2021-05-17T14:14:22-05:00 2020-06-30 390859910 BAKER TILLY US LLP 1570 FRUITVILLE PIKE SUITE 400 LANCASTER PA 17601 990 2019-07-01 231178880 VALLEY FORGE MILITARY ACADEMY FOUNDATION VALL 6109891200 1001 EAGLE ROAD WAYNE PA 190873695 D ERIC SAUL CHIEF FINANCIAL OFFICER 6109891200 2021-05-17 1 KERRI N BOGDA CPA P00760402 7177404863 2019 2022-09-23 18:48:47Z COL STUART B HELGESON 1001 EAGLE ROAD WAYNE PA 190873695 25778207 0 X WWW.VFMAC.EDU X 1928 PA EDUCATIONAL INSTITUTION FOCUSED ON BUILDING LEADERSHIP THROUGH A MILITARY ENVIRONMENT. 16 10 330 20 495853 0 1973095 1817308 26580807 22633846 968401 -59307 98560 457933 29620863 24849780 10857667 9714142 0 0 9227662 8030016 0 0 361596 10940991 10423230 31026320 28167388 -1405457 -3317608 37949516 37543790 4108324 6794254 33841192 30749536 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 22561772 9714142 22264410 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 436 STUDENTS DURING THE YEAR. 22561772 1 1 0 0 0 0 0 0 0 1 1 0 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 12 0 330 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 16 10 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 VINCENT J VUONO CPA CHIEF FINANCIAL OFFICER(UNTIL 9/20) 40.00 X 179930 0 14638 COL STUART HELGESON PRESIDENT 40.00 X 174865 0 16512 PAUL LEA DEAN OF ACADEMY 40.00 X 109019 0 14638 MAUREEN MALONE DEAN OF COLLEGE 40.00 X 106656 0 14638 RICHARD CASEY DIRECTOR OF ATHLETICS 40.00 X 105210 0 16499 WALTER T LORD PRESIDENT (UNTIL 3/8/19) 40.00 X 56579 0 358 ERIC SAUL CHIEF FINANCIAL OFFICER(AS OF 6/20) 40.00 X 0 0 0 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 JAMES DAVIS 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 DANIEL J REAVY BOARD MEMBER 1.00 X 0 0 0 CHRIS ROUSSOS BOARD MEMBER 1.00 X 0 0 0 GEORGE H SCHILDGE BOARD MEMBER 1.00 X 0 0 0 AUDREY SPANGENBERG 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 FRANK GUTHRIDGE BOARD MEMBER 1.00 X 0 0 0 MARK KELTON BOARD MEMBER 1.00 X 0 0 0 732259 0 77283 5 0 1 0 SODEXO INC PO BOX 905374 CHARLOTTE NC 28290 FOOD SVC/UNIFORMS 1579277 MAIN LINE JANITORIAL SERVICE INC 4438 LOBELLA COURT CHESTER SPRINGS PA 19425 CUSTODIAL 1454789 RILEY RIPER HOLLIN & COLAGRECO PO BOX 1265 / EAGLEVIEW CORPORATE C EXTON PA 19341 LEGAL SERVICES 640772 MCS MANAGEMENT SERVICES 1601 MARKET STREET STE 800 PHILADELPHIA PA 19103 MAIL/COPIER 279603 SILVER ROSNZWEIG & HALTZMAN LLC 900 EAST EIGHT AVENUE KING OF PRUSSIA PA 19406 LEGAL SERVICES 182645 5 406449 1410859 1817308 TUITION AND FEES 611600 21493121 21493121 SUMMER CAMP PROGRAM 611600 746756 377320 369436 HOUSING RENTALS 611600 376543 376543 FINANCIAL AID 611600 17426 17426 22633846 234073 234073 49981 38447 11534 11534 11534 596600 889980 -293380 -293380 -293380 INSURANCE RECOVERY REVENUE 900099 290651 290651 CONSULTING INCOME 541610 75000 75000 CAVALRY 713990 39883 39883 40865 40865 446399 24849780 22264410 495853 272209 9714142 9714142 362309 362309 6147121 4944792 1046921 155408 959990 719079 188765 52146 560596 358155 190976 11465 400385 400385 123380 123380 59039 59039 1068906 664860 362555 41491 367045 17930 349115 1298846 1101363 171732 25751 81104 81104 1412784 1025330 349785 37669 