2022-05-14T19:14:15-05:00 2021-06-30 232896692 BBD LLP 1835 MARKET STREET 3RD FLOOR PHILADELPHIA PA 19103 990 2020-07-01 231370500 EPISCOPAL ACADEMY EPIS 4844241420 1785 BISHOP WHITE DRIVE NEWTOWN SQUARE PA 19073 LAWRENCE CAPUZZI CHIEF FINANCIAL OFFICER 4844241420 2022-05-14 1 LAWRENCE CAPUZZI 999009999 JENNIFER SOLOT P00749373 2155677770 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z DR THOMAS J LOCKE 1785 BISHOP WHITE DRIVE NEWTOWN SQUARE PA 19073 61122425 0 X WWW.EPISCOPALACADEMY.ORG X 1785 PA A CO-EDUCATIONAL INDEPENDENT DAY SCHOOL FOR GRADES PRE-K THROUGH TWELVE. 26 26 446 149 0 0 12641676 12406105 41929013 42594856 2770930 1973265 46709 -425740 57388328 56548486 8147327 8815975 0 0 30164682 29284896 11250 0 2033246 14663535 14695842 52986794 52796713 4401534 3751773 269313676 290673894 23339120 23494901 245974556 267178993 X CHALLENGING AND NURTURING MIND, BODY, AND SPIRIT, WE INSPIRE BOYS AND GIRLS TO LEAD LIVES OF PURPOSE, FAITH, AND INTEGRITY. 0 0 46568358 8815975 42617644 THE EPISCOPAL ACADEMY IS AN INDEPENDENT, CO-EDUCATIONAL DAY SCHOOL LOCATED IN NEWTOWN SQUARE, PENNSYLVANIA. ITS CURRICULUM IS COLLEGE PREPARATORY AND INCLUDES GRADES PRE-KINDERGARTEN THROUGH TWELVE. THE ENROLLMENT AT THE ACADEMY IS 1,255 STUDENTS. THE SCHOOL PARTICIPATES IN COMMUNITY SERVICE WORK THAT EXEMPLIFIES THE SCHOOL'S MISSION. THE EPISCOPAL ACADEMY GREATLY VALUES DIVERSITY OF ALL KINDS, INCLUDING RACIAL AND ECONOMIC. TO HELP ACHIEVE THIS DIVERSITY, APPROXIMATELY $8.8 MILLION OF NEED-BASED FINANCIAL AID IS GRANTED TO FAMILIES EACH YEAR IN ORDER TO MAKE IT POSSIBLE FOR CHILDREN [CONT. ON SCH. O]TO ATTEND THE SCHOOL. APPROXIMATELY 24% OF THE STUDENT POPULATION IS AWARDED FINANCIAL AID. ON AVERAGE, THIS AWARD IS APPROXIMATELY 68% OF THE AVERAGE TUITION. 46568358 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 1 1 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 19 0 1 446 1 0 0 0 0 0 0 0 0 0 0 0 0 X 26 26 0 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X BUSINESS OFFICE 4844241420 1785 BISHOP WHITE DRIVE NEWTOWN SQUARE PA 19073 STEVEN E COPIT CHAIR 3.00 X X 0 0 0 JEREMY P COOTE VICE CHAIR 3.00 X X 0 0 0 ROBERT R CORRATO VICE CHAIR 3.00 X X 0 0 0 ELIZABETH A CORRIGAN VICE CHAIR 3.00 X X 0 0 0 DAVID B GROSSMAN VICE CHAIR 3.00 X X 0 0 0 JAMES E MINNICK VICE CHAIR 3.00 X X 0 0 0 LAUREN WYLONIS SECRETARY 3.00 X X 0 0 0 ANN T SEMMER TREASURER 3.00 X X 0 0 0 THE REV CANON DANIEL G. P. GUTIERREZ TRUSTEE 3.00 X 0 0 0 AMACHIE ACKAH TRUSTEE 3.00 X 0 0 0 WARREN I CLAYTOR TRUSTEE 3.00 X 0 0 0 LOUIS J D'AMBROSIO TRUSTEE 3.00 X 0 0 