2022-05-16T11:09:52-05:00 2021-06-30 390859910 BAKER TILLY US LLP 1570 FRUITVILLE PIKE SUITE 400 LANCASTER PA 17601 990 2020-07-01 231178880 VALLEY FORGE MILITARY ACADEMY FOUNDATION VALL 6109891200 1001 EAGLE ROAD WAYNE PA 190873695 D ERIC SAUL CHIEF FINANCIAL OFFICER 6109891200 2022-05-16 1 D ERIC SAUL 999009999 KERRI N BOGDA CPA P00760402 7177404863 X 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z COL STUART B HELGESON 1001 EAGLE ROAD WAYNE PA 190873695 15559215 0 X WWW.VFMAC.EDU X 1928 PA EDUCATIONAL INSTITUTION FOCUSED ON BUILDING LEADERSHIP THROUGH A MILITARY ENVIRONMENT. 11 6 98 20 145615 0 1817308 1605025 22633846 11919600 -59307 284258 457933 265898 24849780 14074781 9714142 3491038 0 0 8030016 5633297 0 0 360187 10423230 8781591 28167388 17905926 -3317608 -3831145 37543790 40487283 6794254 9151772 30749536 31335511 X TO EDUCATE CADETS, WITHIN AN ACADEMIC AND MILITARY ENVIRONMENT, TO BE FULLY PREPARED FOR THEIR RESPONSIBILITIES AS CITIZEN LEADERS WHO ARE MENTALLY ALERT, SOUND IN BODY, CONSIDERATE OF OTHERS AND POSSESSED OF THE HIGHEST SENSE OF DUTY, HONOR, LOYALTY, AND COURAGE.TO FOSTER THE LOVE OF GOD AND COUNTRY, HIGH MORAL STANDARDS AND STRONG CHARACTER TRAITS THAT WILL MAKE ALL A CREDIT TO THEMSELVES, THEIR FAMILIES, THEIR ALMA MATER, THEIR COUNTRY, AND THEIR GOD. 0 0 13253568 3491038 11854770 VALLEY FORGE PROVIDES CADETS WITH AN EDUCATIONAL EXPERIENCE BUILT ON OUR FIVE CORNERSTONES: ACADEMIC EXCELLENCE, CHARACTER DEVELOPMENT, PERSONAL MOTIVATION, PHYSICAL DEVELOPMENT, AND LEADERSHIP. A VALLEY FORGE EDUCATION IS ROOTED IN QUALITY ACADEMIC PROGRAMS SUPPORTED BY LEADERSHIP RESPONSIBILITIES AND STRONG ATHLETIC AND EXTRACURRICULAR OPPORTUNITIES. THE SCHOOL HOSTED 231 STUDENTS DURING THE YEAR. 13253568 1 1 0 0 0 0 0 0 0 1 1 0 0 1 0 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 12 0 98 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 11 6 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X D ERIC SAUL CFO 6109891232 1001 EAGLE ROAD WAYNE PA 190873695 JOHN ENGLISH CHAIRMAN 1.00 X X 0 0 0 ROBERT A BACINE ESQ VICE CHAIR 1.00 X X 0 0 0 COL JOSEPH A BARTASIUS BOARD MEMBER 1.00 X 0 0 0 WILLIAM R FLOYD JR BOARD MEMBER 1.00 X 0 0 0 ANTHONY MCINTYRE BOARD MEMBER 1.00 X 0 0 0 J KENT MCNEW BOARD MEMBER 1.00 X 0 0 0 CONRAD E MUHLY IV BOARD MEMBER 1.00 X 0 0 0 GEORGE H SCHILDGE BOARD MEMBER 1.00 X 0 0 0 JONATHAN TRATT BOARD MEMBER 1.00 X 0 0 0 DR CHRISTINE ANNE ROYCE BOARD MEMBER 1.00 X 0 0 0 MARK KELTON BOARD MEMBER 1.00 X 0 0 0 VINCENT J VUONO CPA CHIEF FINANCIAL OFFICER(UNTIL 9/20) 40.00 X 160000 0 0 COL STUART HELGESON PRESIDENT 40.00 X 164915 0 18989 ERIC SAUL CHIEF FINANCIAL OFFICER 40.00 X 67308 0 16834 PAUL LEA DEAN OF ACADEMY 40.00 X 103069 0 18989 495292 0 54812 3 0 1 0 LINTONS FOOD SERVICE MANAGEMENT 10 SENTRY PARKWAY SUITE 110 BLUEBELL PA 