AND ASK ANY QUESTIONS. THE DRAFT, EXCLUDING SCHEDULE B, IS SENT TO THE FULL BOARD ASKING THEM TO REVIEW AND ASK ANY QUESTIONS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY APPLIES TO ALL BOARD OF TRUSTEES OF GILMAN SCHOOL; ANY PERSON WHO SERVES ON A COMMITTEE OF THE BOARD OF TRUSTEES, ALL MEMBERS OF SCHOOL'S ADMINISTRATION; AND THE OFFICERS AND BOARD MEMBERS OF ASSOCIATIONS AND ORGANIZATIONS AFFILIATED WITH THE SCHOOL, SUCH AS THE PARENTS ASSOCIATION AND ALUMNI ASSOCIATION. THE PERSONS ENUMERATED ABOVE OR DESIGNATED BY THE BOARD OF TRUSTEES SHALL BE REFERRED TO AS "GILMAN SCHOOL COVERED PERSONS". SHOULD A CONFLICT OF INTEREST ARISE, THE INDIVIDUAL WITH THE CONFLICT SHALL DISCLOSE IN WRITING THE EXISTENCE OF THE CONFLICT TO THE PRESIDENT OF THE BOARD. ANY CONFLICT OF INTEREST OR POTENTIAL CONFLICT OF INTEREST SHALL BE DISCLOSED PROMPTLY TO THE BOARD OF TRUSTEES. CONFLICTS OF INTEREST MAY BE DIFFICULT TO IDENTIFY IN ADVANCE, BUT OFTEN BECOME CLEARER IN HINDSIGHT. NORMALLY PERSONAL VALUES AND INTEGRITY ARE A GUIDE TO THE RIGHT DECISION. WHEN IN DOUBT, A GILMAN SCHOOL COVERED PERSON SHOULD CONSIDER ASKING THEMSELVES THE FOLLOWING QUESTIONS: - IS MY ACTION LEGAL AND ETHICAL? - IS MY ACTION HONEST IN EVERY RESPECT? - WOULD I BE PROUD TO READ ABOUT MY ACTION IN THE NEWSPAPER? - CAN I DEFEND MY ACTION WITH A CLEAR CONSCIENCE? IF A GILMAN SCHOOL COVERED PERSON CANNOT READILY ANSWER EACH OF THE ABOVE QUESTIONS IN THE AFFIRMATIVE, HE OR SHE LIKELY SHOULD NOT PROCEED WITH THE ACTION. UNLESS IT IS ABSOLUTELY CLEAR TO THE INDIVIDUAL THAT A CONFLICT OF INTEREST IS NOT PRESENT, HE OR SHE MUST SEEK GUIDANCE FROM (AND DISCLOSE ALL IMPORTANT FACTS TO) THE PRESIDENT OF THE BOARD OF TRUSTEES (OR IN HIS ABSENCE ANY OTHER OFFICER OF THE BOARD) AND THE HEADMASTER. EACH YEAR, GILMAN'S DEVELOPMENT OFFICE ASKS EACH BOARD MEMBER TO SUBMIT A CONFLICT OF INTEREST STATEMENT. FORM 990, PART VI, SECTION B, LINE 15A THE HEADMASTER'S PERFORMANCE AND COMPENSATION ARE REVIEWED ANNUALLY BY THE EXECUTIVE COMMITTEE OF THE BOARD. VARIOUS BENCHMARKS (NAIS, AIMS) FOR SCHOOLS OF COMPARABLE SIZE OF STUDENTS ARE USED TO ESTABLISH A COMPENSATION PACKAGE THAT IS REASONABLE FOR A SCHOOL OF OUR SIZE. THE HEADMASTER DETERMINES THE COMPENSATION OF ALL OTHER EMPLOYEES ALSO USING COMPARABLE DATA. FORM 990, PART VI, SECTION C, LINE 18 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST ROLAND NORTHERN BRIDGE COMPANY 5407 ROLAND AVENUE BALTIMORE MD 21210 300088452 BUILDING AND MAINTENANCE OF PEDESTRIAN BRIDGE MD 501(C)(3) LINE 12A, I N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 ROLAND NORTHERN BRIDGE COMPANY R 27536 COST METHOD