2024-02-14T12:04:51-06:00 2023-06-30 873231666 PKF O'CONNOR DAVIES ADVISORY LLC 500 MAMARONECK AVENUE SUITE 301 HARRISON NY 105281633 990 2022-07-01 221487252 MORRISTOWN-BEARD SCHOOL MORR 9735393032 70 WHIPPANY ROAD MORRISTOWN NJ 07960 RICHARD KASMIN CFO 9735393032 2024-02-14 1 RICHARD KASMIN 999009999 1 MELISSA MODELSON P01603524 9143818900 2024-02-14 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z RICHARD KASMIN 70 WHIPPANY ROAD MORRISTOWN NJ 07960 35485993 0 X WWW.MBS.NET X 1939 NJ THE SCHOOL IS AN EDUCATIONAL COLLEGE PREPARATORY SCHOOL IN GRADES 6 TO 12. 23 22 349 120 0 0 4267010 2619426 30354924 31575996 417378 800134 32313 -10898 35071625 34984658 3877876 3849321 0 0 19228254 19987790 0 0 1406299 9425217 10185400 32531347 34022511 2540278 962147 71175267 73085809 6113537 5416796 65061730 67669013 MORRISTOWN-BEARD SCHOOL IS AN EDUCATIONAL COLLEGE PREPARATORY SCHOOL IN GRADES 6 TO 12 LOCATED IN MORRISTOWN, NEW JERSEY. 0 0 26395188 3849321 31575996 MORRISTOWN-BEARD SCHOOL IS AN INDEPENDENT, COEDUCATIONAL DAY SCHOOL SERVING STUDENTS FROM MORE THAN 85 COMMUNITIES AND NINE COUNTIES IN NORTHERN NEW JERSEY. THERE ARE 600 STUDENTS IN GRADES 6-12, WITH AN UPPER SCHOOL ENROLLMENT OF 450 AND MIDDLE SCHOOL OF 150.STUDENTS LEAVE MBS EXCEEDINGLY WELL PREPARED FOR THE CHALLENGES OF COLLEGE AND UNIVERSITY STUDIES. THEIR SKILLS IN THINKING, WRITING, AND TIME MANAGEMENT SET THEM APART AMONG ENTERING COLLEGE STUDENTS, WHILE THE QUALITIES OF MIND THEY DEVELOP HERE POSITION THEM FOR SUCCESS LONG AFTER COLLEGE. THESE STRENGTHS FROM COMMUNICATION AND COLLABORATION TO THE ABILITY TO SOLVE COMPLEX, OPEN-ENDED PROBLEMS LEAD NEARLY EVERY LIST OF CAPABILITIES FOR 21ST-CENTURY SUCCESS. 26395188 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 1 1 0 0 0 1 0 0 0 0 0 0 0 0 1 48 0 349 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 23 22 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 X PHILICIA LEVINSON 9735393032 70 WHIPPANY ROAD MORRISTOWN NJ 07960 X ELIZABETH MORRISON HEAD OF SCHOOL 55.00 X X 468724 0 57107 RAVI CHOPRA CO-PRESIDENT 10.00 X X 0 0 0 CARISA STRAUSS CO-PRESIDENT 10.00 X X 0 0 0 DARNELL PARKER VICE PRESIDENT 10.00 X X 0 0 0 LEE KELLOGG SADRIAN VICE PRESIDENT 10.00 X X 0 0 0 KELLY EWING VICE PRESIDENT 10.00 X X 0 0 0 MICHAEL MORAIS VICE PRESIDENT 10.00 X X 0 0 0 R CARTWRIGHT WALLACE TREASURER 10.00 X X 0 0 0 PAMELA NELSON-DAVIDSON SECRETARY 10.00 X X 0 0 0 DENA BAPTISTE TRUSTEE 10.00 X 0 0 0 DAVID MOLOWA TRUSTEE 10.00 X 0 0 0 LISSA FERRELL TRUSTEE 10.00 X 0 0 0 PETER FIVERSON TRUSTEE 10.00 X 0 0 0 SHANAE GREEN TRUSTEE 10.00 X 0 0 0 DAVID MCMANUS TRUSTEE 10.00 X 0 0 0 CORY PINE TRUSTEE 10.00 X 0 0 0 BRUCE SANFORD TRUSTEE 10.00 X 0 0 0 LARRY SHERMAN TRUSTEE 10.00 X 0 0 0 PENNY SOKOLOWSKI TRUSTEE 10.00 X 0 0 0 SCOTT TANNEN TRUSTEE 10.00 X 0 0 0 ERIC SOOS TRUSTEE 10.00 X 0 0 0 JANINE WEBB TRUSTEE 10.00 X 0 0 0 SHERIF ZAKHARY TRUSTEE 10.00 X 0 0 0 PHILICIA LEVINSON CHIEF FINANCIAL OFFICER 55.00 X 201872 0 40603 ELIZABETH PATTERSON DIRECTOR OF ADVANCEMENT 55.00 X 218265 0 46898 BONI LUNA DEAN OF FACULTY 55.00 X 181503 0 43695 DARREN BURNS STRATEGIC PLANNING 55.00 X 131739 0 41060 