0 DAVID R DUGERY TRUSTEE 3.00 X 0 0 0 DANIELLE GUREGHIAN TRUSTEE 3.00 X 0 0 0 BILLY KING TRUSTEE 3.00 X 0 0 0 ANN M KRAFTSON TRUSTEE 3.00 X 0 0 0 DAVID D LANGFITT TRUSTEE 3.00 X 0 0 0 J RICHARD LEAMAN III TRUSTEE 3.00 X 0 0 0 RYAN D LIMAYE TRUSTEE 3.00 X 0 0 0 WILLIAM L LO TRUSTEE 3.00 X 0 0 0 CHRISTOPHER K MCHUGH TRUSTEE 3.00 X 0 0 0 ROBERT S MCMENAMIN TRUSTEE 3.00 X 0 0 0 DAVID M ROBINSON TRUSTEE 3.00 X 0 0 0 LAURA M ROOKLIN TRUSTEE 3.00 X 0 0 0 CALVIN W SCHMIDT TRUSTEE 3.00 X 0 0 0 JULIEANN G SHANAHAN TRUSTEE 3.00 X 0 0 0 DR THOMAS J LOCKE HEAD OF SCHOOL 40.00 X 741446 0 241851 LAWRENCE CAPUZZI CHIEF FINANCIAL OFFICER 40.00 X 253438 0 32931 PAUL SANDERS ASST. HEAD OF SCHOOL 40.00 X 267212 0 16107 JENNIFER FIFER DIR OF INSTITUTIONAL ADVAN 40.00 X 226393 0 23093 TIMOTHY GAVIN HEAD CHAPLAIN 40.00 X 129386 0 85169 MARK NOTARO CHIEF OPERATING OFFICER 40.00 X 156083 0 56250 TERRENCE MALONE HEAD OF LOWER SCHOOL 40.00 X 170335 0 26105 MICHAEL LETTS HEAD OF UPPER SCHOOL 40.00 X 169797 0 21166 2114090 0 502672 58 0 1 0 SAGE DINING SERVICES INC 1402 YORK ROAD LUTHERVILLE MD 21093 DINING SERVICES 1102301 SOUTHAMPTON WINDOW CLEANING & PO BOX 542 SOUTHAMPTON PA 18966 JANITORIAL SERVICES 713899 JOHNSON CONTROLS PO BOX 730068 DALLAS TX 75373 HVAC SERVICES 266600 EPLUS TECHNOLOGY INC PO BOX 404398 ATLANTA GA 303844398 TECHNOLOGY SERVICES 215719 ARTHUR DESOLIS PAVING CONTRACTOR INC PO BOX 367 VALLEY FORGE PA 19481 CONSTRUCTION SERVICES 210944 14 18166 207615 12180324 551568 12406105 TUITION 611110 42237841 42237841 AUXILIARY ATHLETIC PROGRAMS 611110 262953 262953 DEPOSIT/APPLICATIONS 611110 66451 66451 SCHOLARSHIP INCOME 611110 15000 15000 12611 12611 42594856 1953559 1953559 22788 0 22788 22788 22788 3113703 3093997 19706 19706 19706 1031414 1479942 -448528 -448528 56548486 42617644 0 1524737 8772345 8772345 43630 43630 1422193 1121181 300372 640 23348142 20256378 2165703 926061 1418422 1221143 138189 59090 1609188 1402118 142585 64485 1486951 1299154 125360 62437 73426 57210 6270 9946 45100 35178 3608 6314 56220 56220 1382782 1199674 128262 54846 83721 52058 2844 28819 759187 707638 15259 36290 767652 693923 51645 22084 3533686 3065755 327774 140157 195564 171785 15699 8080 304454 264138 28240 12076 5638573 4891912 523017 223644 232649 202465 21143 9041 INSTRUCTIONAL 467140 441782 17763 7595 GIVING AND SUPPORT 339805 339805 ATHLETICS 294114 294114 STUDENT SERVICES 102211 102211 419558 272566 125156 21836 52796713 46568358 4195109 2033246 201 181 12480399 15269423 9577669 9887680 772195 756448 50000 0 47143 39966 684119 1230835 226286024 