2018-05-11T10:09:44-05:00 2017-06-30 390859910 Baker Tilly Virchow Krause LLP 1650 Market Street Suite 4500 Philadelphia PA 191037341 990 2016-07-01 231352639 Trustees of the Public School of Germantown TRUS 2156463300 PO Box 287 Morris Road Fort Washington PA 19034 Thomas P Taft Chief Operating Officer 2156463300 2018-05-11 1 Julius C Green CPA P00350393 2159720701 2016 2022-09-23 18:48:47Z GERMANTOWN ACADEMY Thomas P Taft PO Box 287 Morris Road Fort Washington PA 19034 42047158 0 X WWW.GERMANTOWNACADEMY.net X 1759 PA AN INDEPENDENT, COEDUCATIONAL COLLEGE PREP SCHOOL FOR COMMUTING STUDENTS IN GRADES PRE-K - TWELVE. 24 24 629 122 -14657 -14657 4729778 2249729 34116015 35946308 465802 591464 2478495 2674490 41790090 41461991 5593454 5824694 0 0 25550346 27245733 250 0 1690725 9260268 9497895 40404318 42568322 1385772 -1106331 126398875 130896619 38053959 38618879 88344916 92277740 X GERMANTOWN ACADEMY INSPIRES STUDENTS TO BE INDEPENDENT IN THOUGHT; CONFIDENT IN EXPRESSION; COMPASSIONATE IN SPIRIT; COLLABORATIVE IN ACTION; AND HONORABLE IN DEED. 0 0 33919386 5824694 35946308 GERMANTOWN ACADEMY IS A NON-SECTARIAN, COEDUCATIONAL COLLEGE PREPARATORY SCHOOL EDUCATING STUDENTS FROM PRE-K TO GRADE 12. FOUNDED IN 1759, GERMANTOWN ACADEMY HAS OVER 250 YEARS OF HISTORY, TRADITION, AND OUTSTANDING ACADEMICS. GERMANTOWN ACADEMY IS A PLACE THAT INSPIRES. STUDENTS DEVELOP A LOVE OF LEARNING BEGINNING WITH THE FIRST DAY OF PRE-K THAT CONTINUES THROUGH THE FINAL DAY OF 12TH GRADE AND BEYOND. OUR DEDICATED FACULTY AND STAFF EMBRACE STUDENTS' INNATE CURIOSITY AND ENCOURAGE THEM TO BUILD UPON THEIR NATURAL STRENGTHS WHILE CHALLENGING THEM TO EXPAND THEIR KNOWLEDGE THROUGH A MULTITUDE OF LEARNING EXPERIENCES. THIS IS OUR PROMISE TO OUR STUDENTS, AND IT BECOMES THEIR FOUndATION FOR LIFE.FOR MORE THAN 250 YEARS, STUDENTS AT GERMANTOWN ACADEMY HAVE BEEN ENCOURAGED TO FOLLOW THEIR PASSIONS. THE CUMULATIVE RESULT IS AN EXCEPTIONAL ACADEMIC, ARTISTIC, ATHLETIC, AND SOCIAL EXPERIENCE THAT CREATES SUCCESSFUL, WELL-EDUCATED, ETHICAL YOUNG PEOPLE WHO BELIEVE THEY CAN MAKE A DIFFERENCE IN THE WORLD.GERMANTOWN ACADEMY IS A PLACE OF INNOVATION. WE ARE AT THE FOREFRONT OF IMPORTANT INITIATIVES SUCH AS 21ST CENTURY CURRICULUM DEVELOPMENT, LANGUAGE INSTRUCTION, AND INTERNATIONAL RELATIONSHIPS. IF A NEW PROGRAM OR IDEA PROVIDES AN OPPORTUNITY FOR OUR STUDENTS, WE WILL EXPLORE IT.WITH TALENTED AND CARING FACULTY, HONEST AND CURIOUS STUDENTS, AND A BEAUTIFUL ENVIRONMENT, GERMANTOWN ACADEMY IS WHERE YOUR CHILD CAN BECOME HIS OR HER BEST SELF. A TOTAL OF 1,150 STUDENTS WERE ENROLLED THIS FISCAL YEAR. 33919386 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 1 0 1 1 1 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 1 0 0 0 1 40 0 1 629 1 1 1 0 0 0 0 0 0 0 0 0 X 24 24 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X Thomas P Taft Chief Operating Off 2674057224 PO Box 287 Morris