2022-05-16T18:11:50-05:00 2021-06-30 042943536 TONNESON & COMPANY PC 401 EDGEWATER PLACE SUITE 300 WAKEFIELD MA 018806208 990 2020-07-01 042103623 ST MARK'S SCHOOL OF SOUTHBOROUGH INC STMA 5087866000 25 MARLBOROUGH ROAD SOUTHBOROUGH MA 01772 FRANCISCO J LOPEZ-BALBOA TREASURER 5087866000 2022-05-16 1 FRANCISCO LOPEZ-BALBOA 999009999 CYNTHIA P ALMQUIST P01309212 7812459999 2022-05-10 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z FRANCISCO J LOPEZ-BALBOA 25 MARLBOROUGH ROAD SOUTHBOROUGH MA 01772 28048030 0 X WWW.STMARKSSCHOOL.ORG X 1865 MA REFER TO SCHEDULE OST. MARK'S SCHOOL EDUCATES YOUNG PEOPLE FOR LIVES OF LEADERSHIP AND SERVICE. FOUNDED IN 1865 AS AN INTENTIONALLY SMALL RESIDENTIAL COMMUNITY, THE SCHOOL CHALLENGES ITS STUDENTS TO DEVELOP THEIR PARTICULAR ANALYTIC AND CREATIVE CAPABILITIES BY BOTH INSPIRING THEIR ACADEMIC AND SPIRITUAL CURIOSITY AND KINDLING THEIR PASSION FOR DISCOVERY. WE VALUE COOPERATION OVER SELF-INTEREST, AND WE ENCOURAGE EACH PERSON TO EXPLORE HIS OR HER PLACE IN THE LARGER WORLD BEYOND OUR CAMPUS. 37 36 243 40 215667 304954 17793049 6841465 21236626 21120108 -1407241 -1136199 694562 -28716 38316996 26796658 5769469 5695884 0 0 16122141 16853339 0 0 2552121 13135911 16031059 35027521 38580282 3289475 -11783624 218197684 256704983 38536429 48673826 179661255 208031157 X REFER TO SCHEDULE O, PAGE 67 0 0 29319331 5695884 21120108 ST. MARK'S SCHOOL OF SOUTHBOROUGH PROVIDES A HIGH QUALITY FOUR YEAR CO-EDUCATIONAL SECONDARY LEVEL EDUCATION TO APPROXIMATELY 365 RESIDENTIAL AND DAY STUDENTS. 54048 AUXILIARY AND OTHER INCOME 54048 29319331 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 0 1 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 58 0 1 243 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 37 36 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X X ROBERT KUKLEWICZ 5087866172 ST MARKS SCHOOL OF SOUTHBOROUGH SOUTHBOROUGH MA 01772 X R WILLIAM BURGESS JR TRUSTEE 4.00 X 0 0 0 ALYS REYNDERS SCOTT PRESIDENT 4.00 X X 0 0 0 FRANCISCO J LOPEZ-BALBOA TREASURER 4.00 X X 0 0 0 MARK BECHARD TRUSTEE 4.00 X 0 0 0 THE RT REVEREND J CLARK GREW TRUSTEE 4.00 X 0 0 0 PATRICIA ALEXANDER TRUSTEE 4.00 X 0 0 0 JAMES BARTLETT TRUSTEE 4.00 X 0 0 0 TARAH BREED TRUSTEE 4.00 X 0 0 0 MATTHEW CHAMBERLIN TRUSTEE 4.00 X 0 0 0 CHARLES EWALD TRUSTEE 4.00 X 0 0 0 OLIVER DOMINICK TRUSTEE 4.00 X 0 0 0 ALEXIS FABER TRUSTEE 4.00 X 0 0 0 REVEREND PRESTON B HANNIBAL TRUSTEE 4.00 X 0 0 0 PETER C HEARN TRUSTEE 4.00 X 0 0 0 RAVI IKA TRUSTEE 4.00 X 0 0 0 MICHAEL JENSEN TRUSTEE 4.00 X 0 0 0 DIANE KURZONTKOWSKI TRUSTEE 4.00 X 0 0 0 SEONG WHUN CHEON TRUSTEE 4.00 X 0 0 0 MICHAEL MOORE TRUSTEE 4.00 X 0 0 0 REUBEN RICHARDS TRUSTEE 4.00 