2013-05-13T07:00:29-05:00 2012-06-30 581729751 Metcalf Davis CPAs 3340 Peachtree Road NE Suite 2600 Atlanta GA 303261089 990 2011-07-01 580706812 Pace Academy Inc PACE 4042621345 966 West Paces Ferry Road NW Atlanta GA 303272648 Frederick G Assaf 4042621345 2013-05-06 1 Arthur H Metcalf II P00279386 4042641700 2013-05-06 2011 2016-02-24 21:20:13Z Frederick G Assaf 966 West Paces Ferry Road NW Atlanta GA 303272648 87064696 0 X www.paceacademy.org X 1958 GA Pace Academy is an independent day school-prefirst through 12th grade for boys and girls. 24 24 393 524 0 11402 4119965 15385244 22587660 23712117 660146 4183314 168221 -6244 27535992 43274431 1070734 1165513 0 0 14492294 15313732 0 0 728636 8509703 8766965 24072731 25246210 3463261 18028221 118997879 133502634 41203564 42070714 77794315 91431920 X Our mission is to create prepared, confident citizens of the world who honor the values and legacy of Pace Academy. 0 0 18365920 1165513 21923952 Instruction- Pace Academy was established in 1958 as an independent college preparatory coeducational day school. In the class of 2012, Pace had an enrollment of 1,048 students in pre-first through twelfth grades. The student teacher ratio was 9:1 with a class size on average of 12 students.The teachers average 16 years of teaching experience with nine years at Pace Academy. Eighty percent of Upper School faculty holds graduate degrees, while 16 percent hold doctorates. The 86 graduates of 2012 are attending 52 different colleges and universities in the United States, Canada, and Scotland.During the 2011-2012 school year, every senior at Pace took at least one Advanced Placement course with 82 percent scoring a 3 or higher. The average SAT score for the class was 1,320-1980 and 20 percent of the 2011-2012 class earned National Merit recognition. Pace is accredited by the Southern Association of Colleges and Schools and the Southern Association of Independent Schools and holds membership in the National Association of Independent Schools, the Cum Laude Society, the College Board, the Educational Records Bureau, and the National Association of College Admission Counselors. Pace Academy is one of fewer than 40 schools in the nation invited to be a Founding School Member of the Association of College Counselors in Independent Schools (ACCIS). 697323 697323 Auxiliary Services-Pace serves students, faculty, and staff lunch, which aggregates over 1200 meals per day while refreshment areas are available throughout the campus. Pace has a Campus Store, which is open on regular school days. The store offers online textbook purchasing and features a variety of Pace apparel, including NIKE and Under Armour, Pace accessories, PE and dress uniforms, school supplies, and novelty and holiday items.During the year, the School launched its most ambitious capital campaign in its history to build a new Upper School facility in time for the 2014-2015 academic year. The 75,000 square foot building, which will be called the Arthur M. Blank Family Upper School is part of Paces long-range master campus plan. The School's campaign has a goal of raising $32 million with $22 million already being raised. 1423045 1090842 Student Activities - Pace consistently produces championship teams and All-state, All-American and Academic All-American athletes. Eighty-five (85) percent of Middle and Upper School students participated in at least one of Paces 64 sports team. Pace's players are recruited by powerhouse colleges, and the school's graduates have gone on to play for teams ranging from NCAA Division I schools to the major league baseball teams. Pace claims more than 54 state championships.On their main campus, Pace's facilities include the state-of-the-art Inman Center gymnasium, a natatorium, an indoor jogging and walking track, a gymnastic and wrestling facility, as well as baseball and softball fields, four tennis courts, a practice field and a wellness center. The school also has athletic facilities at two satellite locations. One is an eight-acre baseball field just three miles from the main campus. The second property, six miles from campus, includes one multipurpose field for football, soccer and lacrosse; a baseball field; a 27,000-square-foot field house; and