2019-05-22T14:40:25-05:00 2018-06-30 221478099 COHNREZNICK LLP 7501 WISCONSIN AVENUE SUITE 400E BETHESDA MD 20814 990 2017-07-01 520635080 BULLIS SCHOOL INC BULL 3012998500 10601 FALLS ROAD POTOMAC MD 20854 TRACY HARRIS CHIEF FINANCIAL OFFICER 3012998500 2019-05-21 1 GLENN M SHELTON P00228007 3016529100 2019-05-20 209.59.242.22 2019-05-21 11:57:27 ED P FA99D1B89736A51FCFA2ADCD82AC7C62A806A740 A999648B7C0F94429496C189B46642AFC33E1A30 2017 2019-02-21 02:37:17Z DR GERALD L BOARMAN 10601 FALLS ROAD POTOMAC MD 20854 43238482 0 X WWW.BULLIS.ORG X 1936 MD BULLIS SCHOOL PROVIDES A STUDENT-CENTERED BALANCED EXPERIENCE IN ACADEMICS, ARTS, ATHLETICS AND COMMUNITY SERVICE. BULLIS UNIQUELY PREPARES ALL STUDENTS TO BECOME CARING CITIZENS AND CREATIVE, CRITICAL THINKERS WHO WILL THRIVE IN TOMORROW'S WORLD. THE SCHOOL'S VISION IS TO BE THE INDEPENDENT SCHOOL OF CHOICE FOR FAMILIES WHO SEEK AN EXTRAORDINARY EDUCATIONAL EXPERIENCE WHICH DEVELOPS GLOBAL LEADERS WHO ENTHUSIASTICALLY EMBRACE CHALLENGE, EXHIBIT STRONG CHARACTER AND CULTIVATE COMMUNITY. BULLIS SCHOOL'S CORE ACADEMIC VALUES FOSTER CRITICAL THINKING, COLLABORATION, COMMUNICATION, RESOURCEFULNESS AND CREATIVITY IN OUR STUDENTS, AND WE UPHOLD CORE INSTITUTIONAL VALUES THAT MODEL AND PRACTICE INTEGRITY, RESPECT, DIVERSITY, SERVICE AND RESPONSIBILITY WITHIN THE SCHOOL COMMUNITY AND IN ANY OUTREACH. 19 19 516 200 0 0 2218776 1984144 35983377 37623741 540379 738398 361600 874509 39104132 41220792 5753250 6208040 0 0 22839174 24225225 0 0 1321468 9266317 11616732 37858741 42049997 1245391 -829205 99577094 96489470 53274057 50032112 46303037 46457358 BULLIS SCHOOL PROVIDES A STUDENT-CENTERED BALANCED EXPERIENCE IN ACADEMICS, ARTS, ATHLETICS AND COMMUNITY SERVICE. BULLIS UNIQUELY PREPARES ALL STUDENTS TO BECOME CARING CITIZENS AND CREATIVE, CRITICAL THINKERS WHO WILL THRIVE IN TOMORROW'S WORLD. 0 0 34018297 6208040 37825880 THE SCHOOL PROVIDES CO-EDUCATIONAL ELEMENTARY AND SECONDARY SCHOOL EDUCATION TO STUDENTS IN GRADES K THROUGH 12, PROMOTES DIVERSITY, AND OFFERS AN INDEPENDENT SCHOOL EDUCATION TO ELIGIBLE STUDENTS REGARDLESS OF FINANCIAL ABILITY. 34018297 1 1 0 0 0 0 0 0 1 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 113 0 1 516 1 1 1 0 0 0 0 1 1 0 0 0 0 X 19 19 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MD X TRACY HARRIS CFO 3012998500 10601 FALLS ROAD POTOMAC MD 20854 X PATRICK CAULFIELD CHAIR 10.00 0.00 X X 0 0 0 ADAM GREENBERG VICE CHAIR 10.00 0.00 X X 0 0 0 KERRY WISNOSKY SECRETARY 10.00 0.00 X X 0 0 0 DAVID FINK TREASURER 10.00 0.00 