2013-03-14T12:51:13-05:00 2012-06-30 VERDEJA & DE ARMAS LLP 255 ALHAMBRA CIR STE 560 CORAL GABLES FL 331347417 990 2011-07-01 590861374 PINE CREST PREPARATORY SCHOOL INC PINE 9544924100 1501 NE 62ND STREET FORT LAUDERDALE FL 33334 JAMES COWGILL JR 9544924100 2013-02-06 true OCTAVIO A VERDEJA 3054463177 2013-03-14 2011 2016-02-25 16:41:14Z JAMES COWGILL JR 1501 NE 62ND STREET FORT LAUDERDALE FL 33334 87599527 false X WWW.PINECREST.EDU X 1989 FL TO OFFER A CHALLENGING ACADEMIC EXPERIENCE COMPLEMENTED BY EXCELLEANCE IN THE ARTS AND ATHLETICS; TO DEVELOP THE CHARACTER, INDEPENDENCE, AND LEADERSHIP OF EACH STUDENT; AND TO PROVIDE A NURTURING LEARNING COMMUNITY THAT PREPARES STUDENTS TO MEET THE GLOBAL CHALLANGES OF OUR FUTURE. PINE CREST PREPARATORY SCHOOL OFFERS CHALLENGING ACADEMIC AND CO-CURRICULAR PROGRAMS FOR APPROXIMATELY 2,600 STUDENTS IN GRADES PK-12 ON TWO CAMPUSES. 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THIS INTERPRETATION ALSO PROVIDES GUIDANCE ON DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE AND TRANSITION. THIS INTERPRETATION MUST BE APPLIED TO ALL EXISTING TAX POSITIONS. THE CUMULATIVE EFFECT, IF ANY, IS TO BE REPORTED AS AN ADJUSTMENT TO OPENING NET ASSETS. THIS INTERPRETATION WILL REQUIRE MANAGEMENT OF THE SCHOOL TO ANALYZE ALL OPEN TAX YEARS, AS DEFINED BY THE STATUTE OF LIMITATIONS, FOR ALL MAJOR JURISDICTIONS, WHICH INCLUDES FEDERAL AND CERTAIN STATES. OPEN TAX YEARS ARE THOSE THAT ARE OPEN FOR EXAMINATION BY TAXING AUTHORITIES (I.E., GENERALLY THE LAST FOUR TAX YEAR ENDS AND THE INTERIM TAX PERIOD SINCE THEN). PCAC WAS NOTIFIED BY THE INTERNAL REVENUE SERVICE (THE "IRS") BY A LETTER DATED JUNE 13, 2011 THAT THE ORGANIZATION'S TAX EXEMPT STATUS AS A 501(C)(2) ORGANIZATION WAS REVOKED AUTOMATICALLY BECAUSE IT HAD NOT FILED A TAX RETURN FOR THE PREVIOUS THREE YEARS. THE SCHOOL HAD BEEN ADVISED THAT NO SEPARATE RETURNS NEEDED TO BE FILED FOR PCAC. THE IRS IN A LETTER DATED MAY 19, 2012 DENIED PCAC'S REQUEST TO HAVE PCAC'S TAX EXEMPT STATUS REINSTATED AS OF THE DATE OF REVOCATION AND TO INSTEAD REINSTATE EFFECTIVE DATE TO JANUARY 31, 2012. THE SCHOOL BELIEVES THAT THIS WILL NOT HAVE A MATERIAL EFFECT ON ITS FINANCIAL STATEMENTS. RECONCILIATION OF CHANGES - OTHER SCHEDULE D, PAGE 4, PART XI, LINE 8 SPECIAL EVENT 166,249 SPECIAL EVENTS -166,249 DECREASE IN VALUE OF INTEREST RATE SWAP AGREEMENT -6,898,788 REVENUE AMOUNTS INCLUDED IN FINANCIALS - OTHER SCHEDULE D, PAGE 4, PART XII, LINE 2D SPECIAL EVENT 166,249 EXPENSE AMOUNTS INCLUDED IN FINANCIALS - OTHER SCHEDULE D, PAGE 4, PART XIII, LINE 2D SPECIAL EVENTS 166,249 DECREASE IN VALUE OF INTEREST RATE SWAP AGREEMENT 6,898,788 true true true true true true true false false false false false false false false false false true false BOCA RATON AUCT 549262 549262 166249 549262 549262 166249 166249 383013 X X true true X X X X X true false false false false false false false false DANA MARKHAM 188086 39333 4000 18513 249932 JAMES COWGILL JR 191000 2000 15440 208440 SCOTT WING 136505 3334 11187 151026 LOURDES COWGILL 308401 2600 19600 330601 ELENA DEL ALAMO 151234 6000 12578 169812 HENRY BATTLE JR 188333 50065 13806 19600 271804 DALE SMITH 113134 100000 3000 9290 225424 JANET WIARD 100033 22037 4375 8303 134748 DAVID BOWMAN 83333 25000 10806 9531 128670 SILVIA NAVAS 