2017-05-05T10:25:00-05:00 2016-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 021293742 990 2015-07-01 042103574 THE FESSENDEN SCHOOL FESS 6179645350 250 WALTHAM STREET WEST NEWTON MA 02465 LAURA RUTHERFORD CFO 6179645350 2017-05-05 1 LYNNE JOHNSON P00757336 6179129000 2015 2021-01-29 14:40:06Z DAVID STETTLER 250 WALTHAM STREET WEST NEWTON MA 02465 31897904 0 X WWW.FESSENDEN.ORG X 1930 MA THE FESSENDEN SCHOOL IS THE OLDEST ALL BOYS, JUNIOR BOARDING SCHOOL IN THE COUNTRY. 27 27 371 50 100609 99609 2669930 4763317 21916701 23504868 1531069 987350 434359 512919 26552059 29768454 2479329 2666520 0 0 15021523 15884563 0 0 1556825 8620972 9432241 26121824 27983324 430235 1785130 89128999 90542196 30331422 33864920 58797577 56677276 X THE MISSION OF THE FESSENDEN SCHOOL IS TO TEACH, NURTURE, AND CELEBRATE GROWING BOYS, CULTIVATING EACH STUDENT'S INDIVIDUAL POTENTIAL AND DEVELOPING IN BALANCE HIS MIND, CHARACTER, HEART AND BODY IN AN INCLUSIVE AND JOYFUL COMMUNITY THAT, THROUGH RIGOR, FRIENDSHIP AND SERVICE, REFLECTS FESSENDEN'S TRADITIONAL VALUES OF HONESTY, COMPASSION AND RESPECT. 0 0 19170218 2666520 21458457 THE FESSENDEN SCHOOL IS AN INDEPENDENT BOYS ELEMENTARY SCHOOL FOR BOTH RESIDENT AND DAY STUDENTS WITH GRADES PRE-KINDERGARTEN THROUGH NINTH. THE PROGRAM HAS APPROX. 500 STUDENTS OF BOTH DOMESTIC AND INTERNATIONAL ORIGIN. ACADEMIC, ART AND ATHLETIC PROGRAMS ALL PLAY AN INTEGRAL PART OF EACH STUDENT'S EDUCATIONAL AND PERSONAL GROWTH. 1164328 923042 THE FESSENDEN SCHOOL SUMMER DAY CAMP PROGRAM PROVIDES 300+ CHILDREN WITH A DIVERSIFIED, SAFE AND REWARDING EDUCATIONAL EXPERIENCE. THE PROGRAM OPERATES FROM JULY THROUGH AUGUST AND IS LOCATED ON THE SCHOOL'S 42 ACRE CAMPUS, AND UTILIZES THE SPACIOUS GROUNDS, 2 SWIMMING POOLS, CLASSROOM BUILDINGS, TENNIS COURTS AND ATHLETIC CENTER. 473575 220163 THE FESSENDEN SCHOOL SUMMER ESL PROGRAM OFFERS CHALLENGING ACADEMIC INSTRUCTION IN ENGLISH, ALONG WITH TRAVEL, RECREATION AND CULTURAL EXCHANGE. THE PROGRAM IS FIVE WEEKS LONG AND HOSTS 40 BOYS AND GIRLS BETWEEN THE AGES OF 10-15. 608163 611894 FESSENDEN AUXILIARY PROGRAM - DAYCARE 102590 146936 FESSENDEN AUXILIARY PROGRAM - OTHER 290020 144376 FESSENDEN SUMMER SPORTS CAMPS 1000773 903206 21808894 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 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 0 0 0 0 1 36 0 1 371 1 1 1 0 0 0 0 0 0 0 0 0 X 27 27 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X LAURA RUTHERFORD CFO 6176302351 250 WALTHAM STREET WEST NEWTON MA 02465 IAN LORING TRUSTEE/VICE PRESIDENT 1.00 X X 0 0 0 DONALD BRAMLEY TRUSTEE/PRESIDENT 1.00 X X 0 0 0 STEPHANIE M BUCCI TRUSTEE 1.00 X 0 0 0 TARA CIONGOLI TRUSTEE 1.00 X 0 0 0 BRUCE C DAYTON TRUSTEE 1.00 X 0 0 0 ED DENOBLE TRUSTEE 1.00 X 0 0 0 GRACE HOFFMANN TRUSTEE 1.00 X 0 0 0 KEITH B GELB TRUSTEE 1.00 X 0 0 0 SUSAN LEVINE TRUSTEE 1.00 X 0 0 0 SOL KUMIN TRUSTEE 1.00 X 0 0 0 MIKE GORDON TRUSTEE 1.00 X 0 0 0 MARK MOORE TRUSTEE 1.00 X 0 0 0 MICHAEL MURRAY TRUSTEE/CLERK 