RYAN LIESE HEAD OF UPPER SCHOOL 55.00 X 179456 0 36130 ROBERT MITCHELL DIRECTOR OF ADMISSION 55.00 X 145933 0 70980 PAUL FISHER TECHNOLOGY TEACHER 55.00 X 141053 0 41431 KLARISSA KAROSEN DIRECTOR OF DEI 55.00 X 134967 0 37950 PETER CALDWELL FORMER HEAD OF SCHOOL 0.50 X 270000 0 0 2073512 0 415854 32 1 1 0 DSG SERVICES PO BOX 2064 MORRISTOWN NJ 07962 CLEANING SERVICES 664140 A&D STAFFING PO BOX 2268 WOODLAND PARK NJ 07424 STAFFING SERVICES 465717 BELAIR TRANSPORT 641 TREMONT AVENUE ORANGE NJ 07050 STUDENT BUS TRANSPORTATION 304301 AMAZON CONTRACTOR LLC 806 STATE RT 57 STEWARTSVILLE NJ 08886 REPAIRS AND MAINTENANCE 280150 GLOBAL SHEET METAL 145 HARRISON STREET NUTLEY NJ 07110 REPAIRS AND MAINTENANCE 176869 7 85051 2534375 927801 2619426 TUITION AND FEES 611110 29399777 29399777 AUXILIARY REVENUE 611110 1665091 1665091 CLUB & ACTIVITY FEES 611110 511128 511128 31575996 800076 800076 436000 435942 58 58 58 50445 85051 65393 -14948 -14948 2000 0 2000 2000 MISCELLANEOUS REVENUE 900099 2050 2050 2050 34984658 31575996 0 789236 3849321 3849321 1285124 389056 896068 13841955 11144104 1633897 1063954 895724 705915 117584 72225 2795793 2298553 325214 172026 1169194 934234 159444 75516 67440 67440 73000 73000 35095 35095 1196412 618447 577965 272650 9661 262989 652622 363078 289544 596430 306392 290038 500380 375285 125095 284629 191675 92954 57583 19959 37624 20366 20366 2210450 1657837 552613 343439 85272 258167 FOOD AND DINING 1328160 1328160 EVENTS AND PROGRAMS 1302999 971173 331826 REPAIRS AND MAINTENANCE 742643 648176 94467 STUDENT SUPPLIES & EQUI 295503 295503 205599 183021 22578 34022511 26395188 6221024 1406299 261071 160015 6908758 4249712 785130 524061 125417 312728 50000 25000 47007 71767 101371 106872 75228295 34113374 42513006 41114921 20116592 25141030 0 809100 266915 570603 71175267 73085809 2425959 2303991 2794189 2590756 893389 522049 6113537 5416796 X 44565105 44864039 20496625 22804974 65061730 67669013 71175267 73085809 X 962147 1853769 -208633 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 23154970 65077 2452751 452932 25219866 23636420 3007323 -3173685 315088 23154970 15716073 3190207 4902590 150000 22450 23636420 15396777 10659 494822 150000 36185 15716073 13793559 1133733 782476 250000 62991 15396777 0.13000 0.48100 0.38900 0 0 1560691 1560691 71188881 32542183 38646698 2053004 1345958 707046 425719 225233 200486 41114921 X 32465011 1853769 8736 65393 1927898 30537113 35095 4412450 4447545 34984658 29857728 8736 274026 282762 29574966 35095 4412450 4447545 34022511 PART V, LINE 4: THE SCHOOL'S ENDOWMENT FUND CONSISTS OF SEVERAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES, INCLUDING SUPPORT FOR THE FACULTY, SCHOLARSHIPS FOR STUDENTS, AND SUPPORT FOR CAPITAL EXPENDITURES. THE FUNDS ARE RESTRICTED BY DONORS. PART X, LINE 2: THE SCHOOL RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED. MANAGEMENT HAS DETERMINED THAT THE SCHOOL HAD NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. THE SCHOOL IS NO LONGER SUBJECT TO EXAMINATIONS BY THE APPLICABLE TAXING JURISDICTIONS FOR YEARS PRIOR TO JUNE 30, 2020. PART XI, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSES NETTED AGAINST REVENUE 65,393. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID & TUITION REMISSION RECLASSED TO PART IX 4,412,425. BANK FEES RECLASSED TO PART IX 25. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSES NETTED AGAINST REVENUE 65,393. RECLASS PLEDGES RECEIVABLE WRITE-OFF TO PART XI 208,633. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID & TUITION REMISSION RECLASSED TO PART IX 4,412,425. BANK FEES RECLASSED TO PART IX 25. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 A STATEMENT OF NON-DISCRIMINATION IS INCLUDED IN THE SCHOOL'S ADVERTISING MATERIALS AND ITS WEBSITE HOMEPAGE. THE SCHOOL PARTICIPATES IN THE NJAIS NON-DISCRIMINATION POLICY ADVERTISEMENT WHICH INCLUDES THE POLICY IN A LOCAL SCHOOL ADVERTISEMENT. GALA 132166 81941 50225 46772 4068 5673 NEW YORK ATHLETIC CLUB 2380 2160 220 7439 2 950 950 1441 135496 85051 50445 46772 4068 14553 65393 -14948 1 FINANCIAL AID 111 3849321 PART I, LINE 2: ALL FINANCIAL ASSISTANCE GIVEN TO STUDENTS IS CREDITED DIRECTLY TO THEIR TUITION ACCOUNTS. RECIPIENTS ARE CHOSEN BASED ON DEMONSTRATED FINANCIAL NEED. SEVERAL FACTORS INCLUDING INCOME, ASSETS, LIABILITIES, AND THE NUMBER OF CHILDREN IN TUITION-CHARGING SCHOOLS ARE TAKEN INTO CONSIDERATION. IN ORDER TO APPLY, FAMILIES MUST COMPLETE A THIRD-PARTY APPLICATION, AND FILE COPIES OF THE REQUIRED DOCUMENTS BY THE APPROPRIATE DEADLINES. X 1 0 X X X X 0 0 0 0 0 0 0 0 0 ELIZABETH MORRISON HEAD OF SCHOOL 393698 0 0 0 75026 0 26670 0 30437 0 525831 0 0 0 PETER CALDWELL FORMER HEAD OF SCHOOL 270000 0 0 0 0 0 0 0 0 0 270000 0 0 0 ELIZABETH PATTERSON DIRECTOR OF ADVANCEMENT 215493 0 0 0 2772 0 19306 0 27592 0 265163 0 0 0 PHILICIA LEVINSON CHIEF FINANCIAL OFFICER 200093 0 0 0 1779 0 10368 0 30235 0 242475 0 0 0 BONI LUNA DEAN OF FACULTY 178993 0 0 0 2510 0 16103 0 27592 0 225198 0 0 0 ROBERT MITCHELL DIRECTOR OF ADMISSION 145245 0 0 0 688 0 14970 0 56010 0 216913 0 0 0 RYAN LIESE HEAD OF UPPER SCHOOL 179076 0 0 0 380 0 9173 0 26957 0 215586 0 0 0 PAUL FISHER TECHNOLOGY TEACHER 139176 0 0 0 1877 0 14355 0 27076 0 182484 0 0 0 KLARISSA KAROSEN DIRECTOR OF DEI 134693 0 0 0 274 0 10436 0 27514 0 172917 0 0 0 DARREN BURNS STRATEGIC PLANNING 131118 0 0 0 621 0 13612 0 27448 0 172799 0 0 0 PART I, LINE 1A THE HEAD OF SCHOOL IS PROVIDED WITH A HOUSING ALLOWANCE WHICH IS TAXABLE AND REPORTED IN HER FORM W-2. A PUBLIC FINANCE AUTHORITY 273866124 000000000 2015-10-06 9000000 REFINANCE PRIOR ISSUE FROM 2007, CONSTRUCTION OF MATH & SCIENCE BUILDING 0 0 0 A 8477950 9000000 7000000 2000000 2015 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 1 0 0 0 0 0 0 A 0 ELIZABETH MORRISON HEAD OF SCHOOL HOUSING X 75000 25000 0 1 1 25000 40970 FINANCIAL AID DISCOUNTED TUITION X 8 118701 AVG. SELLING PRICE X 1 809100 APPRAISAL 1 0 1 0 PART I, COLUMN (B): THE NUMBER REPORTED IN PART I, COLUMN (B) IS THE NUMBER OF CONTRIBUTORS. FORM 990, PART VI, SECTION B, LINE 11B MORRISTOWN-BEARD SCHOOL HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. WHEN THE FORM 990 HAS BEEN PREPARED, REVIEWED BY THE HEAD OF SCHOOL AND CFO AND IS READY TO BE FILED WITH THE INTERNAL REVENUE SERVICE, A REDACTED