2011-05-16T10:50:07-05:00 2010-06-30 MALONEY NOVOTNY LLC 1111 SUPERIOR AVENUE SUITE 700 CLEVELAND OH 44114 990 2009-07-01 340714390 WESTERN RESERVE ACADEMY WEST 3306509711 115 COLLEGE STREET HUDSON OH 442362926 JOHN J TORTELLI 2011-05-13 CHRISTOPHER B ANDERSON 2163630100 2009 2016-02-24 21:20:13Z CHRISTOPHER D BURNER 115 COLLEGE STREET HUDSON OH 442362926 84246348 false X WWW.WRA.NET X 1826 OH THE MISSION OF THE ACADEMY IS AS FOLLOWS: A WESTERN RESERVE ACADEMY EDUCATION OFFERS A TRANSFORMATIONAL EXPERIENCE WHERE STUDENTS STRIVE FOR EXCELLENCE, LIVE WITH INTEGRITY, AND ACT WITH COMPASSION. 25 25 237 0 -30159 -30159 3955453 3035589 13945474 14294737 -6996173 8735532 77399 82743 10982153 26148601 4075613 4318011 0 0 11100037 10494386 0 0 1463888 8092132 8735824 23267782 23548221 -12285629 2600380 153497690 157648257 27489047 27825897 126008643 129822360 THE MISSION OF THE ACADEMY IS AS FOLLOWS: A WESTERN RESERVE ACADEMY EDUCATION OFFERS A TRANSFORMATIONAL EXPERIENCE WHERE STUDENTS STRIVE FOR EXCELLENCE, LIVE WITH INTEGRITY, AND ACT WITH COMPASSION. false false 20090871 4318011 14294737 The Academy is a secondary co-educational school with approximately 400 students. Our faculty cultivates intellectual curiosity through a challenging college preparatory program; our students pursue a rigorous liberal arts curriculum and engage in opportunities beyond the classroom in arts, athletics, and service, ensuring growth in mind, body, and spirit. The Academy's close-knit community instills individual and social responsibility, while preparing students as citizens and leaders in an increasingly interconnected world. 20090871 true true false false false false false false true true true false true false false false false false true false false false true true false false false false false false false false true false false false false false false false false true 28 1 true 237 true true true false false false false false false false false 25 25 false false false false false false false true true false false true true true true false false true true false OH X JOHN J TORTELLI 3306509713 115 COLLEGE STREET HUDSON OH 442362926 James D Chambers 1.0 X 0 0 0 Daniel W Christman 1.0 X 0 0 0 Stephan W Cole 1.0 X X 0 0 0 Fred A Cummings 1.0 X X 0 0 0 Dagmar F Fellowes 1.0 X 0 0 0 John M Fowler 1.0 X 0 0 0 Anne C Goodman 1.0 X 0 0 0 Ronald M Harrington 1.0 X 0 0 0 Olin J Heestand 1.0 X 0 0 0 Peter S Hellman 1.0 X X 0 0 0 David M Hunter 1.0 X X 0 0 0 Nathaniel E Leonard 1.0 X 0 0 0 Robert T Michael PhD 1.0 X 0 0 0 Andrew R Midler 1.0 X 0 0 0 Richard W Neu 1.0 X X 0 0 0 Mary Katherine Ong-Landini 1.0 X 0 0 0 Gregory Pennington PhD 1.0 X 0 0 0 Lawrence R Roth 1.0 X 0 0 0 Hewitt B Shaw 1.0 X 0 0 0 Mark R Tercek 1.0 X 0 0 0 Shannah Tharp-Taylor PhD 1.0 X 0 0 0 Timothy R Warner 1.0 X X 0 0 0 Jason M Wortendyke 1.0 X 0 0 0 Lisa A Abraham 1.0 X 0 0 0 Christopher D Burner 40.0 X 205000 0 44539 Leonard S Carlson Jr 20.0 X 72540 0 24398 John J Tortelli 40.0 X 144543 0 24398 William Bugg III 40.0 X 125296 0 37182 James Gundy 40.0 X 120152 0 39266 Ruth DS Andrews 40.0 X 103382 0 29841 Anne Sheppard 40.0 X 102364 0 33077 Henry E Falnagan Jr 0.0 X 774472 0 0 Helen Gregory X 102253 0 29573 1750002 0 262274 8 true true false CAMBRIDGE ASSOCIATES LLC POST OFFICE BOX 10317 UNIONDALE NY 11555 INVESTMENT CONSULT 272027 1 3035589 1669772 3035589 BOARDING STUDENTS 900099 9659549 9659549 DAY STUDENTS 900099 3966300 3966300 RELATED ENTERPRISES 900099 