2014-05-12T09:45:14-07:00 2013-06-30 990 2012-07-01 350868071 CULVER EDUCATIONAL FOUNDATION CULV 5748428222 1300 Academy Road No 159 Culver IN 465111291 Richard Tompos 5748428222 2014-05-15 2012 2015-11-30 17:44:51Z John N Buxton 1300 Academy Rd No 156 Culver IN 465111291 177921965 0 X www.culver.org X 1894 IN The Culver Academies is a preparatory boarding school with cutting-edge academic programs, excellent athletic teams, almost limitless opportunities in the arts, competitive academic teams, its own Black Horse Troop and summer program that teaches leadership to nearly 1400 children from all over the world. Culver's mission is to educate its students for leadership and responsible citizenship in society by nurturing the whole individual- mind, body and spirit- through integrated programs that emphasize the cultivation of character. Culver embodies an exciting combination of inspirational tradition and inspiring innovation in its programs and its governing philosophy, with an emphasis on critical thinking, problem solving, leadership, wellness and a healthy emphasis on integrity and developing character. With over 100 years in business, our high ideals and high expectations create a challenging and rewarding environment for students. For more information, visit www.culver.org. 33 33 1165 1000 72974 50000 15410063 50037214 35214942 36374186 5787035 7326400 1647138 2075950 58059178 95813750 10391437 10291657 0 0 33345557 34478667 0 0 4693016 23483647 23421109 67220641 68191433 -9161463 27622317 397715303 441231776 90521881 83980642 307193422 357251134 Culver educates its students for leadership and responsible citizenship in society by developing and nurturing the whole individual--mind, spirit, and body--through integrated programs that emphasize the cultivation of character. Culver offers challenging programs in our classrooms and on the athletic fields and a strong sense of community. Culver creates opportunities for students to practice critical thinking and problem-solving to deepen understanding. Our integrated wellness program helps students understand and practice healthy lifestyles. Our commitment to spiritual development includes required weekly religious services. We are a community who believes in educating its students in the virtues of wisdom, justice, courage and moderation. Culver's philosophy is embodied in its Honor Code, its student leadership systems, and Ethics and Service-Learning requirements for graduation. We have high ideals and equally high expectations. 0 0 29611240 0 29355984 Secondary Education: Instruction for grades 9-12 ranging from the arts and music to science, math, and humanities as well as unique programs in leadership, wellness and a servant leadership project requirement for graduation. Instruction provided to 806 students for the year ended June 30, 2013. 10291657 10291657 0 Student Financial Aid: The School provided financial assistance of $9,474,255 both merit and need-based, to 366 Boarding (winter) School students as of June 30, 2013. Financial aid also included $817,402 in assistance for 205 Summer School & Camps students. 9026753 0 7355062 Elementary & Secondary Education: The Summer Camps program provided educational and leadership training as well as extensive outdoor activities for 1377 campers ages 9 to 17. 7093112 0 0 Student Services Programs: A variety of student services and activities were provided, including Barber Shop, Laundry-Dry Cleaning, and Student Health Services. Services were provided to 806 Boarding School Students and 1377 Summer School campers as of June 30, 2013. 