2014-02-26T16:13:55-06:00 2013-06-30 232932984 PARENTEBEARD LLC SUITE 200 221 W PHILADELPHIA STREET YORK PA 174012993 990 2012-07-01 231370500 EPISCOPAL ACADEMY EPIS 4844241420 1785 BISHOP WHITE DRIVE NEWTOWN SQUARE PA 19073 LARRY CAPUZZI 4844241420 2014-02-26 1 JULIUS GREEN CPA P00350393 7178467000 2012 2015-11-30 17:44:51Z THOMAS LOCKE 1785 BISHOP WHITE DRIVE NEWTOWN SQUARE PA 19073 49393108 0 X WWW.EPISCOPALACADEMY.ORG X 1785 PA INDEPENDENT SCHOOL EDUCATION FOR GRADES PRE-K THROUGH 12 29 28 456 149 159296 -198047 7053596 6887363 32141528 33157232 1883563 2201334 1758963 1444699 42837650 43690628 5284847 5226523 0 0 22783117 24763462 73960 51205 1677555 15968287 14779942 44110211 44821132 -1272561 -1130504 248510384 246063295 35390929 30976762 213119455 215086533 X CHALLENGING AND NURTURING MIND, BODY, AND SPIRIT, WE INSPIRE BOYS AND GIRLS TO LEAD LIVES OF PURPOSE, FAITH, AND INTEGRITY. 0 0 37948696 5226523 33157232 THE EPISCOPAL ACADEMY IS AN INDEPENDENT, CO-EDUCATIONAL DAY SCHOOL LOCATED IN NEWTOWN SQUARE, PENNSYLVANIA. ITS CURRICULUM IS COLLEGE PREPARATORY AND INCLUDES GRADES PRE-KINDERGARTEN THROUGH TWELVE. THE ENROLLMENT AT THE ACADEMY IS APPROXIMATELY 1,220 STUDENTS.THE EPISCOPAL ACADEMYS MISSION IS TO INSPIRE ITS STUDENTS TO LIVE PURPOSE, FAITH, AND INTEGRITY. THE SCHOOL'S COMMUNITY SERVICE WORK EXEMPLIFIES ALL THREE OF THOSE CHARACTERISTICS. IN NOVEMBER 2013, EA WAS GIVEN THE "OUTSTANDING YOUTH IN PHILANTHROPY" AWARD IN PHILADELPHIA FOR ITS COMMUNITY SERVICE WORK WITH THE CAMPHILL SCHOOL, THE UNIVERSITY CITY HOSPITALITY COALITION (UCHC), ST. JAMES SCHOOL, SHARE, WILLISTOWN CONSERVATION TRUST, NORRIS SQUARE NEIGHBORHOOD PROJECT, COOK-WISSAHICKON SCHOOL, CRADLES TO CRAYONS, AND THE NEW LIFE ALTERNATIVE SCHOOL.THE ACADEMY GREATLY VALUES DIVERSITY OF ALL KINDS, INCLUDING RACIAL AND ECONOMIC. TO HELP ACHIEVE THIS DIVERSITY, APPROXIMATELY $5 MILLION OF NEED-BASED FINANCIAL AID IS GRANTED TO FAMILIES EACH YEAR IN ORDER TO MAKE IT POSSIBLE FOR CHILDREN FROM LOWER INCOME FAMILIES TO ATTEND THE ACADEMY. APPROXIMATELY 20% OF THE STUDENTS (FAMILIES) RECEIVE SOME FINANCIAL AID. 37948696 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 1 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 40 0 1 456 1 1 1 0 0 0 0 1 1 0 0 0 0 X 29 28 0 0 0 0 0 0 0 1 1 0 0 1 1 0 1 1 1 1 1 0 PA X LARRY CAPUZZI BUSINESS MANAGER 4844241424 1785 BISHOP WHITE DRIVE NEWTOWN SQUARE PA 19073 X HARRY R MADEIRA JR 3.00 X X 0 0 0 DEBORAH J R HIRTLE 3.00 X X 0 0 0 HENRY N NASSAU 3.00 X X 0 0 0 PERI W HIGGINS 3.00 X X 0 0 0 WALTER W BUCKLEY III 3.00 X X 0 0 0 GEOFFREY F WORDEN 3.00 X 0 0 0 STEPHEN A DANA 3.00 X 0 0 0 ELIZABETH CORRIGAN 3.00 X X 0 0 0 JEAN P HAAB 3.00 X 0 0 0 LORI P KELLY 3.00 X 0 0 0 RICHARD R S NORTHROP 3.00 X 0 0 0 DAVID J REAPE 3.00 X 0 0 0 HOLLY SANDO RIECK 3.00 X 0 0 0 JAY H SHAH 3.00 X 0 0 0 L HAMILTON CLARK