2012-05-15T10:43:36-05:00 2011-06-30 MARKS PANETH & SHRON LLP 622 THIRD AVENUE NEW YORK NY 10017 990 2010-07-01 131740472 THE MASTERS SCHOOL MAST 9144796400 49 CLINTON AVENUE DOBBS FERRY NY 10522 LEWIS WYMAN 9144796400 2012-05-15 1 ROBERT R LYONS CPA 2125038800 2010 2016-02-24 21:20:13Z MAUREEN FONSECA 49 CLINTON AVENUE DOBBS FERRY NY 10522 36572934 0 X WWW.MASTERSNY.ORG X 1877 NY THE MISSION OF THE MASTERS SCHOOL IS TO PROVIDE THE CHALLENGING ACADEMIC ENVIRONMENT THAT, FOR OVER A CENTURY, HAS ENCOURAGED CRITICAL, CREATIVE AND INDEPENDENT HABITS OF THOUGHT AS WELL AS A LIFELONG PASSION FOR LEARNING. THE MASTERS SCHOOL PROMOTES AND CELEBRATES ACADEMIC ACHIEVEMENT, ARTISTIC DEVELOPMENTS, ETHICAL AWARENESS, TECHNOLOGICAL LITERACY, ATHLETIC ENDEAVOR AND PERSONAL GROWTH. THE SCHOOL STRIVES TO MAINTAIN A DIVERSE COMMUNITY THAT ENCOURAGES STUDENTS TO PARTICIPATE ACTIVELY IN DECISIONS AFFECTING THEIR LIVES AND TO DEVELOP AN APPRECIATION OF THEIR RESPONSIBILITIES IN THE LARGER WORLD. 24 24 189 307 0 0 3186698 6999951 22294681 23449560 487399 419183 -4644 0 25964134 30868694 3829228 4071647 0 0 12128116 12571259 0 0 936838 7280953 8246117 23238297 24889023 2725837 5979671 65801080 75101248 21941843 21806329 43859237 53294919 X THE MISSION OF THE MASTERS SCHOOL IS TO PROVIDE THE CHALLENGING ACADEMIC ENVIRONMENT THAT, FOR OVER A CENTURY, HAS ENCOURAGED CRITICAL, CREATIVE AND INDEPENDENT HABITS OF THOUGHT AS WELL AS A LIFE-LONG PASSION FOR LEARNING. THE MASTERS SCHOOL PROMOTES AND CELEBRATES ACADEMIC ACHIEVEMENT, ARTISTIC DEVELOPMENTS, ETHICAL AWARENESS, TECHNOLOGICAL LITERACY, ATHLETIC ENDEAVOR AND PERSONAL GROWTH. THE SCHOOL STRIVES TO MAINTAIN A DIVERSE COMMUNITY THAT ENCOURAGES STUDENTS TO PARTICIPATE ACTIVELY IN DECISIONS AFFECTING THEIR LIVES AND TO DEVELOP AN APPRECIATION OF THEIR RESPONSIBILITIES IN THE LARGER WORLD. 0 0 17213644 23449560 EDUCATIONAL PROGRAMS FOR GRADES 5 THROUGH 12: THE MASTERS SCHOOL PROVIDES A CHALLENGING ACADEMIC ENVIRONMENT THAT ENCOURAGES CRITICAL, CREATIVE, AND INDEPENDENT HABITS OF THOUGHT AND A LIFELONG PASSION FOR LEARNING. THE MASTERS SCHOOL PROMOTES AND CELEBRATES ACADEMIC ACHIEVEMENT, ARTISTIC DEVELOPMENT, ETHICAL ACTION, ATHLETIC ENDEAVOR, AND PERSONAL GROWTH. THE SCHOOL MAINTAINS A DIVERSE COMMUNITY THAT ENCOURAGES STUDENTS TO PARTICIPATE ACTIVELY IN DECISIONS AFFECTING THEIR LIVES AND TO DEVELOP AN APPRECIATION OF THEIR RESPONSIBILITIES TO THE LARGER WORLD. IN JULY 2000, MAUREEN FONSECA BECAME THE HEAD OF SCHOOL. GUIDED BY AN AMBITIOUS STRATEGIC PLAN, THE MASTERS SCHOOL HAS EXPERIENCED MEASURED GROWTH AND DRAMATIC SUCCESSES. THE SCHOOL'S LARGEST ENROLLMENT, 590 TALENTED AND DIVERSE STUDENTS, WAS REACHED IN 2010. THE CAMPUS HAS EXPANDED TO INCLUDE MORRIS HALL, A STATE-OF-THE-ART SCIENCE AND TECHNOLOGY CENTER, A SEPARATE MIDDLE SCHOOL BUILDING, EIGHTEEN NEW FACULTY APARTMENTS, A DIGITAL LANGUAGE LABORATORY, AND THE ACADEMIC AREAS OF MASTERS HALL HAVE BEEN COMPLETELY REFURBISHED. 