2011-05-13T10:01:07-07:00 2010-06-30 990 2009-07-01 350868071 CULVER EDUCATIONAL FOUNDATION CULV 5748428222 1300 Academy Road No 159 Culver IN 465111291 Richard Tompos 5748428222 2011-05-13 2009 2016-02-24 21:20:13Z John Buxton 1300 Academy Road No 156 Culver IN 46511 125846573 0 X www.culver.org X 1894 IN The Culver Academies is a preparatory boarding school with cutting-edge academic programs, excellent athletic teams, almost limitless opportunities in the Arts, competitive academic teams, its own Black Horse Troop and a summer program that teaches leadership to nearly 1400 children from all over the world. Culver's mission is to educate its students for leadership and responsible citizenship in society by nurturing the whole individual--mind, body and spirit--through integrated programs that emphasize the cultivation of character. Culver embodies an exciting combination of inspirational tradition and inspiring innovation in its programs and its governing philosphy, with an emphasis on critical thinking, problem solving, leadership, wellness and a healthy emphasis on integrity and developing character. With over 100 years in business, our high ideals and high expectations create a challenging and rewarding environment for students. 31 31 1045 950 173248 98871 56849297 66372373 29788346 33048052 4012330 3499865 3299098 1639112 93949071 104559402 8419677 9517324 0 0 29603930 29790391 0 0 4817115 21025639 21343608 59049246 60651323 34899825 43908079 326347551 389484740 68817505 77305442 257530046 312179298 Culver educates its students for leadership and responsible citizenship in society by developing and nurturing the whole individual--mind, spirit, and body--through integrated programs that emphasize the cultivation of character. Culver offers challenging programs in our classrooms and on the athletic fields and a strong sense of community. Culver creates opportunities for students to practice critical thinking and problem-solving to deepen understanding. Our integrated wellness program helps students understand and practice healthy lifestyles. Our commitment to spiritual development includes required weekly religious services. We are a community who believes in educating its students in the virtues of wisdom, justice, courage and moderation. Culver's philosophy is embodied in its Honor Code, its student leadership systems, and Ethics and Service-Learning requirements for graduation. We have high ideals and equally high expectations. 0 0 25642115 27048785 Secondary Education: Instruction for grades 9 - 12 ranging from the arts and music to Science, Math and Humanities, as well as unique programs in Wellness, Leadership and a servant leadership project for graduation. Instruction provided to 792 students as of June 30, 2010. 9517324 9517324 0 Student Financial Aid: Financial assistance of $8,783,760, both merit and need-based. was provided to 366 Winter School students as of June 30, 2010. Financial aid includes $733,564 in assistance for 264 Summer School students. 7635018 0 0 Student Services Programs: A variety of student services and activities were provided including Barber Shop, Laundry-Dry Cleaning, and Student Health Services. Services were provided to 792 Winter School students as of June 30, 2010. 6256850 0 6792059 Elementary & Secondary Education: Summer Camp program providing educational and leadership training as well as outdoor activities for 1359 campers aged 9 - 17. 628644 0 0 Student Services Programs, General/Other: Auxiliary services such as required uniform and bookstore provided for convenience of students in winter and summer programs. (2151 students) 6885494 0 6792059 49679951 1 1 0 1 0 0 1 0 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 1 0 1 1 0 0 0 0 0 0 0 1 154 0 1 1045 1 1 1 0 0 0 0 1 1 0 0 0 0 1 31 31 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 IN X Richard J Tompos 5748428222 1300 Academy Road 159 Culver IN 465111291 John J Bollman 3 X 0 0 0 Kathryn R Booth 3 X 0 0 0 James W F Brooks 3 X 0 0 0 George T DeVries III 3 X 0 0 0 James L Dunlap 3 X 0 0 0 Peter A Fasseas 3 X 0 0 0 James E Fellowes 3 X 0 0 0 Richard E Ford 3 X 0 0 0 P Lamar Gable 3 X 0 0 0 Philip G Harrison 3 X 0 0 0 Richard A Jennings 3 X 0 0 0 Jud Q Little 3 X 0 0 0 Bernardo Quintana 3 X 0 0 0 John Ruan III 3 X 0 0 0 Philip L Sbarbaro 3 X 0 0 0 Franklin D Schurz Jr 3 X 0 0 0 Robert C Vaughn 3 X 0 0 0 Dartanian Warr COL USAF 3 X 0 0 0 Michael R Wilcox 3 X 0 0 0 Miles D White 6 X X 0 0 0 James A Henderson 6 X X 0 0 0 Jeffrey P Adams 6 X X 0 0 0 Dr Margaret E Thompson 3 X X 0 0 0 Harry L Crisp II 3 X X 0 0 0 David M Culver 3 X X 0 0 0 Craig J Duchossois 3 X X 0 0 0 Jane D Eberly 3 X X 0 0 0 Paul C Gignilliat 3 X X 0 0 0 H Ward Lay 3 X X 0 0 0 J Lawrence Wilson 3 X X 0 0 0 John D Zeglis 3 X X 0 0 0 John N Buxton 60 X 392987 0 39694 Richard J Tompos 50 X 109042 0 31062 