2011-05-13T15:34:00-05:00 2010-06-30 RSM MCGLADREY INC 1185 AVENUE OF THE AMERICAS NEW YORK NY 100362602 990 2009-07-01 450522191 FRIENDS OF BRONX CHARTER SCHOOL FOR EXCELLENCE FRIE 7188287301 1960 BENEDICT AVENUE BRONX NY 10462 DEIRDRE FLYNN 7188287301 2011-04-28 1 MARTIN GREIF 2123721000 2009 2016-02-24 21:20:13Z DEIRDRE FLYNN 1960 BENEDICT AVENUE BRONX NY 10462 98160 0 X www.bronxexcellence.org X 2001 NY FRIENDS OF BRONX CHARTER SCHOOL FOR EXCELLENCE RAISES FUNDS TO SUPPORT THE OPERATIONS OF THE BRONX CHARTER SCHOOL FOR EXCELLENCE. 8 8 0 5 0 0 232846 98130 0 273 30 -2160 0 230959 98160 0 0 10053 4421 0 43 34900 1024727 44953 1029148 186006 -930988 1452025 358614 239499 77076 1212526 281538 THE MISSION OF FRIENDS OF BRONX CHARTER SCHOOL FOR EXCELLENCE IS TO HELP BRONX CHARTER SCHOOL FOR EXCELLENCE FULFILL ITS MISSION OF PREPARING YOUNG PEOPLE FROM NEW YORK CITY TO COMPETE FOR ADMISSION TO, AND SUCCEED IN, TOP PUBLIC, PRIVATE AND PAROCHIAL SCHOOLS THROUGH CULTIVATING THEIR INTELLECTUAL, ARTISTIC, SOCIAL, EMOTIONAL AND ETHICAL DEVELOPMENT. 0 0 FRIENDS OF BRONX CHARTER SCHOOL FOR EXCELLENCE RAISES FUNDS TO SUPPORT THE OPERATIONS OF BRONX CHARTER SCHOOL FOR EXCELLENCE. FRIENDS OF BRONX CHARTER SCHOOL ALSO ENTERED INTO A LEASE AGREEMENT ON BEHALF OF BRONX CHARTER SCHOOL FOR EXCELLENCE, AND BRONX CHARTER SCHOOL FOR EXCELLENCE CURRENTLY SUBLEASES ITS FACILITY FROM THE FRIENDS OF BRONX CHARTER SCHOOL FOR EXCELLENCE. 1 1 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 8 8 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X JOSE RIVERA 7188287301 1960 BENEDICT AVENUE BRONX NY 10462 JOYCE FROST 2.00 X X 0 0 0 MICHAEL STERN 0.50 X X 0 0 0 DEIRDRE FLYNN 1.00 X X 0 0 0 KIMBERLY HARTMAN 0.10 X X 0 0 0 ROB LESTER 0.10 X 0 0 0 CHRISTOPHER HALL 0.10 X 0 0 0 DIEGO RECALDE 0.10 X 0 0 0 ANNIE REINISH 0.10 X 0 0 0 PAMELA FAIRCLOUGH 1.50 X 2889 69335 12261 2889 69335 12261 0 0 0 0 0 98130 98130 30 30 98160 0 0 30 4421 4378 43 1909 1909 4831 4831 14010 14010 1404 1404 LOSS - LAND/BLDG OPTION 1002573 1002573 1029148 0 1029105 43 10129 4162 39653 693 34120 2229 1288 1278 2573 1364262 350252 1452025 358614 1500 189 179365 15291 58634 61596 239499 77076 X 1212526 281538 1212526 281538 1452025 358614 X 0 1 1 X 0 X 408055 177795 334869 232846 98130 1251695 408055 177795 334869 232846 98130 1251695 656960 594735 1398 737 554 273 30 2992 7150 3054 10204 1264891 0.47020 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 DEFERRED LEASING COMMISSIONS 350252 350252 DUE TO AFFILIATE 61596 61596 ON JULY 1, 2009, THE ORGANIZATION ADOPTED THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES (ASC 740, FORMERLY FASB INTERPRETATION NO. 48), WHICH ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THIS GUIDANCE, THE ORGANIZATION MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH A POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ALSO ADDRESSES DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES ON INCOME TAXES, AND ACCOUNTING IN INTERIM PERIODS. MANAGEMENT EVALUATED THE ORGANIZATION'S TAX POSITIONS AND CONCLUDED THAT THE ORGANIZATION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. WITH FEW EXCEPTIONS, THE ORGANIZATION IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2006, WHICH IS THE STANDARD STATUTE OF LIMITATIONS LOOK-BACK PERIOD. MICHAEL STERN TRUSTEE OPTION TO PURCHASE 1960 BENEDICT AVE. BLDG X 350000 15291 0 1 1 15291 Form 990, Part VI, Section B, line 11 THE DIRECTOR OF FINANCE AND OPERATIONS, CHAIRMAN AND TREASURER OF THE BOARD