17213644 1 1 0 0 0 1 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 113 0 189 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 24 24 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X LEWIS WYMAN 9144796431 49 CLINTON AVENUE DOBBS FERRY NY 10522 EDITH CHAPIN 1.00 X 0 0 0 SPARK CREMIN 1.00 X 0 0 0 JOHN DIMLING 2.00 X X 0 0 0 MARILYN DIMLING 1.00 X 0 0 0 MICHAEL GREENE 1.00 X 0 0 0 ELISE GRIFFIN 1.00 X 0 0 0 LUSYD KOURIDES 1.00 X 0 0 0 TRACY LIMPE 2.00 X X 0 0 0 SYDNEY MACY 1.00 X 0 0 0 EDGAR MASTERS 1.00 X 0 0 0 MINDY MEADS 1.00 X 0 0 0 JERRIE MILLER 1.00 X 0 0 0 SUSAN MORRIS 1.00 X 0 0 0 CHRIS NEIKIRK 1.00 X 0 0 0 BETH NOLAN 2.00 X X 0 0 0 JOHN PECKHAM 1.00 X 0 0 0 PENNEY RIEGELMAN 1.00 X 0 0 0 RALPH ROSENBERG 1.00 X 0 0 0 NANCY SEAMAN 1.00 X 0 0 0 LYNN SOBEL 1.00 X 0 0 0 DIANA SPENCER 1.00 X 0 0 0 PENN WYROUGH 2.00 X X 0 0 0 SUZY WELCH 1.00 X 0 0 0 MAUREEN FONSECA 40.00 X X 297875 0 61186 LEWIS WYMAN 40.00 X 186266 0 26437 SOPHIA PRIMPS 40.00 X 174615 0 30874 MARY SCHELLHORN 40.00 X 154624 0 16447 LINDA SMITH-SHEARER 40.00 X 124480 0 13309 CHRIS FROST 40.00 X 121864 0 31040 1059724 0 179293 6 0 1 0 ARAMARK PO BOX 198532 ATLANTA GA 30384 FOOD SERVICES 1372528 DEROSA SPORTS CONSTRUCTION INC PO BOX 107 MAMARONECK NY 10543 CONSTRUCTION MANAGER 226756 PETER GISOLFI & ASSOCIATES 566 WARBURTON AVENUE HASTINGS NY 10706 ARCHITECTURAL 203425 LUZON ENVIRONMENTAL SERVICES PO BOX 1070 WOODRIDGE NY 12789 CONTRACTOR 180849 4 6999951 405610 6999951 TUITION AND FEES 611110 22474040 22474040 OTHER SERVICES 900099 512748 512748 AUXILIARY ACTIVITY 900099 462772 462772 23449560 346542 346542 5776881 5704240 72641 72641 72641 30868694 23449560 0 419183 4071647 4071647 10063798 6405103 3068695 590000 903126 574794 275385 52947 877958 558776 267711 51471 726377 442038 243621 40718 128721 128721 259069 259069 111672 111672 35695 35695 52368 52368 172648 134415 38233 158557 57750 100807 842611 842611 1424319 1424319 192031 192031 UTILITIES 1076736 1076736 FOOD PROGRAMS 905272 905272 INSTRUCTION 725749 700332 25417 BUILDING EXPENSES 389973 389973 FUND RAISING/ALUMNAE 304375 162798 14155 127422 1466321 741758 650283 74280 24889023 17213644 6738541 936838 1948917 7967576 7889149 617163 3774398 118830 161631 62248 62588 294007 389142 52398441 19531839 32949637 32866602 23193690 27691571 597929 317250 65801080 75101248 1083825 1035832 3435544 3641740 15305000 14910000 2117474 2218757 21941843 21806329 