2016-05-10T10:37:26-05:00 2015-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 021293742 990 2014-07-01 042103821 MIDDLESEX SCHOOL MIDD 9783692550 1400 LOWELL ROAD CONCORD MA 01742 THERESE A CUNNINGHAM CFO 9783692550 2016-05-10 1 LYNNE JOHNSON P00757336 6179129000 2014 2016-08-17 19:52:53Z AUSTIN P OLNEY 1400 LOWELL ROAD CONCORD MA 01742 53795175 0 X WWW.MXSCHOOL.EDU X 1901 MA MIDDLESEX SCHOOL IS A COLLEGE-PREPARATORY SCHOOL FOR GRADES 9 THROUGH 12. 34 32 280 85 145046 86630 16062033 29770544 18784275 19604101 1738127 2675256 1284528 1484212 37868963 53534113 4494379 4598649 0 0 13597970 13963736 58200 21700 2934548 13225410 15012195 31375959 33596280 6493004 19937833 260247732 303496510 35382698 51582021 224865034 251914489 MIDDLESEX SCHOOL IS AN INDEPENDENT, NON-DENOMINATIONAL, RESIDENTIAL, COLLEGE-PREPARATORY SCHOOL THAT, FOR OVER ONE HUNDRED YEARS, HAS BEEN COMMITTED TO EXCELLENCE IN THE INTELLECTUAL, ETHICAL, CREATIVE, AND PHYSICAL DEVELOPMENT OF YOUNG PEOPLE. (SEE SCHEDULE O) 0 0 23234936 4598649 20782310 MIDDLESEX SCHOOL IS A NON-SECTARIAN COLLEGE PREPARATORY BOARDING AND DAY SCHOOL FOR BOYS AND GIRLS IN GRADES 9-12. MIDDLESEX HAS ALWAYS PRIDED ITSELF IN ATTRACTING A DIVERSE, HIGHLY MOTIVATED GROUP OF STUDENTS FROM ACROSS THE COUNTRY AND MORE RECENTLY THE WORLD. CURRENT ENROLLMENT IS ABOUT 380 STUDENTS FROM MANY STATES AND COUNTRIES. FOUNDED IN 1901, THE SCHOOL HAS A LONG TRADITION OF PLACING STUDENTS IN THE MOST SELECTIVE COLLEGES. MIDDLESEX OFFERS A CHALLENGING ACADEMIC PROGRAM. IN ADDITION TO ITS SCHOOL YEAR PROGRAM, MIDDLESEX MAKES USE OF ITS CAMPUS FACILITIES FOR SUMMER AUXILIARY PROGRAMS CONSISTENT WITH ITS PRIMARY MISSION. 23234936 1 1 0 1 0 0 1 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 1 1 1 0 0 1 153 0 1 280 1 1 1 0 0 0 0 1 1 0 0 0 0 X 34 32 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X THERESE A CUNNINGHAM CFO 9783716589 1400 LOWELL ROAD CONCORD MA 01742 CHARLES C ALEXANDER TRUSTEE 5.00 X 0 0 0 ALEXANDER C BANKER TRUSTEE 5.00 X 0 0 0 ANNE T BASS VICE PRESIDENT 5.00 X X 0 0 0 ROBERT M BASS VICE PRESIDENT 5.00 X X 0 0 0 ANSON H BEARD TRUSTEE 5.00 X 0 0 0 MARY LOU BOUTWELL TRUSTEE 5.00 X 0 0 0 JOHN BROOKE TRUSTEE 5.00 X 0 0 0 SCOTT F CONANT TRUSTEE 5.00 X 0 0 0 JOY CONNOLLY TRUSTEE 5.00 X 0 0 0 JAMES F CURTIS III TRUSTEE 5.00 X 0 0 0 BRICKSON DIAMOND TRUSTEE 5.00 X 0 0 0 ABIGAIL MARR DOFT TRUSTEE 5.00 X 0 0 0 JOHN H DYETT TRUSTEE 5.00 X 0 0 0 ARCHIBALD L GWATHMEY TRUSTEE 5.00 X 0 0 0 KIMBERLY GWINNLANDRY TRUSTEE 5.00 X 0 0 0 COREY HAJIM TRUSTEE 5.00 X 0 0 0 KATHLEEN HALEY TRUSTEE 5.00 X 0 0 0 EDWIN D HETZ TRUSTEE 5.00 X 0 0 0 COLEMAN HOYT TRUSTEE 5.00 X 0 0 0 JUDITH KAYE TRUSTEE 5.00 X 0 0 0 CHIVAS CHI-WAH LAM TRUSTEE 5.00 X 0 0 0 STEPHEN D LARI TREASURER 5.00 X X 0 0 0 ROBERT SM LAWRENCE TRUSTEE 5.00 X 0 0 0 SARAH C LEARY VICE PRESIDENT 5.00 X X 0 0 0 DAVID MCKENNA TRUSTEE 5.00 X 0 0 0 ALLEN J MODEL VICE PRESIDENT 5.00 X X 0 0 0 HUNTER MOORMAN TRUSTEE 5.00 X 0 0 0 AUSTIN P OLNEY PRESIDENT 5.00 X X 0 0 0 MARGARET H PIERCE TRUSTEE 5.00 X 0 0 0 ANDREW PITTS TRUSTEE 5.00 X 0 0 0 SCOTT F POWERS TRUSTEE 5.00 X 0 0 0 KATHERINE STEARNS SYMONDS TRUSTEE 5.00 X 0 0 0 JULIA FRENCH VEGHTE TRUSTEE 5.00 X 0 0 0 WANJI BARRINGTON WALCOTT SECRETARY 5.00 X X 0 0 0 KATHLEEN C GILES HEAD OF SCHOOL 80.00 X 423421 0 129488 THERESE A