2020-05-26T08:23:18-07:00 2019-06-30 990 2018-07-01 042104265 GROTON SCHOOL GROT 9784483363 PO Box 991 Groton MA 01450 Julie Dolan Chief Financial Officer 9784487566 2020-05-26 71.11.1.35 2018 2020-09-22 18:59:49Z Julie Dolan PO Box 991 Groton MA 01450 69884676 0 X www.groton.org X 1884 MA Groton School provides college and university preparatory education for students in grades eight to twelve. 27 26 240 360 -619363 0 21871686 17798145 21098333 21484609 19230569 17598320 339376 122915 62539964 57003989 6573705 7340073 0 0 20823711 20751302 0 0 2375265 22455754 22171562 49853170 50262937 12686794 6741052 544284961 544767407 95258105 96662316 449026856 448105091 Groton School's mission is to inspire lives of character, scholarship, leadership, and service within a diverse, inclusive, and close-knit community. 0 0 34628954 7340073 21484609 Education of students in grades eight through twelve in a non-profit, co-educational college preparatory boarding school. The School provides aid assistance for 43% of its students in the form of tuition grants, housing support, travel assistance, and subsidies for books, supplies, and laptop purchases (380 students). 0 0 0 34628954 1 1 0 1 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 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 1 1 1 0 0 1 202 0 1 240 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 27 26 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X Julie Dolan 9784487566 PO Box 991 Groton MA 014500991 David Altshuler Board Member 4 0 X 0 0 0 Nicholas F Burgin Board Member 4 0 X 0 0 0 Diana V Chigas Board Member 4 0 X 0 0 0 Franz F Colloredo Mansfeld Board Member 4 0 X 0 0 0 Lydia T Cottrell Board Member 4 0 X 0 0 0 Rachel E Diamond Board Member 4 0 X 0 0 0 Ann Gildroy Fox Board Member 4 0 X 0 0 0 D D Willard Gardiner Jr Board Member 4 0 X 0 0 0 William B Gray Board Member 4 0 X 0 0 0 Monica Spencer Green Board Member 4 0 X 0 0 0 Grant A Gund Board Member 4 0 X 0 0 0 Gary C Hill Board Member 4 0 X 0 0 0 John R S Jacobsson Board Member 4 0 X 0 0 0 Alexander Robert Krapf Board Member 4 0 X 0 0 0 Andrea N Picott Board Member 4 0 X 0 0 0 Benjamin N Pyne Board Member 4 0 X 0 0 0 Grace Song Park Board Member 4 0 X 0 0 0 Stacey Clover Symonds Board Member 4 0 X 0 0 0 Thomas Varkey Board Member 4 0 X 0 0 0 William C Vrattos Board Member 4 0 X 0 0 0 James H R Windels Board Member 4 0 X 0 0 0 Nancy Yang Board Member 4 0 X 0 0 0 Jonathan D Klein President 4 0 X X 0 0 0 Ann Bakewell Woodward Vice President 4 0 X X 0 0 0 Peter C Erichsen Secretary 4 0 X X 0 0 0 Diana S Ferguson Treasurer 4 0 X X 0 0 0 Temba Maqubela Headmaster 60 0 X X 460720 0 182010 Arthur Diaz Chief Financial Officer 50 0 X 274475 0 90529 John MacEachern Director of Development 50 0 X 280727 0 44146 Ian Gracey Director of Admissions 50 0 X 172270 0 81094 Elizabeth Preston Chief Technology Officer 50 0 X 165437 0 24113 Harold W Anderson III Assistant Headmaster 50 0 X 161932 0 125541 Elizabeth Lawrence Development Leadership Gift Officer 50 0 X 148157 0 39470 1663718 0 586903 23 0 1 0 Mahan Slate Roofing Company 699 Silver Street Agawam MA 01001 Construction 1769508 FLIK 2 International Drive Rye Brook NY 10573 Food Service 1679541 Cambridge Associates 125 High Street Boston MA 02110 Investment Consultant 681471 Eagle Cleaning Corporation 997 Millbury Street Suite A Worcester MA 01607 Custodial Service 606464 Nashoba Paving Company 45 Power Road Westford MA 01886 Construction 496799 18 0 0 0 0 0 17798145 1281760 17798145 Tuition 611600 20827300 20827300 0 0 Technology Support Fee 611710 228000 228000 0 0 Laptop Rental and Lease 611710 159975 159975 0 0 Health Center Fee 611710 125600 125600 0 0 Application Fees 611710 55700 55700 0 0 88034 88034 0 0 21484609 6205820 0 -635582 6841402 0 0 0 0 0 0 0 0 308133 0 224705 0 83428 0 83428 0 -1108 84536 23976571 0 12539862 44209 11436709 -44209 11392500 0 17327 11375173 0 111398 71911 39487 0 0 39487 0 57003989 21484609 -619363 18340598 151046 151046 7189027 7189027 0 0 0 0 1032429 0 1032429 0 145652 145652 0 0 12982259 9732088 2009235 1240936 2374069 1576722 560194 237153 3328304 1673582 1420924 233798 888589 590150 209675 88764 0 0 0 0 92861 1741 91120 0 151792 12542 139250 0 0 0 0 0 2698575 0 2698575 0 1289927 444608 819902 25417 472669 103162 236342 133165 177457 52097 73396 51964 489590 126926 299421 63243 0 0 0 0 3022510 3011755 10225 530 339785 87274 176878 75633 0 0 0 0 65337 40471 24140 726 