2024-05-07T12:42:46-05:00 2023-06-30 410746749 CLIFTONLARSONALLEN 29 SOUTH MAIN STREET 4TH FLOOR WEST HARTFORD CT 06107 990 2022-07-01 042103573 THE FAY SCHOOL INC FAYS 5084850100 48 MAIN STREET SOUTHBOROUGH MA 01772 DIANE BYRNE ASS'T HEAD FOR FINANCE AND OPS 5084850100 2024-05-06 1 DIANE BYRNE 999009999 0 JOHN TOSCANO P00358542 8605614000 2024-04-26 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z ROBERT GUSTAVSON 48 MAIN STREET SOUTHBOROUGH MA 01772 50607068 0 X HTTPS://WWW.FAYSCHOOL.ORG/ X 1866 MA TO NURTURE EACH CHILD'S POTENTIAL THROUGH A BROAD, BALANCED, AND CHALLENGING PROGRAM THAT ESTABLISHES THE FOUNDATION FOR A MEANINGFUL LIFE. 21 21 273 100 4388 0 3703264 2631300 25815824 26666361 3099321 4741932 161274 185058 32779683 34224651 3558017 3997409 0 0 15545559 16988538 0 0 769707 10657503 11758870 29761079 32744817 3018604 1479834 128787216 128851326 67184452 64893103 61602764 63958223 X TO NURTURE EACH CHILD'S POTENTIAL THROUGH A BROAD, BALANCED, AND CHALLENGING PROGRAM THAT ESTABLISHES THE FOUNDATION FOR A MEANINGFUL LIFE. 0 0 26226541 3984814 25594864 INSTRUCTION AND EDUCATION: FORMAL EDUCATION OF 484 STUDENTS' GRADES K-9 IN CO-ED DAY & BOARDING SETTING. AS A DAY AND BOARDING SCHOOL FOR STUDENTS IN KINDERGARTEN THROUGH GRADE NINE AND AN EARLY LEARNING CENTER FROM AGES 2.9 TO 5, FAY SCHOOL IS A COMMUNITY BUILT ON FIVE CORE VALUES: ACADEMIC EXCELLENCE; HONORABLE CONDUCT; DEDICATED SERVICE; EARNEST EFFORT; AND WELLNESS OF MIND, BODY, AND SPIRIT. WHILE THE SCHOOL HAS GROWN AND EVOLVED SINCE ITS FOUNDING IN 1866, OUR CENTRAL PURPOSE HAS REMAINED CONSTANT. FAY PROVIDES A BROAD AND CHALLENGING PROGRAM THAT EMPOWERS STUDENTS TO DISCOVER THEIR TALENTS, DEVELOP THEIR INTELLECTUAL ABILITIES, ESTABLISH ESSENTIAL ACADEMIC SKILLS AND KNOWLEDGE, AND DEFINE THEIR MORAL CHARACTER. EARNEST EFFORT HAS BEEN EMPHASIZED THROUGH THE SCHOOL'S HISTORY, AS ENSHRINED IN OUR MOTTO, POTERIS MODO VELIS ("YOU CAN IF YOU WILL"). FAY IS DEDICATED TO EDUCATING CHILDREN TO THEIR FULL POTENTIAL IN THE EARLY CHILDHOOD, ELEMENTARY, AND MIDDLE SCHOOL YEARS BY HELPING THEM RECOGNIZE AND DEVELOP THEIR INTELLECTUAL AESTHETIC, PHYSICAL, SOCIAL, AND EMOTIONAL CAPABILITIES. WE TEACH OUR STUDENTS ESSENTIAL, ENDURING SKILLS: TO READ WELL, TO WRITE AND SPEAK CLEARLY AND COHERENTLY, TO REASON SOUNDLY, TO QUESTION THOUGHTFULLY, AND TO STUDY EFFECTIVELY. THESE SKILLS SUPPORT THEIR ABILITY TO LEAD, TO COLLABORATE, TO CREATE, AND TO SOLVE PROBLEMS.LOVE OF LEARNING BRINGS US TOGETHER, AND WE ENCOURAGE OUR STUDENTS TO BE CURIOUS, CREATIVE, AND OPEN TO NEW IDEAS. FAY'S SAFE AND SUPPORTIVE ENVIRONMENT ALLOWS STUDENTS TO TAKE RISKS AND ENCOURAGES THEM TO LEARN FROM MISTAKES, WITHIN THE CONTEXT OF HIGH EXPECTATIONS REGARDING ACADEMIC PERFORMANCE AND ETHICAL