2024-04-26T00:46:27-05:00 2023-06-30 221478099 COHNREZNICK LLP 7501 WISCONSIN AVENUE SUITE 400E BETHESDA MD 20814 990 2022-07-01 521011508 OUR LADY OF THE WOODS CORPORATION OURL 3013653080 6801 GREENTREE ROAD BETHESDA MD 20817 HASMIG MAHSHIGIAN DIR OF FINANCE & OPERATIONS 3013653080 2024-04-25 1 HASMIG MAHSHIGIAN 999009999 0 LAURA KIELCZEWSKI P00740769 3016529100 2024-04-25 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z JOSEPH E POWERS 6801 GREENTREE ROAD BETHESDA MD 20817 10650070 0 X WOODSACADEMY.ORG X 1975 MD TO OPERATE A PRIVATE SCHOOL FOR PRE-SCHOOL THROUGH EIGHTH GRADE STUDENTS. 15 14 85 120 0 0 1209111 561211 8671639 8966927 113176 151643 0 -40356 9993926 9639425 275443 272240 0 0 6457901 6651215 0 0 344482 2262405 2477788 8995749 9401243 998177 238182 12069354 18702677 4163972 10503499 7905382 8199178 X SEE SCHEDULE O 0 0 6621288 272240 8966927 SEE SCHEDULE O 6621288 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 30 0 1 85 1 0 0 0 0 0 0 0 0 0 0 0 0 X 15 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X HASMIG MAHSHIGIAN DIR OF FINANCE & OPERATIONS 3013653080 6801 GREENTREE ROAD BETHESDA MD 20817 ALISON PLOTAS SECRETARY 5.00 X X 0 0 0 ANN BATLLE TRUSTEE 1.00 X 0 0 0 DANIEL HICKEY TRUSTEE 1.00 X 0 0 0 DONNA BYRNE CHAIR 5.00 X X 0 0 0 INES VEGA TRUSTEE 1.00 X 0 0 0 JOHN GLENNON JR TRUSTEE 1.00 X 0 0 0 MARC FERRELL TRUSTEE 1.00 X 0 0 0 MARK GROSH TRUSTEE 1.00 X 0 0 0 MEGAN GANGULY TRUSTEE 1.00 X 0 0 0 MIKE CAIN TRUSTEE 1.00 X 0 0 0 PAULA PRYOR TRUSTEE 1.00 X 0 0 0 ALFONSO LEON TRUSTEE 1.00 X 0 0 0 ROBIN CLARK VICE-CHAIR 5.00 X X 0 0 0 STEFANIE MORGAN-DAVIS TREASURER 5.00 X X 0 0 0 STEVEN GOBIEN TRUSTEE 1.00 X 0 0 0 JOSEPH POWERS HEAD OF SCHOOL 40.00 X 404711 0 62748 HASMIG MAHSHIGIAN DIR OF FINANCE & OPERATIONS 40.00 X 161534 0 19705 TRACI GRIGG DIRECTOR OF DEVELOPMENT 40.00 X 129272 0 8153 HEGHOUSH SHEGERIAN BUSINESS OFFICER 40.00 X 109710 0 14905 JODIE SHOEMAKER ASSISTANT HEAD OF SCHOOL 40.00 X 107523 0 47549 ERIN JEFFERS ATHLETIC DIRECTOR 40.00 X 104066 0 61323 ERIC SMITH DIRECTOR OF TECHNOLOGY 40.00 X 102662 0 82343 1119478 0 296726 7 0 1 0 HBW CONSTRUCTION 1055 FIRST STREET SUITE 200 ROCKVILLE MD 20850 CONSTRUCTION COSTS FOR RENOVATIONS 5176729 DANCKER 291 EVANS WAY SOMERVILLE NJ 08876 FURNITURE DESIGN AND BROKER 201859 GTM ARCHITECTS INC 7735 OLD GEORGETOWN ROAD SUITE 700 BETHESDA MD 20814 ARCHITECTURAL DESIGN 174182 TUCK TECHNOLOGIES LLC 1765 GREENSBORO STATIO SUITE 900 MCLEAN MD 22102 WIRING, INSTALLATION OF PA AND AV EQUIPM 122100 SINGER EVI LLC 3881 TEN OAKS ROAD 2C GLENEG MD 21737 KITCHEN DESIGN AND APPLIANCES 108563 5 87529 473682 9453 561211 TUITION AND OTHER FEES 611100 8190409 8190409 AUXILIARY SERVICES 611710 776518 776518 8966927 142189 142189 979743 970289 9454 9454 9454 0 87529 40356 -40356 -40356 9639425 8966927 0 111287 272240 272240 640811 454221 170265 16325 4593866 3213834 1259290 120742 275632 222932 