2017-05-01T14:50:32-05:00 2016-06-30 SMITH & HOWARD PC 271 17TH STREET SUITE 1600 ATLANTA GA 30363 990 2015-07-01 580706812 PACE ACADEMY INC % AJ LASHLEY PACE 4042621345 966 WEST PACES FERRY ROAD NW ATLANTA GA 303272648 FREDERICK G ASSAF CEO/HEAD OF SCHOOL 4042621345 2017-05-15 true MARK ABRAMS P01081549 4048746244 2017-05-15 2015 2017-02-10 21:41:12Z FREDERICK G ASSAF 966 WEST PACES FERRY ROAD NW ATLANTA GA 303272648 59068449 false X WWW.PACEACADEMY.ORG X 1958 GA PACE ACADEMY IS A PRE-FIRST THROUGH 12TH GRADE COLLEGE PREPARATORY INDEPENDENT SCHOOL IN ATLANTA, GEORGIA. 22 22 438 1000 47944 46944 6221618 3663694 27045989 28325728 1638180 1514036 181548 130944 35087335 33634402 1477014 1839356 0 0 17720846 18652702 0 0 1040123 10913050 10870788 30110910 31362846 4976425 2271556 160185185 140506293 40245194 19897308 119939991 120608985 X OUR MISSION IS TO CREATE PREPARED, CONFIDENT CITIZENS OF THE WORLD WHO HONOR THE VALUES AND LEGACY OF PACE ACADEMY. false false 20958951 1768903 26805790 Instruction - Pace Academy was established in 1958 as an independent college preparatory coeducational day school. For the 2015 - 2016 school year Pace had an enrollment of 1,100 students in pre-first through 12th grades. The student teacher ratio was 9:1 with a class size on average of 12 students. The faculty average years of experience is 16, with an average of 9 years at Pace Academy. 85% of students taking Advanced Placement exams scored a 3 or higher and the average ACT scores of Pace students was approximately 30. The graduation class of 2016 totaled 108 students. 1079538 16020 450619 Isdell Center for Global Leadership - In 2014, Pace Academy launched the Isdell Center for Global Leadership (ICGL), a collaborative, cross-divisional program that supports a well-rounded global education for every Pace graduate. The ICGL takes the building blocks of the five-course curriculum and gives students in the Lower, Middle and Upper Schools the opportunity to apply their knowledge in ways that enable them to become ethical, empathetic, innovative, culturally competent and adaptable citizens of the world. From the time a student enters Paces doors until graduation, all educational experiences are viewed through an overarching global lens. The ICGL fosters this culture of global learning and leadership by exploring an annual, school-wide global theme. Curricular, co-curricular and hands-on activities, a scholar-in-residence program, leadership fellowships, internships and study tours support education around these themes. In 2015 - 2016 the ICGL study tours consisted of approximately 17 trips to countries throughout the world, including North America, South America, Europe, Asia and Australia. 3593611 54433 452117 Student Activities - Pace Academy offers a variety of student activities including arts, debate and athletics. Over 30 Years The Pace Debate Program has grown into a nationally recognized program with a long-standing history of excellence, and students that advance to the national debate tournaments each year. The Pace arts program offers a unique variety of performing and visual arts for students to participate in, and boasts a world class Fine Arts Center. Upper School students are required to complete service learning. The Pace athletics program consistently produces championship teams and athletes, and 85% of Middle and Upper School students play on at least one team. Pace holds over 60 state championships, including the 2015-2016 Class AA Football and Basketball state championships, and graduates go on to play at the college level. 