2015-04-30T09:06:15-05:00 2014-06-30 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 1650 MARKET ST SUITE 4500 PHILADELPHIA PA 19103 990 2013-07-01 231178880 VALLEY FORGE MILITARY ACADEMY FOUNDATION VALL 6109891200 1001 EAGLE ROAD WAYNE PA 190873695 VINCENT J VUONO CFO/COO 6109891200 2015-04-28 1 JULIUS C GREEN CPA JD P00350393 5703236023 2013 2016-03-07 17:11:31Z VINCENT J VUONO 1001 EAGLE ROAD WAYNE PA 190873695 33901703 0 X WWW.VFMAC.EDU X 1928 PA EDUCATIONAL INSTITUTION FOCUSED ON BUILDING LEADERSHIP THROUGH A MILITARY ENVIRONMENT. 20 20 261 100 342327 0 1851834 2887985 23558149 26442164 348263 464362 75786 106925 25834032 29901436 6160843 8261862 0 0 9766446 10492739 0 0 597431 11588165 11353955 27515454 30108556 -1681422 -207120 41931880 44750103 13151882 13698644 28779998 31051459 X TO EDUCATE CADETS, WITHIN AN ACADEMIC AND MILITARY ENVIRONMENT, TO BE FULLY PREPARED FOR THEIR RESPONSIBILITIES AS CITIZEN LEADERS WHO ARE MENTALLY ALERT, SOUND IN BODY, CONSIDERATE OF OTHERS AND POSSESSED OF THE HIGHEST SENSE OF DUTY, HONOR, LOYALTY, AND COURAGE.TO FOSTER THE LOVE OF GOD AND COUNTRY, HIGH MORAL STANDARDS AND STRONG CHARACTER TRAITS THAT WILL MAKE ALL A CREDIT TO THEMSELVES, THEIR FAMILIES, THEIR ALMA MATER, THEIR COUNTRY, AND THEIR GOD. 0 0 24233587 8261862 26442164 VALLEY FORGE PROVIDES CADETS WITH AN EDUCATIONAL EXPERIENCE BUILT ON OUR FIVE CORNERSTONES: ACADEMIC EXCELLENCE, CHARACTER DEVELOPMENT, PERSONAL MOTIVATION, PHYSICAL DEVELOPMENT, AND LEADERSHIP. A VALLEY FORGE EDUCATION IS ROOTED IN QUALITY ACADEMIC PROGRAMS SUPPORTED BY LEADERSHIP RESPONSIBILITIES AND STRONG ATHLETIC AND EXTRACURRICULAR OPPORTUNITIES. THE SCHOOL HOSTED 554 STUDENTS DURING THE YEAR. 24233587 1 1 0 0 0 0 0 0 0 1 1 0 0 1 0 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 22 0 1 261 1 1 1 0 0 0 0 1 1 0 0 0 0 X 20 20 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 1 0 PA X VINCENT J VUONO CFOCOO 6109891232 1001 EAGLE ROAD WAYNE PA 19087 ROBERT BACINE VICE CHAIRMAN 1.00 X X 0 0 0 RICHARD HOCKER BOARD MEMBER 1.00 X 0 0 0 FREDERICK BREITENFELD JR BOARD MEMBER 1.00 X 0 0 0 NILES DALLY BOARD MEMBER 1.00 X 0 0 0 ANTOINETTE IADAROLA BOARD MEMBER 1.00 X 0 0 0 J KENT MCNEW BOARD MEMBER 1.00 X 0 0 0 CONRAD MUHLY BOARD MEMBER 1.00 X 0 0 0 DANIEL REAVY BOARD MEMBER 1.00 X 0 0 0 CHRIS ROUSSOS BOARD MEMBER 1.00 X 0 0 0 IVAN SABEL BOARD MEMBER 1.00 X 0 0 0 GEORGE SCHILDGE BOARD MEMBER 1.00 X 0 0 0 WILLIAM FLOYD CHAIRMAN 1.00 X X 0 0 0 JOHN ENGLISH BOARD MEMBER 1.00 X 0 0 0 BLAISE MERCADENTE BOARD MEMBER 1.00 X 0 0 0 JEFFREY NICK BOARD MEMBER 1.00 X 0 0 0 DAVID ESQUEDA BOARD MEMBER 1.00 X 0 0 0 WALTER LORD BOARD MEMBER 1.00 X 0 0 0 AUDREY SPANGENBERG BOARD MEMBER 1.00 X 0 0 0 JOSE VASQUEZ TERM EXPIRED BOARD MEMBER 1.00 X 0 0 0 ANTHONY MCINTYRE BOARD MEMBER 1.00 X 0 0 0 CHARLES SCHAPPERT BOARD MEMBER 1.00 X 0 0 0 ROBERT JARDELEZA TERM EXPIRED