2014-02-13T10:12:01-07:00 2013-06-30 990 2012-07-01 042104265 GROTON SCHOOL GROT 9784483363 PO Box 991 Groton MA 01450 J Hale Smith 9784487566 2014-02-13 2012 2015-11-30 17:44:51Z J Hale Smith 1632 Canton Avenue Milton MA 02186 60010624 0 X www.groton.org X 1884 MA Groton School provides college and university preparatory education for students in grades eight to twelve. 27 26 220 681 70307 0 7982516 20229460 18416804 19118886 15477582 15716096 311082 357815 42187984 55422257 5140650 5640955 0 0 15316855 16221838 0 0 2086547 16414752 16114295 36872257 37977088 5315727 17445169 411490784 440108102 78082487 71005228 333408297 369102874 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 30611512 5640955 19120004 Education of students in grades eight through twelve in a non-profit, co-educational college preparatory boarding school. The School provides aid assistance for 37% of its students in the form of tuition grants, housing support, travel assistance, and subsidies for books, supplies, and laptop purchases (373 students). 0 0 0 30611512 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 1 207 0 1 220 1 1 1 1 CJ EI UK 0 0 0 0 0 0 0 0 0 0 X 27 26 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X X J Hale Smith 9784487566 PO Box 991 Groton MA 014500991 David Altshuler 4 0 X 0 0 0 Charles A Anton 4 0 X 0 0 0 Auguste J Bannard 4 0 X 0 0 0 Amelia Manice Berkowitz 4 0 X 0 0 0 James A Bundy 4 0 X 0 0 0 Diana V Chigas 4 0 X 0 0 0 Franz F Colloredo Mansfeld 4 0 X 0 0 0 Henry P Davis 4 0 X 0 0 0 Peter C Erichsen 4 0 X 0 0 0 Grant A Gund 4 0 X 0 0 0 Stephen G Hill 4 0 X 0 0 0 Kenneth C Irving 4 0 X 0 0 0 John R S Jacobsson 4 0 X 0 0 0 Thomas Kalaris 4 0 X 0 0 0 Jonathan D Klein 4 0 X 0 0 0 Alexander Robert Krapf 4 0 X 0 0 0 Vikram Malhotra 4 0 X 0 0 0 Andrew S Paul 4 0 X 0 0 0 Benjamin N Pyne 4 0 X 0 0 0 James H R Windels 4 0 X 0 0 0 Ann Bakewell Woodward 4 0 X 0 0 0 Richard G Woolworth Jr 4 0 X 0 0 0 James H Higgins III 12 0 X X 0 0 0 Jennifer Ayer Sandell 4 0 X X 0 0 0 D D Willard Gardiner Jr 4 0 X X 0 0 0 Dr Lori D Hill 4 0 X X 0 0 0 Richard B Commons 60 0 X X 459438 0 117260 J Hale Smith 60 0 X 223089 0 56907 John MacEachern 50 0 X 199906 0 132132 Ian Gracey 50 0 X 120915 0 133996 John Amirault 45 0 X 112682 0 30327 Craig Gemmell 45 0 X 109023 0 67240 Katherine Bradley 50 0 X 105962 0 66967 1331015 0 604829 8 0 1 0 Mahan Slate Roofing Company 32 Verge Springfield MA 01129 Construction 2001055 Chartwells 2400 Yorkmont Road Charlotte NC 28217 Food Service 1254378 Shepley Bulfinch Richardson & Abbott 2 Seaport Lane Boston MA 02210 Architect 1169433 Shepherd PMC LLC 358 Revere Street Winthrop MA 02152 Construction 398345 CSL Consulting LLC 24 New England Executive Park Suite 330 Burlington MA 01803 Construction Consultant 326239 19 0 0 0 0 0 20229460 1373629 20229460 Tuition 611600 18579572 18579572 0 0 Technology support fee 611710 223800 223800 0 0 Heath center fee 611710 123730 123730 0 0 Application fees 611710 74950 74950 0 0 Student billing finance charges 611710 19917 19917 0 0 96917 96917 0 0 19118886 4284248 0 59790 4224458 0 0 0 0 0 0 0 0 358745 0 23598 0 335147 0 335147 0 10517 324630 15927319 1732 4496589 614 11430730 1118 11431848 1118 0 11430730 0 90234 67566 22668 0 0 22668 0 55422257 19120004 70307 16002486 107245 107245 5533710 5533710 0 0 0 0 856694 0 856694 0 0 0 0 0 10292961 7640927 1643298 1008736 1795588 1224311 408265 163012 2575055 1731355 600636 243064 701540 463331 169570 68639 0 0 0 0 91855 5382 50045 36428 106417 10023 96394 0 0 0 0 0 0 0 1265285 1265285 0 0 898109 620746 232840 44523 360185 89327 150995 119863 202711 64893 83322 54496 406352 108186 278587 19579 0 0 0 0 2597994 2571482 22611 3901 309452 86559 141094 81799 0 0 0 0 33303 12702 14922 5679 2028901 2028901 0 0 0 0 0 0 5726543 5588392 133069 5082 238896 84619 136127 18150 Food 814946 690282 32860 91804 General merchandise & equipment 304342 291348 4812 8182 Special events 329254 220108 43378 65768 Other regulatory 156696 68719 54504 33473 243054 103679 125006 14369 37977088 30611512 5279029 2086547 20914 16887 992650 487454 9583914 12433296 417743 279598 0 0 0 0 129373 90304 221307 208563 1069901 927353 170336995 77109160 92780200 93227835 165449904 189772112 133590889 135430711 15797 15797 7218013 7218013 179 179 411490784 440108102 11927029 8937138 0 0 1657905 2139318 49415000 48640000 0 0 0 0 0 0 0 0 15082553 11288772 78082487 71005228 X 195426501 212457655 71711399 88279253 66270397 68365966 333408297 369102874 411490784 440108102 X 17445169 12334681 0 0 0 5914727 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 SchC_P2B_S00_L01 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 its members. The portion of dues and fees allocated to lobbying activities is not determinable. 