2015-04-15T11:15:09-05:00 2014-06-30 420714325 MCGLADREY LLP 80 CITY SQUARE BOSTON MA 021293742 990 2013-07-01 042104064 THE FENN SCHOOL FENN 9783695800 516 MONUMENT STREET CONCORD MA 01742 MCGLADREY LLP ASST HEADMASTER FOR FIN & OPS 9783695800 2015-04-16 1 LYNNE JOHNSON P00757336 6179129000 2013 2016-03-07 17:11:31Z GERARD J G WARD 516 MONUMENT STREET CONCORD MA 01742 29261485 0 X WWW.FENN.ORG X 1929 MA THE FENN SCHOOL IS AN ACCREDITED INDEPENDENT DAY SCHOOL FOR APPROXIMATELY 325 BOYS IN GRADES 4 THROUGH 9. THE MAIN OBJECTIVE OF THE SCHOOL IS TO PROVIDE A SOLID, BALANCED CURRICULUM FOR ELEMENTARY AND MIDDLE SCHOOL AGE BOYS, WITH EMPHASIS ON ACADEMICS, ARTS, AND ATHLETICS. THROUGH COORDINATED COURSES THAT INTEGRATE ACROSS DISCIPLINES, THE SCHOOL PREPARES STUDENTS FOR RIGOROUS SECONDARY SCHOOL WORK AND ACADEMIC ACHIEVEMENT. 27 26 213 200 0 0 5374168 2329211 12310809 12887782 1326533 1035478 194874 91489 19206384 16343960 1354512 1497490 0 0 8730506 9027407 48011 2388 743706 5139822 5186205 15272851 15713490 3933533 630470 56217631 59620283 11861267 11974669 44356364 47645614 X THE FENN SCHOOL SEEKS TO PREPARE BOYS FOR A LIFETIME OF LEARNING, LEADERSHIP, AND INTEGRITY BY OFFERING A BROAD AND CHALLENGING EDUCATIONAL PROGRAM IN A PERSONAL COMMUNITY THAT HONORS DIVERSITY. INSPIRED BY THE IDEALS OF HONESTY, RESPECT, EMPATHY, COURAGE, AND GUIDED BY THE MOTTO, SUA SPONTE, EACH BOY IS CHALLENGED TO ACCEPT RESPONSIBILITY FOR HIMSELF, FOR HIS OWN EDUCATION, AND FOR THE WELL-BEING OF OTHERS. 0 0 5521892 748744 5782660 ACADEMIC PROGRAM - THE SCHOOL IS AN ACCREDITED EDUCATIONAL INSTITUTION FOR APPROXIMATELY 325 BOYS, GRADES 4 THROUGH 9. THE SCHOOL PROVIDES A SOLID CURRICULUM IN ENGLISH, SCIENCE, SOCIAL STUDIES, MATHEMATICS, AND LANGUAGES (LATIN AND SPANISH). MATHEMATICS AND LANGUAGE CURRICULA ALLOW FOR STANDARD-LEVEL AS WELL AS ADVANCED-LEVEL LEARNING, DEPENDING ON THE STUDENT'S ABILITIES. THE ENTIRE ACADEMIC PROGRAM IS AN UPWARD PROGRESSION TOWARD SOPHISTICATED COGNITIVE REASONING AND INTELLECTUAL CHALLENGES TO PREPARE BOYS FOR SECONDARY SCHOOL EDUCATION. 2760946 374373 2891330 ARTS PROGRAM - BEGINNING IN GRADE 4, THE STUDENTS ARE INTRODUCED TO A SIX-YEAR SEQUENTIAL CURRICULUM IN THE ARTS BEGINNING WITH STUDIO ART, DRAMA, MUSIC AND WOOD SHOP. AS THE STUDENT PROGRESSES THROUGH EACH GRADE OTHER ARTS PROGRAM OFFERINGS BECOME AVAILABLE, SUCH AS CERAMICS AND PHOTOGRAPHY. IN GRADES 8 AND 9, STUDENTS MAY SELECT FROM A BROAD ARRAY OF COURSES MENTIONED PLUS OTHERS SUCH AS PAINTING, CARTOONING, THEATER TECH, VIDEO PRODUCTION, STEEL DRUMS, GUITAR AND RHYTHM ENSEMBLE. STUDENTS ARE REQUIRED TO COMPLETE THREE ART REQUIREMENTS FOR GRADUATION: ONE EACH IN FINE ARTS, DRAMATIC ARTS AND MUSICAL ARTS. 2760946 374373 