X 0 0 0 MACKIN PULSIFER TRUSTEE 4.00 X 0 0 0 VANESSA RYAN TRUSTEE 4.00 X 0 0 0 ELIZABETH SANTINI TRUSTEE 4.00 X 0 0 0 NICK EVERETT TRUSTEE 4.00 X 0 0 0 BRUCE B WILSON TRUSTEE 4.00 X 0 0 0 JULIAN MA TRUSTEE 4.00 X 0 0 0 RON SARGENT TRUSTEE 4.00 X 0 0 0 MARK VASSALLO TRUSTEE 4.00 X 0 0 0 CHARLES LOWERY TRUSTEE 4.00 X 0 0 0 WALTER CLAIR TRUSTEE 4.00 X 0 0 0 MICHELLE DAVIS TRUSTEE 4.00 X 0 0 0 TOM DAVIS TRUSTEE 4.00 X 0 0 0 JASON KRANTZ TRUSTEE 4.00 X 0 0 0 JANE HE TRUSTEE 4.00 X 0 0 0 XIANG HENRY HE TRUSTEE 4.00 X 0 0 0 JACK LING TRUSTEE 4.00 X 0 0 0 JOHN C WARREN HEAD OF SCHOOL 40.00 X 382992 0 59975 ROBERT M KUKLEWICZ CHIEF FINANCIAL AND OPERAT 40.00 X 264031 0 75595 LINDSAY ALLEN CHIEF ADVANCEMENT OFFICER 40.00 X 240357 0 25103 KENNETH GRIFFIN DIRECTOR OF TECHNOLOGY 40.00 X 165045 0 63924 STEPHANIE KATZ DIRECTOR OF ADVANCEMENT PR 40.00 X 161252 0 66607 MEAGHAN KILIAN DIRECTOR OF MAJOR & PRINCIPAL GIFTS 40.00 X 141794 0 30783 1355471 0 321987 19 0 1 0 ERLAND CONSTRUCTION INC 71 3RD AVE BURLINGTON MA 01803 CONSTRUCTION CONTRACTOR 2028845 WINDOVER CONSTRUCTION INC 66 CHERRY HILL DR BEVERLY MA 01915 CONSTRUCTION CONTRACTOR 2017247 FLIK INDEPENDENT SCHOOLS 91337 COLLECTIONS CENTER DRIVE CHICAGE IL 606931337 FOOD SERVICES 1162964 RP MARZILLI & COMPANY INC 21 TROTTER DR MEDWAY MA 02053 LANDSCAPE CONTRACTOR 823070 AALANCO 80-B TURNPIKE RD WESTBORO MA 01581 HEATING & A/C CONTRACTOR 416683 12 6841465 1054234 6841465 TUITION 611600 21120108 21120108 21120108 5116 5116 200 1137560 3955 -1137560 -3755 -1141315 -3755 330430 -1467990 138101 109857 28244 28244 MISCELLANEOUS INCOME 611710 54763 54763 AUXILIARY PROGRAM 611710 3040 3040 FLOW-THROUGH INCOME FROM SMS IH, 900000 -114763 -114763 -56960 26796658 21174156 215667 -1434630 5695884 5695884 450375 450375 12105780 8066192 2613012 1426576 4297184 2834953 956505 505726 49813 49813 64738 64738 2980436 2289682 485649 205105 694809 377310 225594 91905 724875 447006 265788 12081 1411350 951005 404404 55941 46777 41952 3741 1084 287915 207638 71596 8681 1488021 1488021 4555169 3872744 477840 204585 UBIT TAX 1000 1000 COVID-19 EXPENSES 2665461 2665461 BAD DEBTS 390596 390596 MISCELLANEOUS 330040 127788 171064 31188 340059 252695 78115 9249 38580282 29319331 6708830 2552121 17862157 20115061 4080892 2006202 117942 147772 121197 108563 785261 624536 142633667 88043753 51062164 54589914 12266402 13337165 131901669 165775770 218197684 256704983 7130867 9808552 6642054 5920734 24023766 32119889 739742 824651 38536429 48673826 X 38498477 41490722 141162778 166540435 179661255 208031157 218197684 256704983 -11783624 40153526 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 119842473 1684921 34967988 7255704 