2025-05-12T09:04:18-07:00 2024-06-30 990 2023-07-01 042104265 GROTON SCHOOL GROT 9784483363 PO Box 991 Groton MA 01450 John Herlihy Chief Financial Officer 9784487566 2025-05-12 1 2023 2025-03-06 01:10:19Z Temba Maqubela 282 Farmers Row Groton MA 01450 81112133 0 X www.groton.org X 1884 MA Groton School provides college and university preparatory education for students in grades eight to twelve. 27 26 254 300 35124 0 19257652 21483356 22922527 22891648 12429408 27055423 83483 127500 54693070 71557927 7543297 7830197 0 0 24496388 24207435 0 0 2460243 23019023 23311100 55058708 55348732 -365638 16209195 636973139 670317540 82395386 67380063 554577753 602937477 Groton School's mission is to inspire lives of character, scholarship, leadership, and service within a diverse, inclusive, and close-knit community. 0 0 39354406 7830197 22891648 Education of 375 students in grades eight through twelve in a non-profit, co-educational college preparatory boarding school. The School provides aid assistance for 41% of its students in the form of tuition grants, housing support, travel assistance, and subsidies for books, supplies, and laptop purchases. 0 0 0 39354406 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 1 1 0 0 0 1 173 0 1 254 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 27 26 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X John Herlihy 9784487566 PO Box 991 Groton MA 014500991 Temba Maqubela Headmaster 60 0 X X 648845 0 364733 Julie Dolan Chief Financial Officer - Retired as of 12/31/23 50 0 X 361650 0 70938 John MacEachern Director of Development 50 0 X 319513 0 73953 Harold W Anderson III Assistant Headmaster 50 0 X 203305 0 93656 Ian Gracey Director of Admissions 50 0 X 188901 0 76852 Kimberly A Gerighty Director of Parent Programs 50 0 X 187369 0 73235 Vuyelwa Maqubela Teacher & Advisor to Head of School 50 0 X 221913 0 15087 John Herlihy Chief Financial Officer - Started 11/01/23 50 0 X 48956 0 5003 David Altshuler Board Member 4 0 X 0 0 0 Ellen Boiselle Board Member 4 0 X 0 0 0 Nicholas F Burgin Board Member 4 0 X 0 0 0 Allison Chin Hays Board Member 4 0 X 0 0 0 Kun Deng Board Member 4 0 X 0 0 0 Merrill Stubbs Dorman Board Member 4 0 X 0 0 0 Chandler Bass Evans Board Member 4 0 X 0 0 0 Diana S Ferguson Board Member 4 0 X 0 0 0 Ann Gildroy Fox Board Member 4 0 X 0 0 0 William B Gray Board Member 4 0 X 0 0 0 Monica Spencer Green Board Member 4 0 X 0 0 0 Kevin M Griffith Board Member 4 0 X 0 0 0 Grace Song Park Board Member 4 0 X 0 0 0 David Porter Board Member 4 0 X 0 0 0 Rachel E Slack Board Member 4 0 X 0 0 0 Adam Monroe Spence Board Member 4 0 X 0 0 0 Stacey Clover Symonds Board Member 4 0 X 0 0 0 Alexander Lowell Thorndike Board Member 4 0 X 0 0 0 Thomas Varkey Board Member 4 0 X 0 0 0 William C Vrattos Board Member 4 0 X 0 0 0 Alfred Winkler Board Member 4 0 X 0 0 0 Nancy Yang Board Member 4 0 X 0 0 0 Benjamin N Pyne President 4 0 X X 0 0 0 Gary C Hill Vice President 4 0 X X 0 0 0 Charles S Duggan Secretary 4 0 X X 0 0 0 Nathaniel A Bristol Treasurer 4 0 X X 0 0 0 2180452 0 773457 37 0 1 0 MJ Cataldo Inc PO Box 1343 Littleton MA 01460 Construction 6301482 JH Spain Commercial Services LLC 210 North State Street Concord NH 03301 Construction 1549589 Mahan Slate Roofing Company 699 Silver Street Agawam MA 01001 Construction 1455612 FLIK 2 International Drive Rye Brook NY 10573 Food Service 1376460 Timberline Construction Corporation 300 Pine Street Canton MA 02021 Construction 1071016 25 0 0 0 0 0 21483356 1092955 21483356 Tuition 611600 22245830 22245830 0 0 Technology Support Fee 611710 225000 225000 0 0 Laptop Rental and Lease 611710 173950 173950 0 0 Health Center Fee 611710 126800 126800 0 0 Application Fees 611710 69700 69700 0 0 50368 50368 0 0 22891648 7141617 0 -67241 7208858 0 0 0 0 0 0 0 0 236475 0 137430 0 99045 0 99045 0 10496 88549 29190657 1508 9276505 1854 19914152 -346 19913806 0 91869 19821937 0 166872 138417 28455 0 0 28455 0 71557927 22891648 35124 27147799 221680 221680 