700788 0 727170 Student Services Programs, General/Other: Auxiliary services such as required uniform and a campus bookstore provided for convenience of students in winter and summer programs. (2183 students) 7793900 0 727170 56723550 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 1 0 1 1 0 0 0 0 0 0 0 1 237 0 1 1165 1 1 1 0 0 0 0 1 1 0 0 0 1 1 0 X 33 33 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IN X Richard J Tompos 5748428222 1300 Academy Road 159 Culver IN 465111291 John J Bollman 3 0 X 0 0 0 Kathryn R Booth 3 0 X 0 0 0 James W F Brooks 3 0 X 0 0 0 George T DeVries III 3 0 X 0 0 0 Peter A Fasseas 3 0 X 0 0 0 James E Fellowes 3 0 X 0 0 0 P Lamar Gable 3 0 X 0 0 0 Richard A Jennings 3 0 X 0 0 0 Jud Q Little 3 0 X 0 0 0 Bernardo Quintana 3 0 X 0 0 0 John Ruan III 3 0 X 0 0 0 Franklin D Schurz Jr 3 0 X 0 0 0 Robert C Vaughn 3 0 X 0 0 0 Dartanian Warr COL USAF 3 0 X 0 0 0 Michael R Wilcox 3 0 X 0 0 0 Miles D White 6 0 X X 0 0 0 James A Henderson 6 0 X X 0 0 0 Jeffrey P Adams 6 0 X X 0 0 0 Dr Margaret E Thompson 6 0 X X 0 0 0 Harry L Crisp II 3 0 X X 0 0 0 David M Culver 3 0 X X 0 0 0 Craig J Duchossois 3 0 X X 0 0 0 Jane D Eberly 3 0 X X 0 0 0 Paul C Gignilliat 6 0 X X 0 0 0 John D Zeglis 3 0 X X 0 0 0 Whitney Kolb Alvis 3 0 X 0 0 0 William H Brewer 3 0 X 0 0 0 James S Gault 3 0 X 0 0 0 Laura Schacht Bilicic 3 0 X 0 0 0 Javier Bravo 3 0 X 0 0 0 Susan Ellert 3 0 X 0 0 0 Valerie Hogan 3 0 X 0 0 0 H Alexander Kurrelmeier 3 0 X 0 0 0 John N Buxton 60 0 X 395274 0 80067 Richard J Tompos 50 0 X 118643 0 54593 Michael Perry 50 0 X 205929 0 38710 Michael Hogan 50 0 X 130270 0 60439 Kevin M MacNeil 50 0 X 115270 0 37931 Kathleen J Lintner 50 0 X 117965 0 28798 Kelly Jordan 50 0 X 108810 0 9518 Jeffry Kutch 50 0 X 107186 0 37237 1299347 0 347293 10 0 1 0 Weigand Construction 7808 Honeywell Drive Fort Wayne IN 46825 General Contractor 1421967 Anthem Blue Cross PO Box 105113 Atlanta GA 303485113 Health Care Admin 4495189 Strategic Capital Allocation Group LLC 800 Boylston St 24th Floor Boston MA 02199 Investment Advisors 956574 Our Health Inc One American Square Suite 2610 Indianapolis IN 46282 Health services 390067 Pangaea Cartesian Capital Group 505 Fifth Avenue 15th Floor New York NY 10017 Investment Advisors 349518 5 0 0 352400 0 0 49684814 7715604 50037214 Tuition & Fees for students 611110 35831843 35831843 0 0 Family Camp 611110 185315 185315 0 0 Student events/transportation 611110 357028 357028 0 0 0 0 0 0 36374186 2166215 0 -4632 2170847 0 0 0 0 0 0 0 0 313790 0 132472 0 181318 0 181318 29700 0 151618 85363132 32450 80212311 23086 5150821 9364 5160185 0 0 5160185 428861 352400 138403 290458 0 290458 0 0 0 0 0 0 2834435 1601943 1232492 727170 16606 488716 Overseas Student Trip Fees 611110 89179 89179 0 0 Insurance Claim Proceeds 611110 74604 74604 0 0 Avery Farms 611110 61000 0 61000 0 146899 143379 0 3520 371682 95813750 37438218 72974 8265344 0 10291657 10291657 0 0 0 0 702132 119400 243282 339450 88000 44000 22000 22000 23080057 19511402 1527915 2040740 1270000 1034097 111627 124276 7813878 6362473 686790 764615 1524600 1241410 134003 149187 0 0 0 0 113265 0 113265 0 90395 0 90395 0 0 0 0 0 0 0 1552113 0 1552113 0 888572 438029 426752 23791 219118 1954 24907 192257 1068163 648961 165207 253995 775519 389966 192777 192776 0 0 0 0 0 0 0 0 763622 444892 34267 284463 0 0 0 0 211141 176326 34815 0 1351839 1281003 70836 0 0 0 0 0 6490602 6150494 340108 0 482715 457421 25294 0 Utilities 2693541 2552399 141142 Food 1947429 1632144 315285 0 Program-Instructional Support 2416160 1984044 237856 194260 Maintenance-Equipment Rentals 1249601 1156394 85656 7551 1107314 805084 198575 103655 68191433 56723550 6774867 4693016 1079095 3265264 497190 1507206 22586196 38095594 519048 267329 0 0 0 0 0 0 1748076 1694329 1203458 1129547 179329658 101018833 80545815 78310825 49049684 81690151 235691221 230474965 0 0 0 0 4795520 4796566 397715303 441231776 3551868 3575140 0 0 11196531 12055206 38300000 38300000 0 0 0 0 0 0 4971507 4920093 32501975 25130203 90521881 83980642 X 66434906 78686904 27656634 26523495 213101882 252040735 307193422 357251134 397715303 441231776 X 27622317 15862000 0 0 0 6573395 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 0 0 0 SchC_P2B_S00_L01 Schedule C, Part II-B, Line 1 The School is a member of a number of associations such as the National Association of Independent Schools, Indiana Non-Public Education Association, and ISACS, which may use a portion of membership dues to lobby on behalf of their members. Total Dues paid to these organizations in Fiscal Year 2012-2013 was $19,839. The portion of these dues allocated to possible lobbying activities is not determinable. 