2891330 ATHLETICS PROGRAM - THIS PROGRAM PROMOTES ATHLETIC COMPETENCE, CONFIDENCE, AND ENJOYMENT FOR STUDENTS OF VARYING ATHLETIC ABILITIES AND INTERESTS. IT STRESSES LEARNING AND PRACTICING INDIVIDUAL AND TEAM SKILLS, AND IT OFFERS A VARIETY OF INDIVIDUAL AND TEAM ACTIVITIES WITH VARIOUS LEVELS OF COMPETITION. AT ALL LEVELS GOOD SPORTSMANSHIP IS EMPHASIZED AS THE PRIMARY LESSON TO BE LEARNED FROM A WELL ORGANIZED ATHLETIC PROGRAM. SPORTS OPTIONS, DEPENDING ON GRADE, INCLUDE SOCCER, FOOTBALL, CROSS COUNTRY, TRACK, BASKETBALL, WRESTLING, ICE HOCKEY, TENNIS, AND ALSO ALLOWS FOR SPORTS ALTERNATIVE WITH PARENTAL/SCHOOL APPROVAL. 1068668 1348623 SUMMER FENN DAY CAMP FOR BOYS AND GIRLS (AGES 5-15) 1068668 1348623 12112452 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 1 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 35 0 1 213 1 0 0 0 0 0 1 1 0 0 0 0 X 27 26 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 1 1 1 0 0 MA X DAVID A PLATT ASST HEADMASTER FOR FIN & OPS 9783183524 516 MONUMENT STREET CONCORD MA 01742 JEFFREY W ADAMS TRUSTEE 5.00 X 0 0 0 MARCIE J BERKLEY TRUSTEE 5.00 X 0 0 0 JANET CORREIA EX OFFICIO TRUSTEE 5.00 X 0 0 0 CHARLES E CROWLEY TRUSTEE 5.00 X 0 0 0 JILL ENGERMAN TRUSTEE 5.00 X 0 0 0 ROBERT EWING TRUSTEE 5.00 X 0 0 0 COLIN G GOUNDEN TRUSTEE 5.00 X 0 0 0 ELIZABETH COCHARY GROSS TRUSTEE 5.00 X 0 0 0 WESTON HOWLAND III TRUSTEE 5.00 X 0 0 0 CHARLES E HUGGINS EX OFFICIO TRUSTEE 5.00 X 0 0 0 SUFIA JAMAL TRUSTEE 5.00 X 0 0 0 ROBERT T JONES TRUSTEE 5.00 X 0 0 0 RAYMOND J JOUMAS TREASURER 5.00 X X 0 0 0 JULIA KRAPF SECRETARY 5.00 X X 0 0 0 CHRISTOPHER R MCKEOWN TRUSTEE 5.00 X 0 0 0 J K NICHOLAS JR TRUSTEE 5.00 X 0 0 0 ANDREW ORY TRUSTEE 5.00 X 0 0 0 KEVIN R PARKE TRUSTEE 5.00 X 0 0 0 LAURA REYNOLDS TRUSTEE 5.00 X 0 0 0 ROBIN R SHAPIRO TRUSTEE 5.00 X 0 0 0 ANDREW SHILLING TRUSTEE 5.00 X 0 0 0 STEVEN L STONE VICE CHAIR 5.00 X X 0 0 0 PAUL F VAN HOUTEN TRUSTEE 5.00 X 0 0 0 MARY-WREN VANDERWILDEN BOARD CHAIR 5.00 X X 0 0 0 GERARD JG WARD EX OFFICIO HEADMASTER 40.00 X X 336843 0 125927 STEPHEN M WILKINS TRUSTEE 5.00 X 0 0 0 ADAM D WINSTANLEY TRUSTEE 5.00 X 0 0 0 DAVID PLATT ASST. HEADMASTER FOR FINANCE & OPS. 40.00 X 142128 0 28960 DEREK BOONISAR ASSISTANT HEADMASTER 40.00 X 145150 0 33482 STEPHEN FARLEY DIRECTOR OF ACADEMIC PROGRAMS 40.00 X 103255 0 29378 DAVID DIPERSIO DIRECTOR OF FACILITIES 40.00 X 101029 0 25438 PATRICIA LIBBY TEACHER 40.00 X 100247 0 28918 928652 0 272103 6 0 1 0 SODEXO INC PO BOX 360170 PITTSBURGH PA 152516170 FOOD SERVICES 442804 GO BOSTON SHUTTLE PO BOX 1197 CONCORD MA 01742 TRANSPORT 274160 MENARD AND SONS INC PO BOX 601 BURLINGTON MA 01803 LANDSCAPING 204558 IMAI KELLER MOORE ARCHITECTS 70 PHILLIPS STREET WATERTOWN MA 02472 ARCHITECT 196028 