2024-05-14T14:26:02-05:00 2023-06-30 SMITH & HOWARD ADVISORY LLC 271 17TH STREET NW SUITE 1600 ATLANTA GA 30363 990 2022-07-01 580706812 PACE ACADEMY INC % AJ LASHLEY PACE 4042621345 966 WEST PACES FERRY ROAD NW ATLANTA GA 303272648 Frederick Assaf CEO/HEAD OF SCHOOL 4042621345 2024-05-15 true Frederick Assaf 999009999 SABRE J LINAHAN P01372980 4048746244 2 2022 2023-04-26 12:10:37Z FREDERICK G ASSAF 966 WEST PACES FERRY ROAD NW ATLANTA GA 303272648 45966757 false X WWW.PACEACADEMY.ORG X 1958 GA PACE ACADEMY IS A PRE-FIRST THROUGH 12TH GRADE COLLEGE PREPARATORY INDEPENDENT SCHOOL IN ATLANTA, GEORGIA. 32 32 434 1150 44382 26190 11537236 2949636 38121177 40867940 3208035 1113511 -132008 -378096 52734440 44552991 2813600 3123649 0 0 23746314 25611315 0 0 1710844 15259358 16959155 41819272 45694119 10915168 -1141128 205828647 203015729 42871448 36711925 162957199 166303804 X OUR MISSION IS TO CREATE PREPARED, CONFIDENT CITIZENS OF THE WORLD WHO HONOR THE VALUES OF PACE ACADEMY. false false 30669679 2943149 38141098 INSTRUCTION - PACE ACADEMY WAS ESTABLISHED IN 1958 AS AN INDEPENDENT COLLEGE PREPARATORY CO-EDUCATIONAL DAY SCHOOL. THE ENROLLMENT IS 1,150 STUDENTS IN PRE-FIRST THROUGH 12TH GRADES. PACE STRIVES TO CREATE AN INNOVATIVE LEARNING ENVIRONMENT THROUGH COLLABORATION, CHALLENGING CURRICULUM, OUTSTANDING TEACHING AND CO-CURRICULAR OFFERINGS. IT MEANS WE REQUIRE STUDENTS TO PLUG INTO THE WORLD AROUND THEM, PUSH BEYOND THEIR COMFORT ZONES AND ACCOMPLISH THINGS THEY NEVER THOUGHT POSSIBLE. PACE STARTS SMALL TO MAKE THESE BIG THINGS HAPPEN BY FOCUSING ON THE INDIVIDUAL STUDENT, MAINTAINING SMALL CLASS SIZES, EMPHASIZING MEANINGFUL STUDENT-TEACHER RELATIONSHIPS AND FOSTERING AN INCLUSIVE, NURTURING COMMUNITY. 1622363 45268 1045967 ISDELL CENTER FOR GLOBAL LEADERSHIP - IN 2014, PACE ACADEMY LAUNCHED THE ISDELL CENTER FOR GLOBAL LEADERSHIP (ICGL), A COLLABORATIVE, CROSS-DIVISIONAL PROGRAM THAT SUPPORTS A WELL-ROUNDED GLOBAL EDUCATION FOR EVERY PACE STUDENT. THE ICGL TAKES THE BUILDING BLOCKS OF THE FIVE-COURSE CURRICULUM AND GIVES STUDENTS IN THE LOWER, MIDDLE AND UPPER SCHOOLS THE OPPORTUNITY TO APPLY THEIR KNOWLEDGE IN WAYS THAT ENABLE THEM TO BECOME ETHICAL, EMPATHETIC, INNOVATIVE, CULTURALLY COMPETENT AND ADAPTABLE CITIZENS OF THE WORLD. FROM THE TIME A STUDENT ENTERS PACE'S DOORS UNTIL GRADUATION, ALL EDUCATIONAL EXPERIENCES ARE VIEWED THROUGH AN OVERARCHING GLOBAL LENS. THE ICGL FOSTERS THIS CULTURE OF GLOBAL LEARNING AND LEADERSHIP BY EXPLORING AN ANNUAL, SCHOOL-WIDE GLOBAL THEME. CURRICULAR, CO-CURRICULAR AND HANDS-ON ACTIVITIES, A SCHOLAR-IN-RESIDENCE PROGRAM, LEADERSHIP FELLOWSHIPS, INTERNSHIPS AND STUDY TOURS SUPPORT EDUCATION AROUND THESE THEMES. IN A TYPICAL YEAR, THE ICGL STUDY TOURS CONSIST OF APPROXIMATELY 20 TRIPS, WITH APPROXIMATELY 225 STUDENTS AND 50 FACULTY/STAFF TRAVLING TO COUNTRIES THROUGHOUT THE WORLD, INCLUDING SOUTH AMERICA, EUROPE, AFRICA, ASIA AND AUSTRALIA. 5060521 123232 472695 STUDENT ACTIVITIES - PACE ACADEMY OFFERS A VARIETY OF STUDENT ACTIVITIES INCLUDING ARTS, DEBATE AND ATHLETICS. OVER 30 YEARS THE PACE DEBATE PROGRAM HAS GROWN INTO A NATIONALLY RECOGNIZED PROGRAM WITH A LONG-STANDING HISTORY OF EXCELLENCE. THE PACE ARTS PROGRAM OFFERS A UNIQUE VARIETY OF PERFORMING AND VISUAL ARTS FOR STUDENTS TO PARTICIPATE IN, AND BOASTS A WORLD CLASS FINE ARTS CENTER. 