2026-04-23T14:05:32-05:00 2025-06-30 410746749 CLIFTONLARSONALLEN 29 SOUTH MAIN STREET 4TH FLOOR WEST HARTFORD CT 06107 990 2024-07-01 530196507 THE HOLTON ARMS SCHOOL HOLT 3013655300 7303 RIVER ROAD BETHESDA MD 20817 TRACEY FUDGE CFO & COO 3013655300 2026-04-16 1 1 JOHN TOSCANO P00358542 8605614000 2026-04-02 2024 2025-03-06 01:10:19Z PENNY B EVINS 7303 RIVER ROAD BETHESDA MD 20817 62560836 0 X WWW.HOLTON-ARMS.EDU X 1964 MD THE HOLTON ARMS SCHOOL IS AN EDUCATIONAL INSTITUTION FOR GIRLS IN GRADES THREE THROUGH TWELVE. 22 22 568 250 0 0 3428889 2508272 39307824 41733588 2749620 2913927 385455 282227 45871788 47438014 4966109 4952235 0 0 27158706 27707784 0 0 2215817 12623164 14062538 44747979 46722557 1123809 715457 147765104 152171128 59156433 58706863 88608671 93464265 THE MISSION OF THE HOLTON-ARMS SCHOOL IS TO CULTIVATE THE UNIQUE POTENTIAL OF YOUNG WOMEN THROUGH THE "EDUCATION NOT ONLY OF THE MIND, BUT OF THE SOUL AND SPIRIT". 0 0 36355889 4952235 41745594 FOUNDED IN 1901, HOLTON-ARMS IS A COLLEGE-PREPARATORY SCHOOL FOR GIRLS GRADES 3-12. THE SCHOOL PROVIDES RIGOROUS AND DYNAMIC PROGRAMS IN THE TRADITIONAL ACADEMIC AREAS, THE FINE AND PERFORMING ARTS, AND ATHLETICS. THE SCHOOL IS ACCREDITED BY: MIDDLE STATES ASSOCIATION OF COLLEGES & SCHOOLS; ASSOCIATION OF INDEPENDENT MARYLAND SCHOOLS; AND LICENSED IN THE STATE OF MARYLAND. 36355889 1 1 0 0 0 0 0 0 0 1 1 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 0 0 0 0 1 0 0 0 0 0 0 0 0 1 41 0 1 568 1 0 0 0 0 0 0 0 0 0 0 0 0 X 22 22 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MD X TRACEY FUDGE CFO & COO 3013655300 7303 RIVER ROAD BETHESDA MD 20817 JESSICA HOLLADAY STERCHI BOARD CHAIR 10.00 X X 0 0 0 MARK ORDAN PRESIDENT 10.00 X X 0 0 0 JIM DARCEY TREASURER 10.00 X X 0 0 0 CLARK ERVIN SECRETARY 10.00 X X 0 0 0 HELEN CLARK ATKESON TRUSTEE 3.00 X 0 0 0 MARCIA BATESON TRUSTEE 3.00 X 0 0 0 GREGORY BERNSTEIN TRUSTEE 3.00 X 0 0 0 CATHERINE BUTZ TRUSTEE 3.00 X 0 0 0 PULLEN DANIEL TRUSTEE 3.00 X 0 0 0 MIRIAM HERMAN TRUSTEE 3.00 X 0 0 0 SHABA HOLLEY KEYS TRUSTEE 3.00 X 0 0 0 SABAH IQBAL-RANA TRUSTEE 3.00 X 0 0 0 ROBERT JESMER TRUSTEE 3.00 X 0 0 0 ANNE KEISER TRUSTEE 3.00 X 0 0 0 MOLLIE KLURFELD WILLIAMS TRUSTEE 3.00 X 0 0 0 ROBERT NICHOLS TRUSTEE 3.00 X 0 0 0 JENNIFER CORNFELD SCHENKER TRUSTEE 3.00 X 0 0 0 JEREMY SCHWER TRUSTEE 3.00 X 0 0 0 JEFF SELINGO TRUSTEE (AS OF 09/24) 3.00 X 0 0 0 ELLEN SPIEGEL TRUSTEE 3.00 X 0 0 0 DAVID THOMAS TRUSTEE (AS OF 09/24) 3.00 X 0 0 0 RENEE THOMAS-SPENCER TRUSTEE (AS OF 09/24) 3.00 X 0 0 0 PENNY EVINS HEAD OF SCHOOL 40.00 X 685732 0 116257 TRACEY FUDGE CFO/COO 40.00 X 365302 0 37079 ANN KANGAS DIR. OF ADVANCEMENT (UNTIL 03/25) 40.00 X 245739 0 39200 CHRISTOPHER LYNCH DIRECTOR OF UPPER SCHOOL 40.00 X 209233 0 85752 MIKE ROBERTSON DIRECTOR OF IT 40.00 X 191911 0 24371 LESLIE NELSON DIRECTOR OF ENROLLMENT 