2015-03-05T10:35:34-06:00 2014-06-30 208014049 STONE & COMPANY LLC 57 BEDFORD ST STE 225 LEXINGTON MA 024204443 990 2013-07-01 042103573 THE FAY SCHOOL INC FAYS 5084850100 48 MAIN STREET SOUTHBOROUGH MA 017721595 ALAN A CLARANCE DIRECTOR OF FINANCE AND OPERATIONS 5084908211 2015-02-27 1 MATTHEW P STONE CPA P00034719 7818636300 2015-02-27 2013 2016-04-25 22:37:26Z ALAN A CLARANCE 48 MAIN STREET SOUTHBOROUGH MA 017721595 35470525 0 X WWW.FAYSCHOOL.ORG X 1866 MA TO EDUCATE EACH CHILD TO HIS OR HER FULL POTENTIAL THROUGH A BROAD, BALANCED, AND CHALLENGING PROGRAM THAT ESTABLISHES A SOLID FOUNDATION FOR A PRODUCTIVE AND FULFILLING LIFE. 31 31 291 100 0 0 2208458 2360865 18591544 19183644 2391192 2334864 0 0 23191194 23879373 1777091 1805517 0 0 12351829 12391960 0 0 755788 9860043 10556216 23988963 24753693 -797769 -874320 111153504 115613611 61702424 62354446 49451080 53259165 X TO EDUCATE EACH CHILD TO HIS OR HER FULL POTENTIAL THROUGH A BROAD, BALANCED, AND CHALLENGING PROGRAM THAT ESTABLISHES A SOLID FOUNDATION FOR A PRODUCTIVE AND FULFILLING LIFE. 0 0 18247817 1790152 17771037 INSTRUCTION AND EDUCATION: FORMAL EDUCATION OF 479 STUDENTS GRADES PREK-9 IN CO-ED DAY & BOARDING SETTING.AS A DAY AND BOARDING SCHOOL FOR STUDENTS IN PRE-KINDERGARTEN THROUGH GRADE NINE, FAY SCHOOL IS A COMMUNITY BUILT ON FIVE CORE VALUES: ACADEMIC EXCELLENCE; HONORABLE CONDUCT; DEDICATED SERVICE; EARNEST EFFORT; AND WELLNESS OF MIND, BODY, AND SPIRIT. WHILE THE SCHOOL HAS GROWN AND EVOLVED SINCE ITS FOUNDING IN 1866, OUR CENTRAL PURPOSE HAS REMAINED CONSTANT. FAY PROVIDES A BROAD AND CHALLENGING PROGRAM THAT EMPOWERS STUDENTS TO DISCOVER THEIR TALENTS, DEVELOP THEIR INTELLECTUAL ABILITIES, ESTABLISH ESSENTIAL ACADEMIC SKILLS AND KNOWLEDGE, AND DEFINE THEIR MORAL CHARACTER. EARNEST EFFORT HAS BEEN (SEE SCH. O) EMPHASIZED THROUGHOUT THE SCHOOL'S HISTORY, AS ENSHRINED IN OUR MOTTO, POTERIS MODO VELIS ("YOU CAN IF YOU WILL"). FAY IS DEDICATED TO EDUCATING CHILDREN TO THEIR FULL POTENTIAL IN THE EARLY CHILDHOOD, ELEMENTARY, AND MIDDLE SCHOOL YEARS BY HELPING THEM RECOGNIZE AND DEVELOP THEIR INTELLECTUAL, AESTHETIC, PHYSICAL, SOCIAL, AND EMOTIONAL CAPABILITIES. WE TEACH OUR STUDENTS ESSENTIAL, ENDURING SKILLS: TO READ WELL, TO WRITE AND SPEAK CLEARLY AND COHERENTLY, TO REASON SOUNDLY, TO QUESTION THOUGHTFULLY, AND TO STUDY EFFECTIVELY. THESE SKILLS SUPPORT THEIR ABILITY TO LEAD, TO COLLABORATE, TO CREATE, AND TO SOLVE PROBLEMS.LOVE OF LEARNING BRINGS US TOGETHER, AND WE ENCOURAGE OUR STUDENTS TO BE CURIOUS, CREATIVE, AND OPEN TO NEW IDEAS. FAY'S SAFE AND SUPPORTIVE ENVIRONMENT ALLOWS STUDENTS TO TAKE RISKS AND ENCOURAGES THEM TO LEARN FROM MISTAKES, WITHIN THE CONTEXT OF HIGH EXPECTATIONS REGARDING ACADEMIC PERFORMANCE AND ETHICAL CONDUCT. OUR TEACHERS KNOW THEIR STUDENTS AS INDIVIDUALS AND HELP THEM COME TO KNOW THEMSELVES. AS FAY STUDENTS GROW, THEY