parking for 450 cars. This year, in its third year, the football team made the regional finals.Pace was one of Atlanta's first schools to make service a graduation requirement. During the 2010-2011 school year, Upper School students performed over 9,000 hours of service. The school partners with nine community service agencies. During the 2010-2011 school year, the 5th grade placed 1st in the nation National WordMasters competition. The yearlong competition consisted of more than 700 teams at each grade level. Pace debaters advanced to the national tournament last year. 20486288 1 1 0 0 0 0 0 0 0 1 1 1 1 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 1 1 0 1 0 0 0 0 1 0 0 0 0 1 54 0 1 393 1 1 1 0 0 0 0 1 1 0 0 0 1 0 0 0 0 0 X 24 24 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 GA X Jean W Held 4042621345 966 West Paces Ferry Road Atlanta GA 30327 Timothy J Walsh 5.00 X 0 0 0 Jeffrey R Seaman 1.00 X 0 0 0 Barbara Y Lager 3.00 X 0 0 0 Laurie Ann Goldman 1.00 X 0 0 0 Greg Thurman 1.00 X 0 0 0 Sybil C Hadley 1.00 X 0 0 0 James W Howard 1.00 X 0 0 0 Jeffrey T Arnold 1.00 X 0 0 0 William M Lellyett 1.00 X 0 0 0 John Inman 1.00 X 0 0 0 Jeff Seabright 1.00 X 0 0 0 Robert Sheft 1.00 X 0 0 0 Bonnie P Harris 1.00 X 0 0 0 Elizabeth Correll Richards 1.00 X 0 0 0 William D Smith 1.00 X 0 0 0 Sally L Williamson 1.00 X 0 0 0 Thomas A Bethel 1.00 X 0 0 0 Randall E Quintrell 1.00 X 0 0 0 Garry K Schaefer 1.00 X 0 0 0 Dr Charles L Brown 1.00 X 0 0 0 Gregory C Kelly 1.00 X 0 0 0 Mark E Luetters 1.00 X 0 0 0 Daron G Pair 1.00 X 0 0 0 Rebecca S Shepherd 1.00 X 0 0 0 Frederick G Assaf 40.00 X 486022 0 129735 Jean Held 40.00 X 132533 0 26180 Matthew Wawro 40.00 X 150100 0 21163 Kristin Palmerton 40.00 X 121382 0 52477 Anna Valerius 40.00 X 114398 0 24960 1004435 0 254515 10 0 1 0 Sage Dining Services Inc 1402 York Road Suite 100 Lutherville MD 21093 Food service 958726 Collins Cooper Carusi Architects Inc 3391 Peachtree Rd Atlanta GA 30326 Architectual services 680593 WR Cleaning Services Inc 1405 Flattail Run Lawrenceville GA 30043 Janitorial 304515 Precision Turf LLC 4237 Walking Lane Lilburn GA 30047 Turf construction 206631 SG Contracting Inc 1720 Peachtree Street Atlanta GA 30309 General contracting 184545 7 114300 475385 14795559 413464 15385244 Tuition and fees 611710 21923952 21923952 Summer programs 611710 1376666 1376666 Other operating revenu 611710 292142 292142 Booster club 611710 119357 119357 23712117 856508 856508 82893 12698 70195 70195 70195 46757634 43279265 151563 3478369 -151563 3326806 3326806 75301 114300 90842 -15541 -15541 194999 255897 -60898 -60898 43274431 23712117 0 4177070 1165513 1165513 933337 148784 474584 309969 11360217 9957029 1248314 154874 760788 431038 311590 18160 1411894 1195437 145213 71244 847496 713497 104388 29611 2794 2794 37500 37500 126000 126000 42706 28779 13927 245557 29165 166499 49893 2057902 1700368 338529 19005 256835 206654 42642 7539 107992 61557 40031 6404 644763 595007 47545 2211 1933885 1784648 142604 6633 141611 13510 128101 Student Activities 1563975 1423045 140930 Dining 715498 697323 14395 3780 Other expense 445418 85237 324795 35386 Library, textbooks, and 306559 264895 41664 137970 13581 124389 25246210 20486288 4031286 728636 9273425 16470347 4493146 7072339 3401223 13202849 3616659 4080596 85248 85248 1187373 1251748 74109543 22999463 50985266 51110080 24435558 10597432 20914216 29108814 605765 523181 118997879 133502634 1916315 2339324 13440729 14339860 24600000 23400000 50000 50000 1196520 1941530 41203564 42070714 X 69249673 70486038 4102761 16503501 4441881 4442381 77794315 91431920 118997879 133502634 X 18028221 -4390616 X X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 45349816 10589712 286935 823652 127000 55275811 41234145 1055189 3459720 266302 132936 45349816 38323036 1636939 3606270 2332100 41234145 42558262 4366611 -6042232 2559605 38323036 0.76000 0.08000 0.16000 0 0 8585038 8585038 53886139 18914333 34971806 6119292 2147905 3971387 3573688 1254384 2319304 1945386 682841 1262545 51110080 Alternative investments 5692158 F Fixed income funds 23416656 F 29108814 Agency accounts 159560 Interest rate swap 1781970 1941530 43274431 25246210 18028221 -3783493 126000 -733123 -4390616 13637605 38513646 -3783493 346739 -3436754 41950400 1324031 1324031 43274431 24876041 1079862 1079862 23796179 1450031 1450031 25246210 Description of Intended Use of Endowment Funds: Part V, Line 4: Endowment funds are held for the purpose of meeting the requirements of donors in either temporarily or permanently restricted net assets. Board designated quasi-endowment funds are held to meet the long-term needs of the School. Description of Uncertain Tax Positions Under FIN 48: Part X: Pace follows the guidance related to accounting for uncertainties in income taxes, which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken. Management does not believe Pace has any significant tax uncertainties that were affected by this change and accordingly no adjustment was made as a result of this implementation. Paces tax returns are subject to review and examination by federal and state authorities. Tax returns for the fiscal years ended June 30, 2009-2012 are open to examination by federal and state authorities, and in certain circumstances the statute of limitations may remain open indefinitely. Part XI, Line 8 - Other Adjustments: Interest rate swap -733,123. Part XII, Line 2d - Other Adjustments: Costs of sales and fund raising 346,739. Part XII, Line 4b - Other Adjustments: Financial aid deducted from revenues on financial statements 1,165,513. Other 158,518. Part XIII, Line 2d - Other Adjustments: Interest rate swap 733,123. Cost of sales and fund raising 346,739. Part XIII, Line 4b - Other Adjustments: Financial aid deducted from revenues on financial statements 1,165,513. Investment expenses 126,000. Other 158,518. FIN 48 footnote Pace adopted the guidance related to accounting for uncertainties in income taxes during the fiscal year ended June 30, 2010, which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken. Management does not believe Pace has any significant tax uncertainties that were affected by this change and accordingly no adjustment was made as a result of this implementation. Pace's tax returns are subject to review and examination by federal and state authorities. Tax returns for the fiscal year ended June 30, 2008 through June 30, 2011 are open to examination by federal and state authorities, and in certain circumstances the statue of limitations may remain open indefinitely. 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 Student applications and Student Handbook as well as employee communications contain information related to the School's nondiscriminatory policies. In addition, the policy is on the School's website and published in the local newspaper. Europe, Asia, South Africa 0 0 Program Services. Study abroad. 408000 0 0 0 0 0 0 408000 0 408000 1 0 0 1 0 0 Method Used to Acccount for Expenditures: Schedule F, Part I, Line 3: Actual costs of providing travel and related costs. X X X X X 0 Booster Bash 105192 61831 43361 1574 627 38329 Diversity JTF 46330 28700 17630 32819 2 38079 23769 14310 2866 11125 3502 189601 114300 75301 4440 11752 74650 90842 -15541 1 Need based financial assistance aid to students as a reduction in tuition. 115 1165513 Amount of reduction in tuition amount. The non-cash financial aid is a reduction in tuition costs to the student determined on a need basis. X X X 1 1 X X X X 0 1 0 0 0 0 0 0 0 Frederick G Assaf 478532 0 0 0 7490 0 19470 0 110265 0 615757 0 0 0 Jean Held 132533 0 0 0 0 0 10625 0 15555 0 158713 0 0 0 Matthew Wawro 150100 0 0 0 0 0 5034 0 16129 0 171263 0 0 0 Kristin Palmerton 121382 0 0 0 0 0 7282 0 45195 0 173859 0 0 0 Part I, Line 1a Part I, line 1a, Tax indemnification and gross-up payments. The Head of School has income reported to him for the amount of tuition remission he receives along with the corresponding amount of related income tax. Part I, line 1a, Personal services. Cleaning services are provided for the Head of School's residence. Part I, line 1a. Housing. As a condition of employment and for the conveniences of the School, the Head of School is required to reside in campus housing. Based on the facts and circumstances of the requirments of his respective role and responsibilities, it is the opinion of the School that the housing costs is non-taxable to the Head of School. Section 119 of the Internal