2013-02-11T17:55:29-06:00 2012-06-30 208014049 STONE & COMPANY LLC 57 BEDFORD ST STE 225 LEXINGTON MA 024204443 990 2011-07-01 042103573 THE FAY SCHOOL INC FAYS 5084850100 48 MAIN STREET SOUTHBOROUGH MA 017721595 ALAN A CLARANCE 5084908211 2013-02-04 1 MATTHEW P STONE CPA P00034719 7818636300 2013-02-04 2011 2016-03-07 17:11:31Z ALAN A CLARANCE 48 MAIN STREET SOUTHBOROUGH MA 017721595 28299859 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. 30 30 256 100 0 0 2134366 3300522 14254927 16314357 2601287 856066 130249 0 19120829 20470945 1204277 1528912 0 0 12026124 11261595 0 0 897717 9020837 9370623 22251238 22161130 -3130409 -1690185 113788930 109248996 60883247 65629322 52905683 43619674 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 16157015 1528912 14541407 INSTRUCTION AND EDUCATION: FORMAL EDUCATION OF 466 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. 918296 5400 871736 SUMMER PROGRAMS PROVIDE DAILY TRAINING IN ENGLISH, MATHEMATICS, MUSIC, SWIMMING, ART AND VARIOUS SPORT PROGRAMS. 1353380 901214 AUXILIARY SERVICES INCLUDE: FOOD SERVICE OFFERING BREAKFAST, LUNCH AND DINNER FOR STUDENTS; LAUNDRY FOR BOARDING STUDENTS; DAY STUDENT BUS TRANSPORTATION; BOOKSTORE AND INFIRMARY. 18428691 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 1 1 0 0 0 0 0 0 0 0 0 1 81 0 1 256 1 0 0 0 0 0 1 1 0 0 0 0 X 30 30 0 0 1 0 0 0 0 1 1 0 0 1 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 37.50 X X 333533 0 106417 THOMAS MCKEAN ESQ 2.00 X X 0 0 0 PAULA BENTINCK-SMITH 2.00 X X 0 0 0 CHARLES P PIEPER JR 2.00 X X 0 0 0 ELIZABETH T KELLOGG 2.00 X X 0 0 0 ALAN F BROOKS 2.00 X 0 0 0 HERBERT L CAMP 2.00 X 0 0 0 TUSHARA CANEKERATNE 2.00 X 0 0 0 RICHARD B COMMONS 2.00 X 0 0 0 JAMES F CURTIS III 2.00 X 0 0 0 JAMES A DOLCE JR 2.00 X 0 0 0 MICHAEL J EGAN 2.00 X 0 0 0 MAUREEN FINLAYSON 2.00 X 0 0 0 JO GREYSTONE 2.00 X 0 0 0 DAVID W HARRIS 2.00 X 0 0 0 JOHN P LARI 2.00 X 0 0 0 DOUGLASS N LOUD 2.00 X 0 0 0 SARAH R MARS 2.00 X 0 0 0 JOHN R PARSONS JR 2.00 X 0 0 0 WILLIAM PICARDI 2.00 X 0 0 0 ANDREW PILARO 2.00 X 0 0 0 JAMES P SHAY 2.00 X 0 0 0 HARVEY I STEINBERG 2.00 X 0 0 0 CAMPBELL STEWARD 2.00 X 0 0 0 RAE-EUN SUNG 2.00 X 0 0 0 JOHN E THOMAS 2.00 X 0 0 0 ALBERT TING 2.00 X 0 0 0 CYNTHIA CONIGLIARO 2.00 X 0 0 0 BRIAN LIGHT 2.00 X 0 0 0 AE RUEPPEL 2.00 X 0 0 0 ROBERT SCUMACI 2.00 X 0 0 0 ALAN CLARANCE 37.50 X 73729 0 21016 DAVID LIEBMANN 37.50 X 142125 0 24666 MARIE RB BEAM 37.50 X 142821 0 26448 GARY REED 37.50 X 154027 0 14610 846235 0 193157 4 1 1 0 ERLAND CONSTRUCTION INC 83 SECOND AVENUE BURLINGTON MA 01803 BUILDING CONTRACTOR 773771 CONCIERGE SERVICES FOR STUDENTS LTD 800 BOYLSTON STREET SUITE 1530 BOSTON MA 02119 CONCIERGE SERVICES 136456 DEGIACOMO WOODWORKING 131 FRAMINGHAM ROAD MARLBORO MA 01752 WOODWORKING 117968 3 3300522 3300522 TUITION AND FEES 611710 15811904 15811904 AUXILIARY SERVICES 611710 386351 386351 OTHER REVENUES 611710 116102 116102 16314357 881786 881786 7803194 7828914 -25720 -25720 -25720 20470945 16314357 0 856066 1528912 1528912 537833 537833 8234975 7160571 655384 419020 368809 318415 28826 21568 1487760 1364938 94706 28116 632218 516251 94867 21100 149476 149476 781994 209176 496804 76014 142918 4118 138800 218223 183299 5856 29068 82008 4965 77043 1345482 1278208 67274 3042422 2890301 152121 165024 26710 138314 CONTRACT SERVICES 653491 627409 16899 9183 UTILITIES 534419 534419 FOOD 521300 517782 3447 71 MATERIALS & SUPPLIES 301967 282870 15117 3980 1431899 980347 311431 140121 22161130 18428691 2834722 897717 2888515 3665053 938167 2009880 4698833 5121066 73618 80976 311620 415152 85698064 22372942 65842629 63325122 37913946 33549162 1121602 1082585 113788930 109248996 3929840 2936925 9201050 9886480 43000000 42215000 4752357 10590917 60883247 65629322 X 26906915 22212846 4745642 4119286 21253126 17287542 52905683 43619674 113788930 109248996 X -1690185 -7595824 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 0 EXPLANATION OF LOBBYING ACTIVITIES: 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. 