66097478 165112576 160188546 70855000 93422894 8200000 8900000 1534374 977921 269313676 290673894 4034926 3066190 8448761 10285616 9994228 9295984 861205 847111 23339120 23494901 X 203942851 214683288 42031705 52495705 245974556 267178993 269313676 290673894 X 3751773 18054604 -601940 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 78514854 6474221 19836127 1478048 1578572 56220 101712362 75509056 2995972 3124486 1192010 1866065 56585 78514854 68418545 5906209 3280789 922449 1120451 53587 75509056 55538405 10670038 4236902 913128 1060872 52800 68418545 48168173 3123542 6411688 1070358 993657 100983 55538405 0.64000 0.36000 0 0 31192214 31192214 179812043 53385887 126426156 15281767 12711591 2570176 160188546 DISCOUNT ON FUTURE INTERESTS 372436 OTHER LIABILITIES 474675 847111 X 66483079 18054604 1423722 19478326 47004753 9543733 9543733 56548486 45278642 1479942 1479942 43798700 56220 8941793 8998013 52796713 PART V, LINE 4: IT IS THE POLICY OF THE SCHOOL TO DRAW 4.00% FOR THE YEARS ENDING JUNE 30, 2021 AND 2020, OF THE TWELVE QUARTER TRAILING AVERAGE OF THE ENDOWMENT'S MARKET VALUE. THE AMOUNT DISTRIBUTED IS USED TO FUND THE SCHOOL, UP TO BUT NOT LIMITED TO STAFF SALARIES, INFORMATION TECHNOLOGY, STAFF DEVELOPMENT, OPERATIONS AND MAINTENANCE, ATHLETICS, FINANCIAL AID AND SCHOLARSHIPS, AND ADMINISTRATIVE EXPENSES. PART X, LINE 2: THE SCHOOL BELIEVES THERE ARE NO UNCERTAINTIES WHICH WOULD REQUIRE ANY RECOGNITION OF TAX BENEFITS OR TAX LIABILITIES FOR THE YEARS ENDED JUNE 30, 2021 AND 2020. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES COST OF GOODS SOLD 1,479,942. INVESTMENT MANAGEMENT FEES -56,220. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 8,772,345. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 340,432. BAD DEBT EXPENSE (RECOVERY) 261,508. CAPITAL CAMPAIGN EXPENSE 169,448. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 1,479,942. RENTAL EXPENSE PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 8,772,345. CAPITAL CAMPAIGN EXPENSES 169,448. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE SCHOOL'S RACIAL NONDISCRIMINATORY POLICY CONCERNING STUDENTS WAS PUBLISHED IN THE PHILADELPHIA DAILY NEWS. THE FOLLOWING WORDING IS ALSO USED ON ALL ADMISSION APPLICATIONS AND ON THE SCHOOL'S WEBSITE: "THE EPISCOPAL ACADEMY DOES NOT DISCRIMINATE IN THE ADMISSION PROCESS ON THE BASIS OF RACE, COLOR, RELIGION, SEXUAL ORIENTATION, NATIONAL ORIGIN, DISABILITY, OR FAMILIAL AFFILIATION." SCHEDULE E, PART I, LINE 6 THE SCHOOL RECEIVES FUNDING FOR SUPPLIES FROM THE STATE OF PENNSYLVANIA. 