2019-01-31T15:49:40-06:00 2018-05-31 560574444 CHERRY BEKAERT LLP 1075 PEACHTREE STREET NE SUITE 2200 ATLANTA GA 30309 990 2017-06-01 580625584 WOODWARD ACADEMY INC WOOD 4047654023 1662 RUGBY AVENUE COLLEGE PARK GA 303372199 LOUISE D MANN TREASURER 4047654023 2019-01-28 1 AMANDA ADAMS P00748038 4042090954 38.142.98.34 2019-01-28 10:14:53 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 CD599411CA67C01A8C655E16E324A2C80E9016E3 2017 2019-02-21 02:37:17Z LOUISE D MANN 1662 RUGBY AVENUE COLLEGE PARK GA 303372199 144993744 0 X WWW.WOODWARD.EDU X 1900 GA WOODWARD ACADEMY PROVIDES COLLEGE PREPARATORY EDUCATION FOR STUDENTS IN PRE-K THROUGH GRADE 12 33 30 1005 33 -10508 -10508 1987037 5667046 71752123 73819423 4982734 15323668 -124782 289046 78597112 95099183 5651930 7411959 0 0 47762498 49483360 11250 143365 2665014 25951884 26955071 79377562 83993755 -780450 11105428 297433499 305367283 119672459 118455583 177761040 186911700 X WOODWARD ACADEMY COMBINES THE PROUD TRADITIONS OF ATLANTA'S OLDEST COLLEGE-PREPARATORY SCHOOL WITH AN INNOVATIVE, CHALLENGING AND WELL-ROUNDED EDUCATIONAL EXPERIENCE. IN A BROADLY DIVERSE AND CARING COMMUNITY, WOODWARD EMBRACES THE UNIQUENESS OF EACH INDIVIDUAL. GUIDED BY OUR CORE VALUES OF EXCELLENCE, CHARACTER AND OPPORTUNITY, WE CHAMPION STUDENT SUCCESS. 0 0 74297528 7411959 73819423 PROVIDED COLLEGE PREPARATORY EDUCATION FOR STUDENTS IN PRESCHOOL THROUGH GRADE TWELVE (APPROXIMATELY 2,700 STUDENTS) 74297528 1 1 0 0 0 0 1 0 0 1 1 1 0 0 1 1 0 1 1 0 1 0 0 1 1 0 0 1 1 1 1 1 0 0 0 0 1 0 1 1 1 1 0 0 0 0 1 0 0 0 1 200 0 1 1005 1 1 1 0 0 0 0 0 0 0 0 0 X 33 30 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 GA X LOUISE D MANN 4047654023 1662 RUGBY AVENUE COLLEGE PARK GA 303372119 MR ROBERT E BOWERS CHAIRMAN 2.00 2.00 X X 0 0 0 MR J RUSSELL WELCH VICE CHAIRMAN 2.00 2.00 X X 0 0 0 MS MADELYN R ADAMS BOARD MEMBER 1.00 1.00 X 0 0 0 MR GERALD R BENJAMIN BOARD MEMBER 1.00 1.00 X 0 0 0 MR RONALD M BRILL BOARD MEMBER 1.00 1.00 X 0 0 0 MR MASON L CARDWELL BOARD MEMBER 1.00 1.00 X 0 0 0 MR ALFRED J COLE BOARD MEMBER 1.00 1.00 X 0 0 0 MR CLARENCE DAVIS BOARD MEMBER 1.00 1.00 X 0 0 0 MR A ADAIR DICKERSON JR BOARD MEMBER 1.00 1.00 X 0 0 0 MR MICHAEL S DRUCKER BOARD MEMBER 1.00 1.00 X 0 0 0 DR XAVIER A DURALDE BOARD MEMBER 1.00 1.00 X 0 0 0 DR NANCY H GALLUPS BOARD MEMBER 1.00 1.00 X 0 0 0 MRS JO CRANFORD HODGES BOARD MEMBER 1.00 1.00 X 0 0 0 MR BEN F JOHNSON III BOARD MEMBER 1.00 1.00 X 0 0 0 MR IAN LLOYD-JONES BOARD MEMBER 1.00 1.00 X 0 0 0 MS TAMARA R JONES BOARD MEMBER 1.00 1.00 X 0 0 0 MR GREG SELIG LEWIS BOARD MEMBER 1.00 1.00 X 0 0 0 MR BRAD MARSH BOARD MEMBER 1.00 1.00 X 0 0 0 MR GENE W MILNER JR BOARD MEMBER 1.00 1.00 X 0 0 0 MS MARY S MOORE