2020-04-29T14:41:49-05:00 2019-06-30 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 1570 FRUITVILLE PIKE SUITE 400 LANCASTER PA 17601 990 2018-07-01 231352681 SPRINGSIDE CHESTNUT HILL ACADEMY SPRI 2152477200 500 W WILLOW GROVE AVENUE PHILADELPHIA PA 19118 FRANK V ALOISE JR CHIEF FINANCIAL OFFICER 2152477200 2020-04-29 1 KERRI N BOGDA CPA P00760402 7177404863 73.101.37.214 2020-04-29 08:54:49 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 F58787FA80410BAE38B710EAF9FCC5760AD3BCDF 2018 2020-09-23 17:36:50Z STEPHEN DRUGGAN 500 W WILLOW GROVE AVENUE PHILADELPHIA PA 19118 61885803 0 X WWW.SCH.ORG X 1879 PA TO PROMOTE EDUCATION, INSTRUCTION AND TRAINING OF CHILDREN AND YOUNG PEOPLE. 27 27 429 180 1066 -74 8747222 12096909 35216151 37248893 1357725 2133239 590473 617846 45911571 52096887 11425322 12805774 0 0 20790105 21567733 0 0 1682381 11054883 11252381 43270310 45625888 2641261 6470999 119417888 138376094 38570886 52949889 80847002 85426205 X AT SPRINGSIDE CHESTNUT HILL ACADEMY WE EDUCATE STUDENTS TO BE INNOVATIVE LEADERS, BREAKTHROUGH THINKERS, AND IMAGINATIVE PROBLEM SOLVERS. WE CHALLENGE STUDENTS TO LEARN IN POWERFUL NEW WAYS, ENGAGE IN ACTIVE INQUIRY, HONE SKILLS OF CREATIVE AND ANALYTIC THINKING, AND CELEBRATE THE JOY OF DISCOVERY. THROUGH A RIGOROUS COLLEGE-PREPARATORY PROGRAM GROUNDED IN PROJECT-AND PASSION-BASED LEARNING, WE PREPARE OUR STUDENTS FOR THEIR FUTURE AS ACTIVE LEARNERS AND RESPONSIBLE GLOBAL CITIZENS. BLENDING THE BEST OF SINGLE-SEX EDUCATION AND COEDUCATION, WE EMPOWER AND PREPARE OUR YOUNG MEN AND WOMEN TO MEET CHALLENGES WITH COURAGE, INTEGRITY, AND RESPECT. 0 0 40820266 12805774 37248893 SPRINGSIDE CHESTNUT HILL ACADEMY (SCH) IS AN INDEPENDENT SCHOOL THAT OFFERS A RIGOROUS CURRICULUM TO OVER 1,000 STUDENTS FROM OVER 100 REGIONAL ZIP CODES AND INTERNATIONAL ORIGINS. SCH'S EDUCATIONAL MODEL IS DISTINGUISHED BY SINGLE-SEX EDUCATION IN GRADES PRE-K THROUGH 8 FOLLOWED BY A COED UPPER SCHOOL. THIS UNIQUE STRUCTURE EXPRESSES SCH'S BELIEF IN THE BENEFITS OF SINGLE-SEX ACADEMIC INSTRUCTION IN THE LOWER AND MIDDLE GRADES AND RECOGNITION OF THE VALUE OF COEDUCATION IN A STUDENT'S PREPARATION FOR COLLEGE AND BEYOND.SCH IS DISTINGUISHED BY SIGNATURE PROGRAMS IN ENTREPRENEURIAL LEADERSHIP, GLOBAL TRAVEL, ROBOTICS AND ENGINEERING, COLLEGE PREPARATION, ART AND NEW MEDIA, OUTDOOR EDUCATION, AND THE PRINCIPLES OF SUSTAINABILITY.FOUNDED IN 1861 AND SITUATED ON A 62-ACRE CAMPUS IN CHESTNUT HILL, PHILADELPHIA, THE SCHOOL HAS A LONG HISTORY OF EDUCATIONAL EXCELLENCE, PREPARING STUDENTS TO LEAD LIVES CHARACTERIZED BY THOUGHTFULNESS, INTEGRITY, AND A PASSION TO EFFECT POSITIVE CHANGE.FIVE VALUES SERVE AS THE FOUNDATION FOR OUR TEACHING AND COMMUNITY SPIRIT: DIVERSITY, INTEGRITY, RESILIENCE, COURAGE, AND