85% OF UPPER SCHOOL STUDENTS PARTICIPATE IN THE ARTS. UPPER SCHOOL STUDENTS ARE REQUIRED TO COMPLETE SERVICE LEARNING, AND THE AVERAGE GRADUATING SENIOR HAS 90 HOURS OF COMMUNITY SERVICE. THE PACE ATHLETICS PROGRAM CONSISTENTLY PRODUCES CHAMPIONSHIP TEAMS AND ATHLETES, AND APPROXIMATELY 87% OF MIDDLE AND UPPER SCHOOL STUDENTS PLAY ON AT LEAST ONE TEAM. 1788992 1208180 Other programs 1788992 1208180 39141555 true true false false false false false false false true true true false false true true false true true false true false false false true true false false true true false false false false false false false false true false false false true false false false false true 138 0 true 434 true true true false false false false true true false false false false false false X 32 32 false false true false false false false true true false false true true true true true true true true false GA X AJ LASHLEY 4042621345 966 WEST PACES FERRY ROADNW ATLANTA GA 303272648 X Frederick G Assaf Head of School 40.0 0.0 X 725949 0 193699 Aj Lashley CFO 40.0 0.0 X 280220 0 32556 Heather L White Director of Advancement 40.0 0.0 X 241772 0 36512 Michael Gannon Head of Upper School 40.0 0.0 X 213391 0 42369 Dorothy Hutheson Head of Lower School 40.0 0.0 X 188318 0 35714 Graham Anthony Head of Middle School 40.0 0.0 X 167126 0 22946 Jennifer McGurn Director of Admissions 40.0 0.0 X 156009 0 33257 Cameron M Bready Trustee 0.0 0.0 X 0 0 0 Dan Brooks Trustee 0.0 0.0 X 0 0 0 Ronnie Brown Trustee 0.0 0.0 X 0 0 0 Marisa Chin Yee Trustee 0.0 0.0 X 0 0 0 Elizabeth Correll Richards Trustee 0.0 0.0 X 0 0 0 Kenneth Crumley Trustee 0.0 0.0 X 0 0 0 Steven J DeFrancis Trustee 0.0 0.0 X 0 0 0 Heather Dexter Trustee 0.0 0.0 X 0 0 0 Mike Doheny Trustee 0.0 0.0 X 0 0 0 Derek J Hardesty Trustee 0.0 0.0 X 0 0 0 Charles B Hastie Trustee 0.0 0.0 X 0 0 0 Amy Hertz Agami Trustee 0.0 0.0 X 0 0 0 Cara Isdell Lee Trustee (leave of absence) 0.0 0.0 X 0 0 0 Dr Michele M Johnson Trustee 0.0 0.0 X 0 0 0 Wenke Lee Trustee 0.0 0.0 X 0 0 0 Jessica Levenson Trustee 0.0 0.0 X 0 0 0 Lauren Linder Trustee 0.0 0.0 X 0 0 0 Jim Maske Trustee 0.0 0.0 X 0 0 0 Ted McMullan Trustee 0.0 0.0 X 0 0 0 Bijon Memar Trustee 0.0 0.0 X 0 0 0 Caren Merlin Trustee 0.0 0.0 X 0 0 0 Beatriz R Perez Trustee 0.0 0.0 X 0 0 0 Bill Selmon Trustee 0.0 0.0 X 0 0 0 Douglas R Shanley-Balyeat Trustee 0.0 0.0 X 0 0 0 Gregory McKittrick Simmons Jr Trustee 0.0 0.0 X 0 0 0 Sandeep Soni Trustee 0.0 0.0 X 0 0 0 Reid T Funston Trustee 0.0 0.0 X 0 0 0 Nicole Felton Trustee 0.0 0.0 X 0 0 0 B Craig Owens '72 Trustee 0.0 0.0 X 0 0 0 Judge Clude L Reese III Trustee 0.0 0.0 X 0 0 0 Alan H Shaw Trustee 0.0 0.0 X 0 0 0 Daniel J Ferry Trustee 0.0 0.0 X 0 0 0 1972785 0 397053 32 false true false FLIK 2 International Drive RYE BROOK NY 10573 Food Catering 1524149 Cleanstar National Inc 1690-B Enterprise Way MARIETTA GA 30067 Housekeeping 761592 Envoys Inc 13 Oxford Court BELLINGHAM MA 02019 Student Travel 337474 Atlas Workshops Inc PO Box 150599 BROOKLYN NY 11215 Student Travel 291550 Assured Transportation and Travel S 235 Etowah Trc FAYETTEVILLE GA 30214 Travel Service 255775 18 376669 2572967 639374 2949636 TUITION AND FEES 611710 38141098 38141098 AUXILIARY 611710 1044101 1044101 OTHER REVENUE 611710 1682741 1682741 40867940 1358918 1358918 0 0 150221 487001 -336780 0 -336780 44382 -381162 111496 352295 4608 -240799 -4608 -245407 -4608 -240799 267607 376669 385318 -117711 -117711 30500 15250 15250 15250 230440 169294 61145 61145 0 44552991 40863332 44382 695641 0 3123649 3123649 0 0 1108520 194048 720424 194048 0 19326851 16916234 1459872 950745 1092500 793095 251434 47971 2692096 2504938 43052 144106 1391348 1062792 275403 53153 0 397228 397228 62000 62000 0 0 150952 150952 123814 123814 111438 97681 8844 4913 878040 586550 225765 65725 96848 74646 18210 3992 0 2765085 2471485 284763 8837 1497451 1497451 0 264913 227365 30345 7203 494225 460880 31823 1522 0 4384445 4079897 290645 13903 568507 530455 36282 1770 STUDENT ACTIVITIES 1882942 1882942 FOOD SERVICE 1426841 1397005 19177 10659 INSTRUCTIONAL SUPPLIES 585653 585653 EVENTS, ENTERTAINMENT, & HOSPI 620879 287852 176623 156404 647894 366937 235064 45893 45694119 39141555 4841720 1710844 X 504 500 38067787 39219227 14261660 8062665 6627525 6227229 0 0 0 0 0 0 41352 78007 2326477 2721656 138763566 47742433 94418162 91021133 34795211 40320768 15289969 15364544 0 0 0 0 0 0 205828647 203015729 3343321 2358987 0 0 25959230 27886394 0 0 0 0 0 0 0 0 13305853 6179577 263044 286967 42871448 36711925 X 136145959 144578205 26811240 21725599 162957199 166303804 205828647 203015729 -1141128 4578714 -90981 X false true X true false X 4901983 14621909 7030982 11537236 2927414 41019524 0 0 4901983 14621909 7030982 11537236 2927414 41019524 5242449 35777075 1149254 1016195 728316 832900 1460917 5187582 3759 19045 28060 44382 95246 0 46302352 180316857 0.77268 0.79319 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 54104053 120832 5213421 178770 173525 59086011 61713782 66240 -7351302 155696 168971 54104053 48144347 71331 13934116 149273 150937 135802 61713782 47711363 141067 717367 149050 147448 128952 48144347 35128898 10097500 2887993 145267 142761 115000 47711363 0.79110 0.14070 0.06820 false false 9106065 9106065 119175379 41981724 77193655 0 0 0 9848932 5582387 4266545 633190 178322 454868 91021133 ALTERNATIVE INVESTMENTS 6766141 F FIXED INCOME FUNDS 8598403 F 15364544 0 AGENCY ACCOUNTS 286967 286967 X 47003486 4578714 4578714 42424772 150952 1977267 2128219 44552991 43656881 43656881 150952 1886286 2037238 45694119 PART V, LINE 4 ENDOWMENTS CONSISTS OF 32 DONOR-RESTRICTED ENDOWMENT FUNDS ESTABLISHED FOR VARIOUS PURPOSES INCLUDING FINANCIAL AID, FACULTY DEVELOPMENT AND SPECIFIC PROGRAMS AND ACTIVITIES OF PACE. THE ENDOWMENT ALSO INCLUDES BOARD DESIGNATED ENDOWMENT FUNDS FOR VARIOUS PURPOSES SUCH AS LONG-TERM INVESTMENT AND PROVISION FOR PLANT REPLACEMENT, RENEWAL AND SPECIAL MAINTENANCE. PART X, LINE 2 Pace was incorporated in 1958 as a Georgia not-for-profit corporation, and is exempt from Federal income tax under the provisions of Section 501(a) of the Internal Revenue Code (the "Code"), as an organization described in Section 501(c)(3) of the Code of 1986, as amended. Accordingly, Pace is exempt from federal income taxes except for any unrelated business income which is subject to unrelated business income tax. 943 Gatewood Court, LLC, 944 Gatewood Court, LLC, 3463 Rilman Road, LLC, and Knights Riverview, LLC are considered disregarded entities for income tax purposes. Pace annually evaluates all federal and state income tax positions. This process includes an analysis of whether these income tax positions Pace takes