2021-05-11T09:08:08-07:00 2020-06-30 990 2019-07-01 042104265 GROTON SCHOOL GROT 9784483363 PO Box 991 Groton MA 01450 Julie Dolan Chief Financial Officer 9784487566 2021-05-11 2019 2022-09-23 18:48:47Z Julie Dolan PO Box 991 Groton MA 01450 70993556 0 X www.groton.org X 1884 MA Groton School provides college and university preparatory education for students in grades eight to twelve. 27 26 243 350 -25855 0 17798145 17078009 21484609 21037395 17598320 12610045 122915 -15137 57003989 50710312 7340073 7557925 0 0 20751302 21970541 0 0 2266097 22171562 21631341 50262937 51159807 6741052 -449495 544767407 519152774 96662316 104494682 448105091 414658092 Groton School's mission is to inspire lives of character, scholarship, leadership, and service within a diverse, inclusive, and close-knit community. 0 0 34755711 7557925 21037395 Education of 383 students in grades eight through twelve in a non-profit, co-educational college preparatory boarding school. The School provides aid assistance for 43% of its students in the form of tuition grants, housing support, travel assistance, and subsidies for books, supplies, and laptop purchases. 0 0 0 34755711 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 1 204 0 243 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 Julie Dolan 9784487566 PO Box 991 Groton MA 014500991 Temba Maqubela Headmaster 60 0 X X 602794 0 149608 John MacEachern Director of Development 50 0 X 292058 0 76645 Harold W Anderson III Assistant Headmaster 50 0 X 178650 0 128370 Megan Harlan Assistant Headmaster 50 0 X 169873 0 81737 Ian Gracey Director of Admissions 50 0 X 161199 0 80763 Julie Dolan Chief Financial Officer 50 0 X 151187 0 46834 Arthur Diaz Chief Financial Officer - Retired as of 07/31/19 50 0 X 162822 0 34657 Elizabeth Preston Chief Technology Officer 50 0 X 171291 0 24826 David Altshuler Board Member 4 0 X 0 0 0 Nathaniel A Bristol Board Member 4 0 X 0 0 0 Nicholas F Burgin Board Member 4 0 X 0 0 0 Diana V Chigas Board Member 4 0 X 0 0 0 Lydia T Cottrell Board Member 4 0 X 0 0 0 Rachel E Diamond Board Member 4 0 X 0 0 0 Merrill Stubbs Dorman Board Member 4 0 X 0 0 0 Charles S Duggan 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 Grant A Gund Board Member 4 0 X 0 0 0 Gary C Hill Board Member 4 0 X 0 0 0 John R S Jacobsson Board Member 4 0 X 0 0 0 Alexander Robert Krapf Board Member 4 0 X 0 0 0 Benjamin N Pyne Board Member 4 0 X 0 0 0 Grace Song Park Board Member 4 0 X 0 0 0 Stacey Clover Symonds 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 Ann Bakewell Woodward Board Member 4 0 X 0 0 0 Nancy Yang Board Member 4 0 X 0 0 0 Jonathan D Klein President 4 0 X X 0 0 0 James H R Windels Vice President 4 0 X X 0 0 0 Peter C Erichsen Secretary 4 0 X X 0 0 0 Diana S Ferguson Treasurer 4 0 X X 0 0 0 1889874 0 623440 26 0 1 0 Mahan Slate Roofing Company 699 Silver Street Agawam MA 01001 Construction 1872070 FLIK 2 International Drive Rye Brook NY 10573 Food Service 1837023 Consigli Construction Company 72 Summer Street Milford MA 01757 Construction 963292 Cambridge Associates 125 High Street Boston MA 02110 Investment Consultant 748513 Eagle Cleaning Corporation 997 Millbury Street Suite A Worcester MA 01607 Custodial Service 541678 19 0 0 0 0 0 17078009 2463589 17078009 Tuition 611600 20373427 20373427 0 0 Technology Support Fee 611710 229800 229800 0 0 Laptop Rental and Lease 611710 181950 181950 0 0 Health Center Fee 611710 127200 127200 0 0 Application Fees 611710 55600 55600 0 0 69418 69418 0 0 21037395 5559941 0 -119638 5679579 0 0 0 0 0 0 0 0 264046 0 299599 0 -35553 0 -35553 0 -3221 -32332 26976422 0 19913335 12983 7063087 -12983 7050104 0 97004 6953100 0 77743 57327 20416 0 0 20416 0 50710312 21037395 -25855 12620763 162514 162514 7395411 7395411 0 0 0 0 1147903 0 1147903 0 152718 152718 0 0 13971538 10051000 2631544 1288994 2533633 1631302 660892 241439 3236277 1633446 1387895 214936 928472 597805 242190 88477 0 0 0 0 225538 6769 218769 0 147730 10720 