Civic Intelligence

Cranbrook Educational Community

990 • Fiscal year 2014 • EIN 38-2015048

Jul 01, 2013 to Jun 30, 2014 • Filed on May 07, 2015

PO Box 801Bloomfld Hls, MI 48303-0801

(248) 645-3000

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

38th percentile

0.26x

Higher debt load relative to assets than 38% of similar nonprofits.

2014 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2014

Liabilities / Revenue

86th percentile

1.71x

Higher debt load relative to revenue than 86% of similar nonprofits.

2014 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2014

Net Margin

7th percentile

-8.7%

Higher net margin than 7% of similar nonprofits.

2014 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2014

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2014

Asset Growth

33rd percentile

3.6%

Faster asset growth than 33% of similar nonprofits.

2014 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2013 to 2014

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2014

Assets

Up

$452,458,550

Up $15,580,403 (+3.6%) from 2013

Net Assets

Up

$335,923,042

Up $17,704,173 (+5.6%) from 2013

Liabilities

Down

$116,535,508

Down $2,123,770 (-1.8%) from 2013

Revenue

Down

$68,055,024

Down $763,496 (-1.1%) from 2013

Expenses

Up

$73,998,187

Up $2,813,998 (+4.0%) from 2013

Net Income

Down

-$5,943,163

Down $3,577,494 (-151%) from 2013

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$600M$400M$200M$0Assets 2010: $424,095,485Liabilities 2010: $124,081,905Net Assets 2010: $300,013,5802010Assets 2011: $443,698,413Liabilities 2011: $117,278,824Net Assets 2011: $326,419,5892011Assets 2012: $427,254,830Liabilities 2012: $127,455,702Net Assets 2012: $299,799,1282012Assets 2013: $436,878,147Liabilities 2013: $118,659,278Net Assets 2013: $318,218,8692013Assets 2014: $452,458,550Liabilities 2014: $116,535,508Net Assets 2014: $335,923,0422014Assets 2015: $449,265,180Liabilities 2015: $117,554,629Net Assets 2015: $331,710,5512015Assets 2016: $425,275,370Liabilities 2016: $124,737,129Net Assets 2016: $300,538,2412016Assets 2017: $435,829,216Liabilities 2017: $117,815,950Net Assets 2017: $318,013,2662017Assets 2018: $426,989,515Liabilities 2018: $94,866,396Net Assets 2018: $332,123,1192018Assets 2019: $438,204,743Liabilities 2019: $100,139,256Net Assets 2019: $338,065,4872019Assets 2020: $429,134,973Liabilities 2020: $100,304,402Net Assets 2020: $328,830,5712020Assets 2021: $537,474,350Liabilities 2021: $97,678,762Net Assets 2021: $439,795,5882021Assets 2022: $487,439,220Liabilities 2022: $90,403,126Net Assets 2022: $397,036,0942022Assets 2023: $493,908,791Liabilities 2023: $88,003,039Net Assets 2023: $405,905,7522023Assets 2024: $495,822,252Liabilities 2024: $85,264,352Net Assets 2024: $410,557,9002024

Highlighted filing

2014

Assets$452,458,550
Liabilities$116,535,508
Net Assets$335,923,042

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$150M$100M$50M$0-$50MExpenses 2010: $77,639,6802010Expenses 2011: $72,558,6082011Expenses 2012: $81,193,3602012Revenue 2013: $68,818,520Expenses 2013: $71,184,189Net Income 2013: -$2,365,6692013Revenue 2014: $68,055,024Expenses 2014: $73,998,187Net Income 2014: -$5,943,1632014Revenue 2015: $77,851,568Expenses 2015: $78,220,680Net Income 2015: -$369,1122015Revenue 2016: $89,647,388Expenses 2016: $80,088,829Net Income 2016: $9,558,5592016Revenue 2017: $103,868,904Expenses 2017: $81,050,878Net Income 2017: $22,818,0262017Revenue 2018: $72,453,419Expenses 2018: $85,149,804Net Income 2018: -$12,696,3852018Revenue 2019: $88,585,165Expenses 2019: $85,349,724Net Income 2019: $3,235,4412019Revenue 2020: $86,571,216Expenses 2020: $83,073,977Net Income 2020: $3,497,2392020Revenue 2021: $144,616,781Expenses 2021: $82,535,482Net Income 2021: $62,081,2992021Revenue 2022: $85,613,540Expenses 2022: $92,081,419Net Income 2022: -$6,467,8792022Revenue 2023: $90,648,923Expenses 2023: $94,663,943Net Income 2023: -$4,015,0202023Revenue 2024: $87,119,920Expenses 2024: $102,913,701Net Income 2024: -$15,793,7812024

Highlighted filing

2014

Revenue$68,055,024
Expenses$73,998,187
Net Income-$5,943,163
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
May 7, 2015
Return Version
2013v4.0
Gross Receipts
$114,349,530
Mission and Program Overview

Mission

Cranbrook develops people who will live with purpose and integrity, create with passion, explore with curiosity, and strive for excellence. Cranbook provides an extraordinary education, encourages creativity and innovation, and values learners of all ages and backgrounds.

