2012-05-14T11:47:18-05:00 2011-06-30 CBIZ TOFIAS 500 BOYLSTON STREET BOSTON MA 02116 990 2010-07-01 042103603 MILTON ACADEMY MILT 6178981798 170 CENTRE STREET MILTON MA 02186 STEVEN MOORE 6178982200 2012-05-09 1 CRAIG KLEIN 6177610600 2010 2016-02-24 21:20:13Z THEODORICK BLAND 170 CENTRE STREET MILTON MA 02186 92705921 0 X WWW.MILTON.EDU X 1798 MA MILTON ACADEMY IS AN INDEPENDENT COLLEGE PREPARATORY K-12 SCHOOL, BOARDING AND DAY IN GRADES 9-12. 30 29 680 450 125355 -472371 10751208 13611661 38763266 40945653 7064000 17752037 0 0 56578474 72309351 7452821 8219457 0 0 25968207 27214976 0 0 2661778 25707928 25001681 59128956 60436114 -2550482 11873237 257719863 286388266 61959398 60280966 195760465 226107300 X MILTON ACADEMY CULTIVATES IN ITS STUDENTS A PASSION FOR LEARNING AND A RESPECT FOR OTHERS. EMBRACING DIVERSITY AND THE PURSUIT OF EXCELLENCE, WE CREATE A COMMUNITY IN WHICH INDIVIDUALS DEVELOP COMPETENCE, CONFIDENCE AND CHARACTER. OUR ACTIVE LEARNING ENVIRONMENT, IN AND OUT OF THE CLASSROOM, DEVELOPS CREATIVE AND CRITICAL THINKERS, UNAFRAID TO EXPRESS THEIR IDEAS, PREPARED TO SEEK MEANINGFUL LIFETIME SUCCESS AND TO LIVE BY OUR MOTTO, "DARE TO BE TRUE." 0 0 37957200 7750414 36131316 MILTON ACADEMY PROMOTES AN ENVIRONMENT OF LIFELONG LEARNING TO 975 STUDENTS IN GRADES K-12. STUDENTS ARE ENCOURAGED TO PARTICIPATE IN COMMUNITY SERVICE AND VOLUNTEER OPPORTUNITIES DURING THE YEAR IN AN EFFORT TO INSTILL A PASSION FOR GIVING BACK TO OTHERS FOR MANY YEARS. FULL AND PARTIAL SCHOLARSHIPS ARE AWARDED TO STUDENTS BASED ON FINANCIAL NEED. MILTON ACADEMY CULTIVATES IN ITS STUDENTS A PASSION FOR LEARNING AND A RESPECT FOR OTHERS. EMBRACING DIVERSITY AND THE PURSUIT OF EXCELLENCE, WE CREATE A COMMUNITY IN WHICH INDIVIDUALS DEVELOP COMPETENCE, CONFIDENCE AND CHARACTER. OUR ACTIVE LEARNING ENVIRONMENT, IN AND OUT OF THE CLASSROOM, DEVELOPS CREATIVE AND CRITICAL THINKERS, UNAFRAID TO EXPRESS THEIR IDEAS, PREPARED TO SEEK MEANINGFUL LIFETIME SUCCESS AND TO LIVE BY THE MOTTO, "DARE TO BE TRUE." THE COMMUNITY SERVICE PROGRAM SEEKS TO INSTILL AND SUPPORT A PASSION FOR SERVICE IN MILTON ACADEMY'S STUDENTS, FACULTY AND STAFF. THROUGH PROVIDING A MULTITUDE OF OPPORTUNITIES FROM TUTORING IN LOCAL SCHOOLS, TO DONATING BLOOD, TO ASSISTING THE ELDERLY, THE PROGRAM STRIVES TO PROVIDE THE MILTON COMMUNITY WITH INTERESTING AND MEANINGFUL SERVICE OPPORTUNITIES. ON AVERAGE, ABOUT 200 STUDENTS PERFORM WEEKLY SERVICE AT OVER 30 DIFFERENT ORGANIZATIONS IN THE GREATER BOSTON AREA. ANOTHER 200 STUDENTS PARTICIPATE IN MULTI-ANNUAL EVENTS SUCH AS THE GREATER BOSTON FOODBANK, SPECIAL OLYMPICS TOURNAMENTS, THE BLOOD DRIVE AND HOLIDAY GIVING EVENTS. THE ENTIRE MILTON COMMUNITY PARTICIPATES IN THE ANNUAL OXFAM HUNGER BANQUET AND THE BI-ANNUAL COMMUNITY SERVICE DAY. EACH YEAR, THE PROGRAM ALSO SUPPORTS INDIVIDUAL AND GROUP INITIATIVES FOR PARTICULAR CAUSES, SUCH AS OVERSEAS ORPHANAGES, TSUNAMI AND HURRICANE RELIEF. 