2018-03-22T11:15:35-05:00 2017-06-30 420714325 RSM US LLP 9737 Washingtonian Blvd 400 Gaithersburg MD 20878 990 2016-07-01 520635080 BULLIS SCHOOL INC BULL 3012998500 10601 FALLS ROAD POTOMAC MD 20854 Tracy Harris CFO 3012998500 2018-03-20 1 WILLIAM E TURCO CPA P00369217 3012963600 66.98.98.5 2018-03-20 15:44:29 ED P B807BA4C69A73CA6C24C1450FD5847F62F078646 C19F5D3F195EC13517A150B69ABBCB37DF598FBC 2016 2021-01-29 14:40:06Z Dr Gerald L Boarman 10601 FALLS ROAD POTOMAC MD 20854 41272458 0 X WWW.BULLIS.ORG X 1936 MD Bullis School provides a student-centered balanced experience in academics, (see schedule O) 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. 24 24 545 180 0 -5258 2765257 2218776 33852926 35983377 -60409 540379 281643 361600 36839417 39104132 4983950 5753250 0 0 20767667 22839174 0 0 1068932 9470939 9266317 35222556 37858741 1616861 1245391 83609865 99577094 40835235 53274057 42774630 46303037 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 28069677 5753250 35996833 Provide co-educational elementary and secondary school education to students in grades 2 through 12, promote diversity and offer an independent school education to eligible students regardless of financial ability. 28069677 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 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 1 0 0 0 0 0 0 0 0 1 108 0 1 545 1 1 1 0 0 0 0 1 1 0 0 0 0 X 24 24 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 Andrew L Blair Chairman 2.00 X X 0 0 0 Adam Greenberg Vice Chairman 2.00 X X 0 0 0 Lesley Lavalleye Secretary 2.00 X X 0 0 0 George Mavrikes Treasurer 2.00 X X 0 0 0 Hillary Baltimore Trustee 2.00 X 0 0 0 Patrick Caulfield Trustee 2.00 X 0 0 0 Patricia Cohen Trustee 2.00 X 0 0 0 David Fink Trustee 2.00 X 0 0 0 Dr Gary Friedlander Trustee 2.00 X 0 0 0 Jonathan Halle Trustee 2.00 X 0 0 0 Kathryn Hanley Trustee 2.00 X 0 0 0 Claudia Helmig Trustee 2.00 X 0 0 0 Rick Kay Trustee 2.00 X 0 0 0 Tammy McKnight Trustee 2.00 X 0 0 0 Alan Meltzer Trustee 2.00 X 0 0 0 Chris Nordeen Trustee 2.00 X 0 0 0 Shannon Priddy Trustee 2.00 X 0 0 0 Berry Trimble Trustee 2.00 X 0 0 0 David Trone Trustee 2.00 X 0 0 0 Cyndi Bullis Vasco Trustee 2.00 X 0 0 0 Dell Warren Trustee 2.00 X 0 0 0 Mark Weinberger Trustee 2.00 X 0 0 0 Paula Widerlite Trustee 2.00 X 0 0 0 Kerry Wisnosky Trustee 2.00 X 0 0 0 Gerald Boarman Head of School 60.00 X 647871 0 98206 Tracy Harris Chief Financial Officer 50.00 X 214516 0 25052 James Michael Reidy Associate Head of School 40.00 X 228874 0 34257 Joanne Szadkowski Exec. Dir, Advancement 40.00 X 159355 0 19204 Darlene Haught Exec. Dir, Extended Prog. 40.00 X 160707 0 15858 Timothy Simpson Assistant Head of School 40.00 X 155904 0 86112 Marilyn Moreno Middle School Principal 40.00 X 141744 0 10252 Robert Pollicino Upper School Principal 40.00 X 127818 0 28175 1836789 0 317116 17 0 1 0 Coakley Williams Construction 7475 Wisconsin Ave Bethesda MD 20814 Construction Discovery Center 10536704 Sodexo Inc & Affiliates PO Box 536922 Atlanta GA 30353 Food Service 289291 CJ Maintenance Inc 9254 Bendix Rd Columbia MD 21045 Bathroom Maintenace contract 204390 WillMax Enterprises LLC 1213-J Liberty Rd 219 Eldersburg MD 21874 Air Conditioning Founders Hall & North H 204102 Pro Kitchen & Bath 4720 Boston Way Ste M-N Lanham MD 20706 Cabinets, Fixtures-Sales & Installation 190331 11 107906 2110870 50246 2218776 Tuition/Fees 900099 33143783 33143783 STUDENT ACTIVITIES 900099 1350070 1350070 SUMMER PROGRAMS 900099 1234376 1234376 TRANSPORTATION 900099 225318 225318 auxiliary 900099 29830 29830 