2015-02-09T15:19:14-07:00 2014-06-30 990 2013-07-01 042104265 GROTON SCHOOL GROT 9784483363 PO Box 991 Groton MA 01450 J Hale Smith Chief Financial Officer 9784487566 2015-02-09 2013 2016-02-25 16:41:14Z J Hale Smith 1632 Canton Avenue Milton MA 02186 68815200 0 X www.groton.org X 1884 MA Groton School provides college and university preparatory education for students in grades eight to twelve. 26 25 230 681 -101926 0 20229460 10068421 19118886 19659041 15716096 26427041 357815 435063 55422257 56589566 5640955 5979862 0 0 16221838 17286092 0 0 1868848 16114295 17247228 37977088 40513182 17445169 16076384 440108102 491179040 71005228 82859840 369102874 408319200 Groton School is dedicated to educating promising students in a diverse and intimate community that fosters intellectual, moral, and spiritual character and physical development in preparation for lifelong learning, leadership, and service to others. 0 0 31544994 5979862 19659041 Education of students in grades eight through twelve in a non-profit, co-educational college preparatory boarding school. The School provides aid assistance for 38% of its students in the form of tuition grants, housing support, travel assistance, and subsidies for books, supplies, and laptop purchases (370 students). 0 0 0 31544994 1 1 0 1 0 0 0 0 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 0 0 0 1 220 0 1 230 1 1 1 1 CJ EI UK 0 0 0 0 0 0 0 0 0 0 X 26 25 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X J Hale Smith 9784487566 PO Box 991 Groton MA 014500991 David Altshuler Board Member 4 0 X 0 0 0 Charles A Anton Board Member 4 0 X 0 0 0 Auguste J Bannard Board Member 4 0 X 0 0 0 Caroline C Banwell Board Member 4 0 X 0 0 0 James A Bundy Board Member 4 0 X 0 0 0 Diana V Chigas Board Member 4 0 X 0 0 0 Franz F Colloredo Mansfeld Board Member 4 0 X 0 0 0 Peter C Erichsen Board Member 4 0 X 0 0 0 William B Gray Board Member 4 0 X 0 0 0 Grant A Gund Board Member 4 0 X 0 0 0 Stephen G Hill Board Member 4 0 X 0 0 0 Kenneth C Irving Board Member 4 0 X 0 0 0 John R S Jacobsson Board Member 4 0 X 0 0 0 Thomas Kalaris Board Member 4 0 X 0 0 0 Alexander Robert Krapf Board Member 4 0 X 0 0 0 Andrew S Paul Board Member 4 0 X 0 0 0 Benjamin N Pyne Board Member 4 0 X 0 0 0 Jennifer Ayer Sandell Board Member 4 0 X 0 0 0 James H R Windels Board Member 4 0 X 0 0 0 Ann Bakewell Woodward Board Member 4 0 X 0 0 0 Richard G Woolworth Jr Board Member 4 0 X 0 0 0 James H Higgins III President 12 0 X X 0 0 0 Jonathan D Klein Vice President 4 0 X X 0 0 0 D D Willard Gardiner Jr Treasurer 4 0 X X 0 0 0 Dr Lori D Hill Secretary 4 0 X 0 0 0 Richard B Commons Headmaster 60 0 X 271624 0 51924 Temba Maqubela Headmaster 60 0 X X 204159 0 86845 J Hale Smith C.F.O. 60 0 X 246328 0 59390 John MacEachern Director of Development 50 0 X 206581 0 137373 Ian Gracey Director of Admissions 50 0 X 128454 0 138305 Katherine Bradley Assistant Headmaster 50 0 X 137416 0 71035 Craig Gemmell Director of College Counseling 45 0 X 136837 0 71533 John Amirault Director of IT 45 0 X 114793 0 30657 1446192 0 647062 9 1 1 0 Shepley Bulfinch Richardson & Abbott 2 Seaport Lane Boston MA 02210 Architect 2241469 Shawmut Design & Construction 560 Harrison Avenue Boston MA 02118 Construction 1681945 Chartwells 2400 Yorkmont Road Charlotte NC 28217 Food Service 1342294 Mahan Slate Roofing Company 32 Verge Springfield MA 01129 Construction 411134 CleanRoom Services Inc 328 Forest Avenue Brockton MA 02301 Custodial Services 343024 15 0 0 0 0 0 10068421 1820553 10068421 Tuition 611600 19133930 19133930 0 0 Technology support fee 611710 222000 222000 0 0 Health center fee 611710 121200 121200 0 0 Application fees 611710 75425 75425 0 0 Tuition refund fee 611710 60013 60013 0 0 46473 46473 0 0 19659041 4767427 0 -107235 4874662 6947 0 0 6947 0 0 0 0 412283 0 23204 0 389079 0 389079 0 5309 383770 33795132 1500 12143383 582 21651749 918 21652667 0 0 21652667 0 0 0 0 0 0 0 0 0 0 0 0 104449 58465 45984 0 0 45984 0 56589566 19659041 -101926 26964030 126730 126730 5853132 5853132 0 0 0 0 920270 0 920270 0 0 0 0 0 11128948 7823685 2268519 1036744 1704800 1056923 486932 160945 2772003 1178845 1447513 145645 760071 471220 217095 71756 0 0 0 0 63335 7366 55969 0 101514 10413 91101 0 0 0 0 0 0 0 1436880 1436880 0 0 715125 392949 292753 29423 310656 68074 163323 79259 182375 66707 79482 36186 405753 100534 278582 26637 0 0 0 0 2916296 2896104 18563 1629 303060 72184 162615 68261 0 0 0 0 36998 12064 18203 6731 2927666 2927666 0 0 0 0 0 0 5876913 5666096 209036 1781 360011 94180 256781 9050 Food 831738 695000 43797 92941 Special Events 402237 288842 49861 63534 General Merchandise & Equipment 287603 280060 3989 3554 Other Regulatory & Miscellaneous 153595 23222 