2024-05-14T10:14:36-05:00 2023-06-30 043037870 BOLLUS LYNCH LLP 89 SHREWSBURY STREET WORCESTER MA 01604 990 2022-07-01 043293659 SEVEN HILLS FOUNDATION SEVE 5087552340 81 HOPE AVENUE WORCESTER MA 01603 MICHAEL MATTHEWS SENIOR VP OF BUSI 5087552340 2024-05-13 1 MICHAEL MATTHEWS XXX-XX-XXXX 0 BARBARA E KING P00005629 5087557107 2024-05-02 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z MICHAEL MATTHEWS 81 HOPE AVENUE WORCESTER MA 01603 68347435 0 3444 X WWW.SEVENHILLS.ORG X 1953 MA TO PROVIDE MANAGEMENT AND OVERSIGHT TO THE TWENTY-FOUR AFFILIATES UNDER COMMON CONTROL. 16 15 3705 500 72122 71965 12646204 2346120 16042223 19249941 3739625 2832125 334076 760215 32762128 25188401 0 0 0 0 9796070 11337713 0 0 179497 10335039 10009076 20131109 21346789 12631019 3841612 199084948 216033194 121694873 131889849 77390075 84143345 TO PROVIDE MANAGEMENT AND OVERSIGHT TO THE TWENTY-FOUR AFFILIATES UNDER COMMON CONTROL. 0 0 21167292 20884817 TO PROVIDE MANAGEMENT AND OVERSIGHT TO THE TWENTY-FOUR AFFILIATES 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0 0 0 AIVI NGUYEN TRUSTEE 2.00 X 0 0 0 SEAN PITTS TRUSTEE 2.00 X 0 0 0 DR DAVID A JORDAN DHA PRESIDENT 40.00 X 7825827 0 230669 DR KATHLEEN JORDAN DHA EXECUTIVE VP/CEO 40.00 X 314405 0 209083 MICHAEL MATTHEWS SR VP OF BUSINESS AND FINA 40.00 X 244474 0 122896 ERIC COLE CFO 40.00 X 134019 0 3005 MARILYN LOPEZ-HADDAD VP HUMAN RESOURCES 40.00 X 195186 0 13854 DOMINIC SMARRA CIO 40.00 X 138423 0 1380 MAUREEN MCDONOUGH MANAGER PROGRAM IMPROVEMEN 40.00 X 132234 0 21456 KATHLEEN MYSHRALL VP ADVANCEMENT 40.00 X 134584 0 35711 WILLIAM STOCK VP FOR GOVT AND COMM RELAT 40.00 X 156187 0 33377 MICHAEL KENDRICK AVP FACILITIES 40.00 X 122094 0 21456 9397433 0 692887 12 0 1 0 FOCUS TECHNOLOGY 75 STATE STREET BOSTON MA 02019 IT/SOFTWARE 1455443 ACT LEASING 215 SALEM STREET WOBURN MA 01801 VEHICLE LEASING 240312 BOLLUS LYNCH 89 SHREWSBURY STREET WORCESTER MA 01604 AUDIT 174425 NETSMART TECHNOLOGIES PO BOX 713519 PHILADELPHIA PA 19171 IT/SOFTWARE 172674 FLETCHER TILTON 370 MAIN STREET WORCESTER MA 01608 LEGAL 137457 7 6724 2339396 1423878 2346120 PROGRAM SERVICES 623990 19249941 19249941 19249941 1569223 1569223 316119 0 316119 316119 316119 44336030 85906 43056276 102758 1279754 -16852 1262902 1262902 OTHER REVENUE 623990 371974 371974 LLC/S-CORP TAXABLE INCOME 900099 52122 52122 MANAGEMENT FEE 900099 20000 20000 444096 25188401 20884817 72122 1885342 2072971 2072971 5280848 5280848 3324548 3324548 659346 659346 286213 286213 143525 143525 113113 113113 226845 226845 419767 419767 1272582 1272582 899514 899514 619142 619142 701827 701827 291189 291189 CONSULTANTS 2449187 2449187 DUES & SUBSCRIPTIONS 852863 852863 MISCELLANEOUS 593239 593239 CLIENT TRANSPORTATION 583741 583741 556329 376832 179497 21346789 21167292 0 179497 1272307 2076344 51700 30700 24691 24691 218010844 86194385 122308846 131816459 52248788 51650580 1905644 1649464 21272972 28784956 199084948 216033194 