2018-12-21T07:42:30-06:00 2018-06-30 232896692 BBD LLP 1835 MARKET STREET 3RD FLOOR PHILADELPHIA PA 19103 990 2017-07-01 231370500 EPISCOPAL ACADEMY EPIS 4844241420 1785 BISHOP WHITE DRIVE NEWTOWN SQUARE PA 19073 LARRY CAPUZZI CHIEF FINANCIAL OFFICER 4844241420 2018-12-21 1 JENNIFER SOLOT P00749373 2155677770 50.203.243.162 2018-12-21 08:41:36 ES P 42EE97634FBA116BD812AEF6F3A565108EF8C38C 42EE97634FBA116BD812AEF6F3A565108EF8C38C 2017 2019-02-21 02:37:17Z DR THOMAS J LOCKE 1785 BISHOP WHITE DRIVE NEWTOWN SQUARE PA 19073 60049874 0 X WWW.EPISCOPALACADEMY.ORG X 1785 PA A CO-EDUCATIONAL INDEPENDENT DAY SCHOOL FOR GRADES PRE-K THROUGH TWELVE. 26 25 444 149 155070 0 14220271 10009439 38274724 40018454 3926402 1390681 662593 294309 57083990 51712883 7342479 7480517 0 0 26465907 26956009 27616 174790 2224929 14448994 14010581 48284996 48621897 8798994 3090986 245529312 249582612 23315242 21860595 222214070 227722017 X CHALLENGING AND NURTURING MIND, BODY, AND SPIRIT, WE INSPIRE BOYS AND GIRLS TO LEAD LIVES OF PURPOSE, FAITH, AND INTEGRITY. 0 0 40549062 7480517 40289946 THE EPISCOPAL ACADEMY IS AN INDEPENDENT, CO-EDUCATIONAL DAY SCHOOL LOCATED IN NEWTOWN SQUARE, PENNSYLVANIA. ITS CURRICULUM IS COLLEGE PREPARATORY AND INCLUDES GRADES PRE-KINDERGARTEN THROUGH TWELVE. THE ENROLLMENT AT THE ACADEMY IS APPROXIMATELY 1,270 STUDENTS. THE SCHOOL PARTICIPATES IN COMMUNITY SERVICE WORK THAT EXEMPLIFIES THE SCHOOL'S MISSION. THE EPISCOPAL ACADEMY GREATLY VALUES DIVERSITY OF ALL KINDS, INCLUDING RACIAL AND ECONOMIC. TO HELP ACHIEVE THIS DIVERSITY, APPROXIMATELY $7.4 MILLION OF NEED-BASED FINANCIAL AID IS GRANTED TO FAMILIES EACH YEAR IN ORDER TO MAKE IT POSSIBLE FOR CHILDREN [CONT. ON SCH. O]TO ATTEND THE SCHOOL. APPROXIMATELY 22% OF THE STUDENT POPULATION IS AWARDED FINANCIAL AID. ON AVERAGE, THIS AWARD IS APPROXIMATELY 78% OF THE AVERAGE TUITION. 40549062 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 1 1 0 1 1 0 0 0 1 1 1 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 63 0 444 1 1 1 0 0 0 0 1 1 0 0 0 0 X 26 25 0 0 1 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 PA X BUSINESS OFFICE 4844241420 1785 BISHOP WHITE DRIVE NEWTOWN SQUARE PA 19073 STEVEN E COPIT CHAIR 3.00 X X 0 0 0 JEREMY P COOTE VICE CHAIR 3.00 X X 0 0 0 ELIZABETH A CORRIGAN VICE CHAIR 3.00 X X 0 0 0 ROBERT R CORRATO SECRETARY 3.00 X X 0 0 0 ANN T SEMMER TREASURER 3.00 X X 0 0 0 THE REV CANON DANIEL G. P. GUTIERREZ TRUSTEE 3.00 X 0 0 0 KAREN S MARSTON TRUSTEE 3.00 X 0 0 0 MICHAEL D MORGAN TRUSTEE 3.00 X 0 0 0 DAVID D LANGFITT TRUSTEE 3.00 X 0 0 0 AMACHIE ACKAH TRUSTEE 3.00 X 0 0 0 RYAN D LIMAYE TRUSTEE 3.00 X 0 0 0 SANDRA K BALDINO TRUSTEE 3.00 X 0 0 0 LOUIS J DAMBROSIO TRUSTEE 3.00 X 0 0 0 CHRISTOPHER C GECZY TRUSTEE 3.00 X 0 0 0 DAVID B GROSSMAN TRUSTEE 3.00 X 0 0 0 DANIELLE GUREGHIAN TRUSTEE 3.00 X 0 0 0 ANN M KRAFTSON TRUSTEE 3.00 X 0 0 0 DENNIS R MAPLE TRUSTEE 3.00 X 