JR 40.00 X X 659023 0 98470 GRETCHEN H BURKE 3.00 X 0 0 0 JEREMY P COOTE 3.00 X X 0 0 0 STEVEN E COPIT 3.00 X 0 0 0 THOMAS V ZUG 3.00 X 0 0 0 EDWARD L JONES III 3.00 X 0 0 0 STEPHEN SPINELLI JR 3.00 X 0 0 0 PAGE H THOMPSON 3.00 X 0 0 0 ROBERT R CORRATO 3.00 X 0 0 0 MICHELLE C EGAN 3.00 X 0 0 0 DAVID B GROSSMAN 3.00 X 0 0 0 CRAWFORD HILLIII 3.00 X 0 0 0 DENNIS MAPLE 3.00 X 0 0 0 JAMES E MINNICK 3.00 X 0 0 0 JENNIFER T REDER 3.00 X 0 0 0 BRADLEY CATES 40.00 X 202225 0 13778 MARY AGNES MALTER 40.00 X 130510 0 8783 JAMES SQUIRE 40.00 X 130915 0 31695 ANDREA DANIAL 40.00 X 126610 0 30545 PAIGE LEGRAND 40.00 X 153937 0 10266 STEVEN MORRIS 40.00 X 120832 0 28833 1524052 0 222370 7 0 1 0 SOUTHAMPTON WINDOW CLEANING JANITORIAL S PO BOX 542 SOUTHAMPTON PA 18966 JANITORIAL SERVICES 686005 CRAYMOND DAVIS & SONS INC PO BOX 157 KIMBERTON PA 19442 GENERAL CONTRACTOR 328264 EAGLE WOLFINGTON LEASING PO BOX 218 EXTON PA 19341 TRANSPORTATION 294552 KARP GRAPHIC DESIGN 2520 CHRISTIAN ST PHILADELPHIA PA 19146 GRAPHIC DESIGN 199369 EPLUS TECHNOLOGY INC PO BOX 404398 ATLANTA GA 30384 TECHNOLOGY CONSULTING 179338 10 15750 44500 75415 145057 6606641 556275 6887363 TUITION & FEES 611110 32428042 32428042 SUMMER PROGRAMS 611110 425577 425577 AQUATICS REVENUE 611110 281052 281052 APPLICATION FEES 611110 22561 22561 33157232 1598830 3192 1595638 96184 351046 -254862 -254862 -254862 5550405 9569 4957470 0 592935 9569 602504 602504 419392 75415 328190 91202 91202 92489 65774 26715 26715 CAFETERIA INCOME 611110 958410 958410 PROGRAM FEES 812900 372051 372051 DAY CAMP 624410 156104 156104 95079 95079 1581644 43690628 33157232 159296 3486737 5226523 5226523 933432 933432 19521767 16197687 2300557 1023523 1231068 991876 176511 62681 1684423 1446071 178793 59559 1392772 1090958 232872 68942 150614 2100 148514 66000 66000 51205 51205 106900 106900 1098644 845543 253101 222268 222268 249931 74796 175135 232144 232144 1049442 1049442 383665 383665 31639 31639 821972 821972 5350086 5350086 311987 311987 SUPPLIES/EQUIP/SERVICE 2345282 2169453 129572 46257 CAFETERIA PURCHASES 394319 394319 INSTRUCTIONAL RELEASES 351369 351369 SCHOOL TRIPS 334836 334836 1278844 673869 239587 365388 44821132 37948696 5194881 1677555 1500 1500 11248771 7269899 7145107 7398210 411324 322806 1000000 1000000 26987 30462 756454 754890 210418939 25988958 188722585 184429981 33220870 38955372 3655333 3361956 2321453 2538219 248510384 246063295 3455486 3621017 7577364 7373363 22839003 18859224 1519076 1123158 35390929 30976762 X 191179647 190747621 4725881 7017948 17213927 17320964 213119455 215086533 248510384 246063295 X -1130504 2461944 635638 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 36827159 2546697 4329738 1599112 42104483 35133575 3824166 -753734 676733 700115 36827159 28024893 2901725 5400259 540685 652617 35133575 22962392 2109046 4178360 531928 692977 