CUNNINGHAM CFO 70.00 X 134110 0 183954 JAMES F BEATON TEACHING FACULTY 60.00 X 115817 0 196288 MATTHEW E CROZIER COO 70.00 X 154174 0 92034 GEORGE W NOBLE DIRECTOR OF ADVANCEMENT 70.00 X 145377 0 33850 HEATHER J PARKER DIRECTOR OF DEVELOPMENT 70.00 X 149282 0 115077 DOUGLAS C PRICE DIRECTOR OF ADMISSIONS 70.00 X 118097 0 101905 1240278 0 852596 11 0 1 0 ERLAND CONSTRUCTION INC 71 THIRD AVE BURLINGTON MA 01803 GENERAL CONTRACTOR 7448001 BW KENNEDY & CO 77 MYSTIC ST ARLINGTON MA 02474 GENERAL CONTRACTOR 1832441 FLIK PO BOX 417632 BOSTON MA 022417632 DINING SERVICES 1578596 CHILDS BERTMAN TSECKARES INC 110 CANAL STREET BOSTON MA 02114 ARCHITECTS 577280 COMMERCIAL CONSTRUCTION CONSULTING INC 313 CONGRESS STREET BOSTON MA 02210 CONSULTING 312701 11 102878 29667666 12541965 29770544 TUITION REVENUE 611600 19233135 19233135 INSTRUCTIONAL 611710 370966 370966 19604101 1392432 145046 1247386 195789 77147 118642 118642 118642 1278986 3838 0 0 1278986 3838 1282824 1282824 255158 102878 126484 128674 128674 116118 57431 58687 58687 PROGRAM TRIP INCOME 611710 179099 179099 OUTSIDE MUSIC LESSONS 611600 116415 116415 COMMUNICATION FEES 900099 110700 110700 771995 771995 1178209 53534113 20782310 145046 2836213 53852 53852 4544797 4544797 615822 423458 135587 56777 9225237 6026489 2289319 909429 1640898 1128330 361282 151286 1786284 1228302 393292 164690 695495 482223 150324 62948 55142 47697 7445 94683 94683 4809 4809 21700 21700 1207703 1200000 7703 943192 556312 187411 199469 201073 152687 48386 691976 333896 164100 193980 681148 333014 313353 34781 5774 5774 2728681 2036023 562863 129795 767887 480055 126715 161117 93360 73054 17396 2910 454356 312429 100037 41890 3910681 2933011 782136 195534 212162 145889 46712 19561 FOOD 1904882 1474708 171305 258869 EQUIPMENT 278614 105712 156658 16244 FACILITY RENTAL 97475 13106 84369 BOOKS 51619 49000 2156 463 626978 355921 57469 213588 33596280 23234936 7426796 2934548 9344866 5583921 1865637 1855731 29207103 38674222 125188 69144 30293 25501 80233 57471 847087 1001075 123177470 50914793 66287740 72262677 44772244 61324239 102838396 109258908 4848945 13383621 260247732 303496510 15480941 17773262 6561145 7107872 10542523 17500000 2798089 9200887 35382698 51582021 X 73909450 72414870 59758149 74353228 91197435 105146391 224865034 251914489 260247732 303496510 X 19937833 3745071 3366551 X 0 1 X 1 0 X 10146938 10724508 8706128 16062033 29770544 75410151 10146938 10724508 8706128 16062033 29770544 75410151 26219887 49190264 367077 2828070 2358678 2102605 1443137 9099567 351081 18267 57904 145046 572298 569600 374706 257755 142020 371276 1715357 86797373 95656157 0.56670 X SCHEDULE A, PART II, SPECIAL RULE IN SCH. B: THE SCHOOL HISTORICALLY HAS USED THE GREATER THAN $5,000 OR 2% RULE IN REPORTING CONTRIBUTORS IN COMPLIANCE WITH THE SCHEDULE B INSTRUCTIONS, THEREFORE, DUE TO THE BROADLY SUPPORTED NATURE OF THE ORGANIZATION AND DEEMED MEETING THE PUBLIC SUPPORT TEST UNDER CURRENT GUIDANCE, CONTRIBUTORS OVER THE 2% RULE FOR SECTION 509(A)(1) BROADLY SUPPORTED ORGANIZATIONS ARE REPORTED. THE SCHOOL HAS COMPLETED SCHEDULE A, PART II FOR THE PURPOSE OF APPLYING THE SPECIAL RULE ON SCHEDULE B. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 0 PART II-B, LINE 1: MIDDLESEX SCHOOL IS A MEMBER OF MASSACHUSETTS ASSOCIATION OF NONPROFIT SCHOOLS & COLLEGES, A GROUP THAT MAY ENGAGE IN LOBBYING ACTIVITIES. THEREFORE, A PORTION OF THE DUES MAY BE ATTRIBUTABLE TO LOBBYING ACTIVITIES AND AS SUCH NO DETERMINATIVE AMOUNT IS LISTED IN THE SCHEDULE. X 2 160.00 1 0 8.00 2801 X 0 135249750 3624439 5293826 5472158 138695857 114367673 7455752 17889858 4463533 135249750 96011346 11012015 11794122 4449810 114367673 94468439 4394338 1778609 4630040 96011346 78448358 1841144 17451654 3272717 94468439 0.16520 0.47780 0.35700 1 0 424021 424021 112764981 46830214 65934767 5822284 4084579 1737705 4166184 4166184 72262677 DOMESTIC EQUITY 29835108 F INTERNATIONAL EQUITY 11108794 F PRIVATE EQUITY 12898718 F ABSOLUTE RETURN 27395640 F DIRECTIONAL HEDGE 51372 F REAL ASSETS 8064585 F OTHER 19904691 F 109258908 CHARITABLE REMAINDER TRUSTS LIABILITY 9200887 9200887 X 54377732 3745071 -3162514 582557 53795175 -261062 -261062 53534113 27328277 261062 261062 27067215 6529065 6529065 33596280 PART II, LINE 5: THE SCHOOL MEETS ANNUALLY WITH THE TRUSTEES OF RESERVATIONS WHO ADMINISTER THE EASEMENTS AND TOUR THE SITE. PART II, LINE 9: CONSERVATION EASEMENTS ON THE MIDDLESEX CAMPUS ARE RELATED TO THE PROTECTION/PRESERVATION OF WETLANDS AND THE PROTECTION OF RESIDENT WILDLIFE ON A PORTION OF THE MIDDLESEX PROPERTY. MIDDLESEX USES AN ENVIRONMENTAL CONSULTING FIRM ANNUALLY TO TEST THE WATER QUALITY OF THE WETLANDS ON THE MIDDLESEX CAMPUS WHERE AMPHIPODS (SALAMANDERS) RESIDE. THE LAND IS RECORDED AS AN ASSET ON THE BALANCE SHEET AND THE EXPENSES RELATED TO THE ENVIRONMENTAL CONSULTING SERVICES ARE CHARGED TO FACILITIES AND OPERATIONS. PART III, LINE 4: THE SCHOOL MAINTAINS AND PRESERVES THE FOLLOWING ITEMS THAT WERE DONATED TO THE SCHOOL FOR DISPLAY AT THE SCHOOL'S LIBRARY: -CIVIL WAR FLAG -SWORD FROM THE CIVIL WAR -WORKS OF ART -RARE COLLECTION OF BOOKS PART V, LINE 4: THE SCHOOL HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. ENDOWMENT ASSETS INCLUDE THOSE ASSETS OF DONOR-RESTRICTED FUNDS THAT THE SCHOOL MUST HOLD IN PERPETUITY OR FOR DONOR-SPECIFIED PURPOSES AS WELL AS BOARD DESIGNATED FUNDS. THE SCHOOL EXPECTS ITS ENDOWMENT FUNDS, OVER TIME, TO PROVIDE AN AVERAGE RATE OF RETURN THAT WILL ALLOW THE PURCHASING POWER OF THE ENDOWMENT TO BE MAINTAINED. ACTUAL RETURNS IN ANY GIVEN YEAR MAY VARY FROM THIS AMOUNT. TO SATISFY ITS LONG-TERM RATE-OF-RETURN OBJECTIVES, THE SCHOOL RELIES ON A TOTAL RETURN STRATEGY IN WHICH INVESTMENT RETURNS ARE ACHIEVED THROUGH BOTH CAPITAL APPRECIATION (REALIZED AND UNREALIZED) AND CURRENT YIELD (INTEREST AND DIVIDENDS). THE SCHOOL TARGETS A DIVERSIFIED ASSET ALLOCATION THAT PLACES A GREATER EMPHASIS ON EQUITY-BASED INVESTMENTS TO ACHIEVE ITS LONG-TERM RETURN OBJECTIVES WITHIN PRUDENT RISK CONSTRAINTS. UNDER THIS POLICY, AS APPROVED BY THE BOARD OF TRUSTEES, THE ENDOWMENT ASSETS ARE INVESTED IN A MANNER THAT IS INTENDED TO PRODUCE RESULTS THAT EXCEED A POLICY INDEX. PART X, LINE 2: THE SCHOOL FOLLOWS THE FASB ASC 740, INCOME TAXES, WHICH CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES 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 TAXING AUTHORITIES. MANAGEMENT EVALUATED THE SCHOOL'S TAX POSITIONS AND CONCLUDED THAT THE SCHOOL HAS NO MATERIAL UNCERTAINTIES IN INCOME TAXES. THE SCHOOL IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE, OR LOCAL AUTHORITIES FOR FISCAL YEARS BEFORE 2012. THE SCHOOL WILL ACCOUNT FOR INTEREST AND PENALTIES RELATED TO UNCERTAIN TAX POSITIONS, IF ANY, AS PART OF TAX EXPENSE. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF CHARITABLE REMAINDER TRUSTS 7,317,806. INVESTMENT MANAGEMENT FEES NETTED WITH REVENUE ON AUDITED FS -1,200,000. FINANCIAL AID NETTED WITH REVENUE ON AUDITED FINANCIAL STATEMENTS -4,432,000. OTHER CHANGES IN PENSION OBLIGATION -3,951,255. CAPITAL CAMPAIGN EXPENSES -897,065. PART XI, LINE 4B - OTHER ADJUSTMENTS: COSTS OF GOODS SOLD REPORTED ON FORM 990, PART VIII LINE 10B -57,431. FUNDRAISING EXPENSES REPORTED ON FORM 990, PART VIII, LINE 8B -126,484. RENTAL EXPENSES REPORTED ON FORM 990, PART VIII, LINE 6B -77,147. PART XII, LINE 2D - OTHER ADJUSTMENTS: COSTS OF GOODS SOLD REPORTED ON FORM 990, LINE 10B 57,431. FUNDRAISING EXPENSES REPORTED ON FORM 990, PART VIII, LINE 8B 126,484. RENTAL EXPENSES REPORTED ON FORM 990, PART VIII, LINE 6B 77,147. PART XII, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT MANAGEMENT FEES NETTED WITH REVENUE ON AUDITED FS 1,200,000. FINANCIAL AID NETTED WITH REVENUE ON AUDITED FINANCIAL STATEMENTS 4,432,000. CAPITAL CAMPAIGN EXPENSES 897,065. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 NOTICE OF NONDISCRIMINATION POLICY IS IN THE NEWSPAPER AS A LISTED MEMBER OF THE ASSOCIATION OF INDEPENDENT SCHOOLS OF NEW ENGLAND (AISNE). EAST ASIA AND THE PACIFIC FUNDRAISING 44288 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, INVESTMENTS 18655511 0 0 0 0 0 0 18699799 0 18699799 1 0 1 1 1 0 X X X X X 1 BOARDMAN CONSULTING 521 HAMMOND STREET CHESTNUT HILL MA 02467 CAPITAL CAMPAIGN CONSULTING 0 0 21700 -21700 21700 -21700 MA GALA AUCTION 330385 98535 231850 51412 52848 GOLF OUTING 27651 4343 23308 21429 795 358036 102878 255158 72841 53643 126484 128674 1 TOWN OF CONCORD 133 KEYES ROAD CONCORD MA 01742 046001121 115 10000 DONATION TO THE DANNER DESTEPHANO SCHOOL FOR SCHOLARSHIP FUND. 1 0 FINANCIAL AID 106 4544797 FMV FINANCIAL ASSISTANCE OFFSETS AGAINST THE STUDENTS' ACCOUNTS. PART I, LINE 2: FINANCIAL AID WAS PROVIDED FOR TUITION AND FEES TO STUDENTS EXHIBITING FINANCIAL NEED, NO OUTSIDE GRANTS WERE PROVIDED. THE SCHOOL SCHOLARSHIP SERVICE, AN INDEPENDENT ORGANIZATION, PROCESSES THE APPLICATIONS FOR FINANCIAL AID. MIDDLESEX SCHOOL DISTRIBUTES THE FUNDS TO THOSE CANDIDATES WHO DISPLAY NEED BASED ON THESE APPLICATIONS, SUPPORTING TAX DOCUMENTS AND AVAILABLE GRANT FUNDS. MIDDLESEX SCHOOL'S TWO MEDIUMS FOR THE SOLICITATION OF APPLICANTS FOR ENROLLMENT TO THE SCHOOL ARE ITS ADMISSIONS BROCHURES AND ITS WEB SITE. THE STATEMENT THAT FINANCIAL AID IS AWARDED TO STUDENTS ON THE BASIS OF FINANCIAL NEED, WITHOUT REGARD TO RACE, CREED, SEX OR NATIONAL ORIGIN IS CONTAINED IN ALL SUCH LITERATURE. THE SCHOOL ALSO GIVES TUITION REMISSION TO FACULTY CHILDREN WHO ATTEND MIDDLESEX SCHOOL. THE AMOUNT OF ANY QUALIFIED TUITION REDUCTION FOR AN EMPLOYEE OF AN EDUCATIONAL INSTITUTION IS EXCLUDABLE FROM GROSS INCOME UNDER CODE SECTION 117. IN ORDER TO QUALIFY FOR THE EXCLUSION, THE TUITION REDUCTION MUST BE PROVIDED TO AN EMPLOYEE OF A QUALIFIED EDUCATIONAL ORGANIZATION. ALSO, THE TUITION REDUCTION MUST BE FOR EDUCATION AT THE ELEMENTARY, SECONDARY, OR UNDERGRADUATE LEVELS, EITHER AT THE EMPLOYER EDUCATIONAL INSTITUTION OR AT ANOTHER EDUCATIONAL INSTITUTION. X 