2021-10-22T08:59:39-05:00 2021-06-30 042571780 AAFCPAS INC 50 WASHINGTON STREET WESTBOROUGH MA 01581 990 2020-07-01 043235190 BENJAMIN FRANKLIN EDUCATIONAL FOUNDATION INC BENJ 5085413434 500 FINANCIAL PARK FRANKLIN MA 02038 EDWARD BASILE PRESIDENT 5085413434 2021-10-20 1 EDWARD BASILE 999009999 JOHN R BUCKLEY P00830631 5083669100 2021-10-20 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z EDWARD BASILE 500 FINANCIAL PARK FRANKLIN MA 02038 2234692 0 X N/A X 1994 MA FOUNDATION WAS FORMED TO PROVIDE SUPPORT FOR THE MISSION OF THE SCHOOL THROUGH UNDERTAKING A CAPITAL CAMPAIGN TO SECURE LAND AND A BUILDING FOR A PERMANENT FACILITY AND THROUGH CAPITAL INVESTMENTS IN THE SCHOOL'S LIBRARY AND OTHER ACADEMIC ENRICHMENT PROGRAMS. 6 6 0 6 0 0 24581 285 2243415 2232333 33830 2074 0 0 2301826 2234692 44144 0 0 0 0 0 0 0 0 2258134 2240348 2302278 2240348 -452 -5656 62821625 62114339 66478425 64512661 -3656800 -2398322 TO SUPPORT THE BENJAMIN FRANKLIN CLASSICAL CHARTER PUBLIC SCHOOL WHICH PROMOTES A CLASSICAL EDUCATION. 0 0 2239270 2232333 TO PROVIDE SUPPORT FOR THE MISSION OF THE SCHOOL THROUGH UNDERTAKING A CAPITAL CAMPAIGN TO SECURE LAND AND A BUILDING FOR A PERMANENT FACILITY AND THROUGH CAPITAL INVESTMENTS IN THE SCHOOL'S LIBRARY AND OTHER ACADEMIC ENRICHMENT PROGRAMS. 2239270 1 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 2 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 6 6 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 MA X HEATHER ZOLNOWSKI 5085413434 500 FINANCIAL PARK FRANKLIN MA 02038 X EDWARD BASILE PRESIDENT 1.75 X X 0 0 0 ZACH CHEW TREASURER 1.75 X X 0 0 0 JASON FINE BOARD MEMBER 1.75 X 0 0 0 JOSEPH MULLEN BOARD MEMBER 1.75 X 0 0 0 HEATHER ZOLNOWSKI BOARD MEMBER 1.75 X 0 0 0 JOE PERNA BOARD MEMBER 1.75 X 0 0 0 0 0 0 0 0 0 0 CTA CONSTRUCTION CO INC 400 TOTTEN POND RD WALTHAM MA 02451 CONSTRUCTION SERVICE 1180255 1 285 285 RENTAL INCOME 532000 2232333 2232333 2232333 2074 2074 2234692 2232333 0 2074 500 500 1590319 1590319 646796 646796 1655 1655 MISCELLANEOUS 1078 1078 2240348 2239270 1078 0 128385 236090 2684556 662728 10000 10000 28774845 1293592 25996601 27481253 34002083 33724268 62821625 62114339 224524 442242 33413270 32556518 24550000 24550000 1991270 1943334 6299361 5020567 66478425 64512661 X -3656800 -2398322 -3656800 -2398322 62821625 62114339 X -5656 1264134 X X 0 1 X 1 0 X 7526 64185 24581 285 96577 7526 64185 24581 285 96577 2770 93807 39 17697 211266 33830 2074 264906 361483 4475748 0.25950 0.26030 X BENJAMIN FRANKLIN EDUCATIONAL FOUNDATION, INC. (THE "FOUNDATION") QUALIFIES AS A PUBLICLY SUPPORTED ORGANIZATION BECAUSE IT COMFORTABLY SATISFIES THE FACTS AND CIRCUMSTANCES TEST, PURSUANT TO TREAS. REG. 1.170A-9(F)(3). TEN-PERCENT SUPPORT LIMITATION: THE FOUNDATION'S PUBLIC SUPPORT PERCENTAGE FOR FISCAL YEAR 2021 WAS APPROXIMATELY 26%. ATTRACTION OF PUBLIC SUPPORT: THE FOUNDATION IS ORGANIZED AND OPERATED TO ATTRACT NEW AND ADDITIONAL PUBLIC SUPPORT ON A CONTINUOUS BASIS DUE TO ITS PUBLIC CHARITABLE MISSION. THE FOUNDATION IS ORGANIZED AND OPERATED TO SUPPORT BENJAMIN FRANKLIN CLASSICAL