2012-05-11T07:20:42-05:00 2011-06-30 MCGLADREY LLP 80 CITY SQUARE BOSTON MA 02129 990 2010-07-01 042103574 THE FESSENDEN SCHOOL FESS 6179645350 250 WALTHAM STREET WEST NEWTON MA 02465 RSMI 6179645350 2012-05-11 1 LYNNE JOHNSON 6179129000 2010 2016-02-24 21:20:13Z PETER DRAKE 250 WALTHAM STREET WEST NEWTON MA 02465 24276501 0 X WWW.FESSENDEN.ORG X 1930 MA THE FESSENDEN SCHOOL IS THE OLDEST ALL BOYS, JUNIOR BOARDING SCHOOL IN THE COUNTRY. 25 25 354 60 124933 163511 3041858 4146039 17138677 17860260 1132686 1381554 253306 304521 21566527 23692374 1662452 1832364 0 0 12444761 12730205 0 0 890729 6809467 6978322 20916680 21540891 649847 2151483 66410757 73314482 27310284 28004581 39100473 45309901 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 14365085 1832364 16196540 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. 909550 812004 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. 423337 191765 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. 423819 390201 FESSENDEN AUXILIARY PROGRAM - DAY CARE 302287 173610 FESSENDEN AUXILIARY PROGRAM - OTHER 176742 96140 FESSENDEN SUMMER SPORTS CAMPS 902848 659951 16600820 1 1 0 0 0 0 0 1 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 45 0 1 354 1 1 1 0 0 0 0 0 0 0 0 0 X 25 25 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 THOMAS S ROBERTS 1.00 X X 0 0 0 DENISE M DUPRE 1.00 X X 0 0 0 RENEE E CURTIN 1.00 X X 0 0 0 JENNIFER L STIER 1.00 X X 0 0 0 MARC A COHEN 1.00 X 0 0 0 GEORGE F COLONY 1.00 X 0 0 0 BRIAN J CONWAY 1.00 X 0 0 0 MICHAEL P DANZIGER 1.00 X 0 0 0 BRUCE C DAYTON 1.00 X 0 0 0 STEPHEN C DEMIRJIAN 1.00 X 0 0 0 ROBERT M DICKEY 1.00 X 0 0 0 JOHN DOGGETT JR 1.00 X 0 0 0 JENNIFER MUGAR FLAHERTY 1.00 X 0 0 0 ARTHUR A GOSNELL 1.00 X 0 0 0 JENNIFER HINES 1.00 X 0 0 0 CHRISTOPHER B HOWARD 1.00 X 0 0 0 IAN K LORING 1.00 X 0 0 0 ELIZABETH H MUNRO 1.00 X 0 0 0 VG NARAYANAN 1.00 X 0 0 0 JAMES M NEISSA 1.00 X 0 0 0 CHRISTIAN NOLEN 1.00 X 0 0 0 STEVEN M PECK 1.00 X 0 0 0 STEPHANIE L ROGERS 1.00 X 0 0 0 ROBERT W TISHMAN 1.00 X 0 0 0 PETER C WELCH 1.00 X 0 0 0 DAVID TAYLOR 60.00 X 164878 0 62508 PETER DRAKE 60.00 X 403116 0 112448 ELIZABETH SEWALL 60.00 X 150312 0 15030 SCOTT SMITH 55.00 X 124832 0 18532 WENDY PEARRE 55.00 X 117381 0 50409 KENNETH HOWE 60.00 X 106234 0 57242 CINDY METSCH 55.00 X 103496 0 51024 TED PEARRE 55.00 X 102044 0 140857 1272293 0 508050 8 0 1 0 ZVI CONSTRUCTION CO LLC 131 DUMMER STREET BROOKLINE MA 02446 CONSTRUCTION 530000 PROSPECT BUILDING SERVICE CORP 360 PEARL STREET MALDEN MA 02148 CLEANING 212452 2 234204 3911835 438567 4146039 TUITION AND FEES 611600 16196540 16196540 SUMMER DAY CAMP 611710 1081754 1081754 AUXILIARY - DAY CARE 611710 390201 390201 SUMMER ESL PROGRAM 611710 191765 191765 17860260 607246 607246 579815 454882 124933 124933 124933 761308 13000 761308 13000 774308 774308 88278 234204 88278 0 102664 40967 61697 61697 MISCELLANEOUS INCOME 900099 71082 71082 PARENT ASSOCIATION 611710 46809 46809 117891 23692374 17860260 124933 1561142 1832364 1832364 810512 645170 165342 9490616 7800162 1319046 371408 732045 558936 147436 25673 977910 770895 156461 50554 719122 568074 115294 35754 96570 93297 3273 106647 106647 50930 50930 73596 73596 62290 27532 33541 1217 116068 5900 62742 47426 802336 495545 265535 41256 84552 43677 36167 4708 1576916 1449561 108866 18489 89366 29657 48695 11014 146140 100427 43422 2291 9970 9970 1823431 1672391 129112 21928 89870 89870 SUPPLIES, MAINT & EQUIP 540679 498991 35636 6052 FOOD 377193 349398 23760 4035 STUDENT ACTIVITIES 288077 288077 LEGAL SETTLEMENTS 250000 250000 SPECIAL EVENTS & FUNCTI 188649 43053 93771 51825 205042 66180 110378 28484 21540891 16600820 4049342 890729 11941127 13357774 256292 260397 2254735 1887694 372207 471129 101114 114296 121448 202588 42891685 19930250 23336081 22961435 4064327 5108009 23488764 28311398 474662 