2587878 0 2587878 0 0 0 0 0 8241263 7952446 288817 0 306228 39960 248168 18100 Food 1083047 921167 94828 67052 Special Events 505986 372963 44325 88698 General Merchandise and Equipment 334920 323154 10977 789 Other Regulatory 161153 28734 85796 46623 150584 51687 96223 2674 50262937 34628954 13258718 2375265 62341 53695 1550153 932886 14804901 13464826 483269 628417 0 0 0 0 2673 1382 225132 201187 381825 436971 239551931 110730903 131981465 128821028 248677459 253578431 138881933 139414774 15797 15797 7218013 7218013 0 0 544284961 544767407 13537735 15094984 0 0 2445511 2633558 68647756 67317631 0 0 0 0 0 0 2238736 1494220 8388367 10121923 95258105 96662316 X 251529384 241535601 87567237 84827494 109930235 121741996 449026856 448105091 544284961 544767407 X 6741052 -3711503 0 0 0 -3951314 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 0 0 0 Schedule C, Part II-B, Line 1 The School is a member of a number of associations such as the National Association of Independent Schools, New England Association of Schools and Colleges, and the Association of Independent Schools in New England, which may use a portion of their membership dues to lobby on behalf of members. The portion of dues and fees allocated to lobbying activities is not determinable. 0 0 X X 0 382574956 13764112 11180103 3763025 15614572 0 388141574 360959010 13616292 24266829 3456531 12810644 0 382574956 320150377 14471653 43721190 3393385 13990825 0 360959010 348220123 4138587 -11323956 3340451 17543926 0 320150377 352334319 3983613 4468108 2895958 9669959 0 348220123 0.51 0.28 0.21 0 0 0 7091973 7091973 0 209638022 96238125 113399897 0 0 0 0 0 11876641 7914862 3961779 0 10945295 6577916 4367379 128821028 0 0 Hedge Funds 83673166 F Venture Capital Funds 33909844 F Real Assets Funds 11391627 F Private Equity Funds 10440137 F 139414774 0 Interest Rate Swap Agreements 7881535 Charitable Remainder Unitrusts 1535320 Charitable Gift Annuities 705068 10121923 X 43129852 -3711504 0 0 -7123292 -10834796 53964648 3380166 -340825 3039341 57003989 44392092 0 0 0 4266732 4266732 40125360 3380166 6757411 10137577 50262937 Schedule D, Part III, Line 1 The collections, which include artwork, books, and artifacts of historical significance have been acquired through contributions since the School's inception and are not recognized as assets on the statement of financial position. Schedule D, Part III, Line 4 The artwork acquired by the School since its inception often relates to the School's history and has either been purchased or acquired by donation. This collection is displayed throughout the campus for viewing by students, faculty, and visitors. Schedule D, Part V, Line 4 The endowment is used to support the mission of the School. Schedule D, Part X, Line 2 The School follows FASB ASC 740, Income Taxes, which clarifies the accounting for uncertain income tax positions by prescribing the recognition threshold a tax position is required to meet before being recognized in the financial statements. The School recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. Management evaluated the School's tax positions and concluded that the School had no material uncertain income tax positions as of June 30, 2019 or 2018. The School is no longer subject to income tax examinations by the U.S. federal, state, or local tax authorities for fiscal years before 2016. The School will account for interest and penalties related to uncertain tax positions, if any, as part of tax expense. Schedule D, Part XI, Line 2d Increase in value of split interest agreements 94,700, tuition grant (6,757,411), and the recovery provision for uncollectible pledges (460,581). Schedule D, Part XI, Line 4b Rental expenses associated with unrelated business income (14,949), other rental expenses (209,756), cost of goods sold at the School store (71,911), and loss on disposal of property (44,209). Schedule D, Part XII, Line 2d Rental expenses associated with unrelated business income 14,949, other rental expenses 209,756, loss on disposal of property 44,209, cost of goods sold at the School store 71,911, unrealized loss on the value of interest rate swaps 1,780,625, and accrued pension liability 2,145,282. Schedule D, Part XII, Line 4b Tuition grant of 6,757,411. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 Schedule E, Part I, Line 3 Groton's diversity and inclusion mission statement is noted on its website. It notes that Groton School mission is to inspire lives of character, scholarship, leadership, and service within a diverse, inclusive, and close-knit community. Sub-Saharan Africa 0 0 Program Services School sponsored global education trip to South Africa that included eighteen students. 56000 Europe (including Iceland and Greenland) 0 0 Program Services School sponsored music trip to Spain that included twenty one students. 44000 Europe (including Iceland and Greenland) 0 0 Program Services School sponsored trip to Ireland that included twenty two students participating in a soccer tournament. 40000 East Asia and the Pacific 0 0 Fundraising Fundraising receptions in South Korea and China. 29000 South America 0 0 Program Services School sponsored global education trip to Peru that included fifteen students. 28000 Sub-Saharan Africa 0 0 Program Services School sponsored trip to South Africa involving eighteen students participating in a squash tournament. 24000 East Asia and the Pacific 0 0 Program Services Admissions receptions held in China and South Korea. 18000 Europe (including Iceland and Greenland) 0 0 Conducting Board Meetings Board meetings held in Bermuda. 6000 Europe (including Iceland and Greenland) 0 0 Program Services College visits in London by members of the College Counseling team. 5000 Europe (including Iceland and Greenland) 0 0 Program Services School sponsored global education trip to France that included eleven students. 5000 Europe (including Iceland and Greenland) 0 0 Program Services London trip to conduct interviews for the School's quarterly publication. 3000 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Admissions reception held in Mexico City. 2000 South America 0 0 Program Services School sponsored trip to Peru involving two members of the faculty. 1000 Europe (including Iceland and Greenland) 0 0 Program Services Admissions reception in Bermuda. 1000 North America (including Canada and Mexico, but not the United States) 0 0 Program Services College visits in Montreal by members of the College Counseling team. 1000 East Asia and the Pacific 0 0 Investments 17147000 0 0 17410000 1 0 0 0 0 0 1 Town of Groton 173 Main Street Groton MA 01450 046001164 Government Entity 145000 0 Cash payment records The contribution was made to help the Town of Groton subsidize their annual operating costs. 1 0 Tuition Grant 173 0 6757411 Total credits applied to tuition Credits are applied to tuition as a means of subsidizing the overall tuition costs to qualified students attending Groton School during the academic year and for the available summer program Travel Grant 101 175580 0 Credits are applied to monthly bill to offset costs Incidental Grant 94 161711 0 Credits are applied to monthly bill to offset costs Laptop Grant 66 74520 0 Credits are applied to monthly bill to offset costs Parent Travel Grant 45 19805 0 Payments made to subsidize travel related costs for parents 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 the charitable purpose, historical relationship, and current need. These one-time contributions are not typically monitored by the CFO or Headmaster. Financial aid grants are awarded annually to qualified students and are typically applied as credits to the tuition bill up to the amount of the grant for the current academic year. In some instances, cash payments are issued directly to parents as reimbursements for academic expenses or travel related costs when applicable. X X X X 1 1 X X X 0 1 0 0 0 0 0 0 0 Temba Maqubela Headmaster 455634 0 0 0 5086 0 104875 0 77135 0 642730 0 0 0 Arthur Diaz Chief Financial Officer 274475 0 0 0 0 0 27875 0 62654 0 365004 0 0 0 John MacEachern Director of Development 268877 0 0 0 11850 0 42826 0 1320 0 324873 0 0 0 Ian Gracey Director of Admissions 156400 0 0 0 15870 0 18665 0 62429 0 253364 0 0 0 Elizabeth Preston Chief Technology Officer 142137 0 0 0 23300 0 14993 0 9120 0 189550 0 0 0 Harold W Anderson III Assistant Headmaster 161932 0 0 0 0 0 18348 0 107193 0 287473 0 0 0 Elizabeth Lawrence Development Leadership Gift Officer 148157 0 0 0 0 0 16456 0 23014 0 187627 0 0 0 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 Board President and the Compensation Committee, includes the cost of residential cleaning. The cost is recorded by the School as a taxable benefit and reported on the W-2. The School will only pay for the cost of a traveling spouse when they are an authorized participant in School related