1 0 X X X X X 0 1 0 0 0 0 0 0 0 KATHLEEN C GILES HEAD OF SCHOOL 363834 0 15000 0 44587 0 89866 0 39622 0 552909 0 0 0 THERESE A CUNNINGHAM CFO 134080 0 0 0 30 0 74153 0 109801 0 318064 0 0 0 JAMES F BEATON TEACHING FACULTY 115817 0 0 0 0 0 166576 0 29712 0 312105 0 0 0 MATTHEW E CROZIER COO 134129 0 0 0 20045 0 24351 0 67683 0 246208 0 0 0 GEORGE W NOBLE DIRECTOR OF ADVANCEMENT 133347 0 0 0 12030 0 13407 0 20443 0 179227 0 0 0 HEATHER J PARKER DIRECTOR OF DEVELOPMENT 137213 0 0 0 12069 0 48719 0 66358 0 264359 0 0 0 DOUGLAS C PRICE DIRECTOR OF ADMISSIONS 118028 0 0 0 69 0 12447 0 89458 0 220002 0 0 0 PART I, LINE 1A SINCE THE SCHOOL IS A BOARDING SCHOOL, THE MAJORITY OF THE FACULTY ARE REQUIRED TO LIVE ON CAMPUS FOR THE PURPOSE OF SUPERVISING THE STUDENTS. THE ESTIMATED VALUE OF THIS BENEFIT WAS $20,000 DURING THE YEAR WHICH IS INCLUDED IN THE ESTIMATE OF OTHER COMPENSATION REPORTED IN THE FORM 990, PART VII, COLUMN F AND NONTAXABLE BENEFITS REPORTED IN PART II, COLUMN D OF SCHEDULE J. THE HEAD OF SCHOOL'S RESIDENCE HAS A COMBINATION OF PUBLIC AND PRIVATE SPACE. THE ESTIMATED VALUE REFLECTS THE PRIVATE PORTION OF THE RESIDENCE. PART I, LINE 1B THE SCHOOL HAS A WRITTEN POLICY IN REGARDS TO THE ALLOCATION OF FACULTY MEMBERS TO AVAILABLE ON CAMPUS HOUSING AS PART OF THE FACULTY HANDBOOK. WHILE THE SCHOOL WOULD LIKE TO HOUSE ALL MEMBERS OF THE FACULTY ON CAMPUS, THE NUMBER OF FACULTY MEMBERS EXCEED THE NUMBER OF AVAILABLE HOUSING UNITS. UNITS ARE ALLOCATED BASED ON AVAILABILITY AND FIT (FEMALE/MALE FACULTY IN FEMALE/MALE DORMS, DORM RESPONSIBILITIES COMPARED WITH FACULTY RESPONSIBILITIES). THE ESTIMATED NON TAXABLE VALUE FOR THIS ON-CAMPUS HOUSING IS INCLUDED IN PART VII FOR THE HEAD OF SCHOOL, CFO, TEACHING FACULTY, AND DIRECTOR OF ADMISSIONS. IN SOME INSTANCES WHERE ON-CAMPUS HOUSING IS NOT AVAILABLE, TAXABLE STIPENDS ARE ADDED TO FACULTY MEMBER CONTRACTS AND ARE REPORTED IN PART VII, COLUMN (F) UNDER OTHER COMPENSATION AND IN SCHEDULE J, COLUMN (B)(III). PART I, LINE 4B KATHLEEN C. GILES - THE ORGANIZATION HAS ENTERED INTO A DEFERRED COMPENSATION ARRANGEMENT WITH ITS HEAD OF SCHOOL. UNDER THE TERMS OF THE AGREEMENT, AN AMOUNT DETERMINED BY THE COMPENSATION COMMITTEE WILL BE CREDITED TO THE INDIVIDUAL'S ACCOUNT ON A YEARLY BASIS. PURSUANT TO THE AGREEMENT, THE INDIVIDUAL BECOMES VESTED IN THE ACCOUNT UPON THE EARLIER OF THE FOLLOWING: (A) THE FIFTH JULY 1ST FOLLOWING THE CREDITING OF THE AMOUNT; AND (B) THE ATTAINMENT OF THE AGE OF 62, PROVIDED IN EACH CASE THAT THE INDIVIDUAL REMAINS EMPLOYED WITH THE ORGANIZATION. THE VESTING AND PAYMENT OF CREDITED AMOUNTS IS ACCELERATED IN THE EVENT OF THE INDIVIDUAL'S DEATH, DISABILITY, OR THE ORGANIZATION'S TERMINATION OF THE INDIVIDUAL'S EMPLOYMENT WITHOUT CAUSE. THE HEAD OF SCHOOL RECEIVED A DEFERRED COMPENSATION PAYOUT OF $43,383 FOR THE FISCAL YEAR 2015 AND THE AMOUNT IS ALSO REPORTED IN PART II, COLUMN B(III). PART II - KATHLEEN C. GILES: FOR THE CALENDAR YEAR 2014, KATHLEEN C. GILES, HEAD OF SCHOOL, RECEIVED NON-TAXABLE ON-CAMPUS HOUSING, VALUED AT $20,000. IN ADDITION, SHE RECEIVED EMPLOYER PROVIDED HEALTH INSURANCE OF $12,878, NON-TAXABLE EMPLOYER PROVIDED LIFE INSURANCE TOTALING $84, AND NON-TAXABLE EMPLOYER PROVIDED HEALTH SAVINGS ACCOUNT OF $1,500. IN ADDITION, SHE PAID NON-TAXABLE HEALTH INSURANCE PREMIUM PAYMENTS WHICH TOTALED $4,462, AND NON-TAXABLE CONTRIBUTIONS TO LIFE INSURANCE OF $698. ALL OF THESE AFOREMENTIONED NON-TAXABLE BENEFITS ARE OFFERED TO FACULTY MEMBERS AND ARE NOT EXCLUSIVE TO KATHLEEN C. GILES' CONTRACT. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2013-10-15 17500000 REFINANCE OUTSTANDING 2003 MIFA BONDS AND FINANCE CAPITAL CONSTRUCTIONS 0 0 0 A 17500000 7816975 170500 2550111 6962414 1 0 0 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 0 0 0 0 1 A 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MASSACHUSETTS DEVELOPMENT FINANCE AGENCY DATE THE REBATE COMPUTATION WAS PERFORMED: 10/31/2015 OAK HILL CAPITAL PARTNERS II LP SEE PART V 257210 SEE PART V 0 OAK HILL CAPITAL PARTNERS III LP SEE PART V 861099 SEE PART V 0 FORM 990, SCHEDULE L, PART IV (A) NAME OF INTERESTED PERSON: OAK HILL CAPITAL PARTNERS II, LP(B) RELATIONSHIP BETWEEN INTERESTED PERSON AND THE ORGANIZATION: MIDDLESEX SCHOOL'S COMMITMENT IN THE PARTNERSHIP REPRESENTS 0.082%. ROBERT AND ANNE, BASS, TRUSTEES OF THE BOARD, HAVE SIGNIFICANT INTEREST IN THE PARTNERSHIP. BOTH TRUSTEES RECUSE THEMSELVES FROM THE INVESTMENT DECISIONS ON THE PARTNERSHIP. ALL TRANSACTIONS ARE AT FAIR MARKET VALUE. (C) AMOUNT OF TRANSACTION: $257,210(D) DESCRIPTION OF TRANSACTION: CAPITAL CALLS AND DISTRIBUTIONS(E) SHARING OF ORGANIZATION'S REVENUES: NO(A) NAME OF INTERESTED PERSON: OAK HILL CAPITAL PARTNERS III, LP(B) RELATIONSHIP BETWEEN INTERESTED PERSON AND THE ORGANIZATION: MIDDLESEX SCHOOL'S COMMITMENT IN THE PARTNERSHIP REPRESENTS 0.109%. ROBERT AND ANNE, BASS, TRUSTEES OF THE BOARD, HAVE SIGNIFICANT INTEREST IN THE PARTNERSHIP. BOTH TRUSTEES RECUSE THEMSELVES FROM THE INVESTMENT DECISIONS ON THE PARTNERSHIP. ALL TRANSACTIONS ARE AT FAIR MARKET VALUE. (C) AMOUNT OF TRANSACTION: $861,099(D) DESCRIPTION OF TRANSACTION: CAPITAL CALLS AND DISTRIBUTIONS(E) SHARING OF ORGANIZATION'S REVENUES: NO X 99 FMV X 730 FMV X 46 12538598 FMV X DONATED AUCTION ITEMS 1 1415 FMV X LUNCHEON 1 623 FMV X GIFT CARD 1 500 FMV 0 1 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS FOR SECURITIES IS BASED ON THE NUMBER OF GIFTS. THE NUMBER OF CONTRIBUTIONS FOR OTHER NON-CASH GIFTS ARE BASED ON THE NUMBER OF CONTRIBUTORS. FORM 990, PART VI, SECTION A, LINE 2 ROBERT M. BASS AND ANNE T. BASS HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11 ONCE THE DRAFT FORM 990 IS PREPARED, IT IS FIRST REVIEWED BY MIDDLESEX MANAGEMENT, INCLUDING THE CHIEF FINANCIAL OFFICER, THE CONTROLLER AND THE HEAD OF SCHOOL. IT IS THEN DISTRIBUTED TO THE AUDIT COMMITTEE FOR THEIR REVIEW. AN AUDIT COMMITTEE MEETING IS THEN SCHEDULED TO DISCUSS THE RETURN, ANY CHANGES IN THE CURRENT YEAR, OR DIFFICULTIES ENCOUNTERED, ETC. AFTER THE AUDIT COMMITTEE REVIEWS AND DISCUSSES THE DRAFT AND PROPOSES CHANGES, IF NEEDED, THEY WILL APPROVE THE FORM 990 AS THEY DISCUSSED. AFTER APPROVAL BY THE AUDIT COMMITTEE, AND PRIOR TO FILING, THE FORM 990 WITHOUT SCHEDULE B WILL BE DISTRIBUTED TO ALL BOARD MEMBERS ELECTRONICALLY (OR, WHERE EMAIL IS NOT AVAILABLE, A HARD COPY OF THE FORM IS PROVIDED VIA MAIL) PRIOR TO THE ACTUAL FILING OF THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST/GOVERNANCE QUESTIONNAIRES ARE DISTRIBUTED ANNUALLY TO ALL CURRENT VOTING BOARD MEMBERS, ALL TRUSTEE EMERITI (NON-VOTING), ALL FORMER TRUSTEES THAT