THOUGHTFULNESS.DISTINCTIVE FEATURES OF SCH FACILITIES:A 19TH-CENTURY INN LISTED IN THE NATIONAL REGISTER OF HISTORIC PLACES AND CHESTNUT HILL CONSERVANCY'S PRESERVATION RECOGNITION AWARD NEW STATE-OF-THE-ART LOWER SCHOOL 17 LABORATORIES, INCLUDING A 1,600-SQUARE-FOOT STATE-OF-THE-ART ENGINEERING AND ROBOTICS LAB; VIDCAST STUDIO FOR VIDEO AND MUSIC PRODUCTION; AND MAKER SPACE FOR LOWER SCHOOLS CERTIFIED LEED GOLD SCIENCE AND TECHNOLOGY BUILDING 6 SOL LEWITT INSTALLATIONS AND A VIOLET OAKLEY MURAL AN ACRE SOLAR ARRAY ROOFTOP INSTALLATION LOW- AND HIGH-ROPES CHALLENGE COURSE FABRICATION AND DESIGN SPACES, INCLUDING 13 3D PRINTERS AND 2 LASER CUTTERS 1.5 MILES OF WALKING TRAILS ON THE SCHOOLS PROPERTY THAT CONNECTS TO THE WISSAHICKON PARK.POINTS OF PRIDE: IN SEPTEMBER 2019, SCH OPENED THE DOORS OF MCCAUSLAND LOWER SCHOOL AND COMMONS, MOVED THE MIDDLE SCHOOL BOYS DIVISION TO THE MIDDLE SCHOOL BUILDING AND THE UPPER SCHOOL TO THE INN, THUS COMPLETING PHASE II OF THE SCHOOL'S CAMPUS MASTER PLAN. THE SCHOOL'S ATHLETICS TEAMS HAVE EARNED 6 INTER-AC CHAMPIONSHIP TITLES (2017-2019), 4 PAISAA CHAMPIONSHIPS (2017-2019), AND 214 ALL-INTER-AC SELECTIONS (2015-2019), INCLUDING 6 MVPS. UPPER SCHOOL STUDENTS HAVE 100+ ELECTIVES TO CHOOSE FROM, INCLUDING FORENSICS, ARCHITECTURAL DESIGN, ADVANCED CREATIVE WRITING AND VECTOR CALCULUS. 850+ SCH STUDENTS HAVE DEEPENED THEIR GLOBAL CITIZENSHIP SKILLS THROUGH MEANINGFUL IMMERSION AND SERVICE EXPERIENCES IN 20 COUNTRIES, INCLUDING CHINA, CUBA, CAMBODIA, THAILAND, ECUADOR, FRANCE, PERU, ITALY, NEW ZEALAND, MEXICO, ETHIOPIA, ICELAND, AND SENEGAL.SCH'S UPPER SCHOOL ROBOTICS TEAM WAS THE WORLD CHAMPION ROBOTICS TEAM AT THE END OF THE SEASON. IT HAS COMPETED IN THE FIRST ROBOTICS WORLD CHAMPIONSHIP SINCE 2003, FINISHING IN THE TOP 10 WORLDWIDE 5 TIMES AND WINNING THE COVETED FIRST CHAIRMAN'S AWARD 8 TIMES. OVER THE PAST 17 YEARS, ROBOTICS STUDENTS HAVE BEEN ACCEPTED INTO THE NATION'S TOP ENGINEERING PROGRAMS, INCLUDING PRINCETON, MIT, CALTECH, PENN, BROWN, COLUMBIA, CORNELL, CARNEGIE MELLON, JOHNS HOPKINS, GEORGIA TECH, CLEMSON, RPI, WPI, ROSE-HULMAN, AND ALL THREE MILITARY ACADEMIES. SCH COACHES OVER 8 ROBOTICS TEAMS STARTING AS EARLY AS 1 ST GRADE. STUDENTS PARTICIPATE IN FIRST ROBOTICS COMPETITIONS WHERE THEY ARE APPLYING THEIR PHYSICS AND ENGINEERING KNOWLEDGE TO THE CONSTRUCTION OF ROBOTS, WHILE ALSO LEARNING POSITIVE VALUES SUCH AS FRIENDLY COMPETITION, TEAMWORK, AND PERSEVERANCE.SCH HAS PARTNERED WITH THE AMERICAN CHESTNUT FOUNDATION TO RESTORE THE AMERICAN CHESTNUT TREE TO THE AREA WHICH ONCE COVERED THE NORTHWEST AREA OF PHILADELPHIA. THE SCHOOL PLANTED AN EXPERIMENTAL GROVE OF 70 TREES ASSISTING IN INDENTIFYING BLIGHT RESISTANT CHESTNUT TREES ON CAMPUS IN THE FALL (2019). SCH'S SANDS CENTER FOR ENTREPRENEURIAL