BOARD MEMBER 1.00 1.00 X 0 0 0 DR CARLOS S MORENO BOARD MEMBER 1.00 1.00 X 0 0 0 MR GEORGE S MORGAN SR BOARD MEMBER 1.00 1.00 X 0 0 0 MRS BELINDA MJ MORRIS BOARD MEMBER 1.00 1.00 X 0 0 0 MRS MARIE L NYGREN BOARD MEMBER 1.00 1.00 X 0 0 0 MR TIM A O'BRIEN BOARD MEMBER 1.00 1.00 X 0 0 0 MRS VICKI R PALMER BOARD MEMBER 1.00 1.00 X 0 0 0 DR DEEPAK RAGHAVAN BOARD MEMBER 1.00 1.00 X 0 0 0 MR JOHN D RANDOLPH BOARD MEMBER 1.00 1.00 X 0 0 0 MR STEPHEN E ROBERTS BOARD MEMBER 1.00 1.00 X 0 0 0 MR MITESH SHAH BOARD MEMBER 1.00 1.00 X 0 0 0 MR SHI SHAILENDRA BOARD MEMBER 1.00 1.00 X 0 0 0 MR S ANDREW SULLIVAN BOARD MEMBER 1.00 1.00 X 0 0 0 MR JAMES E SUTHERLAND BOARD MEMBER 1.00 1.00 X 0 0 0 DR F STUART GULLEY PRESIDENT 39.00 1.00 X 507337 0 89143 MS KELLY SANDERSON VICE PRESIDENT FOR FINANCE & ADMINISTRATION 25.00 15.00 X 227154 0 25299 MR ROBERT HAWKS VICE PRESIDENT 40.00 X 342431 0 33105 DR CHRIS FREER VICE PRESIDENT 40.00 X 223713 0 70680 MS MARCIA SPILLER VICE PRESIDENT 40.00 X 287415 0 87755 MS REBECCA ECKSTEIN VICE PRESIDENT 40.00 X 250065 0 20768 MR EDWIN NOTESTINE ADMINISTRATOR 40.00 X 181523 0 18452 MR LEE CONNER ADMINISTRATOR 32.00 8.00 X 171529 0 26585 DR JOSE FERNANDEZ ADMINISTRATOR 40.00 X 151489 0 7908 MR DANA PHILLIPS ADMINISTRATOR 40.00 X 143733 0 29790 MR EDWARD RUTLEDGE ADMINISTRATOR 40.00 X 181652 0 18353 2668041 0 427838 44 0 1 0 BRASFIELD & GORRIE LLC 3021 7TH AVENUE SOUTH BIRMINGHAM AL 35233 CONSTRUCTION 1327128 HANNAN CONSTRUCTION LLC 2700 CUMBERLAND PKWY STE 120 ATLANTA GA 30339 CONSTRUCTION 572751 INTEGRA CONSTRUCTION 185 ALLEN ROAD STE 100 ATLANTA GA 30328 CONSTRUCTION 393944 JIM WILLIAMSDBA DESIGNED INSTALLATIONS 215 STONE LEA DRIVE OXFORD GA 30054 CONSTRUCTION 286970 TROPIC DESIGNS INC PO BOX 1546 JONESBORO GA 30237 FACILITIES/LANDSCAPE 271080 15 5667046 260875 5667046 TUITION AND FEES 900099 70975145 70975145 AUXILIARY ACTIVITIES 900099 2844278 2844278 73819423 2858203 2858203 209079 210797 -1718 -1718 -10508 8790 62060278 17000 49600708 11105 12459570 5895 12465465 12465465 133745 71951 61794 61794 EASEMENT REVENUE 531390 125000 125000 REBATES/OTHER 900099 73970 73970 LIFE INSURANCE PROCEEDS 900099 30000 30000 228970 95099183 73819423 -10508 15623222 1681408 1681408 5730551 5730551 2520479 1639614 880865 36838793 34368361 1794089 676343 1774007 1584554 126170 63283 5482184 4961853 346525 173806 2867897 2561624 203969 102304 253584 253584 84319 84319 143365 143365 239063 239063 487619 487619 1247351 348839 860670 37842 833317 734648 57557 41112 1571619 1493038 62865 15716 85751 55939 29812 2133119 1946114 187005 6040045 5843536 126294 70215 539713 494049 36615 9049 EDUCATIONAL PROGRAM EXP 4646026 4558856 87170 EQUIPMENT RENTAL & MAIN 3148513 3003757 