X X 0 0 0 HILLARY BALTIMORE TRUSTEE 10.00 0.00 X 0 0 0 LIVIA CHRISTENSEN TRUSTEE 10.00 0.00 X 0 0 0 PATRICIA COHEN TRUSTEE 10.00 0.00 X 0 0 0 DR GARY FRIEDLANDER TRUSTEE 10.00 0.00 X 0 0 0 JONATHAN HALLE TRUSTEE 10.00 0.00 X 0 0 0 CLAUDIA HELMIG TRUSTEE 10.00 0.00 X 0 0 0 RICK KAY TRUSTEE 10.00 0.00 X 0 0 0 LESLEY LAVALLEYE TRUSTEE 10.00 0.00 X 0 0 0 GEORGE MAVRIKES TRUSTEE 10.00 0.00 X 0 0 0 CHRIS NORDEEN TRUSTEE 10.00 0.00 X 0 0 0 DAVID TRONE TRUSTEE 10.00 0.00 X 0 0 0 CYNDI BULLIS VASCO TRUSTEE 10.00 0.00 X 0 0 0 DELL WARREN TRUSTEE 10.00 0.00 X 0 0 0 MARK WEINBERGER TRUSTEE 10.00 0.00 X 0 0 0 PAULA WIDERLITE TRUSTEE 10.00 0.00 X 0 0 0 GERALD L BOARMAN HEAD OF SCHOOL 60.00 0.00 X 712794 0 121076 TRACY HARRIS CHIEF FINANCIAL OFFICER 50.00 0.00 X 230260 0 26362 JAMES MICHAEL REIDY ASSOCIATE HEAD OF SCHOOL 40.00 0.00 X 233310 0 37578 TIMOTHY D SIMPSON ASSISTANT HEAD OF SCHOOL 40.00 0.00 X 158319 0 102500 NATASHA M NAZARETH GENERAL COUNSEL 40.00 0.00 X 152269 0 83725 DARLENE L HAUGHT EXECUTIVE DIR. OF EXTENDED PROGRAMS 40.00 0.00 X 165707 0 15295 JOANNE SZADKOWSKI EXECUTIVE DIRECTOR OF ADVANCEMENT 40.00 0.00 X 163051 0 20383 MARILYN MORENO MIDDLE SCHOOL PRINCIPAL 40.00 0.00 X 148923 0 11226 ROBERT POLLICINO UPPER SCHOOL PRINCIPAL 40.00 0.00 X 142767 0 29730 JAMES DICKIE DIRECTOR OF TECHNOLOGY 40.00 0.00 X 119906 0 10234 2227306 0 458109 22 0 1 0 COAKLEY WILLIAMS 7475 WISCONSIN AVENUE SUITE 900 BETHESDA MD 20814 CONSTRUCTION 16651962 ARAMARK SERVICES INC PO BOX 978839 DALLAS TX 753978839 FOOD SERVICE 613794 RSR CONSTRUCTION LLC 3925 PLYERS MILL ROAD KENSINGTON MD 20895 HEADS RESIDENCE 322654 CJ MAINTENANCE INC 9254 BENDIX ROAD COLUMBIA MD 21045 CLEANING 216461 PRO KITCHEN & BATH 4720 DOSTON WAY SUITE M-N LANHAM MD 20706 HEADS RESIDENCE 202660 14 137585 1846559 196005 1984144 TUITION/FEES 900099 34652845 34652845 STUDENT ACTIVITIES 900099 1449247 1449247 SUMMER PROGRAMS 900099 1302084 1302084 TRANSPORTATION 900099 200704 200704 AUXILIARY 900099 18861 18861 37623741 270698 270698 537481 0 537481 537481 537481 1590929 475000 1383080 215149 207849 259851 467700 467700 239883 137585 239463 420 420 4505 0 4505 4505 309962 179998 129964 129964 OTHER INCOME 900099 202139 202139 202139 41220792 37825880 0 1410768 6208040 6208040 1858193 1471016 321583 65594 17153375 13398945 3106596 647834 1083085 903011 152544 27530 2815058 2347027 396476 71555 1315514 1096797 185279 33438 128701 128701 42000 42000 31333 31333 726424 488958 187827 49639 49227 14745 34482 2218511 1936364 154790 127357 523821 482530 2429 