2022-03-15T18:08:06-05:00 2021-06-30 341912961 COHEN & COMPANY LTD OFFICES LISTED AT WWWCOHENCPACOM OH 44115 990 2020-07-01 381359080 THE GROSSE POINTE ACADEMY GROS 3138861221 171 LAKE SHORE ROAD GROSSE POINTE FARMS MI 48236 THOMAS W ADAMS HEAD OF SCHOOL 3138861221 2022-03-14 1 THOMAS ADAMS 999009999 CATHLEEN S LORENZ P00063640 8002291099 2022-03-14 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z ANDREA SOAVE PROVENZANO 171 LAKE SHORE ROAD GROSSE POINTE FARMS MI 48236 6634873 0 X WWW.GPACADEMY.ORG X 1969 MI THE GROSSE POINTE ACADEMY IS AN INDEPENDENT, COEDUCATIONAL DAY SCHOOL SERVING CHILDREN IN EARLY SCHOOL THROUGH GRADE EIGHT. THE ACADEMY IS A CHRISTIAN BASED SCHOOL THAT EMBRACES STUDENTS FROM ALL RELIGIONS. 14 14 93 10 -6875 0 1947459 976249 3785898 4342003 184614 407985 9671 352474 5927642 6078711 600300 902193 0 0 2778780 3005899 0 0 401250 1815408 1875136 5194488 5783228 733154 295483 17496231 18108930 6449138 5893887 11047093 12215043 THE MISSION OF THE GROSSE POINTE ACADEMY IS TO NURTURE, CHALLENGE AND INSPIRE THE INTELLECTUAL, CREATIVE AND PERSONAL POTENTIAL IN EACH AND EVERY CHILD. 0 0 3986625 902193 4676627 AN INDEPENDENT EDUCATIONAL INSTITUTION THAT PROVIDES AN ENVIRONMENT OF LEARNING FOR STUDENTS IN GRADES PRESCHOOL THROUGH EIGHT OF VARIOUS SOCIAL, ECONOMIC, RELIGIOUS, AND CULTURAL BACKGROUNDS. 3986625 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 30 0 1 93 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 14 14 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MI X THOMAS W ADAMS 3138861221 171 LAKE SHORE ROAD GROSSE POINTE FARMS MI 48236 X ANDREA PROVENZANO PRESIDENT 5.00 X X 0 0 0 BRIDGET BEARSS RSCJ TRUSTEE 5.00 X 0 0 0 CAROLE J PEABODY TRUSTEE 5.00 X 0 0 0 CHARLES TOURANGEAU TREASURER 5.00 X X 0 0 0 DR MELANIE DARKE MEMBER AT LARGE 5.00 X 0 0 0 DR PETER DONALDSON SECRETARY 5.00 X X 0 0 0 HALI H GIESSLER TRUSTEE 5.00 X 0 0 0 KATE FRENCH TRUSTEE 5.00 X 0 0 0 MEGAN STOOKE TRUSTEE 5.00 X 0 0 0 MARITA S GROBBEL TRUSTEE 5.00 X 0 0 0 T HART MECKE III VICE-PRESIDENT 5.00 X X 0 0 0 BOB RAHAIM TRUSTEE 5.00 X 0 0 0 BOB MOESTA TRUSTEE 5.00 X 0 0 0 THOMAS ADAMS HEAD OF SCHOOL - EX-OFFICI 40.00 X 198029 0 55445 198029 0 55445 1 0 1 0 FH MARTIN CONSTRUCTORS 28740 MOUND RD WARREN MI 48092 GENERAL CONTRACTOR 482373 HKS ARCHITECTS - DETROIT 235 E MAIN ST 102C NORTHVILLE MI 48167 ARCHITECTS 227907 PLUM MARKET FOOD SERVICE LLC 30777 NORTHWESTERN HWY SUITE 301 FARMINGTON HILLS MI 48334 FOOD SERVICE PROVIDER 226849 THE COURTSMITHS 4694 BANCROFT ST TOLEDO MI 43615 TENNIS COURT CONSTRUCTION COMPANY 124774 4 X 171387 562070 242792 976249 TUITION & FEES 611710 4167995 4167995 STUDENT SUPPORT SERVIC 611710 174008 174008 4342003 73361 73361 33703 40578 -6875 -6875 -6875 645435 310811 334624 334624 334624 564122 171387 204773 359349 359349 6078711 4676627 -6875 432710 902193 902193 198029 123662 62781 11586 2325167 1451987 737147 136033 32729 20438 10376 1915 277080 160948 98178 17954 172894 88027 75980 8887 6150 1230 3075 1845 40732 8146 20366 12220 258736 51747 129368 77621 62015 12403 31008 18604 276148 203348 69397 3403 491725 395420 48195 48110 38386 23520 8921 5945 109635 87708 13156 8771 494890 394462 60257 40171 81848 61386 12277 8185 BAD DEBT EXPENSE 14871 14871 5783228 3986625 1395353 401250 428001 302747 975928 153390 5500 4050 116803 23319 51228 58981 19640782 