Cranbrook provides excellent educational programs serving diverse audiences in an environment designed to encourage individual growth and excellence by providing a framework of artistic, cultural, intellectual, spiritual ideals.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$185,053,460$183,389,716▼ $1,663,744
Investments in Publicly Traded Securities$117,541,563$131,724,377▲ $14,182,814
Investments Other Securities$114,907,893$117,807,209▲ $2,899,316
Pledges and Grants Receivable$9,081,529$8,242,031▼ $839,498
Savings and Temporary Cash Investments$5,631,232$7,050,279▲ $1,419,047
Prepaid Expenses and Deferred Charges$1,535,363$1,422,595▼ $112,768
Accounts Receivable$1,421,075$966,110▼ $454,965
Inventories for Sale or Use$471,210$489,351▲ $18,141
Cash and Non-Interest-Bearing Accounts$39,822$50,882▲ $11,060
Total Assets$436,878,147$452,458,550▲ $15,580,403
Other Assets Total$1,195,000$1,316,000▲ $121,000
Liabilities
Tax Exempt Bond Liabilities$83,080,000$81,330,000▼ $1,750,000
Accounts Payable and Accrued Expenses$18,416,781$18,303,674▼ $113,107
Deferred Revenue$17,003,717$16,788,696▼ $215,021
Other Liabilities$158,780$113,138▼ $45,642
Total Liabilities$118,659,278$116,535,508▼ $2,123,770
Net Assets / Fund Balance
Unrestricted Net Assets$224,540,764$236,008,070▲ $11,467,306
Permanently Rstr Net Assets$55,868,033$56,419,701▲ $551,668
Temporarily Rstr Net Assets$37,810,072$43,495,271▲ $5,685,199
Total Net Assets Fund Balance$318,218,869$335,923,042▲ $17,704,173
Total Liabilities and Net Assets / Fund Balance$436,878,147$452,458,550▲ $15,580,403

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$124,172,116$56,246,476$180,418,592
Buildings$43,919,926$36,153,874$80,073,800
Equipment$2,943,950$17,372,105$20,316,055
Other Land Buildings$4,483,782$3,524,649$8,008,431
Land$7,869,942-$7,869,942
Other Securities$6,934,618--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$220,823,020$1,170,803▲ $32,489,749$20,511,934$233,990,022
2013$207,909,222$3,231,979▲ $20,974,221$11,432,205$220,832,020
2012$215,775,390$2,915,474▲ $62,672$11,284,633$207,909,222
2011$181,178,000$9,692,086▲ $32,183,200$7,133,290$215,775,390
2010$168,388,552$2,095,228▲ $20,073,157$10,051,800$181,178,000
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Frederick NahmAdvisor to President/former PresidentFT$690,136$23,563$713,699
Frederick NahmAdvisor to President/former Presiden-$271,319$442,380$713,699
Dominic DimarcoPresidentFT$363,508$125,731$489,239
Arlyce SeibertDirector of SchoolsFT$320,248$76,380$396,628
Roderick SpearinCOO and TreasurerFT$228,303$11,435$239,738
Michael StaffordDirector of Science InstituteFT$185,193$53,269$238,462
Pamela RuthvenChief Financial OfficerFT$202,141$22,651$224,792
Reed KroloffDirector of Art AcademyFT$169,279$8,766$178,045
Andrew Miller IiiDirector of School AdmissionFT$147,552$26,699$174,251
Marsha GilmanChief Advancement OfficerFT$152,341$18,936$171,277
Charles ShawHead of Upper SchoolsFT$136,432$28,821$165,253
Elizabeth BeadleDirector of Human ResourcesFT$136,871$16,757$153,628
Patricia CariSecretaryFT$109,713$14,804$124,517

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
ChartwellsFood Service-$4,001,486
Teacher's Ins And AnnuityPension-$2,988,617
Goldman Sachs & CoInvestment Services-$2,843,974
Great-west TrustPension Services-$1,115,039
Constellation Newenergy Gas DivisionNatural Gas Servicer-$1,043,020
Revenue and Support

Revenue Composition

Contributions and Grants
$8,571,240
Program Service Revenue
$49,009,213
Investment Income
$9,633,742
Other Revenue
$840,829
All Other Contributions
$7,348,939
Change in Net Assets
$-5,943,163