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 291284441 2674640 -40111672 2106706 9256689 0 242484014 0.57 0.2 0.23 0 0 0 3862194 3862194 0 148074629 63789734 84284895 0 0 0 0 0 10894126 8017368 2876758 0 7506046 5302058 2203988 93227835 0 F 0 F Hedge Funds 79813047 F US Bond Funds 15269656 F Venture Capital Funds 16627191 F Real Asset Funds 15407472 F Private Equity Funds 8313345 F 135430711 0 Interest Rate Swap Agreements 8977198 Charitable Remainder Unitrusts 1795164 Charitable Gift Annuity 516410 11288772 X 66938158 12334681 0 0 715083 13049764 53888394 1625027 -91164 1533863 55422257 31243581 0 0 0 91164 91164 31152417 1625027 5199644 6824671 37977088 SchD_P05_S00_L04 Schedule D, Part V, Line 4 To support the educational mission of the School. SchD_P10_S00_L02 Schedule D, Part X, Line 2 The School follows 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 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, 2013 and 2012. The School is no longer subject to income tax examinations by the U.S. federal, state or local tax authorities for fiscal years before 2010. The School will account for interest and penalties related to uncertain tax positions, if any, as part of tax expense. SchD_P11_S00_L02d Schedule D, Part XI, Line 2d Defined benefit plan $1,886,047, change in value split interest agreements $131,500, financial aid ($5,199,644), unrealized gain from interest rate swap agreements $4,590,689, and recovery provision for uncollectible pledges ($693,509). SchD_P11_S00_L04b Schedule D, Part XI, Line 4b Rental expenses of ($23,598) are associated with unrelated business income and cost of goods sold($67,566) at the School store. SchD_P12_S00_L02d Schedule D, Part XII, Line 2d Rental expenses of $23,598 associated with unrelated business income and cost of goods sold $67,566 at the School store. SchD_P12_S00_L04b Schedule D, Part XII, Line 4b Financial aid of $5,199,644. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SchE_P01_S00_L03 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. East Asia and the Pacific 0 0 Program Services The School sponsored a global education trip to China from June 12, 2012 to July 8, 2012 involving four students. 3390 East Asia and the Pacific 0 0 Fundraising Reception held on November 18, 2012. 40 people were in attendance. 4171 East Asia and the Pacific 0 0 Fundraising Reception held on November 16, 2012 in Hong Kong. 27 people were in attendance. 5278 East Asia and the Pacific 0 0 Program Services Meetings with potential students during receptions held on November 12 through November 18, 2012 in Beijing, Shanghai, Hong Kong, and Seoul. 6716 South Asia 0 0 Program Services The School sponsored a global education trip to India from March 3, 2013 to March 19, 2013 involving three students. 7568 Sub-Saharan Africa 0 0 Program Services The School sponsored a global education trip to Uganda from June 12, 2012 to July 9, 2012 involving ten students. 13300 Europe (including Iceland and Greenland) 0 0 Program Services The School sponsored a global education trip that traveled to various World War II battle sites in Europe. The trip went from June 7, 2013 to June 20, 2013 and it involved eight students. 15122 Europe (including Iceland and Greenland) Fundraising Reception held on September 27, 2012 in London. 28 people were in attendance. 17714 Europe (including Iceland and Greenland) 0 0 Fundraising Reception held on April 25, 2013 in London. 19 people were in attendance. 22885 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. 23205 Sub-Saharan Africa 0 0 Program Services The School sponsored a global education trip to Tanzania from June 29, 2012 to July 19, 2012 involving 16 students. 