2025-05-14T14:26:29-05:00 2024-06-30 263753134 CBIZ ADVISORS LLC 53 STATE STREET 17TH FLOOR BOSTON MA 02109 990 2023-07-01 042103603 MILTON ACADEMY MILT 6178981798 170 CENTRE STREET MILTON MA 02186 HEIDI VANDERBILT-BROWN CFO & COO 6178981798 2025-04-15 1 1 CRAIG KLEIN P00734640 6178075000 2025-05-12 2023 2025-03-06 01:10:19Z HEIDI VANDERBILT-BROWN 170 CENTRE STREET MILTON MA 02186 251744705 0 X WWW.MILTON.EDU X 1798 MA MILTON ACADEMY IS AN INDEPENDENT COLLEGE PREPARATORY K-12 SCHOOL, BOARDING AND DAY IN GRADES 9-12. 28 27 641 274 204979 16381 14957306 12319323 65083373 71971621 6158063 10208620 0 0 86198742 94499564 17332742 19305517 0 0 43135078 45847143 14430 30406 4094843 34839385 38011118 95321635 103194184 -9122893 -8694620 514718965 536905318 86152618 83917414 428566347 452987904 X MILTON ACADEMY CULTIVATES IN ITS STUDENTS A PASSION FOR LEARNING AND A RESPECT FOR OTHERS. EMBRACING DIVERSITY AND THE PURSUIT OF EXCELLENCE, WE CREATE A COMMUNITY IN WHICH INDIVIDUALS DEVELOP COMPETENCE, CONFIDENCE AND CHARACTER. SEE SCHEDULE O FOR FULL DESCRIPTION.MILTON ACADEMY CULTIVATES IN ITS STUDENTS A PASSION FOR LEARNING AND A RESPECT FOR OTHERS. EMBRACING DIVERSITY AND THE PURSUIT OF EXCELLENCE, WE CREATE A COMMUNITY IN WHICH INDIVIDUALS DEVELOP COMPETENCE, CONFIDENCE AND CHARACTER. OUR ACTIVE LEARNING ENVIRONMENT, IN AND OUT OF THE CLASSROOM, DEVELOPS CREATIVE AND CRITICAL THINKERS, UNAFRAID TO EXPRESS THEIR IDEAS, PREPARED TO SEEK MEANINGFUL LIFETIME SUCCESS AND TO LIVE BY OUR MOTTO, "DARE TO BE TRUE." 0 0 65321439 18682800 66258538 MILTON ACADEMY PROMOTES AN ENVIRONMENT OF LIFELONG LEARNING TO 1021 STUDENTS IN GRADES K-12. STUDENTS ARE ENCOURAGED TO PARTICIPATE IN COMMUNITY SERVICE AND VOLUNTEER OPPORTUNITIES DURING THE YEAR IN AN EFFORT TO INSTILL A PASSION FOR GIVING BACK TO OTHERS FOR MANY YEARS. FULL AND PARTIAL SCHOLARSHIPS ARE AWARDED TO STUDENTS BASED ON FINANCIAL NEED. IN 2024, MILTON ACADEMY AWARDED FINANCIAL AID TO 33.6% OF OUR STUDENTS.SEE SCHEDULE O FOR FULL DESCRIPTION.MILTON ACADEMY PROMOTES AN ENVIRONMENT OF LIFELONG LEARNING TO 1021 STUDENTS IN GRADES K-12. STUDENTS ARE ENCOURAGED TO PARTICIPATE IN COMMUNITY SERVICE AND VOLUNTEER OPPORTUNITIES DURING THE YEAR IN AN EFFORT TO INSTILL A PASSION FOR GIVING BACK TO OTHERS FOR MANY YEARS. FULL AND PARTIAL SCHOLARSHIPS ARE AWARDED TO STUDENTS BASED ON FINANCIAL NEED. IN 2024, MILTON ACADEMY AWARDED FINANCIAL AID TO 33.6% OF OUR STUDENTS.THE COMMUNITY ENGAGEMENT PROGRAM [COMMUNITY ENGAGEMENT PROGRAMS AND PARTNERSHIPS (CEPP)], SEEKS TO INSTILL AND SUPPORT A PASSION FOR SERVICE IN MILTON ACADEMY'S STUDENTS, FACULTY AND STAFF, THROUGH PROVIDING A MULTITUDE