2013-06-24T14:42:08-05:00 2012-12-31 221914888 NISIVOCCIA LLP 200 VALLEY RD SUITE 300 MT ARLINGTON NJ 07856 990 2012-01-01 223360099 PRESCHOOL ADVANTAGE INC PRES 9735322501 62 ELM STREET MORRISTOWN NJ 07960 EUGENE HUANG 9735322501 2013-06-03 1 THOMAS R DARTNELL CPA P00224464 9733281825 2013-06-03 2012 2016-02-24 21:20:13Z EUGENE HUANG 62 ELM STREET MORRISTOWN NJ 07960 458007 0 X WWW.PRESCHOOLADVANTAGE.ORG X 1995 NJ TO PROVIDE CHILDREN OF LOCAL FAMILIES IN NEED (MORRIS AND SURROUNDING COUNTIES) WITH THE FOUNDATION FOR A LIFETIME OF SUCCESSFUL LEARNING BY FUNDING QUALITY PRESCHOOL EDUCATION. 16 16 4 85 0 0 361970 355695 0 0 19877 27796 459 20514 382306 404005 249292 254500 0 0 81673 81997 0 0 43159 67493 40308 398458 376805 -16152 27200 1061856 1124917 0 0 1061856 1124917 PRESCHOOL ADVANTAGE, INC. IMPROVES LOCAL COMMUNITIES BY PROVIDING PRESCHOOL EDUCATION TO UNDERSERVED CHILDREN. 0 0 294461 254500 PRESCHOOL ASSISTANCE: PROVIDES FUNDING FOR APPROXIMATELY 63 CHILDREN TO ATTEND PRESCHOOL IN 19 OF ITS PARTNER SCHOOLS. 294461 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 3 0 4 1 0 0 0 0 0 1 1 0 0 0 0 X 16 16 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NJ X EUGENE HUANG 9735322501 62 ELM STREET MORRISTOWN NJ 07960 BARBARA DEMAREST 2.00 X 0 0 0 EUGENE HUANG 2.00 X X 0 0 0 CINDY WEISS 20.00 X X 0 0 0 RICHARD ALLAWAY 2.00 X 0 0 0 BETSEY BLAIR 2.00 X 0 0 0 JESSICA FIDDES 2.00 X 0 0 0 ADRIENNE KIRBY 2.00 X 0 0 0 STAN MORIN 2.00 X 0 0 0 DONNA ODLE 2.00 X 0 0 0 ERNIE OSLE 2.00 X 0 0 0 SONYA PERROTTI 2.00 X 0 0 0 GAIL REUTHER 2.00 X X 0 0 0 DIANNE ROBINSON 2.00 X 0 0 0 ROB STEIDLITZ 2.00 X 0 0 0 RICK THOENI 2.00 X X 0 0 0 MICHAEL RESNICK 2.00 X 0 0 0 KAREN TITTERTON 40.00 X 48904 0 9103 48904 0 9103 0 0 0 0 0 142975 212720 355695 10062 10062 17734 0 17734 17734 17734 74516 142975 54002 20514 20514 404005 0 0 48310 254500 254500 58097 23203 11691 23203 16145 5313 4801 6031 1908 564 658 686 5847 2233 1317 2297 348 348 6754 6754 800 800 1664 1664 5677 2168 1278 2231 14832 5664 3340 5828 1210 1210 2005 2005 908 347 204 357 MISCELLANEOUS 3225 3139 86 REPAIRS AND MAINTENANCE 1228 469 276 483 DIRECT APPEAL 737 737 DUES AND SUBSCRIPTIONS 500 500 420 420 376805 294461 39185 43159 195424 226864 127853 128038 23871 20528 5348 3343 731443 764884 1788 1788 1061856 1124917 0 0 X 1056856 1116417 3500 5000 5000 1061856 1124917 1061856 1124917 27200 35861 0 X X 0 1 X 1 0 X 326044 252253 645987 245604 355695 1825583 326044 252253 645987 245604 355695 1825583 1825583 16418 10495 14381 16836 10062 68192 1893775 0.96400 0.95770 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 736443 70379 30000 6938 769884 778726 -12976 22500 6807 736443 367339 450000 83374 