2618746 469043 2773562 THE MOUNTAIN SCHOOL OF MILTON ACADEMY IS AN INDEPENDENT SEMESTER PROGRAM THAT PROVIDES HIGH SCHOOL JUNIORS THE OPPORTUNITY TO LIVE AND WORK ON AN ORGANIC FARM IN RURAL VERMONT. EACH SEMESTER THE MOUNTAIN SCHOOL DRAWS 45 HIGH-ACHIEVING STUDENTS FROM ALL OVER THE COUNTRY. COURSES PROVIDE A DEMANDING, INTEGRATED LEARNING EXPERIENCE THAT TAKES FULL ADVANTAGE OF THE SCHOOL'S SMALL SIZE AND MOUNTAIN CAMPUS. STUDENTS COME FROM DIFFERENT BACKGROUNDS AND SCHOOLS AROUND THE COUNTRY, AND ARE CHALLENGED TO WORK TOGETHER AND LEARN FROM EACH OTHER, AS THEY EXPLORE THE INTERSECTION OF THE SCHOOL'S FARM, ACADEMIC PROGRAM, AND RESIDENTIAL LIFE. THE GOAL IS FOR STUDENTS TO RETURN TO THEIR SCHOOLS AND COMMUNITIES, MORE CLEAR ABOUT THEMSELVES AND BETTER PREPARED TO BECOME EFFECTIVE CITIZENS. 2039837 0 0 THROUGH INTERSCHOLASTIC AND INTRAMURAL SPORTS, AS WELL AS PHYSICAL EDUCATION COURSES, ALL MILTON ACADEMY STUDENTS ARE INVOLVED IN PHYSICALLY ACTIVE AND CHALLENGING PURSUITS THAT HELP FORM AN EXCEPTIONAL EDUCATIONAL EXPERIENCE. ATHLETIC ACTIVITY IS CERTAINLY AN EXPRESSION OF ONE FORM OF INTELLIGENCE, AN INTELLIGENCE THAT NEEDS TO BE DEVELOPED AND NURTURED AS DOES ANY OTHER. 851670 0 1490585 MILTON ACADEMY PROVIDES A SATURDAY COURSE TO GIFTED STUDENTS, SUMMER DAY CAMPS, ADULT WORKSHOPS, AN OUTDOOR PROGRAM, AFTER SCHOOL ACTIVITIES, AND YEARBOOK PROGRAM. 354846 0 0 COLLEGE COUNSELING:THE COLLEGE COUNSELING OFFICE AT MILTON BUILDS ITS PROGRAM AROUND INDIVIDUALISM. WE BELIEVE THAT THE COLLEGE COUNSELING PROCESS BEGINS AND ENDS WITH THE STUDENT. WE KNOW THAT EACH STUDENT HAS A DIFFERENT STORY, OUR GUIDING PRINCIPLE IS MUCH LIKE THAT OF A GOOD TEACHER: START WHERE THE STUDENT IS. 1206516 1490585 43822299 1 1 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 0 0 0 0 1 159 0 1 680 1 1 1 0 0 0 0 0 0 0 0 0 X 30 29 0 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 MA FL X EDWARD DONAHUE 6178982280 170 CENTRE STREET MILTON MA 021863397 DAVID ABRAMS 1.00 X 0 0 0 GEORGE ALEX 1.00 X 0 0 0 ROB AZEKE 1.00 X 0 0 0 JULIE BENNETT 1.00 X 0 0 0 ROBERT CUNHA 1.00 X 0 0 0 MARK DENNEEN 1.00 X 0 0 0 ELISABETH DONOHUE 1.00 X 0 0 0 JOHN FITZGIBBONS 1.00 X 0 0 0 CATHERINE KITTY GORDAN 1.00 X 0 0 0 