1.00 X X 0 0 0 MICHAEL MACH TRUSTEE/TREASURER 1.00 X X 0 0 0 PETE MULDERRY TRUSTEE 1.00 X 0 0 0 VG NARAYANAN TRUSTEE 1.00 X 0 0 0 CHRISTIAN NOLEN TRUSTEE 1.00 X 0 0 0 STEVEN M PECK TRUSTEE 1.00 X 0 0 0 RACHEL SKIFFER TRUSTEE 1.00 X 0 0 0 PETER C WELCH TRUSTEE 1.00 X 0 0 0 JEFF ALLEN TRUSTEE 1.00 X 0 0 0 CHRIS BARTEL TRUSTEE 1.00 X 0 0 0 CHARLES FADEL TRUSTEE 1.00 X 0 0 0 CHRISTINE TODD TRUSTEE 1.00 X 0 0 0 DAVID VISCO TRUSTEE 1.00 X 0 0 0 ROB WALDRON TRUSTEE 1.00 X 0 0 0 CRAIG GEMMELL TRUSTEE 1.00 X 0 0 0 DAVID STETTLER HEADMASTER 55.00 X 319252 0 71547 LAURA RUTHERFORD CFO 55.00 X 101299 0 68424 KI PERRY DIRECTOR OF ADVANCEMENT 55.00 X 160652 0 51311 MIKE GROSSMAN COO 55.00 X 144274 0 7080 LOUISE KELLOGG DIRECTOR OF MIDDLE SCHOOL 55.00 X 131472 0 17119 LUCINDA METSCH DIRECTOR OF CURRICULUM 55.00 X 128960 0 50554 KENNETH HOWE DIRECTOR OF RESIDENTIAL LIFE 55.00 X 128557 0 62895 DAVID TAYLOR FORMER COO 55.00 X 119149 0 46637 1233615 0 375567 11 1 1 0 DAVID W WHITE & SON INC 5 JOHNSON ROAD BOW NH 03304 CONSTRUCTION 1590742 STANTEC PLANNING AND LANDSCAPE ARCHITECT 13980 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 LANDSCAPE ARCHITECTURE 533858 LEAHY LANDSCAPING INC 56 SANDERSON AVE LYNN MA 01902 LANDSCAPE CONSTRUCTION 444984 GREENSCAPE LAND DESIGN INC 100 REVOLUTIONARY DRIVE EAST TAUNTON MA 02718 LANDSCAPE DESIGN 151614 ZVI CONSTRUCTION CO LLC 131 DUMMER STREET BROOKLINE MA 02446 CONSTRUCTION 121245 7 4763317 803630 4763317 TUITION AND FEES 611600 21458457 21458457 SUMMER DAY CAMP 611710 923042 923042 AUXILIARY - DAY CARE 611710 611894 611894 SUMMER ESL PROGRAM 611710 220163 220163 VACATION PROGRAM 611710 146936 146936 144376 144376 23504868 900280 23330 876950 983676 636283 347393 347393 77279 270114 1538144 4373 1455447 0 82697 4373 87070 87070 44833 37720 7113 7113 MISCELLANEOUS INCOME 900099 108649 108649 PARENT ASSOCIATION 611710 39415 39415 DEPOSITS FORFEITED 900099 10349 10349 158413 29768454 23504868 100609 1399660 2666520 2666520 710533 710533 12176143 9870708 1612614 692821 947653 756576 138883 52194 1232992 949479 215643 67870 817242 717427 49499 50316 312081 215430 96651 36742 36742 63155 63155 126617 126617 425077 58913 230941 135223 196692 39084 95034 62574 1134141 692547 334169 107425 190446 114613 48887 26946 891960 804640 73797 13523 63341 5063 52134 6144 289508 223431 64938 1139 2499380 2312176 158211 28993 160491 160491 SUPPLIES, MAINTENANCE, 1235003 1116388 94915 23700 FOOD 581860 539114 36540 6206 STUDENT ACTIVITIES 447431 447431 STUDENT BUS TRANSPORTAT 213782 213782 564534 281002 98432 185100 27983324 21808894 4617605 1556825 15258162 15122258 269515 0 367247 141329 357822 363352 148550 114162 159701 497579 51440027 26192828 21683400 25247199 36844216 34375917 11919406 10733049 2120980 3947351 89128999 90542196 3374012 4395951 11108574 11599481 14062494 15468390 68624 81325 1717718 2319773 30331422 33864920 X 42321429 40967060 6445872 5735792 10030276 9974424 58797577 56677276 89128999 