2011-05-09T08:25:35-05:00 2010-06-30 Metcalf Davis CPAs 3340 Peachtree Road NE Suite 2600 Atlanta GA 303261089 990 2009-07-01 580706812 Pace Academy Inc PACE 4042621345 966 West Paces Ferry Road NW Atlanta GA 303272648 Frederick G Assaf 4042621345 2011-05-02 1 Arthur H Metcalf II 4042641700 2009 2016-02-24 21:20:13Z Frederick G Assaf 966 West Paces Ferry Road NW Atlanta GA 303272648 34621172 0 X www.paceacademy.org X 1958 GA Pace Academy is an independent day school-prefirst through 12th grade for boys and girls. 24 24 362 1000 0 0 1921550 2267872 20055866 20897750 -40128 147648 57719 -9631 21995007 23303639 971262 1140939 0 11996457 12000165 2184 0 560798 8643246 8924624 21613149 22065728 381858 1237911 105094326 109350699 40852098 40892892 64242228 68457807 Our mission is to create prepared, confident citizens of the world who honor the values and legacy of Pace Academy. 0 0 17874917 1140939 19868617 Instruction-Founded in 1958, Pace Academy educated 1015 students in grades pre-first through 12 during the last school year. The average Upper School class size is 11 and the average whole-school student/teacher ratio was 9:1. The faculty averages 15 years of teaching experience, nine years at Pace. Of the 56 Upper School teachers, 70% hold graduate degrees or higher (seven hold Ph.D.s). Last year, 98 graduates earned 393 acceptances and attend 58 colleges and universities in 26 states, Washington, D.C., and Scotland. Every 2009 Pace senior took at least one Advanced Placement course with 90% scoring 3 or higher. Pace had 25% of the class of 2009 earning National Merit recognition and the average SAT score was 1319. In the past five years, Pace students earned 46 regional and national art awards. Last year, the 377 Upper School students contributed more than 9,000 service hours to nine community service agencies. As diversity is an important part of the Pace education, last year the Pace Academy Diversity Scholar's Fund benefited the students from the Ron Clark Academy. In the Middle and Upper School, 84% participated in at least one of the 54 athletic teams. The 5th grade placed third in the nation in the 2009 National Word Masters competition. In the Middle School, 45% of the students participated in the arts program with three students earning an All-state musician title. Pace was cited as an "exceptional ethical learning community" by the National Association of Independent Schools and was one of ten independent schools studied by the Institute for Global Ethics. 605516 605516 Auxillary Services-Pace serves students, faculty, and staff lunch, which aggregates over 1200 meals per day while refreshment areas are available throughout the campus. A bookstore is available to students, faculty, and staff with supplies and school spirit items. 18480433 1 1 0 0 0 0 0 0 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 1 0 0 0 1 49 0 1 362 1 1 1 0 0 0 0 1 1 0 0 0 1 0 0 0 0 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 Paul R Garica 1.00 X 0 0 0 Barbara Lager 3.00 X 0 0 0 Jeffrey R Seaman 5.00 X 0 0 0 Bonnie B Harris 1.00 X 0 0 0 Laurie Ann Goldman 1.00 X 0 0 0 Greg Thurman 1.00 X 0 0 0 Elisa Ezor 1.00 X 0 0 0 Sybil C Hadley 1.00 X 0 0 0 James W Howard 1.00 X 0 0 0 Steven A Dawkins 1.00 X 0 0 0 Jeffrey T Arnold 1.00 X 0 0 0 William M Lellyett 1.00 X 0 0 0 Jack S Markwalter Jr 1.00 X 0 0 0 John Inman 1.00 X 0 0 0 Richard H Miller 1.00 X 0 0 0 Jeff Seabright 1.00 X 0 0 0 Robert Sheft 1.00 X 0 0 0 Timothy J Walsh 1.00 X 0 0 0 Charles G Wellborn 1.00 X 0 0 0 William D Smith 1.00 X 0 0 0 Sally L Williamson 1.00 X 0 0 0 Betsy Brady Orr 1.00 X 0 0 0 Randall E Quintrell 1.00 X 0 0 0 Garry K Schaefer 1.00 X 0 0 0 Frederick G Assaf 40.00 X X X 419218 0 71693 Jean Held 40.00 X X 127016 0 15298 Kristin Palmerton 40.00 X 115684 0 42036 Patricia Hand 40.00 X 72541 0 0 661918 0 129027 3 1 1 0 Sage Dining Services 222 Bosley Ave Suite B-7 Towson MD 21204 Food Services 795425 Riteway Services Inc PO Box 1147 Birmingham AL 35246 Janitorial services 341453 Gordon Document Products 2141 Powers Ferry Road Marietta GA 30067 Copiers 136225 McKinneys Inc PO Box 406340 Atlanta GA 30384 HVAC 104405 4 294878 229903 1743091 389035 2267872 Tuition and fees 611710 19741817 19741817 Summer programs 611710 941604 941604 Other operating revenu 611710 182627 182627 Booster club 611710 31702 31702 20897750 571265 571265 46202 6583 39619 39619 39619 10000286 596896 10658180 362619 -657894 234277 -423617 -423617 72954 294878 115044 -42090 -42090 167947 175107 -7160 -7160 23303639 20474133 0 561634 1140939 1140939 847961 210896 587496 49569 9118789 8304419 511341 303029 565507 515022 31693 18792 796547 581786 186303 28458 671361 576216 68475 26670 45314 36439 8875 22650 22650 116993 116993 346913 118042 176915 51956 2075388 1794452 267684 13252 686939 604161 80595 2183 677631 637040 38576 2015 18883 14074 3354 1455 56648 42223 10061 4364 547394 504973 40486 1935 1985737 1831845 146872 7020 132066 12282 119784 Athletic and student ac 756994 658444 98550 Food service 644553 605516 39037 Supplies 