Michael Hogan 50 X 120125 0 76479 Kevin M MacNeil 50 X 106198 0 66337 Kathleen J Lintner 50 X 109525 0 22820 Mary Kay Karzas 50 X 103393 0 11359 Kelly Jordan 50 X 100043 0 6820 1041313 0 254571 7 0 1 0 Anthem Blue Cross PO Box 105113 Atlanta GA 303485113 Health Care Admin 4004114 Strategic Capital Allocation Group LLC 800 Boylston St 24th Floor Boston MA 02199 Investment Advisors 786166 Weigand Construction 7808 Honeywell Drive Fort Wayne IN 46825 General Contractor 369292 Lucas Equine P O Box 158 Cynthiana KY 41031 Design equine center 319040 Rieth-Riley Construction 25200 SR 23 P O Box 1775 South Bend IN 46634 Construction-Equine Center 183638 8 0 0 27500 0 0 66344873 13068452 66372373 Tuition and fees for students 611110 32666112 32666112 0 0 Student events/transportation 611110 302705 302705 0 0 Family Camp 611110 79235 79235 0 0 0 0 0 0 33048052 1981074 0 93945 1887129 0 0 0 0 0 0 0 0 315094 0 0 0 315094 0 315094 13510 21000 280584 21338335 23446 19823250 19740 1515085 3706 1518791 0 3107 1515684 26645 27500 11101 15544 15544 0 0 0 0 0 0 0 0 2569279 1433080 1136199 655982 5196 475021 Vending Machines 611110 10642 10642 0 0 161633 97114 50000 14519 172275 104559402 33840844 173248 4172937 0 0 9517324 9517324 0 0 0 0 473427 108300 220727 144400 80000 40000 20000 20000 20817781 17421273 1436734 1959774 850000 697359 66440 86201 5987735 4912562 467991 607182 1581448 1297365 123653 160430 0 0 0 0 118178 0 118178 0 88888 0 88888 0 0 0 0 0 0 0 1118683 0 1118683 0 996268 475327 478256 42685 168245 0 0 168245 620961 509154 66691 45116 1353586 676692 338447 338447 0 0 0 0 0 0 0 0 864527 441349 36278 386900 0 0 0 0 26002 22351 3651 0 1301161 1232980 68181 0 0 0 0 0 5464440 5178103 286337 0 471225 446533 24692 0 Utilities 2344747 2227510 117237 0 Instructional/Athletic Program Support 1424319 926037 498282 0 Equipment mtce and repair 1302800 1217136 82983 2681 Food 1796492 1505654 290838 0 Print/Postage/Phone 832807 460894 66993 304920 1050279 366048 134097 550134 60651323 49679951 6154257 4817115 7679404 5654001 114215 1243164 33789494 17645652 740110 596326 0 0 0 0 56824 20563 1539046 1498802 860561 688308 162396750 86318582 78664332 76078168 44411151 50354976 158113480 235358726 0 0 378934 346054 326347551 389484740 3220797 3900792 0 0 10960717 10548377 38300000 38300000 0 0 0 0 0 0 1000000 1000000 15335991 23556273 68817505 77305442 X 75251540 90216159 33534113 25253456 148744393 196709683 257530046 312179298 326347551 389484740 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 16494 16494 0 SchC_P2B_S00_L01 Schedule C, Part II-B, Line 1 The School is a member of a number of associations such as the National Association of Independent Schools, Indiana Association of Independent Schools, and ISACS, which may use a portion of membership dues to lobby on behalf of its members. Total dues paid to these organizations in Fiscal Year 2010 was $16,494. The portion of these dues allocated to possible lobbying activities is not determinable. 0 0 X X X 0 202524631 75497868 21284465 0 12474047 1118683 285714234 192817551 48792143 -23085273 5331800 9842200 825790 202524631 0.3206 0.6794 0 1 0 0 1690141 1690141 0 130842015 62806893 68035122 0 8069585 6243915 1825670 0 20018784 17267774 2751010 0 1776225 0 1776225 76078168 192399912 F 10113969 F Short-term investment funds-Level II 21452577 F Real Estate 1482367 F Short term investment funds-Level 1 8356104 F Money Market-ST Cash 1553797 F 235358726 Deferred Bond Issue Costs 281807 Investment Income Receivable 64247 346054 0 Accrued pension liability 10339171 Gift annuities 7708985 Interest rate SWAP agreement 5508117 23556273 104559402 60651323 43908079 16965653 0 0 0 -6224480 10741173 54649252 112333229 16965653 0 0 -10636007 6329646 106003583 0 -1444181 -1444181 104559402 57683620 0 0 0 7668304 7668304 50015316 0 10636007 10636007 60651323 SchD_P03_S00_L01 Schedule D, Part III, Line 1 Per footnote 1 of the 2009-2010 audited financial statements: Contributions of works of art, historical treasures and similar assets held as part of a collection - for education, research or public exhibition purposes - rather than for sales or financial gain are not recognized nor capitalized on the accompanying financial statements. SchD_P03_S00_L04 Schedule D, Part III, Line 4 The Culver Educational Foundation maintains a collection of art works including portraits, paintings, photographs, and sculptures donated to the school. The Art Collection is housed within the Fine Arts Department, and items are displayed throughout campus on a rotating basis. In addition, the school has a stamp collection maintained for student education, which is periodically displayed. SchD_P05_S00_L04 Schedule D, Part V, Line 4 The School's endowment is used for support of financial aid, faculty salaries, capital projects, facilities maintenance, and academic and student