40.00 X 180221 0 53636 MICHAEL LIBURD CONTROLLER (UNTIL 03/25) 40.00 X 172829 0 24350 SUSANNA JONES FORMER HEAD OF SCHOOL 40.00 X 266911 0 0 2317878 0 380645 95 1 1 0 GILBANE BUILDING COMPANY 7 JACKSON WALKWAY PROVIDENCE RI 02903 CONSTRUCTION 8291048 MERIWETHER GODSEY 4944 OLD BOONSBORO RD LYNCHBURG VA 24503 FOOD SERVICES 1411141 GTR TURF INC 4980 QUALITY DRIVE FREDERICKSBURG VA 22408 TURF FIELD CONSTRUCTION 446500 PALM FACILITY SERVICES LLC 10401 CONNECTICUT AVE KENSINGTON MD 20895 CLEANING SERVICES 376254 MIDDLEDORF BUS COMPANY INC 7801 ANNBAR LANE CLINTON MD 20735 BUS TRANSPORTATION 295727 18 128093 2380179 93861 2508272 EDUCATIONAL PROGRAM 611110 37625100 37625100 STUDENT SUPPORT SERVIC 611110 4108488 4108488 41733588 2138439 2138439 272831 0 272831 272831 272831 15808073 15032585 775488 775488 775488 0 128093 2610 -2610 -2610 99633 87627 12006 12006 47438014 41745594 0 3184148 4952235 4952235 1234035 956377 207318 70340 21166018 16403664 3555891 1206463 1373705 1064621 230783 78301 2340839 1932247 305082 103510 1593187 1234719 267656 90812 366860 366860 42533 42533 277683 277683 2930414 2588350 151695 190369 32148 32148 284403 220412 47780 16211 335335 335335 2412624 1869783 405321 137520 184112 142687 30931 10494 725719 725719 2584772 2003198 434242 147332 608923 608923 STUDENT TRANSPORTATION 468243 468243 TRAINING 230444 178594 38715 13135 PRINTING & PUBLICATION 177208 137336 29771 10101 2401117 1835940 423948 141229 46722557 36355889 8150851 2215817 36294 1722 5228483 8010597 1211691 494421 25816240 26076569 88662 108088 954859 757597 104518178 56726817 46231533 47791361 62042494 62502009 6065007 6261613 89841 167151 147765104 152171128 5531639 3922849 35294754 36950801 17824480 17323761 505560 509452 59156433 58706863 X 63497593 70464901 25111078 22999364 88608671 93464265 147765104 152171128 715457 4140137 0 X X 0 1 X 1 0 X 2638228 4640788 6019841 3428889 2508272 19236018 2638228 4640788 6019841 3428889 2508272 19236018 1592176 17643842 2158885 2500289 2899804 2726218 2411270 12696466 124996 157650 127325 409971 32342455 184877947 0.54550 0.55120 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 53007938 460579 5906996 127339 2810735 56437439 49728074 980595 6284019 123697 3861053 53007938 46683595 1464193 3548635 110032 1858317 49728074 53171590 967451 -4507361 135894 2812191 46683595 42975685 1082632 11109922 116087 1880562 53171590 0.60570 0.39430 0.00000 0 0 5695312 5695312 88291619 48598080 39693539 4850765 3938042 912723 5680482 4190695 1489787 47791361 FUNDS HELD FOR OTHERS 509452 509452 X 45913595 4140137 -5477110 -1336973 47250568 277683 -90237 187446 47438014 41058001 90237 90237 40967764 277683 5477110 5754793 46722557 PART V, LINE 4: THE BOARD OF TRUSTEES SETS THE ANNUAL SPENDING POLICY FOR THE ENDOWMENT AND RESERVES TO BALANCE THE GOALS OF PROVIDING SUPPORT FOR