1058027 617202 OTHER PROGRAMS 1058027 617202 26690127 true true false false false false false false false true true true false false true true true false true false true false false false true false false false true true false false false false false false true false true false false false true true false false false true 113 0 true 438 true true true false false false false true true false false false false X 22 22 false false false false false false false true true false false true true true true true true true true false GA X AJ LASHLEY 4042621345 966 WEST PACES FERRY ROAD NW ATLANTA GA 303272648 X Robert Sheft Chairman 1.0 0.0 X 0 0 0 Gregory C Kelly Vice Chairman 1.0 0.0 X 0 0 0 Jeffrey S Sloan Secretary 1.0 0.0 X 0 0 0 Thomas A Bethel Trustee 1.0 0.0 X 0 0 0 Dr Charles Brown III Trustee 1.0 0.0 X 0 0 0 Bruce Carroll Trustee 1.0 0.0 X 0 0 0 Daniel J Ferry Trustee 1.0 0.0 X 0 0 0 Reid T Funston Trustee 1.0 0.0 X 0 0 0 Bonnie B Harris Trustee 1.0 0.0 X 0 0 0 Charles B Hastie Trustee 1.0 0.0 X 0 0 0 James W Howard Trustee 1.0 0.0 X 0 0 0 Cara Isdell Lee Trustee 1.0 0.0 X 0 0 0 Jessica Sutherland Levenson Trustee 1.0 0.0 X 0 0 0 Mark E Luetters Trustee 1.0 0.0 X 0 0 0 Daron G Pair Trustee 1.0 0.0 X 0 0 0 Beatriz R Perez Trustee 1.0 0.0 X 0 0 0 Elizabeth A Price Trustee 1.0 0.0 X 0 0 0 Elizabeth Correll Richards Trustee 1.0 0.0 X 0 0 0 Bill Selmon Trustee 1.0 0.0 X 0 0 0 Rebecca S Shepherd Trustee 1.0 0.0 X 0 0 0 Natasha Swann Trustee 1.0 0.0 X 0 0 0 Richard Woodruff Trustee 1.0 0.0 X 0 0 0 Frederick G Assaf Head of School 40.0 0.0 X 679684 0 130306 AJ Lashley CFO 40.0 0.0 X 112785 0 13829 John M Anderson III Head of Middle School 40.0 0.0 X 128887 0 32032 Trish Anderson Director of ICGL 40.0 0.0 X 128804 0 21182 John Gavin Bradley Director of College Counseling 40.0 0.0 X 125656 0 48412 Michael Gannon Head of Upper School 40.0 0.0 X 165049 0 29390 Kristin A Palmerton Director of Advancement 40.0 0.0 X 132990 0 8494 1473855 0 283645 13 false true false SAGE DINING SERVICES INC 966 WEST PACES FERRY RD NW ATLANTA GA 30327 FOOD SERVICES 1072317 Total Janitorial Care Services 4467 Newport View Ct LILBURN GA 30047 Janitorial Services 301383 selective insurance Po Box 371468 PITTSBURGH PA 15250 property insurance 199393 Automax Rent a Car 100 S Morningside Dr CARTERSVILLE GA 30121 Vehicle rental 168704 MCKENNEY'S INC PO BOX 406340 ATLANTA GA 303846340 REPAIRS/MAINTENANCE 127864 8 X 44829 436928 3181937 351904 3663694 TUITION AND FEES 611710 26805790 26805790 SUMMER PROGRAM 611710 462136 462136 ICGL PROGRAM 611710 450619 450619 PARENT ORGANIZATION REVENUE 611710 34991 34991 OTHER PROGRAM REVENUE 611710 572192 572192 28325728 885635 885635 0 0 83086 28071 55015 0 55015 47944 7071 22842022 3029342 22600160 2642803 241862 386539 628401 628401 37518 44829 43004 -5486 -5486 0 201424 120009 81415 81415 0 33634402 28325728 47944 1597036 0 1839356 1839356 0 0 939716 202476 534764 202476 0 13924495 12229142 1191577 503776 721200 564918 135633 20649 2043720 1709128 269025 65567 1023571 755496 235671 32404 0 22775 22775 45416 45416 0 0 75940 75940 57304 56489 815 167514 119690 43486 4338 585521 336167 210672 38682 280250 234185 39013 7052 0 2056104 1893964 156305 5835 728166 728166 0 233225 194870 30556 7799 178915 167291 11060 564 0 3030515 2853629 167242 9644 184852 15527 169325 STUDENT ACTIVITIES 1309850 1309850 FOOD SERVICE 843414 824626 14902 3886 INSTRUCTIONAL SUPPLIES 291304 291304 OTHER EXPENSES 260509 93837 119588 47084 519214 326505 103157 89552 31362846 26690127 3632596 1040123 X 17664063 23214241 4145653 3829427 6208695 4470268 3682308 4304869 0 0 0 0 0 0 32796 46658 1626202 1878399 96931656 25227770 75855850 71703886 20431020 12142473 30251950 18916072 0 0 0 0 286648 0 160185185 140506293 2769749 2595277 0 0 16702567 17144412 20575000 0 0 0 0 0 0 0 50000 50000 147878 107619 40245194 19897308 X 106593329 106809088 5776841 5902744 7569821 7897153 119939991 120608985 160185185 140506293 X 2271556 -1622212 