Revenue Code is reviewed annually to determine the applicability and compliance with this section. Part I, Line 3 The Compensation Committee (Board Chair, Board Vice-Chair, and Finance Committee Chairman) reviews salaries from other peer independent schools, reports from the National Association of Independent Schools, and other sources in developing compensation for the Head of School. Substantiation is contemporaneous and given by the Board Chair to the Human Resources Director to keep on file. Part I, Line 4b Head of School participates in a Section 457(b) plan. Development Authority of Fulton County 581506878 359900UQ8 2008-04-01 27000000 Construction of campus and other related facilities. 0 1 0 3600000 27000000 351340 26648660 2008 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 Nancy Quintrell Spouse of Trustee Randy Quintrell 62741 Trustee's spouse is a faculty member in the Middle School. 0 X 8 413464 Avg high/low X Minor goods 10 0 Estimated 0 0 1 0 Third Party Use: Part I, Line 32b: The School has gift acceptance and disposition policies in place that were implemented in May 2004. It includes a Committee charged with complying with the applicable laws and regulations. Acceptance authority for publicly traded securities, quid pro quo contributions, mutual fund shares, closely held securities, tangible personal property, real estate, and life insurance policies are specifically identified for special rules. Non Reporting of Revenue: Part I, Line 33: Immaterial and minor amounts of gifts or services or small items are not given any value for recognizing revenues. Form 990, Part VI, Section B, line 11 The Audit Commitee of the Board of Trustees reviews the Form 990 as a committee. Once it is approved, a full and complete Government copy is furnished to all Board of Trustee members for their review and approval prior to filing with the Internal Revenue Service. How documents are made available to the public. 990, Part VI, Governance, Management, Disclosure, Section C, Number 19 Governing documents can be accessed through the website for the Secretary of State of Georgia and are readily available. The School's conflict of interest policy and latest audited financial statements are available upon request during business hours from the Business Office with appropriate consideration for time to accumulate to meet such requests. Form 990, Part VI, Section B, line 12c The Board of Trustees requires that all members complete an annual statement regarding any conflict of interest as defined within the policy statement for conflict of interest. This pledge is to uphaold a duty of confidentiality and avoidance of any confict of interest. Form 990, Part VI, Section B, line 15 The Board of Trustees has a Compensation Committee that determines executive compensation. The Board reviews comparable amounts from other similar entities by reviewing their form 990 from other websites. The Board has final approval for all recommendations of the Compensation Committee. Form 990, Part VI, Section C, line 18 The Form 990 is available for public inspection during business hours of the School. In addition, the form may be available on the website Guidestar.com. Form 990, Part VI, Section C, line 19 The information is availbale upon request and made available to the interested parties during business hours of the School during those days that the School is open to students. Changes in Net Assets or Fund Balances: Form 990, Part XI, line 5: Net unrealized losses on investments: -3,783,493. Investment expenses: 126,000. Interest rate swap -733,123. Total to Form 990, Part XI, Line 5: -4,390,616. No change in audit function. Form 990, Part XI, Line 2(c) The School has not changed its policy or procedure related to the audit function. Knights Riverview LLC 966 West Paces Ferry Rd Atlanta GA 30327 The primary activity is to assist in carrying out the same as the School. GA 0 0 Pace Academy Inc Pace Academy Parents' Club Inc 966 West Paces Ferry Road Atlanta GA 30327 582074448 Raising money to donate to Pace Academy, Inc. GA 501 (c)(3) Line 9 N/A 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 Pace Academy Parents' Club Inc C 475385 Sch B contribution Knights Riverview LLC J 2400 Lease