RETURN (REMOVAL OF SCHEDULE B) IS ELECTRONICALLY SENT TO THE BOARD OF TRUSTEES IN ADVANCE OF A BOARD MEETING. AT THAT MEETING, THE CHIEF FINANCIAL OFFICER SUMMARIZES THE KEY HIGHLIGHTS OF THE FORM 990 AND ANSWERS ANY QUESTIONS PRIOR TO THE TRUSTEES VOTING TO APPROVE THE FILING OF THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION HAS A WRITTEN CONFLICT OF INTEREST POLICY THAT IS REGULARLY AND CONSISTENTLY MONITORED AND ENFORCED. THE PURPOSE OF THIS CONFIDENTIALITY AND CONFLICT OF INTEREST POLICY ("POLICY") IS TO PROTECT MORRISTOWN BEARD SCHOOL'S ("SCHOOL") INTERESTS WHEN IT IS CONTEMPLATING ENTERING INTO A TRANSACTION OR ARRANGEMENT THAT MIGHT BENEFIT THE PRIVATE INTEREST OF AN OFFICER OR DIRECTOR OF THE SCHOOL, OR MIGHT RESULT IN A POSSIBLE EXCESS BENEFIT TRANSACTION. AN "INTERESTED PERSON" IS ANY DIRECTOR, PRINCIPAL OFFICER, KEY EMPLOYEE OR MEMBER OF A COMMITTEE WITH BOARD-DELEGATED POWERS, WHO HAS A DIRECT OR INDIRECT FINANCIAL INTEREST. ANNUALLY, EACH INTERESTED PERSON MUST COMPLETE A CONFLICT OF INTEREST STATEMENT TO DISCLOSE ANY POTENTIAL CONFLICTS. IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON IS GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH GOVERNING BOARD DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE GOVERNING BOARD OR COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. IF THE GOVERNING BOARD OR COMMITTEE HAS REASONABLE CAUSE TO BELIEVE A MEMBER HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM THE MEMBER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE MEMBER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF, AFTER HEARING THE MEMBER'S RESPONSE AND AFTER MAKING FURTHER INVESTIGATION AS WARRANTED BY THE CIRCUMSTANCES, THE GOVERNING BOARD OR COMMITTEE DETERMINES THE MEMBER HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. FORM 990, PART VI, SECTION B, LINE 15A THE COMPENSATION COMMITTEE OF THE BOARD USES AVAILABLE COMPENSATION STUDIES, BENCHMARKING DATA FROM RELEVANT INDUSTRY ASSOCIATIONS, AS WELL AS COMPARATIVE SCHOOL DATA GLEANED FROM FORM 990S TO DETERMINE THE SALARY FOR THE HEAD OF SCHOOL. THE BOARD OF TRUSTEES APPOINTS A TRUSTEE TO LEAD THE SEARCH COMMITTEE. THE HEAD OF SCHOOL COMPENSATION IS APPROVED BY THE BOARD. THIS PROCESS WAS LAST UNDERTAKEN IN 2023. COMPENSATION FOR OTHER OFFICERS AND KEY EMPLOYEES IS DETERMINED BY THE HEAD OF SCHOOL IN CONSULTATION WITH THE CHIEF FINANCIAL OFFICER, USING AVAILABLE COMPENSATION STUDIES, BENCHMARKING DATA FROM RELEVANT INDUSTRY ASSOCIATIONS, AS WELL AS COMPARATIVE SCHOOL DATA GLEANED FROM FORM 990S. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS FORM 990, GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. PART VII, SECTION A: PETER CALDWELL, FORMER HEAD OF SCHOOL, RECEIVED COMPENSATION REPORTED IN PART VII RELATING TO A CONSULTING AGREEMENT THAT WAS ESTABLISHED AFTER HE STEPPED DOWN FROM HIS POSITION. HE IS PROVIDING CONSULTING SERVICES ON AN AS-NEEDED BASIS TO THE SCHOOL. FORM 990, PART XI, LINE 9: UNCOLLECTIBLE PLEDGES WRITE-OFF -208,633. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS AN AUDIT COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.