19422 FOOD SVC/UNIFORMS 1398919 MAIN LINE JANITORIAL SERVICE INC 4438 LOBELLA COURT CHESTER SPRINGS PA 19425 CUSTODIAL 1340618 SODEXO INC PO BOX 905374 CHARLOTTE NC 28290 FOOD SVC/UNIFORMS 511232 RILEY RIPER HOLLIN & COLAGRECO PO BOX 1265 / EAGLEVIEW CORPORATE C EXTON PA 19341 LEGAL SERVICES 346331 MCDONNELL CONTRACTORS INC PO BOX 0157 NARBERT PA 19072 CONSTRUCTION 305620 22 61000 114348 1429677 1605025 TUITION AND FEES 611600 11324545 11324545 SUMMER CAMP PROGRAM 611600 303974 239144 64830 HOUSING RENTALS 611600 291081 291081 11919600 190158 190158 179448 173663 5785 5785 5785 1381076 2500 1289476 0 91600 2500 94100 94100 33428 61000 21295 12133 12133 OTHER INCOME 900099 165180 165180 CONSULTING INCOME 541610 75000 75000 RIFLE CLUB 713990 7800 7800 247980 14074781 11854770 145615 469371 3491038 3491038 470849 470849 4245239 3315690 771428 158121 45812 25315 17280 3217 554190 423567 116109 14514 317207 203944 101956 11307 686468 686468 105750 105750 41447 41447 976587 509648 394790 72149 141873 1801 140072 1059840 854976 184018 20846 46364 46364 1318374 956848 324583 36943 23627 21413 2214 228457 204882 21186 2389 1167938 1063364 92174 12400 FOOD SERVICE 1048722 1048563 159 PLANT OPERATIONS 897636 897636 BAD DEBTS 753988 753988 UNIFORMS 94883 94883 189637 140000 21336 28301 17905926 13253568 4292171 360187 1500 520 1896311 1373147 984066 389364 208541 180008 82404 81743 657874 684929 52645469 37984301 14989173 14661168 9467167 11042277 9256754 12074127 37543790 40487283 1526474 1646718 240976 1200655 900000 900000 2508929 1995743 1617875 3408656 6794254 9151772 X 9346270 5627463 21403266 25708048 30749536 31335511 37543790 40487283 X -3831145 1599747 2817373 X 0 1 X 1 1 1 X 4219260 1515171 1973095 1817308 1605025 11129859 4219260 1515171 1973095 1817308 1605025 11129859 4128136 7001723 386760 471331 502429 234073 190158 1784751 36533 121620 35289 331516 206408 731366 13645976 107651489 0.51310 0.50610 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER ADMINISTRATIVE INCOME - 2016 AMOUNT: $ 3,704. 2017 AMOUNT: $ 317. 2018 AMOUNT: $ 13,584. 2019 AMOUNT: $ 23,818. 2020 AMOUNT: $ 165,180. TUITION REFUND - 2016 AMOUNT: $ 9,824. 2017 AMOUNT: $ 46,898. PARKING ENFORCEMENT - 2016 AMOUNT: $ 11,340. 2017 AMOUNT: $ 2,524. 2018 AMOUNT: $ 2,755. 2019 AMOUNT: $ 2,225. RIFLE CLUB - 2016 AMOUNT: $ 11,665. 2017 AMOUNT: $ 11,200. 2018 AMOUNT: $ 18,950. 2019 AMOUNT: $ 13,325. 2020 AMOUNT: $ 7,800. INSURANCE RECOVERY REVENUE - 2017 AMOUNT: $ 40,681. 2019 AMOUNT: $ 290,651. FACILITIES INCOME - 2017 AMOUNT: $ 20,000. SPECIAL EVENTSNET - 2019 AMOUNT: $ 1,497. NON-CHARITABLE FUNDRAISING - 2020 AMOUNT: $ 33,428. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 11258900 34235 1839650 683300 314275 12135210 11550312 55706 249482 596600 11258900 11056710 817790 356712 680900 11550312 10379248 51380 552916 658800 10324744 9735717 137383 888748 382600 10379248 0.07500 0.67000 0.25500 1 0 1456602 1456602 43024899 31171219 11853680 7117530 6813082 304448 1046438 1046438 14661168 INTEREST IN CHARITABLE REMAINDER TRUSTS 1978693 INTEREST IN PERPETUAL TRUST 10095434 12074127 X 15133079 1599747 -715112 884635 14248444 -173663 -173663 14074781 14547104 173663 173663 14373441 3532485 3532485 17905926 PART V, LINE 4: THE ENDOWMENT IS TO BE USED FOR THE OPERATIONS OF THE ORGANIZATION. THE MAJORITY OF FUNDS ARE ALLOCATED TO CADET SCHOLARSHIPS. CADET AND STAFF AWARDS ARE ALSO FUNDED BY THE ENDOWMENT. ALLOWABLE ENDOWMENT FUNDING IS ALSO USED FOR PLANT OPERATIONS WHEN NECESSARY. PART X, LINE 2: THE FOUNDATION FOLLOWS THE FASB GUIDANCE THAT REQUIRES A TAX POSITION TO BE RECOGNIZED OR DERECOGNIZED BASED ON A "MORE-LIKELY-THAN-NOT" THRESHOLD. THIS APPLIES TO POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE UNIVERSITY DOES NOT BELIEVE ITS FINANCIAL STATEMENTS INCLUDE ANY UNCERTAIN TAX POSITIONS. THE FOUNDATION'S POLICY IS TO RECOGNIZE INTEREST RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES IN OPERATING EXPENSES. NO INTEREST OR PENALTIES WERE RECOGNIZED IN 2021 OR 2020. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID -3,491,038. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT 233,023. CHANGE IN VALUE OF PERPETUAL TRUSTS 2,584,350. INVESTMENT FEES -41,447. PART XI, LINE 4B - OTHER ADJUSTMENTS: FACILITY RENTAL EXPENSES -173,663. PART XII, LINE 2D - OTHER ADJUSTMENTS: FACILITY RENTAL EXPENSES 173,663. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 3,491,038. INVESTMENT FEES 41,447. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 ADVERTISING INCLUDES THE REQUIRED STATEMENTS REGARDING OUR RACIAL NON-DISCRIMINATORY POLICY IN BOTH PRINT AND RADIO. SCHEDULE E, PART I, LINE 6 VALLEY FORGE MILITARY ACADEMY AND COLLEGE RECEIVES A GRANT THROUGH THE PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY INSTITUTIONAL ASSIST GRANT PROGRAM. GOLF OUTING 91635 61000 30635 17328 91635 61000 30635 17328 17328 13307 1 VARIOUS SCHOLARSHIPS AND AWARDS 173 3491038 PART I, LINE 2: VF AWARDS INTERNAL MERIT SCHOLARSHIPS BASED ON THE CADET'S GRADES (GPA) FROM HIS/HER PREVIOUS SCHOOL AND FINANCIAL NEED. THERE IS A MATRIX USED TO DETERMINE THE AMOUNT TO BE AWARDED TO EACH CADET. THERE ARE ALSO AID AWARDS WHICH ARE BASED ON SUBMITTED FAFSA FORMS. BOTH FEDERAL AND STATE GOVERNMENTS HAVE CHARTS DETERMINING AID SUCH AS THROUGH PHEAA AND PELL GRANTS. 