37913946 602857 -700568 285463 3981610 33549162 32794703 1182249 7973644 950840 3085810 37913946 29518342 1603286 4897098 698952 2525071 32794703 31233819 3630134 -5345611 29518342 0.45000 0.51000 0.04000 0 0 6737582 6737582 61163707 17330341 43833366 6767781 1917607 4850174 11028994 3124994 7904000 63325122 DUE TO PARENTS ASSOCIATION 39687 INTEREST RATE SWAP LIABILITY 9801230 LINE OF CREDIT 750000 10590917 20470945 22161130 -1690185 -1554929 -6040895 -7595824 -9286009 11346209 -1554929 -6040895 -7595824 18942033 1528912 1528912 20470945 20632218 0 20632218 1528912 1528912 22161130 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: 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. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: 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 8 - OTHER ADJUSTMENTS: CHANGE IN VALUES OF SPLIT-INTEREST AGREEMENTS -14,615. MARKET ADJUSTMENT ON INTEREST RATE SWAP AGREEMENT -6,026,280. TOTAL TO SCHEDULE D, PART XI, LINE 8: -6,040,895. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENT -14,615. MARKET ADJUSTMENT ON INTEREST RATE SWAP AGREEMENT -6,026,280. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AWARDS 1,528,912. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AWARDS 1,528,912. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION 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 67 1528912 FMV OF PUBLISHED TUITION RATES TUITION ASSISTANCE PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, 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 333533 0 0 0 0 0 50000 0 56417 0 439950 0 0 0 DAVID LIEBMANN 142125 0 0 0 0 0 15500 0 9166 0 166791 0 0 0 MARIE RB BEAM 142821 0 0 0 0 0 15759 0 10689 0 169269 0 0 0 GARY REED 154027 0 0 0 0 0 0 0 14610 0 168637 0 0 0 PART I, LINE 1A ON OCCASION DURING THE YEAR ENDED JUNE 30, 2012, 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 TOTALLING $49,250. MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 57583RTZ8 2008-03-27 43000000 CONSTRUCTION AND EQUIPPING OF EXPANDED FACILITIES AT THE SCHOOL. 0 0 0 43000000 732046 40060981 2206973 2010 0 0 1 1 0 0 0 0 1 0 1 1 MORGAN STANLEY 30.000000000000 0 0 0 0 0 JOHN THOMAS MEMBER OF THE SCHOOL'S BOARD OF TRUSTEES 4851 DURING THE YEAR ENDED JUNE 30, 2012, THE SCHOOL OBTAINED VARIOUS ENGINEERING AND MASTER PLANNING CONSULTING SERVICES FROM BEALS & THOMAS, FOR WHICH MR. THOMAS IS THE PRESIDENT AND STOCKHOLDER. MR. THOMAS IS NO LONGER A BOARD MEMBER EFFECTIVE SEPTEMBER 10,2012. 0 X 10 82473 FMV ON DATE OF GIFT X TABLE 1 5000 PURCHASE PRICE X BREAKFAST 1 1456 PURCHASE PRICE X FISH TANKS 1 100 PURCHASE PRICE X SYMPHONY HALL TICKETS 1 130 PURCHASE PRICE X 125 DONATED BOOKS 1 1310 PURCHASE PRICE 0 1 1 THIRD PARTY USE: PART I, LINE 32B: THE SCHOOL USES AN INVESTMENT COMPANY, SANDERS MORRIS HARRIS, TO PROCESS AND SELL STOCK GIFTS. FORM 990, PART VI, SECTION A, LINE 4 THE SCHOOL'S BOARD OF TRUSTEES AMENDED THE BY-LAWS OF THE ORGANIZATION TO CHANGE THE HEAD OF SCHOOL FROM A VOTING TRUSTEE TO AN EX-OFFICIO MEMBER. THE NEW BY-LAWS ALSO CHANGED THE ORGANIZATIONS NON-DISCRIMINATION DISCLOSURE. FORM 990, PART VI, SECTION B, LINE 11 THE 990 IS SPECIFICALLY REVIEWED BY THE MEMBERS OF THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES, DIRECTOR OF FINANCE AND OPERATIONS AND THE ASSISTANT DIRECTOR OF FINANCE AND OPERATIONS BEFORE IT IS FILED. 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -1,554,929. CHANGE IN VALUES OF SPLIT-INTEREST AGREEMENTS -14,615. MARKET ADJUSTMENT ON INTEREST RATE SWAP AGREEMENT -6,026,280. TOTAL TO FORM 990, PART XI, LINE 5: -7,595,824.