2022-05-13T07:08:32-05:00 2021-06-30 043037870 BOLLUS LYNCH LLP 89 SHREWSBURY STREET WORCESTER MA 01604 990 2020-07-01 042103861 BANCROFT SCHOOL BANC 5088532640 110 SHORE DRIVE WORCESTER MA 01605 JAMES P CASSIDY III HEAD OF SCHOOL 5088532640 2022-05-12 1 JAMES CASSIDY III 999009999 BARBARA E KING P00005629 5087557107 2022-05-12 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z JAMES P CASSIDY III 110 SHORE DRIVE WORCESTER MA 01605 22921322 0 X WWW.BANCROFTSCHOOL.ORG X 1902 MA THE ORGANIZATION PROVIDES A COLLEGE PREPARATORY EDUCATION IN A COEDUCATIONAL ENVIRONMENT. 23 23 198 100 0 0 770919 2637680 13905362 14507717 1039070 1728166 -47275 48236 15668076 18921799 4541998 5510905 0 0 8931379 8591328 0 0 30100 5059678 4738093 18533055 18840326 -2864979 81473 41590208 47077698 14317073 14771290 27273135 32306408 BANCROFT, AN INDEPENDENT, COEDUCATIONAL, COLLEGE-PREPARATORY DAY SCHOOL, PREPARES TALENTED, WELL-QUALIFIED AND MOTIVATED COLLEGE-BOUND STUDENTS, PRE-KINDERGARTEN THROUGH GRADE 12, TO PURSUE AND REALIZE THEIR ACADEMIC, PERSONAL AND SOCIAL POTENTIAL. 0 0 14870271 5510905 15873556 +BANCROFT PROVIDES A COMPREHENSIVE, CARING, AND CREATIVE CURRICULAR AND EXTRACURRICULAR PROGRAM THAT FOSTERS AN EXPERIENCE OF EXCELLENCE FOR EACH STUDENT. INSPIRED STUDENTS, A SUPERIOR FACULTY, AND ENGAGED FAMILIES THRIVE IN OUR DIVERSE, SAFE, AND SUPPORTIVE COMMUNITY. WE AFFORD STUDENTS THE OPPORTUNITY TO DISCOVER THEIR PASSION IN LIFE AND TO LEARN TO EMBRACE CONFIDENTLY AND RESPONSIBLY THE MORAL AND ETHICAL CHALLENGES OF BEING LIFE-LONG LEARNERS, TEACHERS OF OTHERS, AND CITIZENS OF AN INCREASINGLY COMPLEX GLOBAL COMMUNITY. APPROXIMATELY 400 STUDENTS ATTEND BANCROFT. 14870271 1 1 0 0 0 0 0 0 0 1 1 1 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 0 0 0 0 0 0 0 0 0 0 1 47 0 198 0 0 0 0 0 0 0 0 0 0 0 X 23 23 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X X RICHARD ROGAN CONTROLLER 5088532640 BANCROFT SCHOOL 110 SHORE DRIVE WORCESTER MA 01605 MARY HALPIN CARTER TRUSTEE 2.00 X 0 0 0 JAMES CONDON SECRETARY/TRUSTEE 2.00 X X 0 0 0 BEN DOBSON TRUSTEE 2.00 X 0 0 0 DAVID FAHLSTROM TRUSTEE 2.00 X 0 0 0 ELVISI MENA TRUSTEE 2.00 X 0 0 0 SUSAN ONFFROY TRUSTEE 2.00 X 0 0 0 JOSEPHINE HERRON TRUESDELL TRUSTEE 2.00 X 0 0 0 KAREN WALTON BOWEN TRUSTEE 2.00 X 0 0 0 ELIZABETH WAMBUI TRUSTEE 2.00 X 0 0 0 WILLIAM ZUJEWSKI TRUSTEE 2.00 X 0 0 0 SHEENA SHARMA VICE PRESIDENT 2.00 X X 0 0 0 SUSANNE CHOATE TRUSTEE 2.00 X 0 0 0 KATY SULLIVAN PRESIDENT 2.00 X X 0 0 0 CATHERINE COLINVAUX TRUSTEE 2.00 X 0 0 0 JOHN DUGGAN FIRST VICE PRESIDENT 2.00 X X 0 0 0 MICHAEL PALERMO AT-LARGE 2.00 X 0 0 0 PADGETT BERTHIAUME TRUSTEE 2.00 X 0 0 0 KHURSTON ELLIA-EPPLE TRUSTEE 2.00 X 0 0 0 PETER JANHUNEN AT-LARGE 2.00 X 0 0 0 MARTIN RICHMAN TREASURER 2.00 X X 0 0 0 WARNER FLETCHER HONORARY TRUSTEE 2.00 X 0 0 0 NEIL MCDONOUGH HONORARY TRUSTEE 2.00 X 0 0 0 MICHAEL CHANG TRUSTEE 2.00 X 0 0 0 JAMES P CASSIDY III HEAD OF SCHOOL 40.00 X 220562 0 82457 BETH BECKMANN HEAD OF LOWER