CHARTER PUBLIC SCHOOL, A MASSACHUSETTS PUBLIC CHARTER SCHOOL (THE "SCHOOL"). THE SCHOOL IS A PUBLIC INSTITUTION WHICH SERVED 774 STUDENTS DURING FISCAL YEAR 2021 CHOSEN BY RANDOM PUBLIC LOTTERY. DUE TO ITS RELATIONSHIP WITH THE SCHOOL, THE FOUNDATION IS ALSO SUBJECT TO PUBLIC OVERSIGHT; ITS FINANCIALS ARE COMBINED WITH THE SCHOOL'S FINANCIALS, AND ARE SUBMITTED TO THE MASSACHUSETTS DEPARTMENT OF ELEMENTARY AND SECONDARY EDUCATION ON AN ANNUAL BASIS.CONTINUOUS AND BONA FIDE PROGRAM FOR SOLICITATION OF FUNDS: THE FOUNDATION'S FUNDRAISING ACTIVITIES INCLUDE AN EVENT AND SOLICITATIONS FOR THE CONSTRUCTION OF ITS NEW GYM AND PLAYGROUND. THE FOUNDATION INVITES POTENTIAL DONORS TO VISIT THE SCHOOL AND TO ATTEND BOTH SPECIAL CULTIVATION EVENTS AND ROUTINE SCHOOL EVENTS. THE FOUNDATION HAS INITIATED A CAPITAL CAMPAIGN THAT IS EXPECTED TO ATTRACT NEW DONORS AND CONTINUE TO INCREASE PUBLIC SUPPORT OVER THE NEXT FEW YEARS. FISCAL YEAR 2021 CAME OUT SHORT OF PROJECTIONS DUE TO THE OUTBREAK OF COVID-19 PANDEMIC IN MID MARCH 2020 WHICH MADE IT IMPOSSIBLE TO HOLD FUNDRIASING EVENTS IN PERSON.PERCENTAGE OF FINANCIAL SUPPORT: AS SHOWN IN THE 2018 AND 2019 TAX RETURNS, THE PUBLIC SUPPORT PERCENTAGE FOR THE FOUNDATION WAS APPROXIMATELY 23% AND 26%, RESPECTIVELY. THE FOUNDATION EXPECTS ITS PUBLIC SUPPORT PERCENTAGE TO CONTINUE TO EXCEED 10% BY A SIGNIFICANT MARGIN IN THE FUTURE. THE MAIN REASON WHY THE PUBLIC SUPPORT PERCENTAGE IS BELOW 33 1/3% IS DUE TO INTEREST INCOME EARNED ON TAX EXEMPT BONDS DURING THE CONSTRUCTION PERIOD.SOURCES OF SUPPORT: MOVING FORWARD, THE FOUNDATION EXPECTS TO RECEIVE FEWER FUNDS FROM REVENUE SOURCES THAT DO NOT QUALIFY AS PUBLIC SUPPORT AND EXPECTS TO RECEIVE A GREATER PERCENTAGE OF ITS REVENUE FROM GIFTS, GRANTS, AND CONTRIBUTIONS. REPRESENTATIVE GOVERNING BODY: THE FOUNDATION'S BOARD OF DIRECTORS REPRESENTS THE BROAD INTERESTS OF THE PUBLIC, RATHER THAN THE PERSONAL OR PRIVATE INTERESTS OF A LIMITED NUMBER OF DONORS. 377005 377005 25871853 1293592 24578261 2525987 2525987 27481253 LEASE RECEIVABLE 33724268 33724268 DUE TO SCHOOL 2716663 INTEREST RATE SWAP LIABILITY 2303904 5020567 A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2018-01-04 24550000 TO FUND CAPITAL PROJECTS 0 0 0 A 24550000 651851 1340862 50100 22500645 6542 0 0 1 1 A 0 0 0 0 0 0 1 A 0 0 0 0 0 1 CITIZENS BANK 10.000000000000 0 0 0 0 0 A 0 FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PREPARED BY THE FOUNDATION'S AUDIT FIRM. THE COMPLETED COPY IS MADE AVAILABLE TO AND APPROVED BY THE BOARD. FORM 990, PART VI, SECTION B, LINE 12 THE FOUNDATION REGULARLY MONITORS CONFLICTS OF INTEREST THROUGH BOARD MEETING REVIEW. FORM 990, PART VI, SECTION C, LINE 19 THE FOUNDATION IS INCLUDED IN THE ANNUAL AUDIT OF THE BENJAMIN FRANKLIN CLASSICAL PUBLIC CHARTER SCHOOL'S AUDIT FILED WITH THE COMMONWEALTH OF MASSACHUSETTS AND IS AVAILABLE UPON REQUEST. OTHER GOVERNING DOCUMENTS AND POLICIES ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: GAIN ON INTEREST RATE SWAP AGREEMENT 1,264,134. FORM 990, PART VII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.