2015-05-13T07:13:00-05:00 2014-06-30 MALONEY NOVOTNY LLC 1111 SUPERIOR AVENUE SUITE 700 CLEVELAND OH 44114 990 2013-07-01 340714390 WESTERN RESERVE ACADEMY % THOMAS ARNOLD WEST 3306504400 115 COLLEGE STREET Suite HUDSON OH 442362926 THOMAS ARNOLD CFO 3306504400 2015-05-12 true CHRISTOPHER B ANDERSON P00226559 3306504400 2013 2016-04-25 22:37:26Z Christopher D Burner 115 COLLEGE STREET HUDSON OH 442362926 31300389 false X WWW.WRA.NET X 1826 OH A WESTERN RESERVE ACADEMY EDUCATION OFFERS A TRANSFORMATIONAL EXPERIENCE WHERE STUDENTS STRIVE FOR EXCELLENCE, LIVE WITH INTEGRITY, AND ACT WITH COMPASSION. 25 25 258 50 -362077 -362077 6502608 5924406 17477609 17089428 4332095 2976010 139258 102819 28451570 26092663 5532568 5331798 0 0 11831969 11539953 0 0 1394096 9492296 10192578 26856833 27064329 1594737 -971666 161781223 175653125 28956164 31470343 132825059 144182782 THE MISSION OF THE ACADEMY IS AS FOLLOWS: A WESTERN RESERVE ACADEMY EDUCATION OFFERS A TRANSFORMATIONAL EXPERIENCE WHERE STUDENTS STRIVE FOR EXCELLENCE, LIVE WITH INTEGRITY, AND ACT WITH COMPASSION. false false 22754272 5331798 17089428 The Academy is a secondary co-educational school with approximately 400 students. Our faculty cultivates intellectual curiosity through a challenging college preparatory program; our students pursue a rigorous liberal arts curriculum and engage in opportunities beyond the classroom in arts, athletics, and service, ensuring growth in mind, body, and spirit. The Academy's close-knit community instills individual and social responsibility, while preparing students as citizens and leaders in an increasingly interconnected world. 22754272 true true false false false false false false false true true true false false true true true false true false false false false false true false false false true true true false false false false false false false false false false true false false false true false false false false true 34 2 true 258 true true true false false false false false false false false false X 25 25 false false false false false false false true true false false true true true true true true true true false OH X THOMAS ARNOLD 3306504400 115 COLLEGE STREET HUDSON OH 442362926 David A Alpern Trustee 1.0 X 0 0 0 Daniel W Christman Trustee 1.0 X 0 0 0 Stephan W Cole Trustee 1.0 X 0 0 0 Suzanne Day Trustee 1.0 X 0 0 0 Dagmar F Fellowes Trustee 1.0 X 0 0 0 John M Fowler Treasurer Board of Trustees 1.0 X X 0 0 0 Martin D Franks Trustee 1.0 X 0 0 0 R Mark Hamlin Jr Trustee 1.0 X 0 0 0 Olin J Heestand Jr Trustee 1.0 X 0 0 0 John P Hewko Trustee 1.0 X 0 0 0 Deborah D Hoover Trustee 1.0 X 0 0 0 David M Hunter Secretary Board of Trustees 1.0 X X 0 0 0 Jude D Kearney Trustee 1.0 X 0 0 0 Nathaniel E Leonard Trustee 1.0 X 0 0 0 Jeffrey Lin Trustee 1.0 X 0 0 0 Cecily Pryce Maguire Trustee 1.0 X 0 0 0 Robert T Michael Trustee 1.0 X 0 0 0 Andrew R Midler Co-President Board of Trustees 1.0 X X 0 0 0 Mary Katherine Ong-Landini Trustee 1.0 X 0 0 0 