0 0 0 STACEY W MCCONNELL TRUSTEE 3.00 X 0 0 0 CHRISTOPHER K MCHUGH TRUSTEE 3.00 X 0 0 0 ROBERT S MCMENAMIN TRUSTEE 3.00 X 0 0 0 JAMES E MINNICK TRUSTEE 3.00 X 0 0 0 DAVID M ROBINSON TRUSTEE 3.00 X 0 0 0 LAUREN WYLONIS TRUSTEE 3.00 X 0 0 0 THOMAS V ZUG TRUSTEE 3.00 X 0 0 0 DR THOMAS J LOCKE HEAD OF SCHOOL 40.00 X X 419530 0 115418 LAWRENCE CAPUZZI CHIEF FINANCIAL OFFICER 40.00 X 215252 0 12940 STEPHEN MORRIS HEAD OF MIDDLE SCHOOL 40.00 X 152413 0 17991 TERRENCE MALONE HEAD OF LOWER SCHOOL 40.00 X 149238 0 20065 JENNIFER FIFER DIR OF INSTITUTIONAL ADVANCEMENT 40.00 X 153980 0 13151 MARK NOTARO DIRECTOR OF OPERATIONS 40.00 X 143161 0 17216 CHERYL MCLAUCHLAN TEACHER 40.00 X 140257 0 14053 1373831 0 210834 44 0 1 0 NAGLE ATHLETIC SURFACES 6597 JOY ROAD EAST SYRACUSE NY 13057 CONSTRUCTION SVCS 844883 SOUTHAMPTON WINDOW CLEANING JANITOR 726 PENNSYLVANIA AVENUE SOUTHAMPTON PA 18966 JANITORIAL SVCS 684945 EPLUS TECHNOLOGY INC 130 FUTURA DRIVE POTTSTOWN PA 19464 TECHNOLOGY SVCS 669814 EAGLE WOLFINGTON LEASING CORP 106 SPARTAN WAY PHOENIXVILLE PA 19460 TRANSPORTATION SVCS 304606 KING SPORTS TURF PO BOX 1036 MOUNT WOLF PA 17347 CONSTRUCTION SVCS 221200 13 20881 20150 364185 177640 9426583 1025226 10009439 TUITION 611110 39026159 39026159 AUXILIARY ATHLETIC PROGRAMS 611110 769509 769509 OUTSOURCED SUMMER CAMP PROGRAMS 611110 155070 155070 DEPOSIT/APPLICATIONS 611110 41515 41515 SCHOLARSHIP INCOME 611110 13001 13001 13200 13200 40018454 1368431 1368431 89243 62519 26724 26724 26724 6177895 22250 6177895 0 0 22250 22250 22250 293041 364185 371365 -78324 -78324 1604458 1725212 -120754 -120754 FITNESS REVENUE 812900 244768 244768 PURCHASE REBATES 900099 160339 160339 OTHER INCOME 900099 61556 61556 466663 51712883 40134876 155070 1413498 7418132 7418132 62385 62385 1013569 771875 241694 21680790 17584141 3124713 971936 1308775 1063751 184607 60417 1345588 1093345 191102 61141 1607287 1278946 258423 69918 30231 24519 4357 1355 66585 54003 9596 2986 174790 174790 52800 52800 1063699 859628 152756 51315 249506 115869 20590 113047 1023772 895699 64931 63142 615589 562241 40691 12657 1947893 1568020 289748 90125 1106473 1036745 30889 38839 415080 336649 59823 18608 5356076 4344030 771937 240109 211442 171489 30474 9479 INSTRUCTIONAL 549160 549160 ATHLETICS 453269 453269 GIVING AND SUPPORT 232080 232080 STUDENT SERVICES 138058 138058 498868 167108 318775 12985 48621897 40549062 5847906 2224929 537 88 10426595 4744780 2122348 1362156 824358 837287 75000 57847 43246 787762 1648484 219056149 49407046 172550105 169649103 55876786 68659957 2882974 2562511 245529312 249582612 3782519 3434017 5806291 5722415 12753548 11852129 972884 852034 23315242 21860595 X 194311566 198741531 9324449 9694873 18578055 19285613 222214070 227722017 245529312 249582612 X 3090986 2877843 -460882 X 0 1 X 1 0 X 55538405 10670038 4236902 913128 1060872 52800 68418545 48168173 3123542 