98118 32255 -64527 -3882 -63162 2517 40513182 31544994 7099340 1868848 16887 16008 487454 882796 12433296 10509575 279598 449809 0 0 0 0 90304 69570 208563 266512 927353 1012068 182098154 82924474 93227835 99173680 189772112 236066340 135430711 133897504 15797 15797 7218013 7218013 179 1601368 440108102 491179040 8937138 11367637 0 0 2139318 1992836 48640000 58902500 0 0 0 0 0 0 0 0 11288772 10596867 71005228 82859840 X 212457655 233681086 88279253 105595233 68365966 69042881 369102874 408319200 440108102 491179040 X 16076384 22734652 0 0 0 405290 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 Groton School is a member of a number of associations such as the National Association of Independent Schools, New England Association of Schools and Colleges, and the Association of Independent Schools in New England, which may use a portion of membership dues to lobby on behalf of members. The portion of dues and fees allocated to lobbying activities is not determinable. 313592181 2553487 46100003 2797139 7114213 0 352334319 295580171 5384256 26464968 2708118 11129096 0 313592181 306053479 3001319 -374150 2441835 10658642 0 295580171 265642371 3553974 47594562 2922392 7815036 0 306053479 242484014 5320500 27343554 1755423 7750274 0 265642371 0.58 0.18 0.24 0 0 0 3921691 3921691 0 159146574 68758754 90387820 0 0 0 0 0 11305040 8552922 2752118 0 7724849 5612798 2112051 99173680 F F Hedge Funds 75856504 F Venture Capital Funds 22401672 F US Bond Funds 14090851 F Real Asset Funds 12771827 F Private Equity Funds 8776650 F 133897504 0 Interest Rate Swap Agreements 8242792 Charitable Remainder Unitrusts 1821192 Charitable Gift Annuity 532883 10596867 X 72552638 22734652 0 0 -5133000 17601652 54950986 1720250 -81670 1638580 56589566 33336312 0 0 0 81670 81670 33254642 1720250 5538290 7258540 40513182 Schedule D, Part V, Line 4 To support the educational 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 income tax positions as of June 30, 2014 or 2013. The School is no longer subject to income tax examinations by the U.S. federal, state, or local tax authorities for fiscal years before 2011. The School will account for interest an penalties related to uncertain tax positions, if any, as part of tax expense. Schedule D, Part XI, Line 2d Unrealized gain from interest rate swap agreements $60,406, defined benefit plan $222,939, change in value split interest agreements $282,243, financial aid ($5,538,290), and recovery provision for uncollectible pledges ($160,298). Schedule D, Part XI, Line 4b Rental expenses of ($23,204) are associated with unrelated business income and cost of goods sold ($58,466) at the School store. Schedule D, Part XII, Line 2d Rental expenses of $23,204 associated with unrelated business income and cost of goods sold $58,466 at the School store. Schedule D, Part XII, Line 4b Financial aid of $5,538,290. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 Schedule E, Part I, Line 3 The School's application, which can be mailed upon request or accessed through the School's website at www.groton.org, clearly stipulates that Groton does not discriminate on the basis of gender, race, color, disability, religion, sexual orientation, or national origin in the administration of the School's admission policies and financial programs. Sub-Saharan Africa 0 0 Program Services Meetings with potential students from November 11, 2013 to November 15, 2013 in Botswana and South Africa. 706 East Asia and the Pacific 0 0 Program Services Meetings with potential students from November 15, 2013 to November 18, 2013 in Hong Kong and Beijing. 2711 South Asia 0 0 Program Services The School sponsored a global education trip to Bali from August 3, 2013 to August 25, 2013 involving 1 student. 7586 Sub-Saharan Africa 0 0 Program Services The School sponsored a global education trip to Tanzania from June 20, 2013 to July 8, 2013 involving 17 students. 20994 Sub-Saharan Africa 0 0 Program Services The School sponsored a global education trip to Kenya from July 8, 2013 to August 28, 2013 involving 9 students. 21222 Europe (including Iceland and Greenland) 0 0 Program Services The School sponsored a global education trip to Rome from March 9, 2014 to March 20, 2014 involving 17 students. 21351 East Asia and the Pacific 0 0 Fundraising Receptions held from March 13 to March 24 in Seoul, Hong Kong, and Shanghai. 26253 South America 0 0 Program Services The School sponsored a global education trip to Peru from July 28, 2013 to August 18, 2013 involving 14 students. 