48089 4611 771610 624080 134623 12907 369296 258356 101233 9707 31943 22347 8756 840 26365 18445 7227 693 14256 14256 117001 81853 32073 3075 222469 43839 177020 1610 196582 196582 244393 103622 136878 3893 22596 16721 5197 678 2312 2312 90740 63481 24874 2385 588777 411905 161397 15475 93004 65065 25494 2445 OTHER EDUCATIONAL SUPPO 327457 327457 0 0 PARENT/TEACHER ORGANIZA 101288 0 0 101288 REPAIRS AND MAINTENANCE 95421 66756 26157 2508 PROFESSIONAL DEVELOPMEN 64413 45061 17658 1694 238771 112491 82674 43606 9401243 6621288 2435473 344482 5242478 5132947 808936 642752 86447 79941 15376712 7328593 2891944 8048119 2940117 3240128 1558790 99432 0 12069354 18702677 1451355 1020740 2712617 2986965 4907778 0 1588016 4163972 10503499 X 6492620 6937103 1412762 1262075 7905382 8199178 12069354 18702677 238182 55614 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2704041 238275 37649 18588 2961377 3131361 912000 -44905 1294415 2704041 2599110 432000 117298 17047 3131361 2613638 2000 16528 2599110 2072414 741220 22445 222441 2613638 0.86660 0.08940 0.04400 0 0 14342140 6890990 7451150 245725 200398 45327 788847 237205 551642 8048119 CAPITAL LEASE 1588016 1588016 X 9408543 55614 55614 9352929 14256 272240 286496 9639425 9114747 0 9114747 14256 272240 286496 9401243 PART V, LINE 4: BOARD DESIGNATED FUNDS - THESE FUNDS HAVE BEEN ESTABLISHED THROUGH BOARD APPROVED RESERVE POLICIES TO PROVIDE CASH RESERVES FOR FUTURE EXPECTED AND UNEXPECTED EVENTS AND TO ENSURE THE FUTURE FISCAL STABILITY OF THE ACADEMY. PERMANENT ENDOWMENT FUNDS - INCOME FROM THE PERMANENT ENDOWMENTS IS USED TO PROVIDE SCHOLARSHIPS FOR STUDENTS AT THE ACADEMY AND TO PROVIDE ADDITIONAL SUPPORT FOR FACULTY PROFESSIONAL DEVELOPMENT EXPENSES. TEMPORARILY RESTRICTED FUNDS - THESE FUNDS ARE ONLY AVAILABLE FOR SPECIFIED PURPOSES. THESE INCLUDE SCHOOL PROGRAMS, FINANCIAL AID, AND FUTURE BUILDING RENOVATIONS. PART X, LINE 2: THE ACADEMY IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("IRC"), EXCEPT FOR UNRELATED BUSINESS INCOME, AS DEFINED BY THE IRC. THE ACADEMY DID NOT HAVE ANY UNRELATED BUSINESS INCOME DURING THE YEARS ENDED JUNE 30, 2023 AND 2022. ACCORDINGLY, THESE STATEMENTS DO NOT REFLECT A PROVISION FOR INCOME TAXES. THE ACADEMY IS REQUIRED TO FILE, AND DOES FILE, TAX RETURNS WITH THE INTERNAL REVENUE SERVICE ("IRS") AND OTHER TAXING AUTHORITIES. TAX RETURNS FILED BY THE ACADEMY ARE SUBJECT TO EXAMINATION BY THE IRS FOR A PERIOD OF THREE YEARS. WHILE NO INCOME TAX RETURNS ARE CURRENTLY BEING EXAMINED BY THE IRS, TAX YEARS SINCE 2020 REMAIN OPEN. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID - GROUPED WITH REVENUE ON THE FINANCIAL STATEMENTS 272,240. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID - GROUPED WITH REVENUE ON THE FINANCIAL STATEMENTS 272,240. 