REVIEW THE DRAFT 990 BEFORE IT IS FILED. THE FORM 990 IS EMAILED TO THE BOARDS PRIOR TO FILING WITH THE IRS. Form 990, Part VI, Section B, line 12c THE CONFLICT OF INTEREST POLICY IS DISTRIBUTED TO OFFICERS, BOARD MEMBERS AND KEY EMPLOYEES ANNUALLY. AFTER REVIEWING, BOARD MEMBERS AND KEY EMPLOYEES FILL OUT ANNUAL CONFLICT OF INTEREST CERTIFICATION FORMS IN WHICH THEY DISCLOSE ANY CONFLICTS OF INTEREST AND PROHIBITED EXCESS BENEFIT TRANSACTIONS. THE DIRECTOR OF FINANCE AND OPERATIONS OF THE SCHOOL IS RESPONSIBLE FOR ENSURING THAT ALL BOARD MEMBERS AND KEY EMPLOYEES COMPLETE THEIR FORMS AND FOR REVIEWING THE EXECUTED FORMS FOR ANY PROBLEMATIC CONFLICTS OF INTEREST. Form 990, Part VI, Section B, line 15 FROM TIME TO TIME THE BOARD OF TRUSTEES MUST HIRE KEY EMPLOYEES PRESIDENT AND TREASURER. THE COMPENSATION FOR THESE POSITIONS MUST TAKE INTO CONSIDERATION THE CANDIDATE OR EMPLOYEE'S YEARS OF EXPERIENCE AND HIS OR HER ABILITY TO MEET THE STANDARDS SET BY BCSE FOR THE POSITION. ONCE THE SALARY IS SET, SUBSEQUENT INCREASES WILL BE BASED ON PERFORMANCE AND EXTRAORDINARY PERFORMANCE WILL BE RECOGNIZED THROUGH BONUSES. THE BOARD WILL USE APPLICABLE COMPENSATION SURVEYS LIKE THE ONE PREPARED IN 2007/08 BY THE NEW YORK CITY CENTER FOR CHARTER SCHOOL EXCELLENCE. ADDITIONAL COMPARISONS WILL BE DERIVED FROM LOOKING AT THE 990'S FOR NON PROFITS OF SIMILAR SIZE AND COMPLEXITY. THIS CROSS COMPARISON WILL PROVIDE SOME BROADER PERSPECTIVE TO ACCOUNT FOR THE EMERGENCE IN CHARTER SCHOOLS OF MORE STABLE AND SEASONED SENIOR STAFF. THE COMPENSATION FOR OTHER MANAGEMENT POSITIONS WILL BE REVIEWED AND APPROVED AS FOLLOWS: - THE EXECUTIVE COMMITTEE REVIEWS AND APPROVES THE ORGANIZATIONAL CHART OF BCSE ESTABLISHING LINES OF ACCOUNTABILITY. - THE FINANCE COMMITTEE VERIFIES THE EVALUATION PROCESSES AND PERFORMANCE REVIEW PROCEDURES. - THE FINANCE COMMITTEE REVIEWS COMPARATIVE SALARY INFORMATION PROVIDED BY NYC CHARTER CENTER OR OTHER COMPARABLE RESEARCH USING 990'S TO ENSURE THAT THE SALARY STRUCTURE CONTINUES TO ATTRACT AND MAINTAIN QUALITY EMPLOYEES. - THE FINANCE COMMITTEE APPROVES THE SALARY OF THE PRESIDENT AS WELL AS SALARY RECOMMENDATIONS MADE BY THE PRESIDENT FOR THE "KEY EMPLOYEES/HIGHEST COMPENSATED INDIVIDUALS". Form 990, Part VI, Section C, line 19 FRIENDS OF BRONX CHARTER SCHOOL FOR EXCELLENCE MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VII ESTIMATED NUMBER OF HOURS WORKED PER WEEK FOR RELATED ORGANIZATION PAMELA FAIRCLOUGH: WORKED 33.5 FOR BRONX CHARTER SCHOOL FOR EXCELLENCE, INC. WORKED 1.5 FOR FRIENDS OF BRONX CHARTER SCHOOL FOR EXCELLENCE, INC. FORM 990, PART XI, LINE 2C THERE WERE NO CHANGES FROM PRIOR YEAR. FORM 990, PART IX, LINE 24A LOSS ON OPTION PREMIUM: FRIENDS HAD MADE A NONREFUNDABLE $1,000,000 OPTION PREMIUM DEPOSIT TO THE LANDLORD AT THE 1960 BENEDICT AVENUE FACILITY, ENTITLING FRIENDS TO ACQUIRE THE LAND AND BUILDING PERTAINING TO THIS LEASED FACILITY FOR A FIXED PURCHASE PRICE OF $8,000,000. THE OPTION HAD TO BE EXERCISED ON OR BEFORE JULY 1, 2010. FRIENDS HAS ELECTED NOT TO EXERCISE THE OPTION AND, AS A RESULT, THE $1,000,000 DEPOSIT AND RELATED CAPITALIZED PROFESSIONAL FEES AMOUNTING TO $2,573 HAVE BEEN EXPENSED DURING FISCAL 2010, AND ARE INCLUDED IN THE LOSS ON OPTION PREMIUM DEPOSIT IN THE COMBINED STATEMENTS OF FUNCTIONAL EXPENSES. BRONX CHARTER SCHOOL FOR EXCELLENCE 1960 BENEDICT AVENUE BRONX NY 10462 450507998 KINDERGARTEN THRU 5TH GRADE EDUCATION NY 501(c)(3) Line 2 N/A 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0