2013-04-12T14:55:38-05:00 2012-06-30 560747981 DIXON HUGHES GOODMAN LLP 272 BENDIX ROAD SUITE 500 VIRGINIA BEACH VA 23452 990 2011-07-01 540806413 NORFOLK COLLEGIATE SCHOOL NORF 7575830919 7336 GRANBY STREET NORFOLK VA 235053492 SCOTT KENNEDY 7575830919 2013-04-05 1 CARON CROUSE P00630336 7574578400 2011 2016-02-25 16:41:14Z SCOTT KENNEDY 7336 GRANBY STREET NORFOLK VA 235053492 14998734 0 X WWW.NORFOLKCOLLEGIATE.ORG X SCHOOL 1948 VA TO EDUCATE A DIVERSE BODY OF STUDENTS TO THRIVE IN A COLLEGE SETTING AND BEYOND. 41 41 260 150 0 0 1108829 794146 11376666 10918812 465214 352228 291147 248224 13241856 12313410 1190241 1160313 0 0 6846055 6707403 26748 0 461348 4752077 4821079 12815121 12688795 426735 -375385 30653709 31070166 10589669 11519107 20064040 19551059 TO EDUCATE A DIVERSE BODY OF STUDENTS TO THRIVE IN A COLLEGE SETTING AND BEYOND. 0 0 9142419 11046131 OPERATION OF A PRIVATE SCHOOL WITH AN APPROXIMATE ENROLLMENT OF 690 STUDENTS. 9142419 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 260 1 0 0 0 0 0 1 1 0 0 X 41 41 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 VA X NORFOLK COLLEGIATE SCHOOL 7575830919 7336 GRANBY STREET NORFOLK VA 235053492 FREDERICK V MARTIN 2.00 X 0 0 0 RICHARD D ROBERTS 2.00 X 0 0 0 BETSY N MASON 2.00 X 0 0 0 STANLEY G BARR JR 2.00 X 0 0 0 J PATRICK BAKER 2.00 X 0 0 0 ASHLYN M BRANDT 2.00 X 0 0 0 NEAL P BRODSKY 2.00 X 0 0 0 ROBERT H DEFORD III 2.00 X 0 0 0 HAROLD W GEHMAN JR 2.00 X 0 0 0 DIEDRE M GRANGER 2.00 X 0 0 0 STEVEN B HALL 2.00 X 0 0 0 HENRY U HARRIS III 2.00 X 0 0 0 LESLI W HENRY 2.00 X 0 0 0 CHRISTOPHER KANTER 2.00 X 0 0 0 SUSAN H KELLY 2.00 X 0 0 0 RICHARD F KIEFNER JR 2.00 X 0 0 0 BARBARA SARRIS 2.00 X 0 0 0 BROOK J SMITH 2.00 X 0 0 0 JEFFREY A SWARTZ 2.00 X 0 0 0 JOSEPH F BOUCHARD 2.00 X 0 0 0 W TAYLOR FRANKLIN 2.00 X 0 0 0 JEFFREY M SILVERMAN 2.00 X 0 0 0 ELIZABETH S SMITH 2.00 X 0 0 0 KENNETH C ALEXANDER 2.00 X 0 0 0 MARK S BATZEL 2.00 X 0 0 0 STEPHEN E HERETICK 2.00 X 0 0 0 KEVIN M LARKIN 2.00 X 0 0 0 SUNSHINE M LEINBACH 2.00 X 0 0 0 TED A MATHAS 2.00 X 0 0 0 G THOMAS MINTON 2.00 X 0 0 0 SCOTT A ROBERTSON 2.00 X 0 0 0 RONALD A STINE 2.00 X 0 0 0 VICKI H TOWNSEND 2.00 X 0 0 0 JAMES T VAIL 2.00 X 0 0 0 SHEPELLE WATKINS-WHITE 2.00 X 0 0 0 BETSY N MASON 2.00 X 0 0 0 CAROL H MOORE 2.00 X 0 0 0 GARY D BONNEWELL 2.00 X 0 0 0 ROBERT W MCFARLAND 2.00 X 0 0 0 HARRISON J PERRINE 2.00 X 0 0 0 SCOTT KENNEDY 60.00 X 194215 0 3575 194215 0 3575 1 0 1 0 SAGE DINING SERVICES INC 222 BOSLEY AVE TOWSON MD 21204 FOOD SERVICE 631017 TRANQUEST LLC 994 SCOTT STREET NORFOLK VA 23502 CHARTER BUS SERVICES 194612 DUKE SERVICES PO BOX 6027 WILLIAMSBURG VA 23188 CLEANING SERVICES 138488 CSC 6806 PARAGAN PLACE RICHMOND VA 23230 LEASING OF ASSETS 130040 4 794146 794146 TUITION 611710 10388212 10388212 AUXILIARY SERVISES 611710 419419 419419 STUDENT ACTIVITIES 611710 111181 111181 10918812 243653 243653 65071 0 65071 65071 65071 2705975 2597400 108575 108575 108575 252333 87924 164409 164409 CHARITABLE REMAINDER T 525920 18744 18744 18744 12313410 11046131 0 473133 X 1160313 1160313 188572 62858 62857 62857 5491825 4119431 1221336 151058 557850 557850 469156 334583 121197 13376 44651 40956 3695 41099 41099 78701 54968 23733 93172 93172 93005 73570 19435 7300 7300 185856 185856 733630 733630 57546 57546 FACULTY SCHOLARSHIPS 573030 573030 DINING SERVICES 550084 550084 UTILITIES 294429 294429 ATHLETIC DEPT. 274117 274117 1794459 1296002 291828 206629 12688795 9142419 3085028 461348 