124363 93359 30134 870 220358 197618 20435 2305 1240667 1112637 115055 12975 BAD DEBTS 1380004 1380004 FOOD SERVICE 1087980 1085580 2400 PLANT OPERATIONS 698128 698128 UNIFORMS 491393 491393 368848 337406 9926 21516 28167388 22561772 5244020 361596 787 1500 716380 1896311 34327 984066 122028 208541 41009 82404 577143 657874 51787750 36798577 15660742 14989173 9800841 9467167 10996259 9256754 37949516 37543790 1257508 1526474 1273449 240976 900000 1541626 2508929 35741 1617875 4108324 6794254 X 12080701 9346270 21760491 21403266 33841192 30749536 37949516 37543790 X -3317608 215457 10495 X 0 1 X 1 1 1 X 1811915 4219260 1515171 1973095 1817308 11336749 1811915 4219260 1515171 1973095 1817308 11336749 4323250 7013499 385712 386760 471331 502429 234073 1980305 16160 36533 121620 35289 331516 541118 13858172 124434696 0.50610 0.51770 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER ADMINISTRATIVE INCOME - 2015 AMOUNT: $ 240. 2016 AMOUNT: $ 3,704. 2017 AMOUNT: $ 317. 2018 AMOUNT: $ 13,584. 2019 AMOUNT: $ 23,818. TUITION REFUND - 2015 AMOUNT: $ 15,920. 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. INSURANCE RECOVERY REVENUE - 2017 AMOUNT: $ 40,681. 2019 AMOUNT: $ 290,651. FACILITIES INCOME - 2017 AMOUNT: $ 20,000. SPECIAL EVENTSNET - 2019 AMOUNT: $ 1,497. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 11550312 55706 249482 596600 11258900 11056710 817790 356712 680900 11550312 10379248 51380 552916 658800 10324744 9735717 137383 888748 382600 10379248 9986083 180250 -48716 381900 9735717 0.07460 0.66050 0.26490 1 0 1456602 1456602 43024786 30278249 12746537 7117530 6520328 597202 188832 188832 14989173 INTEREST IN CHARITABLE REMAINDER TRUSTS 1745670 INTEREST IN PERPETUAL TRUST 7511084 9256754 X 15340998 215457 -9762686 -9547229 24888227 -38447 -38447 24849780 18432654 38447 38447 18394207 9773181 9773181 28167388 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 2020 OR 2019. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID -9,714,142. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT 216,020. CHANGE IN VALUE OF PERPETUAL TRUSTS -205,525. INVESTMENT FEES -59,039. PART XI, LINE 4B - OTHER ADJUSTMENTS: FACILITIES RENTAL EXPENSES -38,447. PART XII, LINE 2D - OTHER ADJUSTMENTS: FACILITIES RENTAL EXPENSES 38,447. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 9,714,142. INVESTMENT FEES 59,039. 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. 1 VARIOUS SCHOLARSHIPS AND AWARDS 425 9714142 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. X 1 1 X X X 0 0 0 0 0 0 0 0 0 VINCENT J VUONO CPA CHIEF FINANCIAL OFFICER(UNTIL 9/20) 179930 0 0 0 0 0 0 0 14638 0 194568 0 0 0 COL STUART HELGESON PRESIDENT 174865 0 0 0 0 0 0 0 16512 0 191377 0 0 0 PART I, LINE 1A THE ORGANIZATION PROVIDES THE PRESIDENT WITH A MEMBERSHIP TO A LOCAL SOCIAL CLUB. THIS MEMBERSHIP IS REQUIRED BY THE BOARD OF TRUSTEES AND IS USED SOLELY FOR BUSINESS AND FUNDRAISING PURPOSES. AS SUCH, THE MEMBERSHIP DUES ARE NOT TREATED AS A TAXABLE BENEFIT. 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 -205,525. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT 216,020. (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