2012-03-01T15:00:49-06:00 2011-06-30 CBIZ TOFIAS 500 BOYLSTON STREET BOSTON MA 02116 990 2010-07-01 042103751 BUCKINGHAM BROWNE & NICHOLS SCHOOL BUCK 6175476100 80 GERRYS LANDING ROAD CAMBRIDGE MA 021385595 THOMPSON GREENLAW 6175476100 2012-03-01 1 JOSEPH M GISO 6177610600 2010 2016-02-24 21:20:13Z REBECCA T UPHAM 80 GERRYS LANDING ROAD CAMBRIDGE MA 021385595 49933793 0 X WWW.BBNS.ORG X 1912 MA SEE SCHEDULE O 27 26 556 582 0 -255675 3264360 5515584 33050960 34592308 1307550 1770915 0 -66490 37622870 41812317 5653495 6084638 0 0 22291655 22835544 0 39562 1143146 11358405 10983628 39303555 39943372 -1680685 1868945 130710386 139427778 39164516 39344246 91545870 100083532 X SEE SCHEDULE O 0 0 31790837 6029089 33273270 BUCKINGHAM BROWNE & NICHOLS SCHOOL IS A COEDUCATIONAL DAY SCHOOL FOR CHILDREN GRADES PRE-KINDERGARTEN THROUGH TWELVE THAT STRIVES FOR THE PURSUIT OF EDUCATIONAL EXCELLENCE WHILE CELEBRATING THE DIVERSITY OF ITS COMMUNITY AND FOSTERING INTELLECTUAL CURIOSITY, CRITICAL THINKING AND A DEEP CONCERN AND RESPECT FOR OTHERS.STUDENTS: 997 TOTAL STUDENTS: 326 LOWER SCHOOL; 163 MIDDLE SCHOOL 508 UPPER SCHOOLSTUDENT DEMOGRAPHICS: 486 BOYS; 511 GIRLS; 26% STUDENTS OF COLOR ADMISSION STATISTICS: APPROXIMATELY 900 APPLICATIONS FOR APPROXIMATELY 170 PLACES.TEACHING FACULTY: 147 TOTAL; 83 PERCENT HAVE ADVANCED DEGREES FINANCIAL AID: 24% PERCENT OF THE STUDENT BODY (237 STUDENTS)COLLEGE COUNSELING: 3 COUNSELORS AVAILABLE FOR GUIDANCECOLLEGE MATRICULATION: THE CLASS OF 2011 ENTERED 66 DIFFERENT COLLEGES AND UNIVERSITIESBB&N'S COMMITMENT TO DIVERSITY IS INTEGRAL TO THE MISSION AND VISION OF THE SCHOOL. THE DIFFERENT PERSPECTIVES AND EXPERIENCES OF OUR STUDENTS DEFINE THE FABRIC OF OUR COMMUNITY. THESE MANY PERSPECTIVES AND EXPERIENCES CONTRIBUTE TO THE GROWTH OF THE INDIVIDUALS WHO CALL BB&N THEIR ALMA MATER AND SHAPE THE CLASSROOM AND EXTRACURRICULAR EXPERIENCES. TO HAVE AS CLASSMATES AND FRIENDS PEOPLE WHO ARE DIFFERENT FROM ONESELF, TO COME TO TRULY KNOW THE BACKGROUND, EXPERIENCES, AND BELIEFS OF A NEW FRIEND, IS TO LEARN MORE DEEPLY ABOUT ONESELF AND OUR WORLD. THERE IS NO MORE IMPORTANT ATTRIBUTE IN THE PREPARATION FOR GLOBAL CITIZENSHIP. IN ADDITION, NO AMOUNTS HAVE BEEN REFLECTED IN THE FORM 990 FOR MANY HOURS OF CONTRIBUTED SERVICES FROM VOLUNTEERS. HOWEVER, MANY INDIVIDUALS VOLUNTEER THEIR TIME AND PERFORM A VARIETY OF TASKS THAT ASSIST THE SCHOOL WITH ITS ACTIVITIES. THE VALUE OF THIS CONTRIBUTED TIME AND EFFORT IS NOT REFLECTED IN THE FORM 990.EACH YEAR OVER 300 BB&N ALUMNI/AE, PARENTS AND FRIENDS SUPPORT THE SCHOOL BY VOLUNTEERING THEIR TIME. THIS GENEROUS SUPPORT ALLOWS BB&N TO ACCOMPLISH MANY OF THE THINGS THAT SET IT APART FROM OTHER INDEPENDENT DAY SCHOOLS. WE ARE ABLE TO RETAIN THE MOST QUALIFIED AND DYNAMIC FACULTY, PROVIDE TREMENDOUS ART AND ATHLETIC PROGRAMS, MAINTAIN BEAUTIFUL GROUNDS AND BUILDINGS, AND PROVIDE FINANCIAL ASSISTANCE TO QUALIFIED STUDENTS. 