2020-05-20T08:54:59-05:00 2019-06-30 263753134 CBIZ MHM LLC 500 BOYLSTON STREET BOSTON MA 02116 990 2018-07-01 042103603 MILTON ACADEMY MILT 6178981798 170 CENTRE STREET MILTON MA 02186 HEIDI VANDERBILT-BROWN CFO & COO 6178982200 2020-05-19 1 CRAIG KLEIN P00734640 6177610600 2020-05-19 207.172.72.163 2020-05-19 09:53:20 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 AAFE5242E44AA74A98A743050A15125E154A43A4 2018 2020-09-23 17:36:50Z HEIDI VANDERBILT-BROWN 170 CENTRE STREET MILTON MA 02186 139982775 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. 27 27 588 341 159021 0 20953411 11848637 54340508 55992563 12653678 22033706 0 0 87947597 89874906 13064661 13316203 0 0 34992083 36685577 28800 46348 3928024 29491157 28749260 77576701 78797388 10370896 11077518 406699265 406482319 61088581 58694539 345610684 347787780 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 49383029 12689637 50120724 MILTON ACADEMY PROMOTES AN ENVIRONMENT OF LIFELONG LEARNING TO 1003 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 2019, MILTON ACADEMY AWARDED FINANCIAL AID TO 26% OF OUR STUDENTS.SEE SCHEDULE O FOR FULL DESCRIPTION.MILTON ACADEMY PROMOTES AN ENVIRONMENT OF LIFELONG LEARNING TO 1003 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 2019, MILTON ACADEMY AWARDED FINANCIAL AID TO 26% 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 SERVICE OPPORTUNITIES. ON AVERAGE, ABOUT 200 STUDENTS MAKE WEEKLY COMMITMENTS TO OVER 22 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 MILTON COMMUNITY PARTICIPATES IN THE ANNUAL HUNGER AWARENESS EVENT AND COMMUNITY ENGAGEMENT DAY. THE PROGRAM ALSO SUPPORTS INDIVIDUAL AND GROUP INITIATIVES FOR PARTICULAR CAUSES, SUCH AS HOMELESS SHELTERS AND HURRICANE RELIEF. 2752424 626566 4002127 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. EACH SEMESTER THE MOUNTAIN SCHOOL DRAWS 45 HIGH-ACHIEVING STUDENTS 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. 1945479 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. 1481197 1733708 MILTON ACADEMY PROVIDES A SATURDAY COURSE TO GIFTED STUDENTS, RENTAL OF FACILITIES, ADULT WORKSHOPS, AN OUTDOOR PROGRAM, AFTER SCHOOL ACTIVITIES, AND YEARBOOK PROGRAM. 549216 COLLEGE COUNSELING: 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. 2030413 1733708 56111345 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 1 214 0 1 588 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 27 27 0 0 0 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 1 0 MA X EDWARD DONAHUE 6178982280 170 CENTRE STREET MILTON MA 021863397 ROBERT AZEKE TRUSTEE 1.00 X 0 0 0 CHARLES CHEEVER TRUSTEE 1.00 X 0 0 0 DOUGLAS CROCKER II TRUSTEE 1.00 X 0 0 0 JASON DILLOW TRUSTEE 1.00 X 0 0 0 RANDALL DUNN TRUSTEE 1.00 X 0 0 0 ELEANOR HALLER-JORDEN TRUSTEE 1.00 X 0 0 0 PETER R KAGAN TRUSTEE 1.00 X 0 0 0 ELIZABETH B KATZ TRUSTEE 1.00 X 0 0 0 WILLIAM KNOWLTON TRUSTEE 1.00 X 0 0 0 STEPHEN LEBOVITZ TRUSTEE (UNTIL MAY '19) 1.00 X 0 0 0 YUNLI LOU TRUSTEE 1.00 X 0 0 0 JOHN D MCEVOY TRUSTEE 1.00 X 0 0 0 CATHERINE PAPOULIAS-SAKELLARIS TRUSTEE 1.00 X 0 0 0 LIPING QIU TRUSTEE (UNTIL MAY '19) 1.00 X 0 0 0 GABRIEL