28024893 23877378 4155764 -4035439 458333 576978 22962392 0.49000 0.40000 0.11000 0 0 31192214 31192214 160667420 20987625 139679795 9388459 4092697 5295762 9170846 908636 8262210 184429981 DISCOUNT FOR FUTURE INTERESTS 1059785 AGENCY FUNDS 63373 1123158 X 41200076 2461944 -5590606 -3128662 44328738 106900 -745010 -638110 43690628 39232998 745010 745010 38487988 106900 6226244 6333144 44821132 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: IT IS THE POLICY OF THE SCHOOL TO DISTRIBUTE UP TO 5.0% ANNUALLY OF THE TWELVE QUARTER TRAILING AVERAGE OF THE ENDOWMENT'S TOTAL MARKET VALUE. THE CALCULATION TO ARRIVE AT THE DISTRIBUTION FOR THE FINAL BUDGET OF EACH FISCAL YEAR WILL BE MADE AT JUNE 30 USING THAT QUARTER AND THE PREVIOUS ELEVEN QUARTERS. THE AMOUNT DISTRIBUTED IS USED TO FUND EPISCOPAL ACADEMY, UP TO BUT NOT LIMITED TO STAFF SALARIES, INFORMATION TECHNOLOGY, STAFF DEVELOPMENT, OPERATIONS AND MAINTENANCE, ATHLETICS, ADMINISTRATIVE EXPENSES, AND FINANCIAL AID. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: THE SCHOOL ACCOUNTS FOR UNCERTAINTIES IN INCOME TAXES IN ACCORDANCE WITH AUTHORITATIVE GUIDANCE, WHICH PRESCRIBES A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD HAS BEEN MET. THE SCHOOL'S FEDERAL EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURNS FOR 2012, 2011, 2010, AND 2009 REMAIN SUBJECT TO EXAMINATION BY THE IRS. THE SCHOOL'S POLICY IS TO RECOGNIZE INTEREST RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES IN OPERATING EXPENSES. PART XI, LINE 2D - OTHER ADJUSTMENTS: NET GAIN ON SWAP 176,696. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 458,942. FINANCIAL AID INCLUDED IN REVENUE ON FINANCIAL STATEMENTS -5,226,523. HEAD OF SCHOOL TRANSITION -833,483. CAPITAL CAMPAIGN EXPENSE -166,238. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES -351,046. COST OF GOODS SOLD -65,774. FUNDRAISING EXPENSES -328,190. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 351,046. COST OF GOODS SOLD 65,774. FUNDRAISING EXPENSES 328,190. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID INCLUDED IN REVENUE ON FINANCIAL STATEMENTS 5,226,523. HEAD OF SCHOOL TRANSITION 833,483. CAPITAL CAMPAIGN EXPENSES 166,238. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 THE SCHOOL'S RACIAL NONDISCRIMINATORY POLICY CONCERNING STUDENTS WAS PUBLISHED IN THE PHILADELPHIA DAILY NEWS. THE FOLLOWING WORDING IS ALSO USED ON ALL ADMISSION APPLICATIONS AND ON THE SCHOOL'S WEBSITE: "THE EPISCOPAL ACADEMY DOES NOT DISCRIMINATE IN THE ADMISSION PROCESS ON THE BASIS OF RACE, COLOR, RELIGION, SEXUAL ORIENTATION, NATIONAL ORIGIN, DISABILITY, OR FAMILIAL AFFILIATION." EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE ORGANIZATION RECEIVES BOOKS FROM THE STATE OF PENNSYLVANIA X X X X X 1 MARTS AND LUNDY 1200 WALL STREET WEST LYNDHURST NJ 07071 ENDOWMENT CAMPAIGN CONSULTANT 0 0 