DEVELOP AN UNDERSTANDING AND ACCEPTANCE OF THEIR OWN CHALLENGES AND STRENGTHS AS LEARNERS.HONESTY, RESPECT, RESPONSIBILITY, EMPATHY, AND KINDNESS INFORM OUR CONDUCT. THE DEVELOPMENT OF MANNERS, CIVILITY, AND INTEGRITY ARE HALLMARKS OF OUR SCHOOL. AT EVERY GRADE LEVEL, WE EMPHASIZE AN OBLIGATION TO HELP ENSURE THE WELL-BEING OF OTHERS. AS A HOME FOR BOARDING STUDENTS FROM MANY CULTURES AND BACKGROUNDS THROUGHOUT THE UNITED STATES AND AROUND THE WORLD, FAY IS AN INCLUSIVE COMMUNITY THAT RECOGNIZES, RESPECTS, AND CELEBRATES THE FULL RANGE OF HUMAN DIVERSITY.IN ALL OF THESE WAYS, FAY PREPARES OUR STUDENTS TO LEAD PRODUCTIVE AND FULFILLING LIVES THAT MAKE A POSITIVE DIFFERENCE IN THE WORLD. 959887 15365 952800 SUMMER PROGRAMS INCLUDE SUMMER DAY CAMP AND AN INTERNATIONAL STUDENT BOARDING PROGRAM. SUMMER CAMP IS A DYNAMIC, HANDS-ON PROGRAM FOR CHILDREN ENTERING PRE-KINDERGARTEN THROUGH GRADE NINE. OUR PROGRAM PROVIDES CAMPERS AND STUDENTS WITH AN ENGAGING AND NUTURING ATMOSPHERE THAT ENCOURAGES EXPLORATION, CREATIVITY, AND LASTING CONNECTIONS AMONG CHILDREN AND ADULTS.THE INTERNATIONAL STUDENT BOARDING PROGRAM MAKES IT POSSIBLE FOR INTERNATIONAL STUDENTS AGED 10-15 TO PARTICIPATE IN THE FAY EXPERIENCE REGARDLESS OF THEIR LEVEL OF ENGLISH PROFICENCY. IT PROVIDES A MEANINGFUL INTRODUCTION TO FAY FOR STUDENTS ENROLLING FULL TIME IN THE UPCOMING ACADEMIC YEAR AS WELL AS A STAND-ALONE PROGRAM FOR INTERNATIONAL STUDENTS WHO WISH TO FOCUS ON DEVELOPING THEIR ENGLISH SKILLS DURING THE SUMMER MONTHS, WITH THE APPROPRIATE LEVEL OF CHALLENGE AND SUPPORT. 1482951 459807 AUXILIARY PROGRAMS: THESE INCLUDE AFTER SCHOOL AND SUMMER PROGRAMS.AFTER SCHOOL PROGRAMS INCLUDE EXTENDED DAY ENRICHMENT PROGRAMS AND CLUB PROGRAMS RANGING FROM BOOK CLUB TO HORSEBACK RIDING. 20690655 1 1 0 1 0 0 0 0 0 1 1 0 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 1 144 0 1 291 1 0 0 0 0 0 0 0 0 0 0 X 31 31 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X X THE FAY SCHOOL BUSINESS OFFICE 5084850100 48 MAIN STREET SOUTHBOROUGH MA 017721595 ROBERT J GUSTAVSON JR HEAD OF SCHOOL/EX-OFFICIO 37.50 X X 283751 0 156885 THOMAS MCKEAN ESQ PRESIDENT 2.00 X X 0 0 0 PAULA BENTINCK-SMITH VICE PRESIDENT 2.00 X X 0 0 0 CHARLES PIEPER JR TREASURER 2.00 X X 0 0 0 ELIZABETH T KELLOGG SECRETARY 2.00 X X 0 0 0 HERBERT L CAMP TRUSTEE 2.00 X 0 0 0 TUSHARA CANEKERATNE TRUSTEE 2.00 X 0 0 0 CYNTHIA CONIGLIARO TRUSTEE 2.00 X 0 0 0 JAMES F CURTIS III TRUSTEE 2.00 X 0 0 0 MICHAEL J EGAN TRUSTEE 2.00 X 0 0 0 MAUREEN FINLAYSON TRUSTEE 2.00 X 0 0 0 JO GREYSTONE TRUSTEE 2.00 X 0 0 0 NOREEN R HARRINGTON TRUSTEE 2.00 X 0 0 0 DAVID W HARRIS TRUSTEE 2.00 X 0 0 0 JOHN P LARI TRUSTEE 2.00 X 0 0 0 BRIAN LIGHT TRUSTEE 2.00 X 0 0 0 DOUGLASS N LOUD TRUSTEE 2.00 X 0 0 0 SARAH A MARS TRUSTEE 2.00 X 0 0 0 WILLIAM PICARDI TRUSTEE 2.00 X 0 0 0 ANDREW PILARO TRUSTEE 2.00 X 0 0 0 VICTORIA S ROBINSON