2017-02-14T12:09:03-06:00 2016-06-30 340677006 Maloney Novotny LLC 1111 Superior Ave Suite 700 Cleveland OH 441142540 990 2015-07-01 340714451 LAUREL SCHOOL LAUR 2164641441 1 LYMAN CIRCLE SHAKER HEIGHTS OH 44122 ANN V KLOTZ HEAD OF SCHOOL 2164641441 2017-01-26 1 Christopher B Anderson P00226559 2163630100 2015 2021-01-29 14:40:06Z ANN V KLOTZ 1 LYMAN CIRCLE SHAKER HEIGHTS OH 44122 39088172 0 X WWW.LAURELSCHOOL.ORG X 1926 OH THE MISSION OF LAUREL SCHOOL IS TO INSPIRE EACH GIRL TO FULFILL HER PROMISE AND TO BETTER THE WORLD. 29 29 332 120 14850 13850 2603423 2910965 16688954 17206022 3037138 -61238 32859 -76728 22362374 19979021 2736596 3012393 0 0 12098962 11722687 0 0 1162305 8477591 7847115 23313149 22582195 -950775 -2603174 84397055 79987127 23816596 25246099 60580459 54741028 THE MISSION OF LAUREL SCHOOL IS TO INSPIRE EACH GIRL TO FULFILL HER PROMISE AND TO BETTER THE WORLD. 0 0 17917981 3012393 17206022 LAUREL SCHOOL, FOUNDED IN 1896, IS A NATIONALLY-RECOGNIZED COLLEGE PREPARATORY, INDEPENDENT DAY SCHOOL FOR GIRLS, KINDERGARTEN THROUGH GRADE 12, WITH A COEDUCATIONAL EARLY CHILDHOOD PROGRAM. LAUREL SCHOOL HAS TWO CAMPUSES AFFORDING STUDENTS OPPORTUNITIES TO LEARN IN TRADITIONAL SETTINGS SUCH AS LABS, STUDIOS, AND LIBRARIES, AS WELL AS IN OUR UNIQUE ENVIRONMENTAL CLASSROOMS. THE LYMAN CIRCLE CAMPUS IS HOME TO ALL FOUR ACADEMIC DIVISIONS. THE BUTLER CAMPUS FEATURES EXTENSIVE ATHLETIC FACILITIES AND OPPORTUNITIES FOR OUTDOOR EDUCATION AND LEADERSHIP-BUILDING PROGRAMS. LAUREL SCHOOL HAS APPROXIMATELY 640 STUDENTS ENROLLED. 17917981 1 1 0 0 0 0 0 0 0 1 1 1 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 0 0 0 0 1 0 0 0 0 0 0 0 0 1 47 0 1 332 1 1 1 0 0 0 0 1 1 0 0 0 0 X 29 29 0 0 0 0 1 1 0 1 1 0 0 0 1 1 1 1 0 1 0 0 X DIANE ILKANIC BREZOVEC 2164641441 1 LYMAN CIRCLE SHAKER HEIGHTS OH 44122 Elizabeth Embrescia Chair 2.00 X X 0 0 0 Lynette Jackson Vice Chair 2.00 X X 0 0 0 Mary Weatherhead Feldman Secretary 2.00 X X 0 0 0 Douglas Preiser Treasurer 2.00 X X 0 0 0 Teresa Beasley Trustee 2.00 X 0 0 0 Michael Bee Trustee 2.00 X 0 0 0 Mark Biche Trustee 2.00 X 0 0 0 Susan Collins Bosland Trustee 2.00 X 0 0 0 Kristine Swails Bryan Trustee 2.00 X 0 0 0 Daniel L DeSantis Trustee 2.00 X 0 0 0 Diane Downing Trustee 2.00 X 0 0 0 Hubert Fernandez Trustee 2.00 X 0 0 0 David Fleshler Trustee 2.00 X 0 0 0 Lee Hoffman Trustee 2.00 X 0 0 0 Pamela Juergens Isquick Trustee 2.00 X 0 0 0 Carey Jaros Trustee 2.00 X 0 0 0 Michael Anne Johnson Trustee 2.00 X 0 0 0 Rachel Kirsch Trustee 2.00 X 0 0 0 Terry Horvitz Kovel Trustee 2.00 X 0 0 0 Arnelle Martin Trustee 2.00 