51205 0 51205 PA STARFEST AUCTION 286919 75140 211779 155114 7260 34320 4800 30271 HOUSE TOUR 82393 275 82118 900 3607 13858 125495 125495 3000 34186 5308 35566 494807 75415 419392 3900 155114 7260 72113 10108 79695 328190 91202 1 FINANCIAL AID 273 5162055 BOOK VOUCHERS 127 33256 BUCKLEY SCHOLARS 14 31212 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE EPISCOPAL ACADEMY PROVIDES FINANCIAL AID TO FAMILIES WHO QUALIFY BASED ON AN ASSESSMENT BY THE SCHOOL AND STUDENT SERVICES BY NAIS (SSS BY NAIS). THE EPISCOPAL ACADEMY'S NEED-BASED FINANCIAL AID PROGRAM ENABLES STUDENTS TO ATTEND THE ACADEMY REGARDLESS OF A FAMILY'S ABILITY TO PAY FULL TUITION. ADMISSION DECISIONS AND DETERMINATION OF FINANCIAL AID ARE MADE BY TWO SEPARATE COMMITTEES. ONCE AN APPLICANT IS OFFERED ADMISSION, THEIR APPLICATION FOR FINANCIAL AID IS REVIEWED AND ASSESSED BY THE FINANCIAL AID COMMITTEE. X X 1 1 X X X 1 1 0 0 0 0 0 0 0 L HAMILTON CLARK JR 312343 0 0 0 346680 0 21097 0 77373 0 757493 0 346680 0 BRADLEY CATES 202225 0 0 0 0 0 13778 0 0 0 216003 0 0 0 JAMES SQUIRE 130915 0 0 0 0 0 31695 0 0 0 162610 0 0 0 ANDREA DANIAL 126610 0 0 0 0 0 10012 0 20533 0 157155 0 0 0 PAIGE LEGRAND 153937 0 0 0 0 0 10266 0 0 0 164203 0 0 0 PART I, LINE 1A HEAD OF SCHOOL, L. HAMILTON CLARK, HAD A RESIDENCE THAT HE LIVED IN ON CAMPUS PRIOR TO HIS SEVERANCE. THE HOUSING ALLOWANCE WAS EXCLUDED UNDER SECTION 119 OF THE INTERNAL REVENUE CODE AND WAS NOT INCLUDED IN TAXABLE COMPENSATION. HEAD OF SCHOOL, L. HAMILTON CLARK, ALSO HAD A MEMBERSHIP TO A LOCAL COUNTRY CLUB. THE MEMBERSHIP WAS USED FOR SCHOOL RELATED FUNCTIONS SUCH AS MEETINGS AND ALUMNI EVENTS. THE MEMBERSHIP DUES WERE BILLED TO MR. CLARK AND PAID DIRECTLY TO THE CLUB BY THE SCHOOL AND WERE NOT INCLUDED IN HIS TAXABLE COMPENSATION. PART I, LINES 4A-B L.HAMILTON CLARK RECEIVED SEVERANCE IN THE AMOUNT OF $615,000. L.HAMILTON CLARK ALSO RECEIVED A SUPPLEMENTAL NONQUALIFIED RETIREMENT PAYMENT IN THE AMOUNT OF $350,000 AS CONTRIBUTED IN THE PAST THREE YEARS AS FOLLOWS: $100,000 DURING FISCAL YEAR ENDING JUNE 30, 2010 $125,000 DURING FISCAL YEAR ENDING JUNE 30, 2011 $125,000 DURING FISCAL YEAR ENDING JUNE 30, 2012 A UPPER DARBY INDUSTRIAL DEVELOPMENT AUTHORITY 043721223 2006-12-07 2500000 FINANCING PARTIAL COSTS OF ACQUISITION, CONSTRUCTION & EQUIPPING NEW CAMPUS 0 0 0 B DELAWARE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 231997311 2012-12-07 10500000 REPAYMENT OF PRIOR BONDS USED FOR FINANCING COSTS OF CONSTRUCTION PROJECT 0 0 0 C UPPER DARBY INDUSTRIAL DEVELOPMENT AUTHORITY 043721223 2004-12-23 9300000 LAND ACQUISITION AND PRELIMINARY SITE IMPROVEMENTS 0 0 0 A 2500000 2500000 2008 0 0 1 1 B 10500000 10500000 2012 1 0 1 1 C 3440776 9300000 50000 9250000 2004 0 0 1 1 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 C 0 0 0 0 0 0 0 A 0 0 1 0 1 0 0 0 0 B 0 1 0 0 1 0 0 0 0 C 0 0 1 0 0 0 