CAROLINE HYMAN 1.00 X 0 0 0 ANTONIA MUNROE GRUMBACH 1.00 X 0 0 0 KERRY MURPHY HEALEY 1.00 X 0 0 0 LISA JONES 1.00 X 0 0 0 CHRIS MCKOWN 1.00 X 0 0 0 ERIKA MOBLEY 1.00 X 0 0 0 JOHN P REARDON JR 1.00 X 0 0 0 KARAN SHELDON 1.00 X 0 0 0 V-NEE YEH 1.00 X 0 0 0 JAMES M FITZGIBBONS 1.00 X 0 0 0 MARGARET JEWETT GREER 1.00 X 0 0 0 FRANKLIN W HOBBS IV 1.00 X 0 0 0 HAROLD W JANEWAY 1.00 X 0 0 0 H MARSHALL SCHWARZ 1.00 X 0 0 0 BRADLEY BLOOM 3.00 X X 0 0 0 VICTORIA HALL GRAHAM 3.00 X X 0 0 0 OGDEN M HUNNEWELL 3.00 X X 0 0 0 F WARREN MCFARLAN 3.00 X X 0 0 0 FREDERICK G SYKES 3.00 X X 0 0 0 JIDE J ZEITLIN 3.00 X X 0 0 0 THEODORICK BLAND 40.00 X X 529386 0 77159 STEVEN MOORE 40.00 X 177757 0 21306 ALDEN SMITH 40.00 X 97511 0 27256 GORDON SEWALL 40.00 X 165025 0 93290 CATHLEEN EVERETT 40.00 X 143367 0 11867 PAUL REBUCK 40.00 X 129363 0 35034 MARSHALL CARTER 40.00 X 120882 0 10662 STEPHANIE TRUESDELL 40.00 X 130952 0 33846 DENNIS GLYNN 40.00 X 112033 0 11440 1606276 0 321860 11 0 1 0 FLIK 2400 YORKMONT ROAD CHARLOTTE NC 28217 DINING SERVICES 2608691 SUBURBAN CONTRACT CLEANING INC 65 BAY STATE DR STE 4 BRAINTREE MA 02184 CLEANING COMPANY 575385 CM CLEANING CO INC 32 WASHINGTON STREET STOUGHTON MA 02072 CLEANING COMPANY 420746 ATRION NETWORKING COMPANY 30 SERVICE AVE WARWICK RI 02886 COMPUTERS/NETWORKING 360829 SHAWMUT DESIGN AND CONSTRUCTION 560 HARRISON AVE BOSTON MA 02118 CONSTRUCTION COMPANY 351895 26 13611661 721538 13611661 TUITION 900099 38839305 38839305 SPECIAL AND SUMMER PRO 900099 1496408 946218 550190 AUXILIARY INCOME 900099 422525 422525 OTHER EDUCATION REVENU 900099 187415 187415 40945653 1878922 -424835 2303757 36269685 20319552 77018 15950133 -77018 15873115 15873115 72309351 40395463 125355 18176872 8219457 8219457 1265632 810160 209183 246289 19135679 14349638 3781788 1004253 1349671 810180 487194 52297 4090867 2386500 1616589 87778 1373127 824260 495661 53206 110093 110093 23615 23615 2528858 2528858 1663644 821708 666614 175322 38994 27995 10999 7555719 6422574 708446 424699 1353963 1353963 702306 417284 156455 128567 88604 18322 10719 59563 2202597 1651948 440519 110130 6316466 4795113 1201679 319674 DINING SERVICES 2267160 2267160 TAXES - REAL ESTATE 92810 92810 BAD DEBTS 56852 56852 60436114 43822299 13952037 2661778 3642763 1643840 3063234 6549555 9087506 10654676 76980 304714 133072141 71432525 64623075 61639616 144415422 157616867 23649728 40556620 9161155 7422378 257719863 286388266 4425897 4004927 2533358 2240641 52755422 51941451 2244721 2093947 61959398 60280966 X 36212397 38300858 83694672 106491575 75853396 81314867 