19650 X false true X true false X 15385244 12222862 7633353 6221618 3663694 45126771 0 0 15385244 12222862 7633353 6221618 3663694 45126771 1607225 43519546 915301 1230459 926543 1023112 895879 4991294 11402 35576 70747 54686 47944 220355 0 50338420 131775422 0.86454 0.86905 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 50682969 382332 -183248 19230789 76000 31575264 48758002 1608852 582127 184012 82000 50682969 64542033 1619221 4761922 22086174 79000 48758002 55275811 9478000 2183138 2321248 73668 64542033 45349816 10589712 286935 823652 127000 55275811 0.69500 0.25000 0.05500 false false 7787065 7787065 82163042 22543536 59619506 0 0 0 6297778 2562390 3735388 683770 121843 561927 71703886 ALTERNATIVE INVESTMENTS 5276258 F FIXED INCOME FUNDS 13639814 F 18916072 0 AGENCY ACCOUNTS 107619 INTEREST RATE SWAP 0 107619 X 30354462 -1622212 19650 -1602562 31957024 75940 1601438 1677378 33634402 29685468 29685468 75940 1601438 1677378 31362846 PART V, LINE 4 ENDOWMENTS CONSIST OF 30 DONOR-RESTRICTED ENDOWMENT FUNDS ESTABLISHED FOR VARIOUS PURPOSES INCLUDING SCHOLARSHIPS AND FINANCIAL AID, FACULTY DEVELOPMENT AND SPECIFIC PROGRAMS AND ACTIVITIES OF PACE. THE ENDOWMENT ALSO INCLUDES BOARD DESIGNATED ENDOWMENT FUNDS FOR VARIOUS PURPOSES SUCH AS LONG-TERM INVESTMENT, PPRRSM AND GROWTH OF THE QUASI-ENDOWMENT. NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. During Fiscal Year 2016, Pace drew $19,050,000 from Board Designated endowment funds and paid off the outstanding balance of its tax exempt bonds in full. PART X, LINE 2 PACE WAS INCORPORATED IN 1958 AS A GEORGIA NOT-FOR-PROFIT CORPORATION, AND IS EXEMPT FROM FEDERAL INCOME TAX UNDER THE PROVISIONS OF SECTION 501(A) OF THE INTERNAL REVENUE CODE (THE "CODE"), AS AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3) OF THE CODE OF 1986, AS AMENDED. ACCORDINGLY, PACE IS EXEMPT FROM FEDERAL INCOME TAXES EXCEPT FOR ANY UNRELATED BUSINESS INCOME WHICH IS SUBJECT TO UNRELATED BUSINESS INCOME TAX. PACE ANNUALLY EVALUATES ALL FEDERAL AND STATE INCOME TAX POSITIONS. THIS PROCESS INCLUDES AN ANALYSIS OF WHETHER THESE INCOME TAX POSITIONS PACE TAKES MEET THE DEFINITION OF AN UNCERTAIN TAX POSITION UNDER THE INCOME TAXES TOPIC OF THE FINANCIAL ACCOUNTING STANDARDS CODIFICATION. IN THE NORMAL COURSE OF BUSINESS, PACE IS SUBJECT TO EXAMINATION BY THE FEDERAL AND STATE TAXING AUTHORITIES. IN GENERAL, PACE IS NO LONGER SUBJECT TO TAX EXAMINATIONS FOR TAX YEARS ENDING BEFORE JUNE 30, 2013. PART XI, LINE 2D $ -41,751 INTEREST RATE SWAP 61,401 TERMINATION OF SWAP ----------- $ 19,650 NET ADJUSTMENT PART XI, LINE 4B $ 1,768,903 FINANCIAL AID DEDUCTED FROM REVENUE ON FINANCIAL STATEMENTS 18,728 CAPITAL CAMPAIGN COSTS (120,009) COST OF SALES OF CAMPUS STORE AND SNACK BAR (43,003) FUNDRAISING EVENT DIRECT EXPENSES (23,181) RENTAL EXPENSES ------------ $ 1,601,438 NET ADJUSTMENT PART XII, LINE 4B $ 1,768,903 FINANCIAL AID DEDUCTED FROM REVENUE ON FINANCIAL STATEMENTS 18,728 CAPITAL CAMPAIGN COSTS (120,009) COST OF SALES OF CAMPUS STORE AND SNACK BAR (43,003) FUNDRAISING EVENT DIRECT EXPENSES (23,181) RENTAL EXPENSES ------------ $ 1,601,438 NET ADJUSTMENT true true true true true true true false false false false false false false false false false true PART I, LINE 3 STUDENT APPLICATIONS AND STUDENT HANDBOOK AS WELL AS EMPLOYEE COMMUNICATIONS CONTAIN INFORMATION RELATED TO THE SCHOOL'S NONDISCRIMINATORY POLICIES. IN ADDITION, THE POLICY IS ON THE SCHOOL'S WEBSITE. Central America and the Caribbean Program Services GLOBAL STUDY TOUR 158587 Europe (Including Iceland and Greenland) Program Services GLOBAL STUDY TOUR 79429 Sub-Saharan Africa Program Services Global Study Tour 76802 East Asia and the Pacific Program Services Global Study Tour 38663 South America Program Services