meet the definition of an uncertain tax position under the Income Taxes Topic of the Financial Accounting Standards Codification. In the normal course of business, Pace is subject to examination by the federal and state taxing authorities. In general, Pace is no longer subject to tax examinations for tax years ending before June 30, 2020. PART XI, LINE 4B $ 2,943,149 Financial Aid Deducted from revenue on financial statements (169,294) Cost of sales from campus store and snack bar (385,318) FUNDRAISING EVENT DIRECT EXPENSES (15,250) GAMING EVENT EXPENSES (487,001) RENTAL EXpenses 90,981 PRIOR YEAR BAD DEBT ------------ $ 1,977,267 NET ADJUSTMENT PART XII, LINE 4B $ 2,943,149 Financial Aid Deducted from revenue on financial statements (169,294) Cost of sales from campus store and snack bar (385,318) FUNDRAISING EVENT DIRECT EXPENSES (15,250) GAMING EVENT EXPENSES (487,001) Rental Expenses ------------ $ 1,886,286 NET ADJUSTMENT true true true true true true true false false false false false false false false false false true PART I, LINE 3 STUDENT APPLICATIONS AND STUDENT HANDBOOK AS WELL AS EMPLOYEE COMMUNICATIONS CONTAIN INFORMATION RELATED TO THE SCHOOL'S NONDISCRIMINATORY POLICIES. IN ADDITION, THE POLICY IS ON THE SCHOOL'S WEBSITE. Europe (Including Iceland and Greenland) Program Services GLOBAL STUDY TOUR 346710 South America Program Services GLOBAL STUDY TOUR 321538 Central America and the Caribbean Program Services GLOBAL STUDY TOUR 188125 Middle East and North Africa Program Services GLOBAL STUDY TOUR 123607 979980 979980 false false false false false false PART I, LINE 3, COL (F) EXPENDITURES INCLUDE ACTUAL COSTS OF PROVIDING TRAVEL AND RELATED COSTS. Auction 434593 266459 168134 133634 69652 24194 40209 Fall Fair 113211 59405 53806 6255 10198 1084 3766 54006 4 96471 50804 45667 5282 7412 18910 2179 8537 644275 376668 267607 11537 151244 89646 30139 102752 385318 -117711 30500 15250 30500 15250 15250 15250 GA true false false false 1.00000 Pace Academy 966 West Paces Ferry Rd NW Atlanta GA 30327 false false true Needs based assistance 156 2922699 fmv see stmt Merit Awards 28 20450 FMV see stmt Needs based Assistance - fees 149 168500 fmv see stmt Employee Hardship Fund 5 12000 fmv see stmt PART I, LINE 2 ALL STUDENTS AND APPLICANTS ARE ELIGIBLE TO APPLY FOR FINANCIAL ASSISTaNCE. A SEPARATE APPLICATION IS REQUIRED, AND STUDENTS MUST REAPPLY EACH SCHOOL YEAR. FINANCIAL ASSISTANCE IS AWARDED TO QUALIFYING STUDENTS IN PRE-FIRST THROUGH 12TH GRADE. DEMONSTRATED NEED IS CALCULATED BY PACE AND STUDENT SERVICE FOR FINANCIAL AID (SSS), AN IMPARTIAL SERVICE IN PRINCETON, NJ. ONCE SSS MAKES ITS DETERMINATION, PACE MAKES EVERY EFFORT TO MEET A FAMILY'S TOTAL DEMONSTRATED NEED, BUT IS NOT ALLOWED BY THE GEORGIA HIGH SCHOOL ASSOCIATION (GHSA) TO EXCEED IT. PART III, LINE 1, COL (F) THE NON-CASH FINANCIAL AID IS A REDUCTION IN TUTION AND OTHER FEES TO THE STUDENT DETERMINED ON A NEED BASIS. Merit awards recipients are selected by committee in accordance with endowment guidelines. Employee hardship recipients are chosen by an independent committee. Awards are not granted to highly compensated individuals. X X X X true true X X X X X false false false false false false false true false Michael Gannon Head of Upper School 202839 0 10000 0 552 0 17828 0 25312 0 256531 0 0 0 Aj Lashley CFO 