X 24952169 26794843 2091460 9455583 16815608 17044 43859237 53294919 65801080 75101248 X 5979671 3456011 X X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 277614 0 27518702 1 1 23169867 277614 4104937 33716 27518702 20817090 242628 2139510 29361 23169867 26168679 -4530530 790000 31059 20817090 0.28100 0.61900 0.00000 1 0 3354306 3354306 39068659 11854570 27214089 3773424 3215831 557593 6202052 4461438 1740614 32866602 INTEREST RATE SWAP LIABILITY 2125496 DISCOUNT ON FUTURE INTEREST OF SPLIT-INTEREST AGREEMENTS 77773 CHARITABLE GIFT ANNUITIES PAYABLE 15488 2218757 30868694 24889023 5979671 3708302 -33716 -218575 3456011 9435682 30471633 3708302 3708302 26763331 33716 4071647 4105363 30868694 21035951 243559 243559 20792392 4096631 4096631 24889023 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: ENDOWMENT FUNDS ARE RESTRICTED TO INVESTMENT IN PERPETUITY WITH INVESTMENT RETURN PRINCIPALLY AVAILABLE FOR GENERAL OPERATIONS. EARNINGS ON ONE PERMANENTLY RESTRICTED DONATION ARE TO BE USED FOR THE SCHOOL'S PLANT MAINTENANCE EXPENSES. THE SCHOOL'S ENDOWMENT CONSISTS OF A NUMBER OF INDIVIDUAL FUNDS, ESTABLISHED FOR A VARIETY OF PURPOSES AND CONSISTING OF BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENT. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: EFFECTIVE JULY 1, 2009, THE SCHOOL APPLIES THE PROVISIONS OF ACCOUNTING STANDARDS CODIFICATION ("ASC") TOPIC 740, WHICH PROVIDES STANDARDS FOR ESTABLISHING AND CLASSIFYING ANY TAX PROVISIONS FOR UNCERTAIN TAX POSITIONS. THE ADOPTION OF ASC TOPIC 740 DID NOT HAVE AN EFFECT ON THE SCHOOL'S FINANCIAL POSITION AS OF JULY 1, 2010 OR THE SCHOOL'S RESULTS OF OPERATIONS AND CASH FLOWS FOR THE YEAR ENDED JUNE 30, 2011. THE SCHOOL IS NO LONGER SUBJECT TO FEDERAL OR STATE AND LOCAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR FISCAL YEARS BEFORE 2008. PART XI, LINE 8 - OTHER ADJUSTMENTS: INVENTORIES 24,984. SWAP INTEREST EXPENSE -119,301. RESTRICTED EXPENSE RELEASE -124,258. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AWARDS 4,071,647. INVENTORY SALES PART XIII, LINE 2D - OTHER ADJUSTMENTS: RESTRICTED EXPENSES RELEASED 124,258. SWAP INTEREST EXPENSE 119,301. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AWARDS 4,071,647. INVENTORIES 24,984. THE SCHOOL APPLIES THE PROVISIONS OF ACCOUNTING STANDARDS CODIFICATION ("ASC") TOPIC 740, WHICH PROVIDES STANDARDS FOR ESTABLISHING AND CLASSIFYING ANY TAX PROVISION FOR UNCERTAIN TAX POSITIONS. THE ADOPTION OF ASC TOPIC 740 DID NOT HAVE AN EFFECT ON THE SCHOOL'S FINANCIAL POSITION AS OF JULY 1, 2010 OR THE SCHOOL'S RESULTS OF OPERATIONS AND CASH FLOWS FOR THE YEAR ENDED JUNE 30, 2011. THE SCHOOL IS NO LONGER SUBJECT TO FEDERAL OR STATE AND LOCAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2008. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 PUBLICIZED IN THE NEW YORK TIMES EXPLANATION OF GOVERNMENT FINANCIAL ASSISTANCE SCHEDULE E, PART I, LINE 6 THE ORGANIZATION RECEIVED $144,018 FROM THE STATE OF NEW YORK. 1 SCHOLARSHIPS 147 4071647 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE CALCULATION OF EACH STUDENT'S GRANT ELIGIBILITY IS DOCUMENTED AND STORED IN THE STUDENT'S ADMISSION FILE. SELECTION CRITERIA IS DETAILED IN A PROCEDURES MANUAL AND POSTED PUBLICLY ON THE SCHOOL'S WEBSITE. X 1 1 X X X X 0 0 0 0 0 0 0 0 0 MAUREEN FONSECA 297875 0 0 0 0 0 29788 0 31398 0 359061 0 179531 0 LEWIS WYMAN 186266 0 0 0 0 0 18627 0 7720 0 212613 0 106698 0 SOPHIA PRIMPS 174615 0 0 0 0 0 17462 0 13412 0 205489 0 102352 0 MARY SCHELLHORN 154624 0 0 0 0 0 15462 0 985 0 171071 0 85536 0 CHRIS FROST 121864 0 0 0 0 0 12186 0 18854 0 152904 0 0 0 X 20 405610 FAIR MARKET VALUE 0 1 0 FORM 990, PART VI, SECTION B, LINE 11 EACH BOARD MEMBER IS PROVIDED A COPY OF FORM 990 FOR REVIEW PRIOR TO THE FILING OF THE RETURN. COMMENTS AND QUESTIONS ARE HEARD AT REGULARLY SCHEDULED BOARD MEETINGS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY APPLIES TO ALL MEMBERS OF THE BOARD OF TRUSTEES, THE HEAD OF SCHOOL, THE MEMBERS OF THE HEAD'S COUNCIL AND MANAGEMENT OF THE MASTERS SCHOOL. A CONFLICT OF INTEREST OR POTENTIAL CONFLICT WILL BE DISCLOSED ANNUALLY. THE BOARD REQUIRES ANNUAL REVIEW OF THE POLICY, DISCLOSURE OF ANY POSSIBLE PERSONAL, FAMILY OR BUSINESS RELATIONSHIP THAT COULD GIVE RISE TO A CONFLICT INVOLVING THE SCHOOL AND THEY MUST ACKNOWLEDGE THIS BY A SIGNATURE. IF A CONFLICT EXISTS, THE INDIVIDUAL WILL REFRAIN FROM PARTICIPATING IN ANY CONSIDERATION OF TRANSACTIONS INVOLVING THE CONFLICT. IN ADDITION, THEY CAN NOT PARTICIPATE IN ANY DISCUSSION REGARDING THE MATTER AND CAN NOT VOTE OR BE PRESENT DURING THE VOTE REGARDING THE MATTER. THE POLICY AND DISCLOSURE STATEMENT ARE DISTRIBUTED ANNUALLY AND MUST BE COMPLETED AND SIGNED. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION HAS IN PLACE A COMPENSATION REVIEW COMMITTEE, WHICH REPORTS TO THE BOARD OF TRUSTEES. COMPARABILITY DATA USED ARE PEER COMPARISONS, INDUSTRY GUIDELINES AND AVERAGES. THE COMPENSATION MUST BE APPROVED BY THE COMMITTEE AS WELL AS MANAGEMENT OFFICIALS. FORM 990, PART VI, SECTION C, LINE 19 THESE DOCUMENTS ARE AVAILABLE UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 3,708,302. INVESTMENT EXPENSES: -33,716. INVENTORIES 24,984. SWAP INTEREST EXPENSE -119,301. RESTRICTED EXPENSE RELEASE -124,258. TOTAL TO FORM 990, PART XI, LINE 5: 3,456,011. PART XI, LINE 2C PROCESS HAS NOT CHANGED FROM PRIOR YEAR.