2011-02-15T10:34:21-07:00 2010-06-30 990 2009-07-01 042104265 GROTON SCHOOL GROT 9784483363 PO Box 991 Groton MA 01450 J Hale Smith 9784487566 2011-02-15 2009 2016-02-24 21:20:13Z J Hale Smith PO Box 991 Groton MA 01450 40451294 0 X www.groton.org X 1884 MA Groton provides college and university preparatory education for students in grades eight to twelve. 26 25 214 630 -76502 0 3939586 8567154 15458463 17010632 -1113184 7955322 310872 318824 18595737 33851932 4207843 4855860 0 0 13806624 13898331 0 0 1926650 15439243 16907171 33453710 35661362 -14857973 -1809430 365547214 385564083 68998996 72333325 296548218 313230758 Groton School is dedicated to educating promising students in a diverse and intimate community that fosters intellectual, moral, and spiritual character and physical development in preparation for lifelong learning, leadership, and service to others. 0 0 29134761 4855860 17010632 Eduction, General/Other: Education of students in grades eight through twelve in a non-profit, co-educational college preparatory boarding school. The school provides financial assistance for 36% of its students in the form of tuition grants, housing support, travel assistance, and subsidies for books and laptop purchases. (372 students) 0 0 0 29134761 1 1 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 254 0 1 214 1 1 1 1 CA CJ EI UK VI 0 0 0 0 0 0 0 26 25 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X X J Hale Smith 9784487566 PO Box 991 Groton MA 014500991 James H R Windels 4 X 0 0 0 Richard G Woolworth Jr 4 X 0 0 0 Thomas Kalaris 4 X 0 0 0 John R S Jacobsen 4 X 0 0 0 Benjamin N Pyne 4 X 0 0 0 Mark McC Collins Jr 4 X 0 0 0 Diana V Chigas 4 X 0 0 0 D D Willard Gardiner Jr 4 X 0 0 0 Pauline Cross Reeve 4 X 0 0 0 William N Thorndike Jr 4 X 0 0 0 Charles A Anton 4 X 0 0 0 James A Bundy 4 X 0 0 0 Henry P Davis 4 X 0 0 0 Jennifer Ayer Sandell 4 X 0 0 0 Stephen G Hill 4 X 0 0 0 Jonathan D Klein 4 X 0 0 0 Victoria Smith Walsh 4 X 0 0 0 Franz F Colloredo Mansfeld 4 X 0 0 0 Grant A Gund 4 X 0 0 0 Andrew S Paul 4 X 0 0 0 Ann Bakewell Woodward 4 X 0 0 0 James H Higgins III 12 X X 0 0 0 Auguste J Bannard 4 X X 0 0 0 Brian T Bristol 4 X X 0 0 0 Dr Lori D Hill 4 X X 0 0 0 Richard B Commons 60 X X 314421 0 129034 J Hale Smith 60 X 194831 0 82205 John MacEachern 50 X 188154 0 81204 John Amirault 45 X 108610 0 23820 John Niles 50 X 123649 0 27523 Ian M Gracey 50 X 100725 0 110889 1030390 0 454675 6 0 1 0 R H White Construction Company 41 Central Street Auburn MA 01501 Construction 1492532 Chartwells 2400 Yorkmont Road Charlotte NC 28217 Food Service 1278642 Prospect Building Service Corp 360 Pearl Street Malden MA 02148 Custodial Service 419409 Thielsch Engineering Incorporated 1341 Elmwood Avenue Cranston RI 02910 Energy Efficiency Consultants 379286 Cambridge Associates 100 Summer Street Boston MA 02110 Investment Consultant 238550 10 0 0 0 0 0 8567154 628551 8567154 Tuition 611600 16481585 16481585 0 0 Student support services 611710 307127 307127 0 0 Application fees 611710 61505 61505 0 0 Student billing finance charge 611710 24807 24807 0 0 Tuition refund fee 611710 93261 93261 0 0 42347 42347 0 0 17010632 3556212 0 -72993 3629205 38819 0 0 38819 0 0 0 0 346525 0 27701 0 318824 0 318824 0 -3509 322333 10931952 0 6571661 0 4360291 0 4360291 0 0 4360291 0 0 33851932 17010632 -76502 8350648 102107 102107 4753753 4753753 0 0 0 0 720491 0 720491 0 0 0 0 0 9264354 6675868 1619368 969118 1405562 926890 341619 137053 1890683 1234326 467711 188646 617241 396525 155601 65115 0 0 0 0 102863 35840 63737 3286 75968 8400 67568 0 0 0 0 0 0 0 1253035 1253035 0 0 596029 532551 28862 34616 466778 90700 252969 123109 225512 74862 85499 65151 338300 87564 218364 32372 0 0 0 0 2617660 2600070 14441 3149 269157 101894 111017 56246 0 0 0 0 32675 7552 15016 10107 2178571 2178571 0 0 0 0 0 0 5397538 5265672 123426 8440 194042 77214 98728 18100 Landscape Improvements 1300000 1300000 0 0 Food 679678 552113 25589 101976 General merchandise and equipment 543970 533062 4211 6697 Special events 278252 185571 39227 53454 Other regulatory 159059 78825 46167 34067 198084 81796 100340 15948 35661362 29134761 4599951 1926650 28202 30137 936226 197995 9556988 10531702 329579 134231 0 0 