195760465 226107300 257719863 286388266 X 11873237 18473598 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 165831724 4888161 33605330 -269060 8230995 195825160 145417036 1993489 18570107 -8413092 8562000 165831724 176661465 4263381 -27179976 -7884 8335718 145417036 0.12430 0.38050 0.49520 1 0 198648 198648 119610558 64900020 54710538 6203045 3365758 2837287 7059890 3166747 3893143 61639616 REAL ESTATE PARTNERSHIPS 15849364 F PRIVATE EQUITY AND VENTURE CAPITAL 19707256 F REAL ESTATE PARTNERSHIPS 5000000 C 40556620 PAYABLE TO ANNUITANTS 1040959 ASSET RETIREMENT OBLIGATION 289293 OBLIGATIONS UNDER INTEREST RATE SWAP CONTRACTS 763695 2093947 72309351 60436114 11873237 18627121 -153523 18473598 30346835 80268721 18627121 -8331582 10295539 69973182 2413187 -77018 2336169 72309351 49921886 34403 34403 49887483 2413187 8135444 10548631 60436114 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE ENDOWMENT IS USED TO INVEST FUNDS FOR THE SCHOOL. A SPENDING RATE OF FIVE PERCENT OF A ROLLING TWELVE QUARTER AVERAGE FAIR VALUE OF THE INVESTMENTS IS USED TO FUND PROGRAMS AND PROVIDE SCHOLARSHIPS. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN SPLIT INTEREST AGREEMENTS -196,138. GAIN ON INTEREST RATE SWAP CONTRACT 42,615. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN SPLIT INTEREST AGREEMENTS -196,138. STUDENT FINANCIAL AID -8,135,444. PART XII, LINE 4B - OTHER ADJUSTMENTS: ON RETIREMENT OF PP&E -77,018. PART XIII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON RETIREMENT OF PP&E 77,018. GAIN ON INTEREST RATE SWAP CONTRACT -42,615. PART XIII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL AID 8,135,444. PART X, LINE 2 - UNCERTAIN TAX POSITIONS: THE ACADEMY 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 ACADEMY HAS IDENTIFIED ITS TAX STATUS AS A TAX EXEMPT ENTITY AS A TAX POSITION; HOWEVER, THE ACADEMY HAS DETERMINED THAT SUCH TAX POSITION DOES NOT RESULT IN AN UNCERTAINTY REQUIRING RECOGNITION. THE ACADEMY IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION. THE ACADEMY'S FEDERAL AND STATE TAX RETURNS ARE GENERALLY OPEN FOR EXAMINATION FOR THREE YEARS FOLLOWING THE DATE FILED. 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 MILTON ACADEMY'S NONDISCRIMINATORY POLICY IS PUBLISHED IN THE SCHOOL'S BROCHURES AND APPLICATIONS. IT IS ALSO INCLUDED IN THE BOSTON GLOBE. EAST ASIA AND THE PACIFIC 0 0 INVESTMENTS 8735000 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 5496000 SUB-SAHARAN AFRICA 0 0 INVESTMENTS 3146000 NORTH AMERICA 0 0 INVESTMENTS 4183000 0 0 0 0 0 0 21560000 0 21560000 1 