projects. SchD_P10_S00_L00 Schedule D, Part X Per footnote 1 of the 2009-2010 audited financial statements of the Culver Educational Foundation: The School follows the FASB guidance for uncertainty in income taxes. The standard clarifies the accounting for uncertainty in income taxes by prescribing the recognition threshold a tax position is required to meet before being recognized in the financial statements. It also provides guidance on derecognition, classification, interest and penaltiesw, accounting in interim periods, disclosure, and transition. Management believes the School has no material uncertainties in income taxes (per FIN 48). SchD_P11_S00_L08 Schedule D, Part XI, Line 8 The following are adjustments to net assets: (2,433,497) for Additional Minimum Pension Liability, (2,188,925) for loss on Present Value of Future SWAP, (1,617,113) loss for pledge write-offs, and 15,055 for change in value of Charitable Annuities-Split Interest Agreements. SchD_P12_S00_L02d Schedule D, Part XII, Line 2d Financial aid/grants are netted against tuition on audited financials = $9,517,324. Investment management fees of $1,118,683 were netted against investments earnings on audited financials and are restored to income on the 990. SchD_P12_S00_L04b Schedule D, Part XII, Line 4b Cost of goods sold for auxiliary departments of $1,271,688 and parent fundraiser expenses of $11,101 were included in expenses on audited financials but as offsets to revenue per the 990 form. SchD_P13_S00_L02d Schedule D, Part XIII, Line 2d Cost of goods sold (1,433,080) was an expense and not netted against sales on audited financials. Additional expenses for additional minimum pension liability (2,433,497), present value of future SWAP (2,188,925), pledge write-offs (1,627,856), and changes in charitable annuities 15054, are adjustments to net assets for the 990. SchD_P13_S00_L04b Schedule D, Part XIII, Line 4b Financial Aid/Grants of $9,517,324 and Investment Management Fees of $1,118,683 were net to revenue in audited financials and were included in expenses on the 990. 1 1 1 The Culver Educational Foundation's admissions materials and applications for Winter and Summer Schools include a statement of the school's non-discrimination policy. Human Resources includes a non-discrimination statement on all recruitment materials and advertisements for employment with Culver. 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 North America (including Canada and Mexico, but not the United States) 0 0 Fundraising 13569 East Asia and the Pacific 0 0 Fundraising 10378 South America 0 0 Fundraising 8098 Central America and the Caribbean 0 0 Fundraising 1432 Europe (including Iceland and Greenland) 0 0 Fundraising 1601 Central America and the Caribbean 0 0 Investments 0 Europe (including Iceland and Greenland) 0 0 Investments 0 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Includes Admissions travel, Alumni relations travel, exploring new scholarship initiatives, Faculty professional development/exchange opportunities and off-campus student mission trip. 27232 East Asia and the Pacific 0 0 Program Services Includes Admissions travel, Alumni relations travel, exploring new scholarship initiatives, and faculty professional development/exchange opportunities. 15566 South America 0 0 Program Services Includes Admissions travel, Alumni relations travel, exploring new scholarship initiatives, and faculty professional development/exchange opportunities. 12146 Central America and the Caribbean 0 0 Program Services Includes Admissions travel, Alumni relations travel, exploring new scholarship initiatives, and faculty professional development/exchange opportunities. 5516 Middle East and North Africa 0 0 Program Services Admissions travel. 3961 Europe (including Iceland and Greenland) 0 0 Program Services Includes Admissions travel, Alumni relations travel, exploring new scholarship initiatives, and faculty professional development/exchange opportunities. 3391 0 0 102890 SchF_P01_S00_L03 Schedule F, Part I, Line 3 The School separately tracks foreign expenditures in its records and accounting system. Parent Golf Outing 54145 27500 26645 300 0 0 696 4485 5620 0 0 54145 27500 26645 300 0 0 696 4485 5620 11101 15544 1 Merit scholarships and need-based financial aid are granted to students attending the Culver Military Academy, The Culver Girls Academy and the Culver Summer Schools and Camps. 