SCHOOL 40.00 X 194573 0 15399 SEAN GANAS DIR OF ADMISSIONS & FINANC 40.00 X 114134 0 11689 529269 0 109545 4 0 1 0 BENNETT BUILDING CORPORATION 12 MAIN STREET 2ND FLOOR LEOMINSTER MA 01453 CONSTRUCTION 868427 HARRY GRODSKY & CO INC 3 APPIAN WAY WORCESTER MA 01610 HVAC 637460 CA SENECAL ELEC SERVICES INC 120 MAYFIELD STREET WORCESTER MA 01602 ELECTRICAL 436505 ENTERPRISE CLEANING CORP 370 MAIN STREET WORCESTER MA 01608 FACILITY CLEANING AND MAINTENANCE 300704 OUNCEIT LLC 15 CYPRESS STREET NEWTON MA 02459 TECHNOLOGY 155709 5 37276 2185548 414856 16594 2637680 TUITION & FEES 611710 14476480 14476480 DINING ROOM 611710 31237 31237 14507717 386005 386005 5300257 3958096 1342161 1342161 1342161 54005 37276 29447 24558 24558 16800 11980 4820 4820 MISCELLANEOUS INCOME 611710 18858 18858 18858 18921799 15873556 0 410563 5510905 5510905 7026041 5273630 1752411 363643 263224 100419 724038 524096 199942 477606 345716 131890 20763 20763 46800 46800 60288 60288 345927 345927 181306 181306 10807 9065 1742 209592 209592 954872 761644 193228 93420 86195 7225 49863 22363 27187 313 323760 323760 1168760 1051884 116876 75420 67878 7542 CLASSROOM SUPPLIES 673964 640867 32718 379 MISCELLANEOUS 214765 21831 166381 26553 EDUCATIONAL PROGRAMS 186531 186531 SECURITY 105728 105728 15527 7779 6635 1113 18840326 14870271 3939955 30100 4707332 2430273 1136184 674816 547085 50549 136463 1037356 85928 109723 75845 194559 28251994 17628863 9093209 10623131 23702655 29549489 2105507 2407802 41590208 47077698 715333 811246 786343 1019354 12772570 12535384 42827 405306 14317073 14771290 X 13166314 15820468 14106821 16485940 27273135 32306408 41590208 47077698 X 81473 4960497 -8697 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 13329692 24380 3198628 541614 16011086 14169939 74705 210018 1124970 13329692 14401275 143886 744648 1119870 14169939 14174913 1127790 893181 1794609 14401275 13215450 108437 1400126 549100 14174913 0.61600 0.38400 0 0 1504430 1504430 22507315 14586528 7920787 4168269 3042335 1125934 71980 71980 10623131 POOLED INCOME FUNDS 10064 F ALTERNATIVE INVESTMENTS 2397738 F 2407802 CAPITAL LEASE PAYABLE 366273 DEFERRED COMP LIABILITY 39033 405306 18302406 4960497 -5519602 -559105 18861511 60288 60288 18921799 13269133 0 13269133 60288 5510905 5571193 18840326 PART V, LINE 4: THE SCHOOL'S ENDOWMENT CONSISTS OF NUMEROUS INDIVIDUAL DONOR RESTRICTED FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, NET ASSETS ASSOCIATED WITH ENDOWMENT FUNDS ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED OR LEGAL RESTRICTIONS. ENDOWMENT FUNDS INCLUDE INVESTED GIFTS AND ASSETS OF POOLED INCOME FUNDS FOR ENDOWMENT PURPOSES. AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, THE SCHOOL CLASSIFIES AS PERMANENTLY RESTRICTED NET ASSETS (A) THE ORIGINAL VALUE OF GIFTS DONATED TO THE PERMANENT ENDOWMENT, (B) THE ORIGINAL VALUE OF SUBSEQUENT GIFTS TO THE PERMANENT ENDOWMENT, AND (C) ACCUMULATIONS TO THE PERMANENT ENDOWMENT MADE IN ACCORDANCE WITH THE