2021-04-19T11:06:58-05:00 2020-06-30 111986323 MARCUM LLP 1 MONTGOMERY STREET SUITE 1700 SAN FRANCISCO CA 94104 990 2019-07-01 943204137 MENLO SCHOOL MENL 6503302000 50 VALPARAISO AVENUE ATHERTON CA 94027 BILL SILVER CFO 6503302000 2021-04-16 1 ROGER BULOSAN P00221282 4154326200 2019 2022-09-23 18:48:47Z THAN HEALY 50 VALPARAISO AVENUE ATHERTON CA 94027 100424700 0 X WWW.MENLOSCHOOL.ORG X 1994 CA ESTABLISH AND OPERATE AS AN EDUCATIONAL INSTITUTION FOR THE EDUCATION OF YOUNG MEN AND WOMEN. 27 27 409 906 -87054 -87054 40878626 20499662 37490033 39137569 1679140 1780551 2029126 1556799 82076925 62974581 6252549 6268528 0 0 30093114 31207046 0 0 1672726 19378687 21058705 55724350 58534279 26352575 4440302 287719100 298844689 72650659 78027320 215068441 220817369 MENLO SCHOOL'S MISSION IS TO EMPOWER STUDENTS TO EXPLORE AND EXPAND THEIR INTERESTS, REACH THEIR FULLEST POTENTIAL, DEVELOP THE SKILLS NECESSARY FOR SUCCESS IN COLLEGE, AND BECOME ETHICAL, RESPONSIBLE, AND ENGAGED MEMBERS OF EVER WIDER COMMUNITIES. 0 0 48418022 6268528 40502896 INSTRUCTION FOR GRADES 6 TO 12 FOR APPROXIMATELY 795 STUDENTS. 48418022 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 1 0 0 0 1 164 0 1 409 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 27 27 0 0 0 0 0 1 0 1 1 0 0 0 1 0 1 1 1 1 1 0 CA X BILL SILVER CFO 6503302001 50 VALPARAISO AVENUE ATHERTON CA 94027 JAKE REYNOLDS CHAIR 2.00 X X 0 0 0 KAREN KING VICE CHAIR 2.00 X X 0 0 0 JENNIFER AYER TRUSTEE 2.00 X 0 0 0 REY BANATAO TRUSTEE 2.00 X 0 0 0 BRUCE BURKARD TRUSTEE 2.00 X 0 0 0 GRADU BURNETT TRUSTEE 2.00 X 0 0 0 LAURA CHAN TRUSTEE 2.00 X 0 0 0 JONATHAN COSLET TRUSTEE 2.00 X 0 0 0 STEVE DOSTART TRUSTEE 2.00 X 0 0 0 GREG GOLUB TRUSTEE 2.00 X 0 0 0 AAREF HILALY TRUSTEE 2.00 X 0 0 0 APRIL HOUSE TRUSTEE 2.00 X 0 0 0 AMY HSIEH TRUSTEE 2.00 X 0 0 0 STEPHANIE M JACKSON TRUSTEE 2.00 X 0 0 0 LINDA WYTHES KNOLL TRUSTEE 2.00 X 0 0 0 JON LEVIN TRUSTEE 2.00 X 0 0 0 STEVE MILLER TRUSTEE 2.00 X 0 0 0 NKIA RICHARDSON TRUSTEE 2.00 X 0 0 0 NICOLE RUBIN TRUSTEE 2.00 X 0 0 0 NICOLE SHEEHAN TRUSTEE 2.00 X 0 0 0 SCOTT TAYLOR SECRETARY 2.00 X X 0 0 0 LINDA TING TRUSTEE 2.00 X 0 0 0 NIKHIL BASU TRIVEDI TRUSTEE 2.00 X 0 0 0 CASEY TUNGUZ TRUSTEE 2.00 X 0 0 0 MICHAEL UYTENGSU TRUSTEE 2.00 X 0 0 0 FRED WANG TRUSTEE 2.00 X 0 0 0 MIKE YUEN TRUSTEE 2.00 X 0 0 0 NATHANIEL HEALY HEAD OF SCHOOL 40.00 X 604842 0 59269 WILLIAM SILVER CFO 40.00 X 63100 0 7312 JOHN SCHAFER DIRECTOR OF THE UPPER SCHOOL 40.00 X 242598 0 105191 VIDYA KAGAN DIRECTOR OF DATA MANAGEMENT & RESEARCH FOR DEVELOP 40.00 X 183657 0 52228 TONY LAPOLLA DEAN OF STUDENTS 40.00 X 217755 0 32338 LA VINA LOWERY MIDDLE SCHOOL DIRECTOR 40.00 X 209880 0 36413 EARL KOBERLEIN DIRECTOR OF ATHLETICS 40.00 X 195261 0 46517 LOREN ARMS DIRECTOR OF OPS & CONSTRUCTION 