1 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES TO SUPPORT THE OPERATIONS OF A SCHOOL WHOSE MISSION IS TO EDUCATE STUDENTS TO LIVE PURPOSEFULLY AND WITH FAITH AND INTEGRITY. 43630 0 0 0 0 0 0 43630 0 43630 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, ORGANIZED AND FINANCIALLY SUPPORTED THE BUILDING OF A SCHOOL. 56660 WIRE TRANSFER FMV 1 0 0 0 0 0 0 0 PART I, LINE 2: THE SCHOOL ONLY DISSEMINATES FUNDS AFTER RECEIVING AND APPROVING ALL RECEIPTS AND INVOICES FOR EXPENSES UNDERTAKEN BY THE RECIPIENT ORGANIZATION. PART III ACCOUNTING METHOD: 1 FINANCIAL AID 303 8772345 0 PART I, LINE 2: THE EPISCOPAL ACADEMY PROVIDES FINANCIAL AID TO FAMILIES WHO QUALIFY BASED ON AN ASSESSMENT BY THE SCHOOL AND STUDENT SERVICES BY NAIS (SSS BY NAIS). THE EPISCOPAL ACADEMY'S NEED-BASED FINANCIAL AID PROGRAM ENABLES STUDENTS TO ATTEND THE ACADEMY REGARDLESS OF A FAMILY'S ABILITY TO PAY FULL TUITION. ADMISSION DECISIONS AND DETERMINATION OF FINANCIAL AID ARE MADE BY TWO SEPARATE COMMITTEES. ONCE AN APPLICANT IS OFFERED ADMISSION, THEIR APPLICATION FOR FINANCIAL AID IS REVIEWED AND ASSESSED BY THE FINANCIAL AID COMMITTEE. X X X 1 1 X X 0 1 0 0 0 0 0 0 0 DR THOMAS J LOCKE HEAD OF SCHOOL 463926 0 52520 0 225000 0 123681 0 118170 0 983297 0 225000 0 LAWRENCE CAPUZZI CHIEF FINANCIAL OFFICER 253438 0 0 0 0 0 18783 0 14148 0 286369 0 0 0 PAUL SANDERS ASST. HEAD OF SCHOOL 217212 0 50000 0 0 0 15275 0 832 0 283319 0 0 0 JENNIFER FIFER DIR OF INSTITUTIONAL ADVAN 226393 0 0 0 0 0 15444 0 7649 0 249486 0 0 0 TIMOTHY GAVIN HEAD CHAPLAIN 129386 0 0 0 0 0 34269 0 50900 0 214555 0 0 0 MARK NOTARO CHIEF OPERATING OFFICER 156083 0 0 0 0 0 11850 0 44400 0 212333 0 0 0 TERRENCE MALONE HEAD OF LOWER SCHOOL 170335 0 0 0 0 0 12888 0 13217 0 196440 0 0 0 MICHAEL LETTS HEAD OF UPPER SCHOOL 169797 0 0 0 0 0 12766 0 8400 0 190963 0 0 0 PART I, LINE 1A HEAD OF SCHOOL DR. THOMAS J. LOCKE HAS A RESIDENCE IN WHICH HE LIVES ON CAMPUS. THE HOUSING ALLOWANCE IS NOT INCLUDED IN HIS TAXABLE COMPENSATION SINCE IT IS EXCLUDED UNDER INTERNAL REVENUE CODE SECTION 119. THE SCHOOL PROVIDES CLEANING AND MAINTENANCE SERVICES FOR THE HOUSE AND ITS ENVIRONS AS THE RESIDENCE IS REGULARLY USED FOR SCHOOL-RELATED EVENTS. THE SCHOOL ALSO SUPPORTS HEAD OF SCHOOL DR. THOMAS J. LOCKE'S DEVELOPMENT ACTIVITY BY PROVIDING MEMBERSHIPS TO VARIOUS LOCAL CLUBS AND ORGANIZATIONS AT WHICH VARIOUS SCHOOL-RELATED FUNCTIONS SUCH AS MEETINGS AND ALUMNI EVENTS ARE HELD. THE ABOVE-MENTIONED BENEFITS ARE NOT INCLUDED IN THE HEAD OF SCHOOL'S TAXABLE COMPENSATION. PART I, LINE 4B DR. THOMAS J. LOCKE PARTICIPATES