125653 19103 AUXILIARY PROGRAMS EXPE 2813910 2813910 DINING EXPENSES 1744154 1744154 1086968 428276 256493 402199 83993755 74297528 7031213 2665014 24828222 21700263 579922 3470510 1250065 144685 61666 41666 176996 191801 152715 250870 217407314 76540304 143302522 140867010 110595755 120044812 15745593 16530202 740043 2125464 297433499 305367283 9645062 10187524 9974526 12341851 82454348 82493666 6187500 5812500 11411023 7620042 119672459 118455583 X 160029568 165002042 4608689 7583384 13122783 14326274 177761040 186911700 297433499 305367283 X 11105428 -4281247 2326479 X X 0 1 X 1 0 X X 3 1.16 3 0 1 1 200.00 10000 18361225 1203491 1637605 814488 67227 20320606 16960083 281732 1995224 816037 59777 18361225 16709579 1020890 2978 705245 68119 16960083 15147273 1220099 1157852 743688 71957 16709579 14040100 57767 1829675 710315 69954 15147273 0.07170 0.70500 0.22330 0 0 444947 24634372 25079319 6350993 167654008 62819207 111185794 18286494 13721097 4565397 36500 36500 140867010 CASH SURRENDER LIFE INSURANCE 419533 F PARTNERSHIPS/ HEDGE FUNDS 16110669 F 16530202 ASSET RETIREMENT OBLIGATION 96893 INTEREST RATE SWAP AGREEMENTS 6950511 PLAN 457(B) LIABILITY 32817 OTHER LIABILITIES 200 DUE TO RELATED ORGANIZATIONS 539621 7620042 X PART II, LINE 9: THERE IS NO SPECIAL ACCOUNTING FOR THE SCHOOL'S CONSERVATION EASEMENTS. TWO HISTORICAL STRUCTURES ARE USED IN THE DAILY OPERATIONS OF THE SCHOOL AS OFFICES. THE THIRD STRUCTURE IS THE CEREMONIAL FRONT GATE OF THE SCHOOL. THE MONITORING, INSPECTING AND ENFORCING OF EASEMENTS IS PART OF THE ROUTINE HOUSEKEEPING AND MAINTENANCE ACTIVITIES OF THE SCHOOL'S FACILITIES DEPARTMENT. THE HISTORICAL CHARACTER OF THE STRUCTURES IS MAINTAINED WHEN REPAIRS AND MAINTENANCE ARE MADE. THERE IS AN ENDOWED FUND FOR THE MAINTENANCE OF ONE OF THE BUILDINGS. AN AMOUNT EQUAL TO 5% OF THE MARKET VALUE OF THE FUND IS UTILIZED EACH YEAR TO PARTIALLY OFFSET THE COSTS OF MAINTAINING THIS BUILDING. PART V, LINE 4: THE SCHOOL'S ENDOWMENT FUNDS ARE INTENDED FOR USE IN PROVIDING FINANCIAL AID TO WOODWARD ACADEMY STUDENTS, AWARDS TO OUTSTANDING WOODWARD ACADEMY STUDENTS, FUNDS FOR CURRICULUM ENRICHMENT AND ENHANCEMENT IN FACULTY SALARIES AND MAINTENANCE OF THE ALUMNI CENTER. PART X, LINE 2: THE SCHOOL IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("IRC"). IT IS MANAGEMENT'S OPINION THAT UNRELATED BUSINESS ACTIVITIES UNDERTAKEN BY THE SCHOOL WHICH COULD GENERATE UNRELATED BUSINESS INCOME TAX RESULTED IN A NET LOSS FOR THE YEARS ENDED MAY 31, 2018 AND 2017 AND, ACCORDINGLY, NO PROVISION FOR FEDERAL INCOME TAXES HAS BEEN MADE. MANAGEMENT HAS EVALUATED THE EFFECT OF THE GUIDANCE PROVIDED BY GAAP ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES AND BELIEVES THAT THE SCHOOL CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX-EXEMPT ORGANIZATION AT MAY 31, 2018. MANAGEMENT HAS EVALUATED ALL OTHER TAX POSITIONS THAT COULD HAVE A SIGNIFICANT EFFECT ON THE CONSOLIDATED FINANCIAL STATEMENTS AND DETERMINED THE SCHOOL HAD NO UNCERTAIN INCOME TAX POSITIONS AT MAY 31, 2018. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 THE APPLICATION FOR ADMISSION AND ALL OF THE OTHER SCHOOL ADVERTISING TO SOLICIT POTENTIAL STUDENTS, INCLUDING THE SCHOOL'S WEBSITE, STATES THAT THE SCHOOL HAS A NONDISCRIMINATORY POLICY OF ADMISSION. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 16100969 0 0 0 0 0 0 16100969 0 16100969 0 0 1 1 0 0 PART I, LINE 3: THE AMOUNT REFLECTED IN PART I, LINE 3 REPRESENTS THE FAIR MARKET VALUE AS OF THE END OF THE FISCAL YEAR OF FOREIGN INVESTMENTS HELD. FORM 990, SCHEDULE F, PART IV, QUESTION #3 THE ORGANIZATION HAD AN OWNERSHIP IN CERTAIN FOREIGN CORPORATIONS (INVESTMENTS) DURING THE TAX YEAR, THE INVESTMENT AMOUNT WAS NOT HIGH ENOUGH TO RENDER THE FILING OF FORM 5471. FORM 990, SCHEDULE F, PART IV, QUESTION #4 THE ORGANIZATION IS AN INVESTOR IN ONE OR MORE "PASSIVE FOREIGN INVESTMENT COMPANIES" ("PFICS"). THE ORGANIZATION DID NOT RECEIVE ANY TAXABLE DISTRIBUTIONS FROM ANY OF THE PFICS DURING FISCAL YEAR ENDED 5/31/2018. FORM 8621 IS NOT BEING FILED PURSUANT TO IRS GUIDANCE SET FORTH IN REG. SEC. 1.1291-1(E)." X X X X X 1 ALEXANDER HAAS MARTIN PARTNERS 3520 PIEDMONT RD NE 300 ATLANTA GA 30305 CONSULTING FOR CAPITAL CAMPAIGN 0 0 143366 -143366 143366 -143366 GA THE BIG CHILL 133745 133745 48634 23317 133745 133745 48634 23317 71951 61794 1 STUDENT TRANSPORT 2836 R N MARTIN STREET EAST POINT GA 30344 581806042 501(C)(3) 1681408 BUILDING NEW FACILITY 1 NEED-BASED TUITION GRANTS 341 5678801 BOOK TUITION REDUCTION TUITION REMISSION 4 51750 BOOK TUITION REDUCTION PART I, LINE 2: AS APPROVED BY THE GOVERNING BOARD, WOODWARD GRANTS FUNDS TO THE ACADEMY'S WHOLLY-OWNED SUBSIDIARY, STUDENT TRANSPORT, FOR THE PURPOSE OF BUILDING A NEW FACILITY. WOODWARD MANAGES ALL ACCOUNTING FOR STUDENT TRANSPORT AND GRANTS THE FUNDS ONLY WHEN BUILDING EXPENSES ARE INCURRED. SCH I , PART III WOODWARD ACADEMY OFFERS NEED-BASED TUITION ASSISTANCE FOR QUALIFYING STUDENTS WHO ATTEND THE ACADEMY, THROUGH THE SERVICES OF AN INDEPENDENT THIRD PARTY. THE ACADEMY HAS FORMAL PROCEDURES TO ANALYZE FINANCIAL INFORMATION TO IDENTIFY THESE STUDENTS. THE ACADEMY ALSO PROVIDES A SMALL AMOUNT OF TUITION REMISSION TO THOSE WHO WERE GRANDFATHERED IN AT THE TIME THE TERMINATED PLAN WAS CEASED. X X 1 1 X X X X 1 1 0 0 0 0 0 0 0 DR F STUART GULLEY PRESIDENT 417122 0 0 0 90215 0 66200 0 22943 0 596480 0 0 0 MS KELLY SANDERSON VICE