LEADERSHIP (CEL) AND ITS INNOVATIVE PROGRAM CONTINUE TO PRODUCE STUDENTS WITH THE MINDSET AND SKILLSET THAT EARNS THEM DISTINCTIONS AT PITCH COMPETITIONS, ENTREPRENEURIAL GRANTS, AND ADMISSION TO COLLEGE. THE CEL CURRICULUM IS INTEGRATED INTO PRE-K9TH EXPERIENCE, BUILDING TOWARD "CAPSTONE" WHERE ALL SOPHOMORES LAUNCH VENTURES. THE CENTER RECENTLY LAUNCHED AN INTERNATIONAL PARTNERSHIP WITH ARCADIA EDUCATION IN DUBAI, UAE, EXTENDING ITS REACH INTERNATIONALLY BY LICENSING THE SCHOOL'S UNIQUE EDUCATIONAL CURRICULUM. 40820266 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 147 0 429 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 27 27 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X FRANK V ALOISE JR CHIEF FINANCIAL OFFICER 2152477203 500 WEST WILLOW PHILADELPHIA PA 191184135 RICHARD A HAYNE CHAIRMAN 4.00 X X 0 0 0 STEVEN H KAPP BOARD MEMBER 1.00 X 0 0 0 MICHAEL J BARRIST BOARD MEMBER 1.00 X 0 0 0 MIMS MAYNARD ZABRISKIE SECRETARY 4.00 X X 0 0 0 PAMELA VON SELDENECK HARRIS BOARD MEMBER 1.00 X 0 0 0 STACEY PERPER METHVIN BOARD MEMBER 1.00 X 0 0 0 ELLIN DIXON MILLER BOARD MEMBER 1.00 X 0 0 0 ROBERT M PECK BOARD MEMBER 1.00 X 0 0 0 JOFFIE C PITTMAN BOARD MEMBER 1.00 X 0 0 0 BRIAN VOGT BOARD MEMBER 1.00 X 0 0 0 RENEE CHENAULT-FATTAH BOARD MEMBER 1.00 X 0 0 0 PATRICK LINDSAY BOARD MEMBER 1.00 X 0 0 0 JOHN DETWEILER TREASURER 1.00 X X 0 0 0 MICHAEL GOLDEN BOARD MEMBER 1.00 X 0 0 0 TIMOTHY LEVIN BOARD MEMBER 1.00 X 0 0 0 GINNY MARKOS BOARD MEMBER 1.00 X 0 0 0 SHERYL WINSTON-SMITH BOARD MEMBER 1.00 X 0 0 0 DR VANESSA CHAN BOARD MEMBER 1.00 X 0 0 0 ANN MARIE MENDLOW BOARD MEMBER 1.00 X 0 0 0 RASHAD CAMPBELL BOARD MEMBER 1.00 X 0 0 0 KIM WHETZEL BOARD MEMBER 1.00 X 0 0 0 WILLIAM DORAN BOARD MEMBER 1.00 X 0 0 0 YOUNGMOO KIM BOARD MEMBER 1.00 X 0 0 0 DEBORAH MAINE BOARD MEMBER 1.00 X 0 0 0 M BRIAN BLAKE BOARD MEMBER 1.00 X 0 0 0 ANDREW TOPPING BOARD MEMBER 1.00 X 0 0 0 MARJORIE KERSHBAUM SHIEKMAN BOARD MEMBER 1.00 X 0 0 0 FRANK V ALOISE JR CHIEF FINANCIAL OFFICER 50.00 X 253360 0 43129 STEVE DRUGGAN HEAD OF SCHOOL 50.00 X 370710 0 110226 PETER DIDONATO CHIEF INNOVATION OFFICER 50.00 X 156230 0 35177 JENNIFER MCHUGH DIRECTOR OF ADVANCEMENT 50.00 X 135600 0 27809 LIANE FAERMANN DIRECTOR OF HUMAN RESOURCES 50.00 X 124690 0 15852 DOUGLASS WAINWRIGHT HEAD OF LOWER SCHOOL GIRLS 50.00 X 125242 0 24910 DAVE WILSON HEAD OF ATHLETICS 50.00 X 137747 0 34053 MATTHEW NORCINI DIVISION HEAD 50.00 X 128650 0 17535 1432229 0 308691 20 0 1 0 INTECH CONSTRUCTION LLC 3020 MARKET ST PHILADELPHIA PA 19104 BUILDING CONSTRUCT. 7515552 CULINART GROUP INC PO BOX 417632 BOSTON MA 02241 DINING SERVICES 1068224 INTERSTATE MAINTENANCE CORP 508 PRUDENTIAL ROAD STE 100 HORSHAM PA 19044 CLEANING SERVICES 444462 HAVERSTICK-BORTHWICK CO 400 STENTON AVENUE PLYMOUTH MEETING PA 19462 BUILDING CONSTRUCT. 