7608517 7608517 0 0 0 0 1446166 0 1446166 0 237000 237000 0 0 15570006 11676877 2483394 1409735 1992032 1306610 494360 191062 3860570 2242426 1353754 264390 1101661 722599 273398 105664 0 0 0 0 145925 4416 141509 0 165478 19290 146188 0 0 0 0 0 0 0 2269786 0 2269786 0 1440781 357780 1057680 25321 505181 138362 279473 87346 151966 59091 63805 29070 667292 256215 393568 17509 0 0 0 0 3756130 3730095 25895 140 332827 108413 163700 60714 0 0 0 0 67017 33550 29782 3685 1811689 0 1811689 0 0 0 0 0 8663809 8320498 343311 0 534363 61661 472702 0 Food 1280744 1209911 37860 32973 General merchandise and equipment 433843 425130 8555 158 Special events 731946 469243 41609 221094 Other regulatory 161230 52972 74591 33667 191093 92070 121308 -22285 55348732 39354406 13534083 2460243 76979 56529 5023764 1689291 9230006 10190055 425417 729830 0 0 0 0 0 0 157811 185400 681152 494506 284779205 153350239 129778992 131428966 235047383 270313380 249317825 247995773 15797 15797 7218013 7218013 0 0 636973139 670317540 13166016 8120670 0 0 3474813 3430096 61403824 52293148 0 0 0 0 0 0 0 0 4350733 3536149 82395386 67380063 X 282450349 308853629 272127404 294083848 554577753 602937477 636973139 670317540 X 16209195 28489433 0 0 0 3661096 X 0 1 X 1 0 X 17078009 21680439 14431830 19257652 21483356 93931286 0 0 0 0 0 0 0 0 0 0 0 0 17078009 21680439 14431830 19257652 21483356 93931286 3307097 90624189 5943625 4617899 4419099 8291549 7427009 30699181 0 0 773496 0 35124 808620 77743 77846 124130 145589 166872 592180 126031267 111368852 0.71906 0.69008 X Schedule A, Part II, Line 10 Retail sales from the school store. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 0 0 0 Schedule C, Part II-B, Line 1 The school is a member of a number of associations such as the National Association of Episcopal Schools, New England Association of Schools and Colleges, and the Association of Independent Schools in New England, which may use a portion of their membership dues to lobby on behalf of members. The portion of dues and fees allocated to lobbying activities is not determinable. 0 0 X X 0 476587579 6981379 53232057 7243273 17189579 0 512368163 467068923 9572020 24711529 6453531 18311362 0 476587579 477247136 8343162 -1539590 6267897 10713888 0 467068923 358682522 11890148 130230943 4612648 18943829 0 477247136 388141574 5825048 -15480468 4169926 15633706 0 358682522 0.45 0.29 0.26 0 0 0 7467283 7467283 0 240712902 132311279 108401623 0 0 0 0 0 16831616 12503614 4328002 0 19767404 8535346 11232058 131428966 Hedge Funds 145234779 F Venture Capital Funds 53770847 F Private Equity Funds 27323477 F Real Assets Funds 21666670 F 247995773 0 Interest Rate Swap Agreements 1686708 Charitable Remainder Unitrusts 1265243 Charitable Gift Annuities 584198 3536149 X 93920093 28489433 0 0 -4133674 24355759 69564334 2269786 -276193 1993593 71557927 45560370 0 0 0 -586851 -586851 46147221 2269786 6931725 9201511 55348732 Schedule D, Part III, Line 1 The collections, which include artwork, books, and artifacts of historical significance have been acquired through contributions since the school's inception and are not recognized as assets on the statement of financial position. Schedule D, Part III, Line 4 The artwork acquired by the school since its inception often relates to the school's history and has either been purchased or aquired by donation. This collection is displayed throughout the campus for viewing by students, faculty, and visitors. Schedule D, Part V, Line 4 The endowment is used to support the mission of the school. Schedule D, Part X, Line 2 The School follows FASB ASC 740, Income Taxes, which clarifies the accounting for uncertain income tax positions by prescribing the recognition threshold a tax position is required to meet before being recognized in the financial statements. The School recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. Management evaluated the School's tax positions and concluded that the School had no material uncertain