TRUSTEE 2.00 X 0 0 0 ANN-ELIZABETH RUEPPEL TRUSTEE 2.00 X 0 0 0 ROBERT SCUMACI TRUSTEE 2.00 X 0 0 0 JAMES P SHAY TRUSTEE 2.00 X 0 0 0 HARVEY I STEINBERG TRUSTEE 2.00 X 0 0 0 RAE-EUN SUNG TRUSTEE 2.00 X 0 0 0 ALBERT K TING TRUSTEE 2.00 X 0 0 0 STEVEN B TOBOLSKY TRUSTEE 2.00 X 0 0 0 ALAN CLARANCE DIRECTOR OF FINANCE AND OP 37.50 X 150233 0 34113 DAVID LIEBMANN ASST. HEAD OF SCHOOL 37.50 X 159996 0 42734 ANNE MARIE BISHOP HEAD OF PRIMARY SCHOOL 37.50 X 101933 0 30708 ROBERT CRAWFORD DIR. OF MARKETING 37.50 X 133581 0 62032 MARIE BEAM FORMER DIRECTOR OF ADVANCEMENT 37.50 X 153883 0 0 983377 0 326472 6 1 1 0 SAGE DINING SERVICES INC 1402 YORK ROAD SUITE 100 LUTHERVILLE MD 21093 DINING SERVICES 1147957 PBSC PROSPECT BUILDING SERVICES CORP360 MALDEN MA 02148 JANITORIAL SERVICES 188869 SIEMENS INDUSTRY INC C/O CITIBANK BLDG TECHPO BOX 2134 CAROL STREAM IL 601322134 SECURITY CONSULTING & INSTALLATION 146696 GO BOSTON SHUTTLE PO BOX 1197 CONCORD MA 01742 BUS TRANSPORATION 144870 E&R LAUNDRY & DRY CLEANERS INC 565 GOLD ST MANCHESTER NH 03101 LAUNDRY SERVICES 129219 5 2360865 102268 2360865 AUXILIARY SERVICES 611710 18540392 18540392 TUITION AND FEES 611710 459807 459807 OTHER REVENUES 611710 183445 183445 19183644 1422425 1422425 12503591 11591152 912439 912439 912439 23879373 19183644 0 2334864 1805517 1805517 642617 160654 481963 8580495 7411116 689269 480110 680511 553400 93102 34009 1800069 1353403 413933 32733 688268 575611 71289 41368 159184 159184 462876 119315 321487 22074 145609 14605 131004 382284 340430 2598 39256 83602 7148 76454 1780350 1691332 89018 3113031 2957379 155652 153465 7800 145665 CONTRACT SERVICES 1495668 1487728 5932 2008 MISCELLANEOUS 611594 435207 123075 53312 UTILITIES 605221 605221 SUPPLIES 249056 229807 14682 4567 1314276 934982 332943 46351 24753693 20690655 3307250 755788 4164048 6742118 1649888 1507443 1723921 1612017 91302 111840 327027 370575 87346241 28533204 60962019 58813037 41308676 45347000 926623 1109581 111153504 115613611 2630540 2892841 11167873 12876888 41390000 40677000 6514011 5907717 61702424 62354446 X 27982625 28684091 4174563 6226297 17293892 18348777 49451080 53259165 111153504 115613611 X -874320 4854521 -147 -171969 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 PART II-B, LINE 1: THE FAY SCHOOL BELONGS TO MEMBER ORGANIZATIONS, WHICH MAY ENGAGE IN LOBBYING ACTIVITIES. SOME PORTION OF MEMBERSHIP DUES MAY BE UTILIZED FOR LOBBYING ACTIVITIES. 41308676 47228 7178887 1108335 2083793 45342663 33549162 2668748 4905389 386382 2792171 41308676 37913946 602857 -700568 285463 3981610 33549162 32794703 1182249 7973644 950840 3085810 37913946 29518342 1603286 4897098 698952 2525071 32794703 0.51000 0.40000 0.09000 0 0 6737582 6737582 62212290 22021406 40190884 7352835 2602697 4750138 11043534 3909101 7134433 58813037 DUE TO PARENTS ASSOCIATION 11264 INTEREST RATE SWAP LIABILITY 