2019-03-09T19:08:26-06:00 2018-06-30 111986323 MARCUM LLP 101 MONTGOMERY STREET 1900 SAN FRANCISCO CA 94104 990 2017-07-01 943250488 SEA CREST SCHOOL INC SEAC 6507129892 901 ARNOLD WAY HALF MOON BAY CA 94019 DR TEKAKWITHA PERNAMBUCO-WISE HEAD OF SCHOOL 6507129892 2019-02-20 1 ROGER BULOSAN P00221282 4154326200 64.124.51.210 2019-02-20 12:03:43 PS P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 8DB6298DFFB9F30D04C102D5853B3391BD590527 2017 2019-02-21 02:37:17Z DR TEKAKWITHA PERNAMBUCO 901 ARNOLD WAY HALF MOON BAY CA 94019 9875538 0 X WWW.SEACRESTSCHOOL.ORG X 1996 CA SEA CREST SCHOOL IS DEDICATED TO PROVIDING THE BEST IN INNOVATIVE EDUCATION (CONTINUES SCH O) (CONTINUES FROM PAGE 1) TO INSPIRE AND EMPOWER OUR LEARNERS TO ENGAGE CURIOSITY, EXPRESS CREATIVITY, ACT WITH COMPASSION AND LEAD WITH COURAGE. 14 14 65 205 0 0 593597 870498 5379409 5530913 34759 51906 48186 32995 6055951 6486312 666810 696628 0 0 3813242 3919730 0 4756 164465 1318187 1304949 5798239 5926063 257712 560249 10809120 10721205 6638334 6000697 4170786 4720508 SEA CREST SCHOOL IS DEDICATED TO PROVIDING THE BEST IN INNOVATIVE EDUCATION TO INSPIRE AND EMPOWER OUR LEARNERS TO ENGAGE CURIOSITY, EXPRESS CREATIVITY, ACT WITH COMPASSION AND LEAD WITH COURAGE. 0 0 4043876 696628 5326014 SEA CREST SCHOOL IS DEDICATED TO PROVIDING THE BEST IN INNOVATIVE EDUCATION TO INSPIRE AND EMPOWER OUR LEARNERS TO ENGAGE CURIOSITY, EXPRESS CREATIVITY, ACT WITH COMPASSION AND LEAD WITH COURAGE. 44511 217389 AUXILIARY SERVICES PROVIDE EXTENDED DAY PROGRAMS FOR ATHLETICS, ART, MUSIC, SCIENCE, INNOVATION AND OTHER ENRICHMENT PROGRAMS, SUPERVISED BY EXTENDED DAY PROGRAM, COACHES AND SUMMER ENRICHMENT PROGRAMS. 4088387 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 20 0 65 1 0 0 0 0 0 1 1 0 0 0 0 X 14 14 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 CA X KELLY SPAETH DIRECTOR OF FINANCE AND OPERATIONS 6507129892 901 ARNOLD WAY HALF MOON BAY CA 94019 AMY RAMSEY CHAIR 1.00 X X 0 0 0 JACQUIE CUVELIER CHIEF FINANCIAL OFFICER 1.00 X X 0 0 0 TANYA GULESSERIAN SECRETARY 1.00 X X 0 0 0 BARRY FRANKLIN TRUSTEE 1.00 X 0 0 0 JOHN MEYER TO 6118 TRUSTEE 1.00 X 0 0 0 PAUL NAGENGAST TRUSTEE 1.00 X 0 0 0 LAURA LEBER KAMMEYER TO 6118 TRUSTEE 1.00 X 0 0 0 REGAN DANIELS TRUSTEE 1.00 X 0 0 0 SUE REYNERI TRUSTEE 1.00 X 0 0 0 PAMELA IZZO TRUSTEE EMERITA 1.00 X 0 0 0 RYAN POPPLE TRUSTEE 1.00 X 0 0 0 JULIE WALTERS TRUSTEE 1.00 X 0 0 0 LYNN MARRS TRUSTEE 1.00 X 0 0 0 JAMES BARTEL VICE CHAIR 1.00 X X 0 0 0 TARAH BYRNES TRUSTEE 1.00 X 0 0 0 TEKAKWITHA PERNAMBUCO-WISE HEAD OF SCHOOL 55.00 X 288250 0 38744 KELLY SPAETH DIRECTOR OF FINANCE & OPER 55.00 X 128630 0 10216 MICHELLE GIACOTTO DIRECTOR OF TEACHING AND L 55.00 X 108600 0 7828 MICHAEL THOMPSON TO 8118 DIRECTOR OF ADMISSION AND 55.00 X 114589 0 14604 640069 0 71392 4 0 1 0 0 58824 811674 5050 870498 TUITION 611600 5313525 5313525 AUXILIARY SERVICES 611600 217388 217388 5530913 51906 51906 20505 0 20505 20505 20505 3355000 3355000 0 34226 58824 34226 0 MISC. INCOME 611600 12490 12490 12490 6486312 5543403 0 72411 696628 696628 436800 29450 363175 44175 2716845 2268677 392567 55601 214701 156457 51451 6793 309935 225856 74273 9806 241449 175949 57861 7639 12574 12574 30704 30704 4756 4756 58864 10974 47890 19877 19877 33788 16042 17746 8142 8142 48681 48681 19919 3140 