CONDUCT. OUR TEACHERS KNOW THEIR STUDENTS AS INDIVIDUALS AND HELP THEM COME TO KNOW THEMSELVES. AS FAY STUDENTS GROW, THEY DEVELOP AN UNDERSTANDING AN ACCEPTANCE OF THEIR OWN CHALLENGES AND STRENGTHS AS LEARNERS.HONESTY, RESPECT, RESPONSIBILITY, EMPATHY, AND KINDNESS INFORM OUR CONDUCT. THE DEVELOPMENT OF MANNERS, CIVILITY, AND INTEGRITY ARE HALLMARKS OF OUR SCHOOL. AT EVERY GRADE LEVEL, WE EMPHASIZE AN OBLIGATION TO HELP ENSURE THE WELL-BEING OF OTHERS. AS A HOME FOR BOARDING STUDENTS FROM MANY CULTURES AND BACKGROUND THROUGHOUT THE UNITED STATES AND AROUND THE WORLD, FAY IS AN INCLUSIVE COMMUNITY THAT RECOGNIZES, RESPECTS, AND CELEBRATES THE FULL RANGE OF HUMAN DIVERSITY. IN ALL OF THESE WAYS, FAY PREPARES OUR STUDENTS TO LEAD PRODUCTIVE AND FULFILLING LIVES THAT MAKE A POSITIVE DIFFERENCE IN THE WORLD. 639128 12595 1116779 SUMMER PROGRAMS INCLUDE SUMMER DAY CAMP AND A VIRTUAL INTERNATIONAL ENGLISH LANGUAGE PROGRAM. SUMMER CAMP IS A DYNAMIC, HANDS-ON PROGRAM, FOR CHILDREN AGES THREE THROUGH FIFTEEN. OUR PROGRAM PROVIDES CAMPERS AND STUDENTS WITH AN ENGAGING AND NURTURING ATMOSPHERE THAT ENCOURAGES EXPLORATION, CREATIVITY, AND LASTING CONNECTIONS AMONG CHILDREN AND ADULTS.THE VIRTUAL INTERNATIONAL ENGLISH LANGUAGE PROGRAM MAKES IT POSSIBLE FOR INTERNATIONAL STUDENTS AGED 10-15 TO PARTICIPATE IN THE FAY EXPERIENCE REGARDLESS OF THEIR LEVEL OF ENGLISH PROFICIENCY. IT PROVIDES A MEANINGFUL INTRODUCTION TO FAY FOR STUDENTS ENROLLING FULL TIME IN THE UPCOMING ACADEMIC YEAR AS WELL AS A STAND-ALONE PROGRAM FOR INTERNATIONAL STUDENTS WHO WISH TO FOCUS ON DEVELOPING THEIR ENGLISH SKILLS DURING THE SUMMER MONTHS, WITH THE APPROPRIATE LEVEL OF CHALLENGE AND SUPPORT. 26865669 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 162 0 1 273 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 21 21 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X X FAY SCHOOL BUSINESS OFFICE 5084850100 48 MAIN STREET SOUTHBOROUGH MA 01772 JAMES P SHAY PRESIDENT 2.00 X X 0 0 0 ANN LAQUERRE VICE PRESIDENT 2.00 X X 0 0 0 SARA R MARS SECRETARY 2.00 X X 0 0 0 MELISSA BOIS TREASURER 2.00 X X 0 0 0 PETER BAUER TRUSTEE 2.00 X 0 0 0 ELEANOR BROWN TRUSTEE 2.00 X 0 0 0 ALEX CURTIS TRUSTEE 2.00 X 0 0 0 BRENDON GIBLIN TRUSTEE 2.00 X 0 0 0 HEATHER R GIROLAMO TRUSTEE 2.00 X 0 0 0 DAVID HARRIS TRUSTEE 2.00 X 0 0 0 JAE HOON KIM TRUSTEE 2.00 X 0 0 0 WARREN LEE TRUSTEE 2.00 X 0 0 0 HELEN LIN TRUSTEE 2.00 X 0 0 0 DOUG LOUD TRUSTEE 2.00 X 0 0 0 SEAN LU TRUSTEE 2.00 X 0 0 0 JESSICA MOORAJ TRUSTEE 2.00 X 0 0 0 WILLIAM PICARDI TRUSTEE 2.00 X 0 0 0 JOHN SIMON TRUSTEE 2.00 X 0 0 0 ARTHUR TING TRUSTEE 2.00 X 0 0 0 LAURIE VANCE TRUSTEE 2.00 X 0 0 0 FAITH WALLACE-GADSDEN TRUSTEE 2.00 X 0 0 0 ROBERT J GUSTAVSON HEAD OF SCHOOL 37.50 X 583685 0 157005 DIANE BYRNE