269980 0 10000 0 240 0 19775 0 13566 0 313561 0 0 0 Frederick G Assaf Head of School 525182 0 25000 0 175767 0 24400 0 170084 0 920433 0 0 0 Heather L White Director of Advancement 208024 0 9000 0 24748 0 13525 0 23477 0 278774 0 0 0 Dorothy Hutheson Head of Lower School 145980 0 0 0 42338 0 8125 0 28265 0 224708 0 0 0 Graham Anthony Head of Middle School 160910 0 6000 0 216 0 10165 0 13477 0 190768 0 0 0 Jennifer McGurn Director of Admissions 143613 0 7000 0 5396 0 9580 0 24351 0 189940 0 0 0 PART I, LINE 1A TAX INDEMNIFICATION AND GROSS-UP PAYMENTS: The Head of School has income reported to him for the amount of tuition remission and college tuition he receives along with the corresponding amount of related income tax. HOUSING ASSISTANCE: As a condition of employment and for the conveniences of the school, the Head of School is required to reside in campus housing. Based on the facts and circumstances of the requirements of his respective role and responsibilities, it is the opinion of the School that the housing cost is non-taxable to the Head of School. Section 119 of the Internal Revenue Code is reviewed annually to determine the applicability and compliance with this section. PERSONAL SERVICES: Cleaning services and maintenance are provided for the Head of School's residence. PART I, LINE 3 The Compensation Committee (Board Chair, Board Vice-Chair, and Finance Committee Chairman) reviews salaries from other peer independent schools, reports from the National Association of Independent Schools, and other sources in developing compensation for the Head of School. Substantiation is contemporaneous between the compensation committee and the CFO to Keep on file. Part I, Line 7 NONFIXED BONUSES ARE PAID AT THE DISCRETION AND APPROVAL OF THE HEAD OF SCHOOL AND THE BOARD CHAIR. THEY ARE NOT TIED TO REVENUES. X 24 523256 AVERAGE HIGH/LOW X Donated Auction Items (Keeping Pace) 15 6328 FMV X Donated Auction Items (Parents Club Auction) 133 109790 FMV false true true PART I, COLUMN B PART I, COLUMN B REPORTS THE NUMBER OF CONTRIBUTIONS RECEIVED. PART I, LINE 31 THE SCHOOL HAS GIFT ACCEPTANCE AND DISPOSITION POLICIES IN PLACE THAT WERE IMPLEMENTED IN 2021. IT INCLUDES A COMMITTEE CHARGED WITH COMPLYING WITH APPLICABLE LAWS AND REGULATIONS. ACCEPTANCE AUTHORITY FOR PUBLICLY TRADED SECURITIES, QUID PRO QUO CONTRIBUTIONS, MUTUAL FUND SHARES, CLOSELY HELD SECURITIES, TANGIBLE PERSONAL PROPERTY, REAL ESTATE, AND LIFE INSURANCE POLICIES ARE SPECIFICALLY IDENTIFIED FOR SPECIAL RULES. Part I, Line 32B Pace has an account with CIBC where donated securities are deposited by the donor. CIBC then sells the securities and deposits the proceeds, net of fees, in Pace's operating account. PART III, LINE 4D Other program services include summer programs, campus store and snack bar, parent organizations, and Keeping Pace. Pace's after school program includes knight crew for students to attend after PF, 1ST and 2ND-5TH grades are released and their parents are able to attend. This service is offered on a drop in basis and also monthly. In addition to the daily service, specialty programs including athletic workshops and clinics and academic enrichment opportunities are offered during knight crew for an additional fee. Pace Summer Programs offers programming to keep Pace students and students from the community