Road Fort Washington PA 19034 Judi J goodman PRESIDENT/BOARD CHAIR 20.00 X X 0 0 0 MICHAEL H JORDAN truSTEE 5.00 X 0 0 0 SCOTT BADAMI TRUSTEE 5.00 X 0 0 0 JUDY CHANG CODY TRUSTEE 5.00 X 0 0 0 Brian DiDonato SeCRETARY 5.00 X X 0 0 0 THOMAS E DURKIN TRUSTEE 5.00 X 0 0 0 Alison Korman Feldman trustee 5.00 X 0 0 0 Judy A Felgoise trustee 5.00 X 0 0 0 LORI R GRISWOLD TRUSTEE 5.00 X 0 0 0 janet haugen Treasurer 5.00 X X 0 0 0 Annamarie Geppert Hellebusch trustee 5.00 X 0 0 0 Bradley J Korman trustee 5.00 X 0 0 0 john korman trustee 5.00 X 0 0 0 SUSAN STRATTON MCGINNIS TRUSTEE 5.00 X 0 0 0 DAVID O OBERKIRCHER TRUSTEE 5.00 X 0 0 0 LORI REINER TRUSTEE 5.00 X 0 0 0 jeffrey sultanik trustee 5.00 X 0 0 0 Catherine THompson Trustee 5.00 X 0 0 0 Andrew Towne TrusTEE 5.00 X 0 0 0 Nancy A Wolfson Trustee 5.00 X 0 0 0 Kathy Wyszomierski TrusTEE 5.00 X 0 0 0 tynetta alston truSTEE 5.00 X 0 0 0 gina zabinski truSTEE 5.00 X 0 0 0 carl rapp truSTEE 5.00 X 0 0 0 THOMAS P TAFT CHIEF OPERATING OFFICER 50.00 X 193233 0 24670 RICHARD SCHELLHAS Head of school 50.00 X 200084 0 37503 JAMES CONNOR HEAD OF SCHOOL (RET. jUNE '16) 40.00 X 155962 0 12000 AUDREY SCHNUR Director Institutional advancement 40.00 X 157791 0 47283 Jeffrey Thompson DIRector OF AQUATICS 40.00 X 130079 0 76700 James Fenerty Director OF Athletics 40.00 X 129840 0 19281 SUSAN SZCZEPKOWSKI HEAD OF LOWER SCHOOL 40.00 X 118584 0 53682 Christopher Nelson Head of Upper School 40.00 X 120344 0 43649 1205917 0 314768 13 0 1 0 Anchor Management Group LLC 1000 conshohocken road suite 201 conshohocken PA 19428 construction Services 3144395 meriwether-godsey inc 4944 old booNsboro road lynchburg VA 24503 dining services 1117300 Aramark Services Inc 24858 NETWORK PLACE Chicago IL 60673 Cleaning SERVICES 496632 Ejc Construction Inc 18 HIllcrest Avenue Erdenheim PA 19038 Construction Services 316556 NovaCare Rehabilitation po box 643361 pittsburgh PA 15264 athletics training 119214 11 32541 154170 2063018 237398 2249729 Student Tuition Fees 611600 34957888 34957888 Auxiliary Program Revenue 611600 988420 988420 35946308 591043 -15156 606199 212005 47866 164139 164139 164139 214771 214350 421 421 499 -78 114178 32541 29688 84490 84490 11700 6116 5584 5584 322798 287147 35651 35651 Summer Programs 900099 1321397 1321397 EXTENDED DAY AND CHILD CARE FEES 900099 685991 685991 Aquatic Club Revenue 900099 336315 336315 40923 40923 2384626 41461991 35946308 -14657 3280611 5824694 5824694 535010 417854 93543 23613 19009713 14807912 3349676 852125 1230467 919409 249723 61335 5043094 4648153 341567 53374 1427449 1112421 251060 63968 142523 142523 56436 56436 2672 2672 162628 125571 36674 383 174250 13341 160909 1281495 657497 501602 122396 179494 179494 2078688 1559016 415738 103934 486749 349110 95857 41782 86 65 17 4 3221462 2416097 644292 161073 302561 302561 Educ., athletics, Gen'l 727316 727316 BAD DEBTS 196126 196126 Aquatics Club Expenses 