38862 757008 692588 16016 48404 33879 9867 23631 381 235770 119378 38986 77406 569386 569386 2090151 1917837 172314 259353 229547 28967 839 STUDENT PROGRAMS 1821038 1821038 FOOD 749448 682209 13732 53507 MISCELLANEOUS EXPENSE 655444 137391 465269 52784 BAD DEBT 545497 519159 26338 179741 61009 118732 42049997 34018297 6710232 1321468 4455 4455 18099752 13302406 6763952 4086020 184442 226156 84929 94286 426240 534712 94357229 28015200 33223498 66342029 8772669 10926580 786224 31230933 972826 99577094 96489470 4762887 1629612 13400982 13345041 34500749 33834450 609439 1223009 53274057 50032112 X 23306332 38817244 20281596 4952018 2715109 2688096 46303037 46457358 99577094 96489470 X -829205 117425 61460 804641 X 0 1 X 1 0 X 0 1 X 11774911 754675 167236 12362350 11194820 62574 948053 430536 11774911 11481433 277489 -228871 335231 11194820 10995843 737253 106609 358272 11481433 9343576 784421 1251305 383459 10995843 0.73910 0.21740 0.04350 0 0 7806467 7806467 69237063 18651013 50586050 11910421 7170609 4739812 5403278 2193578 3209700 66342029 FUNDS HELD FOR OTHERS 79707 CAPITAL LEASES 1143302 1223009 X 36384406 117425 61460 -5403399 -5224514 41608920 31333 -419461 -388128 41220792 36230085 419461 419461 35810624 31333 6208040 6239373 42049997 PART IV, LINE 2B: THE SCHOOL HOLDS FUNDS ON BEHALF OF THE SCHOOL'S ASSOCIATIONS AND CLUBS. PART V, LINE 4: THE SCHOOL'S ENDOWMENT CONSISTS OF 30 INDIVIDUAL DONOR-RESTRICTED ENDOWMENT FUNDS ESTABLISHED FOR SCHOLARSHIPS AND RELATED ACADEMIC ACTIVITIES AND HELD IN PERPETUITY. THE BOARD OF TRUSTEES OF THE SCHOOL HAS INTERPRETED THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT ("UPMIFA") AND CLASSIFIES ITS INVESTMENT RETURN ON DONOR-RESTRICTED ENDOWMENT ASSETS AS TEMPORARILY RESTRICTED. PART X, LINE 2: THE SCHOOL IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("IRC"), EXCEPT FOR UNRELATED BUSINESS INCOME, AS DEFINED BY THE IRC. THE SCHOOL DID NOT HAVE ANY UNRELATED BUSINESS INCOME DURING THE YEAR ENDED JUNE 30, 2018. ACCORDINGLY, THESE STATEMENTS DO NOT REFLECT A PROVISION FOR INCOME TAXES. THE SCHOOL IS REQUIRED TO FILE, AND DOES FILE, TAX RETURNS WITH THE INTERNAL REVENUE SERVICE ("IRS") AND OTHER TAXING AUTHORITIES. TAX RETURNS FILED BY THE SCHOOL ARE SUBJECT TO EXAMINATION BY THE IRS FOR A PERIOD OF THREE YEARS. WHILE NO INCOME TAX RETURNS ARE CURRENTLY BEING EXAMINED BY THE IRS, TAX YEARS SINCE 2015 REMAIN OPEN. THE SCHOOL HAS ADOPTED THE INCOME TAX STANDARD FOR UNCERTAIN INCOME TAX POSITIONS. DURING THE YEAR ENDED JUNE 30, 2018, THE SCHOOL DID NOT IDENTIFY ANY UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SWAP 800,920. INTEREST RATE CAP GAIN 3,721. SCHOLARSHIPS NETTED WITH REVENUE ON FINANCIAL STATEMENTS -6,208,040. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD GROUPED WITH EXPENSES ON FINANCIAL STATEMENTS -179,998. FUNDRAISING EXPENSES -239,463. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD GROUPED WITH EXPENSES ON FINANCIAL STATEMENTS 179,998. FUNDRAISING EXPENSES 239,463. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS NETTED WITH REVENUE ON FINANCIAL STATEMENTS 6,208,040. 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 ADVERTISEMENT WAS PLACED IN THE WASHINGTON POST NEWSPAPER ANNOUNCING THE SCHOOL'S NON-DISCRIMINATION POLICY. GALA 312065 95935 216130 219928 5K 47072 31650 15422 7403 1 18331 10000 8331 12132 377468 137585 239883 239463 239463 420 1 FINANCIAL AID 252 6208040 PART I, LINE 2: ALL FINANCIAL AID AT BULLIS IS GRANTED BASED ON DEMONSTRATED FINANCIAL NEED. IT IS OFFERED IN ORDER TO ENSURE ECONOMIC AND RACIAL DIVERSITY IN THE STUDENT BODY, CONSISTENT WITH THE SCHOOL'S ADMISSION POLICIES. SOME OF THE FACTORS CONSIDERED ARE INCOME (BOTH TAXABLE AND NONTAXABLE), ASSETS, NUMBER OF DEPENDENTS AND NUMBER OF CHILDREN ATTENDING TUITION-CHARGING SCHOOLS. X X 1 1 X X X X X 0 0 0 0 0 0 0 1 0 GERALD L BOARMAN HEAD OF SCHOOL 612794 0 100000 0 0 0 34450 0 86626 0 833870 0 0 0 TRACY HARRIS CHIEF FINANCIAL OFFICER 230260 0 0 0 0 0 16433 0 9929 0 256622 0 0 0 JAMES MICHAEL REIDY ASSOCIATE HEAD OF SCHOOL 233310 0 0 0 0 0 16980 0 20598 0 270888 0 0 0 TIMOTHY D SIMPSON ASSISTANT HEAD OF SCHOOL 158319 0 0 0 0 0 11550 0 90950 0 260819 0 0 0 NATASHA M NAZARETH GENERAL COUNSEL 152269 0 0 0 0 0 11423 0 72302 0 235994 0 0 0 DARLENE L HAUGHT EXECUTIVE DIR. OF EXTENDED PROGRAMS 165707 0 0 0 0 0 11655 0 3640 0 181002 0 0 0 JOANNE SZADKOWSKI EXECUTIVE DIRECTOR OF ADVANCEMENT 163051 0 0 0 0 0 11620 0 8763 0 183434 0 0 0 MARILYN MORENO MIDDLE SCHOOL PRINCIPAL 148923 0 0 0 0 0 10395 0 831 0 160149 0 0 0 ROBERT POLLICINO UPPER SCHOOL PRINCIPAL 142767 0 0 0 0 0 10500 0 19230 0 172497 0 0 0 PART I, LINE 1A THE SCHOOL COMPENSATES THE HEAD OF SCHOOL WITH A PACKAGE THAT INCLUDES HOUSING, WHICH IS NECESSARY TO CARRY OUT THE DUTIES OF HIS JOB. THE HOUSING BENEFIT IS TREATED AS NON-TAXABLE COMPENSATION UNDER CODE SECTION 119(D). WE HAVE DISCLOSED FAIR RENTAL VALUE AS THE VALUE OF THE HOUSING BENEFIT GERALD BOARMAN - $61,000. THE ENTIRE COMPENSATION PACKAGE, INCLUDING THE HOUSING ARRANGEMENT, WAS APPROVED BY THE BOARD OF TRUSTEES WITH