ASST. HEAD OF SCHOOL FOR FINANCE & OPERATIONS 37.50 X 320572 0 55438 ELIZABETH WHITNEY ASSOCIATE HEAD OF SCHOOL 37.50 X 238475 0 93691 ROBERT CRAWFORD DIRECTOR OF ADVANCEMENT 37.50 X 231694 0 102235 KATHARINE KNUPPEL HEAD OF PRIMARY SCHOOL & DIRECTOR OF THE EARLY LEA 37.50 X 153255 0 40782 JILLIAN ANTHONY DIRECTOR OF EQUITY AND INCLUSION 37.50 X 156520 0 22924 KAITLYN CRONIN HEAD OF LOWER SCHOOL 37.50 X 161357 0 10995 1845558 0 483070 15 0 1 0 DELLBROOK CONSTRUCTION LLC ONE ADAMS PLACE 859 WILLARD ST QUINCY MA 02169 CONSTRUCTION 4304575 SAGE DINING SERVICES INC 1402 YORK ROAD SUITE 100 LUTHERVILLE MD 21093 DINING 1512463 UNICLEAN SERVICE CORPORATION - AKA HOGLA PO BOX 497 REVERE MA 02151 JANITORIAL 524793 MARTIN BROS CONTRACTING CO INC 6 GROVE STREET MILLBURY MA 01527 CONSTRUCTION 366446 KOOPMAN LUMBER PO BOX 4110 WOBURN MA 01888 CONSTRUCTION 362396 16 52427 2578873 167117 2631300 TUITION AND FEES 611710 25279034 25279034 SUMMER PROGRAMS 611710 1116779 1116779 STUDENT SERVICE INCOME 611710 270548 270548 26666361 1025832 -55 1025887 116468 0 116468 116468 116468 19897265 16179483 1682 3717782 -1682 3716100 4443 3711657 139825 52427 116517 23308 23308 121339 84735 36604 36604 MISCELLANEOUS INCOME 900099 8678 8678 8678 34224651 26711643 4388 4877320 3997409 3997409 1128261 282066 846195 11525221 9473297 1709811 342113 710450 660527 20580 29343 2690039 1988664 540659 160716 934567 743517 164624 26426 60238 60238 49371 49371 131249 131249 548854 483810 38150 26894 301125 46446 254679 32058 18336 554 13168 688141 670468 14570 3103 122177 4243 54411 63523 824335 824335 3034852 2939035 91771 4046 307303 291138 16024 141 CONTRACTED SERVICES 2614587 2583725 25455 5407 OTHER DEPARTMENTAL EXPE 1789632 1145633 564222 79777 EQUIPMENT, SUPPLIES AND 615751 545599 64457 5695 DUES AND SUBSCRIPTIONS 485798 68225 408998 8575 153399 99196 53423 780 32744817 26865669 5109441 769707 36719 52988 8412148 4616191 928712 540386 7370614 7043591 147422 162561 751273 1127646 113872056 56842554 54459511 57029502 41580784 46055438 14885438 11784991 214595 438032 128787216 128851326 3811570 3557976 20347885 20345379 42946212 40657875 78785 331873 67184452 64893103 X 33554542 37863007 28048222 26095216 61602764 63958223 128787216 128851326 X 1479834 885589 -9964 X X 0 1 X 1 0 X 3010515 2854138 5380351 3703264 2631300 17579568 3010515 2854138 5380351 3703264 2631300 17579568 2225105 15354463 1394439 854106 915203 845276 1142355 5151379 2445 7131 4388 13964 139825 139825 22884736 126328611 0.67090 0.73900 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: FUNDRAISING PROCEEDS - 2022 AMOUNT: $ 139,825. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 29251008 62771 3001426 352566 1059235 30903404 34492206 95595 -4150104 290507 896182 29251008 26932540 721810 9038642 331305 1869481 34492206 27550678 187060 -234492 240456 330250 26932540 26825573 173609 2284209 403295 1329418 27550678 0.19771 0.80229 0.00000 0 0 3181707 3181707 81779110 42791507 38987603 10719723 6290464 4429259 18191516 7760583 10430933 57029502 REAL ASSETS 6667321 C DOMESTIC EQUITY 2785447 C INTERNATIONAL EQUITY 2332223 C 11784991 OTHER LIABILITIES 98473 LEASE LIABILITY 233400 331873 X 31088135 885589 -4007373 -3121784 34209919 131249 -116517 14732 34224651 28732676 116517 116517 28616159 131249 3997409 4128658 32744817 PART III, LINE 1A: SINCE THE LATE 1900'S THE SCHOOL HAS ACQUIRED A COMPLETE SET OF PRESIDENTIAL AUTOGRAPHS AND DISPLAYS THEM FOR THE COMMUNITY. 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 X, LINE 2: THE SCHOOL HAS NO UNRECOGNIZED TAX BENEFITS AT JUNE 30, 2023. THE SCHOOL'S FEDERAL INFORMATION RETURNS PRIOR TO FISCAL YEAR 2020 ARE CLOSED, AND MANAGEMENT CONTINUALLY EVALUATES EXPIRING STATUTES OF LIMITATIONS, AUDITS, PROPOSED SETTLEMENTS, CHANGES IN TAX LAW AND NEW AUTHORITATIVE RULINGS. IF THE SCHOOL HAD UNRELATED BUSINESS INCOME TAXES, IT WOULD RECOGNIZE INTEREST AND PENALTIES ASSOCIATED WITH ANY TAX MATTERS AS PART OF THE INCOME TAX PROVISION AND INCLUDE ACCRUED INTEREST AND PENALTIES WITH THE RELATED TAX LIABILITY IN THE STATEMENTS OF FINANCIAL POSITION. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID -3,997,409. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS -9,964. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES -116,517. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXXPENSES 116,517. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 3,997,409. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 THE SCHOOL'S RACIALLY NONDISCRIMINATORY POLICY IS PUBLICIZED ON THE HOMEPAGE OF ITS WEBSITE. ADDITIONALLY, THE SCHOOL IS INCLUDED IN THE GROUP LISTING OF INDEPENDENT SCHOOLS WHOSE RACIALLY NONDISCRIMINATORY POLICY IS DISCLOSED IN THE BOSTON GLOBE EACH FALL. PA AUCTION AND FUNDRAISER 192252 52427 139825 9823 38766 67928 192252 52427 139825 9823 38766 67928 116517 23308 1 FINANCIAL AID 141 3984814 FMV TUITION ASSISTANCE FINANCIAL AID FOR SUMMER CAMP 17 12595 FMV TUITION ASSISTANCE 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 THO THE SCHOOL AND STUDENT SERVICE FOR FINANCIAL AID IN PRINCETON, N.J. X X X X X 1 1 X X X X X X 0 1 0 0 0 0 0 0 0 ROBERT J GUSTAVSON HEAD OF SCHOOL 540855 0 0 0 42830 0 102893 0 54112 0 740690 0 0 0 DIANE BYRNE ASST. HEAD OF SCHOOL FOR FINANCE & 292798 0 0 0 27774 0 22740 0 32698 0 376010 0 0 0 ROBERT CRAWFORD DIRECTOR OF ADVANCEMENT 208772 0 0 0 22922 0 16892 0 85343 0 333929 0 0 0 ELIZABETH WHITNEY ASSOCIATE HEAD OF SCHOOL 217705 0 0 0 20770 0 17962 0 75729 0 332166 0 0 0 KATHARINE KNUPPEL HEAD OF PRIMARY SCHOOL & DIRECTOR OF 138278 0 0 0 14977 0 10934 0 29848 0 194037 0 0 0 JILLIAN ANTHONY DIRECTOR OF EQUITY AND INCLUSION 141789 0 0 0 14731 0 10995 0 11929 0 179444 0 0 0 KAITLYN CRONIN HEAD OF LOWER SCHOOL 146500 0 0 0 14857 0 10995 0 0 0 172352 0 0 0 PART I, LINE 1A ON OCCASION, THE SPOUSE OF THE HEAD OF SCHOOL MAY TRAVEL TO EVENTS REPRESENTING THE SCHOOL. ADDITIONALLY, THERE MAY BE CERTAIN SERVICES PAID FOR ON BEHALF OF THE HEAD OF SCHOOL. THESE ITEMS ARE GROSSED-UP AND REPORTED AS TAXABLE COMPENSATION TO THE HEAD OF SCHOOL PART I, LINE 1B THE HEAD OF SCHOOL HAS A DISCRETIONARY SPENDING ALLOWANCE TO BE USED FOR SCHOOL EXPENSES NOT INDENTIFIED IN THE BUDGET PROCESS. PART I, LINE 3 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 TOTALING $54,112. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2021-07-30 45025000 REFUNDING OF PRIOR BOND ISSUE, CONSTRUCTION & ISSUE COSTS, SWAP SETTLEMENT 0 0 0 A 4018200 45025000 32464897 250060 5000000 7310043 2021 1 0 1 1 A 0 0 0 0 0 0 1 A 0 0 0 0 1 0 0 0 0 A 1 X 25044 FMV X 16 142073 FMV 0 0 1 0 PART I, COLUMN (B): THE AMOUNT REPORTED IN PART I COLUMN (B) REPRESENTS THE NUMBER OF ITEMS CONTRIBUTED. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE SHALL EXERCISE ALL OF THE POWERS OF THE BOARD OF TRUSTEES BETWEEN MEETINGS OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE FULL BOARD OF TRUSTEES REVIEWS THE ENTIRE FORM 990 WITH THE EXCEPTION OF SCHEDULE B WHICH IS NOT REVIEWED BY THE BOARD DUE TO ITS SENSITIVE NATURE. SCHEDULE B OF FORM 990 IS REVIEWED BY THE HEAD OF SCHOOL AND THE ASSISTANT HEAD OF SCHOOL FOR FINANCE AND OPERATIONS. FORM 990, PART VI, SECTION B, LINE 12C AT OR BEFORE 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. CONFLICTS ARE MONITORED BY THE ASSISTANT HEAD OF SCHOOL FOR FINANCE AND OPERATIONS AND IN THE EVENT A CONFLICT EXISTS, THE CONFLICT WILL BE BROUGHT TO THE ATTENTION OF THE BOARD OF TRUSTEES FOR FURTHER DISCUSSION AND CONSIDERATION. FAY SCHOOL CURRENTLY FOLLOWS NAIS GUIDELINES FOR ITS WHISTLE BLOWER AND DOCUMENT RETENTION AND DESTRUCTION POLICIES AND WILL INCLUDE THEM IN THE EMPLOYEE HANDBOOK. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES DETERMINES THE COMPENSATION FOR THE HEAD OF SCHOOL. THE HEAD OF SCHOOL HAS A WRITTEN CONTRACT. 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 ASSISTANT HEAD OF SCHOOL FOR FINANCE AND OPERATIONS. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. 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 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. THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE GENERAL PUBLIC UPON REQUEST AND FOR REVIEW IN THE BUSINESS OFFICE. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS -9,964. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.