40.00 X 184896 0 53471 1901989 0 392739 100 0 1 0 DFWH ENTERPRISES CO DAVID FINKEL AND W 53 EASTERN DR NEW YORK NY 10502 ARTISTIC/MUSICAL 208680 KNOWING TECHNOLOGIES 1528 S EL CAMINO REAL UNIT 307 SAN MATEO CA 94402 EDUCATIONAL CONSULTANT 139662 MARCUM LLP 1 MONTGOMERY ST STE 1700 SAN FRANCISCO CA 94104 ACCOUTNING/AUDIT 129240 FARACI HOUSE PAINTING 3 SHAW CT REDWOOD CITY CA 94061 PAINTERS 100475 4 697855 19801807 582385 20499662 STUDENT TUITION 611600 39137569 39137569 39137569 1467651 -87054 1554705 173695 0 173695 173695 173695 37676000 37363100 312900 312900 312900 57492 697855 57492 0 47304 29527 17777 17777 PARENT ASSOCIATION, NET 611600 694227 694227 MUSIC@MENLO 611600 472623 472623 OTHER 611600 198477 198477 1365327 62974581 40502896 -87054 2059077 6268528 6268528 823457 549467 136995 136995 23320590 20709906 1687950 922734 2489120 2236355 152652 100113 2930352 2691581 139316 99455 1643527 1432116 151806 59605 141562 23732 117830 55177 55177 225000 225000 2677064 2677064 63165 52292 4037 6836 1840696 1667136 50523 123037 100873 47326 53547 992783 986502 6281 297288 289417 4266 3605 1054668 1559 1053109 5566382 4943239 402896 220247 525551 5405 520146 BAD DEBT 3682000 3682000 MUSIC@ MENLO EXPENSES 2238242 2238242 OTHER EXPENSES 858624 858624 BUSINESS PROGRAM SERVIC 397411 397411 342219 342120 99 58534279 48418022 8443531 1672726 62849717 50779090 10465863 11891656 16160726 11470975 7570609 8165785 828500 1111000 60639 65650 520619 383552 207682998 61029028 123105389 146653970 33056906 51741453 31828125 15264151 1272007 1317407 287719100 298844689 6634422 10911469 33502128 34674098 32514109 32441753 72650659 78027320 X 144040033 143348635 71028408 77468734 215068441 220817369 287719100 298844689 X 4440302 1220644 87982 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 64667000 2102000 1999000 2174000 66184000 57219000 6952000 2993000 2497000 64667000 50601000 5171000 4062000 2615000 57219000 46067000 3083000 4334000 2883000 50601000 44328000 4917000 -764000 2414000 46067000 0.33840 0.54970 0.11190 0 0 32700000 32700000 136085137 44635296 91449841 24594595 6066401 18528194 2699630 2474156 225474 11603636 7853175 3750461 146653970 VARIOUS LIMITED PARTNERSHIP INTERESTS 15264151 F 15264151 X 58069000 1220644 -6231056 -5010412 63079412 -104831 -104831 62974581 52321000 17777 17777 52303223 6231056 6231056 58534279 PART V, LINE 4: THE SCHOOL'S ENDOWMENT CONSISTS OF APPROXIMATELY 75 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. ITS ENDOWMENT INCLUDES BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY U.S. GAAP, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. THE BOARD OF TRUSTEES CONSIDERS BOARD-DESIGNATED ENDOWMENT FUNDS TO BE ASSETS FUNCTIONING AS ENDOWMENTS, NET OF ASSOCIATED