137010 0 0 0 0 0 0 0 2669052 5 2669047 0 1531918 369656 1129491 32771 392507 114122 152854 125531 184346 74300 65256 44790 470678 156799 285367 28512 0 0 0 0 2709367 2699381 9986 0 238005 60388 123618 53999 0 0 0 0 60851 28970 30916 965 2415135 0 2415135 0 0 0 0 0 8429427 8122077 307350 0 349869 44621 287148 18100 Food 704619 678887 22923 2809 General Merchandise and Equipment 250169 247087 3071 11 Special Events 477065 364744 38140 74181 Other Regulatory 178523 29383 100975 48165 196542 123606 70519 2417 51159807 34755711 14137999 2266097 53695 59455 932886 2032581 13464826 9863039 628417 603427 0 0 0 0 1382 838 201187 184109 436971 331712 253958669 119231486 128821028 134727183 253578431 215301804 139414774 148814816 15797 15797 7218013 7218013 0 0 544767407 519152774 15094984 22111590 0 0 2633558 2798669 67317631 65875850 0 0 0 0 0 0 1494220 749703 10121923 12958870 96662316 104494682 X 241535601 221290701 206569490 193367391 448105091 414658092 544767407 519152774 X -449495 -25413353 0 0 0 -7584151 X 0 1 X 1 0 X 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 Independent Schools, New England Association of School 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 388141574 5825048 -15480468 4169926 15633706 0 358682522 382574956 13764112 11180103 3763025 15614572 0 388141574 360959010 13616292 24266829 3456531 12810644 0 382574956 320150377 14471653 43721190 3393385 13990825 0 360959010 348220123 4138587 -11323956 3340451 17543926 0 320150377 0.5 0.32 0.18 0 0 0 7463826 7463826 0 222793009 103315019 119477990 0 0 0 0 0 12569161 8964806 3604355 0 11132673 6951661 4181012 134727183 0 0 Hedge Funds 95995710 F Venture Capital Funds 32975994 F Private Equity Funds 10188550 F Real Asset Funds 9654562 F 148814816 0 Interest Rate Swap Agreements 10811299 Charitable Remainder Trusts 1434544 Charitable Gift Annuities 713027 12958870 X 14572271 -25413353 0 0 -7401877 -32815230 47387501 3692720 -369909 3322811 50710312 47776234 0 0 0 7408836 7408836 40367398 3692720 7099689 10792409 51159807 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 acquired 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 tax positions as of June 30, 2020 or 2019. Aside from exceptional circumstances (such as fraud), the School is only subject to income tax examinations by the US federal 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 Tuition grants (7,099,689) and the recovery provision for uncollectible pledges (302,188) Schedule D, Part XI, Line 4b Rental expenses associated with unrelated business income (13,370), other rental expenses (286,229), cost of goods sold at the School store (57,327) and loss on disposal of property (12,983). Schedule D, Part XII, Line 2d Rental expenses associated with unrelated business income 13,370, other rental expenses 286,229, loss on disposal of property 12,983, cost of goods sold at the School store 57,327, unrealized loss on the value of interest rate swaps 2,929,763, unrealized loss of the value of split interest gifts 11,568, and accrued pension liability 4,097,596. Schedule D, Part XII, Line 4b Tuition grants of 7,099,689. 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 mission statement is noted on its website. It states that Groton School's mission is to inspire lives of character, scholarship, leadership, and service within a diverse, inclusive, and close-knit community. East Asia and the Pacific 0 0 Fundraising Fundraising receptions in South Korea and China. 28000 Sub-Saharan Africa 0 0 Program Services Chaperone related expenses for a School sponsored global education trip to South Africa that included 14 students. 8000 East Asia and the Pacific 0 0 Program Services Admissions receptions held in China and South Korea. 6000 Europe (including Iceland and Greenland) 0 0 Program Services Technology conference for a member of the School's support staff. 