149239678 128830560 2487961 -2285301 9190747 119842473 130789594 4698885 4449373 11107292 128830560 121525341 6480779 11045126 8261652 130789594 115443919 1983979 10833458 6736015 121525341 0.11000 0.89000 0 0 1248801 1248801 104757263 62831902 41925361 29390244 25211851 4178393 7237359 7237359 54589914 MULTI-STRATEGY INVESTMENT FUND 162811165 F OPERATING RESERVE 2964605 F 165775770 ANNUITIES PAYABLE 824651 824651 X 61057157 40153526 109857 40263383 20793774 6002884 6002884 26796658 32687255 109857 109857 32577398 6002884 6002884 38580282 PART V, LINE 4: THE SCHOOL'S PRIMARY OBJECTIVE IS LONG-TERM CAPITAL APPRECIATION WHICH TOGETHER WITH INCOME WILL PROVIDE FOR THE GROWTH OF THE ENDOWMENT WHILE ALLOWING SUPPORT FOR CURRENT ACTIVITIES. THE SCHOOL HAS ADOPTED A SPENDING POLICY WHEREBY A PERCENTAGE OF THE HISTORICAL AVERAGE MARKET VALUE OF THE ENDOWMENT FOR PROGRAM SERVICES AND CAPITAL NEEDS LESS THE OUTSTANDING BALANCE OF BONDS PAYABLE IS DISTRIBUTED AND TREATED AS SUPPORT FOR OPERATING ACTIVITIES. TO THE EXTENT THE TOTAL RETURN REQUIREMENT FOR THE CURRENT YEAR IS NOT FULFILLED BY INTEREST AND DIVIDENDS, THE SCHOOL UTILIZES REALIZED GAINS OF ITS ENDOWMENT. TO THE EXTENT THE TOTAL RETURN REQUIREMENT FOR THE CURRENT YEAR IS EXCEEDED BY INTEREST AND DIVIDENDS, THE SCHOOL ADDS THE EXCESS INCOME TO ITS ENDOWMENT. PART X, LINE 2: IN DETERMINING THE RECOGNITION OF UNCERTAIN TAX POSITIONS, THE SCHOOL APPLIES A MORE-LIKELY-THAN-NOT RECOGNITION THRESHOLD AND DETERMINES THE MEASUREMENT OF UNCERTAIN TAX POSITIONS CONSIDERING THE AMOUNTS AND PROBABILITIES OF THE OUTCOMES THAT COULD BE REALIZED UPON ULTIMATE SETTLEMENT WITH TAXING AUTHORITIES. AS OF JUNE 30, 2021, THE SCHOOL HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: INVENTORY COST OF SALES 109,857. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 5,695,884. UNRELATED BUSINESS INCOME TAX 1,000. ADJUSTMENT TO CONTRIBUTION RECEIVABLE RESERVE 306,000. PART XII, LINE 2D - OTHER ADJUSTMENTS: INVENTORY COST OF SALES 109,857. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 5,695,884. UNRELATED BUSINESS INCOME TAX 1,000. ADJUSTMENT TO CONTRIBUTION RECEIVABLE RESERVE 306,000. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 RACIALLY NONDISCRIMINATORY POLICY IS INCLUDED IN ALL COMMUNICATIONS TO THE COMMUNITY. THE SCHOOL IS A MEMBER OF THE ASSOCIATION OF INDEPENDENT SCHOOLS OF NEW ENGLAND (AISNE). AISNE ANNUALLY PUBLISHES A RACIALLY NONDISCRIMINATORY POLICY IN VARIOUS NEWSPAPERS THROUGHOUT NEW ENGLAND FOR ITS MEMBERS. 