116740 20 5227 778726 0.99350 0.00650 1 0 23871 20528 3343 3343 X 439866 0 439866 -35861 -35861 404005 376805 0 376805 0 376805 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: THE ORGANIZATION IS A NOT-FOR-PROFIT CORPORATION THAT IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND CLASSIFIED BY THE INTERNAL REVENUE SERVICE AS OTHER THAN A PRIVATE FOUNDATION. THE ORGANIZATION IS ALSO EXEMPT UNDER TITLE 15 OF THE STATE OF NEW JERSEY, CORPORATIONS AND ASSOCIATIONS NOT-FOR-PROFIT ACT. ACCORDINGLY, NO PROVISION FOR FEDERAL OR STATE INCOME TAX HAS BEEN PRESENTED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE ORGANIZATION FOLLOWS THE PROVISIONS OF FASB ACCOUNTING STANDARDS CODIFICATION, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, FORMALLY REFERRED TO AS FIN 48. THE STANDARD PRESCRIBES A MINIMUM RECOGNITION THRESHOLD AND MEASUREMENT METHODOLOGY THAT A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. IT ALSO PROVIDES GUIDANCE FOR DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE, AND TRANSITION AS THEY RELATE TO THOSE TAX POSITIONS THE ORGANIZATION DOES NOT EXPECT A SIGNIFICANT INCREASE OR DECREASE TO THE TOTAL AMOUNTS OF UNRECOGNIZED TAX POSITIONS DURING THE YEAR ENDED DECEMBER 31, 2012. HOWEVER, THE ORGANIZATION IS SUBJECT TO AUDIT BY TAX AUTHORITIES, INCLUDING A REVIEW OF ITS NONPROFIT STATUS WHICH MANAGEMENT BELIEVES WOULD BE UPHELD UPON EXAMINATION. THE ORGANIZATION BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR THE POSITIONS TAKEN ON ITS TAX RETURNS. NONETHELESS, THE AMOUNTS ULTIMATELY PAID, IF ANY, UPON RESOLUTION OF THE ISSUES RAISED BY THE TAXING AUTHORITIES MAY DIFFER MATERIALLY FROM THE AMOUNTS ACCRUED FOR EACH YEAR. THE ORGANIZATION DID NOT HAVE AMOUNTS ACCRUED FOR THE YEARS ENDING DECEMBER 31, 2012 AND 2011. AS REQUIRED BY LAW, THE ORGANIZATION FILES INFORMATIONAL RETURNS WITH BOTH THE FEDERAL AND NEW JERSEY STATE GOVERNMENTS ON AN ANNUAL BASIS - FORM 990 WITH THE INTERNAL REVENUE SERVICE, AND FORM CRI-300R WITH THE STATE. THESE RETURNS ARE SUBJECT TO EXAMINATION BY THESE AUTHORITIES WITHIN THREE YEARS FROM THE LATEST FILING DATE FOR FEDERAL AND FOUR YEARS FROM THE LATEST FILING DATE FOR NEW JERSEY. PART XI, LINE 4B - OTHER ADJUSTMENTS: NET UNREALIZED LOSSES ON INVESTMENTS -35,861. FALL GALA 150090 119475 30615 30371 GOLF OUTING 59264 23500 35764 22025 209354 142975 66379 52396 52396 13983 1 TUITION ASSISTANCE 63 254500 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: TUITION ASSISTANCE IS APPLIED TO SCHOOL TUITION AND IS NOT USED FOR OUTSIDE PURPOSES. TUITION ASSISTANCE IS AWARDED IN ACCORDANCE WITH ESTABLISHED GUIDELINES. FORM 990, PART VI, SECTION B, LINE 11 PRESCHOOL