income tax positions as of June 30, 2024 or 2023. Aside from exceptional circumstances (such as fraud), the School is only subject to income tax examinations by the U.S. federal, state, or local tax authorities for three years from the filing date. The School will account for interest and penalties related to uncertain tax positions, if any, as part of tax expense. Schedule D, Part XI, Line 2d Unrealized gain swaps 694,467, accrued pension liability 2,401,304, unrealized gain on the value of split interest gifts 740,674, tuition grants (6,931,725), the recovery provision for uncollectable pledges (175,349), and the operating expenses netted with revenue on the financial statements (863,045) Schedule D, Part XI, Line 4b Rental expenses of 137,430, cost of goods sold at the school store 138,417, and loss on disposal of property 346. Schedule D, Part XII, Line 2d Rental expenses 137,430, loss on disposal of property 346, the cost of goods sold at the school store 138,417, and the operating expenses netted with revenue on the financial statements (863,045). Schedule D, Part XII, Line 4b Tuition grants of 6,931,725 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 Schedule E, Part I, Line 3 Groton's diversity and inclusion statement is noted on its website. It states that Groton School's mission is to inspire lives of character, scholarship, leadership, and services within a diverse, inclusive, and close-knit community. Europe (including Iceland and Greenland) 0 0 Program Services A school sponsored orchestra trip to Europe in June 2024 involving 35 students. The cost includes financial aid for qualified students. 73000 Sub-Saharan Africa 0 0 Program Services A school sponsored global education trip to South Africa in June 2024. The full cost was covered for all 8 participating students. 66000 Europe (including Iceland and Greenland) 0 0 Program Services A school sponsored global education trip to Italy involving 22 students in March 2024. The cost included financial aid for qualified students. 61000 East Asia and the Pacific 0 0 Fundraising March 2023 fund raising reception in Hong Kong. 45000 East Asia and the Pacific 0 0 Program Services Admissions events in Hong Kong and South Korea in September 2023. 27000 South America 0 0 Program Services A school sponsored global education trip to Peru involving 15 students in June 2024. The cost included financial aid for qualified students. 24000 Europe (including Iceland and Greenland) 0 0 Program Services A school sponsored trip to England in June 2024. 11 members of the Groton boys and girls crew teams participated in the Henley Royal Regatta and the cost included financial aid for qualified students. 23000 East Asia and the Pacific 0 0 Program Services A school sponsored global education trip to Shanghai involving 7 students in July 2023. The cost included financial aid for qualified students. 15000 Europe (including Iceland and Greenland) 0 0 Program Services A school sponsored global education trip to France involving 18 students in March 2024. The cost included financial aid for qualified students. 12000 Sub-Saharan Africa 0 0 Program Services A faculty member attended the Global Education conference in South Africa in July 2023. 3000 East Asia and the Pacific 0 Program Services The cost of financial aid for students participating in a school sponsored exchange program to China during the 2024 spring term. 3000 North America (including Canada and Mexico, but not the United States) 0 0 Program Services The registration and initial flight cost for a faculty member who will be attending the Global Education conference in Canada in July 2024. 1000 South Asia 0 0 Program Services The cost of financial aid for students participating in a school sponsored exchange program to India during the 2024 spring term. 1000 East Asia and the Pacific 0 0 Investments 37900000 0 0 38254000 1 0 1 1 1 0 Schedule F, Part I, Line 3 Column (a) indicates the region where the investment manager of the fund is domiciled. Some investment funds are managed within the US by domestic firms, with capital contributions made to these firms before being invested abroad. Additionally, some investments have their legal domicile in Central America and the Caribbean region. 