37263 Central America and the Caribbean 0 0 Investments 53978820 Europe (including Iceland and Greenland) 0 0 Investments 111924951 0 0 166041857 1 0 0 0 0 0 1 Town of Groton 173 Main Street Groton MA 01450 046001164 Government Entity 100000 0 The contribution was made to help the Town of Groton subsidize their annual operating costs. Town of Groton 173 Main Street Groton MA 01450 046001164 Government Entity 25000 0 This contribution was made to help the Town of Groton purchase gym equipment for the newly constructed fire station. 1 0 Tuition Grant 140 0 5538290 Total credits applied to tuition Credits are applied to the tuition bill as a means of subsidizing the overall tuition costs to qualified students attending Groton School Travel Grant 78 134013 0 Travel grants that are applied to annual billing Incidental Grant 60 114837 0 Credits are applied to monthly bill Laptop Grant 38 51278 Payments made to purchase laptops for qualified students Parent Travel Grant 35 14714 0 Payments made to travel agents for air travel and lodging 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 charitable purpose, historical relationship, and current needs. These one time contributions are not typically monitored by the CFO or the Headmaster. Financial aid grants are awarded annually to qualified students and are applied as credits to the tuition bill up to the amount of the grant for the current academic year. X X X X X X 1 1 X X X 0 1 0 0 0 0 0 0 0 Richard B Commons Headmaster 191682 0 0 0 79942 0 18531 0 33393 0 323548 0 75907 0 Temba Maqubela Headmaster 163597 0 40000 0 562 0 49856 0 36989 0 291004 0 0 0 J Hale Smith C.F.O. 225257 0 0 0 21071 0 43342 0 16048 0 305718 0 0 0 John MacEachern Director of Development 206581 0 0 0 0 0 40971 0 96402 0 343954 0 0 0 Ian Gracey Director of Admissions 128454 0 0 0 0 0 20416 0 117889 0 266759 0 0 0 Katherine Bradley Assistant Headmaster 128593 0 0 0 8823 0 21242 0 49793 0 208451 0 0 0 Craig Gemmell Director of College Counseling 136837 0 0 0 0 0 21359 0 50174 0 208370 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 President and the Compensation Committee, includes the cost residential cleaning, and in the case of the former Headmaster, the cost of a golf club. These costs are recorded by the School as taxable benefits 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. Schedule J, Part I, Line 4 The former Headmaster's contract, which was approved by the Board President and the Compensation Committee, included periodic contributions to a non-qualified 457(f) plan. $35,429 was disbursed from the plan to satisfy the tax obligations on an $75,907 vested benefit. A Massachusetts Development Finance Agency 043431814 2013-10-17 75000000 Building renovations & refinancing existing debt 0 0 0 A 1097500 0 75000000 0 150131 48640000 474250 0 0 10885750 0 15000000 2016 1 0 0 1 A 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 0 A 1 Schedule K, Part IV, Line 4b-10/17/2013 75,000,000 Massachusetts Development Finance Agency The Bank of New York Mellon Swap 15 Years, The Bank of New York Mellon Swap 38 Years, and Morgan Stanley Capital Services Swap 30 Years. Vuyelwa M Maqubela Headmaster's Wife 57000 English Teacher 0 X 143 1820553 FMV 0 0 1 0 Schedule M, Part I, Line 9 The number of security contributions is based on the number of gifts received and not the number of shares received. Form 990, Part VI, Section B, Line 11b A draft of the public disclosure version of the Form 990 was distributed electronically to each member of the Audit Committee. The Chair of the Audit Committee performed a thorough review of the draft, asked questions and suggested several revisions. 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. This 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. 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 administrators' 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 increase approved by the Board of Trustees. Form 990, Part VI, Section C, Line 19 The Form 990 can be viewed on-line by going to guidestar.org, an independently operated website. Both the Form 990 and the financial statements can also be found on the Massachusetts Attorney General Website. The Conflict of Interest Policy and the Governing Documents may be viewed any time upon request for the same period of disclosure as set forth in section 6104(d). Form 990, Part XI, Line 9 Interest rate swap agreements $60,406, split interest agreements $282,243, change in accrued pension liability $222,939, and recovery provision for uncollectible pledges (160,298). Charitable Remainder Trust (5) 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 The form 8868, an application for Extension of Time to File an Exempt Organization Return, was filed on November 14, 2014. This extension provides the School's Board of Trustees the time necessary to complete a thorough review of the return.