6411688 1070358 993657 100983 55538405 50935639 1283353 -1810859 1092701 1038741 108518 48168173 53173533 1517115 -1578637 927109 961339 287924 50935639 42104483 3558196 9229548 1718694 53173533 0.64000 0.28000 0.08000 0 0 31192214 31192214 174866161 40864038 134002123 12997774 8543008 4454766 169649103 DISCOUNT FOR FUTURE INTERESTS 666985 AGENCY FUNDS 49929 DEFERRED COMPENSATION 95933 INTEREST PAYABLE 39187 852034 X 48271271 2877843 1787731 4665574 43605697 52800 8054386 8107186 51712883 42763324 1787731 1787731 40975593 52800 7593504 7646304 48621897 PART V, LINE 4: IT WAS THE POLICY OF THE 2017-2018 SCHOOL YEAR TO DISTRIBUTE UP TO 4% ANNUALLY OF THE THREE YEAR TRAILING AVERAGE OF THE ENDOWMENT'S TOTAL MARKET VALUE. THE CALCULATION TO ARRIVE AT THE DISTRIBUTION FOR THE FINAL BUDGET OF THE 2017-2018 FISCAL YEAR WAS BE MADE AT JUNE 30, 2017 USING THAT FISCAL YEAR AND THE PREVIOUS TWO FISCAL YEARS. THE AMOUNT DISTRIBUTED IS USED TO FUND EPISCOPAL ACADEMY, UP TO BUT NOT LIMITED TO STAFF SALARIES, INFORMATION TECHNOLOGY, STAFF DEVELOPMENT, OPERATIONS AND MAINTENANCE, ATHLETICS, FINANCIAL AID AND SCHOLARSHIPS, AND ADMINISTRATIVE EXPENSES. PART X, LINE 2: THE SCHOOL BELIEVES THERE ARE NO UNCERTAINTIES WHICH WOULD REQUIRE ANY RECOGNITION OF TAX BENEFITS OR TAX LIABILITIES FOR THE YEARS ENDED JUNE 30, 2018 AND 2017. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 62,519. COST OF GOODS SOLD 1,725,212. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 7,418,132. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 51,718. BAD DEBT EXPENSE 409,164. CAPITAL CAMPAIGN EXPENSE 175,372. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 1,725,212. RENTAL EXPENSE 62,519. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 7,418,132. CAPITAL CAMPAIGN EXPENSES 175,372. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE SCHOOL'S RACIAL NONDISCRIMINATORY POLICY CONCERNING STUDENTS WAS PUBLISHED IN THE PHILADELPHIA DAILY NEWS. THE FOLLOWING WORDING IS ALSO USED ON ALL ADMISSION APPLICATIONS AND ON THE SCHOOL'S WEBSITE: "THE EPISCOPAL ACADEMY DOES NOT DISCRIMINATE IN THE ADMISSION PROCESS ON THE BASIS OF RACE, COLOR, RELIGION, SEXUAL ORIENTATION, NATIONAL ORIGIN, DISABILITY, OR FAMILIAL AFFILIATION." SCHEDULE E, PART I, LINE 6 THE SCHOOL RECEIVES FUNDING FOR SUPPLIES FROM THE STATE OF PENNSYLVANIA. 1 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES THE ORGANIZATION ORGANIZED AND FUNDRAISED TO SUPPORT THE BUILDING OF A SCHOOL AND WATER FILTRATION SYSTEM AS PART OF ITS MISSION TO EDUCATE STUDENTS TO LIVE PURPOSEFULLY AND WITH FAITH AND INTEGRITY. 62385 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 FUNDRAISING 0 0 0 0 0 0 62385 0 62385 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, ORGANIZED AND FINANCIALLY SUPPORTED THE BUILDING OF A SCHOOL. 