81103175 77678461 25266263 33941031 15325435 20270357 121694873 131889849 X 75874623 82647463 1515452 1495882 77390075 84143345 199084948 216033194 X 3841612 2786576 125082 X 0 1 X 1 1 1 X 1736562 1029446 814289 2006472 915518 6502287 13146199 13505427 15793838 16042223 19249941 77737628 14882761 14534873 16608127 18048695 20165459 84239915 290000 165000 455000 0 290000 165000 455000 83784915 1352633 1419074 1519218 2172399 1569223 8032547 1352633 1419074 1519218 2172399 1569223 8032547 26498 -327145 -147047 49531 72122 -326041 16261892 15626802 17980298 20270625 21806804 91946421 0.91120 0.90540 0.08740 0.08870 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 35533467 781776 3412061 2291678 37435626 42807983 -5112452 2162064 35533467 34848664 9054313 1094994 42807983 33407945 1771527 1105245 1436053 34848664 34181223 2035948 2809226 33407945 0.75358 0.24642 0 0 20948978 20948978 169452791 68416493 101036298 23315553 17777892 5537661 4293522 4293522 131816459 OTHER ASSETS 18071440 RIGHT OF USE ASSETS, NET 10713516 28784956 DEFERRED COMPENSATION LIABILITY 3308095 DUE TO AFFILIATES 6082220 LEASE LIABILITIES 10880042 20270357 X 28056760 2786576 247018 3033594 25023166 113113 52122 165235 25188401 21233676 0 21233676 113113 113113 21346789 PART V, LINE 4: THE FOUNDATION'S ENDOWMENT CONSISTS OF BOTH INDIVIDUAL DONOR RESTRICTED FUNDS AND FUNDS DESIGNATED BY THE BOARD OF DIRECTORS TO FUNCTION AS ENDOWMENTS. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS, INCLUDING FUNDS DESIGNATED BY THE BOARD TO FUNCTION AS ENDOWMENTS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED OR LEGAL RESTRICTIONS. ENDOWMENT FUNDS INCLUDE INVESTED GIFTS AND CASH. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, THE FOUNDATION CLASSIFIES AS DONOR RESTRICTED NET ASSETS (A) THE ORIGINAL VALUE OF GIFTS DONATED TO THE PERMANENT ENDOWMENT, (B) THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE PERMANENT ENDOWMENT, AND (C) ACCUMULATIONS TO THE PERMANENT ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME THE ACCUMULATION IS ADDED TO THE FUND. THE REMAINING PORTION OF THE DONOR-RESTRICTED ENDOWMENT FUND THAT IS NOT CLASSIFIED AS NON-EXPENDABLE NET ASSETS IS CLASSIFIED AS EXPENDABLE NET ASSETS UNTIL THOSE AMOUNTS ARE APPROPRIATED FOR EXPENDITURE BY THE FOUNDATION IN A MANNER CONSISTENT WITH THE STANDARD OF PRUDENCE PRESCRIBED BY STATE LAW. IN ACCORDANCE WITH THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT, THE FOUNDATION MAY CONSIDER THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO APPROPRIATE OR ACCUMULATE DONOR-RESTRICTED ENDOWMENT FUNDS: THE DURATION AND PRESERVATION OF THE FUND; THE PURPOSES OF THE FOUNDATION AND THE DONOR-RESTRICTED ENDOWMENT FUND; GENERAL ECONOMIC CONDITIONS; THE POSSIBLE EFFECT OF INFLATION AND DEFLATION; THE EXPECTED TOTAL RETURN FROM INCOME AND THE APPRECIATION OF INVESTMENTS; OTHER RESOURCES OF THE FOUNDATION; AND THE INVESTMENT POLICIES OF THE FOUNDATION. THE FOUNDATION HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ITS BOARD-DESIGNATED AND OTHER ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING FOR ITS PROGRAMS WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. UNDER THIS POLICY, AS APPROVED BY THE BOARD, THE ENDOWMENT ASSETS ARE INVESTED IN SUCH A MANNER THAT THE INVESTMENTS WILL PROVIDE A SPENDABLE RETURN CONSISTENT WITH A LONG-TERM GOAL OF PRESERVING THE FUNDS IN REAL TERMS. ACTUAL RETURNS IN ANY GIVEN YEAR MAY VARY FROM THIS AMOUNT. THE STETSON HOME, INC. AFFILIATE HAS A SPENDING POLICY OF APPROPRIATING FOR DISTRIBUTION EACH YEAR 7% OF ITS BEGINNING OF THE YEAR RESTRICTED BALANCES. AMOUNTS APPROPRIATED FOR EXPENDITURE WERE $235187 AND $295,410 IN 2023 AND 2022, RESPECTIVELY. THE CHILDREN'S FRIEND, INC. AFFILIATE HAS A SPENDING POLICY OF APPROPRIATING FOR DISTRIBUTION EACH YEAR 5% OF THE ENDOWMENT FUND'S TWELVE QUARTER MOVING AVERAGE OF MARKET VALUE, CALCULATED QUARTERLY. THERE WERE NO WITHDRAWALS FOR APPROPRIATION IN 2023 AND 2022. TO SATISFY ITS LONG-TERM RATE-OF-RETURN OBJECTIVES, THE FOUNDATION RELIES ON A TOTAL RETURN STRATEGY IN WHICH INVESTMENT RETURNS ARE ACHIEVED THROUGH BOTH CAPITAL APPRECIATION (REALIZED AND UNREALIZED) AND CURRENT YIELD (INTEREST, DIVIDENDS AND NET RENTAL INCOME). THE FOUNDATION HAS INVESTED IN DEBT AND EQUITY SECURITIES THAT TARGET A DIVERSIFIED ASSET ALLOCATION THAT PLACES A GREATER EMPHASIS ON EQUITY-BASED INVESTMENTS TO ACHIEVE ITS LONG-TERM RETURN OBJECTIVES WITHIN PRUDENT RISK CONSTRAINTS. FROM TIME TO TIME, THE FAIR VALUE OF ASSETS ASSOCIATED WITH INDIVIDUAL DONOR-RESTRICTED ENDOWMENT FUNDS MAY FALL BELOW THE LEVEL THAT THE DONOR IMPOSED RESTRICTIONS REQUIRE THE FOUNDATION TO RETAIN AS A FUND OF PERPETUAL DURATION. THERE WERE NO SUCH DEFICIENCIES AS OF JUNE 30, 2023 AND JUNE 30, 2022. PART X, LINE 2: MANAGEMENT ANNUALLY REVIEWS FOR UNCERTAIN TAX POSITIONS ALONG WITH ANY RELATED INTEREST AND PENALTIES AND BELIEVES THAT THE FOUNDATION HAS NO UNCERTAIN TAX POSITIONS THAT WOULD HAVE A MATERIAL ADVERSE EFFECT, INDIVIDUALLY OR IN THE AGGREGATE UPON THE FOUNDATION'S STATEMENTS OF FINANCIAL POSITION, OR THE RELATED STATEMENTS OR ACTIVITIES, OR CASH FLOWS. PART XI, LINE 2D - OTHER ADJUSTMENTS: UNREALIZED GAIN ON HEDGING INSTRUMENT 159,989. BOOK GAIN FROM PASSTHROUGH INVESTMENTS 87,029. PART XI, LINE 4B - OTHER ADJUSTMENTS: TAX GAIN ON INVESTMENTS 52,122. CAYMAN ISLANDS INVESTMENTS 1795053 0 0 0 0 0 0 1795053 0 1795053 0 0 0 0 0 0 PART III ACCOUNTING METHOD: X X X X 0 1 0 0 0 0 0 0 0 DR DAVID A JORDAN DHA PRESIDENT 7823044 0 0 0 2783 0 202220 0 28449 0 8056496 0 6439258 0 DR KATHLEEN JORDAN DHA EXECUTIVE VP/CEO 310630 0 2500 0 1275 0 209083 0 0 0 523488 0 0 0 MICHAEL MATTHEWS SR VP OF BUSINESS AND FINA 239536 0 2500 0 2438 0 93066 0 29830 0 367370 0 0 0 MARILYN LOPEZ-HADDAD VP HUMAN RESOURCES 192686 0 2500 0 0 0 12474 0 1380 0 209040 0 0 0 WILLIAM STOCK VP FOR GOVT AND COMM RELAT 153687 0 2500 0 0 0 11921 0 21456 0 