0 0 1 1 0 1 SCHOLARSHIPS 246 7666402 FAIR MARKET VALUE FINANCIAL AID ASSISTANCE SCHOLARSHIPS - MOUNTAIN SCHOOL 34 469043 FAIR MARKET VALUE FINANCIAL AID ASSISTANCE SUPPLEMENTAL FINANCIAL AID 53 84012 FAIR MARKET VALUE FINANCIAL AID ASSISTANCE PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: MOST GRANT EXPENSE CONSISTS OF SCHOLARSHIP AWARDS WHICH ARE CREDITED DIRECTLY TO STUDENT ACCOUNTS AT THE ACADEMY. OTHER INFORMATION: PART IV: THE 53 STUDENTS THAT RECEIVED SUPPLEMENTAL FINANCIAL AID ARE PART OF THE SAME GROUP AS THE SCHOLARSHIPS WITH THE 246 RECIPIENTS. X X 1 1 X X X X X X 0 0 0 0 0 0 0 1 0 THEODORICK BLAND 425101 0 0 0 104285 0 36100 0 41059 0 606545 0 0 0 STEVEN MOORE 168296 0 5000 0 4461 0 20063 0 1243 0 199063 0 0 0 GORDON SEWALL 165025 0 0 0 0 0 13788 0 79502 0 258315 0 0 0 CATHLEEN EVERETT 143367 0 0 0 0 0 11499 0 368 0 155234 0 0 0 PAUL REBUCK 129363 0 0 0 0 0 10349 0 24685 0 164397 0 0 0 STEPHANIE TRUESDELL 130952 0 0 0 0 0 26263 0 7583 0 164798 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS IS LIMITED TO THE HEAD OF SCHOOL AND IS DONE SO WITH DISCRETION ON A CASE BY CASE BASIS WHEN DEEMED APPROPIATE. THE TRAVEL FOR COMPANIONS BENEFIT IS TREATED AS NONTAXABLE COMPENSATION. HOUSING BENEFITS ARE NORMATIVE FOR HEAD OF SCHOOL AND CERTAIN OTHER KEY EMPLOYEES, OFFICERS, AND HIGHLY COMPENSATED EMPLOYEES TO BE AVAILABLE TO STUDENTS 24 HOURS A DAY TO FULLFILL DUTIES. HOUSING BENEFITS ARE TREATED AS A NONTAXABLE WORKING CONDITION FRINGE BENEFIT. PART I, LINE 7 STEVEN MOORE'S BONUS IN THE AMOUNT OF $5,000 WAS DETERMINED BY THE HEAD OF SCHOOL. MA DEV 2009 SERIES A 043431814 SEESCHEDO 2009-12-22 25555000 TO FUND CONSTRUCTION 0 0 0 MA DEV 2009 SERIES B 043431814 57583RR64 2009-12-22 17265000 TO FUND CONSTRUCTION 0 0 0 MA DEV 2009 SERIES C 043431814 SEESCHEDO 2009-12-22 9610000 TO FUND CONSTRUCTION 0 0 0 MA DEV 2003 (SEE SCH O) 043431814 57583FX71 2003-11-20 27346967 TO FUND CONSTRUCTION 1 0 0 27158005 3881330 12919895 230083 7903351 627738 1595608 2012 0 1 0 1 17175452 17025315 150137 2009 0 1 0 1 10492446 961167 9469000 57189 5090 2009 0 0 0 1 955000 26182447 11441873 525300 13260274 2004 0 1 1 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 0 0 0 0 1 0.00000 0.00000 0.00000 1 0 0 0 NA 1 MORGAN STANLEY 15.700000000000 0 0 0 0 1 1 SEE SCHEDULE O 0 0 0 NA 0 0 0 0 0 NA 0 NA 0 0 1 0 0 NA 0 NA 0 0 SCHEDULE K, PART I AND II: FOR BOND A, THE DIFFERENCE BETWEEN PART II, LINE 3 AND PART I, COLUMN (E) IS THE RESULT OF THE APPLICATION OF GIC PRINCIPAL AND CUMULATIVE INVESTMENT EARNINGS. FOR BOND B, THE DIFFERENCE BETWEEN