32508 Europe (including Iceland and Greenland) 0 0 Program Services The School sponsored a choir trip to the UK from March 3, 2013 to March 14, 2013 involving 49 students. 67329 Central America and the Caribbean 0 0 Investments 46892228 Europe (including Iceland and Greenland) 0 0 Investments 106400130 0 0 153511544 1 0 0 0 1 0 1 Town of Groton 173 Main Street Groton MA 01450 046001164 Government Entity 100000 The contribution was made to help the Town of Groton subsidize their annual operating costs. 1 0 Tuition Grant 137 0 5199644 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 96 165138 0 Travel credits that are applied to annual billing Incidental Grant 51 99697 0 Credits are applied to monthly bill Other Grant 43 54489 Payments made to purchase laptops for qualified students Parent Travel Grant 17 14742 Payments made to travel agents for air travel & lodging SchI_P01_S00_L02 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 357503 0 0 0 101935 0 47862 0 69398 0 576698 0 80698 0 J Hale Smith 212514 0 0 0 10576 0 41166 0 15740 0 279996 0 0 0 John MacEachern 199906 0 0 0 0 0 39384 0 92748 0 332038 0 0 0 Ian Gracey 120915 0 0 0 0 0 19068 0 114928 0 254911 0 0 0 Craig Gemmell 109023 0 0 0 0 0 17862 0 49378 0 176263 0 0 0 Katherine Bradley 97395 0 0 0 8567 0 17569 0 49398 0 172929 0 0 0 SchJ_P01_S00_L01a 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 of a golf club and residential cleaning. 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 participating in School related fundraising events. SchJ_P01_S00_L04 Schedule J, Part I, Line 4 The Headmaster's contract, which is approved by the board President and the Compensation Committee, includes periodic contributions to a non-qualified 457(f) plan. $32,811.60 was disbursed from the plan to satisfy the tax obligations on an $80,698 vested benefit. A Massachusetts Development Finance Agency 043431814 57583RMR3 2007-05-24 10000000 Building and Structure Renovations 0 0 0 B Massachusetts Development Finance Agency 043431814 57583F4W8 2004-07-01 22915000 Advanced refunding of 1998 fixed debt issue 0 0 0 A 0 0 10000000 9850000 0 0 130000 20000 0 9800000 50000 0 2009 0 0 1 1 B 0 0 22915000 0 187775 22333525 357824 0 0 0 35876 0 2004 0 1 1 1 A 0 0 0 0 0 0 0 0 0 1 B 0 0 0 0 0 0 0 0 0 1 A 0 0 1 0 1 1 The Bank of New York 40 0 0 0 0 0 B 0 0 0 0 1 1 Morgan Stanley Capital Services 30 1 0 0 0 0 A 0 B 1 Lindsay Commons Headmaster's Wife 28000 Salary for co-hosting events 0 X 125 1373629 FMV 0 0 1 0 SchM_P01_S00_L09 Schedule M, Part I, Line 9 The number of contributions represent the number of security gifts that were received during the fiscal year. F990_P06_S0B_L11b 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 prior to the January 2014 Audit Committee and Board meetings. The Committee performed a thorough review of the draft and had the opportunity to ask questions and suggest possible revisions. The draft was also posted to a secure electronic portal accessible by the full Board, and each Trustee was given the opportunity to ask questions and suggest possible revisions. Upon completion of the review, and with the recommendation of the Audit Committee, the Board voted to accept the draft Form 990. F990_P06_S0B_L12c 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. F990_P06_S0B_L15 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 administrator's 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 budget limits set by the Board of Trustees. F990_P06_S0C_L19 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. F990_P11_S00_L09 Form 990, Part XI, Line 9 Interest rate swap agreements $4,590,689, split interest agreements $131,500, change in accrued pension liability $1,886,047, and recovery provision for uncollectible pledges ($693,509). Charitable Remainder Trust (5) PO Box 991 Groton MA 01450 Charitable Trust MA Groton School T 0 Pooled Income Fund PO Box 991 Groton MA 01450 Pooled Income Fund MA Groton School T 0 Growth Pooled Income Fund PO Box 991 Groton MA 01450 Pooled Income Fund MA Groton School T 0 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, 2012. This extension provides the School's Board of Trustees the time necessary to complete a thorough review of the return.