1554723 710739 5897531 734901 4180538 3841277 1060109 1369154 31006 56782 95641 62571 22153083 8655123 13653878 13497960 3023805 7122007 1156478 3674775 30653709 31070166 1059795 1692438 3066117 3081361 6200931 6555480 262826 189828 10589669 11519107 X 15665296 15494106 1374939 971101 3023805 3085852 20064040 19551059 30653709 31070166 X -375385 -137596 X X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3525477 58463 69321 3653261 3102377 4996 418104 3525477 2845630 61505 195242 3102377 2644099 356560 -155029 2845630 0.84470 0.15530 0 0 2935042 2935042 16418826 6339245 10079581 2799215 2315878 483337 13497960 INTEREST IN ASSETS OF RECIPIENT ORGANIZATION 1260 BENEFICIAL INTEREST IN REMAINDER TRUST 445658 CONSTRUCTION IN PROCESS 3122182 OTHER ASSETS 105675 3674775 DEFERRED COMPENSATION 96000 DERIVATIVE FINANCIAL INSTRUMENTS 93828 189828 12313410 12688795 -375385 -221367 83771 -137596 -512981 11019654 -221367 87924 -133443 11153097 1160313 1160313 12313410 11616406 87924 87924 11528482 1160313 1160313 12688795 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: ENDOWMENTS ARE MAINTAINED FOR VARIOUS REASONS SUCH AS STUDENT SCHOLARSHIPS, FINANCIAL ASSISTANCE, AND FACULTY SALARIES. THE SCHOOL'S ENDOWMENT CONSISTS OF APPROXIMATELY 12 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. THE ENDOWMENT INCLUDES DONOR-RESTRICTED ENDOWMENT FUNDS. NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE SCHOOL IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES AS A NONPROFIT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND THE TAX STATUTES OF THE COMMONWEALTH OF VIRGINIA; ACCORDINGLY, THE ACCOMPANYING FINANCIAL STATEMENTS DO NOT REFLECT A PROVISION OR LIABILITY FOR FEDERAL AND STATE INCOME TAXES. THE SCHOOL HAS DETERMINED THAT IT DOES NOT HAVE ANY MATERIAL UNRECOGNIZED TAX BENEFITS OR OBLIGATIONS AS OF JUNE 30, 2012. FISCAL YEARS ENDING ON OR AFTER JUNE 30, 2009 REMAIN SUBJECT TO EXAMINATION BY FEDERAL AND STATE TAX AUTHORITIES. PART XI, LINE 8 - OTHER ADJUSTMENTS: LOSS ON DERIVATIVE INSTRUMENTS 84,998. CHANGES IN NET ASSETS OF RECIPIENT ORGANIZATION -1,227. TOTAL TO SCHEDULE D, PART XI, LINE 8: 83,771. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES PER 8B OF PART VIII 87,924. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANICAL AID 1,160,313. PART XIII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES PER 8B OF PART VIII 87,924. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 1,160,313. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 NEWSPAPER ADVERTISEMENT AUCTION 106507 106507 23733 FALL FAIR 47140 47140 16799 5 98686 98686 47392 252333 252333 87924 87924 164409 1 NEED BASED FINANCIAL AID 171 1160313 FMV FINANCIAL AID FOR TUITION PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE SCHOOL HAS A FINANCIAL AID POLICY THAT IS USED TO MONITOR THE USE OF FINANCIAL AID. X X X X 0 0 0 0 0 0 0 0 0 SCOTT KENNEDY 194215 0 0 0 0 0 0 0 3575 0 197790 0 0 0 NORFOLK AIRPORT AUTHORITY A 546001465 2012-06-27 3990750 BUILDINGS AND STRUCTURES 0 1 0 NORFOLK AIRPORT AUTHORITY B 546001465 2012-06-27 1330250 BUILDINGS AND STRUCTURES 0 1 0 330708 52313 278395 0 0 0 0 110236 52312 57924 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE SCHOOL HAD BOARD MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THERE IS A COMMITTEE ON TRUSTEES THAT OVERSEES BOARD MEMBERSHIP. THE NEEDS OF THE BOARD/SCHOOL ARE ALWAYS REVIEWED FOR ITEMS SUCH AS GEOGRAPHIC/WORK/GENDER/DIVERSITY. THIS