9567107 9596353 10073675 6271747 7492768 50671 0 17496231 18108930 160006 291130 727005 353966 5537521 5241518 24606 7273 6449138 5893887 X 7851692 9122185 3195401 3092858 11047093 12215043 17496231 18108930 295483 872467 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1263119 92688 1355807 1244647 6000 65182 52710 1263119 1376712 -77348 54717 1244647 1371178 61587 56053 1376712 1354167 186305 169294 1371178 0.48000 0.52000 1 0 200000 200000 17568626 8469563 9099063 1318833 1097544 221289 553323 553323 10073675 X 6294336 872467 245351 1117818 5176518 902193 902193 6078711 5126386 245351 245351 4881035 902193 902193 5783228 PART V, LINE 4: THE ACADEMY'S ENDOWMENT INCLUDES BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. EARNINGS FROM GENERAL ENDOWMENT FUNDS ARE USED TO FUND SCHOOL OPERATIONS. EARNINGS FROM THE ENDOWMENT SCHOLARSHIP FUND ARE USED TO FUND SCHOLARSHIPS AND FINANCIAL ASSISTANCE. PART X, LINE 2: THE ACADEMY ACCOUNTS FOR INCOME TAXES IN ACCORDANCE WITH GAAP, WHICH REQUIRE RECOGNITION OF AND DISCLOSURE RELATED TO UNCERTAIN TAX POSITIONS. AS OF AND DURING THE YEAR ENDED JUNE 30, 2021, THE ACADEMY DID NOT HAVE A LIABILITY FOR UNRECOGNIZED TAX BENEFITS. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES NETTED WITH RENTAL INCOME 40,578. FUNDRAISING EXPENSES NETTED WITH REVENUE 204,773. PART XI, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID 902,193. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES NETTED WITH RENTAL INCOME 40,578. FUNDRAISING EXPENSES NETTED WITH REVENUE 204,773. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID 902,193. 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 GROSSE POINTE ACADEMY IS DEDICATED TO PROVIDING A CULTURE OF DIVERSITY, EQUITY, AND INCLUSION. THE GROSSE POINTE ACADEMY DOES NOT DISCRIMINATE ON THE BASIS OF AND WELCOMES STUDENTS OF ANY RACE, ETHNICITY, GENDER IDENTITY, SOCIOECONOMIC BACKGROUND, LEARNING STYLE, FAMILY STRUCTURE, AND RELIGION/BELIEFS. AS AN ACADEMIC INSTITUTION, WE REALIZE THAT THERE IS ALWAYS ROOM FOR GROWTH AND LEARNING, AND WE EMBRACE THIS TUMULTUOUS TIME AS AN OPPORTUNITY FOR BOTH. WE WILL CONTINUE TO LISTEN, ENGAGE IN CONVERSATION, AND SUPPORT AND RESPECT ONE ANOTHER, SO WE CAN HELP BUILD A MORE EQUITABLE WORLD. ACTION AUCTION 735509 171387 564122 24926 76164 52165 5000 46518 735509 171387 564122 24926 76164 52165 5000 46518 204773 359349 1 TUITION REMISSION 16 189446 FMV 65% DISCOUNT ON EACH STUDENT. FINANCIAL AID 70 515290 FMV THIRD PARTY (FACTS) RECOMMENDATION. MULTIPLE STUDENT DISCOUNT 43 42377 FMV 5% DISCOUNT ON EACH ADDITIONAL CHILD. SCHOLARSHIPS 24 155080 FMV STUDENT MEETS PREDETERMINED REQUIREMENTS. PART I, LINE 2: STUDENTS APPLY FOR FINANCIAL AID EACH YEAR. AMOUNTS ARE AWARDED BASED ON NEED AND ARE APPLIED DIRECTLY TO THE STUDENTS' TUITION ACCOUNTS. X 1 1 X X X X 0 0 0 0 0 0 0 0 0 THOMAS ADAMS HEAD OF SCHOOL - EX-OFFICI 198029 0 0 0 0 0 0 0 55445 0 253474 0 0 0 PART I, LINE 1A THE HEAD OF SCHOOL IS ASKED TO LIVE IN A HOUSE ON THE SCHOOL CAMPUS WITH HIS FAMILY WITHOUT CHARGE FOR THE BENEFIT OF THE SCHOOL. THE HEAD OF SCHOOL DOES NOT PAY THE TUITION FOR HIS CHILDREN ABOVE THE REMISSION AND OTHER DISCOUNTS AFFORDED ALL EMPLOYEES. THE TUITION IS TREATED AS TAXABLE INCOME. A MICHIGAN FINANCE AUTHORITY 800596186 2014-11-03 5840000 CAPITAL IMPROVEMENTS 0 0 0 A 5840000 85000 5840000 2007 