PART II, LINE 3 AND PART I, COLUMN (E) IS THE RESULT OF CUMULATIVE INVESTMENT EARNINGS. FOR BOND C, THE DIFFERENCE BETWEEN PART II, LINE 3 AND PART I, COLUMN (E) IS THE RESULT OF CUMULATIVE INVESTMENT EARNINGS. FOR BOND D, THE DIFFERENCE BETWEEN PART II, LINE 3 AND PART I, COLUMN (E) IS THE RESULT OF CUMULATIVE INVESTMENT EARNINGS. VARIOUS TUITION ABATEMENT 151553 X 97 721538 FAIR MARKET VALUE 0 0 1 0 FORM 990, PART VI, SECTION B, LINE 11 THE INFORMATION REQUESTED ON THE 990 IS GATHERED BY THE BUSINESS OFFICE STAFF. THE 990 FORM IS PREPARED BY OUR INDEPENDENT ACCOUNTING FIRM, CBIZ TOFIAS. THE DRAFT FORM IS REVIEWED BY THE CONTROLLER, CFO, HEAD OF SCHOOL, AND IS REVIEWED AND APPROVED BY THE AUDIT COMMITTEE BEFORE BEING REVIEWED BY THE BOARD. THE DOCUMENT IS MADE AVAILABLE ON THE TRUSTEE WEBSITE, BEFORE FILING, AND ALL TRUSTEES ARE NOTIFIED BY EMAIL THAT THE FORM 990 IS AVAILABLE FOR REVIEW ON THE TRUSTEE WEBSITE. FORM 990, PART VI, SECTION B, LINE 12C THE CONTROLLER'S OFFICE REVIEWS TRANSACTIONS WITH INTERESTED PERSONS (TRUSTEES, TRUSTEE COMMITTEE MEMBERS, AD COUNCIL MEMBERS, DEPARTMENT HEADS, OFFICERS, OR ANY OTHER PERSON IN A POSITION TO EXERCISE SUBSTANTIAL INFLUENCE AT THE ORGANIZATION) TO ENSURE THAT CONFLICTS ARE DISCLOSED. ALL INTERESTED PERSONS MUST COMPLETE A CONFLICT OF INTEREST POLICY MEMORANDUM OF DISCLOSURE ANNUALLY AND SHALL UPDATE THE DISCLOSURE AT ANY TIME DURING THE YEAR WHENEVER A POTENTIAL OR APPARENT CONFLICT MAY ARISE. THE AUDIT COMMITTEE, THE HEAD OF SCHOOL, OR THE BOARD OF TRUSTEES, AS APPROPRIATE, SHALL ADDRESS CONFLICTS OF INTEREST INVOLVING INTERESTED PERSONS IN ACCORDANCE WITH THE STANDARDS SET FORTH IN THIS POLICY. PROCEDURES FOR ADDRESSING CONFLICTS OF INTEREST WITH INTERESTED PERSONS: 1) PROHIBITION. NO INTERESTED PERSON MAY ENTER INTO A TRANSACTION OR ARRANGEMENT WITH THE ORGANIZATION UNLESS THE FACTS OF SUCH TRANSACTION OR ARRANGEMENT, INCLUDING THE INTERESTED PERSON'S INTEREST THEREIN, HAVE BEEN FULLY DISCLOSED AND THE TRANSACTION OR ARRANGEMENT HAS BEEN EXPRESSLY AUTHORIZED BY THE DISINTERESTED MEMBERS OF THE AUDIT COMMITTEE OR THE BOARD OF TRUSTEES, AS APPLICABLE. 2) DUTY TO DISCLOSE. IN CONNECTION WITH ANY TRANSACTION OR ARRANGEMENT UNDER CONSIDERATION BY THE ORGANIZATION, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF SUCH INTERESTED PERSON'S OR ANY OTHER INTERESTED PERSON'S INTEREST TO THE ORGANIZATION'S AUDIT COMMITTEE. 