2016-02-11T09:56:39-07:00 2015-06-30 990 2014-07-01 042104265 GROTON SCHOOL GROT 9784483363 PO Box 991 Groton MA 01450 Arthur Diaz Chief Financial Officer 9784487566 2016-02-11 2014 2016-08-17 19:52:53Z Arthur Diaz PO Box 991 Groton MA 01450 96658070 0 X www.groton.org X 1884 MA Groton School provides college and university preparatory education for students in grades eight to twelve. 28 27 227 375 -38317 0 10068421 16704864 19659041 20886467 26427041 36302321 435063 358238 56589566 74251890 5979862 6382803 0 0 17286092 17782270 0 0 2088949 17247228 18358611 40513182 42523684 16076384 31728206 491179040 511393534 82859840 102738410 408319200 408655124 Groton School is dedicated to educating promising students in a diverse and intimate community that fosters intellectual, moral, and spiritual character and physical development in preparation for lifelong learning, leadership, and service to others. 0 0 28862851 6382803 20886467 Education of students in grades eight through twelve in a non-profit, co-educational college preparatory boarding school. The School provides aid assistance for 37% of its students in the form of tuition grants, housing support, travel assistance, and subsidies for books, supplies, and laptop purchases (379 students). 0 0 0 28862851 1 1 0 1 0 0 0 0 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 0 0 0 1 202 0 1 227 1 1 1 1 CJ EI UK 0 0 0 0 0 0 0 0 0 0 X 28 27 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X Arthur Diaz 9784487566 PO Box 991 Groton MA 014500991 David Altshuler Board Member 4 0 X 0 0 0 Charles A Anton Board Member 4 0 X 0 0 0 Auguste J Bannard Board Member 4 0 X 0 0 0 Caroline C Banwell Board Member 4 0 X 0 0 0 James Bundy 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 Peter C Erichsen 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 James H Higgins III Board Member 4 0 X 0 0 0 Stephen G Hill Board Member 4 0 X 0 0 0 Kenneth C Irving Board Member 4 0 X 0 0 0 John R S Jacobsson Board Member 4 0 X 0 0 0 Thomas Kalaris Board Member 4 0 X 0 0 0 Alexander Robert Krapf Board Member 4 0 X 0 0 0 Andrew S Paul 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 Sarah Eaton Stuart Board Member 4 0 X 0 0 0 Stacey Clover Symonds Board Member 4 0 X 0 0 0 James H R Windels 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 D D Willard Gardiner Jr Treasurer 4 0 X X 0 0 0 Dr Lori D Hill Secretary 4 0 X X 0 0 0 Temba Maqubela Headmaster 60 0 X X 353314 0 135642 J Hale Smith C.F.O. 60 0 X 254730 0 60917 John MacEachern Director of Development 50 0 X 214834 0 105159 Craig Gemmell Assistant Headmaster 50 0 X 165277 0 81218 Katherine Bradley Assistant Headmaster 50 0 X 160805 0 74556 Ian Gracey Director of Admissions 50 0 X 138210 0 107134 Douglas V Brown Teacher and Archivist 45 0 X 116606 0 33592 1403776 0 598218 15 0 1 0 Lee Kennedy Company Inc 122 Quincy Shore Drive Quincy MA 02171 Construction 11336396 Mahan Slate Roofing Company 32 Verge Springfield MA 01129 Construction 1325207 Chartwells 2400 Yorkmont Road Charlotte NC 28217 Food Service 1261152 Shepley Bulfinch Richardson & Abbott 2 Seaport Lane Boston MA 02210 Architect 807201 Connor Homes LLC 1471 Route 7 South Middlebury VT 05753 Construction 520836 17 0 0 0 0 0 16704864 1332199 16704864 Tuition 611600 20325385 20325385 0 0 Technology support fee 611710 227100 227100 0 0 Health center fee 611710 126800 126800 0 0 Application fees 611710 78150 78150 0 0 Tuition refund fee 611710 55627 55627 0 0 73405 73405 0 0 20886467 4569108 0 -29222 4598330 222 0 0 222 0 0 0 0 372110 0 38007 0 334103 0 334103 0 -9095 343198 54026848 0 22293857 0 31732991 0 31732991 0 0 31732991 0 0 0 0 0 0 0 0 0 0 0 0 98451 74316 24135 0 0 24135 0 74251890 20886467 -38317 36698876 109595 109595 6273208 6273208 0 0 0 0 804604 0 804604 0 80297 80297 0 0 11436297 7844404 2445474 1146419 2682984 1664007 744581 274396 2013775 732177 1190623 90975 764313 474033 212112 78168 0 0 0 0 62218 2700 59078 440 113720 10864 102856 0 0 0 0 0 1961715 0 1961715 0 921751 468753 415248 37750 362417 79233 194186 88998 180860 58435 81248 41177 457967 99676 326919 31372 0 0 0 0 2802508 2780947 19835 1726 378057 113868 178199 85990 0 0 0 0 29575 8336 17335 3904 2104464 0 2104464 0 0 0 0 0 5950371 5729110 221196 65 371355 96485 256770 18100 Food 843903 715504 43283 85116 Special Events 324414 241621 26370 56423 General Merchandise & Equipment 282053 275200 3665 3188 Other Regulatory 134241 22504 76823 34914 1077022 981894 85300 9828 42523684 28862851 11571884 2088949 16008 246027 882796 1126593 10509575 13974578 449809 427062 0 0 0 0 69570 53832 266512 237436 1012068 726485 212127207 88240424 99173680 123886783 236066340 237576676 133897504 125904252 15797 15797 7218013 7218013 1601368 491179040 511393534 11367637 16626007 0 0 1992836 2367260 58902500 72745000 0 0 0 0 0 0 0 0 10596867 11000143 82859840 102738410 X 233681086 244134739 105595233 89879955 69042881 74640430 408319200 408655124 491179040 511393534 X 31728206 -29612310 0 0 0 -1779972 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 Groton 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. 352334319 3983613 4468108 2895958 9669959 0 348220123 313592181 2553487 46100003 2797139 7114213 0 352334319 295580171 5384256 26464968 2708118 11129096 0 313592181 306053479 3001319 -374150 2441835 10658642 0 295580171 265642371 3553974 47594562 2922392 7815036 0 306053479 0.59 0.19 0.22 0 0 0 4051531 4051531 0 187409081 73283125 114125956 0 0 0 0 0 12435939 9097294 3338645 0 8230656 5860005 2370651 123886783 F F Hedge Funds 73904630 F Venture Capital Funds 25764425 F Real Asset Funds 10833778 F Private Equity Funds 8243967 F US Bond Funds 7157452 F 125904252 0 Interest Rate Swap Agreements 8699257 Charitable Remainder Unitrusts 1771230 Charitable Gift Annuity 529656 11000143 X 36327035 -29612310 0 0 -6209456 -35821766 72148801 2215412 -112323 2103089 74251890 35991111 0 0 0 1600767 1600767 34390344 2215412 5917928 8133340 42523684 Schedule D, Part V, Line 4 To support the educational 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, 2015 or 2014. The School is no longer subject to income tax examinations by the US federal, state or local tax authorities for fiscal years before 2012. 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 Financial aid (5,917,928) and recovery provision for uncollectible pledges (291,528) Schedule D, Part XI, Line 4b Rental expenses of (38,007) are associated with unrelated business income and cost of goods sold (74,316) at the School store. Schedule D, Part XII, Line 2d rental expenses of 38,007 associated with unrelated business income, unrealized loss interest rate swaps 456,465, loss in value split interest agreements 84,868, defined benefit plan 947,111, and the cost of goods sold at the School store 74,316. Schedule D, Part XII, Line 4b Financial aid of 5,917,928. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 Schedule E, Part I, Line 3 The diversity and inclusion statement, as shown on the School's website at www.groton.org, states that the School is dedicated to a shared examination of different perspectives, inherent privileges, disadvantages, and prejudices, especially in terms of race, religion, national origin, gender and sexuality, socioeconomic status, and political ideology. Sub-Saharan Africa 0 0 Program Services Meetings with potential students from November 14, 2014 to November 16, 2014 in South Africa. 412 Europe (including Iceland and Greenland) 0 0 Program Services Meetings with college recruiting representatives in Scotland on February 25, 2015. 555 North America (including Canada and Mexico, but not the United States) 0 0 Program Services Meetings with potential students from October 20, 2014 to November 3, 2014 in Montreal and Ontario Canada. 1133 Europe (including Iceland and Greenland) 0 0 Program Services Meetings with potential students in London and Siena from November 21, 2014 to November 27, 2014. 2259 East Asia and the Pacific 0 0 Program Services Meetings with potential students in Seoul and Hong Kong from November 17, 2014 to November 21, 2014. 5745 Europe (including Iceland and Greenland) 0 0 Fundraising Reception held on August 18, 2014 in London. 5911 South Asia 0 0 Program Services The School sponsored a global education trip to India from March 7, 2015 to March 24, 2015 involving 12 students. 7067 Europe (including Iceland and Greenland) 0 0 Fundraising Receptions held in Amsterdam and Greece from May 15th to May 31. 9526 Europe (including Iceland and Greenland) 0 0 Fundraising Receptions held in London from November 16, 2014 to November 22, 2014. 9980 East Asia and the Pacific 0 0 Program Services The School sponsored a global education trip to China from June 6, 2015 to June 30, 2015 involving 11 students. 