90542196 X 1785130 -3333898 -571533 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 48249384 71823 -2394119 2051361 43875727 49316761 299466 559999 1926842 48249384 42173917 1149213 7623868 1630237 49316761 36997518 1738590 4855078 1417269 42173917 35964391 2720765 -326663 1360975 36997518 0.67100 0.22720 0.10180 0 0 159808 159808 45562036 22144533 23417503 5096573 3478334 1618239 621610 569961 51649 25247199 LIMITED PARTNERSHIPS 9486695 F ANNUITY CONTRACTS 299928 F COMMODITY MUTUAL FUNDS 946426 F 10733049 CAPITAL LEASES 51506 INTEREST RATE SWAP AGREEMENT 2268267 2319773 X 23743889 -3333898 -3364670 -6698568 30442457 -674003 -674003 29768454 25864190 674003 674003 25190187 126617 2666520 2793137 27983324 PART IV, LINE 2B: ALL BOARDING STUDENTS HAVE A SMALL CASH BALANCE OF $300 TO $1,000 FOR SPENDING MONEY ON THE WEEKENDS AND FOR TRAVEL MONEY WHEN THEY RETURN HOME FOR BREAKS. THE FUNDS ARE KEPT IN A SEPARATE BANK ACCOUNT, AND STUDENTS DRAW FROM IT ON A WEEKLY BASIS BY SUBMITTING CASH REQUEST. PART V, LINE 4: THE ENDOWMENT FUND ENSURES THAT CURRENT AND FUTURE GENERATIONS OF FESSENDEN STUDENTS HAVE ACCESS TO THE BEST FACULTY, COMMUNITY, CURRICULUM, AND FACILITIES. SPECIFICALLY, THE ENDOWMENT SUPPORTS: SALARY ENHANCEMENT, FINANCIAL AID, PROFESSIONAL DEVELOPMENT, PLANT MAINTENANCE, AND INSTRUCTIONAL AND PROGRAM MATERIALS. PART X, LINE 2: THE SCHOOL IS QUALIFIED UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES EXCEPT FOR NET REVENUE FROM UNRELATED BUSINESS ACTIVITIES. THE SCHOOL IS SUBJECT TO FEDERAL AND STATE INCOME TAXES ON UNRELATED BUSINESS INCOME. 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 UNCERTAINTIES IN INCOME TAXES AS OF JUNE 30, 2016. THE SCHOOL WILL ACCOUNT FOR INTEREST AND PENALTIES RELATED TO UNCERTAIN TAX POSITIONS, IF ANY, AS PART OF TAX EXPENSE. THE SCHOOL IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL AUTHORITIES FOR FISCAL YEARS BEFORE 2013. PART XI, LINE 2D - OTHER ADJUSTMENTS: UNREALIZED LOSS ON INTEREST RATE SWAP -550,549. FINANCIAL AID AND TUITION REMISSION NETTED WITH REVENUE -2,666,520. UNCOLLECTIBLE CONTRIBUTIONS -20,984. INVESTMENT MANAGEMENT FEES -126,617. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD EXPENSE REPORTED IN FORM 990, PART VIII, LINE 10B -37,720. RENTAL EXPENSES REPORTED IN FORM 990, PART VIII, LINE 6B -636,283. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED IN FORM 990, PART VIII, LINE 6B 636,283. COST OF GOODS SOLD EXPENSE REPORTED IN FORM 990, PART VIII, LINE 10B 37,720. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND TUITION REMISSION NETTED WITH REVENUE 2,666,520. 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. 