2021-05-11T11:54:07-05:00 2020-06-30 KPMG LLP 8350 Broad Street Suite 900 McLean VA 22102 990 2019-07-01 221607926 RUTGERS PREPARATORY SCHOOL % ROBERT APGAR RUTG 7325455600 1345 EASTON AVENUE SOMERSET NJ 088731499 GERALD TAMBURRO TREASURER 7325455600 2021-05-10 true Raymond Ly P01205643 7032868000 2021-05-09 2019 2022-09-23 18:48:47Z STEVEN A LOY 1345 EASTON AVENUE SOMERSET NJ 088731499 26358492 false X WWW.RUTGERSPREP.ORG X 1766 NJ PRE-KINDERGARTEN THROUGH TWELFTH GRADE CO-EDUCATIONAL INDEPENDENT DAY SCHOOL. 24 24 296 24 0 449363 625313 23903035 24916298 464375 279406 529046 380593 25345819 26201610 5229703 5543786 0 0 14352545 14807883 0 0 981640 5324510 5380481 24906758 25732150 439061 469460 47760830 50550839 6686377 8573278 41074453 41977561 THROUGH EXCELLENCE IN EDUCATION, WE INSPIRE STUDENTS TO DISCOVER AND PURSUE THEIR PASSIONS, EMBRACE INTELLECTUAL CURIOSITY AND CREATIVITY, AND LEAD WITH CONFIDENCE. false false 17982750 5543786 22852784 EDUCATION & INSTRUCTION: EDUCATION AND INSTRUCTION FOR APPROXIMATELY 627 STUDENTS IN GRADES PRE-KINDERGARTEN THROUGH GRADE 12 SERVING SOMERSET COUNTY AND ADJACENT COMMUNITIES. 1137602 898473 STUDENT SERVICES - ACTIVITIES (INCLUDING ATHLETICS, STUDENT PUBLICATIONS, DRAMA, CLUBS ETC.) 1981999 1446309 AUXILIARY ENTERPRISES (INCLUDING SCHOOL STORE, CAFETERIA, INTERNATIONAL PROGRAM, SUMMER CAMPS, AFTER SCHOOL PROGRAMS, GRADUATION). 21102351 true true false false false false false false false true true false false false true true true false true false false false false false false false false false true true false false false true false false true false false false false false false false false false false true 23 0 true 296 true false false false false false false false false false false false false X 24 24 false false false false false false false true true false false false true true true true false true false false X ROBERT APGAR 7325455600 1345 EASTON AVENUE SOMERSET NJ 088731499 X STEVEN A LOY Head of School 50.0 0.0 X 458012 0 49334 PETER RICHARDSON DIRECTOR OF CAMPUS OPERATIONS 50.0 0.0 X 179691 0 45411 KEVIN MERGES DIR. OF INNOVATION CENTER 50.0 0.0 X 174513 0 29121 H STEWART WHELLER III Former CFO 0.0 0.0 X 200000 0 0 PATRIA LEROY DIR. OF ENROLLMENT & FINANCIAL 50.0 0.0 X 145880 0 53494 TODD RUTMAN DIRECTOR OF FINANCE 50.0 0.0 X 158465 0 37744 ROBERT APGAR CHIEF OPERATING OFFICER 50.0 0.0 X 193629 0 816 JOE CHODL UPPER SCHOOL PRINCIPAL 50.0 0.0 X 136866 0 43884 KATE ANDERSEN-SHEFT SECRETARY, TRUSTEE 1.0 0.0 X X 0 0 0 ANA AYMES TRUSTEE 1.0 0.0 X 0 0 0 MARK A BEAN TRUSTEE 1.0 0.0 X 0 0 0 NAN M BLECKER TRUSTEE 1.0 0.0 X 0 0 0 SCOTT BOWEN TRUSTEE 1.0 0.0 X 0 0 0 DELLA HAMMER CHERCHIA TRUSTEE 1.0 0.0 X 0 0 0 ANDREA CUNNELL TRUSTEE 1.0 0.0 X 0 0 0 ANDREW K GOLDEN TRUSTEE 1.0 0.0 X 0 0 0 CHRISTIAN HUSBY TRUSTEE 1.0 0.0 X 0 0 0 MEGAN KELLY TRUSTEE 1.0 0.0 X 0 0 0 PETER LAMPEN TRUSTEE 1.0 0.0 X 0 0 0 BENEDICT LAU TRUSTEE 1.0 0.0 X 0 0 0 PETER S LEWIS TRUSTEE 1.0 0.0 X 0 0 0 HENRY RAMALLO TRUSTEE 1.0 0.0 X 0 0 0 ERNEST RENDA PRESIDENT, TRUSTEE 3.0 0.0 X X 0 