4000 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Admissions reception held in Mexico City. 2000 East Asia and the Pacific 0 0 Investments 18940000 0 0 18988000 1 0 0 1 1 0 1 Town of Groton 173 Main Street Groton MA 01450 046001164 Government Entitiy 150000 0 Cash payment records The contribution was made to help the Town of Groton subsidize their annual operating costs. 1 0 Tuition Grant 168 0 7099689 Total credits applied to tuition Credits are applied to tuition as a means of subsidizing the overall tuition costs to qualified students attending Groton School during the academic year and for the available summer program. Incidental Grant 94 155849 0 Credits are applied to monthly bill to offset costs Laptop Grant 62 67270 0 Credits are applied to monthly bill to offset costs Travel Grant 35 44337 0 Credits are applied to monthly bill to offset costs Parent Travel Grant 39 28266 0 Payments made 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 the 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 directly to parents as reimbursements for academic expenses or travel related costs when applicable. X X X X 1 1 X X X 0 1 0 0 0 0 0 0 0 Temba Maqubela Headmaster 478158 0 0 0 124636 0 77530 0 72078 0 752402 0 110500 0 Julie Dolan Chief Financial Officer 149387 0 0 0 1800 0 13660 0 33174 0 198021 0 0 0 Arthur Diaz Chief Financial Officer 162822 0 0 0 0 0 17177 0 17480 0 197479 0 0 0 John MacEachern Director of Development 263848 0 0 0 28210 0 43396 0 33249 0 368703 0 0 0 Harold W Anderson III Assistant Headmaster 168650 0 0 0 10000 0 20312 0 108058 0 307020 0 0 0 Megan Harlan Assistant Headmaster 146373 0 0 0 23500 0 18617 0 63120 0 251610 0 0 0 Ian Gracey Director of Admissions 161198 0 0 0 0 0 17670 0 63094 0 241962 0 0 0 Elizabeth Preston Chief Technology Officer 147591 0 0 0 23700 0 15481 0 9345 0 196117 0 0 0 Schedule J, Part I, Line 1a Faculty are required to live in on-campus housing as a condition of employment. The Headmaster's home includes some space that is reserved for School related meetings and student activities. The cost of maintaining this allotted space is paid by the School and recorded as an operating expense. The Headmaster's contract, which is approved by the Board President and the Compensation Committee, includes the cost of residential cleaning. The cost is recorded by the School as a taxable benefit and reported on the W-2. The School will only pay for the cost of a traveling spouse when they are an authorized participant in School related functions. In such a case, the cost is treated as a non-taxable work-related event. The discretionary account is provided to the Headmaster as part of the approved 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 decision, the committee reviews the results of the annual ABOPS salary survey. 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, which is approved by the President of the Board and the Compensation Committee, included an annual $49,000 deferred compensation contribution. The School deposited the initial payment to a qualified 457(b) plan up to the annual IRS limit of $19,000. The remaining balance was deposited to a non-qualified 457(f) plan. Each deposit to the 457(f) plan is subject to a three-year vesting period and is distributed once the terms are satisfied. 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 8767500 0 40777500 0 0 0 0 0 0 0 40777500 0 1 0 1 1 B 0 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 152718 Teacher and Advisor to Head of School 0 X 64 2463589 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 further action is required. Any identified conflict will prohibit such individual 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 Preparatory 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, an independently operated website. 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 (2,929,763), accrued pension liability (4,097,596), split interest agreements (254,604), and recovery of uncollectible pledges (302,188). 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