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 POLICY IS PUBLICIZED THROUGH PRINTED MATERIALS AND PERIODIC ADVERTISEMENTS. AUCTION 87529 87529 40356 87529 87529 40356 40356 -40356 1 FINANCIAL AID FOR STUDENTS 49 272240 FMV FINANCIAL AID PART I, LINE 2: A FINANCIAL AID PROGRAM HAS BEEN ESTABLISHED TO PROVIDE TUITION ASSISTANCE FOR THOSE CHILDREN WHO OTHERWISE WOULD NOT ATTEND THE SCHOOL. APPLICATIONS FOR FINANCIAL AID ARE DIRECTLY SUBMITTED TO FACTS, A THIRD PARTY SERVICE, TO HELP CALCULATE FAMILIES' FINANCIAL NEED. FACTS PROVIDES THIS INFORMATION TO THE WOODS ACADEMY IN ORDER FOR THE SCHOOL TO DETERMINE FINANCIAL AID AWARDS THAT ARE FAIR, EQUITABLE AND BASED ON NEED. X X 1 1 X X X 0 0 0 0 0 0 0 1 0 JOSEPH POWERS HEAD OF SCHOOL 359387 0 38965 0 6359 0 26148 0 36600 0 467459 0 0 0 ERIC SMITH DIRECTOR OF TECHNOLOGY 98818 0 3844 0 0 0 7063 0 75280 0 185005 0 0 0 HASMIG MAHSHIGIAN DIR OF FINANCE & OPERATIONS 157516 0 4018 0 0 0 10389 0 9316 0 181239 0 0 0 ERIN JEFFERS ATHLETIC DIRECTOR 102704 0 1362 0 0 0 5875 0 55448 0 165389 0 0 0 JODIE SHOEMAKER ASSISTANT HEAD OF SCHOOL 103679 0 3844 0 0 0 7949 0 39600 0 155072 0 0 0 PART I, LINE 7 HOLIDAY AND PERFORMANCE BASED BONUSES THAT WERE PAID ARE INCLUDED IN PART II COL B(II). 10500 FINANCIAL AID TUITION ASSISTANCE FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: THE WOODS ACADEMY IS AN INDEPENDENT CO-EDUCATIONAL, INCLUSIVE CATHOLIC SCHOOL OFFERING BOYS AND GIRLS FROM PRE-SCHOOL THROUGH GRADE 8 A CHALLENGING AND SUPPORTIVE EDUCATIONAL EXPERIENCE. THE SCHOOL'S MISSION IS TO PREPARE BOYS AND GIRLS TO LEAD LIVES OF SIGNIFICANCE. OUR COMPREHENSIVE PROGRAM ENCOURAGES ALL STUDENTS TO ACHIEVE THEIR FULL INTELLECTUAL, SPIRITUAL, EMOTIONAL, SOCIAL, PHYSICAL, AND CREATIVE POTENTIAL. THE WOODS ACADEMY IS COMMITTED TO PROVIDING A LEARNING ENVIRONMENT AND SCHOOL COMMUNITY THAT PROMOTES PERSONAL INTEGRITY, RESPECT FOR THE UNIQUENESS OF EACH INDIVIDUAL, A SPIRIT OF EQUALITY, AND A COMMITMENT TO SERVICE. BY DEVELOPING SELF-RELIANT CRITICAL THINKERS, THE WOODS ACADEMY PREPARES ITS STUDENTS FOR ACADEMICALLY DEMANDING SECONDARY SCHOOLS, A LIFE-LONG LOVE OF LEARNING, AND THE OPPORTUNITIES AND CHALLENGES PRESENTED BY OUR GLOBAL SOCIETY. FORM 990, PART III, LINE 4A, PROGRAM SERVICE ACCOMPLISHMENTS: THE WOODS ACADEMY SERVES A STUDENT POPULATION OF OVER 320 STUDENTS AND A COMMUNITY OF OVER 220 FAMILIES. OUR YOUNGEST STUDENTS (AGES 3 TO 6 YEARS-OLD) START WITH A MONTESSORI PROGRAM AND CONTINUE ON TO A MORE TRADITIONAL CLASSROOM FOR GRADES 1 THROUGH 8. THE MONTESSORI APPROACH TO EARLY EDUCATION LAYS THE FOUNDATION FOR OUR LOWER AND UPPER SCHOOL ACADEMIC PROGRAMS WHICH DEVELOP INTELLECTUAL DISCIPLINE AND A LIFE-LONG LOVE OF LEARNING. FROM AMAZING ARTS, TO COMPETITIVE ATHLETICS, TO INTERACTIVE TECHNOLOGY, TO STRONG ACADEMICS, TO AN INCLUSIVE FAITH LIFE, TO A RICH DAILY WORLD LANGUAGE EXPERIENCE, WOODS STUDENTS EXPLORE THEIR CREATIVITY AND CURIOSITY AND BECOME CONFIDENT YOUNG ADULTS. STUDENT TEACHER RATIOS ARE ABOUT 8 TO 1. THE WOODS