106944 106944 DINING ROOM 103675 103675 274790 143652 85309 45829 42568322 33919386 6958211 1690725 8994887 8820600 824863 1008255 2779942 1876098 496131 353904 55433 48877 636100 536410 114166253 35730685 76691188 78435568 1951595 2325068 23419018 24984888 10549718 12506951 126398875 130896619 2125144 2351177 12256261 13950364 23270567 21877794 401987 439544 38053959 38618879 X 58775216 62823119 6785498 4575293 22784202 24879328 88344916 92277740 126398875 130896619 X -1106331 3081922 1957233 X 0 1 X 1 0 X 2724871 3604110 2882581 4729778 2222713 16164053 2724871 3604110 2882581 4729778 2222713 16164053 84959 16079094 688213 818103 715827 714542 818204 3754889 2107749 2008696 2080820 2251215 2384624 10833104 30752046 164532909 0.52290 0.54750 X Schedule A, Part II, Line 10, Explanation of Other Income: other income - 2012 Amount: $ 92,101. 2013 Amount: $ 62,693. 2014 Amount: $ 51,909. 2015 Amount: $ 99,970. 2016 Amount: $ 40,921. summer programs - 2012 Amount: $ 1,115,480. 2013 Amount: $ 1,090,329. 2014 Amount: $ 1,199,033. 2015 Amount: $ 1,284,671. 2016 Amount: $ 1,321,397. aquatic club revenue - 2012 Amount: $ 451,999. 2013 Amount: $ 357,712. 2014 Amount: $ 323,905. 2015 Amount: $ 289,953. 2016 Amount: $ 336,315. extended day and child care fees - 2012 Amount: $ 448,169. 2013 Amount: $ 497,962. 2014 Amount: $ 505,973. 2015 Amount: $ 576,621. 2016 Amount: $ 685,991. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 25365613 137893 3079250 1272800 27309956 27098343 359484 -543263 1548951 25365613 27218545 347803 47572 515577 27098343 25849258 596351 3088202 2315266 27218545 23450178 606767 2820715 1028402 25849258 0.41500 0.45300 0.13200 1 0 5635443 5635443 94957136 24521939 70435197 13508118 11208746 2299372 65556 65556 78435568 Alternative Investments 24984888 F 24984888 Beneficial Interest in Perpetual TrUST 12506951 12506951 Student Deposits and Accommodations 429462 DISCOUNT FOR FUTURE INTERESTS IN SPLIT-INTEREST ARRANGEMENTS 10082 439544 X 41008793 3081922 -3870133 -788211 41797004 -335013 -335013 41461991 37075969 335013 335013 36740956 5827366 5827366 42568322 Part III, Line 4: Germantown Academy maintains and displays collections of works of art, historical treasures and other similar assets as a key component of our liberal arts, college preparatory curriculum. These works of art are incorporated on a regular basis as part of our art classes to help provide the Academy's students with the framework necessary to grow as artists themselves and to meet the stated curricular objectives of our mission. There is no intention to ever sell a work of art in order to generate income. Part V, Line 4: The School's endowments consist of individual funds established for a variety of purposes including scholarships and financial aid, faculty compensation, student prizes, parent education, student education, improvements to property, plant and equipment, as