2020-06-22T19:20:14-05:00 2019-06-30 420714325 RSM US LLP 9801 WASHINGTONIAN BLVD STE 500 GAITHERSBURG MD 20878 990 2018-07-01 520901098 NORWOOD SCHOOL INC NORW 3013652595 8821 RIVER ROAD BETHESDA MD 20817 MATTHEW A GOULD PHD HEAD OF SCHOOL 3013652595 2020-06-22 1 WILLIAM E TURCO CPA P00369217 3012963600 66.98.98.10 2020-06-22 09:35:57 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 00BFBB601F26E6691F3C42FDB75EEBE807206D5E 2018 2020-11-06 18:47:13Z NORWOOD SCHOOL MATTHEW A GOULD PHD 8821 RIVER ROAD BETHESDA MD 20817 26550484 0 X WWW.NORWOODSCHOOL.ORG X 1952 MD NORWOOD SCHOOL'S CHILD-CENTERED PROGRAM INSPIRES CONFIDENT, COMPASSIONATE, INDEPENDENT, AND CREATIVE THINKERS WHO EMBRACE LIFELONG LEARNING. 18 16 273 250 0 0 3845601 4084616 16693864 16945273 470703 1300687 464454 371996 21474622 22702572 1825051 1951637 0 0 12136984 12709641 0 0 747281 4359454 4386367 18321489 19047645 3153133 3654927 35783257 40375335 9426899 10233294 26356358 30142041 NORWOOD SCHOOL'S CHILD-CENTERED PROGRAM INSPIRES CONFIDENT, COMPASSIONATE, INDEPENDENT, AND CREATIVE THINKERS WHO EMBRACE LIFELONG LEARNING. 0 0 14733084 1951637 16945273 ALL INCOME AND EXPENSES ARE INCURRED THROUGH THE OPERATION OF AN INDEPENDENT SCHOOL GRADES K THROUGH 8 WITH 454 STUDENTS. IN ADDITION TO TUITION REVENUE, THE NORWOOD SCHOOL GENERATES REVENUE THROUGH THE OPERATIONS OF A SUMMER CAMP AND AUXILIARY PROGRAMS. 14733084 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 56 0 1 273 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 18 16 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MD X BILL TEACHUM 3013652595 8821 RIVER ROAD BETHESDA MD 20817 JENNIFER LUSTBADER CHAIR 6.00 X X 0 0 0 STANCLIFF C ELMORE JR VICE CHAIR 2.00 X X 0 0 0 FRAZIER SCHULMAN TREASURER 2.00 X X 0 0 0 CHATICE YARBOROUGH SECRETARY 2.00 X X 0 0 0 DEBRA BARRETT TRUSTEE 2.00 X 0 0 0 MICHELLE FLING TRUSTEE 2.00 X 0 0 0 ANDREW KAY TRUSTEE 2.00 X 0 0 0 SERGE LEARSY TRUSTEE 2.00 X 0 0 0 SUSAN LEE TRUSTEE 2.00 X 0 0 0 CHENG HOON LIM TRUSTEE 2.00 X 0 0 0 ROBERT MILLER TRUSTEE 2.00 X 0 0 0 DEL RENIGAR TRUSTEE 2.00 X 0 0 0 ELINOR SCULLY TRUSTEE 2.00 X 0 0 0 JOSHUA SPENCER TRUSTEE 2.00 X 0 0 0 JEFFREY S SPIGEL TRUSTEE 2.00 X 0 0 0 BRADLEY C STEUART TRUSTEE 2.00 X 0 0 0 BETSY TURLEY TRUSTEE 2.00 X 0 0 0 BARBARA WIESEL TRUSTEE 2.00 X 0 0 0 MATTHEW A GOULD HEAD OF SCHOOL 50.00 X 427738 0 112088 WILLIAM C TEACHUM BUSINESS MANAGER 50.00 X 156859 0 43534 MICHELE CLAEYS MIDDLE SCHOOL HEAD 40.00 X 189574 0 14831 CATHERINE VOEKS DIRECTOR OF DEVELOPMENT 40.00 X 137238 0 34098 MARY MULLIGAN DIRECTOR OF ADMISSION 40.00 X 128578 0 10152 KAREN O'NEILL LOWER SCHOOL HEAD 40.00 X 118864 0 21384 MICHAEL RISEN DIRECTOR OF CURRICULUM AND INSTRUCTION 40.00 X 119933 0 22527 1278784 0 258614 