ACADEMY ALSO OFFERS EXTENDED CARE AND STUDY HALL SERVICES FOR AFTER SCHOOL HOURS. THE HALLMARK OF THE WOODS IS A GENUINE SENSE OF COMMUNITY. OUR SMALL CLASS SIZE AND CLOSE-KNIT ENVIRONMENT IS OPTIMAL FOR THE PERSONAL AND EDUCATIONAL GROWTH OF STUDENTS. FACULTY, ADMINISTRATION, AND STAFF KNOW THE STUDENTS WELL AND CHALLENGE THEM TO REALIZE THEIR FULL POTENTIAL. PARENTS AND FAMILIES KNOW AND HELP EACH OTHER AND VOLUNTEER INVALUABLE TIME TO SCHOOL ACTIVITIES. FORM 990, PART VI, SECTION B, LINE 11B AN INDEPENDENT ACCOUNTING FIRM PREPARES THE FORM 990 BASED ON THE AUDITED FINANCIAL STATEMENTS AND QUESTIONNAIRES COMPLETED BY THE SCHOOL'S DIRECTOR OF FINANCE. THE DIRECTOR OF FINANCE REVIEWS THE DRAFT OF THE COMPLETED FORM 990. THE FORM 990 IS THEN PROVIDED TO THE FULL BOARD OF DIRECTORS FOR REVIEW AND COMMENT. AFTER COMMENTS ARE MADE, THE HEAD OF SCHOOL REVIEWS THE FINAL 990. FORM 990, PART VI, SECTION B, LINE 12C AT THE BEGINNING OF EVERY FISCAL YEAR, ALL BOARD MEMBERS (OLD AND NEW) ARE REQUIRED TO SIGN AN ACKNOWLEDGEMENT TO THE CONFLICT OF INTEREST POLICY. BY SIGNING, THE MEMBER AGREES TO DISCLOSE ANY EXISTING CONFLICTS OF INTEREST AS WELL AS ANY THAT MAY ARISE OVER THE COURSE OF THE YEAR. IF A CONFLICT EXISTS AND THE BOARD MEMBER DOES NOT DISCLOSE THE CONFLICT, THE MEMBER IS ASKED BY THE CHAIR OR VICE-CHAIR TO REFRAIN FROM VOTING ON THE RELATED ISSUE AND/OR ASKED TO RESIGN IF THE MEMBER WITH THE CONFLICT DOES NOT COOPERATE. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES HIRES THE HEAD OF SCHOOL, THE TOP MANAGEMENT OFFICIAL, TO RUN THE OPERATIONS OF THE SCHOOL. EVERY YEAR THE BOARD'S HEAD EVALUATION AND SUPPORT COMMITTEE (HES COMMITTEE) EVALUATES THE PERFORMANCE OF THE HEAD IN MEETING OBJECTIVES DELINEATED IN THE BEGINNING OF THE YEAR. IN ADDITION, COMPENSATION IS COMPARED TO OTHER HEADS OF SCHOOLS' COMPENSATION FROM A GROUP OF SCHOOLS THAT ARE COMPARABLE IN SIZE, GEOGRAPHY, AND MISSION. THE HES COMMITTEE RECOMMENDS ANNUAL COMPENSATION INCREASES BASED ON THIS COMPARATIVE INFORMATION. IN ADDITION, THE COMMITTEE'S RECOMMENDATION IS IN LINE AND CONSISTENT WITH INCREASES IN THE OVERALL SALARY EXPENSES FOR OTHER FACULTY AND STAFF. THE HES PRESENTS ITS ANNUAL EVALUATION, RECOMMENDATION AND COMPARABLE REVIEW TO THE BOARD OF TRUSTEES. THE SALARY COMPENSATION IS APPROVED BY THE WHOLE BOARD BY VOTE AND DOCUMENTED IN THE MINUTES. THE BOARD OF TRUSTEES ANNUALLY DETERMINES AND APPROVES THE BUDGET FOR THE SCHOOL AND ITS OPERATING EXPENSES. THE SALARY EXPENSES ARE DETERMINED BASED UPON COMPARATIVE DATA FROM INDEPENDENT EDUCATION, AN ASSOCIATION FOR INDEPENDENT SCHOOLS IN THE GREATER WASHINGTON METROPOLITAN AREA. THIS IS TRUE WITH ALL FACULTY AND STAFF POSITIONS, INCLUDING OFFICERS OF THE SCHOOL. ONCE THE BUDGET IS APPROVED, THE HEAD OF SCHOOL FINALIZES EACH FACULTY AND STAFF'S SALARY INCREASE FOR THE YEAR. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST.