2012-03-15T15:44:36-07:00 2011-06-30 990 2010-07-01 042104265 GROTON SCHOOL GROT 9784483363 PO Box 991 Groton MA 01450 J Hale Smith 9784487566 2012-03-16 2010 2016-02-24 21:20:13Z J Hale Smith PO Box 991 Groton MA 01450 51761123 0 X www.groton.org X 1884 MA Groton provides college and university preparatory education for students in grades eight to twelve. 25 24 182 630 -103265 0 8567154 4012672 17010632 17814498 7955322 17450273 318824 336297 33851932 39613740 4855860 5036422 0 0 13898331 14717055 0 0 1927785 16907171 15605941 35661362 35359418 -1809430 4254322 385564083 421402610 72333325 69395211 313230758 352007399 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 28618018 5036422 17814498 Education of students in grades eight through twelve in a non-profit, co-educational college preparatory boarding school. The school provides financial assistance for 37% of its students in the form of tuition grants, housing support, travel assistance, and subsidies for books and laptop purchases. (373 students) 0 0 0 28618018 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 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 0 1 273 0 1 182 1 1 1 1 CA CJ EI UK VI 0 0 0 0 0 0 0 1 1 0 X 25 24 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 Charles A Anton 4 X 0 0 0 Auguste J Bannard 4 X 0 0 0 Brian T Bristol 4 X 0 0 0 James A Bundy 4 X 0 0 0 Diana V Chigas 4 X 0 0 0 Franz F Colloredo Mansfeld 4 X 0 0 0 Henry P Davis 4 X 0 0 0 Grant A Gund 4 X 0 0 0 Stephen G Hill 4 X 0 0 0 Kenneth C Irving 4 X 0 0 0 John R S Jacobsen 4 X 0 0 0 Thomas Kalaris 4 X 0 0 0 Jonathan D Klein 4 X 0 0 0 Vikram Malhotra 4 X 0 0 0 Andrew S Paul 4 X 0 0 0 Benjamin N Pyne 4 X 0 0 0 R Roland Reyholds 4 X 0 0 0 James H R Windels 4 X 0 0 0 Ann Bakewell Woodward 4 X 0 0 0 Richard G Woolworth Jr 4 X 0 0 0 James H Higgins III 12 X X 0 0 0 Jennifer Ayer Sandell 4 X X 0 0 0 D D Willard Gardiner Jr 4 X X 0 0 0 Dr Lori D Hill 4 X X 0 0 0 Richard B Commons 60 X X 306698 0 128121 J Hale Smith 60 X 194363 0 81065 John MacEachern 50 X 190433 0 78152 John Niles 50 X 125424 0 28955 Carol Santos 50 X 115071 0 60781 John Amirault 45 X 109142 0 22879 Frederick Beams 50 X 107569 0 57142 1148700 0 457095 8 0 1 0 Chartwells 2400 Yorkmont Road Charlotte NC 28217 Food Service 1431237 Prospect Building Service Corp 360 Pearl Street Malden MA 02148 Custodial Service 383550 R H White Construction Company 41 Central Street Auburn MA 01501 Construction 249636 Thielsch Engineering Incorporated 1341 Elmwood Avenue Cranston RI 02910 Energy Efficiency Consultants 236437 Buckingham Bus Company Inc 40 Station Street Groton MA 01450 Transportation Service 220303 11 0 0 0 0 0 4012672 2463732 4012672 Tuition 611600 17011195 17011195 0 0 Student support services 611710 665869 665869 0 0 Application fees 611710 68555 68555 0 0 Student billing finance charge 611710 27645 27645 0 0 Tuition refund fee 611710 13766 13766 0 0 27468 27468 0 0 17814498 4433978 0 -97220 4531198 0 0 0 0 0 0 0 0 359912 0 23615 0 336297 0 336297 0 -6045 342342 25140063 0 12123768 0 13016295 0 13016295 0 0 13016295 0 0 39613740 17814498 -103265 17889835 103807 103807 4932615 4932615 0 0 0 0 710247 0 710247 0 0 0 0 0 9675614 7010368 1716664 948582 1482830 982092 366765 133973 2193722 1439099 548667 205956 654642 422030 167442 65170 0 0 0 0 222084 17367 204717 0 87145 5225 81920 0 0 0 0 0 1158655 1158655 0 0 646063 524856 43209 77998 429040 89390 221060 118590 206298 76612 76738 52948 369095 118280 236450 14365 0 0 0 0 2524981 2508851 14206 1924 251602 92342 89295 69965 0 0 0 0 41266 9992 24132 7142 2125231 2125231 0 0 0 0 0 0 5471933 5368311 95656 