189564 0 0 0 KATHLEEN MYSHRALL VP ADVANCEMENT 132084 0 2500 0 0 0 14161 0 21550 0 170295 0 0 0 MAUREEN MCDONOUGH MANAGER PROGRAM IMPROVEMEN 129734 0 2500 0 0 0 0 0 21456 0 153690 0 0 0 PART I, LINE 4B DR KATHLEEN JORDAN, DHA - DEFINED BENEFIT PLAN $209,083 MARILYN LOPEZ-HADDAD - DEFERRED COMPENSATION - $12,474 MICHAEL MATTHEWS - DEFINED BENEFIT PLAN $93,066 KATHLEEN MARSHALL - DEFERRED COMPENSATION - $14,161 THE EMPLOYER CONTRIBUTES THESE DEFERRED COMPENSATION PAYMENTS TO A NON QUALIFIED INELIGIBLE 457(F) PLAN. THESE AMOUNTS CONTRIBUTED INTO THE 457(F) PLAN ARE NOT VESTED AND ARE SUBJECT TO SUBSTANTIAL RISK OF FORFEITURE IN THE EVENT THAT EMPLOYEES DO NOT FULFIL THEIR OBLIGATIONS OF THEIR EMPLOYMENT WITH THE ORGANIZATION. A MASS DEVELOPMENT FINANCE AGENCY 043431814 2011-12-29 8051000 FINANCE/REFINANCE CAPITAL PROJECTS 0 0 0 B MASS HEFA REVENUE BONDS 042456011 2004-11-19 11653000 CONSOLIDATE LOANS 0 0 0 C MASS DEVELOPMENT FINANCE AGENCY 043431814 57583U6N3 2015-04-09 55835000 FINANCE/REFINANCE CAPITAL PROJECTS 0 0 0 D MASS DEVELOPMENT FINANCE AGENCY 043431814 2021-11-18 30220000 FINANCE/REFINANCE CAPITAL PROJECTS 0 0 0 A 8051000 161096 7075135 2013 0 0 1 1 B 11653000 159840 11493160 2004 0 0 1 1 C 55835000 3533935 447673 59260474 2015 1 0 1 1 D 30220000 2003600 341499 29433141 445360 2021 1 0 1 1 A 0 0 0 0 0 1 0.15220 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 1 0.11650 0 1 D 0 0 0 0 0 0 1 A 0 1 1 1 1 1 TD BANK 4.000000000000 0 0 0 0 1 B 0 1 1 1 1 1 TD BANK 10.000000000000 0 0 0 0 1 C 0 1 1 1 1 0 0 0 1 D 0 1 1 1 1 0 0 0 1 A 1 B 1 C 1 D 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MASS HEFA REVENUE BONDS DATE THE REBATE COMPUTATION WAS PERFORMED: 11/19/2014 X AFFILIATION AGREEMENT 1 1423878 FMV 0 1 0 FORM 990, PART VI, SECTION A, LINE 2 DAVID JORDAN, THE PRESIDENT, IS MARRIED TO KATHLEEN JORDAN WHO IS THE SR. VICE PRESIDENT/CEO. FORM 990, PART VI, SECTION A, LINE 7A A NOMINATING COMMITTEE MEETS TO REVIEW PROSPECTIVE CANDIDATES FOR SEVEN HILLS FOUNDATION DIRECTOR OR TRUSTEE POSITIONS. THE LIST OF NOMINATED CANDIDATES IS THEN PRESENTED TO THE BOARD OF DIRECTORS AT THE ANNUAL MEETING. ELECTED DIRECTORS AND TRUSTEES SERVE FOR A 3-YEAR TERM. BOARD OFFICERS SERVE A 1-YEAR TERM. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS, CEO, SR VP OF BUSINESS & FINANCE, AND CFO WILL REVIEW IT PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS REVIEWS THE ORGANIZATION'S CONFLICT OF INTEREST POLICY ANNUALLY IN ORDER TO ENSURE THAT THE ORGANIZATION'S BOARD OF DIRECTORS, OFFICERS, AND EMPLOYEES ARE REGULARLY AND CONSISTENTLY MONITORING AND ENFORCING IT. FORM 990, PART VI, SECTION B, LINE 15A INDEPENDENT COMPENSATION REVIEW IS COMPLETED EVERY TWO YEARS CONDUCTED BY AN OUTSIDE SPECIALIST. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: UNREALIZED GAIN ON HEDGING INSTRUMENT 159,989. BOOK/TAX DIFFERENCE OF VARIOUS PASSTHROUGH ENTITIES -34,907. 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