2012-03-12T11:51:05-05:00 2011-06-30 STONE & COMPANY LLC 57 BEDFORD ST STE 225 LEXINGTON MA 024204443 990 2010-07-01 042103573 THE FAY SCHOOL INC FAYS 5084850100 48 MAIN STREET SOUTHBOROUGH MA 017721595 ALAN CLARANCE 5084908211 2012-03-02 1 MATTHEW P STONE CPA 7818636300 2012-03-02 2010 2016-02-24 21:20:13Z ALAN A CLARANCE 48 MAIN STREET SOUTHBOROUGH MA 017721595 33642496 0 X WWW.FAYSCHOOL.ORG X 1866 MA TO EDUCATE THE WHOLE CHILD TO HIS/HER FULLEST POTENTIAL IN PREPARATION FOR A PRODUCTIVE AND FULFILLED LIFE. 27 26 258 100 0 0 1239682 2134366 12574856 14254927 1860022 2601287 5485 130249 15680045 19120829 1167096 1204277 0 0 9155148 12026124 0 0 892565 7730643 9020837 18052887 22251238 -2372842 -3130409 109342119 113788930 60442782 60883247 48899337 52905683 TO EDUCATE THE WHOLE CHILD TO HIS/HER FULLEST POTENTIAL IN PREPARATION FOR A PRODUCTIVE AND FULFILLED LIFE 0 0 16720859 1204277 12919355 INSTRUCTION AND EDUCATION: FORMAL EDUCATION OF 431 STUDENTS GRADES PREK-9 IN CO-ED DAY & BOARDING SETTING. 681102 3200 639786 SUMMER PROGRAMS PROVIDE DAILY TRAINING IN ENGLISH, MATHEMATICS, MUSIC, SWIMMING, ART AND VARIOUS SPORT PROGRAMS. 1317539 695786 AUXILIARY SERVICES INCLUDE: FOOD SERVICE OFFERING BREAKFAST, LUNCH AND DINNER FOR STUDENTS; LAUNDRY FOR BOARDING STUDENTS; DAY STUDENT BUS TRANSPORTATION; BOOKSTORE AND INFIRMARY. 18719500 1 1 0 1 0 0 0 0 0 1 1 0 0 0 1 0 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 1 83 0 1 258 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 X 27 26 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X X THE FAY SCHOOL BUSINESS OFFICE 5084850100 48 MAIN STREET SOUTHBOROUGH MA 017721595 ROBERT J GUSTAVSON JR 37.50 X X X X 210575 0 103285 THOMAS MCKEAN ESQ 2.00 X 0 0 0 PAULA BENTINCK-SMITH 2.00 X 0 0 0 CHARLES P PIEPER JR 2.00 X 0 0 0 ELIZABETH T KELLOGG 2.00 X 0 0 0 ALAN F BROOKS 2.00 X 0 0 0 HERBERT L CAMP 2.00 X 0 0 0 TUSHARA CANEKERATNE 2.00 X 0 0 0 RICHARD B COMMONS 2.00 X 0 0 0 JAMES F CURTIS III 2.00 X 0 0 0 JAMES A DOLCE JR 2.00 X 0 0 0 MICHAEL J EGAN 2.00 X 0 0 0 MAUREEN FINLAYSON 2.00 X 0 0 0 JO GREYSTONE 2.00 X 0 0 0 DAVID W HARRIS 2.00 X 0 0 0 JOHN P LARI 2.00 X 0 0 0 DOUGLASS N LOUD 2.00 X 0 0 0 SARAH R MARS 2.00 X 0 0 0 JOHN R PARSONS JR 2.00 X 0 0 0 WILLIAM PICARDI 2.00 X 0 0 0 ANDREW PILARO 2.00 X 0 0 0 JAMES P SHAY 2.00 X 0 0 0 HARVEY I STEINBERG 2.00 X 0 0 0 CAMPBELL STEWARD 2.00 X 0 0 0 JUDITH S THOFT 2.00 X 0 0 0 JOHN E THOMAS SR 2.00 X 0 0 0 ALBERT K TING 2.00 X 0 0 0 GARY E REED 37.50 X X X 162778 0 46750 DAVID LIEBMANN 37.50 X 135551 0 32685 MARIE RB BEAM 37.50 X 130921 0 34058 639825 0 216778 4 0 1 0 ERLAND CONSTRUCTION INC 83 SECOND AVENUE BURLINGTON MA 01803 BUILDING CONTRACTOR 2026017 CONCIERGE SERVICES FOR STUDENTS LTD 800 BOYLSTON STREET SUITE 1530 BOSTON MA 02119 CONCIERGE SERVICES 152411 PINCK & COMPANY 98 MAGAZINE STREET 3RD FLOOR BOSTON MA 02199 CONSTRUCTION MANAGEMENT CONSULTING 116420 3 2134366 2134366 TUITION AND FEES 611710 13939654 13939654 AUXILIARY SERVICES 611710 280014 280014 OTHER REVENUES 611710 35259 35259 14254927 629143 629143 16454120 14481976 1972144 1972144 1972144 169940 39691 130249 130249 19120829 14254927 0 2731536 1204277 1204277 530035 530035 8679655 7635695 513617 530343 383736 353238 7994 22504 1832555 1677581 118663 36311 600143 508156 52212 39775 101051 101051 760593 133090 618205 9298 104767 5920 98847 193783 153539 6374 33870 90105 4993 85112 1432726 1361090 