1 Town of Groton 173 Main Street Groton MA 01450 046001164 200000 0 Cash Payment Records The contribution was made to help the Town of Groton subsidize their annual operating costs. Town of Groton 173 Main Street Groton MA 01450 046001164 20000 0 Cash Payment Records The contribution was made to help the Town of Groton purchase an electronic scoreboard for the recently constructed elementary school. 1 0 Tuition Grant 161 0 6931725 Total credits applied to student bills Credits are applied to the tution bill as a means of subsidizing the overall tuition costs to qualified students attending Groton School during the academic year and the available summer program. Travel Grant 161 391506 0 Credits applied to monthly bill to offset recorded payments Incidental Grant 93 195376 0 Credits applied to monthly bill to offset recorded payments Laptop Grant 48 51544 0 Credits applied to monthly bill to offset recorded payments Parent Travel Grant 41 38366 0 Payments to subsidize travel related costs for parents Schedule I, Part I, Line 2 The school works directly with town officials and local charitable organizations to assess future needs and the use of current and past monetary grants. The school also makes several other small donations throughout the year based on charitable purpose, historical relationship, and current need. These one-time contributions are not typically monitored by the CFO or Headmaster. Financial aid grants are awarded annually to qualified students and are typically applied as credits to the tuition bill up to the amount of the grant for the current academic year. In some instances, cash payments are issued direcly to parents as reimbursements for academic expenses or travel related costs when applicable. X X X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 Temba Maqubela Headmaster 640632 0 0 0 8213 0 284154 0 80579 0 1013578 0 0 0 Julie Dolan Chief Financial Officer - Retired as of 12/31/23 343617 0 0 0 18033 0 25806 0 45132 0 432588 0 0 0 John MacEachern Director of Development 286793 0 0 0 32720 0 43374 0 30579 0 393466 0 0 0 Harold W Anderson III Assistant Headmaster 182305 0 0 0 21000 0 17508 0 76148 0 296961 0 0 0 Ian Gracey Director of Admissions 188901 0 0 0 0 0 16332 0 60520 0 265753 0 0 0 Kimberly A Gerighty Director of Parent Programs 123519 0 0 0 63850 0 9967 0 63268 0 260604 0 0 0 Vuyelwa Maqubela Teacher & Advisor to Head of School 159413 0 0 0 62500 0 14283 0 804 0 237000 0 0 0 Schedule J, Part I, Line 1a Teaching faculty are required to live in on-campus housing as a condition of employment. A taxable housing stipend is paid to a few administrators who live off campus. The Headmaster's home includes some space that is reserved for school-related meetings and student activities. The cost of maintaining this space is paid by the school and recording as an operating expense. The school will only pay for the cost of a traveling spouse when they are an authorized participant in school related functions. In such cases, the cost is treated as a non-taxable work-related event. The discretionary account is provided to the headmaster as part of the annual budget. The account is used to fund small school related expenses and, as a result, is not reported as a taxable fringe benefit. Schedule J, Part I, Line 3 The salary of Groton's Headmaster is determined annually by the Compensation Committee of the Board. As input to their decisions, the committe reviews the results of the annual ABOPS salary survey and the recommendations from an outside consultant. ABOPS is a 40-member organization of independent schools whom we consider to be our peers. Schedule J, Part I, Line 4 The Headmaster's contract, approved by the President of the Board and the Compensation Committee, includes deferred compensation arrangements under Sec. 457(f). The vesting periods of these plans vary, typically spanning three or five years. The deferred amounts are reported in Schedule J, Part II, Column (C) A Massachusetts Development Finance Agency 043431814 2013-10-17 40777500 Remaining balance from 2013A note. 2013B & C were refinanced in 2020. 