well as various other activities of the school. Its endowments include both a donor-restricted endowment fund and fund designated by the Board of Trustees to function as an endowment. As required by SFAS No. 117, 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. The SCHOOL IS ALSO THE BENEFICIARY OF AN endowment THAT is held by the Edwin M. Lavino PERPETUAL Trust. Part X, Line 2: The School accounts for uncertainties in income taxes in accordance with authoritative guidance, which prescribes a recognition threshold of more-likely-than-not to be sustained upon examination by the appropriate taxing authority. Measurement of the tax uncertainty occurs if the recognition threshold has been met. The School's policy is to recognize interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. The School's federal Return of Organization Exempt from Income Tax (Form 990) for the years ended June 30, 2016, 2015, and 2014 are subject to examination by the Internal Revenue Service, generally for three years after the date the return was filed. Part XI, Line 2d - Other Adjustments: SCHOLARSHIPS & FINANCIAL AID -5,824,694. Gain on beneficial interest in perpetual trust 1,957,233. investment fees -2,672. Part XI, Line 4b - Other Adjustments: COST OF GOODS SOLD -287,147. rental expenses -47,866. Part XII, Line 2d - Other Adjustments: COST OF GOODS SOLD 287,147. rental expense 47,866. Part XII, Line 4b - Other Adjustments: SCHOLARSHIPS & FINANCIAL AID 5,824,694. investment fees 2,672. 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 organization's nondiscrimatory policy is PUBLISHED IN local NEWSPAPERs. the following is also Published on the Academy's website: At Germantown Academy, we welcome students, faculty, and staff from all ethnic, cultural, racial, religious, and socioeconomic groups, and of all sexual orientations who respect the values set forth in our school's general mission statement and in this diversity statement of purpose and practice. We honor our school's diversity by respecting the various customs and traditions of all members of our community. Schedule E, Part I, Line 6 THE SCHOOL RECEIVED BOOKS FROM THE STATE OF PENNSYLVANIA. 1 East Asia and the Pacific - Australia, Brunei, Burma, Cambodia, 0 3 COLLEGE COUNSELING SERVICES TO HIGH SCHOOL STUDENTS EDUCATIONAL ASSISTANCE 54359 Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium 0 0 Program Services Educational Trip 26623 0 3 0 0 0 3 80982 0 80982 0 0 0 0 1 0 Part I, Line 2: THE COLLEGE MONITORS GRANTS THROUGH ITS COUNSELING SEVICES TO HIGH SCHOOL STUDENTS. SCHEDULE F, PART IV, LINE 5: THE ORGANIZATION INVESTS IN PARTNERSHIP INTERESTS, THROUGH WHICH THROUGH WHICH THE ORGANIZATION HOLDS INDIRECT INTERESTS IN FOREIGN PARTNERSHIPS. tHE PERCENTAGE OWNERSHIP DURING THE PARTNERSHIP'S REPORTING PERIOD DID NOT EXCEED THE THRESHOLD FOR REPORTING. SCHEDULE F, PART IV, LINE 4: THE ORGANIZATION