10036 13078 875 23989 SEVERANCE, NONQUALIFIED, AND EQUITY-BASED PAYMENTS SCHEDULE J, PAGE 1, PART I, LINE 4 HENRY BATTLE, JR 350,000 0 0 DAVID BOWMAN 234,167 0 0 PALM BEACH COUNTY FLORIDA 590861374 2009-08-01 75000000 TO FUND VARIOUS CAPITAL PROJECTS false false false false false false true false false false false false false true false true false false false false ORGANIZATION'S MISSION FORM 990 - ORGANIZATION'S MISSION TO OFFER A CHALLENGING ACADEMIC EXPERIENCE COMPLEMENTED BY EXCELLEANCE IN THE ARTS AND ATHLETICS; TO DEVELOP THE CHARACTER, INDEPENDENCE, AND LEADERSHIP OF EACH STUDENT; AND TO PROVIDE A NURTURING LEARNING COMMUNITY THAT PREPARES STUDENTS TO MEET THE GLOBAL CHALLANGES OF OUR FUTURE. PINE CREST PREPARATORY SCHOOL OFFERS CHALLENGING ACADEMIC AND CO-CURRICULAR PROGRAMS FOR APPROXIMATELY 2,600 STUDENTS IN GRADES PK-12 ON TWO CAMPUSES. PINE CREST OFFERS A VARIETY OF SUMMER PROGRAMS AND CAMPS THAT SERVICES HUNDREDS OF CHILDREN FROM THE SURROUNDING COMMUNITY. RELATED PARTY INFORMATION AMONG OFFICERS FORM 990, PAGE 6, PART VI, LINE 2 ELENA DEL ALAMO JAMES COWGILL, JR. DIR. ADM/AID CFO AUNT/NEPHEW JAMES COWGILL, JR. LOURDES COWGILL CFO PRES. EMR. SON/MOTHER LOURDES COWGILL ELENA DEL ALAMO PRES. EMR. DIR. ADM/AID SISTERS SCOTT WING JARED SVENDSEN HEAD SCHOOL TELEVISION FATHER IN LAW/SON IN LAW DANA MARKHAM JOE MARKHAM PRESIDENT DIR OF TRANS WIFE/HUSBAND DANA MARKHAM NICOLE SWORD-CONWAY PRESIDENT NURSE EDU MOTHER IN LAW/DAUGHTER IN LAW ORGANIZATION'S PROCESS USED TO REVIEW FORM 990 FORM 990, PAGE 6, PART VI, LINE 11B FORM 990 IS PROVIDED TO THE CFO/CONTROLLER OF THE INSTITUTION WHERE IT IS REVIEWED BY THE AUDIT COMMITTEE. ENFORCEMENT OF CONFLICTS POLICY FORM 990, PAGE 6, PART VI, LINE 12C CONFLICT OF INTEREST POLICY IS EXAMINED AND ENFORCED THROUGH USE OF ANNUAL DISCLOSURES AS DETERMINED BY THE GOVERNING BODY. COMPENSATION PROCESS FOR TOP OFFICIAL FORM 990, PAGE 6, PART VI, LINE 15A THE BOARD OF TRUSTEES CREATED A COMPENSATION COMMITTEE MADE UP OF INDIVIDUALS WHO DO NOT HAVE ANY CONFLICT OF INTEREST TO REVIEW AND APPROVE THE COMPENSATION OF OFFICERS AND KEY EMPLOYEES. THE COMPENSATION OF EACH PERSON IS REVIEWED AND APPROVED USING DATA FOR SIMILIARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILIARLY SITUATED ORGANIZATIONS. THERE IS CONTEMPORANEOUS DOCUMENTATION AND RECORDKEEPING WITH RESPECT TO THE DELIBERATIONS AND DECISIONS REGARDING THE COMPENSATION ARRANGEMENT. COMPENSATION PROCESS FOR OFFICERS FORM 990, PAGE 6, PART VI, LINE 15B THE BOARD OF TRUSTEES CREATED A COMPENSATION COMMITTEE MADE UP OF INDIVIDUALS WHO DO NOT HAVE ANY CONFLICT OF INTEREST TO REVIEW AND APPROVE THE COMPENSATION OF OFFICERS AND KEY EMPLOYEES. THE COMPENSATION OF EACH PERSON IS REVIEWED AND APPROVED USING DATA FOR SIMILIARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILIARLY SITUATED ORGANIZATIONS. THERE IS CONTEMPORANEOUS DOCUMENTATION AND RECORDKEEPING WITH RESPECT TO THE DELIBERATIONS AND DECISIONS REGARDING THE COMPENSATION ARRANGEMENT. GOVERNING DOCUMENTS DISCLOSURE EXPLANATION FORM 990, PAGE 6, PART VI, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE FURNISHED TO THE PUBLIC UPON REQUEST AT THE MAIN ADMINISTRATION OFFICE. PCAC INC 1501 NE 62 ST FT LAUDERDALE FL 33334 650927219 REAL PROP. 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