2012-05-14T15:53:34-05:00 2011-06-30 VERDEJA & DE ARMAS LLP 255 ALHAMBRA CIR STE 560 CORAL GABLES FL 331347417 990 2010-07-01 590861374 PINE CREST PREPARATORY SCHOOL INC PINE 9544924100 1501 NE 62ND STREET FORT LAUDERDALE FL 33334 JAMES COWGILL 9544924100 2012-05-14 true OCTAVIO A VERDEJA 3054463177 2012-05-14 2010 2016-02-24 21:20:13Z JAMES COWGILL 1501 NE 62ND STREET FORT LAUDERDALE FL 33334 109189797 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. PINE CREST OFFERS A VARIETY OF SUMMER PROGRAMS AND CAMPS THAT SERVICES HUNDREDS OF CHILDREN FROM THE SURROUNDING COMMUNITY. 23 23 893 500 0 2760509 1916616 56763541 57857937 2942782 6483869 372151 271303 62838983 66529725 0 0 37317287 36853514 0 634975 24578089 27025204 61895376 63878718 943607 2651007 204315735 211736316 136697211 137296672 67618524 74439644 X 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 DERECOGNITION, 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, INC. WAS NOTIFIED BY THE INTERNAL REVENUE SERVICE 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 (3) YEARS. THE SCHOOL WAS ADVISED THAT NO SEPARATE RETURNS NEEDED TO BE FILED FOR PCAC, INC. BECAUSE IT (1) MAINTAINED NO BANK ACCOUNTS AND TRANSACTED NO OTHER BUSINESS OTHER THAN HOLDING BARE LEGAL TITLE TO REAL PROPERTY FOR THE SCHOOL; (2) WAS DISCLOSED AS AN AFFILIATE OF THE SCHOOL ON ITS IRS FORMS 990'S FILED WITH THE IRS WHICH INCLUDED ALL OF THE REAL PROPERTY; AND (3) PREPARED COMBINED AUDITED FINANCIAL STATEMENTS WITH THE SCHOOL. THE SCHOOL PREPARED AND FILED AN APPLICATION TO REINSTATE THE TAX EXEMPT STATUS OF PCAC, INC. BASED UPON THE ABOVE FACTS AND WHAT THE SCHOOL BELIEVES TO BE "REASONABLE CAUSE" FOR ANY FAILURE TO FILE TAX RETURNS FOR PCAC, INC. RECONCILIATION OF CHANGES - OTHER SCHEDULE D, PAGE 4, PART XI, LINE 8 SPECIAL EVENT 132,873 SPECIAL EVENTS -132,873 AN ADJUSTMENT TO TIE TO PRIOR YEAR RETAINED EARNING 979 INCREASE IN VALUE OF INTEREST RATE SWAP AGREEMENT 1,814,129 REVENUE AMOUNTS INCLUDED IN FINANCIALS - OTHER SCHEDULE D, PAGE 4, PART XII, LINE 2D SPECIAL EVENT 132,873 EXPENSE AMOUNTS INCLUDED IN FINANCIALS - OTHER SCHEDULE D, PAGE 4, PART XIII, LINE 2D SPECIAL EVENTS 132,873 AN ADJUSTMENT TO TIE TO PRIOR YEAR RETAINED EARNING -979 INCREASE IN VALUE OF INTEREST RATE SWAP AGREEMENT -1,814,129 true true true true true true true false false false false false false false false false false true false BOCA RATON AUCT 404176 404176 132873 404176 404176 132873 132873 271303 X X true true X X X X X true false false false false false false false false JAMES COWGILL JR 138467 33854 13786 186107 LOURDES COWGILL 308948 271 1360 19600 330179 ROBERT PICKUP 167577 40271 858 16697 225403 ELENA DEL ALAMO 150057 6521 6000 13006 175584 DALE SMITH 223431 9229 6000 19093 257753 JANET WIARD 170165 23604 2250 15682 211701 PATRICIA BOIG 44755 3052 77223 3934 128964 JOYCE ROBINSON 88567 3751 92318 SILVIA NAVAS 68086 4071 5773 77930 HENRY BATTLE JR DAVID BOWMAN SEVERANCE, NONQUALIFIED, AND EQUITY-BASED PAYMENTS SCHEDULE J, PAGE 1, PART I, LINE 4 HENRY BATTLE, JR 175,000 0 0 DAVID BOWMAN 129,015 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 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 DIR. ADM/AID CFO AUNT/NEPHEW JAMES COWGILL LOURDES COWGILL CFO PRES. EMR. SON/MOTHER LOURDES COWGILL ELENA DEL ALAMO PRES. EMR. DIR. ADM/AID SISTERS 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. FL 501C2 PINE CREST PINE CREST PREPARATORY SCHOOL INC false false false false false false false false false false false false false true false false false false false PCAC INC PCAC INC M NO VALUE