3) PROCESS: A. AN INTERESTED PERSON MUST BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL FACTS TO THE AUDIT COMMITTEE OR BOARD OF TRUSTEES AT A MEETING CALLED FOR THE PURPOSE OF CONSIDERING THE TRANSACTION OR ARRANGEMENT AND THE INTERESTED PERSON'S INTEREST. AFTER THE INTERESTED PERSON'S PRESENTATION, THE INTERESTED PERSON SHALL LEAVE THE MEETING DURING THE DISCUSSION OF, AND THE VOTE ON, SUCH TRANSACTION OR ARRANGEMENT. B. THE CHAIR OF THE AUDIT COMMITTEE OR THE PRESIDENT OF THE BOARD OF TRUSTEES SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. C. AFTER EXERCISING DUE DILIGENCE, INCLUDING A REVIEW OF SURVEYS OF COMPARABLE DATA WHERE APPROPRIATE, THE AUDIT COMMITTEE OR BOARD OF TRUSTEES SHALL DETERMINE WHETHER THE ORGANIZATION CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. D. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, THE AUDIT COMMITTEE OR BOARD OF TRUSTEES SHALL DETERMINE BY A VOTE OF THE DISINTERESTED TRUSTEES OF THE AUDIT COMMITTEE OR THE BOARD OF TRUSTEES, AS APPLICABLE, WHETHER THE TRANSACTION OR ARRANGEMENT IS IN THE ORGANIZATION'S BEST INTEREST, FOR ITS OWN BENEFIT, AND WHETHER IT IS FAIR AND REASONABLE, AND THEREFORE WHETHER TO ENTER INTO SUCH TRANSACTION OR ARRANGEMENT. FORM 990, PART VI, SECTION B, LINE 15 IN SETTING, REVIEWING AND APPROVING THE COMPENSATION OF THE HEAD OF SCHOOL AND REVIEWING AND APPROVING THE COMPENSATION OF THE ADMINISTRATIVE COUNCIL, THE COMPENSATION COMMITTEE OF MILTON ACADEMY UTILIZES A THREE-PART PROCESS. THE PROCESS INCLUDES: IMPARTIAL DECISION MAKERS, COMPARABILITY DATA, AND CONCURRENT DOCUMENTATION. THE PROCEDURES ARE IN PLACE SO THAT PAYMENTS UNDER THE ORGANIZATION'S EXECUTIVE COMPENSATION ARRANGEMENTS ARE PRESUMED TO BE REASONABLE, UNDER TREAS. REG. SECTION 53.4958-6. 1. IMPARTIAL DECISION MAKERS. THE COMPENSATION ARRANGEMENT MUST BE APPROVED IN ADVANCE (BEFORE ANY PAYMENT IS MADE) BY THE COMPENSATION COMMITTEE OF MILTON ACADEMY COMPOSED ENTIRELY OF INDIVIDUALS WHO DO NOT HAVE A CONFLICT OF INTEREST WITH RESPECT TO THE COMPENSATION ARRANGEMENT. 2. COMPARABILITY DATA. WHEN THE COMPENSATION COMMITTEE IS CONSIDERING COMPENSATION TO COVERED INDIVIDUALS, IT MUST RELY ON COMPARABILITY DATA THAT DEMONSTRATE THE FAIR MARKET VALUE OF THE COMPENSATION IN QUESTION. FOR EXAMPLE, WHEN CRAFTING COMPENSATION PACKAGES, THE COMPENSATION COMMITTEE MUST SECURE DATA THAT DOCUMENTS COMPENSATION LEVELS FOR SIMILARLY QUALIFIED INDIVIDUALS IN LIKE POSITIONS AT LIKE ORGANIZATIONS. POSSIBLE SOURCES INCLUDE, BUT ARE NOT NECESSARILY LIMITED TO: A) EXPERT COMPENSATION STUDIES BY INDEPENDENT FIRMS; B) SURVEY DATA FROM THE ASSOCIATION OF BUSINESS OFFICERS AT PREPARATORY SCHOOLS, NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS, ASSOCIATION OF INDEPENDENT SCHOOLS OF NEW ENGLAND, OR OTHER EDUCATIONAL ASSOCIATIONS C) INFORMATION OBTAINED FROM THE IRS FORM 990 FILINGS OF SIMILAR ORGANIZATIONS D) WRITTEN JOB OFFERS FOR POSITIONS AT SIMILAR ORGANIZATIONS. 