2018-05-14T09:00:55-05:00 2017-06-30 043037870 BOLLUS LYNCH LLP 89 SHREWSBURY STREET WORCESTER MA 01604 990 2016-07-01 042103861 BANCROFT SCHOOL BANC 5088532640 110 SHORE DRIVE WORCESTER MA 01605 JAMES P CASSIDY III HEAD OF SCHOOL 5088532640 2018-05-08 1 BARBARA E KING P00005629 5087557107 2018-05-08 71.11.10.178 2018-05-08 11:31:49 ED P 6904800FC5918C4DDB9EEA3FB1E4D884C7EFE1DA 573D056FBCD8C411F7E9A437D656B6595987AA72 2016 2021-01-29 14:40:06Z PATRICIA DOON 110 SHORE DRIVE WORCESTER MA 01605 29125999 0 X WWW.BANCROFTSCHOOL.ORG X 1902 MA THE ORGANIZATION PROVIDES A COLLEGE PREPARATORY EDUCATION IN A COEDUCATIONAL ENVIRONMENT. 22 21 252 100 0 0 4687918 1415066 14279018 14484763 945469 1147258 136336 147294 20048741 17194381 3099705 3424261 0 0 9146167 9529322 0 0 80613 4771422 5462017 17017294 18415600 3031447 -1221219 41777532 43598539 10397346 11224410 31380186 32374129 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 13859013 3424261 14556422 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 420 STUDENTS ATTEND BANCROFT. 13859013 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 44 0 1 252 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 X 22 21 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X X PATRICIA DOON 5088532640 BANCROFT SCHOOL 110 SHORE DRIVE WORCESTER MA 01605 NEIL MCDONOUGH TRUSTEE 2.00 X 0 0 0 CONRAD CLEMSON TRUSTEE 2.00 X 0 0 0 TERENCE FLOTTE TRUSTEE 2.00 X 0 0 0 ROBERT LORING TRUSTEE 2.00 X 0 0 0 SHAWN MCGUINNESS TRUSTEE 2.00 X 0 0 0 JAMES CONDON TRUSTEE 2.00 X 0 0 0 BENJAMIN DOBSON TRUSTEE 2.00 X 0 0 0 DAVID FAHLSTROM SECRETARY 2.00 X X 0 0 0 JOANN MILLS TRUSTEE 2.00 X 0 0 0 ANDY FREEDMAN TRUSTEE 2.00 X 0 0 0 SHEENA SHARMA VICE PRESIDENT 2.00 X X 0 0 0 BECKLEY GAUDETTE TRUSTEE 2.00 X 0 0 0 DAVID DUVAL TRUSTEE 2.00 X 0 0 0 KATY SULLIVAN TRUSTEE 2.00 X 0 0 0 DAVID CYGANSKI PRESIDENT 2.00 X X 0 0 0 CATHERINE COLINVAUX PRESIDENT-ELECT 2.00 X X 0 0 0 KEVAN GIBSON TRUSTEE 2.00 X 0 0 0 MICAH CHASE FIRST VP 2.00 X X 0 0 0 JOHN DUGGAN TREASURER 2.00 X 0 0 0 MICHAEL PALERMO TRUSTEE 2.00 X 0 0 0 KARYN WAGNER TRUSTEE 2.00 X 0 0 0 TREY CASSIDY HEAD OF SCHOOL 40.00 X 206441 0 112040 ROBERT ROONEY CFO 40.00 X 167474 0 13979 BETH BECKMAN HEAD OF LOWER SCHOOLS 40.00 X 175322 0 28901 549237 0 154920 6 0 1 0 BENNETT BUILDING CORP 12 MAIN ST 11B LEOMINSTER MA 01453 BUILDING CONSTRUCTION 1927041 HARRY GRODSKY & CO INC 3 APPIAN WAY WORCETER MA 01610 MECHANICAL CONTRACTOR 175297 AA TRANSPORTATION CO INC PO BOX 639 SHREWSBURY MA 01545 TRANSPORTATION SERVICES 161997 WORLD CULTURAL TOURS PO BOX 246 WHITINSVILLE MA 01588 CUSTOMIZED TOURS 153941 SYSCO BOSTON 99 SPRING STREET PLYMPTON MA 02367 FOOD SERVICE DISTRIBUTORS 134825 6 8700 1406366 1415066 TUITION & FEES 611710 14147677 14147677 DINING ROOM 611710 337086 337086 14484763 667649 667649 17788 0 17788 17788 17788 12368631 11889022 479609 479609 479609 82555 8700 6920 75635 75635 