0 0 0 B Massachusetts Development Finance Agency 043431814 2020-02-26 34222500 Reissuance of Series 2013B and 2013C Notes 0 0 0 A 14957500 0 40777500 0 0 0 0 0 0 0 40777500 0 1 0 1 1 B 7500000 0 34222500 0 0 0 0 0 0 0 34222500 0 1 0 1 1 A 0 0 0 0 0 0 0 0 0 1 B 0 0 0 0 0 0 0 0 0 1 A 0 0 0 0 1 1 Morgan Stanley Capital Services Bank of New York Mellon 30 0 0 0 0 1 B 0 0 0 0 0 0 0 0 1 A 1 B 1 Schedule K, Part IV, Line 4b-10/17/2013 40,777,500 Massachusetts Development Finance Agency The Bank of New York Mellon swap 20 year maturity, The Bank of New York Mellon swap 38 year maturity, and Morgan Stanley Capital Services swap 30 year maturity. Vuyelwa Maqubela Family member of Temba Maqubela 237000 Teacher and Advisor to Head of School 0 X 70 1092955 FMV 0 0 1 0 Schedule M, Part I, Line 33 The number of security contributions is based on the number of gifts and not the number of shares received. Form 990, Part VI, Section B, Line 11b A draft of the Form 990 without Schedule B was distributed electronically to each member of the Audit Committee. After a thorough review, the Committee had an opportunity to ask questions and suggest revisions during a group conference call. The draft was also posted to a secure electronic portal, accessible by the full Board prior to filing. Form 990, Part VI, Section B, Line 12c All school officers, key employees, and members of the Board of Trustees are required annually to read the conflict-of-interest policy and sign the document. The signature indicates an understanding of the guidelines and an assurance to the Board that they are in compliance with the policy. Any potential conflict must be disclosed and reviewed by the President of the Board to determine if any further action is required. Any conflict will prohibit such individuals from participating in the governing body's deliberations and transaction decisions related to the conflict. Form 990, Part VI, Section B, Line 15 An employment contract between the Headmaster and the school is updated periodically and renewed annually. Each year, the President of the Board and the Compensation Committee review the Headmaster's and other senior administrator's salaries and benefits. The salary survey provided by the Association of Business Officers of Preparitory Schools is used as a guide and a point of comparison. The annual salary and benefit offerings for the Chief Financial Officer are made by the Headmaster. All salaries and benefit offerings for the remaining school employees are updated annually and approved by the Chief Financial Officer or the Headmaster up to the aggregate salary approved by the Board of Trustees. Form 990, Part VI, Section C, Line 19 The Form 990 without Schedule B can be viewed on-line by going to guidestar.org, propublica.org, causeiq.com, and other independently operated websites. The conflict-of-interest policy, governing documents, and financial statements may be viewed any time upon request for the same period of disclosure set forth in Section 6104(d). Form 990, Part XI, Line 9 Change in value of interest rate swap agreements 694,467, accrued pension liability 2,401,304, change in value of split interest agreements 740,674, and recovery provision of uncollectable pledges (175,349). Charitable Remainder Trust (4) PO Box 991 Groton MA 01450 Charitable Trust MA Groton School T 1 Pooled Income Fund PO Box 991 Groton MA 01450 Pooled Income Fund MA Groton School T 1 Growth Pooled Income Fund PO Box 991 Groton MA 01450 Pooled Income Fund MA Groton School T 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0