COMMITTEE SOLICITS MEMBERS FROM WITHIN THE COMMUNITY (OTHER BOARD, STAFF). THE COMMITTEE REVIEWS THEIR ATTRIBUTES AS BEING A PART OF THE BOARD. THEY ARE ALSO INTERVIEWED BY THE BOARD CHAIR AND COMMITTEE ON TRUSTEE CHAIR PRIOR TO BEING PRESENTED TO BOARD FOR VOTING APPROVAL. FORM 990, PART VI, SECTION A, LINE 7B THE BOARD NORMALLY WORKS THROUGH A COMMITTEE STRUCTURE WHICH INCLUDES ADVANCEMENT, BUILDING & GROUNDS, FINANCE, STUDENT LIFE, AND GOVERNANCE. INITIALLY MOST ITEMS ARE DISCUSSED AND BROUGHT TO THE COMMITTEE LEVEL FOR BACKGROUND, RESEARCH, AND REVIEW. AREAS THAT REQUIRE APPROVAL ARE VOTED ON BY COMMITTEE, TAKEN TO THE EXECUTIVE COMMITTEE FOR DISCUSSION/VOTE, AND THEN TAKEN TO THE FULL BOARD FOR DISCUSSION/VOTE. FORM 990, PART VI, SECTION B, LINE 11 THE 990 IS REVIEWED BY THE AUDIT COMMITTEE PRIOR TO ITS FILING. IT IS ALSO AVAILABLE TO THE BOARD PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, BOARD MEMBERS ARE REQUIRED TO SUBMIT CONFLICT OF INTEREST STATEMENTS (REFLECTING NONE OR STATED CONFLICTS) TO THE GOVERNANCE COMMITTEE CHAIR. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR ADMINISTRATIVE POSITIONS IS BENCHMARKED USING SEVEN CRITERIA FIELDS OF SALARY BY POSITION FROM NATIONAL ASSOCIATION OF INDEPENDENT SCHOOL AND VIRGINIA ASSOCIATION OF INDEPENDENT SCHOOLS. FOR ADMINISTRATIVE POSITIONS, THE MEDIAN OF THAT DATA IS USED AS A BENCHMARK FOR SALARY DETERMINATION WITHIN THE BUDGET GUIDELINES AND OVERALL STAFF AND FACULTY COST OF LIVING GUIDELINES FOR EACH FISCAL YEAR. HEADMASTER COMPENSATION ALSO USED THE BENCHMARKING CRITERIA AND IS REVIEWED AND SET BY A COMPENSATION COMMITTEE OF BOARD MEMBERS. FORM 990, PART VI, SECTION C, LINE 19 NORFOLK COLLEGIATE SCHOOL PROVIDES AND REVIEWS GOVERNING DOCUMENTS AND ITS CONFLICT OF INTEREST POLICY WITH THE BOARD OF TRUSTEES MEMBERS ANNUALLY. THE ANNUAL FINANCIAL STATEMENTS ARE PRESENTED TO THE BOARD OF TRUSTEES AUDIT COMMITTEE, WHO SUBSEQUENTLY PRESENTS THE FINANCIALS TO THE FINANCE COMMITTEE AND THE EXECUTIVE BOARD OF THE TRUSTEES. THE ANNUAL FINANCIAL STATEMENTS ARE ALSO AVAILABLE FOR REVIEW BY ALL MEMBERS OF THE BOARD OF TRUSTEES UPON PRESENTATION TO THE AFOREMENTIONED COMMITTEES. ALL OF THESE DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. ALL OTHER FUNCTIONAL EXPENSES FORM 990, PART X, LINE 24E BAD DEBTS: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 65,564. FUNDRAISING EXPENSES 162,163. TOTAL EXPENSES 227,727. JANITORIAL: PROGRAM SERVICE EXPENSES 208,308. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 208,308. CONTRACTED SERVICES: PROGRAM SERVICE EXPENSES 199,289. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 199,289. TRANSPORTATION: PROGRAM SERVICE EXPENSES 181,167. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 181,167. SUPPLIES: PROGRAM SERVICE EXPENSES 115,516. MANAGEMENT AND GENERAL EXPENSES 10,706. FUNDRAISING EXPENSES 2,509. TOTAL EXPENSES 128,731. EQUIPMENT RENTAL AND MAINTENANCE: PROGRAM SERVICE EXPENSES 109,633. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 109,633. SUMMER PROGRAMS: PROGRAM SERVICE EXPENSES 107,047. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 107,047. STUDENT ACTIVITIES: PROGRAM SERVICE EXPENSES 97,470. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 97,470. EXTENDED CARE: PROGRAM SERVICE EXPENSES 75,479. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 75,479. LEARNING RESOURCE PROGRAMM: PROGRAM SERVICE EXPENSES 50,349. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 50,349. PRINTING AND PUBLICATIONS: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 26,683. FUNDRAISING EXPENSES 16,900. TOTAL EXPENSES 43,583. POSTAGE AND SHIPPING: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 40,119. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 40,119. RESALE TEXTBOOKS: PROGRAM SERVICE EXPENSES 34,940. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 34,940. MEMBERSHIP DUES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 22,958. FUNDRAISING EXPENSES 2,698. TOTAL EXPENSES 25,656. AP TESTING: PROGRAM SERVICE EXPENSES 23,790. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 23,790. MISCELLANEOUS: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 22,251. FUNDRAISING EXPENSES 408. TOTAL EXPENSES 22,659. PRIZES AND GIFTS: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 22,061. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 22,061. VEHICLE OPERATION: PROGRAM SERVICE EXPENSES 21,292. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 21,292. GUIDANCE COUNSELING: PROGRAM SERVICE EXPENSES 20,476. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 20,476. LIBRARY: PROGRAM SERVICE EXPENSES 19,891. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 19,891. PROFESSIONAL DEVELOPMENT: PROGRAM SERVICE EXPENSES 18,352. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 18,352. BOARD EXPENSES AND OTHER: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 5,278. FUNDRAISING EXPENSES 11,986. TOTAL EXPENSES 17,264. REAL ESTATE TAXES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 16,807. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 16,807. FOOD SPECIAL FUNCTION: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 12,845. FUNDRAISING EXPENSES 2,347. TOTAL EXPENSES 15,192. TELEPHONE: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 13,882. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 13,882. HEADMASTER EXPENSE: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 12,756. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 12,756. TUTORING: PROGRAM SERVICE EXPENSES 10,576. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 10,576. ADMISSION EXPENSE: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 10,219. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 10,219. TRAFFIC & SECURITY: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 8,119. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 8,119. ALUMNI ASSOCIATION: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 7,618. TOTAL EXPENSES 7,618. EDUCATIONAL REIMBURSEMENT: PROGRAM SERVICE EXPENSES 2,427. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,427. PROM EXPENSE: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 1,580. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,580. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -221,367. LOSS ON DERIVATIVE INSTRUMENTS 84,998. CHANGES IN NET ASSETS OF RECIPIENT ORGANIZATION -1,227. TOTAL TO FORM 990, PART XI, LINE 5: -137,596. FORM 990, PART XII, LINE 2C THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT. THE ORGANIZATION HAS NOT CHANGED ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE YEAR. NORFOLK COLLEGIATE EDUCATIONAL FOUNDATION INC 7336 GRANBY STREET NORFOLK VA 23505 541893594 PROVIDE GRANTS TO NORFOLK COLLEGIATE SCHOOL FOR NEED-BASED FINANCIAL AID. VA 501(C)(3) 509(A) N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 NORFOLK COLLEGIATE EDUCATIONAL FOUNDATION N 0