62385 WIRE TRANSFER COSTS TO GO AND MANAGE THE BUILDING OF THE SCHOOL. FMV 1 0 0 0 0 0 0 0 PART I, LINE 2: THE SCHOOL ONLY DISSEMINATES FUNDS AFTER RECEIVING AND APPROVING ALL RECEIPTS AND INVOICES FOR EXPENSES UNDERTAKEN BY THE RECIPIENT ORGANIZATION. X X X 1 MARTS AND LUNDY 1200 WALL ST W LYNDHURST NJ 07071 CONSULTING SERVICES 0 348500 174790 173710 348500 174790 173710 PA STARFEST AUCTION 356601 132391 224210 166540 62571 30201 HORIZON 163200 143075 20125 1125 20183 7373 15 137425 88719 48706 79108 4264 657226 364185 293041 166540 1125 161862 41838 371365 -78324 1 FINANCIAL AID 279 7418132 PART I, LINE 2: THE EPISCOPAL ACADEMY PROVIDES FINANCIAL AID TO FAMILIES WHO QUALIFY BASED ON AN ASSESSMENT BY THE SCHOOL AND STUDENT SERVICES BY NAIS (SSS BY NAIS). THE EPISCOPAL ACADEMY'S NEED-BASED FINANCIAL AID PROGRAM ENABLES STUDENTS TO ATTEND THE ACADEMY REGARDLESS OF A FAMILY'S ABILITY TO PAY FULL TUITION. ADMISSION DECISIONS AND DETERMINATION OF FINANCIAL AID ARE MADE BY TWO SEPARATE COMMITTEES. ONCE AN APPLICANT IS OFFERED ADMISSION, THEIR APPLICATION FOR FINANCIAL AID IS REVIEWED AND ASSESSED BY THE FINANCIAL AID COMMITTEE. X X X 1 1 X X X 0 1 0 0 0 0 0 0 0 DR THOMAS J LOCKE HEAD OF SCHOOL 387530 0 32000 0 0 0 17100 0 98318 0 534948 0 0 0 LAWRENCE CAPUZZI CHIEF FINANCIAL OFFICER 212088 0 3164 0 0 0 8609 0 4331 0 228192 0 0 0 STEPHEN MORRIS HEAD OF MIDDLE SCHOOL 152413 0 0 0 0 0 11619 0 6372 0 170404 0 0 0 TERRENCE MALONE HEAD OF LOWER SCHOOL 149238 0 0 0 0 0 9692 0 10373 0 169303 0 0 0 JENNIFER FIFER DIR OF INSTITUTIONAL ADVANCEMENT 138980 0 0 0 15000 0 9007 0 4144 0 167131 0 0 0 MARK NOTARO DIRECTOR OF OPERATIONS 140046 0 3115 0 0 0 10844 0 6372 0 160377 0 0 0 CHERYL MCLAUCHLAN TEACHER 140257 0 0 0 0 0 9909 0 4144 0 154310 0 0 0 PART I, LINE 1A HEAD OF SCHOOL DR. THOMAS J. LOCKE HAS A RESIDENCE IN WHICH HE LIVES ON CAMPUS. THE HOUSING ALLOWANCE IS NOT INCLUDED IN HIS TAXABLE COMPENSATION SINCE IT IS EXCLUDED UNDER INTERNAL REVENUE CODE SECTION 119. THE SCHOOL PROVIDES CLEANING AND MAINTENANCE SERVICES FOR THE HOUSE AND ITS ENVIRONS AS THE RESIDENCE IS REGULARLY USED FOR SCHOOL-RELATED EVENTS. THE SCHOOL ALSO SUPPORTS HEAD OF SCHOOL DR. THOMAS J. LOCKE'S DEVELOPMENT ACTIVITY BY PROVIDING MEMBERSHIPS TO VARIOUS LOCAL CLUBS AND ORGANIZATIONS AT WHICH VARIOUS SCHOOL-RELATED FUNCTIONS SUCH AS MEETINGS AND ALUMNI EVENTS ARE HELD. THE ABOVE-MENTIONED BENEFITS ARE NOT INCLUDED IN THE HEAD OF SCHOOL'S TAXABLE COMPENSATION. PART I, LINE 4B DR. THOMAS J. LOCKE PARTICIPATES IN A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN. NO PAYMENTS WERE RECEIVED DURING THE CALENDAR YEAR ENDED 12/31/17. A DELAWARE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 231997311 2012-12-07 10500000 REPAYMENT OF PRIOR BONDS USED FOR FINANCING COSTS OF CONSTRUCTION PROJECT 0 0 0 B UPPER DARBY INDUSTRIAL DEVELOPMENT AUTHORITY 043721223 2004-12-23 9300000 LAND ACQUISITION AND PRELIMINARY SITE IMPROVEMENTS 0 0 0 A 10500000 10500000 1 0 1 1 B 9300000 50000 9250000 0 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 A 0 1 0 0 0 0 0 0 0 B 0 0 1 0 0 0 0 0 0 A 0 B 0 SCHEDULE K SUPPLENTAL INFORMATION PART II, LINE 17 THE SCHOOL IS IN THE PROCESS OF ESTABLISHING POLICIES FOR POST-ISSUANCE COMPLIANCE WITH THE ASSISTANCE OF BOND COUNSEL. THE POLICIES ARE AWAITING BOARD APPROVAL. THE SCHOOL HAS ALWAYS BEEN AWARE OF AND SENSITIVE TO ITS RESPONSIBILITIES AND HAS ALWAYS ACTED WITH PRUDENCE CONCERNING ITS DECISIONS RELATED TO ITS BOND PROCEEDS. PAUL SANDERS ASSISTANT HEAD OF SCH TO PURCHASE HOME X 75000 75000 0 0 1 75000 SUSAN COOTE SPOUSE OF BOARD MEMBER 15000 CURATOR OF GALLERY 0 GRACE LIMAYE SPOUSE OF BOARD MEMBER 101587 COORDINATOR OF TEACHING AND LEARNING 0 X 38 1025226 NYSE AND NASDAQ 0 0 1 1 PART I, LINE 32B: A BROKERAGE FIRM RECEIVES ALL STOCK GIFTS AND SELLS THEM IMMEDIATELY. THE FIRM PROVIDES THE HIGH/LOW PRICES FOR THE TRANSACTION DATE FOR WHICH THE SCHOOL RECORDS THE AVERAGE PRICE PER SHARE AS THE VALUE OF THE CONTRIBUTION. FORM 990, PART VI, SECTION A, LINE 4 THE SCHOOL REVISED ITS BYLAWS TO DECREASE THE NUMBER OF BOARD MEMBERS IN 2018. FORM 990, PART VI, SECTION B, LINE 11B THE SCHOOL COMPILES ALL NECESSARY SCHEDULES AND INFORMATION FOR THE TAX PREPARER TO UPLOAD INTO THE RETURN. ONCE PREPARED BY THE TAX PREPARER, A DRAFT COPY OF THE 990 IS CIRCULATED AMONGST THE AUDIT COMMITTEE FOR REVIEW AND DISCUSSION WITH THE BUSINESS MANAGER, CONTROLLER AND TAX PREPARER. THE AUDIT COMMITTEE THEN VOTES TO RECOMMEND THE DRAFT 990 BE SUBMITTED TO THE BOARD OF TRUSTEES FOR THEIR APPROVAL. THE DRAFT 990 IS UPLOADED TO THE BOARD PORTAL FOR 10 DAYS FOR THE BOARD OF TRUSTEES TO REVIEW AND APPROVE. FORM 990, PART VI, SECTION B, LINE 12C MEMBERS OF THE GOVERNING BOARD SUBMIT A RELATED PARTY AND CONFLICT OF INTEREST QUESTIONNAIRE ANNUALLY. THE BOARD LIAISON, AN EMPLOYEE WITH THE SCHOOL, REVIEWS THE FORMS FOR ANY CONFLICTS OF INTEREST. BOARD MEMBERS WITH AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST RECUSE THEMSELVES FROM THE MEETING AND DO NOT VOTE ON THE MATTER CAUSING THE CONFLICT OF INTEREST. OTHER PARTIES WHO MAY EXERT INFLUENCE OVER THE SCHOOL, SUCH AS COMMITTEE MEMBERS WHO MAY NOT OTHERWISE SIT ON THE BOARD, MAY ALSO BE ASKED TO SIGN AN ANNUAL QUESTIONNAIRE. FAMILY AND BUSINESS RELATIONSHIPS ARE EXPRESSLY MENTIONED IN THE CONFLICT OF INTEREST QUESTIONNAIRE FORM. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD IS RESPONSIBLE FOR SETTING AND DETERMINING THE COMPENSATION OF THE HEAD OF SCHOOL. NATIONAL PEER SCHOOL DATA (INDEX) AND LOCAL INDEPENDENT SCHOOL DATA IS GATHERED IN ORDER TO MAKE COMPARISONS TO ENSURE EXECUTIVE COMPENSATION IS WITHIN FAIR MARKET VALUE IN THE INDUSTRY. DECISIONS OF THIS COMMITTEE REGARDING COMPENSATION ARE DOCUMENTED. FORM 990, PART VI, SECTION C, LINE 19 THE SCHOOL MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -51,718. BAD DEBT EXPENSE -409,164.