630 9517324 SchI_P01_S00_L02 Schedule I, Part I, Line 2 Scholarships and need-based financial aid are granted to students who attend Culver Military Academy, The Culver Girls Academy, and the Culver Summer School and Camps. Scholarships are based upon merit, determined by faculty-administrative staff committees, or upon financial need, determined by family information from SSS data. Detailed records are available at The Culver Educational Foundation. A student life committee review student academic performance and community involvement annually before renewing merit scholarships. Financial need is reviewed annual by the Financial Aid department before extending need-based aid. X 1 1 X X X X 0 1 0 0 0 0 0 0 0 John N Buxton 391900 0 0 0 1087 0 0 0 39694 0 432681 0 0 0 Michael Hogan 120125 0 0 0 0 0 8125 0 68354 0 196604 0 0 0 Kevin M MacNeil 106198 0 0 0 0 0 6983 0 59354 0 172535 0 0 0 SchJ_P01_S00_L01a Schedule J, Part I, Line 1a The Culver Academies is a residential boarding school. As a requirement of employment, the Head of Schools and the Academic Dean must live on campus and are provided housing owned by the School. Listed employees who received housing are: John N. Buxton - $18000 and Kevin MacNeil - $9000. The value of this housing is included in the individual's non-taxable benefits. SchJ_P01_S00_L04 Schedule J, Part I, Line 4 John N. Buxton, Head of Schools, participates in the School's nonqualified retirement plan. He received payment of $1087.00 in 2009, as a final payment for a prior deferred compensation plan. The $1087 is included with regular salary of $391,900 in the total for Part VII Section A. Mr. Buxton did not contribute to the School's plan in Fiscal Year 2010. Under the terms of the School's current non-qualified plan, amounts were contributed to the Head of School's account in prior years. Amounts are payable upon the Head of School's retirement. Pam Buxton family member of an officer 80000 employment compensation 0 X 2 10950 appraisal X 99 12591898 mean value-date possession X 1 226000 appraisal X 3 26250 appraisal X Horses 7 162500 donor appraisal X Equipment and supplies 3 17734 donor appraisal X Parent fundraiser prizes 3 2560 Donor Appraisal X Student and Alumni activities 17 30560 Donor Receipts 8 1 1 1 SchM_P01_S00_L30b Schedule M, Part I, Line 30b Condominium - Anchors Way No 12 at The Riggins, Culver, Indiana. SchM_P01_S00_L32b Schedule M, Part I, Line 32b The School receives security gifts through its custodial bank, who uses a broker/dealer to process securities contributions. SchM_P01_S00_L33 Schedule M, Part I, Line 33 Contributions checked in column (a) of Part 1 are reported by number of contributions. The contribution revenue is determined based upon gift/tax receipts to donors as recorded in the school's Raiser's Edge software, maintained by our Development department. F990_P06_S0B_L11 Form 990, Part VI, Section B, Line 11 The Form 990 is prepared by the Controller and reviewed by the school's external tax firm prior to presentation to the Budget, Audit and Human Resources Committee. The Form 990 is reviewed in detail and approved for submission to the Internal Revenue Service by the Head of Schools and the Budget, Audit, and Human Resources Committee members. The full Board of Trustees has access to the form 990 and is provided a summary briefing prior to filing the Form 990 with the Internal Revenue Service. F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c Each member of the Board of Trustees completes an annual Conflict of Interest statement disclosing any potential conflicts. Officers of the board and administrative employees also complete an annual Conflict of Interest statement. Statements are reviewed and maintained in the Head of Schools' office. Any disclosure determined to be in violation of policy is addressed between the Head of Schools, the Chairman of the Board of Trustees, and the respective trustee, office or employee. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 The Compensation Committee of the Board of Trustees reviews performance and determines compensation for the Head of Schools (CEO). The committee reviews compensation for the Head of Schools and school officers every May, with the most recent compensation review conducted in May 2010. Compensation is based upon performance and peer school review, as supported by consultant recommendations and industry benchmarks. The committee documents the compensation deliberations and decisions in the meeting minutes. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 Governing documents, conflict of interest policies and financial statements are available upon request to the Controller or the Head of Schools of The Culver Educational Foundation. Copies of the documents are provided with state tax and corporate return filings, and are regularly included with filings for property tax exemption and grant proposals as needed. In addition, information is provided to approved investment managers, bank officers, and approved contractors and vendors as necessary or requested. New audit standards and footnotes delayed completion of audit and receipt of audited financials. We required additional time for auditor review, tax preparation and review of new requirements for the audit and form 990.