639762 66410757 73314482 1646920 2111830 8355921 9427438 15645000 15160000 51156 41448 1611287 1263865 27310284 28004581 X 26326893 30807622 4054031 5139544 8719549 9362735 39100473 45309901 66410757 73314482 X 2151483 4057945 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 29625797 2891980 5027068 1240814 339640 35964391 27090328 1424476 2341989 1230996 29625797 26822823 3426842 -2047013 962324 150000 27090328 0.74000 0.26000 0 0 159808 159808 38521114 17064817 21456297 3789580 2546927 1242653 421183 318506 102677 22961435 LIMITED PARTNERSHIPS 12928311 F FIXED INCOME INSTITUTIONAL MUTUAL FUNDS 5661014 F DOMESTIC EQUITY INSTITUTIONAL FUNDS 7165202 F INTERNATIONAL EQUITY INSTITUTIONAL FUNDS 923635 F INFLATION-PROTECTED MUTUAL FUNDS 1401836 F ANNUITY CONTRACTS 231400 F 28311398 CHARITABLE GIFT ANNUITY 2606 INTEREST RATE SWAP AGREEMENT 1261259 1263865 23692374 21540891 2151483 3811303 246642 4057945 6209428 26602082 3811303 -1485722 2325581 24276501 -584127 -584127 23692374 20392654 684127 684127 19708527 1832364 1832364 21540891 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 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, 2011 AND 2010. 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 2008. PART XI, LINE 8 - OTHER ADJUSTMENTS: UNREALIZED GAIN ON INTEREST RATE SWAP 346,642. UNCOLLECTIBLE CONTRIBUTIONS RECEIVABLE -100,000. PART XII, LINE 2D - OTHER ADJUSTMENTS: UNREALIZED GAIN ON INTEREST RATE SWAP 346,642. FINANCIAL AID REPORTED IN FORM 990, PART IX, LINE 2 -1,832,364. PART XII, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD EXPENSE REPORTED IN FORM 990, PART VIII, LINE 10B -40,967. RENTAL EXPENSES REPORTED IN FORM 990, PART VIII, LINE 6B -454,882. FUNDRAISING EXPENSE REPORTED IN FORM 990, PART VIII, LINE 8B -88,278. PART XIII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED IN FORM 990, PART VIII, LINE 6B 454,882. COST OF GOODS SOLD EXPENSE REPORTED IN FORM 990, PART VIII, LINE 10B 40,967. FUNDRAISING EXPENSE REPORTED IN FORM 990, PART VIII, LINE 8B 88,278. UNCOLLECTIBLE CONTRIBUTIONS RECEIVABLE 100,000. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID REPORTED IN FORM 990, PART IX, LINE 2 1,832,364. 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. GALA/AUCTION 288156 212692 75464 5435 38613 31416 GOLF OUTING 34326 21512 12814 900 10735 1179 322482 234204 88278 900 5435 49348 32595 88278 0 1 FINANCIAL AID FOR TUITION & FEES 55 1323730 FAIR MARKET VALUE FINANCIAL ASSISTANCE CREDITS TO THE STUDENTS' ACCOUNTS TUITION REMISSION 22 508634 FAIR MARKET VALUE 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 TAYLOR 164878 0 0 0 0 0 17400 0 45108 0 227386 0 0 0 PETER DRAKE 253116 0 150000 0 0 0 62620 0 49828 0 515564 0 125000 0 ELIZABETH SEWALL 150312 0 0 0 0 0 15030 0 0 0 165342 0 0 0 WENDY PEARRE 117381 0 0 0 0 0 17712 0 32697 0 167790 0 0 0 KENNETH HOWE 106234 0 0 0 0 0 11634 0 45608 0 163476 0 0 0 CINDY METSCH 103496 0 0 0 0 0 11720 0 39304 0 154520 0 0 0 TED PEARRE 102044 0 0 0 0 0 109410 0 31447 0 242901 0 0 0 PART I, LINE 4B IN CONNECTION WITH AN EMPLOYMENT AGREEMENT BETWEEN THE ORGANIZATION AND ITS HEADMASTER, THE 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 $150,000 DURING THE TAX YEAR AND HE WILL BECOME VESTED IN THE REMAINDER PAYMENTS ON JUNE 30, 2011. SUPPLEMENTAL INFORMATION PART III PART II, COLUMN C - TED PEARRE, DIRECTOR OF MIDDLE SCHOOL, HAS ENTERED INTO AN ARRANGEMENT WITH THE SCHOOL WHERE HE WILL RECEIVE $100,000 AFTER TERMINATION IN TWELVE EQUAL INSTALLMENTS BEGINNING ON JULY 1, 2011. X 8 438567 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, 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: NET UNREALIZED GAINS ON INVESTMENTS: 3,811,303. UNREALIZED GAIN ON INTEREST RATE SWAP 346,642. UNCOLLECTIBLE CONTRIBUTIONS RECEIVABLE -100,000. TOTAL TO FORM 990, PART XI, LINE 5: 4,057,945.