DIRECTION OF THE APPLICABLE DONOR GIFT INSTRUMENT AT THE TIME THE ACCUMULATION IS ADDED TO THE FUND. THE REMAINING PORTION OF THE DONOR-RESTRICTED ENDOWMENT FUND THAT IS NOT CLASSIFIED IN PERMANENTLY RESTRICTED NET ASSETS IS CLASSIFIED AS TEMPORARILY RESTRICTED NET ASSETS UNTIL THOSE AMOUNTS ARE APPROPRIATED FOR EXPENDITURE BY THE SCHOOL IN A MANNER CONSISTENT WITH THE STANDARD OF PRUDENCE PRESCRIBED BY STATE LAW. IN ACCORDANDE WITH UPMIFA, THE SCHOOL CAN CONSIDER THE FOLLOWING FACTORS IN MAKING A DETERMINATION TO APPROPRIATE OR ACCUMULATE DONOR-RESTRICTED ENDOWMENT FUNDS: - THE DURATION AND PRESERVATION OF THE FUND - THE PURPOSES OF THE SCHOOL AND THE DONOR-RESTRICTED ENDOWMENT FUND - GENERAL ECONOMIC CONDITIONS - THE POSSIBLE EFFECT OF INFLATION AND DEFLATION - THE EXPECTED TOTAL RETURN FROM INCOME AND THE APPRECIATION OF INVESTMENTS - OTHER RESOURCES OF THE SCHOOL - THE INVESTMENT POLICIES OF THE SCHOOL. THE SCHOOL HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ITS ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING FOR ITS PROGRAMS WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. UNDER THIS POLICY, AS APPROVED BY THE BOARD, THE SCHOOL'S FINANCE COMMITTEE SHALL SEEK TO INVEST THE ENDOWMENT FUNDS IN SUCH A MANNER THAT THE INVESTMENTS WILL PROVIDE A SPENDABLE RETURN CONSISTENT WITH A LONG-TERM GOAL OF PRESERVING THE FUNDS IN REAL TERMS. ACTUAL RETURNS IN ANY GIVEN YEAR MAY VARY FROM THIS AMOUNT. TO SATISFY ITS LONG-TERM RATE-OF-RETURN OBJECTIVES, THE SCHOOL RELIES ON A STRATEGY WHICH EMPHASIZES TOTAL RETURN THROUGH BOTH CAPITAL APPRECIATION (REALIZED AND UNREALIZED) AND CURRENT YIELD (INTEREST AND DIVIDENDS). SPECIFICALLY, THE PRIMARY OBJECTIVE IN MANAGEMENT OF THE ENDOWMENT IS MAINTAINING LIQUIDITY AND LONG-TERM CAPITAL GROWTH, WHILE PRESERVING THE PURCHASING POWER OF THE ENDOWMENT. THE SCHOOL HAS INVESTED IN MUTUAL FUNDS, EQUITY SECURITIES, AND AN ALTERNATIVE INVESTMENT THAT TARGET A DIVERSIFIED ASSET ALLOCATION THAT PLACES A GREATER EMPHASIS ON EQUITY-BASED INVESTMENTS TO ACHIEVE THESE OBJECTIVES WITHIN PRUDENT RISK CONSTRAINTS. THE BOARD OF TRUSTEES ADOPTED A POLICY OF TRANSFERRING UP TO 4% OF THE MARKET VALUE OF INVESTMENTS TO OPERATIONS BASED UPON A FIVE YEAR ROLLING AVERAGE OF ALL INVESTMENTS. THE TRANSFER INCLUDES INTEREST AND DIVIDEND INCOME EARNED ON SUCH INVESTMENTS FOR USE IN THE GENERAL OPERATING ACTIVITIES OF THE SCHOOL. TO THE EXTENT THAT INVESTMENT INCOME DOES NOT PROVIDE THIS LEVEL OF SUPPORT, NET INVESTMENT APPRECIATION IS APPROPRIATED FOR OPERATIONS. IN ESTABLISHING THIS POLICY, THE SCHOOL CONSIDERED THE LONG-TERM EXPECTED RETURN ON ITS ENDOWMENT. THIS IS CONSISTENT WITH THE SCHOOL'S OBJECTIVE TO MAINTAIN THE PURCHASING POWER OF ITS ENDOWMENT. FROM TIME TO TIME, THE FAIR VALUE OF ASSETS ASSOCIATED WITH INDIVIDUAL DONOR-RESTRICTED ENDOWMENT FUNDS MAY FALL BELOW THE LEVEL THAT THE DONOR IMPOSED RESTRICTIONS REQUIRE THE SCHOOL TO RETAIN AS A FUND OF PERPETUAL DURATION. IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, DEFICIENCIES OF THIS NATURE ARE REPORTED IN UNRESTRICTED NET ASSETS. THERE WERE NO SUCH DEFICIENCIES NOTED AS OF JUNE 30, 2021 OR 2021. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF ASSETS OF POOLED INCOME FUNDS -8,697. BOOKSTORE COST OF GOOD SOLD RENTAL EXPENSES STUDENT FINANCIAL ASSISTANCE AND GRANTS -5,510,905. PART XII, LINE 2D - OTHER ADJUSTMENTS: BOOKSTORE COST OF GOODS SOLD RENTAL EXPENSES PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT FINANCIAL ASSISTANCE AND GRANTS 5,510,905. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 NEWSPAPER NOTICES AND ENROLLMENT LITERATURE CATALOGS. AN EXAMPLE OF THIS IS AN ADVERTISEMENT ANNUALLY RUN IN THE BOSTON GLOBE DESCRIBING BANCROFT THROUGH THE AISNE (ASSOCIATION OF INDEPENDENT SCHOOLS IN NEW ENGLAND). ALSO AVAILABLE UPON THE ORGANIZATION'S WEBSITE. GOLF TOURNAMENT 68780 28420 40360 1980 12853 PFA AUCTION 22501 8856 13645 14614 91281 37276 54005 16594 12853 29447 24558 0 INSTITUTIONAL FINANCIAL AID 239 5510905 X 1 0 X X X X 0 0 0 0 0 0 0 1 0 JAMES P CASSIDY III HEAD OF SCHOOL 194962 0 0 0 25600 0 26975 0 55482 0 303019 0 0 0 BETH BECKMANN HEAD OF LOWER SCHOOL 180173 0 0 0 14400 0 8691 0 6708 0 209972 0 0 0 PART I, LINE 7 THE ORGANIZATION HAS ESTABLISHED A SECTION 457(B) DEFERRED COMPENSATION PLAN FOR THE HEAD OF THE SCHOOL. ANY PAYMENTS TO THIS DEFERRED COMPENSATION PLAN IS AT THE DISCRETION OF THE BOARD. THE DEFERRED COMPENSATION EXPENSE FOR THE YEAR WAS $16,083. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2019-05-24 5916000 REFINANCE 0 0 0 B MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2019-05-24 3000000 CAPITAL PROJECTS 0 0 0 A 5916000 201700 5714300 2019 1 0 1 1 B 3000000 3000000 2019 1 0 1 1 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 A 0 0 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 0 0 A 0 B 0 FORM 990, PART VI, SECTION B, LINE 11B FORM 990 WILL BE PREPARED BY BOLLUS LYNCH, LLP. PRIOR TO FINAL FILING THE BOARD OF TRUSTEES WILL BE INFORMED THAT THE 990 IS AVAILABLE FOR REVIEW. ONCE REVIEWED IT WILL BE SIGNED BY THE HEAD OF SCHOOL. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF TRUSTEES REVIEW THE ORGANIZATION'S CONFLICT OF INTEREST POLICY ANNUALLY IN ORDER TO ENSURE THAT THE ORGANIZATION'S BOARD OF TRUSTEES, OFFICERS, AND EMPLOYEES ARE REGULARLY AND CONSISTENTLY MONITORING AND ENFORCING IT. FORM 990, PART VI, SECTION B, LINE 15 THE HEAD OF SCHOOL'S COMPENSATION PACKAGE IS DETERMINED BY A SUBCOMMITTEE OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION C, LINE 19 FORM 990 IS FILED AS REQUIRED, MAKING IT A PUBLIC DOCUMENT. BANCROFT EXPRESSES THIS AT THE BOARD LEVEL AND WITH VARIOUS FOUNDATIONS THAT ASK TO PROVIDE INFORMATION FILED IN THE 990. BANCROFT REFERS TO ALL INQUIRIES TO THE PUBIC FILING AND COPIES ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF ASSETS OF POOLED INCOME FUNDS -8,697. FORM 990, PART XII, LINE 2C: PROCESS IS UNCHNAGED FROM PREVIOUS YEARS.