2013-05-13T10:15:29-05:00 2012-06-30 420714325 MCGLADREY LLP 80 CITY SQUARE BOSTON MA 021293742 990 2011-07-01 042103574 THE FESSENDEN SCHOOL FESS 6179645350 250 WALTHAM STREET WEST NEWTON MA 02465 MCGLADREY LLP 6179645350 2013-05-10 1 LYNNE JOHNSON P00757336 6179129000 2011 2016-02-24 21:20:13Z DAVID STETTLER 250 WALTHAM STREET WEST NEWTON MA 02465 30517717 0 X WWW.FESSENDEN.ORG X 1930 MA THE FESSENDEN SCHOOL IS THE OLDEST ALL BOYS, JUNIOR BOARDING SCHOOL IN THE COUNTRY. 27 27 338 60 164340 163340 4146039 4332377 17860260 18504182 1381554 1086159 304521 358373 23692374 24281091 1832364 1814557 0 0 12730205 12939386 0 0 866407 6978322 6881725 21540891 21635668 2151483 2645423 73314482 70173279 28004581 24947418 45309901 45225861 X THE MISSION OF THE FESSENDEN SCHOOL IS TO TEACH, NURTURE, AND CELEBRATE GROWING BOYS, CULTIVATING EACH STUDENT'S INDIVIDUAL POTENTIAL AND DEVELOPING IN BALANCE HIS MIND, CHARACTER, HEART AND BODY IN AN INCLUSIVE AND JOYFUL COMMUNITY THAT, THROUGH RIGOR, FRIENDSHIP AND SERVICE, REFLECTS FESSENDEN'S TRADITIONAL VALUES OF HONESTY, COMPASSION AND RESPECT. 0 0 14554160 1814557 16627706 THE FESSENDEN SCHOOL IS AN INDEPENDENT BOYS ELEMENTARY SCHOOL FOR BOTH RESIDENT AND DAY STUDENTS WITH GRADES KINDERGARTEN THROUGH NINTH. THE PROGRAM HAS APPROX. 475 STUDENTS OF BOTH DOMESTIC AND INTERNATIONAL ORIGIN. ACADEMIC, ART AND ATHLETIC PROGRAMS ALL PLAY AN INTEGRAL PART OF EACH STUDENT'S EDUCATIONAL AND PERSONAL GROWTH. 900402 831601 THE FESSENDEN SCHOOL SUMMER DAY CAMP PROGRAM PROVIDES 300+ CHILDREN WITH A DIVERSIFIED, SAFE AND REWARDING EDUCATIONAL EXPERIENCE. THE PROGRAM OPERATES FROM JULY THROUGH AUGUST AND IS LOCATED ON THE SCHOOL'S 42 ACRE CAMPUS, AND UTILIZES THE SPACIOUS GROUNDS, 2 SWIMMING POOLS, CLASSROOM BUILDINGS, TENNIS COURTS AND ATHLETIC CENTER. 444262 242614 THE FESSENDEN SCHOOL SUMMER ESL PROGRAM OFFERS CHALLENGING ACADEMIC INSTRUCTION IN ENGLISH, ALONG WITH TRAVEL, RECREATION AND CULTURAL EXCHANGE. THE PROGRAM IS FIVE WEEKS LONG AND HOSTS 50 BOYS AND GIRLS BETWEEN THE AGES OF 10-15. 467208 484639 FESSENDEN AUXILIARY PROGRAM - DAYCARE 369474 477066 FESSENDEN AUXILIARY PROGRAM - OTHER 185481 103417 FESSENDEN SUMMER SPORTS CAMPS 1022163 1065122 16920987 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 53 0 1 338 1 1 1 0 0 0 0 1 1 0 0 0 0 X 27 27 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X MICHAEL DYLINGOWSKI 6176302357 250 WALTHAM STREET WEST NEWTON MA 02465 ARTHUR A GOSNELL 1.00 X 0 0 0 BRIAN J CONWAY 1.00 X 0 0 0 BRUCE C DAYTON 1.00 X 0 0 0 CHRISTIAN NOLEN 1.00 X 0 0 0 CHRISTOPHER B HOWARD 1.00 X 0 0 0 DENISE M DUPRE 1.00 X X 0 0 0 DONALD G BRAMLEY 1.00 X 0 0 0 ELIZABETH H MUNRO 1.00 X 0 0 0 GEORGE F COLONY 1.00 X 0 0 0 IAN K LORING 1.00 X 0 0 0 JAMES M NEISSA 