MCNULTY CONSTRUCTION 367 HAYWARD MILL ROAD CONCORD MA 01742 CONSTRUCTION 129483 8 35281 2293930 101088 2329211 SCHOOL TUITION 611600 11539159 11539159 SUMMER CAMP PROGRAM 611710 1348623 1348623 12887782 592770 592770 39298 0 39298 39298 39298 13288837 12846129 442708 442708 442708 32495 35281 38681 -6186 -6186 37039 32715 4324 4324 EXTENDED AFTER CARE 611710 27893 27893 TUITION REFUND INSURANCE 900099 26160 26160 54053 16343960 12913942 0 1100807 1497490 1497490 684335 542207 142128 6519045 4538745 1535832 444468 376671 256807 93732 26132 936265 609035 280602 46628 511091 374697 104346 32048 62306 62306 62555 62555 2388 2388 52475 52475 120004 78933 32542 8529 88041 88041 732915 459794 193591 79530 289373 162921 115841 10611 911965 849952 41038 20975 388349 369106 11652 7591 22536 8817 8486 5233 176512 162391 8826 5295 1283207 1197501 56717 28989 95264 95264 DINING/EVENTS/RECEPTION 502782 475170 9700 17912 PROFESSIONAL DEVELOPMEN 110396 101711 2517 6168 PARENTS' ASSOCIATION 95886 95886 STUDENTS ACTIVITIES 94790 94790 96849 53194 42446 1209 15713490 12112452 2857332 743706 2576965 2638955 75054 25079 2516816 2791451 91166 37998 400384 467561 42867098 12419790 23448615 30447308 20108866 23154769 6999765 57162 56217631 59620283 1942633 1518659 4469314 5137083 5321528 5246528 127792 72399 11861267 11974669 X 32244489 33778810 6156347 7191701 5955528 6675103 44356364 47645614 56217631 59620283 X 630470 2653387 5393 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 18433469 248675 3186023 760000 21108167 16696647 28901 2387921 680000 18433469 16953908 510640 -70901 697000 16696647 14539949 24525 3148903 759469 16953908 13234816 17655 1972478 685000 14539949 0.38790 0.29390 0.31820 0 0 2624281 2624281 35419098 8694632 26724466 4823719 3725158 1098561 30447308 INTEREST RATE SWAP AGREEMENT 72399 72399 X 17576646 2653387 -1492097 1161290 16415356 -71396 -71396 16343960 14287396 71396 71396 14216000 1497490 1497490 15713490 PART V, LINE 4: THE INTENDED USES OF THE SCHOOL'S ENDOWMENT FUNDS ARE FOR FACULTY SALARIES AND MERIT INCREASES, FACULTY ENRICHMENT, FACULTY/STAFF TRAVEL GRANTS, FINANCIAL AID, SCHOLARSHIPS, PHILANTHROPY FUND, FOUNDERS FUND FOR EDUCATION INNOVATION, MULVANY CENTER, SUPPORT FOR FACULTY/STAFF CHILDREN ATTENDING THE FENN SCHOOL. 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, 2014 AND 2013. 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 2011. PART XI, LINE 2D - OTHER ADJUSTMENTS: GAIN ON INTEREST RATE SWAP AGREEMENT 55,393. LOSS ON PLEDGE ACTIVITY -50,000. FINANCIAL AID NETTED AGAINST TUITION INCOME ON FINANCIAL STATEMENTS -1,497,490. PART XI, LINE 4B - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSE REPORTED ON FORM 990, PART VIII, LINE 8B -38,681. COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B -32,715. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENTS EXPENSE REPORTED ON FORM 990, PART VIII, LINE 8B 38,681. COST OF GOODS SOLD REPORTED ON FORM 990, PART VIII, LINE 10B 32,715. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST TUITION INCOME ON FINANCIAL STATEMENTS 1,497,490. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 ADVERTISEMENTS IN COMMUNITY NEWSPAPERS AND CATALOGUES SPRING SOCIAL 46900 14405 32495 14405 12668 SPORTS SALE 20876 20876 11608 67776 35281 32495 14405 24276 38681 -6186 1 TUITION REMISSION 9 285950 FAIR MARKET VALUE REDUCTION IN TUITION TUITION FINANCIAL AID 46 1096431 FAIR MARKET VALUE REDUCTION IN TUITION STUDENT FEES FINANCIAL AID 55 115109 FAIR MARKET VALUE REDUCTION IN FEES CHARGED PART I, LINE 2: GRANTS FOR FINANCIAL AID ARE NEED-BASED AND AWARDED BY THE FINANCIAL AID COMMITTEE AS DETERMINED BY FINANCIAL DISCLOSURE INFORMATION PROVIDED BY THE FAMILY OF THE RECIPIENT. X X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 GERARD JG WARD EX OFFICIO HEADMASTER 333490 0 0 0 3353 0 83226 0 42701 0 462770 0 0 0 DAVID PLATT ASST. HEADMASTER FOR FINANCE & OPS. 141921 0 0 0 207 0 8926 0 20034 0 171088 0 0 0 DEREK BOONISAR ASSISTANT HEADMASTER 144941 0 0 0 209 0 9016 0 24466 0 178632 0 0 0 PART I, LINE 1A THE SCHOOL PROVIDES TO THE HEADMASTER A RESIDENCE FOR PERSONAL USE. THE ESTIMATED VALUE OF THIS BENEFIT WAS $24,000 DURING THE YEAR WHICH IS INCLUDED IN THE ESTIMATE OF OTHER COMPENSATION REPORTED ON THE FORM 990, PART VII, COLUMN (F) AND NONTAXABLE BENEFITS REPORTED IN PART II, COLUMN (D) OF SCHEDULE J. IN ADDITION, THE SCHOOL ALSO PROVIDES A TAXABLE ALLOWANCE OF $3,000 FOR HEALTH CLUB DUES TO THE HEADMASTER. PART I, LINE 4B EFFECTIVE NOVEMBER 1, 2012, THE SCHOOL ENTERED INTO A NEW THREE-YEAR ROLLING EMPLOYMENT CONTRACT WITH THE HEADMASTER. UPON EXPIRATION OF THE INITIAL THREE-YEAR TERM, THE AGREEMENT WILL AUTOMATICALLY RENEW FROM YEAR TO YEAR, UNLESS OTHERWISE TERMINATED UNDER THE PROVISIONS OF THE CONTRACT. THIS AGREEMENT ALSO AUTHORIZES THE ESTABLISHMENT OF A NON-QUALIFIED 457(F) DEFERRED COMPENSATION PLAN (THE "PLAN") FOR THE BENEFIT OF THE EMPLOYEE. THE PLAN REQUIRES THAT THE SCHOOL CREDIT $64,927 A YEAR PLUS AN INCREASE DESIGNATED BY THE BOARD FOR THAT YEAR'S ANNUAL SALARY ADJUSTMENT, PLUS AN INVESTMENT RETURN TO THE EMPLOYEE'S ACCOUNT FOR EACH YEAR OF THE CONTRACT. CONTRIBUTIONS PLUS ACCRUED INTEREST ON THE PLAN TOTALING $244,006 IS INCLUDED IN ACCRUED EXPENSES AT JUNE 30, 2014. THE EMPLOYMENT AGREEMENT ALSO OUTLINES CERTAIN SALARY, FRINGE BENEFITS AND NOTICE REQUIREMENTS. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2012-12-21 9000000 REFINANCE OF PREVIOUS 08 BOND; CAMPUS IMPROVEMENT 0 0 0 A 75000 9000000 5321528 3678472 2013 0 0 0 0 A 0 0 0 0 0.00000 0.00000 0 0 1 A 0 0 0 0 1 1 BROWN BROTHER HARRIMAN & CO 10.000000000000 0 0 0 0 1 A 1 X 494 FAIR MARKET VALUE X 12 100594 FAIR MARKET VALUE 0 1 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF GIFTS RECEIVED. FORM 990, PART VI, SECTION A, LINE 8B EACH COMMITTEE COMTEMPORANEOUSLY DOCUMENTS THE MEETINGS HELD OR WRITTEN ACTIONS UNDERTAKEN DURING THE YEAR. HOWEVER, NONE OF THE COMMITTEES HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11 PRIOR TO ITS SUBMISSION TO THE IRS, THE FORM 990 IS REVIEWED BY A COMMITTEE WHICH CONSISTS OF MEMBERS OF THE AUDIT COMMITTEE, AS WELL AS THE CHAIR, VICE-CHAIR, AND TREASURER OF THE BOARD. IN ADDITION, A PUBLIC DISCLOSURE COPY OF THE FORM 990 IS PROVIDED TO THE FULL BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 12C ALL TRUSTEES SHALL COMPLETE A CONFLICT OF INTEREST FORM ANNUALLY. NO TRUSTEE, COMMITTEE MEMBER, OFFICER OR EMPLOYEE SHALL ENGAGE IN ANY ACTION OR ACTIVITY, ACTING ON BEHALF OF THE CORPORATION, WHICH ALSO RESULTS IN A GAIN OR ADVANTAGE TO THAT INDIVIDUAL OR TO A MEMBER OF HIS OR HER IMMEDIATE FAMILY OR A BUSINESS ORGANIZATION IN WHICH SUCH PERSON HAS A SIGNIFICANT INTEREST SUCH THAT SUCH INDIVIDUAL MAY BE DEEMED TO HAVE AN "INTEREST" IN THE TRANSACTION (HEREINAFTER, AN "INTERESTED PERSON"), WITHOUT COMPLIANCE WITH SUCH APPROPRIATE REQUIREMENTS WITH RESPECT TO DISCLOSURE AS THE BOARD OF TRUSTEES OF THE CORPORATION MAY ESTABLISH FROM TIME TO TIME. IN ADDITION, NO PERSON WHO MAY BE DEEMED INTERESTED IN ANY MATTER BASED ON HIS OR HER CAPACITY AS TRUSTEE, COMMITTEE MEMBER, OFFICER OR EMPLOYEE SHALL VOTE OR USE HIS OR HER PERSONAL INFLUENCE ON THE MATTER, AND HE OR SHE SHOULD NOT BE COUNTED IN DETERMINING THE QUORUM FOR THE APPLICABLE MEETING, EVEN WHERE PERMITTED BY LAW. THE MINUTES OF THE MEETING SHALL REFLECT THE ABSTENTION BY SUCH INTERESTED PERSON(S) FROM VOTING, THE QUORUM COUNT, AND THAT A DISCLOSURE OF SUCH POTENTIAL CONFLICT OF INTEREST WAS MADE AT THE MEETING OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 15A THE HEADMASTER'S THREE YEAR CONTRACT IS REVIEWED BY THE OFFICERS OF THE BOARD - CHAIR, VICE CHAIR, SECRETARY AND TREASURER. THIS GROUP ALSO REVIEWS COMPENSATION ANNUALLY. ON A REGULAR BASIS (LAST TIME, IN MARCH 2013) WE BENCHMARK THE HEADMASTER'S COMPENSATION (CASH AND BENEFITS) AGAINST OTHER EQUIVALENT HEADMASTERS. FOR THIS REVIEW WE USE AN OUTSIDE CONSULTANT. 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). IN ADDITION, THE FORM 990 IS AVAILABLE VIA GUIDESTAR AND THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE. FORM 990, PART XI, LINE 9: LOSS ON PLEDGE ACTIVITY -50,000. UNREALIZED GAIN ON INTEREST RATE SWAP AGREEMENT 55,393.