925002 1319038 BUCKINGHAM BROWNE & NICHOLS SCHOOL HOLDS A SUMMER CAMP FOR BOSTON AREA CHILDREN EACH SUMMER THAT PROVIDES MEMBERS OF THE SCHOOL AND LOCAL COMMUNITY WITH A HIGH QUALITY, AFFORDABLE OPTION TO EDUCATE AND ENTERTAIN THEIR CHILDREN DURING SUMMER VACATION. 48794 0 BUCKINGHAM BROWNE & NICHOLS SCHOOL HOLDS MANY CULTURAL, SOCIAL AND EDUCATIONAL PROGRAMS FOR MEMBERS OF ITS COMMUNITY THROUGHOUT THE YEAR THAT STRIVE TO INCREASE UNDERSTANDING OF CULTURE, DIVERSITY AND INTELLECTUAL ISSUES. 32764633 1 1 0 1 0 1 0 0 1 1 0 0 0 1 1 1 0 1 0 0 1 0 1 1 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 0 1 75 0 1 556 1 1 1 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 0 0 MA X X THOMPSON GREENLAW CFO 6178002710 46 BELMONT STREET WATERTOWN MA 02472 REBECCA T UPHAM 50.00 X X 394804 0 132423 J STUART ABLON PHD 1.00 X 0 0 0 DEBORAH ANCONA 1.00 X 0 0 0 CHARLES A BRIZIUS 1.00 X 0 0 0 JOSEPH CHUNG 1.00 X 0 0 0 THOMAS DINGMAN 1.00 X 0 0 0 DOMENIC FERRANTE 1.00 X 0 0 0 JOHN P FULGINITI 1.00 X 0 0 0 DIANA GOLDMAN 1.00 X 0 0 0 PAUL S GROGAN 1.00 X 0 0 0 CORY LITTLE 1.00 X 0 0 0 LOUISE MAKRAUER 1.00 X 0 0 0 JOEL C MONELL 1.00 X 0 0 0 JAMES F MOONEY III 1.00 X 0 0 0 JEFFREY MOORE 1.00 X 0 0 0 SHELLY NEMIROVSKY 1.00 X X 0 0 0 DAVID RANDOLPH PEELER 1.00 X 0 0 0 JOHN B REICHENBACH 1.00 X 0 0 0 MATTHEW K SIDMAN 1.00 X 0 0 0 PATRICIA SIMBOLI 1.00 X 0 0 0 PETER L SLAVIN MD 1.00 X X 0 0 0 ERIC S SLIFKA 1.00 X X 0 0 0 REBEKAH SPLAINE 1.00 X 0 0 0 CHERYL WHITEDEAR 1.00 X 0 0 0 CLARENCE G WILLIAMS JR 1.00 X 0 0 0 DAVID B WILLIAMS 1.00 X 0 0 0 BRACE YOUNG 1.00 X X 0 0 0 THOMPSON GREENLAW 50.00 X 216323 0 29245 SHERWOOD HASKINS 40.00 X 220135 0 28703 CHARLES RUOPP 40.00 X 161250 0 25509 SUSAN SCARBOROUGH 40.00 X 145150 0 23522 GEORGE MITCHELL 40.00 X 107169 0 22832 MARY DOLBEAR 40.00 X 103129 0 19819 RORY J MORTON 40.00 X 102922 0 22675 ROBERT W SAVAGE 40.00 X 102182 0 13362 1553064 0 318090 9 0 1 0 ATRION NETWORKING CORPORATION 30 SERVICE AVENUE WARWICK RI 02886 NETWORK CONSULTANT & INSTALLATION 762818 PBSC 360 PEARL STREET MALDEN MA 02148 MAINTENANCE & SECURITY TEMP. STAFFING 627228 WHITE BUILDERS 73 PLEASANT STREET WOBURN MA 01801 CONTRACTOR & BUILDER 535343 FACILITECH FACILITY