LIABILITIES. THE BOARD OF TRUSTEES OF THE SCHOOL HAS INTERPRETED CALIFORNIA'S ENACTED VERSION OF THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT OF 2006 ("UPMIFA") AS REQUIRING THE PRESERVATION OF THE FAIR VALUE OF THE ORIGINAL GIFT AS OF THE GIFT DATE OF THE DONOR-RESTRICTED ENDOWMENT FUNDS ABSENT EXPLICIT DONOR STIPULATIONS TO THE CONTRARY. AS A RESULT OF THIS INTERPRETATION, THE SCHOOL CLASSIFIES AS NET ASSETS WITH DONOR RESTRICTIONS TO BE HELD IN PERPETUITY (A) THE ORIGINAL VALUE OF GIFTS DONATED TO THE PERMANENT ENDOWMENT, (B) THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE PERMANENT ENDOWMENT, AND (C) ACCUMULATIONS TO THE PERMANENT ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME THE ACCUMULATION IS ADDED TO THE FUND. THE REMAINING PORTION OF THE DONOR-RESTRICTED ENDOWMENT FUND THAT IS NOT CLASSIFIED AS NET ASSETS WITH DONOR RESTRICTIONS TO BE HELD IN PERPETUITY, IS CLASSIFIED AS EXPENDABLE NET ASSETS WITH RESTRICTIONS UNTIL THOSE AMOUNTS ARE APPROPRIATED FOR EXPENDITURE BY THE SCHOOL IN A MANNER CONSISTENT WITH THE STANDARD OF PRUDENCE PRESCRIBED BY UPMIFA. IN ACCORDANCE WITH UPMIFA, THE SCHOOL CONSIDERS THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO APPROPRIATE OR ACCUMULATE DONOR-RESTRICTED ENDOWMENT FUNDS: (1) THE DURATION AND PRESERVATION OF THE FUND. (2) THE PURPOSES OF THE SCHOOL AND THE DONOR-RESTRICTED ENDOWMENT FUND. (3) GENERAL ECONOMIC CONDITIONS. (4) THE POSSIBLE EFFECT OF INFLATION AND DEFLATION. (5) THE EXPECTED TOTAL RETURN FROM INCOME AND THE APPRECIATION OF INVESTMENTS. (6) OTHER RESOURCES OF THE SCHOOL. (7) THE INVESTMENT POLICIES OF THE SCHOOL. THE SCHOOL HAS ADOPTED AN INVESTMENT AND SPENDING POLICY FOR ITS REGULAR ENDOWMENT AND TERM ENDOWMENT ASSETS THAT ATTEMPTS TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENTS WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. ENDOWMENT ASSETS INCLUDE THOSE ASSETS OF DONOR-RESTRICTED FUNDS THAT THE SCHOOL MUST HOLD IN PERPETUITY OR FOR DONOR-SPECIFIED PERIODS AS WELL AS BOARD-DESIGNATED FUNDS. UNDER THIS POLICY, AS APPROVED BY THE BOARD OF TRUSTEES, THE SCHOOL HAS AN OBJECTIVE TO INVEST THE REGULAR ENDOWMENT SO THAT, AT APPROPRIATE LEVELS OF RISK, IT PROVIDES A PAYOUT OF 4% TO THE OPERATING BUDGET OF THE SCHOOL WHILE GROWING THE CORPUS SO AS TO MEET OR EXCEED THE RATE OF INFLATION AND COVER THE EXPENSES NECESSARY TO MANAGE IT. THE RETURNS FROM THE MENLO SCHOOL EDUCATORS FUND, SUBJECT TO MEETING CERTAIN CRITERIA, WILL BE USED TO FUND BONUSES FOR FACULTY AND STAFF. THE TERM ENDOWMENT DISTRIBUTION POLICY IS TO DISTRIBUTE FUNDS AS NEEDED TO SUPPORT THE STUDENTS OR PROGRAMS THE FUNDS HAVE BEEN ASSIGNED TO. FROM TIME TO TIME, THE FAIR VALUE OF ASSETS ASSOCIATED WITH INDIVIDUAL DONOR-RESTRICTED ENDOWMENT FUNDS MAY