SUNSHINE TRUSTEE 1.00 X 0 0 0 DUNE D THORNE TRUSTEE 1.00 X 0 0 0 PATRICK TSANG TRUSTEE 1.00 X 0 0 0 ERICK N TSENG TRUSTEE 1.00 X 0 0 0 KIMBERLY STEIMLE VAUGHAN TRUSTEE 1.00 X 0 0 0 LUIS M VICEIRA TRUSTEE 1.00 X 0 0 0 DOROTHY A WEBER TRUSTEE 1.00 X 0 0 0 EDWARD E WENDELL JR TRUSTEE 1.00 X 0 0 0 SYLVIA P WESTPHAL TRUSTEE 1.00 X 0 0 0 RONNELL L WILSON TRUSTEE 1.00 X 0 0 0 KEVIN K YIP TRUSTEE 1.00 X 0 0 0 ELISABETH DONOHUE TRUSTEE - PRESIDENT 4.00 X X 0 0 0 WENDY NICHOLSON TRUSTEE - VICE PRESIDENT 3.00 X X 0 0 0 JOHN FITZGIBBONS TRUSTEE - TREASURER (UNTIL MAY '19) 1.00 X X 0 0 0 CLAIRE HUGHES JOHNSON TRUSTEE - TREASURER 3.00 X X 0 0 0 STUART MATHEWS TRUSTEE - VP & SECRETARY 3.00 X X 0 0 0 THEODORICK BLAND HEAD OF SCHOOL 60.00 X 596993 0 158322 ALDEN SMITH DIR. OF THE MOUNTAIN SCHOOL 50.00 X 155026 0 39069 HEIDI VANDERBILT-BROWN CHIEF FINANCIAL & OPERATING OFFICER 50.00 X 258306 0 29569 LISA WINICK CHIEF ADVANCEMENT OFFICER 50.00 X 261658 0 76288 DAVID BALL PRINCIPAL, UPPER SCHOOL 50.00 X 171744 0 49059 PAUL REBUCK DEAN OF ADMISSION 50.00 X 162826 0 121504 EDWARD DONAHUE CONTROLLER 50.00 X 152373 0 21189 DEBORAH O'TOOLE CHIEF HUMAN RESOURCE OFFICER 50.00 X 143744 0 21474 CATHERINE CONNOLLY DIRECTOR OF DEVELOPMENT 50.00 X 179116 0 29878 SAMANTHA E DIXON EVERSOLE DIR. OF THE MILTON FUND & ADV. 50.00 X 138609 0 19464 2220395 0 565816 43 0 1 0 CE FLOYD COMPANY INC 135 SOUTH ROAD BEDFORD MA 01730 CONSTRUCTION CONSULTANT 3912273 SAGE DINING SERVICES INC 1402 YORK ROAD LUTERVILLE MD 21093 FOOD SERVICE 3362664 ARCHITECTURAL RESOURCES CAMBRIDGE INC 501 BOYLSTON ST 4101 BOSTON MA 02116 CONSTRUCTION CONSULTANT 957445 PARTNERS CAPITAL INVESTMENT GROUP LLC 50 ROWES WHARF BOSTON MA 02110 INVESTMENT CONSULTANT 915896 ATALIAN GLOBAL SERVICES - NEW ENGLAND RE PO BOX 850914 BRAINTREE MA 02185 CLEANING COMPANY 889252 21 11848637 3090534 11848637 TUITION 900099 53818600 53818600 AUXILIARY INCOME 900099 2173963 2037959 136004 55992563 3323670 23017 3300653 68817905 49585929 521940 19231976 -521940 18710036 18710036 89874906 55856559 159021 22010689 125000 125000 13191203 13191203 1521059 188879 1049930 282250 27341280 20640574 4853278 1847428 1962954 1283306 532840 146808 3939036 2575195 1069244 294597 1921248 1256041 521519 143688 526345 526345 117300 117300 46348 46348 3413433 3413433 2325803 1090477 915172 320154 158779 10500 116796 31483 3561292 1863591 1375881 321820 1138388 21491 1116897 1702105 1429768 255316 17021 1118846 794297 205533 119016 23999 16369 7618 12 2165061 1818651 324759 21651 5090927 4276379 763639 50909 556994 556994 DINING SERVICES 3705390 3275993 172168 257229 FACILITIES 1702732 1277057 411339 14336 ACADEMIC PROG. & EVENTS 1266463 976574 276615 13274 175403 175403 78797388 56111345 18758019 3928024 3034863 2382867 12049148 7157422 473569 978743 152498120 97563714 49712015 54934406 76074763 85385925 259876298 249481655 5478609 6161301 406699265 406482319 7520494 5720300 2703811 2851353 48781697 48094831 2082579 2028055 61088581 58694539 X 52558809 54661976 152679656 150236737 140372219 142889067 345610684 347787780 406699265 406482319 X 11077518 -8751632 -148790 X 0 1 X 1 0 X 20988293 16751180 17969387 20953411 11848637 88510908 20988293 16751180 17969387 20953411 11848637 88510908 10622066 77888842 4088252 2926366 4512678 5756114 3300653 20584063 369346 461019 463531 441599 0 1735495 110830466 260614713 0.70280 0.69380 X FORM 990, SCHEDULE A, PART I, LINE 7: THE BASIS OF MILTON ACADEMY'S PUBLIC CHARITY STATUS HAS BEEN AND CONTINUES TO BE ITS QUALIFICATION AS A SCHOOL DESCRIBED IN SECTION 170(B)(1)(A)(II). THE ORGANZIATION HAS CHECKED BOX 7 ON SCHEDULE A, PART I AND COMPLETED SCHEDULE A, PART II IN ORDER TO DEMONSTRATE ITS QUALIFICATION TO FOLLOW THE SPECIAL RULE FOR ABBREVIATED REPORTING OF CONTRIBUTIONS ON FORM 990, SCHEDULE B. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 318261422 7644673 10643953 11782600 1031220 323736228 286564828 15991354 27682762 11196000 781522 318261422 253328811 10010792 34817602 10789000 803377 286564828 264145716 8664157 -8706969 10013000 761093 253328811 254160490 7798856 12694368 9191416 1316582 264145716 0.13330 0.42100 0.44570 1 0 367817 367817 129128903 85771195 43357708 9811290 7041071 2770219 13190110 4751448 8438662 54934406 INTERNATIONAL EQUITY SECURITIES 93987166 F REAL ESTATE PARTNERSHIPS 7089103 F RELATIVE VALUE 18440360 F TRUST INVESTMENTS 2505108 F ILLIQUID CREDIT 11784927 F PRIVATE EQUITY & VENTURE CAPITAL 42665421 F POOLED INCOME 2255972 F ABSOLUTE RETURN 12606329 F HEDGED EQUITIES 35695431 F PRIVATE EQUITY DEBT 22451838 F 249481655 PAYABLE TO ANNUITANTS 1871068 ASSET RETIREMENT OBLIGATION 104966 OBLIGATIONS UNDER INTEREST RATE SWAP CONTRACTS 52021 2028055 X 65084261 -8751632 -13147520 -21899152 86983413 3413433 -521940 2891493 89874906 62907165 460711 460711 62446454 3413433 12937501 16350934 78797388 PART V, LINE 4: THE ENDOWMENT IS USED TO INVEST FUNDS FOR THE SCHOOL. A SPENDING RATE OF 4.50 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 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 -210,019. STUDENT FINANCIAL AID -12,937,501. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON RETIREMENT OF PP&E -498,012. WRITTEN OFF CONSTRUCTION IN PROGRESS -23,928. PART XII, LINE 2D - OTHER ADJUSTMENTS: GAIN ON INTEREST RATE SWAP CONTRACT -61,229. LOSS ON RETIREMENT OF PP&E 498,012. WRITTEN OFF CONSTRUCTION IN PROGRESS 23,928. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID 12,937,501. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 MILTON ACADEMY'S NONDISCRIMINATORY POLICY IS PUBLISHED IN THE SCHOOL'S BROCHURES AND APPLICATIONS. IT IS ALSO INCLUDED IN ADVERTISEMENTS IN THE BOSTON GLOBE. EAST ASIA AND THE PACIFIC 0 0 INVESTMENTS 13747812 SUB-SAHARAN AFRICA 0 0 INVESTMENTS 686164 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 11166480 SOUTH ASIA 0 0 INVESTMENTS 1304703 0 0 0 0 0 0 26905159 0 26905159 1 0 1 1 1 0 X X X X 1 BRUCE ERIK BERG 699 HYDE PARK AVENUE ROSLINDALE MA 02131 CONSULTING & SOLICITATION RESEARCH 0 0 31200 0 MARC HARPIN 76 NORFOLK ROAD CHESTNUT HILL MA 02467 CONSULTING & SOLICITATION RESEARCH 0 0 10798 0 41998 MA 1 TOWN OF MILTON 525 CANTON AVENUE MILTON MA 02186 GOVERNMENT 125000 VOLUNTARY GRANT 1 0 SCHOLARSHIPS 