SERVICES 360 PEARL STREET MALDEN MA 02148 MAINTENANCE & SECURITY CONSULTANT 269729 CRYSTAL TRANSPORTATION 77 GUEST STREET BRIGHTON MA 02135 BUS & TRANSPORTATION SERVICES 173795 9 5515584 514840 5515584 STUDENT TUITION 900099 32864707 32864707 SUMMER & OTHER TUITION 900099 1319038 1319038 OTHER REVENUE 900099 408563 408563 34592308 518092 518092 9237833 7976601 8409 1261232 -8409 1252823 1252823 69976 136466 -66490 -66490 41812317 34592308 0 1704425 6084638 6084638 1215927 1215927 16801511 14302535 1816527 682449 1136962 1004218 111911 20833 2393328 1947705 405218 40405 1287816 1014484 252287 21045 151696 13796 137859 41 107078 10708 96370 39562 39562 684389 650170 34219 95447 39543 37739 18165 503716 373306 60655 69755 3443629 3300377 143252 167347 139095 28252 CONSULTING & OTHER SERV 3430865 2041890 1262961 126014 SUPPLIES 1188249 1012922 130430 44897 EQUIPMENT RENTAL/MAINT. 565055 528533 31619 4903 PRINTING & PUBLICATIONS 207529 48417 96103 63009 TELEPHONE 201685 107417 93276 992 236943 144879 80988 11076 39943372 32764633 6035593 1143146 7772517 5443568 5838515 13033993 2935391 2191527 6378284 3729562 109631 98895 60432 47591 389961 1098756 70079421 20801906 50737001 49277515 56212968 64241154 275686 265217 130710386 139427778 3646284 3851127 14826676 15307094 15000000 15000000 5691556 5186025 39164516 39344246 X 56024728 58812026 8224607 11158783 27296535 30112723 91545870 100083532 130710386 139427778 X 1868945 6668717 X X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 700 700 0 EXPLANATION OF OTHER LOBBYING ACTIVITIES: PART II-B, LINE 1I: THE ORGANIZATION PAYS $700 IN MEMBERSHIP DUES TO A MEMBER ORGANIZATION WHICH MAY ENGAGE IN LOBBYING ACTIVITIES. THEREFORE, A PORTION OF THE DUES MAY BE ATTRIBUTABLE TO LOBBYING ACTIVITIES. X 1 167.00 0 0 0 1 1 80.00 1200 1 52341049 3204453 7518581 2310804 60753279 46421256 2533250 5501629 2115087 52341049 46963097 8429653 -7209930 1761564 46421256 0.40060 0.46900 0.13040 0 0 789381 789381 61807527 17314607 44492920 2228735 366378 1862357 5253778 3120921 2132857 49277515 ENROLLMENT DEPOSITS 2102575 ANNUITY PAYABLE 245250 ASSET RETIREMENT OBLIGATION 495198 INTEREST RATE SWAP CONTRACT 2343002 5186025 41812317 39943372 1868945 6159126 509591 6668717 8537662 42266998 6159126 646057 6805183 35461815 321413 6029089 6350502 41812317 33729336 136466 136466 33592870 321413 6029089 6350502 39943372 DESCRIPTION OF HOW ORGANIZATION REPORTS CONSERVATION EASEMENTS: PART II, LINE 9: THE SCHOOL RECEIVED A ONE TIME PAYMENT OF $280,153 IN MARCH, 2010. THE SCHOOL DOES NOT RECEIVE REVENUE AND HAS NO EXPENSES RELATED TO THIS CONSERVATION EASEMENT. THEREFORE, NO REVENUE OR EXPENSES ARE INCLUDED. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: USE OF THE ORGANIZATION'S ENDOWMENT FUNDS: TO SUPPLEMENT AND SUPPORT THE OPERATIONS OF THE SCHOOL. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: 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. INTEREST AND PENALTIES ASSESSED, IF ANY, ARE ACCRUED AS INCOME TAX EXPENSE. THE SCHOOL HAS IDENTIFIED ITS TAX STATUS AS A TAX EXEMPT ENTITY AS ITS ONLY SIGNIFICANT 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. FEDERAL AND STATE INCOME TAX RETURNS ARE GENERALLY OPEN FOR THE THREE YEARS FOLLOWING THE DATE FILED. PART XI, LINE 8 - OTHER ADJUSTMENTS: UNREALIZED GAIN ON INTEREST RATE SWAP CONTRACT 509,591. PART XII, LINE 2D - OTHER ADJUSTMENTS: UNREALIZED GAIN ON INTEREST RATE SWAP CONTRACT 509,591. FUNDRAISING EXPENSES 136,466. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 6,029,089. PART XIII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 136,466. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 6,029,089. 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 NOTICE OF RACIAL NON-DISCRIMINATION POLICY IS PUBLISHED ONLINE AT WWW.AISNE.ORG. IT IS ALSO PUBLISHED IN THE EMPLOYEE HANDBOOK, ON THE ORGANIZATION'S WEBSITE AND IN A FINANCIAL SUPPLEMENT WHICH IS PROVIDED TO ALL FAMILIES WHEN STUDENTS ENROLL. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTING 71306 0 0 0 0 0 0 71306 0 71306 X 0 0 0 0 1 0 X X X X X 1 HARRIS CONNECT LLC 1400-A CROSSWAYS BOULEVARD CHESAPEAKE VA 23320 CONSULTANT 0 0 39562 0 39562 MA CIRCUS 40711 40711 713 6379 16172 NIGHT OF KNIGHTS 29265 29265 82539 23244 7419 69976 69976 83252 29623 23591 136466 -66490 1 FINANCIAL AID 237 6029089 FINANCIAL AID PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: SCHOLARSHIPS ARE APPLIED AGAINST TUITION CHARGED BY THE ORGANIZATION. FAMILIES SUBMIT THEIR FINANCIAL INFORMATION THROUGH THE PRINCETON SERVICE THAT CALCULATES THE AMOUNT THAT A FAMILY CAN AFFORD TO PAY FOR TUITION. THE SCHOOL PERIODICALLY CHECKS TAX RETURNS WITH THE IRS TO CONFIRM THAT THE DATA PROVIDED IS ACCURATE. THE SCHOOL FOLLOWS THE PRINCETON RECOMMENDATIONS AND APPLIES THE GRANT TO THE TUITION CHARGED. X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 REBECCA T UPHAM 391111 0 500 0 3193 0 89196 0 43227 0 527227 0 0 0 THOMPSON GREENLAW 215555 0 500 0 268 0 17849 0 11396 0 245568 0 0 0 SHERWOOD HASKINS 210474 0 500 0 9161 0 17307 0 11396 0 248838 0 0 0 CHARLES RUOPP 160482 0 500 0 268 0 13471 0 12038 