2025-04-21T10:46:30-05:00 2024-06-30 333709623 COHNREZNICK ADVISORY LLC 7501 WISCONSIN AVENUE SUITE 400E BETHESDA MD 20814 990 2023-07-01 521011508 OUR LADY OF THE WOODS CORPORATION OURL 3013653080 6801 GREENTREE ROAD BETHESDA MD 20817 HASMIG MAHSHIGIAN DIR OF FINANCE & OPERATIONS 3013653080 2025-04-21 1 1 LAURA KIELCZEWSKI P00740769 3016529100 2025-04-18 2023 2025-03-06 01:10:19Z JOSEPH E POWERS 6801 GREENTREE ROAD BETHESDA MD 20817 10991252 0 X WOODSACADEMY.ORG X 1975 MD TO OPERATE A PRIVATE SCHOOL FOR AGE 3 THROUGH EIGHTH GRADE STUDENTS. 15 14 86 125 0 0 561211 564822 8966927 9160784 151643 186355 -40356 -64484 9639425 9847477 272240 265890 0 0 6651215 6831329 0 0 162051 2477788 2570337 9401243 9667556 238182 179921 18702677 19465617 10503499 10877324 8199178 8588293 X SEE SCHEDULE O 0 0 7056520 265890 9160784 SEE SCHEDULE O 7056520 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 1 0 0 0 0 0 0 0 0 1 34 0 1 86 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 ALFONSO LEON TREASURER 5.00 X X 0 0 0 ALISON PLOTAS SECRETARY 5.00 X 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 JAMAAL MOBLEY 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 JOHNSON TRUSTEE 1.00 X 0 0 0 MARTHA GUTIERREZ TRUSTEE 1.00 X 0 0 0 MEGAN GANGULY TRUSTEE 1.00 X 0 0 0 PAULA PRYOR TRUSTEE 1.00 X 0 0 0 REBECCA KENNEDY TRUSTEE 1.00 X 0 0 0 ROBIN CLARK VICE-CHAIR 5.00 X X 0 0 0 STEVEN GOBIEN TRUSTEE 1.00 X 0 0 0 HASMIG MAHSHIGIAN DIR OF FINANCE & OPERATIONS 40.00 X 166638 0 21214 JESSICA PALLADINO HEAD OF SCHOOL 40.00 X 141273 0 12741 ERIC SMITH DIRECTOR OF TECHNOLOGY 40.00 X 107182 0 81794 ERIN JEFFERS ATHLETIC DIRECTOR 40.00 X 109467 0 57515 HEGHOUSH SHEGERIAN BUSINESS OFFICER 40.00 X 113796 0 14813 JODIE SHOEMAKER ASSISTANT HEAD OF SCHOOL 40.00 X 112944 0 37594 PAUL PAOLETTI DIRECTOR OF MIDDLE SCHOOL 40.00 X 106811 0 17449 JOSEPH POWERS FORMER HEAD OF SCHOOL 40.00 X 233034 0 26084 1091145 0 269204 9 1 1 0 HBW CONSTRUCTION 1055 FIRST STREET SUITE 200 ROCKVILLE MD 20850 CONSTRUCTION COSTS FOR RENOVATIONS 1126976 ACTIVE INTERNET TECH LLC PO BOX 783838 PHILADELPHIA PA 19178 WEBSITE DEVELOPMENT AND SERVICES 103657 2 259442 305380 31985 564822 TUITION AND OTHER FEES 611100 8304014 8304014 AUXILIARY SERVICES 611710 856770 856770 9160784 185052 185052 1080594 1079291 1303 1303 1303 0 259442 64484 -64484 -64484 9847477 9160784 0 121871 265890 265890 550646 402881 143470 4295 4791025 3465014 1287468 38543 316308 261708 53013 1587 779060 644580 130571 3909 394290 285162 105956 3172 16939 12251 4552 136 37888 27401 10182 305 15996 15996 983 711 264 8 141597 102407 38051 1139 90472 43551 46440 481 196652 196652 271219 116334 153591 1294 17042 12558 4353 131 1844 1844 165239 119506 44404 1329 673842 487343 181078 5421 88461 63978 23772 711 OTHER EDUCATIONAL SUPPO 280050 280050 REPAIRS AND MAINTENANCE 173198 