OF OPPORTUNITIES FROM TUTORING IN LOCAL SCHOOLS, TO DONATING BLOOD, TO ASSISTING THE ELDERLY. THE PROGRAM STRIVES TO PROVIDE THE MILTON COMMUNITY WITH INTERESTING AND MEANINGFUL VOLUNTEER OPPORTUNITIES. ON AVERAGE OVER 240 STUDENTS MAKE WEEKLY COMMITMENTS TO MORE THAN 20 DIFFERENT ORGANIZATIONS IN THE GREATER BOSTON AREA. ANOTHER 200 STUDENTS PARTICIPATE IN MULTI-ANNUAL EVENTS SUCH AS, SPECIAL OLYMPICS TOURNAMENTS, RED CROSS BLOOD DRIVE AND HOLIDAY GIVING EVENTS. THE ENTIRE UPPER SCHOOL COMMUNITY PARTICIPATES IN THE ANNUAL HUNGER AWARENESS EVENT AND COMMUNITY ENGAGEMENT DAY (SUPPORTING 35 PARTNERS AROUND GREATER BOSTON). THE PROGRAM ALSO SUPPORTS INDIVIDUAL AND GROUP INITIATIVES FOR PARTICULAR CAUSES, SUCH AS THE WINTER WALK (SUPPORTING UNHOUSED INDIVIDUALS), MILTON TOWN GREEN UP DAY, AND HURRICANE RELIEF. 3002415 622716 3767986 THE MOUNTAIN SCHOOL OF MILTON ACADEMY IS AN INDEPENDENT SEMESTER PROGRAM THAT PROVIDES HIGH SCHOOL JUNIORS THE OPPORTUNITY TO LIVE AND WORK ON AN ORGANIC FARM IN RURAL VERMONT. IN ACADEMIC YEAR 2023-2024, THE MOUNTAIN SCHOOL ENROLLED AN AVERAGE OF 50 HIGH-ACHIEVING STUDENTS PER SEMESTER FROM ALL OVER THE COUNTRY. COURSES PROVIDE A DEMANDING, INTEGRATED LEARNING EXPERIENCE THAT TAKES FULL ADVANTAGE OF THE SCHOOL'S SMALL SIZE AND MOUNTAIN CAMPUS. STUDENTS COME FROM DIFFERENT BACKGROUNDS AND SCHOOLS AROUND THE COUNTRY, AND ARE CHALLENGED TO WORK TOGETHER AND LEARN FROM EACH OTHER, AS THEY EXPLORE THE INTERSECTION OF THE SCHOOL'S FARM, ACADEMIC PROGRAM, AND RESIDENTIAL LIFE. THE GOAL IS FOR STUDENTS TO RETURN TO THEIR SCHOOLS AND COMMUNITIES, MORE CLEAR ABOUT THEMSELVES AND BETTER PREPARED TO BECOME EFFECTIVE CITIZENS. 2709263 1740118 MILTON ACADEMY PROVIDES A SATURDAY COURSE TO GIFTED STUDENTS, RENTAL OF FACILITIES, HEALTH SERVICES, SCHOOL BUSES, AN OUTDOOR PROGRAM, AFTER SCHOOL ACTIVITIES, AND YEARBOOK PROGRAM. 2351964 THROUGH INTERSCHOLASTIC AND INTRAMURAL SPORTS, AS WELL AS PHYSICAL EDUCATION COURSES, ALL MILTON ACADEMY STUDENTS ARE INVOLVED IN PHYSICALLY ACTIVE AND CHALLENGING PURSUITS THAT HELP FORM AN EXCEPTIONAL EDUCATIONAL EXPERIENCE. ATHLETIC ACTIVITY IS CERTAINLY AN EXPRESSION OF ONE FORM OF INTELLIGENCE, AN INTELLIGENCE THAT NEEDS TO BE DEVELOPED AND NURTURED AS DOES ANY OTHER. 726733 THE COLLEGE COUNSELING OFFICE AT MILTON BUILDS ITS PROGRAM AROUND INDIVIDUALISM. WE BELIEVE THAT THE COLLEGE COUNSELING PROCESS BEGINS AND ENDS WITH THE STUDENT. WE KNOW THAT EACH STUDENT HAS A DIFFERENT STORY, OUR GUIDING PRINCIPLE IS MUCH LIKE THAT OF A GOOD TEACHER: START WHERE THE STUDENT IS. 3078697 74111814 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 232 0 1 641 