3. CONCURRENT DOCUMENTATION. THE COMPENSATION COMMITTEE MUST DOCUMENT HOW IT REACHED ITS DECISIONS, INCLUDING THE DATA ON WHICH IT RELIED. RECORDS MUST BE PREPARED BEFORE THE LATER OF THE NEXT MEETING OF THE AUTHORIZED BODY OR 60 DAYS AFTER THE FINAL ACTION OR ACTIONS OF THE AUTHORIZED BODY ARE TAKEN. RECORDS MUST BE REVIEWED AND APPROVED BY THE COMPENSATION COMMITTEE AS REASONABLE, ACCURATE AND COMPLETE WITHIN A REASONABLE TIME PERIOD THEREAFTER. TO QUALIFY AS CONCURRENT DOCUMENTATION, WRITTEN OR ELECTRONIC RECORDS OF THE COMPENSATION COMMITTEE (SUCH AS MEETING MINUTES) MUST NOTE: A) THE TERMS OF THE COMPENSATION AND THE DATE IT WAS APPROVED; B) THE MEMBERS OF THE COMPENSATION COMMITTEE WHO WERE PRESENT DURING THE DISCUSSION OF THE COMPENSATION THAT WAS APPROVED AND THOSE WHO VOTED ON IT; C) THE COMPARABILITY DATA OBTAINED AND RELIED UPON AND HOW THE DATA WAS OBTAINED; D) IF THE COMPENSATION COMMITTEE DETERMINES THAT REASONABLE COMPENSATION FOR A SPECIFIC ARRANGEMENT IS HIGHER OR LOWER THAN THE RANGE OF COMPARABILITY DATA OBTAINED, THE COMPENSATION COMMITTEE MUST RECORD THE BASIS FOR ITS DETERMINATION, AND E) ANY ACTIONS TAKEN WITH RESPECT TO CONSIDERATION OF THE COMPENSATION BY ANYONE WHO IS OTHERWISE A MEMBER OF THE COMPENSATION COMMITTEE BUT WHO HAD A CONFLICT OF INTEREST WITH RESPECT TO THE DECISION ON THE COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 MILTON ACADEMY MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC VIA ITS WEBSITE: WWW.MILTON.EDU. THE FORM 990 IS AVAILABLE UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 18,627,121. CHANGE IN SPLIT INTEREST AGREEMENTS -196,138. GAIN ON INTEREST RATE SWAP CONTRACT 42,615. TOTAL TO FORM 990, PART XI, LINE 5: 18,473,598. FORM 990, SCHEDULE K, PART I, LINE A, COLUMN C: CUSIP NUMBERS FOR THE MA DEV 2009 SERIES A BONDS ARE: 57583RQ40, 57583RR72, 57583RR57, 57583RR80, 57583RQ65, 57583RQ73. FORM 990, SCHEDULE K, PART I, LINE C, COLUMN C: CUSIP NUMBERS FOR THE MA DEV 2009 SERIES C BONDS ARE: 57583RQ81, 57583RQ99, 57583RR23, 57583RR64. FORM 990, SCHEDULE R, PART IV: ACTUAL TRUST NAMES HAVE BEEN OMITTED TO PROTECT THE PRIVACY OF THE CONTRIBUTORS. SUCH INFORMATION IS AVAILABLE TO THE IRS UPON REQUEST. CHARITABLE REMAINDER TRUST 170 CENTRE STREET MILTON MA 02186 CHARITABLE TRUST MA N/A T 68144 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0