Global Study Tour 33805 387286 387286 false false false false false false PART I, LINE 3, COL (F) EXPENDITURES INCLUDE ACTUAL COSTS OF PROVIDING TRAVEL AND RELATED COSTS. Pace Race 41685 23009 18676 2837 7705 2971 3310 13302 Knight Cap 40662 21820 18842 692 1750 6435 4002 0 82347 44829 37518 2837 8397 4721 6435 3310 17304 43004 -5486 true NEED BASED ASSISTANCE 122 1839356 FMV SEE STMT PART I, LINE 2 ALL STUDENTS AND APPLICANTS ARE ELIGIBLE TO APPLY FOR FINANCIAL ASSISTANCE. A SEPARATE APPLICATION IS REQUIRED, AND STUDENTS MUST REAPPLY EACH SCHOOL YEAR. FINANCIAL ASSISTANCE IS AWARDED TO QUALIFYING STUDENTS IN PRE-FIRST THROUGH 12TH GRADE, WITH PRIORITY GIVEN TO MIDDLE AND UPPER SCHOOL STUDENTS. DEMONSTRATED NEED IS CALCULATED BY PACE AND STUDENT SERVICE FOR FINANCIAL AID (SSS), AN IMPARTIAL SERVICE IN PRINCETON, NJ. ONCE SSS MAKES ITS DETERMINATION, PACE MAKES EVERY EFFORT TO MEET A FAMILY'S TOTAL DEMONSTRATED NEED, BUT IS NOT ALLOWED BY THE GEORGIA HIGH SCHOOL ASSOCIATION (GHSA) TO EXCEED IT. PART III, LINE 1, COL (F) THE NON-CASH FINANCIAL AID IS A REDUCTION IN TUTION AND OTHER FEES TO THE STUDENT DETERMINED ON A NEED BASIS. X X X true true X X X X X true false false false false false false true false Frederick G Assaf Head of School 388020 0 0 0 291664 0 32643 0 98309 0 810636 0 0 0 John M Anderson III Head of Middle School 125647 0 3000 0 240 0 11127 0 21550 0 161564 0 0 0 John Gavin Bradley Director of College Counseling 123418 0 2000 0 238 0 7883 0 41174 0 174713 0 0 0 Michael Gannon Head of Upper School 159809 0 5000 0 240 0 13766 0 16268 0 195083 0 0 0 PART I, LINE 1A TAX INDEMNIFICATION AND GROSS-UP PAYMENTS: The Head of School has income reported to him for the amount of tuition remission and college tuition he receives along with the corresponding amount of related income tax. HOUSING ASSISTANCE: As a condition of employment and for the conveniences of the school, the Head of School is required to reside in campus housing. Based on the facts and circumstances of the requirements of his respective role and responsibilities, it is the opinion of the School that the housing cost is non-taxable to the Head of School. Section 119 of the Internal Revenue Code is reviewed annually to determine the applicability and compliance with this section. PERSONAL SERVICES: Cleaning services and maintenance are provided for the Head of School's residence. PART I, LINE 3 The Compensation Committee (Board Chair, Board Vice-Chair, and Finance Committee Chairman) reviews salaries from other peer independent schools, reports from the National Association of Independent Schools, and other sources in developing compensation for the Head of School. Substantiation is contemporaneous and given by the Board Chair to the Human Resources Director to Keep on file. PART I, LINE 4a Severance payments were made to Kristin Palmerton ($66,530) and George Mengert ($49,872) during calendar year 2015 Part I, Line 7 NONFIXED BONUSES ARE PAID AT THE DISCRETION AND APPROVAL OF THE HEAD OF SCHOOL AND THE BOARD CHAIR. THEY ARE NOT TIED TO REVENUES. MARTHA DOWNER-ASSAF FAMILY MEMBER OF OFFICER 29025 SEE PART V false PART IV, COLUMN D MARTHA DOWNER - ASSAF: SPOUSE OF AN OFFICER IS EMPLOYED BY THE SCHOOL X 25608 FMV X 50 313167 AVERAGE HIGH/LOW X Gardening Supplies 3 920 FMV X Knight Cap - Auction Items 18 6395 FMV X Misc Fine Arts 5 2449 FMV X Pace Race - Food & Drink 8 2030 FMV X Pace Race - Advertising 1 500 FMV X Pace Race - Giveaways 5 835 FMV 1 false true false PART I, COLUMN B PART I, COLUMN B REPORTS THE NUMBER OF CONTRIBUTIONS RECEIVED. PART I, LINE 31 THE SCHOOL HAS GIFT ACCEPTANCE AND DISPOSITION POLICIES IN PLACE THAT WERE IMPLEMENTED IN MAY 2004. IT INCLUDES A COMMITTEE CHARGED WITH COMPLYING WITH APPLICABLE LAWS AND