263 10837145 FAIR MARKET VALUE FINANCIAL AID ASSISTANCE SCHOLARSHIPS - MOUNTAIN SCHOOL 28 0 626566 FAIR MARKET VALUE FINANCIAL AID ASSISTANCE SUPPLEMENTAL FINANCIAL AID 196 0 251802 FAIR MARKET VALUE FINANCIAL AID ASSISTANCE FACULTY FINANCIAL AID 38 0 1475690 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. PART III, COLUMN (B): 163 OF THE STUDENTS THAT RECEIVED SUPPLEMENTAL FINANCIAL AID ARE PART OF THE SAME GROUP AS THE SCHOLARSHIPS WITH THE 263 RECIPIENTS. X X X 1 1 X X X X X X 0 1 0 0 0 0 0 1 0 THEODORICK BLAND HEAD OF SCHOOL 483843 0 47330 0 65820 0 92995 0 65327 0 755315 0 0 0 ALDEN SMITH DIR. OF THE MOUNTAIN SCHOOL 155026 0 0 0 0 0 12922 0 26147 0 194095 0 0 0 HEIDI VANDERBILT-BROWN CHIEF FINANCIAL & OPERATING OFFICER 239806 0 0 0 18500 0 21285 0 8284 0 287875 0 0 0 LISA WINICK CHIEF ADVANCEMENT OFFICER 225409 0 0 0 36249 0 20133 0 56155 0 337946 0 0 0 DAVID BALL PRINCIPAL, UPPER SCHOOL 153244 0 0 0 18500 0 13787 0 35272 0 220803 0 0 0 PAUL REBUCK DEAN OF ADMISSION 162826 0 0 0 0 0 13646 0 107858 0 284330 0 0 0 EDWARD DONAHUE CONTROLLER 150373 0 2000 0 0 0 12536 0 8653 0 173562 0 0 0 DEBORAH O'TOOLE CHIEF HUMAN RESOURCE OFFICER 143744 0 0 0 0 0 12127 0 9347 0 165218 0 0 0 CATHERINE CONNOLLY DIRECTOR OF DEVELOPMENT 179116 0 0 0 0 0 14218 0 15660 0 208994 0 0 0 SAMANTHA E DIXON EVERSOLE DIR. OF THE MILTON FUND & ADV. 138609 0 0 0 0 0 11709 0 7755 0 158073 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 2018 IN THE AMOUNT OF $70,995. PART I, LINE 7 BONUSES: ED DONAHUE $2,000, AS DETERMINED BY THE HEAD OF SCHOOL. THEODORICK BLAND $47,330, AS DETERMINED BY THE COMPENSATION COMMITTEE OF THE BOARD. A MA DEV 2009 SERIES A 043431814 SEESCHEDO 2009-12-22 25555000 TO FUND CONSTRUCTION 0 0 0 B MA DEV 2009 SERIES B 043431814 57583RR64 2009-12-22 17265000 TO FUND CONSTRUCTION 0 0 0 C MA DEV 2009 SERIES C 043431814 SEESCHEDO 2009-12-22 9610000 TO FUND CONSTRUCTION 0 0 0 A 27392506 2604808 12919895 230083 8499062 3138658 2012 0 1 1 1 B 17199963 24511 17025315 150137 2009 0 1 1 1 C 10496436 970247 9469000 57189 2009 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 A 0 0 0 1 0 0 NA 0 0 0 NA 0 0 1 B 0 0 0 1 1 1 MA DEV FINANCE AGENCY 0 0 0 NA 0 0 1 C 0 0 0 1 0 0 NA 0 0 0 NA 0 0 1 A 1 B 1 C 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MA DEV 2009 SERIES A DATE THE REBATE COMPUTATION WAS PERFORMED: 02/14/2017 ISSUER NAME: MA DEV 2009 SERIES B DATE THE REBATE COMPUTATION WAS PERFORMED: 02/14/2017 ISSUER NAME: MA DEV 2009 SERIES C DATE THE REBATE COMPUTATION WAS PERFORMED: 02/14/2017 SCHEDULE K, PART I AND II: FOR BOND A, THE DIFFERENCE BETWEEN PART II, LINE 3 AND PART I, COLUMN (E) IS THE RESULT OF CUMULATIVE INVESTMENT EARNINGS. FOR BOND B, THE DIFFERENCE BETWEEN PART II, LINE 3 AND PART I, COLUMN (E) IS THE RESULT OF CUMULATIVE INVESTMENT EARNINGS. FOR BOND C, THE DIFFERENCE BETWEEN PART II, LINE 3 AND PART I, COLUMN (E) IS THE RESULT OF CUMULATIVE INVESTMENT EARNINGS. FORM 990, SCHEDULE K, PART I, LINE A, COLUMN C: CUSIP NUMBERS FOR THE MA DEV 2009 SERIES A BONDS ARE: 57583RQ40, 57583RR72, 57583RR57, 57583RR80, 57583RQ65, 57583RQ73 FORM 990, SCHEDULE K, PART I, LINE C, COLUMN C: CUSIP NUMBERS FOR THE MA DEV 2009 SERIES C BONDS ARE: 57583RQ81, 57583RQ99, 57583RR23, 57583RR64. X 118 3079546 FAIR MARKET VALUE X HARP 1 10985 FAIR MARKET VALUE X BOOKS/CLOCKS 3 3 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 MHM. 