functions. In such a case, the cost is treated as a non-taxable work-related event. The discretionary account is provided to the Headmaster as part of the approved annual budget. The account is used to fund small School related expenses and, as a result, is not reported as a taxable fringe benefit. Schedule J, Part I, Line 3 The salary of Groton's Headmaster is determined annually by the Compensation Committee of the Board. As input to their decision, the committee reviews the results of the annual ABOPS salary survey. ABOPS is a 40-member organization of independent schools whom we consider to be our peers. Schedule J, Part I, Line 4 The Headmaster's contract, which is approved by the President of the Board and the Compensation Committee, included an annual $77,000 deferred compensation contribution. The School deposited the initial payment to a qualified 457(b) plan up to the annual IRS limit of $18,500. The remaining balance was deposited to a non-qualified 457(f) plan. Each deposit to the 457(f) plan is subject to a three-year vesting period and is distributed once the terms are satisfied. A Massachusetts Development Finance Agency 043431814 2013-10-17 75000000 Building renovations & refinancing existing debt 0 0 0 A 7362500 0 75000000 0 644020 48640000 474250 0 0 25885750 0 0 2016 1 0 1 1 A 0 1 0 0 0.009 0.001 0.010 0 0 1 A 0 0 0 0 1 1 Morgan Stanley Capital Services Bank of New York Mellon 30 0 0 0 0 1 A 1 Schedule K, Part IV, Line 4b-10/17/2013 75,000,000 Massachusetts Development Finance Agency The Bank of New York Mellon Swap 20 year maturity, The Bank of New York Mellon Swap 38 year maturity, and Morgan Stanley Capital Services Swap 30 year maturity. Vuyelwa Maqubela Family Member of Temba Maqubela 145443 Teacher and Adviser to Head of School 0 X 97 1281760 FMV 0 0 1 0 Schedule M, Part I, Line 33 The number of security contributions is based on the number of gifts and not the number of shares received. Form 990, Part VI, Section B, Line 11b A draft of the Form 990 without Schedule B was distributed electronically to each member of the Audit Committee. After a thorough review, the Committee had an opportunity to ask questions and suggest revisions during a group conference call. The draft was also posted to a secure electronic portal, accessible by the full Board, prior to filing. 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. The 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. Any identified conflict will prohibit such individual from participating in the governing body's deliberations and transaction decisions related to the conflict. 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 of the Board and the Compensation Committee review the Headmaster's and other senior administrator's salaries and benefits. The salary survey provided by the Association of Business Officers of Preparatory Schools is used as a guide and a point of comparison. 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 or the Headmaster up to the aggregate salary approved by the Board of Trustees. Form 990, Part VI, Section C, Line 19 The Form 990 without Schedule B can be viewed on-line by going to guidestar.org, an independently operated website. The conflict of interest policy, governing documents, and financial statements may be viewed any time upon request for the same period of disclosure set forth in Section 6104(d). Form 990, Part XI, Line 9 Change in value of interest rate swap agreements (1,780,625), accrued pension liability (2,145,282), split interest agreements 435,174, and recovery of uncollectible pledges (460,581). Charitable Remainder Trust (5) PO Box 991 Groton MA 01450 Charitable Trust MA Groton School T 1 Pooled Income Fund PO Box 991 Groton MA 01450 Pooled Income Fund MA Groton School T 1 Growth Pooled Income Fund PO Box 991 Groton MA 01450 Pooled Income Fund MA Groton School T 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 Charitable Remainder Trust (5) s 94773 The aggregate annual transfers from the fund to the School that represent the value of the fund assigned to the beneficiaries upon their death. Pooled Income Fund s 0 The aggregate annual transfers from the fund to the School that represent the value of the fund assigned to the beneficiaries upon their death. Growth Pooled Income Fund s 0 The aggregate annual transfers from the fund to the School that represent the value of the fund assigned to the beneficiaries upon their death.