1 FINANCIAL AID FOR TUITION AND FEES 62 1905437 FMV TUITION REMISSION 27 761083 FMV PART I, LINE 2: THE FESSENDEN SCHOOL UTILIZES THE SERVICES OF THE SCHOOL AND STUDENT SERVICE (SSS) BY THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS (NAIS). BASED UPON A WRITTEN APPLICATION, SSS ASSESSES A FAMILY'S RESOURCES TO DETERMINE HOW MUCH THAT FAMILY CAN AFFORD FOR EDUCATION. USING THIS REPORT, OTHER AVAILABLE INFORMATION AND THE SCHOOL'S OWN POLICIES, THE FESSENDEN FINANCIAL AID COMMITTEE DETERMINES AN APPROPRIATE GRANT BASED UPON THE STUDENT'S NEED, THE SCHOOL'S PRIORITIES AND FINANCIAL AID RESOURCES. RECORDS ARE MAINTAINED AND REVIEWED AS EACH STUDENT MUST RE-APPLY EACH YEAR TO QUALIFY AND RECEIVE ASSISTANCE. X 1 1 X X X 0 0 0 0 0 0 0 0 0 DAVID STETTLER HEADMASTER 319252 0 0 0 0 0 26792 0 44755 0 390799 0 0 0 LAURA RUTHERFORD CFO 101299 0 0 0 0 0 0 0 68424 0 169723 0 0 0 KI PERRY DIRECTOR OF ADVANCEMENT 160652 0 0 0 0 0 16068 0 35243 0 211963 0 0 0 MIKE GROSSMAN COO 144274 0 0 0 0 0 0 0 7080 0 151354 0 0 0 LUCINDA METSCH DIRECTOR OF CURRICULUM 128960 0 0 0 0 0 12912 0 37642 0 179514 0 0 0 KENNETH HOWE DIRECTOR OF RESIDENTIAL LIFE 128557 0 0 0 0 0 13284 0 49611 0 191452 0 0 0 DAVID TAYLOR FORMER COO 119149 0 0 0 0 0 19368 0 27269 0 165786 0 0 0 PART I, LINE 1A QUALIFIED CAMPUS LODGING IS LOCATED ON THE CAMPUS OF THE EDUCATIONAL INSTITUTION AND IS FURNISHED TO AN EMPLOYEE, THE EMPLOYEE'S SPOUSE, OR ANY DEPENDENTS, BY OR ON BEHALF OF, THE INSTITUTION FOR USE AS A RESIDENCE AND IS EXCLUDED FROM GROSS INCOME IF IT QUALIFIES UNDER CODE SECTION 119. HOUSING FOR DAVID STETTLER, DAVID TAYLOR, LUCINDA METSCH, AND KENNETH HOWE QUALIFIES UNDER CODE SECTION 119. THIS NONTAXABLE BENEFIT IS REPORTED IN PART II, COLUMN (D) FOR THESE INDIVIDUALS. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 999999999 2014-06-16 18000000 TO REFUND PRIOR SERIES 2001 BONDS AND FUND NEW CONSTRUCTION 0 0 0 A 4525000 18000000 257700 13605000 4137300 1 0 0 0 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 0 1 1 BANK OF AMERICA NA 26.000000000000 0 0 0 0 1 A 1 SCHEDULE K, PART I: THE BONDS INCLUDE $13,605,000 SERIES 2015A AND UP TO $4,395,000 SERIES 2015B. THE SERIES 2015A BONDS WERE USED TO REFINANCE THE EXISTING SERIES 2001 BONDS AND THE SERIES 2015B BONDS ARE AVAILABLE FOR THE CONSTRUCTION OF TWO TURF ATHLETIC FIELDS ON THE CAMPUS, THE RENOVATION OF EXISTING PARKING LOTS AND THE EXPANSION OF PARKING SPACES ON THE CAMPUS, OTHER ROUTINE CAPITAL EXPENDITURES, AND TO PAY THE COST OF ISSUANCE. AS OF JUNE 30, 2016, THE SCHOOL USED $257,700 OF THE SERIES 2015B BONDS FOR COST OF ISSUANCE. $4,137,300 FROM SERIES 2015B BOND HAS NOT BEEN EXPENDED. X 11 803630 FAIR MARKET VALUE 0 1 0 PART I, LINE 30B: THE NUMBER OF CONTRIBUTIONS IS BASED ON THE NUMBER OF GIFTS RECEIVED. FORM 990, PART VI, SECTION B, LINE 11 THE BOARD OF TRUSTEES RECEIVES AN ELECTRONIC COPY OF THE FORM 990, 990-T AND ANY OTHER RELATED AND REQUIRED FILINGS, AS FILED, BEFORE THE FILING DEADLINE. BEFORE FILING, MEMBERS OF MANAGEMENT REVIEW THE RETURNS FOR ACCURACY AND COMPLETENESS. AT A LATER DATE AFTER THE FILING OF THE RETURNS, THE SCHOOL'S AUDIT COMMITTEE ALONG WITH MEMBERS OF SCHOOL'S MANAGEMENT REVIEW THE RETURNS ALONG WITH THE RESULTS OF THE AUDIT. THE RESULTS OF THE YEAR-END AUDIT, REVIEW OF THE FORM 990, AND ANY FINDINGS, CHANGES OR AREAS OF CONCERN ARE COMMUNICATED TO THE BOARD AT THE FIRST BOARD MEETING OF THE FISCAL YEAR SO APPROPRIATE CORRECTIVE ACTION, IF ANY, CAN BE TAKEN. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS DISTRIBUTED ANNUALLY TO THE BOARD OF TRUSTEES AT THE FIRST MEETING AND TO EMPLOYEES VIA THE EMPLOYEE HANDBOOK EACH YEAR. THE BOARD OF TRUSTEE MEMBERS ARE ASKED TO SIGN A DISCLOSURE STATEMENT INDICATING YES OR NO TO ANY CONFLICTS. RESULTS ARE REVIEWED IN ACCORDANCE WITH THE POLICY. EMPLOYEES ARE ASKED TO SIGN A FORM INDICATING RECEIPT OF THE EMPLOYEE HANDBOOK AND THE ENCLOSED CONFLICT OF INTEREST POLICY. RESULTS ARE REVIEWED IN ACCORDANCE WITH THE POLICY. RETURNED FORMS ARE ACCOUNTED FOR, AND ANY MISSING FORMS ARE PURSUED WITH THE BEST REASONABLE EFFORTS TO COLLECT THEM. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION ISSUES CONTRACTS CONTAINING THE DETAILS OF THE COMPENSATION PACKAGE FOR ALL NEW OFFICERS, TOP MANAGEMENT AND KEY EMPLOYEES. THE INITIAL PROCESS FOR HIRING OFFICERS, TOP MANAGEMENT AND KEY EMPLOYEES USUALLY INVOLVES AN INDEPENDENT SEARCH COMMITTEE AND CONSULTANTS WHO IDENTIFY CANDIDATES BASED UPON THE REQUIRED SKILLS, EXPERIENCE, ETC... SET FORTH BY THE ORGANIZATION. THE POOL OF CANDIDATES WILL THEN BE INTERVIEWED BY A COMMITTEE OF BOARD MEMBERS AND OTHER TOP MANAGEMENT. DURING THIS PROCESS, THE CONSULTANTS, BOARD AND TOP MANAGEMENT ALSO DETERMINE THE COMPENSATION BASED UPON THE LEVEL OF POSITION, EXPERIENCE OF CANDIDATE, THE MARKETPLACE, DEMOGRAPHICS AND COMPARING DATA WITH SIMILAR ORGANIZATIONS AND POSITIONS. THE YEARS FOLLOWING THE HIRE OF AN OFFICER, TOP MANAGEMENT OR KEY EMPLOYEE INVOLVE A REVIEW PROCESS THAT INCLUDES AN EVALUATION. UNLESS THERE ARE SIGNIFICANT CHANGES TO THE ORIGINAL DUTIES ASSIGNED FOR THE POSITION OR OTHER FACTORS THAT MAY WARRANT A CHANGE IN COMPENSATION, INCREASES ARE IN THE RANGE VOTED BY THE BOARD FOR ALL EMPLOYEES OF THE ORGANIZATION. THE PROCESS OF DETERMINING COMPENSATION FOR THE HEADMASTER (CEO) IS MORE IN DEPTH. IN APRIL, DURING THE THIRD BOARD MEETING OF THE FISCAL YEAR, A HEADMASTER EVALUATION SURVEY IS DISTRIBUTED TO THE BOARD OF TRUSTEES. ALL TRUSTEES COMPLETE THE SURVEY QUESTIONS. THE PRESIDENT OF THE BOARD RECEIVES THE RESULTS AND FORMS A SUB-COMMITTE OF THE BOARD MADE UP OF INDIVIDUALS OF THE BOARD, WHO REVIEW THE RESULTS. DISCUSSIONS TAKE PLACE ABOUT THE RESULTS, EXPECTATIONS, NEW GOALS, ETC... AND ARE THEN DISCUSSED WITH THE HEADMASTER. THE COMPENSATION IS THEN ESTABLISHED AND SET FOR THE NEXT FISCAL YEAR. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FORM 990, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). ALL DOCUMENTS ARE AVAILABLE TO BE VIEWED ON-SITE AS WELL. IN ADDITION, THE FORM 990 WITHOUT SCHEDULE B IS AVAILABLE VIA GUIDESTAR AND THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE. FORM 990, PART XI, LINE 9: UNREALIZED LOSS ON INTEREST RATE SWAP AGREEMENT -550,549. UNCOLLECTIBLE CONTRIBUTIONS -20,984.