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded53$1,807,962Avg Market Valuation
Other Non Cash Contri Table551$191,402Cost
Other Non Cash Contri Table167$64,368Cost
Clothing and Household Goods-$22,370Cost
Other Non Cash Contri Table17$11,300Cost
Books and Publications-$10,660Cost
Collectibles1$7,575Cost
Art Historical Treasures2$3,720Cost
Scientific Specimens1$1Market Value
Total Noncash Contributions792$2,119,358-

Audited Revenue Reconciliation

Revenue per Audited Statements
$67,373,971
Revenue Not Reported on Financial Statements
$681,053
Revenue Not Reported on Form 990
$27,321,323
Total Revenue per Audited Statements
$94,695,294
Total Revenue per Form 990
$68,055,024
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$42,114,521
Other Expenses$30,391,963
Total Fundraising Expense$1,992,055
Grants and Similar Amounts Paid$1,491,703
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$21,506,285$6,259,800$1,296,314$29,062,399
Occupancy$8,730,820$1,911,483$600$10,642,903
Depreciation Depletion$8,333,909$31,023-$8,364,932
Other Employee Benefits$4,528,761$1,391,295$161,828$6,081,884
Office Expenses$2,939,222$690,218$470,110$4,099,550
Interest-$3,527,858-$3,527,858
Current Officers, Directors, Trustees, and Key Employees$1,374,543$1,415,695$206,772$2,997,010
Payroll Taxes$1,656,365$510,517$102,829$2,269,711
Pension Plan Contributions$1,200,697$417,110$85,710$1,703,517
Fees for Services Other$1,158,370$281,654$129,256$1,569,280
Grants to Domestic Individuals$1,491,703--$1,491,703
Travel$893,025$58,602$26,883$978,510
Insurance$6,710$831,646-$838,356
Information Technology$75,865$362,439$3,952$442,256
Conferences and Meetings$250,623$6,987$8,765$266,375
Fees for Services Accounting-$249,387-$249,387
Fees for Services Legal$6,101$76,965-$83,066
Fees for Service Investment Mgmnt Fees-$24,041-$24,041
All Other Expenses$28,953$-145,200$-404,695$-520,942
Other Expenses$10,109,892$-14,633,818$-171,400$-4,695,326
Total Functional Expenses$68,644,636$3,361,496$1,992,055$73,998,187

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$76,991,122
Expenses per Audited Statements$73,998,187
Total Expenses per Form 990$73,998,187
Expenses Not Reported on Form 990$2,992,935
Expenses Not Reported on Financial Statements$0
International Activity

International Summary

Offices
0
Employees
0
Spending
$54,610,971

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
Yes
Foreign partnership interest
Yes
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestment-00$54,610,971
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
Yes
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$1,454,618
Fundraising Direct Expenses$1,175,316
Gaming Gross Income$40,550
Gaming Direct Expenses$5,791
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Event 2$744,879$744,879$678,022$66,857
Event 1$520,068$230,993$109,667$121,326
Total Events$2,170,090$1,454,618$1,175,316$279,302
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Bruce Peterson, Trustee-chair, and Officer of Dte EnergyElectric ServiceNo$1,109,516
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Capital Leases Payable$113,138

Bond Issues

BondIssuerIssuedIssue PricePurpose
B38-34424432007-11-01$46,390,000SEE PART VI
C38-34424432010-10-01$26,515,000SEE PART VI
A38-34424432009-10-05$18,599,313SEE PART VI

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$46,390,000$1,316,000-$436,000
C$26,515,000--$199,000
A$18,599,313$18,228,967$10,000,000$370,346

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
Yes
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

Adele acheson and michael acheson, both trustees of the organization, have a family relationship with one another. Robert taubman, denise david and lisa payne, all trustees of the organization, have a business relationship with one another. Lloyd reuss and mark reuss, both trustees of the organization, have a family relationship with one another.

Form 990, Part VI, Section A, Line 6

Cranbrook educational community includes three divisions of the organization, cranbrook schools, cranbrook art academy and cranbrook institute of science, which each have a board of governors. These board of governors are the members of the organization.

Form 990, Part VI, Section A, Line 7A

Up to six trustees of cranbrook educational community shall be elected by the cranbrook schools members, up to four trustees shall be elected by the cranbrook art members and up to four trustees shall be elected by the cranbrook science members, none of which trustees need to be members of the organization or its three divisions. The chairman of the board of governors of cranbrook schools, the chairman of the board of governors of the cranbrook art academy, and the chairman of the board of governors of the cranbrook institute of science, as elected by the respective boards of governors from time to time pursuant to the organization's bylaws, shall all be ex officio members of the board of trustees with full voting and other rights, for so long as each of them remains chairman, and shall thereafter be replaced as trustees by their successors in such chairmanship positions.