William H Roberts Trustee 1.0 X 0 0 0 Terry L Squire Trustee 1.0 X 0 0 0 Timothy R Warner Co-President Board of Trustees 1.0 X X 0 0 0 L Spencer Wells Trustee 1.0 X 0 0 0 Mark H Wiedenmann Trustee 1.0 X 0 0 0 Jason M Wortendyke Trustee 1.0 X 0 0 0 Christopher D Burner Head of School 40.0 X 293336 0 104651 John JTortelli CFO 40.0 X 188873 0 54374 Mark L LaFontaine Asst Head of School-Advancemen 40.0 X 230225 0 62459 Kathryn Mueller Asst Head of School 40.0 X 145449 0 73504 Nancy C Hovan Director of Development 40.0 X 129957 0 47250 Jeffrey Jacot Director of Facilities & Groun 40.0 X 112450 0 46294 Jeffrey Neill Director of College Counseling 40.0 X 106957 0 59959 Ruth Andrews Director of Major Gifts 40.0 X 106200 0 23870 1313447 0 472361 8 false true false CAMBRIDGE ASSOCIATES LLC POBox 83232 CHICAGO IL 606910232 PORTFOLIO ADVISOR 206381 1 5924406 1157443 5924406 BOARDING STUDENTS TUITION 900099 11094743 11094743 DAY STUDENTS TUITION 900099 4864750 4864750 RELATED ENTERPRISES 900099 1129935 1129935 17089428 2930026 -362077 3292103 0 6046 6046 0 0 0 5141494 5095510 45984 45984 45984 208989 112216 96773 96773 0 0 0 26092663 17089428 -362077 3440906 0 5331798 5331798 0 0 823595 205899 411797 205899 0 7739685 6611491 659640 468554 777659 661010 62213 54436 1551326 1318627 124106 108593 647688 550535 51815 45338 0 216686 108343 108343 54750 54750 0 0 635860 635860 928496 928496 222290 222290 343093 291629 27447 24017 299699 254744 23976 20979 0 1962094 1863989 58863 39242 229881 68964 160917 0 32910 31265 987 658 248766 248766 0 1444666 1372433 43340 28893 215136 204379 6454 4303 FOOD SERVICE 941860 941860 AUXILIARY ENTERPRISES 233860 233860 RESTRICTED STUDENT EXP. 433429 433429 OTHER 1749102 1119231 397604 232267 27064329 22754272 2915961 1394096 0 0 2797757 2604111 3696282 4401235 2756342 2040171 0 0 0 0 16384 14640 172161 170108 241051 255532 75279154 25816404 46702603 49462750 28526720 29671742 76456890 86625955 104942 100414 0 0 310091 306467 161781223 175653125 1061281 1312644 0 0 6406450 6902950 18405000 17753000 0 0 0 0 0 2500000 0 0 3083433 3001749 28956164 31470343 X 39247694 40016151 17223047 19996513 76354318 84170118 132825059 144182782 161781223 175653125 X -971666 12358864 -29475 X false true X true false X 3035589 2602098 2657835 6502608 5924406 20722536 0 0 3035589 2602098 2657835 6502608 5924406 20722536 1863647 18858889 5077296 8670552 2502219 3767774 2936072 22953913 0 168768 248925 247643 234345 208989 1108670 44785119 80270858 0.42110 0.00000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 56060560 3505111 6725754 1012870 2404059 62874496 54678111 1517635 3387583 822391 2700378 56060560 56583289 1330550 301499 1152183 2385044 54678111 51423245 1608225 5919216 862164 1505233 56583289 47062845 2551123 5615580 1510601 2295702 51423245 0.25239 0.47587 0.27174 false false 1636412 1636412 65193606 22166762 43026844 4247203 3649642 597561 4201933 4201933 49462750 ALTERNATIVE INVESTMENTS 86625955 F 86625955 0 