0 186759 0 0 0 SUSAN SCARBOROUGH 144382 0 500 0 268 0 12126 0 11396 0 168672 0 0 0 PART I, LINE 1A THE HEAD OF SCHOOL LIVES IN A SCHOOL OWNED PERSONAL RESIDENCE. THIS IS FOR THE CONVENIENCE OF THE SCHOOL. USE OF THE HOUSE HAS AN IMPUTED VALUE OF $36,000. PART I, LINE 4B PART I, LINE 4B: REBECCA T. UPHAM PARTICIPATES IN A SUPPLEMENTAL, NON-QUALIFIED RETIREMENT PLAN. CONTRIBUTIONS TO THE PLAN DURING THE YEAR TOTALED $65,596. MASS DEVELOPMENT FINANCE AGENCY 043431814 57583RGR0 2006-09-25 25000000 REFUND PRIOR BOND ISSUE 1 0 0 25000000 13955733 323750 44238 10676249 2009 1 0 1 1 0 0 0 0 0.00000 0.00000 0.00000 1 1 1 0 BANK OF NEW YORK 30.000000000000 0 NA 0 0 X 27 514840 0 0 0 0 DESCRIPTION OF ORGANIZATION MISSION: FORM 990, PART I, LINE 1 BB&N, A COEDUCATIONAL DAY SCHOOL IN CAMBRIDGE, MASSACHUSETTS, WAS ESTABLISHED IN 1974 BY THE MERGER OF TWO INDEPENDENT SCHOOLS, THE BUCKINGHAM SCHOOL AND THE BROWNE & NICHOLS SCHOOL, FOUNDED RESPECTIVELY IN 1889 AND 1883. LOCATED ON MULTIPLE CAMPUSES, WE WORK AS ONE SCHOOL IN PURSUIT OF EXCELLENCE. WE CELEBRATE THE DIVERSITY OF OUR COMMUNITY WHICH ENRICHES OUR DAILY EXPERIENCE. AT BB&N, WE FOSTER INTELLECTUAL CURIOSITY, CRITICAL THINKING AND A DEEP CONCERN AND RESPECT FOR OTHERS. OUR EDUCATIONAL PROGRAM, COORDINATED FROM BEGINNERS THROUGH GRADE TWELVE, PROVIDES A RIGOROUS CORE CURRICULUM, TAUGHT IN FLEXIBLE AND INNOVATIVE WAYS. STUDENTS ACQUIRE THE SKILLS AND DISCIPLINE NECESSARY FOR ACADEMIC ACCOMPLISHMENT AND LEARN TO REFLECT, TAKE RISKS AND TO DISCOVER. THE CURRICULUM IS STRENGTHENED BY OUR COMMITMENT TO A COMPREHENSIVE PROGRAM IN THE ARTS AND ATHLETICS. IN ALL OF OUR EXPERIENCES, BOTH THOSE WITHIN THE SCHOOL AND THOSE WHICH USE OUR URBAN LOCATION, WE ENCOURAGE SELF-RELIANCE, KNOWLEDGE OF ONESELF, AND A CAPACITY FOR LEADERSHIP. THE CONNECTIONS BETWEEN OUR FACULTY AND STUDENTS ARE AT THE HEART OF OUR SCHOOL. WE ASK MEMBERS OF OUR COMMUNITY TO BE ENGAGED LEARNERS, COMPASSIONATE INDIVIDUALS, AND PRODUCTIVE CITIZENS WHO LIVE OUR SCHOOL'S MOTTO: "HONOR, SCHOLARSHIP, AND KINDNESS." DESCRIPTION OF ORGANIZATION MISSION: FORM 990, PART III, LINE 1 BB&N, A COEDUCATIONAL DAY SCHOOL IN CAMBRIDGE, MASSACHUSETTS, WAS ESTABLISHED IN 1974 BY THE MERGER OF TWO INDEPENDENT SCHOOLS, THE BUCKINGHAM SCHOOL AND THE BROWNE & NICHOLS SCHOOL, FOUNDED RESPECTIVELY IN 1889 AND 1883. LOCATED ON MULTIPLE CAMPUSES, WE WORK AS ONE SCHOOL IN PURSUIT OF EXCELLENCE. WE CELEBRATE THE DIVERSITY OF OUR COMMUNITY WHICH ENRICHES OUR DAILY EXPERIENCE. AT BB&N, WE FOSTER INTELLECTUAL CURIOSITY, CRITICAL THINKING AND A