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 28 27 0 0 0 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 1 0 CA MA X PAULA CONNOLLY 6178981798 170 CENTRE STREET MILTON MA 021863397 ALEXANDRA CALLEN HEAD OF SCHOOL 60.00 X X 251123 0 166813 CLAIRE HUGHES JOHNSON TRUSTEE, PRESIDENT 4.00 X X 0 0 0 PETER R KAGAN TRUSTEE, TREASURER 3.00 X X 0 0 0 YUNLI LOU TRUSTEE, VICE PRESIDENT (UNTIL 6/24) 3.00 X X 0 0 0 LUIS M VICEIRA TRUSTEE, VICE PRESIDENT (UNTIL 6/24) 3.00 X X 0 0 0 EDWARD E WENDELL JR TRUSTEE, VICE PRESIDENT (UNTIL 6/24) 3.00 X X 0 0 0 RONNELL L WILSON TRUSTEE, VICE PRESIDENT (UNTIL 6/24) 3.00 X X 0 0 0 STUART I MATHEWS TRUSTEE, SECRETARY (UNTIL 6/30/24) 3.00 X X 0 0 0 DAVID B BREWSTER TRUSTEE 1.00 X 0 0 0 DAVID V CAPPILLO TRUSTEE 1.00 X 0 0 0 JASON DILLOW TRUSTEE 1.00 X 0 0 0 SHADI FAROKHZAD TRUSTEE 1.00 X 0 0 0 YENG FELIPE BUTLER TRUSTEE 1.00 X 0 0 0 JOHN B FITZGIBBONS TRUSTEE 1.00 X 0 0 0 LAMONT A GORDON TRUSTEE 1.00 X 0 0 0 SONU KALRA TRUSTEE 1.00 X 0 0 0 RANA EL KALIOUBY TRUSTEE 1.00 X 0 0 0 MOLLY KING TRUSTEE 1.00 X 0 0 0 RAVI MALLELA TRUSTEE 1.00 X 0 0 0 JOHN D MCEVOY TRUSTEE 1.00 X 0 0 0 MEIKA NEBLETT TRUSTEE 1.00 X 0 0 0 OSAREMEN F OKOLO TRUSTEE 1.00 X 0 0 0 EUGENE F REILLY TRUSTEE 1.00 X 0 0 0 HENDRICK SIN TRUSTEE 1.00 X 0 0 0 GABRIEL SUNSHINE TRUSTEE 1.00 X 0 0 0 PATRICK TSANG TRUSTEE 1.00 X 0 0 0 JUSTIN M WALSH TRUSTEE 1.00 X 0 0 0 HELEN ZHU TRUSTEE 1.00 X 0 0 0 HEIDI VANDERBILT-BROWN CHIEF FINANCIAL & OPERATING OFFICER 50.00 X 297873 0 63859 LISA WINICK CHIEF ADVANCEMENT OFFICER 50.00 X 293478 0 124815 MONICA PALMER PRINCIPAL, UPPER SCHOOL 50.00 X 224334 0 61874 PAUL REBUCK DEAN OF ENROLLMENT & FINANCIAL AID 50.00 X 183044 0 97336 CAROL A GIUSTI-CAHALANE DIRECTOR OF DEVELOPMENT 50.00 X 194433 0 53223 EILEEN NEWMAN CHIEF COMMUNICATION OFFICER 50.00 X 189530 0 28824 PAULA CONNOLLY CONTROLLER 50.00 X 174983 0 41218 DIANE KIMBALL DIRECTOR OF BUDGETS & INSTITUTIONAL 50.00 X 170714 0 29193 THEODORICK BLAND FORMER HEAD OF SCHOOL 60.00 X 607607 0 167524 2587119 0 834679 108 1 1 0 ARAMARK SERVICES INC PO BOX 978839 DALLAS TX 75397 FOOD SERVICE 4760678 ARCHITECTURAL RESOURCES CAMBRIDGE INC 501 BOYLSTON STREET SUITE 4101 BOSTON MA 02116 CONSTRUCTION CONSULTANT 1217515 LOCAL MOTION OF BOSTON INC 66B ROCSAM PARK ROAD BRAINTREE MA 02184 BUS SERVICE 1033695 PARTNERS CAPITAL INVESTMENT GROUP LLC 600 ATLANTIC AVENUE BOSTON MA 02210 INVESTMENT CONSULTANT 994733 C M CLEANING COMPANY INC 1024 TURNPIKE STREET CANTON MA 02021 CLEANING CONTRACTOR 894439 21 12319323 1501222 12319323 TUITION 900099 68931916 68931916 AUXILIARY INCOME 900099 3039705 2834726 204979 71971621 5534199 5534199 161919562 157245141 4674421 