active and engaged when school is not in session. Options include summer day camps; specialty programs and workshops; athletic camps and clinics; and academic enrichment opportunities. Pace Summer Programs serves approximately 1,000 students each year. Pace's Campus Store is the source for team gear, custom apparel and Pace spirit items, and the Snack Bar serves Pace students, faculty, staff, and campus visitors on a daily basis as well as serving as a concession stand for athletic events on campus. Pace's parent organizations include the Parents Club, Booster Club, Arts Alliance and Alumni Association. These groups support the Pace students, faculty and staff through a variety of volunteer and fundraising services every year. Keeping Pace is an outreach program that provides a four week summer program for underserved youth in partner neighborhoods, and includes academic support and tutoring, leadership training, health and fitness, and recreational activities. PART VI, LINE 4 THE ORGANIZATION HAS MADE A CHANGE TO ITS BYLAWS IN AUG OF 2022. THE CHANGE WILL INCREASE THE TOTAL NUMBER OF TRUSTEES TO 35 AND ADD AN ADDITIONAL OPTIONAL TERM EXTENSION FOR THE BOARD CHAIR. PART VI, LINE 11B The Finance Committee of the Board of Trustees reviews the Form 990 as a committee. Once it is approved, a full and complete government copy is furnished to all trustees for their review prior to filing with the Internal Revenue Service. PART VI, LINE 12C The Board of Trustees requires that all members complete an annual statement regarding any conflict of interest as defined within the policy statement for conflict of interest. This pledge is to uphold a duty of confidentiality and avoidance of any conflict of interest. PART VI, LINES 15A & 15B The Board of Trustees has a Compensation Committee that determines the CEO's compensation. The Compensation Committee reviews the salary information of other schools based on peer benchmarks when considering the salary of the Headmaster (CEO). The Board Chair provides contemporaneous documentation to the CFO which is kept on file. The Headmaster and CFO review similar information when determining salaries for other officers and highly compensated employees. PART VI, LINE 19 Governing documents can be accessed through the website for the Secretary of State of Georgia and are readily available. The School's conflict of interest policy and latest audited financial statement are available upon request during business hours from the Business Office with appropriate consideration for time to accumulate and meet such requests. requests. requests. KNIGHTS RIVERVIEW LLC 966 WEST PACES FERRY ROAD ATLANTA GA 30327 SEE PART VII GA 0 0 SEE PART VII 943 Gatewood court llc 966 West Paces Ferry Road NW Atlanta GA 30327 SEE Part VII GA 42500 1340075 N/A 3463 Rilman road llc 966 West Paces Ferry Road NW atlanta GA 30327 SEE Part VII GA 0 1029825 N/A 944 Gatewood Court LLC 966 West Paces Ferry Road NW atlanta GA 30327 see part VII GA 0 1758851 N/A PART I, LINE 1 KNIGHTS RIVERVIEW, LLC PRIMARY ACTIVITY: ASSIST IN CARRYING OUT THE MISSION OF THE SCHOOL DIRECT CONTROLLING ENTITY: PACE ACADEMY, INC. 943 Gatewood Court, LLC Primary Activity: Real Estate Investment 3463 Rilman Road, LLC Primary Activity: Real Estate Investment 944 Gatewood Court, LLC Primary Activity: Real Estate Investment