PRESIDENT FOR FINANCE & ADMINIS 227154 0 0 0 0 0 13595 0 11704 0 252453 0 0 0 MR ROBERT HAWKS VICE PRESIDENT 338579 0 0 0 3852 0 16141 0 16964 0 375536 0 0 0 DR CHRIS FREER VICE PRESIDENT 223713 0 0 0 0 0 14189 0 56491 0 294393 0 0 0 MS MARCIA SPILLER VICE PRESIDENT 286441 0 0 0 974 0 61200 0 26555 0 375170 0 0 0 MS REBECCA ECKSTEIN VICE PRESIDENT 250065 0 0 0 0 0 9612 0 11156 0 270833 0 0 0 MR EDWIN NOTESTINE ADMINISTRATOR 181523 0 0 0 0 0 7357 0 11095 0 199975 0 0 0 MR LEE CONNER ADMINISTRATOR 171529 0 0 0 0 0 10644 0 15941 0 198114 0 0 0 DR JOSE FERNANDEZ ADMINISTRATOR 151489 0 0 0 0 0 0 0 7908 0 159397 0 0 0 MR DANA PHILLIPS ADMINISTRATOR 143733 0 0 0 0 0 6462 0 23328 0 173523 0 0 0 MR EDWARD RUTLEDGE ADMINISTRATOR 181652 0 0 0 0 0 10682 0 7671 0 200005 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE: THE PRESIDENT IS PAID A HOUSING ALLOWANCE OF $48,000 PER YEAR, ALL INCLUDED IN TAXABLE COMPENSATION. TWO VICE PRESIDENTS AND ONE PRINCIPAL LIVE ON CAMPUS IN HOUSING THAT IS PROVIDED FOR THE BENEFIT OF WOODWARD ACADEMY AND THEREFORE NOT TREATED AS TAXABLE. SOCIAL CLUB DUES: THE SCHOOL PAYS DUES FOR THE PRESIDENT'S MEMBERSHIP IN A LOCAL BUSINESS/SOCIAL CLUB, THE PAYMENTS OF WHICH ARE TREATED AS A NONTAXABLE BENEFIT BECAUSE THE MEMBERSHIP IS USED FOR SCHOOL BUSINESS PURPOSES ONLY. PART I, LINES 4A-B KELLY SANDERSON AND CHRIS FREER EACH MADE CONTRIBUTIONS TO A 457 PLAN DURING THE YEAR. KELLY SANDERSON CONTRIBUTED $1,500. CHRIS FREER CONTRIBUTED $17,227. A DEVELOPMENT AUTHORITY OF FULTON COUNTY 581506878 359900ZR1 2002-10-24 27000000 CONSTRUCT & RENOVATE MIDDLE SCHOOL CLASSROOMS & ARTS FACILITY-NORTH CAMPUS 0 0 0 B DEVELOPMENT AUTHORITY OF FULTON COUNTY 581506878 359900ZK6 2006-08-10 11000000 CONSTRUCT NEW PRIMARY SCHOOL CAMPUS 0 0 0 C DEVELOPMENT AUTHORITY OF FULTON COUNTY 581506878 359900ZH3 2008-06-10 32000000 CONSTRUCT & RENOVATE ATHLETIC FACILITIES & SUPPORT SPACES 0 0 0 D DEVELOPMENT AUTHORITY OF FULTON COUNTY 581506878 359900ZJ9 2007-08-23 13000000 CONSTRUCT & RENOVATE UPPER SCHOOL CLASSROOM FACILITIES 0 0 0 A 27312631 287000 27025631 2004 0 0 1 1 B 11262133 184984 11077149 2007 0 0 1 1 C 32414132 193276 32220856 2009 0 0 1 1 D 13252860 317731 12935129 2008 0 0 1 1 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 C 0 0 0 0 0 0 0 D 0 0 0 0 0 0 0 A 1 1 0 0 0 0 B 1 1 0 0 0 0 C 1 1 0 0 1 0 D 1 1 0 0 0 0 A 0 B 0 C 0 D 0 DR STUART GULLEY PRESIDENT HOUSING X 200000 41666 0 1 1 41666 SUTHERLAND FOODS ENTITY IS OWNED MORE THAN 35% BY GENE SUTHERLAND, BOARD MEMBER 1345790 PURCHASE OF FOOD 0 TROPIC DESIGNS ENTITY IS OWNED MORE THAN 35% BY FAMILY MEMBER OF G. SUTHERLAND, BOARD MBR 271080 PURCHASE OF TURF MANAGEMENT SERVICES 0 MILNER INC ENTITY IS OWNED MORE THAN 