ADVANTAGE, INC. HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. WHEN THE FORM 990 HAS BEEN PREPARED, REVIEWED BY MANAGEMENT AND THE AUDIT COMMITTEE AND IS READY TO BE FILED WITH THE INTERNAL REVENUE SERVICE, IT IS PROVIDED TO THE MEMBERS OF THE ORGANIZATIONS GOVERNING BODY FOR ANY COMMENTS PRIOR TO ITS SUBMISSION. THE GOVERNING BODY IS PROVIDED WITH A REASONABLE AMOUNT OF TIME TO REVIEW THE FORM 990. ANY COMMENTS ARE THEN GROUPED, SUMMARIZED AND PROVIDED THROUGH MANAGEMENT TO THE OUTSIDE ACCOUNTING FIRM. ANY APPLICABLE ISSUES ARE ADDRESSED UNTIL THE RETURN IS FINALIZED AND APPROVED FOR FILING. FORM 990, PART VI, SECTION B, LINE 12C PRESCHOOL ADVANTAGE, INC. CURRENTLY HAS IN PLACE A CONFLICT OF INTEREST POLICY WHICH IT REGULARLY MONITORS AND ENFORCES. THE BOARD MANDATES THAT ALL MEMBERS OF MANAGEMENT AND THE GOVERNING BODY ANNUALLY SIGN A CONFLICT OF INTEREST POLICY AND DISCLOSE ANY POTENTIAL OR ACTUAL CONFLICTS THAT MAY EXIST. IF A POTENTIAL OR ACTUAL CONFLICT OF INTEREST EXISTS, THE GOVERNING BODY AND MANAGEMENT WILL INVESTIGATE THE ISSUE. IF A CONFLICT OF INTEREST IS DETERMINED TO EXIST, MANAGEMENT AND THE GOVERNING BODY WILL BE NOTIFIED IMMEDIATELY. THE MEMBER WILL NOT BE ALLOWED TO VOTE OR BE A PART OF ANY DECISIONS ABOUT ANY SUCH TRANSACTIONS THAT HAVE TO DO WITH THE CONFLICT UNTIL SUCH TIME THAT THERE IS NO LONGER A CONFLICT. IN ADDITION WHENEVER A LARGE PURCHASE OR OTHER TRANSACTION FOR SERVICES ARE PROVIDED THEY ARE REVIEWED FOR APPROVAL. THE TRUSTEES ARE REQUIRED TO MAKE FULL DISCLOSURE OF ANY INTEREST THEY, THEIR FAMILY, OR ORGANIZATION MAY HAVE. THE BOARD THEN DECIDES IF INVOLVEMENT WOULD CONSTITUTE A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION OF THE ORGANIZATIONS OFFICERS OR KEY EMPLOYEES IS REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES AN INDEPENDENT BODY. THE QUALIFICATIONS AND EXPERIENCE OF THE INDIVIDUAL ARE ALSO TAKEN INTO ACCOUNT WHEN DETERMINING COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 PRESCHOOL ADVANTAGE, INC. MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE UPON WRITTEN REQUEST AT THE ORGANIZATION'S OFFICE AT 62 ELM STREET, MORRISTOWN, NJ 07960. IN ADDITION THE FINANCIAL STATEMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON WRITTEN REQUEST AT THE ORGANIZATION'S OFFICE AT 62 ELM STREET, MORRISTOWN, NJ 07960. METHOD OF ACCOUNTING POLICY FORM 990, PART XII, LINE 1 PRESCHOOL ADVANTAGE, INC USES THE MODIFIED CASH BASIS OF ACCOUNTING FOR FINANCIAL STATEMENT PURPOSES. AUDIT OVERSIGHT COMMITTEE FORM 990, PART XI, LINE 2C PRESCHOOL ADVANTAGE, INC. HAS ESTABLISHED AN AUDIT COMMITTEE TO OVERSEE THE AUDIT PROCESS AND TO ENGAGE INDEPENDENT AUDITORS AND REVIEW OF THE IRS FORM 990 ON AN ANNUAL BASIS.