668888 668888 14294737 5077296 -30159 5107455 0 0 61669958 58011722 3658236 3658236 3658236 168768 86025 82743 82743 0 0 0 26148601 14294737 -30159 8848434 0 4318011 4318011 0 0 534576 133644 267288 133644 0 7112922 5661718 615389 835815 649010 551658 51921 45431 1639798 1393828 131184 114786 558080 474368 44646 39066 0 70660 35330 35330 44100 44100 0 0 425485 425485 655046 655046 261868 261868 449547 382115 35964 31468 161083 136920 12887 11276 0 2481035 2356983 74431 49621 216186 64856 151330 0 36174 34366 1085 723 177659 177659 0 1441435 1369363 43243 28829 204357 194139 6131 4087 INSTRUCTION 126700 126700 RESTRICTED STUDENT ACTIVITIES 311583 311583 FOOD SERVICE 501836 501836 AUXILIARY ENTERPRISES 289315 289315 OTHER 881755 837224 26719 17812 23548221 20090871 1993462 1463888 1776280 2179600 4650258 3675922 2333943 2362879 65196 52967 160534 163043 68535275 20030996 49351521 48504279 94331202 100075919 170943 131338 657813 502310 153497690 157648257 584893 516313 4150252 4446865 20410000 19900000 2343902 2962719 27489047 27825897 X 43510287 42487558 16793845 19398704 65704511 67936098 126008643 129822360 153497690 157648257 X false true true X false X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 47062845 2551123 5615580 1510601 2295702 51423245 56548124 3103257 -11620408 725025 243103 47062845 0.30070 0.37650 0.32280 false false 1636412 1636412 62770375 17117309 45653066 3971897 2913687 1058210 156591 156591 48504279 0 ANNUITIES PAYABLE 1671600 INTEREST RATE SWAP 1291119 2962719 26148601 23548221 2600380 1849420 -636083 1213337 3813717 22618442 1849420 -636083 1213337 21405105 425485 4318011 4743496 26148601 18804725 18804725 425485 4318011 4743496 23548221 INTENDED USES OF ENDOWMENT FUNDS, PART V, LINE 4: THE ACADEMY INVESTS ENDOWMENT FUNDS ACCORDING TO BOARD-APPROVED INVESTMENT POLICIES WHICH GOVERN ASSET ALLOCATION IN AN EFFORT TO REDUCE RISK OF LOSS AND TO GENERATE A REAL ANNUAL COMPOUND RATE OF RETURN AT LEAST EQUAL TO THE ANNUAL PAYOUT PERCENTAGE. THE ANNUAL PAYOUT FROM ENDOWMENT FUNDS IS LIMITED TO 5%OF THE THREE YEAR AVERAGE WEIGHTED MARKET VALUE OF INVESTABLE ASSETS IN THE PERMANENTLY RESTRICTED FUND AND ARE SUBJECT TO BOARD APPROVAL. THE PAYOUT IS SPENT ON ACTIVITIES WHICH FURTHER THE EXEMPT EDUCATIONAL PURPOSES OF THE ACADEMY. OTHER CHANGES IN NET ASSETS, PART XI, LINE 8: CHANGE IN VALUE OF INTEREST RATE SWAP ($515,017) AND CHANGE IN SPLIT INTEREST AGREEMENTS ($121,066); TOTAL ADJUSTMENT = ($636,083). OTHER CHANGES IN REVENUE, PART XII, LINE 2D: CHANGE IN VALUE OF INTEREST RATE SWAP ($515,017) AND CHANGE IN SPLIT INTEREST AGREEMENTS ($121,066); TOTAL ADJUSTMENT = ($636,083). OTHER CHANGES IN REVENUE, PART XII, LINE 4B: STUDENT FINANCIAL AID, WHICH WAS NETTED WITH TUITION REVENUE ON THE FINANCIAL STATEMENTS BUT SHOWN AS AN EXPENSE IN PART IX OF FORM 990: $4,318,011 OTHER CHANGES IN EXPENSES, PART XIII, LINE 4B: STUDENT FINANCIAL AID, WHICH WAS NETTED WITH TUITION REVENUE ON THE FINANCIAL STATEMENTS BUT SHOWN AS AN EXPENSE IN PART IX OF FORM 990: $4,318,011 FIN 48 FOOTNOTE, PART X, LINE 2: FEDERAL INCOME TAXES - THE ACADEMY IS A NOT-FOR-PROFIT ORGANIZATION AS DESCRIBED IN SECTION 501(c)(3) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM FEDERAL INCOME TAXES. THE ACADEMY HAS IMPLEMENTED NEW PROVISIONS OF "ACCOUNTING FOR INCOME TAXES" WHICH CLARIFY THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN FINANCIAL STATEMENTS. THE PROVISIONS PRESCRIBE CERTAIN CRITERIA FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE IMPLEMENTATION DID NOT HAVE A MATERIAL IMPACT ON THE SCHOOL'S FINANCIAL STATEMENTS. THERE WERE NO UNRECOGNIZED TAX BENEFITS. AS OF JUNE 30, 2010, THE ACADEMY'S INCOME TAX YEARS FROM 2006 AND THEREAFTER REAMIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, AS WELL AS VARIOUS STATE AND LOCAL TAXING AUTHORITIES. true true true WESTERN RESERVE ACADEMY PUBLICIZES IN LOCAL NEWSPAPERS DURING THE TIME WHICH IS THE PERIOD OF STUDENT SOLICITATION true true true true false false false false false false false false false true ANTIQUES FESTIV 85517 85517 46856 AUCTION 83251 83251 39169 0 168768 168768 86025 86025 82743 true SCHOLARSHIPS FOR STUDENTS 172 4318011 MONITORING USE OF GRANT FUNDS, PART I, LINE 2: THE ACADEMY ENSURES THAT IS FINANCIAL AID GRANTS ARE USED FOR EDUCATIONAL PURPOSES BY CREDITING THE AMOUNTS DIRECTLY TO THE STUDENTS' ACCOUNTS RATHER THAN ISSUING CHECKS. X X true true X X X false true false false false false false false false Christopher D Burner 180000 0 25000 0 0 0 20700 0 38839 0 264539 0 0 0 John J Tortelli 144543 0 0 0 0 0 16675 0 22617 0 183835 0 0 0 William Bugg III 125296 0 0 0 0 0 14375 0 34807 0 174478 0 0 0 James Gundy 120152 0 0 0 0 0 13800 0 25466 0 159418 0 0 0 Helen Gregory 102253 0 0 0 0 0 0 0 29573 0 131826 0 0 0 Henry E Falnagan Jr 774472 0 0 0 0 0 0 0 0 0 774472 0 0 0 BENEFITS PROVIDED TO CERTAIN OFFICERS, PART I, LINE 1A: THE ACADEMY REQUIRES THE HEAD OF SCHOOL TO LIVE ON CAMPUS AND PROVIDES A HOUSE TO HIM. THE HEAD OF SCHOOL CONDUCTS SUBSTANTIAL SCHOOL-RELATED BUSINESS AT HIS RESIDENCE INCLUDING MEETING WITH STUDENTS, FACULTY, AND DONORS. ADDITIONALLY, THE ACADEMY PAYS MEMBERSHIP DUES FOR ONE SOCIAL CLUB FOR THE HEAD OF SCHOOL. THE SOCIAL CLUB IS USED ONLY FOR ACADEMY BUSINESS. NEITHER OF THESE ITEMS IS TREATED AS TAXABLE COMPENSATION. SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN, PART I, LINE 4B: HENRY E. FLANAGAN, JR., THE FORMER HEADMASTER OF THE SCHOOL, RECEIVED A PAYMENT OF $441,494 FROM A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN. X 41 1669772 FMV 0 false true true USE OF THIRD PARTIES, PART I, LINE 32A: THE ACADEMY USES A SECURITIES BROKER TO SELL DONATED SECURITIES. THE FEES CHARGED BY THE BROKER ARE AT OR BELOW FAIR MARKET VALUE. FORM 990 REVIEW, FORM 990, PART VI, LINE 11A: FORM 990 IS REVIEWED BY A COMMITTEE OF THE BOARD OF TRUSTEES WITH THE BOARD'S AUTHORITY TO OVERSEE THE FILING PROCESS. MONITORING AND ENFORCEMENT OF CONFLICT POLICY, FORM 990, PART I, LINE 12C: THE CONFLICT OF INTEREST QUESTIONNAIRES ARE REVIEWED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. SIGNIFICANT ISSUES ARE DISCUSSED AND RESOLVED. WHEN A CONFLICT ARISES, THE INDIVIDUAL IS NOT PERMITTED TO PARTICIPATE IN THE DISCUSSION OF THE TRANSACTION OR TO VOTE ON THE MATTER. THE DECISION ABOUT THE TRANSACTION IS MADE BY PERSONS WHO ARE INDEPENDENT OF THE INDIVIDUAL WITH THE CONFLICT. COMPENSATION REVIEW AND APPROVAL, FORM 990, PART VI, LINE 15: DATA FOR COMPARABLE POSITIONS AT SIMILAR INSTITUTIONS IS REVIEWED BY THE BOARD OF TRUSTEES, WHERE APPROPRIATE, OR KEY ADMINISTRATORS AT THE ACADEMY. COMPENSATION DECISIONS ARE MADE BY PERSONS WHO ARE INDEPENDENT OF THE EMPLOYEES FROM WHOM COMPENSATION IS BEING DETERMINED. AVAILABILITY OF DOCUMENTS, FORM 990, PART VI, LINE 19: THE ACADEMY'S FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. THE ACADEMY DOES NOT MAKE ITS GOVERNING DOCUMENTS OR CONFLICT POLICY AVAILABLE.