4674421 4674421 94499564 71766642 204979 10208620 289500 289500 19016017 19016017 1899574 235829 1301144 362601 33433864 24433214 6941269 2059381 2275212 1648371 479307 147534 5861620 4008220 1466775 386625 2376873 1635296 572022 169555 284344 283343 1001 188025 35275 152750 30406 30406 4342418 4342418 2762481 1485049 1127385 150047 360064 66417 252037 41610 3573962 1844765 1584468 144729 1250802 122810 1050194 77798 2069920 1657236 400699 11985 1538318 1205001 236863 96454 133020 46302 86595 123 1815773 1453758 351501 10514 7708145 6171355 1492158 44632 1069216 1069216 DINING SERVICES 5108098 4662130 280215 165753 FACILITIES 4137866 3221698 891751 24417 ACADEMIC PROG. & EVENTS 1412937 873571 369688 169678 255729 255729 103194184 74111814 24987527 4094843 25140969 15830215 7030246 4974416 261996 776234 194977754 98591903 80650227 96385851 43169591 56950495 354651164 358112188 3814772 3875919 514718965 536905318 9945989 9730924 5846218 6488811 67784927 65308731 2575484 2388948 86152618 83917414 X 64669511 79404508 363896836 373583396 428566347 452987904 514718965 536905318 X -8694620 33333890 -217713 X 0 1 X 1 0 X 27123278 10784843 14661905 14957306 12319323 79846655 27123278 10784843 14661905 14957306 12319323 79846655 5146295 74700360 5224915 8544792 3620308 4234200 5534199 27158414 117170 1061806 1178976 108184045 312899165 0.69050 0.70800 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 392274305 -1392046 39194689 16485402 1178081 412413465 379542411 716322 29184532 15651816 1517144 392274305 407635808 2672817 -15702420 14387932 675862 379542411 325282412 6650101 90060752 13759653 597804 407635808 323736228 7275559 7385871 12594763 520483 325282412 0.11697 0.39880 0.48423 1 0 1085310 1085310 156672304 85126978 71545326 10341207 7477720 2863487 26878933 5987205 20891728 96385851 GLOBAL EQUITY SECURITIES 108216490 F REAL ESTATE PARTNERSHIPS 23696747 F MULTI ASSET 3528584 F TRUST INVESTMENTS 2724798 F PRIVATE EQUITY & VENTURE CAPITAL 90827886 F POOLED INCOME 1788048 F ABSOLUTE RETURN 20346910 F HEDGED EQUITIES 40143104 F PRIVATE EQUITY DEBT 32687620 F NATURAL RESOURCES 4768027 F CREDIT FUNDS 29383974 F 358112188 PAYABLE TO ANNUITANTS 1827745 ASSET RETIREMENT OBLIGATION 132762 CAPITAL LEASE - RIGHT OF USE OBLIGATION 428441 2388948 X 104710817 33333890 -18780219 14553671 90157146 4342418 4342418 94499564 80289260 0 80289260 4342418 18562506 22904924 103194184 PART V, LINE 4: THE ENDOWMENT IS USED TO INVEST FUNDS FOR THE SCHOOL. A SPENDING RATE OF 4.4 PERCENT OF A ROLLING 12 QUARTER AVERAGE FAIR VALUE OF THE INVESTMENTS IS USED TO FUND PROGRAMS AND PROVIDE SCHOLARSHIPS. PART X, LINE 2: THE ACADEMY ACCOUNTS