15 0 1 0 RIDGEWELLS CATERING 5525 DORSEY LANE BETHESDA MD 20816 SCHOOL FOOD SERVICE 450109 RED COATS INC PO BOX 79579 BALTIMORE MD 21279 JANITORIAL SERVICES 243761 VENABLE LLP 600 MASSACHUSETTS AVENUE NW WASHINGTON DC 20001 LEGAL SERVICES 175268 THE COMPASS GROUP INC 2961-A HUNTER MILL ROAD OAKTON VA 22124 CAPITAL CAMPAIGN CONSULTING 135000 COX GRAAE AND SPARCK ARCHITECTS 2909 M STREET NW WASHINGTON DC 20007 ARCHITECTURAL DESIGN 123775 5 121746 3962870 141143 4084616 TUITION AND FEES 900099 16945273 16945273 16945273 419999 419999 216173 0 216173 216173 216173 4601889 3721201 880688 880688 880688 271982 121746 126711 145271 145271 10200 0 10200 10200 OTHER INCOME 900099 352 352 352 22702572 16945273 0 1672683 1951637 1951637 692099 538259 127252 26588 9524288 7457767 1725568 340953 607298 459824 117986 29488 1161031 803636 316299 41096 724925 548887 140838 35200 101268 101268 43412 43412 64076 64076 1131164 716763 245320 169081 37804 7218 24373 6213 630830 447515 166176 17139 328485 301257 25228 2000 226825 194968 20471 11386 196686 109280 82811 4595 33440 28409 4143 888 956783 812843 118539 25401 92391 81324 9114 1953 FOOD SERVICE & CATERING 456884 450286 6598 ASSOC DUES & ASSESSMENT 51540 5776 45764 BAD DEBT EXPENSES 22347 22347 GIFTS & RECOGNITION 12432 7645 3053 1734 -190210 156644 33566 19047645 14733084 3567280 747281 500 500 9400344 9922055 681247 2419784 140007 383493 294445 271600 30868838 17305507 13754369 13563331 11494269 13814572 18076 0 35783257 40375335 1550748 1432629 6458667 6606496 1399408 1155840 18076 1038329 9426899 10233294 X 15207254 16386454 5438397 6177890 5710707 7577697 26356358 30142041 35783257 40375335 3654927 130756 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 11861240 3294730 1325741 391761 50898 16039052 9805280 1198662 1131574 222056 52220 11861240 8239910 652800 1126803 169782 44451 9805280 8090771 779116 -458958 171019 8239910 7514063 270928 547819 242039 8090771 0.27570 0.43350 0.29080 0 0 4972907 4972907 22198540 14239164 7959376 413254 322463 90791 3284137 2743880 540257 13563331 DEFERRED COMPENSATION 38329 REFUNDABLE ADVANCES 1000000 1038329 X 20944326 130756 -1951637 -1820881 22765207 64076 -126711 -62635 22702572 17158643 126711 126711 17031932 64076 1951637 2015713 19047645 PART V, LINE 4: ENDOWMENT IS MADE UP OF TWO CATEGORIES: BOARD-DESIGNATED QUASI-ENDOWMENT FUNDS AND DONOR-RESTRICTED ENDOWMENT FUNDS. THE BOARD-DESIGNATED NET ASSETS SERVE AS QUASI-ENDOWMENT FUNDS HELD FOR LONG-TERM PURPOSES. BOARD DESIGNATED NET ASSETS ARE MADE UP OF SURPLUS CASH INVESTMENT FUND, JESSICA LEWIS LUSTINE, EDWARD B. MARSH SCHOLARSHIP, ROSA SCOTT FUND FOR THE PERFORMING ARTS AND COMPUTER LEARNING. ALL EARNINGS FOR THE DONOR-RESTRICTED ENDOWMENT ARE REFLECTED AS