1.00 X 0 0 0 JENNIFER L STIER 1.00 X X 0 0 0 JENNIFER MUGAR FLAHERTY 1.00 X 0 0 0 JOHN DOGGETT JR 1.00 X 0 0 0 KEITH B GELB 1.00 X 0 0 0 MARC A COHEN 1.00 X 0 0 0 MICHAEL P DANZIGER 1.00 X 0 0 0 MICHAEL R MACH 1.00 X 0 0 0 PETER C WELCH 1.00 X 0 0 0 R HALSEY WISE 1.00 X 0 0 0 RENEE E CURTIN 1.00 X 0 0 0 ROBERT M DICKEY 1.00 X X 0 0 0 STEPHANIE L ROGERS 1.00 X 0 0 0 STEPHEN C DEMIRJIAN 1.00 X 0 0 0 STEVEN M PECK 1.00 X 0 0 0 THOMAS S ROBERTS 1.00 X X 0 0 0 VG NARAYANAN 1.00 X 0 0 0 DAVID STETTLER 60.00 X 124343 0 36819 DAVID TAYLOR 60.00 X 165754 0 65271 ELIZABETH SEWALL 60.00 X 154393 0 15400 CINDY METSCH 55.00 X 106036 0 51128 KENNETH HOWE 60.00 X 109441 0 59850 SCOTT SMITH 55.00 X 132637 0 20225 WENDY PEARRE 55.00 X 118986 0 46883 PETER DRAKE 60.00 X 247771 0 61860 1159361 0 357436 8 1 1 0 ZVI CONSTRUCTION CO LLC 131 DUMMER STREET BROOKLINE MA 02446 CONSTRUCTION 720325 PROSPECT BUILDING SERVICES 360 PEAL STREET MALDEN MA 02148 CLEANING SERVICE 224450 SAGE BUILDERS LLC 672 CHESTNUT STREET NEWTON MA 02468 CONSTRUCTION 181084 3 55645 4276732 297702 4332377 TUITION AND FEES 611600 16627707 16627707 SUMMER DAY CAMP 611710 831601 831601 AUXILIARY - DAY CARE 611710 484639 484639 SUMMER ESL PROGRAM 611710 242614 242614 AUXILIARY - OTHER 611710 214202 214202 103419 103419 18504182 708374 22967 685407 691861 480807 211054 211054 141373 69681 6036281 5658496 377785 377785 377785 25556 55645 25556 0 92852 71767 21085 21085 MISCELLANEOUS INCOME 900099 81163 81163 PARENT ASSOCIATION 611710 45071 45071 126234 24281091 18504182 164340 1280192 1814557 1814557 759922 590129 169793 9634328 7919323 1350991 364014 696544 554555 107375 34614 1092669 896140 142054 54475 755923 578151 141360 36412 84133 81143 2990 198192 198192 46027 46027 47933 47933 133341 101072 31144 1125 64248 2970 48175 13103 834773 516521 273736 44516 109674 44210 60625 4839 1336358 1213346 105153 17859 99343 18923 37844 42576 120435 84863 32983 2589 5665 5665 1928240 1770971 134436 22833 129022 129022 SUPPLIES, MAINT, & EQUI 596954 550827 39430 6697 FOOD 394966 366059 24710 4197 STUDENT ACTIVITIES 303183 303183 SPECIAL EVENTS & FUNCTI 182175 39050 99350 43775 267063 146266 120797 21635668 16920987 3848274 866407 13357774 10357442 260397 263869 1887694 1716260 471129 415829 114296 124279 202588 173679 42959155 20967885 22961435 21991270 20259696 24425886 13159711 9635766 639762 1068999 73314482 70173279 2111830 1850698 9427438 5723994 15160000 14660000 41448 40224 1263865 2672502 28004581 24947418 X 30807622 30893510 5139544 4530738 9362735 9801613 45309901 45225861 73314482 70173279 X 2645423 -2729463 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 35964391 2720765 -326663 1360975 36997518 29625797 2891980 5027068 1240814 339640 35964391 