5896453 5907717 X 26756261 4854374 -171969 4682405 22073856 1805517 1805517 23879373 22948176 0 22948176 1805517 1805517 24753693 PART V, LINE 4: THE ENDOWMENT SUPPORTS THE EDUCATIONAL MISSION OF THE SCHOOL BY PROVIDING SUPPORT FOR FINANCIAL AID FOR STUDENTS, FACULTY COMPENSATION AND CONTINUING EDUCATION, SCHOOL PROGRAMS AND FACILITIES AS WELL AS GENERAL SUPPORT FOR SCHOOL OPERATIONS. PART X, LINE 2: PART X, LINE 2: THE SCHOOL ACCOUNTS FOR THE EFFECT OF ANY UNCERTAIN TAX POSITIONS BASED ON A "MORE LIKELY THAN NOT" THRESHOLD TO THE RECOGNITION OF THE TAX POSITIONS BEING SUSTAINED BASED ON THE TECHNICAL MERITS OF THE POSITION UNDER SCRUTINY BY THE APPLICABLE TAXING AUTHORITY. IF A TAX POSITION OR POSITIONS ARE DEEMED TO RESULT IN UNCERTAINTIES OF THOSE POSITIONS, THE UNRECOGNIZED TAX BENEFIT IS ESTIMATED BASED ON A "CUMULATIVE PROBABILITY ASSESSMENT" THAT AGGREGATES THE ESTIMATED TAX LIABILITY FOR ALL UNCERTAIN TAX POSITIONS. THE SCHOOL HAS IDENTIFIED ITS TAX STATUS AS A TAX EXEMPT ENTITY AS A TAX POSITION; HOWEVER, THE SCHOOL HAS DETERMINED THAT SUCH TAX POSITION DOES NOT RESULT IN AN UNCERTAINTY REQUIRING RECOGNITION. THE SCHOOL IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION. THE SCHOOL'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 VALUE OF SPLIT-INTEREST AGREEMENT 15,060. MARKET ADJUSTMENT ON INTEREST RATE SWAP AGREEMENT -187,029. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AWARDS 1,805,517. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AWARDS 1,805,517. 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 FAY SCHOOL IS INCLUDED IN THE GROUP LISTING OF INDEPENDENT SCHOOLS, WHOSE RACIALLY NONDISCRIMINATORY POLICY IS DISCLOSED IN THE BOSTON GLOBE EACH FALL. 1 FINANCIAL AID AND SCHOLARSHIPS BASED ON THE FAMILIES' NEEDS 83 1805517 FMV OF PUBLISHED TUITION RATES TUITION ASSISTANCE PART I, LINE 2: THE FAY SCHOOL OFFERS FINANCIAL AID OR SCHOLARSHIP ASSISTANCE TO FAMILIES WITH A DEMONSTRATED FINANCIAL NEED. TO APPLY, PARENTS MUST COMPLETE THE PARENTS' FINANCIAL STATEMENTS (PFS) AND SUBMIT THAT TO THE SCHOOL AND STUDENT SERVICE FOR FINANCIAL AID IN PRINCETON, N.J. X X X X X 1 1 X X X X 0 1 0 0 0 0 0 0 0 ROBERT J GUSTAVSON JR HEAD OF SCHOOL/EX-OFFICIO 283751 0 0 0 0 0 56200 0 100685 0 440636 0 0 0 ALAN CLARANCE DIRECTOR OF FINANCE AND OP 150233 0 0 0 0 0 16500 0 17613 0 184346 0 0 0 DAVID LIEBMANN ASST. HEAD OF SCHOOL 159996 0 0 0 0 0 17200 0 25534 0 202730 0 0 0 ROBERT CRAWFORD DIR. OF MARKETING 133581 0 0 0 0 0 14184 0 47848 0 195613 0 0 0 MARIE BEAM FORMER DIRECTOR OF ADVANCEMENT 153883 0 0 0 0 0 0 0 0 0 153883 0 0 0 PART I, LINE 1A ON OCCASION DURING THE YEAR ENDED JUNE 30, 2014, THE SPOUSE OF THE HEAD OF SCHOOL TRAVELLED TO EVENTS REPRESENTING THE SCHOOL. THE HEAD OF SCHOOL HAS A DISCRETIONARY SPENDING ALLOWANCE TO BE USED FOR SCHOOL EXPENSES NOT INDENTIFIED IN THE BUDGET PROCESS. AS A CONDITION OF EMPLOYMENT AND IN ORDER TO PERFORM HIS DUTIES THE HEAD OF SCHOOL IS REQUIRED TO LIVE ON CAMPUS IN A SCHOOL OWNED PROPERTY. THIS BUILDING IS CLEANED AND MAINTAINED BY SCHOOL PERSONNEL AND OUTSIDE CONTRACTORS. INCLUDED IN ROBERT GUSTAVSON'S COLUMN D IS AN AMOUNT FOR 5% OF THE VALUE OF THE PROPERTY INCLUDING UTILITIES TOTALING $49,250. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 57583RTZ8 2008-03-27 43000000 CONSTRUCTION AND EQUIPPING OF EXPANDED FACILITIES AT THE SCHOOL. 0 0 0 A 43000000 732046 40060981 2206973 2010 0 0 1 1 A 0 0 0 0 0 0 0 A 0 0 0 0 1 1 MORGAN STANLEY 30.000000000000 0 0 0 0 0 A 0 X 13 94502 FMV ON DATE OF GIFT X TECHNOLOGY & 1 4099 PURCHASE PRICE X 2 BENCHES, 1 1 3667 PURCHASE PRICE 0 1 1 PART I, LINE 32B: THE SCHOOL USES AN INVESTMENT COMPANY, SANDERS MORRIS HARRIS, TO PROCESS AND SELL STOCK GIFTS. FORM 990, PART VI, SECTION B, LINE 11 THE FULL BOARD OF TRUSTEES REVIEWS THE ENTIRE FORM 990 WITH THE EXCEPTION OF SCHEDULE B WHICH IS NOT REVIEWED BY THE BOARD DUE TO ITS SENSITIVE NATURE. SCHEDULE B OF FORM 990 IS REVIEWED BY THE HEAD OF SCHOOL AND THE DIRECTOR OF FINANCE AND OPERATIONS. FORM 990, PART VI, SECTION B, LINE 12C AT THE FIRST BOARD MEETING EACH YEAR (OCT/NOV) EACH TRUSTEE COMPLETES A CONFLICT OF INTEREST STATEMENT THAT IS HELD IN THE HEAD OF THE SCHOOL'S OFFICE FOR THE YEAR. THE POLICY GETS REVIEWED PRIOR TO AUDIT AND UPDATED ANNUALLY. FAY SCHOOL CURRENTLY FOLLOWS NAIS GUIDELINES FOR ITS WHISTLE BLOWER AND DOCUMENT RETENTION AND DESTRUCTION POLICIES. THE SCHOOL HAS FORMALIZED ITS OWN POLICIES AND IS INCLUDING THEM IN THEIR BY-LAWS. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES DETERMINES THE COMPENSATION FOR THE HEAD OF SCHOOL, ASSISTANT HEAD OF SCHOOL AND THE DIRECTOR OF FINANCE AND OPERATIONS.THE HEAD OF SCHOOL AND THE ASSISTANT HEAD OF SCHOOL HAVE WRITTEN CONTRACTS. THE INFORMATION INCLUDED FOR THIS COMPENSATION REVIEW INCLUDES A REBUTTABLE PRESUMPTION CHECKLIST AMONG OTHER PROCEDURES. ALL OTHER PERSONNEL SALARIES ARE DETERMINED BY THE HEAD OF SCHOOL WITH INPUT FROM THE DIRECTOR OF FINANCE AND OPERATIONS. FORM 990, PART VI, SECTION C, LINE 18 THE ORGANIZATION'S TAX FILINGS ARE AVAILABLE ONLINE FOR VIEWING AT WWW.GUIDESTAR.ORG, A WEBSITE USED TO RATE NON-PROFITS FOR POTENTIAL DONORS. THE TAX FILINGS ARE ALSO AVAILABLE AT THE MASSACHUSETTS ATTORNEY GENERAL'S DIVISION FOR PUBLIC CHARITIES WEBSITE AND AT THE SCHOOL. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S FINANCIAL STATEMENTS ARE AVAILABLE ONLINE FOR VIEWING AT WWW.GUIDESTAR.ORG, A WEBSITE USED TO RATE NON-PROFITS FOR POTENTIAL DONORS. THE TAX FILINGS ARE ALSO AVAILABLE AT THE MASSACHUSETTS ATTORNEY GENERAL'S DIVISION FOR PUBLIC CHARITIES WEBSITE AND AT THE SCHOOL. FORM 990, PART XI, LINE 9: CHANGE IN VALUES OF SPLIT-INTEREST AGREEMENTS 15,060. MARKET ADJUSTMENT ON INTEREST RATE SWAP AGREEMENT -187,029.