0 0 GEORGES RICHA VICE PRESIDENT, TRUSTEE 2.0 0.0 X X 0 0 0 THANGAMANI SEENIVASAN TRUSTEE 1.0 0.0 X 0 0 0 LORETTA SHAW-LORELLO TRUSTEE 1.0 0.0 X 0 0 0 MARK SHERMAN TRUSTEE 1.0 0.0 X 0 0 0 DAVID SORIN TRUSTEE 1.0 0.0 X 0 0 0 GERALD TAMBURRO TREASURER, TRUSTEE 2.0 0.0 X X 0 0 0 KATHLEEN TOOMEY TRUSTEE 1.0 0.0 X 0 0 0 MANMEET VIRDI TRUSTEE 1.0 0.0 X 0 0 0 CHRISTOPHER YORLANO TRUSTEE 1.0 0.0 X 0 0 0 1647056 0 259804 21 true true false SAGE DINING SERVICES INC 1402 YORK ROAD SUITE 100 LUTHERVILLE MD 21093 FOOD SERVICE 837423 A-1 Limousine and Taxi Service 2 EMMONS DRIVE PRINCETON NJ 08540 Bussing service 105961 2 625313 5930 625313 STUDENT TUITION 611110 23559571 23559571 STUDENT FEES 611110 267965 267965 OTHER PROGRAMS 611110 1088762 1088762 24916298 279438 279438 0 0 118533 19208 99325 0 99325 99325 5898 5930 -32 -32 -32 0 0 0 0 0 0 177826 131744 46082 46082 SUMMER CAMPS 900099 165140 165140 OTHER REVENUE 900099 70046 70046 235186 26201610 25197566 378731 0 5543786 5543786 0 0 713219 51279 456824 205116 59144 59144 11253495 9125653 1769228 358614 664611 531923 121617 11071 1236598 953833 241194 41571 880816 671886 176163 32767 0 20292 20292 84276 84276 0 0 0 0 255724 1930 253794 102382 66549 15358 20475 194432 194432 7172 7172 328419 311037 13905 3477 17993 17094 720 179 0 14725 2404 8039 4282 0 0 1189451 1129979 47578 11894 150165 19106 130859 200 DINING SERVICE 562828 562828 ACADEMIC DEPT. EXP./ACTIVITIES 404616 404616 ATHLETICS & STUDENT ACTIVITIES 358643 358643 INTERNATIONAL PROGRAM 236362 110380 125982 1453001 985849 175158 291994 25732150 21102351 3648159 981640 7282791 13524078 8413409 1177747 156013 145424 317831 231441 121000 121000 0 0 0 0 241147 157628 173844 380469 37132469 20427541 17411401 16704928 12998747 17420536 0 0 0 0 0 0 644647 687588 47760830 50550839 1725772 1575541 0 0 4768949 4299265 0 0 0 0 0 0 0 0 0 0 191656 2698472 6686377 8573278 X 35493632 36421763 5580821 5555798 41074453 41977561 47760830 50550839 469460 433648 X false true X true false X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 13312714 1850 289268 58013 13545819 12423044 130300 767572 8202 13312714 11631891 12500 792333 13680 12423044 10623024 115733 1130530 237396 11631891 10568391 108089 153480 206936 10623024 0.63140 0.16480 0.20380 false false false 0 584179 584179 0 24614947 12468347 12146600 0 4195821 3461258 734563 0 7737522 4497936 3239586 16704928 0 AMOUNTS HELD FOR OTHERS 41683 ASSET RETIREMENT OBLIGATION 87289 REFUNDABLE ADVANCE - PPP 2569500 2698472 20808776 0 150952 150952 20657824 5543786 5543786 26201610 19905668 150952 150952 19754716 5977434 5977434 25732150 FORM 990, SCHEDULE D, PART V, LINE 4 THE INTENDED USE OF ENDOWMENT FUNDS ENDOWMENT FUNDS HAVE BEEN ESTABLISHED BY THE SCHOOL FOR SCHOLARSHIPS, FACULTY DEVELOPMENT AND GENERAL PURPOSES. FORM 990, SCHEDULE D, PART X INCOME TAXES THE SCHOOL IS AN ORGANIZATION DESCRIBED UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(A) OF THE CODE ON INCOME GENERATED BY ACTIVITIES THAT ARE SUBSTANTIALLY RELATED TO ITS TAX-EXEMPT PURPOSE. THERE