DEEP CONCERN AND RESPECT FOR OTHERS. OUR EDUCATIONAL PROGRAM, COORDINATED FROM BEGINNERS THROUGH GRADE TWELVE, PROVIDES A RIGOROUS CORE CURRICULUM, TAUGHT IN FLEXIBLE AND INNOVATIVE WAYS. STUDENTS ACQUIRE THE SKILLS AND DISCIPLINE NECESSARY FOR ACADEMIC ACCOMPLISHMENT AND LEARN TO REFLECT, TAKE RISKS AND TO DISCOVER. THE CURRICULUM IS STRENGTHENED BY OUR COMMITMENT TO A COMPREHENSIVE PROGRAM IN THE ARTS AND ATHLETICS. IN ALL OF OUR EXPERIENCES, BOTH THOSE WITHIN THE SCHOOL AND THOSE WHICH USE OUR URBAN LOCATION, WE ENCOURAGE SELF-RELIANCE, KNOWLEDGE OF ONESELF, AND A CAPACITY FOR LEADERSHIP. THE CONNECTIONS BETWEEN OUR FACULTY AND STUDENTS ARE AT THE HEART OF OUR SCHOOL. WE ASK MEMBERS OF OUR COMMUNITY TO BE ENGAGED LEARNERS, COMPASSIONATE INDIVIDUALS, AND PRODUCTIVE CITIZENS WHO LIVE OUR SCHOOL'S MOTTO: "HONOR, SCHOLARSHIP, AND KINDNESS." FORM 990, PART VI, SECTION B, LINE 11 THE AUDIT COMMITTEE REVIEWS THE FULL FORM 990 AND THEN RECOMMENDS APPROVAL TO THE FULL BOARD OF TRUSTEES. THE FULL BOARD OF TRUSTEES HAS ACCESS TO THE COMPLETE FORM 990 WITH THE EXCEPTION OF A REDACTED VERSION OF SCHEDULE B. THE NAMES OF THOSE DONORS WHO WISH TO REMAIN ANONYMOUS HAVE BEEN REDACTED FROM SCHEDULE B. FORM 990, PART VI, SECTION B, LINE 12C ALL OFFICERS, DIRECTORS AND KEY EMPLOYEES ARE REQUIRED TO SIGN A CONFLICT OF INTEREST FORM ANNUALLY. THE FORMS ARE REVIEWED BY THE GOVERNANCE COMMITTEE OF THE BOARD OF TRUSTEES AND THEY DETERMINE IF A POTENTIAL CONFLICT EXISTS. IF A POTENTIAL CONFLICT IS FOUND TO EXIST, THAT INDIVIDUAL IS BARRED FROM PARTICIPATING IN ANY DELIBERATIONS OR DECISIONS REGARDING THE CONFLICTING MATTER. REVIEW OF THE CONFLICT OF INTEREST POLICY IS DONE DURING TRUSTEE ORIENTATION EACH YEAR. FORM 990, PART VI, SECTION B, LINE 15A REASONABLE COMPENSATION: IT IS THE POLICY OF BUCKINGHAM BROWNE AND NICHOLS SCHOOL ("THE SCHOOL") TO PAY NO MORE THAN REASONABLE COMPENSATION FOR PERSONAL SERVICES RENDERED TO THE SCHOOL BY OFFICERS AND EMPLOYEES. THE TRUSTEES OF THE SCHOOL SHALL NOT RECEIVE COMPENSATION FOR FULFILLING THEIR DUTIES AS TRUSTEES, ALTHOUGH TRUSTEES MAY BE REIMBURSED FOR ACTUAL OUT-OF-POCKET EXPENSES WHICH THEY INCUR IN ORDER TO FULFILL THIER DUTIES AS TRUSTEES. EXPENSES OF SPOUSES WILL NOT BE REIMBURSED BY THE SCHOOL UNLESS THE EXPENSES ARE NECESSARY TO ACHIEVE A SCHOOL PURPOSE. APPROVAL OF COMPENSATION: THE BOARD OF TRUSTEES MUST APPROVE IN ADVANCE THE AMOUNT OF ALL COMPENSATION FOR THE OFFICERS OF THE SCHOOL. BEFORE APPROVING THE COMPENSATION OF AN OFFICER, THE BOARD SHALL DETERMINE THAT THE TOTAL COMPENSATION TO