2018-02-14T13:22:29-06:00 2017-06-30 221478099 COHNREZNICK LLP ONE BOSTON PLACE SUITE 500 BOSTON MA 02108 990 2016-07-01 222581930 Massachusetts Bay Community College Foundation Inc MASS 7812393000 50 OAKLAND STREET WELLESLEY HILLS MA 02481 KEVIN KANE DIRECTOR & CHAIR 7812393000 2018-01-30 1 EDWARD MCNEIL P00090108 6176481400 2018-01-22 209.3.217.20 2018-01-30 06:39:22 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 896C1F5B5D42EC59A37A0D46A5820AA48C1A79ED 2016 2021-01-29 14:40:06Z KEVIN KANE 50 OAKLAND STREET WELLESLEY HILLS MA 02481 786522 0 X WWW.MASSBAY. EDU X 1984 MA TO PROVIDE SCHOLARSHIPS AND COLLEGE FUNDRAISING 13 13 0 60 0 0 169053 333698 0 0 162677 131292 0 0 331730 464990 218666 232058 0 0 0 0 0 0 0 116549 151904 335215 383962 -3485 81028 4955207 5527743 20016 500 4935191 5527243 X THE FOUNDATION BOARD ENHANCES THE VITALITY OF THE COLLEGE BY PROMOTING INVESTMENT FROM EXTERNAL SOURCES, GROWING THE ENDOWMENT, AWARDING SCHOLARSHIPS, AND CREATING PARTNERSHIPS FOR LEARNING. IN SO DOING, THE FOUNDATION SEEKS TO BE A CATALYST FOR TRANSFORMING THE COLLEGE BY SUPPORTING EDUCATIONAL EXCELLENCE AND ACHIEVEMENT. 0 0 232058 232058 AWARDS SCHOLARSHIPS TO VARIOUS STUDENTS 117983 OTHER PROGRAM COSTS 4000 EQUIPMENT DONATION 354041 1 1 0 0 0 0 0 0 0 1 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 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 X 13 13 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 0 0 0 MA X Neil Buckley 7812393000 50 OAKLAND STREET WELLESLEY HILLS MA 02481 X Annmarie McKinley MSN RN Outgoing DIRECTOR 0.50 X 0 0 0 David J Himmelberger DIRECTOR 0.50 X 0 0 0 david podell president & secretary 0.50 X X 0 0 0 Harry Wells Outgoing DIRECTOR & TREASURER 0.50 X X 0 0 0 James Lehan DIRECTOR 0.50 X 0 0 0 Jeannette AGerald DIRECTOR 0.50 X 0 0 0 Joseph Asaya DIRECTOR 0.50 X 0 0 0 Kevin Kane DIRECTOR & CHAIR 0.50 X X 0 0 0 Kevin Maguire Outgoing DIRECTOR 0.50 X 0 0 0 Laura Anctil DIRECTOR 0.50 X 0 0 0 Laurie Carlson DIRECTOR 0.50 X 0 0 0 Michelle Drolet DIRECTOR 0.50 X 0 0 0 Michelle Wilver Outgoing DIRECTOR 0.50 X 0 0 0 Patricia Washington Outgoing DIRECTOR 0.50 X 0 0 0 Stephen THibbard DIRECTOR 0.50 X 0 0 0 Susan Bonaiuto DIRECTOR & Vice-Chair 0.50 X X 0 0 0 Thomas M Britt DIRECTOR 0.50 X 0 0 0 William Cushing DIRECTOR 0.50 X 0 0 0 PAUL DUMAS DIRECTOR 0.50 X 0 0 0 0 0 0 0 0 0 0 0 333698 4000 333698 131235 131235 321589 321532 57 57 57 464990 0 0 131292 37000 37000 195058 195058 106 106 10523 10523 14564 14564 8269 8269 2016 2016 1512 1512 1650 1650 500 500 Program services 79497 79497 Other program costs 20000 20000 Books, subscription, re 5000 5000 Equipment donations 4000 4000 4267 3705 562 383962 354041 29921 0 252534 234300 316268 84424 27697 13746 4358708 5195273 4955207 5527743 20016 500 20016 500 X 2461601 1893936 1176470 2200503 1297120 1432804 4935191 5527243 4955207 5527743 81028 511024 0 X X 0 1 X 1 0 X 298705 271985 260903 169053 333698 1334344 64190 64190 298705 271985 325093 169053 333698 1398534 421072 977462 70009 69338 69433 80068 131235 420083 1818617 0.53750 0.52830 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2877242 138729 389782 6950 3398803 4631437 35034 30734 1819963 2877242 4841652 325093 226841 238835 172129 4982622 2246021 2256940 707100 185173 183336 4841552 2789700 62876 325550 83653 848452 2246021 0.42160 0.57840 0 0 0 Equity Funds 3951930 F Bond Funds 1243343 F 5195273 Due to affiliate 500 500 X 1044311 511024 82861 593885 450426 14564 14564 464990 452259 82861 82861 369398 14564 14564 383962 Part V, Line 4: endowments are used to further the organizations exempt purpose. Part X, Line 2: ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE AN ENTITY TO ASSESS THE PROBABILITY THAT A TAX POSITION HAS A "MORE LIKELY THAN NOT" ("MLTN") SUSTAINABILITY