ARE CERTAIN TRANSACTIONS THAT COULD BE DEEMED UNRELATED BUSINESS INCOME AND COULD RESULT IN A TAX LIABILITY. MANAGEMENT REVIEWS TRANSACTIONS TO ESTIMATE POTENTIAL TAX LIABILITIES USING A THRESHOLD OF MORE LIKELY THAN NOT. IT IS MANAGEMENTS ESTIMATION THAT THERE ARE NO MATERIAL TAX LIABILITIES THAT ARE REQUIRED TO BE RECORDED. FORM 990, SCHEDULE D, PART XI RECONCILIATION OF REVENUE LINE 2D Cost of Goods Sold $131,744 Rental Expense $19,208 ---------- $150,952 LINE 4B FINANCIAL AID $5,543,786 FORM 990, SCHEDULE D, PART XII RECONCILIATION OF EXPENSES LINE 2D COST OF GOODS SOLD $131,744 RENTAL EXPENSES $ 19,208 -------------- $150,952 LINE 4B FINANCIAL AID $5,543,786 Net Unrealized Gains/(Loss) $433,648 -------------- $5,977,434 true true true true true true true false false false false false false false false true false true RACIALLY NONDISCRIMINATORY FORM 990, SCHEDULE E, LINE 3 A STATEMENT AS TO SUCH POSITION IS INCLUDED IN ADVERTISEMENTS AND ON THE ORGANIZATION'S WEBSITE. FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENTAL AGENCY FORM 990, SCHEDULE E, LINE 6A NO CHILD LEFT BEHIND, STATE OF NEW JERSEY - TEXTBOOKS NURSING AND TECHNOLOGY. true STUDENT FINANCIAL AID & SCHOLARSHIPS 273 5543786 FORM 990, SCHEDULE I, PART I, LINE 2 RUTGERS PREPARATORY SCHOOL OFFERS FINANCIAL AID TO QUALIFIED STUDENTS BASED ON THE DEMONSTRATED FINANCIAL NEED OF THE FAMILY AND THE AVAILABILITY OF FINANCIAL AID FUNDS. THESE FUNDS ARE NEED-BASED FINANCIAL AID. RUTGERS PREPARATORY SCHOOL USES TUITION AID DATA SERVICES (TADS) AS ITS FINANCIAL Aid APPLICATION SERVICE. TADS ASSISTS INDEPENDENT SCHOOLS IN DETERMINING FINANCIAL NEED. ALL APPLICATIONS FOR AID ARE MADE THROUGH THE ADMISSION OFFICE AND THE LIST OF FAMILIES WHO RECEIVE AID IS KEPT CONFIDENTIAL. FINANCIAL AID GRANTS ARE APPLIED AS A REDUCTION TO THE FAMILY'S TUITION. X true true X X X X true true false false false false false false false STEVEN A LOY Head of School 406789 0 0 0 51223 0 37464 0 11870 0 507346 0 0 0 H STEWART WHELLER III Former CFO 0 0 0 0 200000 0 0 0 0 0 200000 0 0 0 ROBERT APGAR CHIEF OPERATING OFFICER 193517 0 0 0 112 0 0 0 816 0 194445 0 0 0 PETER RICHARDSON DIRECTOR OF CAMPUS OPERATIONS 173888 0 0 0 5803 0 18270 0 27141 0 225102 0 0 0 KEVIN MERGES DIR. OF INNOVATION CENTER 174202 0 0 0 311 0 17850 0 11271 0 203634 0 0 0 PATRIA LEROY DIR. OF ENROLLMENT & FINANCIAL 145364 0 0 0 516 0 15750 0 37744 0 199374 0 0 0 TODD RUTMAN DIRECTOR OF FINANCE 158189 0 0 0 276 0 0 0 37744 0 196209 0 0 0 JOE CHODL UPPER SCHOOL PRINCIPAL 136589 0 0 0 277 0 6140 0 37744 0 180750 0 0 0 FORM 990, SCHEDULE J, PART I, LINE 1A HOUSING AND OTHER ALLOWANCES HOUSING AND OTHER TAXABLE ALLOWANCES DESCRIPTION: THE ALLOWANCES FOR THE FOLLOWING EMPLOYEE IS TAXABLE AND REFLECTED AS PART OF TAXABLE INCOME AND INCLUDED AS TAXABLE INCOME ON HIS FORM W-2, BOX 1 AND 5. STEVEN LOY'S CONTRACT INCLUDES A HOUSING AND RELATED EXPENSES ALLOWANCE OF $35,400 FOR MORTGAGE PAYMENTS, REAL ESTATE TAXES, INSURANCE, MAINTENANCE AND UTILITIES; AN AUTOMOBILE ALLOWANCE OF $6,500 FOR FUEL AND