1 FINANCIAL AID 107 5695884 PART I, LINE 2: THE SCHOOL MONITORS THE USE OF FINANCIAL ASSISTANCE FUNDS BY DIRECTLY APPLYING AWARDS/GRANTS TO THE STUDENT BILLS AS AN OFFSET TO BILLED TUITIONS. NO MONEY EVER PHYSICALLY EXCHANGES HANDS BETWEEN THE SCHOOL AND THE RECIPIENT. THUS, THE GENERAL LEDGER MUST BE IN SYNC WITH THE AWARDS LIST AT ALL TIMES. FINANCIAL AID IS BASED SOLELY UPON NEED. THE SCHOOL UTILIZES AN INDEPENDENT OUTSIDE SERVICE BUREAU TO HELP DETERMINE A FAMILY'S ABILITY TO PAY SCHOOL COSTS. THIS SERVICE AND PROCESS HELPS ENSURE THAT THE SCHOOL USES THE SAME METHODS AND OBJECTIVE PROCEDURES AS OTHER SCHOOLS IN EVALUATING AN APPLICANT'S APPLICATION. EMPLOYEE DEPENDENTS ARE EXEMPT FROM THIS PROCESS AND RECEIVE 100% FINANCIAL AID. TOTAL FINANCIAL AID IS APPROVED BY THE BOARD OF TRUSTEES. THE HEAD OF SCHOOL APPROVES ALL INDIVIDUAL FINANCIAL AID RECIPIENTS. X 1 0 X X X X X 0 0 0 0 0 0 0 0 0 JOHN C WARREN HEAD OF SCHOOL 382992 0 0 0 0 0 0 0 59975 0 442967 0 0 0 ROBERT M KUKLEWICZ CHIEF FINANCIAL AND OPERAT 264031 0 0 0 0 0 0 0 75595 0 339626 0 0 0 LINDSAY ALLEN CHIEF ADVANCEMENT OFFICER 240357 0 0 0 0 0 0 0 25103 0 265460 0 0 0 KENNETH GRIFFIN DIRECTOR OF TECHNOLOGY 165045 0 0 0 0 0 0 0 63924 0 228969 0 0 0 STEPHANIE KATZ DIRECTOR OF ADVANCEMENT PR 161252 0 0 0 0 0 0 0 66607 0 227859 0 0 0 MEAGHAN KILIAN DIRECTOR OF MAJOR & PRINCIPAL GIFTS 141794 0 0 0 0 0 0 0 30783 0 172577 0 0 0 SCHEDULE J - PART I TYPE OF BENEFITS: HOUSING ALLOWANCE NUMBER OF PERSONS LISTED WHO RECEIVED THE BENEFITS: 2 TAXABILITY OF BENEFITS: NON-TAXABLE A BOSTON PRIVATE SERIES 2021A REVENUE BOND 042942314 2021-06-30 32546000 REFINANCE / FINANCE CONSTRUCTION COSTS 0 0 0 B BOSTON PRIVATE SERIES 2021B REVENUE BOND 042942314 2021-06-30 6000000 FINANCE CONSTRUCTION COSTS 0 0 0 C BOSTON PRIVATE SERIES 2021C REVENUE BOND 042942314 2021-06-30 9400000 FINANCE CONSTRUCTION COSTS 0 0 0 A 32546000 512523 231164 8191113 23611200 0 0 1 0 B 50001 50001 0 0 0 0 C 59019 59019 0 0 0 0 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 C 0 0 0 0 0 0 0 A 0 0 0 0 0 0 0 0 0 B 0 0 0 0 1 0 0 0 0 C 0 0 0 0 0 0 0 0 0 A 1 B 1 C 1 PART I COLUMN (A) PART I COLUMN (A) ROW B - BOSTON PRIVATE SERIES HAD AVAILABLE FINANCING FOR CONSTRUCTION TOTALING $6,000,000 IN THE FORM OF A DRAW-DOWN BOND. PROCEEDS DRAWN AS OF 6/30/2021 AMOUNTED TO $50,001. PART I COLUMN (A) ROW C - BOSTON PRIVATE SERIES HAD AVAILABLE FINANCING FOR CONSTRUCTION TOTALING $9,400,000 IN THE FORM OF A DRAW-DOWN BOND. PROCEEDS DRAWN AS OF 6/30/2021 AMOUNTED TO $59,019. PART II, LINE 11, COLUMN (A) OTHER SPENT PROCEEDS TOTAL APPROXIMATELY $23,611,200 OF FUNDS USED TO REFINANCE PRIOR BONDS OUTSTANDING. X 29 1054234 MARKET VALUE 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE SCHOOL'S TREASURER, CHIEF FINANCIAL AND OPERATIONS OFFICER AND CONTROLLER ARE RESPONSIBLE FOR OVERSEEING THE PREPARATION