ANNUITIES PAYABLE 1549700 INTEREST RATE SWAP 1452049 3001749 X 32454394 12358864 -29475 12329389 20125005 635860 5331798 5967658 26092663 21096671 21096671 635860 5331798 5967658 27064329 OTHER CHANGES IN REVENUE - PART XI, LINE 2D: CHANGE IN VALUE OF INTEREST RATE SWAP $27,682; CHANGE IN SPLIT INTEREST AGREEMENTS ($57,157); TOTAL ADJUSTMENT = ($29,475). OTHER CHANGES IN REVENUE - PART XI, LINE 4B: STUDENT FINANCIAL AID, WHICH WAS NETTED WITH TUITION REVENUE ON THE FINANCIAL STATEMENTS BUT SHOWN AS AN EXPENSE IN PART IX OF FORM 990: $5,331,798. OTHER CHANGES IN EXPENSES - PART XII, LINE 4B: STUDENT FINANCIAL AID, WHICH WAS NETTED WITH TUITION REVENUE ON THE FINANCIAL STATEMENTS BUT SHOWN AS AN EXPENSE IN PART IX OF FORM 990: $5,331,798. INTENDED USES OF ENDOWMENT FUNDS - PART V, LINE 4: THE ACADEMY INVESTS ENDOWMENT FUNDS ACCORDING TO BOARD-APPROVED INVESTMENT POLICIES WHICH GOVERN ASSET ALLOCATION IN AN EFFORT TO REDUCE RISK OF LOSS AND TO GENERATE A REAL ANNUAL COMPOUND RATE OF RETURN AT LEAST EQUAL TO THE ANNUAL PAYOUT PERCENTAGE. THE ANNUAL PAYOUT FROM ENDOWMENT FUNDS WAS BASED ON A DRAW OF 4.75% OF THE 5-YEAR AVERAGE WEIGHTED MARKET VALUE OF INVESTABLE ASSETS IN THE PERMANENTLY RESTRICTED FUND PLUS AN AMOUNT TO COVER DEBT SERVICE COSTS AND IS SUBJECT TO BOARD APPROVAL. THE PAYOUT IS SPENT ON ACTIVITIES WHICH FURTHER THE EXEMPT EDUCATIONAL PURPOSES OF THE ACADEMY. FIN 48 (ASC 740) FOOTNOTE - PART X, LINE 2: FEDERAL INCOME TAXES - THE ACADEMY IS A NOT-FOR-PROFIT ORGANIZATION AS DESCRIBED IN SECTION 501(c)(3) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM FEDERAL INCOME TAXES. THERE WERE NO UNRECOGNIZED TAX BENEFITS AS OF JUNE 30, 2014. AS OF JUNE 30, 2014, THE ACADEMY'S INCOME TAX RETURNS REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, AS WELL AS VARIOUS STATE AND LOCAL TAXING AUTHORITIES, GENERALLY FOR THREE YEARS. true true true true true true true false false false false false false false false false true PUBLICATION OF RACIALLY NONDISCRIMINATORY POLICY - PART I, LINE 3: WESTERN RESERVE ACADEMY PUBLICIZES ITS POLICY IN LOCAL NEWSPAPERS DURING THE TIME WHICH IS THE PERIOD OF STUDENT SOLICITATION. ANTIQUES FEST. 68519 68519 37700 SILENT AUCTION 140470 140470 74516 0 208989 208989 112216 112216 96773 true SCHOLARSHIPS FOR STUDENTS 176 5331798 Monitoring use of Grant Funds - PART I, LINE 2: THE ACADEMY ENSURES THAT ITS FINANCIAL AID GRANTS ARE USED FOR EDUCATIONAL PURPOSES BY CREDITING THE AMOUNTS DIRECTLY TO THE STUDENTS' ACCOUNTS RATHER THAN ISSUING CHECKS. X X true true X X X false false false false false false false false false Christopher D Burner Head of School 246125 0 45000 0 2211 0 28672 0 75979 0 397987 0 0 0 John JTortelli CFO 182600 0 5000 0 1273 0 20999 0 33375 0 243247 0 0 0 Mark L LaFontaine Asst Head of School-Advancemen 220000 0 10000 0 225 0 25300 0 37159 0 292684 0 0 0 Kathryn Mueller Asst Head of School 130449 0 15000 0 0 0 15131 0 58373 0 218953 0 0 0 Nancy C Hovan Director of Development 