MAINTENANCE; AND THE TAXABLE LEASE VALUE OF A VEHICLE PROVIDED BY THE SCHOOL OF $7,799. FORM 990, SCHEDULE J, PART I, LINE 4A STEWART WHELLER RECEIVED A SEVERANCE PAYMENT OF $200,000. FORM 990, SCHEDULE J, PART I, LINE 4B THE FOLLOWING REPRESENT AMOUNTS CONTRIBUTED TO SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLANS FOR THE FOLLOWING LISTED INDIVIDUALS: PATRIA LEROY 3,383.35 STEVEN LOY 12,432.02 KEVIN MERGES 3,841.65 PETER RICHARDSON 3,912.50 STEVEN A LOY OFFICER HOUSE & HOUSE IMPROV X 121000 121000 false true true 121000 PHILOMENA C LOY FAMILY - STEVEN A. LOY 59114 COMPENSATION & BENEFITS false FORM 990, PART VI, LINE 11 REVIEW OF FORM 990 THE FORM 990 IS PREPARED BY THE CONTROLLER AND COO WITH INPUT FROM THE HEAD OF SCHOOL AND OTHER SCHOOL ADMINISTRATORS WITH ASSISTANCE FROM THE SCHOOL'S TAX ACCOUNTANTS. THE FORM 990 IS REVIEWED BY THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES. THE FINAL COPY OF THE FORM 990 IS PROVIDED TO EACH OF THE BOARD MEMBERS PRIOR TO FILING WITH THE IRS. IN CONSIDERATION OF DONOR PRIVACY, THE FORM 990, SCHEDULE B - SCHEDULE OF CONTRIBUTORS PROVIDED TO THE BOARD OF TRUSTEES DID NOT INCLUDE DONOR NAMES AND ADDRESSES. ADHERING TO IRS FORM 990 INSTRUCTION GUIDANCE, RPS IS REQUIRED TO ANSWER PART VI, LINE 11A "NO" REGARDING IF A COMPLETE COPY OF FORM 990 WAS PROVIDED TO ALL MEMBERS OF THE GOVERNING BODY BEFORE FILING. FORM 990, PART VI, LINE 12C CONFLICTS OF INTEREST POLICY A CONFLICT OF INTEREST STATEMENT IS SENT TO EACH BOARD OF TRUSTEE MEMBER AND EACH ADMINISTRATOR EVERY SEPTEMBER FOR SIGNATURE. THE SIGNED CONFLICT OF INTEREST STATEMENTS ARE RETURNED TO THE ASSISTANT TO THE HEAD OF SCHOOL. THE STATEMENTS ARE REVIEWED FOR ANY REPORTED POTENTIAL CONFLICTS. ANY POTENTIAL CONFLICTS ARE REPORTED TO THE PRESIDENT OF THE BOARD AND/OR HEAD OF SCHOOL. IF NECESSARY, THE COMMITTEE ON TRUSTEESHIP AND/OR THE BOARD OF TRUSTEES WOULD PROVIDE GUIDANCE AND TAKE SUCH ACTION AS IT DEEMS APPROPRIATE UNDER THE CIRCUMSTANCES. FORM 990, PART VI, LINE 15 COMPENSATION PART VI, LINE 15A: A SIX-MEMBER COMPENSATION COMMITTEE CONSISTING OF INDEPENDENT MEMBERS OF THE BOARD OF TRUSTEES OVERSEES THE ENGAGEMENT OF THE HEAD OF SCHOOL. IT ALSO REVIEWS ANNUAL PERFORMANCE. IN 2020, THIS COMMITTEE NEGOTIATED A LONG-TERM EMPLOYMENT CONTRACT WHICH RUNS THROUGH JUNE 30, 2027 WITH THE HEAD OF SCHOOL. IN THE COURSE OF COMMITTEE AND BOARD DELIBERATIONS, THE SCHOOL LOOKED AT MARKET COMPARABLES AND OTHER OUTSIDE INFORMATION. THE COMPENSATION COMMITTEE MET BY TELEPHONE, EMAIL, VIDEO CONFERENCE, ETC. ON FREQUENT OCCASIONS DURING THE DELIBERATION PERIOD AND IT RETAINED CONTEMPORANEOUS RECORDS. THE SCHOOL ALSO UTILIZED OUTSIDE LEGAL COUNSEL TO FORMALIZE AND FINALIZE THE AGREEMENT. THE CONTRACT WAS APPROVED BY THE BOARD OF TRUSTEES. PART VI, LINE 15B: THE HEAD OF SCHOOL FIXES THE COMPENSATION OF THE COO IN ACCORDANCE WITH REGULAR AND CONTINUING COMPENSATION PRACTICES FOR ALL SCHOOL EMPLOYEES. FORM 990, PART VI, LINE 19 RUTGERS PREPARATORY SCHOOL MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.