27090328 1424476 2341989 1230996 29625797 26822823 3426842 -2047013 962324 150000 27090328 0.63000 0.26500 0.10500 0 0 159808 159808 37839447 17253311 20586136 4301430 3215984 1085446 658470 498590 159880 21991270 LIMITED PARTNERSHIPS 9418763 F ANNUITY CONTRACTS 217003 F 9635766 CHARITABLE GIFT ANNUITY 1826 INTEREST RATE SWAP AGREEMENT 2670676 2672502 24281091 21635668 2645423 -2729463 -2729463 -84040 20315201 -4544020 -4544020 24859221 -578130 -578130 24281091 20399241 578130 578130 19821111 1814557 1814557 21635668 PART IV, LINE 2B: ALL BOARDING STUDENTS HAVE A SMALL CASH BALANCE OF $300 TO $1,000 FOR SPENDING MONEY ON THE WEEKENDS AND FOR TRAVEL MONEY WHEN THEY RETURN HOME FOR BREAKS. THE FUNDS ARE KEPT IN A SEPARATE BANK ACCOUNT, AND STUDENTS DRAW FROM IT ON A WEEKLY BASIS BY SUBMITTING CASH REQUEST. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE ENDOWMENT FUND ENSURES THAT CURRENT AND FUTURE GENERATIONS OF FESSENDEN STUDENTS HAVE ACCESS TO THE BEST FACULTY, COMMUNITY, CURRICULUM, AND FACILITIES. SPECIFICALLY, THE ENDOWMENT SUPPORTS: SALARY ENHANCEMENT, FINANCIAL AID, PROFESSIONAL DEVELOPMENT, PLANT MAINTENANCE, AND INSTRUCTIONAL AND PROGRAM MATERIALS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: 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 FOLLOWS FASB GUIDANCE FOR UNCERTAINTY IN INCOME TAXES. THE STANDARD 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. IT ALSO PROVIDES GUIDANCE ON DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE AND TRANSITION. MANAGEMENT BELIEVES THE SCHOOL HAD NO MATERIAL UNCERTAINTIES IN INCOME TAXES AS OF JUNE 30, 2012 AND 2011. 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 2009. PART XI, LINE 8 - OTHER ADJUSTMENTS: UNREALIZED GAIN ON INTEREST RATE SWAP -1,409,417. UNREALIZED LOSS ON INVESTMENT -1,320,046. TOTAL TO SCHEDULE D, PART XI, LINE 8: -2,729,463. PART XII, LINE 2D - OTHER ADJUSTMENTS: UNREALIZED GAIN ON INTEREST RATE SWAP -1,409,417. FINANCIAL AID REPORTED ON FORM 990, PART IX, LINE 2 -1,814,557. UNREALIZED LOSS ON INVESTMENTS -1,320,046. PART XII, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD EXPENSE REPORTED ON FORM 990, PART VIII, LINE 10B -71,767. RENTAL EXPENSES REPORTED ON FORM 990, PART VIII, LINE 6B -480,807. FUNDRAISING EVENTS DIRECT EXPENSES REPORTED ON FORM 990, PART VIII, LINE 8B -25,556. PART XIII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON FORM 990, PART VIII, LINE 6B 480,807. COST OF GOODS SOLD EXPENSE REPORTED ON FORM 990, PART VIII, LINE 10B 71,767. FUNDRAISING EVENTS DIRECT EXPENSES REPORTED ON FORM 990, PART VIII, LINE 8B 25,556. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID REPORTED ON FORM 990, PART IX, LINE 2 1,814,557. 