BE PROVIDED BY THE SCHOOL TO THE OFFICER IS REASONABLE IN AMOUNT IN LIGHT OF THE POSITION, RESPONSIBILITY AND QUALIFICATION OF THE OFFICER FOR THE POSITION HELD, INCLUDING THE RESULT OF AN EVALUATION OF THE OFFICER'S PRIOR PERFORMANCE FOR THE SCHOOL, IF APPLICABLE. IN MAKING THE DETERMINATION, THE BOARD SHALL CONSIDER TOTAL COMPENSATION TO INCLUDE THE SALARY AND THE VALUE OF ALL BENEFITS PROVIDED BY THE SCHOOL TO THE INDIVIDUAL IN PAYMENT FOR SERVICES. AT THE TIME OF THE DISCUSSION AND DECISION CONCERNING AN OFFICER'S COMPENSATION, THE OFFICER SHOULD NOT BE PRESENT AT THE MEETING. THE BOARD SHALL OBTAIN AND CONSIDER APPROPRIATE DATA CONCERNING COMPARABLE COMPENSATION PAID TO SIMILAR OFFICER'S IN LIKE CIRCUMSTANCES. THE BOARD SHALL SET FORTH THE BASIS FOR ITS DECISIONS WITH RESPECT TO COMPENSATION IN THE MINUTES OF THE MEETING AT WHICH THE DECISIONS ARE MADE, INCLUDING THE CONCLUSIONS OF THE EVALUATION AND THE BASIS FOR DETERMINING THAT THE INDIVIDUAL'S COMPENSATION WAS REASONABLE IN LIGHT OF THE EVALUATION AND THE COMPARABILITY DATA. COMPENSATION FOR OTHER KEY EMPLOYEES IS DETERMINED BY THE HEAD OF SCHOOL. FORM 990, PART VI, SECTION C, LINE 18 AUDITED FINANCIAL STATEMENTS AND THE FORM 990 ARE AVAILABLE FROM THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE AT HTTP://WWW.CHARITIES.AGO.STATE.MA.US/. FORM 1023 AND 990-T ARE AVAILABLE UPON REQUEST. IN ADDITION, VARIOUS ORGANIZATIONAL DOCUMENTS ARE AVAILABLE ON THE MASSACHUSETTS SECRETARY OF STATE WEBSITE: HTTP://CORP.SEC.STATE.MA.US/CORP/CORPSEARCH/CORPSEARCHINPUT.ASP. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. AUDITED FINANCIAL STATEMENTS AND THE FORM 990 ARE AVAILABLE FROM THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE AND WWW.GUIDESTAR.ORG. HAS THE ORGAN. PROVIDED A COMPLETE COPY OF FORM 990 TO ALL MEMBERS OF BOD? FORM 990, PAGE 6, PART VI, SECTION B.-POLICIES LINE 11A/B: THE AUDIT COMMITTEE REVIEWS THE FULL FORM 990 AND THEN RECOMMENDS APPROVAL TO THE FULL BOARD OF TRUSTEES. THE FULL BOARD OF TRUSTEES HAS ACCESS TO THE COMPLETE FORM 990 WITH THE EXCEPTION OF A REDACTED VERSION OF SCHEDULE B. THE NAMES OF THOSE DONORS WHO WISH TO REMAIN ANONYMOUS HAVE BEEN REDACTED FROM SCHEDULE B. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 6,159,126. UNREALIZED GAIN ON INTEREST RATE SWAP CONTRACT 509,591. TOTAL TO FORM 990, PART XI, LINE 5: 6,668,717. DOES ORGANIZATION HAVE A COMMITTEE THAT ASSUMES OVERSIGHT OF AUDIT? FORM 990, PAGE 12, PART XII, LINE 2C: THERE HAVE BEEN NO CHANGES IN THE COMMITTEE'S RESPONSIBILTY FOR THE OVERSIGHT OF THE AUDIT.