125263 46542 1393 BAD DEBT 86176 86176 PROFESSIONAL DEVELOPMEN 69421 50207 18656 558 243318 93073 52606 97639 9667556 7056520 2448985 162051 5132947 5636578 642752 338296 79941 91622 16074902 7908607 8048119 8166295 3240128 3753040 1558790 1479786 18702677 19465617 1020740 1004522 2986965 2864126 4907778 5461472 1588016 1547204 10503499 10877324 X 6937103 7456218 1262075 1132075 8199178 8588293 18702677 19465617 179921 209194 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2961377 332750 49173 18995 3324305 2704041 238275 37649 18588 2961377 3131361 912000 -44905 1294415 2704041 2599110 432000 117298 17047 3131361 2613638 2000 16528 2599110 0.87150 0.08020 0.04830 0 0 14786362 7450382 7335980 284799 145859 138940 1003741 312366 691375 8166295 CAPITAL LEASE 1547204 1547204 X 9774785 209194 209194 9565591 15996 265890 281886 9847477 9385670 0 9385670 15996 265890 281886 9667556 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, 2024 AND JUNE 30, 2023. 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 2021 REMAIN OPEN. THE ACADEMY HAS ADOPTED THE INCOME TAX STANDARD FOR UNCERTAIN INCOME TAX POSITIONS. DURING THE YEARS ENDED JUNE 30, 2024 AND 2023, THE ACADEMY DID NOT IDENTIFY ANY UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID - GROUPED WITH REVENUE ON THE FINANCIAL STATEMENTS 265,890. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID - GROUPED WITH REVENUE ON THE FINANCIAL STATEMENTS 265,890. 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 259442 259442 64484 259442 259442 64484 64484 -64484 1 FINANCIAL AID FOR STUDENTS 49 265890 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 1 1 X X X 0 0 0 0 0 0 0 1 0 JOSEPH POWERS FORMER HEAD OF SCHOOL 191223 0 38631 0 3180 0 12938 0 13146 0 259118 0 0 0 ERIC SMITH DIRECTOR OF TECHNOLOGY 103357 0 3825 0 0 0 7359 0 74435 0 188976 0 0 0 HASMIG MAHSHIGIAN DIR OF FINANCE & OPERATIONS 162813 0 3825 0 0 0 10789 0 10425 0 187852 0 0 0 ERIN JEFFERS ATHLETIC DIRECTOR 107795 0 1672 0 0 0 6114 0 51401 0 166982 0 0 0 JESSICA PALLADINO HEAD OF SCHOOL 140786 0 487 0 0 0 8938 0 3803 0 154014 0 0 0 JODIE SHOEMAKER ASSISTANT HEAD OF SCHOOL 109119 0 3825 0 0 0 8304 0 29290 0 150538 0 0 0 PART I, LINE 7 HOLIDAY AND PERFORMANCE BASED BONUSES THAT WERE PAID ARE INCLUDED IN PART II COL B(II). 11025 FINANCIAL AID TUITION ASSISTANCE X 3 31985 FMV 0 0 0 PART I, COLUMN (B): PART I, COLUMN (B) REPRESENTS THE NUMBER OF CONTRIBUTORS. 