369777 ANCHOR MANAGEMENT GROUP 1000 CONSHOHOCKEN ROAD CONSHOHOCKEN PA 19428 PROJECT MANAGEMENT 226143 16 81698 148857 11866354 5785277 12096909 TUITION 611710 35636263 35636263 FOOD SERVICES 611710 900242 900242 ATHLETICS AND SUMMER PROGRAMS 611710 360915 360915 EDUCATIONAL TRIPS 611710 294545 294545 MUSIC INSTRUCTION 611710 56928 56928 37248893 1071806 1066 1070740 162528 39376 123152 123152 123152 10640618 9579185 1061433 1061433 1061433 57365 81698 46695 10670 10670 200498 123660 76838 76838 AFTER SCHOOL INCOME 611710 211140 211140 EVENT REVENUE/MISC SALES 611710 49036 49036 STUDENT BILLING 611710 41890 41890 105120 105120 407186 52096887 37248893 1066 2750019 12766624 12766624 39150 39150 963054 963054 15940987 14045519 1041568 853900 1013776 882671 72903 58202 2534020 2373714 32315 127991 1115896 952644 105416 57836 50515 50515 60600 60600 93775 93775 341262 310244 31018 44311 5955 15960 22396 647938 517026 32079 98833 16864 16401 463 2719464 2412087 196137 111240 40911 31907 5677 3327 18955 12166 6265 524 3319389 2916372 257315 145702 266451 266451 UBIT TAX EXPENSE 52300 52300 PLANT OPERATIONS 1143239 957076 118860 67303 CAFETERIA 958630 958630 STUDENT ACTIVITIES 672646 672646 805131 630683 70802 103646 45625888 40820266 3123241 1682381 3225 3000 6795200 4485587 8994299 10292886 935415 952367 36853 108106 105158 520074 575079 126488334 47998402 54811203 78489932 3895571 5275486 42849571 37657508 505224 502238 119417888 138376094 2651870 3733327 8252572 8554661 25301109 35310985 814247 781310 1551088 4569606 38570886 52949889 X 21351503 33593646 31103120 23377902 28392379 28454657 80847002 85426205 119417888 138376094 X 6470999 1378974 -3270770 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 45897416 167573 3314576 7296495 42083070 44124237 90680 3712156 2029657 45897416 38259487 1179262 5460639 775151 44124237 41279848 482370 -1785263 1717468 38259487 41550368 1470797 -81540 1659777 41279848 0.05400 0.67600 0.27000 1 0 365000 365000 117414706 43656834 73757872 6333428 4176135 2157293 2375200 165433 2209767 78489932 INVESTMENT-CRUT 353397 F BENEFICIAL INTEREST IN PERPETUAL TRUST 5216112 F SPLIT INTEREST AGREEMENTS 438785 F INVESTMENT - COMMONFUND 30905097 F INVESTMENT - GPE II 493675 F INVESTMENT - CSP II 73499 F INVESTMENT - VENTURE PARTNERS XII 119201 F INVESTMENT - DEFERRED COMPENSATION 57742 F 37657508 SPECIAL AGENCY FUNDS 199986 DISCOUNT FOR FUTURE INTEREST - LIFETIME ANUUITY 54354 DEFERRED COMPENSATION 57742 SWAP VALUATION 4257524 4569606 X 37468578 1378974 -16170319 -14791345 52259923 -163036 -163036 52096887 32889375 163036 163036 32726339 12899549 12899549 45625888 PART V, LINE 4: THE NET INCOME FROM ENDOWED FUNDS, SUBJECT TO THE SCHOOL'S AUTHORIZED SPENDING POLICY, WILL BE USED FOR FACULTY/STAFF SALARIES, FINANCIAL AID, FACULTY DEVELOPMENT, ATHLETICS, OTHER SCHOOL ACTIVITIES, AND GENERAL OPERATIONS OF THE SCHOOL BASED ON DONOR STIPULATIONS. PART X, LINE 2: THE SCHOOL ACCOUNTS FOR UNCERTAINTIES IN INCOME TAXES IN ACCORDANCE WITH AUTHORITATIVE GUIDANCE, WHICH PRESCRIBES A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD HAS BEEN MET. MANAGEMENT DETERMINED THAT THERE WERE NO TAX UNCERTAINTIES THAT MET THE RECOGNITION THRESHOLD AT JUNE 30, 2019 AND 2018. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID -12,805,774. NET LOSS ON INTEREST SWAP AGREEMENT -3,179,269. GAIN ON BENEFICIAL INTEREST IN PERPETUAL TRUST -105,296. CHANGE IN VALUE OF SPLIT-INTEREST ARRANGEMENTS -1,156. AMORTIZATION OF DISCOUNT ON SPLIT-INTEREST ARRANGEMENTS 11,005. LOSS ON BENEFICIAL INTEREST IN CHARITABLE TRUST -16,715. INVESTMENT FEES -93,775. CHANGE IN CASH SURRENDER VALUE OF INSURANCE POLICY 20,661. PART XI, LINE 4B - OTHER ADJUSTMENTS: BOOKSTORE EXPENSES -123,660. RENTAL EXPENSES -39,376. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 39,376. BOOKSTORE EXPENSES 123,660. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 12,805,774. INVESTMENT FEES 93,775. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 ADVERTISEMENT IN LOCAL PAPERS DESCRIBING NONDISCRIMINATORY POLICY, SHARED ADS WITH OTHER LOCAL INDEPENDENT SCHOOLS SCHEDULE E, PART I, LINE 6 SPRINGSIDE CHESTNUT HILL ACADEMY ANNUALLY RECEIVES A GRANT FROM THE STATE OF PENNSYLVANIA FOR THE PURCHASE OF TEXT BOOKS AND OTHER EDUCATION SUPPLIES. THE STATE DIRECTLY PURCHASES THESE ITEMS BASED ON AN APPLICATION SENT IN BY SPRINGSIDE CHESTNUT HILL ACADEMY. 0 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICE EDUCATIONAL TRIPS 117828 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 PROGRAM SERVICE EDUCATIONAL TRIPS 92101 SOUTH ASIA 0 0 PROGRAM SERVICE EDUCATIONAL TRIPS 73064 0 0 0 0 0 0 282993 0 282993 FINANCIAL AID EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIU 8 7250 FINANCIAL AID EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 7 12500 FINANCIAL AID SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO, 8 19400 0 0 0 0 0 0 SCH FETE FOR OUR FUTURE 96115 81698 14417 21881 CAMP FAIR 28105 28105 8233 1 14843 14843 16581 139063 81698 57365 21881 24814 46695 10670 1 SCHOLARSHIPS & FINANCIAL AID FOR VARIOUS STUDENTS 569 12766624 PART I, LINE 2: SPRINGSIDE CHESTNUT HILL ACADEMY SUBSCRIBES TO THE NAIS PRINCIPLES OF GOOD PRACTICE IN FINANCIAL AID ADMINISTRATION AND HAS INCORPORATED THESE PRINCIPLES INTO ITS SCHOOL-WIDE FINANCIAL AID POLICY. THIS POLICY 1) SUPPORTS SCH ACADEMY'S COMMITMENT TO ACCESS AND DIVERSITY; 2) ENABLES SCH ACADEMY TO ENROLL THE BEST AND BRIGHTEST OF ITS APPLICANTS REGARDLESS OF NEED; 3) ENABLES SCH ACADEMY TO MAINTAIN AND INCREASE ENROLLMENT DURING A PERIOD OF ECONOMIC UNCERTAINTY AND INTENSE COMPETITION AMONG SCHOOLS. 