FOR THE EFFECT OF ANY UNCERTAIN TAX POSITIONS BASED ON A "MORE LIKELY THAN NOT" THRESHOLD, BASED ON THE TECHNICAL MERITS OF THE POSITION UNDER SCRUTINY BY THE APPLICABLE TAXING AUTHORITY. IF A TAX POSITION OR POSITIONS ARE DEEMED TO BE UNCERTAIN, THE UNRECOGNIZED TAX BENEFIT IS ESTIMATED BASED ON A "CUMULATIVE PROBABILITY ASSESSMENT" THAT AGGREGATES THE ESTIMATED TAX LIABILITY FOR ALL UNCERTAIN TAX POSITIONS. THE ACADEMY HAS IDENTIFIED ITS TAX STATUS AS A TAX-EXEMPT ENTITY AND ITS CLASSIFICATIONS OF INCOME AS RELATED OR UNRELATED AS THE ONLY SIGNIFICANT TAX POSITIONS. THE ACADEMY HAS DETERMINED THAT SUCH TAX POSITIONS DO NOT RESULT IN AN UNCERTAINTY REQUIRING RECOGNITION. THE ACADEMY IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION. THE ACADEMY'S FEDERAL AND STATE TAX RETURNS ARE GENERALLY OPEN FOR EXAMINATION FOR THREE YEARS FOLLOWING THE DATE FILED. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN SPLIT INTEREST AGREEMENTS -217,713. STUDENT FINANCIAL AID -18,554,594. OTHER FINANCIAL AID -7,912. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID 18,554,594. OTHER FINANCIAL AID 7,912. 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 SCHOOL'S NONDISCRIMINATION POLICY IS AVAILABLE ON THE SCHOOL'S WEBSITE. THE POLICY IS ALSO INCLUDED IN ALL STUDENT ENROLLMENT MATERIALS. MILTON ACADEMY DOES NOT DISCRIMINATE IN ADMISSION OR ACCESS TO ANY OF ITS EDUCATIONAL PROGRAMS OR ACTIVITIES. EAST ASIA AND THE PACIFIC 0 0 INVESTMENTS 23636776 SUB-SAHARAN AFRICA 0 0 INVESTMENTS 155843 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 6745326 SOUTH ASIA 0 0 INVESTMENTS 2717191 0 0 0 0 0 0 33255136 0 33255136 1 0 1 1 1 0 X X X X X 1 RONALD A JOYCE 309 OAKWOOD DR YARMOUTH ME 04096 CONSULTING & SOLICITATION RESEARCH 0 0 17706 0 MORGAN F HECK 81 HUDSON ST 1 SOMERVILLE MA 02143 CONSULTING & SOLICITATION RESEARCH 0 0 12700 0 30406 MA 1 TOWN OF MILTON 525 CANTON AVENUE MILTON MA 02186 GOVERNMENT 225000 0 VOLUNTARY GRANT MILTON FIRE DEPARTMENT 515 CANTON AVENUE MILTON MA 02186 GOVERNMENT 12500 0 VOLUNTARY GRANT MILTON POLICE DEPARTMENT 40 HIGHLAND STREET MILTON MA 02186 GOVERNMENT 12500 0 VOLUNTARY GRANT MILTON TEEN CENTER 525 CANTON AVENUE MILTON MA 02186 GOVERNMENT 7500 0 VOLUNTARY GRANT MILTON LIBRARY FOUNDATION 476 CANTON AVENUE MILTON MA 02186 043614024 GOVERNMENT 7500 0 VOLUNTARY GRANT MILTON FOUNDATION FOR EDUCATION PO BOX 223 MILTON MA 02186 043307338 GOVERNMENT 10000 0 VOLUNTARY GRANT 6 0 SCHOLARSHIPS & SUPPLEMENTAL AID 289 15559484 FAIR MARKET VALUE FINANCIAL AID ASSISTANCE SCHOLARSHIPS - MOUNTAIN SCHOOL 26 622716 FAIR MARKET VALUE FINANCIAL AID ASSISTANCE FACULTY FINANCIAL AID 54 2833817 FAIR