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 RACIALLY NONDISCRIMINATORY POLICY IS INCLUDED IN ALL COMMUNICATIONS TO THE COMMUNITY. GOLF OUTING 81201 55645 25556 510 0 16353 8693 81201 55645 25556 510 16353 8693 25556 0 1 FINANCIAL AID FOR TUITION AND FEES 50 1365248 FMV FINANCIAL ASSISTANCE CREDITS TO THE STUDENTS' ACCOUNTS TUITION REMISSION 19 449309 FMV FINANCIAL ASSISTANCE CREDITS TO THE STUDENTS' ACCOUNTS PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE FESSENDEN SCHOOL UTILIZES THE SERVICES OF THE SCHOOL AND STUDENT SERVICE (SSS) BY THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS (NAIS). BASED UPON A WRITTEN APPLICATION, SSS ASSESSES A FAMILY'S RESOURCES TO DETERMINE HOW MUCH THAT FAMILY CAN AFFORD FOR EDUCATION. USING THIS REPORT, OTHER AVAILABLE INFORMATION AND THE SCHOOL'S OWN POLICIES, THE FESSENDEN FINANCIAL AID COMMITTEE DETERMINES AN APPROPRIATE GRANT BASED UPON THE STUDENT'S NEED, THE SCHOOL'S PRIORITIES AND FINANCIAL AID RESOURCES. RECORDS ARE MAINTAINED AND REVIEWED AS EACH STUDENT MUST RE-APPLY EACH YEAR TO QUALIFY AND RECEIVE ASSISTANCE. X 1 1 X X X 0 1 0 0 0 0 0 0 0 DAVID STETTLER 124343 0 0 0 0 0 0 0 36819 0 161162 0 0 0 DAVID TAYLOR 165754 0 0 0 0 0 17592 0 47679 0 231025 0 0 0 ELIZABETH SEWALL 154393 0 0 0 0 0 15400 0 0 0 169793 0 0 0 CINDY METSCH 106036 0 0 0 0 0 11113 0 40015 0 157164 0 0 0 KENNETH HOWE 109441 0 0 0 0 0 11940 0 47910 0 169291 0 0 0 SCOTT SMITH 132637 0 0 0 0 0 13464 0 6761 0 152862 0 0 0 WENDY PEARRE 118986 0 0 0 0 0 10730 0 36153 0 165869 0 0 0 PETER DRAKE 147771 0 0 0 100000 0 18955 0 42905 0 309631 0 87500 0 PART I, LINE 4B IN CONNECTION WITH AN EMPLOYMENT AGREEMENT BETWEEN THE ORGANIZATION AND ITS FORMER HEADMASTER, THE FORMER HEADMASTER IS ENTITLED TO CERTAIN PAYMENTS BASED ON LONGEVITY OF SERVICE. PROVIDED HE REMAINS AN EMPLOYEE OF THE ORGANIZATION AT THE TIME OF PAYMENT, THE HEADMASTER RECEIVED A PAYMENT OF $100,000 DURING THE TAX YEAR. X 7 297702 FAIR MARKET VALUE 0 1 0 METHOD FOR DETERMINING NUMBER OF CONTRIBUTORS: PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS IS BASED ON THE NUMBER OF GIFTS (PER STOCK TYPE). FORM 990, PART VI, SECTION B, LINE 11 THE BOARD OF TRUSTEES RECEIVES AN ELECTRONIC COPY OF THE FORM 990, 990-T AND ANY OTHER RELATED AND REQUIRED FILINGS, AS FILED, BEFORE THE FILING DEADLINE. BEFORE FILING, THE MEMBERS OF MANAGEMENT REVIEW THE RETURNS FOR ACCURACY AND COMPLETENESS. AT A LATER DATE AFTER THE FILING OF THE RETURNS, THE SCHOOL'S AUDIT COMMITTEE ALONG WITH MEMBERS OF SCHOOL'S MANAGEMENT REVIEW THE RETURNS ALONG WITH THE RESULTS OF THE AUDIT. THE RESULTS OF THE YEAR-END AUDIT, REVIEW OF THE FORM 990, AND ANY FINDINGS, CHANGES OR AREAS OF CONCERN ARE COMMUNICATED TO THE BOARD AT THE FIRST BOARD MEETING OF THE FISCAL YEAR SO APPROPRIATE CORRECTIVE ACTION, IF ANY, CAN BE TAKEN. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS DISTRIBUTED ANNUALLY TO THE BOARD OF TRUSTEES AT THE FIRST MEETING AND TO EMPLOYEES VIA THE EMPLOYEE HANDBOOK EACH YEAR. THE BOARD OF TRUSTEE MEMBERS ARE ASKED TO SIGN A DISCLOSURE STATEMENT INDICATING YES OR NO TO ANY CONFLICTS. RESULTS ARE REVIEWED IN ACCORDANCE WITH THE POLICY. EMPLOYEES ARE ASKED TO SIGN A FORM INDICATING RECEIPT OF THE EMPLOYEE HANDBOOK AND THE ENCLOSED CONFLICT OF INTEREST POLICY. RESULTS ARE REVIEWED IN ACCORDANCE WITH THE POLICY. RETURNED FORMS ARE ACCOUNTED FOR, AND ANY MISSING FORMS ARE PURSUED WITH THE BEST REASONABLE EFFORTS TO COLLECT THEM. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION ISSUES CONTRACTS CONTAINING THE DETAILS OF THE COMPENSATION PACKAGE FOR ALL NEW OFFICERS, TOP MANAGEMENT AND KEY EMPLOYEES. THE INITIAL PROCESS FOR HIRING OFFICERS, TOP MANAGEMENT AND KEY EMPLOYEES USUALLY INVOLVES AN INDEPENDENT SEARCH COMMITTEE AND CONSULTANTS WHO IDENTIFY CANDIDATES BASED UPON THE REQUIRED SKILLS, EXPERIENCE, ETC... SET FORTH BY THE ORGANIZATION. THE POOL OF CANDIDATES WILL THEN BE INTERVIEWED BY A COMMITTEE OF BOARD MEMBERS AND OTHER TOP MANAGEMENT. DURING THIS PROCESS, THE CONSULTANTS, BOARD AND TOP MANAGEMENT ALSO DETERMINE THE COMPENSATION BASED UPON THE LEVEL OF POSITION, EXPERIENCE OF CANDIDATE, THE MARKETPLACE, DEMOGRAPHICS AND COMPARING DATA WITH SIMILAR ORGANIZATIONS AND POSITIONS. THE YEARS FOLLOWING THE HIRE OF AN OFFICER, TOP MANAGEMENT OR KEY EMPLOYEE INVOLVE A REVIEW PROCESS THAT INLCLUDES AN EVALUATION. UNLESS THERE ARE SIGNIFICANT CHANGES TO THE ORIGINAL DUTIES ASSIGNED FOR THE POSITION OR OTHER FACTORS THAT MAY WARRANT A CHANGE IN COMPENSATION, INCREASES ARE IN THE RANGE VOTED BY THE BOARD FOR ALL EMPLOYEES OF THE ORGANIZATION. THE PROCESS OF DETERMINING COMPENSATION FOR THE HEADMASTER (CEO) IS MORE IN DEPTH. IN APRIL, DURING THE THIRD BOARD MEETING OF THE FISCAL YEAR, A HEADMASTER EVALUATION SURVEY IS DISTRIBUTED TO THE BOARD OF TRUSTEES. ALL TRUSTEES COMPLETE THE SURVEY QUESTIONS. THE PRESIDENT OF THE BOARD RECEIVES THE RESULTS AND FORMS A SUB-COMMITTE OF THE BOARD MADE UP OF INDIVIDUALS OF THE BOARD, WHO REVIEW THE RESULTS. DISCUSSIONS TAKE PLACE ABOUT THE RESULTS, EXPECTATIONS, NEW GOALS, ETC... AND ARE THEN DISCUSSED WITH THE HEADMASTER. THE COMPENSATION IS THEN ESTABLISHED AND SET FOR THE NEXT FISCAL YEAR. 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. ALL DOCUMENTS ARE AVAILABLE TO BE VIEWED ON-SITE AS WELL. IN ADDITION, THE FORM 990 IS AVAILABLE VIA GUIDESTAR AND THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: UNREALIZED GAIN ON INTEREST RATE SWAP -1,409,417. UNREALIZED LOSS ON INVESTMENT -1,320,046. TOTAL TO FORM 990, PART XI, LINE 5: -2,729,463.