REGULATIONS. ACCEPTANCE AUTHORITY FOR PUBLICLY TRADED SECURITIES, QUID PRO QUO CONTRIBUTIONS, MUTUAL FUND SHARES, CLOSELY HELD SECURITIES, TANGIBLE PERSONAL PROPERTY, REAL ESTATE, AND LIFE INSURANCE POLICIES ARE SPECIFICALLY IDENTIFIED FOR SPECIAL RULES. Part I, Line 32b A brokerage firm is used as a third party to see stock contributions. PART III, LINE 4D Other program services include summer programs, campus store and snack bar, parent organizations, and Keeping Pace. Pace Summer Programs offers programming to keep Pace students and students from the community active and engaged when school is not in session. Options include summer day camps; specialty programs and workshops; athletic camps and clinics; and academic enrichment opportunities. Pace Summer Programs serves approximately 1,000 students each year. Paces Campus Store is the source for PE and dress uniforms, team gear, custom apparel and Pace spirit items, and the Snack Bar serves Pace students, faculty, staff, and campus visitors on a daily basis as well as serving as a concession stand for athletic events on campus. Pace's parent organizations include the Booster Club, Arts Alliance, and Alumni Association. These groups support the Pace students, faculty and staff through a variety of volunteer and fundraising services every year. Keeping Pace is an outreach program that provides a six week summer program for underserved youth in partner neighborhoods, and includes academic support and tutoring, leadership training, health and fitness, and recreational activities. PART VI, LINE 11B The Finance Committee of the Board of Trustees reviews the Form 990 as a committee. Once it is approved, a full and complete Government copy is furnished to all Trustees for their review and approval prior to filing with the Internal Revenue Service. PART VI, LINE 12C The Board of Trustees requires that all members complete an annual statement regarding any conflict of interest as defined within the policy statement for conflict of interest. This pledge is to uphold a duty of confidentiality and avoidance of any conflict of interest. PART VI, LINES 15A & 15B The Board of Trustees has a Compensation Committee that determines executive compensation. The Compensation Committee reviews the salary information of other schools based on INDEX, and other surveys and benchmarks when considering the salaries of the Headmaster (CEO). The Board has final approval for all recommendations of the Compensation Committee. The Board Chair provides contemporaneous documentation to the HR Director which is kept on file. The Headmaster and HR Director review similar information when determining salaries for key employees. PART VI, LINE 19 Governing documents can be accessed through the website for the Secretary of State of Georgia and are readily available. The School's conflict of interest policy and latest audited financial statement are available upon request during business hours from the Business Office with appropriate consideration for time to accumulate and meet such requests. PART XI, LINE 9 -41,751 INTEREST RATE SWAP VALUE CHANGE 61,401 LOSS ON TERMINATION OF SWAP -------- 19,650 OTHER CHANGES IN NET ASSETS KNIGHTS RIVERVIEW LLC 966 WEST PACES FERRY ROAD ATLANTA GA 30327 SEE PART VII GA 0 SEE PART VII PACE ACADEMY PARENTS' CLUB INC 966 WEST PACES FERRY ROAD ATLANTA GA 30327 582074448 SEE PART VII GA 501(C)(3) LINE 9 false false false true false false false false false false false false true false true false false true true false PART I, LINE 1 KNIGHTS RIVERVIEW, LLC PRIMARY ACTIVITY: ASSIST IN CARRYING OUT THE MISSION OF THE SCHOOL DIRECT CONTROLLING ENTITY: PACE ACADEMY, INC. PART II, LINE 1 PACE ACADEMY PARENTS' CLUB, INC. PRIMARY ACTIVITY: ASSIST IN CARRYING OUT THE MISSION OF THE SCHOOL