TEMPORARILY RESTRICTED NET ASSETS UNTIL APPROPRIATED FOR EXPENDITURES BY THE BOARD OF TRUSTEES. PERMANENTLY RESTRICTED NET ASSETS ARE RESTRICTED TO INVESTMENT IN PERPETUITY. INVESTMENT EARNINGS ON THESE AMOUNTS ARE USED TO SUPPORT THE FOLLOWING PROGRAMS: FACULTY SALARIES, FINANCIAL AID, ATHLETIC CENTER, EDUCATIONAL PROGRAMS AND STUDENT ACTIVITIES, OTHER SUPPORT AND FACILITY. PERMANENTLY RESTRICTED NET ASSETS ARE RESTRICTED TO INVESTMENT IN PERPETUITY. INVESTMENT EARNINGS ON THESE AMUNTS ARE UNSED TO SUPPORT THE FOLLOWING PROGRAMS: FACULTY SALARIES, FINANCIAL AID, ATHLETIC CENTER, EDUCATIONAL PROGRAMS AND STUDENT ACTIVITIES, OTHER SUPPORT AND FACILITY. PART X, LINE 2: THE SCHOOL IS GENERALLY EXEMPT FROM FEDERAL INCOME TAXES UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE CODE). IN ADDITION, THE SCHOOL HAS BEEN DETERMINED BY THE INTERNAL REVENUE SERVICE NOT TO BE A PRIVATE FOUNDATION. INCOME THAT IS NOT RELATED TO EXEMPT PURPOSES, LESS APPLICABLE DEDUCTIONS, IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. DURING THE YEAR ENDED JUNE 30, 2019, THE SCHOOL HAD NO TAXABLE UNRELATED BUSINESS INCOME, AND ACCORDINGLY, NO PROVISION FOR INCOME TAXES IS REQUIRED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE SCHOOL FILES INCOME TAX RETURNS IN THE U.S. FEDERAL JURISDICTION AND THE STATE OF MARYLAND. AS OF JUNE 30, 2019, AND FOR THE YEAR THEN ENDED, THERE WERE NO MATERIAL UNRECOGNIZED/DERECOGNIZED TAX BENEFITS OR TAX PENALTIES OR INTEREST. GENERALLY, THE SCHOOL IS NO LONGER SUBJECT TO TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2016. PART XI, LINE 2D - OTHER ADJUSTMENTS: TUITION FOREGONE IN LIEU OF FINANCIAL AID -1,951,637. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES REPORTED ON LINE 8B, PART VIII -126,711. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES REPORTED ON LINE 8B, PART VIII 126,711. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION FOREGONE IN LIEU OF FINANCIAL AID 1,951,637. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 AN ANNOUCEMENT IS PRINTED IN THE WASHINGTON POST NEWSPAPER. ANNUAL BENEFIT AUCTION 393728 121746 271982 79882 46829 393728 121746 271982 79882 46829 126711 145271 1 FINANCIAL AID - TUITION 85 1862221 FINANCIAL AID - AFTER CARE 29 62665 FINANCIAL AID - TRANSPORTATION 4 2125 OTHER FINANCIAL ASSISTANCE 9 24626 PART I, LINE 2: FAMILIES ARE REQUIRED TO FILL OUT A SCHOOL AND STUDENT SERVICES (SSS) APPLICATION FOR EACH CHILD THEY ARE REQUESTING FINANCIAL ASSISTANCE FOR. THROUGH THE USE OF THIS FORM FAMILIES DISCLOSE ALL OF THEIR FINANCIAL INFORMATION AND INDICATE WHAT AMOUNT OF TUITION AND FEES THEY FEEL THEY ARE ABLE TO PAY. THIS FORM IS SUBMITTED DIRECTLY TO SSS. AFTER RECEIVING THE FAMILY'S APPLICATION FORM, SSS CALCULATES, FOR