INVESTS IN PARTNERSHIP INTERESTS, THROUGH WHICH TRANSFERS TO FOREIGN CORPORATIONS ARE MADE. NO TRANSFERS DURING THE PARTNERSHIP'S REPORTING PERIOD EXCEEDED THE THRESHOLD FOR REPORTING. Kentucky Derby Party 146719 32541 114178 200 18011 700 10777 146719 32541 114178 200 18011 700 10777 29688 84490 1 STUDENT GRANTS FOR TUITION 311 5824694 Part I, Line 2: ALL RECIPIENTS ARE INDIVIDUALS RECEIVING SCHOLARSHIPS. DETERMINATION OF STUDENTS' QUALIFICATIONS FOR THE AWARDS ARE MADE BY THE SCHOOL'S FINANCIAL AID COMMITTEE. SCHOLARSHIPS ARE AWARDED TO STUDENTS BASED ON FINANCIAL NEED. SCHOLARSHIP CANDIDATES ARE EVALUATED FOR FINANCIAL NEED BY AN INDEPENDENT SCHOLARSHIP SERVICE. SCHOLARSHIPS ARE PROVIDED AS A REDUCTION TO TUITION. X X 1 1 X X X 0 0 0 0 0 0 0 0 0 THOMAS P TAFT CHIEF OPERATING OFFICER 193233 0 0 0 0 0 16425 0 8245 0 217903 0 0 0 RICHARD SCHELLHAS Head of school 200084 0 0 0 0 0 17007 0 20496 0 237587 0 0 0 JAMES CONNOR HEAD OF SCHOOL (RET. jUNE '16) 155962 0 0 0 0 0 0 0 12000 0 167962 0 0 0 AUDREY SCHNUR Director Institutional advancement 157791 0 0 0 0 0 13412 0 33871 0 205074 0 0 0 Jeffrey Thompson DIRector OF AQUATICS 130079 0 0 0 0 0 11057 0 65643 0 206779 0 0 0 SUSAN SZCZEPKOWSKI HEAD OF LOWER SCHOOL 118584 0 0 0 0 0 10080 0 43602 0 172266 0 0 0 Christopher Nelson Head of Upper School 120344 0 0 0 0 0 10229 0 33420 0 163993 0 0 0 Part I, Line 1a THE HEAD OF SCHOOL IS REQUIRED TO LIVE ON CAMPUS AND IS PROVIDED HOUSING AND CLEANING SERVICE AS PART OF HIS EMPLOYMENT AGREEMENT. THIS IS NOT INCLUDED IN TAXABLE INCOME AS IT IS EXCLUDED UNDER INTERNAL REVENUE CODE SECTION 119. THE VALUE OF THE HOUSING DURING FISCAL YEAR 2017 AMOUNTED TO $24,000. A Montgomery County Industrial Development 232245125 613609A48 2012-07-26 11600000 refinance 2010 issue and finance construction projects 0 0 0 B Montgomery County Industrial Development 232245125 2014-08-28 10000000 CONSTRUCTION PROJECTS 0 0 0 C MOntgomery County Industrial Development 232245125 2014-08-28 4000000 REFINANCe PRIOR BOND ISSUE 0 0 0 A 2255000 12248841 41840 209030 11997372 2012 1 0 1 1 B 1500000 10000000 10000000 2014 1 0 1 1 C 4000000 4000000 2014 1 0 1 1 A 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 C 0 0 1 1 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 1 0 0 0 0 0 1 B 0 0 1 0 1 0 0 0 1 C 0 0 1 0 1 0 0 0 1 A 1 B 1 C 1 Schedule K Supplental Information BOND ISSUE A: THE DIFFERENCE BETWEEN THE ISSUE PRICE OF $11,600,000 AND THE GROSS PROCEEDS OF $12,248,841 IS PREMIUM ON THE BOND ISSUE. 