OF IRS FORM 990 (990). THE 990 AND ITS SUPPORTING SCHEDULES WERE PREPARED BY THE PUBLIC ACCOUNTING FIRM, TONNESON + CO (TONNESON), RESPONSIBLE FOR AUDITING THE SCHOOL'S FINANCIAL STATEMENTS. TONNESON'S WORK WAS BASED ON INFORMATION PROVIDED TO THEM DURING THE COURSE OF THE AUDIT BY THE SCHOOL'S ACCOUNTING DEPARTMENT, PLUS ADDITIONAL WORK REQUESTED SPECIFIC TO THE 990. THE TREASURER, CHIEF FINANCIAL AND OPERATIONS OFFICER AND CONTROLLER PERFORMED A DETAILED REVIEW OF THE COMPLETED 990 AND REPORTED THE RESULTS OF ITS REVIEW TO THE FINANCE COMMITTEE. THE FINANCE COMMITTEE RECOMMENDED TO THE BOARD OF TRUSTEES THE APPROVAL OF THE FORM 990. THE BOARD OF TRUSTEES THEN VOTED TO APPROVE THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C ALL MEMBERS OF THE BOARD OF TRUSTEES, COMMITTEE MEMBERS, OFFICERS AND MANAGEMENT-LEVEL EMPLOYEES ARE REQUIRED TO DISCLOSE ANNUALLY ANY EXISTING OR POTENTIAL CONFLICT OF INTEREST. THE BOARD OF TRUSTEES MAY ALSO PROVIDE FOR SUCH CORRECTIVE ACTION AS IT DEEMS APPROPRIATE BY REASON OF A FAILURE TO DISCLOSE SUCH CONFLICT OF INTEREST, WHICH MAY INCLUDE REMOVAL FROM A POSITION OR OFFICE. DISCLOSURE FORMS SHALL BE UPDATED ANNUALLY OR SOONER IF CHANGED CIRCUMSTANCES REQUIRE DISCLOSURE. ALL PERSONS SUBJECT TO THIS POLICY ARE EXPECTED TO UPDATE THEIR "STATEMENT CONCERNING POSSIBLE DUALITY OF INTEREST AND CONFLICT OF INTEREST" AT ANY TIME DURING THE YEAR THAT THE INFORMATION REQUESTED ON THE FORM CHANGES. THE ADMINISTRATION AND MAINTENANCE OF THE "STATEMENT CONCERNING POSSIBLE DUALITY OF INTEREST AND CONFLICT OF INTEREST" SHALL BE THE RESPONSIBILITY OF THE BOTH THE HEAD OF SCHOOL AND THE PRESIDENT OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE OF TRUSTEES INITIALLY DETERMINES COMPENSATION FOR THE HEAD OF SCHOOL AND REVIEWS COMPENSATION FOR OTHER KEY EMPLOYEES BASED ON BENCHMARKING WITH AREA PEER SCHOOLS. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FINANCIAL STATEMENTS AND FORM 990 ARE IMMEDIATELY MADE AVAILABLE TO THE PUBLIC BY CALLING THE SCHOOL'S OFFICE, WALKING INTO THE SCHOOL'S OFFICE OR MAILING IN A REQUEST TO THE SCHOOL. THE FORM 990 AND FINANCIAL STATEMENTS ARE ALSO AVAILABLE THROUGH THE MASSACHUSETTS ATTORNEY GENERAL'S OFFICE/WEBSITE. ADDITIONALLY, THE FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC ON THE ELECTRONIC MUNICIPAL MARKET ACCESS WEBSITE. SMS INVESTMENTS HOLDINGS LP 550 S TRYON STREET SUITE 3500 CHARLOTTE NC 28202 383971009 INVESTMENT PORTFOLIO MANAGEMENT DE ST MARK'S SCHOOL OF SOUTHBOROUGH INC INVESTMENT 2748733 124492319 0 215667 0 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 SMS INVESTMENTS HOLDINGS LP A -150970 K-1 SMS INVESTMENTS HOLDINGS LP S 8030000 K-1