71636 2759802 2621812 137990 156986 156986 UTILITIES 650587 650587 CONTRACT SERVICES 621251 607367 4365 9519 FOOD 474025 463585 6185 4255 EQUIPMENT RENTAL & MAIN 295558 291285 3564 709 MISCELLANEOUS 293414 157631 119165 16618 1086189 732668 265209 88312 22251238 18719500 2639173 892565 2889030 2888515 1079457 938167 4486462 4698833 53616 73618 236268 311620 85189167 19346538 65832781 65842629 32854261 37913946 1910244 1121602 109342119 113788930 3794597 3929840 7764804 9201050 43000000 43000000 5883381 4752357 60442782 60883247 X 24652592 26906915 3110225 4745642 21136520 21253126 48899337 52905683 109342119 113788930 X -3130409 7136755 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 0 EXPLANATION OF OTHER LOBBYING ACTIVITIES: PART II-B, LINE 1I: THE FAY SCHOOL BELONGS TO MEMBER ORGANIZATIONS, WHICH MAY ENGAGE IN LOBBYING ACTIVITIES. SOME PORTION OF MEMBERSHIP DUES MAY BE UTILIZED FOR LOBBYING ACTIVITIES. 32794703 1182249 7973644 950840 3085810 37913946 29518342 1603286 4897098 698952 2525071 32794703 31233819 3630134 -5345611 29518342 0.36350 0.55560 0.08090 0 0 6737582 6737582 60927805 15025090 45902715 6501886 1603396 4898490 11021894 2718052 8303842 65842629 DUE TO PARENTS ASSOCIATION 202407 INTEREST RATE SWAP LIABILITY 3774950 LINE OF CREDIT 775000 4752357 19120829 22251238 -3130409 5374790 1761965 7136755 4006346 25092998 5374790 1761965 7136755 17956243 1164586 1164586 19120829 21015952 39691 39691 20976261 1274977 1274977 22251238 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE ENDOWMENT SUPPORTS THE EDUCATIONAL MISSION OF THE SCHOOL BY PROVIDING SUPPORT FOR FINANCIAL AID FOR STUDENTS, FACULTY COMPENSATION AND CONTINUING EDUCATION, SCHOOL PROGRAMS AND FACILITIES AS WELL AS GENERAL SUPPORT FOR SCHOOL OPERATIONS. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN VALUES OF SPLIT-INTEREST AGREEMENTS 480,760. MARKET ADJUSTMENT ON INTEREST RATE SWAP AGREEMENT 1,281,205. PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENT 480,760. MARKET ADJUSTMENT ON INTEREST RATE SWAP AGREEMENT 1,281,205. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AWARDS 1,204,277. FUNDRAISING EVENTS -39,691. PART XIII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENTS 39,691. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AWARDS 1,204,277. BAD DEBT 70,700. 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 THE FAY SCHOOL IS INCLUDED IN THE GROUP LISTING OF INDEPENDENT SCHOOLS, WHOSE RACIALLY NONDISCRIMINATORY POLICY IS DISCLOSED IN THE BOSTON GLOBE EACH FALL. GALA DINNER 169940 169940 39691 169940 169940 39691 39691 130249 1 FINANCIAL AID AND SCHOLARSHIPS BASED ON THE FAMILIES' NEEDS 63 1204277 FMV OF PUBLISHED TUITION RATES TUITION ASSISTANCE PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE FAY SCHOOL OFFERS FINANCIAL AID OR SCHOLARSHIP ASSISTANCE TO FAMILIES WITH A DEMONSTRATED FINANCIAL NEED. TO APPLY, PARENTS MUST COMPLETE THE PARENTS' FINANCIAL STATEMENTS (PFS) AND SUBMIT THAT TO THE SCHOOL AND STUDENT SERVICE FOR FINANCIAL AID IN PRINCETON, N.J. X X X X X X 1 1 X X X X 0 1 0 0 0 0 0 0 0 ROBERT J GUSTAVSON JR 210575 0 0 0 0 0 42000 0 61285 0 313860 0 0 0 GARY E REED 162778 0 0 0 0 0 17000 0 29750 0 209528 0 0 0 DAVID LIEBMANN 135551 0 0 0 0 0 14800 0 17885 0 168236 0 0 0 MARIE RB BEAM 130921 0 0 0 0 0 15375 0 18683 0 164979 0 0 0 PART I, LINE 1A ON OCCASION DURING THE YEAR ENDED JUNE 30, 2011, THE SPOUSE OF THE HEAD OF SCHOOL