66150 35676 30474 30474 MISCELLANEOUS INCOME 611710 23397 23397 23397 17194381 14556422 0 1222893 3424261 3424261 389200 389200 7217921 5316075 1901846 471720 329652 142068 864294 603994 260300 586187 409644 176543 249005 12237 236768 23787 23787 943750 732496 211254 83778 69722 14056 53250 45173 8077 364282 364282 1469967 1322970 146997 81610 81610 CLASSROOM SUPPLIES 953364 953364 ATHLETICS 372141 372141 MISCELLANEOUS 331154 30214 300940 AUXILIARY ACTIVITIES 137616 137616 398313 99454 218246 80613 18415600 13859013 4475974 80613 1485646 834318 136116 2413252 2127644 142139 96655 108890 92924 150358 182678 24724730 13060511 10576610 11664219 24663188 26122531 2181676 2283795 55773 57659 41777532 43598539 1068850 918994 1179575 1236419 2546946 8148921 6522051 10397346 11224410 X 13985452 14633629 8992423 9216454 8402311 8524046 31380186 32374129 41777532 43598539 X -1221219 1905307 309855 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 13215450 108437 1400126 549100 14174913 14075030 1940 -329762 531758 13215450 14227491 16351 328276 497088 14075030 12738394 42234 1929551 482688 14227491 11449732 6266 1340456 58060 12738394 0.60130 0.39870 0 0 1504430 1504430 20520171 11235595 9284576 2700129 1824916 875213 11664219 POOLED INCOME FUNDS 232880 F ALTERNATIVE INVESTMENTS 2050915 F 2283795 BONDS PAYABLE 5783557 HEDGING INSTRUMENTS 600439 CAPITAL LEASE PAYABLE 138055 6522051 X 19452139 1905307 352451 2257758 17194381 0 17194381 18458196 42596 42596 18415600 0 18415600 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, 2016 OR 2015. PART X, LINE 2: MANAGEMENT ANNUALLY REVIEWS FOR UNCERTAIN TAX POSITIONS THAT WOULD HAVE A MATERIAL ADVERSE EFFECT, INDIVIDUALLY OR IN THE AGGREGATE UPON THE SCHOOL'S STATEMENTS OF FINANCIAL POSITION, OR THE RELATED STATEMENTS OF ACTIVITIES, OR CASH FLOWS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF ASSETS OF POOLED INCOME FUNDS 13,298. CHANGE IN FAIR VALUE OF BENEFICIAL INTEREST IN REMAINDER TRUST 1,886. CHANGE IN VALUE OF HEDGING INSTRUMENT 294,671. BOOKSTORE COST OF GOOD SOLD 35,676. FUNDRAISING EXPENSES 6,920. PART XII, LINE 2D - OTHER ADJUSTMENTS: BOOKSTORE COST OF GOODS SOLD 35,676. FUNDRAISING EXPENSES 6,920. 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. X 91255 8700 82555 1430 4890 400 200 91255 8700 82555 1430 4890 400 200 6920 75635 0 INSTITUTIONAL FINANCIAL AID 158 2707567 X 1 0 X X X X 0 0 0 0 0 0 0 0 0 TREY CASSIDY HEAD OF SCHOOL 206441 0 0 0 0 0 16374 0 95666 0 318481 0 0 0 ROBERT ROONEY CFO 167474 0 0 0 0 0 8442 0 5537 0 181453 0 0 0 BETH BECKMAN HEAD OF LOWER SCHOOLS 175322 0 0 0 0 0 9021 0 19880 0 204223 0 0 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 OR CFO. 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 FAIR VALUE OF BENEFICIAL INTEREST IN REMAINDER TRUST 1,886. CHANGE IN VALUE OF HEDGING INSTRUMENT 294,671. CHANGE IN VALUE OF ASSETS OF POOLED INCOME FUNDS 13,298.