1) A FINANCIAL AID BUDGET IS SET EACH YEAR BY THE TRUSTEES OF SCH ACADEMY USING INCOME FROM ENDOWED FUNDS AND OPERATING REVENUE. IN SETTING THE BUDGET, THE BOARD CONSIDERS THE LEVEL OF NEED ALREADY EXISTING IN THE SCHOOL BASED ON THE PREVIOUS YEAR'S ALLOCATIONS, AS WELL AS PROPOSED TUITION INCREASES. 2) SCH ACADEMY STRIVES THROUGH ITS PUBLICATIONS, WEBSITE, AND FACE-TO-FACE CONTACTS TO PUBLICIZE AND EXPLAIN ITS FINANCIAL AID PROGRAM AND TO DISCLOSE ALL INFORMATION PERTAINING TO THE COST OF AN SCH ACADEMY EDUCATION. 3) ALLOCATION OF FINANCIAL AID FUNDS IS CARRIED OUT BY A COMMITTEE OF ADMISSION OFFICERS AND THE CHIEF FINANCIAL OFFICER; FILES ARE MAINTAINED BY THE ADMISSIONS ASSISTANT OR ADMISSIONS OFFICE MANAGER. 4) SCH ACADEMY DOES NOT DISCRIMINATE IN ITS FINANCIAL AID ALLOCATIONS ON THE BASIS OF RACE, COLOR, RELIGION OR NATIONAL ORIGIN; SCH ACADEMY DOES NOT USE FINANCIAL NEED AS A CONSIDERATION IN DETERMINING A STUDENT'S ELIGIBILITY FOR ADMISSION; SCH ACADEMY USES A UNIFORM METHODOLOGY TO ASSESS ANNUALLY, IN A CONSISTENT AND EQUITABLE MANNER, EACH FAMILY'S ABILITY TO PAY FOR EDUCATION. A) SCH ACADEMY RECOGNIZES THAT PRIMARY RESPONSIBILITY FOR FINANCING A STUDENT'S EDUCATION RESTS WITH THE FAMILY, AND THAT THE FAMILY WILL HAVE SOUGHT FUNDS FROM ALL SOURCES INCLUDING EMPLOYMENT, RELATIVES, ASSETS, OUTSIDE SCHOLARSHIPS, AND THE ELLIS FOUNDATION (FOR ELIGIBLE GIRLS) IN ADDITION TO SEEKING AID FROM SCH ACADEMY. B) ASSESSMENT OF NEED IS DETERMINED BY THE SCHOOL AND STUDENT SERVICE FOR FINANCIAL AID (SSS.NAIS.ORG) FOLLOWING THE FAMILY'S ONLINE SUBMISSION OF A COMPLETED PARENTS' FINANCIAL STATEMENT, SUPPLEMENTED BY AN UPLOADED COPY OF THE MOST RECENT IRS 1040 FORM AND A RECENT PAYSTUB TO VERIFY EARNINGS. ASSESSMENT OF NEED MAY REQUIRE FURTHER VERIFICATION. NO FINANCIAL AID AWARD WILL EXCEED A FAMILY'S DEMONSTRATED NEED. C) IN AWARDING AID, THE COMMITTEE TAKES INTO ACCOUNT THE NUMBER, AGES AND SCHOOLS OF CHILDREN, ADDITIONAL DEPENDENTS, ALL SOURCES OF INCOME INCLUDING THE STUDENT'S OWN INCOME, DEBTS AND UNUSUAL EXPENSES, SPENDING PRIORITIES, AND WHETHER A SECOND WORKING PARENT IS CONTRIBUTING TO FAMILY INCOME WHERE POSSIBLE. D) IN CASES OF DIVORCE OR SEPARATION, SCH ACADEMY REQUIRES A COMPLETED ONLINE PARENTS' FINANCIAL STATEMENT FROM THE NON-CUSTODIAL PARENT, WHETHER OR NOT THE NON-CUSTODIAL PARENT SHARES IN THE COST OF EDUCATION. IF THE STUDENT RESIDES WITH A STEP-PARENT, SCH ACADEMY REQUIRES AN ONLINE PFS FROM THE STEP-PARENT. 