35983377 314115 314115 360959 0 360959 360959 360959 1784507 1558393 -150 226114 150 226264 226264 271575 107906 231804 39771 39771 6365 0 6365 6365 319328 378279 -58951 -58951 OTHER income 900099 13456 13456 13456 39104132 35996833 0 888523 5753250 5753250 1279318 897784 332796 48738 16521597 11594320 4297856 629421 1114212 834290 233361 46561 2675601 1116976 1496287 62338 1248446 934801 261475 52170 6150 6150 54126 54126 29720 29720 388703 258700 129998 5 77964 40113 33393 4458 295127 124839 111696 58592 511697 259906 251791 2109732 1874430 229348 5954 56557 10646 45114 797 220938 122492 64876 33570 468159 468159 1641429 1444457 147729 49243 273258 84568 188690 STUDENT PROGRAMS 2015088 2005995 9093 Food 567308 494068 73240 BAD DEBT 160260 160303 -43 Graduation Expense 60306 60306 329795 157736 94931 77128 37858741 28069677 8720132 1068932 4455 4455 23680404 18099752 9175741 6763952 250958 184442 903 111799 84929 655647 426240 59290562 26067064 33164028 33223498 8693565 8772669 792151 786224 7080214 31230933 83609865 99577094 1993965 4762887 10167158 13400982 26898887 34500749 1775225 609439 40835235 53274057 X 21440334 23306332 18619187 20281596 2715109 2715109 42774630 46303037 83609865 99577094 X 1245391 482376 374829 1425811 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 11194820 62574 948053 430536 11774911 11481433 277489 -228871 335231 11194820 10995843 737253 106609 358272 11481433 9343576 784421 1251305 383459 10995843 8104683 1129666 815229 706002 9343576 0.72680 0.23060 0.04270 0 0 648701 7806467 8455168 42245237 19233360 23011877 8590157 6833704 1756453 33223498 DEPOSITS 20143 CONSTRUCTION IN PROGRESS 30791165 CSV LIFE 234402 Deferred compensation 171515 Interest rate cap 13708 31230933 funds held for others 114180 Deferred compensation 171515 Swap Liability 109704 Capital leases 214040 609439 X 34788450 482376 374829 -5753250 -4896045 39684495 29720 -610083 -580363 39104132 32685854 610083 610083 32075771 29720 5753250 5782970 37858741 Part V, Line 4: Earnings from the unrestricted endowment support the operating expenses of the school; earnings from the restricted endowment support faculty development and financial aid. Part X, Line 2: The School is generally exempt from federal and state income taxes under the provisions of Section 501(c)(3) of the Internal Revenue Code. However, the School is subject to income taxes on unrelated business income, as defined by the Internal Revenue Service. During the year ended June 30, 2017, the School had minimal net taxable unrelated business income, and accordingly, no provision for income taxes is required in the accompanying financial statements. Management evaluated the School's tax positions and concluded that the School has taken no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of this guidance. The School files income tax returns in the U.S. federal jurisdiction. Part XI, Line 2d - Other Adjustments: FINANCIAL AID NETTED AGAINST TUITION REVENUE IN THE FINANCIAL STATEMENTS -5,753,250. Part XI, Line 4b - Other Adjustments: Fundraising Event Expenses - COSTS REPORTED ON LINE 8B -231,804. INVENTORY - COST OF SALES REPORTED ON LINE 10B -378,279. Part XII, Line 2d - Other Adjustments: Fundraising Event Expenses - COSTS REPORTED ON LINE 8B 231,804. INVENTORY - COST OF SALES REPORTED ON LINE 10B 378,279. Part XII, Line 4b - Other Adjustments: FINANCIAL AID NETTED AGAINST TUITION REVENUE IN THE FINANCIAL STATEMENTS 5,753,250. 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. ANNUAL GALA 323985 83175 240810 186659 5K Race 37945 14731 23214 32358 1 16631 10000 6631 10793 378561 107906 270655 229810 229810 40845 1 financial aid 236 5753250 Part I, Line 2: ALL FINANCIAL AID AT BULLIS IS GRANTED BASED ON DEMONSTRATED FINANCIAL NEED, 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 X 1 1 X X X X X 0 0 0 0 0 0 0 1 0 Gerald Boarman Head of School 560952 0 60000 0 26919 0 34450 0 64071 0 746392 0 0 0 Tracy Harris Chief Financial Officer 214516 0 0 0 0 0 15683 0 9683 0 239882 0 0 0 James Michael Reidy Associate Head of School 218874 0 10000 0 0 0 16177 0 18399 0 263450 0 0 0 Joanne Szadkowski Exec. Dir, Advancement 159355 0 0 0 0 0 11340 0 8177 0 178872 0 0 0 Darlene Haught Exec. Dir, Extended Prog. 160707 0 0 0 0 0 11305 0 4867 0 176879 0 0 0 Timothy Simpson Assistant Head of School 145904 0 10000 0 0 0 10745 0 75680 0 242329 0 0 0 Marilyn Moreno Middle School Principal 141744 0 0 0 0 0 9888 0 673 0 152305 0 0 0 Robert Pollicino Upper School Principal 127818 0 0 0 0 0 9450 0 24034 0 161302 0 0 0 Part I, Line 1a The school compensates the headmaster 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 - $40,920. The entire compensation package, including the housing arrangement was approved by the board of trustees with proper documentation. A house keeping benefit is provided to the head of school. This benefit is related to the use of the housing in the conduct of the headmaster's official duties. Gerald Boarman received a taxable health club dues in the amount of $1,200. Part I, Line 7 The Head of School received performance based bonus which was approved by the compensation committee. Other employees received performance based bonuses. These bonuses were approved by the head of School. 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 673575 27760000 531213 10437869 16790918 2016 1 0 1 1 B 7980000 7980000 2016 1 0 1 1 C 1 0 0 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 0 0 1 A 1 B 1 C 1 SCHEDULE K, PART II, LINE 3, PROCEEDS THE SERIES 2105B BOND OF 10/01/2015 WAS ISSUED BUT THE MONIES HAVE NOT BEEN DRAWN ON BY THE SCHOOL. CURRENTLY THERE IS $2,260,000 IN SERIES 2105B BOND MONIES AVAILABLE FOR THE ORGANIZATION TO DRAW UPON. AS THERE HAVE BEEN NO DRAWS FROM THIS BOND SERIES, THE $2,260,000 IS NOT INCLUDED IN THE BALANCE SHEET SHOWN IN PART X, LINE 20 OF THE FORM 990. X 611 40003 FMV X Hats 1 5899 cost X Violins 1 2710 cost X Speaker, Microphone, & Mic Cable 1 1299 cost X Food 1 205 cost X Tickets 1 130 cost 0 1 0 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. RSM US, LLP, the firm that prepares the Form 990 for the School, will make the presentation to the Finance Committee. 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 Business 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 Business 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 rebuttable 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 closely 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 then 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. For the Business Officer: Whenever a compensation committee is formed to examine the Head's compensation, it uses the same process to examine the Business Officer's compensation, to ensure reasonableness and comparability. 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 XI, line 9: Interest rate cap Gain (loss) -4,224. Interest rate swap Gain (loss) 1,430,035. form 990, part XII, line 2c the process for overseeing the audit of the financial statements and selection of an independent accountant that audited the financial statements has been consistent with prior years.