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 THE CONTROLLER'S OFFICE REVIEWS TRANSACTIONS WITH INTERESTED PERSONS (TRUSTEES, TRUSTEE COMMITTEE MEMBERS, AD COUNCIL MEMBERS, DEPARTMENT HEADS, OFFICERS, OR ANY OTHER PERSON IN A POSITION TO EXERCISE SUBSTANTIAL INFLUENCE AT THE ORGANIZATION) TO ENSURE THAT CONFLICTS ARE DISCLOSED. ALL INTERESTED PERSONS MUST COMPLETE A CONFLICT OF INTEREST POLICY MEMORANDUM OF DISCLOSURE ANNUALLY AND SHALL UPDATE THE DISCLOSURE AT ANY TIME DURING THE YEAR WHENEVER A POTENTIAL OR APPARENT CONFLICT MAY ARISE. THE AUDIT COMMITTEE, THE HEAD OF SCHOOL, OR THE BOARD OF TRUSTEES, AS APPROPRIATE, SHALL ADDRESS CONFLICTS OF INTEREST INVOLVING INTERESTED PERSONS IN ACCORDANCE WITH THE STANDARDS SET FORTH IN THIS POLICY. PROCEDURES FOR ADDRESSING CONFLICTS OF INTEREST WITH INTERESTED PERSONS: 1) PROHIBITION. NO INTERESTED PERSON MAY ENTER INTO A TRANSACTION OR ARRANGEMENT WITH THE ORGANIZATION UNLESS THE FACTS OF SUCH TRANSACTION OR ARRANGEMENT, INCLUDING THE INTERESTED PERSON'S INTEREST THEREIN, HAVE BEEN FULLY DISCLOSED AND THE TRANSACTION OR ARRANGEMENT HAS BEEN EXPRESSLY AUTHORIZED BY THE DISINTERESTED MEMBERS OF THE AUDIT COMMITTEE OR THE BOARD OF TRUSTEES, AS APPLICABLE. 2) DUTY TO DISCLOSE. IN CONNECTION WITH ANY TRANSACTION OR ARRANGEMENT UNDER CONSIDERATION BY THE ORGANIZATION, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF SUCH INTERESTED PERSON'S OR ANY OTHER INTERESTED PERSON'S INTEREST TO THE ORGANIZATION'S AUDIT COMMITTEE. 3) PROCESS: A. AN INTERESTED PERSON MUST BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL FACTS TO THE AUDIT COMMITTEE OR BOARD OF TRUSTEES AT A MEETING CALLED FOR THE PURPOSE OF CONSIDERING THE TRANSACTION OR ARRANGEMENT AND THE INTERESTED PERSON'S INTEREST. AFTER THE INTERESTED PERSON'S PRESENTATION, THE INTERESTED PERSON SHALL LEAVE THE MEETING DURING THE DISCUSSION OF, AND THE VOTE ON, SUCH TRANSACTION OR ARRANGEMENT. B. THE CHAIR OF THE AUDIT COMMITTEE OR THE PRESIDENT OF THE BOARD OF TRUSTEES SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. C. AFTER EXERCISING DUE DILIGENCE, INCLUDING A REVIEW OF SURVEYS OF COMPARABLE DATA WHERE APPROPRIATE, THE AUDIT COMMITTEE OR BOARD OF TRUSTEES SHALL DETERMINE WHETHER THE ORGANIZATION CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. D. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, THE AUDIT COMMITTEE OR BOARD OF TRUSTEES SHALL DETERMINE BY A VOTE OF THE DISINTERESTED TRUSTEES OF THE AUDIT COMMITTEE OR THE BOARD OF TRUSTEES, AS APPLICABLE, WHETHER THE TRANSACTION OR ARRANGEMENT IS IN THE ORGANIZATION'S BEST INTEREST, FOR ITS OWN BENEFIT, AND WHETHER IT IS FAIR AND REASONABLE, AND THEREFORE WHETHER TO ENTER INTO SUCH TRANSACTION OR ARRANGEMENT. 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 -210,019. LOSS ON INTEREST RATE SWAP CONTRACT 61,229.