EACH CHILD, THE FAMILY'S ABILITY TO PAY BASED ON THE NUMBERS PROVIDED. THIS RESULT IS SENT TO THE SCHOOL'S FINANCIAL AID COMMITTEE. THE COMMITTEE USES THIS FORM AS WELL AS THE FAMILY'S TAX RETURN TO DETERMINE AN APPROPRIATE FINANCIAL AID AWARD TO OFFER THE FAMILY. X 1 1 X X X X X 1 0 0 0 0 0 0 0 0 MATTHEW A GOULD HEAD OF SCHOOL 363008 0 0 0 64730 0 16500 0 96164 0 540402 0 0 0 WILLIAM C TEACHUM BUSINESS MANAGER 156601 0 0 0 258 0 13320 0 30714 0 200893 0 0 0 MICHELE CLAEYS MIDDLE SCHOOL HEAD 177436 0 0 0 12138 0 12491 0 2865 0 204930 0 0 0 CATHERINE VOEKS DIRECTOR OF DEVELOPMENT 137100 0 0 0 138 0 8874 0 25685 0 171797 0 0 0 PART I, LINE 1A MATTHEW A. GOULD, HEAD OF SCHOOL RECEIVED A NON-TAXABLE HOUSING BENEFIT IN THE AMOUNT OF $70,620. MICHELE CLAEYS, HEAD OF MIDDLE SCHOOL RECEIVED A TAXABLE HOUSING BENEFIT IN THE AMOUNT OF $12,000. PART I, LINE 4A KAREN O'NEIL RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $63,173. 75750 FINANCIAL AID TUITION X 11 141143 FMV 0 1 0 PART I, COLUMN (B): USING A COMBINATION OF THE TWO METHODS ABOVE FORM 990, PART VI, SECTION B, LINE 11B THE COMPLETE 990 WILL BE REVIEWED WITH THE AUDIT COMMITTEE, WHICH IS COMPRISED OF MEMBERS OF THE BOARD OF TRUSTEES AS WELL AS NON BOARD MEMBERS. IT WILL THEN BE PRESENTED TO THE FULL BOARD OF TRUSTEES. THE SCHEDULE B INFORMATION WILL BE DISTRIBUTED TO THE FULL BOARD OF TRUSTEES WITH THE EXCEPTION OF THE NAMES OF THE DONORS WHO REQUESTED ANONYMITY. THOSE NAMES WILL BE MADE AVAILABLE TO THE TRUSTEES UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS PRESENTED TO EACH INCOMING BOARD OF TRUSTEE MEMBER AT THE BEGINNING OF EACH TERM. IT IS ALSO INCLUDED IN THE ANNUAL TRUSTEE PACKET ALONG WITH THE CONFIDENTIALITY AGREEMENT. EACH BOARD MEMBER IS ASKED TO READ THOROUGHLY AND ACKNOWLEDGE THAT THEY UNDERSTAND AND WILL ABIDE BY THE POLICIES. ANY POTENTIAL CONFLICTS ARE TO BE IDENTIFIED BY EACH MEMBER OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 15A THE COMPENSATION OF THE HEAD OF SCHOOL IS DETERMINED EACH YEAR BY THE COMPENSATION COMMITTEE WHICH IS MADE UP FROM MEMBERS OF THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. THEY USE PERFORMANCE REVIEWS AS WELL AS DATA FROM AREA INDEPENDENT SCHOOL MEMBER ORGANIZATIONS SUCH AS AISGW AND AIMS TO COMPARE OTHER HEAD OF SCHOOL SALARIES. A FULL COMPENSATION STUDY BY AN OUTSIDE CONSULTANT IS DONE PERIODICALLY. THE COMPENSATION OF KEY EMPLOYEES AND OTHER OFFICERS OF THE SCHOOL ARE DETERMINED BY THE HEAD OF SCHOOL. PERFORMANCE REVIEWS AS WELL AS DATA FROM AREA INDEPENDENT SCHOOL MEMBER ORGANIZATIONS SUCH AS AISGW AND AIMS ARE USED TO COMPARE THOSE SALARIES TO OTHER SCHOOLS. FORM 990, PART VI, SECTION C, LINE 19 THE SCHOOL MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.