0 0 X X X 0 289191894 22597782 21941923 0 15563112 1552113 316616374 307421700 7971785 -9721362 0 15175000 1305229 289191894 285714324 13347716 24758931 0 14996454 1402817 307421700 202524631 75497868 21284465 0 12474047 1118683 285714234 192817551 48792143 -23085273 5331800 9842200 825790 202524631 0.28 0.72 0 1 0 0 1910307 1910307 0 156615383 84961130 71654253 0 0 0 0 0 20152758 16057703 4095055 0 651210 0 651210 78310825 174339335 F 23856540 F Other - Short term investment funds-LE 25880335 F Other - Short term investments - cash - other 5056132 F Real Estate 1033025 F Miscellaneous other 309598 F 230474965 0 Accrued Pension Liability 10769042 Interest rate SWAP agreement 6451458 Gift annuities 7909703 25130203 X 101704798 15862000 0 0 -11843770 4018230 97686568 0 -1872818 -1872818 95813750 65960308 0 0 0 9612645 9612645 56347663 0 11843770 11843770 68191433 SchD_P03_S00_L01 Schedule D, Part III, Line 1 Per Footnote 1 of the 2012-2013 audited financial statements: Contributions of works of art, historical treasures, and similar assets held as part of a collection for education, research or public exhibition purposes, rather than for sales or financial gain, are not recognized nor capitalized on the financial statements. SchD_P03_S00_L04 Schedule D, Part III, Line 4 The Culver Educational Foundation maintains a collection of art works including portraits, paintings, photographs, and sculptures donated to the school. The Art Collection is housed within the Fine Arts Department, and items are displayed throughout campus on a rotating basis. The new Crisp Arts Center has two galleries showcasing exhibits of the Culver collection. In addition, the School has a stamp collection maintained for student education, which is periodically displayed. SchD_P05_S00_L04 Schedule D, Part V, Line 4 The School's endowment is used for support of financial aid, faculty salaries, capital projects, facilities maintenance, and academic and student projects. SchD_P10_S00_L02 Schedule D, Part X, Line 2 The School recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. Management evaluated the school's tax positions and concluded that the school had no material uncertainties in income taxes as of June 30, 2013 and 2012. SchD_P11_S00_L02d Schedule D, Part XI, Line 2d Financial aid grants are netted against tuition on the audited financials and equal $10,291,657. Investment management fees of $1,552,113 are netted against investment revenue on the audited financials and moved to expense on the 990, restoring that income. SchD_P11_S00_L04b Schedule D, Part XI, Line 4b Cost of goods sold for auxiliary departments of $1,601,943, rental expense of $132,472, and parent fundraiser expense of $138,403 were included in expenses on the audited financials but are offsets to revenue per the 990 form. SchD_P12_S00_L02d Schedule D, Part XII, Line 2d Cost of goods sold $1,601,943 and rental expense $132,472, were classified as expenses and not netted against sales on the audited financials. Parent fundraiser costs of $138,403 were also classified as expenses on the audited financials, however, this amount was netted against revenue on the 990. Additional expenses for changes in charitable annuities $503,625, pledge write-offs $79,591, present value of future SWAP $4,816,131, and the additional minimum pension liability $2,340,480 are shown as adjustments to net assets on the 990. SchD_P12_S00_L04b Schedule D, Part XII, Line 4b Financial Aid grants of $10,291,657 and investment management fees of $1,552,113 were net to revenue in the audited financials and were included in expenses on the 990. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SchE_P01_S00_L03 Schedule E, Part I, Line 3 The Culver Educational Foundation's admissions materials and applications for Winter School and Summer Camps include a statement of the School's non-discrimination policy. Human Resources includes a non-discrimination statement on all recruitment materials and advertisements for employment with the School. Central America and the Caribbean 0 0 Investments 169661765 Europe (including Iceland and Greenland) 0 0 Investments 5905887 Sub-Saharan Africa 0 0 Investments 1499998 Central America and the Caribbean 0 0 Program Services Admissions travel, alumni events 7173 Central America and the Caribbean 0 0 Fundraising Alumni Events 232 East Asia and the Pacific 0 0 Fundraising Alumni events/ Fund raising 6974 East Asia and the Pacific 0 0 Program Services Admissions travel 20922 Middle East and North Africa 0 0 Program Services Admissions travel 4860 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Admissions travel 16200 North America (including Canada and Mexico, but not the United States) 0 0 Fundraising Fundraising & Alumni events 3999 South America 0 0 Program Services Admissions travel 17930 South America 0 0 Fundraising Fundraising and Alumni events 5977 Europe (including Iceland and Greenland) 0 0 Fundraising Fundraising and Alumni events 961 Europe (including Iceland and Greenland) 0 0 Program Services Admissions travel 7743 South Asia 0 0 Program Services Admissions travel 3950 South Asia 0 0 Fundraising Fundraising and Alumni events 1317 0 0 177165888 0 0 0 0 1 0 SchF_P01_S00_L03 Schedule F, Part I, Line 3 The School separately tracks foreign expenditures in its records and accounting system. Parent Fall Auction 781261 352400 428861 0 2550 0 7580 42990 85283 0 0 781261 352400 428861 0 2550 0 7580 42990 85283 138403 290458 1 Merit and need-based Financial Aid 571 10291657 0 Financial assistance, both merit and need-based to 366 boarding school students and 205 summer campers. Individual records and awards are maintained by the School and available upon request. SchI_P01_S00_L02 Schedule I, Part I, Line 2 Scholarships and need-based financial aid are granted to students who attend Culver Military Academy, Culver Girls Academy and the Culver Summer Schools and Camps. Scholarships are based upon merit, as determined by faculty-administrative staff committees, or upon financial need, determined by family information from SSS data. Detailed records are available at the Culver Educational Foundation. A Student Life committee reviews student academic performance and community involvement annually before renewing merit scholarships. Financial need is reviewed annually by the Financial Aid department before extending additional need-based aid. The School maintains records of the recipients and awards, which are available upon request. X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 John N Buxton 395274 0 0 0 0 0 36250 0 43817 0 475341 0 0 0 Richard J Tompos 118643 0 0 0 0 0 9156 0 45437 0 173236 0 0 0 Michael Perry 205929 0 0 0 0 0 11938 0 26772 0 244639 0 0 0 Michael Hogan 130270 0 0 0 0 0 10163 0 50276 0 190709 0 0 0 Kevin M MacNeil 115270 0 0 0 0 0 8756 0 29175 0 153201 0 0 0 SchJ_P01_S00_L01a Schedule J, Part I, Line 1a The Culver Academies is a residential boarding school. As a requirement of employment, the Head of Schools and Academic Dean live on campus and are provided housing owned by the School. Listed employees who received housing are: John N. Buxton - $18,000 and Dr. Kevin MacNeil - $9,000. The value of this housing is included in the individual's non-taxable benefits. SchJ_P01_S00_L04 Schedule J, Part I, Line 4 John N. Buxton, Head of Schools, participates in the School's non-qualified