IN A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN. $225,000 WAS RECEIVED DURING THE CALENDAR YEAR ENDED 12/31/20. A DELAWARE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 231997311 2012-12-07 10500000 REPAYMENT OF PRIOR BONDS USED FOR FINANCING COSTS OF CONSTRUCTION PROJECT 0 0 0 A 1204016 10500000 10500000 1 0 1 1 A 0 0 0 0 0 0 1 A 0 1 0 0 0 0 0 0 0 A 0 GRACE LIMAYE SPOUSE OF BOARD MEMBER 130865 SCIENCE DEPARTMENT CHAIR FOR GRADES 6-12 0 SUSAN COOTE SPOUSE OF BOARD MEMBER 15000 CURATOR OF GALLERY 0 X 34 551568 NYSE AND NASDAQ 0 0 1 1 PART I, LINE 32B: VANGUARD RECEIVES ALL STOCK GIFTS AND THE SCHOOL SELLS THEM IMMEDIATELY. THE SCHOOL OBTAINS A HIGH/LOW PRICE FOR THE TRANSACTION DATE FOR WHICH THE AVERAGE PRICE PER SHARE IS RECORDED AS A CONTRIBUTION. FORM 990, PART VI, SECTION B, LINE 11B THE SCHOOL COMPILES ALL NECESSARY SCHEDULES AND INFORMATION FOR THE TAX PREPARER TO UPLOAD INTO THE RETURN. ONCE PREPARED BY THE TAX PREPARER, A DRAFT COPY OF THE 990 IS CIRCULATED AMONGST THE AUDIT COMMITTEE FOR REVIEW AND DISCUSSION WITH THE CFO, DIRECTOR OF FINANCIAL OPERATIONS AND ACCOUNTING AND TAX PREPARER. THE AUDIT COMMITTEE THEN VOTES TO RECOMMEND THE DRAFT 990 BE SUBMITTED TO THE BOARD OF TRUSTEES FOR THEIR APPROVAL. THE DRAFT 990 IS UPLOADED TO THE BOARD PORTAL FOR 10 DAYS FOR THE BOARD OF TRUSTEES TO REVIEW AND APPROVE. FORM 990, PART VI, SECTION B, LINE 12C MEMBERS OF THE GOVERNING BOARD SUBMIT A RELATED PARTY AND CONFLICT OF INTEREST QUESTIONNAIRE ANNUALLY. THE BOARD LIAISON, AN EMPLOYEE WITH THE SCHOOL, REVIEWS THE FORMS FOR ANY CONFLICTS OF INTEREST. BOARD MEMBERS WITH AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST RECUSE THEMSELVES FROM THE MEETING AND DO NOT VOTE ON THE MATTER CAUSING THE CONFLICT OF INTEREST. OTHER PARTIES WHO MAY EXERT INFLUENCE OVER THE SCHOOL, SUCH AS COMMITTEE MEMBERS WHO MAY NOT OTHERWISE SIT ON THE BOARD, MAY ALSO BE ASKED TO SIGN AN ANNUAL QUESTIONNAIRE. FAMILY AND BUSINESS RELATIONSHIPS ARE EXPRESSLY MENTIONED IN THE CONFLICT OF INTEREST QUESTIONNAIRE FORM. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD CHAIR IN CONSULTATION WITH OTHER BOARD MEMBERS IS RESPONSIBLE FOR SETTING AND DETERMINING THE COMPENSATION OF THE HEAD OF SCHOOL. NATIONAL PEER SCHOOL DATA (INDEX) AND LOCAL INDEPENDENT SCHOOL DATA IS GATHERED IN ORDER TO MAKE COMPARISONS TO ENSURE EXECUTIVE COMPENSATION IS WITHIN FAIR MARKET VALUE IN THE INDUSTRY. FORM 990, PART VI, SECTION C, LINE 19 THE SCHOOL MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -340,432. BAD DEBT EXPENSE (RECOVERY) -261,508.