0 0 217089 182645 210595 197446 1147935 1191099 157431759 60425573 100080582 97006186 148450589 152056962 97371237 116817488 0 7218013 7218013 179 179 365547214 385564083 9935929 11299351 0 0 1556705 1708888 51590000 50890000 0 0 0 0 0 0 0 0 5916362 8435086 68998996 72333325 X 182969921 187190110 50273071 60886031 63305226 65154617 296548218 313230758 365547214 385564083 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 242484014 5320500 27343554 1755423 7750274 0 265642371 291284441 2674640 -40111672 2106706 9256689 0 242484014 0.57 0.21 0.22 0 0 0 3862194 3862194 0 137559468 49882884 87676584 0 0 0 0 0 8878437 6362326 2516111 0 7131660 4180363 2951297 97006186 0 F Hedge Funds 77732898 F US Bond Funds 12803060 F Real Asset Funds 12486806 F Private Equity Funds 6701964 F Venture Capital Funds 7092760 F 116817488 Bond Proceeds Held by Trustee 179 179 0 Interest Rate Swap Agreements 8435086 8435086 33851932 35661362 -1809430 20909442 0 0 0 -2417472 18491970 16682540 48638703 20909442 0 0 -6150372 14759070 33879633 0 -27701 -27701 33851932 31956163 0 0 0 2445173 2445173 29510990 1525897 4624475 6150372 35661362 SchD_P05_S00_L04 Schedule D, Part V, Line 4 To support the educational mission of the school. SchD_P10_S00_L00 Schedule D, Part X The School follows FASB ASC 740, Income Taxes, which 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 that the School has no material uncertain tax positions. SchD_P11_S00_L08 Schedule D, Part XI, Line 8 Change in accrued pension liability $(152,414), unrealized gain (loss) swaps $(2,518,724), change in value-split interest $253,666. SchD_P12_S00_L02d Schedule D, Part XII, Line 2d Investment management fees ($1,253,035), other professional services ($179,843), bank charges ($59,482), annuity payments ($11,492), federal tax payments on investments ($20,696), state tax payments on investments ($1,349), financial aid ($4,624,475). SchD_P12_S00_L04b Schedule D, Part XII, Line 4b Rental expenses of ($27,701) are associated with unrelated business income. SchD_P13_S00_L02d Schedule D, Part XIII, Line 2d Change in accrued pension liability $152,414, rental expenses associated with unrelated business income $27,701, interest rate swap agreements $2,518,724, change in value split interest agreements ($253,666). SchD_P13_S00_L04b Schedule D, Part XIII, Line 4b Financial aid of 4,624,475 is reflected as a net to tuition. 1 1 1 The school's application, which can be mailed upon request or accessed through the school's website at www.groton.org, clearly stipulates that Groton does not discriminate on the basis of gender, race, color, disability, religion, sexual orientation, or national origin in the administration of the school's admission policies and financial aid programs. 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 Town of Groton 173 Main Street Groton MA 01450 046001164 Government Entity 100000 The contribution was made to help the Town of Groton subsidize their annual operating costs. 5 4 Tuition Grant 139 0 4624475 Total credits applied to tuition Credits are applied to tuition bill as a means of subsidizing the overall tuition costs to qualified students attending Groton School. Incidental Grant 32 0 62510 Credits are applied to monthly bill Credits are applied to tuition bill as a means of subsidizing the overall incidental costs to qualified students attending Groton School. Travel Grant 17 4881 13626 Total travel credits that are applied to annual billing. Credits are applied to the monthly incidental bill when travel related charges are posted as a means of subsidizing the overall travel costs for qualified boarding students attending Groton School. Laptop Grant 32 36068 0 Payments made to purchase laptops for qualified students. Parent Travel Grant 41 12194 0 Payments made to travel agent for airline travel. SchI_P01_S00_L02 Schedule I, Part I, Line 2 The school works directly with town officials and local charitable organizations to assess future needs and the use of current and past monetary grants. The school also makes several other small donations throughout the year based on charitable purpose, historical relationship, and current needs. These one time contributions are not typically monitored