retirement plan. Mr. Buxton did not contribute to the School's plan in Fiscal Year 2013. Under the terms of the School's current non-qualified plan, amounts were contributed to the Head of School's account in prior years and in FY 2013. Amounts are payable upon the Head of School's retirement. Pam Buxton Family Member of an Officer 104850 Employment Compensation 0 X 5 98800 appraisal X 1 1230 appraisal X 47 6956172 mean value date recd X 1 196000 appraisal X Horses 6 126150 Donor appraisal X Equipment & Supplies 12 213242 Donor appraisal X Student & Alumni Activities 15 38473 Donor appraisal X Parent auction 26 85537 Donor appraisal 5 0 1 1 SchM_P01_S00_L32b Schedule M, Part I, Line 32b The School receives security gifts through its custodial bank, who uses a broker/dealer to process securities contributions. SchM_P01_S00_L33 Schedule M, Part I, Line 33 Contibutions checked in column (a) of Part 1 are reported by number of contributions. The contribution revenue is determined based upon gift/tax receipts to donors as recorded in the School's Raisers Edge software, maintained by our Development Department. F990_P06_S0B_L11b Form 990, Part VI, Section B, Line 11b The Form 990 is prepared by the Accounting Office and reviewed by the Controller with the Head of Schools before external review by the School's tax firm. The full 990 is sent to members of the Budget, Audit, and Human Resources committee for review prior to presentation at the committee meetings. The 990 is reviewed in detail and approved for submission to the Internal Revenue Service by the Budget, Audit, and Human Resources Committee members. The full Board of Trustees has access to the form 990 and is provided a summary briefing prior to filing the 990 with the Internal Revenue Service. F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c Each member of the Board of Trustees completes an annual Conflict of Interest Statement disclosing any potential conflicts. Officers of the Board and administrative employees also complete an annual Conflict of Interest Statement. Statements are reviewed and maintained in the Head of School's office. Any disclosure determined to be in violation of policy is addressed between the Head of Schools, the Chairman of the Board of Trustees, and the respective trustee, officer, or employee. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 The Compensation Committee of the Board of Trustees reviews performance and determines compensation for the Head of Schools. The committee reviews compensation for the Head of Schools and school officers every May, with the most recent compensation review completed in May 2013. Compensation is based upon performance and peer school review, as supported recommendations and industry benchmarks. The committee documents the compensation deliberations and decisions in the minutes of the meeting. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 Governing documents, conflict of interest policies, and financial statements are available upon request from the Controller or the Head of Schools of the Culver Educational Foundation. Copies of the documents are provided with state tax and corporate return filings and are regularly included with filings for property tax exemption and grant proposals as needed. In addition, information is provided to approved investment managers, bank officers, and approved contractors as necessary or requested. F990_P11_S00_L09 Form 990, Part XI, Line 9 The following are adjustments to net assets: $2,340,480 for a reduction of minimum pension liability, $4,816,131 for gain on Present Value of Future Swap, $79,591 loss on pledge write-offs, and $503,625 loss for change in value of Charitable Annuities-Split Interest Agreements. Extenion filed and approved by the Internal Revenue Service. We required additional time for auditor review, tax preparation and review of new requirements for the 990.