7966 188955 72383 98449 18123 Food 711568 597785 22823 90960 General merchandise and equipment 605578 593208 5236 7134 Special events 297568 204238 35047 58283 Other regulatory 146213 69798 48899 27516 Uniforms 78383 78351 0 32 44283 17132 5993 21158 35359418 28618018 4813615 1927785 30137 29824 197995 880148 10531702 8040856 134231 305288 0 0 0 0 182645 155098 197446 203208 1191099 1157735 159554040 65869627 97006186 93684413 152056962 174946378 116817488 134771673 0 9797 7218013 7218013 179 179 385564083 421402610 11299351 10708611 0 0 1708888 1553821 50890000 50165000 0 0 0 0 0 0 0 0 8435086 6967779 72333325 69395211 X 187190110 206388563 60886031 79322015 65154617 66296821 313230758 352007399 385564083 421402610 X 4254322 34522319 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 265642371 3553974 47594562 2922392 7815036 0 306053479 242484014 5320500 27343554 1755423 7750274 0 265642371 291284441 2674640 -40111672 2106706 9256689 0 242484014 0.55 0.25 0.2 0 0 0 3862194 3862194 0 139078989 54408983 84670006 0 0 0 0 0 9457052 6907021 2550031 0 7155805 4553623 2602182 93684413 0 F 0 F Hedge Funds 85577111 F US Bond Funds 13396779 F Real Asset Funds 15439491 F Private Equity Funds 8217953 F Venture Capital Funds 12140339 F 134771673 0 Interest Rate Swap Agreements 6967779 6967779 39613740 35359418 4254322 31534433 0 0 0 2987887 34522320 38776642 67992097 31534433 0 0 -3179691 28354742 39637355 0 -23615 -23615 39613740 41761291 0 0 0 12569450 12569450 29191841 1384907 4782670 6167577 35359418 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. It also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Management believes that the School as no material uncertain tax positions. SchD_P11_S00_L08 Schedule D, Part XI, Line 8 Change in accrued pension liability $1,318,517, interest rate swap agreements $1,467,308, and change in value split interest agreements $202,062. SchD_P12_S00_L02d Schedule D, Part XII, Line 2d Interest rate swap agreements $1,467,308, change in value split interest agreements $202,062, change in accrued pension liability $1,318,517, investment management fees ($1,158,655), other professional services ($164,911), bank charges ($46,220), annuity payments ($14,551), state taxes on investments ($570), and financial aid ($4,782,671). SchD_P12_S00_L04b Schedule D, Part XII, Line 4b Rental expenses of (23,615) are associated with unrelated business income. SchD_P13_S00_L02d Schedule D, Part XIII, Line 2d Endowment appropriation for operations $12,545,835, rental expenses associated with unrelated business income $23,615. SchD_P13_S00_L04b Schedule D, Part XIII, Line 4b Financial aid of $4,782,670 is relfected as a net to tuition. 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 aid programs. 1 Town of Groton 173 Main Street Groton MA 01450 046001164 Government Entity 100000 0 The contribution was made to help the Town of Groton subsidize their annual operating costs. 8 4 Tuition Grant 139 0 4782671 Total credits applied to tuition Credits are applied to tuition bill as a means of subsidizing the overall tuition costs to qualified students attending Groton School. Incidental Grant 34 0 68252 Credits are applied to monthly bill Credits are applied to tuition bill as a means of subsidizing the overall incidental costs to qualified students attending Groton School. Travel Grant 34 13787 14120 Total travel credits that are applied to annual billing Credits are applied to the monthly incidental bill when travel related charges are posted as a means of subsidizing the overall travel costs for qualified boarding students attending Groton