124957 0 5000 0 0 0 14548 0 32702 0 177207 0 0 0 Jeffrey Jacot Director of Facilities & Groun 112450 0 0 0 0 0 13053 0 33241 0 158744 0 0 0 Jeffrey Neill Director of College Counseling 96957 0 10000 0 0 0 11328 0 48631 0 166916 0 0 0 BENEFITS PROVIDED TO CERTAIN OFFICERS - PART I, LINE 1A: The following are provided housing as a part of his/her job duties: Head of School, Director of Facilities & Grounds, and the Director of College Counseling. Additionally, dues for one social club are paid by Western Reserve Academy for the Head of School. The social club is used only for Academy business. Neither housing nor the social club dues are treated as taxable compensation. A SUMMIT COUNTY PORT AUTHORITY 341765940 2011-05-26 19600000 REFINANCING OF 2002 BONDS false false false A 19350000 0 19600000 0 0 0 250000 0 0 0 0 0 2011 true false true true A false false false false 0.00000 0.00000 0.00000 false false false false A false true false false true true JP MORGAN 20. false false false 0 false true A false X 61 1157443 FMV 0 false true true USE OF THIRD PARTIES - PART I, LINE 32B: THE ACADEMY USES A SECURITIES BROKER TO SELL DONATED SECURITIES. THE FEES CHARGED BY THE BROKER ARE AT OR BELOW FAIR MARKET VALUE. Form 990 Review - FORM 990, PART VI, LINE 11B: FORM 990 IS REVIEWED BY A COMMITTEE OF THE BOARD OF TRUSTEES WITH THE BOARD'S AUTHORITY TO OVERSEE THE FILING PROCESS. MONITORING AND ENFORCEMENT OF CONFLICT POLICY - FORM 990,PART VI,LINE 12C: THE CONFLICT OF INTEREST QUESTIONNAIRES ARE REVIEWED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. SIGNIFICANT ISSUES ARE DISCUSSED AND RESOLVED. WHEN A CONFLICT ARISES, THE INDIVIDUAL IS NOT PERMITTED TO PARTICIPATE IN THE DISCUSSION OF THE TRANSACTION OR TO VOTE ON THE MATTER. THE DECISION ABOUT THE TRANSACTION IS MADE BY PERSONS WHO ARE INDEPENDENT OF THE INDIVIDUAL WITH THE CONFLICT. COMPENSATION REVIEW AND APPROVAL - FORM 990, PART VI, LINE 15: IN JUNE, 2011, MEMBERS OF THE BOARD OF TRUSTEES WERE GIVEN COMPARABILITY DATA FOR ALL MEMBERS OF THE HEAD OF SCHOOL COMMITTEE. THE HEAD OF SCHOOL WAS INVOLVED IN THE DISCUSSIONS FOR THE COMPENSATION FOR THE MEMBERS OF THE HEAD OF SCHOOL COMMITTEE BUT WAS NOT PRESENT FOR THE DISCUSSION OF HIS OWN COMPENSATION. TRUSTEES DETERMINED THE HEAD OF SCHOOL'S COMPENSATION BASED UPON HIS PERFORMANCE RELATIVE TO OTHER SIMILAR POSITIONS. COMPENSATION DECISIONS ARE MADE BY PERSONS WHO ARE INDEPENDENT OF THE EMPLOYEES FOR WHOM COMPENSATION IS BEING DETERMINED. AVAILABILITY OF DOCUMENTS - FORM 990, PART VI, LINE 19: THE ACADEMY'S FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. THE ACADEMY DOES NOT MAKE ITS GOVERNING DOCUMENTS OR CONFLICT POLICY AVAILABLE. OTHER CHANGES IN NET ASSETS - FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF INTEREST RATE SWAP $27,682; CHANGE IN SPLIT INTEREST AGREEMENTS ($57,157); TOTAL ADJUSTMENT: ($29,475). WHITE TAIL INVESTMENTS LTD 115 COLLEGE STREET HUDSON OH 44236 270257176 INVESTMENTS OH 3387801 9811319 WRA