CURRENT OPERATIONS AND MAINTAINING LONG-TERM ASSETS FOR THE FUTURE NEEDS OF THE SCHOOL. PART X, LINE 2: THE SCHOOL IS A NONPROFIT ORGANIZATION GENERALLY EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE. HOWEVER, THE SCHOOL IS SUBJECT TO INCOME TAXES ON UNRELATED BUSINESS INCOME AS DEFINED BY THE INTERNAL REVENUE SERVICE. THE SCHOOL MAY RECOGNIZE A 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. MANAGEMENT EVALUATED THE SCHOOL'S TAX POSITIONS AND CONCLUDED THAT THE SCHOOL HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS. THE SCHOOL IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO 2022. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID AND REMISSION NETTED AGAINST TUITION REVENUE -5,477,110. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -87,627. FUNDRAISING EXPENSES -2,610. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 87,627. FUNDRAISING EXPENSES 2,610. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND REMISSION NETTED AGAINST TUITION REVENUE 5,477,110. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 THE RACIAL NONDISCRIMINATION POLICY IS PUBLICIZED THROUGH PRINTED MATERIALS, PERIODIC ADVERTISEMENTS AND THROUGH THE ORGANIZATION'S WEBSITE HOMEPAGE. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 6261613 0 0 0 0 0 0 6261613 0 6261613 1 0 1 0 1 0 AUCTION 128093 128093 2610 128093 128093 2610 2610 -2610 1 0 0 FINANCIAL AID 138 4952235 FAIR VALUE FINANCIAL ASSISTANCE PART I, LINE 2: THE SCHOOL AWARDS FINANCIAL AID BASED ON THE DECISIONS OF THE SCHOOL'S FINANCIAL AID COMMITTEE WHICH USES AN INDEPENDENT THIRD PARTY TO ESTABLISH THE NEED OF THE RECIPIENTS. GRANT SUPPORT: THE ALUMNAE SCHOLARSHIP IS AWARDED TO AN 11TH GRADE STUDENT BASED ON AN APPLICATION PROCESS. THE ACWORTH SCHOLARSHIPS SUPPORT STUDENTS WITH ANNUAL AWARDS EACH BASED ON FINANCIAL NEED AND OTHER CRITERIA ESTABLISHED BY THE ACWORTH FOUNDATION. X X 1 1 X X X X X 0 0 0 0 0 0 0 0 1 1 PENNY EVINS HEAD OF SCHOOL 619503 0 0 0 66229 0 26313 0 89944 0 801989 0 0 0 TRACEY FUDGE CFO/COO 342302 0 0 0 23000 0 25494 0 11585 0 402381 0 0 0 CHRISTOPHER LYNCH DIRECTOR OF UPPER SCHOOL 207238 0 0 0 1995 0 20349 0 65403 0 294985 0 0 0 ANN KANGAS DIR. OF ADVANCEMENT (UNTIL 03/25) 245739 0 0 0 0 0 13900 0 25300 0 284939 0 0 0 SUSANNA JONES FORMER HEAD OF SCHOOL 0 0 0 0 266911 0 0 0 0 0 266911 0 266911 0 LESLIE NELSON DIRECTOR OF ENROLLMENT 157721 0 0 0 22500 0 17442 0 36194 0 233857 0 0 0 MIKE ROBERTSON DIRECTOR OF IT 191511 0 0 0 400 0 13375 0 10996 0 216282 0 0 0 MICHAEL LIBURD CONTROLLER (UNTIL 03/25) 172829 0 0 0 0 0 13704 0 10646 0 197179 0 0 0 PART I, LINE 1A THE HEAD OF SCHOOL RECEIVED ON-CAMPUS HOUSING AND CLEANING SERVICES OF PUBLIC AREAS FOR SCHOOL FUNCTIONS/EVENTS. THE DIRECTOR OF UPPER SCHOOL RECEIVED EMPLOYER-PROVIDED HOUSING. THESE WERE TREATED AS NON-TAXABLE. PART I, LINE 8 PENNY EVINS