16779 32355 16940 15415 147910 147910 318307 197350 120957 111613 44617 66996 OTHER EXPENSES 167449 63522 68232 35695 CURRICULUM, CLASSROOM S 122277 122277 MAINTENANCE, EQUIPMENT 119403 14553 104850 RECRUITMENT 18194 13645 4549 34892 24168 10724 5926063 4088387 1673211 164465 88753 58992 5325571 5272696 124766 249434 126415 95326 8337501 3334073 5106101 5003428 37514 41329 10809120 10721205 287686 226117 2172640 1690385 4178008 4084195 6638334 6000697 X 4049767 4189329 107704 517864 13315 13315 4170786 4720508 10809120 10721205 560249 -10527 0 X X 0 1 X 1 0 X 37514 3815 41329 32916 4598 37514 32423 493 32916 31438 985 32423 26479 4959 31438 0.43000 0.32000 0.25000 0 0 870118 870118 6711212 2920991 3790221 646358 413082 233276 109813 109813 5003428 X 5779157 -10527 -10527 5789684 696628 696628 6486312 5229435 0 5229435 696628 696628 5926063 PART V, LINE 4: THE SCHOOL'S ENDOWMENT CONSISTS OF ONE INDIVIDUAL FUND ESTABLISHED FOR THE LONG TERM FINANCIAL BENEFIT OF THE SCHOOL AND ITS EDUCATIONAL GOALS AND OBJECTIVES BY PROVIDING ANNUAL SUPPORT FOR THE SCHOOL. 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. INTERPRETATION OF RELEVANT LAW THE BOARD OF TRUSTEES HAVE INTERPRETED CALIFORNIA'S ENACTED VERSION OF THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT ("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 PERMANENTLY RESTRICTED NET ASSETS (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 IN PERMANENTLY RESTRICTED NET ASSETS IS CLASSIFIED AS TEMPORARILY RESTRICTED NET ASSETS 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 SPENDING POLICY AND INVESTMENT OBJECTIVES ALL INTEREST, DIVIDENDS, AND CAPITAL GAINS SHALL BE REINVESTED IN THE ENDOWMENT AND NO DISTRIBUTIONS SHALL BE MADE UNLESS THE TOTAL VALUE OF THE ENDOWMENT EXCEEDS $500,000 AT THE END OF A FISCAL YEAR. THE FIRST FISCAL YEAR FOLLOWING THE ACHIEVEMENT OF THE THRESHOLD, THE ENDOWMENT PAYOUT SHALL BE 4% OF THE VALUE OF THE ENDOWMENT AS DETERMINED AT THE END OF THE PREVIOUS FISCAL YEAR. THIS PAYOUT SHALL BE MADE IN TWO EQUAL PAYMENTS; THE FIRST TO BE MADE ON SEPTEMBER 1 AND THE SECOND ON FEBRUARY 1. EACH FOLLOWING YEAR THE ENDOWMENT PAYOUT SHALL EQUAL THE PRIOR YEAR'S PAYOUT AMOUNT PLUS 5%, PROVIDED HOWEVER THAT THE PAYOUT WILL IN NO EVENT BE LESS THAN 3% OR MORE THAN 5% OF THE ENDOWMENT'S VALUE ON THE PRIOR FISCAL YEAR. THE ENDOWMENT POLICY IS TO PRESERVE CAPITAL AND NOT INVADE ITS PRINCIPAL. WHILE IT IS THE INTENT TO MEET THIS POLICY, AT ANY TIME, IF CIRCUMSTANCES DICTATE A SHORT-TERM EXTRAORDINARY NEED FOR CASH, THE SPENDING RATE, OR METHODOLOGY MAY BE CHANGED UPON APPROVAL OF THE BOARD OF TRUSTEES. THIS IS CONSISTENT WITH THE SCHOOL'S OBJECTIVE TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS HELD IN PERPETUITY OR FOR A SPECIFIED TERM AS WELL AS TO PROVIDE ADDITIONAL REAL GROWTH THROUGH NEW GIFTS AND INVESTMENT RETURN. PART X, LINE 2: THE SCHOOL IS A QUALIFIED ORGANIZATION EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC) AND FRANCHISE TAXES UNDER SECTION 23701D OF THE CALIFORNIA REVENUE AND TAXATION CODE, RESPECTIVELY. ACCORDINGLY, THE SCHOOL IS EXEMPT FROM FEDERAL AND CALIFORNIA INCOME TAXES AND IS NOT LIABLE FOR FEDERAL UNEMPLOYMENT TAXES. MANAGEMENT EVALUATED THE SCHOOL'S TAX POSITIONS AND CONCLUDED THAT THEY MAINTAINED THEIR TAX EXEMPT STATUS AND HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS. THEREFORE, NO PROVISION OR LIABILITY FOR INCOME TAXES HAS BEEN INCLUDED IN THE FINANCIAL STATEMENTS. THE SCHOOL IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE NO AUDITS IN PROGRESS. PART XI, LINE 4B - OTHER ADJUSTMENTS: TUITION ASSISTANCE TO INDIVIDUALS 696,628. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION ASSISTANCE TO INDIVIDUALS 696,628. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 SEA CREST SCHOOL PUBLICIZES ITS NON-DISCIMINATION POLICY ANNUALLY IN THE HALF MOON BAY REVIEW AND THE SAN FRANCISCO CHRONICLE. LAST PUBLICATION DATE FOR THE HALF MOON BAY REVIEW WAS MAY 30, 2018 AND THE SAN FRANCISCO CHRONICLE WAS JUNE 7, 2018. SCHEDULE E, PART I, LINE 6 WE RECEIVE A DISCOUNT ON OUR INTERNET SERVICE FROM E-RATE AND CALIFORNIA TELECONNECT FUND. AUCTION 93050 58824 34226 7927 11022 1750 13527 93050 58824 34226 7927 11022 1750 13527 34226 0 1 FINANCIAL ASSISTANCE FOR TUITION 58 558986 FAIR VALUE OF TUITION TUITION ASSISTANCE TUITION REMISSION 17 137642 FAIR VALUE OF TUITION REMISSION TUITION REMISSION PART I, LINE 2: SEA CREST SCHOOL REQUIRES FINANCIAL DISCLOSURE AND PRIOR TAX RETURNS FROM APPLICANTS REQUESTING ASSISTANCE. DECISIONS ARE BASED ON THE FAMILIES' CALCULATED ABILITY TO PAY (USING FAST METHODOLOGY) AND THE POOL OF FUNDS AVAILABLE. RECORDS ARE MAINTAINED INDIVIDUALLY FOR EACH FAMILY. X X 1 1 X X X 0 0 0 1 0 0 0 0 0 TEKAKWITHA PERNAMBUCO-WISE HEAD OF SCHOOL 214250 0 35000 0 39000 0 14997 0 23747 0 326994 0 310431 0 PART I, LINE 1A THE HEAD OF SCHOOL WAS PAID A STIPEND OF $36,000 PER YEAR AS A HOUSING ALLOWANCE AND USE OF PERSONAL RESIDENCE FOR SCHOOL FUNCTIONS, WHICH WAS PAID THROUGH PAYROLL. THE HEAD OF SCHOOL WAS ALSO PAID $3,000 FOR BUSINESS EXPENSE REIMBURSEMENT, WHICH WAS PAID THROUGH PAYROLL. PART I, LINE 5 AS PER THE HEAD OF SCHOOL'S (HOS) EMPLOYMENT AGREEMENT, HOS IS ELIGIBLE FOR A BONUS BASED UPON FINANCIAL POSITION OF THE SCHOOL AND THE ACHIEVEMENT OF MUTUALLY AGREED UPON PERFORMANCE GOALS, ESTABLISHED AT THE BEGINNING OF EACH YEAR. A CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY 680164610 NONEAVAIL 2013-07-01 4653000 REFINANCE 2008 TAX-EXEMPT BONDS, AND IMPROVEMENTS OF THE SCHOOL 0 0 0 A 480912 4653000 92155 240516 4320329 2013 1 0 1 1 A 0 0 0 0 0 0 1 A 0 0 0 0 1 0 0 0 1 A 1 FORM 990, PART VI, SECTION B, LINE 11B FILING WAS REVIEWED BY THE FINANCE COMMITTEE BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C BOARD OF TRUSTEES, FINANCE COMMITTEE MEMBERS AND THE DIRECTOR OF FINANCE AND OPERATIONS ARE REQUIRED TO SIGN A "CONFLICT OF INTEREST" STATEMENT EACH YEAR AND DISCLOSE ANY POSSIBLE ACTIVITIES WHICH MAY CREATE A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15A WHEN THE SCHOOL HIRES ITS TOP MANAGEMENT OFFICIAL, IT HIRES A SEARCH FIRM AND DOES SALARY BENCHMARKING AT THAT TIME. SALARY INCREASES ARE IN LINE WITH INDUSTRY STANDARDS AND BENCHMARKED ANNUALLY. ADDITIONALLY, THE EXECUTIVE COMMITTEE HAS OVERSIGHT AND APPROVAL OF THE SALARY. FORM 990, PART VI, SECTION C, LINE 18 COPIES ARE AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 NO - WE DO NOT DISCLOSE THESE TO THE PUBLIC. FORM 990, PART XII, LINE 2 (C) THE FINANCE COMMITTEE OF THE BOARD OVERSEES THE AUDIT OF ITS FINANCIAL STATEMENTS. THERE IS NO CHANGE OF THE PROCESS FROM PRIOR YEARS.