BOARD MEMBER 1.00 X 0 0 0 TIM O'ROURKE RESIGNED BOARD MEMBER 1.00 X 0 0 0 VINCENT VUONO CFO/TREASURER 40.00 X 184855 0 18384 KATHLEEN ANDERSON VP ACADEMIC DEVELOPMENT 40.00 X 126322 0 2913 STACEY SAUCHUK PRESIDENT 40.00 X 156841 0 19561 JAMES DOYLE INTERIM PRESIDENT 40.00 X 136712 0 3418 DOUGLAS HASBROUCK VP DEVELOPMENT 40.00 X 70000 0 5818 DENIS SPIZUOCO ASSOCIATE VP DEVELOPMENT 40.00 X 21577 0 0 DAVID GRAY FORMER PRESIDENT 0.00 X 129989 0 0 826296 0 50094 5 1 1 0 SODEXO INC PO BOX 905374 CHARLOTTE NC 28290 FOOD SERVICE 2407794 MAIN LINE JANITORIAL SERVICE INC 4438 LOBELLA COURT CHESTER SPRINGS PA 19425 CUSTODIAL 746888 HARMELIN MEDIA 525 RIGHTER FERRY ROAD BALA CYNWYD PA 19004 MEDIA SERVICES 422465 ISES INC 1610 MEDICAL DRIVE STE 305 POTTSTOWN PA 19464 INTERNATIONAL STUDENT EXCHANGE 341186 MCS 1601 MARKET STREET STE 800 PHILADELPHIA PA 19103 MAIL SERVICES 229592 21 32886 912608 1942491 71046 2887985 TUITION AND FEES 611600 25237712 25237712 SUMMER CAMP PROGRAM 611600 792180 527487 264693 HOUSING RENTALS 611600 360621 360621 FINANCIAL AID 611600 51651 51651 26442164 304753 304753 183095 146228 36867 36867 36867 3886272 3719791 6872 166481 -6872 159609 159609 79107 32886 127376 -48269 -48269 CAVALRY 713990 77634 77634 OTHER ADMINISTRATIVE INCOME 900099 40693 40693 118327 29901436 26177471 342327 493653 8261862 8261862 919078 919078 63434 63434 7596066 6150245 1082110 363711 134159 128751 5408 1081512 828650 211124 41738 698490 445326 226569 26595 322023 322023 90129 90129 108819 108819 1653458 1151596 501842 20 486337 53101 433236 1577235 1239445 315188 22602 54781 54781 2018450 1369731 557428 91291 1644075 1599613 35143 9319 370679 321271 42161 7247 1508909 1307787 171622 29500 UNIFORMS 730713 730713 STUDENT PROGRAMS 358591 358591 FOOD SERVICE 182134 182134 BAD DEBTS 110871 110871 136751 104771 31980 30108556 24233587 5277538 597431 950 1500 2563521 2941052 78230 8822 171531 208652 926325 933790 48272631 29615798 18578059 18656833 10664247 12250885 320640 50308 8628377 9698261 41931880 44750103 2239680 1954157 3412527 3604606 5900000 7821491 1079500 0 77138 51757 320856 266633 122181 0 13151882 13698644 X 9778078 9268641 7516552 9695520 11485368 12087298 28779998 31051459 41931880 44750103 -207120 2478581 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 9379728 34783 1094491 352800 10156202 8688966 93854 933608 336700 9379728 9061504 73056 -87569 323300 34725 8688966 8007355 53607 1332242 331700 9061504 7561355 952898 506898 8007355 0.00000 0.70120 0.29880 1 0 2571602 2571602 39468186 25239907 14228279 0 5401166 4375891 1025275 831677 831677 18656833 INTEREST IN PERPETUAL TRUST 4568144 INTEREST IN CHARITABLE REMAINDER TRUSTS 5130117 9698261 X 24316989 2478581 154556 -8261862 -5628725 29945714 101950 -146228 -44278 29901436 22045528 154556 146228 300784 21744744 101950 8261862 8363812 30108556 PART V, LINE 4: THE ENDOWMENT IS TO BE USED FOR THE OPERATIONS OF THE ORGANIZATION. THE MAJORITY OF FUNDS ARE ALLOCATED TO CADET SCHOLARSHIPS. CADET AND STAFF AWARDS ARE ALSO FUNDED BY THE ENDOWMENT. ALLOWABLE ENDOWMENT FUNDING IS ALSO USED FOR PLANT OPERATIONS WHEN NECESSARY. PART X, LINE 2: THE FOUNDATION HAS EVALUATED ITS TAX POSITIONS AS OF JUNE 30, 2014. A TAX POSITION IS RECOGNIZED AS A BENEFIT ONLY IF IT IS "MORE-LIKELY-THAN-NOT" THAT THE TAX POSITION WOULD BE SUSTAINED IN A TAX EXAMINATION, WITH A TAX EXAMINATION BEING PRESUMED TO OCCUR. THE AMOUNT RECOGNIZED IS THE LARGEST AMOUNT OF TAX BENEFIT THAT HAS A LIKELIHOOD OF BEING REALIZED ON EXAMINATION OF MORE THAN 50 PERCENT. FOR TAX POSITIONS NOT MEETING THE "MORE-LIKELY-THAN-NOT" TEST, NO TAX BENEFIT IS RECORDED. UNDER THE "MORE-LIKELY-THAN-NOT" THRESHOLD GUIDELINES, THE FOUNDATION BELIEVES NO SIGNIFICANT UNCERTAIN TAX POSITIONS EXIST, EITHER INDIVIDUALLY OR IN THE AGGREGATE, THAT WOULD GIVE RISE TO THE NON-RECOGNITION OF AN EXISTING TAX BENEFIT. AS OF JUNE 30, 2014, THE FOUNDATION HAS NO MATERIAL UNRECOGNIZED TAX BENEFITS OR ACCRUED INTEREST AND PENALTIES. THE FEDERAL 990, RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX, AND APPLICABLE STATE TAX FILINGS FOR THE YEARS ENDED JUNE 30, 2014, 2013, AND 2012 REMAIN SUBJECT TO EXAMINATION BY THE APPROPRIATE TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID -8,261,862. PART XI, LINE 4B - OTHER ADJUSTMENTS: FACILITIES RENTAL EXPENSES -146,228. PART XII, LINE 2D - OTHER ADJUSTMENTS: FACILITY RENTAL EXPENSES 146,228. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 8,261,862. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 ADVERTISING INCLUDES THE REQUIRED STATEMENTS REGARDING OUR RACIAL NON-DISCRIMINATORY POLICY IN BOTH PRINT AND RADIO. SCHEDULE E, PART I, LINE 4 SCHOLARSHIPS AND FINANCIAL AID ASSISTANCE ARE AWARDED ON THE BASIS OF NEED, MEASURED BY FAFSA, PHEAA AND PELL. ADDITIONALLY, ASSISTANCE IS AWARDED BASED ON MERIT, SUCH AS ACADEMIC PERFORMANCE AND OTHER FACTORS. SCHEDULE E, PART I, LINE 6 VALLEY FORGE MILITARY ACADEMY AND COLLEGE RECEIVES A GRANT THROUGH THE PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY INSTITUTIONAL ASSIST GRANT PROGRAM. HOMECOMING 35984 13131 22853 842 18915 7943 SILENT AUCTION 40228 19755 20473 347 3900 5388 76212 32886 43326 1189 22815 13331 37335 5991 1 VARIOUS 466 8261862 PART I, LINE 2: VF AWARDS INTERNAL MERIT SCHOLARSHIPS BASED ON THE CADET'S GRADES (GPA) FROM HIS / HER PREVIOUS SCHOOL AND FINANCIAL NEED. THERE IS A MATRIX USED TO DETERMINE THE AMOUNT TO BE AWARDED TO EACH CADET. THERE ARE ALSO AID AWARDS WHICH ARE BASED ON SUBMITTED FAFSA FORMS. BOTH FEDERAL AND STATE GOVERNMENTS HAVE CHARTS DETERMINING AID SUCH AS THROUGH PHEAA AND PELL GRANTS. X X X 1 0 0 0 0 0 0 0 0 VINCENT VUONO CFO/TREASURER 184855 0 0 0 0 0 4237 0 14147 0 203239 0 0 0 STACEY SAUCHUK PRESIDENT 