THE PROPER DOCUMENTATION. A HOUSEKEEPING BENEFIT IS PROVIDED TO THE HEAD OF SCHOOL. THIS BENEFIT IS RELATED TO THE USE OF THE HOUSE IN CONDUCT OF THE HEAD OF SCHOOL'S OFFICIAL DUTIES. PART I, LINE 7 THE HEAD OF SCHOOL RECEIVED A PERFORMANCE BASED BONUS WHICH WAS APPROVED BY THE COMPENSATION COMITTEE. A MONTGOMERY COUNTY MARYLAND 2015 SERIES A 526000980 2015-10-01 27760000 BOND REFINANCING, CAPITAL EXPENDITURES 0 0 0 B MONTGOMERY COUNTY MARYLAND 2015 SERIES C 526000980 2015-10-01 7980000 CAPITAL EXPENDITURES 0 0 0 C MONTGOMERY COUNTY MARYLAND 2015 SERIES B 526000980 2015-10-01 2260000 CAPITAL EXPENDITURES 0 0 0 A 1091323 27760000 616491 10437869 16705640 2016 1 0 1 1 B 2600000 7980000 7980000 2016 1 0 1 1 C 2260000 2260000 2017 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 1 1 BB&T 11.500000000000 0 0 0 0 1 B 0 1 0 0 1 1 BB&T 11.500000000000 0 0 0 0 1 C 0 1 0 0 0 0 BB&T 11.500000000000 0 0 0 0 1 A 1 B 1 C 1 117826 TUITION REMISSION TUITION ASSISTANCE X 5 136005 FMV X MUSICAL INSTRUMENTS 1 60000 FMV 0 1 0 PART I, COLUMN (B): THE AMOUNTS SHOWN IN PART I, COLUMN (B), REPRESENT THE NUMBER OF CONTRIBUTIONS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WILL BE REVIEWED BY THE BOARD FINANCE COMMITTEE, WHICH PERFORMS THE FUNCTIONS OF AN AUDIT COMMITTEE IN ADDITION TO ITS OTHER FINANCIAL RESPONSIBILITIES. ONCE THE FINANCE COMMITTEE IS SATISFIED WITH THE FORM 990, IT WILL GO TO THE FULL BOARD OF TRUSTEES FOR REVIEW AND APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C EACH BOARD MEMBER IS REQUIRED EACH FALL TO REVIEW THE BOARD CONFLICT OF INTEREST POLICY, AND SIGN A STATEMENT THAT CERTIFIES THAT THEY UNDERSTAND THE POLICY, AGREE TO COMPLY WITH THE POLICY, AND HAVE NO CONFLICTS AS DESCRIBED IN THE POLICY. IF A CONFLICT EXISTS OR IS PERCEIVED, THE BOARD MEMBER IS REQUIRED TO NOTIFY THE BOARD CHAIR. THE CHIEF FINANCIAL OFFICER MONITORS ALL TRANSACTIONS BETWEEN ALL DISQUALIFIED PERSONS (WHICH INCLUDES ALL BOARD MEMBERS) AND THE SCHOOL TO ENSURE THAT THE CONFLICT OF INTEREST POLICY IS BEING FULLY COMPLIED WITH. IF THE CHIEF FINANCIAL OFFICER FINDS A TRANSACTION THAT APPEARS TO VIOLATE THE CONFLICTS POLICY, HE/SHE NOTIFIES THE HEAD OF SCHOOL AND BOARD CHAIR, WHO THEN MEET WITH THE DISQUALIFIED PERSON TO INVESTIGATE THE POTENTIAL CONFLICT AND RESOLVE IT IN A MANNER THAT COMPLIES WITH THE CONFLICTS POLICY. FORM 990, PART VI, SECTION B, LINE 15 FOR THE HEAD OF SCHOOL, EACH TIME THE BOARD ENTERS INTO AN EMPLOYMENT CONTRACT WITH THE HEAD OF SCHOOL (GENERALLY EVERY THREE TO FIVE YEARS), AN AD HOC BOARD COMPENSATION COMMITTEE IS FORMED TO FOLLOW A PROCEDURE THAT IS DESIGNED TO OBTAIN A REBUTTAL PRESUMPTION OF REASONABLENESS. 