IS IN HER INITIAL EMPLOYMENT AGREEMENT AS HEAD OF SCHOOL OF THE HOLTON-ARMS SCHOOL EFFECTIVE AS OF 07/01/2023 FOR AN INITIAL TERM OF 5 YEARS. A ECONOMIC DEVELOPMENT REVENUE BONDS (HOLTON-ARMS SCHOOL PROJECT) SERIES 526000980 NONEAVAIL 2015-06-17 21352201 TO RETIRE 2002 SERIES BOND & PROVIDE FINANCING FOR SCHOOL CAPITAL PROJECTS 0 0 0 A 3735000 21352201 3000000 18352201 2015 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 1 0 0 0 0 1 A 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: ECONOMIC DEVELOPMENT REVENUE BONDS (HOLTON-ARMS SCHOOL PROJECT DATE THE REBATE COMPUTATION WAS PERFORMED: 06/17/2025 X 28 93861 FMV 0 0 1 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS REPRESENTS THE AMOUNT OF GIFTS RECEIVED. FORM 990, PART VI, SECTION A, LINE 1A THE BY-LAWS OF THE BOARD OF TRUSTEES AUTHORIZES THE EXECUTIVE COMMITTEE TO ACT ON BEHALF OF THE BOARD BETWEEN BOARD MEETINGS, EXCEPT AS TO THE ELECTION OF TRUSTEES AND OFFICERS AND THOSE ACTIONS THAT REQUIRE A 2/3 VOTE OR MORE BY THE BOARD. FORM 990, PART VI, SECTION A, LINE 4 DURING THE YEAR, THE ORGANIZATION ADOPTED UPDATED BYLAWS THAT INCLUDE THE ADDITION OF A PREAMBLE CLARIFYING THE ORGANIZATION'S PURPOSE AND TAX EXEMPT STATUS, EXPANDED AND CLARIFIED THE BOARD OF TRUSTEES' POWERS AND RESPONSIBILITIES, AND UPDATED PROVISIONS RELATED TO BOARD COMPOSITION, OFFICER TERMS, COMMITTEES, AND GOVERNANCE PROCEDURES. THE AMENDMENTS ALSO FORMALIZED CONFLICT OF INTEREST, CONFIDENTIALITY, AND CODE OF CONDUCT REQUIREMENTS; CLARIFIED EXECUTIVE COMMITTEE AUTHORITY AND REPORTING; AND ADDED PROVISIONS ADDRESSING INDEMNIFICATION, TRUSTEE NONCOMPENSATION, AND DISSOLUTION. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED AND APPROVED BY THE AUDIT COMMITTEE, FOLLOWED BY A REVIEW PERIOD FOR THE FULL BOARD OF TRUSTEES TO REVIEW, QUESTION, AND COMMENT PRIOR TO BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C TRUSTEES AND OFFICERS ARE REQUIRED TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST ACCORDING TO THE SCHOOL'S POLICY AND SIGN THE CONFLICT OF INTEREST DISCLOSURE AT THE FIRST BOARD MEETING OF THE YEAR. THE CFO/COO AND CHAIR OF THE FINANCE COMMITTEE REVIEW THE DISCLOSURES AND MONITOR THROUGHOUT THE YEAR. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES USES A NUMBER OF METRICS AND ANALYSES, INCLUDING INFORMATION FROM COMPARABLE SCHOOLS, TO SET THE TOTAL COMPENSATION PACKAGE FOR THE HEAD OF SCHOOL. SCHOOL ADMINISTRATOR COMPENSATION IS COMPARED TO BENCHMARK INFORMATION FROM COMPARABLE SCHOOLS. THE COMPENSATION COMMITTEE REVIEWS THIS PROCESS ANNUALLY. THE DELIBERATIONS AND DECISIONS REGARDING COMPENSATION ARE DOCUMENTED. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2025. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C: THERE WERE NO CHANGES TO THE ORGANIZATION'S OVERSIGHT OR SELECTION PROCESS DURING THE TAX YEAR.