13468 South America 0 0 Program Services The School sponsored a global education trip to Peru from June 25, 2014 to July 16, 2014 involving 10 students. 14728 Sub-Saharan Africa 0 0 Fundraising Receptions held from July 12, 2014 to July 16, 2014 in South Africa. 19388 East Asia and the Pacific 0 0 Fundraising Receptions held in China from March 13, 2015 to March 22, 2015. 27633 Sub-Saharan Africa 0 0 Program Services The School sponsored a global education trip to Tanzania from June 24, 2014 to July 14, 2014 involving 12 students. 38719 Sub-Saharan Africa 0 0 Program Services The School sponsored a global education trip to Uganda from June 17, 2014 to July 10, 2014 involving 11 students. 39236 Central America and the Caribbean 0 0 Investments 52550000 Europe (including Iceland and Greenland) 0 0 Investments 95951000 0 0 148696760 1 0 0 0 0 0 1 Town of Groton 173 Main Street Groton MA 01450 046001164 Government Entity 100000 0 The contribution was made to help the Town of Groton subsidize their annual operating costs. 1 0 Tuition Grant 140 0 5917928 Total credits applied to tuition Credits are applied to the tuition bill as a means of subsidizing the overall tuition costs to qualified students attending Groton School. Travel Grant 100 139827 0 Travel grants that are applied to monthly billing Incidental Grant 58 139152 0 Credits are applied to the monthly bill Laptop Grant 41 56527 0 Payments made to purchase laptops for qualified students Parent Travel Grant 38 19774 0 Payments made to travel agents for air travel and lodging 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 charitable purpose, historical relationship, and current needs. These one time contributions are not typically monitored by the CFO or the Headmaster. Financial aid grants are awarded annually to qualified students and are applied as credits to the tuition bill up to the amount of the grant for the current academic year. X X X X 1 1 X X X 0 0 0 0 0 0 0 0 0 Temba Maqubela Headmaster 351859 0 0 0 1455 0 64820 0 70822 0 488956 0 0 0 J Hale Smith C.F.O. 233135 0 0 0 21595 0 44435 0 16482 0 315647 0 0 0 John MacEachern Director of Development 214834 0 0 0 0 0 42042 0 63117 0 319993 0 0 0 Craig Gemmell Assistant Headmaster 161277 0 4000 0 0 0 24479 0 56739 0 246495 0 0 0 Ian Gracey Director of Admissions 138210 0 0 0 0 0 21298 0 85836 0 245344 0 0 0 Katherine Bradley Assistant Headmaster 151721 0 0 0 9084 0 23582 0 50974 0 235361 0 0 0 Douglas V Brown Teacher and Archivist 98426 0 0 0 18180 0 16903 0 16689 0 150198 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. A Massachusetts Development Finance Agency 043431814 2013-10-17 75000000 Building renovations & refinancing existing debt 0 0 0 A 2255000 0 75000000 0 563295 48640000 474250 0 0 25885750 0 0 2016 1 0 0 1 A 0 0 0 0 0 0 0 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 15 Years, The Bank of New York Mellon Swap 38 Years, and Morgan Stanley Capital Services Swap 30 Years. Vuyelwa M Maqubela Headmaster's Wife 80297 Employment 0 X 125 1332199 FMV 0 0 1 0 Schedule M, Part I, Line 9 The number of security contributions is based on the number of gifts received and not the numbers 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. This 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 administrators' 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 increase approved by the Board of Trustees. Form 990, Part VI, Section C, Line 19 The Form 990 can be viewed on-line by going to guidestar.org, an independently operated website. Both the Form 990 and the financial statements can also be found on the Massachusetts Attorney General Website. The conflict of Interest Policy and the Governing Documents may be viewed any time upon request for the same period of disclosure as set forth in Section 6104(d). Form 990, Part XI, Line 9 Interest rate swap agreements (456,465), split interest agreements (84,868), change in accrued pension liability (947,111), and recovery provision for uncollectible pledges (291,528). 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 0 The form 8868, an application for Extension of Time to File an Exempt Organization Return, was filed on November 12, 2015. This extension provides the School's Board of Trustees the time necessary to complete a thorough review of the return.