5) SCH ACADEMY STRIVES TO MAKE AWARDS AS CLOSE TO DEMONSTRATED NEED (BASED ON THE PFS) AS POSSIBLE, BUT ALSO EXPECTS THAT EACH FAMILY WILL CONTRIBUTE AN APPROPRIATE PORTION OF TUITION AND FEES. A) EXCEPTIONS TO THIS ARE THE SPECIALLY ENDOWED SCHOLARSHIPS, WHOSE AID MAY CONSIST OF FULL TUITION, AS LONG AS THERE IS DEMONSTRATED FULL NEED. 6) AWARDS ARE MADE ON A ONE-YEAR BASIS AND REQUIRE RE-APPLICATION EVERY YEAR. FAMILIES ALREADY IN THE SCHOOL HAVE PRIORITY OVER NEW FAMILIES, AS LONG AS THEY MEET THE APPLICATION DEADLINE. SCH ACADEMY IS COMMITTED TO SUPPORTING A STUDENT THROUGH GRADUATION AT THE SAME LEVEL OF FUNDING UNLESS THERE IS A CHANGE IN FINANCIAL CIRCUMSTANCES. A) AN AWARD IS CONTINGENT UPON THE FAMILY'S MEETING ITS FINANCIAL OBLIGATION TO SCH ACADEMY FOR THE CURRENT YEAR. B) SCH ACADEMY DOES NOT SET DIFFERENT STANDARDS OF BEHAVIOR OR ACADEMIC PERFORMANCE FOR FINANCIAL AID RECIPIENTS; HIGH ACADEMIC STANDARDS AND EXEMPLARY CITIZENSHIP ARE EXPECTED OF ALL STUDENTS. HOWEVER, STUDENTS ON ACADEMIC OR DISCIPLINARY PROBATION MAY LOSE THEIR ELIGIBILITY FOR FINANCIAL AID, AT THE DISCRETION OF THE HEAD OF SCHOOL OR PRESIDENT OF THE SCHOOL. 7) SCH ACADEMY HAS A FORMAL REVIEW PROCEDURE FOR FAMILIES WHO WISH TO REQUEST ADDITIONAL FUNDING, WHICH REQUIRES A WRITTEN APPEAL AND A SECOND MEETING OF THE FINANCIAL AID COMMITTEE. 8) SCH ACADEMY SAFEGUARDS THE CONFIDENTIALITY OF ALL FINANCIAL INFORMATION SUPPLIED BY A FAMILY, AND SHALL REFRAIN FROM AND DISCOURAGE OTHERS FROM MAKING ANY PUBLIC ANNOUNCEMENT OF THE AMOUNT OF FINANCIAL AID AWARDED TO A STUDENT. 9)SCH ACADEMY RESERVES THE RIGHT TO AMEND OR ALTER ANY FINANCIAL AID AWARD AT ANY TIME, AT THE SCHOOL'S SOLE DISCRETION, IF THE RECIPIENT HAS A MATERIAL CHANGE IN FINANCIAL CIRCUMSTANCES. X 1 1 X X X X X 0 0 0 0 0 0 0 1 0 FRANK V ALOISE JR CHIEF FINANCIAL OFFICER 253360 0 0 0 0 0 18728 0 24401 0 296489 0 0 0 STEVE DRUGGAN HEAD OF SCHOOL 340710 0 30000 0 0 0 39125 0 71101 0 480936 0 0 0 PETER DIDONATO CHIEF INNOVATION OFFICER 156230 0 0 0 0 0 12514 0 22663 0 191407 0 0 0 JENNIFER MCHUGH DIRECTOR OF ADVANCEMENT 135600 0 0 0 0 0 9367 0 18442 0 163409 0 0 0 DOUGLASS WAINWRIGHT HEAD OF LOWER SCHOOL GIRLS 125242 0 0 0 0 0 9369 0 15541 0 150152 0 0 0 DAVE WILSON HEAD OF ATHLETICS 137747 0 0 0 0 0 10445 0 23608 0 171800 0 0 0 PART I, LINE 1A THE HEAD OF SCHOOL STEVE DRUGGAN RECEIVES ON-CAMPUS HOUSING. THIS BENEFIT IS MANDATORY PER THE EMPLOYMENT CONTRACT AND IS CONSIDERED NECESSARY DUE TO THE AMOUNT OF BUSINESS-RELATED ENTERTAINING AND DEVELOPMENT PERFORMED. THE VALUE OF THE HOUSING ALLOWANCE WAS $48,000. THESE BENEFITS ARE NOT INCLUDED AS TAXABLE COMPENSATION. ADDITIONALLY, THE SCHOOL PAYS $140 PER WEEK FOR HOUSE CLEANING SERVICES. PART I, LINE 7 THE BOARD OF DIRECTORS DECIDES TO AWARD A BONUS TO THE HEAD OF SCHOOL BASED UPON A NUMBER OF CRITERIA AND GOALS SET IN ADVANCE. THE HEAD OF SCHOOL DECIDES ON BONUS AWARDS FOR OTHER SENIOR EMPLOYEES. A PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENT 232237287 2018-05-02 35778470 REFUND OF PRIOR ISSUES AND FUNDING NEW CONSTRUCTION 0 0 0 A 35778470 479945 10000000 24818580 2019 1 0 1 1 A 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 1 1 BRYN MAWR TRUST CORPORATION 18.830000000000 0 0 0 0 1 A 1 X 148857 PURCHASE PRICE X 9 5636420 NYSE VALUE 0 0 1 0 PART I, COLUMN (B): THE NUMBER IN COLUMN B FOR LINE 9 REPRESENTS THE NUMBER OF DONORS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS INITIALLY REVIEWED BY THE CHIEF FINANCIAL OFFICER, THE PRESIDENT, AND THE CHAIR OF THE GOVERNANCE COMMITTEE. AN ELECTRONIC VERSION IS THEN PROVIDED TO THE VOTING MEMBERS OF THE BOARD OF TRUSTEES FOR THEIR REVIEW BEFORE THE RETURN IS FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS, OFFICERS, AND KEY EMPLOYEES COMPLETE A CONFLICT OF INTEREST DISCLOSURE STATEMENT TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST ON A YEARLY BASIS. FAMILY AND BUSINESS RELATIONSHIPS ARE EXPRESSLY MENTIONED IN THE STATEMENT. THE STATEMENTS ARE COLLECTED, REVIEWED AND RETAINED BY THE CHIEF FINANCIAL OFFICER. ANY POTENTIAL OR ACTUAL CONFLICTS WILL BE REVIEWED BY THE BOARD. INTERESTED PARTIES TO THE CONFLICT ABSTAIN FROM ANY DISCUSSIONS OR DECISIONS INVOLVING THE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE GOVERNANCE COMMITTEE OF THE BOARD OF TRUSTEES IS RESPONSIBLE FOR OVERSEEING THE IMPLEMENTATION AND EXECUTION OF ALL HUMAN RESOURCES POLICIES, INCLUDING COMPENSATION. THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS THE COMPENSATION FOR OFFICERS USING COMPARABLE COMPENSATION DATA TO ENSURE ALL OFFICERS' COMPENSATION IS WITHIN FAIR MARKET RANGE FOR THE INDUSTRY. THE COMPENSATION COMMITTEE THEN MAKES RECOMMENDATIONS TO THE GOVERNANCE COMMITTEE WITH RESPECT TO OFFICERS' COMPENSATION. DURING THE CURRENT YEAR, THE COMPENSATION AND GOVERNANCE COMMITTEES REVIEWED THE COMPENSATION FOR OFFICERS AND, AS PART OF THE PROCESS, REVIEWED COMPARABLE COMPENSATION DATA FOR SCHOOLS IN SCH PEER GROUP (INCLUDING LOCAL SCHOOLS AND SCHOOLS IN THE MID-ATLANTIC REGION). THE GOVERNANCE COMMITTEE MADE DETERMINATIONS BASED ON THIS REVIEW. IN ADDITION, THE PRESIDENT USES LOCAL, REGIONAL AND NATIONAL ORGANIZATION COMPARATIVES TO DETERMINE KEY EMPLOYEES' SALARIES. THESE ORGANIZATIONS INCLUDE, BUT ARE NOT LIMITED TO, PAISBOA, NAIS AND NBOA. ALL DISCUSSIONS ARE DOCUMENTED IN COMMITTEE MINUTES. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: NET LOSS ON INTEREST SWAP AGREEMENT -3,179,269. GAIN ON BENEFICIAL INTEREST IN PERPETUAL TRUST -105,296. CHANGE IN VALUE OF SPLIT-INTEREST ARRANGEMENTS -1,156. AMORTIZATION OF DISCOUNT ON SPLIT-INTEREST ARRANGEMENTS 11,005. LOSS ON BENEFICIAL INTEREST IN CHARITABLE TRUST -16,715. CHANGE IN CASH SURRENDER VALUE OF INSURANCE POLICY 20,661.