1 X X X 0 0 0 0 0 0 0 0 0 COL STUART HELGESON PRESIDENT 164915 0 0 0 0 0 18989 0 0 0 183904 0 0 0 VINCENT J VUONO CPA CHIEF FINANCIAL OFFICER(UNTIL 9/20) 160000 0 0 0 0 0 0 0 0 0 160000 0 0 0 WILLIAM R FLOYD JR TRUSTEE OPERATING CASH FLOW X 100000 100000 0 1 1 GEORGE H SCHILDGE TRUSTEE OPERATING CASH FLOW X 100000 100000 0 1 1 MICHAEL A NOLEN FORMER TRUSTEE OPERATING CASH FLOW X 100000 100000 0 1 1 J KENT MCNEW TRUSTEE OPERATING CASH FLOW X 100000 0 0 1 1 RICHARD A HOCKER FORMER TRUSTEE OPERATING CASH FLOW X 150000 150000 0 1 1 CONRAD E MUHLY IV TRUSTEE OPERATING CASH FLOW X 100000 100000 0 1 1 JONATHAN TRATT TRUSTEE OPERATING CASH FLOW X 250000 250000 0 1 1 JOHN ENGLISH CHAIRMAN OPERATING CASH FLOW X 100000 100000 0 1 1 900000 FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION RECEIVES A COPY OF THE 990 FROM THE ACCOUNTING FIRM PREPARING THE RETURN. THE CONTROLLER REVIEWS THE 990, FOLLOWED BY THE CFO. AFTER REVIEW BY THE CONTROLLER AND CFO, THE FORM IS PRESENTED TO THE BUDGET, AUDIT AND FINANCE (BAF) COMMITTEE FOR ITS REVIEW, APPROVAL AND RECOMMENDATION. THEN, THE BAF COMMITTEE PRESENTS THE FORM TO THE FULL BOARD OF TRUSTEES FOR ITS REVIEW AND APPROVAL PRIOR TO THE FILING OF THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C AN ANNUAL QUESTIONNAIRE IS SENT TO ALL BOARD MEMBERS AND SENIOR STAFF MEMBERS DOCUMENTING WHETHER THEY ARE INVOLVED IN ANY BUSINESS WITH THE FOUNDATION THAT COULD BE CONSTRUED AS GIVING RISE TO A POTENTIAL CONFLICT OF INTEREST. FAMILY AND BUSINESS RELATIONSHIPS ARE SPECIFICALLY INDICATED IN THE QUESTIONNAIRE AS BEING SOURCES OF POTENTIAL CONFLICTS. THESE QUESTIONNAIRES ARE SIGNED BY EACH BOARD MEMBER AND SENIOR STAFF MEMBER AND RETURNED TO THE FOUNDATION'S CFO FOR MONITORING OF POTENTIAL CONFLICTS. ANY TRANSACTIONS WITH AN INTERESTED PARTY ARE AT ARM'S LENGTH AND ARE DISCLOSED IN THE ORGANIZATION'S FINANCIAL STATEMENTS. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION'S BOARD OF TRUSTEES DETERMINES THE COMPENSATION FOR THE PRESIDENT USING VARIOUS METHODS THAT ENSURE THAT COMPENSATION IS IN LINE WITH THE FAIR MARKET RANGE FOR THE INDUSTRY. SURVEYS PROVIDED BY ORGANIZATIONS THAT SERVE AS CONSORTIUMS OF INDEPENDENT SCHOOLS ARE REFERENCED AND REVIEWED AS WELL AS FORMS 990 OF OTHER, SIMILAR ORGANIZATIONS. THE DISCUSSIONS AND DECISION BY THE EXECUTIVE COMMITTEE TAKE PLACE IN CLOSED SESSION, HOWEVER, THE PRESIDENT'S COMPENSATION PACKAGE IS DISCUSSED WITH AND PRESENTED TO THE BOARD PRIOR TO THE FINAL DECISION. OTHER KEY EMPLOYEES HAVE THEIR COMPENSATION PACKAGE RESEARCHED BY THE HUMAN RESOURCES DEPARTMENT INCLUDING COMPARISON WITH INDUSTRY STANDARDS. THESE PACKAGES ARE PRESENTED TO THE PRESIDENT FOR REVIEW AND FINAL APPROVAL AFTER DISCUSSIONS WITH THE BOARD PRIOR TO THE FINAL DECISION. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF PERPETUAL TRUSTS 2,584,350. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT 233,023. (2) CHARITABLE REMAINDER UNITRUSTS INVESTMENTS PA N/A T 0 (1) CHARITABLE REMAINDER UNITRUST INVESTMENTS PA N/A T 0 (1) CHARITABLE REMAINDER UNITRUST INVESTMENTS PA N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0