WERE VOTING BOARD MEMBERS WITHIN THE LAST FIVE YEARS, ALL KEY-EMPLOYEES, AND ALL FORMER KEY-EMPLOYEES THAT LEFT EMPLOYMENT WITH THE SCHOOL AT SOME POINT WITHIN THE LAST 5 YEARS. IF FORMS ARE NOT COMPLETED, A SECOND REQUEST IS SENT OUT. ALL FORMS ARE REVIEWED BY THE CHAIR OF OUR TRUSTEE AND GOVERNANCE COMMITTEE AND A SUMMARY IS REPORTED TO THE AUDIT COMMITTEE. IF CONFLICTS EXIST, THE CONFLICTED MEMBER ABSTAINS FROM VOTING ON ANY DECISIONS MADE BY THEIR RESPECTIVE COMMITTEES OR THE BOARD. IT IS DOCUMENTED IN THE MEETING MINUTES WHERE THE VOTE IS CONCERNED. FORM 990, PART VI, SECTION B, LINE 15 AN INDEPENDENT COMMITTEE OF THE BOARD OF TRUSTEES IS CHARGED WITH ANNUALLY EVALUATING THE JOB PERFORMANCE OF THE PRINCIPAL SALARIED OFFICER (HEAD OF SCHOOL). THE PRESIDENT OF THE BOARD APPOINTS FOUR INDIVIDUALS TO SERVE ON THE COMPENSATION COMMITTEE. THE PRACTICE HAS BEEN TO APPOINT THE PRESIDENT, TREASURER, CHAIR, AND VICE-CHAIR OF THE TRUSTEES AND GOVERNANCE COMMITTEE. THE COMMITTEE IS ADVISED BY OUTSIDE COUNSEL WHO ATTENDS THE MEETINGS, TAKES MINUTES, AND ADVISES THE COMMITTEE MEMBERS OF ANY LEGAL ISSUES OR QUESTIONS THAT ARISE IN THE PROCESS. THE PRESIDENT OF THE BOARD ASKS ALL TRUSTEES TO COMPLETE EVALUATION FORMS AT THE SPRING BOARD MEETING. THE PRESIDENT OF THE BOARD ALSO SOLICITS ORAL COMMENTS FROM THE TRUSTEES DURING AN EXECUTIVE SESSION AT THE SPRING BOARD MEETING AS WELL AS CONDUCTS 360 DEGREE INTERVIEWS WITH SENIOR ADMINISTRATORS. IN PREPARATION FOR THE INTERVIEW WITH THE HEAD OF SCHOOL IN JUNE, THE COMPLETED TRUSTEE EVALUATION FORMS ARE SUMMARIZED FOR THE MEMBERS OF THE COMPENSATION COMMITTEE. THE HEAD OF SCHOOL ALSO PREPARES A SUMMARY OF ACCOMPLISHMENT OF THE PRIOR SCHOOL YEAR AND STATEMENT OF GOALS MET FROM THE PREVIOUS REVIEW AND ESTABLISHED FOR THE COMING SCHOOL YEAR. AFTER THE INTERVIEW WITH THE HEAD, THE HEAD IS EXCUSED, AND THE COMMITTEE (NOT INCLUDING ANY MEMBER WHO MAY HAVE A CONFLICT OF INTEREST WITH RESPECT TO THE COMPENSATION ARRANGEMENT BEING REVIEWED) DELIBERATES IN EXECUTIVE SESSION TO DISCUSS THE PERFORMANCE REVIEW AND TO REVIEW A COMPILATION OF COMPENSATION AND BENEFIT DATA ASSEMBLED ON A BLIND BASIS BY THE ASSOCIATION OF BUSINESS OFFICERS OF PREPARATORY SCHOOLS IN ORDER TO ESTABLISH A BASIS FOR ADJUSTING THE HEAD'S COMPENSATION AND BENEFITS FOR THE COMING SCHOOL YEAR. AFTER REACHING A CONCLUSION ON ADJUSTMENTS FOR THE COMPENSATION AND BENEFIT ARRANGEMENTS FOR THE COMING YEAR THAT WOULD REPRESENT COMPENSATION BASED ON THE COMMITTEE'S REVIEW OF THE COMPARABILITY DATA, THE HEAD IS INVITED TO HEAR THE RESULTS. THE DECISIONS ARE RECORDED IN THE MINUTES OF THE COMMITTEE, AND THE CHANGES IN COMPENSATION (IF ANY) ARE MEMORIALIZED IN A LETTER AND WHERE NECESSARY IN AMENDMENTS TO THE EMPLOYMENT CONTRACT. THE RESULTS ARE REPORTED TO THE FULL BOARD IN EXECUTIVE SESSION (WITHOUT THE HEAD PRESENT) AT THE FALL BOARD MEETING. KEY EMPLOYEE JOB PERFORMANCE IS EVALUATED BY THE HEAD OF SCHOOL- INCLUDING CFO, COO AND DIRECTORS OF DEVELOPMENT, ADVANCEMENT AND ADMISSIONS. THE ANNUAL COMPENSATION PROCESS INVOLVES ATTENTION TO AND AVOIDANCE OF CONFLICTS OF INTEREST, USE OF COMPARABILITY DATA GATHERED AND PRESENTED BY AN OUTSIDE COMPENSATION EXPERT AND CONTEMPORANEOUS DOCUMENTATION OF THE MEETINGS, DELIBERATIONS AND DECISIONS. FORM 990, PART VI, SECTION C, LINE 19 MIDDLESEX SCHOOL MAKES ITS FORM 990 AVAILABLE TO THE GENERAL PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). CURRENTLY, THE SCHOOL HAS NOT MADE PUBLIC ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS, AS THIS IS NOT REQUIRED BY FEDERAL TAX LAW UNLESS THEY WERE INCLUDED ON A FORM THAT IS PUBLICLY AVAILABLE SUCH AS FORM 1023. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF CHARITABLE REMAINDER TRUSTS 7,317,806. OTHER CHANGES TO PENSION OBLIGATION -3,951,255. FORM 990, PART III, LINE 1: WE HONOR THE IDEAL, ARTICULATED BY OUR FOUNDING HEADMASTER, OF "FINDING THE PROMISE" IN EVERY STUDENT, AND WE WORK TOGETHER IN AN ATMOSPHERE OF MUTUAL TRUST AND SHARED RESPONSIBILITY TO HELP STUDENTS BRING THEIR TALENTS TO FRUITION AS KNOWLEDGEABLE, CAPABLE, RESPONSIBLE AND MORAL CITIZENS OF THE WORLD. AS A COMMUNITY, WE RESPECT THE INDIVIDUAL INTERESTS, STRENGTHS, AND NEEDS OF EACH STUDENT. WE ALSO VALUE THE RICH DIVERSITY OF BELIEF AND EXPERIENCE EACH OF US BRINGS TO THE SCHOOL. WE EXPECT THAT EACH STUDENT WILL BRING HIS OR HER BEST EFFORTS TO THE SHARED ENDEAVOR OF LEARNING AND THAT THE SCHOOL, THROUGH ITS FACULTY, WILL ENGAGE AND ENCOURAGE EACH STUDENT'S GROWTH, HAPPINESS, AND WELL-BEING. WE ASPIRE FOR ALL MIDDLESEX STUDENTS TO DEVELOP PERSONAL INTEGRITY, INTELLECTUAL VITALITY AND DISCIPLINE, AND RESPECT FOR THEMSELVES AND FOR OTHERS. WE EXPECT EACH STUDENT TO ENGAGE ENERGETICALLY AND COOPERATIVELY IN THE LIFE OF THE SCHOOL, AND WE SEEK TO INSPIRE IN ALL STUDENTS THE DESIRE TO SEEK UNDERSTANDING OF THEMSELVES AND THE LARGER WORLD, BOTH NOW AND IN THEIR FUTURES. OPERATING PRINCIPLES - ACCOMPLISHING THIS MISSION IS THE SHARED RESPONSIBILITY OF THE WHOLE MIDDLESEX COMMUNITY. FOR THAT REASON THE SCHOOL EXPECTS, OF ALL ITS STUDENTS, DEDICATION TO ACADEMIC EXCELLENCE, WILLINGNESS TO WORK ENERGETICALLY AND COOPERATIVELY TOWARD COMMON GOALS IN ALL ACTIVITIES, RESPECT BOTH FOR THEMSELVES AND FOR THE INDIVIDUAL DIFFERENCES OF OTHERS, AND DETERMINATION TO REACH BEYOND MERELY COMFORTABLE LIMITS OF KNOWLEDGE AND EXPERIENCE. IN THE SAME SPIRIT THE SCHOOL PROVIDES STUDENTS WITH SMALL CLASSES AND A STRONG, RICH, VARIED CURRICULUM; WITH A TALENTED, DEDICATED, AND ACCESSIBLE FACULTY, MOST OF WHOM TEACH, COACH, AND LIVE ON CAMPUS WITH THE STUDENTS; WITH OUTSTANDING FACILITIES FOR ACADEMICS, ATHLETICS, AND THE ARTS; AND WITH A SOCIAL COMMUNITY WHOSE MEMBERS REPRESENT DIFFERENT BACKGROUNDS AND INTERESTS. TAKEN TOGETHER, THESE ELEMENTS - SUPPLEMENTED BY ADVISING, COUNSELING, SCHOOL ASSEMBLIES AND SPECIAL PROGRAMS, WEEKLY CHAPEL GATHERINGS, INFORMAL COURSES AND PEER SUPPORT GROUPS: MAKE UP A SECONDARY SCHOOL EXPERIENCE REMARKABLE FOR ITS BREADTH AND DEPTH. FORM 990, PART I, LINE 6: FROM TIME TO TIME, MIDDLESEX SCHOOL MAY HAVE SEVERAL VOLUNTEERS WHO PARTICIPATE IN SCHOOL-RELATED COMMITTEES AND CLASS EVENTS, SUCH AS PROM, THE MIDDLESEX PARENTS ASSOCIATION OR ALUMNI ASSOCIATION. MPA: APPROXIMATELY 50 PARENTS ATTEND MEETINGS AND VOLUNTEER DURING THE YEAR. ALUMNI ASSOCIATION: APPROXIMATELY 35 ACTIVE ALUMNI ASSOCIATION VOLUNTEERS. POOLED INCOME FUND (1) POOLED INCOME FUND MA MIDDLESEX SCHOOL T 1 CHARITABLE REMAINDER TRUSTS (9) CHARITABLE REMAINDER TRUSTS MA MIDDLESEX SCHOOL T 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 CHARITABLE REMAINDER TRUST (1) S 802374 FMV