0 0 0 A 0 B 0 C 0 POST-BOND ISSUANCE COMPLIANCE POLICIES: THE ORGANIZATION HAS ESTABLISHED POLICIES FOR POST-ISSUANCE COMPLIANCE WITH THE ASSISTANCE OF BOND COUNSEL. THE POLICIES ARE IN THE PROCESS OF BOARD APPROVAL. THE ORGANIZATION HAS ALWAYS BEEN AWARE OF AND SENSITIVE TO ITS RESPONSIBILITIES AND HAS ALWAYS ACTED WITH PRUDENCE CONCERNING ITS DECISIONS RELATED TO ITS BOND PROCEEDS. X 145057 PURCHASE PRICE X 13 411218 NYSE 0 1 1 THIRD PARTY USE: PART I, LINE 32B: THE SCHOOL HIRES AN AUCTIONEER FOR THE STARFEST DINNER/AUCTION EVENT. FORM 990, PART VI, SECTION B, LINE 11 THE ACADEMY'S CFO AND CONTROLLER REVIEW THE FORM 990 AND THEN SUBMIT CHANGES TO ITS TAX PREPARERS FOR REVIEW. ONCE REVIEWED BY THE ACADEMY'S TAX PREPARER, THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS AND APPROVES THE FORM 990. THE FORM 990 IS THEN SENT TO THE FULL BOARD OF TRUSTEES PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C MEMBERS OF THE GOVERNING BOARD SUBMIT A RELATED PARTY AND CONFLICT OF INTEREST QUESTIONNAIRE ANNUALLY. THE BOARD LIAISON, AN EMPLOYEE WITH THE ORGANIZATION, REVIEWS THE FORMS FOR ANY CONFLICTS OF INTEREST. BOARD MEMBERS WITH AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST RECUSE THEMSELVES FROM THE MEETING AND DO NOT VOTE ON THE MATTER CAUSING THE CONFLICT OF INTEREST. A PROCEDURE IS BEING ESTABLISHED TO REQUIRE OTHER(NON-BOARD MEMBER)OFFICERS TO COMPLETE AN ANNUAL CONFLICT OF INTEREST QUESTIONNAIRE AND WILL BE IMPLEMENTED IN THE NEAR FUTURE. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD IS RESPONSIBLE FOR SETTING AND DETERMINING THE COMPENSATION OF THE HEAD OF SCHOOL. NATIONAL PEER SCHOOL DATA (INDEX) AND LOCAL INDEPENDENT SCHOOL DATA IS GATHERED IN ORDER TO MAKE COMPARISONS. DECISIONS OF THIS COMMITTEE REGARDING COMPENSATION ARE DOCUMENTED. FORM 990, PART VI, SECTION C, LINE 19 THE SCHOOL WILL MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. COMPENSATION FOR HIGHLY COMPENSATED EMPLOYEES: FORM 990, PAGE 8, PART VII FORM 990, PART VII WOULD HAVE LISTED ANOTHER EMPLOYEE AS THE FIFTH MOST HIGHLY COMPENSATED EMPLOYEE OF THE ORGANIZATION; HOWEVER A SUBSTANTIAL PORTION OF THE INCOME REFLECTED ON THAT EMPLOYEES W-2 STATEMENT WAS PAID NOMINALLY THROUGH THE ORGANIZATION FOR PAYMENTS RECEIVED FROM THIRD PARTIES NOT DIRECTLY RELATED TO THE SERVICES OF HIS PRIMARY POSITION WITH THE SCHOOL. IF SUCH THIRD PARTY PAYMENTS WERE NOT INCLUDED ON THAT EMPLOYEES W-2, THE EMPLOYEE WOULD NOT BE LISTED AMONGST THE FIVE MOST HIGHLY COMPENSATED EMPLOYEES OF THE ORGANIZATION. MR. STEVEN MUSACCHIO, THE FITNESS CENTER MANAGER AND STRENGTHENING COACH, RECEIVED $49,317 IN BASE PAY AND AN ADDITIONAL $103,575 IN COMPENSATION RELATED TO PRIVATE TRAINING SESSIONS. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: NET GAIN ON SWAP 176,696. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 458,942.