0 0 1 1 A 0 0 0 0 0 0 1 A 0 0 1 0 1 0 0 0 0 A 0 THOMAS ADAMS HEAD OF SCHOOL 36000 HOUSING ALLOWANCE FORM 990, PART VI, SECTION A, LINE 2 CAROL PEABODY IS A FOUNDING TRUSTEE OF THE ACADEMY. KATE FRENCH IS HER DAUGHTER-IN-LAW AND IS ALSO A TRUSTEE OF THE ACADEMY AND A PARENT WITH 3 STUDENTS ATTENDING THE ACADEMY. FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO FILING, FORM 990 WILL BE REVIEWED BY THE BOARD TREASURER, HEAD OF SCHOOL, AND FINANCE COMMITTEE MEMBERS. FORM 990, PART VI, SECTION B, LINE 12C TRUSTEES ARE GIVEN THE CONFLICT OF INTEREST POLICY AT THE ANNUAL BOARD OF TRUSTEES RETREAT AND ASKED TO SIGN AND RETURN. CONFLICT OF INTEREST QUESTIONNAIRES ARE MAINTAINED BY THE HEAD OF SCHOOL OFFICE. IN THE EVENT A BOARD MEMBER HAS A CONFLICT, IT WOULD BE NOTED AND THEY WOULD BE REQUESTED TO EXCLUDE THEMSELVES FROM ANY VOTE/DISCUSSION RELATIVE TO SAID CONFLICT. ALL EMPLOYEES MUST ALSO SIGN THE CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES' PRESIDENT RECEIVED INFORMATION FROM THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS COMPARING TOTAL COMPENSATION AND BENEFITS FOR THE RESPECTIVE POSITIONS AT PEER SCHOOLS. THE PRESIDENT MAKES A RECOMMENDATION TO THE BOARD FOR THEIR APPROVAL FOR THE HEAD OF SCHOOL'S COMPENSATION. THE DETERMINATION AND DECISION REGARDING COMPENSATION WAS DOCUMENTED CONTEMPORANEOUSLY IN THE EXECUTIVE COMMITTEE MINUTES. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART VIII, LINE 1E DURING THE YEAR ENDED JUNE 30, 2021, THE ACADEMY WAS AWARDED A LOAN PURSUANT TO THE PAYCHECK PROTECTION PROGRAM (PPP) UNDER THE CONSOLIDATED APPROPRIATIONS ACT, 2021 (CAA ACT) (PPP2 LOAN), A PROGRAM IMPLEMENTED BY THE U.S. SMALL BUSINESS ADMINISTRATION (SBA), FOR AN AGGREGATE PRINCIPAL AMOUNT OF $420,390. THE PRINCIPAL AMOUNT OF THE PPP2 LOAN IS SUBJECT TO FORGIVENESS UNDER THE PPP UPON THE ACADEMY'S REQUEST TO THE EXTENT THAT THE PPP2 LOAN PROCEEDS ARE USED TO PAY EXPENSES PERMITTED BY THE PPP. PERMITTED EXPENSES INCLUDE CERTAIN PAYROLL COSTS, COVERED RENT AND MORTGAGE OBLIGATIONS, AND COVERED UTILITY PAYMENTS INCURRED BY THE ACADEMY. THE ACADEMY WILL APPLY FOR FORGIVENESS OF THE PPP2 LOAN WITH RESPECT TO THESE COVERED EXPENSES. TO THE EXTENT THAT THE PPP2 LOAN IS NOT FORGIVEN, THE ACADEMY WILL BE REQUIRED TO PAY INTEREST ON THE PPP2 LOAN AT A RATE OF 1.00% PER ANNUM, AND PRINCIPAL AND INTEREST PAYMENTS WILL BE REQUIRED THROUGH THE MATURITY DATE IN JANUARY 2026. DURING THE YEAR ENDED JUNE 30, 2021, THE ACADEMY HAS RECOGNIZED $420,390 OF REVENUE UPON MEETING THE PERFORMANCE REQUIREMENTS OF THE PPP2 LOAN, WHICH IS RECORDED AS A COMPONENT OF PUBLIC SUPPORT IN THE ACCOMPANYING STATEMENT OF ACTIVITIES. AT JUNE 30, 2020, REFUNDABLE ADVANCE CONSISTED OF A $141,680 CONTRIBUTION RELATED TO A LOAN PURSUANT TO THE PPP, A PROGRAM IMPLEMENTED BY THE SBA UNDER THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT (CARES ACT) (PPP1 LOAN) THAT HAD NOT BEEN RECOGNIZED IN THE ACCOMPANYING CONSOLIDATED STATEMENT OF ACTIVITIES FOR THE YEAR ENDING JUNE 30, 2020, BECAUSE THE CONDITIONS WERE NOT MET UNTIL FISCAL YEAR 2021. ACCORDINGLY, $141,680 WAS RECOGNIZED DURING 2021. DURING FEBRUARY 2021, FULL FORGIVENESS WAS GRANTED BY SBA FOR THE PPP1 LOAN. FORM 990, PART XII, LINE 2C: THE BOARD IS RESPONSIBLE FOR THE OVERSIGHT OF THE REVIEW. THIS PROCESS HAS NOT CHANGED SINCE THE PRIOR YEAR.