147825 TUITION REMISSION TUITION ASSISTANCE X 154170 purchase price X 4 83228 nyse 0 0 0 0 Part I, Column (b): the number in column b represents the number of contributors. Form 990, Part VI, Section A, line 1 the executive committee of the board may make decisions when board is not in session when authorized by the board. Form 990, Part VI, Section A, line 2 ALISON FELDMAN, BRADLEY J. KORMAN, AND JOHN P. KORMAN - FAMILY RELATIONSHIP NANCY A. WOLFSON AND JUDY A. FELGOISE - FAMILY RELATIONSHIP JOHN P. KORMAN AND BERTON E. KORMAN - BUSINESS RELATIONSHIP Form 990, Part VI, Section B, line 11b THE FORM 990 IS PREPARED BY A CERTIFIED INDEPENDENT PUBLIC ACCOUNTING FIRM WITH A STRONG BACKGROUND IN ACCOUNTING AND TAX MATTERS FOR CLIENTS OF THIS TYPE. INFORMATION IS PROVIDED TO THIS FIRM BY OUR ORGANIZATION AND, UPON COMPLETION OF THE FORM BY OUR ACCOUNTANTS, THE FORM IS REVIEWED BY OUR ORGANIZATION FOR ACCURACY AND COMPLETENESS. AT THE CONCLUSION OF OUR REVIEW THE FORM IS FILED WITH THE INTERNAL REVENUE SERVICE AND STATE OF PENNSYLVANIA. A COPY OF THE FORM 990 IS FORWARDED TO EACH TRUSTEE PRIOR TO BEING FILED WITH THE IRS. Form 990, Part VI, Section B, line 12c NO MEMBER OF THE BOARD OF TRUSTEES NOR ANY MEMBER OF A BOARD COMMITTEE SHALL RECEIVE RENUMERATION DIRECTLY OR INDIRECTLY AS A RESULT OF BUSINESS DECISIONS OR CONTRACTS WHICH ARE AWARDED BY THE BOARD UNLESS A DETERMINATION HAS BEEN MADE BY THE BOARD OR THE EXECUTIVE COMMITTEE OF THE BOARD THAT IT IS IN THE BEST INTEREST OF THE ACADEMY TO ALLOW SUCH AN ARRANGEMENT. IN SUCH CASES THE CONFLICT OF INTEREST SHALL BE CLEARLY ACKNOWLEDGED AND THE AFFECTED BOARD OR COMMITTEE MEMBER SHALL ABSTAIN FROM PARTICIPATION IN THE DECISION TO AWARD SUCH CONTRACT OR TO TAKE ACTION RESULTING IN THE AWARD OF SUCH CONTRACT. IT SHALL BE THE RESPONSIBILITY OF THE MEMBERS OF THE BOARD OF TRUSTEES AND OF THE COMMITTEES OF THE BOARD TO CALL TO THE PRESIDENT OF THE BOARD OF TRUSTEES OR THE CHAIRMAN OF THE BOARD COMMITTEE INVOLVED, ANY SITUATION WHERE A CONFLICT OF INTEREST OR POSSIBLE CONFLICT OF INTEREST MAY BE FOUND. BOARD MEMBERS SIGN A CONFLICT OF INTEREST STATEMENT ANNUALLY WHICH IS MONITORED BY THE HEAD OF THE BOARD. Form 990, Part VI, Section B, line 15 THE BOARD OF TRUSTEES AND THE FINANCE COMMITTEE CAREFULLY EXAMINE THE COMPENSATION PROPOSAL FOR THE NEXT FISCAL YEAR DURING THE COURSE OF THE PREVIOUS FALL AND APPROVE IT DURING THE JANUARY MEETING. THE SALARIES OF ALL FACULTY AND ADMINISTRATORS INCLUDING THE HEAD OF SCHOOL ARE BENCHMARKED BASED ON POOLED SURVEY DATA FROM 56 COMPARABLE SCHOOLS NATIONWIDE (DAY SCHOOLS WITH OVER 750 STUDENTS). COMPENSATION IS BASED ON THE 75TH PERCENTILE OF THE COMPARABLE SCHOOLS. ALL OTHER STAFF MEMBERS ARE PAID BASED ON DATA COLLECTED THROUGH "SALARY.COM." FOR EACH POSITION, BASED UPON EXPERIENCE, COMPENSATION IS SET BETWEEN THE 25TH AND 75TH PERCENTILE. THIS POLICY ENSURES FAIR COMPENSATION IS DETERMINED INDEPENDENTLY AND WITHOUT UNDUE INFLUENCE OF OUR ORGANIZATION. COMPENSATION RELATED INFORMATION IS RECORDED IN BOARD MINUTES. Form 990, Part VI, Section C, line 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. Form 990, Part XI, line 9: Gain on beneficial interest in perpetual trust 1,957,233. PERPETUAL TRUST (1) INVESTMENTS PA N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1