1. ALL BOARD MEMBERS CHOSEN FOR THE COMPENSATION COMMITTEE ARE QUERIED TO ENSURE THAT NO MEMBER HAS A PERSONAL INTEREST IN THE COMPENSATION DECISION. 2. COMPENSATION (SALARY AND BENEFITS) COMPARABILITY DATA IS OBTAINED FOR THE DOZEN OR SO DC-AREA INDEPENDENT SCHOOLS THAT MOST CLEARLY RESEMBLE BULLIS IN ENROLLMENT, BUDGET, AND ASSETS. THE COMPARABILITY DATA IS OBTAINED FROM THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS AND FROM THE ASSOCIATION OF GREATER WASHINGTON INDEPENDENT SCHOOLS. 3. THE COMPARABILITY DATA IS TABULATED AND COMPARED TO THE PROPOSED COMPENSATION FOR THE HEAD OF SCHOOL. THE COMPENSATION COMMITTEE DECIDES WHETHER THE PROPOSED COMPENSATION IS REASONABLE IN LIGHT OF WHAT COMPARABLE SCHOOLS ARE CURRENTLY PAYING THEIR HEADS, AND MAKES ADJUSTMENTS TO THE PROPOSED COMPENSATION AS NECESSARY TO ENSURE REASONABLENESS AND COMPARABILITY. 4. THE COMPENSATION COMMITTEE DOCUMENTS THE BASIS FOR ITS DETERMINATION CONCURRENTLY WITH THE APPROVAL. DOCUMENTATION INCLUDES TERMS OF THE PROPOSED COMPENSATION, MEMBERS OF THE COMMITTEE WHO WERE PRESENT AND VOTED, AND THE COMPARABILITY DATA AND HOW IT WAS OBTAINED. 5. THE COMPENSATION COMMITTEE THEN MEETS WITH THE HEAD SEARCH COMMITTEE (IF ONE EXISTS) TO PRESENT ITS DETERMINATION, AND THE SEARCH COMMITTEE FINALIZES THE OFFER TO THE HEAD. 6. THE MAJOR DETAILS OF THE HEAD CONTRACT ARE THEN PRESENTED TO THE FULL BOARD OF TRUSTEES FOR THEIR INFORMATION AND ACCEPTANCE. EVERY FEW YEARS DURING A HEAD'S CONTRACT TERM, A SLIGHTLY LESS FORMAL VERSION OF THIS PROCESS IS FOLLOWED TO ENSURE THAT COMPENSATION INCREASES AWARDED THE HEAD UNDER THE CURRENT CONTRACT REMAIN REASONABLE COMPARED TO LIKE SCHOOLS. FORM 990, PART VI, SECTION C, LINE 19 THE BOARD HAS NO SPECIFIC POLICY ON THIS MATTER. THE SCHOOL'S PRACTICE IS TO SHARE THESE DOCUMENTS ON REQUEST WITH INDIVIDUALS OR ORGANIZATIONS THAT HAVE A LEGITIMATE BUSINESS NEED TO SEE THE DOCUMENTS. THESE DOCUMENTS ARE AVAILABLE FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART VII, SECTION A, LINE 1A, COL. (F): SEE SCHEDULE L, PART III, FOR ADDITIONAL INFORMATION REGARDING ANY TRUSTEES, OFFICERS, KEY EMPLOYEES, AND HIGHLY COMPENSATED EMPLOYEES WHO WERE GRANTED TUITION REMISSION. TUITION REMISSION IS OFFERED TO FACULTY AND ADMINISTRATORS. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SWAP 800,920. INTEREST RATE CAP GAIN 3,721. LATE FILED RETURN DUE TO CCH SOFTWARE OUTAGE.