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 AGE 3 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. AS PART OF THE SCHOOL'S SELF-EVALUATION, ON A CYCLE OF APPROXIMATELY FIVE YEARS, THE BOARD AND ADMINISTRATION WORK CLOSELY TO DEVELOP A STRATEGIC PLAN THAT GUIDES INSTITUTIONAL GROWTH, ENSURES LONG-TERM SUSTAINABILITY, AND ALIGNS WITH THE SCHOOL'S MISSION AND VALUES. FORM 990, PART III, LINE 4A, PROGRAM SERVICE ACCOMPLISHMENTS: THE WOODS ACADEMY SERVES A STUDENT POPULATION OF APPROXIMATELY 300 STUDENTS, ALTHOUGH ACTUAL ENROLLMENT FLUCTUATES FROM YEAR TO YEAR, AND A COMMUNITY OF APPROXIMATELY 200 FAMILIES. OUR YOUNGEST STUDENTS (AGES 3 TO KINDERGARTEN) START WITH A MONTESSORI PROGRAM AND CONTINUE ONTO A MORE TRADITIONAL CLASSROOM FOR GRADES 1 THROUGH 8. THE MONTESSORI APPROACH TO EARLY EDUCATION LAYS THE FOUNDATION FOR OUR LOWER AND MIDDLE SCHOOL ACADEMIC PROGRAMS WHICH DEVELOP INTELLECTUAL DISCIPLINE AND A LIFE-LONG LOVE OF LEARNING. HIGHLIGHTS OF THE WOODS ACADEMY INCLUDE: INCLUSIVE, CATHOLIC SCHOOL WELCOMING STUDENTS FROM ALL BACKGROUNDS AND RELIGIONS WITH 60% CATHOLIC, 40% NON-CATHOLIC; DIVERSE COMMUNITY WITH APPROXIMATELY 40% OF STUDENTS IDENTIFYING AS A STUDENT OF COLOR (THE AVERAGE FOR SCHOOLS WITHIN THE ASSOCIATION OF INDEPENDENT SCHOOLS OF GREATER WASHINGTON IS 34.5%); SMALL CLASS SIZE BY DESIGN WITH AN AVERAGE CLASS SIZE OF 12-15 AND A 7:1 STUDENT-TO-TEACHER RATIO; 50% OF GRADUATES HAVE ATTENDED THE WOODS SINCE MONTESSORI PRESCHOOL; 100% TOP CHOICE HIGH SCHOOL PLACEMENT FOR OUR GRADE 8 STUDENTS; TWO-THIRDS OF WOODS GRADUATES TAKE MULTIPLE HONORS AND/OR AP COURSES THROUGHOUT HIGH SCHOOL; AND THE AVERAGE TEACHER TENURE AT THE WOODS IS 10 YEARS. HALLMARKS OF A WOODS EDUCATION INCLUDE DAILY WORLD LANGUAGE (SPANISH OR FRENCH), MONTESSORI PRESCHOOL, ART, ATHLETICS, FAITH & COMMUNITY LIFE, AND STEAM. THE WOODS ACADEMY ALSO OFFERS EXTENDED CARE, STUDY HALL, SEASONAL TEAM SPORTS AND AFTER SCHOOL ACTIVITIES FOR AFTER SCHOOL HOURS. WHAT SETS THE WOODS ACADEMY APART IS THE 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 THEIR 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. THE HEAD OF SCHOOL'S COMPENSATION INCLUDES A BASE SALARY AND A DISCRETIONARY PERFORMANCE BONUS. THIS COMPENSATION IS PROVIDED FOR IN THE HEAD OF SCHOOL'S EMPLOYMENT CONTRACT AND WAS SET BASED UPON A REVIEW OF COMPENSATION FOR OTHER HEADS OF SCHOOLS FROM A GROUP OF SCHOOLS THAT ARE COMPARABLE IN SIZE, GEOGRAPHY, AND MISSION. THE HEAD'S EMPLOYMENT CONTRACT WAS APPROVED BY THE BOARD OF TRUSTEES. ANY FUTURE CHANGES IN THE HEAD'S COMPENSATION WILL BE BASED ON SIMILAR CONSIDERATIONS, AS RECOMMENDED BY THE BOARD'S HEAD EVALUATION AND SUPPORT COMMITTEE (HES COMMITTEE), AND SUBJECT TO A VOTE OF THE BOARD OF TRUSTEES. EVERY YEAR, THE HES COMMITTEE EVALUATES THE PERFORMANCE OF THE HEAD IN MEETING OBJECTIVES DELINEATED IN THE BEGINNING OF THE YEAR AND PRESENTS A RECOMMENDATION TO THE BOARD FOR A VOTE ON THE DISCRETIONARY PERFORMANCE BONUS. THE RECOMMENDED DISCRETIONARY BONUS IS SUBJECT TO THE APPROVAL OF THE BOARD AND DOCUMENTED IN THE BOARD 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 THE ASSOCIATION OF INDEPENDENT SCHOOLS OF GREATER WASHINGTON (AISGW). 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.