X 0 0 0 Bruce Mavec Trustee 2.00 X 0 0 0 Jacquelyn Nance Trustee 2.00 X 0 0 0 Melissa O'Dwyer Trustee 2.00 X 0 0 0 Victoria Anderson Patacca Trustee 2.00 X 0 0 0 John Reed Trustee 2.00 X 0 0 0 Eliza Hatch Saada Trustee 2.00 X 0 0 0 John Sinnenburg Trustee 2.00 X 0 0 0 Sandhia Varyani Trustee 2.00 X 0 0 0 Richard Williams Trustee 2.00 X 0 0 0 Ann V Klotz Head of School 60.00 X 349405 0 55078 Lee Mei Stokes CFO 50.00 X 122146 0 658 Deborah Farquhar Jones Dir of Development 50.00 X 145880 0 11468 Linda S Hurley FORMER CFO 50.00 X 143000 0 0 760431 0 67204 4 1 1 0 SAGE DINING SERVICES 1402 YORK ROAD 100 LUTHERVILLE MD 21093 FOOD SERVICE 514019 ELEVATION GROUP 23400 MERCANTILE ROAD 10 BEACHWOOD OH 44122 LAUREL LIVE EVENT 265625 PARKE BROTHERS CONSTRUCTION LLC 7250 COMMERCE DRIVE MENTOR OH 44060 REMODEL/REPAIR SVCS. 259472 3 373941 627058 1909966 232441 2910965 TUITION AND FEES 900099 16102936 16102936 AUXILIARY OPERATIONS 900099 599596 599596 OTHER OPERATING REVENUE 900099 503490 503490 17206022 878668 878668 18036918 18976824 -939906 -939906 -939906 65245 373941 132327 -67082 -67082 GAS WELL OPERATIONS 211110 -9646 14850 -24496 -9646 19979021 17206022 14850 -152816 3012393 3012393 557430 424574 99749 33107 8533123 6499361 1526955 506807 185029 140930 33110 10989 1767821 1346483 316342 104996 679284 517385 121554 40345 38056 28986 6810 2260 70800 53926 12669 4205 44120 33605 7895 2620 369437 281386 66109 21942 275452 209801 49291 16360 308762 235173 55251 18338 513170 390862 91829 30479 295744 225257 52922 17565 36406 27729 6515 2162 773367 589045 138390 45932 1693682 1290014 303075 100593 126519 96365 22640 7514 EQUIP RENTAL & MAINT 725218 552371 129774 43073 FOOD SERVICE 579717 441549 103737 34431 LAUREL LIVE&OTHER PROJ. 518870 395204 92849 30817 FIELD TRIPS 372440 283674 66646 22120 1105355 841908 197797 65650 22582195 17917981 3501909 1162305 2149548 2392854 1290101 1048697 2195495 2552027 422208 106164 707403 995929 47600341 22727713 25813824 24872628 43902584 36573498 6986320 10608860 929572 836470 84397055 79987127 2022564 1860492 471745 522431 16000000 16000000 0 122452 5322287 6740724 23816596 25246099 X 30544576 25904333 8824930 7558044 21210953 21278651 60580459 54741028 84397055 79987127 X -2603174 -1816422 -1419835 X 0 1 X 1 0 X 3910855 2589182 4068419 2603423 2910965 16082844 3910855 2589182 4068419 2603423 2910965 16082844 365888 15716956 1035336 1294791 862521 1095595 878668 5166911 86839 94674 143709 162816 55599 543637 21793392 0.72120 0.64610 X Schedule A, Part II, Line 10, Explanation of Other Income: SPECIAL EVENTS REVENUE - 2011 Amount: $ 86,839. 2012 Amount: $ 94,674. 2013 Amount: $ 132,680. 2014 Amount: $ 138,991. 2015 Amount: $ 65,245. OTHER INCOME - 2013 Amount: $ 11,029. 2014 Amount: $ 23,825. 2015 Amount: $ -9,646. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 49976069 221742 -1772412 2302491 46122908 50737977 629912 696919 2088739 49976069 44822525 469162 7515385 2069095 50737977 40301050 434875 5509691 1423091 44822525 41024695 1263918 -542606 1444957 40301050 0.48830 0.40780 0.10390 0 0 2690685 2690685 30967561 14757934 16209627 2977182 2376229 600953 10964913 5593550 5371363 24872628 ALTERNATIVE INVESTMENTS 10608860 F 10608860 TUITION DEPOSITS 792419 GIFT ANNUITY LIABILITIES 337323 AGENCY FUNDS 191617 INTEREST RATE SWAP LIABILITY 5419365 6740724 X 13730371 -1816422 -1419835 -3236257 16966628 3012393 3012393 19979021 19569802 0 19569802 3012393 3012393 22582195 Part V, Line 4: INTENDED USE OF ENDOWMENT FUNDS - DISTRIBUTIONS FROM ENDOWMENT FUNDS ARE SPENT IN COMPLIANCE WITH THE DONOR'S RESTRICTIONS APPLICABLE TO THE FUNDS BEING DISTRIBUTED. ANNUAL DISTRIBUTIONS FROM ENDOWMENT FUNDS ARE DETERMINED USING A MIXED SPENDING RULE OF 80 PERCENT OF THE PRIOR YEAR SPENDING AND 20 PERCENT OF THE 5 PERCENT SPENDING RATE TIMES THE ENDOWMENT MARKET VALUE. ALL EXPENDITURES FROM THE ENDOWMENT FUNDS ARE USED TO FURTHER THE EDUCATIONAL PURPOSES OF THE SCHOOL. Part X, Line 2: FIN 48 (ASC 740) FOOTNOTE - THE SCHOOL IS A NON-PROFIT ORGANIZATION THAT IS TAX EXEMPT UNDER SECTION 501(c)(3) OF THE INTERNAL REVENUE CODE. IT BELIEVES IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN AND, AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. AS OF JUNE 30, 2016, THE SCHOOL'S INCOME TAX YEARS FROM 2012 AND THEREAFTER REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, AS WELL AS VARIOUS STATE AND LOCAL TAXING AUTHORITIES. Part XI, Line 2d - Other Adjustments: CHANGE IN INTEREST RATE SWAP LIABILITY -1,419,835. Part XI, Line 4b - Other Adjustments: STUDENT FINANCIAL AID, WHICH WAS SHOWN ON FINANCIAL STATEMENTS AS A REDUCTION OF REVENUE INSTEAD OF BEING SHOWN AS AN EXPENSE 3,012,393. Part XII, Line 4b - Other Adjustments: STUDENT FINANCIAL AID, WHICH WAS SHOWN ON FINANCIAL STATEMENTS AS A REDUCTION OF REVENUE INSTEAD OF BEING SHOWN AS AN EXPENSE 3,012,393. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 PUBLICATION OF RACIALLY NON-DISCRIMINATORY POLICY - LAUREL SCHOOL PUBLISHES NOTICES OF ITS RACIALLY NON-DISCRIMINATORY POLICY IN ITS ADMISSION MATERIALS AND IN ITS SCHOOL MAGAZINE WHICH IS DISTRIBUTED TO CURRENT AND PROSPECTIVE STUDENTS. Schedule E, Part I, Line 6 ASSISTANCE FROM GOVERNMENTAL AGENCY - LAUREL SCHOOL RECEIVES FUNDING FROM THE STATE OF OHIO FOR SALARIES AND PROFESSIONAL FEES AND TO REIMBURSE THE SCHOOL FOR STATE-MANDATED SERVICES. GATOR BASH 439186 373941 65245 11500 9650 70191 6000 34986 439186 373941 65245 11500 9650 70191 6000 34986 132327 -67082 1 SCHOLARSHIPS 291 3012393 Part I, Line 2: MONITORING USE OF GRANT FUNDS - THE SCHOOL CREDITS THE BILLING ACCOUNT OF EACH RECIPIENT FOR THE AMOUNT OF THE SCHOLARSHIP. IN THIS WAY, THE SCHOOL IS ASSURED THAT THE SCHOLARSHIPS ARE USED FOR THE INTENDED PURPOSE OF DEFRAYING EDUCATIONAL EXPENSES FOR EACH RECIPIENT. X 1 1 X X X 1 0 0 0 0 0 0 0 0 Ann V Klotz Head of School 349405 0 0 0 0 0 8375 0 46703 0 404483 0 0 0 Deborah Farquhar Jones Dir of Development 145880 0 0 0 0 0 3600 0 7868 0 157348 0 0 0 Linda S Hurley FORMER CFO 143000 0 0 0 0 0 0 0 0 0 143000 0 0 0 Part I, Line 1a BENEFITS PROVIDED TO CERTAIN INDIVIDUALS - THE SCHOOL PROVIDES A HOUSE TO THE HEAD OF SCHOOL, ANN KLOTZ, BECAUSE SHE CONDUCTS A SUBSTANTIAL AMOUNT OF SCHOOL BUSINESS IN HER RESIDENCE. THE HOUSE IS ON THE SCHOOL'S SHAKER HEIGHTS CAMPUS. BECAUSE OF THE SUBSTANTIAL BUSINESS USE OF THE RESIDENCE, THE SCHOOL DOES NOT TREAT THIS BENEFIT AS TAXABLE TO MS. KLOTZ. Part I, Line 4a SEVERANCE PAYMENT - LINDA HURLEY SEPARATED FROM LAUREL SCHOOL IN DECEMBER, 2014. AS PART OF THE SEPARATION, SHE RECEIVED A SEVERANCE PAYMENT OF $143,000 IN JANUARY, 2015. PART II, COLUMN D: ADDITIONAL INFORMATION REGARDING NONTAXABLE BENEFITS - THE AMOUNT OF NONTAXABLE BENEFITS SHOWN IN COLUMN D FOR MS. KLOTZ CONSISTS OF THE FOLLOWING: CONTRIBUTIONS TO WELFARE PLANS (MEDICAL, DENTAL, LIFE, DISABILITY): $18,865; TUITION BENEFITS FOR 1 CHILD: $23,379; CAR: $4,459; TOTAL: $46,703. A CLEVELAND-CUYAHOGA COUNTY PORT AUTHORITY 341029691 186102AB5 2008-04-10 16000000 EDUCATIONAL FACILITY BONDS 0 0 0 A 16000000 271037 6546571 9105000 53307 2011 1 0 0 0 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 0 1 1 1 PIPER JAFFRAY 30.000000000000 0 0 0 0 0 A 0 X 1 0 N/A X 0 N/A X 41 169702 FMV X STEAM EQUIP. 2 62740 APPRAISAL X WASHER/DRYER 1 0 N/A X CAMERAS&EQUIP. 2 0 N/A X EDUC. SUPPLIES 3 0 N/A 0 1 1 Part I, Line 32b: USE OF THIRD PARTIES - DONORS MAKING A GIFT OF SECURITIES TO LAUREL SCHOOL ARE DIRECTED TO TRANSFER THEIR SHARES OF STOCK TO THE SCHOOL'S ACCOUNT AT UBS FINANCIAL SERVICES. UBS IS INSTRUCTED TO SELL ALL SECURITIES TRANSFERRED TO THE ACCOUNT AND TO FORWARD THE PROCEEDS TO THE SCHOOL. THE FEES CHARGED BY UBS ARE AT FAIR MARKET VALUE AND ARE IN ACCORDANCE WITH FEES CHARGED TO OTHER UBS CLIENTS. Form 990, Part VI, Section A, line 6 MEMBERS OF THE CORPORATION - THE MEMBERS OF THE CORPORATION ARE THE BOARD OF TRUSTEES. THE BOARD OF TRUSTEES IS COMPRISED OF THE MEMBER TRUSTEES, EX-OFFICIO TRUSTEES, AND TRUSTEES EMERITAE/I. Form 990, Part VI, Section A, line 7a POWERS OF THE MEMBERS OF THE CORPORATION - THE AUTHORITY OF THE CORPORATION IS EXERCISED BY THE BOARD OF TRUSTEES. THE AFFAIRS OF LAUREL SCHOOL ARE MANAGED BY ITS BOARD OF TRUSTEES. THE TRUSTEES' PRIMARY DUTIES INCLUDE THE HIRING AND EVALUATION OF THE HEAD OF SCHOOL, THE SETTING OF GENERAL INSTITUTIONAL POLICIES, FINANCIAL OVERSIGHT, STRATEGIC PLANNING, FUND RAISING, AND ASSESSMENT OF THE SCHOOL'S EFFECTIVENESS IN MANIFESTING THE MISSION OF LAUREL. Form 990, Part VI, Section B, line 11 FORM 990 REVIEW - THE BOARD OF TRUSTEES HAS DELEGATED THE RESPONSIBILITY TO REVIEW FORM 990 PRIOR TO ITS FILING TO THE AUDIT/FINANCE COMMITTEE. THE INDEPENDENT ACCOUNTING FIRM ASSISTS WITH THIS REVIEW. Form 990, Part VI, Section B, line 11 DISTRIBUTION OF FORM 990 TO GOVERNING BODY - THE SCHOOL DISTRIBUTES A COPY OF FORM 990 TO ALL BOARD MEMBERS BUT REDACTS THE NAMES AND ADDRESSES OF DONORS FROM SCHEDULE B. THE SCHOOL HAS CHOSEN NOT TO DISCLOSE THE IDENTITY OF ITS DONORS, PARTICULARLY IN CASES IN WHICH THE DONOR WANTS TO REMAIN ANONYMOUS. AS SUCH, WE ARE REQUIRED TO ANSWER THE QUESTION IN LINE 11A "NO" EVEN THOUGH THE BOARD RECEIVES ALL OF FORM 990 EXCEPT FOR DONORS' NAMES AND ADDRESSES. Form 990, Part VI, Section B, line 12c MONITORING AND ENFORCEMENT OF CONFLICT POLICY - CONFLICTS ARE IDENTIFIED VIA THE ANNUAL DISCLOSURE DOCUMENTS. SUCH CONFLICTS ARE SHARED WITH THE BOARD OF TRUSTEES AS APPROPRIATE. WHEN A CONFLICT ARISES, THE AFFECTED INDIVIDUAL IS NOT PERMITTED TO PARTICIPATE IN THE DISCUSSIONS OR TO VOTE ON THE MATTER. THE APPROVAL OR REJECTION OF THE TRANSACTION IS MADE BY PERSONS WHO ARE INDEPENDENT OF THE INDIVIDUAL WITH THE CONFLICT. Form 990, Part VI, Section B, line 15a COMPENSATION REVIEW AND APPROVAL - THE COMPENSATION OF THE HEAD OF THE SCHOOL IS REVIEWED AND APPROVED BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES. THE COMMITTEE USES COMPARABILITY DATA IN THEIR DELIBERATIONS AND DOCUMENTS THEIR DECISION-MAKING PROCESS IN THE MINUTES. THE BOARD MEMBERS MAKING THE COMPENSATION DECISION ARE INDEPENDENT OF THE HEAD OF THE SCHOOL. Form 990, Part VI, Section C, line 19 AVAILABILITY OF DOCUMENTS - THE SCHOOL DOES NOT MAKE ITS GOVERNING DOCUMENTS, FINANCIAL STATEMENTS, OR CONFLICT POLICY AVAILABLE TO THE GENERAL PUBLIC. Form 990, Part XI, line 9: CHANGE IN INTEREST RATE SWAP LIABILITY -1,419,835.