AFTER REVIEW BY TAX AUTHORITIES. IF A TAX POSITION IS DEEMED NOT TO MEET THIS THRESHOLD, ANY UNRECOGNIZED TAX BENEFITS AND COSTS ARE ESTIMATED AND RECOGNIZED. TAX RETURNS ARE ROUTINELY OPEN FOR REVIEW BY THE TAX AUTHORITIES FOR THREE YEARS FROM THEIR DUE DATE. IN CERTAIN CIRCUMSTANCES THE STATUTE OF LIMITATIONS MAY REMAIN OPEN INDEFINITELY. AS A NOT-FOR-PROFIT ENTITY EXEMPT FROM INCOME TAXES, THE FOUNDATION MAY, HOWEVER, BE SUBJECT TO TAX ON UNRELATED BUSINESS INCOME. Management has evaluated significant tax positions against the criteria established by professional standards and believes there are no such positions requiring accounting recognition in the financial statements. Management does not believe its evaluation of tax positions will significantly change within 12 months of June 30, 2017. Any changes in tax positions will be recorded when the ultimate outcome becomes known. Accrued interest and penalties associated with uncertain tax positions, if any, are recognized as part of management and general expenses in the accompanying statements of activities. The Foundation has no accrued interest and penalties associated with uncertain tax positions at June 30, 2017 and 2016 and none were incurred during the years then ended. 1 MASSACHUSETTS BAY COMMUNITY COLLEGE 50 OAKLAND STREET WELLESLEY HILLS MA 02481 046002284 115 37000 FOR USe BY THE COLLEGE'S ACADEMIC PROGRAMS 1 SCHOLARSHIPS 235 195058 fmv SCHOLARSHIPS Part I, Line 2: GRANT FUNDS RECEIVED BY THE FOUNDATION ARE ACCOMPANIED BY A MEMORANDUM OF UNDERSTANDING, AGREEMENT, OR GRANT AWARD LETTER. IF THIS DOCUMENTATION IS NOT RECEIVED WITH THE CHECK, DOCUMENTATION OF THE UNDERSTANDING IS PREPARED AND AGREED TO BY BOTH PARTIES TO COMPILE A CLEAR UNDERSTANDING OF THE REQUIREMENTS OF THE GRANT. ALL FOUNDATION GRANTS ARE MANAGED THROUGH THE NORMAL ACCOUNTING PROCESSES AND PROCEDURES OF THE COLLEGE. REPORTING AND MONITORING OF GRANT OUTCOMES IS THE RESPONSIBILITY OF THE MASSACHUSETTS BAY COMMUNITY COLLEGE GRANTS OFFICE. FISCAL OFFICE, AND THE GRANT MANAGER, OR PRINCIPAL INVESTIGATOR ASSIGNED TO THE GRANT. Form 990, Part VI, Section A, line 7a the by-laws of the organization state that the Secretary of the organization shall be the President of the Massachusetts Bay Community College. Form 990, Part VI, Section B, line 11b The Form 990 will be reviewed by management and then, separately, by the Executive Committee. The Organization emails a copy of the Form 990 to all of its government body members for their review. Once the Form 990 have been approved by the Board of Directors, the Form 990 then can be filed with the Internal Revenue Service and the Massachusetts Attorney General's office. Form 990, Part VI, Section B, line 12c THE FOUNDATION CONDUCTS PERIODIC REVIEWS TO ENSURE THAT THE CONFLICT OF INTEREST POLICY IS BEING ADHERED TO. THESE REVIEWS ADDRESS WHETHER COMPENSATION ARRANGEMENTS AND BENEFITS ARE REASONABLE AND ARE THE RESULTS OF ARM'S LENGTH BARGAINING AND WHETHER PARTNERSHIP AND JOINT VENTURE ARRANGEMENTS AND ARRANGEMENTS WITH MANAGEMENT'S SERVICE ORGANIZATIONS AND WITH THE COLLEGE CONFORM TO WRITTEN POLICIES, ARE PROPERLY RECORDED, REFLECT REASONABLE PAYMENTS FOR GOODS AND SERVICES, FURTHER THE FOUNDATION IS CHARITABLE PURPOSES, AND DO NOT RESULT IN IMPERMISSIBLE PRIVATE BENEFIT. IF THE FOUNDATION DEEMS IT NECESSARY, THEY MAY ALSO USE OUTSIDE EXPERTS TO PERFORM THESE REVIEWS . Form 990, Part VI, Section C, line 19 THE FOUNDATION MAKES ALL OF ITS GOVERNING DOCUMENTS, INCLUDING A CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. THESE DOCUMENTS CAN BE REQUESTED VIA THE OFFICE OF ADMINISTRATION AND FINANCE. 990 Part Xii line 2c The Organization has a committee responsible for the oversight of the audit as well as the selection of the independent accountant.