MARKET VALUE FINANCIAL AID ASSISTANCE PART I, LINE 2: MOST GRANT EXPENSE CONSISTS OF SCHOLARSHIP AWARDS WHICH ARE CREDITED DIRECTLY TO STUDENT ACCOUNTS AT THE ACADEMY. X X X 1 1 X X X X X X 0 1 0 0 0 0 0 1 1 1 THEODORICK BLAND FORMER HEAD OF SCHOOL 429286 0 0 0 178321 0 97395 0 70129 0 775131 0 144548 0 LISA WINICK CHIEF ADVANCEMENT OFFICER 270853 0 0 0 22625 0 24821 0 99994 0 418293 0 0 0 ALEXANDRA CALLEN HEAD OF SCHOOL 215951 0 0 0 35172 0 109134 0 57679 0 417936 0 0 0 HEIDI VANDERBILT-BROWN CHIEF FINANCIAL & OPERATING OFFICER 275248 0 0 0 22625 0 24835 0 39024 0 361732 0 0 0 MONICA PALMER PRINCIPAL, UPPER SCHOOL 215180 0 0 0 9154 0 17214 0 44660 0 286208 0 0 0 PAUL REBUCK DEAN OF ENROLLMENT & FINANCIAL AID 182932 0 0 0 112 0 11236 0 86100 0 280380 0 0 0 CAROL A GIUSTI-CAHALANE DIRECTOR OF DEVELOPMENT 194314 0 0 0 119 0 16727 0 36496 0 247656 0 0 0 EILEEN NEWMAN CHIEF COMMUNICATION OFFICER 189530 0 0 0 0 0 15428 0 13396 0 218354 0 0 0 PAULA CONNOLLY CONTROLLER 173451 0 1500 0 32 0 14616 0 26602 0 216201 0 0 0 DIANE KIMBALL DIRECTOR OF BUDGETS & INSTITUTIONAL 170714 0 0 0 0 0 14062 0 15131 0 199907 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS IS LIMITED TO THE HEAD OF SCHOOL AND IS DONE SO WITH DISCRETION ON A CASE BY CASE BASIS WHEN DEEMED APPROPRIATE. THE TRAVEL FOR COMPANIONS BENEFIT IS TREATED AS NONTAXABLE COMPENSATION. HOUSING BENEFITS ARE NORMATIVE FOR HEAD OF SCHOOL AND CERTAIN OTHER KEY EMPLOYEES, OFFICERS, AND HIGHLY COMPENSATED EMPLOYEES TO BE AVAILABLE TO STUDENTS 24 HOURS A DAY TO FULLFILL DUTIES. HOUSING BENEFITS ARE TREATED AS A NONTAXABLE WORKING CONDITION FRINGE BENEFIT. PERSONAL SERVICES ARE PROVIDED IN THE FORM OF HOUSE CLEANING AND IS TREATED AS NONTAXABLE COMPENSATION. PART I, LINE 4B THEODORICK BLAND RECEIVED A NON-TAXABLE CONTRIBUTION TOWARDS HIS 457(F) PROGRAM IN 2023 IN THE AMOUNT OF $70,995. ALEXANDRA CALLEN RECEIVED A NON-TAXABLE CONTRIBUTION TOWARDS HER 457(F) PROGRAM IN 2023 IN THE AMOUNT OF $89,565. PART I, LINE 7 THE COMPENSATION COMMITTEE PROVIDES DISCRETION TO THE HEAD OF SCHOOL TO APPROVE ADDITIONAL COMPENSATION PAYMENTS OF $10,000 OR LESS. PART I, LINE 8 COMPENSATION PAID TO NEWLY HIRED HEAD OF SCHOOL ALEXANDRA CALLEN WAS PAID PURSUANT TO A CONTRACT THAT WAS SUBJECT TO THE INITIAL CONTRACT EXCEPTION. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 57584YXKO 2020-02-18 9869626 REVENUE REFUNDING 0 0 0 B MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 000000000 2020-06-03 24082000 REVENUE REFUNDING 0 0 0 C MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 000000000 2020-02-14 15000000 REVENUE REFUNDING 0 0 0 D MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 000000000 2023-06-02 9500000 CONSTRUCTION PROJECT 0 0 0 A 9869626 192490 9660000 17136 2009 1 0 1 1 B 24082000 449067 23582568 50365 2009 1 0 1 1 C 15000000 300000 14668630 31370 2020 0 0 1 1 D 9500000 88640 9386860 24500 2024 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 D 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 C 0 1 0 0 0 0 0 0 1 D 0 1 0 0 0 0 0 0 1 A 1 B 1 C 1 D 1 X 61 1501222 FAIR MARKET VALUE 0 0 1 0 PART I, COLUMN (B): THE NUMBER LISTED IN PART I, COLUMN (B) REPRESENTS THE NUMBER OF ITEMS CONTRIBUTED. FORM 990, PART VI, SECTION B, LINE 11B THE INFORMATION REQUESTED ON THE 990 IS GATHERED BY THE BUSINESS OFFICE STAFF. THE 990 FORM IS PREPARED BY OUR INDEPENDENT ACCOUNTING FIRM, CBIZ ADVISORS LLC. THE DRAFT FORM IS REVIEWED BY THE CONTROLLER, CFO, AND HEAD OF SCHOOL, PRIOR TO BEING REVIEWED AND APPROVED IN ITS ENTIRETY (INCLUDING THE SCHEDULE B - SCHEDULE OF CONTRIBUTORS) BY THE AUDIT COMMITTEE. THE ENTIRE FORM (EXCLUDING THE SCHEDULE B - SCHEDULE OF CONTRIBUTORS) IS MADE AVAILABLE ON THE TRUSTEE WEBSITE, BEFORE FILING, AND ALL TRUSTEES ARE NOTIFIED BY EMAIL THAT THE FORM 990 IS AVAILABLE FOR REVIEW ON THE TRUSTEE WEBSITE. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR ALL INTERESTED PERSONS (TRUSTEES, NON-TRUSTEE COMMITTEE MEMBERS, LEADERSHIP TEAM MEMBERS, AND ANY OTHER PERSON IN A POSITION TO EXERCISE SUBSTANTIAL INFLUENCE AT THE ORGANIZATION) MUST COMPLETE A CONFLICT OF INTEREST POLICY MEMORANDUM OF DISCLOSURE. ALL INTERESTED PARTIES AGREE TO PROMPTLY NOTIFY THE SCHOOL OF ANY CHANGES WHICH MAY OCCUR SUBSEQUENT TO THE SIGNED DISCLOSURE. THE CONTROLLER'S OFFICE REVIEWS THE DISCLOSURES. ANY POTENTIAL CONFLICTS ARE PRESENTED ANNUALLY TO THE AUDIT & RISK COMMITTEE. IF A POTENTIAL CONFLICT ARISES, THE INDIVIDUALS MUST RECUSE THEMSELVES FROM THE CONVERSATION AND VOTING ON THE SUBJECT MATTER. THE MINUTES OF SUCH MEETINGS WILL REFLECT THAT A DISCLOSURE WAS MADE AND THAT THE TRUSTEE ABSTAINED FROM VOTING. FORM 990, PART VI, SECTION B, LINE 15 IN SETTING, REVIEWING AND APPROVING THE COMPENSATION OF THE HEAD OF SCHOOL AND REVIEWING AND APPROVING THE COMPENSATION OF THE ADMINISTRATIVE COUNCIL, THE COMPENSATION COMMITTEE OF MILTON ACADEMY UTILIZES A THREE-PART PROCESS. THE PROCESS INCLUDES: IMPARTIAL DECISION MAKERS, COMPARABILITY DATA, AND CONCURRENT DOCUMENTATION. THE PROCEDURES ARE IN PLACE SO THAT PAYMENTS UNDER THE ORGANIZATION'S EXECUTIVE COMPENSATION ARRANGEMENTS ARE PRESUMED TO BE REASONABLE, UNDER TREAS. REG. SECTION 53.4958-6. 