School. Laptop Grant 34 41035 0 Payments made to purchase laptops for qualified students Parent Travel Grant 46 12750 0 Payments made to travel agents for air travel and 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 290532 0 0 0 16166 0 65663 0 62458 0 434819 0 0 0 J Hale Smith 194109 0 0 0 254 0 38607 0 42458 0 275428 0 0 0 John MacEachern 190433 0 0 0 0 0 37300 0 40852 0 268585 0 0 0 Carol Santos 115071 0 0 0 0 0 18223 0 42558 0 175852 0 0 0 Frederick Beams 91875 0 7500 0 8194 0 17098 0 40044 0 164711 0 0 0 John Niles 105665 0 0 0 19759 0 16989 0 11966 0 154379 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 social club and residential house 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 also 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 President and the Compensation Committee, included an annual $55,000 deferred compensation contribution. The School deposited the initial payment to a qualified 457(b) plan up to the annual IRS limit of $16,500. The remaining balance of $38,500 was deposited to a non-qualified 457(f) plan. Massachusetts Development Finance Agency 043431814 57583RMR3 2007-05-24 10000000 Building and Structure Renovations 0 0 0 0 0 10000000 9850000 0 0 130000 0 0 9800000 50000 20000 2009 0 0 1 1 0 0 0 0 0 0 0.0074 0.0074 0 0 1 1 The Bank of New York 3.59 0 0 0 0 1 Lindsay Commons Headmaster's Wife 28000 Salary for co-hosting events 0 X 123 2463732 FMV 0 0 1 0 SchM_P01_S00_L09 Schedule M, Part I, Line 9 The number of contributions represents the number of security gifts that were received during the fiscal year. F990_P06_S0B_L11a Form 990, Part VI, Section B, Line 11a A draft of the public disclosure version of the form 990 was distributed electronically as a PDF transmission to each member of the Audit Committee prior to the January 2012 board meeting. The Committee performed a thorough review of the draft prior to presenting it to the full board. Each trustee was given the opportunity to ask questions and suggest possible revisions. Upon completion of the review, the board voted to accept the draft Form 990 including requested revisions. 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 and Compensation Committee review the Headmaster's and other senior administrator's salaries and benefits. 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 financial statements can be viewed on-line by going to www.DisclosureUSA.org, an independently operated website. The Conflict of Interest Policy and the Governing Documents may be viewed any time upon request. F990_P11_S00_L05 Form 990, Part XI, Line 5 Unrealized gain on investments $31,534,432, change in accrued pension liability $1,318,517, interest rate swap agreements $1,467,308, and change in value split interest agreements $202,062. The Reverend Michael and Elaine Murray 2003 CRUT PO Box 991 Groton MA 01450 776225577 Charitable Remainder Unitrust MD N/A T 41508 61036 0.6 John Teele and Jane Slocum Stone Pratt CRUT PO Box 991 Groton MA 01450 046936513 Charitable Remainder Unitrust MA N/A T 266158 232370 0.47 The Chase Charitable Remainder Unitrust PO Box 991 Groton MA 01450 776256949 Charitable Remainder Unitrust MA N/A T 123665 88213 0.42 Hugh C and Donna J Scott CRUT PO Box 991 Groton MA 01450 046898702 Charitable Remainder Unitrust MA N/A T 241641 148109 0.38 The Finley Family 1997 CRUT PO Box 991 Groton MA 01450 046853022 Charitable Remainder Unitrust MA N/A T 403222 274819 0.3 1 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 9, 2011. This extension provides the School's Board of Directors the time necessary to complete a thorough review of the return.