TRAVELLED TO EVENTS REPRESENTING THE SCHOOL. THE HEAD OF SCHOOL HAS A DISCRETIONARY SPENDING ALLOWANCE TO BE USED FOR SCHOOL EXPENSES NOT INDENTIFIED IN THE BUDGET PROCESS. AS A CONDITION OF EMPLOYMENT AND IN ORDER TO PERFORM HIS DUTIES THE HEAD OF SCHOOL IS REQUIRED TO LIVE ON CAMPUS IN A SCHOOL OWNED PROPERTY. THIS BUILDING IS CLEANED AND MAINTAINED BY SCHOOL PERSONNEL AND OUTSIDE CONTRACTORS. INCLUDED IN ROBERT GUSTAVSON'S COLUMN D IS AN AMOUNT FOR 5% OF THE VALUE OF THE PROPERTY INCLUDING UTILITIES TOTALLING $49,500. THE HEAD OF SCHOOL'S CONTRACT PROVIDES FOR A HEALTH CLUB REIMBURSEMENT. MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 57583RTZ8 2008-03-27 43000000 CONSTRUCTION AND EQUIPPING OF EXPANDED FACILITIES AT THE SCHOOL. 0 0 0 43000000 732046 40060981 2206973 2010 0 0 1 1 0 0 0 0 1 0 1 1 MORGAN STANLEY 30.000000000000 0 0 0 0 0 JOHN THOMAS MEMBER OF THE SCHOOL'S BOARD OF TRUSTEES 34054 DURING THE YEAR ENDED JUNE 30, 2011, THE SCHOOL OBTAINED VARIOUS ENGINEERING AND MASTER PLANNING CONSULTING SERVICES FROM BEALS & THOMAS, FOR WHICH MR. THOMAS IS THE PRESIDENT AND STOCKHOLDER. 0 X 10 129866 FMV ON DATE OF GIFT X 1 3500 SELLING PRICE X PRINTER & STAIRMASTER 1 400 PURCHASE PRICE X EQUIPMENT 1 750 PURCHASE PRICE 0 1 1 THIRD PARTY USE: PART I, LINE 32B: THE SCHOOL USES AN INVESTMENT COMPANY, SANDERS MORRIS HARRIS, TO PROCESS AND SELL STOCK GIFTS. FORM 990, PART VI, SECTION B, LINE 11 THE 990 IS DISTRIBUTED AND REVIEWED BY THE MEMBERS OF THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES, DIRECTOR OF FINANCE AND OPERATIONS AND THE ASSISTANT DIRECTOR OF FINANCE AND OPERATIONS BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C AT THE FIRST BOARD MEETING EACH YEAR (OCT/NOV) EACH TRUSTEE COMPLETES A CONFLICT OF INTEREST STATEMENT THAT IS HELD IN THE HEAD OF THE SCHOOL'S OFFICE FOR THE YEAR. THE POLICY GETS REVIEWED PRIOR TO AUDIT AND UPDATED ANNUALLY. FAY SCHOOL CURRENTLY FOLLOWS NAIS GUIDELINES FOR ITS WHISTLE BLOWER AND DOCUMENT RETENTION AND DESTRUCTION POLICIES. THE SCHOOL HAS FORMALIZED THEIR OWN POLICIES AND IS INCLUDING THEM IN THEIR BY-LAWS. FORM 990, PART VI, SECTION B, LINE 15 THE CHAIRMAN OF THE BOARD OF TRUSTEES DETERMINES THE COMPENSATION FOR THE HEAD OF SCHOOL AND THE DIRECTOR OF FINANCE AND OPERATIONS. BOTH EMPLOYEES HAVE WRITTEN CONTRACTS. THE INFORMATION INCLUDED FOR THIS COMPENSATION REVIEW INCLUDES A REBUTTABLE PRESUMPTION CHECKLIST AMONG OTHER PROCEDURES. ALL OTHER PERSONNEL SALARIES ARE DETERMINED BY THE HEAD OF SCHOOL WITH INPUT FROM THE DIRECTOR OF FINANCE AND OPERATIONS. FORM 990, PART VI, SECTION C, LINE 18 THE ORGANIZATION'S TAX FILINGS ARE AVAILABLE ONLINE FOR VIEWING AT WWW.GUIDESTAR.ORG, A WEBSITE USED TO RATE NON-PROFITS FOR POTENTIAL DONORS. THE TAX FILINGS ARE ALSO AVAILABLE AT THE MASSACHUSETTS ATTORNEY GENERAL'S DIVISION FOR PUBLIC CHARITIES WEBSITE AND AT THE SCHOOL. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S FINANCIAL STATEMENTS ARE AVAILABLE ONLINE FOR VIEWING AT WWW.GUIDESTAR.ORG, A WEBSITE USED TO RATE NON-PROFITS FOR POTENTIAL DONORS. THE TAX FILINGS ARE ALSO AVAILABLE AT THE MASSACHUSETTS ATTORNEY GENERAL'S DIVISION FOR PUBLIC CHARITIES WEBSITE AND AT THE SCHOOL. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 5,374,790. CHANGE IN VALUES OF SPLIT-INTEREST AGREEMENTS 480,760. MARKET ADJUSTMENT ON INTEREST RATE SWAP AGREEMENT 1,281,205. TOTAL TO FORM 990, PART XI, LINE 5: 7,136,755.