35% BY GENE MILNER, BOARD MEMBER 104133 PURCHASE OF OFFICE SUPPLIES 0 INNOVATIVE ROOFING GROUP INC ENTITY IS OWNED MORE THAN 35% BY GREG LEWIS, BOARD MEMBER 108134 PURCHASE OF ROOFING SERVICES 0 X 38 260875 MARKET SALES PRICE 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B THE AUDIT COMMITTEE AND THE FINANCE AND EXECUTIVE COMMITTEE REVIEW AND APPROVE THE FORM 990. AN ELECTRONIC COPY OF THE FORM 990 IS SENT TO ALL BOARD MEMBERS. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR BOARD MEMBERS, OFFICERS AND KEY EMPLOYEES COMPLETE A CONFLICT OF INTEREST QUESTIONNAIRE AND CERTIFY THAT THEY HAVE READ AND ARE IN COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY. BOARD MEMBERS WHO HAVE A POTENTIAL CONFLICT OF INTEREST ABSTAIN FROM VOTING ON ISSUES INVOLVING THE CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE VP FOR FINANCE AND ADMINISTRATION RESEARCHES COMPARABLE COMPENSATION DATA AND PROVIDES THE INFORMATION TO THE PRESIDENT AND THE COMPENSATION COMMITTEE. COMPARABLE DATA FROM THE FOLLOWING GROUPS ARE USED: ALL MEMBER SCHOOLS OF THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS (NAIS), ALL NON-MEMBER SCHOOLS THAT REPORT TO NAIS, ALL GEORGIA INDEPENDENT SCHOOLS, AND LARGE INDEPENDENT SCHOOLS IN THE U.S. SOME OF THE FACTORS CONSIDERED INCLUDE THE EXPERIENCE OF THE EMPLOYEE AND THE SIZE AND COMPLEXITY OF THE SCHOOL IN RELATION TO THE SCHOOLS IN THE COMPARISON DATA. THE COMPENSATION COMMITTEE APPROVES AND DOCUMENTS THE COMPENSATION OF OFFICERS AND KEY EMPLOYEES AND ALL OFFICERS AND KEY EMPLOYEES RECEIVE ANNUAL WRITTEN CONTRACTS. FORM 990, PART VI, SECTION C, LINE 18 THE SCHOOL'S FORMS 1023, 990 AND 990T ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 THE SCHOOL'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: UNREALIZED GAIN ON INTEREST RATE SWAP AGREEMENT, NET OF INTEREST 2,291,103. INCREASE IN VALUE OF SPLIT INTEREST AGREEMENTS 10,656. UNREALIZED GAIN ON CSV OF LIFE INSURANCE 24,720. PAGE 12, SECTION XI, LINE 2C THE AUDIT COMMITTEE OF THE BOARD OF GOVERNORS IS RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT PROCESS AND THE SELECTION OF INDEPENDENT AUDITORS. WA RETAIL CENTER LLC 1662 RUGBY AVENUE COLLEGE PARK GA 30337 464115766 RENTAL REAL ESTATE GA 562005 6655884 WOODWARD ACADEMY INC WA RETAIL PARKING LLC 1662 RUGBY AVENUE COLLEGE PARK GA 30337 464122321 PARKING LOT GA 285523 WOODWARD ACADEMY INC STUDENT TRANSPORT INC 2836 RN MARTIN STREET EAST POINT GA 30344 581806042 BUS TRANSPORTATION OF WOODWARD ACADEMY STUDENTS GA 501(C)(3) LINE 12A, I WOODWARD ACADEMY 1 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 STUDENT TRANSPORT INC B 1681408 FMV STUDENT TRANSPORT INC M 1965000 FMV STUDENT TRANSPORT INC R 283356 FMV