156841 0 0 0 0 0 16042 0 3519 0 176402 0 0 0 DAVID GRAY FORMER PRESIDENT 129989 0 0 0 0 0 0 0 0 0 129989 0 0 0 PART I, LINE 4A DAVID GRAY, THE FORMER PRESIDENT, RETIRED IN AUGUST 2012 AND RECEIVED SEVERANCE AND DEFERRED COMPENSATION PAYMENTS UPON HIS LEAVETAKING. A NORTH PENN HEALTH HOSPITAL AND EDUCATION AUTHORITY 232130191 2013-09-03 8000000 REFINANCING AND CAPITAL IMPROVEMENTS 0 0 0 A 178509 8000000 159204 264000 5906356 1670400 2015 1 0 0 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 1 0 0 0 0 0 1 A 1 X SIX-HORSE VAN 1 28500 FMV X OFF. SUPPLIES 31 25876 FMV X SILVER CUFFLI 1 6890 FMV X HORSE 1 5000 FMV 0 1 0 PART I, COLUMN (B): THE NUMBERS REPORTED IN PART I, COLUMN B REPRESENT THE NUMBER OF CONTRIBUTORS. FORM 990, PART VI, SECTION B, LINE 11 THE ORGANIZATION RECEIVES A COPY OF THE 990 FROM THE ACCOUNTING FIRM PREPARING THE RETURN. THE CONTROLLER REVIEWS THE 990, FOLLOWED BY THE CFO. AFTER REVIEW BY THE CONTROLLER AND CFO, THE FORM IS PRESENTED TO THE BUDGET, AUDIT AND FINANCE (BAF) COMMITTEE FOR ITS REVIEW, APPROVAL AND RECOMMENDATION. THEN, THE BAF COMMITTEE PRESENTS THE FORM TO THE FULL BOARD OF TRUSTEES FOR ITS REVIEW AND APPROVAL PRIOR TO THE FILING OF THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C AN ANNUAL QUESTIONNAIRE IS SENT TO ALL BOARD MEMBERS AND SENIOR STAFF MEMBERS DOCUMENTING WHETHER THEY ARE INVOLVED IN ANY BUSINESS WITH THE FOUNDATION THAT COULD BE CONSTRUED AS GIVING RISE TO A POTENTIAL CONFLICT OF INTEREST. THESE QUESTIONNAIRES ARE SIGNED BY EACH BOARD MEMBER AND SENIOR STAFF MEMBER AND RETURNED TO THE FOUNDATION'S CFO FOR MONITORING OF POTENTIAL CONFLICTS. ANY TRANSACTIONS WITH AN INTERESTED PARTY ARE AT ARM'S LENGTH AND ARE DISCLOSED IN THE ORGANIZATION'S FINANCIAL STATEMENTS. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION'S BOARD OF DIRECTORS DETERMINES THE COMPENSATION FOR THE PRESIDENT USING VARIOUS METHODS THAT ENSURE THAT COMPENSATION IS IN LINE WITH THE FAIR MARKET RANGE FOR THE INDUSTRY. SURVEYS PROVIDED BY ORGANIZATIONS THAT SERVE AS CONSORTIUMS OF INDEPENDENT SCHOOLS ARE REFERENCED AND REVIEWED AS WELL AS FORMS 990 OF SIMILAR ORGANIZATIONS. THE DISCUSSIONS AND DECISION BY THE EXECUTIVE COMMITTEE TAKE PLACE IN CLOSED SESSION, HOWEVER, THE PRESIDENT'S COMPENSATION PACKAGE IS DISCUSSED WITH AND PRESENTED TO THE BOARD PRIOR TO THE FINAL DECISION. OTHER KEY EMPLOYEES HAVE THEIR COMPENSATION PACKAGE RESEARCHED BY THE HUMAN RESOURCES DEPARTMENT INCLUDING COMPARISION WITH INDUSTRY STANDARDS. THESE PACKAGES ARE PRESENTED TO THE PRESIDENT FOR REVIEW AND FINAL APPROVAL AFTER DISCUSSIONS WITH THE BOARD PRIOR TO THE FINAL DECISION. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PAGE 6, PART VI, LINE 14 THE ORGANIZATION HAS AN ORAL POLICY CONCERNING DOCUMENT RETENTION AND DESTRUCTION AND IS CURRENTLY IN THE PROCESSING OF FORMALIZING THE PROCEDURE WITH A WRITTEN POLICY.