1. IMPARTIAL DECISION MAKERS. THE COMPENSATION ARRANGEMENT MUST BE APPROVED IN ADVANCE (BEFORE ANY PAYMENT IS MADE) BY THE COMPENSATION COMMITTEE OF MILTON ACADEMY COMPOSED ENTIRELY OF INDIVIDUALS WHO DO NOT HAVE A CONFLICT OF INTEREST WITH RESPECT TO THE COMPENSATION ARRANGEMENT. 2. COMPARABILITY DATA. WHEN THE COMPENSATION COMMITTEE IS CONSIDERING COMPENSATION TO COVERED INDIVIDUALS, IT MUST RELY ON COMPARABILITY DATA THAT DEMONSTRATE THE FAIR MARKET VALUE OF THE COMPENSATION IN QUESTION. FOR EXAMPLE, WHEN CRAFTING COMPENSATION PACKAGES, THE COMPENSATION COMMITTEE MUST SECURE DATA THAT DOCUMENTS COMPENSATION LEVELS FOR SIMILARLY QUALIFIED INDIVIDUALS IN LIKE POSITIONS AT LIKE ORGANIZATIONS. POSSIBLE SOURCES INCLUDE, BUT ARE NOT NECESSARILY LIMITED TO: A) EXPERT COMPENSATION STUDIES BY INDEPENDENT FIRMS; B) SURVEY DATA FROM THE ASSOCIATION OF BUSINESS OFFICERS AT PREPARATORY SCHOOLS, NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS, ASSOCIATION OF INDEPENDENT SCHOOLS OF NEW ENGLAND, OR OTHER EDUCATIONAL ASSOCIATIONS C) WRITTEN JOB OFFERS FOR POSITIONS AT SIMILAR ORGANIZATIONS. 3. CONCURRENT DOCUMENTATION. THE COMPENSATION COMMITTEE MUST DOCUMENT HOW IT REACHED ITS DECISIONS, INCLUDING THE DATA ON WHICH IT RELIED. RECORDS MUST BE PREPARED BEFORE THE LATER OF THE NEXT MEETING OF THE AUTHORIZED BODY OR 60 DAYS AFTER THE FINAL ACTION OR ACTIONS OF THE AUTHORIZED BODY ARE TAKEN. RECORDS MUST BE REVIEWED AND APPROVED BY THE COMPENSATION COMMITTEE AS REASONABLE, ACCURATE AND COMPLETE WITHIN A REASONABLE TIME PERIOD THEREAFTER. TO QUALIFY AS CONCURRENT DOCUMENTATION, WRITTEN OR ELECTRONIC RECORDS OF THE COMPENSATION COMMITTEE (SUCH AS MEETING MINUTES) MUST NOTE: A) THE TERMS OF THE COMPENSATION AND THE DATE IT WAS APPROVED; B) THE MEMBERS OF THE COMPENSATION COMMITTEE WHO WERE PRESENT DURING THE DISCUSSION OF THE COMPENSATION THAT WAS APPROVED AND THOSE WHO VOTED ON IT; C) THE COMPARABILITY DATA OBTAINED AND RELIED UPON AND HOW THE DATA WAS OBTAINED; D) IF THE COMPENSATION COMMITTEE DETERMINES THAT REASONABLE COMPENSATION FOR A SPECIFIC ARRANGEMENT IS HIGHER OR LOWER THAN THE RANGE OF COMPARABILITY DATA OBTAINED, THE COMPENSATION COMMITTEE MUST RECORD THE BASIS FOR ITS DETERMINATION, AND E) ANY ACTIONS TAKEN WITH RESPECT TO CONSIDERATION OF THE COMPENSATION BY ANYONE WHO IS OTHERWISE A MEMBER OF THE COMPENSATION COMMITTEE BUT WHO HAD A CONFLICT OF INTEREST WITH RESPECT TO THE DECISION ON THE COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 MILTON ACADEMY MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC VIA ITS WEBSITE: WWW.MILTON.EDU. THE CONFLICT OF INTEREST POLICY IS ONLY AVAILABLE TO THE TRUSTEES OF MILTON ACADEMY. THE FORM 990 IS AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN SPLIT INTEREST AGREEMENTS -217,713.