387432 252442 134990 Other 279101 71281 198014 9806 Counseling and registra 112569 4380 108189 31419 31419 22065728 18480433 3024497 560798 8128089 4286869 2948539 7690504 4539447 2367205 2686405 3278340 69524 77974 1782560 1249034 71880086 19742946 52730414 52137140 14260369 17821119 17948979 19800584 641930 105094326 109350699 1702610 1666387 11410811 11942179 27000000 25800000 50000 50000 688677 1434326 40852098 40892892 X 58805843 62390939 1263516 1672789 4172869 4394079 64242228 68457807 105094326 109350699 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 38323036 1636939 3606270 2332100 41234145 42558262 4366611 -6042232 2559605 38323036 0.86000 0.04000 0.10000 0 0 8585038 8585038 53728767 12843751 40885016 5882920 4149899 1733021 3664463 2749296 915167 18898 18898 52137140 Cash equivalents 4532560 F Alternative investments 5339040 F Fixed income funds 9928984 F 19800584 Agency accounts 230465 Interest rate swap 1203861 1434326 23303639 22065728 1237911 2977668 2977668 4215579 26037149 3692899 181550 3874449 22162700 1140939 1140939 23303639 21821570 896781 896781 20924789 1140939 1140939 22065728 Part V, Line 4: Description of Intended Use of Endowment Funds: 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. Part X: Description of Uncertain Tax Positions Under FIN 48: Income taxes are accounted for in accordance with ASC topic 740, "Income Taxes". Pace adopted the guidance of this topic 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 would be 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 years ended June 30, 2007 through 2010 are open to examination by federal and state authorities, and in certain circumstances the statute of limitations may remain open indefinitely Part XII, Line 2d - Other Adjustments: Costs of goods sold: 181550. Part XII, Line 4b - Other Adjustments: Financial aid deducted from revenues on financial statements: 1140939. Part XIII, Line 2d - Other Adjustments: Interest rate swap valuation adjustment: 715231. Costs of goods sold: 181550. Part XIII, Line 4b - Other Adjustments: Financial aid deducted from revenues on financial statements: 1140939. FIN 48 footnote Income taxes are accounted for in accordance with ASC topic 740, "Income Taxes". Pace adopted the guidance of this topic 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 tax uncertainties that would be affected by this change and accordingly no adjustment was made as a result of this implementation. 1 1 1 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. 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 Middle East and North Africa 0 0 Program Services. Study abroad. 10216 Europe (Including Iceland & Greenland) 0 0 Program Services. Study abroad. 23400 0 0 33616 Golf tournament 17540 16080 1460 6482 1730 Steadman Event 199614 180114 19500 67135 4 150678 98684 51994 39697 367832 294878 72954 6482 108562 115044 -42090 0 Need based financial assistance aid to students as a reduction in tuition. 85 1140939 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 X 0 1 X X X X 0 0 0 0 0 0 0 0 0 Frederick G Assaf 419218 0 0 0 0 0 19767 0 51926 0 490911 0 350830 0 Kristin Palmerton 115684 0 0 0 0 0 6938 0 35098 0 157720 0 0 0 Part I, Line 1a Part I, line 1a, Travel for companions, the Head of School and Athletic Director were accompanied by their respective spouses on one trip for business purposes during the year. 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, Housing allowance or residence for personal use. As a condition of employment and for the convenience of the employer, the Head of School and Athletic Director are required to reside in campus housing. Therefore, none of the benefit was treated as taxxable compensation. Additional non-taxable benefits include health insurance, dental insurance, and group life insurance paid by the School. Part I, line 1a, Personal services. Cleaning services are provided for the Head of School's residence. Development Authority of Fulton County 581506878 359900UQ8 2008-04-01 27000000 Construction of campus and other related facilities. 0 1 27000000 351340 26648660 2008 1 0 1 1 0 0 0 0 0 1 Kris Palmerton Key employee Financial aid determined on a need basis Amount $ 46000. Nancy Quintrell Spouse of Trustee Randy Quintrell 72631 Trustee's spouse is a faculty member in the Middle School. 0 Little & Smith Inc Trustee William D. Smith is an owner of Little & Smith, Inc. 216554 Payments to Little & Smith, Inc. for brokered insurance policies for the School. 0 X 0 X 0 X 5 389035 Reg Sec 20.2031-1 X 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. 990, Part VI, Governance, Management, Disclosure, Section C, Number 19 How documents are made available to the public. 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. Form 990, Part XI, Line 2(c) No change in audit function. The School has not changed its policy or procedure related to the audit function. 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 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Pace Academy Parents' Club Inc C 229903