FALL BELOW THE LEVEL THAT THE DONOR OR UPMIFA REQUIRES THE SCHOOL TO RETAIN AS A FUND OF PERPETUAL DURATION. THE SCHOOL HAS A POLICY THAT PERMITS SPENDING FROM UNDERWATER ENDOWMENT FUNDS DEPENDING ON THE DEGREE TO WHICH THE FUND IS UNDERWATER, UNLESS OTHERWISE PRECLUDED BY DONOR INTENT OR RELEVANT LAWS AND REGULATIONS. THERE WERE NO SUCH DEFICIENCIES AS OF JUNE 30, 2020. PART X, LINE 2: THE SCHOOL IS A QUALIFIED ORGANIZATION EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTON 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC) AND SECTION 23701D OF THE CALIFORNIA REVENUE AND TAXATION CODE, RESPECTIVELY. U.S. GAAP REQUIRES MANAGEMENT TO EVALUATE THE TAX POSITIONS TAKEN AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE SCHOOL HAS TAKEN AN UNCERTAIN TAX POSITION THAT MORE-LIKELY-THAN-NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. MANAGEMENT EVALUATED THE SCHOOL'S TAX POSITIONS AND CONCLUDED THAT THAT IT MAINTAINED ITS TAX-EXEMPT STATUS AND HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS. THEREFORE, NO PROVISION OR LIABILITY FOR UNKNOWN INCOME TAXES HAS BEEN INCLUDED IN THE FINANCIAL STATEMENTS. THE SCHOOL'S TAX RETURNS ARE SUBJECT TO EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES; HOWEVER, THERE ARE NO EXAMINATIONS IN PROGRESS NOR ARE THERE ANY PENDING. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID AND SCHOLARSHIPS (NETTED AGAINST TUITION) -6,231,056. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -17,777. UNRELATED BUSINESS LOSS -87,054. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 17,777. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND SCHOLARSHIPS (NETTED AGAINST TUITION) 6,231,056. 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 RACIAL NONDISCRIMINATORY POLICY IS STATED IN ITS WEBSITE: HTTPS://WWW.MENLOSCHOOL.ORG/. THE POLICY IS ALSO STATED ON THE SCHOOL'S ADMISSIONS MATERIALS. AUCTION EVENT 755347 697855 57492 1245 12940 43307 755347 697855 57492 1245 12940 43307 57492 0 1 COLLEGE TUITION GRANT 4 37500 FINANCIAL AID 183 6231028 FMV GRANTING OF FINANCIAL AID PART I, LINE 2: FINANCIAL AID: THESE ARE ALL FINANCIAL AID AWARDS, AND THE AWARDS ARE APPLIED DIRECTLY BY THE SCHOOL TO THE RECIPIENTS' TUITION BALANCE. THERE IS NO POSSIBILITY THAT THE AWARD COULD BE MISAPPLIED. X 1 1 X X X X X X 0 0 0 0 0 0 0 0 0 NATHANIEL HEALY HEAD OF SCHOOL 524842 0 80000 0 0 0 33600 0 25669 0 664111 0 0 0 JOHN SCHAFER DIRECTOR OF THE UPPER SCHOOL 231739 0 10859 0 0 0 27643 0 77548 0 347789 0 0 0 VIDYA KAGAN DIRECTOR OF DATA MANAGEMENT & RESEAR 183197 0 460 0 0 0 22405 0 29823 0 235885 0 0 0 TONY LAPOLLA DEAN OF STUDENTS 208833 0 8922 0 0 0 20215 0 12123 0 250093 0 0 0 LA VINA LOWERY MIDDLE SCHOOL DIRECTOR 209880 0 0 0 0 0 21406 0 15007 0 246293 0 0 0 EARL KOBERLEIN