by the CFO and the Headmaster. Financial aid grants are awarded annually to qualified students and are applied as credits to the tuition bill up to the amount of the grant for the current academic year. X X X X X X 1 1 X X X 0 1 0 0 0 0 0 0 0 Richard B Commons 292516 0 0 0 21904 0 65688 0 63347 0 443455 0 0 0 J Hale Smith 194831 0 0 0 0 0 38379 0 43826 0 277036 0 0 0 John MacEachern 188154 0 0 0 0 0 37084 0 44119 0 269357 0 0 0 John Niles 104037 0 0 0 19613 0 16880 0 10642 0 151172 0 0 0 Ian M Gracey 100725 0 0 0 0 0 16430 0 94459 0 211614 0 0 0 SchJ_P01_S00_L01a Schedule J, Part I, Line 1a Faculty are required to live in on-campus housing as a condition of employment. The Headmaster's home includes some space that is reserved for school related meetings and student activities. The cost of maintaining this allotted space is paid by the school and recorded as an operating expense. The Headmaster's contract, which is approved by the President and the Compensation Committee, includes the cost of a social club and residential house cleaning. These costs are recorded by the school as taxable benefits and reported on the W-2. The school will only pay for the cost of a traveling spouse when they are also participating in school related fundraising events. SchJ_P01_S00_L04 Schedule J, Part I, Line 4 The Headmaster's contracts, which is approved by the President and the Compensation Committee, included an annual $35,000 deferred compensation contribution. The school deposited the initial payment to a qualified 457(b) plan up to the annual IRS limit of $16,500. The remaining balance of $18,500 was deposited to a non-qualified 457(f) plan. Massachusetts Development Finance Agency 043431814 57583RMR3 2007-05-24 10000000 Building and Structure Renovations 0 0 10000000 9850000 0 20000 130000 0 9800000 2009 0 0 1 1 0 0 0 0 0 0 0 0 1 0 1 1 The Bank of New York 40 Year Swap 3.59 0 0 1 Lindsay Commons Headmaster's Wife 30930 Salary for co-hosting events 0 X 104 628551 FMV 0 0 1 0 F990_P06_S0B_L11 Form 990, Part VI, Section B, Line 11 A draft of the public disclosure version of the form 990 was distributed electronically as a PDF transmission to each member of the Audit Committee prior to the January 2011 board meeting. The Committee performed a thorough review of the draft prior to presenting it to the full board. Each trustee was given the opportunity to ask questions and suggest possible revisions. Upon completion of the review, the board voted to accept the draft Form 990 including requested revisions. F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c All school officers, Key Employees, and members of the Board of Trustees are required annually to read the conflict of interest policy and sign the document. This signature indicates an understanding of the guidelines and an assurance to the Board that they are in compliance with the policy. Any potential conflict must be disclosed and reviewed by the President of the Board to determine if further action is required. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 An employment contract between the Headmaster and the school is updated periodically and renewed annually. Each year, the President and Compensation Committee review the Headmaster's and other senior administrator's salaries and benefits. Annual salary and benefit offerings are discussed with the Headmaster and reported to the full Board. The annual salary and benefit offerings for the Chief Financial Officer are made by the Headmaster. All salaries and benefit offerings for the remaining school employees are updated annually and approved by the Chief Financial Officer of the Headmaster up to the budget limits set by the Board of Trustees. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 The financial statements can be viewed on-line by going to www.DisclosureUSA.org, an independently operated website. The Conflict of Interest Policy and the Governing Documents may be viewed any time upon request. The form 8868, an Application for Extension of Time to File an Exempt Organization Return, was filed on November 10, 2010. This extension provides the School's Board of Directors the time necessary to complete a thorough review of the return.