Form 990, Part VI, Section B, Line 11

The initial review of the 990 is done by the chief financial officer, the chief operations officer and the president and the independent auditors. The 990 is reviewed by the chair of the board of trustees and a member of the audit committee. Prior to filing, the 990 is made available to all members of the board of trustees for their review.

Form 990, Part VI, Section B, Line 12C

A formal written conflict of interest policy is sent out annually to officers, directors/trustees and key employees for their completion, and must be signed and returned to cranbrook educational community.

Form 990, Part VI, Section B, Line 15

The chair of the board of trustees, in conjunction with other trustees, determines salaries using information prepared by the human resource department for comparable salaries with peer institutions.

Form 990, Part VI, Section C, Line 19

The following documents are available upon request: audited consolidated financial statements and cranbrook leadership handbook.

Filing and Contact Details

Filer

EIN
38-2015048
Phone
2486453000

Signing Officer

Name
Roderick Spearin
Title
COO
Phone
2486453000
Signed
2015-05-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dominic Dimarco
Formed
1973
Legal Domicile
Mi
Voting Board Members
32
Independent Board Members
31
Employees
1,216
Volunteers
1,165

Preparer

Preparer
Lynne Huismann
Phone
2483757100
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Market valuation adjustment of interest rate swap -413,131.

FORM 990, PART XII, LINE 2C:

The organization's audit committee oversees the audit. This process has not changed from the previous year.

Financial Statement Notes

PART III, LINE 1A:

In accordance with generally accepted practices of similar institutions, archival items and collections purchased and donated are not recorded in the statement of financial position.

PART III, LINE 4:

As the community's official archival repository, the archives department collects, preserves, and makes available community and divisional records of permanent value, the papers of members of the booth, scripps, and saarinen families, the records of the christ church cranbrook and other ancillary organizations, and the personal papers of faculty, staff, alumni and other individuals who have been associated with the community since 1984.

PART X, LINE 2:

Accounting principles generally accepted in the united states of america require management to evaluate tax positions taken by the organization and recognize a tax liability if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by the irs or other applicable taxing authorities. Management has analyzed the tax positions taken by cec and has concluded that as of june 30, 2014 and 2013, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. Cec is subject to routine audits by taxing jurisdictions; however, there currently are no audits for any tax periods in progress. Management believes cec is no longer subject to income tax examinations for years prior to 2010.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Rental expenses 928,791. Direct expenses - fundraising 1,175,316. Direct expenses - gaming 5,791. Cost of sales 469,906.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Rental expenses 928,791. Direct expenses - fundraising 1,175,316. Direct expenses - gaming 5,791. Cost of sales 469,906. Market valuation adjustment of interest rate swap 413,131.

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IRS990/Desc0CRANBROOK SCHOOLS ARE INDEPENDENT DAY AND BOARDING SCHOOLS THAT PROVIDE STUDENTS WITH A CHALLENGING AND COMPREHENSIVE COLLEGE PREPARATORY EDUCATION. WE MOTIVATE STUDENTS FROM DIVERSE BACKGROUNDS TO STRIVE FOR INTELLECTUAL,CREATIVE, AND PHYSICAL EXCELLENCE, TO DEVELOP A DEEP APPRECIATION FOR THE ARTS AND DIFFERENT CULTURES, AND TO EMPLOY THE TECHNOLOGICAL TOOLS OF OUR MODERN AGE. OUR SCHOOLS SEEK TO INSTILL IN STUDENTS A STRONG SENSE OF PERSONAL AND SOCIAL RESPONSIBILITY, THE ABILITY TO THINK CRITICALLY, AND THE COMPETENCE TO COMMUNICATE AND CONTRIBUTE IN AN INCREASINGLY GLOBAL COMMUNITY. FALL 2013 ENROLLMENT WAS 1,668 STUDENTS IN PRE-K THRU 12TH GRADE.
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$496$85.3$411$87.1$103$15.8
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$494$88.0$406$90.6$94.7$4.02
2022Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$487$90.4$397$85.6$92.1$6.47
2021Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$537$97.7$440$145$82.5$62.1
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$429$100$329$86.6$83.1$3.50
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$438$100$338$88.6$85.3$3.24
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$427$94.9$332$72.5$85.1$12.7
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$436$118$318$104$81.1$22.8
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$425$125$301$89.6$80.1$9.56
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$449$118$332$77.9$78.2$0.37
2014Detailed filing. Detailed filing data is available for this year.$452$117$336$68.1$74.0$5.94
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$437$119$318$68.8$71.2$2.37
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$427$127$300$81.2
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$444$117$326$72.6
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$424$124$300$77.6
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2014 filings • 501(c)3 • $250M-$1B nonprofits