DIRECTOR OF ATHLETICS 194261 0 1000 0 0 0 22005 0 24512 0 241778 0 0 0 LOREN ARMS DIRECTOR OF OPS & CONSTRUCTION 184896 0 0 0 0 0 24500 0 28971 0 238367 0 0 0 PART I, LINE 1A JOHN SCHAFER (DIRECTOR OF UPPER SCHOOL), LA VINA LOWERY (MIDDLE SCHOOL DIRECTOR), AND TONY LAPOLLA (DEAN OF STUDENTS) RECEIVED HOUSING ALLOWANCES WHICH ARE INCLUDED IN THEIR W-2 WAGES. THAN HEALY (HEAD OF SCHOOL) RESIDES AT THE HEAD OF SCHOOL HOUSE, OWNED BY THE SCHOOL. A CALIFONIA ENTERPRISE DEVELOPMENT AUTHORITY 352273601 2017-03-27 33000000 REFINANCE, PAY COST OF ISSUANCE 0 0 0 A 33000000 255178 14736809 18008013 2017 1 0 1 1 A 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 A 1 LA VINA LOWERY DIRECTOR OF MIDDLE SCHOOL PURCHASE OF HOME X 290000 290000 0 1 1 290000 DEBORHA BLAKE SPOUSE OF THAN HEALY, HEAD OF SCHOOL. 44903 EVENTS MANAGEMENT SERVICES 0 X 64 341885 FMV X AUCTION ITEMS, GIK 185 240500 FMV 0 1 0 FORM 990, PART VI, SECTION A, LINE 7A THE LEADERSHIP COMMITTEE OF THE BOARD OF TRUSTEES REQUESTS NOMINATIONS FOR TRUSTEES FROM THE SCHOOL COMMUNITY. THE NOMINEES ARE VETTED BY THE LEADERSHIP COMMITTEE AND PROPOSED TO THE BOARD. THE BOARD DISCUSSES AND SELECTS NEW TRUSTEES IN EXECUTIVE SESSION. NEW TRUSTEES ARE ANNOUNCED AT THE FINAL BOARD MEETING OF THE YEAR. ONLY TRUSTEES ELECT NEW TRUSTEES. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY CERTIFIED PUBLIC ACCOUNTANTS, MARCUMP LLP AND REVIEWED BY THE CFO AND DIRECTOR OF FINANCE. PRIOR TO FILING, THE AUDIT COMMITTEE REVIEWED THE PUBLIC DISCLOSURE COPY OF THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C THE CFO SIGNS ALL CHECKS AND KNOWS THE VENDORS WE DO BUSINESS WITH. HE KNOWS WHO OUR BOARD MEMBERS ARE AND IS ALWAYS MINDFUL AND AWARE OF ANY POTENTIAL CONFLICTS OF INTEREST. IF THERE WERE ANY RELATIONSHIPS BETWEEN BOARD MEMBERS AND VENDORS WE WOULD GO THROUGH THE PROCESS OF ENSURING THAT ALL TRANSACTIONS WERE AT ARMS LENGTH. WE HAVE STRENUOUSLY ENDEAVORED TO BE SURE THAT THERE ARE NO CONFLICTS AND MONITOR OUR ACCOUNTS PAYABLE. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION FOR HEAD OF SCHOOL AND CFO IS APPROVED BY THE COMPENSATION COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE AVAILABLE BY REQUEST. GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE IN THE BOARD SECRETARY'S OFFICE. FINANCIAL STATEMENTS ARE IN THE BUSINESS OFFICE. FORM 990, PART XI, LINE 9: ROUNDING 928. UNRELATED BUSINESS INCOME 87,054. FORM 990, PART XII, LINE 2C: NO CHANGE FROM PRIOR YEAR. MENLO SCHOOL AND MENLO COLLEGE C/O MENLO SCHOOL 50 VALPARAISO AVEN ATHERTON CA 94027 941156656 SUPPORT ACTIVITIES OF ITS AFFILIATED ORGANIZATIONS, MENLO SCHOOL AND COLLEGE CA 501(C)(3) LINE 12A, I N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 MENLO SCHOOL AND MENLO COLLEGE P 268000